• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.149-182
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• 2007

This study examines the determinants of the long-run stock price performance of the firms that granted stock options between 1997 and 2002. We divide the sample into the firms run by the owner and those run by the professional manager. If the primary reason for granting stock options is reduction of the agency costs between the manager and shareholders, the effect of stock options is likely to be more pronounced in the firms run by the professional manager. We find that the long-run abnormal returns of the firms run by the professional manager are negatively associated with the shareholdings by the manager and the book-to-market value and are positively associated with the earnings growth and the size of the outstanding stock options. In contrast, the long-run abnormal returns of the firms run by the owner are negatively associated with the cash flows rate and the sales growth rate and are positively associated with the firm size. This is consistent with the argument that the agency costs arising from the conflicts between the manager and shareholders are an important determinant of the post-stock option granting long-run stock price performance only in the firms run by the professional manager. The results also suggest that stock options in the firms run by the owner are likely to be used for the purposes such as additional compensation, a signaling device, a means that reduce the agency costs within firms.

• Journal of The Korean Society of Grassland and Forage Science
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• v.43 no.4
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• pp.248-256
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• 2023

As a means to activate eco pastoral system in alpine grassland, the government can consider public pastures, which are currently unused, to scale them up into public ranches. Depending on ownership and operation, four management models proposed as follows: 1) Government-Owned and Operated with Balanced Profit and Loss 2) Government-Owned and Operated with Revenue Generation 3) Government-Owned but Privately Operated by Outsourced to Professional Manager 4) Full Privatization (Ownership and Operation by Private Individuals). The study outlined above proposes four management models for the activation of eco pastoral system in alpine grassland. It also suggests methods for the selection and performance evaluation of manager to establish a profitable structure. Additionally, the research provides management methods for the conservation of grazing ecology in pastoral ecosystems. Particularly, the adaptation of tools commonly used in South Korean business sector for the selection and performance evaluation of manager within the system of the proposed management models. This aspect is deemed valuable as it aligns these tools with the specific characteristics of eco pastoral system in alpine grassland, contributing not only to the effective implementation of the models but also to the enhancement of the revenue structure.

• Management & Information Systems Review
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• v.30 no.2
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• pp.133-159
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• 2011

This study was conducted about the various forms of downsizing in small manufacturing firms such as lay-offs, honorary retirement, wage cuts, reduction of assets, merging of organizations with similar functions. Specially the study was conducted among small manufacturing companies to investigate which factors play a role in deciding which method to use. As result, the study found out the form of downsizing varies according to the characteristics of the small manufacturing companies. In other words, it is the size and the growth form of the company which influences the form of downsizing, rather than the management experience of the company. Based on the result of the study, small firms tend to prefer form of downsizing which will have short term or immediate effect, depending on the condition of their organization. Also, this kind of slim down on workforce has positive effect on the management achievement. However, there is also a negative effect on the moral of the members of the organization and the level of concentration in the work field. Therefore, it is better for small manufacturing companies to seek other long term means to increase its' productivity and renovation in management, and avoid method which will have direct effect on the moral of the members.

• Proceedings of the KGS Conference
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• 2003.11a
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• pp.238-240
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• 2003

본 연구는 대구지역 벤처기업의 혁신활동을 파악하고, 벤처기업의 혁신체제 특성을 분석하여, 지역혁신체제적 관점에서 대구지역 벤처기업의 혁신환경 발전방향을 모색해보고자 한다. 이를 위해 대구지역 벤처기업에 대해 2001년 7월 30일부터 8월 18일까지 설문조사를 실시하여 총 16부의 유효설문지를 수집하고, 이외 벤처기업 경영자, 테크노파크 관계자 둥과 면담 및 인터뷰조사를 실시하였다. (중략)

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.189-222
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• 2008

