• Title/Summary/Keyword: Monitoring Role

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Global Financial Crisis and the Monitoring Role of Foreign Investors (글로벌 금융위기와 외국인투자자의 감시자 역할)

  • Rhee, Chang Seop;Chun, Hong-min;Soh, Seung Bum
    • The Journal of the Korea Contents Association
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    • v.19 no.9
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    • pp.233-241
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    • 2019
  • The purpose of this study is to empirically analyze whether the influence of foreign investors from the monitoring role in Korean capital market is observed differently in accordance with the global financial crisis situation. We collected a total of 2,919 firm data from 2003 to 2015 and performed the empirical tests between foreign investor ownership and firms' cost of equity capital separately according to the situation of the global financial crisis. From the empirical results, foreign investors in general were playing a positive function in the Korean capital market by effectively performing the monitoring role for companies. However, we observed that their monitoring role is not effectively performed when the risk level of capital market is maximized, such as during the global financial crisis. The study suggested that the influence of foreign investors may vary depending on the level of risk in the capital market, which is expected to contribute to the market participants and academia.

Individual Blockholder's Influence on Accounting Quality: Evidence from Korea

  • YIM, Sang-Giun
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.1
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    • pp.59-69
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    • 2020
  • This study investigates the influence of individual blockholder on accounting quality. Prior studies investigating Korean blockholders' influence focus on the influence of controlling shareholders or institutional investors; however, they rarely examine individual blockholders' influence. This paper investigates how individual blockholders in Korean stock markets affect accounting quality of firms listed in Korean Stock Exchange. I analyze individual blockholders' influence on proxies of accounting quality using multivariate regression with hand-collected individual blockholder data. Korean law requires public firms to disclose the list of shareholders having no less than 5% of ownership. From the list of blockholders, individuals who have no explicit personal relation with controlling shareholders were classified as individual blockholders. My empirical results show that firms having individual blockholder(s) use more income-decreasing accruals than those having no individual blockholder. Furthermore, accounting information of firms having individual blockholders(s) is more conservative than that of firms having no individual blockholders. However, the presence of individual blockholder increases the tendency of loss avoidance and earnings management using overproduction and reduction of discretionary expenditure. This paper contributes to the literature by presenting the first evidence of the monitoring role of an individual blockholder on financial reporting of firms listed in the Korean stock markets.

The Effects of Female Auditors on the Sensitivity of Executive Compensation to Performance (여성감사가 경영자 보상의 성과 민감도에 미치는 영향)

  • Luo, Jing;Cho, Young-Gon
    • The Journal of the Korea Contents Association
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    • v.20 no.11
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    • pp.184-191
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    • 2020
  • Using 850 disclosures of individual executive compensation from 2014 to 2017, this study examines the impact of female auditors on the sensitivity of executive compensation-performance relation. The major findings as follow: First, Female auditors have positive effects on the sensitivity of executive compensation to performance, implying that when auditors are appointed to be females who are more ethical, of high moral development, risk averse and conservative as well, they play an efficient monitoring role in aligning executive compensation to performance. Second, the monitoring effects of female auditors on the sensitivity of executive compensation to performance are significant when they are full time employed, suggesting that gender-based differences are more likely to be realized on the condition that they are in position to commit to their jobs for their owns. The results overall support that female auditors exercise efficient monitoring roles in aligning executive compensation to performance in Korean listed firms. The research contribute to complement the study of gender effects on corporate decision making, which have been focused on gender diversity of the board, by providing empirical evidence of the impact of female auditors on the sensitivity of executive compensation-performance relation.

The Effects of National Pension's Ownership on Corporate Philanthropic Giving (국민연금 지분 투자가 기부금 지출에 미치는 영향)

  • Park, Chul-Hyung;Cho, Young-Gon
    • The Journal of the Korea Contents Association
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    • v.20 no.3
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    • pp.73-80
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    • 2020
  • Using 8,499 observations from 5 years-1,878 firms panel data during 2014 to 2018 in Korean stock exchanges, this study examines the impact of National Pension's ownership on corporate philanthropic giving. The empirical study finds that National Pension's ownership has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset and total sales, implying that National Pension plays a monitoring role in promoting target firms to increase the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values. The empirical study also finds that when National Pension is a blockholder holding more than 5% ownership in the target firms, it has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset, implying that it exercises disciplinary roles on focal firms in promoting the extent of corporate philanthropic giving in order to increase target firms' long-term values. The results overall support that National Pension plays positive effects on target firms in promoting the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values.

Location Tracking and Visualization of Dynamic Objects using CCTV Images (CCTV 영상을 활용한 동적 객체의 위치 추적 및 시각화 방안)

  • Park, Sang-Jin;Cho, Kuk;Im, Junhyuck;Kim, Minchan
    • Journal of Cadastre & Land InformatiX
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    • v.51 no.1
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    • pp.53-65
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    • 2021
  • C-ITS(Cooperative Intelligent Transport System) that pursues traffic safety and convenience uses various sensors to generate traffic information. Therefore, it is necessary to improve the sensor-related technology to increase the efficiency and reliability of the traffic information. Recently, the role of CCTV in collecting video information has become more important due to advances in AI(Artificial Intelligence) technology. In this study, we propose to identify and track dynamic objects(vehicles, people, etc.) in CCTV images, and to analyze and provide information about them in various environments. To this end, we conducted identification and tracking of dynamic objects using the Yolov4 and Deepsort algorithms, establishment of real-time multi-user support servers based on Kafka, defining transformation matrices between images and spatial coordinate systems, and map-based dynamic object visualization. In addition, a positional consistency evaluation was performed to confirm its usefulness. Through the proposed scheme, we confirmed that CCTVs can serve as important sensors to provide relevant information by analyzing road conditions in real time in terms of road infrastructure beyond a simple monitoring role.