This study examines the relationship between investor recognition and firm value by looking at the process of KONEX-listed companies switching to the KOSDAQ market. According to this study, the stock price showed a statistically significant rise due to the expected positive effect of transferring the listing of its stocks even before the announcement date of its decision to transfer, whereas the stock price actually declined when it was really transferred to KOSDAQ market. These results are similar to those of previous researches at home and abroad. In particular, given that the share price increase shown when the switching decision was announced was offset by the share price drop after the actual switching, the transfer of the listing of the company did not lead to an increase in the firm value due to the expansion of the investor recognition claimed by Merton (1987). This study made a contribution to expand the domestic research limited to the study of transfer of exchange listing from KOSDAQ to KOSPI, giving us an opportunity to look at the effect of transfer across all markets of KONEX, KOSDAQ and KOSPI.