• The Korean Journal of Financial Management
• /
• v.18 no.2
• /
• pp.1-25
• /
• 2001

본 연구에서는 우리나라 기업에서 내부현금흐름과 부채가 투자지출과 어떠한 관계에 있는가를 분석함으로서 외부자금조달의 제약 및 대리인 문제가 투자지출에 미치는 영향을 분석하였다. 분석의 결과, 전체 기간에 대하여 투자지출은 내부현금흐름과 강한 양(+)의 관계를 나타내어 외부 자금조달의 제한이 투자지출에 큰 영향을 미치는 것으로 나타났다. 그러나 표본을 분류하여 분석한 결과, 단독기업이 재벌기업에 비해 정보비대칭 문제가 심각하므로 더 큰 외부자금조달의 제한에 직면할 것이라는 증거는 발견되지 않았으며, 주식시장의 장세에 따른 분석결과, 주가 상승기에 투자지출과 부채비율은 두드러진 음(-)의 관계를 형성함으로서 이 시기에는 부채가 투자를 억제하는 요인인 것으로 분석되었다. 또한 IMF 이후 1998년에는 내부현금흐름이 투자지출에 큰 영향을 미치지 않았으며, 투자기회가 적은 기업에서만 부채의 계수가 유의적인 음(-)으로 나타나 IMF 이전과는 다른 양상을 보였다.

• The Korean Journal of Financial Management
• /
• v.17 no.2
• /
• pp.1-28
• /
• 2000

본 연구에서는 경영자 소유지분과 자본적 투자지출의 관계를 이론과 실증분석의 양 차원에서 분석하였다. 우선 이론적인 분석에서는 경영자가 기업가치 극대화뿐만 아니라 규모극대화를 동시에 추구할 때, 기업의 자발적 투자지출은 경영자 소유지분의 함수라는 점을 보였다. 특히 2차효용함수의 가정하에서 자본적 투자지출과 경영자 소유지분의 관계는 경영자의 소유지분과 위험회피도, 확실성 등가에 의한 프로젝트의 순기대현금 흐름 수준에 따라 달라지는 것으로 나타났다. 또한 자본적 투자지출은 경영자의 효용함수 행태에 따라 경영자 소유지분이 낮은 수준에서는 소유지분의 감소함수이나 높은 수준에서는 증가함수로 반전되는 구조적인 전환점이 존재한다는 점을 밝혔다. 한편 90-95년 중 우리나라 상장 제조업의 자료를 바탕으로 규모극대화 기업과 규모비극대화 기업에 대하여 경영자 소유지분과 자본적 투자지출의 관계를 비교한 결과, 규모극대화 기업에서 경영자 지분이 약 30%인 구조적인 전환점을 중심으로 그 이전에서는 경영자 지분의 증가에 따라 자본적 투자지출이 감소하나 그 이후에는 증가함수로 단전되는 것으로 나타나 이론의 내용을 지지하였다. 그러므로 본 연구의 결과는 기존의 연구에서와는 달리 안주가설(entrenchment hypothesis)에 의하지 않더라도 경영자의 효용함수의 행태에 따라 일정한 경영자 소유지분 이상에서는 가치비극대화 행위가 지배할 있다는 점을 보여주고 있다.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.14 no.2
• /
• pp.674-680
• /
• 2013

This paper investigates the impact of liquidity constraints on investment expenditures of family and non-family firms. We analyze the ownership structure of family firms to determine whether family control alleviates or exacerbates investment-cash flow sensitivity in domestic firms. To examine the impact of liquidity constraints on investment expenditures of family and non-family firms, we used a financial data of 644 Korea Exchange traded companies over the 2000 - 2010 period. We estimated a time-series and cross-sectional regression model, using samples of family firms and non-family firms. The results show that cash flow is not associated with investment expenditure in family firms, whereas cash flow has a positive impact on investment in non-family firms. Our results show that lower or no investment-cash flow sensitivities in family-controlled firms are mainly attributable to lower agency costs through strong monitoring activities of family members. Higher investment-cash flow sensitivities are observed in non-family firms with more agency problems. This suggests that investment-cash flow sensitivities would be useful measures of liquidity constraints.

