경영자의 경기전망이 기업가치에 미치는 영향

The Impact of Economic Outlook of the Manager on Firm Value

Purpose – In this study, we analyzed the relationship of manager predictions of the economic outlook on firm value. Design/Methodology/Approach – The manufacturing sector listed on the KOSPI market from 2006 to 2019 was selected as a sample. We used Tobin’s Q as the dependent variable and the BSI index as the independent variable for panel analysis. In addition, we subdivided the analysis to check whether there are differences in the economic outlook of managers by manufacturing, region, and industry. Findings – We confirmed that manager predictions of economic outlook have a significant effect on firm value. In particular, we confirmed that managers take action to increase firm value by thoroughly preparing for economic downturn in terms of sales and industry conditions. Research Implications – Our study is the first attempt to analyze the relationship between manager predictions of economic outlook on firm value. In addition, our study makes investors aware of the importance of predicting the economic outlook of managers and suggests a new investment decision index.