[논문]브랜드 평판이 주가에 미치는 영향: 게임 기업을 중심으로

이창섭; 이현정; 우소희

doi:10.5392/jkca.2019.19.04.001

브랜드 평판이 주가에 미치는 영향: 게임 기업을 중심으로
The Effect of Brand Reputation on Stock Price: Focused on Game Firms 원문보기

한국콘텐츠학회논문지 = The Journal of the Korea Contents Association, v.19 no.4, 2019년, pp.1 - 11

이창섭 (세종대학교 경영학부) , 이현정 (중앙대학교 융합교양학부) , 우소희 (우송대학교 앤디컷국제대학 글로벌비즈니스학과)

초록
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최근 게임기업의 가치를 평가할 때 재무제표의 재무적 요인뿐만 아니라 게임 콘텐츠에 대한 소비자 평가와 충성도와 같은 비금융적 요인의 중요성이 더욱 강조되고 있다. 본 연구에서는 게임 회사의 가치평가를 위한 비재무적 측정요소로서 브랜드 평판을 제시하고, 국내 30대 게임 회사의 자료를 이용하여 브랜드 평판이 게임 회사의 주가에 미치는 영향을 검증한다. 본 연구의 실증분석에서는 브랜드 평판 지수와 게임 회사의 주가 사이에 유의한 정(+)의 상관관계가 나타난다고 보고했다. 이러한 실증결과는 브랜드 평판이 게임기업의 주가에 직접적인 영향을 미칠 수 있다는 것을 의미한다. 본 연구는 게임 기업을 효과적으로 평가하기 위한 비재무적 요인으로서 브랜드 명성의 효과에 대한 실증적 증거를 제시함으로서 자본시장과 학계에 기여할 것으로 기대된다.

Abstract ▼ AI-Helper

Recently, the importance of not only financial factors from financial statements but also non-financial factors such as consumers' evaluation and loyalty to game content is more emphasized when assessing the value of game companies. In this study, we suggest the brand reputation index as an appropriate measure of a game company's valuation and examine the effect of the brand reputation on game companies' stock price using the observations of Korean major 30 game companies. From the empirical results, we find that there is a significantly positive association between the brand reputation index and the game companies' stock price. This explains that the brand reputation of game companies can directly affect their firm value. The findings are expected to contribute to capital markets and academia as they have presented empirical evidence of the importance of brand reputation as a non-financial measure for the valuation of game companies.

주제어

표/그림 (8)

표 Table 1. Brand Reputation Index of Major 30 Korean Game Companies Disclosed on 13th November 2017
표 Table 2. Explanation of the Five Indices for Measuring Brand Reputation Index of Major 30 Game Companies
표 Table 4. Explanation of Variables
표 Table 3. Examples of One-on-one Response of the Brand Reputation Index and Stock Price
그림 Fig. 1. Model Specification
표 Table 5. Descriptive Statistics
표 Table 6. Empirical results#1
표 Table 7. Empirical results#2

AI 본문요약
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문제 정의

The purpose of this study is to empirically validate that the brand reputation is appropriate as a non-financial component to consider when assessing the value of game companies. Research in the traditional financial and accounting fields used financial information, such as book value (asset, liability, and equity) or profit information (sales, operating profit, and net income), primarily to assess the value of an entity[1].
Therefore, there are limitations in assessing the firm value of the game industry as an evaluation method that use financial information only in the past. Therefore, this study introduces the brand reputation index as a non-financial measure for the valuation of game companies and examines empirically whether the brand reputation of game companies can have a great influence on their stock prices.

가설 설정

Hypothesis: Game companies’ brand reputation index is positively associated with their stock price.

제안 방법

This result means that the higher (lower) the brand reputation, the higher (lower) the company's stock price. For the robust empirical analysis, we use the modified variables added to control the measurement error related high volatility, and the robust empirical analysis also shows support for the hypothesis of this study.
In this study, we use the major 30 Korean game companies’ brand reputation index from the Korea Reputation Center and their stock price to test the association between them.
Kwon (2010) conducted a Delphi survey based on game evaluation data and derived a total of 20 qualitative assessment items[6]. The study presented assessment items such as corporate competitiveness, technical skills, merchantability, business feasibility, and operability. Choi et al.

성능/효과

Jeon (2002) used the data from 25 listed Korean game companies to the factors related to firm value[12]. The study reported that there was no significant correlation between the size of investment expenditure, which is a financial component, and the firm value, but reported that the concentration level of game development, a non-financial component, had a significant impact on the firm value.

