• 한국융합학회논문지
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• 제13권4호
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• pp.397-407
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• 2022

본 연구는 산업 내에서 모방적인 경영전략을 표방하지 않고 차별화된 전략을 수행하는 기업의 미래 성과 혹은 기업가치의 관련성을 검증하고자 한다. 경영전략은 기업의 발전과 성장 가능성에 중요한 역할을 하며 미래 성과와 기업가치를 결정짓는 요인이기도 하다. 이러한 경영전략은 산업에 따라 차이가 존재하며 동일 업종에서 이질적인 전략은 기업의 미래 성과와 가치에 영향을 줄 수 있다. 본 연구에서는 국내 기업을 대상으로 전략적 일탈 기업들의 미래 성과와 기업가치의 관계를 검증하기 위하여 2011년부터 2019년까지 상장법인을 대상으로 분석을 실시하였다. 검증결과 전략적 일탈은 기업가치에 양(+)의 영향을 미치는 것으로 나타났지만 미래 성과는 음(-)의 영향을 미치며 성과의 지속성에도 영향을 미치는 것으로 나타났다. 이러한 결과들은 전략을 구분하여 전략에 따른 특성이 기업가치, 미래성과 등에 대한 연구를 확대하여 전략적 일탈이 기업가치 혹은 미래성과, 성과의 지속성에 미치는 영향을 검증한 것에 의미가 있는 것으로 보인다.

• Journal of Korea Trade
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• 제27권1호
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• pp.60-78
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• 2023

Purpose - The study analyzed 90 online firms worldwise and observed them for ten years to investigate their investments and firm performance variabilities. This study attemped to verify the existence of agency problems in online firms. Through this, the paper intends to expand the scope of research in the fields of investment and firm value both empirically and in theory. This study also attempted to supplement the insufficient logic of previous studies by analyzing the relationship between investment and profitability. Design/methodology - In this study, the investment is subdivided into over-, under-, and neutral investments, and an empirical analysis of the firm performance was conducted. As investment generally has long-term effects, the impact of a firm's investment on future firm performance and variabilities in firm performance was considered over the short-and medium-term period. Findings - It was found that there was a negative relationship between firms with an overinvestment and future firm performance. Underinvestment has no clear statistically significant results on firm performance. This implies that overinvestment causes more reduction in future firm performance than underinvestment. It was also found that underinvestment and overinvestment significantly increased the variability of firm performance. A positive significance was found between under- and over- investment with a variability of 3 years and overinvestment with a variability of 4 years in the future. A negative relationship was found between neutral investment propensity and future performance variabilities. Neutral investment has less effect on the future performance variability of a firm than a firm's overinvestment and underinvestment. For online firms, underinvestment and overinvestment have a greater effect on the firm's future performance variability than neutral investment. Originality/value - The agency theory predicts that information asymmetry and adverse selection problems exacerbate conflicts of interest among stakeholders, thus firm performance. The study contributed to accumulating research on online firms that are currently underexplored by analyzing the investment behavior of major firms in the online industry.

• 한국콘텐츠학회논문지
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• 제17권6호
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• pp.319-328
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• 2017

이익조정이란 실제 기업성과대로 이익을 보고하지 않는 경영자의 의사결정에서 비롯된다. 많은 선행연구들은 이익조정이 경영자의 사적 이득을 얻기 위한 기회주의적 행위뿐만 아니라 기업의 미래전망에 대한 경영자의 사적 정보를 전달하는 수단이 될 수 있다고 주장하였다. 본 연구에서는 국내 공공기관의 이익조정과 미래 경영성과와의 관계를 분석함으로써 이익조정의 함축의미를 실증적으로 분석하고자 하였다. 만약 재량적 발생액으로 측정된 당기의 이익조정이 경영자의 사적 정보를 반영하고 있다면 미래 경영성과를 견인하게 되므로 차후기간의 경영성과와 양(+)의 관계를 나타낼 것으로 예상된다. 반대로, 재량적 발생액이 경영자의 기회주의적 이익조정 의사를 반영한다면 이는 차후기간의 경영성과에 부정적인 영향을 줄 것으로 예상된다. 분석결과, 당기의 이익조정은 미래 경영성과와 음(-)의 관계를 나타내었으며, 이러한 관계는 차기 이후 모든 분석기간 지속적으로 나타났다. 위의 결과는 국내 공공기관의 이익조정이 평균적으로는 경영자의 기회주의적 조정동기를 반영하고 있음을 밝히는 실증적 증거라 할 수 있다.

