경영전략과 투자부동산 그리고 기업가치

This study reports whether the holding of investment property varies depending on the business strategy and examines the impact on firm value. International Financial Reporting Standards(IFRS) require companies to report their properties separately into owner-occupied properties and investment properties. This is because the investment property held to obtain rental income or capital gains generates cash flow almost independently of other assets held by the company. Management’s control of corporate resources and decision-making authority may vary depending on business strategies. In the case of a leading strategy, the organizational structure is complex and decentralized, so the control system related to decision-making is relatively unbalanced and weak. On the other hand, defensive strategies have incentives to minimize reputational risk because they focus on minimizing corporate uncertainty or risk. Since defensive strategies make decisions under a relatively efficient organizational structure, they tend to have appropriate control to the decision-making process of using financial resources for asset purchases. Therefore, this study predicts that the leading strategy is more likely to have more investment property than the defensive strategy. If the acquisition of investment property is for the purpose of obtaining capital gains, the acquisition of such investment property will consequently have to increase firm value. Nevertheless, previous studies report mixed results on the effect of investment property on firm value. Therefore, this study presents the possibility that holding investment property can difference effects depending on the business strategy and verifies whether such interaction factors have an additional effect on firm value. This study studies a firm-year sample of firms listed on the Korea Exchange from 2011 to 2021 after IFRS was adopted. The analysis shows that they have more investment property in leading strategies that lead to finding new products or new markets, seeks innovation, has a complex business structure, and makes investment decisions relatively unbalanced. In addition, the analysis results report that the impact of the investment property holdings ratio on firm value varies according to the business strategy, suggesting that the business strategy is an additional factor in such influence. It is reported that the closer to the leading strategy and the higher the ratio of investment property holdings, the more negatively the firm value is. The contribution of this study is to examine the incentives to hold investment property according to business strategies using disclosure information after the adoption of IFRS. It also examines the relationship between business strategies and the level of investment property holding and suggests that the impact of such relationships on firm value may vary. Therefore, this study presents additional explanatory power for previous studies that reported a mixed relationship between investment property and corporate value.