본문 바로가기
KERD
논문KCI 등재

패션기업의 경영자 기업지배력이 기업 재무성장성에 미치는 영향: 한국 중소기업의 규모와 기업업력의 조절효과를 중심으로

The moderating effect of Korean fashion SMEs’ company age and size on the relationship between management ownership and company financial growth

0

조회

0

다운로드

2

인용

0

참고문헌

키워드

주제분류생활과학

초록

Most Korean companies in the fashion industry are SMEs, and the role of the CEO and management ownership is important for enhancing the firm’s competence and developing strategies. The study aims to examine the effect of management ownership on company financial growth. In particular, the study focuses on the moderating effect of company age and size on Korean fashion SMEs’ financial outcomes. Financial data based on company financial statements from 2012 to 2014 was collected by the Data Analysis, Retrieval and Transfer System of Korea’s Financial Supervisory Service. A total of 295 companies’ (domestic fashion businesses) data was analyzed by the bootstrap method. The median sales value in the financial year 2014 was 47,492,403,958 KRW, and the company size was divided by it. The companies were in business for an average of 20 years. According to the results, the management ownership had a negative effect on Compound Annual Growth Rate (CAGR) for the three-years, and the relationship between the two variables was moderated by company age. Additionally, the interaction effect of management ownership and company age on 3-CAGR was also moderated by company size. When the companies had spent only a few years in business, a negative effect of management ownership for small firms and a positive effect of management ownership on financial growth for medium firms were found. These results suggest that small companies starting business need to manage their company governance structure to make flexible decisions, and after retaining financial growth, the companies can expand their businesses based on strong ownership.

Abstract

Most Korean companies in the fashion industry are SMEs, and the role of the CEO and management ownership is important for enhancing the firm’s competence and developing strategies. The study aims to examine the effect of management ownership on company financial growth. In particular, the study focuses on the moderating effect of company age and size on Korean fashion SMEs’ financial outcomes. Financial data based on company financial statements from 2012 to 2014 was collected by the Data Analysis, Retrieval and Transfer System of Korea’s Financial Supervisory Service. A total of 295 companies’ (domestic fashion businesses) data was analyzed by the bootstrap method. The median sales value in the financial year 2014 was 47,492,403,958 KRW, and the company size was divided by it. The companies were in business for an average of 20 years. According to the results, the management ownership had a negative effect on Compound Annual Growth Rate (CAGR) for the three-years, and the relationship between the two variables was moderated by company age. Additionally, the interaction effect of management ownership and company age on 3-CAGR was also moderated by company size. When the companies had spent only a few years in business, a negative effect of management ownership for small firms and a positive effect of management ownership on financial growth for medium firms were found. These results suggest that small companies starting business need to manage their company governance structure to make flexible decisions, and after retaining financial growth, the companies can expand their businesses based on strong ownership.

참고문헌 (57)