• 가정과삶의질연구
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• 제25권4호
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• pp.1-16
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• 2007

The purpose of this study is to examine adolescent future orientation in relation to education, work and career, and marriage and family. This study also explores the effects of adolescent future orientation in relation to their psychosocial characteristics: self-esteem, self-control, scholastic performance, and sexual permissiveness. Data were collected from 345 students in the second grade (male: 166, female: 179) of two middle schools in Seoul, Korea. Scale for adolescent future orientation was formulated based on literature review. The major findings of this study were as follows. Adolescents were found to be more future-oriented in the areas of work and career and in the area of marriage and family than in the area of education. Several hierarchical multiple regression analyses were also performed to examine the contribution of socio-demographic characteristics and future orientation to predictions of adolescent psychosocial characteristics. This study found that adolescent future orientation significantly predicted their self-esteem, self-control, and scholastic performance, while having no significant influence on sexual permissiveness.

• Journal of Communications and Networks
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• 제13권6호
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• pp.591-601
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• 2011

Today's Internet which provides communication channels with best-effort end-to-end performance is rapidly evolving into an autonomic global computing platform. Achieving autonomicity in the Future Internet will require a performance architecture that (a) allows users to request and own 'slices' of geographically-distributed host and network resources, (b) measures and monitors end-to-end host and network status, (c) enables analysis of the measurements within expert systems, and (d) provides performance intelligence in a timely manner for application adaptations to improve performance and scalability. We describe the requirements and design of one such "Future Internet performance architecture" (FIPA), and present our reference implementation of FIPA called 'OnTimeMeasure.' OnTimeMeasure comprises of several measurement-related services that can interact with each other and with existing measurement frameworks to enable performance intelligence. We also explain our OnTimeMeasure deployment in the global environment for network innovations (GENI) infrastructure collaborative research initiative to build a sliceable Future Internet. Further, we present an applicationad-aptation case study in GENI that uses OnTimeMeasure-enabled performance intelligence in the context of dynamic resource allocation within thin-client based virtual desktop clouds. We show how a virtual desktop cloud provider in the Future Internet can use the performance intelligence to increase cloud scalability, while simultaneously delivering satisfactory user quality-of-experience.

• 통상정보연구
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• 제12권1호
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• pp.299-325
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• 2010

The purpose of this empirical study is an index to usage of export assistance programs for korean small-medium exporters. Build around the index make an analysis of SMEs internal or exterior factors have an effect on export at present or in future export performance and the relative importance. Based on 128 surveys form korean SMEs experienced export assistance programs, 8 hypotheses, which are set up each factor, were verified through the practical analysis. The main result of hypothesis drawn by empirical study are as follows : The more SMEs use the programs, the more high export performance at present and in future. Export competitive factor reject at present export performance, but it will affect future export performance. A size of the firm in the characteristics of SEMs will affect export performance. Export rate of own brand will not affect performance. Another factors show adoption partly concerned hypothesis. Classified exterior factors of SMEs, a intensity of market competition shows adoption partly concerned hypothesis. Market growth rate will affect export performance at present and future strongly. Finally the usage of assistance programs will affect between a consumption goods and an industrial goods differently. From this study we found if we want to develop the export assistance programs that can actually in phases help the SEMs.

