기업 이미지 제고를 위한 비용이 경영성과와 기업가치에 미치는 영향

The purpose of this study is to analyze the effects of Image expenes such as advertising, entertainment, and donation expenditures on business performance using ROI as an indicator of business performance, Tobin Q, and Ohlson (1995) model of corporate value measurement. From 2010 to 2015, this study examines the effect of advertising, entertainment, and donations on the performance and value of the company. This study also divides sample data into according to the size of the company and the financial markets (KOSDAQ, KOSPI) respectively. The results of the study are as follows. The empirical results show that return on assets (ROI) is significantly associated with entertainment (ENT) and advertising cost (AD), and there is a significant positive relationship between donations (DON) and ROI. Entertainment costs and advertising costs have a negative impact on business performance, and donations can have a positive impact on business performance. In the case of financial markets(MKT), the sample data of KOSDAQ market has a positive relationship between ROI and image expenses such as entertainment, advertising cost and donations. Entertainment costs (ENT), advertising spending (AD), and donations (DON) show positive (＋) relationship with ROI as companies increase in size (SIZE). The results of the analysis using the Tobin Q model show that the advertising expenditure (ADVE) has a significant (＋) influence on the management performance, and the entertainment expenses (ENT) and donation (TCONT) (＋). The results of Ohlson(1995)’s models show that only entertainment expense (ENT) has a positive effect on the company value. Advertising(AD) and donation(DON) show positive value relevance in the empirical results.