감사시간당 감사보수의 결정요인에 관한 연구

이영한,김태동 한국경영교육학회 2015 경영교육연구 Vol.30 No.5

This study analyzes the influence of initial audit contract, audit tenure and auditor’s characteristics on audit profitability. The audit profitability is measured by the audit fee per audit time. It reflects the profitability of the audit contract from accounting firm’s point of view. Also the audit profitability is performance evaluation metric for engaged partner and the related accountant. The first objective of this paper is observing how auditors manage their audit profitability immediately after they were assigned as engaging auditor, and after that time. It is possible that the auditor discounts the audit fee in the initial audit contract for securing his or her clients. we investigate whether the auditor reduce audit time for maintain the audit contract profitability regardless of audit fee discount. If the auditor intends to recover the audit contract profitability in long term perspectives against initial audit fee discount, we anticipate that the audit profitability increases in accordance with audit tenure. So we test whether audit tenure relates to audit profitability positively. The second objective is analyzing how the engaged accounting firm’s characteristics affect the audit contracts’ profitability. Generally, Big4 accounting firms have reputation value and creditability of capital market participants so that they can require higher audit fee than Non Big4 firms and maintain audit contract profitability. But It is possible that they cant’ help putting more audit time for avoiding audit failure and protect their reputation value. therefore the possibility that Big4 accounting firm’s audit profitability is lower than Non Big4 firm. We compare Big 4 firm’s audit profitability with that of Non Big4. Our study’s empirical result shows that audit profitability in initial contract is lower than others and audit tenure relate to audit profitability positively. we also verify that Big 4 firm’s audit profitability is lower than that of Non Big4. 본 연구에서는 감사계약시 초도감사여부와 감사기간(audit tenure), 그리고 감사인 특성 및 국제회계기준 도입여부가 시간당 감사보수에 미치는 영향을 분석한다. 시간당 감사보수는 투입된 감사시간대비 감사보수로 정의되며, 이 변수는 회계법인 입장에서는 해당 감사계약의 수익성을 나타낸다, 또한, 시간당 감사보수는 회계법인 내에서 해당 감사계약을 담당하는 파트너와 감사참여 회계사들의 성과를 평가하기 위한 계량지표의 역할을 한다. 본 연구의 첫 번째 목적은 특정 회계법인이 감사인으로 선임된 직후와 그 이후의 감사계약기간동안 감사수익성을 어떻게 관리하는지를 살펴보는 것이다. 감사인은 초도감사시에는 고객을 유치하기 위해 감사보수를 일정부분 할인하여 감사계약을 체결할 가능성이 있다. 이때 감사수익성을 관리하기 위해 감사투입시간까지 줄이고 있는지, 아니면 감사수익성을 포기하고 감사투입시간을 유지하거나 늘리고 있는지를 살펴본다. 만일 감사인이 초도감사시 혹은 감사기간 초기에 감사보수를 할인하였더라도 장기적으로 감사수익성을 회복하나갈 것을 계획하였다면 감사기간이 길어질수록 시간당 감사보수는 증가하는 현상이 나타날 것이다. 따라서 감사기간과 시간당 감사보수가 양의 관련성을 가지는지를 검증한다. 그리고 감사계약기간이 증가함에 따라 시간당 감사보수로 대표되는 감사수익성이 어떻게 달라지는지 살펴본다. 본 연구의 두 번째 목적은 회계법인의 특성에 따라 감사수익성이 차별적으로 나타나는지를 분석한다. 일반적으로 Big4 회계법인의 경우 명성가치를 보유하고 있고, 자본시장의 신뢰를 받고 있기 때문에 감사보수를 높게 책정하는 경향이 있어 감사수익성도 높게 나타날 것이라고 생각할 수 있다. 그러나 이러한 명성을 유지하기 위해서 감사투입시간을 더 높일 것이므로 감사수익성이 낮을 가능성도 있다. 따라서 본 연구에서는 Big4 회계법인의 시간당 감사보수가 Non Big4 회계법인의 시간당 감사보수에 비해 더 높은지 혹은 더 낮은지를 추가적으로 분석한다. 본 연구에서는 국제회계기준 도입이전과 도입이후의 시간당 감사보수와 감사보수 총액의 차이를 분석함으로써 국제회계기준 도입이후 회계법인들이 감사계약을 체결함에 있어 감사수익성이 상승, 혹은 하락되고 있는지, 혹은 감사시간을 조정함으로써 감사수익성을 유지하고 있는지를 분석한다. 본 연구의 분석결과에서 초도감사시 시간당 감사보수는 낮아지고, 감사기간이 증가함에 따라 시간당 감사보수가 높아지는 현상을 확인하였다. 또한 Big4 회계법인의 시간당 감사보수가 Non Big4 회계법인의 시간당 감사보수에 비해 더 낮다는 것을 확인하였다.

