전략적 강조가 기업 가치에 미치는 영향: Tobin’s Q를 활용한 KOSDAQ 150 기업 분석

Abstract

This study examines the impact of Strategic Emphasis (SE) on Enterprise Value (EV) in KOSDAQ 150 firms, exploring how the balance between Value Creation (VC) and Value Appropriation (VA) strategies influences Tobin's Q as a measure of EV across different industries. Using Mizik and Jacobson's Strategic Emphasis framework, this research conducted a panel regression analysis on financial and stock market data of KOSDAQ 150 firms over a decade (2014–2023). This study employed a compre hensive empirical framework that accounts for industry characteristics, firm profitability, and time effects to examine how different sectors respond to SE changes. The analysis revealed that SE significantly impacts EV, with varying effects across industries. For instance, VC strategies positively influenced EV in the Healthcare sector, whereas VA strategies proved more effective in the Consumer Discretionary sector. Additionally, the relationship between SE and EV was moderated by firm profitability and shaped by industry-specific factors. This study highlights the importance of choosing appropriate measures, such as Tobin's Q, when evaluating corporate strategies. The findings offer actionable insights for Korean venture firms, emphasizing that strategic resource allocation should be tailored to industry-specific dynamics and a firm’s financial context to maximize EV.