  1. James S. Ang, "Agency Costs and Ownership Structure", The Journal of Finance, 55(1), pp.81~106 (2000), Wiley-Blackwell[DOI]
  2. Mita Bhattacharya, "Business Growth, Size and Age: Evidence from the Business Longitudinal Survey (BLS) Data in Australia", Australian Economic Papers, 53(3-4), pp.129~138 (2014), Wiley-Blackwell[DOI]
  3. Ownership structure and corporate governance for firm profitability : Evidence from Korea after the IMF economic crises, "Cho, D. K.", Korea Economic Research Institute, ~ (2008)
  4. 최정표, "우리 기업들의 소유구조와 기업가치, 부채수준, 투자수준과의 관계에 대한 연구", 한국경제연구, 11, pp.5~44 (2003), 한국경제연구학회
  5. 최우석, "오너경영과 기업성과에 관한 실증연구", 재무연구, 18(1), pp.121~155 (2005), 한국재무학회
  6. 최용호, "최고경영자, 전략 및 구조요인이 중소기업의 성과에 미치는 영향", 중소기업연구, 25(2), pp.103~126 (2003), 한국중소기업학회
  7. Paul Dunne, "Age, Size, Growth and Survival: UK Companies in the 1980s", The Journal of Industrial Economics, 42(2), pp.115~ (1994), JSTOR[DOI]
  8. Dunne, T., "The growth and failure of U. S. manufacturing plants", The Quarterly Journal of Economics, 104(4), pp.671~698 (1989)
  9. David S. Evans, "Tests of Alternative Theories of Firm Growth", Journal of Political Economy, 95(4), pp.657~674 (1987), University of Chicago Press[DOI]
  10. David S. Evans, "The Relationship Between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries", The Journal of Industrial Economics, 35(4), pp.567~ (1987), JSTOR[DOI]
  11. Geroski, P., "Corporate growth convergence in Europe", Oxford Economic Papers, 56(4), pp.597~620 (2004)[DOI]
  12. Stuart L. Gillan, "Recent Developments in Corporate Governance: An Overview", Journal of Corporate Finance, 12(3), pp.381~402 (2006), Elsevier BV[DOI]
  13. Jung E. Ha‐Brookshire, "Does the firm size matter on firm entrepreneurship and performance?", Journal of Small Business and Enterprise Development, 16(1), pp.132~146 (2009), Emerald[DOI]
  14. Han, T. I., "A study on relational model development between the performance and CEO characteristics of venture business", Journal of Human Resource Management Research, 2, pp.125~146 (2001)
  15. 허호영, "코스닥기업의 연구개발집약도와 경영자지분율이 경영성과에 미치는 영향", 상업교육연구, 27(2), pp.161~187 (2013), 한국상업교육학회
  16. Stephen Hymer, "Firm Size and Rate of Growth", Journal of Political Economy, 70(6), pp.556~569 (1962), University of Chicago Press[DOI]
  17. Christopher D. Ittner, "Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction", Journal of Accounting Research, 36, pp.1~ (1998), JSTOR[DOI]
  18. Michael C. Jensen, "Theory of the firm: Managerial behavior, agency costs and ownership structure", Journal of Financial Economics, 3(4), pp.305~360 (1976), Elsevier BV[DOI]
  19. Byoungho Jin, "Performance implications of information technology implementation in an apparel supply chain", Supply Chain Management: An International Journal, 11(4), pp.309~316 (2006), Emerald[DOI]
  20. Sung Wook Joh, "Corporate governance and firm profitability: evidence from Korea before the economic crisis", Journal of Financial Economics, 68(2), pp.287~322 (2003), Elsevier BV[DOI]
  21. Johnson, S., "Tunneling. The American economic review", Papers and Proceedings of the One Hundred Twelfth Annual Meeting of the American Economic Association, 90(2), pp.22~27 (2000)
  22. 김대룡, "건설업과 제조업의 기업성과에 대한 소유구조의 효과성 분석", 한국산학기술학회논문지, 12(7), pp.3062~3071 (2011), 한국산학기술학회
  23. 김수욱, "기업의 품질성과와 재무성과의 관계 연구", 한국생산관리학회지, 16(2), pp.153~179 (2005), 한국생산관리학회
  24. (2015)[URL]
  25. M. S. Kumar, "Growth, Acquisition Activity and Firm Size: Evidence from the United Kingdom", The Journal of Industrial Economics, 33(3), pp.327~ (1985), JSTOR[DOI]
  26. 권영관, "국내 제약기업의 소유․지배구조와 기업성과 및 가치와의 관계", 산업경제연구, 26(4), pp.1811~1834 (2013), 한국산업경제학회
  27. Rafael La Porta, "Corporate Ownership Around the World", The Journal of Finance, 54(2), pp.471~517 (1999), Wiley-Blackwell[DOI]
  28. 이호갑, "기업지배구조가 재무적 성과와 기업가치에 미치는 영향", 회계연구, 14(2), pp.317~339 (2009), 대한회계학회
