Financial Profile on Corporate Profitability of KOSDAQ Listed SMEs in the Post Global Financial Turmoil Period
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The study addresses one of the conventional issues in modern finance, but more attention needs to be drawn to the subject of corporate profitability for the small and medium enterprises (SMEs) in the domestic capital market. Regarding the empirical research settings of the study, three primary hypotheses are postulated and tested by utilizing the sample dataset of KOSDAQ listed SMEs during the post period of the global financial turmoil begun in 2008. Based on the empirical results obtained from each test, firm size, and the market-value based leverage and cash holdings were found to have pronounced effects to determine both the book- and the market-valued profitability indices among the total proposed variables. Moreover, firm size, corporate leverage and research & development expenditures were detected as significant factors to discriminate between the SMEs in the high-tech and the low-tech sectors. Lastly, financial profiles between the year 2015 and 2018 seem to be constant or statistically unchanged for the subsets of the SMEs and the large enterprises (LEs) over the entire sample period. Results of the study may suggest a financial vision for KOSDAQ listed SMEs to recover their previous levels of corporate profitability before the post global financial turmoil perio
Abstract
The study addresses one of the conventional issues in modern finance, but more attention needs to be drawn to the subject of corporate profitability for the small and medium enterprises (SMEs) in the domestic capital market. Regarding the empirical research settings of the study, three primary hypotheses are postulated and tested by utilizing the sample dataset of KOSDAQ listed SMEs during the post period of the global financial turmoil begun in 2008. Based on the empirical results obtained from each test, firm size, and the market-value based leverage and cash holdings were found to have pronounced effects to determine both the book- and the market-valued profitability indices among the total proposed variables. Moreover, firm size, corporate leverage and research & development expenditures were detected as significant factors to discriminate between the SMEs in the high-tech and the low-tech sectors. Lastly, financial profiles between the year 2015 and 2018 seem to be constant or statistically unchanged for the subsets of the SMEs and the large enterprises (LEs) over the entire sample period. Results of the study may suggest a financial vision for KOSDAQ listed SMEs to recover their previous levels of corporate profitability before the post global financial turmoil perio
참고문헌 (24)
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