ScholarWorks@숙명여자대학교

초록

[Purpose] This study empirically examines the impact of the government－led Corporate Value－Up Program on corporate value enhancement in Korea, aiming to derive relevant policy implications for the Korean market. To achieve this, a comparative analysis is conducted with Japan, which implemented similar policies earlier, thereby providing valuable insights into the potential outcomes and challenges of applying such initiatives in the Korean market. [Methodology] Data from publicly listed companies included in the Nikkei225 index in Japan and the KOSPI200 index in Korea were utilized, spanning the period from 2000 to 2023. The analysis compares the pre－ and post－policy periods based on the introduction of the Stewardship Code, which was implemented in Japan in 2014 and in Korea in 2016. A panel data Generalized Least Squares(GLS) regression analysis was conducted to examine the effects of changes in key corporate value－enhancing indicators, such as ROE, DOE, and the proportion of outside directors, on the variations in corporate value measurement indicators(P/B, P/E, EV/EBITDA). [Findings] The results revealed that in Japan, higher levels of ROE and DOE positively impacted corporate value. In Korea, however, only above－average levels of DOE were found to have a positive influence on EV/EBITDA. Both Korea and Japan showed that a certain threshold of outside director ratio did not result in a qualitative enhancement of corporate value. These findings raise significant concerns regarding the effectiveness of the current system of the outside directors. [Policy Implications] The findings of this study suggest that for government－led value－up programs to effectively contribute to sustainable corporate value enhancement, improvements in valuation criteria must be complemented by substantial reforms in corporate governance. Furthermore, a coherent and consistent policy framework that fosters long－term growth and addresses structural issues is essential for achieving a lasting impact.

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