기업 규모와 거래은행의 규모 관계

이상욱 한국경영교육학회 2014 경영교육연구 Vol.29 No.6

This paper analyzed the relationship between firm size and main bank size by using Korean listed firms. We analyzed the differences of main bank size by the firm size. We showed the possibility of making relationship between bigger banks and smaller firms. According to the results of this paper, the smaller size firms has the larger size of main bank. In Korean listed firms, it seems not to be difficult for smaller firms to make a main relationship with larger banks. The result of empirical analysis showed that the bank loan demand in korea was dominated by the smaller firms rather than by the larger firms. These results implies that the larger banks in korea are likely to focus on the smaller firms rather than the larger firms. We can conclude that bank loan to the smaller firms would not decrease as the bank size becomes larger in Korea. This paper give an additional contribution to show the new evidence on the relationship between firm size and bank size. Also, This paper will give meaningful policy insights on the bank industry. 본 연구는 한국을 대상으로 기업의 규모와 주거래 관계에 있는 은행의 규모 관계를 분석하였다. 기업의 규모에 따라 주된 대출관계에 있는 은행의 규모에 차별성이 있는 지 살펴보았다. 한국에서는 규모가 작은 기업들이 규모가 큰 은행들과 주된 대출관계를 형성하는 데 큰 어려움이 없는 지를 보여주고자 하였다. 본 연구에 따르면 기업 규모가 작을수록 주거래 은행의 규모는 큰 것으로 나타났다. 한국의 경우에는 규모가 작은 기업들이 규모가 큰 은행들과 주된 대출 거래관계를 형성하는 데 큰 어려움은 없는 것으로 보인다. 이는 한국에서는 대기업 보다는 중소기업의 은행 대출수요가 많은 데다, 은행의 경우에도 규모 증가에 따른 대출자산 운용 대상 기업으로 대기업보다는 건전 우량 중소기업을 선호하는 데 기인한 것으로 해석된다. 한국에서는 글로벌 대형은행에서 나타날 수 있는 대형은행들의 중소기업으로의 대출기피 현상이 존재하지 않은 것으로 보인다. 따라서 한국에서는 은행 규모가 증가하더라도 은행 규모 증가에 따른 중소기업들의 대출 기회 감소 가능성은 크지 않을 것으로 해석된다. 본 연구는 기업의 규모와 거래은행의 규모 관계에 대한 기존 연구에 대해 새로운 논거를 제시하였다. 또한 한국에서 은행들의 규모 대형화 또는 적정화, 중소기업의 은행대출 등에 대한 의미 있는 시사점을 제공할 것으로 기대한다.

Big4 감사품질의 우수성은 모든 규모의 기업에 적용되는가?

황인태(In Tae Hwang),강선민(Sun Min Kang),정도진(Do Jin Jung) 한국경영학회 2009 經營學硏究 Vol.38 No.1

