• The Korean Journal of Financial Studies
• /
• v.1 no.2
• /
• pp.331-349
• /
• 1994

자본구조 이론은 자본조달이 기업의 가치에 영향을 미칠 수 있을 것인가를 중심으로 연구되어 왔으며 최근에는 자본구조의 결정요인으로서 대리인 비용(Agency cost)을 도입하여 기업의 자산형태와 자본구조간의 상호작용 가능성에 대해 분석되고 있다. 본 연구에서는 MM이론 이후의 자본구조에 관한 발전과정에 대해 이론적 고찰을 하고 우리나라 상장기업을 20개 업종으로 분류하여 대리인 비용을 중심으로 자산형태가 자본구조에 어떠한 영향을 미치는가를 실증분석 하였다. 실증분석결과 유형고정자산투자는 leverage와 정의 상관관계를 보였으며 무형고정자산투자는 leverage와 부의 상관관계를 보인다. 그러나 수익성이 높은 기업은 leverage와 정의상관관계를 보여, 수익성이 높을 수록 부채를 적게 이용한다는 Myers의 이론이 우리나라에서는 타당성이 없음을 증명하고 있다.

• The Korean Journal of Financial Management
• /
• v.15 no.1
• /
• pp.245-261
• /
• 1998

본 논문은 다기간 대리모형에서 나타날 수 있는 대리비용 중에서 대리인과 위임자의 의사 결정고려기간(decision-making horizon)의 차이로 인해서 발생할 수 있는 과소투자유인을 연구 대상으로 하고 있다. 대리인인 경영자는 자신의 명성을 고려해서 투자효과가 자신의 임기내에 나타나는 투자안에 높은 관심을 가질 것이다. 그런데 계속기업을 전제로 하면 대리인인 경영자는 위임자인 주주보다 투자의사결정시 고려하는 기간이 짧아서 과소투자의 가능성이 존재한다. 동적최적화 기법을 이용한 이론적 모형의 결과도 대리계약기간이 짧을수록 투자수준이 낮을 것으로 나타났다. 이러한 내용을 한국상장기업들을 대상으로 임원근속기간과 설비투자수준의 관계에 대해서 실증분석한 결과, 이론적 기대와 일치하지만 통계적 유의성은 낮은 편이었다. 이같은 결과는 전문경영체제가 확립되어 있지 않은 한국기업환경의 특성에 기인한다고 생각된다.

• Journal of Korea Technology Innovation Society
• /
• v.20 no.1
• /
• pp.239-270
• /
• 2017

This paper examines the relationship between ownership structure and the intensity of R&D expenditures of a firm by analyzing the panel data composed of 553 manufacturing firms in KSE(Korea Stock Exchange) and KOSDAQ listed firms for the period of 2007-2014. The major findings are as follows; (1) Regarding the relationship between CEO stockholding and R&D intensity, we find the inverted-U shape relationship in KOSDAQ firms, consistent with the theoretical discussion and empirical studies on U.S. firms. The result suggests that management stockholding reduces agency problem at the R&D margin. On the contrary, the insignificant result in KSE firms seems to be due to the scant stockholding of most 'non-owner' CEOs. (2) Regarding the relationship between the largest shareholder's portion and R&D intensity, KSE firms exhibit negatively significant relationship, suggesting the existence of serious agency problem between the largest shareholder and the minor shareholders. This agency problem seems to be alleviated in KOSDAQ firms mainly because the founders with technology expertise are still in charge of the business. (3) Foreign investors seem to fail in effectively encouraging R&D expenditures in either KSE or KOSDAQ listed firms. This study contributes to the existing literature by showing for the first time that ownership structure affects R&D activities in different ways between KSE and KOSDAQ firms.

• The Journal of Society for e-Business Studies
• /
• v.21 no.3
• /
• pp.51-78
• /
• 2016

Online-to-offline (O2O) commerce is the new trend that merges online commerce with traditional industries in various fields. The primary purpose of this paper is to find out which factors influence customers' intention to switch from call-based driver-for-hire services to O2O app-based services. This study used variables and factors based on Theory of Switching Intention, and Extended Unified Theory of Acceptance and Use of Technology in order to design research questions. We surveyed 500 users of call-based driver-for-hire services. According to the result of this study, dissatisfaction with the current call-based driver-for-hire services is estimated to be a significant factor that strengthens customers' intention to switch from the call-based driver-for-hire services to the app-based services. Loyalty to the previous call-based driver-for-hire services was not seen as a crucial motivator that causes customers to switch to the new O2O driver service. Switching cost also did not play a key role in explaining the relationship between dissatisfaction with the current call-based service and the intention to use the new app-based service. Performance expectancy, easiness in use, the level of user's knowledge or available assistance in relation to the use of app-based services, and expectancy for reasonable price was found to have meaningful impacts on customers' intention to switch from the call-based driver-for-hire services to the app-based services. Age, gender and user experience on the new service were found incapable of moderating the relationship between aforementioned factors which influence customers' choice of the app-based driver-for-hire service, and customers' intent to switch to the app-based service.

