우리나라 경제위기 전후 기업의 재무적 특성과 경영성과의 변화에 관한 연구

Abstract

[Purpose] The purpose of this study was to examine whether there was a difference in corporate financial factors and management performance before and after the three recent economic crises that have greatly affected the Korean economy. In addition, we attempted to examine whether financial factors affecting management performance differ before and after classifying models. [Findings] First, as a result of the t-test analysis, the average of Tobin Q was lower after the global financial crisis, and the average after the COVID-19 economic crisis was higher. In terms of profitability, the economic impact of the IMF financial crisis and COVID-19 was even cuter than that of the global financial crisis. As a result of the stability analysis, it was found that the debt-to-equity ratio fell as a result of the government's strong policy introduction and corporate efforts during the IMF financial crisis. In terms of growth potential variables, the average after the global financial crisis and COVID-19 was statistically significantly higher than before only in the total asset growth rate. On the other hand, it rather fell after the IMF financial crisis. The total asset turnover and equity capital turnover, which are active variables, were lower in average after the economic crisis in all three cases. Second, as a result of multivariate regression analysis, it was found that the total return on assets in the pre- and post-IMF models deteriorated profitability only in the post-IMF models. The current ratio variable had a positive effect on management performance in both the post-war models. On the other hand, the growth rate of sales and the turnover rate of equity capital, which are growth variables, had a positive effect on management performance only in the model after the financial crisis. Next, among the profitability variables before and after the global financial crisis, the total return on assets was negative in the previous model and positive in the subsequent model, indicating that the global financial crisis did not significantly affect profitability. In the stability variable, the debt-to-equity ratio variable showed a positive relationship only in the subsequent model. In the growth variable, the sales growth rate variable showed a positive relationship in the before and after model. In addition, the total asset turnover, an activity variable, showed a positive relationship in the before and after model. Finally, the total return on assets variable representing profitability in the pre- and post-COVID-19 model showed a positive relationship in the previous model, while the post-model showed a negative relationship, indicating that COVID-19 had a serious negative impact on profitability. In addition, in the growth variable, the total asset growth rate variable showed a significant positive relationship in the pre- and post-COVID-19 financial crisis models.