• 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.

• 의정연구
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• 제25권2호
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• pp.35-67
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• 2019

본 연구는 유럽의회 선거에서 극우정당들이 거둔 성과를 논하거나 지지세 추이를 확인하기 위해서 유럽의회 정치그룹이 확보한 의석수를 중심으로 분석하는 기존의 방법을 지양하고, 그 대신 EU 회원국들 국내 정치에서의 극우 동종정당(far-right party family) 분류를 통하여 그들이 유럽의회 선거에서 거둔 의석수를 합산하는 방식으로 분석한다. 이러한 극우 동종정당에 기반한 선거 결과 분석이 필요한 이유는 두 가지이다. 첫째로 유럽의회 선거에서 선출된 극우성향의 유럽의회의원들 중 일부는 극우성향의 정치그룹에 가입하지 않기 때문이며, 둘째로 극우성향으로 분류되는 일부 정치그룹의 경우에 소속 의원들의 성향이 균질하지 않아 오히려 다수는 중도우파성향의 의원들로 구성된 경우도 있기 때문이다. 이러한 문제의식에서 출발한 본 연구는 구체적으로 2019년 유럽의회 선거에서 극우정당이 거둔 성과를 극우 동종정당 분류에 기반하여 분석해 보았다. 그 결과, 유럽의회 정치그룹이 확보한 의석수 중심 분석에 기반하여 극우정당들이 이번 유럽의회 선거에서 그다지 약진하지 못했다는 평가를 내린 서구 주요 언론들의 분석에 명확한 한계가 있음을 확인할 수 있었다. 극우 동종정당 분류에 기반한 선거 결과 분석에 따르면, 2019년 유럽의회 선거에서 극우정당들이 확보한 의석수는 선거 전 여론조사 결과를 오히려 크게 상회하는 것으로 나타났음은 물론, 2014년 유럽의회 선거와 비교하더라도 극우정당들의 의석수가 큰 폭으로 증가한 것인 바, 본 연구는 2019년 유럽의회 선거에서 극우정당은 크게 약진했다고 평가하는 것이 타당하다고 주장한다.

• Human Ecology Research
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• 제53권2호
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• pp.131-141
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• 2015

The purpose of this study is to examine a potential association between community factors and the establishment of Local Healthy Family Support Centers (LHFSCs). Community factors were population size, community size, local finance independency, number of workplaces per 1,000 people, number of colleges, political party affiliation of mayor, and political party affiliation of congressman. Data of this study were collected from the census indicators of 222 communities from 2004 to 2014 and analyzed by frequency, mean, geographical information system mapping, and the binary logit analysis. The results of this study are as follows. First, LHFSCs are less likely to be established in communities in the provinces of Gangwon, Chungbuk, and Gyeongbuk. Second, the population size was positively related to the establishment of LHFSCs. Third, finance independency was positively associated with the establishment of LHFSCs. Forth, a mayor was more likely to establish LHFSCs if they were affiliated with the ruling conservative political party. However, the establishment of LHFSCs was not affected by other factors such as community scale, number of workplaces per 1,000 people, the number of colleges, and party affiliation of congressman. Thus, the conclusion suggests family policy implications to improve the geographical imbalance of LHFSCs based on the analysis results.

• 산경연구논집
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• 제9권6호
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• pp.49-55
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• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• 한국식생활문화학회지
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• 제24권1호
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• pp.23-32
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• 2009

This study was conducted to generate fundamental data required by food coordinators and food space creators for planning and directing table settings. The results of this study were then used to suggest an ideal model of table settings for Korean-style food equipped with simple, sophisticated, and practical characteristics. Specifically, this study evaluated the importance of hygiene (safety, cleanness, arrangement), decoration (dignity, form, stylishness, presentation of food on plates), naturalness (seasonal beauty, comfortableness, natural beauty), and modernity (modern style, chic style, urban style). These factors were evaluated according to the preference of the table setting and the characteristics of the meeting, which fit various meal cultures, times, places, and objectives. The results of this study indicate that people prefer hygiene and decoration for family meetings (bansang setting), hygiene and modernity for friendly meetings (simple buffet setting), hygiene and decoration for company meetings (simple buffet setting), and hygiene and decoration for academic meetings (tea party). Hygiene and decoration were highly evaluated in most cases, which indicates that individuals at meetings for special purposes give weight to the meeting's atmosphere, but also consider the hygiene and cleanliness of the food.

• 동아시아식생활학회지
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• 제1권1호
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• pp.43-51
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• 1991

To examine the royal party procedures of Chosun-Dynasty, the authors analyzed“Jin Chan Eui Gue”, which is a historical record, published in 1887(King Go-Jong), on the party of royal family in the Man Kyong Jeon. The results obtained from the study were as follows. 1. The Main party and the evening party in the Man Kyong Jeon were the drinking ceremony in celebration of eigthieth birthday of the King Go-Jong's grandmother. 2. The following day party and the following evening party in the Man Kyong Jeon were the drinking ceremony for wishing the King Go-Jong good health. 3. The next following day party and the next following evening party in the Man Kyong Jeon were the drinking ceremony for wishing the Crown Prince good health. 4. In the following day party and the next following day party, there were procedures distributing flowers among the attendants. 5. A lot of flowers were used in the royal party of Man Kyong Jeon:Distributed flowers(1550), Dining table flowers(5519), Table flowers(2) ad Neckwear flowers(7015).

