ScholarWorks@중앙대학교

초록

This study examines the determinants of financial performance of PPs using panel data. Fixed-effects regression, dynamic panel GMM, and rolling regression analyses consistently show that NPM has a positive effect on both ROE and ROA. This suggests that the financial performance of PPs is primarily driven by fundamental operating profitability rather than asset efficiency or financial leverage. In contrast, AT does not exhibit a significant effect, reflecting the characteristics of the broadcasting industry, while an increase in EM negatively affects ROE. In line with structural changes in the broadcasting environment, profitability has simultaneously deteriorated across multiple PPs as of 2024, indicating a paradigm shift from growth-oriented to survival-focused operations. Based on these findings, this study emphasizes the importance of prioritizing content competitiveness, cost efficiency, and revenue diversification for achieving sustainable performance in the PP market.

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