Purpose: The study aims to examine the impact of international diversification on corporate value and management performance in the healthcare industry, which is emerging as a new strength in Korea’s economic situation, which has not been able to recover since COVID-19.Research design, data, and methodology: The sample to verify this was selected as a sample of healthcare companies listed on the KOSDAQ market for five years from 2019 to 2023, after the COVID-19 pandemic, and a total of 1,555 healthcare companies were used for empirical analysis. In addition, the TQ variable, which is a substitute for corporate value, and the ROA variable, which is a substitute for management performance, were used as dependent variables, and the international diversification variable (ER) was used as independent variables. In addition, regression analysis was conducted using CFO, SIZE, LEV, RND, ADV, and LOSS variables as control variables to control this..Results: First, using the TQ variable, which divides the book value of the total market value and total liabilities by the book value of total assets, as a dependent variable, it was confirmed that the regression coefficient α1 was positive and statistically significant, indicating that the international diversification of the healthcare industry after the COVID-19 pandemic had a positive effect on corporate value. Second, using the ROA variable, which divides net income by the carrying amount of total assets, as a dependent variable, whether the international diversification of healthcare companies in Hypothesis 2 had a positive effect on management performance, and the regression coefficient α1 was positive and statistically significant, confirming that the international diversification of the healthcare industry after the COVID-19 pandemic had a positive effect on management performance.Implications: The results of this study are expected to be helpful to younger students who want to conduct research on the healthcare industry after the COVID-19 pandemic in the future.
Mo-Kyung Kim (Fri,) studied this question.