• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.133-166
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• 2013

This study analyzes the relationships between soft dollar(brokerage commission) and characteristics of funds, and between brokerage commission and return on funds, using the data on equity funds of Korea from June 2008 to November 2011. The result confirms a statistically significant negative relationship between management & sales fees and brokerage commission, meaning that rather than raising management & sales fees, which could be easily recognized by investors, it is through brokerage commission, a hidden cost, which asset management firms indirectly compensate for their services. Meanwhile, the analysis on the relationship between brokerage commission and return on funds reveals that higher brokerage commissions lead to lower return on funds, meaning at least in short-term no contribution to increasing returns in the future. These results suggest the need for streamlining the system to alleviate conflicts of interest between investors and management firms in addition to effectively controlling for principal-agent problems.

• Journal of Korea Technology Innovation Society
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• v.15 no.2
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• pp.323-344
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• 2012

We investigate and analyze the effect of population density on digital divide in Africa by applying the panel data analysis therein. From the estimation results based on the panel data analysis, it has been found that population density as well as both levels of income and education has a significant effect on the digital divide in African region. In particular, the fact that the variable of population density makes a significantly influential role implies that the construction cost of information infrastructure in Africa behaves such a considerable obstacle to Africa wishing to enter into information society. In conclusion, throughout the integration of the estimation results in the paper, the following implications for economic cooperation with Africa can be drawn. The estimation results mentioned above strongly imply that the variable referred to as population density should be considered in selecting which countries to assist for construction of information infrastructure.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.3
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• pp.617-631
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• 2019

In the four-step demand model, a gravity mode is used most commonly at the trip distribution stage. The purpose of this study was to develop a new friction factor that can express the accessibility property as a single friction factor to compensate for the variable limits of the gravity model parameters (travel time, travel cost). To derive a new friction factor, a new friction factor was derived using the space syntax that can quantify the characteristics of the urban space structure, deriving the link-unit integration degree and then using the travel time and travel distance relationship. Calibration of the derived friction factor resulted in a similar level to that of the existing friction factor. As a result of verifying the various indicators, the explanatory power was found to be excellent in the short - and long - distance range. Therefore, it is possible to derive and apply the new friction factor using the integration index, which can complement the accessibility beyond the limit of the existing shortest distance, and it is believed to be more advantageous in future utilization.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.205-224
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• 2020

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

• Journal of Korea Society of Industrial Information Systems
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• v.25 no.6
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• pp.125-141
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• 2020

This study focuses on the impact of service expansion for tax service customers and the change in customer's re-use intention, according to the degree of psychological ownership of internal employees when expanding differentiated service areas and the reinforcement of profits according to the representative's tendency. The effects of emphasis, cost emphasis, and double emphasis (revenue and cost dual emphasis) were analyzed. As a result of the study, it was possible to see the changes in the customer's re-use intention according to the psychological ownership of internal workers and satisfying users' customer satisfaction. In addition, it is meaningful to enable the tax agent to pursue a change in the direction of future-oriented service provision, and a new research direction was suggested in terms of the professionalism, quality, and service expansion of the tax agent.

• The Journal of the Korea Contents Association
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• v.22 no.4
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• pp.314-323
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• 2022

This study examines the effecs of National Pension Service blockholders on accounting conservatism. The sample consists of 10,117 non-banking firm-years listed in Korea Stock Exchange(KOSPI) during the period 2011 to 2018. The results of this study are as follows. First, it was found that companies in which the National Pension Service as a major shareholder hold more than 5% of the shares are less prone to conservative accounting treatment than those that do not. Second, such a negative relationship between investment by the National Pension Service and conservative accounting was consistently found even when the investment period of the National Pension Service was divided into short-term (less than 1 year) and long-term (more than 3 years). It is expected that the National Pension Service, the largest institutional investor in Korea, will be able to carry out meaningful management control activities on investment companies. As the monitoring function of the National Pension Service works effectively in the capital market, agency costs are reduced, and investors' demands for corporate conservative accounting have decreased.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.1-36
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• 2005

In this study, we analyzed determinant factors of leverage ratio and debt maturity for Korean firms in the simultaneous equation system using 2SLS (two stage least square) method under assumption that two variables are jointly determined in the capital structure decision. As a result of the analysis, we found that leverage ratio and debt maturity are positively related. Also, as for determinant factors of debt maturity, agency cost hypothesis, asset maturity matching hypothesis, signalling and liquidity risk hypothesis are all generally supported, and further leverage ratio are significantly positively related with firm size, but negatively related with default risk. However, when we divided samples into groups according to bank debt level and Chaebul affiliation, with contrast to existing study which worked on similar issues with OLS, we found no evidence supporting the argument that the information asymmetry problem is less severe in firms with more bank debt, whereas information asymmetry and financial constraint problems are more severe in non-Chaebul affiliated firms.

