기업의 재무적 제약과 CEO의 공격적 투자가 기업가치변동성에 미치는 영향: IT산업을 중심으로

The Impact of Company Financial Constraints and Aggressive CEO Investment on Company Value Volatility: Focusing on the IT Industry

Purpose - The purpose of this study is to analyze the impact of financial constraints and aggressive investments on the volatility of firm value in IT companies. Design/Methodology/Approach - This study conducts difference analysis and OLS regression analysis on 5,209 firm-year data belonging to the Korean IT industry from 2013 to 2021. Findings - The results analyzed in this study are as follows. First, financially stable companies tend to have higher firm value in the following year. Second, companies that invest aggressively see an increase in firm value, while those that do not experience a decrease. Third, it was found that financial constraints do not affect the firm value of companies that invest aggressively, but the more aggressively they invest, the higher the firm value. In the non-aggressive investment group, financially stable companies and those that invested aggressively tended to have higher firm value. Fourth, it was found that financially stable companies were not affected by financial constraints in terms of firm value in the following year, but the more aggressively they invested, the higher the firm value. Companies with high financial constraints tend to have higher firm value in the following year if they are financially stable and invest aggressively. Research Implications - The results of this study provide empirical evidence that financial constraints have a significant negative relationship with firm value growth. Our analysis contributes to the portfolio of approaches and knowledge regarding the impact of financial constraints and investment behaviors on real firm value.