• The Korean Journal of Financial Management
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• v.12 no.1
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• pp.167-186
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• 1995

기업인수합병(M&A) 시장의 활성화에 따라 적대적 공개매수를 방어하기 위한 반인수조치(Antitakeover Techniques)들에 관한 관심도 고조되고 있다. 지금까지 널리 알려져 있는 대표적인 반인수 조치들은 Fair Price Amendment(FPA), Classified Board Amendment(CBA)와 Poison Pills(PP) 등이다. 이들 대표적 세 반인수조치들 중에서 FPA와 CBA 채택의 경우는 주주들의 사전 승인이 요구되는데 반하여 PP는 주주들의 사전 승인없이 채택이 가능한 반인수조치이다. 이처럼 상이한 반인수조치들의 채택은 채택기업의 가치에 상이한 부의 효과를 미치는데, 이 분야의 많은 실증적연구 결과들이 보고되고 있다. 본 연구에서는 표본기업으로 현재까지 상호개별적으로 연구되어 왔던 두가지 반인수조치(FTA, CBA)에 PP와 비채택기업도 포함시키고 있다. 지금까지의 반인수조치 채택에 따른 기업가치에 미치는 부의 효과에 관한 연구결과를 확인해보고, 반인수조치 채택에 관한 경영자의 의사결정과 경영자의 부 사이에 체계적인 관계가 존재하는지를 실증분석하고자 한다. 여기서 경영자의 부는 기업내부자 지분율과 기업내 경영자를 위한 Golden Parachute의 존재 유무로 측정한다. 본 연구에서는 3개의 가설을 설정하였다. 가설1: 만일 경영자가 주주의 이익을 희생하면서 자신의 이익을 위한 반인수조치를 채택한다면, 반인수조치 채택의 공표는 평균적으로 기업가치에 부(-)의 효과를 보일 것이다. 가설2: 경영자의 내부지분율이 낮을때 경영자들은 주주에게 가장 해로운 반인수조치를 선택할 것이다. 가설3: Golden Parachute가 존재하지 않을때 경영자들은 주주에게 가장 해로운 반인수조치를 채택할 것이다. 본 연구의 대상기업들중에서 반인수조치 채택 기업들은 IRRC 1990년도판에서 수집되었고, 대칭표본 기업으로 반인수조치를 채택하지 않은 기업들은 CRSP 파일에서 기업규모, SIC 코드를 대응시켜 선정하였다. 임원, 관계이사들과 친인척을 포함하는 내부자의 지분과 Golden Parachute 존재 여부는 이 연구의 표본기업들의 Proxy Statement에서 수집하였다. 최종 표본기업은 FPA 채택기업, CBA 채택기업, PP채택기업, 그리고 비채택기업으로 4개의 상호 배타적인 기업 그룹으로 구성되었다. 본 연구는 Event Study와 Multinomial Logistic Regession의 두가지 실증분석 방법을 사용하였다. Event Study방법론은 반인수조치 채택 공표시 초과수익률을 조사하기 위해 사용하였다. Multinomial Logistic Regession은 선택된 반인수조치 종류와 설명 변수들(내부자 지분율, Golden Parachute)간에 체계적인 관계가 존재하는지를 검증하기 위해 사용되었다. 반인수조치들을 채택하는 기업들은 반인수조치를 채택하고 있지 않은 기업들에 비해 내부자 지분율이 낮게 나타났으며, 반인수조치 중 PP를 채택한 기업에서 가장 낮은 내부지분율을 보이고 있다. GP 채택을 보면 PP를 선택한 기업의 50%가 GP를 채택하였다. 본 연구에서 반인수조치 채택 발표일 하루 전후의 초과수익률을 조사한 결과는 반인수조치 미채택기업, CBA, FPA 채택기업들의 초과수익률은 통계적으로 의미가 없었으나, PP채택에 따른 초과수익률은 의미 있는 부(-)의 값을 나타냈다. 이와같이 CBA와 FPA채택기업들은 주주의 부를 감소시키지 않았으나 PP채택기업들은 주주의 부를 감소시켰다. 따라서 경영자는 주주의 이익을 희생시키면서 자신의 이익을 위해 PP를 선택하고 있음을 보여 주고 있다. 연구결과는 내부자 지분율의 크기가 경영자와 주주간의 이해를 효과적으로 일치시키고 있음을 제시하고 있다. 즉, 내부자 지분율이 큰 기업일수록 반인수조치를 채택하지 않거나 반인수조치 채택시에 주주의 이익에 반하지 않은 반인수조치를 선택하는 경향이 높다. Golden Parachute이 존재하는 기업은 FPA를 채택하거나 반인수조치를 채택하지 않는 것보다 PP나 CBA를 채택하는 경향이 더 높다. 한편 기업에서의 GP의 존재가 경영자의 가장 해로운 반인수조치 선택을 억제하지 못함을 보여주고 있는데, 이는 GP가 비효과적인 계약메카니즘임을 제기한다. GP가 경영자와 주주간의 이해를 일치시키도록하는 계약이라기 보다는 차라리 기업방어전략이 비효과적일때 경영자 자신의 안전판으로 제공되고 있음을 보여준다. 이 논문의 주요공헌은 기업내부자 지분율의 크기와 GP의 존재가 반인수조치 선택에 체계적인 영향을 미치고 있음을 보여준 것이다. 여기서 사용된 Multinomial Logistic모델은 내부지분을 크기와 GP의 존재가 PP또는 CBA가 채택될 것인지를 예측할 수 있게 한다.