임금의 개념과 경영성과급의 법적 성격

이수정,박지순 노동법이론실무학회 2022 노동법포럼 Vol.- No.37

Usually, the goods given to the employee by the employer is to uphold the obligation to pay, but it can also be granted to the employee for "special reasons" if the parties involved agree to do so rather than as remuneration for work. When judging the goods given to the employee as wage, rather than the formal aspect of payment of wage(continuity, regularity) the actual contents such as the payment conditions or reasons for giving the goods have to be examined to determine whether it is directly or closely related to the labor provided. The business performance-based incentive is paid either in conjunction with the business performance or when a certain threshold for business performance has been met. The issue is whether a business performancebased incentive is paid as a wage under the "main remuneration agreement in the form of performance distribution" or a special benefit to boost morale and motivation in addition to the main remuneration in the form of a basic or fixed payment. Business performance-based incentive corresponding to the latter is a special goods given as a broad reward to maintain employment, so it cannot be considered remuneration for work. Therefore, it is difficult to say business performance-based incentive is considered wage under the Labor Standards Act. The business performance- based incentive is decided by uncertain and external factors beyond individual employees' control, such as the trend in the same industry, overall market condition, company's business conditions, management decisions, and business performance. Considering the obligation to pay business performance-based incentives is not directly or closely related to the labor provision and just distribution of the business performance, it is correct to deny business performance-based incentives as wage. Many companies utilize either a business performance-based incentive distributed from a certain percentage of the operating profit or a business performance-based incentive distributed from the business performance when it reaches its intended value. Such business performance-based incentives are normally paid in addition to the ordinary wages under the labor contracts or annual salary contracts, which shows its wage supplementing nature. It is difficult to claim that these forms of business performance-based incentives are to be considered goods given as remuneration for work. Just because goods with special purposes are continuously given not as remuneration for work and the employer has an obligation to pay, business performance-based incentives cannot be considered as remuneration for work. 근로자가 지급받는 금품 중에는 사용자의 지급의무에 의하여 지급되기는 하지만 근로의 대가(근로제공과 직접 또는 밀접한 관련성)로지급하는 것이 아니라 ‘별도 사유’로 지급하기로 당사자가 정한 경우가 있다. 이와 같은 금품의 임금성을 판단할 경우 임금지급의 형식적측면(계속성, 정기성)만 살필 것이 아니라 그 금품의 지급조건이나 사유 등 실체적인 내용을 살펴 근로제공과 직접 또는 밀접하게 관련된것인지 규명하여 임금 해당 여부를 판단해야 한다. 기업의 영업실적에 연동하여 지급되거나 일정한 영업성과를 달성한 경우에 지급되는 경영성과급은 ‘성과배분 형태의 주된 보수약정’에따라 임금성을 가지는 성과배분에 해당하는지 또는 기본급 내지 고정급 형태의 주된 보수약정에 더하여 사기진작과 동기부여를 위한 특별급여로서의 성과배분에 해당하는지 판단되어야 한다. 이 때 전자에해당하는 성과급은 통상적인 고용계약 또는 근로계약에 도급계약적요소를 반영한 혼합형 임금제도(주로 임원이나 특정 기술을 소지한직원과의 연봉계약)의 실질을 가지는 것으로서 임금성이 인정될 수있겠으나, 후자에 해당하는 경영성과급은 근로관계의 유지에 대한 광의의 보상이라는 특별한 목적을 가진 금품으로서 근로 자체에 대한대가로 볼 수 없어 근로기준법상 임금성을 가진다고 보기 어렵다. 특히 후자와 같이 동종업계의 동향, 전체 시장상황, 회사의 영업상황과재무상태, 경영자의 경영판단, 영업실적 등 개별근로자가 통제할 수없는 불확정적, 외부적 요인에 의하여 사실상 결정되는 경영성과급은그 지급의무의 발생이 근로제공과 직접 관련되어 있거나 그것과 밀접하게 관련된 것으로 볼 수 없고, 경영성과의 일부를 분배한 것으로불과하므로 임금성을 부정하는 것이 타당하다. 오늘날 많은 기업들은 경영실적에 연동하여 예컨대 정 비율을 재원으로 하여 이를 배분하는 형태의 경영성과급이나, 경영성과가 목표치를 달성한 경우 이에 대한 성과를 배분하는 형태의경영성과급 제도를 도입하여 활용하고 있다. 이와 같은 형태의 경영성과급은 통상적으로 근로계약 또는 연봉계약 등에 따른 통상적인 급여에 더하여 임금보충적 성격으로 지급되는 경우가 많다. 이러한 형태의 경영성과급은 근로제공에 대한 쌍무적 견련관계(Synallagma) 하에 근로의 대가로 지급되는 금품으로 보기 어렵다. 근로의 대가로서가 아니라 특정 목적을 가진 금품이 계속적으로 지급되고 또한 사용자의 지급의무가 있다는 이유만으로 근로의 대가로 인정되어야 한다는 견해에 대해서도 찬성하기 어렵다.

