소유주지배 및 계열광고회사 보유가 광고비지출의 수익성에 미치는 영향

김효진 ( Kim Hyo-jin ) 한국세무회계학회 2021 세무회계연구 Vol.- No.70

[연구목적] 광고비 회계처리는 계열광고회사를 통한 비정상적 활용 등 상대적으로 경영자의 재량적 의지에 의해 의사결정이 가능한 항목이므로, 과연 광고비지출의 동기를 설명할 수 있는 소유지배구조가 기업의 수익성에 기여하는지에 대한 검증이 필요하다. 본 연구는 소유주지배와 계열광고회사 보유가 광고비지출의 수익성에 유의미한 영향을 미치는지 살펴보고자 한다. [연구방법] 광고비지출 및 수익성에 영향을 미치는 중요한 요인들을 탐색하기 위하여 유가증권 상장기업을 대상으로 하고, 외환위기 이후인 2000년부터 2019년까지를 분석기간으로 한다. [연구결과] 실증분석결과에 의하면 첫째, 소유주지배는 경영자지배에 비해 광고비지출을 줄이는 것으로 나타났다. 또한 계열광고회사를 보유한 그룹의 소속기업에서 그렇지 않은 기업에 비해 광고비지출은 오히려 감소하는 것으로 나타났다. 이를 통해 계열광고회사에 대한 지배주주의 지분율은 광고비지출에 영향을 미치지만(김효진과 이기훈, 2015) 계열광고회사 보유 자체가 광고비지출을 늘리게 하는 요소는 아니라는 것을 알 수 있다. 둘째, 우선 광고비지출이 수익성에 미치는 영향을 분석한 결과 광고비지출이 증가할수록 기업의 수익성은 높아지는 것으로 나타났다. 이는 수익성이 높은 기업에서 재량적 지출을 높이는 현상에 의한 착시효과일 수도 있다. 따라서 기업소유구조가 광고비지출의 수익성에 미치는 추가적인 영향을 알아보기 위하여 소유주지배 변수와 광고비지출의 상호변수를 활용한 분석결과, 소유주지배 기업의 경우 광고비지출과 수익성간의 양(+)의 관련성이 약화되는 것으로 나타났다. 이를 통해 소유주지배 기업의 경우 광고비지출을 활용한 이익극대화보다는 상대적 특권적소비 동기를 엿볼 수 있다. 셋째, 계열광고회사 보유를 나타내는 더미변수와 광고비지출간 상호변수를 활용하여 분석한 결과, 계열광고회사를 보유한 대규모기업집단 소속기업의 경우 그렇지 않은 기업에 비해 광고비지출과 수익성간 양(+)의 관련성을 약화시키는 것으로 나타났다. 이는 계열광고회사를 통해 광고비지출 회계선택에 영향을 미친다는 김효진과 이기훈(2015)의 주장을 지지하는 결과이다. [연구의 시사점] 본 연구를 통해 기업소유구조 및 계열광고회사가 광고비지출의 수익성에 미치는 구조적 역학관계를 도출한다면, 소유지배구조가 광고비지출의 동기에 영향을 미치는 실질적 요소임을 제시할 수 있다. 이와 같은 결과는 모바일을 이용한 광고의 형태 다양화와 함께 광고비지출의 수익성 형태가 변화하는 가운데 계열광고회사를 활용한 회계처리가 이슈가 되고 있는 시기에 그 영향을 검증하는 과정에서 기업지배구조 관련 정책결정자와 잠재적 투자자에게 유의미한 시사점을 제공할 것이라 기대한다. [Purpose] This study examines whether the owner-Controlled and inhouse agency affects the associations between advertisement expenditures and profitability (ROA). The majority of prior advertisement expenditure related research have investigated the impacts of the characteristics of firms on the amount of advertisement expenses. There were not sufficient study about the impacts of corporate ownership/governance structure on the associations between advertisement expenditures and profitability. Therefore, this study empirically investigats whether firms with an owner-controlled system and/or a manager - controlled system and firms with an inhouse agency spend more money to advertisement expenditures and firms with an owner-controlled system exert the influence on the return of entertainment expenses. [Methodology] The final samples for the empirical analysis consist of 8,436 firm-year data, selected from the KRX listed firms of the fiscal year during 2000-2019. In this study, Advertisement expenditure is measured as the sum of advertisement expenses and employee benefits. OverAdvertisement expenditure is measured as the exceed amount against the industry average of an advertisement expense across industries. [Findings] The empirical results from this study are as follows. First, the companies with an owner-controlled system have spent more amount of money to advertisement expenditure than the companies with a manager - controlled system. By the way, the firms with the inhouse agency have spent less amount of money to advertisement expenses than the firms without an inhouse agency. Second, the relationships between advertisement expenditures and ROA are significantly positive. However, the positive relationships between advertisement expenses and ROA would be relieved with an owner - controlled system compare to a manager-controlled system. These results indicate that the profitability of advertisement expenditures would be significantly affected by corporate ownership/governance structure. Third, the positive relationships between advertisement expenditures and ROA would be weakened with an inhouse agency compare to without an inhouse agency. This result indicates that the profitability of advertisement expenses is relatively lower in the firms with an inhouse agency and support the arguement that an existence of inhouse agency and the controlling shareholders’ ownership structure affect advertising expenses as a tool of accounting choice with related party transactions. These results show that advertisement expenses could be utilized as the means of the controlling shareholders’ opportunistic action in the perspective of related party internal transactions (Kim and Lee, 2015). [Implications] I can argue that controlling shareholders’ (or managers’) perquisites consumptions using advertisement expenses could be strengthened by the owner-controlled system and an existence of related advertising company (inhouse agency) in Korea.

