장기지향성에 대한 시장반응

김경태,노희천 대한경영학회 2019 大韓經營學會誌 Vol.32 No.3

This study demonstrates how long-term orientation of firm is valued in the capital market. The long-term orientation is a tendency to focus on the effectiveness of strategies in terms of sustainability, and long-term-oriented firms are either interested in establishing relationships among their partner companies or have a lot of R&D investment. Although long-term orientation is related to the stable and sustained growth pursued by the entity, it can be said to be subject to empirical analysis of how long-term orientation will be assessed in the market in that it shows short-term basis orientation due to a given management environment. This study introduces four long-term orientation variables. First, this paper introduces capital expenditures(LTO_A) as the long-term orientation. The increase in tangible assets and intangible assets is divided by total assets. Second, this study introduces R&D intensity(LTO_R) as the long-term orientation. R&D expense is divided by total assets. Third, this study introduces the increase of employee(LTO_R) as the long-term orientation. This study subtracts the last year’s number of employees(employees numbert-1) from the current year’s number of employees(employees numbert) and scales by the last year’s number of employees(employees numbert-1). fourth, this study introduces the owner-managed firm(LTO_O) as the long-term orientation. If the firms is restricted on mutual investment, dummy variable set to 1, and 0 otherwise. In this study, market response is measured as Tobin’s Q. The results of this study are as follows. First, the long-term orientation measured in four ways positively correlated with firm value. It also showed that the relationship between the long-term orientation of the current term and the next firm value is positive. Thus, it can be interpreted that long-term orientation is assessed on average positively in the capital market. Second, the market assessment of long-term orientation has been structurally modified because of the effect of introducing K-IFRS. As K-IFRS increase the reliability of accounting information, the long-term orientation of the measured facility investment and research and development views were assessed more positively in the capital market, particularly after the introduction of K-IFRS. This study contributes to the direct empirical analysis of long-term orientation in conjunction with the firm value that it is assessed in the capital market. It is also differentiated from previous research in that it shows that time differences may exist when assessing long-term orientation in the capital market. It is believed that long-term orientation is an attribute pursued by the firm, but because there exists a risk of information asymmetry, it reacts immediately to long-term orientation in the market and reflects additional time lag in the firm value. In addition, this study suggested that the pattern evaluated in the capital market may change structurally depending on how long-term orientation is measured. There is a contribution to demonstrate indirectly the positive effects of introducing K-IFRS by analyzing that the measurement of accounting long-term orientation is more important in the equity market. 본 연구는 기업의 장기지향성(long-term orientation)이 자본시장에서 어떻게 평가되는지를 실증분석 한다. 기업의 장기지향성은 지속가능성 측면에서 전략의 효과성에 초점을 두는 성향으로, 장기지향적인 기업은 협력기업 간의 관계 구축에 관심이 많거나 연구개발 투자를 많이 한다. 장기지향성은 기업이 추구하는 안정적이고지속적인 성장과 연관성이 있지만, 실제 의사결정 시에는 많은 경우에 주어진 경영환경으로 인하여 단기지향성을 보이기도 한다. 이러한 면에서 장기지향성이 시장에서 어떻게 평가될지는 실증분석의 대상이라고 할 수있다. 본 연구의 결과를 다음과 같다. 첫째 4가지 방식으로 측정한 장기지향성은 기업가치와 양(+)의 상관성을나타냈다. 또한 당기 장기지향성과 차기 기업가치 간에도 양(+)의 관계를 보여주었다. 따라서 장기지향성은자본시장에서 평균적으로는 긍정적으로 평가된다고 해석할 수 있다. 둘째 장기지향성의 시장평가는 구조적으로 변화된 양상을 보이는데 그 이유는 한국채택국제회계기준 도입의 효과로 판단된다. 한국채택국제회계기준은 회계정보의 신뢰성을 증대시키므로 특히 회계적으로 측정한 설비투자관점과 연구개발관점의 장기지향성이한국채택국제회계기준 도입 후에 자본시장에서 더 긍정적으로 평가되는 결과를 보여주었다. 본 연구는 장기지향성이 자본시장에서 평가됨을 기업가치와 연계하여 직접적으로 실증분석하고, 장기지향성의 자본시장 평가에 있어서 시차가 존재할 수 있음을 보여준다는 점에서 선행연구와 차별성을 가진다. 장기지향성은 기업이 추구하는 속성이지만 정보비대칭의 위험성이 존재하기 때문에 시장에서 장기지향성에 대하여즉각적으로 반응함과 동시에 시차를 두고 추가적으로 기업가치에 반영한다고 판단된다. 또한 본 연구는 장기지향성을 측정하는 방식에 따라 자본시장에서 평가되는 양상이 구조적으로 변할 수 있음을 제시하였다. 한국채택국제회계기준 도입으로 인하여 회계적으로 측정한 장기지향성 정보가 자본시장에서 더 중요하게 반영된다는점을 실증 분석하여 한국채택국제회계기준 도입의 긍정적인 효과를 간접적으로 입증한다는 면에서 공헌점이있다.

