• Journal of the Speleological Society of Korea
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• v.57
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• pp.31-48
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• 1999

본 연구는 1963년 천연기념물로 지정된 성류굴 주변의 관광상업지역 특성을 조사하여 관광지의 조성이 관광상업지역의 발전에 어떤 영향을 미쳤는가를 살펴보는데 그 목적이 있다. 연구를 위한 설문조사는 1998년 8월 29일에 관광상업지역 내의 전 상점을 대상으로 하여 이루어졌으며, 그 연구 결과는 다음과 같다. 첫째, 관광상업지역에는 10년 이상 된 업체가 절반 이상(52.6%)의 비중을 차지하고 있으며, 상점의 경영 동기는 관광객을 대상으로 하기 때문에 수익성이 좋을 것 같아서 개업한 경우가 많았고(57.9%), 경영주의 전직은 상업(31.6%)과 농업(26.3%)이 많았으며, 상점의 규모는 10평 미만의 상점을 운영하는 상점들이 많았으며, 20평 이상의 상점을 경영하는 경우는 개업한 지 10년 이상 된 장기 경영자들이 주류를 이루었다. 둘째, 경영주의 학력을 조사한 결과 고졸 출신들이 가장 많았고(52.6%), 현재의 업종을 구분한 결과 기념품점과 식당이 주류를 이루고 있었다. 또한 업종 변경을 고려하고 있는 가라는 질문에는 절반 이상(52.6%)이 고려하지 않고 있으며, 변경을 고려하는 경우에도 식당을 선호하는 것으로 나타났다. 셋째, 상점의 소유 형태를 살펴본 결과 임대하여 운영하는 경우(63.2%)가 더 많음을 알 수 있었고, 한편 개업연도와 소유 및 임대별 상황과 직주 분리 현황을 교차 비교한 결과 상점을 소유하고 있는 경영주보다 임대하고 있는 경영주가 직주분리를 더 선호하고 있다. 마지막으로 관광객들의 관광상품에 대한 불만 정도를 조사한 결과 대부분의 상점(78.9%)이 불만을 듣지 않고 있다. 이상에서 살펴본 바와 같이 최근 들어 강원도의 신흥 동굴관광지 조성으로 인해 관광객들이 감소하고 있으며, 이것은 성류굴 주변의 관광상업지역에도 영향을 미쳐 관광상업지역의 발전에 저해요소가 되고 있음을 알 수 있다.

• Management & Information Systems Review
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• v.34 no.4
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• pp.15-29
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• 2015

This study aims to empirically analyze the relationship between management ownership and corporate performance and stock returns indicates the ownership structure of the company to target the listed companies in China over the past five years from 2010 to 2014. The empirical results are as follows: Management ownership gave an impact on stock returns, especially high-stakes management ownership showed significant positive effect with the stock returns. But management ownership don't have significant positive effect with ROA. The contribution of this study is as follows. Chinese companies have the efficiency of the management through the separation of ownership and management in accordance with the changes realized in capitalism. And this study is reflecting the fact of China using the Chinese data. This study has limitations of that. Management ownership measurement of governance structure don't expand the range, and measurement of governance structure is just one. The following studies are expected to be more sophisticated by comparison of countries.

• Journal of Korean Society of Forest Science
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• v.105 no.3
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• pp.360-365
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• 2016

The purpose of this study is to provide the basic information for the early enforcement and extension of the improvement project of management scale of private forest land by understanding the characteristics of forest owners, who have an influence on the participation of the project as one of the private forest management vitalization plans. To achieve this goal, a questionnaire survey targeting 373 forest owners was conducted and analyzed by Binary-Logistic Regression. The variables for binary-logistic regression included gender, age, academic ability, occupation, income, residence, purpose of forest ownership, and status of cooperative membership. As a result of the analysis, 267 forest owners (71.6%) of total 373 forest owners have the intention to participate in the scaling project for private forest management. The rest of forest owners (106 forest owners, 28.4%) would not be willing to participate in the project. As a result of binary-logistic regression, the most important variables, which have an impact on the participation of private forest management scale improvement project, are age, job and forest own purpose.

• Korean Association of Arts Management
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• no.58
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• pp.179-204
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• 2021

Not only the consumption trend after the COVID-19 pandemic but also low financial interest rates have stimulated people to invest artworks. With the recent noticeable growth, art investments that mainly conducted by younger generation through online platform can be characterized by a fractional ownership in art market which means several people share one piece of artwork. This study explores 4 fractional ownership platforms in the domestic art market including Art Together, Art & Guide, Tessa, and Pica projects, using a business model canvas that describes nine key elements: Customer Segments, Value Proposition, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partners and Cost Structure. The four cases have similar business models, but the details of revenue streams are different. The key sources of revenue are the profit and commission of the work. Thus, maximizing the profit margin of artworks is the core of revenue streams, so selecting and purchasing highly profitable artworks are significant. Based on the analysis, there are 3 suggestions to continue fractional ownership platform businesses in art market successfully. First, it is required to have a long-term perspective on art investments, as a way to diverse asset portfolio. Second, business confidence should be increased to maintain customer loyalty. Third, the role of platforms as competent experts is important.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.1
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• pp.143-147
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• 2013

This paper examines the impact of corporate governance structure on the cost of debt. Total sample is divided into the small sample, the medium sample and the large sample of equity concentration, based on the equity ownership of large shareholders. Our regression results show that foreign investors are not associated with the cost of debt in the small and medium samples of equity ownership, whereas foreign investors are significantly associated with the reduction in the cost of debt in the large sample of equity concentration. Academic implications of our findings are that as the ownership of dominating shareholders rises, they seek their private interests of perks causing an increase in agency costs and a decrease in firm's economic value, thus expanding borrowing costs. Practical business implications are that foreign investors may alleviate agency problem of dominating large shareholders in the firm through monitoring activities, thus enhancing the efficiency of business decision-makings.

• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.161-180
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• 1993

본 논문의 목적은 일본기업집단(日本企業集團)의 재무(財務) 및 소유구조상(所有構造上)의 대표적 특징이라고 할 수 있는 상호주식보유(相互株式保有)에 대하여 역사적 형성과정을 살펴보고 기업재무입장에서 그 기능 및 역할을 분석하여 시사점을 얻는 것이다. 상호주식보유의 역사적 형성과정을 보면 2차 대전후 일본의 주요 재벌이 해체되고 강력한 소유분산정책이 시행되었지만 증자의 어려움과 경영권 침해라는 문제를 해결하는 차원에서 금융기관을 중심으로한 상호주식보유의 원형이 형성되었고 그후의 진행과정도 소유분산의 부작용을 해소하는 차원에서 진행되었다. 상호주식보유가 갖는 기업재무상의 의미는 다음과 같다. 첫째, 성숙되지 못한 자본시장을 대신하여 경영자를 감시할 수 있는 메카니즘으로 해설될 수 있다. 둘째, 광범위한 상호주식보유로 일본의 주요은행을 거래기업들에 대해서 채권자임과 동시에 유력주주가 되고 있는델 이러한 구조는 기업의 부채사용에 따른 대리인문제(代理人問題)(ageney cost of risky debts)를 해결하여 일본기업의 자본비용을 낮추는데 기여하고 있는 것으로 분석된다.

• The Korean Journal of Financial Management
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• v.15 no.2
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• pp.81-105
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• 1998

본 연구는 우리나라 주거래은행이 거래기업의 재무곤경감소나 채무조정방법의 선택에 어떤 영향을 미치는 가를 검증해 보기 위한 것이다. 만성적 재무곤경상태에 빠져 있는 52개의 상장 기업을 대상으로 7년간의 누적투자율이나 매출액증가율 및 이익증가율을 조사해 본 결과 주거래은행관계의 척도라 할 수 있는 최대대출비율이나 주식소유 비율이 누적투자율이나 누적매출액증가율에 거의 영향을 미치지 못하는 것으로 드러났다. 그러나 대그룹소속기업들은 재무곤경기간에도 지속적인 투자나 매출액증대를 보여 그룹간의 내부금융이나 신뢰성이 중요한 역할을 하는 것으로 보여진다. 한편 재무곤경비용의 감소를 누적이익증가율이라고 간주한 경우는 주거래은행의 주식보유비율이 누적이익증가율에 (-)의 영향을 미치는 것으로 나타났다. 이는 부도공시기업의 검증결과와도 일치한다. 주거래은행관계의 유효성은 채무조정방법의 선택에서 잘 나타난다. 최대대출비율과 금융기관의 주식소유비율이 높은 기업일수록 사적협상에 성공할 확률이 높은 것으로 나타나 주거래은행을 위시한 주요 채권단들이 채무조정을 주도적으로 이끌어 워크아웃을 성공시킬 가능성이 높으며, 기업자체의 성장성이나 경영지배권 등의 소유구조는 그리 큰 영향을 미치지 못하는 것으로 나타났다.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.63-87
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• 2010

This paper empirically examines whether ownership disperses when a venture firm its IPO (initial public offerings). The data for this study were collected from 91 firms that were initially listed on KOSDAQ between January 1, 2004 and December 31, 2007. We explored the influence of the underpricing of IPO on the change of large shareholders. The first finding of this investigation is that the number of shareholders of the venture firms who underpriced IPOs still increased after the closing of lockup. This is consistent with the findings of Booth and Chua(1996) and Brennan and Franks(1997). Second, the share of the large stockholders of the venture firms that a venture capital company invested decreased significantly after the end of lockup. Third, the venture businesses with higher ratio of flotation showed a significant decreasing of shareholders after the closing of lockup.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.19 no.37
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• pp.195-199
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• 1996

The objectives of this study are to analyze, based upon agency theory, empirically the relevance between ownership structure and corporate performance. In this study, samples are 285 firms listed in Korea stock exchage from 1990 to 1994. The results of this empirical test are summarized as follows : Insider-equity ratio of firm in Korea has been positively correlated with performance of corporate. This study intended to present the desirable implecations for seperation of ownership and management.

• The Journal of the Korea Contents Association
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• v.22 no.6
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• pp.692-700
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• 2022

This study was conducted to analyze firms' death rate and impact factors on the death of Foreign-invested Companies in Korea which is between 20013 and 2017. Cox Proportional Hazard Model took to conduct on the death impact factors, such as 2 characteristics factors of the firm, and 4 financial characteristics variables, variables, and 4 profitability factors. As a result of the impact factors of Foreign-invested Companies' death the Labour(NE) variables of characteristics firm had negative effects. And the Debt(LB), Operating Profit (OP), and Sales Profit (SP) of the financial characteristics had a negative effect. Other factors did not produce significant results. As a result of an empirically comparative analysis of the mortality rate of foreign-invested companies by the Kaplan-Meier method, it was analyzed that fully owned companies and large enterprises had lower extinction risk and greater sustainable management potential than joint ventures or SMEs.