뷰티기업의 현금전환주기가 기업가치에 미치는 영향에 관한 연구

This study examines the effect of the cash conversion cycle (CCC) on firm value for beauty firms listed on the KOSPI and KOSDAQ markets on the Korea Exchange. Using firm-year data from 2011 to 2023, a panel regression model is employed to identify both linear and nonlinear relationships between the CCC and firm value. The dependent variable constituting the model is the firm value measured by Tobin Q, while the explanatory variables include the CCC and its quadratic term. Control variables include firm size, leverage, sales growth rate, cash flow, systematic risk, and foreign ownership. The main findings are as follows: (1) In the analysis of a research model which includes both the CCC and its quadratic term, using the entire sample a U-shaped relationship between the CCC and firm value is found. (2) In both KOSPI and KOSDAQ subsamples, the relationship between the CCC and firm value is consistently U-shaped. (3) The CCC has a U-shaped relationship with firm value before the COVID-19 pandemic. However, this relationship shifts to an inverted U-shape after the pandemic. This suggests that the global crisis caused by the COVID-19 pandemic can affect the relationship between the CCC and firm value. To the author’s knowledge, this is the first study to examine the impact of working capital management on firm value in Korean beauty firms. This study is expected to encourage further research on working capital management.