초록 열기/닫기 버튼
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.
