산업 집중도와 배당정책이 기업가치에 미치는 영향

The Impact of Industry Concentration and Dividend Policy on Firm Value

Purpose: This study aims to empirically analyze the effects of industrial concentration and dividend policy on firm value in a situation where there is a lack of research on firm value by industry regarding dividend policy and the two views on industrial concentration and firm value do not coincide. Research design, data, and methodology: The analysis is based on a sample of 9,383 Korean firms over an 11-year period from 2014 to 2024. SPSS (version 29) was used to test the proposed hypotheses. Results: First, when firm value was measured using Tobin’s Q, a higher level of industry concentration was associated with a significantly higher firm value. However, when firm value was measured using future incremental earnings (CIE), the relationship was not statistically significant. These findings suggest that the effect of industry concentration on firm value varies depending on the measurement method. Second, both when the dependent variable was Tobin’s Q and when it was CIE, the Herfindahl-Hirschman Index (HHI) showed no significant relationship with firm value. Regarding dividend payout ratio, its effect on firm value was not significant when measured by Tobin’s Q, but showed a significant negative relationship when measured by CIE. Notably, when both industry concentration and dividend payout ratio were included in the model, the effect on firm value (CIE) was significant with a t-value of 3.216 at the 1% level. Implications: Given the conflicting perspectives on competition and firm value, this study provides empirical evidence from Korean firms. It highlights the dual role of industry concentration—often equated with monopolistic conditions— and the dividend payout ratio as a mechanism to protect shareholder wealth. The study’s contribution lies in simultaneously analyzing current performance (Q) and future incremental earnings (CIE) using a comprehensive empirical approach.