• Management & Information Systems Review
• /
• v.37 no.2
• /
• pp.187-207
• /
• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.

• The Korean Journal of Financial Management
• /
• v.24 no.2
• /
• pp.81-111
• /
• 2007

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Using an agency framework, we examine the relation between ownership structure and capital structure during post-IMF period. We used the balanced panel data for 378 korean listed companies during the 1999-2005. The panel data sets consist of time-series observation on each of 378 cross-sectional units. The results indicate a non-linear U-shaped relation between the level of managerial share ownership and leverage with the relation reaching a minimum at 58.48 per cent of management share ownership. As managerial share ownership increase from a low level, managers have incentive to reduce the debt level for decreasing the financial risk, resulting in a lower lever of debt. However, when corporate managers hold a significant proportion of a firm's shares, managers have incentive to increase the debt level for leverage effects, resulting in a higher lever of debt.

• Journal of Korean Electronics
• /
• v.11 no.8
• /
• pp.84-85
• /
• 1991

• Journal of Digital Convergence
• /
• v.11 no.4
• /
• pp.177-188
• /
• 2013

This study examines how managerial ownership structure affects the borrower's choice of private versus public debt using 2,608 firm-year data for 2006-2008. This paper investigates the relationship between managerial ownership structure and debt choice. Managerial ownership is measured using number of stocks and unexercised stock-options and debt is classified public and private debt. The results find that there is a positive association between managerial ownership and the private debt dependence and also find that when firms finance additional funds, higher managerial ownership leads managers to choose private debt not public debt. Since private debt can be classified into bank debt and non bank debt, this paper examines the relationship between managerial ownership and a choice of bank debt. The results indicate that managers with higher ownership are more likely to use bank debt over public debt and non bank debt. By examining the relation between managerial ownership and a debt choice, this paper has following contributions. First, this study shows that managerial ownership affects the choice of the source of financing using three different proxies of managerial ownership. Second, this study classified private debt into bank debt and non-bank debt and provide the evidence of preference toward private debt especially bank debt among other financing sources. Finally, there are extensive studies related to capital structure and managerial ownership, but there is little empirical research on the debt choice and managerial ownership. Thus, this paper adds to literature by exploring the effects of managerial ownership on a debt choice.

• Management & Information Systems Review
• /
• v.35 no.1
• /
• pp.287-305
• /
• 2016

This study confirms that there is a correlation between managers' incentive-compensation system(introduction of the compensation committee) and corporate governance mechanisms (ownership structure, proportion of outside directors, debt ratio, competitive strength), and analyzes whether firm value is affected by corporate governance mechanisms. The purpose of this paper are empirically tested using 318 firm-year data listed on the KRX from 2001 to 2010 and 2SLS(two-stage least square method) were used for the analysis of the hypotheses. The results of empirical tests are as follows. Firstly, there is no correlation between introduction of the compensation committee and corporate governance mechanisms. In addition, the results show that there is a causal relationship between some variables. Secondly, results from the analysis of the impact of corporate governance mechanisms on firm value, only introduction of the compensation committee and foreign investors ownership were analyzed as a positive impact on the firm value. This result means that most domestic firm don't actively used for managers' incentive-compensation system as a useful control device for improving corporate governance.

• Journal of Digital Convergence
• /
• v.17 no.4
• /
• pp.107-114
• /
• 2019

This study analyzes the effect of the accuracy of future management performance, which managers voluntarily announce in the previous year's disclosure, on managers compensation. In the case of a company that disclosed the bad news in the previous year, the ability to predict uncertain future will be more important, and expects executives with better predictability to receive more compensation. The results of this study show that there is a significant negative(-) relationship between the accuracy of the manager's earnings forecast and the performance - compensation of the firms that disclosed the bad news in the previous year. The accuracy of the manager's disclosure is important, and it is confirmed that the manager's compensation increases as the incentive of the manager's effort to reduce future uncertainty. The results of this study are as follows: there is a positive relationship between the managerial performance and the managerial competence of managers. It is important to note that there is a difference and that we have identified additional determinants of the manager compensation contract.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.34 no.1
• /
• pp.52-59
• /
• 2011