In general, audit firm size has widely been used as a substitute measure for audit quality. A number of studies have been conducted to evaluate if such measure were appropriately reflected upon the true face of audit quality. According to precedent studies on audit quality of other countries, those scholars assert that highly reputable and large scale audit corporations like Big 4 provide their clients with a higher-quality audit than other smaller audit firms. Unlike those foreign countries, outstanding audit quality of Big 4 in Korea has not consistently been exhibited according to prior studies on the differences in audit quality with respect to the size of audit corporations. The aim of this study is to display that Big 4 audit firms do not provide corporations at all sizes with higher audit quality than other auditors. Instead, we will positively analyze how audit firm size with high audit quality changes directly proportional to the size of audited corporations. There have been many direct or indirect studies on the relationship between an auditor's reputation or size and the audit quality, but they have not yielded any satisfactory results. That is, most studies from other countries including the US have exhibited that audit quality of Big 4 was significantly higher than the others. Such differences in audit quality, however, have been not only inconsistent, but also negligible sometimes according to the domestic research. In most precedent studies on audit quality, researchers dichotomized audit corporations as Big 4 in cooperation with internationally reputable audit firms and non-Big 4, and conducted their analysis to prove their hypothesis that audit quality of large audit firms was consistently better than that of non-Big 4 regardless of the size of audited corporations. However, the above research method took the prior studies of other countries for granted without considering the reality of audit market in Korea. For this constraint in the research method, differences in audit quality among audit firms were not fairly determined. In Korea, the government has given various benefits to large audit firms by enacting laws and regulations to cultivate them. On the other hand, other audit firms without receiving such benefits have provided with their unique service, that’s not possessed by the large corporations, in specialized audit service market and satisfied the market demand for their pursuit of survival and development. In Korea, the size of audited corporations has been constrained by an auditor's size and structure. Various sizes of companies exist even among the listed corporations, the users of audit service. For instance, 46.78% of those companies have the total asset of less than 50 billion won. Thus, various audit organizations have provided their clients with their specialized service. Moreover, it is thought to be an extremely strong assumption to classify the audit corporations into Big 4 and non-Big 4 and assert that audit quality of the former was proven to be higher than that of the latter for corporations at all levels without considering such aforementioned heterogeneous audit service market. Therefore, this research is to find reasons why the audit quality of large audit firms in cooperation with internationally reputable audit corporations is not proven to be consistent. Moreover, we will attempt to figure out if audit quality is affected by the correlation between an audit firm as the auditor in the audit service market and an audited corporation as a user. Upon specifically categorizing the audit corporations into Big 4, Local Big, Local Small and audit team and dividing corporations into five categories based on their total asset, we examined if selective audit quality according to audit firm size changed depending on the size of an audited corporation. In other words, the aim of this paper is to positively analyze that audit firm size should change directly proportional to the size of an audi

유효세율과 기업규모 : 정치적 비용이론과 정치력이론의 검정

노현섭 ( Roh Hyun-sub ),김정찬 ( Kim Jung-chan ) 한국세무회계학회 2020 세무회계연구 Vol.0 No.65

[연구목적] 이 연구는 유효세율과 기업 규모 간의 관계에 대해 분석하였다. 회계연구는 두 가지 경쟁적인 이론을 제안하였다. 정치적 비용이론은 기업규모와 유효세율 간에 양의 관계를 가지며, 정치력이론은 기업규모와 유효세율간에 음의 관계를 갖는다. 최근 연구는 다국적 기업과 내국기업의 유효세율이 지속적으로 감소하며, 다국적기업은 내국기업과 비교하여 조세에 기초하여 원가 유리하지 않다는 분석결과를 제시하였다. [연구방법] 이 연구는 기업규모와 유효세율 간의 관계를 분석하였으며, 1991년부터 2017년 까지 3,307 기업-연도 표본을 분석한다. 이 연구는 내국기업과 비교하여 다국적기업의 기업 규모와 유효세율 간의 관계를 분석한다. [연구결과] 분석결과는 기업규모와 유효세율 간에 유의적인 양의 관계를 제시하고 있다. 이러한 분석결과는 대기업에 대한 더 많은 규제행위뿐만 아니라 대중적 압력과 간섭에 기인 하여 기업규모와 유효세율 간에 유의적인 양의 관계를 예상하는 정치적 비용이론과 일치한 다. 유의적인 양의 기업규모와 유효세율 간의 관계는 다국적기업에서만 나타나지 않았으며, 다국적기업과 내국기업 모두 유사한 분석결과를 보여주고 있다. 추가분석의 결과는 기업특성 변수를 고려한 후에도 기업규모와 유효세율 간에 유의적인 양의 관계를 갖는다. [연구의 시사점] 이 연구는 내국기업과 다국적기업의 기업규모와 유효세율 간의 관계를 분석함으로써 관련 연구에 공헌할 것이다. 내국기업과 다국적기업의 기업규모와 유효세율 간 의 관계를 분석하면 내국기업과 다국적기업에 발생하는 조세효익 차이에 대한 이해를 증진 하는 데 도움이 된다. 또한, 이 연구는 유효세율의 측정과 결정요인 연구에 공헌한다. [Purpose] This paper investigates the relation between effective tax rate(ETR) and firm size. Accounting literature offers two competing theories:The political cost theory, suggesting a positive size-ETR relation, and the political power theory, suggesting a negative size-ETR relation. Recent research finds that the ETR for both multinational and domestic firms have been steadily decreasing over recent decades and that multinational firms do not have a taxbased cost advantage relative to their domestic counterparts. [Methodology] This paper examines the relation between firm size and ETR over the past 27 years. In this research, we examine a sample of 3,307 firm-year from 1991 to 2017. Also, we examine the size-ETR relation and ETR for multinational firms relative to domestic firms. [Findings] The results show that we identifying a positive estimates for the size-ETR relation. This finding supports an overall predominance of factors associated with the political cost theory, which predicts a positive size-ETR relation due to greater regulatory actions as well as public pressure and scrutiny on large firms. The significant positive size-ETR relation is not concentrated in multinational firms, a positive size-ETR relation has revealed at approximately the similar way for both multinational and domestic firms. And, we continue to see a significant positive size-ETR relation after controlling for firm characteristics. [Implications] This paper contributes to the accounting research by estimating and comparing a size-ETR relation for domestic and multinational firms. Examining a size- ETR relation help us to better understand possible differences in tax benefits accruing to multinational and domestic firms. And, this paper is important for academic researchers interested in investigating the estimates and he determinants of effective tax rates.

