연구개발비, 광고선전비 및 교육훈련비가 수익성에 미치는 영향

Purpose - The purpose of this study is to verify the effect of R&D expenses, advertising expenses and education and training expenses on profitability of manufacturing companies. Design/methodology/approach - Multiple regression analysis was conducted with R&D expenses, advertising expenses and education and training expenses as an independent variables, and Return on Assets (ROA) and Return on Equity (ROE) as dependent variables to verify the hypotheses. Findings - The empirical analysis showed that R&D expenses and advertising expenses had a statistically significant positive (+) effect on profitability (ROA and ROE). On the other hand, education and training expenses were showed to have a negative (-) effect on profitability, but the result was not statistically significant. Research implications or Originality - The results of this study imply that expenditures on R&D and advertising activities can improve corporate profitability. Therefore, it will be useful information for corporate management decisions, investors' investment decisions, further on for policy decisions by relevant government authorities. Additionally, since this study is based on an analysis of domestic listed manufacturing companies, further research could be conducted by expanding the scope of target companies.