한국영화에서 스타의 신호 역할과 재무적 가치

The Signalling Effect and Financial Value of Stars in Motion Picture Market

The Signaling Effect and Financial Value of Stars in Motion Picture Market In the motion picture industry where the demand is very unpredictable, producers have tried to cast star for a film in order to take less risk. However, existing evidences on the extent to which stars affect box office are mixed. The purposes of this study is to investigate the role of stars as signal and measure their financial value in motion picture market of Korea. Previous studies admit the signal effect of star, but there is little empirical approach. We perform a experiment to analyze whether there is the signaling effect of movie star on audience. Also, signaling effect on distributors is tested using real market model. Then, the size of star power is measured using regression model to identify the financial value of star. The result of the experiment mentions that star plays a important role in the audience's decision process. However, at the choice stage, the word of mouth is considered more important than star power. The analysis of market data supports the hypotheses that star power affects the number of screens at the opening period, but the estimated value of star is much less than expected. In addition, the star power decreases as the number of screen increases. Our result shows that both the rent capture hypothesis and the signaling hypothesis can be supported partly at the same time. In the conclusion, the contractual issues between star and film company are discussed.