This study developed a model to empirically investigate the effects of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. The data was collected from 200 animal clinics which belong to Korean Animal Hospital Association (KAHA)'s national conference in April, 2007. Descriptive statistic, factor analysis, reliability analysis, and regression analysis were conducted to analyze the data using SPSS/PC+ 12.0. The findings are as follows. First, the market orientation of animal clinics influences significantly both financial and non-financial performance. When the moderating effect of entrepreneur's working tenure is considered, market orientation has significant effect on animal clinic's financial and non-financial performance. However, when the moderating effect of animal clinic's location is considered, market orientation has not significant effect on animal clinic's financial and non-financial performance. Second, animal clinic's relationship orientation with suppliers mostly affects the financial and non-financial performance significantly. When entrepreneur's working tenure in the clinic is longer (above 4 years group), relationship orientation with suppliers significantly affects both financial and non-financial performance. Meanwhile, when the entrepreneur's working tenure in the clinic is shorter (less than 3 years group), relationship orientation with suppliers doesn't affect clinic's financial performance but affect non-financial performance partially. In other words, when entrepreneur's working tenure is shorter (less than 3 years group), market orientation more influences on clinic's financial and non-financial performance while relationship orientation with suppliers does less. It is thought that their relation with suppliers and relationship orientation activities with suppliers are less strongly established and maintained yet. So, they primarily focus on market orientation strategy when entrepreneur's working tenure is shorter. Third, when animal clinics are located in non-metropolitan area, relationship orientation with suppliers significantly affects financial and non-financial performance. However, when animal clinics are located in metropolitan area, it doesn't affect financial and non-financial performance either. It is thought that animal clinics which are located in non-metropolitan area need stronger relationship with suppliers and need support more from them as most of suppliers actively work in metropolitan area not in the non-metropolitan area and animal clinics in metropolitan area can easily get better market information than animal clinics in non-metropolitan area. Lastly, while the effect of the market orientation significantly influences animal clinic's business performance continuously, the effect of the relationship orientation differently influences business performance as it is moderated by entrepreneur's working tenure and animal clinic's location. So, relationship orientation with suppliers can be selectively applied to improve the clinic's financial and no-financial performance. In summary, both of animal clinic's marketing orientation and animal clinic's relationship orientation with suppliers positively influence their business performance. However, entrepreneur's working tenure and animal clinic location moderate the relationship between market orientation and relationship orientation and their business performance differently. This study is quite meaningful to empirically investigate the effects of both of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. And, as this kind of study has been very few in the context of animal clinic industry, it helps practically understand the effects of market orientation and relationship orientation with suppliers on the financial and non-financial performance in animal clinic industry. Furthermore, as the market conditions in animal clinic industry have been in difficulty for a few years, this study can help improve animal clinic's financial and non-financial business performance together with their suppliers as business partners. Lastly, this study can help find mid-term and long-term cooperation between animal clinics and their suppliers. This study has some limitations. So, care should be taken when generalizing the results of the study. First, our samples were collected from only the animal clinics industry. However, a comparison of the results presented here with those form other marketing contexts (e.g., general hospitals) would be worthwhile. Future comparative research will enhance the generality of our contingency theory cross industry context. Second, this study found that market orientation and relationship orientation affect business performance. However, there may be other antecedents, such as internal market orientation and relationship orientation with customers. Also, this research did not consider other moderators, such as overall market conditions, competitive situations, and power/conflict between suppliers and buyers in the relationship between market and relationship orientation and business performance.

• Journal of Industrial Convergence
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• v.19 no.5
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• pp.13-19
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• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2008.10b
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• pp.331-340
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• 2008

본 연구는 농협을 대상으로 정보시스템 사용자의 저항요인을 감소시키고 사용자의 만족을 제고시킬 수 있는 효율적인 운영방안을 모색하기 위하여 정보기술 특성 및 경영지원 특성이 사용자들의 저항에 미치는 영향관계를 알아보았으며, 그 연구결과는 다음과 같다. 첫째, 정보기술특성과 사용자 저항변수간의 분석결과에 의하면, 정보기술의 유용성과 용이성은 사용자저항과 부(-)의 관계가 발견되어 정보기술의 유용성과 용이성이 높을수록 사용자 저항은 감소한다고 할 수 있다. 따라서 정보기술의 유용성, 용이성은 사용자 저항에 중요한 영향을 미치는 변수임을 확인하였다. 둘째, 경영지원변수 중 경영자지원과 사용자 저항 간 분석결과에 의하면, 전혀 유의한 관계가 발견되지 않았다. 따라서 정보기술특성요인이 경영지원 특성요인보다 중요한 영향을 미치는 변수임 을 확인하였다. 본 연구의 결과는 농협이 CRM 시스템을 효율적으로 구축하고 운영하는데 있어 필요한 정보기술시스템의 특성에 관한 정보를 제공하였다는데 그 의의가 있다. 하지만 본 연구는 사용자 저항의 원인변수 중 정보기술특성 및 경영지원특성에 관한 변수만을 사용하였다는 한계점을 갖고 있다. 따라서 향후에는 보다 다양한 사용자 저항 영향요인들을 고려한 연구가 진행되어야 한다고 본다.