정보비대칭과 합병기업의 규모효과

나영(Young Na),노희성(Hee Seong Roh) 한국경영학회 2019 經營學硏究 Vol.48 No.3

Until now, the size effect of merger firms has been analyzed as the anomaly of the stock market through many studies. However, there is no study on the effect of information asymmetry on the size effect of merger firms. In this study, we examine whether there is the size effect of merger firms. Furthermore, we find that the main cause of merger firms’ size effect is information asymmetry, and the difference of information asymmetry by company size and stock market is one of various different causes. In this study, among the listed companies in Korea Stock Exchange (KSE) from 2003 to 2017, 385 samples are selected for closing date of the fiscal year-December firms. The dependent variable is the cumulative average excess return for five days before and after the merger disclose date for examine whether there is a difference in the results of the hypothesis testing according to the accumulation period. In addition, independent variables are firm size and stock market dummy variable. Also, information asymmetry variables are stock volatility and stock trading volume turnover rate, and we analyze whether the difference in information asymmetry by firm size and stock market size variable can further explain the size effect of merger firms. The results of the study are summarized as follows: When the size effect of the merged firm is set as the market capitalization of the previous year, it can be find that the size effect of the merged firm is existence. However, dividing them into stock markets did not find a size effect. In addition, it can be find that the difference in information asymmetry between firms and their stock market is one of the various reasons for explaining the size effect of merged firms. The results of this study, for which we analyze whether information asymmetry by firm size is the cause of the merger firm size effect, suggesting the followings. First, from 2003 to 2017, the size effect of merger firms exist to domestic listed firms. Second, the size effect of merger firms, which is an anomaly of the stock market, can be explained by the differences of information asymmetry due to firm size and stock market. This suggests that the difference in information asymmetry between firm size and stock market is the main cause of the size effect of merger firms. The results of this study are expected to be useful information for subsequent researchers to study the size effect of merger firms.

The Impact of R&D Investment on a Firm’s Value in Accordance with Firm Size, Market Competition, and Market Entry Barrier in Listed Companies on the Korean Stock Markets

