건설기업의 공종다각화가 기업가치에 미치는 영향에 관한 연구Study on the Impact of Construction Company Work Diversification on Firm Value
- Other Titles
- Study on the Impact of Construction Company Work Diversification on Firm Value
- Authors
- 임진식; 유승규; 김주형; 김재준
- Issue Date
- Mar-2014
- Publisher
- 대한건축학회
- Keywords
- Work Diversification; Firm Value; Construction Company; Insolvent Company; 공종다각화; 기업가치; 건설기업; 부실기업
- Citation
- 대한건축학회논문집 구조계, v.30, no.3, pp.123 - 130
- Indexed
- KCI
- Journal Title
- 대한건축학회논문집 구조계
- Volume
- 30
- Number
- 3
- Start Page
- 123
- End Page
- 130
- URI
- https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/160447
- ISSN
- 1226-9107
- 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.
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