가계가공은 절삭 부위의 냉각작용과 윤활작용을 위해 절삭유를 많이 소모한다. 절삭유는 염소계의 극압첨가제 등이 함유되어 있어 작업자들에게 유독할 뿐만 아니라 대기의 오염을 초래하여 청정생산을 저해하게 되므로 이런 전통적인 방법은 작업자의 직업병으로부터 보호와 환경보호를 위하여 새로운 가공방법으로 변경되어야만 한다. MQL 기계가공 방법은 절삭유를 아주 소량 소모하므로 청정생산을 위한 대안으로 떠오르고 있지만 많은 작업자들이 이에 대한 기술적인 확신이 부족하여 이 방식의 사용을 주저하고 있다. 본 연구는 MQL 가공 방식에서 가공의 특성을 파악하여 표면거칠기에 영향을 미치는 인자와 범위를 찾고자 다양한 실험을 계획하고 그 결과를 분석하였다. 실험의 계획에서는 각 가공의 특성을 잘 나타낼 수 있는 인자와 수준을 선정하고, 다양한 상황의 결과를 분석하여 MQL 가공의 특성과 최적의 가공조건을 도출하였다. 본 연구의 실험 및 분석의 결과로서, 절삭 파라미터와 그의 수준이 가공특성을 잘 반영할 수 있도록 적절히 선택된다면 MQL 기계가공은 표면거칠기 향상 및 원가절감이나 환경보호 측면에서 절삭유 윤활방식을 대체하는 green manufacturing을 위한 대안이 될 수 있음을 보였다.

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

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

• Proceedings of the KAIS Fall Conference
• /
• 2011.05b
• /
• pp.663-666
• /
• 2011

본 연구는 피부미용사들을 대상으로 근무환경에 대한 만족도와 스트레스가 직업 만족도에 영향을 미치는 요인을 분석하고 근무환경 만족도, 스트레스, 직업 만족도 간의 인과관계를 규명하여 피부미용사들의 직업적 긍지를 높이고 그들의 삶의 질 증진에 기여하고자 시도 되었다. 전국의 여성 피부미용사 351명을 대상으로 설문 조사한 후 분석한 결과, 조사 대상자의 근무환경에 대한 만족도는 40세 이상, 유배우자, 부부와 자녀가 같이 사는 경우, 대졸이상의 학력자, 고소득자, 질병이 없고 건강할수록 높았고, 직업특성별 근무환경 만족도는 복합 상가, 1~2명의 직원수, 10년 이상 근무기간, 경영자가 가장 높게 나타났다. 스트레스는 30~39세, 무배우자, 혼자 사는 경우, 고졸이하 학력, 저소득자, 질병이 있고 건강하지 않는 경우가 가장 높았다. 또한 5명 이상의 직원수, 근무기간이 짧은 경우, 경영자직책이 가장 높았다. 직업만족도는 40세 이상 연령이 가장 높았고 배우자 유무와 동거형태에 따라서는 유배우자와 부부와 자녀가 같이 사는 경우, 학력에서는 대졸 이상, 월 소득은 소득이 많은 경우, 거주지역에서는 대도시, 건강상태와 질병 유무에 따라서는 질병이 없고 건강한 경우 직업만족도가 높았다. 직장위치는 복합상가가 가장 높고 근무기간과 직책에 따라서는 근무기간이 길고 경영자, 직원 수는 1~2명, 피부미용업 선택이유와 장래 근무계획에서는 적성에 맞아서와 계속근무가 직업만족도가 높았다. 근무환경, 스트레스, 직업만족도에 관하여 공분산 구조분석을 한 결과 근무환경이 좋을수록 스트레스가 적었고(p<0.001), 근무환경이 좋을수록, 스트레스가 적을수록 직업만족도가 높았다(p<0.001).