The Journal of Society for e-Business Studies (한국전자거래학회지)

Society for e-Business Studies (한국전자거래학회)
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The Association of Institutional Information on Websites with Present and Future Financial Performance

웹사이트에 게시된 기업의 소개글 분석을 통한 기업의 현재 및 미래 가치 예측 분석 방법

  • Received : 2018.08.20
  • Accepted : 2018.10.01
  • Published : 2018.11.30
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Abstract

The "About Us" page on the website of a corporation provides information regarding the organization's vision, philosophy, and values. We examine the association between institutional information provided on corporate websites (i.e., the "About Us" section) with present and future financial performance. Utilizing a text mining technique, we analyze the institutional information of S&P500 firms in the year 2016. We conduct a factor analysis including words that are intentionally repeated in the introductory text of corporate websites. The results of the analysis reveal that keywords from this institutional information can be grouped into six factors. We then carry out an ordinary least squares regression analysis to determine the associations between these six factors and present financial performance. The results show that keywords in Factor 2 (those related to Purchasing experience) are positively associated with ROE, a variable representing present financial performance, while keywords in Factor 1 (those related to Note to customers) show a negative relationship with ROE. On the other hand, keywords in Factor 1 have a positive relationship with Tobin's Q, a variable representing future financial performance. These results indicate that there is some relationship between the words used in the institutional information in this section of corporate websites and firms' financial performance. Hence, the institutional information on a website may be a useful indicator of current firm performance and future firm value.

기업의 "회사소개" 페이지는 기업이 중요시하게 여기는 가치가 무엇인지를 소개하고 있다. 본 연구에서는 이에 관한 글이 회사의 현재 및 미래의 재무성과의 연관성을 조사한다. 텍스트 마이닝 기법을 활용하여 2016년의 S&P500 기업의 기관 정보를 분석하여 회사소개 페이지에서 의도적으로 반복되는 단어를 파악하고, 이를 통해 요인분석을 수행하였다. 그 결과 홈페이지의 키워드는 6가지 요인으로 분류될 수 있음을 알 수 있었고, 그후 최소 자승 회귀분석을 수행하여 키워드의 요인과 기업의 현재 재무 성과 사이의 연관성을 결정하였다. 분석 결과 요인 2("구매 경험"과 관련된 키워드)가 현재 재무 성과의 대체 변수인 ROE와 긍정적인 상관관계가 있음을 보여주며, 요인 1("고객에게 알림"과 관련된 키워드)은 ROE와 부정적인 관계를 가짐을 알 수 있었다. 다만, 요인 1은 기업의 미래 재무 성과를 측정하는 대안 변수인 Tobin's Q와 긍정적인 관계가 있었다. 이 결과는 기업의 웹사이트에 소개된 글과 기업의 재무 성과 사이에 관계가 있음을 나타낸다. 따라서 웹 사이트에 대한 기관의 소개글은 현재 회사 성과 및 미래 회사 가치에 대하여 유용한 지표가 될 수 있다.

Keywords

KJGRBH_2018_v23n4_63_f0001.png 이미지

3M’s “About Us” menu

KJGRBH_2018_v23n4_63_f0002.png 이미지

URLs Containing Institutional Information about S&P500 Companies

KJGRBH_2018_v23n4_63_f0003.png 이미지

TF-IDF Values and Financial Information

Firms’ Introduction Words in Their Homepages

KJGRBH_2018_v23n4_63_t0001.png 이미지

Descriptive Statistics (n=304)

KJGRBH_2018_v23n4_63_t0002.png 이미지

Results for Present Firm Performance

KJGRBH_2018_v23n4_63_t0003.png 이미지

Results for Present Firm Performance

KJGRBH_2018_v23n4_63_t0004.png 이미지

Results for Future Firm Value

KJGRBH_2018_v23n4_63_t0005.png 이미지

Results for Future Firm Value

KJGRBH_2018_v23n4_63_t0006.png 이미지

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