• 융합경영연구
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• 제7권3호
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• pp.43-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to management decisions by corporate governance in the Korean stock market. In the paper, dividends and investments were imployed as management decisions and major stockholders' shares and foreign investors' shares were used as corporate governance. Research design, data, and Methodolog - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed insignificance to dividends, positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Whereas foreign investors favor firms to increase dividends but they decrease investments only in financially constrained firms. Conclusion - This paper documented evidence that financial constrained firms use dividends for their investment and foreign investors decrease investments under financial constraints. But for dividends decisions, foreign investors give significant positive impacts irrespective of financial constraints.

• ETRI Journal
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• 제31권1호
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• pp.51-61
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• 2009

We present a unified explanation of the internationalization strategies of major mobile network operators (MNOs). We have developed a framework that analyzes the strategies of major international MNOs in terms of the relationship between their degree of involvement in international business operations and the degree of equity participation. The results show a positive association between these two dimensions as expected, but they also reveal some exceptional cases in which certain MNOs are actively involved in the business operations of other foreign MNOs, even with minor (or zero) equity investments. In this paper, we argue that the strategic actions of the major MNOs which are the largest shareholders of foreign MNOs are in an equilibrium status because these major MNOs derive maximum benefit from full or considerable management control and active involvement. Finally, we predict that latecomers (MNOs who are just about to enter foreign telecommunications markets) may adopt an incremental investment approach because most developed markets and deregulated emerging markets with growth potential are already preempted by major MNOs. Therefore, the window of opportunity for internationalization in those markets is currently small.

• 한국정보처리학회:학술대회논문집
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• 한국정보처리학회 2015년도 춘계학술발표대회
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• pp.668-671
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• 2015

이 논문은 대한민국의 주식시장에 상장한 기업의 지배구조 분석을 위해 대주주가 어떠한 형태로 주식을 보유하고 있는지에 대한 네트워크 분석이다. 분석대상은 주식시장에 상장한 기업과 그 기업의 주식의 대주주 데이터를 모두 수집하였다. 이를 기업과 대주주 행위자 간에 주식을 보유하고 있는 네트워크를 분석하여 그 보유형태의 의미를 파악하였다. 분석결과 네트워크 형태는 크게 '전체분석, 산업분석, 군집분석, 상장기업분석, 대주주분석, 계열사 분석' 여섯 가지이다. 네트워크 분석결과 주식시장은 전형적인 척도 없는 네트워크 형태를 나타내었으며 반면 그룹간의 계열사 네트워크는 전형적인 계층구조로써 좁은 세상 네트워크의 사례를 나타내었다. 따라서 투자 성향이 갖거나 대주주 간의 이해관계가 있거나 투자상품들이 포트폴리오로 조합원 경우 대주주 간의 네트워크가 밀집된 것을 확인할 수 있었다.

• 유통과학연구
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• 제12권5호
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• pp.27-32
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• 2014

Purpose - Since Iran's economy is only now developing, and its stock market is only now emerging, we should deal with the relationship between ownership structure and conservative accounting of companies to see whether such a relationship exists in Iran's market. This study aims to investigate the relationship between ownership structure and accounting conservatism of listed companies on the Tehran Stock Exchange. Research design, data, and methodology - All listed companies on the Tehran Stock Exchange, for which the required information financial statements (balance sheet, profit and loss account) could be acquired for the period 2007-2012, were studied. A total of 123 companies from various industries was selected. Results - In order to test the hypotheses, multi variate regression (inter procedure), with their meaningful t- and f-statistics, and a Durbin-Watson autocorrelation model were used. Conclusions - The research results show that the ownership of major shareholders and ownership concentration have a negative significant relationship with accounting conservatism. Therefore, as a significant negative relationship between concentration of ownership and accounting conservatism at the 95% confidence level was found, the second hypothesis was confirmed.

• 한국정보기술응용학회:학술대회논문집
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• 한국정보기술응용학회 2005년도 6th 2005 International Conference on Computers, Communications and System
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• pp.139-142
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• 2005

Recently research interest in Knowledge Management (KM) has grown rapidly. Companies regard intellectual capital as important asset and strive to deploy KM in an organization to gain a competitive edge. Many organizations currently engage in knowledge management in order to leverage knowledge both within their organization and externally to their shareholders and customers. Most of the previous research related to KM are dedicated to investigate the role of information technology in extracting, capturing, sharing, coverting organizational knowledge. Knowledge workers, however, are paid less attention though they are the key players in KM activities such as knowledge creation, dissemination, capture and conversion. We regard knowledge workers as a major component of KM and starting point of understanding organizational knowledge activities. Therefore we adopt a method to understand and analyze knowldge workers' social relationships. In this paper we investigate Social Network Analysis (SNA) as a tool for analyzing knowledge network. We introduce the basic concept of SNA and suggest a framework for implementing knowledge network by explaining how SNA can be used for analyzing knowledge network. We also propose a numerical method for identifying knowledge workers using SNA after classifying knowledge workers. The suggested method is expected to help understanding key knowledge players within an organization.

