Hospitality기업의 기관투자자 지분율 및 외국인투자자 지분율과 기업가치 간의 비선형관계 검증

This study aims to empirically analyze the impact of institutional investor and foreign investor on firm value and identify whether the relationship among institutional investor, foreign investor and firm value is linear or nonlinear. The financial information used in the research was collected from listed hospitality companies’ annual reports, the DART system, the Kis-Value and the Kiwoom Home Trading System data base from the first quarter of 2011 to the fourth quarter of 2017 covering a period of seven years. A total of 532 firm-quarterly data were collected from nineteen listed hospitality firms, and 363 firm-quarterly data were selected as the final valid sample. The results are summarized as follows. First, the results show that the firm value increases as the ratio of institutional and foreign investor ratio increases. This indicates that institutional and foreign investors played roles as effective outside monitors. Second, the level term of institutional and foreign investor are positively associated with the firm value, but the square term of institutional and foreign investor are negatively associated with the firm value. This means that the relationship among institutional investor, foreign investor and firm value is nonlinear and ∩ shaped. This result implies that there exists an optimal ownership ratio of institutional and foreign investor which maximizes the firm value. Finally, we found the reflection point (optimal ownership ratio) through piecewise linear regression analysis method. It suggests that firm value only increases within the optimal ownership ratio range of institutional and foreign investor. Therefore, individual investors have to consider the information of institutional and foreign investor ownership ratio for maximizing investment returns.