문화콘텐츠산업 기업성과 요인분석을 통한 사업다각화 창업전략에 관한 연구
A Study on the Establishment of Cultural Contents Business Diversification Strategy through Industry analysis Firm Performance Factors
2
조회
0
다운로드
6
인용
0
참고문헌
키워드
초록
The cultural content business is lucrative and very sensitive to the changes of the era. In other words, the business tends to diversify due to its volatility. We have studied that the relations between the diversification and financial performance of the company. For this study, we define the meaning of the diversification and the cultural content company and varify previous studies. The79 cultural content companies' data come from the electronic disclosure system. In addition, we have applied to Berry-Herfindahl Index (BHI) that is the most commonly used index to understand the relationship between the profitability and diversification and the regression analysis has used. We assume that if the assets or the capital is big, it would be advantageous to the diversification. So we provide the groups that have 50 billion won in capital and 100 billion won in assets. In the result, we analyze the diversification and the financial performance show statistically U-shaped relationship. In other words, the financial performance of the larger cultural content company is inverse propotion to the diversification at some point. But after the point, the financial performance is propotion to the diversification. For the cultural content company, the diversification is essential to the steady profit. The aim of this study is to help the cultural content companies which chase the profit and stability by using the diversification.
Abstract
The cultural content business is lucrative and very sensitive to the changes of the era. In other words, the business tends to diversify due to its volatility. We have studied that the relations between the diversification and financial performance of the company. For this study, we define the meaning of the diversification and the cultural content company and varify previous studies. The79 cultural content companies' data come from the electronic disclosure system. In addition, we have applied to Berry-Herfindahl Index (BHI) that is the most commonly used index to understand the relationship between the profitability and diversification and the regression analysis has used. We assume that if the assets or the capital is big, it would be advantageous to the diversification. So we provide the groups that have 50 billion won in capital and 100 billion won in assets. In the result, we analyze the diversification and the financial performance show statistically U-shaped relationship. In other words, the financial performance of the larger cultural content company is inverse propotion to the diversification at some point. But after the point, the financial performance is propotion to the diversification. For the cultural content company, the diversification is essential to the steady profit. The aim of this study is to help the cultural content companies which chase the profit and stability by using the diversification.
참고문헌 (37)
- 대규모 기업집단에 관한 연구, "강신일", ~ (1991)
- 구맹회, "기업다각화는 기업가치를 감소시키는가?", 29(1), pp.215~242 (2001), 한국증권학회
- 김병곤, "한국기업의 다각화수준이 기업가치에 미치는 영향 -전환선형회귀모형과 패널자료분석을 응용하여-", 산업경제연구, 17(3), pp.887~907 (2004), 한국산업경제학회
- 한국 미디어 기업의 다각화 정도 및 유형, "박소라", 한국언론재단, ~ (2007)
- 국내 미디어 기업의 사업다각화와 경영성과에 관한 연구, "장윤희", 한국언론재단, 177~243 (2007)
- 장윤희, "국내 매스미디어 기업의 사업다각화와 경영성과에 관한 연구", 한국언론정보학보, 43(3), pp.173~208 (2008), 한국언론정보학회
- 송상호, "기술혁신 유형과 기술혁신 영향요인에 관한 상황론적 연구", 인사조직연구, 14(2), pp.177~213 (2006), 한국인사조직학회
- 전범수, "미국 미디어 기업의 연관사업 다각화 추세와 특성 : 1997-2000", 한국방송학보, 17(1), pp.116~143 (2003), 한국방송학회
