소유주지배 및 계열광고회사 보유가 광고비지출의 수익성에 미치는 영향

김효진 ( Kim Hyo-jin ) 한국세무회계학회 2021 세무회계연구 Vol.- No.70

[연구목적] 광고비 회계처리는 계열광고회사를 통한 비정상적 활용 등 상대적으로 경영자의 재량적 의지에 의해 의사결정이 가능한 항목이므로, 과연 광고비지출의 동기를 설명할 수 있는 소유지배구조가 기업의 수익성에 기여하는지에 대한 검증이 필요하다. 본 연구는 소유주지배와 계열광고회사 보유가 광고비지출의 수익성에 유의미한 영향을 미치는지 살펴보고자 한다. [연구방법] 광고비지출 및 수익성에 영향을 미치는 중요한 요인들을 탐색하기 위하여 유가증권 상장기업을 대상으로 하고, 외환위기 이후인 2000년부터 2019년까지를 분석기간으로 한다. [연구결과] 실증분석결과에 의하면 첫째, 소유주지배는 경영자지배에 비해 광고비지출을 줄이는 것으로 나타났다. 또한 계열광고회사를 보유한 그룹의 소속기업에서 그렇지 않은 기업에 비해 광고비지출은 오히려 감소하는 것으로 나타났다. 이를 통해 계열광고회사에 대한 지배주주의 지분율은 광고비지출에 영향을 미치지만(김효진과 이기훈, 2015) 계열광고회사 보유 자체가 광고비지출을 늘리게 하는 요소는 아니라는 것을 알 수 있다. 둘째, 우선 광고비지출이 수익성에 미치는 영향을 분석한 결과 광고비지출이 증가할수록 기업의 수익성은 높아지는 것으로 나타났다. 이는 수익성이 높은 기업에서 재량적 지출을 높이는 현상에 의한 착시효과일 수도 있다. 따라서 기업소유구조가 광고비지출의 수익성에 미치는 추가적인 영향을 알아보기 위하여 소유주지배 변수와 광고비지출의 상호변수를 활용한 분석결과, 소유주지배 기업의 경우 광고비지출과 수익성간의 양(+)의 관련성이 약화되는 것으로 나타났다. 이를 통해 소유주지배 기업의 경우 광고비지출을 활용한 이익극대화보다는 상대적 특권적소비 동기를 엿볼 수 있다. 셋째, 계열광고회사 보유를 나타내는 더미변수와 광고비지출간 상호변수를 활용하여 분석한 결과, 계열광고회사를 보유한 대규모기업집단 소속기업의 경우 그렇지 않은 기업에 비해 광고비지출과 수익성간 양(+)의 관련성을 약화시키는 것으로 나타났다. 이는 계열광고회사를 통해 광고비지출 회계선택에 영향을 미친다는 김효진과 이기훈(2015)의 주장을 지지하는 결과이다. [연구의 시사점] 본 연구를 통해 기업소유구조 및 계열광고회사가 광고비지출의 수익성에 미치는 구조적 역학관계를 도출한다면, 소유지배구조가 광고비지출의 동기에 영향을 미치는 실질적 요소임을 제시할 수 있다. 이와 같은 결과는 모바일을 이용한 광고의 형태 다양화와 함께 광고비지출의 수익성 형태가 변화하는 가운데 계열광고회사를 활용한 회계처리가 이슈가 되고 있는 시기에 그 영향을 검증하는 과정에서 기업지배구조 관련 정책결정자와 잠재적 투자자에게 유의미한 시사점을 제공할 것이라 기대한다. [Purpose] This study examines whether the owner-Controlled and inhouse agency affects the associations between advertisement expenditures and profitability (ROA). The majority of prior advertisement expenditure related research have investigated the impacts of the characteristics of firms on the amount of advertisement expenses. There were not sufficient study about the impacts of corporate ownership/governance structure on the associations between advertisement expenditures and profitability. Therefore, this study empirically investigats whether firms with an owner-controlled system and/or a manager - controlled system and firms with an inhouse agency spend more money to advertisement expenditures and firms with an owner-controlled system exert the influence on the return of entertainment expenses. [Methodology] The final samples for the empirical analysis consist of 8,436 firm-year data, selected from the KRX listed firms of the fiscal year during 2000-2019. In this study, Advertisement expenditure is measured as the sum of advertisement expenses and employee benefits. OverAdvertisement expenditure is measured as the exceed amount against the industry average of an advertisement expense across industries. [Findings] The empirical results from this study are as follows. First, the companies with an owner-controlled system have spent more amount of money to advertisement expenditure than the companies with a manager - controlled system. By the way, the firms with the inhouse agency have spent less amount of money to advertisement expenses than the firms without an inhouse agency. Second, the relationships between advertisement expenditures and ROA are significantly positive. However, the positive relationships between advertisement expenses and ROA would be relieved with an owner - controlled system compare to a manager-controlled system. These results indicate that the profitability of advertisement expenditures would be significantly affected by corporate ownership/governance structure. Third, the positive relationships between advertisement expenditures and ROA would be weakened with an inhouse agency compare to without an inhouse agency. This result indicates that the profitability of advertisement expenses is relatively lower in the firms with an inhouse agency and support the arguement that an existence of inhouse agency and the controlling shareholders’ ownership structure affect advertising expenses as a tool of accounting choice with related party transactions. These results show that advertisement expenses could be utilized as the means of the controlling shareholders’ opportunistic action in the perspective of related party internal transactions (Kim and Lee, 2015). [Implications] I can argue that controlling shareholders’ (or managers’) perquisites consumptions using advertisement expenses could be strengthened by the owner-controlled system and an existence of related advertising company (inhouse agency) in Korea.

