기업의 동반성장 노력과 재무성과의 선후행 관계 : 순위 프로빗 모형을 이용한 계량적 동반성장지수의 산출

The purpose of this study is two-fold : the one is to examine the causal relationship between domestic large firms'win-win growth effort and their financial performance by fiscal years; and the other is to develop a quantitative win-wingrowth index to overcome the limitation of the current one mainly using a survey method developed by NCCP (NationalCommission for Corporate Partnership). To serve the first purpose, we take a sample of 128 large companies whosewin-win growth indices as of year 2011 and 2012 were evaluated by NCCP. We use their respective fiscal year's financialdata to select 62 candidate financial ratios, which are then used in subsequent empirical tests. For the tests, weemploy ordered probit model with stepwise selection method and two-way ANOVA with randomized block design toidentify which of the 62 financial ratios are statistically significant ones to affect the firms’ win-win growth index aswell as to determine if the firms’ win-win growth effort would cause their financial performance positively. To servethe second purpose, we devise a model using the 123 firms’ 45 financial ratios, which employs ordered probit modelwith stepwise selection, and the validation of the model follows. We claim that the model suggested in this studyserve as an alternative complementing the current one as it can produce the index in a more objective and swiftmanner using the firms’ publicized financial statements.