산업별 재무비율이 수익성에 미치는 영향 비교 연구 = A Comparative Analysis of the Effects of Financial Ratios on Profitability across Industries

다국어 초록 (Multilingual Abstract)

This study examines the analytical usefulness of industry-average financial ratio comparisons widely used in financial analysis practice. It empirically investigates the effects of key financial ratios on corporate profitability. A panel dataset of manufacturing firms listed on the KOSPI and KOSDAQ markets from 2022 to 2024 is employed. Return on assets (ROA) is used as the dependent variable in fixed-effects panel regression models. Leverage, asset utilization efficiency, cost structure, firm size, and growth are included as explanatory variables. The results indicate that leverage has a significant negative effect on corporate profitability. Asset turnover, firm size, and sales growth exhibit significant positive effects on ROA. In contrast, the selling and administrative expense ratio negatively affects profitability. These findings support Hypothesis 1 regarding the impact of financial ratios on profitability. However, no significant industry-level differences are found, highlighting limitations of industry-average comparisons.