키틴분해효소를 분비하는 형질전환 Bacillus subtilis의 사료내 첨가가 비육돈의 성장, 영양소 소화율, 혈액성상 및 육질특성에 미치는 영향

김효진,조진호,진영걸,유종상,왕원,황염,김인호,Kim, Hyo-Jin,Cho, Jin-Ho,Chen, Ying-Jie,Yoo, Jong-Sang,Wang, Yuan,Huang, Yan,Kim, In-Ho 한국축산식품학회 2008 한국축산식품학회지 Vol.28 No.2

This study was conducted to investigate the effects of supplementation with transgenic Bacillus subtilis secreting chitinase on the growth performance, nutrient digestibility, blood characteristics and carcass traits in finishing pigs. A total of sixty-four pigs ($50.82{\pm}0.82kg$, average initial body weight) were assessed over a period of 84 days. Dietary treatments included: 1) CON (basal diet without antibiotics), 2) AD (basal diet + 0.1% Virginiamycin), 3) CD0.5 (basal diet + 0.5% transgenic B. subtilis), 4) CD1.0 (basal diet + 1.0% transgenic B. subtilis). Each dietary treatment had 4 replicates of 4 pigs per pen in a randomized complete block design. In terms of growth performance, the ADG (average daily gain) and gain/feed ratio were significantly increased with the CD1.0 diet compared to the AD diet during weeks 0-4 (p<0.05). During weeks 4-8, the ADG was significantly increased with the AD diet compared to the CON and CD0.5 diets (p<0.05). The ADFI was also significantly increased with the AD diet compared to the other diets (p<0.05). During weeks $8{\sim}12$, the ADFI was significantly increased with the CON diet compared to the other diets (p<0.05), and the gain/feed ratio was significantly increased with the CD0.5 and CD1.0 diets compared to the AD diet (p<0.05). Over the entire 84 day test period, the ADFI was significantly increased with the AD diet compared to the CD0.5 and CD1.0 diets (p<0.05). The gain/feed ratio was significantly increased with the CD0.5 and CD1.0 diets compared to the CON diet (p<0.05). In terms of meat color, the L value was significantly increased with the CD0.5 diet compared to the CON and AD diets (p<0.05), and the a value was significantly increased with the CON diet compared to the other diets (p<0.05). In terms of sensory evaluation, meat color was significantly improved with the CON, CD0.5 and CD1.0 diets compared to the AD diet (p<0.05). Marbling was significantly increased with the CON diet compared to the other diets (p<0.05). Firmness was significantly increased with the CD0.5 diet compared to the AD diet (p<0.05). In conclusion, supplementation with transformed B. subtilis secreting chitinase improved gain/feed ratios and influenced meat color. Thus, we suggest that transformed B. subtilis secreting chitinase can partially substitute for antibiotics.

