기업의 보험수요와 기업가치에 대한 연구

This study aimed to empirically verify the determinants of corporate insurance demand, and to examine the relationship between corporate insurance demand and firm value. To achieve this, financial data of 363 individual companies listed on the KOSPI from 2001 to 2022 and macroeconomic variables were collected and used for analysis. Empirical analysis was conducted using two research models, Model 1 and Model 2, through fixed-effects panel analysis. The analysis results of Model 1 confirmed that the size, growth, financial condition, bankruptcy costs, taxation, and macroeconomic characteristics of companies are determinants of corporate insurance demand and the analysis results of Model 2 showed that the premium-to-sales ratio had a statistically significant positive effect on the market capitalization of companies, indicating that corporate insurance demand has a positive impact on increasing firm value. The results of this study suggest that corporate insurance demand increases with larger size, higher growth, poorer financial condition, and greater bankruptcy risk, as well as with higher corporate tax payments. Moreover, corporate insurance demand positively contributes to maximizing firm value, serving as a part of a company’s management activities.