The Impact of Training and Employee Benefits Expense on Business Performance -Focused on KONEX Enterprises-

교육훈련비와 복리후생비가 기업의 경영성과에 미치는 영향 -KONEX 기업을 중심으로-

  • Received : 2017.04.12
  • Accepted : 2017.05.12
  • Published : 2017.05.31


Since the KONEX market was launched in 2013, many studies of the market have focused on policy reports and management of the market. In this study, we analyzed the impact of training and employee benefits expenses on business performance in the KONEX market in comparison with firms in the KOSDAQ 100. The expenses associated with employee training and benefits can have an overlapping power when explaining the business performance. To determine the net effect of each variable on business performance, we used regression by successive orthogonalization. The training and the employee benefits expenses in both markets showed a positive effect on business performance. However, in the KONEX market, we found that the lag effect of training expense to business performance was relatively smaller than in the KOSDAQ 100. This difference may be related to problems such as short continuous service and frequent turnover of SMEs in Korea, and implies that overall human resource management should be implemented to increase the efficiency of training expenses.


KONEX;Panel Data;Regression by successive orthogonalization;SME;Training expense and employee benefits


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