연결 대상 계열회사들의 광고선전비 증가가 매출액 증가를 통해 지주회사의 상표권사용수익 증가에 끼치는 효과

[Purpose] The purpose of this study is to identify that an increase in advertising expenses of consolidated affiliates is a factor that increases internal transaction amounts within consolidated corporate groups by investigating indirect effects of increases in advertising expenses of consolidated affiliates on increases in brand royalties of holding companies using increases in sales of the affiliates as a mediator by referring to criteria for calculating brand royalties. [Methodology] This study selected samples that could separately identify the changing variables of brand royalties and advertising expenses from 2012 to 2020 based on the annual reports of the companies after obtaining data on companies that have reported as holding companies under the Fair Trade Act as of the end of September 2020. [Findings] The results are as follows. First, increases in advertising expenses of consolidated affiliates had a positive effect on increases in sales of the companies. Second, increases in sales of the companies significantly had a positive effect on increases in brand royalties of holding companies. Third, increases in advertising expenses of consolidated affiliates had not significantly direct effect on increases in brand royalties of holding companies, but had a positive indirect effect on them through increases in sales of the affiliates. [Implications] This study identified that increases in advertising expenses of consolidated affiliates increased brand royalties that corresponds to internal transaction between the affiliates and holding companies. I hope that this study will provide an insight on the need to reconsider the calculation criterion, which is a method of deducting advertising expenses from sales of affiliates.