기업수명주기가 광고선전비 및 판매촉진비와 기업성과 간의 관련성에 미치는 영향

초록

This study investigates the impact of firm life cycle on the relationship between marketing expenses and financial performance of firm. Marketing expenses can be divided into promotion expense and advertising expense, and these expenses are expected to increase the financial performance of firm. In the introduction stage or growth stage, advertising expense will be important for introducing new product. Meanwhile, in the shake-out stage or decline stage, promotion expense will be important for sales promotion. Therefore, the impact of advertising expense on the financial performance of firm will be larger in early stages than later stages. And the impact of promotion expense on the financial performance of firm will be larger in later stages than early stages. This study uses return on asset (ROA) and profit margin (PM) ratio to measure the financial performance of firm. And the sample consists of firms listed on Korean Stock Exchange for the period from 1993 to 2013. The result of this study shows that the impact of promotion expense on the financial performance is larger in later stages than early stages, and impact of advertising expense on the financial performance is larger in early stages than later stages. These results suggest that firm life cycle effects differently on the relationship between marketing expense and financial performance of firm.

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