Study on the Effects of Certified Excellent Logistics Companies on Firm Investment Activities

Lee, Sung-Yhun

doi:2025.49.1.93

J Navig Port Res > Volume 49(1); 2025 > Article

Article

Journal of Navigation and Port Research 2025;49(1):93-100.
DOI: https://doi.org/10.5394/KINPR.2025.49.1.100 Published online February 28, 2025.

우수물류기업 인증이 기업투자활동에 미치는 영향에 관한 연구

이성윤

가야대학교 경영물류학과 교수

Study on the Effects of Certified Excellent Logistics Companies on Firm Investment Activities

Sung-Yhun Lee

Professor, School of Port and Logistics, Kaya University, Gimhae, 208

Correspondence: Sung-Yhun Lee, Tel: 053)330-1164/1197,
Email: leesy@kaya.ac.kr

Received: 11 October 2024 • Revised: 18 October 2024 • Accepted: 24 October 2024

Abstract

This study explores the relationship between obtaining Certified Excellent Logistic Company (CELC) certification and firm investment activities, building on prior research. To achieve this, we constructed a financial panel dataset comprising 1,404 observations from 69 CELC-certified companies. The study considers the characteristics of panel data, including individual firm traits, time effects, heteroscedasticity, and autocorrelation in error terms, to validate the research model. The analysis revealed a negative relationship between the CELC certification variable (CST) and investment activities (IST), indicating that cash flows for investment activities decreased post-certification. Conversely, a positive relationship was found between the variable for obtaining certification in two or more areas (DCRT) and investment activities (IST), suggesting that companies with multiple certifications enhanced their management environment, leading to increased investment activities. Robustness tests confirmed these findings, and a long-term negative relationship between certification and investment activity was also identified. This study offers valuable insights into improving the CELC system, thereby enhancing the competitiveness of logistics companies and contributing to the development of the logistics industry.

Key Words: certified excellent logistics company, firm investment activity, logistics firm, firm performance, firm efficiency