• The Journal of Information Technology
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• v.5 no.1
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• pp.79-98
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• 2002

This study examines the association between valuation and accrual information. According to accounting based valuation model, firm's value consists of net book value and abnormal earnings. Net book value and abnormal earnings are determined as the manager's accounting policy. Discretionary accruals may signal the manager's value expectation or be noisy factor of accounting variables. The results of this study are as follows; First discretionary accruals are associated to stock prices negatively but non-discretionary accruals are not to stock prices. This result suggests that discretionary accruals and non-discretionary accruals are the differential factors of the firm value. Second, the product term of discretionary accrual and net book value are associated to the stock price negatively but the product term of non-discretionary accrual and net book value are not associated to the stock price. the results indicate that discretionary accruals are noisy factors of net book value information. Third, the product term of discretionary accrual and net income are associated to the stock price negatively and the product tenn of non-discretionary accrual and net income are also associated to the stock price negatively, the results suggest that discretionary accruals are noisy factors of earnings.

• The Journal of the Korea Contents Association
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• v.20 no.8
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• pp.128-137
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• 2020

Academic research on entrepreneurship has long been studied in various fields, but research on the relationship between entrepreneurship and subjective well-being is insufficient. This study aims to examine how challenge and hindrance stress affect subjective well-being in the impact of entrepreneurship on subjective well-being in the enterpriser of domestic company, and to determine whether the relationship among the individual characteristics of self-determination factors in this relationship has a mediating effect. According to research results, First, entrepreneurship had a positive effect on challenge stress and subjective well-being, while hindrance stress had an effect of negative. Second, challenge stress had a positive effect on relationships and subjective well-being had a positive influence but was insufficient and hindrance stress had a negative effect on both relational and subjective well-being. Third, Challenge stress and hindrance stress both influenced positive on subjective well-being through relationships. When you summarize the results of the research, It has been confirmed that the entrepreneurship of enterpriser effects subjective well-being, that hindrance stress is a factor that can interfere with subjective well-being, and that relationships play an important role in enhance subjective well-being of enterpriser. Based on these findings, conclusions were discussed and implications and directions for follow-up research were presented.

• Proceedings of the Safety Management and Science Conference
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• 2012.11a
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• pp.415-423
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• 2012

고용노동부 산업재해분석 자료에 의하면 최근 5년간 (2006년~2010년)의 총 재해자수(사망자수) 472,329명(11,662명), 경제적 직접손실액 16,814,806백만원, 경제적 손실 추정액(직 간접) 84,074, 030백만원으로 인적 물적 손실이 크다는 것을 알 수 있다. 본 연구에는 산업안전보건법상의 안전관리자 선임된 사업장 211개소 대상으로 안전관리자의 직무특성에 따른 산업안전정책방향 이해도에 관한 조사를 하였다. 연구대상자의 기업체의 특성을 보면 지역별, 업종별, 규모별, 노조설립 여부에 따라 산업안전정책방향에 대한 인식도 차이가 있는 것으로 나타났으며, 연구대상자의 직무특성을 보면 연령, 경력, 근무부서에 따라서도 산업안전정책방향에 대한 이해도 차이가 있다는 것을 알 수 있었다. 본 연구에서는 기업체 산업안전관라자 직무특성에 따른 산업안전정책방향 이해도 분석을 통해 정부의 정책변화, 경영자 안전관리자의 안전의식 변화가 필요할 것으로 사료된다.