지방의료원의 성과에 영향을 미치는 요인

이해종,이동원,정지윤 한국보건행정학회 2019 보건행정학회지 Vol.29 No.1

Background: This study is designed to estimate the factors that affect the level of three different performance (publicity, efficiency, profitability) among regional public hospitals. Methods: The units of analysis are the regional 30 hospitals, which have the operating data during 22 years (from 1933 to 2014). The research method is used by fixed panel analysis. The publicity is measured by medicaid outpatient proportion and medicaid inpatient proportion. The efficiency is measured by two types of efficient score by DEA (data envelopment analysis). The profitability is measured by medical income to medical revenue and ROA (return on total asset). Results: At first, the increase of bed gives negative affect to the publicity but give positive effect to the efficiency and profitability. Because it means the increase of the region population, it gives more profitability compare to hospital with small number of beds. The more the operating period is the higher effect to the publicity and efficiency because of it’s refutation. The debt ratio gives negative effect to publicity, but positive effect to profitability. It is the normal belief that there is inverse relationship between publicity and profitability. The turnover rate of bed gives the negative affect to the publicity, but positive affect to the efficiency and profitability. That give us the implication that type of the inpatient make different effect the hospital performance. The ratio of labor cost give negative effect to all kind of performance. That means that the higher labor cost don’t mean the higher publicity and labor cost control is very important factors to hospital performance. So the region hospital have to focus the labor factors more to make higher performance. Conclusion: As the conclusion, the independent variables give similar effect to the efficiency and the profitability, but give inverse effect to the publicity. That means that if an region hospital want to make the more publicity, it loss the higher efficiency and profitability. Specially publicity is higher negative relation with the profitability.

고객 자산과 기업 수익성 간의 관계

송태호(Tae Ho Song),이장혁(Jang Hyuk Lee),김상용(Sang Yong Kim) 한국마케팅학회 2009 마케팅연구 Vol.24 No.4

