기업수명주기와 자본집약도가 과잉생산과 미래 수익성과의 관련성에 미치는 영향

• 영문명: The Effects of Firm Life Cycle and Capital Intensity on the Relation between over Production and Future Profitability
• 발행기관: 한국무역연구원
• 저자명: 이화득(Hwa-deuk Yi) 최만식(Man-seek Choi)
• 간행물 정보: 『무역연구』제16권 제5호, 695~715쪽, 전체 21쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2020.10.30

영문 초록

Purpose - This study examines the effects of firm life cycle stage on the relationship between over-production and future profitability. This study also examines the effects of capital intensity on the relationship among over-production, future profitability and firm life cycle stages. Design/Methodology/Approach - A sample of 7,596 firms listed on the Korea Stock Exchange (KSE) for the period from 2000 to 2018 was used. All dependent and independent variables were winsorized at the top and bottom one percent. Multiple regression analysis was performed to test the hypotheses. Findings - Results show that the future profitability relative to the over-production in mature firms or firms at the decline phase is lower than the future profitability in the case of over-production in growth firms, indicating that the firm life cycle stages are important in analyzing the effects of over-production on future profitability. We find different relationship between over-production and future profitability by firm life cycle stages for only firms with high capital intensity. Research Implications - The main results indicate that cost structure is an important factor to consider in the analysis of overproduction and future profitability. Such results have pertinent implications in firm life cycle research in that the firm life cycle plays an important role in understanding financial statements when projecting future financial performance.

목차

Ⅰ. 서론

Ⅱ. 선행연구의 검토

Ⅲ. 연구설계

Ⅳ. 실증분석 결과

Ⅴ. 추가분석

Ⅵ. 결론

References

키워드

Firm Life Cycle Future Profitability Overproduction Real Earnings Management