• Title/Summary/Keyword: 노동투자비효율성

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Labor Investment Efficiency and Value Relevance of Accounting Information (노동투자효율성이 회계정보의 가치관련성에 미치는 영향)

  • Cho, Jungeun
    • The Journal of the Korea Contents Association
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    • v.20 no.12
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    • pp.136-144
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    • 2020
  • Previous studies report that labor investment inefficiency occurs as the information asymmetry becomes severe and the agency problem between managers and external investors increases. Therefore, it is highly likely that managers will make opportunistic decisions that can damage corporate value in companies with high labor investment inefficiency. This study examines whether the value relevance of accounting information decreases as labor investment inefficiency increases as it is less likely that investors in the market use the accounting information of companies in which labor investment decisions are made inefficiently. Labor investment efficiency is measured as the difference between the actual level of labor investment and the expected level of optimal labor investment. Larger difference between the actual level of labor investment and the expected level of optimal labor investment is considered as higher inefficiency in labor investment. Using data of firms listed on the Korea Stock Exchange from 2002 to 2018, empirical results show that the value relevance of earnings decreases as the inefficiency of labor investment increases. This research provides empirical evidence on whether investment inefficiency in labor, which is an important factor in the competitiveness of a company, reduces the information usefulness of reported earnings.

How Do Auditors Respond to Labor Investment Inefficiency? (노동투자비효율성에 대한 감사인의 반응)

  • Cho, Jungeun
    • The Journal of the Korea Contents Association
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    • v.22 no.2
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    • pp.593-604
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    • 2022
  • This study examines how auditors respond to labor investment inefficiency, specifically its impact on audit fees and audit hours. Using a sample of Korean firms listed on the Korea Stock Exchange from 2003 to 2018, our empirical results indicate that firms involved in inefficient investment in labor incur higher audit fees and audit hours. This implies that auditors consider inefficient labor investment to cause considerable business risk, thus requesting higher external audit fees to compensate for higher audit risk. Furthermore, auditors expend more time and effort while auditing those firms by expanding the audit procedures to reduce the audit risk to an acceptable level. Finally, this study provides empirical evidence on whether the investment inefficiency in labor, an important factor in firms' competitiveness, incur higher audit fees as well as audit hours.

A performance analysis of R&D in the IT industry sector (IT 기업 R&D 투자의 효율성 분석)

  • 김상태;표경민
    • Proceedings of the Korea Technology Innovation Society Conference
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    • 2005.10a
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    • pp.521-532
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    • 2005
  • IT 기업의 기술적 효율성의 정도를 추정하고, 그 결정요인을 알아보기 위해 Coelli(1995)의 확률적프론티어(Stochastic Frontier model) 중 초월대수 변경생산함수(translog stochastic frontier production function)를 설정한다. 분석견과 연구개발투자, 기업의 재무구조, 설비투자효율, 노동소득분배율 등은 기업의 비효율을 감소시키는 역할을 하는 반면, 기업규모, 재고자산증가율, 자기자본증가율 등은 기업의 비효율성을 더 높여주는 것으로 나타났다. 1990년부터 2004년까지 국내 제조업 전체의 생산의 기술적 효율성은 평균 0.5311로 이는 생산효율성이 $53.11\%$임을 의미하고, 비효율성은 $46.89\%$에 달한다고 볼 수 있다. IT 기업의 기술적 효율성은 0.5337회 제조업과 비슷하지만, IT 대기업은 0.61, IT 중소기업은 0.511로 대기업과 중소기업의 격차가 크게 발생하고 있다.

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Performance Analysis on Foreign-invested Firms in the SEZ (경제특구 입주 외국인투자기업의 성과 분석)

  • Choi, Yong-Seok;Song, Yeongkwan
    • KDI Journal of Economic Policy
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    • v.37 no.sup
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    • pp.87-121
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    • 2015
  • To attract more FDI inflows, the Korean government has designated several special economic zones (SEZs), offering various advantages and support to the FDI. There is, however, a shared acknowledgement that those efforts have gained little reward. In this regard, this paper empirically analyzes company-level performances of labor productivity, operating profit ratio, propensity to invest and innovate, etc. and then conducts regression analysis and PSM analysis to see whether these performances are meaningfully different between foreign-invested firm and domestic firm and between foreign-invested firms. The main findings of this paper are as follows. First, in the aspects of labor productivity and operating profit ratio, no empirical evidence was found to support the hypothesis that foreign-invested firm outperforms domestic firm in efficiency and profitability, Second, in the aspects of propensity to invest, foreign-invested firms in foreign investment zones outperformed domestic firms. Third, in the aspect of R&D investment, overall, foreign-invested firms showed a stronger propensity to invest than domestic firms, but there is no empirical evidence that high propensity to invest was driven by the policy on special economic zones. In the aspect of investment in educational training, empirical evidences were found that the role of foreign-invested firms outside the special zones turned out to be the strongest and that among firms inside special zones, it was those in the free economic zone that outperformed domestic firms. Lastly, foreign-invested firms showed a stronger propensity to employ than domestic firms, but there is no empirical evidence that high propensity to employ was driven by the policy on special economic zones.

