코로나19 팬데믹이 산업별 외국인 지분율에 미치는 영향 : 언택트산업과 바이오산업을 중심으로

We investigate whether the COVID-19 pandemic affects foreigners' ownership by industry, focusing on untact industry and bio industry that have increased future growth potential after the COVID-19 pandemic. We additionally investigate the effect of the COVID-19 pandemic on foreigners' ownership in high-tech industry, contracting industry, and regulated industry. We use a sample listed on the Korean Stock Exchange(KSE) and Korea Securities Dealers Automated Quotation(KOSDAQ) from 2019 as the pre-COVID-19 pandemic to 2020 as the post-COVID-19 pandemic. The results are as follows. First, the foreigners' ownership decreases overall after the COVID-19 pandemic. It should be noted that, although the amount of foreign investment increases after the COVID-19 pandemic, the proportion of foreign investment decreases due to the increase in the overall corporate value of listed companies. Second, the foreigners' ownership in untact industry increases after the COVID-19 pandemic. These results are in line with high expectations for future growth potential of untact industry. Third, foreigners' ownership in bio industry decreases after the COVID-19 pandemic. The result reflects the difficult reality of developing vaccines and therapeutics for COVID-19 in Korea rather than high expectations for future growth potential for bio industry. The results of additional analyses are as follows. First, by using a sample in 2018 as pre-COVID-19 pandemic instead of 2019, we find the same results as the main ones, suggesting that the results of this study are robust. Second, to control self-selection bias, we perform additional analysis using Heckman (1976)'s two-step model and find that the results are consistent with the main ones, which alleviates the problem of self-selection bias. Third, by using a uniform sample, we remove the effect of the sample belonging to either 2019 or 2020. Finally, we further analyze the effect of the COVID-19 pandemic on foreigners' ownership in high-tech industry, contracting industry, and regulated industry and find that there is no significant relation. Therefore, it can be interpreted that the impact of the COVID-19 pandemic on foreigners' ownership of companies classified as high-tech industry, contracting industry, and regulated industry is minimal or not. The results of this study provide usefulness to stakeholders in the following aspects. First, it was confirmed that the economic impact of the COVID-19 pandemic is different for each industry, which could help investors make investment decisions. Second, it is necessary to review the investment plans for the three major future industries. In particular, the Ministry of Science and ICT announced that it would develop a vaccine and treatment for COVID-19 by the first half of 2022. It is necessary to closely review the feasibility of these goals. Third, the managers in related industries could use the results of this study for future overseas investment strategies and foreign investor IR strategies. Finally, the results of this study could help the academies to conduct research on the impact of the COVID-19 pandemic on accounting quality by industry. We classify high growth potential industries into untact industry and bio industry. Additionally, we classify industries into high-tech industry, contracting industry, and regulated industry. It is worthwhile to analyze the economic effects of COVID-19 pandemic by classifying industries in more diverse detail.