외식기업의 자본구조가 기업성과에 미치는 영향에 관한 연구

Abstract

This study examined the relationship between capital structure and performance of firms in the food service industry. The sample in the study is firm-year data compiled from 30 food service industry firms listed on the Korea Exchange from 2010 to 2018. A panel regression model was used for analysis considering that the sample has properties of the panel data. Dependent variables in our model were the proxies for the firm performance, such as stock price, return on assets, and return on equity. Explanatory variables were capital structure, such as total liability ratio, current liability ratio, and non-current liability ratio. In addition, control variables were selected as variables that were deemed to affect the firm performance, such as firm size, asset intensity, firm age, sales growth rate, and advertising expenses. We found that capital structure had a significant negative (-) effect on the financial and accounting performance of the firms. This implicates that, on the basis of the theory of trade-off capital structure, the firms use a relatively high level of debt compared to the optimal capital structure. Given that there have been few of studies on the relationship between capital structure and corporate performance of firms in the food service industry in Korea, this study is expected to contribute to activating research related to this area in the future.