한국콘텐츠학회논문지 (The Journal of the Korea Contents Association)

  • 제19권4호
  • /
  • Pages.1-11
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  • 2019
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  • 1598-4877(pISSN)
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  • 2508-6723(eISSN)
한국콘텐츠학회 (The Korea Contents Association)
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브랜드 평판이 주가에 미치는 영향: 게임 기업을 중심으로

The Effect of Brand Reputation on Stock Price: Focused on Game Firms

  • 이창섭 (세종대학교 경영학부) ;
  • 이현정 (중앙대학교 융합교양학부) ;
  • 우소희 (우송대학교 앤디컷국제대학 글로벌비즈니스학과)
  • 투고 : 2019.02.14
  • 심사 : 2019.03.11
  • 발행 : 2019.04.28
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초록

최근 게임기업의 가치를 평가할 때 재무제표의 재무적 요인뿐만 아니라 게임 콘텐츠에 대한 소비자 평가와 충성도와 같은 비금융적 요인의 중요성이 더욱 강조되고 있다. 본 연구에서는 게임 회사의 가치평가를 위한 비재무적 측정요소로서 브랜드 평판을 제시하고, 국내 30대 게임 회사의 자료를 이용하여 브랜드 평판이 게임 회사의 주가에 미치는 영향을 검증한다. 본 연구의 실증분석에서는 브랜드 평판 지수와 게임 회사의 주가 사이에 유의한 정(+)의 상관관계가 나타난다고 보고했다. 이러한 실증결과는 브랜드 평판이 게임기업의 주가에 직접적인 영향을 미칠 수 있다는 것을 의미한다. 본 연구는 게임 기업을 효과적으로 평가하기 위한 비재무적 요인으로서 브랜드 명성의 효과에 대한 실증적 증거를 제시함으로서 자본시장과 학계에 기여할 것으로 기대된다.

Recently, the importance of not only financial factors from financial statements but also non-financial factors such as consumers' evaluation and loyalty to game content is more emphasized when assessing the value of game companies. In this study, we suggest the brand reputation index as an appropriate measure of a game company's valuation and examine the effect of the brand reputation on game companies' stock price using the observations of Korean major 30 game companies. From the empirical results, we find that there is a significantly positive association between the brand reputation index and the game companies' stock price. This explains that the brand reputation of game companies can directly affect their firm value. The findings are expected to contribute to capital markets and academia as they have presented empirical evidence of the importance of brand reputation as a non-financial measure for the valuation of game companies.

키워드

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Fig. 1. Model Specification

Table 1. Brand Reputation Index of Major 30 Korean Game Companies Disclosed on 13th November 2017

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Table 2. Explanation of the Five Indices for Measuring Brand Reputation Index of Major 30 Game Companies

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Table 4. Explanation of Variables

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Table 5. Descriptive Statistics

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Table 6. Empirical results#1

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Table 7. Empirical results#2

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Table 3. Examples of One-on-one Response of the Brand Reputation Index and Stock Price

CCTHCV_2019_v19n4_1_t0007.png 이미지

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