• Journal of Christian Education in Korea
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• v.63
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• pp.121-150
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• 2020

The important developmental tasks of young adults are based on encounter and identity. These problems of encounter and identity are also connected to the instinct of longing for the "face" of primary caregivers, who acknowledge and affirm themselves as their cherished children. James Loder emphasizes that human "face pursuit instinct" later reaches "formal-operational stage" and leads to religious yearning for God as "the Eternal Face." This pursuit of "face" and "the Eternal Face" is an existential and ontological move to find out "Who am I?" through meaningful encounters. Religious psychologist Carl Jung also points out that scientific thinking has contributed to the liberation of humans from superstitious beliefs. But this has also led to the loss of the precious value of human spirit and the sense of unity with nature. Jung emphasizes that "symbolic play" should help learners and counseler face-to-face with their unconscious mind. By doing so, learners can overcome the wounds and scars of unconsciousness and mature toward the true self. James Loder is a scholar who critically introduced Jung's "unconscientious confrontation" therapy to his educational theory. Beyond Jung's unconsciousness and "symbolic play," Loder proposed transformational education for the learners to participate in meaningful changes through interaction between human spirit and the Holy Spirit. With many young adults wandering around in their existential voids, it is clear that functional and socializational education cannot overcome their problems and developmental crisis. This developmental crisis requires a foundation of identity and intimacy in the encounter with God, the "Eternal Face." Therefore, this study suggests that when Jung's "unconscious confrontation" and Loder's "transformation logic" are employed, transformational Christian education for the healthy self-identity and intimacy of young adults can be accomplished. This inquiry presents not only theoretical reflection, but also the reactions of young adults and actual feedback obtained through implementing transformational Christian education for young adults. Through all of these endeavors, this inquiry was completed by proving that "Transformational Christian Education for Young Adults" is an educational theory that can yield actual results and abound fruits. (This enquiry was undertaken by the support of the research fund of PUTS 2020.)

• Journal of Distribution Science
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• v.10 no.3
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• pp.43-50
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• 2012

This study sets out to examine how a brand image that matches the advertising model has a positive impact on brand attitude and price fairness perceptions. We reviewed the constructs on the basis of previous studies and each of the concepts has been redefined. One such concept, "image congruence," refers to the harmony, fitness, and matching quality of images. For example, how well celebrity advertising model is matches the brand image shows image congruence. Results are summarized as follows: First, the congruence of brand image and sports advertising model has no significant impact on brand attitude certainty and persistence. Second, the individual's brand attitude certainty and brand attitude persistence has a positive impact on the perceptions of price fairness. Third, the congruence of brand image and sports advertising model has a positive impact on the perceptions of price fairness. The first and the third results suggest that the positive impact on the price fairness perceptions is temporary but it has insignificant effects on the formation of brand attitude causing ongoing purchases. In other words, in order to influence consumers' long-term confidence on the brand, improving the quality of products or services has to precede promotional strategies such as advertising. When an advertising model is inappropriate for the brand image, consumers perceive product price changes as a negative issue in the short term. However, in the long term, attitude formation such as consumers' repurchase intentions and word of mouth will be not affected. The second result suggests that an already existing positive brand attitude can contribute more positively to change the perceptions of price fairness. In particular, attitude persistence has greater influence than attitude certainty on the price fairness. It suggests that persistence issues such as the trading period and the frequency of transactions must be managed and controlled because they are more important than the certainty issues such as strength of belief or trust. For example, when a commercial model for expensive sporting goods matches up with the brand image, consumer feels less pressure on the price changes. However, it does not determine the consumer's repeated purchases or sustainable transactions and it also has no absolute impact on the brand trust. In other words, consumer brand attitude should be recognized and approached as a routine strategy in view of the result that it is of great value as a causal variable in the process of consumer decision-making.