고객과의 관계가 점점 더 중요시되어 고객 지향 마케팅, 관계 마케팅의 패러다임이 부상하고 있는 현재의 시장상황에서 고객 생애 가치는 기업에게 중요한 의미를 지닌다. 특히 IT기술의 발달에 힘입어 지난 10여 년 간 고객 생애 가치와 관련된 많은 연구가 이루어져왔다. 그러나 대부분의 연구에서 고객 자산과 기업의 수익성 사이에는 긍정적 관계가 가정되었지만, 정작 이들 사이의 관계를 직접적으로 조사한 연구는 거의 없었다. 본 연구에서는 마케팅의 중요한 주제인 고객 자산과 기업 수익성과의 직접적인 관계를 Pareto/NBD 모형에 기반을 둔 BG/NBD 모형을 활용하여 고객 생애 가치 추정 모형을 구현하고, 실증적으로 기업의 수익성과 고객 자산과의 관계조사하여 고객 자산을 기업의 단기적 수익 성과 지표로 활용할 수 있는 가능성을 모색하고자 하였다. 본 연구는 시계열 고객 자산과 기업 수익 데이터에 대한 시계열 분석을 통해 일반적으로 가정되는 고객 자산과 기업 수익성이 유의한 양의 상관관계가 있고, 형성된 고객 자산이 기업 수익성에 미치는 영향 또한 상당 기간 지속되는 이월 효과가 있음을 실증적으로 보여 주었다. 또한, 신규 고객에 의해 형성된 고객 자산은 기업의 단기적 수익성과 유의한 관계가 있는 반면, 기존 고객에 의해 형성된 고객 자산은 상대적으로 기업의 장기적 수익성과 유의한 관계가 있는 것으로 나타났다. 본 연구 결과를 통해서 고객 자산이 기업 수익성에 직접적인 영향을 미치는 것을 실증적으로 확인할 수 있으며, 또한 고객 자산이 기업의 미래 수익 성과를 예측할 수 있는 성과 지표로써 활용될 잠재력을 지녔음을 확인할 수 있다. Customer acquisition and retention are crucial activities for marketers who aim to maximize their company`s financial performance both in the short and the long run. Thus researchers have studied this issue of acquisition and retention management through effective and efficient ways. Along with the studies of customer relationship management (CRM), customer lifetime value (CLV) or customer equity (CE) has been naturally considered as one of key performance indicators among practitioners and academics especially thanks to the development of information technology which empowered CLV or CE computing. Recently, studies for CLV as well as customer value and company value are getting more attention among the researchers and practitioners. The customer value as a result of marketing activities is becoming an answer to the increasing demand for measuring marketing performance and evaluating marketing with respect of accounting perspective. In other words, researchers began to look on the relationship between CLV and firm`s financial performance. However, for the last ten years, only a few research papers directly address the issue of relationship between customer equity and profitability of the firm even though the most of customer lifetime value or customer equity research had begun with the assumption of the positive relationship between them. Our study goes along with the research stream of customer value and we pay our attention to the following issues. First, we highlight the relationship between firm`s profit as a result of marketing activities and CLV that has not been thoroughly explored despite the role of CLV considered as a performance indicator of marketing activities from the financial accounting perspective. Second, we explain the high correlation between firm`s profit and CLV computed based on the BG/NBD model. Finally, we conjecture the strategic implications of CLV as an indicator of firm`s profit based on our findings proving their high correlation. Our study thus focuses directly on the empirical findings of the relationship between the changes in CLV and those in firm`s profits. We specifically estimate time-series customer transaction data of an Internet shopping mall and hope to suggest a model for firm`s future value or profitability based on the firm`s CLV. Based on the BG/NBD model we first estimate the individual CLV of each time period and then the customer equity of the company. Next we develop a model for examining the relationship between the estimated firm`s customer equity and firm`s profit of each time period. We analyze the changes or patterns of customer equity and the subsequent changes of firm`s profit based on the time-series data in contrast to the previous research with cross-sectional analysis. We also investigate the differential effects between newly acquired customer equity and incumbents` already existing customer equity on the firm`s short-term as well as long-term profits by adopting the classification of customer equity. Following Figure show our research framework. Our empirical findings show that 1) the customer equity has a significant positive effect on the firm`s profitability, and 2) this positive effect has been continued over time periods. Furthermore, we suggest the different effects of the customer equity between the newly acquired customer and the retained (already existing) customer. Specifically, the customer lifetime value of the newly acquired customers only affects the short-term profitability whereas that of the retained customers significantly affects the long-term profitability. Therefore, our findings provides customer equity as an appropriate indicator for firm`s performance or profitability.