• Proceedings of the Technology Innovation Conference
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• 2005.08a
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• pp.189-216
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• 2005

본 연구는 혁신과정에 중대한 영향을 미치는 혁신네트워크를 혁신과정을 둘러싼 제반 지식흐름과 이러한 지식흐름의 네트워크로 재정의하고, 지식흐름과 지식네트워킹 차원에서 접근하였다. 이러한 차원에서, 지식흐름의 대리변수로 간주되는 특허인용데이터를 활용하여 한국의 혁신주체를 둘러싼 지식네트워킹의 특성을 분석하는 방식으로 혁신네트워크를 분석했다. 그 결과, 한국의 기술혁신의 수준이 강화되면서 한국의 지식네트워킹 수준도 제고되었지만, 기술선진국과 비교할 때 상당히 미약한 수준임이 확인할 수 있었다. 또한 기술분야별로 보면 전기전자와 컴퓨터통신에서만 지식네트워킹이 상대적으로 활발하고 여타 기술부문에서는 상대적으로 저조하여 지속적인 기술혁신에 장애로 작용할 가능성이 크다. 동종기술과 이종기술로 구분하는 경우 여전히 동종기술간 지식흐름이 이종기술간 지식흐름을 압도하고 있어서 융합추세의 국제적 트렌드를 반영하고 있지 못하는 한계를 보였다. 이들 지식네트워크는 혁신기업이 주도하고 있는데, 그 방식은 주로 기업과 기업간 유형이 보다 지배적이었음을 알 수 있다. 따라서 최소한 특허인용데이터로 볼 때 대학과 연구소 등 비기업과의 지식네트워킹에 비해, 기업과의 네트워킹이 보다 지배적임을 알 수 있는데, 이것은 국내외를 막론하고 적용되었다. 한국 혁신시스템의 취약한 고리인 네트워킹의 저조를 개선하기 위해선, 기술부문간 차별적인 네트워킹 정책이 세심하게 입안되어야 한다. 이때 한국에서 가장 파급효과가 높은 혁신주체는 대학이 아니라 대기업이라는 점이 적극 고려되어야 한다.. 제안하는 시스템의 신뢰도 측정 방법은 부분이 가지고 있는 신뢰도가 전체 신뢰도에 미치는 영향을 산술적으로 측정할 수 있어 시스템이 요구하는 신뢰도에 접근할 수 있는 방법과 근거를 제공하는 장점이 있다.소시키는 장점을 갖는다.것으로 조사되었으며 40대 이상의 연령층은 점심비용으로 더 많은 지출을 하고 있는 것으로 나타났다. 4) 끼니별 한식에 대한 선호도는 아침식사의 경우가 가장 높았으며, 이는 40대와 50대에서 높게 나타났다. 점심 식사로 가장 선호되는 음식은 중식, 일식이었으며 저녁 식사에서 가장 선호되는 메뉴는 전 연령층에서 일식, 분식류 이었으며, 한식에 대한 선택 정도는 전 연령층에서 매우 낮게 나타났다. 5) 각 연령층에서 선호하는 한식에 대한 조사에서는 된장찌개가 전 연령층에서 가장 높은 선호도를 나타내었고, 김치는 40대 이상의 선호도가 30대보다 높게 나타났으며, 흥미롭게도 30세 이하의 선호도는 30대보다 높게 나타났다. 그 외에도 떡과 죽에 대한 선호도는 전 연령층에서 낮게 조사되었다. 장아찌류의 선호도는 전 연령대에서 낮았으며 특히 30세 이하에서 매우 낮게 조사되었다. 한식의 맛에 대한 만족도 조사에서는 연령이 올라갈수록 한식의 맛에 대한 만족도는 낮아지고 있었으나, 한식의 맛에 대한 만족도가 높을수록 양과 가격에 대한 만족도는 높은 경향을 나타내었다. 전반적으로 한식에 대한 선호도는 식사 때와 식사 목적에 따라 연령대 별로 다르게 나타나고 있으나, 선호도는 성별이나 세대에 관계없이 폭 넓은 선호도를 반영하고 있으며, 이는 대학

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.110-118
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• 2017

This study investigated empirically one of the controversial subjects in modern finance, in that there is an optimal level of capital structure for KOSPI-listed firms in the Korean capital market. Given the major theories on the capital structure, such as Myers' pecking order, trade-off, and agency cost ones, this study applied an analysis of covariance models in parametric and non-parametric statistical methods. In particular, two covariates to control for the possible effects of trade-off and agency cost, were employed separately in each corresponding model, while the other proxy for pecking order rationale was adopted in previous research [1] to conduct inter- and intra-industry analyses. Based on the outcomes obtained from the study, it was demonstrated empirically that there are optimal capital structures for firms in the sample industries at the inter-industry level, whereas statistical differences indicating non-existence of an optimal point, were revealed within the industry. Accordingly, these findings suggest a new vision to potential investors that firms in the domestic market may have financial opportunities to increase their value by gradually adjusting the leverage ratios in terms of the intra-industry perspective.

• The Journal of the Korea Contents Association
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• v.20 no.10
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• pp.510-521
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• 2020

Recently, transparency in accounting for medical institutions has been emphasized. However, due to the current system problems and structural limitations, there is a lack of diagnosis on the financial status of domestic hospitals. This study is based on the financial statements per 100 beds of 374 including domestic hospital level to tertiary hospital, and analyzed the Free Cash Flow(FCF) by hospital size from the perspective of Free Cash Flow Hypothesis. After deriving Operating Cash Flow(OCF) through the profit or loss statement of medical institutions, FCFs were analyzed through the prior and current financial statements and OCFs, and the correlation between financial variables was confirmed. According to the analysis, first, hospitals with 160 to 299 beds and 300 beds or more have relatively high FCFs. Second, certified tertiary hospitals, hospitals with less than 160 beds, and general hospitals have negative(-) FCFs. Thus, there's a need to narrow the FCF gap based on the size of the hospital, maintaining an appropriate level of FCF. This study is meaningful in that it was the first FCF analysis based on hospital size. This study is also expected to offer an informative resources in setting differentiated strategies according to the size of medical institutions when establishing new accounting policies in the future.