In this study, the factors affecting the profitability of domestic food manufacturers from the perspective of Market-based View (MBV) and Resource-based View (RBV) are identified. From two perspectives, related explanatory variables are established, hypotheses are established, hypotheses are verifie...
In this study, the factors affecting the profitability of domestic food manufacturers from the perspective of Market-based View (MBV) and Resource-based View (RBV) are identified. From two perspectives, related explanatory variables are established, hypotheses are established, hypotheses are verified through analysis, and the effect of variables on the profitability of food manufacturing companies is measured. Industrial concentration index and industry growth were set as variables from the perspective of industrial organization theory, and corporate size and training, liquidity, financial leverage ratio, activity, differentiation, market development, and growth were set as variables from the perspective of resource-based view. For the analysis, the 2010-2018 financial statement panel data of food manufacturers registered with KIS-VALUE was used, and the data type was divided from the upper group into small unit groups, so it was analyzed using the Nested Error Component Model.
As a result of the analysis of the variables from the perspective of industrial organization theory, it was measured that the industrial concentration index had a positive(+) effect, the industrial asset growth had a positive(+) effect, and the sales growth had a negative(-) effect. As a result of the analysis of the resource-based point of view variables, it was found that in the size and training of a company, the asset log value and the company training variable had a negative(-) effect, the number of employees had a positive(+), and all liquidity-related variables had a positive(+) effect. As for the variables of the financial leverage ratio, the debt ratio and the fixed debt ratio had a negative(-) effect, the equity capital ratio had a positive(+) effect, and all variables related to activity had a positive(+) effect. In differentiation and market development, advertising expenditure per capita was found to have a negative(-) effect, both positive(+) and negative(-) effects of reciting overseas harvests, and all variables related to growth were found to have a positive(+) effect.
The study discover that companies in the food manufacturing industry show low asset returns, and it is necessary to efficiently use resources at the corporate level to achieve high returns. In addition, in this study, the analysis was conducted using only the financial statements of food manufacturing companies, but more meaningful results would be derived if additional data are suggested to represent the financial performance of the company in the future.
In this study, the factors affecting the profitability of domestic food manufacturers from the perspective of Market-based View (MBV) and Resource-based View (RBV) are identified. From two perspectives, related explanatory variables are established, hypotheses are established, hypotheses are verified through analysis, and the effect of variables on the profitability of food manufacturing companies is measured. Industrial concentration index and industry growth were set as variables from the perspective of industrial organization theory, and corporate size and training, liquidity, financial leverage ratio, activity, differentiation, market development, and growth were set as variables from the perspective of resource-based view. For the analysis, the 2010-2018 financial statement panel data of food manufacturers registered with KIS-VALUE was used, and the data type was divided from the upper group into small unit groups, so it was analyzed using the Nested Error Component Model.
As a result of the analysis of the variables from the perspective of industrial organization theory, it was measured that the industrial concentration index had a positive(+) effect, the industrial asset growth had a positive(+) effect, and the sales growth had a negative(-) effect. As a result of the analysis of the resource-based point of view variables, it was found that in the size and training of a company, the asset log value and the company training variable had a negative(-) effect, the number of employees had a positive(+), and all liquidity-related variables had a positive(+) effect. As for the variables of the financial leverage ratio, the debt ratio and the fixed debt ratio had a negative(-) effect, the equity capital ratio had a positive(+) effect, and all variables related to activity had a positive(+) effect. In differentiation and market development, advertising expenditure per capita was found to have a negative(-) effect, both positive(+) and negative(-) effects of reciting overseas harvests, and all variables related to growth were found to have a positive(+) effect.
The study discover that companies in the food manufacturing industry show low asset returns, and it is necessary to efficiently use resources at the corporate level to achieve high returns. In addition, in this study, the analysis was conducted using only the financial statements of food manufacturing companies, but more meaningful results would be derived if additional data are suggested to represent the financial performance of the company in the future.
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#식품제조업 재무제표 시장기반이론 자원거점론 내포오차성분
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