• 유통과학연구
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• 제15권4호
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• pp.5-13
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• 2017

Purpose - This research analyzes the effects of Korean family ownership characteristics on firm value. The positive and negative effects of family ownership on Korean firm value were analyzed. If negative effects are evident, this research explores the factors that cause a decrease in firm value. Research design, data, and methodology - The study examined a total of 5,743 companies listed on the Korea Exchange from the period 2002 to 2012 using a panel data regression analysis. Result - An empirical analysis suggests that Korean family ownership diminishes firm value. Korean family firm value has been reduced when controlling shareholders are participated in management and pursue excessive wages, or make the management entrenchment effects associated with ownership-control disparity. When the controlling shareholders of family firms have increasing control rights over the shareholders' general meeting and the directors' board, the agency costs associated with seeking increasing executive wages or private benefits reduce firm value. Conclusions - This study has significance because it reveals the negative effect of family ownership in Korea on firm value. These negative effects can be the result of agency problems from controlling family shareholders seeking excessive wages or ownership-control disparity.

• 가족자원경영과 정책
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• 제8권3호
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• pp.1-14
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• 2004

This is a historical study of the tea culture and its manners after checking the origin of the tea culture in Korea. Also I created the Blooming Lotus Pond Tea which can be utilized in various meetings or at homes in connection with the tea culture and etiquette by studying good manners, clothing and light refreshments in 'Kyucongyogyul' by Lee-E, 'Karyejibramdo' by Kim Jang-Seng and other books of the Chosun Dynasty. I created the Blooming Lotus Pond Tea by referring to the tea-ceremonies described in the poems by Hong Inmo, his wife, Lady Suh, and her descendants. They can be better harmonized with the modem tea culture rather than the strict procedures of traditional court ceremonies or marriage, funeral, and other formal tea ceremonies. About the costumes of the nobilities, that is especially referred to Kyukmongyogyul by Lee-I of the Chosun Dynasty for the etiquette, also 'The Living Manners' by Professor Lee Gilpyo and Choi Baeyong. In addition, the tea-food is made based on 'the five elements'. The Blooming Lotus Pond Tea is made of frozen lotus flowers and prepared in the lotus formed broad-rimmed tea-utensils and supposed to be shared with family members or guests. It's recommended to hold a poetry-party with a tea-party. At present, this kind of daily tea ceremony is being developed at homes. It'll be desirable if it could recreate the traditional way as a ceremonial tea culture. In that case, it'll regain the quality of the traditional etiquette by harmonizing tea culture and manners. Such a tea culture can contribute to the quality of people's ordinary life and the identity of our country.

• 한국식생활문화학회지
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• 제4권1호
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• pp.21-37
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• 1989

This paper studied what kind of foods were served how often in the table of the Royal family birthday parties by analyzing 18 sets of the Royal family birthday party menu with respect to the rank of Royal family for each season respectively among all the kinds of food menu of Chosun Dynasty. From this sudy a good representation of primary Royal King's birthday menu could be drown. The menu of the King was most in variety. And the King was served in the range of 46 to 74 kinds of food and its number of dishes varied 28 to 40, and the other royal family were served in the range of 19 to 44 kinds of foods and its number of dishes varied 15 to 26. The menu included variable dishes such as Yoomilkwa (fried cookies 油蜜果) 7, Gangjung 17 (fried rice cookies 姜?) 17, Dasik (mold cookies 茶食) 8, Suksilkwa (cooked fruits 熟實果) 1, Jungkwa (compoted fruit 正果) 1, Byung (rice cakes 餠) 25, Umchung (punch 飮淸) 4, Sengka (fresh fruits 生果) 21, Jusik (main meal 主食) 4, Chanpum (side dishes 饌品) 27, Jomipum (sauce, honey, mustard 調味品 ) 3.

• 한국콘텐츠학회논문지
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• 제14권4호
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• pp.29-36
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• 2014

최근 소규모화 된 가족 형태는 자녀의 사진을 가족들과 공유하는 행태에도 많은 영향을 미치고 있다. 주로 스마트폰을 이용하여 촬영하고, SNS나 문자 메시지를 통해 가족들 사이에 아이 사진을 공유하거나 모바일 커뮤니티 개념의 공간에 자녀 사진을 올려 공유하는 행태가 두드러지고 있다. 이렇듯 스마트폰을 이용한 사진 촬영과 공유가 급격히 늘어나고 있지만 문자 메시지나 SNS를 통해 사진을 주고받을 경우 백일이나 돌잔치처럼 가족 구성원들이 각각 사진을 찍는 이벤트 발생 시, 다양한 아이의 사진을 일일이 서로 전달하기가 어렵기 때문에 사진을 한데 모아서 보는 것이 어렵게 된다. 또한 출처가 제각각이므로 사진 관리가 어렵다는 문제점이 발생하게 된다. 본 연구에서는 이러한 문제점을 해결하고자 스마트폰을 이용하여 가족 구성원이 각각 찍은 사진들을 특정한 공간에 모아 간편하게 정리하고, 가족구성원이 직접 참여하여 모바일 앨범을 제작하는데 최적화된 UI를 제안하였다.