Sustainability Practices as Determinants of Financial Performance : A Case of Malaysian Corporations

Amacha Bright,Omkar Dastane 한국유통과학회 2017 한국유통과학회 학술대회 논문집 Vol.2017 No.-

This research is carried out to investigate the relationship between sustainability practices and performance in a financial sense for Malaysian Oil and Gas sector. Objectives include to study the state of sustainability disclosure among Malaysian oil and gas companies, to understand if companies that practiced sustainability had better performances to their financial bottom-line and to conduct a data analysis to understand the relationship between Environmental, social and governance performance [represented by the acronym ACSI] and financial performance. Sustainability performance is measured using ACSI checklist, which is an adaptation of the GRI 3.0 by Global reporting initiative while financial performance was measured on financial and profitability parameters namely EBITDA, EPS and PE ratio. Secondary data sources are used which were then converted into a rating scale to develop quantitative data. SPSS 21 is used for the analysis. The result shows that the majority of oil and gas companies in Malaysia had poor performance in terms of sustainability disclosure. On all three chosen profitability parameters, the companies that practiced sustainability were found to perform better than their counterparts that did not. Strong and significant relationship exists between sustainability practices and better financial performance.

Sustainability Practices as Determinants of Financial Performance: A Case of Malaysian Corporations

Ezeoha Bright Amacha,Omkar Dastane 한국유통과학회 2017 The Journal of Asian Finance, Economics and Busine Vol.4 No.2

This research is carried out to investigate the relationship between sustainability practices and performance in a financial sense for Malaysian Oil and Gas sector. Objectives include to study the state of sustainability disclosure among Malaysian oil and gas companies, to understand if companies that practiced sustainability had better performances to their financial bottom-line and to conduct a data analysis to understand the relationship between Environmental, social and governance performance [represented by the acronym ACSI] and financial performance. Sustainability performance is measured using ACSI checklist, which is an adaptation of the GRI 3.0 by Global reporting initiative while financial performance was measured on financial and profitability parameters namely EBITDA, EPS and PE ratio. Secondary data sources are used which were then converted into a rating scale to develop quantitative data. SPSS 21 is used for the analysis. The result shows that the majority of oil and gas companies in Malaysia had poor performance in terms of sustainability disclosure. On all three chosen profitability parameters, the companies that practiced sustainability were found to perform better than their counterparts that did not. Strong and significant relationship exists between sustainability practices and better financial performance.

