DOI QR코드

DOI QR Code

오퍼레이션스 성과와 재무성과 간의 인과관계에 대한 실증분석

An Empirical Analysis of the Effect of Operations Performance on Financial Performance

  • Kim, Younghoon (Office of Planning and Coordination, Green Cross Corp.) ;
  • Pyun, Jebum (Division of Business Administration, Sookmyung Women's University) ;
  • Kim, DaeSoo (Korea University Business School)
  • 투고 : 2015.01.22
  • 심사 : 2015.02.23
  • 발행 : 2015.02.28

초록

While many previous studies investigated the effect of operations performance on financial performance, most studies considered only a few performance indicators and ignored the characteristics of industries. Therefore, this study intends to analyze the effect of operations performance on financial performance, by selecting a rather comprehensive operations performance indicators from firms' financial data. In doing so, we used operating efficiency and supply chain performance indicators for operations performance and a firm's profitability and future value indicators for financial performance. For the analysis, we collected 544 firms' operations and financial performance data belonging to eight key industries from the 'Forbes Global 2000'. We first analysed the differences in operations and financial performance among high, medium and low supply chain performance groups based on the quantitative criteria of Gartner's 'Supply Chain Top 25' ranking procedure. Then we analysed the effect of operations performance indicators on financial performance for both entire industry and individual industries, using multiple regression. Based on the results, we provided practical insights into key operations performance indicators to focus on and manage in order to improve financial performance.