• Journal of Korean Society of Transportation
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• v.23 no.5 s.83
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• pp.47-55
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• 2005

Roads deeply affect the life of people and keep doing an important role to support economic growth of a country. According to the budget plan of the ministry of construction and transportation of Korea, 8.1 trillion won have been allotted for road investment in the year of 2002 which occupy 61% of the transportation infrastructure special account (13.3 trillion won) and 4.7% of the total national budget (1,740 trillion won). It is true that services generated from road investment such as mobility enhancement and increased accessibility have shown positive effects through shortened travel time and decreased vehicle operating cost. However, it is also notable that many negative effects are gradually being discussed and those are nowadays getting severer due to enhanced people interests about road construction, increased concerns on environment and active public involvement that were evoked by traffic accidents, air pollution & noise and destruction of environment. Road construction processes in Korea are normally governed by administrative sectors (suppliers) not by users. These processes ate very weak to accomodate user s needs and community concerns thus easy to fail finalizing a road project without hassles. A public hearing process is supposed to be held in the processes of detailed design step and the environmental impact analysis. However, it is not enough to grab user's needs and community concerns. Increased public involvement frequencies, optimized public involvement timing and enhanced depth of public involvement magnitude are suggested to improve the current poor public involvement schemes in road planning and design processes. The application of these recommended methods to the road planning and design processes may guarantee the change from the current supplier-oriented schemes to the new user-oriented one. Also, this study suggests to reset objectivity and clarity of road construction process, to make conciliation guidelines based on many practical cases that produced good results, to introduce public involvement techniques in a stepwise basis, and to foster the professionals via education and training programs.

• The Journal of the Petrological Society of Korea
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• v.28 no.4
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• pp.251-277
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• 2019

The Gogunsan Archipelago is composed of two island groups; the first group includes Mal-do, Myeong-do, Gwangdae-do, and Bangchuk-do islands consisting of Neoproterozoic rocks, and the second group includes Yami-do, Sinsi-do, Muneo-do, Jangja-do, and Seonyu-do islands consisting of Cretaceous rocks. The first group mainly consists of the Bangchuk formation which can be divided into two layers; the lower layer was more deformed than the upper layer. The former was intruded by mafic and felsic volcanic rocks formed in the volcanic arc tectonic setting 930-890 Ma and the latter was deposited ca. 825-800 Ma. In these islands, large scale folds with east-west fold axes were beautifully formed; the Maldo island fold was designated as natural monument and large scale beautiful chevron fold was developed on the Gwangdae-do island. In addition, there are unique zebra-shaped outcrop formed by a mixing of basic and acidic magma and Independent Gate shaped outcrop formed by coastal erosion. On the other hand, the Yami-do, Sinsi-do, Muneo-do, Jangja-do and Seonyu-do islands consist of 92-91Ma Cretaceous volcanic rocks and, in Sinsi-do island, the Nanshan formation deposited ca. 92 Ma. These Cretaceous volcanic rocks formed by melting of the continental crust by the heat supplied from the uplifting mantle due to the extension caused by a retreat of subducting ocean slab. Yami-do and Sinsi-do islands are composed of rhyolite. In Yami-do island, bands with vertical joint formed by cooling of the bottom part of the lava, are shown. In Sinsi-do island, large-scale vertical joints formed by cooling of lava flow, were developed. The Jangja-bong of Jangja-do island and Mangju-bong of Seonyu-do island are composed of brecciated rhyolite and formed a ring shaped archipelago contributing to the development of marine culture by providing natural harbor condition. They also provide beautiful views including 'Seonyu 8 views' along with other islands. As mentioned above, the Gogunsan archipelago is rich in geoheritages and associated cultural and historical resources, making it worth as a National Geopark.

• 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.

• The Journal of Small Business Innovation
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• v.20 no.3
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• pp.1-17
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• 2017

There is a serious information asymmetry between internal managers and outside investors in the process during IPOs. One mechanism that mitigates this information asymmetry is a high quality auditor. Since prior research document auditors' effect on newly listed firms at the IPO year, what has not yet been revealed in previous studies is the behavior of firms and auditors after listing. In this study, we investigate (i) the firms tendency of contracting with Big N auditors, and (ii) the effect of Big N auditors on accounting quality after the years of IPOs. Using a sample of 7,678 (1,892 firm-years of after IPOs, and 5,786 control firm-years) KOSDAQ observations between 2002 and 2012, we find that the likelihood of contracting with Big N auditor lasts only for two years after IPO compare to that of non-IPO control years. Secondly, we find that the effect of Big N auditors on clients' earnings management lasts for a very short period after IPO. These findings suggest that although prior literature argue that Big N auditors reduce earnings management of their clients, at least the period right after IPO, it is not consistent. Our study contributes to the existing literature in several ways. First, we provide new evidences of firms' auditor selection decisions by investigating years after the listing. In second, as an evidence of accruals reversal, we document decrease in discretionary accruals after IPOs. Third, we find that there is not always a positive relation between Big N auditor and accounting quality by showing the insignificant Big N auditor effect after IPOs. Our results also suggest several implications to IPO related stakeholders. First, to IPO firms, we provide evidences that decisions of hiring auditors affect firms earnings. Also, lead IPO underwriters may consider how these decisions influence future performance. Second, investors may want to use information not only in the preofferings but also after public offerings. Our study insists that auditor hiring decisions affects their own welfare. Finally, accounting standard setters may find these results useful for evaluating how much discretion they should allow corporate managers to hire auditors. In addition, our result casts doubt on auditor designation.

