This study examines the impact of Strategic Emphasis (SE) on Enterprise Value (EV) in KOSDAQ 150 firms, exploring how the balance between Value Creation (VC) and Value Appropriation (VA) strategies influences Tobin's Q as a measure of EV across different industries. Using Mizik and Jacobson's Strategic Emphasis framework, this research conducted a panel regression analysis on financial and stock market data of KOSDAQ 150 firms over a decade (2014–2023). This study employed a comprehensive empirical framework that accounts for industry characteristics, firm profitability, and time effects to examine how different sectors respond to SE changes. The analysis revealed that SE significantly impacts EV, with varying effects across industries. For instance, VC strategies positively influenced EV in the Healthcare sector, whereas VA strategies proved more effective in the Consumer Discretionary sector. Additionally, the relationship between SE and EV was moderated by firm profitability and shaped by industry-specific factors. This study highlights the importance of choosing appropriate measures, such as Tobin's Q, when evaluating corporate strategies. The findings offer actionable insights for Korean venture firms, emphasizing that strategic resource allocation should be tailored to industry-specific dynamics and a firm’s financial context to maximize EV.

1. 서 론
2. 이론적 배경
    2.1 전략적 강조와 가치전략
    2.2 벤처기업과 코스닥의 가치전략
3. 연구방법
    3.1 변수 정의
    3.2 SE의 직접효과 및 상호작용 효과 모형
    3.3 산업 특성을 고려한 확장모형
    3.4 연구가설
    3.5 자료수집 및 분석방법
4. 실증분석
    4.1 기술통계분석
    4.2 상관관계 분석
    4.3 산업섹터별 분석
    4.4 SE효과 패널회귀분석
    4.5 산업특성 효과 패널회귀분석
5. 결 론
    5.1 학술적 시사점
    5.2 실무적 시사점
    5.3 정책적 시사점
    5.4 연구의 한계 및 향후 연구 방향
References

• Dong-Mi Kim(Graduate Department of Management Consulting, Hanyang University) | 김동미 (한양대학교 일반대학원 경영컨실팅학과)
• Kwang-Ho Park(Department of Business Administration, Hanyang University) | 박광호 (한양대학교 경상대학 경영학부) Corresponding author