• Journal of Technology Innovation
• /
• v.21 no.2
• /
• pp.137-167
• /
• 2013

This article estimates the scale of impact of expanding governmental fiscal expenditure for R&D investment on the private business enterprise's investment for R&D, and the relationship between business enterprise and university for expanding investment of R&D. According to my results, first, an expanding fiscal expenditure from government for R&D investment leads to increase R&D investment from business enterprise. However, an expanding expenditure from university rather leads to decrease R&D investment from business enterprise. Secondly, the crowding-out effect of expanding R&D investment from University on business enterprise's is very strong, and it is affected by structural changes such as the country's economic power, fiscal stance and cyclical volatility. Third, the more governmental expenditure on university expansive is, the stronger asymmetric relationship between business enterprise and university is, and investment sources of university from business enterprise is the main factor of this relationship. Finally, it is not easy to solve out this asymmetric relationship even through the governmental subsidy.

• The Journal of the Korea Contents Association
• /
• v.20 no.3
• /
• pp.73-80
• /
• 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.

• Journal of the Korean Geographical Society
• /
• v.40 no.1 s.106
• /
• pp.47-62
• /
• 2005

This paper aims at analyzing the economic effect of the public financial expenditure on the national industrial complexes. Since public finance support is indirectly supplied to the national industrial complexes, the economic effect of the public financial expenditure on the national industrial complexes may be analyzed indirectly and circuitously In this contort, this paper uses 3 stage analysis method. In the first stage, the economic effect that the public financial expenditure influence the allotment, production and employment of companies residing in the national industrial complexes is analyzed by multiple regression analysis. In the second stage, the economic effect that the investment on the national industrial complexes influence the national and regional economies is analyzed by multiple regression analysis. In the third stage, the economic effect of the public financial expenditure on the national industrial complexes is analyzed through the compromising the results of the first and second stage. The main results of this paper are as follows. Firstly, public financial expenditure on the infrastructure of national industrial complexes leaded to positive growth of the allotment of companies residing in the national industrial complexes. Additionally, growth of the allotment of companies leaded to the positive effect on the production and employment of companies. And secondly, growth of the allotment of companies leaded to the positive effect on the gross regional domestic production. Finally, financial expenditure on the infrastructure of national industrial complexes leaded to positive effect on the national and regional economic growth through the compromising the results of the first and second stage.

• International Area Studies Review
• /
• v.12 no.2
• /
• pp.149-173
• /
• 2008

This paper empirically studies the relationship between R&D expenditures and firms value. First, we can conjecture that R&D expenditures are enhancing the firms value. Such findings depend on an existing research, which R&D expenditures are intangible asset rather than expenses. Although, under U.S. accounting standards, financial statements do not report intangible assets but costs. Second, we can conjecture that short-term, the rate of increase in R&D expenditures had negative influence on firms valuation, because such findings indicates that R&D spending of costs incur mis-pricing. But long-term, consistently R&D expenditures may attract investors on the stock market. Third, lately firms focus on capital efficiency management, such a firms R&D expenditures incur high ROE. Generally investors put too much confidence in capital efficiency management and high ROE may attract investors on the stock market. Finally, High-Tech through the R&D investment improve firms competitive advantage, by competitive advantage, firms have reduced cost and raised productivity in the end improve firms value.

• The Korean Journal of Financial Management
• /
• v.24 no.1
• /
• pp.59-83
• /
• 2007

In this paper, we test empirically free cash flows hypothesis about stock repurchase. The main results of this study can be summarized as follows. First, repurchasing firms do not experience a growth in profitability relative to their peer firms. Second, repurchasing firms experience a contraction in their investment opportunity, and so capital expenditures and cash reserves decline after the repurchase. Third, repurchasing firms experience a decline in systematic risk and investments and in their cost of capital. Fourth, the reduction in profitability and cost of capital are sources of the positive market reaction to the repurchase announcement. And the market reaction to stock repurchase announcements is stronger among those firms that are more likely to overinvest. Conclusively, these results support free cash flows hypothesis. When firms experience a decline in profitability, capital expenditures and cash reserves, systematic risk and cost of capital, they decide to repurchase stocks to reduce free cash flows.

