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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 47, No. 5, pp.1049-1081
ISSN: 1226-1874 (Print)
Print publication date 31 Oct 2018
Received 09 May 2018 Revised 01 Aug 2018 Accepted 17 Aug 2018
DOI: https://doi.org/10.17287/kmr.2018.47.5.1049

The Role of Managerial Ability on the Relation between SG&A Cost and Future Profitability

Sera Choi* ; Jiwon Hyeon** ; Sewon Kwon***
*(First Author) Ph.D Candidate, Business School, Seoul National University src0422@snu.ac.kr
**(Corresponding Author) Visiting Researcher, Institute of Management Research, Seoul National University isle19@snu.ac.kr
***(Co-Author) Assistant Professor, College of Business Administration, Sejong University k4js1@sejong.ac.kr
경영자 능력이 판매관리비 원가관리와 미래 성과의 관계에 미치는 영향에 대한 연구
최세라* ; 현지원** ; 권세원***
*서울대학교 경영학과 박사과정, 주저자
**서울대학교 경영연구소 객원연구원, 교신저자
***세종대학교 경영대학 조교수, 공저자

Abstract

We examine whether managerial ability affects the relation between selling, general, and administrative costs (hereafter, SG&A costs) and future profitability. To operationalize our research question, we employ Baumgarten, Bonenkamp, and Homburg (2010)’s approach in differentiating an increase in the SG&A ratio as managers’ deficient cost control (SG&A cost inefficient firms) versus deliberate investment on input resource (SG&A cost efficient firms), which is intended by the management to improve future performance. Using Korean listed firms from 2000 to 2014, we find that the positive association between changes in SG&A ratio and future operating performance appears only in SG&A cost efficient firms. More importantly, we find that the positive association between changes in SG&A ratio and future operating performance among SG&A-efficient firms is mainly driven by high ability managers. Our findings fill the void in Baumgarten et al. (2010) by providing the evidence that the positive association between an intentional increase in the SG&A ratio and future profitability can be partially explained by high managerial ability.

초록

매출 대비 판매관리비 비율의 증가를 비효율적인 원가 관리로 보고, 결과적으로 미래 성과에 부정적인 영향을 미칠 것이라고 해석과, 이와는 반대로 매출 대비 판매관리비 비율의 증가를 투자의 관점에서 효율적인 원가 관리로 여겨 미래 성과에 긍정적인 영향을 미칠 것이라는 상반된 관점이 존재한다. 본 연구에서는 2000년부터 2014년까지 우리니라 유가증권상장기업을 대상으로 Baumgarten et al. (2010)에서 제시한 연구모형을 이용하여 매출 대비 판매관리비 비율의 증가가 경영자의 비효율적인 원가 관리로 인한 것인지 아니면 경영자에 의해 의도된 효율적인 원가관리인지 구분하였다. 분석결과, Baumgarten et al. (2010)의 결과와 일치하게 후자의 경우, 즉 경영자의 효율적인 원가관리에 의해 매출 대비 판매관리비 비율의 증가하였을 때 긍정적인 미래 성과로 이어졌다. 나아가, 본 연구에서는 Demerjian et al. (2012)가 제시한 경영자 능력 측정치를 사용하여 능력이 높은 경영자에 의해 매출 대비 판매관리비 비율의 증가가 계획된 경우에만 기업의 미래 성과에 긍정적인 영향을 미침을 검증하였다. 즉, 판매관리비 원가관리와 미래 성과와의 관계에서 원가조정에 대한 의사결정 권한이 가장 높은 경영자 개인의 특성 중 경영자의 능력이 이러한 관계를 설명할 수 있음을 밝힌 점에 공헌점이 있다.

Keywords:

Managerial ability, SG&A Cost, Fundamental analysis, Cost efficiency

키워드:

판매관리비 비율, 판매관리비, 기본분석, 경영자 능력

Acknowledgments

This manuscript has not been published previously and is not under consideration by another publisher or journal, and the study in this manuscript has been conducted in accordance with the Ethical Guidelines set forth by the Korean Accounting Association.

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• 저자 최세라는 현재 서울대학교 경영대학 회계학 박사과정에 재학 중이다. 이화여자대학교 경영학과를 졸업하고, 서울대학교 대학원에서 경영학 석사를 취득하였다. 주요연구분야는 경영진의 성과평가 및 보상, 원가행태 등이다.

• 저자 현지원은 현재 서울대학교 경영연구소 객원연구원으로, 서울대학교 경영학과를 졸업하고 동 대학원에서 경영학 석사와 박사학위를 취득하였다. 삼성전자에서 약 5년간 경영관리 업무를 담당하였고, 주요연구분야는 성과평가와 보상, 기업지배구조, 서술공시 등이다.

• 저자 권세원은 현재 세종대학교 경영대학 회계학 전공 조교수로 재직 중이다. 서울대학교 경영학과를 졸업하고, 동 대학원에서 경영학 석사 및 박사를 취득하였으며, 공인회계사 자격 취득 후 삼일회계법인에서 약 4년 가량 회계감사를 담당하였다. 주요연구분야는 경영진의 성과보상, 기업지배구조, Accrual anomaly 등이다.