기업의 소유집중도에 따른 시장의 기업평가에 관한 연구

다국어 초록 (Multilingual Abstract)

As a modification of Morck, Shleifer, Vishny(1988), this research writing focuses on how ownership structure of Korean firms affects market valuation. In dealing with the research topic, this article introduces the concept of switching regression, and derives a special form with unknown changing points, thus differentiating itself from the referenced articles of identical research category. The analytical derivation is empirically applied, by using RATS program, to the relationship between ownership structure and market valuation in order to test both the convergence of interest hypothesis and the entrenchment hypothesis. Specifically speaking, the hypotheses include whether the linear relationship of the two variables differs at some intervals of ownership site, whether affiliation of firms affects relationship pattern of the variables and whether the linear relationship differs from year to year. The produced results indicate some evidences inconsistent with those of previous studies.