권기정 한국경영교육학회 2013 경영교육연구 Vol.28 No.4

This paper examines how R&D investment which proxies for technology innovation influences a firm’s value in accordance with a firm’s size and market structure on the basis of Schumpeterian hypothesis in listed companies on the Korean stock markets over the period from 2001 to 2011. For more precise investigations, this paper divides total samples into several subgroups according to a firm’s size and market structure. Empirical results reveal that R&D investment has nonlinear relationship with a firm’s value in accordance with a firm’s size, and market structure. The result reveals R&D investment is nonlinearly related to market value of equity with the S and U-shape in accordance with the size of assets which proxies for a firm’s size. The results also offers that inverted U-shape relationship exist between R&D and a firm’s value with according to the size of sales. Moreover the empirical results also presents that R&D has inverted U-shape nonlinear relationship with market value of equity in according to the size of R&D intensity which substitute for market entry barrier. These results are partially not the same with Schumpeter(1942) and follow up researches which show inverted U-shape between R&D investment and a firm’s size and market structure. From these empirical results, this paper concludes that R&D plays an important role in valuing a firm’s value; however the value relevance function is not linear but nonlinear shape in the Korean stock markets. The result of this paper indicates that new valuation model is necessary for reflecting nonlinear relationship between technology innovation and a firm’s value. This paper examines how R&D investment which proxies for technology innovation influences a firm’s value in accordance with a firm’s size and market structure on the basis of Schumpeterian hypothesis in listed companies on the Korean stock markets over the period from 2001 to 2011. For more precise investigations, this paper divides total samples into several subgroups according to a firm’s size and market structure. Empirical results reveal that R&D investment has nonlinear relationship with a firm’s value in accordance with a firm’s size, and market structure. The result reveals R&D investment is nonlinearly related to market value of equity with the S and U-shape in accordance with the size of assets which proxies for a firm’s size. The results also offers that inverted U-shape relationship exist between R&D and a firm’s value with according to the size of sales. Moreover the empirical results also presents that R&D has inverted U-shape nonlinear relationship with market value of equity in according to the size of R&D intensity which substitute for market entry barrier. These results are partially not the same with Schumpeter(1942) and follow up researches which show inverted U-shape between R&D investment and a firm’s size and market structure. From these empirical results, this paper concludes that R&D plays an important role in valuing a firm’s value; however the value relevance function is not linear but nonlinear shape in the Korean stock markets. The result of this paper indicates that new valuation model is necessary for reflecting nonlinear relationship between technology innovation and a firm’s value.

Gibrat’s Law and Firm Growth Determinants

류성희 대한경영학회 2016 大韓經營學會誌 Vol.29 No.11

Since the argument of Gibrat (1931) that firm growth (increasing total employment) is independently decided upon the previous size of firm (the number of employees), much subsequent research tried to reconfirm his argument. A large body of research supports his argument and most of other research disagrees with him. Furthermore, papers which have been recently published use alternative size measures, such as sale, net asset, or productivity and often deny Gibrat’s law; and they also often segregate data with some classification criteria, such as industry, country or firm size. In this paper, we try to find important firm growth determinants and test whether Gibrat’s law is still held or not. We use three different size measures, total asset, the amount of sale, and net income to test a firm’s growth. We, especially, include net income as a new firm’s size measure, as increasing net income is one of the most important matters for firms to achieve. We believe that net income can be a good firm size measure. We also classify our sample based on industries, manufacturing and service firms, and age, young and old firms; and try to investigate whether different industries or age affect firm growth or not. In this paper, we find that there are different important determinants for firm growth in line with different measurements for a firm’s size. For example, in terms of the magnitude of coefficients, R&D expenses and ROA are important determinants for total asset growth; R&D expenses and Investment are important for sale growth; and finally, debt level is important for the growth of earnings. Namely, R&D expenditures increase total assets and the amount of sales for firms. It also shows the importance of capital structure for net income growth. Above all, we cannot forget to emphasise the roles of industry and the age of firms. Arguably, the industry in which a firm operates and its age are important firm growth determinants. For instance, industry dummy variables and a firm’s age in our results show a consistently significant association with a firm’s growth across our three different firm size measures. In addition, using a simple comparison of a firm’s growth after segregating data into quartile in accordance with prior firm size, we also find that small sized firms in the previous year have a fast growth in the next year across all three size measures as seen with regression estimators. In other words, the firms with a small total asset, a small amount of sale, or a small net income in previous years would grow faster in the coming year; and this effect lasts such a long period of time. In other words, firms in the first quartile of total assets or the amount of sales, or the second quartile of net income in the previous years show the fastest growth. The overall conclusion in this paper is that Gibrat’s law does not hold with our data; and therefore, each firm has important firm growth determinants in line with its characteristics.

