The Effects of Financial Information to the Firm Valuation for Information Technology Related Companies : Evidences from Software, Degital Content, Internet Related Companies listed in KOSDAQ

Jeong Yeon Kim

Abstract


With transition to Knowledge society and introduction of information industry, there are many companies which have higher stock price than the suggested value from its financial
information. To explain similar cases in capital markets, many researchers focus on non-financial information such as Web Traffic data or intangible assets such as intellectual property rights rather than traditional financial analysis. Besides, the relationships between financial and non-financial information with firm value are changed according to industry lifecycle. As Industry grows, financial information of company is more important for firm valuation in Capital market.

We'd like to review the changes of relationships between financial information and firm valuation in Capital market especially for “Software”, “Digital Contents”, and “Internet” companies listed in Kosdaq market during 2000-2011. The result of data analysis shows the financial information gets more important after 2007. Inversely, it provides analytical bases that related industry gets mature. Also we show that intangible properties are more relevant to stock price of those technical based companies than others.


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References


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