• Management & Information Systems Review
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• v.35 no.1
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• pp.143-154
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• 2016

In this research, The new CEO is expected to increase a reporting income through earning management for individual benefit such as a good reputation, high compensation and CEO' s contract extension in the early years of service, of which may influence value relevance of the accounting numbers. We investigate the change of value relevance from 2004 to 2014, compare firms with a change of CEO and firms with non-change of CEO and analysis the value relevance in the early years and in the late years of the new CEO. The results of research are as follows. First, value relevance of EPS of firms with change of CEO are decreased, whereas value relevance of BPS are increased in the regression of all sample. Second, value relevance of EPS are decreased, whereas value relevance of BPS are increased in the early years of the new CEO. This research makes a contribution to provide the first proof about influence of value relevance by the earning management in the early years of the new CEO in Korea.

• Journal of the Korean Society of Clothing and Textiles
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• v.25 no.9
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• pp.1621-1632
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• 2001

본 연구는 소비자의 실제적인 의복 소비 행동을 설명할수 있는 가치 개념을 제시하기 위하여 의복 소비가치의 구체적 유형을 밝히고, 적합하고 신뢰성 있는 의복 소비가치 척도를 구성 할 수 있는 기초자료를 제시 하고자 하였다. 본 연구에서는 Sheth(1991)의 소비 가치 이론과 의류학 및 소비자 행동분야의 다양한 이론을 토대로 초점집단면접(Focus Group Interview)을 통하여 소비가치에 대한 탐색적 접근을 시도한 결과를 논의하였다. 의복의 구매와 착용의 선택상황에 영향을 미치는 소비가치는 Sheth(1991)의 5가지 소비가치 유형인 기능적 가치, 사회적 가치, 감정적 가치, 진귀적 가치, 상황적 가치 및 의복제품의 특성에 따른 자기표현적 가치로 분류되었다. 기능적 가치는 물리적 속성, 물리적 기능, 도구적 성과와 관련되었으며, 사회적 가치는 사회계층, 준거집단, 인구통계 적 특성 집단, 문화-민족적 집단과의 관련성 에 대 한 가치로 구성되었다. 감정적 가치는 긍정적, 부정적 감정 및 심미성 요인으로 구성되었으며, 진취적 가치는 다양성추구행동 요인 및 유행성의. 새로움 추구 요인과 관련되었다 또한 상황적 가치는 의복착용상황, 구매상황, 커뮤니케이션 상황으로 구성되었으며, 자기표현적 가치는 성격, 이미지 표현, 개성추구, 유행추구 등의 요인으로 구성되었다. 본 연구의 이러한 결과를 바탕으로 소비가치에 대한 양적 연구를 실시한다면, 보다 객관적인 구조를 파악하고 신뢰성 있는 측정 문항을 개발할 수 있을 것이다.

• Journal of Digital Convergence
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• v.12 no.9
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• pp.75-81
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• 2014

This study is analyzed using the Shanghai stock market and Shenzhen stock market data in order to analyze the usefulness of accounting information to appear from the introduction of international accounting standards in China. Summarized the relevant previous researches for objective study approach, studied the hypothesis based on the empirical analysis and set a hypothesis as adjusting the stuffs to fix in this research model. In this study, Analyzed the hypothesis to input of detailed variables for analyzing the value relevance between periods before fair value and after fair value. Also, in this hypothesis study, analyzed and estimated to affect the quality of information the acceptant period when compare with acceptant periods and before periods of fair value. These results suggested that impact the net asset value per share and earnings per share of the company because the value of the relationship had statistically significant at the level of relevance. Therefore, in the future studies about fair value assessment, will be expected that usefulness of the enterprise value evaluation method enable to discuss it such as critical sucess factors.

• Management & Information Systems Review
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• v.32 no.5
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• pp.135-155
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• 2013

Corporate primary goal has shifted from profit-orientation toward broader socially motivated perspectives, over the recent year. According to this phenomena, extensive research have been conducted to assess the empirical association between CSR and firm value. However, the results of previous studies are largely indeterminate which are attributed to the ignoring various indeterminate variables between CSR and firm value. Specifically, the purpose of this paper verifies the empirical association between CSR and firm value with considering capital constraint as core moderator variable by using structural equation modeling(SEM). Main results of this paper are as follows. We find that firms with better CSR performance face lower capital constraint and capital constraint is significantly related to firm value in negative direction, also. The result suggest that better CSR performance is associated with superior stakeholder engagement, in turn, CSR initiatives leads to firm value creation. Also, the capital constraint still remain positive to firm value even if capital constraint is considered moderator variables. Our findings implicated that CSR literatures should consider moderator variables, such as capital constraint, which could be affected firm value.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3003-3014
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• 2018

This paper investigates whether the value relevance of unbilled revenue in the construction company is differentiated according to the degree of company's operational efficiency. Unbilled revenue is an item that appears in the assets of the statement of financial position based on the IFRS. It is an item that has a nature of accounts receivable, but it is calculated based on subjective judgment of management. In this paper, we hypothesized that the value relevance of unbilled revenue will be differentiated according to operational efficiency of the construction company. The results of hypothesis test are as follows. First, unbilled revenue has a significant relationship with firm's value, which is consistent with previous research results. Second, the value relevance of unbilled revenue is higher in companies with high operational efficiency. In conclusion, this paper is different from previous researches in that this paper presents not only that unbilled revenue has a value relevance but also provides evidence that it can be differentiated according to the degree of operational efficiency.

