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korean management review - Vol. 49 , No. 3

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[ Article ]
korean management review - Vol. 49, No. 3, pp. 599-625
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2020
Received 31 Dec 2019 Revised 20 Mar 2020 Accepted 25 Mar 2020
DOI: https://doi.org/10.17287/kmr.2020.49.3.599
The Relationship Among Innovation, Firm Life-Cycle Extension and Firm Value
Jayoun Won^* ; Sang-Lyul Ryu^**
*Assistant Professor, College of Global Business, Korea University, First Author

**Professor, College of Business, Konkuk University, Corresponding Author

혁신, 기업수명주기 개선과 기업가치의 관련성
원자연^* ; 유상열^**

*(주저자) 고려대학교 글로벌비즈니스대학 융합경영학부 조교수 (eureka9114@korea.ac.kr)

**(교신저자) 건국대학교 경영대학 경영학과 교수 (slryu2002@konkuk.ac.kr)



Funding Information ▼ Ministry of Education National Research Foundation of Korea NRF-2017S1A5A8021268

Abstract

The purpose of this study is to investigate the relationship among innovation, firm life-cycle extension and firm value in a structured way. We define the innovation as an improvement in productivity. This study classifies firms’ life-cycle into three stages (Growth, Maturity and Decline), and considers the life-cycle as extended when it moves from Decline to Growth or Maturity, shifts from Maturity to Growth, or maintains Growth for consecutive two years. The firm value is measured as the rate of return for stocks. We test whether the innovation is a major factor that extends firms’ life-cycle, and empirically analyze whether firms’ life-cycle extension has a moderation or mediation effect on the value relevance of the innovation. Our sample consists of manufacturing firms listed on the Korea Exchange from 2003 to 2017.

The empirical results are summarized as follows. First, the innovation of a firm had a positive effect on the value of the firm. Second, we examined the relationship between innovation and firm life-cycle extension by measuring the innovation with parametric and non-parametric methods, and found that the measures of innovation had positive effects on firm life-cycle extension. Third, the value relevance of innovation was higher in firms with extended life-cycle, indicating that the firm life-cycle extension had a moderation effect on the relationship between innovation and firm value. Fourth, we found that the innovation had a positive effect on the firm value through the life-cycle extension, signifying that the improvement of firm life- cycle had a mediation effect on the value relevance of the innovation.

This study presents empirical evidence that firm life-cycle extension has moderation and mediation effects on the value relevance of innovation. It implies that the innovation and life-cycle extension of a firm can be considered as a key factor in determining the value of the firm.

초록

본 연구는 혁신, 기업수명주기 개선과 기업가치의 상호 관련성을 구조적으로 분석하기 위해 수행되었다. 구체적으로 혁신이 기업수명주기를 지속가능한 방향으로 연장시키는 요인인지를 검정하고, 혁신과 기업가치의 관련성에 기업수명주기 개선이 조절효과 및 매개효과를 갖는지 실증분석 한다. 2003년부터 2017년까지 국내 유가증권시장에 상장된 제조기업을 대상으로 연구를 수행했으며, 주요 연구결과는 다음과 같다. 첫째, 혁신을 모수적 방법과 비모수적 방법으로 측정하여 기업수명주기 개선과의 관련성을 검정한 결과, 혁신은 기업수명주기 개선에 양(+)의 영향을 미치는 것으로 나타났다. 둘째, 수명주기가 개선된 기업은 그렇지 않은 기업보다 혁신의 가치관련성이 높게 나타나 기업수명주기 개선이 혁신의 가치관련성에 조절효과가 있음을 확인하였다. 셋째, 혁신은 기업수명주기 개선을 매개로 하여 기업가치에 양(+)의 영향을 미치는 것으로 분석되었다. 본 연구는 기업수명주기 개선이 혁신의 가치관련성에 조절효과 및 매개효과를 갖는다는 실증적 증거를 제시하고, 기업수명주기 개선을 기업가치 평가에 활용할 수 있는 근거를 제시하였다는 공헌점이 있다.


Keywords: innovation, firm life-cycle extension, firm value, moderation effect, mediation effect 키워드: 혁신, 기업수명주기 개선, 기업가치, 조절효과, 매개효과

Acknowledgments

이 논문은 2017년 대한민국 교육부와 한국연구재단의 지원을 받아 수행된 연구임 (NRF-2017S1A5A8021268).논문의 질적 향상을 위해 유익한 조언을 해주신 익명의 심사자께 진심으로 감사드립니다.

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• 저자 원자연은 현재 고려대학교 글로벌비즈니스대학 융합경영학부 글로벌경영전공 조교수로 재직 중이다. 숙명여자대학교 경영학과를 졸업하고, 단국대학교 대학원에서 경영학 석사 및 박사 학위를 취득하였다. 주요연구분야는 경영전략과 기업성과, 원가행태, 기업수명주기의 가치관련성 등이다.

• 저자 유상열은 건국대학교 경영대학 경영학과 교수로 재직 중이다. 고려대학교 경영대학 및 대학원에서 경영학 학사, 석사 및 박사 학위를 취득하였다. 박사학위 취득 이후에는 공인회계사로서 회계법인에서 회계감사, 세무, 경영자문 업무를 수행하였다. 주요연구분야는 전략적 관리회계, 효율성 및 생산성, 회계정보를 이용한 기업가치 평가 등이다.