• 산업경영시스템학회지
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• 제19권37호
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• pp.187-194
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• 1996

Firms pay cash dividends to reduce the agency costs, and then insider stock ownership affects the dicision of dividend payout ratio. In this study, it is tested that firm's insider stock ownership affects the decision of dividend payout ratio, but the relation between dividend payout ratio and insider stock ownership is nonmonostic. The empirical evidence shows that at low levels of insider stock ownership, increase in the percentage of stock held by insiders decreases dividend payout ratio, but beyond the point of entrenchment increase in the percentage of stock held by insiders increases dividend payout ratio. Thus, the dividend payout ratio and the percentage of stock held by insiders are in a parabolic relation. This implies that there may be a optimal insider stock ownership In lead to the minimun dividend payout ratio.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.103-115
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• 2021

This study investigates the relationship between family ownership and the stock price crash risk. It believes that this relationship would never be in direct connection. The authors design and then find that family ownership is predisposed, in the first place, to the related party transaction, then the related party transaction causes the future stock price crash. This study infers that employing the power of family ownership creates the Type I agency problem, although this is not relevant for the Type II problem. From the perspective of the hoarding theory, family ownerships produce opaque accounts by blurring financial information. The blurred information is probably hidden in the related party transactions. This study, therefore, splits these transactions into accounts receivable, other accounts receivable and other receivables. Finally, this research concludes that the family ownership affects related party transactions. These then are used as an instrument to influence the leaded related party transaction. The latest, leaded related party transactions influence the future stock price crash. This study infers that related party transactions are abusive practices, especially on the types of receivables. It implies corporate governance's revitalisation.

• 한국콘텐츠학회논문지
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• 제16권12호
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• pp.60-69
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• 2016

연예 매니지먼트사와 외주제작사들이 2000년부터 시작된 한류열풍이후 사업다각화 전략을 실행하여 매니지먼트업과 외주제작업 간에 상호겸영을 보편화하는 방식으로 사세를 확장하면서 불공정 거래 등 많은 부작용이 나타났다. 본 연구는 이런 문제에 착안하여 주식시장에 상장한 국내 매니지먼트사와 외주제작사 전체를 상대로 2015년 기준 매니지먼트업과 외주제작업의 겸영 실태를 분석하고, 이해관계자와 전문가들의 심층 인터뷰를 통해 그 대안을 탐색했다. 분석결과 매니지먼트사의 외주제작업 겸영 비중이 평균 32%로 높아 규제가 필요하며, 규제는 수평규제 원칙을 적용하고 미국 법제를 원용한 국내 선행 입법과 연동하여 미국식 규제 모델을 도입하는 게 타당하다는 점을 확인했다. 적용 가능한 규제방안으로는 첫째, 겸영은 허용하되 자사제작 작품에 자사소속 배우의 출연을 금지하는 방안, 둘째, 겸영을 금지하고 지분 10~20% 내에서 상호 투자만 허용하는 방안, 셋째, 상호 겸영과 투자를 전면 금지하는 모델이 제안되었다.

• 의정연구
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• 제24권1호
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• pp.171-202
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• 2018