• Journal of the Korean Society for Library and Information Science
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• v.45 no.4
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• pp.27-52
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• 2011

The value of the library has always been recognized positively. Economic valuation of libraries and their services uses a concrete methodology that enables the quantification of library value and communication of said value among library stakeholders. This paper presents a comprehensive review of literature on economic valuation of the library based on a total of 89 studies conducted over the last quarter-century. Research on library valuation began in the mid-1990's with the formal exploration of the value of public libraries from a theoretical point of view. In the 2000's, various theories and methodologies were reviewed and put into actual measurement studies. The comprehensive review and analysis point to the need for the development of consistent and reliable set of methods, which will facilitate further application of methods and comparison of results.

• The Journal of Society for e-Business Studies
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• v.17 no.3
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• pp.73-84
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• 2012

With transition to Knowledge society and introduction of information industry, there are many companies which have higher stock price than the suggested value from its financial information. To explain similar cases in capital markets, many researchers focus on non-financial information such as Web Traffic data or intangible assets such as intellectual property rights rather than traditional financial analysis. Besides, the relationships between financial and non-financial information with firm value are changed according to industry lifecycle. As Industry grows, financial information of company is more important for firm valuation in Capital market. We'd like to review the changes of relationships between financial information and firm valuation in Capital market especially for "Software", "Digital Contents", and "Internet" companies listed in Kosdaq market during 2000~2011. The result of data analysis shows the financial information gets more important after 2007. Inversely, it provides analytical bases that related industry gets mature. Also we show that intangible properties are more relevant to stock price of those technical based companies than others.

• Korean Business Review
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• v.20 no.1
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• pp.123-143
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• 2007

This paper empirically examines whether the tax effect of indirect tax reductions such as reserves deductible and direct tax reductions such as tax credits and tax reductions is significantly associated with value relevance. That is, direct and indirect tax reductions bear upon an increase in accounting earnings and decrease in cash outflows through reducing tax burdens. The empirical result in this paper shows that firm value is significantly related to the tax effect of reserves for business improvement and other tax reserves, which comprise parts of the book value of equity through tax benefits, but is not significantly related to the tax credits and reserves deductible as necessary expenses that comprise accounting earnings. This paper also analyzes the difference in value relevance between direct tax reductions and indirect tax reductions(That is, Hypothesis No.5). We find that there are no significant differences between direct tax reductions and indirect tax reductions. Because the regressive coefficients of direct tax reductions and indirect tax reductions are not significantly.

• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.45-73
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• 2007

The empirical results are summarized as follows : First, In relation to effects of ownership structure on firm value, there is the non-linear relationship between major(and foreign) shareholder's holdings and firm value. So the results(the compromise hypothesis) by prior researches(Morck et al. 1988 and so forth) is supported. However Institutional shareholder's holdings do not show the significant results. Second, In relation to effects of outside directors on firm value, equally the results of prior researches(Vafeas 2000, Choi et al. 2004), the higher the ratio of outside directors in the board, the higher firm value. Also there is the non-linear relationship between outside directors ratio and firm value. Furthermore, the higher the possibility of outside directors election in the board, the higher the relationship between ownership structure and firm value. As the economic importance of KOSDAQ is more increase, the researches of KOSDAQ should be more realized.

• Management & Information Systems Review
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• v.37 no.2
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• pp.109-123
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• 2018

This research presented the privatization of pubic corporations in terms of communication dimension rather than political and ideological dimension. Concretely, we examined how the message framing of privatization affects consumer's advertising attitude. At the same time, this study also examined the moderating factors which make a difference of the message framing, such as personal relevance(high/low) and social value orientation(proself/prosocial). The results showed that the interaction effect between type of message framing and personal relevance. Positive message framing showed a higher effect than negative message in the case of low personal relevance. Also, There was the interaction effect between type of message framing and social value orientation. Positive message framing showed a higher effect than negative message in the case of proself. However, there was no difference in message framing effect when there was high personal relevance and prosocial. Lastly, the implications of this study was presented. First, this study expanded the scope of research related to message framing. Second, the use of moderating variables such as personal relevance and social value orientation increased the possibility of practical application. In addition, limitation and further study directions was discussed.