중국진출 한국 제조업체의 중국시장 인식에 관한 연구 - 산둥성 진출기업을 중심으로 -

서운석 ( Woon Seok Suh ) 한중사회과학학회 2007 한중사회과학연구 Vol.5 No.1

The advance into chinese market by the korean manufacture firms has accelerated over the past 15 years. But many barriers make it difficult for the korean manufacture firms to enter into the chinese market. Carrying out their successful penetration into the chinese market, the korean manufacture firms should have market orientation which reflect appropriately the ever changing the chinese market environments and are compatible for their resource pool. This paper make an empirical research on the korean manufacture firms` orientation to the chinese market depending on the korean manufacture firms` types of industry, annual sales, period of advance time and employee scale. The samples of research are used based on Shandong province in China and used nonparametric statistic by Friedman test. Major findings are as follows: First, this study classify advance motivations of the korean manufacture firms into chinese market, which is the growth possibility, the future prospect, the competition of market and the government regulation policy. Among them motivations for growth possibility is the most significant market orientation with the korean manufacture firms in chinese market. Study also finds that there are little distinct differences in market orientation among the korean manufacture firms` types of industry, annual sales, period of advance time and employee scale. Finally, the study suggest that the chinese market is asking the korean manufacture firms for considering the dynamism of the chinese market. The korean manufacture firms with investment tied only to cost efficiency cannot be assured of better performance than those with aggressive strategies for penetrating the chinese market.

EFFECTIVE FORMS OF MARKET ORIENTATION ACROSS THE CHANGING ECONOMIC CYCLE: A LONGITUDINAL ANALYSIS

Matti Jaakkola,Iya Churakova,Henrikki Tikkanen,Johanna Fr?s?n 글로벌지식마케팅경영학회 2014 Global Marketing Conference Vol.2014 No.7

Economic fluctuation has a remarkable influence on firms and their performance (e.g., Deleersnyder, Dekimpe, Sarvavy, & Parker, 2004; Srinivasan, Rangaswamy, & Lilien, 2005). Given the extreme conditions and frequency of recessions (since World War II, recessions have occurred every six years; Srinivasan et al., 2005), understanding what kind of marketing is effective across the different phases of the economic cycle is a crucial question for marketers (e.g., Steenkamp & Fang, 2011; Srinivasan, Lilien, & Sridhar, 2011). In business-to-business markets, characterized by a strong emphasis on long-term customer relationships (e.g., Gr?nroos, 1997), the ability to gain a deep understanding of customers and their changing needs is a central determinant of firm performance. Therefore, in such markets, market orientation (MO) provides a particularly important source of competitive advantage. During an economic crisis, MO may also serve as an effective shelter against declining firm performance, particularly in industrial markets (Alajoutsij?rvi, Klint, & Tikkanen, 2001). The key rationale is that highly market-oriented firms are able to rapidly and accurately identify changes in the marketplace and respond to shifting customer needs and competitors’ actions (Narver & Slater, 1990). While a vast body of literature evidences MO in general to yield performance gains for firms (Kirca, Jayachandran, & Bearden, 2005), some recent studies (e.g., Kumar, Jones, Venkatesan, & Leone, 2011) have questioned this relationship. Recent empirical studies (e.g., De Luca, Verona, & Vicari, 2010; Noble, Sinha, & Kumar, 2002) also propose that the different components of MO (i.e., customer orientation, competitor orientation and interfunctional coordination) may result in different performance outcomes. Furthermore, recent studies have shown the economic environment to play an important role in determining the performance outcomes and, thus, effective forms of MO (cf. Smirnova, Naud?, Henneberg, Mouzas, & Kouchtch, 2011). In this study, using panel data of 140 firms from before and after the great financial crisis, we examine the performance implications of distinct forms of MO 1) over the changing economic cycle 2) among different types of business-to-business focused firms. Employing ordinary least squares regression analysis, our findings suggest that MO and its distinct components yield varying performance impacts from economic upturn to downturn. Specifically, the impact of MO increases during downturn, with interfunctional coordination boosting performance and competitor orientation becoming detrimental. Subsequently, employing configurational analysis (fuzzy set qualitative comparative analysis), our findings further indicate that the role and the most effective forms of MO vary across industry sectors, with MO having a particularly strong impact among firms operating in business-to-business services. We also conclude that, in a growing economy the role of MO has become more of a cost of competing (Kumar et al., 2011), whereas in an economic downturn MO still provides a valuable shelter against performance declines. Finally, our empirical findings are in line with contingency arguments, and suggest that the successful ways for a firm to relate with its markets depend on the dynamic firm- and industry-specific settings.

