Earticle

회계이익으로 측정한 수익성과 주식의 기대수익률 사이에서 수익성이 높은 기업들의 주식수익률 이 수익성이 낮은 기업들보다 더 높게 나타나는데 이를 수익성 프리미엄 (profitability premium)이 라고 한다. 외국의 경우, Novy-Marx(2013)는 총수익성이, Ball et al.(2015)은 영업이익률이 가장 큰 수익성 프리미엄을 갖는다는 것을 보이고 있다. 그러나 우리나라의 선행연구들은 주로 수익성 프리 미엄의 존재에 대한 분석을 하고 있을 뿐 여러 가지 회계이익 중에서 어느 회계이익에서 수익성 프 리미엄이 가장 크게 나타나는지에 대해서는 거의 연구가 전무한 상황이다. 이에 따라 본 연구는 Lee et al.(2000)의 연구를 확장하여 Lee et al.(2000)이 사용한 6개의 수익 성 측정치에 3개의 수익성 측정치를 추가하여 총 9개의 수익성 측정치에 대하여 헷지 포트폴리오 수익률 분석과 Fama-McBeth 횡단면 회귀분석을 실시하였다. 분석 결과, 각 수익성 측정치의 크기 에 따라 구성된 헷지 포트폴리오의 수익률은 총수익성에서 가장 유의하게 나타났다. 또한 개별 기 업의 월별 주식주익률을 수익성 측정치들에 대해 회귀한 Fama-McBeth 횡단면 회귀분석에서도 총 수익성의 회귀계수와 그 t 값이 가장 큰 것으로 나타났다. 이러한 결과는 기업규모 요인이나 가치 요인을 통제하는 경우에도, 기말 총자산이 아닌 순자산의 장부금액이나 시장가치로 나누어 수익성 을 측정하는 경우에도, 극단치의 영향을 통제하는 경우에도 유의하게 나타났다. 본 연구는 Lee et al.(2020)에서 사용된 6개의 수익성 측정치 외에 3개의 수익성 측정치를 추가함 으로써 보다 더 다양한 관점에서 수익성 프리미엄을 분석하였고, 이로부터 수익성 측정치들 사이에 서 나타나는 차별적인 수익성 프리미엄을 살펴봄으로써 수익성 프리미엄을 이용한 헷지 전략에 어 떠한 회계이익이 가장 유용한지를 분석하였다는 측면에서 의의를 갖는다.

The relation between profitability, which is measured with accounting earnings, and expected returns of stocks shows that the returns of a stock with high profitability is higher than that of a stock with low profitability. This relation is called profitability premium. In South Korea, prior studies showed mixed results as to whether there exists profitability premium in South Korea. By reexamining the prior studies and investigating a variety of profitability measures which were used in prior studies, Lee et al.(2000) argued that profitability premium exists in the capital market of South Korea in general. This study expands Lee et al.(2000) and investigates which profitability measure has higher profitability premium than other profitability measures. The profitability measures used in this study are, in total, nine profitability measures which are composed of six profitability measures examined in Lee et al.(2000) and three profitability measures that are developed newly in this study. The results are as follows. The return on hedge portfolio based on the magnitude of profitability is higher for gross profitability rather than for other profitability measures. In addition, t-value of the return on hedge portfolio is highest for gross profitability. In Fama-McBeth cross-sectional regression, the coefficient of gross profitability is more significantly larger and its t-value is also higher compared with other profitability measures. These results are consistently observed 1) after controlling for size factor and value factor, 2) also after controlling for outliers. and 3) when measuring profitability with different deflators such as book value of equity or market value of equity. In summary, the highest profitability premium is observed for gross profitability in South Korea.

본 연구는 비영업적 사회적 책임(CSR) 비용이 기업 수익성에 미치는 영향을 실증적으로 분석하였다. 2015–2024년 코스 피·코스닥 제조업 상장기업의 기업-연도 패널자료를 구축하고, 극단치 완화를 위해 상·하위 1% 윈저라이징을 적용하였다. CSR 관련 지출이 재무제표에서 표준화된 단일 계정으로 분리 공시되지 않는 한계를 고려해 ‘기타 비영업비용’을 비영업적 CSR 비용 의 대리변수로 사용하였다. 수익성은 ROA, 영업이익, ROE로 측정하고 기술통계, 피어슨 상관분석, 연도·산업 고정효과를 포함 한 패널 회귀모형으로 가설을 검증하였다. 분석 결과, 비영업적 CSR 비용은 수익성 지표와 유의한 관련성을 보였으나 영업이익 에는 유의한 영향이 없었고, ROE에는 유의한 관계가 확인되어 CSR 비용의 효과가 단기 운영성과와 주주 관점 성과에서 다르게 나타날 수 있음을 시사한다. 본 연구는 CSR을 평가등급이 아닌 회계적 비용 구조로 측정·분석함으로써 CSR–수익성 연구를 확 장하고 지속가능경영 전략 수립에 실증적 근거를 제공한다.