  29. Lee, I. K., "Korean enterprises' growth, survival, and variability of growth by age", Journal of Korean Economy Studies, 7, pp.5~35 (2001)
  30. 李寅權, "한국기업의 성장동학에 관한 실증연구", 국제경제연구, 8(1), pp.85~110 (2002), 한국국제경제학회
  31. 이상욱, "소유구조와 기업성과: 대규모 기업집단 소속 기업에 대한 실증연구", 대한경영학회지, 25(4), pp.2209~2232 (2012), 대한경영학회[DOI]
  32. 임형주, "소유집중도가 기업성과에 미치는 영향:패널데이터 분석", 대한경영학회지, 25(8), pp.3265~3291 (2012), 대한경영학회
  33. Jin-Tan Liu, "Do small plants grow faster? Evidence from the Taiwan electronics industry", Economics Letters, 65(1), pp.121~129 (1999), Elsevier BV[DOI]
  34. Francesca Lotti, "Does Gibrat's Law hold among young, small firms?", Journal of Evolutionary Economics, 13(3), pp.213~235 (2003), Springer Nature[DOI]
  35. Robert E. Lucas, "Adjustment Costs and the Theory of Supply", Journal of Political Economy, 75(4, Part 1), pp.321~334 (1967), University of Chicago Press[DOI]
  36. Mansfield, E., "Entry, Gibrat's law, innovation, and the growth of firms", The American Economic Review, 52(5), pp.1023~1051 (1962)
  37. Mata, J., "Firm growth during infancy", Small Business Economics, 6(1), pp.27~39 (1994)
  38. John J. McConnell, "Additional evidence on equity ownership and corporate value", Journal of Financial Economics, 27(2), pp.595~612 (1990), Elsevier BV[DOI]
  39. Mills, D. E., "Industry structure with fluctuating demand", The American Economic Review, 75(4), pp.758~767 (1985)
  40. Michael J. Mol, "The sources of management innovation: When firms introduce new management practices", Journal of Business Research, 62(12), pp.1269~1280 (2009), Elsevier BV[DOI]
  41. Randall Morck, "Management ownership and market valuation", Journal of Financial Economics, 20, pp.293~315 (1988), Elsevier BV[DOI]
  42. 남현정, "쇠퇴시장과 상승시장에서의 경영자지분율과 기업성과 사이의 관계", 경영과 정보연구, 31(1), pp.45~63 (2012), 대한경영정보학회
  43. 오훈석, "기업지배구조가 재무적 경영성과와 기업가치에 미치는 영향-한국기업지배구조원(CGS) 지배구조등급의 분석을 통한 실증검증-", 기업경영연구, 18(2), pp.41~65 (2011), 한국기업경영학회
  44. Blandina Oliveira, "Firm Growth and Liquidity Constraints: A Dynamic Analysis", Small Business Economics, 27(2-3), pp.139~156 (2006), Springer Nature[DOI]
  45. 박상문, "기업 업력과 규모가 경영혁신 도입에 미치는 영향: 외부 지식탐색의 조절효과", 대한경영학회지, 26(7), pp.1753~1770 (2013), 대한경영학회
  46. Younsuk Park, "Firm size, age, industrial networking, and growth: a case of the Korean manufacturing industry", Small Business Economics, 35(2), pp.153~168 (2010), Springer Nature[DOI]
  47. Kristopher J. Preacher, "SPSS and SAS procedures for estimating indirect effects in simple mediation models", Behavior Research Methods, Instruments, & Computers, 36(4), pp.717~731 (2004), Springer Nature[DOI]
  48. Samuels, J. M., "Size and the growth of firms", The Review of Economic Studies, 32(2), pp.105~112 (1965)
  49. 서대석, "가족지분율에 따른 기업성과의 차별적 특성", 대한경영학회지, 22(6), pp.3379~3407 (2009), 대한경영학회
  50. 신동령, "한국 제조기업의 규모 및 업력과 성장의 관계에 관한 실증적 연구", 한일경상논집, 51, pp.67~92 (2011), 한일경상학회
  51. N. Siggelkow, "CHANGE IN THE PRESENCE OF FIT: THE RISE, THE FALL, AND THE RENAISSANCE OF LIZ CLAIBORNE.", Academy of Management Journal, 44(4), pp.838~857 (2001), The Academy of Management[DOI]
  52. Singh, A., "The size and growth of firms", The Review of Economic Studies, 42(1), pp.15~26 (1975)
  53. Sung, H. -Y., "An empirical study on the firm growth, size and age with Korean manufacturing firms", The Korean Journal of Industrial Organization, 8(2), pp.71~85 (2000)
  54. 성효용, "외국인직접투자기업의 성장요인에 대한 실증분석: 기업규모 및 나이를 중심으로", 산업조직연구, 11(2), pp.29~46 (2003), 한국산업조직학회
  55. Mercedes Teruel-Carrizosa, "Gibrat’s law and the learning process", Small Business Economics, 34(4), pp.355~373 (2010), Springer Nature[DOI]
  56. Belen Villalonga, "How do family ownership, control and management affect firm value?", Journal of Financial Economics, 80(2), pp.385~417 (2006), Elsevier BV[DOI]
  57. Takehiko Yasuda, "Firm Growth, Size, Age and Behavior in Japanese Manufacturing", Small Business Economics, 24(1), pp.1~15 (2005), Springer Nature[DOI]

관련 논문AI추천

이 간행물의 다른 논문 (10건)