기업의 시장지위와 기업 특성에 따른 부동산 보유가 기업 가치에 미치는 영향

This study empirically analyzes the impact of corporate real estate ownership on corporate value and examines the moderating effects of market position and corporate characteristics. To this end, panel regression and quantile regression analyses were conducted on 9,448 observations of domestic listed companies from 2011 to 2022. The analysis found that real estate ownership had a positive impact on corporate value overall, but the effects varied by industry and company size. Positive effects were observed in the construction and transportation industries, while negative effects were observed in the pharmaceutical and service industries. The positive effects weakened or even shifted to negative effects as size and profitability increased. Quantile analysis revealed a significant positive effect only for low-value companies. This study goes beyond previous studies, which primarily focused on industry-specific differences, by comprehensively considering various moderating factors, including market position, listing market type, company size, profitability, and value level (quantile). This study comprehensively examines how the strategic value of corporate real estate varies. This differentiated approach expands the academic debate on corporate asset strategy and offers valuable insights for developing differentiated asset management strategies tailored to industry and company characteristics. Furthermore, this study demonstrates that corporate real estate asset utilization can serve as a practical basis for enhancing corporate value and informing investor decision-making. Future research should incorporate analyses that reflect macroeconomic factors and the specific characteristics of real estate assets.