• The Korean Journal of Financial Studies
• /
• v.1 no.2
• /
• pp.331-349
• /
• 1994

자본구조 이론은 자본조달이 기업의 가치에 영향을 미칠 수 있을 것인가를 중심으로 연구되어 왔으며 최근에는 자본구조의 결정요인으로서 대리인 비용(Agency cost)을 도입하여 기업의 자산형태와 자본구조간의 상호작용 가능성에 대해 분석되고 있다. 본 연구에서는 MM이론 이후의 자본구조에 관한 발전과정에 대해 이론적 고찰을 하고 우리나라 상장기업을 20개 업종으로 분류하여 대리인 비용을 중심으로 자산형태가 자본구조에 어떠한 영향을 미치는가를 실증분석 하였다. 실증분석결과 유형고정자산투자는 leverage와 정의 상관관계를 보였으며 무형고정자산투자는 leverage와 부의 상관관계를 보인다. 그러나 수익성이 높은 기업은 leverage와 정의상관관계를 보여, 수익성이 높을 수록 부채를 적게 이용한다는 Myers의 이론이 우리나라에서는 타당성이 없음을 증명하고 있다.

• Journal of KIISE:Computer Systems and Theory
• /
• v.35 no.9_10
• /
• pp.441-451
• /
• 2008

Currently, the X.509 proxy certificate is widely used to delegate an entity's right to another entity in the computational grid environment. However it has two drawbacks: the potential security threat caused by intraceability of a delegation chain and the inefficiency caused by an interactive communication between the right grantor and the right grantee on the delegation protocol. To address these problems for computational grids, we propose a new delegation protocol without additional cost. We use an ID-based key generation technique to generate a proxy private key which is a means to exercise the delegated signing right. By applying the ID-based key generation technique, the proposed protocol has the delegation traceability and the non-interactive delegation property. Since the right delegation occurs massively in the computational grid environment, our protocol can contribute the security enhancement by providing the delegation traceability and the efficiency enhancement by reducing the inter-domain communication cost.

• Journal of KIISE:Computer Systems and Theory
• /
• v.31 no.8
• /
• pp.465-472
• /
• 2004

Proxy signatures is a signature scheme that an original signer delegates one's signature capability to a proxy signer, and then the proxy signer creates a signature on behalf of the original signer. Delegation of authority is a common practice in the real world, in particular, it happens naturally in hierarchical groups such as company, bank and army, etc. In this paper, we propose a new dynamic multi-proxy signature scheme allowing repetitive delegations in a hierarchical group. We adopt multi-proxy signatures to enhance the security of proxy signature. In multi-proxy signatures, plural proxy signers can generate a valid proxy signature collectively on behalf of one original signer. In our scheme, the proxy group is not fixed but constructed dynamically according to some situations. Delegations are processed from higher level to lower level in the hierarchy using delegation tickets. When the original signer wants to delegate one's signature authority, the original signer generates a delegation ticket based on secret sharing and Diffie-Hellman problems. The delegation ticket is shared among proxy signers and then all the proxy signers can generate a valid proxy signature collectively by reconstructing the original signer's delegation ticket. If a certain proxy signer can not attend the proxy signature generating protocol, the proxy signer can also delegate repetitively his partial signature authority to the lower level participants, and then the proxies are constructed dynamically.

• Journal of Navigation and Port Research
• /
• v.43 no.4
• /
• pp.264-272
• /
• 2019

In this study, the rate of return on investment used as a proxy variable for the entity's value and financial structure (liability ratio) is related to positive balance. This is consistent with the Static Tradeoff Theory (STT) that the entity's value and financial structure are related to a positive balance because the capital expense of a debt (tax-saving effects) that is less than its equity cost before it is in financial difficulty. Also, operating profitability (EBITDA/Sales), investment safety, total asset growth, net working capital and depreciation expenses are related to negative (-) with financial structure (liability ratio). This is the result of an analysis consistent with the Pecking Order Theory (POT). Fuel costs, borrowing, total asset turnover, financial costs, and tangible asset ratios have a significant positive relationship with the debt ratio. This is consistent with the agency theory and confirms that excessive chartering expenses, such as the bankrupt H company, are the main factors that pressure the financial structure of Korean ocean carriers.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.19 no.37
• /
• pp.195-199
• /
• 1996

The objectives of this study are to analyze, based upon agency theory, empirically the relevance between ownership structure and corporate performance. In this study, samples are 285 firms listed in Korea stock exchage from 1990 to 1994. The results of this empirical test are summarized as follows : Insider-equity ratio of firm in Korea has been positively correlated with performance of corporate. This study intended to present the desirable implecations for seperation of ownership and management.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2016.05a
• /
• pp.397-403
• /
• 2016

