Purpose: This paper empirically investigates what factors contribute to corporate value in KONEX market and tested whether financial constraints contribute any effec on it. Using sample firms through the fiscal period from 2013 to 2020 by applying a panel model, we find that firms’ R&D, volatility, size and sales growth give significant impact to firm value, but the significance and direction are different. But there is no significant relationship between the largest shareholder equity ratio (OWN) and the firms value in all models. Theres seems no difference between financially constrained and unconstrained companies in KONEX market. It can be inferred that KONEX companies have a bigger difference with KOSPI or KOSDAQ. And It seems that further analysis is needed on the differences between these markets.
1. Introduction
2. Literature Review
3. Sample and Methodology
4. Results and Discussion
5. Conclusions
References