무형자산 생산성과 주가지체에 관한 연구

Intangible assets have enhanced value creation of firms, leading to firm productivity increase and macro-economic growth. Clausen and Hirth(2016) suggest a measure of intangible intensity, which captures comprehensive contribution of intangible assets. In this paper, we follow Clausen and Hirth(2016) in constructing our main explanatory variables, that is, intangible intensity measures. Contrary to the efficient market hypothesis, stock prices gradually adjust to information and the speed of information diffusion varies across firms and years. Using the stock price delay measures of Hou and Moskowitz(2005), we investigate the effect of intangible intensity on the stock price delay. Using the sample of Korean listed firms from 2002 to 2022, we find that intangible-intense firms have lower stock price delay. These findings are robust to alternative measures and statistical methodologies. These results are consistent with our hypothesis that efficient use of intangible assets in value creation decreases information uncertainty, which lead timely price adjustment. We further examine whether these relations vary with the analyst coverage and the firm size. We find that the negative relation between intangible intensity and stock price delay is attenuated for firms with analyst coverage and larger size. We can conclude that intangible intensity decrease stock price delay but the relation is less pronounced for firms with more information transparency.