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Labor Mobility and Skill Development (노동이동과 인력개발)

  • Lee, Byung-Hee
    • Journal of Labour Economics
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    • v.28 no.1
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    • pp.1-28
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    • 2005
  • First, The flow into and out of unemployment has been increasing considerably too since the late 1997. Moreover, about half of job changes involve career changes associated with industrial and occupational changes which workers work for. Workers who switch industries and occupations significantly suffer greater wage losses than observed similar workers who find new jobs in their pre-turnover industry or occupation. These findings imply that labor mobility is more likely to cause losses in accumulated skill of workers. Second, this study compared the wage return to past training when a worker remains with an employer with the wage return to past training when a worker moves to a new employer. Surprisingly, training provided by previous employers has significantly positive wage effect. These findings that the skill acquired by employer- provided training is transferable across some firms. Third, this study finds that the likelihood of sectoral mobility decreases with training received in the current industry. It gives an evidence of the industry- specific training. Based on these findings, this paper suggest the way of dividing the costs of benefits of training among employers within their sector to prevent under-investment in training.

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The Effects of Technological Progress on Growth, Employment and Distribution (성장 ${\cdot}$ 고용 ${\cdot}$ 분배에 대한 기술진보의 파급효과)

  • Im, Yang-Taek
    • Proceedings of the Technology Innovation Conference
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    • 2005.02a
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    • pp.220-267
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    • 2005
  • 본 연구의 분석목표는 순요소증가형 CES 생산함수를 실증적으로 추정함으로써 한국 제조업부문의 기술변화의 유형을 규명하고 성장 ${\cdot}$ 고용 ${\cdot}$ 분배에 대한 기술진보의 파급효과를 분석하는 것이다. 이 분석결과를 토대로 하여, 본 연구는 성장 ${\cdot}$ 고용 ${\cdot}$ 분배를 동시적으로 추구할 수 있는 정책방향을 기술경제 패러다임의 시각에서 제시하였다. 본 연구의 실증적 분석결과는 다음과 같이 요약할 수 있다 : 한국 제조업부문의 기술변화의 유형은 Hicks형 비(非)중립적인 자본사용적(B(t)>0) 즉 노동절약적 기술진보인 것으로 추정되었다. 이 결과, 잠재적 고용수준은 감소될 수밖에 없었다. 또한, Hicks형 중립적 기술진보를 나타내는 총요소생산성 증가율(${\gamma}$)은 감소하였던 반면에, 비(非)중립적 기술진보를 나타내는 요소간 대체탄력도(${\sigma}$)와 자본집약도(${\delta}$)는 증가하였다. 이에 따라 노동(L)이 자본(K)으로 광범위하게 대체되었을 뿐만 아니라, 자본투입(K)이 노동투입(L)보다 상대적으로 더 빠르게 증가 (K/K > L/L 즉 k/k > 0)되었다. 이 결과, 소득분배구조가 악화 (S/S< 0)된 것으로 추정되었다. 그러므로, 오늘날 경제성장의 한계 봉착, 대량실업의 폭발, 계층간 갈등의 심화를 초래한 요인은, 성장 ${\cdot}$ 고용 ${\cdot}$ 분배를 동시적으로 추구하는 산업 ${\cdot}$ 기술경제정책을 일관성있게, 또한 과감히 추진하지 않았던 결과, 노동사용적 중소기업의 몰락, 노동의 생산효율성 증진을 위한 인적자본 투자의 미흡, 자본의 생산효율성 증진을 위한 자본절약적 기술진보의 저조, 총요소 생산성 증가의 부진, 만성적인 인플레이션에 의한 실질 임금수준의 하락 및 실물 자산가치의 상승 등이라고 말할 수 있다. 따라서 성장 ${\cdot}$ 고용 ${\cdot}$ 분배의 조화는 바로 노동효율 증가형 기순혁신이며, 이를 위한 인적자본에의 투자라고 말할 수 있다. 본 연구가 기술경제 패러다임(techno-economic paradigm)의 시각에서 제시하는 한국경제의 성장 ${\cdot}$ 고용 ${\cdot}$ 분배를 위한 정책방향은 다음과 같은 동태적발전과정으로 요약할 수 있다 : 기초과학연구능력 확충 ${\rightarrow}$ 소화 ${\cdot}$ 흡수 ${\cdot}$ 개량 ${\rightarrow}$ 토착화 능력의 배양 ${\rightarrow}$ 자체기술개발, 선진기술 도입, 산업간 및 산업내 기술확산, 국제기술협력 ${\rightarrow}$ 기술혁신의 촉진 ${\rightarrow}$ 총요소생산성과 기업경쟁력(자원 및 역량, 프로세스 경쟁력, 품질경쟁력, 시장경쟁력, 고객성과, 시장성과, 재무성과)의 제고 ${\rightarrow}$ 가격경쟁력(임금, 금리, 물류비용, 환율 등)과 비(非)가격경쟁력(디자인, 에프터서비스, 품질, 운송 등)의 제고 ${\rightarrow}$ 국가경쟁력의 제고 ${\rightarrow}$ 국제수지 흑자 ${\rightarrow}$ 성장 ${\rightarrow}$ 물가 및 고용 안정 ${\rightarrow}$ 분배 ${\rightarrow}$ 최대다수의 최대행복이다.