EFFECTIVE FORMS OF MARKET ORIENTATION ACROSS THE CHANGING ECONOMIC CYCLE : A LONGITUDINAL ANALYSIS

Matti Jaakkola,Iya Churakova,Henrikki Tikkanen,Johanna Frösén 글로벌지식마케팅경영학회 2014 Global Marketing Conference Vol.2014 No.3

Economic fluctuation has a remarkable influence on firms and their performance (e.g., Deleersnyder, Dekimpe, Sarvavy, & Parker, 2004; Srinivasan, Rangaswamy, & Lilien, 2005). Given the extreme conditions and frequency of recessions (since World War II, recessions have occurred every six years; Srinivasan et al., 2005), understanding what kind of marketing is effective across the different phases of the economic cycle is a crucial question for marketers (e.g., Steenkamp & Fang, 2011; Srinivasan, Lilien, & Sridhar, 2011). In business-to-business markets, characterized by a strong emphasis on long-term customer relationships (e.g., Grönroos, 1997), the ability to gain a deep understanding of customers and their changing needs is a central determinant of firm performance. Therefore, in such markets, market orientation (MO) provides a particularly important source of competitive advantage. During an economic crisis, MO may also serve as an effective shelter against declining firm performance, particularly in industrial markets (Alajoutsijärvi, Klint, & Tikkanen, 2001). The key rationale is that highly market-oriented firms are able to rapidly and accurately identify changes in the marketplace and respond to shifting customer needs and competitors’ actions (Narver & Slater, 1990). While a vast body of literature evidences MO in general to yield performance gains for firms (Kirca, Jayachandran, & Bearden, 2005), some recent studies (e.g., Kumar, Jones, Venkatesan, & Leone, 2011) have questioned this relationship. Recent empirical studies (e.g., De Luca, Verona, & Vicari, 2010; Noble, Sinha, & Kumar, 2002) also propose that the different components of MO (i.e., customer orientation, competitor orientation and interfunctional coordination) may result in different performance outcomes. Furthermore, recent studies have shown the economic environment to play an important role in determining the performance outcomes and, thus, effective forms of MO (cf. Smirnova, Naudé, Henneberg, Mouzas, & Kouchtch, 2011). In this study, using panel data of 140 firms from before and after the great financial crisis, we examine the performance implications of distinct forms of MO 1) over the changing economic cycle 2) among different types of business-to-business focused firms. Employing ordinary least squares regression analysis, our findings suggest that MO and its distinct components yield varying performance impacts from economic upturn to downturn. Specifically, the impact of MO increases during downturn, with interfunctional coordination boosting performance and competitor orientation becoming detrimental. Subsequently, employing configurational analysis (fuzzy set qualitative comparative analysis), our findings further indicate that the role and the most effective forms of MO vary across industry sectors, with MO having a particularly strong impact among firms operating in business-to-business services. We also conclude that, in a growing economy the role of MO has become more of a cost of competing (Kumar et al., 2011), whereas in an economic downturn MO still provides a valuable shelter against performance declines. Finally, our empirical findings are in line with contingency arguments, and suggest that the successful ways for a firm to relate with its markets depend on the dynamic firm- and industry-specific settings.