Gibrat’s Law and Firm Growth Determinants

Sung Hee Lew(류성희) 대한경영학회 2016 大韓經營學會誌 Vol.29 No.11

논문 : 합병기업 규모효과의 산술적 요인에 대한 연구

오승현 ( Seung Hyun Oh ),송치승 ( Chi Seung Song ) 명지대학교 금융지식연구소 2010 금융지식연구 Vol.8 No.1

합병공시에 따른 합병기업의 주가수익률 행태에서 합병기업 규모효과라는 현상이 존재하고 있음이 지속적으로 보고되고 있다. 본 연구는 합병기업의 규모효과를 `절대수익형 규모효과`와 `상대수익형 규모효과`로 구분한다. 절대수익형 규모효과는 합병공시로 인하여 소규모기업은 양(+)의 비정상수익률을 보이지만 대규모 합병기업은 음(-)의 비정상수익률을 보이는 경향이 있다는 것이고, 상대수익형 규모효과는 합병공시로 인하여 소규모 합병기업과 대규모 합병기업은 모두 양(+)의 비정상수익률을 보이지만 소규모기업이 대규모기업보다 상대적으로 높은 비정상수익률을 보이는 것을 의미한다. 본 연구는 상대수익형 규모효과의 대부분이 경제적 요인이 아닌산술적 요인에 의해서 유도될 수 있음을 논리적으로 밝히고, 이를 실증적으로 검증한 후, 산술적 요인이 제거된 합병성과에 영향을 주는 요인을 분석하였다. 본 연구의 기여도로서는 합병성과를 CAR로 측정할 경우 비경제적인 산술적 규모효과가 개입되기 때문에 이러한 효과를 제거할 필요성을 제기하였고, 산술적 규모효과를 제거하는 절차를 제안하였다는 점을 들 수 있다. It has been reported that abnormal stock price return of an acquiring firm shows `the size effect` around the M&A announcement date. The effect says that the abnormal return is negatively related with size of the acquiring firm. This study classifies the size effect into two categories such as `the size effect in absolute form` and `size effect in relative form`. The size effect in absolute form denotes the case where the average abnormal return of a group of small sized acquiring firms is positive while that of a group of large sized acquiring firms is negative. The size effect is categorized as `relative form` when the average abnormal returns of both groups are positive. This study shows that the size effect in relative form might be distorted by arithmetic factors involved in measuring the performance of the acquiring firm, which has no economic meaning. Empirical evidence supporting that the arithmetic factors are the major driver of the size effect in relative form is also presented. As a result, it is claimed that the arithmetic factors have to be removed to obtain real economic meaning of the size effect. The study suggests a procedure to remove the arithmetic factors from the size effect and applies the procedure to measure `true` size effect which has economic meaning. After the arithmetic effect is factored out by the procedure, it is found that the performance of the acquiring firm around the M&A announcement date is positively related with the size of the firm. This finding is contrary to the existing literature reporting size effect in relative form.

기업규모별 직업훈련 격차 연구

오호영 한국직업능력연구원 2021 직업능력개발연구 Vol.24 No.3

The provision of vocational training to their employees of small & medium enterprizes is below the level of training provided by the large firms. Certain characteristics by firm size are considered to be the main source of training provision gap to their employees by firm size. This study aims to estimating the training provision gap by firm size and figure out the main cause of the gap based on Oaxaca decomposition method using the Balanced Panel Data of Human Capital Corporate Panel(HCCP) from 3rd wave(2009) to 7th wave(2017). Based on the panel logit, panel Tobit estimation method and Oaxaca decomposition method, I have found several important results. Firstly, there exists significant training expenses gap per employee by firm size but no significant training opportunity gap by firm size measured by wether firms are giving training opportunity to their employees or not. Secondly, various firm characteristics have different effects on firms training expenses per employee by firm size. Labor union has significant positive effect on SME’s training expenses per employees but no significant effect for large firms. Lastly, the difference in training expenses per employee between SMEs and large fims are decomposed to find out the cause of training expenses gap. Difference in training expenses per employee due to the level difference in firm characteristics by firm size does not have significant effects but difference in estimated coefficients for firm characteristics by firm size has an important effects. 본 연구의 목적은 인적자본기업패널조사(Human Capital Corporate Panel, 이하 HCCP)의 기업조사 균형패널 데이터(Balanced Panel Data)를 사용하여 중소기업과 대기업간 훈련격차의 원인을 실증분석하는 것이다. 패널로짓모형(Panel Logit Model), 패널토빗모형(Panel Tobit Model)을 적용하고 기업규모별 훈련격차 요인분해를 시도한 결과, 근로자 1인당 훈련비용은 중소기업이 대기업에 비해 유의하게 낮았다. 중소기업과 대기업 간 근로자 1인당 훈련비용 격차 요인분해 결과, 훈련제공에 영향을 미칠 수 있는 부존자원에서는 기업규모별로 유의한 차이가 없으나 중소기업에 비해 대기업의 훈련투자 성향이 유의하게 높은 특징을 보였다. 기업규모별 훈련격차 극복을 위해서는 중소기업의 인적자본투자에 대한 수익성 확보가 중요하며, 노사간의 신뢰회복, 대기업과 중소기업 간의 공정하고 수평적인 거래관계, 산업별 인적자원개발 거버넌스의 확립 등이 추진될 필요가 있다.