• The Korean Journal of Financial Management
• /
• v.14 no.1
• /
• pp.107-139
• /
• 1997

다른 금융산업과 마찬가지로 생명보험산업의 효율성에 대한 실증연구는 두 가지 문제에 봉착하게 된다. 하나는 효율성을 실증적으로 추정하는 다양한 추정방법은 일관되게 동일한 결과를 도출하는가 하는 것이며 다른 문제는 효율성추정에 사용된 생산물정의에서 어떤 대리변수를 사용하는 것이 가장 좋으냐 하는 것이다. Yuengert(1993)은 미국 생보산업 전체의 효율성과 추정방법간의 관계를 보고하였는데 본 연구는 추정방법 뿐만 아니라 생보산업 생산물의 정의에 따라 개별생보사의 효율성지수가 차이가 있다는 것을 248개의 미국 생명보험희사를 대상으로 검증하였다. 본 논문에서는 계량 경제학적 방법중 널리 사용되는 SFA(stochastic frontier approach)중에서 비효율성이 half-normal, truncated normal, exponential 분포라고 한 방법들과 비분포방법(DFA: distribution free approach)을 사용하였다. 또 각 방법마다 거수보험료(premiums)와 claims-plus-reserve라는 새로운 생산물 대리변수로 사용하여 효율성을 측정하였다. 그리하여 총 8가지의 다른 방법으로 추정한 효율성지수를 비교, 분석하였다. 연구결과 표1과 2에서 나타난 바와 같이 SFA방법(1, 3, 5번)간에는 결과가 거의 일치하였고 같은 추정방법에서 생산물 대리변수가 다른 경우에도(1과2, 3과4, 5와6, 7과8) 결과는 큰 차이가 없었다. 이는 생보산업에서 거수보험료를 생산물 대리변수로 하는 것이 이론적 문제가 있음에도 불구하고 구조적 편견(systematic bias)은 나타나지 않았다는 Suret(1991)의 결과를 지지하고 있다. DFA방법(7과 8번)과 SFA방법(1-6번)간에는 상관계수는 낮게 나타났는데 이는 생보산업의 효율성을 각각 DFA와 SPA방법을 사용한 두 연구(Gardner and Grace, 1993; Zi, 1994) 결과의 차이와 일치하고 있다.

• International Commerce and Information Review
• /
• v.19 no.3
• /
• pp.129-150
• /
• 2017

The Hallyu, or Korean Wave, has recently been proliferating around the world focusing on Asia. With the development of China's economy and the improvement of their people's living standards, Chinese consumption has been growing quickly. In cosmetic industry, Chinese consumers tend to prefer international brands including Korean cosmetics. There are various ways for Chinese consumers to purchase international brand cosmetics. One of them is overseas purchase via buying agent. This study is designed to exam various determinants of the overseas purchase. Based on empirical findings, product price and functionality can play an important role in terms of the overseas purchase. Also, moderating effects of an external factor(importing country's favorability) was empirically investigated. The results of SEM(Structural Equation Modeling) show that the relationship between consumer openness and overseas purchase via buying agent can be positively moderated by the favorability.

• Journal of Navigation and Port Research
• /
• v.33 no.10
• /
• pp.743-756
• /
• 2009

This paper tries to analyze how the governance institutions of the Port Authority of New York and New Jersey overcome agent problems in public agencies based on the Principal-Agent Theory, and find the implications that will be helpful to the governance of port authorities in Korea. The Port Authority's governance is characterized by decentralization of personnel rights, open meetings policy, freedom of information policy, public hearings, and fiscally self-supporting system. Those characteristics are helpful in overcoming the agent problems of public agency, such as adverse selection, moral hazard, and complicated external structure, through reinforcing of monitoring agent by principal, easing of information asymmetry between principal and agent, and clarification of organizational ownership structure. Those characteristics may give many implications for the design of governance structures of port authorities in Korea.

• Environmental and Resource Economics Review
• /
• v.32 no.2
• /
• pp.77-105
• /
• 2023

This paper investigates the management stability of KOSPI-listed energy public enterprises from the perspective of median voter theory. We analyze the profitability and stability of five energy public enterprises during the period 2011~2022, and conduct an empirical analysis to determine whether they are related to the preferences of median voters who can represent the general public. Our analysis of the profitability and stability of the energy public enterprises shows that the stability of their has been deteriorating in recent years. The results of the empirical analysis also show that the management stability of the energy public enterprises is related to the preference of median voter. Specifically, they indicate that when the median voter's income is smaller than the average income, the profitability of the utility decreases and the debt ratio increases. This paper suggests that from the median voter's point of view, excessive utility and energy bills may strengthen the incentives for governments and politicians to suppress rate increases, leading to lower profitability and higher debt for public enterprises.