수출지향기업의 마케팅전략과 실적

김진한 한국전략마케팅학회 2005 마케팅논집 Vol.13 No.2

Despite the fact that marketing information is core to a firm's success in both domestic and international settings, there have been surprisingly little empirical studies that specifically investigate the relationship between marketing research and company performance in the international field. (Hart and Tzokas, 1999). Moreover, little study on the relationship between marketing strategies and performance of export-oriented firms has conducted. This paper investigates the relationship.The results indicate the following :1. High export-oriented firms may not differently pursue marketing expenditure intensity, R&D intensity, and inventory turnover from those of low export-oriented firms.2. Marketing expenditure intensity and R&D intensity of both high and low export-oriented firms are not significantly related to profitability.The results provide valuable insight to marketing managers of export-oriented firms. 마케팅정보가 국내 및 국제시장을 막론하고 기업의 성공에 핵심적인 사업임에도 불구하고 국제시장에 대한 마케팅연구와 기업실적간의 관계를 실증적으로 연구한 것은 드물다. 더욱이, 마케팅전략과 수출지향기업의 실적과의 관계를 고려한 논문은 전무한 실정이다. 본 연구는 이들 관계를 연구하고자 한다. 연구 결과는 다음 몇 가지를 암시하고 있다. 첫째, 수출지향성이 높은 기업은 수출지향성이 낮은 기업과 비교해 마케팅지출강도, 연구개발강도, 및 재고회전율이 다르지 않았다. 둘째, 마케팅지출강도와 연구개발강도가 기업의 순익에 기여하는 측면 역시 수출지향성이 낮 이상의 연구결과는 수출지향기업의 마케팅관리자에게 상당한 퉁찰력을 제공해 준다고 할 수 있다.

시장지향성이 기업성과를 창출하는 과정에서시장정보품질과 종업원 업무성과의 역할: 중소기업을 중심으로

홍성준 한국벤처창업학회 2018 벤처창업연구 Vol.13 No.3

Although market orientation as the implementation of the marketing concept has long been a major subject in marketing, firms with market orientation do not necessarily come with high performance, showing mixed results in literature. There have been attempts to link market orientation-firm performance until recently with different mediators, but the appreciation on market orientation has been faded in practice. This study focuses on two possibilities for the causes of these problems. 1) Previous studies have overlooked the qualitative aspects of market orientation, 2) have focused on the performance at corporate level. To provide a generalized performance-generation framework, this study demonstrates the market information quality as a moderating variable and introduces the task performance of employees as a universal mediator between market orientation and the firm performance. As the result of this study, we confirmed the positive role of the market information quality and employees' task performance in market orientation-Firm Performance. The relationship between market orientation and employee’s task performance becomes stronger when market information quality is high in value. We highlighted the performance generating mechanism of market orientation, regardless of context. This research provides new insights for marketing scholars and managers with regard to both activities and quality of market information and how market orientation affects individual and firm level performance. 많은 연구들이 시장지향성의 기업성과에 대한 긍정적인 영향력을 밝혀주고 있지만 최근까지도 시장지향성이 어떻게 기업성과를 창출할 것인지에 대한 논란은 지속되고 있다. 본 연구는 기존 연구들이 시장 지향적 행위의 질적 측면을 간과하고 있고, 시장지향성의 성과를 주로 기업수준의 성과에 초점을 맞추고 있을 뿐 아니라 산업이나 경영환경에 따라 지나치게 다양한 매개변수를 사용하고 있다는 한계점을 극복하고, 일반화된 성과 창출과정을 설명하고자 하였다. 시장지향성이 기업성과를 창출하기 위해서는 시장정보의 행위적 측면뿐만 아니라 시장정보의 품질이 전제되어야 하며, 개인수준에서 성과 창출이 매개되어야 조직 전체의 성과로 확산될 수 있다고 판단하였다. 따라서 본 연구에서는 시장지향성과 기업성과 사이에서 시장정보품질을 조절변수로, 종업원의 업무성과를 매개변수로 제시하였다. 이들 변수는 산업 차이나 대상에 관계없이 적용할 수 있다는 측면에서 시장지향성 연구의 보편성과 실무적 적용가능성을 확대했다는 의의가 있다고 할 것이다. 연구결과 시장지향성-기업성과 간의 관계에서 2가지 변수의 역할을 실증적으로 확인하였다. 본 연구의 시도는 학문적으로는 시장지향성을 양과 질이 균형 잡힌 개념으로 완성도를 높였을 뿐만 아니라, 중소기업 입장에서 성과창출에 대한 새로운 설명을 제시하였다는 의미가 있다. 실무적으로는 시장지향성을 적용하는 동기를 부여하고, 성과 창출과정을 쉽게 이해해 활용도를 개선해 줄 것으로 기대한다.

