Empirical Investigation on the Growth Aspect of the Small & Medium Enterprises in Chungcheong Province Associated with the COVID-19 Pandemic

서지정보

· 발행기관 : 피터드러커 소사이어티
· 수록지 정보 : 창조와 혁신 / 15권 / 2호 / 211 ~ 240페이지
· 저자명 : 김한준

초록

Financial issue on the improvement of corporate growth is empirically investigated in the study. Main purpose of the study is that significant factors of the growth may be adjusted or controlled to mitigate possible financial weaknesses. Regarding the empirical methodology, among the KOSDAQ-listed companies in Chungcheong province (including Daejeon and Sejong City), where dynamic social and economic structural changes are in progress, the small and medium enterprises (SMEs) were finally chosen as a sample dataset. This is to consider the facts that additional research seems to be needed (when compared to those for the large firms) and the sample firms may be more vulnerable to possible financial adversity. Growth-related financial factors are tested in both a cross-sectional and a time-series context. The sample period was set from 2011 to 2020 (10-year period) and three hypotheses were tested by applying various econometric models. In the first hypothesis, financial determinants of corporate growth potential for the sample firms are tested during the sample period. While the sample firms in Chungcheong province are statistically compared to the counterparts of the large firms and the SMEs in Seoul Metropolitan area in the second hypothesis, respectively, changes in financial factors of growth potential for the sample firms are empirically tested over the two separate subperiods. Significant variables of the sample firms were found to be profitability, size, and foreign ownership. In comparison with the counterparts in Seoul Metropolitan area, they had higher profitability and the ratio of tangible assets to total assets, but there was no non-linearity related to profitability between the two comparative groups. Growth potentials have been improved in the latter half of the entire sample period (i.e. from 2016 to 2020). The results are expected to be functioned as catalysts to improve financial weaknesses of the firms by identifying financial characteristics of growth rate that may be adjusted or controlled in advance against any future financial unstable condition.

참고자료

· 없음