earticle

영어

We empirically analyzes the key factors influencing Tobin’s Q, a widely recognized indicator of firm value, for publicly listed broadcasting media companies in South Korea. Given the intensifying competition in the broadcasting media industry driven by the rapidly evolving digital environment and the proliferation of overthe- top (OTT) video services, We incorporates variables that reflect both firm-specific and macroeconomic characteristics such as lagged Tobin’s Q, and intangible assets. Financial data from 13 broadcasting media companies were extracted from NICE credit information services, and the Arellano-Bond dynamic panel model was employed for analysis. Our results indicate that the impact of past Tobin’s Q on current firm value varies depending on the informational structure. We find that sales revenue exhibited a negative effect. Operating profit margin, however, showed a positive effect. This suggests that firm size, as measured by sales revenue, may not be positively associated with firm value. In contrast, profitability remains a key driver of market valuation. Intangible assets positively influenced firm value in the full model. Notably, lagged intangible assets showed consistent positive effects across most model specifications. Through this study, we contribute by highlighting several critical strategies. These strategies can increase the market valuation of broadcasting media firms. They include enhancing profitability. Strategically utilizing intangible assets is also important. Managing capital costs is another critical strategy. Our findings provide practical insights for corporate managers and investors regarding strategy formulation and firm valuation.