이슈 소유권(issue ownership)은 특정 이슈나 현안을 해결할 수 있는 정당의 능력에 대한 평판이다. 특정 이슈에 대해 다른 정당보다 최상의 해결책을 가지고 있는 것으로 인식되는 정당이 해당 이슈를 소유하고 있다고 말한다. 기존연구에 의하면 유권자는 중요하다고 생각하는 이슈의 소유권자로 인식되는 정당에 투표하는 경향이 있다. 다시 말해 이슈 중요성(salience)은 이슈 소유권 투표(issue ownership voting)에 영향을 미치는 조건이다. 본 연구에서는 이슈 소유권 투표의 또 다른 조건으로 이슈 소유권을 주장하는 정당의 행태에 따라 이슈 소유권에 대한 인식이 투표에 미치는 영향을 살펴본다. 2016년에 실시된 20대 총선 당시 더불어민주당은 경제정당으로서의 면모를 강조하고 새누리당과는 다른 성장 전략을 제시하면서 새누리당이 소유하고 있는 경제 이슈 소유권을 뺏어 오려고 했다. 연구결과, 19대 총선과 비교해 민주당이 경제 이슈 소유권자라는 인식이 정당 지지자 및 이탈자, 무당파 집단에서 모두 증가하면서 민주당의 선거 전략은 유권자에게 어필한 것으로 나타났다. 뿐만 아니라 민주당이 경제 이슈 소유권자라는 인식은 경제 이슈를 가장 중요하게 생각하는 유권자가 민주당을 선택하는 데 영향을 미친 것으로 나타났다. 반면 새누리당이 경제 이슈 소유권자라는 인식이나 국민의당이 경제 이슈 소유권자라는 인식은 경제 이슈를 중시하는 유권자의 해당 정당 투표에 영향을 미치지 않았다. 본 연구는 이슈 중요성 이외에 정당의 행태가 이슈 소유권 투표에 영향을 미치는 조건이라는 것을 밝힘으로써 이슈 소유권 이론에 기여한다.

• Journal of the Korean Data Analysis Society
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• 제20권6호
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• pp.3025-3035
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• 2018

본 연구는 대만증권거래소에 상장된 종목을 대상으로 하여 모멘텀 현상이 어떠한 경우에 나타나는지를 분석한다. 특히, 기업 규모, 외국인 투자자 지분율, 개인 투자자 지분율, 기관 투자자 지분율에 따른 모멘텀 현상의 차이에 대해 살펴보는 것이 본 연구의 목적이다. 대만 주식시장에서 모멘텀 현상을 실증 분석한 결과는 다음과 같다. 첫째, 전체 표본 기간 동안 모멘텀 현상이 존재하지 않는 것으로 나타났다. 둘째, 기업 규모별로 나누어도 모멘텀 전략의 수익성이 존재하지 않는 것으로 드러났다. 그러나 지분율에 따라 세부적으로 나누면 결과는 달라진다. 셋째, 개인 투자자 지분율이 높은 기업에는 유의적인 양(+)의 모멘텀이 존재하는 것으로 드러났다. 따라서 기관 투자자 지분율이 낮은 기업에서는 양(+)의 모멘텀을 관찰할 수 있다. 마지막으로, 외국인 지분율에 따라 나눌 경우 모멘텀 현상이 나타나지 않았다. 본 연구는 기존 연구들과 달리 대만 주식시장에서 외국인 투자자의 지분율뿐만 아니라 개인 투자자 및 기관 투자자 지분율과 모멘텀 현상 간의 관계에 대해 추가적인 실증분석을 실행하였다는 점에 있어서 학술적 공헌을 가진다.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.251-259
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• 2022

This study investigates the impact of ownership structures and audit quality on carbon emission disclosure. It also examines how audit quality affects the relationship between ownership structures and carbon emission disclosure. This research includes 106 standalone sustainability reports from non-financial companies that were listed on the Indonesia Stock Exchange (IDX) between 2015 and 2018. Our findings show that family and concentrated ownerships convey less information about carbon emissions. Our results fail to demonstrate that disclosure of carbon emissions could be a corporation's approach to respond to stakeholder pressure and public visibility and to provide legitimacy for its existence. We also find a positive and significant association between high-quality (Big4) auditors and carbon emission performance. Our further result suggests that Big4 auditors seem to compromise their high standard quality on auditing family and concentrated ownership firms. They fail to influence their family and concentrated ownership clients to be socially responsible. Policymakers should support the existence of Big4 auditors as a driver of carbon emission performance. Top management should be proactive to tackle carbon emission issues by adopting stakeholder-driven mechanisms and establishing legitimacy with society. Nevertheless, the involvement of family and highly concentrated shareholders in decision-making processes and information disclosure should not be encouraged.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.61-73
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• 2022

