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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2017.10
- 수록면
- 53 - 78 (26page)
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This study analyzed value relevance of financial performance including the economic factors such as exchange rates, economic growth, interest rates and other macro economic variables. The empirical results are as follows. Regarding the KOSPI, US(Japanese, Chinese) exchange rates are found to significantly influence. But European exchange rates did not show a statistically significant result. In addition, for the economic growth rate, Korea(US, European, Chinese) growth rates are found to significantly influence. But Japanese growth rates showed no significant results. And among other economic indicators, employment rates, interest rates, unemployment rates, inflation, savings rates, and manufacturing inventories showed significant influence. By the industrial analysis of the relevance for each economic indicators, the independent variables appeared to affect differently on the corporate value. According to this study, the equity capital market participants must take into account exchange rate, economic growth rate, interest rate and many other economic indicators. It also shows that the main variables are be considered a industry-specific impact on the firm value.
In this study, the effect of the economic indicators as the main variables on stock return were studied for each industry controlling for the effects of accounting variables. This is meaningful to help investors make reasonable decisions by referring to the important economic indicators. This paper provides useful information to investors and creditors.
In this study, the effect of the economic indicators as the main variables on stock return were studied for each industry controlling for the effects of accounting variables. This is meaningful to help investors make reasonable decisions by referring to the important economic indicators. This paper provides useful information to investors and creditors.
목차
Abstract
Ⅰ. Introduction
Ⅱ. Prior studies and researchhypotheses
Ⅲ. Research design
Ⅳ. Analysis and Results
Ⅴ. Conclusions
References
참고문헌 (33)
참고문헌 신청
[학술지(정기간행물)] - Chen, N. / 1986 / Economic Forces and the stock Market / Journal of Business : 383 ~ 403
[학술지(정기간행물)] - 조우성 / 2012 / VECM모형을 활용한 거시경제변수가 성장에 미치는 영향분석 / 통상정보연구 14 (4) : 25 ~ 46
[학술지(정기간행물)] - Cho, Y. G. / 1999 / Empirical Analysis on the Relevance of Main Macroeconomic Factors and KOSPI - Comparing before and after the IMF - / Business Administration Research 28 (3) : 589 ~ 609
[학술지(정기간행물)] - Choi, J. H. / 2010 / Do Abnormally High Audit Fees Impair Audit Quality / Auditing : A Journal of Practice and Theory 29 (2) : 73 ~ 97
[학술지(정기간행물)] - Defond, M. / 1994 / Debt Covenant Violation and Manipulation of Accrual / Journal of accounting and Economics 17 : 145 ~ 176
[학술지(정기간행물)] - 조우성 / 2012 / VECM모형을 활용한 거시경제변수가 성장에 미치는 영향분석 / 통상정보연구 14 (4) : 25 ~ 46
[학술지(정기간행물)] - Cho, Y. G. / 1999 / Empirical Analysis on the Relevance of Main Macroeconomic Factors and KOSPI - Comparing before and after the IMF - / Business Administration Research 28 (3) : 589 ~ 609
[학술지(정기간행물)] - Choi, J. H. / 2010 / Do Abnormally High Audit Fees Impair Audit Quality / Auditing : A Journal of Practice and Theory 29 (2) : 73 ~ 97
[학술지(정기간행물)] - Defond, M. / 1994 / Debt Covenant Violation and Manipulation of Accrual / Journal of accounting and Economics 17 : 145 ~ 176
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UCI(KEPA) : I410-ECN-0101-2018-323-001492676