• Journal of Technology Innovation
• /
• v.30 no.3
• /
• pp.1-34
• /
• 2022

This study examines the effect of CEO age on the value relevance of R&D which is the relationship between R&D expenditures and firm value. The value relevance of R&D expenditures is higher in companies with current older CEOs, while the relationship in companies with younger CEOs is lower than that of other companies. These results suggest that older CEOs tend to be conservative and make prudent R&D investment decisions. Because they make systematic investment decisions with rich experience, they are expected to have higher investment performance in the market. On the other hand, young CEOs choose risky investments in order to have their abilities highly evaluated in the labor market. The market places a high degree of risk on the R&D decision-making of young CEOs. Next, we analyze whether the age of the replaced CEOs affects the relationship between R&D expenditures and firm value. The result shows that the change of management increases the effect of R&D expenditure on firm value. However, in the case of being replaced by a younger CEO, this positive relationship becomes lower than that of other companies, showing results consistent with the case of the current younger CEO. The samples are analyzed by dividing them into conglomerates and non-conglomerates. In conglomerates, the age of the replaced CEOs does not affect the value relevance of R&D expenditures. Only non-conglomerates showed a negative (-) effect on the replaced younger CEOs. These results suggest that conglomerates maintain the stability of R&D management and performance so that the performance of R&D expenditures is not significantly affected by the age of the replaced CEOs. The reason is that mutual checks and support are coordinated within the group through decentralization of work and systematization of decision-making. This study shows evidence that the relationship between R&D expenditure and firm value according to the age of the replaced CEO is a phenomenon that only occurs in non-conglomerates. This phenomenon suggests that conglomerates are stably managing their R&D performance regardless of the change of CEOs or the characteristics of the CEOs.

• Proceedings of the Korean Association for Survey Research Conference
• /
• 2000.11a
• /
• pp.109-125
• /
• 2000

본 논문은 3개 기초자치단체 지역주민들을 중심으로 이들 지방정부의 투자우선지출 순위에 관한 지역주민의 의식을 분석해 보았다. 이러한 분석은 근본적으로 지방정부의 공공지출을 통한 투자사업 활동이 지역주민의 선호순위와 일치하는지를 검증해보기 위한 선행연구로서의 의미를 가지고 있다. 지역에 따른 행정기능별 우선지출 순위분석에서 볼 때 일반행정부문의 경우 세지역 모두 기획조정분야에 가장 큰 우선지출을 요구하고 있고 산업경제 부문의 경우 지역특산물생산과 지역공단육성에 큰 관심을 보이고 있으며 사회복지부문의 경우 쓰레기처리 및 폐기물관리 등에 우선적인 관심을 보여 생활환경의 정비에 큰 관심이 있는 것으로 분석되었다. 지역개발사업의 경우 도시계획 및 도시정비사업이 그리고 민방위부문의 경우 재난관리와 화재예방의 부문에 특히 우선지출의 관심을 보이고 있었다. 지방자치단체의 공공지출에 영향을 미치는 주요요인들은 주민참여도, 정부.기업관계, 정치적 연계, 기획과 예산구조, 공공투자 재원보조, 등으로 구성되어 있으나 각 요인별로 구성변인에 따른 지역주민간의 인식은 다르게 나타남을 알 수 있었다. 이상과 같은 지역주민들의 공공지출형태의 다양성과 여러 기대조건들을 충족시키고 그럼으로써 행정서비스에 대한 지역주민의 만족도를 극대화하기 위해서는 각 지방정부는 그들 지역내 특수한 사회 경제적 여건하에서 새로운 고객관리전략을 수립하여야 할 것이다.