COVID-19 and Tobin's Q: Evidence from the Korean Logistics and Distribution Sector

초록

Purpose: This study empirically investigates how the COVID-19 pandemic affected the Tobin's q of firms operating in the logistics and distribution industries, focusing on whether the adoption of digital transformation and smart supply chain management, prompted by pandemic-induced disruptions, influenced firm valuation. Research design, data and methodology: Using Tobin's q as the dependent variable, the study applies multivariate regression analysis on panel data from 2013 to 2023 to compare valuations before and after the pandemic. The pandemic period was marked by operational challenges such as supply chain bottlenecks, labor shortages, rising logistics costs, and shifts in consumer behavior. Results: The analysis reveals that after the pandemic, the Tobin's q of logistics and distribution industry firms increased significantly, with the magnitude of this increase being significantly greater than that of firms in other industries. These firms exhibited greater agility, operational continuity, and data-driven decision-making, enabling them to navigate disruptions more effectively and sustain performance during uncertainty. Conclusions: Despite store closures and revenue contractions posing severe threats during the pandemic, logistics and distribution industry firms demonstrated superior resilience compared to firms in other industries. By decentralizing logistics operations, leveraging automation, and utilizing predictive analytics, they mitigated risks and signaled long-term growth potential.

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