서비스 품질상 수상이 기업가치에 미치는 영향에 관한 연구

Abstract

With the emergence of an increase in various service quality awards, firms are now reluctant to make an effort in receiving such awards. Most of the firms are not sure the effect of service quality awards on the market value. So they are willing to know how to measure the value and impact on receiving them. We aim to examine and find the influence on the value of the firm when awarded, and to suggest strategic activities about receiving the such awards from the several related institutions. For achieving the purposes, we decided to adopt event study methodology which is widely used for investigating whether the specific event affects the stock prices in the long term perspective. To be specific, this method is widely spread in valuation on the MIS, HR, Accounting, Finance and Marketing event. Event study methodology measures the magnitude of the effect that an unanticipated event has on the expected profitability and risk of a portfolio of firms associated with that event. Event study was first introduced by Fama, Fisher, Jensen and Roll(FFJR) in 1969. This methodology is based on the 'efficient market hypothesis'. That is, in a market where new information is immediately available to all investors and potential investors, security prices fully reflect all available information. Thus, only the occurrence of an unanticipated event will cause a change in the firm's stock price, the change will occur as soon as the market learns of the event, and the magnitude of the change should be an unbiased estimate of the value of changes to the firm's expected future cash flows. In order to examine whether a certain event had an impact on the firm's value, one measures the 'abnormal' stock return, the change in the stock price in relations to the stock price level at the time of the event adjusted for general market movements. In practice, event studies have been used for two major reasons: 1) to test the null hypothesis that the market efficiently incorporates information and 2) under the maintained hypothesis of market efficiency, at least with respect to publicly available information, to examine the impact of some event on the wealth of the firm's stockholders. To do empirical research, we successfully collected 47 firms data that received the Korean Service Quality Awards so far and extracted abnormal returns. The results of this research are as follows; First, the average abnormal returns on the event date are not statistically significant and it means that the receiving Korean Service Quality Awards has no influence on the firms' market value. But successive awarded firms have an increasing effect on the market value and it was verified statistically under 0.05 significance level. Also the result shows that the factors of firm size such as firm's total assets are critical to vary the firms' abnormal returns. There might be some limitations of our study, while, the most obvious problem is the limitation of small sample size. Although 518 sample cases were found during the period from 2000 to 2008, most of the cases were deleted according to the criteria of data exclusion. We cannot neglect the probability that the hypotheses were rejected due to small sample size for each analysis. We are expecting the future research with more data available and more precise results. Furthermore we consider the only two service quality award institution but there are several different service award authorities. It is helpful to expand the research range to adopt the various service quality award institutions in the future research.