This study examines how non-operating corporate social responsibility (CSR) costs affect firm profitability. Unlike prior CSR and ESG studies that rely primarily on ratings or scores, this study adopts an accounting-based perspective by conceptualizing CSR activities as non-operating financial costs explicitly recorded in corporate financial statements. This approach reframes CSR from a normative practice to an observable cost structure. The sample consists of manufacturing firms listed on the KOSPI and KOSDAQ markets in Korea, using firm-year panel data from 2015 to 2024. All continuous variables were winsorized at the top and bottom 1 percentiles. Non-operating CSR costs serve as the key independent variable. Given disclosure limitations in Korean financial statements, non-operating CSR costs are proxied by “other non-operating expenses. Profitability is measured using return on assets (ROA), operating income, and return on equity (ROE). Operating income is included as a benchmark outcome to delineate operating versus non-operating performance effects. The empirical analysis employs descriptive statistics, Pearson correlation analysis, and fixed-effects panel regression models. The results indicate that non-operating CSR costs are significantly associated with firm profitability. However, CSR costs show no statistically significant relationship with operating income. In contrast, CSR costs exhibit a significant association with ROE, suggesting that such expenditures are more closely related to long-term firm value and shareholder-oriented performance. These findings suggest that CSR-related expenditures may generate a trade-off between short-term operational efficiency and long-term shareholder-oriented performance.

Medical clinics are core institutes that cover the primary medical care in Korea. Financial viability of the clinics is essential for them to conduct their roles and functions, and can be improved by increasing their operating profitability. On this ground, this study aimed at finding important factors that affect the operating profitability, and thereby at suggesting strategic alternatives that can contribute to the improvement of the profitability. Operating margin was set as a dependent variable, and such factors as general management conditions, number of visits, medical revenue, marketing activities, input resources, medical cost as independent variables. Nineteen hypotheses related to the variables were established and tested using data collected from 138 sample clinics for the year 2003. The results of the study are as follows : Firstly, such variables as percent ratio of the depreciation plus rent costs to total administration costs, type of clinical department manifested whether medical, surgical, or quasi-surgical, percent ratio of the interior facility investment to total fixed assets, and total number of outpatient visit are important factors that affect, positively or negatively, the medical profitability of the clinics. Secondly, following measures are needed to be established and implemented to improve the medical profitability. (1) Administration costs share 53.2% of the total medical costs, and depreciation plus rent costs 16.3% of the total administration costs. This implies that such measures as reinforcement of marketing activities, establishment of the cooperative utilizing system of the facility and equipment, or group practice are needed to increase cost-effectiveness. (2) Occupancy rate of the clinics with inpatient bed is as low as 45.5%, causing high fixed costs and low medical profitability. For its improvement, the resource input structure should be reorganized. Thirdly, in the future, a study that can increase sample representativeness of the study and explanation power of the variables should be performed for each type of clinical department to find more specific determinant factors and to contribute to the improvement of the medical profitability of the clinics.

2008년부터 시행된 장기요양보험제도는 다양한 이해관계집단이 존재함에 따라 각자의 입장에서 서로 다른 시각차이가 나타나기 시작했다. 대표적으로 장기요양보험제도의 운영주체인 국민건강보험공단과 장기요양서비스 제공 주체 간 운영수익성에 대한 견해차이를 들 수 있다. 이에 본 연구는 장기요양보험제도의 급여형태 중 노인요양시설에 초점을 두어 운영수익성을 분석한다. 구체적으로 전국 노인요양시설 중 6개 기관을 선정하여 대상 기관의 주요 재무비율(수지차율, 장기요양이익률, 당기순이익률)을 선행연구와 비교하였으며, 보건복지부가 권고한 요양보호사 급여기준을 적용하였을 경우 주요 재무비율이 어떻게 변하는지, 원가함수를 추정하여 손익분기점이 얼마인지를 분석하였다. 분석 결과 수지차율은 1.95%, 장기요양이익률은 －3.09%, 당기순이익률은 0.41%로 나타났다. 이는 선행연구의 수치에 비해 낮은 것이다. 보건복지부가 권고한 요양보호사 급여기준을 적용하였을 경우 장기요양이익률이 —18.35%, 당기순이익률이 －14.87%로 더 악화되는 것으로 나타났다. 표본 기관의 손익분기점 1일 입소자 수는 72명으로 추정되나, 실제 표본 기관의 1일 평균 입소자 수는 손익분기점 이하인 57명이었다. 이러한 본 연구의 결과는 노인요양시설 운영에 수익성이 있다고 주장하는 정책당국의 견해와는 상반되는 것으로, 장기요양기관 수익성 분석 및 장기요양수가에 대한 재검토가 필요하다는 것을 의미한다. 또한 장기요양기관에 적용할 수 있는 통일되고 명확한 회계기준의 개정 및 시행이 필요함을 시사한다.