국립아시아문화전당의 운영 성과에 관한 연구

한승준(Seung-Jun Han) 한국국정관리학회 2022 현대사회와 행정 Vol.32 No.1

이 연구는 국립아시아문화전당의 운영 성과를 살펴봄으로써 국립아시아문화전당의 운영 방향에 대한 시사점을 도출하는데 그 목적이 있다. 이를 위해 공익성, 수익성, 효율성 차원과 프로그램 논리모형(program logic model)의 투입-과정-산출-결과의 네 단계에 맞춰서 2016년부터 코로 나19 발생 이전인 2019년까지의 성과를 살펴보았다. 그 주요 내용을 요약하면 다음과 같다. 첫째, 공익성 측면에서는 관람객 수, 기관 인지도 등에서 성과가 향상되는 것으로 나타났다. 기능별로 살펴보면 교류, 창제작/레지던시, 교육·어린이, 공연･전시･축제의 경우, 투입-과정-산출 -결과이라는 논리 구조에서 전반적으로 성과가 상승하는 추세를 보였다. 둘째, 연구/아카이브 기능은 투입예산이나 과정, 산출, 결과지표에 있어서 성과가 감소하는 추세를 보이고 있어 향후 개선이 필요하다. 셋째, 수익성 측면에서 기관 운영 수입 및 유통 수입은 연 평균 7%의 증가율을 보였으나, 이는 주차장 수입의 증가에 그 원인이 있다는 점에서 한계를 지닌다. 또한 전당의 고유 기능과 연관된 입장료 수입, 대관료 수입, 공연/전시 수입은 점차 줄어드는 경향을 보이고 있어, 기관의 수익구조는 불안정한 것으로 분석되었다. 넷째, 효율성 측면에서 는 조직문화가 점차 긍정적으로 변화하고 있으며, 직원 교육훈련이 강화되고 예산 집행률이 높아지고 있는 것으로 나타났다. 이는 향후 전당의 운영에 있어 긍정적 영향을 미칠 것으로 전망된다. The purpose of this study is to draw implications for the operation direction of the Asia Culture Center by examining the operational performance of the Asia Culture Center. To this end, this study looked at the performance from 2016 to 2019 in accordance with the four stages of input-process-output-result of the program logic model as well as the dimensions of public interest, profitability, and efficiency. The main contents are summarized as follows. First, in terms of public interest, performance improved in the number of visitors and awareness of institutions. Looking at each function, in the case of exchange, creative production/residence, education/children, and performance/exhibition/ festival, the overall performance showed an upward trend in the logical structure of input-process-output-result. Second, the research/archiving function needs improvement in the future as the performance of the input budget, process, output, and result indicators is showing a trend of decreasing. Third, in terms of profitability, institutional operating income and distribution income showed an average annual increase rate of 7%, but this has limitations in that it is the cause of the increase in parking lot income. In addition, the entrance fee income, rental fee income, and performance/exhibition income related to the unique functions of the hall are showing a tendency to decrease gradually, so the profit structure of the institution is analyzed to be unstable. Fourth, in terms of efficiency, the organizational culture is gradually changing positively, employee education and training is strengthened, and the budget execution rate is increasing. This is expected to have a positive impact on the operation of the hall in the future.

제주 숙박업체의 입지가 경영성과에 미치는 영향

신우영,홍순욱 한국호텔외식관광경영학회 2024 호텔경영학연구 Vol.33 No.3

본 연구는 제주 숙박업체의 입지가 경영성과에 미치는 영향에 대해 조사하는 것을 목적으로 한다. 도심에 위치한 비즈니스호텔과는 다르게 제주에 위치한 숙박업체는 관광 목적의 호텔이 주를 이룬다. 제주에는 바다, 레저, 산, 오름, 곶자왈, 올레길, 돌, 미술관, 체험관 등 다양한 관광자원이 존재한다. 이들 중바다는 가장 중요한 관광자원 중 하나이다. 본 연구는 제주 숙박업체가 바다와 얼마나 가까이 위치해 있는지에 따라 기업의 경영성과가 다른지를 검증한다. 본 연구의 대상은 제주에 위치한 한국상장회사협의회 표준산업코드 중분류 기준 숙박업으로 등록된 외부감사대상 기업이다. 분석 대상 기간은 2000년부터 2022년까지이다. 제주 숙박업체의 경영성과를 종속변수로 두고 바다와의 거리를 설명변수로 하는 다중 회귀분석을실시한다. 경영성과는 수익성 지표인 매출액, 매출총이익률, 매출액영업이익률, 매출액순이익률 등으로 측정한다. 경영성과에 영향을 미친다고 알려진 기업규모, 부채비율, 현금흐름, 성장률, 기업연령 등의 변수를통제변수로 추가한다. 바다와 가까이 위치한 제주 숙박업체는 대체적으로 경영성과가 높은 것으로 나타났다. 구체적으로, 수익성 지표인 매출액, 매출총이익률, 매출액영업이익률로 측정한 경영성과는 바다와 가까이 위치한 제주 숙박업체가 높다. 하지만, 매출액순이익률과는 유의한 관계가 없다. 바다는 중요한 관광자원이다. 바다라는 주요한 관광자원이 숙박업체의 경영성과에 미치는 영향을 연구함으로써 바다의 중요성을강조하고 향후 숙박업체를 비롯한 관광기업들이 입지를 선정할 때 본 연구가 유용하게 활용되길 바란다. The purpose of this study is to investigate the impact of the location of Jeju lodging companies on business performance. Lodging companies in Jeju are mainly hotels cateing to tourism. Jeju has various tourism resources, including the sea, leisure activities, mountains, Oreums, Gotjawal, Olle-trails, stones, art galleries, and experience centers. Among these, the sea is one of the most important tourism resources. This study verifies that the business performance of Jeju lodging companies varies depending on their proximity to the sea. The sample for this study consists of externally audited companies registered as lodging businesses located in Jeju, covering the period from 2000 to 2022. Multiple regression analysis is conducted, with the business performance as the dependent variable and distance from the sea as the explanatory variable. Business performance is measured using profitability indicators such as sales, gross profit ratio, operating income to sales ratio, and net income to sales ratio. Variables such as company size, debt ratio, cash flow, growth rate, and company age, which are known to affect business performance, are added as control variables. The findings indicate that lodging companies located closer to the sea generally exhibit higher business performance. Specifically, Jeju lodging companies located near the sea have higher business performance, as measured by profitability indicators such as sales, gross profit ratio, and operating income to sales ratio. However, there is no significant relationship with the net income to sales ratio. By studying the impact of the sea, a major tourism resource, on the business performance of lodging companies, we hope this study will be useful for selecting locations for tourism companies, including lodging companies, by emphasizing the importance of proximity to the sea.

