• 산업융합연구
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• 제19권5호
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• pp.13-19
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• 2021

본 연구에서는 ESG의 G(Governance) 구성요소인 기업의 소유·지배구조가 연구개발투자와 기업가치간 관련성에 유의미한 조절효과를 가지는가를 검증하였다. 2013~2020년 동안 KOSPI 시장에 상장된 405개 제조기업 총 2,825개의 표본을 대상으로 패널분석을 수행한 결과, 연구개발투자는 기업가치에 부정적인 영향을 미치며, 또한 이들 관계는 기업의 소유·지배구조 특성에 따라 조절됨을 발견하였다. 소유경영자에 비해 상대적으로 경영에 대한 전문지식 수준이 높은 전문경영자가 연구개발투자를 주도할 때, 연구개발투자가 기업가치에 미치는 부정적인 영향이 완화됨을 확인하였다. 또한, 외부 주요주주의 지분율이 높을수록 연구개발투자가 기업가치에 미치는 부정적 영향을 감소시켰는데, 이는 외부 주요주주의 힘이 강할수록 경영자를 효과적으로 감시할 수 있고 경영자에게 정보 공개를 요구하여 기업 내외부 주주간 정보비대칭성이 완화되기 때문으로 해석된다. 연구결과는 ESG의 요소들이 기업가치에 직접적인 영향을 미칠 뿐 아니라 기업가치에 대한 조절효과를 가질 수 있음을 시사한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.391-397
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• 2021

This study examines the effect of independent commissioners and the Audit Committee on internal control disclosure and its implications for earnings management in the banking industry listed on the Indonesia Stock Exchange for the period 2016-2018. In this study, a purposive sampling technique was used, combined with two multiple regression analysis models. The final sample for this study comprised 30 companies over the three years of observation, such that there were 90 observations in total. This study indicates that independent commissioners, as measured by their composition, do not affect the disclosure of internal control. However, as measured by the number of members, the Audit Committee had a positive effect on internal control disclosures. This study also indicates that the disclosure of internal control as measured by the Internal Control Disclosure index affects reducing the negative practice of earnings management. This study proves that the Audit Committee's role is very dominant in assisting the Board of Commissioners in supervising internal control. This has implications for reducing earnings management practices. However, the Independent Commissioner's role in the Indonesian banking industry has not been optimal in carrying out the supervisory function in this study.

• 아태비즈니스연구
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• 제11권4호
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• pp.271-289
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• 2020

Purpose - This paper examined the relation between Correction of Annual Reports and Earnings management. The annual reports are used as key reports for critical decision making by providing useful information to various stakeholders across the firm. Design/methodology/approach - The sequence of this study is analysed that each of the following two cases affects the earning management: 1. that corrections have been made; 2. Where financial information have been modified or non-financial information have been modified during the correction of the annual report. We draw an initial sample of firms listed on the Korea Stock Exchange from 2014 to 2017. Among these, we excluded firms that were not able to obtain the variables needed to measure the correction of Annual Reports and the earnings management. Finally, we use the 7,035 firm-year observations. Findings - Our empirical results of this study are as follows; First, it turned out that the earnings management of companies that report business reports on corrections is larger than those that do not. Second, among the types of annual report corrections, the correction of non-financial information is significantly larger on earnings management than the correction of financial information. Research implications or Originality - The correction disclosure of business reports is a very important issue in terms of accounting information accuracy and reliability. The results of this study will provide policy implications for correction disclosures and regulations due to an important issue as accounting information. An entity that initially prepares accounting information should advanced in such a way that it provides high quality accounting information and then complements and accepts it by various stakeholders.