신체 추형 장애

김효진,성양숙,이정태,박원명,유태열 한국의학사 1997 診斷과治療 Vol.17 No.8

계획경제의 분수령 : 경제계획 신화의 종착지, 3차 7개년 계획

김효진 명지대학교 북한연구소 2007 북한연구 Vol.10 No.-

여성의 시각에서 본 311 동일본대지진: -‘레이디스코믹(Lady's Comics)’의 사례를 중심으로-

김효진 한국일본학회 2013 한국일본학회 학술대회 Vol.2013 No.08

이슈 포커스 ISSUE FOCUS : 14년 상반기 글로벌 국가신용등급 동향 및 전망(7.3)

김효진 국제금융센터 2014 국제금융 Vol.2014 No.8

두피에 발생한 뇌회상 피부 모양의 고립성 아교종 1예

김효진,강정난,박인호,정소영,설정은,성호석 대한피부과학회 2014 大韓皮膚科學會誌 Vol.52 No.5

인진청간탕(茵蔯淸肝湯)이 DMN에 의한 간손상 proteome에 미치는 영향

김효진,김영철,이장훈,우홍정,Kim, Hyo-Jin,Kim, Young-Chul,Lee, Jang-Hoon,Woo, Hong-Jung 대한한방내과학회 2007 大韓韓方內科學會誌 Vol.28 No.1

Objectives : The purpose of our study was to investigate the effects of Injinchunggan-tang (Yinchenchinggan-tang) on DMN liver damage caused by applying proteomics. Materials and Methods: Sprague-Dawley rats were used in this experiment; the rats were divided into the normal group (normal saline), the control group (DMN) and the samplegroup (DMN+IJCGT). The DMN was induced 3 days a week for 3 weeks in the control group. The normal saline without DMN was induced by the same method in the normal group. Injinchunggan-tang extract was orally administered twice a day for 3 weeks after DMN was induced in the sample group. The livers of each group were processed and we investigated histology, OxyBlot, 2-dimensional electrophoresis, and western blot of liver of each group. Results : In the histological findings of the liver, the control group showed portal fibrosis with a few septa or without septa. The sample group showed no fibrosis or portal fibrosis without septa. In the OxyBlot finding, Injinchunggan-tang prevented liver damage by oxidation. In the 2-dimensional electrophoresis finding, formiminotransferase cyclodeaminase (FTCD), FYVE-finger containing protein, aldehyde dehydrogenase (ALDH), and ratio of predicted : hypothetical protein LOC68668 isoform 1 were changed. Conclusions : Injinchunggan-tang exerts an inhibitory effect against the fibrosis and oxidation induced by the DMN in the rat liver cell, and some proteins induced by the DMN were changed by Injinchunggan-tang.

Estimation of Pervaporation Parameters by Inverse Gas Chromatography

김효진,조원호 한국고분자학회 1993 한국고분자학회 학술대회 연구논문 초록집 Vol.1993 No.4

세계무형문화재 초청시리즈 4 : 모쓰지(毛越寺) 엔넨(延年)의 춤

김효진 세계민족무용연구소 2002 민족무용 Vol.- No.2

세계무형문화재초정시리즈는 세계 각지에 숨어있는 귀중한 무형문화재를 초청하여, 우리나라와는 또 다른 역사와 사회적 토양이 밎어낸 각지의 문화를 국민들에게 소개함으로써 국민들의 문화적 식견을 넓히는데 기여해 왔다. 2002년 모쓰지 엔넨의 춤은 세계무형문화재초청시리즈의 네 번째 기획이다.