기업 규모와 청년 고용 : 종사자 연령별 일자리 창출구조에 대한 분석

신동한,전현배 한국경제의 분석패널 2022 韓國經濟의 分析 Vol.28 No.2

In the paper, we examine which size of firms creates more jobs for young workers. More specifically, we study whether the conventional wisdom about the important role of small firms in net job creation holds true for youth job creation. To examine employment dynamics by workers’ age at the firm level, we combine the Statistical Business Register and matched employer-employee database from Statistics Korea. We find that larger firms exhibit a higher share of young workers (under 30) than smaller firms. As in previous studies net job creation is largest in small firms with 1-9 workers. In the sample period of 2015-2019, negative net job creation was observed for all firm size groups (10-49, 50-299, and 300 or more workers) except for small firms, which is mainly attributable to the negative net job creation of workers aged 30 and over. However, net job creation of young workers is positive for all size groups, but relatively higher for small firms (1-9) and large firms (300 or more) than the other two groups. Youth jobs in small firms are mainly created through new entrants while those in large firms are primarily created through new hires by incumbent firms. Our findings suggest that even if job losses in small firms are offset by job creation in large firms, there may be a job shortage for a certain age group. 본 연구는 기업 규모에 따른 종사자 연령별 고용 동학 분석을 통해 청년 일자리가 어디에서 창출되는지를 분석한다. 종사자의 연령 분포가 기업의 규모별로 상이하다는 점에 착안하여, 기존 연구에서 강조한 고용 창출에 대한 소기업의 중요성이 청년 고용 창출에도 성립하는지를 살펴본다. 이를 위해 본 연구에서는 통계청에서 제공하는 기업통계등록부 및 종사자-기업체연계DB를 활용하여 2015-2019년 기간의 국내 전수 임금 근로자 및 자영업주에 대한 종사자 연령별 고용 동학을 분석한다. 분석 결과는 기업 규모가 클수록 30세 미만 청년 고용 비중도 증가함을 보여준다. 기존의 연구와 같이 순고용창출은 1-9인 기업에서 가장 크게 나타난다. 특히 2015-2019년 기간에는 1-9인 기업을 제외하고는 10-49, 50-299, 300인 이상 기업 모두에서 음(-)의 순고용창출률이 관측된다. 이들 기업의 고용 감소는 30세 이상 중장년층 종사자의 고용 감소에 의해 주도되었다. 청년 순고용창출은 모든 규모의 기업에서 양(+)으로 나타났으나 특히 10인 미만 및 300인 이상 규모의 기업에서 상대적으로 크게 나타났다. 10인 미만 기업의 청년 고용창출은 신규 진입을 통해 주로 이루어졌으며, 300인 이상의 경우 기존 기업으로의 입직(hiring)을 통해 주로 발생한다. 연령별 고용 동학이 기업 규모에 따라 이질적이라는 본 연구의 실증 분석 결과는 10인 이상 기업의 일자리 감소가 10인 미만의 기업의 일자리 증가로 상쇄될지라도 연령별 일자리 불균형은 여전히 남아있을 수 있음을 시사한다.