생산성과 주가수익률의 관계에서 수익성과 활동성의 매개효과

• 영문명: The Mediating Effect of Profitability and Activity on the Relationship between Productivity and Stock Return
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 지창수(Chang-Soo Ji) 오상훈(Sang-Hoon Oh) 이상열(Sang-Ryul Lee)
• 간행물 정보: 『아태비즈니스연구』제11권 제2호, 189~206쪽, 전체 18쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2020.06.30

영문 초록

Purpose - The purpose of this study is to clarify the mediating effect of profitability and activity in the relationship between productivity and stock return, assuming that the productivity of the company will affect share prices with the parameters of profitability and activity. Design/methodology/approach - The study extracted productivity indicators, profitability indicators, activity indicators, and share price-related indicators from 1999 to 2018 of non-financial enterprises listed on the securities market, and then classified them into three factors: productivity (labor productivity LP, capital productivity CP), activity (TT), and profitability (net profit rate NI, operating profit ratio OI) through the factor analysis method, and analyzed the impact of each factor on the stock return through steps 1 to 3. Findings - The regression analysis shows that productivity has a significant positive effect on the stock return through the full mediating effect of profitability and activity. Research implications or Originality - In a situation where the relationship between productivity and profitability is not clear, this study is meaningful in that it has empirically analyzed that productivity has a positive effect on the stock return by mediating effects of profitability and activity.

목차

Ⅰ. 서론

Ⅱ. 이론 및 선행연구 검토

Ⅲ. 연구모형 및 연구가설

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Activity Mediating Effects Productivity Profitability SAR