A Study on the Relationship between CSR and Financial Performance

고우,한길석 한국경영교육학회 2017 경영교육연구 Vol.32 No.6

[Purpose]The purpose of this study is to investigate the relationship between corporate social responsibility (CSR) and financial performance. Relying upon the stakeholder theory, we predict that CSR can increase financial performance. [Methodology]For the purpose, the financial performance is measured as accounting profitability and market value, the profitability based on accounting benchmark, and the firm value based on market value benchmark. Using a sample of 514 observations from KOSPI market over the 2011-2014 period and using KEJI index to measure corporate performance of CSR, we investigate the relationships between CSR and the two categories of financial performance, respectively. [Findings]Our results show that CSR has significant influence on the firm value based on market value benchmark, whereas the influence of CSR to the profitability based on accounting benchmark is considered unapparent. [Implications]There is less research on the interaction between the CSR and financial performance. researcher needs to develop a new proxy for CSR and examine whether corporate social responsibility have an impact on profitability based on accounting in a point of view time lag effect.

중소병원의 전문화와 경영성과 : 수익성 분석을 중심으로

김원중,이용철,강성홍 한국병원경영학회 1999 병원경영학회지 Vol.4 No.2

The main purpose of this article is to analyze the managerial performance of small and medium-size hospitals that are specialized in certain areas of medical services. Data of 189 hospitals were obtained from the data file of Korea Institute of Health Services Management. The items include general characteristics of the hospitals, financial reports, and utilization records. Degree of specialization is measured by concentration(Herfindahl) index, and the sample hospitals are accordingly classified into specialized and unspecialized groups, by means of cluster analysis. These groups are compared in terms of various measures of managerial performance, which include several profitability indices such as operating margin, return on assets(ROA), and return on equity(ROE). To examine the relationship between specialization and managerial performance, we estimate the regression model, where the profitability indices are used as the dependent variables and the concentration index as the independent variable, controlling for the hospital characteristics such as size, type and location. Also, we perform 'Du Pont' analysis, to investigate the basic elements that can explain the differences in profitability between specialized and unspecialized hospitals. Major findings are as follows : 1. Managerial performance is better for the specialized hospitals than the unspecialized, in all aspects of profitability(operating margin, ROA, ROE). 2. Regression analysis suggests that there is a positive, statistically significant relationship between the degree of specialization(i.e. concentration) and hospital profitability. 3. Main reason for the higher profitability of specialized hospitals lies in lower expenses rather than higher revenue. 4. In particular, personnel and material expenses are significantly smaller for the specialized hospitals, and this result seems to stem from the efficiency of operating fewer lines of business. (some kind of 'economies of scale') 5. Specialized hospitals also have fewer employees compared with the unspecialized, especially in administrative departments, which implies their efficient personnel management.