The long－term care insurance system, which has been in place since 2008, has started to show different perspectives from each other as there are various interested groups. Representatively, there is a difference in opinion on operating profitability between the National Health Insurance Corporation, which operates the long－term care insurance system, and the long－term care service provider. Therefore, this study analyzes the operating profitability by focusing on the elderly care facilities among the payment types of the long－term care insurance system. Specifically, six institutions were selected among the nationwide elderly care facilities, and the major financial ratios of the target institutions (cash inflow－outflow ratio, long－term care margin, net profit margin) were compared with previous studies. Next, it was estimated how the major financial ratios would change when applying the reimbursement standards for nursing care workers recommended by the Ministry of Health and Welfare. Finally, the break－even point was analyzed by estimating the cost function. As a result of the analysis, the cash inflow－outflow ratio was 1.95%, the long－term care margin was －3.09%, and the net profit margin was 0.41%. These are lower than those of previous studies. The long－term care profit margin worsened to －18.35% and net profit margin to －14.87% when applying the reimbursement standards for nursing care workers recommended by the Ministry of Health and Welfare. The number of residents per day at the break－even point of the sample institution is estimated to be 72, but the average number of residents per day at the actual sample institution was 57, below the break－even point. The results of this study are contrary to the opinion of the policy authorities claiming that the operation of elderly nursing facilities is profitable, which means that long－term care institution profitability analysis and long－term care fees need to be reviewed. In addition, it implies that it is necessary to revise and implement unified accounting standards applicable to long－term care institutions.

This study aims to derive implications for sustainable public rental house policy through an empirical analysis of the repair and maintenance costs and operating profitability of public rental housing by LH, a public rental housing business operator, and an accurate understanding of the actual condition of maintenance costs and operating profits and the relationship between maintenance cost and operating profits. First, it's the result of the repair and maintenance costs analysis. As a result of the analysis, repair and maintenance costs are continuously increasing for each elapsed year, so countermeasures are needed. In addition, it is necessary to establish an integrated management system to derive necessary information from various aspects. All of the analysis targets are difficult to compensate for repair anc maintenance costs with reserves for special repair provisions. Second, the results of the analysis of operating profits and losses. Permanent rental, national rental, and happy housing all have a business structure that causes losses from the beginning of the rental operation because the project cost is high compared to the rental income. These analysis results suggest that the structural imbalance between low rental income and high project costs is expanding and deepening due to the increase in management volume under the low-cost policy in public rental housing system. Third, analysis of rental income and maintenance costs (MECR). As a result of an empirical analysis of how much maintenace costs can be compensated by profits generated from operating of public rental housing. By using the ratio of repair costs to rental income (MCER), as an index to measure the relationship between rental income and maintenance costs, an integrated management of rental income and maintenamce costs was proposed.

This study empirically verified whether for Korean hotel lodging, the education & training of the employees and the informatization of hotel operating systems have impact on the enhancement of profitability. These activities could bring about the development of learning and growth perspective and the improvement of internal business process based on Balanced Score Card(BSC) by Kaplan & Norton (1996). It finally lead to financial results, that is, cost reduction and increased sale in terms of financial accounting data. As a result of research, the education & training of the employees by Korean hotel enterprises and the informatization of their hotel operating systems both turned out to affect the improvement of operating profitability of the hotel enterprises. The results of this study suggest that investing more in the education & training of the employees of the Korean hotel enterprises and the informatization of hotel operating systems can greatly increase the financial results such as operating profitability increasing the efficiency of the hotel enterprises and affecting the increase of sales.

The purpose of this study is to provide basic data required to work out measures to improve profitability of regional public hospitals in future by analyzing of Interrelation between Operating Expenses to Patient Revenues and Profitability of Regional Public Hospitals. For reference of this analysis, the data compiled in 2008 by 34 regional public hospitals in Korea were utilized. This study focused on operating margin and net profit to gross revenues as a measurement index of profitability. As a result, it was found that there were significant differences in hospital profitability between a higher and lower groups depending upon relevant indices such a Salaries to Patient Revenues and Administrative Expenses to Patient Revenues. In conclusion, to improve the profitability of regional public hospitals, the efforts to reduce Salaries to Patient Revenues and Administrative Expenses to Patient Revenues might be needed.