• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.1-29
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• 2009

Since convertible debt has both characteristics of stocks and bonds, its issuance can be related to both interests of stockholders and bondholders. Nevertheless, the existing studies focused mainly on the wealth effect on stockholders. In this paper we revisit the hypotheses on the issue of convertible debt especially from the viewpoint of a firm's growth, by making an additional investigation into bondholders' wealth effects. We find that stockholders' wealth increases with bondholders' wealth in the firm whose book-to-market ratio is low and thus is considered a growth firm. This finding seems consistent with the hypothesis in which the issue of convertible debt mitigates the agency cost of debt in the high-growth firm.

• Management & Information Systems Review
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• v.32 no.5
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• pp.261-285
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• 2013

In this paper, examined relationship between Earnings Management and Conservatism. For analysis of this purpose, we applied the Earnings Loss Avoidance Firms and Big-bath Firms. The results are as follows. First, conservative of Earnings Loss Avoidance Firms(sample I, II) is lower than the controlled companies. And Big-bath firms(sample III, IV) is higher than the controlled companies. This is a negative relationship between conservative and earning management. These results are consistent with previous research results. Second, When analyzing the Earnings Loss Avoidance Firms(sample I, II), Results are presented that conservative and earning management related to positive. These results reflect the company to Investors' demand for conservatism.

• KDI Journal of Economic Policy
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• v.36 no.4
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• pp.33-69
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• 2014

We investigate determinants of fund investment flows using Korean equity investment funds. Unlike previous studies which analyzed net-flows (inflow minus outflow), we analyze fund investment inflows and outflows separately that should properly reflect investors' fund selection and redemption decision. We find similar effects of past return, fund age on net-flows to existing studies based on US market data. The analysis of determinants of inflows shows that inflows are related to past return, fund age and sales fee as net-flows. In contrast, outflows are found to behave quite differently from inflows. Apparently, asymmetry exists between fund investment inflows and outflows at the Korean fund selection market. Specifically, high past returns increase fund investment inflows while increase, rather than decrease, fund outflows. Moreover, 'convexity' is detected both in inflows and outflows: higher past returns accelerate outflows as well as inflows. Effects of sales fee also differ between inflows and outflows. In the 'affiliated' fund sample, sales fee is negatively related to inflows while positively related to outflows. In the 'unaffiliated' fund sample, sales fee is positively related to inflows, but no significant relationship exists with outflows. Empirical findings of this paper imply that the rational investor's fund selection view cannot provide a consistent explanation of the Korean fund selection market. In particular, the positive and convex relationship between past returns and fund outflows is inconsistent with the rational investor view. The fact that investor's fund investment appears to display 'disposition effect', which has been reported by studies of individual investors' stock investment behaviour suggests that the behavioral finance view should be a part of explanation for the Korean fund selection market. In addition, the strikingly different patterns between the 'affiliated' funds and the 'unaffiliated' funds, imply that brokers' incentive structure is another prevailing factor for fund investment flows.

• Journal of Technology Innovation
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• v.25 no.4
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• pp.165-187
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• 2017

This study analyzed the effects of TLO's organization size, expertise, and economic compensation on technology transfer performance using the panel data of Government-Funded Research Institutes in 2013-2016. First, the size of TLO personnel and budget have a positive effect on the technology transfer performance. However, in the case of TLO manpower, the statistical significance of the effect on the number of technology transfers was only 90%, and it did not affect royalty. Second, TLO expertise has a strong impact on technology transfer performance. It shows that the number of professional license holders, such as patent attorney or a technology valuer, has a statistically significant effect on the increase of the technology transfer number and the royalty under the 99% confidence level. However, unlike expected, the size of the Ph.D. did not seem to have any effect on technology transfer performance. Finally, the economic compensation for TLO does not affect both the number of technology transfers and the royalty. It does not seem to work as an appropriate incentive system, because the absolute size of the compensation is too small. The results of the above analysis suggest that it is important to secure expertise in order for the TLO organization to play a substantial role, and it is necessary to improve the economic compensation system to attract TLOs to technology transfer.

• Journal of Digital Convergence
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• v.19 no.3
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• pp.151-160
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• 2021

The purpose of this study is to analyze the impact of CSR on the managers' compensation-performance sensitivity, and to determine whether there are differences in this relationship as the governance structure is more efficient. The sample for analysis was from KOSPI-listed companies in 2011-2017, and regression analysis was performed to confirm the relevance. The results are as follows: First, in CSR company, there was a negative relationship for managers' compensation-accounting performance sensitivity and a positive relationship for managers' compensation-stock performance sensitivity. Second, CSR and the managers' compensation-performance sensitivity vary depending on the type of corporate governance. In CSR companies, when the corporate governance is effective, the managerial compensation system generally complements each other. These results suggest that there is a need to design an effective manager's compensation system within the company in order to induce managers' decision-making in the direction of increasing shareholder profits in a long-term perspective in CSR companies. In addition, if we identify the relationship with the governance structure and reduce or improve the devices that overlap each other, it is believed that it will contribute to enhancing corporate value.

