건설기업의 공종다각화가 기업가치에 미치는 영향에 관한 연구-부실기업을 대상으로-
- Title
- 건설기업의 공종다각화가 기업가치에 미치는 영향에 관한 연구-부실기업을 대상으로-
- Author
- 김주형
- Keywords
- 공종다각화; 기업가치; 건설기업; Firm Value; Work Diversification; Insolvent Company
- Issue Date
- 2014-03
- Publisher
- 대한건축학회
- Citation
- 大韓建築學會論文集 : Journal of the architectural institute of Korea : Structure & construction/構造系, v.30 no.3(통권 305호)[2014년], pp. 123-130
- Abstract
- This study empirically examined the relationship between firm value and work diversification strategy of insolvent construction companies. According to the result of the empirical study, there was a correlation in the linear regression analysis on the impact of domestic insolvent construction companies work diversification on firm value after controlling company scale, leverage ratio, revenue-increasing rate and debt ratio. Also, there was statistically significant result that a construction company with higher extent of work diversification has more firm value. In addition, when there more work with more than 10% of total revenue, the company has more firm value. The reason is believed that efficient capital allocation is done by proper diversification strategy. It also implies that indiscriminate work diversification strategy has negative impact on firm value. In conclusion, certain level of work diversification is more effective as a solution of insolvent construction company bankruptcy and workout program than intensification strategy. However, indiscriminate diversification to non-major works should be avoided to secure soundness and enhance competitiveness of the company.
- URI
- http://www.dbpia.co.kr/Journal/ArticleDetail/NODE02380224http://hdl.handle.net/20.500.11754/48565
- ISSN
- 1226-9107; 2384-1788
- Appears in Collections:
- COLLEGE OF ENGINEERING[S](공과대학) > ARCHITECTURAL ENGINEERING(건축공학부) > Articles
- Files in This Item:
There are no files associated with this item.
- Export
- RIS (EndNote)
- XLS (Excel)
- XML