• Journal of the Korean Geographical Society
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• v.36 no.4
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• pp.474-482
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• 2001

The purpose of this study is to investigate the formation and development processes of beach resort by fabric construction in a island environment. The results are as follows. (1) The research area(Tong-ri beach, Bokil-myon, Chollanam-do)has been transformed to belch by sedimentary environmental change since latter half of 1800's. (2) The mean slope of beach face is 0.96°, and the difference of attitude between beach and mud flat face is 75cm. (3) The mean particle size of beach surface sediment is 3.53$\Phi$. This value is very finer than that of any other beach in Korea peninsula. But its value is coarser than that of mud flat surface sediment. (4) The particle size distribution of core sediment is become changed to fine particle in 70cm depth. This value is corresponded to difference of altitude between beach face and mud flat face. (5) The analysis of aerial photographs after 1970 indicates that sedimentation process was not brisked since 1970's. Consequently, the research ares has been developed by sedimentary environmental change for sea-level rise effect and wave height energy rise effect.

• Information Systems Review
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• v.18 no.1
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• pp.157-175
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• 2016

Under the market economy of capitalism, several limitations reveal the inequity and redistribution problem of wealth, inefficiency of over-manufacturing and over-consumption, pollution of the natural environment, and the constraint of human liberty and dignity. The new challenge of symbiotic relationships that encourage individual corporations coincides with the need to practice social responsibility and share values to overcome these limitations. Social economy and the social enterprises that simultaneously pursue the making of corporate private profits and the realization of social values have been suggested and disseminated as alternative social value creators. Furthermore, the concept of a sharing economy, which refers to the sharing of things rather than owning them, is growing traction as a new paradigm of capitalism. However, these efforts of social enterprises have fallen short against the conflicts between private profit and social values. This study deals with the case of a start-up social corporation, "Purun Bike Sharing Inc.," which is based on a regional sharing economy business model about bike rental services that use Information and Communication Technology (ICT). This corporation pursues harmonic management to achieve a balance between private profit and social value. Its corporate mission is to achieve sharing, coexistence, and contribution for public welfare. This mission is a possible idea for use in the local community network as a core key for sustainable social enterprises. The model can also be an alternative approach to overcome the structural friction in the social corporation. This study considers the case of Purun Bike Sharing as a sustainable way to practice a sharing economy business model based on a regional cooperation network, which can be combined with social value, and to apply ICT to a sharing economy system. It also examines the definition and current state of social enterprises and the sharing economy, and the cases of the sharing economy business model for the review of prior research.

• The Journal of the Convergence on Culture Technology
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• v.6 no.3
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• pp.1-8
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• 2020

EuiJae Hu BaekRyun is a symbol of Honam Namjonghwa and is respected as a teacher of Honam culture. He is from JinDo and is a relative of Sochi Heo Ryun and a disciple of Misan Heo Hyeong. The spirit of traditional Namjongghwa and the dignity of painting faithful to its technique have been obtained by themselves, and have made it his own. EuiJae organized a 'Yeonjinhoe' in Gwangju to raise his students. After liberation, a house was built under Mudeungsan Mountain. And showed another aspect as a social educator who emphasized and practiced national spirit while being a tea ceremony man. He excelled in Chinese poetry and painting theory, and expressed a unique field in calligraphy. especially worked as an artist good at poetry, caligraphy, and painting. EuiJae showed exceptional talent, especially in landscape painting. His tendency to paint was to follow Ye Chan's technique of drawing with a dry brush, placing importance on the energy of learning, and constantly trying new experiments with the technique of gisaeng. The world of EuiJae's works can be divided into three periods, based on the signature using the trend of painting or the change of perspective pursued, the era of EuiJae, the era of EuiJaeSanin, and the era of EuiDoin, which had a tendency of independent painting. EuiJae's contribution surpassed the artistic historical assessment that he had formed a big stem for the authentic Namjongghwa of Korean painting culture, which was part of Oriental painting. And recognizing that he was a fundamental teacher connecting modern times through the actual scenery based on NamDohwa's universal spirit and regional characteristics and the creative succession of emotions, he should inherit his passion for artistic spirit and tradition and experimental spirit.