• The Journal of the Korea Contents Association
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• v.19 no.5
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• pp.280-286
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• 2019

This study first examines whether the matching principle reduces information asymmetry and verifies the effect on earnings sustainability and information asymmetry. In the presence of information asymmetry between managers and information users, managers can reduce information asymmetry by increasing the quality of earnings. Information asymmetry is measured by the financial analysts' earnings forecast variance. When we look at the results of previous studies, verify whether information asymmetry decreases as the response to the revenue cost increases and whether negative relationship between profit persistence and information asymmetry appears when the response to the revenue cost is high. As a result, firms with high revenue cost response showed a decrease in information asymmetry. The persistence of the earningss from the high earnings-cost response shows that the analysts' earnings forecast dispersion decreases. This means that the better the response to the revenue cost, the better the quality of the earnings and the less the information risk about the uncertainty of the enterprise. This study is different from the previous studies in that it analyzed whether the persistence of the earnings that responded to the high revenue cost reduces the information asymmetry. The results of this study suggest that managers can reduce the information asymmetry by carrying out appropriate revenue - cost responses, which provides important implications for stakeholders who use accounting earnings information.

• Journal of Space Technology and Applications
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• v.1 no.1
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• pp.121-130
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• 2021

Since the 1960s, the United States has developed and implemented policies to encourage commercial space launches. Specifically, national policies have been implementing to expand the role of commercial space actors, which required establishing a process for private space launches. In the early days of the space age, private launches accounted for a small portion of the total launch rate, but, since the 1990s, the proportion has exploded, with private space companies presenting large projects one after another, accounting for more than 50% of the total launch rate. This diversification of space actors and the increase in orbital space objects have led to changes in the perspectives of existing space environmental management processes. During and after the Cold War, when the space age began, civilian actors' actions were limited, and policies limited their actions, too. So they had little impact on government space activities. However, space technology's entry barrier has lowered since, and policies to facilitate commercial space launches have been implemented for a long, and the accumulated amount of space waste over the past 60 years is also threatening the safety, stability, and sustainability of space use. This paper examined how the United States, the most active country in commercial space launches, has managed commercial space launches. The United States has a Space Traffic Management (STM), distributed to departments such as the Department of Defense, Department of Commerce, Department of Transport, NASA, etc. A review of changes in U.S STM management policy could also provide implications for us to manage commercial space launches in Korea.

• Management & Information Systems Review
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• v.36 no.4
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• pp.21-32
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• 2017

Motivated by the recent cases of negligent social responsibility as manifested by foreign luxury fashion brands in Korea, this study investigates whether agency costs depend on the sustainability of different types of corporate governance. Agency costs refer either to vertical costs arising from the relationship between stockholders and managers, or to horizontal costs associated with the potential conflicts between majority and minority stockholders. The firms with luxury fashion brand could spend large sums of money on maintenance of magnificent brand image, thereby increasing the agency cost. On the contrary, the firms may hold down wasteful spending to report a gaudily financial achievement. This results in mitigation of the agency cost. Agency costs are measured by the value of the principal component. First, three ratios are constructed: asset turnover, operating expense to sales, and earnings before interest, tax, and depreciation. Then, the scores of each of these ratios for individual firms in the sample are differenced from the ratios for the benchmark firm of S-OIL. S-OIL was designated as the best superior governance model firm for 2013 by CGS. We perform regression analysis of each agency cost index, luxury fashion brand dummy and a set of control variables. The regression results indicate that the agency costs of the firms with luxury fashion brand exceed those of control group in the fashion industry in the part of operating expenses, but the agency cost falls short of those of control group in the part of EBITD, thus the aggregate agency costs are not differential of those of the control group. In sensitivity test, the results are same that the agency cost of the firms are higher than those of the matching control group with PSM(propensity matching method). These results are corroborated by an additional analysis comparing the group of the companies with the best brands with the control group. The results raise doubts about the effectiveness of management of the firms with luxury fashion brand. This study has a limitation that the research has performed only for 2013 and this paper suggests that there is room for improvement in the current research methodology.