• Journal of the Korean Regional Science Association
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• v.40 no.3
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• pp.95-108
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• 2024

This study analyzes the location determinants of newly established and relocated manufacturing firms in South Korea using the National Business Survey data from 2016 to 2019. Both new establishments and relocations are concentrated in the Seoul metropolitan area, Chungcheong, Yeongnam, and Daegyeong regions, with relocated firms showing a higher degree of spatial concentration. Employing a negative binomial regression model, we find that manufacturing concentration, population density, industrial diversity, and lower wage levels positively influence both new establishments and relocations. The proportion of highly educated workers, accessibility to producer services, and average land prices only positively affect the frequency of new establishments, suggesting that firms in the early stages of their life cycle, which are more dependent on human capital and producer services, demonstrate a higher willingness to pay for land use. Conversely, increased travel time to Seoul and improved transportation accessibility enhance the probability of attracting relocated firms. This implies that cost reduction incentives associated with distance from Seoul may outweigh the benefits of proximity to the capital in relocation decisions. Our findings suggest that strengthening agglomeration economies and improving transportation infrastructure efficiency could increase the likelihood of attracting relocated manufacturing firms to non-capital regions.

• Electronics and Telecommunications Trends
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• v.20 no.1 s.91
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• pp.167-175
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• 2005

본 연구는 현재 도입예정에 있는 차세대 통신 및 방송서비스의 확산가능성에 대하여 잠재적 사용자1,000명을 대상으로 조사한 최근 조사자료를 중심으로 실증분석하였다. 잠재적 사용자의 선택 및 반응함수추정방법은 분석의 객관성과 효율성을 유지하기 위하여 모수적 추정과 반모수적 추정방법을 동시에 사용하여 분석하였다. 본 분석결과를 요약하면 다음과 같다. 먼저, 차세대 통신 및 방송서비스사용자들의 해당 서비스선택반응함수를 분석한 결과 서비스확산은 상당히 느리게 이루어 질 수 있다는 결과를 보여 주었다. 이러한 분석결과는 기존 초고속 및 이동통신서비스 확산에서와 같이 형태의 빠른 확산속도를 보일 것이라는 낙관적 전망견해에 상당한 문제점이 있음을 보여 준다. 둘째, 본 연구의 차세대통신 및 방송서비스확산의 부정적인 분석결과에도 불구하고, 차세대 통신서비스의 성공적 확산에 중요한 요인으로는 서비스제공요금을 낮추고, 젊은 사용자층에게 새로운 서비스의 유용성을 인식시킴으로써 최종서비스선택까지 유도케 할 수 있는 유인 메커니즘 도입전략 개발이 사업성공의 필요조건이 될 수있음을 보여 주었다. 마지막으로 우리나라 통신 및 방송산업환경은 상용화를 준비하는 사업자들이 차세대 통신 및 방송서비스의 성공적 도입을 위하여 시장구조분석 및 시장욕구의 질적 방향분석뿐만 아니라, 그 영향 정도를 수치화하고 계량화하는 시장분석자료를 바탕으로 시장도입 및 전개전략을 개발하는 과정이 절대적으로 필요한 단계가 되었음을 보여 준다. 본 연구결과의 시사점으로 차세대 통신 및 방송서비스의 산업고도화에 대한 면밀한 사전계량시장분석으로 시장전략형성 전환적사고가 해당 서비스제공사업자뿐만 아니라 서비스정책을 수행하는 정부당국자에게도 필요과정요소가 되고 있음을 보여 준다.

• Journal of Digital Convergence
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• v.13 no.10
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• pp.147-155
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• 2015

The objective of this research is to empirically analyze the impact of contents update or patch service in online game, being provided after delivery to correct faults and to improve performance of the game. Regression analysis is applied to the data set, where the weekly increase rate of playing times is dependant variable, and the time(week) and two types of contents updates are introduced as independent variables. Statistical results show that the time(week) negatively influences the weekly increase rate of playing times. But the impact of new contents generation and contents adjustment on the weekly increase rate of playing times is not statistically significant, implying that once online game is published, contents update has no significant impact on the playing times. Implications for game designs are provided as a conclusion.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.107-114
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• 2019

This study analyzes the effect of the accuracy of future management performance, which managers voluntarily announce in the previous year's disclosure, on managers compensation. In the case of a company that disclosed the bad news in the previous year, the ability to predict uncertain future will be more important, and expects executives with better predictability to receive more compensation. The results of this study show that there is a significant negative(-) relationship between the accuracy of the manager's earnings forecast and the performance - compensation of the firms that disclosed the bad news in the previous year. The accuracy of the manager's disclosure is important, and it is confirmed that the manager's compensation increases as the incentive of the manager's effort to reduce future uncertainty. The results of this study are as follows: there is a positive relationship between the managerial performance and the managerial competence of managers. It is important to note that there is a difference and that we have identified additional determinants of the manager compensation contract.

• Journal of the Korea Society of Computer and Information
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• v.29 no.10
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• pp.175-184
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• 2024

This study sheds light on the viewing experiences with ≪Game Society(2023)≫ through literature review and quantitative methodology to analyze the perceived value, the perceived experience quality, the attitude toward the exhibition, and the intentions to use of the exhibition. Survey participants demonstrate a tendency to rate the entertainment value higher than the esthetic and educational values. The aforementioned hedonic value shows a significant positive correlation with the degree of satisfaction, while educational and esthetic values exhibit negative corr)elations. Regarding the perceived experience quality, the attractiveness of the exhibition themes significantly influences the degree of satisfaction. Hypothesis testing results indicate that the five detailed factors related to the intention to use of the exhibition are significantly positively correlated with both the degree of satisfaction and the degree of immersion.