• The Journal of the Korea Contents Association
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• v.17 no.1
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• pp.213-221
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• 2017

This study examines the influence of CEO(Chief Executive Officer) turnover on earnings management in public institutions. We classified sample into four portfolios based on the joint types of departing CEO(Forced/Voluntary) and incoming CEO(Expert/Nonexpert), and we explore whether earnings management are distinguishable depending on the types of CEO turnover. Empirical findings are summarized as following. The different patterns of earnings management are observed for each portfolio in the turnover year. In particular, when departing CEO leaves the company forcibly and incoming CEO is an expert in that business, there is an evidence of downward earnings management in the turnover year. This means that the incoming CEO takes a bath in his first year by recording big charges to shift blame for failed management on to the predecessor. The results documented in this paper provide an important implication for diverse interest groups participating in the CEO turnover decisions at the present time when normalization of management of public institutions is viewed more important than ever.

• Journal of Digital Convergence
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• v.20 no.5
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• pp.149-155
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• 2022

This study checks how the managerial competency of a single beauty company affects management performance, and the managerial competency of a single beauty company has a moderating effect of a beauty education institution between management performance and presents related implications. As for the survey for the study, direct surveys and online surveys were conducted from May 1 to May 31, 2021, and a total of 218 copies were used for empirical analysis. As a result of the analysis, the managerial competence of a single beauty company was divided into three factors: psychological characteristics, technical characteristics, and management ability, and all factors influenced management performance. In addition, it was analyzed that the managerial competency of a single beauty company in beauty education institutions has a moderating effect in the relationship between management performance. Therefore, managers of single-person beauty companies should make various efforts to improve managerial capabilities that affect management performance, and above all, it is important to select educational institutions necessary for each reverse direction.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.11
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• pp.5434-5441
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• 2013

Using longitudinal data of 575 sample from 122 firms in large business conglomerates from 2001 to 2008, this study examines the impact of controlling shareholders' control-ownership disparity on executive compensation. The empirical study finds that controlling shareholders' control-ownership disparity is negatively related to the level of executive compensation and moderate negatively the relation between firm performance and executive compensation. This finding suggests that controlling shareholders' control rights in excess of ownership rights lead to decreased executive compensation in order to relieve the concerns of stakeholder about the potential agency costs of controlling shareholder, and have, on the other hand, entrenchment effects on the decision of executive compensation by decreasing its sensitivity on firm performance.

• The Journal of the Korea Contents Association
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• v.19 no.4
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• pp.394-402
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• 2019

This study examines the effect of managerial ownership on the value of firms' cash holdings. According to the management entrenchment hypothesis, managers have incentives to make decisions that can undermine shareholders' value for their own private interests. In this situation, as the managerial ownership increases, investors may evaluate that the cash held by the company may be utilized inefficiently and the value of the cash holdings may decrease. On the other hand, based on the incentive alignment hypothesis, the value of cash holdings may increase as investors perceive cash holdings to be effectively used to increase corporate value as managers' interests are in agreement with shareholders. Empirical results show that the value of cash holdings decreased as managerial ownership increased. This study finds a contribution in that it presents empirical evidence on whether the cash held by the company is differentially evaluated according to the level of the managerial ownership.

• Management & Information Systems Review
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• v.32 no.1
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• pp.259-272
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• 2013

This Paper document that managers' cash compensation is more sensitive to negative stock return than positive stock return. Also, this paper analyse that managers' cash compensation react symmetrically to accounting earnings and losses. Since stock returns include both unrealized gains and unrealized losses, we expect managers' cash compensation to be less sensitive to stock returns when returns contain unrealized gains(positive returns) than when returns contain unrealized losses(negative returns). But accounting earnings exclude unrealized gains and include unrealized losses, so managers' cash compensation will react symmetrically to accounting earnings and losses. Analyzing 5,815 firm-year data for 2000-2011, we find that managers' cash compensation reacts asymmetrically to stock retruns whereas managers' cash compensation reacts symmetrically to accounting performance. This finding is consistent with boards of directors seeking to mitigate ex post settling up problem that would arise of managers' cash compensation was equally sensitive to positive and negative stock return.

• International Area Studies Review
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• v.15 no.1
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• pp.425-446
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• 2011

There has been a conventional wisdom that a higher level of autonomy of a foreign subsidiary could lead to a higher level of subsidiary performance. Most MNCs seeking for managing localization efficiently followed this wisdom. But there has been no empirical evidence so far in academic journal that there is a clear positive relationship between subsidiary autonomy and performance. Recently most MNCs are trying to pursue a global strategy for managing foreign sudsidiaries, in which the coordination role of parent company is essential. For the MNCs seeking global strategy the coordination role of the parent and subsidiary autonomy appears to have a trade off relationship. It is uncertain in the situation that the positive relationship between subsidiary autonomy and performance is still effective. Therefore the purpose of the study is to provide an empirical evidence of the the hypothesis that there is a positive relationship between subsidiary autonomy and performance, The study utilized the questionaire survey of Korean subsidiaries of MNCs. The empirical results of the study showed the significant positive relationship between two variables, which is cinsistent to the hypotheses.

• Journal of Digital Convergence
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• v.18 no.6
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• pp.157-166
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• 2020

Firms perform various actions that affect management performance measurement by managing the volatility and capital cost of reported income through income smoothing. This study attempted to analyze with a focus on the relationship between managerial competence and income smoothing. Therefore, this study attempted to analyze and focus on the relationship between managerial competency and profit softening using a measure of managerial competency presented in Demerjian et al. (2012). The results of the analysis are as follows. It was confirmed that there was a significant positive relationship between manager ability and income smoothing at the 1% level. When managers make income, it can be interpreted that managers with superior ability can make profits better by accurately predicting the future. It is the same result as the expectation of this study that managers with excellent ability have high incentives to soften profits by reducing profit volatility through more accurate forecasting. Therefore, this study empirically analyzed that managers with excellent abilities are more effective in implementing income smoothing strategies.

• Industry Promotion Research
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• v.4 no.1
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• pp.45-55
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• 2019

The purpose of this study is to examine the effects of common competency, managerial competency, and job competency, which are perceived management consultants' competencies, on organizational performance and management characteristics of these managers. The hypothesis 2 shows that the influence of the management consultant capacity and the management performance on the Hypothesis 1 and the moderating effect of the hypothesis 2 management characteristics are as follows. First, common competence, management competence, and job competence, which are H1 management consultant capacities, have been shown to have a positive (+) influence on financial performance and non - financial performance. Second, the characteristics of manager in H2 were partially shown by the common competence between management consultant capacity and management performance. Therefore, in order to establish a corporate sustainability management system and implement it strategically, a consulting firm should select a consultant with excellent management consultant capability and execute management consulting. In addition, management consultants were required to have diverse learning, experience and management plans to improve their qualitative performance. Despite the fact that managerial characteristics represent partial regulatory roles, they actively play a central role in the survival and development of corporations, requiring active publicity so that the organizational characteristics of managers can be understood.

• Product Safety
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• s.59
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• pp.18-19
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• 1997

오늘날 미국에서는 [ $\ulcorner$ ]오픈북 경영(Open-Book Management$\lrcorner$이라는 새로운 경영방식이 확산되고 있다. 종합적으로 품질경영, 팀 중심 품질관리, 종업원의 권한확대 등의 개념이 과거의 상명하달식 의사전달체계나 명령에 대한 절대적 복종 등의 경영체계가 시대에 뒤진 것으로 치부되고, 근로자는 종업원이라기보다 협력자로 간주되며, 경영자는 감독이 아닌 코치로 이해되는 것이다

• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.