Certification Benefits in High-Tech Industry: Evidence from Supply Contracts in the Korean Market

Title
Certification Benefits in High-Tech Industry: Evidence from Supply Contracts in the Korean Market
Author
김누리
Keywords
certification; high-tech; product market relation; supply contracts; VENTURE CAPITALIST; BANK LOANS; FIRMS; PERFORMANCE; TECHNOLOGY; OFFERINGS; PRICES; BUBBLE
Issue Date
2015-09
Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Citation
EMERGING MARKETS FINANCE AND TRADE, v. 51, No. 5, Page. 1001-1020
Abstract
We examine the certification benefits of supply contracts in the Korean market, with special attention to high-tech and KOSDAQ supplier firms by analyzing the influences of supply contract announcements on supplier firms' valuation and operating performances. We find that the announcement of supply contracts have a significantly positive effect on the supplier firm value. This positive effect is greater for the suppliers in the high-tech industry especially in the KOSDAQ market. We also find that the enhancements of operating performances are greater for high-tech firms traded in KOSDAQ. These results indicate stronger certification benefits of supply contracts by high-tech suppliers.
URI
http://www.tandfonline.com/doi/abs/10.1080/1540496X.2015.1061390http://hdl.handle.net/20.500.11754/37397
ISSN
1540-496X; 1558-0938
DOI
10.1080/1540496X.2015.1061390
Appears in Collections:
COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > BUSINESS ADMINISTRATION(경영학부) > Articles
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