• 한국인터넷방송통신학회논문지
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• 제17권6호
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• pp.169-179
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• 2017

본 연구는 소비자들의 SNS이용이 확대되고 공연예술분야에서 역시 SNS의 중요성이 점차 증가하는 상황에서 공연예술을 관람하는 소비자들의 SNS활용이 향후 행동의도에 미치는 영향관계와 선호하는 장르별에 따라 SNS특징이 공연예술소비자들의 향후 행동의도에 미치는 영향력이 어떠한지 살펴보고자 하였다. 본 연구의 실증분석 결과, SNS특성인 유용성, 즐거움, 사회적 영향이란 특성이 향후 행동의도에 긍정적인 영향을 미치는 것으로 나타났으며, 선호하는 공연예술장르에 따라 향후 행동의도에 미치는 영향력의 차이를 살펴본 결과 대중가요/연예콘서트의 경우 SNS특성 중에서 유용성, 즐거움, 용이성 순으로 향후 행동의도에 영향을 미치는 것으로 나타났고, 뮤지컬의 경우 유용성만이 영향을 미치는 것으로 나타났고, 연극의 경우에는 유용성, 용이성 순으로, 무용/발레의 경우 유용성만이 향후 행동의도에 영향을 미치는 것으로 나타났다. 이러한 연구결과 장르별로 공연예술관람객들의 SNS특성은 향후 행동의도에 영향을 미치고 있으며 또한, 장르별 예술소비자들의 향후행동의도에 차이가 있기 때문에 장르에 따라 SNS활용과 전략을 차별화 해야함을 시사한다.

• Advances in environmental research
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• 제2권3호
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• pp.203-227
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• 2013

Global demand for dwelling energy and implications of changing climatic conditions on buildings confront the built environment to build sustainable dwellings. This study investigates the variability of future climatic conditions on newly built detached dwellings in the UK. Series of energy modelling and simulations are performed on ten detached houses to evaluate and predict the impact of varying future climatic patterns on five building performance indicators. The study identifies and quantifies a consistent declining trend of building performance which is in consonance with current scientific knowledge of annual temperature change prediction in relations to long term climatic variation. The average percentage decrease for the annual energy consumption was predicted to be 2.80, 6.60 and 10.56 for 2020s, 2050s and 2080s time lines respectively. A similar declining trend in the case of annual natural gas consumption was 4.24, 9.98 and 16.1, and that for building emission rate and heating demand were 2.27, 5.49 and 8.72 and 7.82, 18.43 and 29.46 respectively. The study further analyse future heating and cooling demands of the three warmest months of the year and ascertain future variance in relative humidity and indoor temperature which might necessitate the use of room cooling systems to provide thermal comfort.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.305-313
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• 2019

The study examines whether higher CEO compensation is related to unobserved future firm performance in an emerging market, Pakistan. Further, it extends its scope to analyzing the impact of group affiliation and ownership concentration on the relationship between CEO compensation and future firm performance. The study uses an unbalanced panel data consisting of 1508 firm-year observations from 225 non-financial listed companies in Pakistan Stock Exchange (PSX) for period 2005 to 2012. The multiple regression models adjusted to heteroskedasticity and autocorrelation in error terms are used. The study finds that, in general, CEO compensation is positively associated with future operating performance. However, higher CEO compensation leads to lower operating performance in firms that have lower ownership concentration and are affiliated with business groups. When firms are not affiliated with any group and have high ownership concentration, the relationship between excessive CEO compensation and future operating performance becomes insignificant. Given that efficient compensation packages may lead to long term value creation to shareholders and reduce agency problems, this study highlights an important moderating role of ownership concentration and group affiliation of the firms in emerging markets.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.31-40
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• 2020

This study investigates whether other comprehensive income (OCI) reported in the statement of comprehensive income (one of the main financial statements after the adoption of K-IFRS) predicts a firm's future performance. Using the quarterly data of Korean listed companies, we examine the association between OCI estimates and future earnings. First of all, we find that OCI is positively associated with earnings in both 1- and 2-quarter ahead, supporting the predictive value of OCI. When we break down OCI into its individual components, our results suggest that the net unrealized gains/losses on available-for-sale (AFS) investment securities are positively associated with future earnings, while the other components (e.g., net unrealized gains/losses on valuation of cash flow hedge derivatives) present insignificant results. In addition, we investigate whether the reliability in OCI estimates enhances the predictive value of OCI to predict future performance. We find that the predictive ability of OCI, in particular the net unrealized gains/losses on available-for-sale (AFS) investment securities, becomes more pronounced when firms are audited by the Big 4 audit firms. Overall, our study suggests that information content embedded in OCI can provide decision-useful information that is helpful for the prediction of future firm performance.