- 전상경, "규모의 확대와 사업다각화에 따른기업가치의 변화 : 구조조정의 영향을 중심으로", Asia-Pacific Journal of Financial Studies, 32(1), pp.219~254 (2003), 한국증권학회
- 한국기업의 다각화 전략과 국제경쟁력, "정구현", 한국경제연구원, ~ (1991)
- 조동성, "다각화 전략과 방법의 상호작용이 경제적 성과에 미치는 효과에 관한 연구:한국 30대 재벌을 중심으로", 국제경영리뷰, 5(2), pp.135~157 (2001)
- 조용래, "영상콘텐츠 기업의 업종별 사업다각화가 재무성과에 미치는 요인에 관한 실증연구", 전략경영연구, 12(1), pp.79~99 (2009), 한국전략경영학회[DOI]
- 지성권, "다각화전략이 경영자 보상수준에 미치는 영향", 국제회계연구, (41), pp.345~374 (2012), 한국국제회계학회
- 최정표, "기업그룹의 다각화전략과 그 효과에 관한 실증분석", 국제경제연구, 8(2), pp.125~147 (2002), 한국국제경제학회
- 홍재범, "한국기업의 다각화와 경제적 성과에 대한 연구", 한국경영학회지, 26(3), pp.493~511 (1997)
- Ansoff, H. I., "Strategies for diversification", Harvard Business Review, 35(5), pp.113~124 (1957)
- Barney, J., "Firm resources and sustained competitive advantage", Journal of management, 17(1), pp.99~120 (1991)
- Bengtsson, L., "Corporate Strategy in a Small Open Economy: Reducing Product Diversification While Increasing International Diversification", European Management Journal, 18(4), pp.444~453 (2000)
- Benito-Osorio, D., "Four decades of research on product diversification: a literature review", Management decision, 50(2), pp.325~344 (2012)
- Berger, P. G., "Diversification’s Effect on Firm Value", Journal of Finance Economics, 37(1), pp.39~65 (1995)
- Berry, C. H., "Corporate Diversification and Market Structure", Bell Journal of Economics and Management Science, 5(1), pp.196~204 (1974)
- Comment, R., "Corporate Focus and Stock Returns", Journal of Financial Economics, 37(1), pp.67~87 (1995)
- Denis, D. J., "Agency Problems, Equity Ownership, and Corporate Diversification", Journal of Finance, 52(1), pp.135~160 (1995)
- Gillan, S. L., "Value Creation and Corporate Diversification: The Case of Sears, Robuck&Co", Journal of Financial Economics, 55(1), pp.103~137 (2000)
- Houston, J., "Capital Market Frictions and the Role of Internal Capital Markets in Banking", Journal of Financial Economics, 46(2), pp.135~164 (1997)
- Kamien, M. I., "Market Structure and Innovation : a survey", Journal of Economic Literature, 13(1), pp.1~37 (1975)
- Khanna, T., "Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Group", Journal of Finance, 55(2), pp.867~891 (2000)
- Kim, S. K., "Search behavior of the diversified firm: The impact of fit on innovation", Strategic Management Journal, 34(8), pp.999~1009 (2013)
- Lang, L. H., "Tobin’s q, Corporate Diversification and Firm Performance", Journal of Political Economy, 102(6), pp.1248~1280 (1994)
- Sutton, C. J., "Management Behavier and a Theory of Diversification", Scottish Journal of Political Economy, 20(1), pp.27~41 (1973)
- Rumelt, R. P., "Diversification Strategy and Profitability", Strategic Management Journal, 3(4), pp.359~369 (1982)
- Chan-Olmsted, S. M., "Diversification Strategy of Global Media Conglomerates : Examining Its Patterns and Determinants", Journal of Media Economics, 16(4), pp.213~233 (2003)
- Pitts, R. A., "Firm diversity : Conceptualization and Measurement", Academy of Management Review, 7(4), pp.620~629 (1982)
- Jung, J., "Impacts of Media Conglomerates’ Dual Diversification on Financial Performance", Journal of Media Economics, 18(3), pp.183~202 (2005)
- Salter, M. S., "Diversification via Accquisition; Creating Values", Harverd Business Review, 56(4), pp.166~176 (1978)
- Villalonga, B., "Diversification Discount or Premium? New Evidence from the Business Information Tracking Series", Journal of Finance, 59(2), pp.479~506 (2004)
- Wan, W. P., "Resource-based theory and corporate diversification : Accomplishments and opportunities", Journal of Management, 37(5), pp.1335~1368 (2010)