건강기능식품 제조업체의 수익성에 대한 영향 요인 분석

Factors Affecting the Profitability of Health Functional Foods Manufacturers

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This paper analyzes factors that affect the profitability of health functional food manufacturers from the strategic business management perspective. For this purpose, we estimated a two-way error components model based on panel data of financial statements for health functional foods manufacturers, considering time effects. Our empirical evidence suggests that both industry-level and firm-level strategies are needed for individual firms to gain a competitive advantage by enhancing their profit performance. In response to competition intensification within the health functional food industry, they should consider the following efforts to increase profit performance to secure a competitive advantage: (1) expanding the firm’s size, (2) increasing market share, (3) realizing leverage effect through efficient capital management, (4) enhancing the advertising effectiveness, and (5) improving the efficiency of resource management.