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A study on the Effect of the Venture Identification System on Productivity and Technical Inefficiency (벤처 인증의 생산 및 기술적 비효율성에 대한 영향 분석)

  • You, Yen-Yoo;Roh, Jae-Whak
    • Journal of Digital Convergence
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    • v.9 no.6
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    • pp.295-311
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    • 2011
  • The government is working out the development of a venture enterprise through a venture certification system. The broad effects of its policies are anticipated by the government and revealed in the 'The Survey on Actual Condition of Venture Enterprises 2010'. These benefits include the revitalization of start-up, promotion of technological innovation, progress in marketing ability, improvement in corporate image, financing and investment, and benefit from tax reduction & exemption. However, with the estimation of production function and sales function, which both uses capital and labor as a basic elements, it was found that only 'financing and ease of investment' produces a statistically significant effect on production and sales. An addition, this study looks into whether venture-supporting system are helpful to the eradication of technical inefficiency. The policies brought about positive changes in reduction of technical inefficiencies except with regard to the ease of start-up where it was found that an increase in inefficiencies was the result.

The economic effects of working hours reduction in Korea (법정근로시간 단축의 경제적 효과)

  • Shin, Kwanho;Shin, Donggyun;Yoo, Gyeongjoon
    • Journal of Labour Economics
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    • v.25 no.3
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    • pp.1-34
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    • 2002
  • This paper investigates the effects of hours reduction on growth, investment, and consumption as well as employment. We adopt the basic framework of the indivisibility of labor developed by Hansen (1985) and Rogerson (1988) and extend it by allowing heterogeneity of workers in productive efficiency. On the basis of monthly panel data constructed from Economically Active Population Surveys and Household Income and Expenditure Surveys, we estimate the value of productive efficiency parameter of newly hired workers relative to existing workers by considering differences between the two groups in unobservable as well as observable worker characteristics. Numerical simulation of steady states demonstrates that reduction of statutory weekly hours from 44 to 40 leads to a rise in employees by 4.9 percent. However, GNP, investment, and consumption are all reduced by 2.03 percent, which is attributed to reduction in the amount of effective labor input, which in turn comes from reduction of actual average hours and productivity differences between exiting and newly hired workers.

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Toward Optimal System of Financial Support for Higher Education (대학교육 지원체계의 합리화 방향 - 소득연계식 학자금융자제도를 중심으로 -)

  • Yun, Jungyoll
    • Journal of Labour Economics
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    • v.37 no.4
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    • pp.89-112
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    • 2014
  • This paper characterizes an optimal combination of grant and income-contingent loans (ICL) from efficiency and equity points of view as a government subsidy program for higher-education. In particular, we show that it is always desirable to introduce ICL for students regardless of their household incomes, and also provide arguments for the superiority of tax-financing system to loans with risk-premium as a financing mechanism of ICL. From policy point of view, this paper suggests a need for the extended coverage of our ICL system, while justifying its current tax-financing system.

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The Role of IT Industry on the Formation of Knowledge-Based Industry in OECD (OECD 국가 지식기반산업 형성에서 IT 산업 역할)

  • Cho, S.S.;Cho, B.S.
    • Electronics and Telecommunications Trends
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    • v.18 no.3 s.81
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    • pp.39-48
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    • 2003
  • 본 연구는 1990년대 우리나라를 포함한 OECD 국가의 지식기반산업 현황을 기술하고, 지식기반산업에서 IT 산업의 역할을 분석하는 데 목적이 있다. 1990년대 OECD 국가들의 지식기반산업의 중요한 특징은 OECD 각 국가들이 지식기반산업을 미래 중요한 산업으로 인식하고 지속적 자원투자와 관심을 기울이고 있다는 데 있다. 본 연구에서 대상 분석기간 동안 OECD 국가의 지식기반산업성장률은 5% 증가하였으며, 우리나라의 경우는 이보다 높은 10%대의 증가를 기록하였다. 또한 OECD 국가들의 지식기반산업 형성과정에서 IT 산업은 전통적 제조업의 역할보다 기술혁신 측면과 무역수지 측면에서 매우 중요한 역할을 수행한 것으로 나타났다. 특히 우리나라의 경우에 지식기반산업의 형성과정에서 IT 산업의 기여도는 다른 OECD 국가보다 높은 것으로 나타났다. 지식기반산업 가운데 IT 산업은 생산성 증가요인을 분해하여 볼 때, 전반적으로 산업간의 효율성에 의한 생산성증가, 산업간의 자원이동에 의한 생산성증가 그리고 IT 산업자체의 노동생산성증가 요인에서 다른 산업에 비하여 상대적으로 우월하게 나타났다.