• Korean Journal of Legislative Studies
• /
• v.16 no.1
• /
• pp.35-67
• /
• 2010

이글은 대의민주주의에서의 입법 메커니즘에 대한 이론적 논의를 전개한다. 이러한 논의를 근거로 한국 국회의원의 입법생산성에 영향을 미치는 변수들을 도출하고, 이 변수들이 16대와 17대 국회의 입법생산성에 미치는 효과를 분석한다. 이글의 경험분석은 국회의원의 입법생산성은 이들의 학력, 법조경력, 관직경력, 의정경력 같은 개인적 배경과 서로 무관하다는 사실을 보여준다. 이글의 경험분석에 의하면, 국회의원들의 개인배경보다는 원내 정당간의 역학관계와 소속정당의 여당지위, 그리고 의회요인들이 국회의원들의 입법생산성에 영향을 미치는 것으로 밝혀졌다. 이러한 분석결과는 한국 대의민주주의의 작동과 관련된 함의를 제공한다. 국회의원의 입법활동에 대한 정보를 접하기 어려운 환경에서는 국회의원의 개인배경에 의존하는 국회충원 방식이 대리인문제를 유발할 가능성이 높다. 이글은 국회의원 입법활동에서 발견되는 대리인 문제의 해소를 위한 제도적 방안들에 대해 논의한다.

• Journal of the Korea Society of Computer and Information
• /
• v.27 no.1
• /
• pp.193-200
• /
• 2022

In this paper, we examined the causes of privacy concerns and related factors in social log-in services. On the basis of the 'principal-agent theory,' we established factors such as perceived information asymmetry and fear of seller opportunism affecting information privacy concern of social log-in services users. In addition, we analyzed the relationship between the information privacy concern and intention to use on the basis of the 'privacy calculus theory'. The results of the study showed that (1) fear of seller opportunism had the significant effect on information privacy concerns, (2) information privacy concerns had the significant effect on perceived risk, (3) in accordance with the privacy calculus theory, perceived risk had the negative effect on intention to use, while perceived benefit had the positive effect on intention to use. The findings of the study are expected to help to improve the social log-in service firms' understanding for customers' information privacy protection behaviors.

• Management & Information Systems Review
• /
• v.34 no.3
• /
• pp.61-78
• /
• 2015

The purpose of this study is to analyze the impact of cash holdings on internationalization of listed manufacturing firms. We explore moderating effect of managerial ownership between cash holdings and internationalization of firms. We analysed cross-sectional data of 645 listed companies from 2000 to 2013 using the fixed effects estimation. Empirical results showed that the there was a positive significant relation between cash holdings and internationalization of firms This study also found that managerial ownership have a significant negative moderating effects in the pathway between cash holdings and internationalization Cash liquidities can be rapidly induced internationalization. Managerial ownership increase agency cost, therefore, it might have a negative effects on internationalization These results suggest that agency cost with cash holdings is very important for cash management.

• Journal of Navigation and Port Research
• /
• v.33 no.10
• /
• pp.743-756
• /
• 2009

This paper tries to analyze how the governance institutions of the Port Authority of New York and New Jersey overcome agent problems in public agencies based on the Principal-Agent Theory, and find the implications that will be helpful to the governance of port authorities in Korea. The Port Authority's governance is characterized by decentralization of personnel rights, open meetings policy, freedom of information policy, public hearings, and fiscally self-supporting system. Those characteristics are helpful in overcoming the agent problems of public agency, such as adverse selection, moral hazard, and complicated external structure, through reinforcing of monitoring agent by principal, easing of information asymmetry between principal and agent, and clarification of organizational ownership structure. Those characteristics may give many implications for the design of governance structures of port authorities in Korea.

• Journal of Digital Convergence
• /
• v.18 no.6
• /
• pp.17-32
• /
• 2020

This study analyzes the regulatory issues of stakeholders, the firm, the government, and the individual, in the data industry using the principal-agent theory. While the importance of data driven economy is increasing rapidly, policy regulations and restrictions to use data impede the growth of data industry. We applied descriptive case analysis methodology using principal-agent theory. From our analysis, we found several meaningful results. First, key policy actors in data industry are data firms and the government among stakeholders. Second, two major concerns are that firms frequently invade personal privacy and the global companies obtain monopolistic power in data industry. This paper finally suggests policy and strategy in response to regulatory issues. The government should activate the domestic agent system for the supervision of global companies and increase data protection. Companies need to address discriminatory regulatory environments and expand legal data usage standards. Finally, individuals must embody an active behavior of consent.

• Management & Information Systems Review
• /
• v.35 no.3
• /
• pp.155-171
• /
• 2016

Separation of management with ownership induces the agency problems between CEO and shareholders of Chinese firms. To solve this problem Chinese government has enforced the "stock incentive management law for stock listed companies" since 2006. However, it has not been clear that this law is beneficial to reduce the agency cost and thus to increase the performance of Chinese firms. This study aims to answer this question. It is specifically designed to explore the effects of CEO's stock incentive on the performance of Chinese firms. It also examines the moderating effects of the characteristics of the board of directors on this relationship. Using a multi-year sample (2008-2014), we found that CEO's stock incentive is positively related to firm's performance. We also found that the equity stakes of board members strengthens the positive relations between CEO's equity incentives and firms' performance. On the other hand, contrary to expectations, the independency of the board of directors does not significantly moderate the relationship between CEO's equity incentives and firms' performance. Based on the findings, this study provides valuable implication for theory and practice.