재무성과가 높은 외식기업의 집중화 전략이 자본구조에 미치는 영향에 관한 연구

Abstract

A Relationship Study of Focus Strategy and Capital Structure of Foodservice Enterprises with High Financial Performance

An, Kwang-Jin

Department of Tourism Management Graduate School of Business Administration Pukyoung National University

Abstract

Foodservice enterprises are mostly dedicated in one specific foodservice industry. The author reviewed financial items of the foodservice companies in order to identify differentiation characteristics including relatively large amount of marketing cost and R&D investment, and cost leadership characteristics including relatively small amount of cost of food and beverage and relatively large amount of fixed tangible asset intensity. The author found most of the foodservice enterprises with high performance practiced relatively large amount of marketing cost and relatively small amount of cost of food and beverage. This naturally leads to the idea that most of the foodservice companies with high financial performance practice focus strategy. The purpose of this study is to examine a relationship of focus strategy and capital structure of foodservice enterprises with high financial performance. This uses data of 69 foodservice companies from KISVALUE with the audited financial statements, showing positive net operating income for 4 years after sub-prime mortgage crisis. This provides important empirical evidence between focus strategy and capital structure by supporting the study of Jordan, Lows, & Taylor (2003). The results indicate that capital structure and focus strategy are linked in relative small amount of cost of food and beverage, but they are not linked in relatively large amount of marketing cost or relatively large amount of fixed tangible asset intensity. The less amount of cost of food and beverage, the higher debt ratio is, and the more focus strategy is, and the higher financial performance is. Thus, there is a relationship of focus strategy and capital structure of foodservice enterprises with high financial performance. Most of related studies focus on large companies. This study results are considered important in that this focuses only small and medium-sized enterprises.

Key words : Foodservice, focus strategy, capital structure, high financial performance, KISVALUE