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Certification Benefits in High-Tech Industry: Evidence from Supply Contracts in the Korean Market
- Authors
- Kim, Noolee; Kwon, Kyoung-Min
- Issue Date
- Sep-2015
- Publisher
- M.E. Sharpe Inc.
- Keywords
- certification; high-tech; product market relation; supply contracts
- Citation
- Emerging Markets Finance and Trade, v.51, no.5, pp.1001 - 1020
- Indexed
- SSCI
SCOPUS
- Journal Title
- Emerging Markets Finance and Trade
- Volume
- 51
- Number
- 5
- Start Page
- 1001
- End Page
- 1020
- ISSN
- 1540-496X
- 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.
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Related Researcher
- Kim, Noo lee
- COLLEGE OF BUSINESS AND ECONOMICS (DIVISION OF BUSINESS ADMINISTRATION)