기업평판과 재무성과의 관계 = Corporate Reputation and Financial Performance

국문 초록 (Abstract)

본 연구는 기업평판과 재무성과의 관계에 대하여 첫째 과연 좋은 평판을 가진 기업들이 그렇지 못한 기업보다 차기의 재무성과가 더 좋은지, 둘째 평판은 수익성의 지속성을 통제하고 나서도 차기의 재무성과에 영향을 미치는지에 대한 실증분석 결과를 제시한다. 또한 평판에 대한 전기의 재무성과의 효과를 제거한 후 기업의 재무적인 성과에 의해 설명되지 않는 평판(비재무적 평판)이 차기의 재무성과에 영향을 미치는지를 추가적으로 분석한다. 기업평판에 관한 한국능률협회컨설팅의 조사 자료를 이용하고 기업의 재무성과를 총영업이익수익률(ROA)와 토빈의Q를 이용하여 분석한 결과, 첫째, 상대적 평판이 좋은 기업들이 재무성과가 더 좋은 것으로 나타났다. 둘째, 수익의 지속성을 통제하고 나서도 여전히 평판은 재무성과에 긍정적인 영향을 미치는 것으로 나타났다. 그리고 비재무적인 평판 역시 차기의 재무성과에 정(+)의 영향을 미치는 것으로 나타났다. 이러한 연구결과들은 무형자산인 기업평판이 재무성과에 영향을 미친다는 기존연구들의 주장을 뒷받침하는 것이다.

다국어 초록 (Multilingual Abstract)

This paper investigates a relation between corporate reputation and financial performance. First, we examine whether firms with good reputation outperform firms with poor reputation. Second, we examine the effect of reputation on the performance after controlling for the persistency of firms' profitability. Using the corporate reputation data from Korea Management Association Consulting, we find that the effect of corporate reputation on financial performance is positive and statistically significant. Further, we find that the effect of corporate reputation on financial performance is significant even after controlling for the persistency of corporate financial performance. Finally, decomposing the reputation into two components: one that is explainable by the firms' previous financial or operational performances, financial reputation, and the other residual reputation following Roberts and Dowling(2002), Brown and Perry(1994)'s method, we find that residual reputation have a statistically significant effects on the future performance. These findings, first, clarify the causal relationship between firms' reputation and their performance and, second, suggest that good corporate reputation could be intangible assets of a firm.

목차 (Table of Contents)

• 초 록
• Ⅰ. 서 론
• Ⅱ. 이론적 배경
• Ⅲ. 연구방법
• Ⅳ. 분석 결과
• Ⅴ. 토의 및 결론
• 참고문헌
• ABSTRACT

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