과제정보

연구 과제 주관 기관 : KUBS

참고문헌

  1. 류석종, 박형중, "주가의 중장기행태와 거래량 효과에 관한 연구", 산업경제연구, 제19권, 제2호(2006), pp.639-660.
  2. 민재형, 김범석, "기업의 동반성장 노력이 재무성과에 미치는 영향", 경영과학, 제30권, 제2호(2013), pp.79-95. https://doi.org/10.7737/KMSR.2013.30.2.079
  3. 민재형, 김범석, 하승인, "지속가능경영을 위한 기업의 환경적, 사회적, 지배구조적 요인이 주가수익률 및 기업 가치에 미치는 영향", 한국경영과학회지, 제39권, 제4호(2014), pp.33-49. https://doi.org/10.7737/JKORMS.2014.39.4.033
  4. 이정동, 오동현, 효율성 분석이론:DEA:자료포락분석법, 서울, IB Book, 2010.
  5. 장금주, 우용상, "국내산업의 공급체인성과 지표로서의 재고자산과 재무성과에 대한 연구", 대한경영학회지, 제25권, 제6호(2012), pp.2629-2664.
  6. 장형욱, 이상식, "SCM의 핵심성공요인(CSF)이 경영성과에 미치는 영향에 관한 연구", 대한경영학회지, 제19권, 제6호(2006), pp.2561-2584.
  7. 조용대, 재무관리론, 박영사, 2011.
  8. 지 청, 장하성, 재무관리, 법경사, 1995.
  9. 허대식, 김길선, 최정욱, "한국과 해외 우수 제조 기업의 공급사슬 통합 현황에 대한 탐색적 고찰:자동차, 전자, 기계산업을 중심으로," 한국경영과학회지, 제33권, 제4호(2008), pp.101-118.
  10. Altman, E.I., "Financial ratios, discriminant analysis and the prediction of corporate bankruptcy," The Journal of Finance, Vol.23, No.4 (1968), pp.589-609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
  11. Barney, J.B., "Firm resources and sustained competitive advantage," Journal of Management, Vol.17, No.1(1991), pp.99-120. https://doi.org/10.1177/014920639101700108
  12. Barney, J.B., "Purchasing, supply chain management and sustained competitive advantage: the relevance of resource-based theory," Journal of Supply Chain Management, Vol. 48, No.2(2012), pp.3-6. https://doi.org/10.1111/j.1745-493X.2012.03265.x
  13. Blose, L.E. and J.C.P. Shieh, "Tobin's q-ratio and market reaction to capital investment announcements," Financial Review, Vol.32, No. 3(1997), pp.449-476. https://doi.org/10.1111/j.1540-6288.1997.tb00434.x
  14. Chandler, G.N. and S.H. Hanks, "Measuring the performance of emerging businesses:a validation study," Journal of Business Venturing, Vol.8, No.5(1993), pp.391-408. https://doi.org/10.1016/0883-9026(93)90021-V
  15. Day, G.S., "The capabilities of market-driven organizations," The Journal of Marketing, Vol.58, No.4(1994), pp.37-52. https://doi.org/10.2307/1251915
  16. D'Souza, J. and W.L. Megginson, "The financial and operating performance of privatized firms during the 1990s," The Journal of Finance, Vol.54, No.4(1999), pp.1397-1438. https://doi.org/10.1111/0022-1082.00150
  17. Dunk, A.S. and A. Kilgore, "Top management involvement in R&D budget setting: the importance of financial factors, budget targets and R&D performance evaluation," Advances in Management Accounting, Vol. 11(2003), pp.191-206. https://doi.org/10.1016/S1474-7871(02)11008-2
  18. Ellinger, A.D., A.E. Ellinger, B. Yang, and S.W. Howton, "The relationship between the learning organization concept and firms' financial performance:an empirical assessment," Human Resource Development Quarterly, Vol.13, No.1(2002), pp.5-22. https://doi.org/10.1002/hrdq.1010
  19. Fisher, M.L., J.H. Hammond, W.R. Obermeyer, and A. Raman, Making supply meet demand in an uncertain world, Graduate School of Business Administration, Harvard University, 1994.
  20. Fisher, M.L., "What is the right supply chain for your product?," Harvard business review, Vol.75, No.2(1997), pp.105-117.
  21. Fugate, B.S., J.T. Mentzer, and T.P. Stank, "Logistics performance:efficiency, effectiveness, and differentiation," Journal of Business Logistics, Vol.31, No.1(2010), pp.43-62. https://doi.org/10.1002/j.2158-1592.2010.tb00127.x
  22. Gitman, L.J., and C.J. Zutter, Principles of managerial finance, 13th ed., Prentice Hall, 2011.
  23. Golany, B. and E. Tamir, "Evaluating efficiency-effectiveness-equality trade-offs:a data envelopment analysis approach," Management Science, Vol.41, No.7(1995), pp.1172-1184. https://doi.org/10.1287/mnsc.41.7.1172
  24. Hermalin, B.E. and M.S. Weisbach, "The effects of board composition and direct incentives on firm performance," Financial management, Vol.20, No.4(1991), pp.101-112. https://doi.org/10.2307/3665716
  25. Hutchinson, M. and F.A. Gul, "Investment opportunity set, corporate governance practices and firm performance," Journal of Corporate Finance, Vol.10, No.4(2004), pp.595-614. https://doi.org/10.1016/S0929-1199(03)00022-1
  26. Jayaram, J. and K.C. Tan, "Supply chain integration with third-party logistics providers," International Journal of Production Economics, Vol.125, No.2(2010), pp.262-271. https://doi.org/10.1016/j.ijpe.2010.02.014
  27. Keh, H.T., S. Chu, and J. Xu, "Efficiency, effectiveness and productivity of marketing in services," European Journal of Operational Research, Vol.170, No.1(2006), pp.265-276. https://doi.org/10.1016/j.ejor.2004.04.050
  28. Krajewski, L.J., L.P. Ritzman, and M.K. Malhotra, Operations management:processes and supply chains, 9th ed., Pearson:Upper Saddle River, NJ., 2010.
  29. Lambert, D.M. and M.C. Cooper, "Issues in supply chain management," Industrial Marketing Management, Vol.29, No.1(2000), pp.65-83. https://doi.org/10.1016/S0019-8501(99)00113-3
  30. Lee, R.P. and Q. Chen, "The immediate impact of new product introductions on stock price:the role of firm resources and size," Journal of Product Innovation Management, Vol.26, No.1(2009), pp.97-107. https://doi.org/10.1111/j.1540-5885.2009.00337.x
  31. Orlitzky, M., F.L. Schmidt, and S.L. Rynes, "Corporate social and financial performance :a meta-analysis," Organization Studies, Vol.24, No.3(2003), pp.403-441. https://doi.org/10.1177/0170840603024003910
  32. Polk, C. and P. Sapienza, "The stock market and corporate investment:a test of catering theory," Review of Financial Studies, Vol.22, No.1(2009), pp.187-217. https://doi.org/10.1093/rfs/hhn030
  33. Powers, T.L. and W. Hahn, "Critical competitive methods, generic strategies, and firm performance," International Journal of Bank Marketing, Vol.22, No.1(2004), pp.43-64. https://doi.org/10.1108/02652320410514924
  34. Radjou, N., L.M. Orlov, and T. Nakashima, Adapting to supply network change, Forrester Research Inc, Cambridge, Massachusetts, 2002.
  35. Sheffi, Y. and J.B. Rice, "A supply chain view of the resilient enterprise," MIT Sloan Management Review, Vol.47, No.1(2005), pp. 41-48.
  36. Swink, M.L., R. Golecha, and T. Richardson, "Does supply chain excellence really pay off?," Supply Chain Management Review, Vol.14, No.2(2010), pp.14-21.
  37. Van Wezel, W., D.P. Van Donk, and G. Gaalman, "The planning flexibility bottleneck in food processing industries," Journal of Operations Management, Vol.24, No.3(2006), pp. 287-300. https://doi.org/10.1016/j.jom.2004.11.001
  38. Wagner, S.M., P.T. Grosse-Ruyken, and F. Erhun, "The link between supply chain fit and financial performance of the firm," Journal of Operations Management, Vol.30, No.4 (2012), pp.340-353. https://doi.org/10.1016/j.jom.2012.01.001