• 아태비즈니스연구
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• 제11권4호
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• pp.225-241
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• 2020

Purpose - The purpose of this study was to examine the effect of the ratio of outside directors, especially the ratio of outside directors according to their tenure, on firm value. Design/methodology/approach - This study collected total 3,861 firm-year data about companies listed KRX KOSPI market in Korea. The Pooled Ordinary Least Square Model and Panel Fixed Effects Model were hired in order to analyze the data. Findings - First, it was found that the ratio of outside directors for total sample had no significant effect on firm value, and the estimation coefficient of dummy variable for the average tenure less than 3 years had a significant positive(+) effect on firm value. Second, the ratio of outside directors corresponding to the tenure of less than 3 years had a significant positive(+) effect on the firm value. On the contrary, the ratio of outside directors corresponding to the tenure of 3 years or more had a significant negative(-) effect on firm value. Third, the ratio of outside directors corresponding to the tenure for more than 6 years did not show any significant influence on firm value. Research implications or Originality - First, if other matters are not additionally considered, keeping the tenure of outside directors shortly on average could help to increase firm value. Second, in the case of firms facing the decision to reappoint outside directors for the first time, it is highly likely that the firm value would decrease on average, so careful decisionmaking considering various aspects is required. However, this study does not take into account the legal standards for the appointment of outside directors, diversity of outside directors, and the actual independence of outside directors according to other criteria in the analysis. Therefore, if these factors are considered, there is a possibility that the empirical analysis results of this study may show different patterns.

• 디지털융복합연구
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• 제20권5호
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• pp.423-432
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• 2022

본 연구에서는 의약업 기업에 대한 경영효율성 분석을 실시한다. 이는 COVID-19 인해 치료제 개발로 인해 의약업은 기업가치는 상승하지만 치료제 개발이 지체되고 해외시장의 개척은 COVID-19 인한 국경봉쇄로 인해 어려움을 겪고 있다. 따라서 이들 기업의 경영효율성이 분석을 실시하여 각 기업들이 효율적인 경영 방안을 제시하고자 한다. 연구방법으로는 유가증권 의약업을 대상으로 자료포락분석을 이용하여 비효율적인 기업이 효율적인 프론티어 도달하기 위한 벤치마킹 할 수 있는 기업의 참조집합을 확인하고, 투사값을 제시하고자 한다. 분석결과, 코로나 이전과 이후의 경영효율성은 큰 차이를 보이지 않았으나, 특정기업은 경영효율성이 하락함을 확인하였다. 본 연구를 통해 기업의 생존경쟁력과 경영전략을 판단 할 수 있으며, 더 나아가 지속적인 성장과 경쟁력 제고를 위한 방안을 제시하였다.

• 산업융합연구
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• 제21권2호
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• pp.9-16
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• 2023

연구는 경영자 능력이 보상정책(보상수준 및 성과-보상 민감도)에 미치는 영향에 대해 분석하였다. 이를 위해 2012년부터 2019년까지 금융업을 제외한 코스피 및 코스닥 상장기업을 대상으로 최종 14,150 기업-연도 자료를 활용하였다. 실증분석 결과, 경영자 능력이 높을수록 차기 보상수준은 증가하지만(경영자 능력가설), 성과-보상 민감도는 감소하는 것으로 나타났다. 이는 경영자 능력과 보상 사이 양(+)의 관계를 통해 경영자 능력가설을 재확인하면서, 경영자 능력에 대한 높은 보상이 성과에 기인하기 보다는 성과 이외 경영자 능력에 대한 추가적인 보상일 수 있다는 점을 의미한다. 본 연구는 경영자 능력과 보상체계의 보다 복합적인 효과를 살펴보았다는 점에서 기존 연구와의 차별성 및 기여점을 가진다.