후속연구

Nevertheless, this study contributes to supplementing the methodological limitations of existing prior studies and to performing empirical analyses on the relationship between brand reputation index as non-financial factor and stock price of game companies. Specifically, we expect the contribution of our finding are as follows.
Overall, this study is expected to contribute to the addition of the empirical evidence to the existing literature despite the limitations of the use of restricted data. In the future, if enough brand name index data is available, we would like to conduct a more detailed empirical analysis study, taking into account both financial and non-financial factors
Second, the results of this study can help to increase the demand of professional personnel to create, manage, and restore brand reputation in companies by emphasizing the importance of brand reputation to the corporate managers. The current game content production industry has been negligent in fostering manpower to build long-term brand reputation by focusing only on short-term sales.
Second, the results of this study will be able to increase the demand of professional personnel to create, manage, and restore brand reputation in companies by emphasizing the importance of brand reputation to the corporate managers. The current game content production industry has been negligent in fostering manpower to build long-term brand reputation by focusing only on short-term sales.
In particular, studies on valuation of past game companies were conducted mostly by Delphi method or expert questionnaire rather than by empirical analysis studies, which make it difficult to determine the actual impact between non-financial elements and firm value[6-8]. The findings are expected to contribute to capital markets and academia by providing empirical evidence of the association between the non-financial elements and the value of game company as asserted in the preceding study.
Whether or not the next game contents will be successful in the future game market and the forecast of future demand will depend on how well the brand reputation of the existing game contents can be built. Therefore, it is expected that this study will increase social interest and active investment in professional personnel to create, maintain, and restore positive brand recognition for game companies.
Third, this study checks that the brand reputation index of game companies is useful information for evaluating the value of game companies. Through this, it is expected that interest in data collection of future information related to brand reputation will be increased by presenting the importance of brand reputation in the game industry.

참고문헌 (22)

C. Rhee, Y. Yoo, and H. Chun, "A case study of equity valuation for green growth company: "Millinet Solar" and "GS Fuelcell," Korea Business Review, Vol.17, No.2, pp.101-135, 2013.
C. Poe, "A modified real options valuation model for early stage start-ups in the game industry," Journal of Korea Game Society, Vol.13, No.3, pp.69-76, 2013.

원문보기 상세보기
W. Chang, S. Roh, and S. Gye, "Brand reputation factor effect on attitudinal loyalty and behavioral loyalty in cosmetic brand: based on Mediation effect of attitudinal loyalty," The Korean Journal of Advertising, Vol.20, No.5, pp.131-153, 2009.
C. J. Fombrun and M. Shanley, "What's in a name? Reputation building and corporate strategy," Academy of Management Journal, Vol.33, No.2, pp.233-348, 1990.

상세보기
S. S. Standifird, M. Weinstein, and A. D. Meyer, "Establishing reputation on the Warsaw stock exchange: International brokers as legitimating agents," Chicago, IL: Academy of Management Proceedings, 1999.
Y. Kwon, "An analysis on the qualitative evaluation factors of on-line game company using dephi and AHP(Analytic Hierarchy Process)," Journal of The Korean Society for Computer Game, Vol.2, No.23, pp.13-22, 2010.
C. Yoo, D. Yang, H. Kim, and E. Heo, "Key value drivers of startup companies in the new media industry- The case of online games in Korea," Journal of Media Economics, Vol.25, No.4, pp.244-260, 2012.

상세보기
S. Choi, H. Yun, and D. Rhee, "A study on the qualitative evaluation factors for mobile game company," Asia-Pacific Journal of Business Venturing and Entrepreneurship, Vol.8, No.3, pp.125-146, 2013.

원문보기 상세보기
Korea Creative Content Agency, "Korean game white paper," 2017.
C. Rhee and H. Rhee, "Forecasting Ecosystem Changes in Virtual Reality Game Industry using Scenario Networking Mapping," Vol.18, No.2, pp.15-26, 2018.
S. Oh and W. Kim, "Valuation of e-business, present and expansion," IITP report, 2001.
H. Jeon, "The impact of R&D investment on firm value of game companies," Korean Society for Computer Game, Vol.26, No.4, pp.205-210, 2002.
Korea Game Industry Agency, "A study on firm value evaluation in game industry," 2007.
American Marketing Association (AMA), "Marketing definitions: A glossary of marketing terms," Chicago, IL: American Marketing Association, 2004.
D. A. Aaker, "The value of brand equity, Journal of business strategy," Vol.13, No.4, pp.27-32, 1991.
D. A. Aaker, "Measuring brand equity across products and markets," California Management Review, Vol.38, No.3, pp.102-120, 1996.

상세보기
R. Abratt and G. Bick, "Valuing brands and brand equity: methods and processes," Journal of applied management and entrepreneurship, Vol.8, No.1, pp.21-39, 2003.
C. J. Simon and M. W. Sullivan, "The measurement and determinants of brand equity: a financial approach," Marketing Science, Winter, Vol.12, No.1, pp.28-52, 1993.

상세보기
C. J. Fombrun and C. B. Van Riel, "Fame & fortune: How successful companies build winning reputations," FT Press. 2004.
Reputation Institute, "RepTrack," 2019. https://www.reputationinstitute.com
Korea Reputation Center, "Brand reputation report," 2017. http://www.rekorea.net
Naver Finance, "Daily Price," 2017. https://fina nce.naver.com

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