기업가지향성과 시장지향성이 벤처기업의 국제화와 성과에 미치는 영향

문창호(Moon, Chang-Ho) 대한경영학회 2013 大韓經營學會誌 Vol.26 No.5

중소기업의 시장 지향 전략을 통한 혁신성 구현과 경영 성과

최진경,서주환 대한경영학회 2022 大韓經營學會誌 Vol.35 No.9

In a market where technology is becoming increasingly more equalized, achieving a competitive advantage through technology is growing more challenging. Accordingly, the most important step for compa- nies to take to continuously maintain a competitive advantage is to gain insights into the needs and wants of their target customers. Although most studies on market orientation have been focused on large enterprises, this study intends to discuss market orientation targeting small- and medium-sized enterprises (SMEs) that play an important role in the domestic economy. This study was conducted to determine whether the market orientation of SMEs affects firm performance through product and service innovation. A total of 300 phone interviews were conducted with CEOs and executives of SMEs at well-known research institutes in Korea. As a result, market orientation was analyzed as a complete mediator that does not directly affect business performance but significantly affects firm performance through innovation. In addition, the differ- ence according to the degree of corporate social responsibility (CSR) was also found to have a significant effect on innovation. Therefore, the market orientation of SMEs can achieve excellent firm performance by continuously providing innovative products and services desired by customers, and CSR can further strengthen the competitiveness of SMEs. 기업 간의 기술력이 점점 평준화되고 있는 상황에서 기술력을 통한 경쟁우위의 획득은 점점 어려워지고 있다. 이에 따라, 기업들이 지속적으로 경쟁우위를 달성하기 위해 가장 필요한 것은 타깃 소비자의 Needs와 Wants를 파악할 수 있는 통찰력이다. 이러한 시장 지향성(Market Orientation)에 관한 연구는 대부분 대기업을 중심으로 이루어져 왔지만 본 연구에서는 국내 경제에서 중요한 역할을 하는 중소기업을 대상으로 시장 지향성에 대해 논의하고자 한다. 시장 지향성을 고객 지향성, 경쟁사 지향성, 상호 기능 간 조정으로 분류한 선행연구를 바탕으로 중소기업의 시장 지향성이 기업의 경영 성과와 제품 및 서비스 혁신에 어떠한 영향을 미치는지 연구하였다. 표본은 국내 유명 시장조사 기관에서 중소기업 CEO 및 임원과의 전화 인터뷰를 통해 제조업과 서비스업을 각각 150부씩 총 300부를 수집하였다. 그 결과, 시장 지향성은 경영 성과에 직접적으로 영향을 미치지 않고, 혁신성을 통해서 경영 성과에 유의미한 영향을 미치는 완전 매개로 분석되었다. 더불어 기업의 사회적 책임(CSR) 정도에 따라 혁신성에 미치는 영향도 상이한 것으로 나타났다. 따라서, 중소기업은 고객이 원하는 혁신적인 제품과 서비스를 지속해서 제공하는 시장 지향적인 관점을 통해 우수한 경영 성과를 달성할 수 있고, CSR을 통해 경쟁력을 더욱더 강화할 수 있다.