• 융합경영연구
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• 제5권2호
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• pp.10-32
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• 2017

The landscape of corporate reporting is changing quickly. The concepts, elements and principles that characterize the way organizations plan, manage and report their annual performances are currently being questioned, debated, and redesigned throughout the world. However, widening the scope of corporate performance and reporting is a major issue. Research needs to bridge the gap between social and financial performance by considering corporate performance in a wider perspective. At base, IR is a relatively new but powerful idea: enhancing the way organizations think, plan and report the story of their business. Organizations are using IR to communicate a clear, concise, integrated story that explains how all of their resources are creating value. This paper examines the rise of what has been widely claimed to represent a new and striking future for corporate reporting, namely the notion of "Integrated Reporting" (IR). Unfortunately, there is poor empirical research work undertaken which has focused on published integrated reports. This research study provides initial analysis of the content and structure of the corporate integrated reports published in 2013 and available on the International Integrated Reporting Council (IIRC) Emerging Examples Database. As part of this study, Integrated Reports were analyzed for company information, report information and report content. Moreover, they were also evaluated as to the extent these adhered to the integrated reporting (IR) Guiding Principles, Content Elements, and the multiple capitals model. Findings of this study indicate that "early integrated reports were mostly lengthy, fail to adhere to all the guiding principles, and covered four of the six capitals suggested." At present, no universally accepted global framework for IR exists and it is still largely a voluntary practice. We believe that IR of both financial and non-financial performance should be made mandatory, and it should become a universal practice for all the global listed companies within the next 5-10 years.

• 무역학회지
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• 제45권5호
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• pp.239-260
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• 2020

This research was conducted on 176 GVCs-related research papers listed in the Index of Korean Academic Writers. The analysis methodology used the keyword network analysis methodology of big data analysis. For the comprehensive analysis of research trends, the research trends through word frequency (TF), important topic (TF-IDF), and topical modeling were analyzed in 176 papers. In addition, the research period of GVCs was divided into the early stages of the first study (2003-2014), the second phase of the study (2015-2017), and the third phase of the study (2018-2020). According to the comprehensive analysis, the GVCs research was conducted with the keyword 'value added' as the center, focusing on the keywords of export (trade), Korea, business, influence, and production. Major research topics were 'supporting corporate cooperation and capacity building' and 'comparative advantage with added value of overseas direct investment'. According to the analysis of major period-specific research trends, GVCs were studied in the early stages of the first phase of the study with global value chain trends and corporate production strategies. In the second research propulsion period, research was done in terms of trade value added. In the recent third phase of the study, small and medium-sized enterprises actively participated in the global value chain and actively researched ways to support the government. Through this study, the importance of the global value chain has been confirmed quantitatively and qualitatively, and it is recognized as an important factor to be considered in the strategy of enhancing industrial competitiveness and entering overseas markets. In particular, small and medium-sized companies' participation in the global value chain and support measures are being presented as important research topics in the future.

• 아태비즈니스연구
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• 제14권3호
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• pp.187-204
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• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

• 한국산업정보학회논문지
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• 제29권3호
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• pp.89-105
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• 2024

본 연구는 ESG 활동의 효과성을 마케팅 관점에서 접근하여, ESG 활동이 기업의 브랜드 가치에 미치는 영향을 실증적으로 살펴보는 데 목적이 있다. 본 연구는 2016년부터 2022년까지 코스피와 코스닥에 상장된 기업을 대상으로 실증 분석을 실시하였다. 본 연구의 실증 분석 결과를 보면, 첫 번째, ESG 활동 개별 분석에서 E(환경)와 G(지배구조)는 브랜드 가치에 유의한 정(+)의 영향을 미치는 것을 확인하였다. 두 번째, 환경 분야에서는 이해관계자 대응이 브랜드 가치와 유의한 정(+)의 관계가 나타났고 지배구조 분야에서는 이사회가 브랜드 가치와 유의한 정(+)의 관계가 있었다. 본 연구를 통해 ESG 활동이 브랜드 가치를 올리는 데 선행적으로 행해져야 할 중요한 활동임을 증명하는 논리적 근거를 제시할 수 있다. ESG 활동 중에서도 환경 분야의 이해관계자 대응 활동과 지배구조 분야의 이사회 관련 사항이 브랜드 가치를 올리는 데 중요한 역할을 하다는 것을 밝혀내었다. 또한 마케팅 분야에서도 ESG 활동의 중요성을 연구하는데 마중물 역할을 할 것으로 기대한다.