외국인 투자자의 비대칭적 규율과 기업 밸류업 - 코리아 디스카운트 기업의 성장 불일치 해소를 중심으로 - = Asymmetric Disciplining by Foreign Investors and Corporate Value-up - Bridging the Growth Disparity in Korea Discount Firms -

다국어 초록 (Multilingual Abstract)

[Purpose] This study investigates the role of foreign investors in mitigating the Growth Disparity—defined as the absolute difference between the actual growth rate (AGR) and the sustainable growth rate (SGR)—within the context of the Corporate Value-up Program to address the Korea Discount. We aim to determine whether foreign investors act as Smart Monitors who enhance investment efficiency by reducing this disparity.
[Methodology] Using a sample of firms listed on the KOSPI and KOSDAQ markets from 2011 to 2024, we employ fixed effects panel regression models to control for unobserved firm heterogeneity. Additionally, Propensity Score Matching (PSM) is utilized to address selection bias and establish causality between foreign ownership and growth disparity.
[Findings] While initial regression results showed a positive association due to selection bias, the Propensity Score Matching (PSM) analysis revealed that higher foreign ownership significantly reduces growth disparity, confirming a genuine disciplining effect. Notably, this effect is asymmetric; foreign investors act as Smart Monitors by encouraging active risk-taking and profitability-focused growth in under-investing firms, rather than mechanically reducing the disparity. Conversely, the moderating effect of low valuation (Low PBR) was not statistically significant, suggesting that foreign investors respond more to fundamental investment efficiency than to simple valuation metrics.
[Implications] This study provides evidence that foreign capital serves as a critical mechanism of market discipline, correcting investment inefficiencies rather than merely seeking short-term gains. The findings suggest that policy initiatives for corporate value-up should focus on strengthening long-term fundamentals (SGR) and investment efficiency, rather than solely targeting stock price boosting.