The article examines the ownership structure and dividend payout behavior of India-listed firms using a panel regression approach. It focuses on family ownership and examines why dividend payouts of family firms differ from non-family firms. The study finds that family firms dominate and have concentrated ownership using data from the NSE-listed regular dividend-paying firms. Although family ownership concentration is high among Indian firms, these firms are not concerned about distributing cash as dividends. Instead, these firms focus on retaining and passing on control from one generation to the next. The evidence shows that family firms pay low dividends and have higher leverage than non-family counterparts. The results support the entrenchment of minority shareholders and the proposition that a high payout signals a reduction in the information asymmetry and level of risk. The study further illustrates that cash dividends tend to reduce the level of risk perceived; however, (cash dividend) leads to the deterioration firm's liquidity and aid in the shrinking of cash among emerging market firms. The originality of the paper lies in factoring ownership concentration while explaining the dividend behaviour from an emerging markets perspective, characterized by high private benefits and weak protection for external minority shareholders.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.305-311
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• 2022

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is projected to provide several chances for Vietnam's banking industry to expand into the international market. This study examines the influence of foreign ownership on credit risk in Vietnamese commercial banks before the context of participation in the CPTPP. Using a sample of 28 commercial banks between 2009 and 2020, we find that foreign ownership has a negative relationship with bank credit risk. The regression methods used include the least-squares method, fixed-effects model, random effects model, and general least squares method. The research model adds interactive variables, which will help to reflect the role of intermediary factors more accurately such as listing on the stock market, capital ratio to the relationship between foreign ownership and bank credit risk. The test results reveal that increasing the foreign ownership ratio has a bigger impact on reducing credit risk for listed banks and banks with low capital than for other commercial banks. The government should flexibly adjust the foreign ownership ratio according to the capital size and role of each bank so that it can make good use of investment capital from abroad when Vietnam joins the CPTPP.

• 한국항공운항학회지
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• 제30권1호
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• pp.20-27
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• 2022

It is anticipated that there will be radical disputes over land ownership in the event of the advent of the era of UAM. As such, policy alternative is presented by analyzing and researching relevant laws at home and abroad on the means of legislating 'Regulations on compensation for use of air space above land' in preparation of such occurrence. As the results of the study, it is deemed to limit the range of the land ownership in accordance with UAM operation as follows. First, it is proposed to newly enact regulation to limit the ownership of air space of land owner to the public space above the elevation of 200m as stipulated under the Article 78 of the Aviation Safety Act. Second, as the result of analysis made for the option of making compensation from the perspective of the property right of land ownership and option of not making compensation from the perspectives of public interest and concerns in the event of operation of UAM within the air space below the elevation of 200m, it is deemed that legislative decision is necessary through more extensive studies in the future.

• 품질경영학회지
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• 제52권2호
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• pp.241-254
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• 2024

Purpose: This paper investigated the effects of issue leadership on employees' work performance. It also explored the mediating role of job challenge in the above relationship. We also tested the moderating effect of psychological ownership in the relationship between issue leadership and job challenge. Finally, this paper examined the moderated mediation effect of psychological ownership in the course of affecting issue leadership on work performance via job challenge. Methods: This paper used a cross-sectional design with questionnaires administered to 390 employees working in Korean firms. It applied an hierarchical and multi-regression analysis by using SPSS 22.0 and Hayes' Macro Process to test the proposed hypotheses including a moderated mediation model. Results: As a result of the analysis, first, it was found that the issue leadership had a positive effect on the work performance. Second, it was also found that issue leadership had a positive effect on the job challenge. In addition, job challenge was found to positive mediating effect in the relationship between issue leadership and work performance. Third, we found that the psychological ownership positively moderated the relationship between issue leadership and job challenge. Finally, the moderated mediating effect was found by confirming that the higher the degree of psychological ownership, the stronger the effect of issue leadership on the work performance via job challenge. Conclusion: This paper contributes to the leadership and work performance studies by identifying the role of issue leadership enhancing employee work performance while confirming connection mechanism and boundary conditions strengthening the positive effect of issue leadership on employee work performance.