• 한국언론정보학보
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• 제78권
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• pp.35-78
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• 2016

이 논문은 지역방송 내부 식민지화의 중심에 사장선임을 위시한 지배구조가 자리하고 있다는 데 주목했다. 그 실체를 파악하기 위해 1990년대 중반에서 2015년 사이 MBC 지역계열사 17개사와 지역민방 9개사, 총 26개 지역방송사의 사장과 주주 이사 구성을 취합 분석했다. 이와 함께 지역방송 인력과 운영현황, 그리고 그 문제점을 검토 논의했다. 이를 통해 지역방송의 내부 식민지화가 작동하는 방식을 규명했다. 지역MBC는 서울본사의 필요를 우선순위에 둔 지배구조가, 지역민방은 소유와 경영 분리 미흡에 따른 대주주의 전횡이 제작과 인력 부문의 투자 제약요소로 작용하면서 내부 식민지화가 가동되고 있었다. 이어 이 논문은 지역방송 사장선임을 비롯한 지배구조 개선방향을 법 제도와 방송사 자율규제 차원에서 제안했다. 법 제도적으로는 방송법상의 지역방송 편성규약 단서조항 신설을 비롯해 관련법령인 지역방송발전지원특별법, 방송광고판매대행 등에 관한 법률, 방송통신위원회의 설치 및 운영에 관한 법률 개정안을 구체적으로 제시했다. 자율규제로는 지역MBC의 경우 사장선임추천위원회 운용과 방송문화진흥회 이사의 3분의 1을 지역인사로 구성하는 방안, 지역민방은 소유와 경영의 분리를 출발점으로 한 공공성 회복과 사장 사외이사추천위원회 도입 등을 제안했다.

• Asia Marketing Journal
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• 제15권3호
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• 국제지역연구
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• 제21권1호
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• pp.25-57
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• 2017

본 연구에서는 R&D 투자를 바탕으로 대규모기업집단 소속 기업의 대리인 문제와 정보비대칭성을 분석한다. 본 연구의 분석을 위하여 우선 대규모기업집단 소속 기업과 독립기업에 대한 R&D 투자의 성과를 비교한 결과, R&D 투자의 성과는 전반적으로 기업가치에 정(+)의 영향을 미치지만 그 긍정적 효과는 독립기업에 비해 대규모기업집단 소속 기업에서 더 저조한 것으로 분석되었다. 이에 대한 원인을 분석하기 위하여 대규모기업집단 소속 기업과 독립기업의 표본을 소속시장과 대주주 지분율에 따라 나누어 분석하였다. 그러한 분석의 결과, 이에 대한 원인은 대규모기업집단 소속 기업의 정보비대칭성보다는 주로 대리인 문제에 기인하는 것으로 여겨졌다. 본 연구의 표본을 소속시장에 따라 나누어 분석해 본 결과, 정보비대칭성의 영향이 일부 관찰되기는 하였으나 이에 대한 증거는 상대적으로 미약한 반면, 대규모기업집단 소속 기업의 표본을 대주주 지분율에 따라 나누어 분석한 결과, 상위지분율 기업보다는 대리인 문제가 더 심각할 것으로 믿어지는 하위지분율 기업에서 R&D 투자가 기업가치에 미치는 긍정적 영향이 훨씬 더 저조하게 나타났다. 그리고 이러한 현상은 연구방법을 변경하거나 대주주의 소유지분율에 따라 대규모기업집단 소속 기업의 표본을 더욱 세분화하였을 때에도 일관성 있게 관찰되었다.

• 한국콘텐츠학회논문지
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• 제12권3호
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• pp.285-294
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• 2012

환경의 불확실성과 변동성이 커진 상황에서 기업의 위험관리가 중요해졌다. 본 연구는 기업의 외환파생 상품사용이 기업가치에 미치는 영향을 증권거래소에 상장되어 있는 비금융업종 기업을 대상으로 2002년부터 2007년까지 패널회귀분석방법을 통하여 살펴보았다. 분석결과 기업의 외환파생상품사용이 기업가치에 유의적인 영향을 미치지 않았다. 분석기간을 2002년에서 2004년, 2005년에서 2007년으로 나누어 분석한 결과 환율이 상대적으로 안정적이었던 2002년에서 2004년에서는 외환파생상품사용과 기업가치간 유의적인 관계가 나타나지 않았다. 그러나 환율의 변동성이 확대된 2005년에서 2007년기간동안 공정가액으로 측정한 경우 외환파생상품사용은 기업가치에 유의적인 음(-)의 영향을, 계약가액으로 측정한 경우 외환파생상품사용은 기업가치에 유의적인 양(+)의 영향을 미쳤다. 외환파생상품의 사용 측정치에 따라 상반된 결과가 나타난 결과는 공정가액과 계약가액의 측정치 특성 때문으로 사료된다. 통제변수 중 지배주주와 외국인대량지분투자자는 기업가치를 증가시키는 것으로 나타났다.

• 유통과학연구
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• 제14권12호
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• pp.129-139
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• 2016

Purpose - This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO's own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology - We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to 2013. Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results - We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms' cash holdings. Conclusions - This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period.