Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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Volatility of Stock and Corporate Performances: Focusing on Kospi Firms

주가의 변동성과 기업성과: Kospi 기업을 중심으로

  • 정영근 (선문대학교 국제경제통상학부) ;
  • 임응순 (호서대학교 경제연구소) ;
  • 정군오 (호서대학교 경제학과)
  • Received : 2011.06.17
  • Accepted : 2011.08.11
  • Published : 2011.08.31
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Abstract

Many researchers have studied to investigate causes of volatility and they have used macro economic variables. This paper defined the volatility as that of stock. Researches on the volatility of stock and corporate performances are not adequate yet. Therefore, this paper estimate the volatility and corporate performances using ROA and Tobin Q. Results show the following suggestions, first, there is negative effect on the volatility of stock when we use ROA as the corporate performances. Second, there is positive effect on the volatility of stock when we use Tobin Q as the corporate performances.

많은 연구자들은 변동성에 대한 연구로 변동성의 원인을 규명하고자 하는 연구들이 주를 이루었다. 그리고 선행연구들은 거시경제변수를 이용하였다. 본 연구에서는 변동성을 주식의 변동성으로 정의한다. 주식의 변동성과 기업의 경영성과에 대한 연구는 아직 미비하다. 이에 본 연구에서는 변동성과 기업의 경영성과를 분석한다. 이때 기업 성과를 ROA와 토빈Q를 이용한다. 분석결과를 다음과 같다. 첫째, 기업의 경영성과의 대용지표로 사용한 ROA의 경우에는 주식가격의 변동성과 음(-)의 관계가 있는 것으로 나타났다. 둘째, 경영성과의 대용지표인 Tobin's Q의 경우에는 주식가격의 변동성과 양(+)의 영향을 미치는 것으로 분석�榮�.

Keywords

References

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