시장․기술지향성이 동남권 제조기업의 성과에 미치는 영향 : 전략적 공급사슬관리를 위한 동적역량의 매개효과를 중심으로

권회순,황상돈,이운식 한국자료분석학회 2018 Journal of the Korean Data Analysis Society Vol.20 No.6

The objective of this study is to find out the direction and strategies of dynamic capacity utilization for the strategic supply chain management (SCM), which is an innovative means for enhancing the efficiency of the firm, and to create an optimal management environment for the competitiveness of firms. The market and technology will be able to generate higher business performance when adapting the strategic direction and culture to the formal dynamic capacities possessed by the firm and reflecting the technology related to the dynamic capacities for the strategic SCM in the process. In this study, we empirically analyze the effect of market and technology orientations on the firm performance and how dynamic capacities affects firm performance. The results of this study show that market and technology orientations have positive effects on dynamic capacities and dynamic capacities have positive effect on firm performance. In addition, it is proved that dynamic capacities mediated the relationship between market orientation, technology orientation, and firm performance. 본 연구에서는 기업 경쟁력의 제고를 통하여 최적화된 경영환경을 조성하고, 기업의 효율성을 높이는데 필요한 혁신 수단인 공급사슬관리를 위한 동적역량의 활용 방향성과 전략을 찾을 수 있는 방안들에 대해 알아보고자 한다. 시장과 기술은 전략적 방향과 문화로 기업이 보유한 정형화된 동적역량에 맞추고, 프로세스에는 공급사슬관리를 위한 동적역량과 관련된 기술을 반영하여 활용할 때에 보다 높은 기업성과를 창출할 수 있을 것이다. 본 연구에서는 시장지향성과 기술지향성이 기업성과에 미치는 영향과 동적역량이 기업성과에 어떠한 영향을 미치는지를 실증적으로 분석하는데 그 목적이 있다. 연구 결과는 시장지향성과 기술지향성은 동적역량에 긍정적 영향을 미치고, 동적역량은 기업성과에 긍정적 영향을 미치는 것으로 나타났다. 즉 동적역량은 시장지향성, 기술지향성과 기업성과 간의 관계를 매개하는 것으로 검증되었으며, 동적역량의 매개효과로 기업의 시장지향성과 기술지향성이 기업성과에 중요한 영향을 미치는 것으로 실증 분석되었다.

Marketing Strategies and Performance of Export-oriented Firms

Jin Han, Kim 한국전략마케팅학회 2005 마케팅논집 Vol.13 No.2

마케팅정보가 국내 및 국제시장을 막론하고 기업의 성공에 핵심적인 사업임에도 불구하고 국제시장에 대한 마케팅연구와 기업실적간의 관계를 실증적으로 연구한 것은 드물다. 더욱이, 마케팅전략과 수출지향기업의 실적과의 관계를 고려한 논문은 전무한 실정이다. 본 연구는 이들 관계를 연구하고자 한다. 연구 결과는 다음 몇 가지를 암시하고 있다. 첫째, 수출지향성이 높은 기업은 수출지향성이 낮은 기업과 비교해 마케팅지출강도, 연구개발강도, 및 재고회전율이 다르지 않았다. 둘째, 마케팅지출강도와 연구개발강도가 기업의 순익에 기여하는 측면 역시 수출지향성이 낮 이상의 연구결과는 수출지향기업의 마케팅관리자에게 상당한 퉁찰력을 제공해 준다고 할 수 있다. Despite the fact that marketing information is core to a firm's success in both domestic and international settings, there have been surprisingly little empirical studies that specifically investigate the relationship between marketing research and company performance in the international field. (Hart and Tzokas, 1999). Moreover, little study on the relationship between marketing strategies and performance of export-oriented firms has conducted. This paper investigates the relationship.The results indicate the following :1. High export-oriented firms may not differently pursue marketing expenditure intensity, R&D intensity, and inventory turnover from those of low export-oriented firms.2. Marketing expenditure intensity and R&D intensity of both high and low export-oriented firms are not significantly related to profitability.The results provide valuable insight to marketing managers of export-oriented firms.