• Journal of Korea Fair Competition Federation
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• no.42
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• pp.57-65
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• 1999

일본의 공정취인위원회는 지난 1977년부터 일본 경제에서 큰 비중을 차지하고 있는 6대 대규모기업집단에 대한 기업집단 내의 소유지배관계, 자본$\cdot$인적 및 상품에 대한 내부거래 현황, 그리고 대규모사업추진에 따른 상호 협력관계 등 멤버기업간의 결합 실태를 조사하여 왔다. 이 글은 공정취인위원회가 지난 1996년 1월부터 1997년 6월 30일간에 결산기가 도래된 기업을 대상으로 한 제6차 경영행태 조사의 결과를 요약$\cdot$분석하여 일본 공정취인협회가 발간한 $\lceil$공정취인$\rfloor$(1998년 12월호)지에 게재한 것은 전문 번역 게재한 것이다. 우리나라에서도 대규모기업집단의 선단식 경영에 대한 폐해(물론 장점도 있지만)와 공정거래 위원회의 부당한 내부거래의 제재에 대한 논란이 이루어지고 있기 때문에 양국의 재벌급 기업집단의 경영 형태를 비교$\cdot$검토함으로써 정책 운용에 참고가 될 수 있도록 하였다.

• International Area Studies Review
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• v.21 no.1
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• pp.25-57
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• 2017

In this study, we analyzed the information asymmetry and the agency problem in major affiliated companies on the basis of the R&D investment. As a result of comparing how the R&D investment effects on major affiliated companies and the independent companies, even the achievement of R&D investment effects in a positive way to the firm value, the positive effect appears much lower on major affiliated companies comparing independent companies. In order to analyze the case, we investigated in a separate way according to the shareholding ratio and the affiliated market using the sample of the independent company and the group affiliated company. As a result of such analysis, the cause of this comes from the agency problem in major affiliated company, not the asymmetry information of affiliated company. After we analyzed the sample of the research depending on the affiliation market, we could observe there is a little impact of the asymmetry information in the outcome of the R&D investment of the major affiliated companies. In contrast, the companies which rated lower in the ratio of the shareholding appears much less in the positive effect of R&D investment compared to the companies which rated at a higher level. This phenomenon was also consistently observed when changing the research method or further subdividing the sample of companies belonging to the group based on the ownership share of major shareholders.

• The Korean Journal of Financial Management
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• v.17 no.2
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• pp.29-47
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• 2000

본 연구는 재벌집단의 기업과 비재벌기업으로 분류하여 이들 집단사이에 나타나는 투자행위의 차이점을 유동성제약의 틀 속에서 실증 분석한 것이다. 연구의 기간은 1986년부터 1995년도까지 10년으로 하고 연구의 대상은 연구 기간동안 연속적으로 증권거래소에 상장된 기업으로 한정하여 총 128개의 업체를 표본으로 이용하였다. 표본을 재벌규모별, 장세별, 산업별 분류에 의한 횡단면 분석결과 우리나라 비재벌기업의 경우, 전반적으로 재벌집단의 기업에 비하여 현금흐름이 투자에 대해 보다 더 민감할 것이란 충분한 근거를 얻지 못하였다. 그러나 재별의 범주를 5대재벌기업으로 한정하였을 때는 재벌기업에 비해 비재벌기업들의 투자는 현금흐름에 대하여 민감하다는 결론을 얻어 재벌기업에 비하여 비재벌기업은 정보문제나 유인문제에 직면 할 수 있음을 시사하였다. 규모에 따른 재벌기업의 분석에서는 상대적으로 규모가 작은 재벌의 기업이 규모가 큰 재벌의 기업보다 유동성이 제약되고 있음을 나타냈으며, 장세별 분석에서는 단지 주가의 상승기에 한하여 재벌집단 기업간의 비교에서 현금흐름은 30대재벌, 10대재벌, 5대재벌의 순서로 민감함을 보여 규모가 작은 집단의 재벌기업이 규모가 큰 집단의 재벌기업에 비하여 유동성이 제약됨을 나타내었다. 산업별 분류에 의한 분석에서는 통계학적으로 의미 있는 결과를 얻지 못하였다.

• Journal of Korea Fair Competition Federation
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• no.32
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• pp.14-23
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• 1998

• Journal of Korea Fair Competition Federation
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• no.162
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• pp.28-37
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• 2012

• Journal of Korea Fair Competition Federation
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• no.162
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• pp.38-45
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• 2012

• The Journal of the Korea Contents Association
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• v.12 no.12
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• pp.385-394
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• 2012

This study investigates whether earnings management behavior of chaebol firms differ from that of non-chaebol firms. The ownership structure of chaebol firms is characterized by the dominance of one largest shareholder and his family members who typically participate in the management of the firm directly or indirectly and influence most of the important management decision. This study adopts the random effect model and the hausman and talyor model, using a panel of 5092 firm-year over a period from 1991 to 2010 to control for potential heterogeneity and endogeneity that may cause sever bias. This study finds that there is no difference in accrual based earnings management level between chaebol firms and non-chaebol firms. However, chaebol firms appeared to engage less real earnings management that is known to negatively affect future earnings and share prices. The results are consistent when controlling for potential heterogeneity and endogeneity in the hausman and taylor model. The results may be of interest to various stakeholders, policy makers, standard setters and academic researchers.

• Journal of Korea Port Economic Association
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• v.31 no.3
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• pp.41-60
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• 2015

This paper investigates whether managerial ownership and foreign ownership have impacts on firm value, using a sample of logistics firms listed on the Korea Stock Exchange between 2008 and 2014. In the Korean economy, family-controlled business groups, known as chaebol, constitute a unique governance system. To acquire investments from controlling shareholders, a logistics firm is likely to be included in family-controlled business groups. Since reform of the governance structure of logistics firms in the South Korea enables shareholder value to be maximized, we analyzed ownership effects on firm value using pooled ordinary least squares. Empirical results showed that there was a significant positive relation between managerial ownership and firm value. This study also found that there was a significant positive relation between foreign ownership and firm value. We thus show that both managerial ownership and foreign ownership can protect shareholders by positively affecting firm values.

• Journal of Korea Fair Competition Federation
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• no.41
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• pp.83-85
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• 1999

• Journal of Korea Fair Competition Federation
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• no.3
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• pp.41-46
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• 1995