기호(嗜好)로서의 혐한(嫌韓)과 혐중(嫌中) -일본 넷우익(ネット右翼)과 내셔널리즘-

김효진 단국대학교 동아시아인문융복합연구소(구 단국대학교 일본연구소) 2011 일본학연구 Vol.33 No.-

Porphyrin-4'-bromoacetophenone Conjugates의 설계, 합성 및 DNA 절단 활성

김효진,전라옥 숙명여자대학교 경제연구소 2010 論文集 Vol.25 No.-

성인 급성 림프구성 백혈병에서의 염색체 변이에 따른 치료결과(Preliminary Data)

김효진,권혁찬,이기현,김재석,한진영 大韓血液學會 2000 大韓血液學會誌 Vol.35 No.3

해양레저체험과 몰입, 만족, 행동의도 간의 구조적 관계 연구

김효진,류재숙 한국관광연구학회 2022 관광연구저널 Vol.36 No.6

This study was intended to identify the relationships among marine leisure experience, flow, satisfaction, and behavioral intention. Marine leisure experiences were divided into five factors (sense experience, feel experience, think experience, act experience, relate experience) based on the experiential marketing concepts of Schmitt (1999). As a result of a survey conducted with Koreans with experience in marine leisure activities, a total of 286 valid samples were collected and used for empirical analysis. The analysis results are as follows. First, among the five experience factors, sense experience, feel experience, act experience, and relate experience had a positive effect on flow, with act experience being the most influential. However, think experience did not have a significant effect on flow. Second, flow appeared to have a positive effect on both satisfaction and behavioral intention. Finally, satisfaction also appeared to have a positive effect on behavioral intention. These findings suggest that experience factors can increase the flow during marine leisure activities, lead to satisfaction, and induce revisit and recommendation. This study can provide academic and practical implications as it applies holistic experience marketing to marine leisure experience, and it also suggests marketing strategies to boost the marine leisure tourism industry.

백수오 용기재배 비용절감을 위한 배양토 재사용 효과

김효진,서상영,박은석,김창수,김희준 한국약용작물학회 2018 한국약용작물학술대회 발표집 Vol.2018 No.05

Background : To develop a new cultivation technique which can save the labor and harvest cost in Cynanchum wilfordii. Stable production is possible for soil and container cultivation. Therefore, this test was conducted to evaluate the reuse effect that can reduce the cost of culture soil. Methods and Results : Container standards were used plume tube of diameter 30 ㎝ × height 50 ㎝. The blending ratios of reuse cultivation soil were 60% cocopeat, 10% peatmoss, 6% pearlite, 6% vermiculite, 5% zeolite, and 5% char. To this, 0, 10, 20, and 30% of composts containing 45% of fowl droppings and 5% of cattle dung were added to the culture soil and mixed. In each treatment C. wilfordii seedling were planted, and the overground growing and yield ability were examined. After harvesting, the functional components contents (cynanoneside B, wilfoside C1N, and p-hydroxyacetophenone) of C. wilfordii conventional cultivation and container cultivation (culture soil) were analyzed. As a result, the growth of overgrown crops showed better tendency as the compost content increased. However, the growth and yield of undergrowth increased by 182% (164.7 ㎏/10 a → 282 ㎏/10 a) compared to no addition at 20% mixing ratio. The content of functional ingredients according to cultivation method and skin was not different all in cynanoneside B, wilfoside C1N, and p-hydroxyacetophenone. Therefore, it was a larger tendency that the classification according to whether it was skined (existence and nonexistence) than the cultivation method. In the economic analysis, it was found that when the cultivation soil was reused by adding 20% compost, the profit of 680,000 won/10 a was increased. Conclusion : Soil and container cultivation was effective saving method for harvesting ease of C. wilfordi, harvest yield was increased by 66%. Also, container cultivation was effective the cost cutting of installation dismantlement and redres since no need to move the cultivation area. As the cultivation soil can be reused, it can be expected to maximize the utilization in container cultivation of deep rooting medicinal crops as well as Cynanchum wilfordii.

『재일한인의 인류학』 지은숙·권숙인·박승현 편저 (서울대학교출판문화원, 2021)

김효진 한국문화인류학회 2023 한국문화인류학 Vol.56 No.1

소비자독특성욕구, Vanity, 인터넷쇼핑가치, 구매의도간의 구조관계 -구매대행인터넷쇼핑몰을 중심으로

김효진,양윤 한국의류학회 2009 한국의류학회 학술대회논문집 Vol.2009 No.1

『교토 니시진오리의 문화사: 일본 전통공예 직물업의 세계』 문옥표 지음, 서울: 일조각, 2016.

김효진 한국문화인류학회 2018 한국문화인류학 Vol.51 No.3

끝나지 않는 전쟁을 기억하다

김효진 서울대학교 일본연구소 2010 일본비평 Vol.- No.2