경제⋅정책 불확실성과 가치평가오류

초록

Purpose: This study investigates t he i mpact of economic policy uncertainty (EPU) on f irm-specif ic v aluation e rrors (FSE) and examines w hether corporate governance mitigates this effect. Research design, data, and methodology: FSE is measured using the method by Rhodes-Kropf et al.(2005), while economic uncertainty is proxied by the EPU index and the news-based EPU (NEPU) index. Firms are further classified by their ESG Integrated and Governance Scores to test the moderating role of governance quality. Results: First, Firms are more likely to be undervalued when economic uncertainty is high, suggesting that investors adopt conservative valuations during uncertain periods. Second, the undervaluation ef fect is s tronger in f irms already identified as undervalued, particularly when measured with the NEPU index, which better captures real-time market sentiment. Additionally, earnings management (absDA) does not significantly affect valuation errors in these f irms, implying that further mispricing may be l imited when f irms a re a lready conservatively priced. Third, strong corporate governance reduces the negative impact of uncertainty on valuation errors, whereas firms with weaker governance experience greater undervaluation during uncertainty. Implications: Our results suggest that, under heightened uncertainty, investors tend to place greater weight on macro-level signals rather than firm-specific inf ormation. Robust c orporate g overnance structures a ppear t o mitigate valuation distortions by enhancing investor confidence.

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