• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.439-446
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• 2016

This research examines the effect of outside director system which has been legislated after financial crisis in Korea. Outside director system is based on agency theory which assumes that a manager is selfish and opportunistic in situation where ownership and management of a firm is separated. In this situation, outside director system has an important function to monitor and keep in check a manager. Thus, we examined that outside director system works as a monitoring mechanism in Korea. And we tested that above effect is weakened in family CEO firms where it is different from assumption of agency theory in Korea. According to empirical result with 282 sample firm, it is confirmed that outside director system reduces agency cost. In family CEO firms, however, this agency cost-reducing effect becomes weak. This result suggests that outside director system needs be cautiously managed without focusing on only monitoring function.

• Proceedings of the Korean Society of Computer Information Conference
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• 2014.01a
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• pp.109-110
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• 2014

본 논문에선 우선 MA(Merger and Acquision) 영역을 파악하고자 한다. MA 영역은 장비의 성능향 상 및 가격 하락과 매우 영향이 깊은 영역이다. 우리는 그 영역 중에서 장비 교체 시 원가절감 효과가 가능한 영역, 서버, 스토리지, 소프트웨어의 As-is vs To-be 원가를 비교 분석한다. 그리하여 기업의 소유자 또는 경영자가 기업 및 경영상태 전반에 대한 방향을 결정하는 의사결정 근거로 활용한다.

• Korean Management Science Review
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• v.25 no.3
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• pp.123-133
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• 2008

We investigate the relationship between ownership structure and firm performance. For this paper, we use the 'donation' figure from the income statement of each firm as a measure of firm Performance lather than short-term financial measure that has been wifely used by previous studies. Our results are consistent with the idea that family ownership is both prevalent and substantial in Korea. More importantly, however, non-family firms are found to give more donations than family firms. This suggests that non-family firms more readily recognize the significance of corporate social responsibility and play an active role in philanthropy.

• Korean Management Science Review
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• v.32 no.2
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• pp.15-35
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• 2015

Large business groups typically have central firms through which their controlling families establish (or acquire) new firms and maintain control over other member firms. Research on corporate governance has developed metrics to identify those central firms and investigated an impact of the centrality on ownership structure and firm's financial performance. This paper introduces centrality metrics used in social network analysis (SNA) to measure how crucial a role each firm plays in the ownership structure of its business group. Then, the SNA centrality metrics are compared with the metrics developed in corporate governance field. Also, we test the relationship between the SNA centrality metrics and firm's value. Experimental results show that the SNA centrality metrics are closely correlated with the centrality metrics used in corporate governance and are significantly correlated with firm's value.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.28 no.1
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• pp.105-113
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• 2005

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows. Agency costs are found to be decreasing with the ownership share of controlling shareholders and accounting performance becomes higher. But firm value measured by Tobin's Q ratio becomes lower according as the ownership of the controlling shareholders increases. If agency costs decrease in proportion to controlling shareholder's share, firm value should be higher according to the agency theory by Jensen and Meckling(I976). But the results of the empirical test of this study are inconsistent with Jensen and Meckling's(1976). Therefore the following study on the more useful proxies stand for agency costs should be needed.

• Management & Information Systems Review
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• v.36 no.1
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• pp.233-249
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• 2017

This study investigates the relation of managerial ability and firm performance in case of Chaebol in Korea. We employ non-financing firms at Korean markets for the period 2000-2015. Most important decision is made by the head of Chaebol which increases firm value eventually and he has such a strong dominant power that managers belongs to Chaebol have to follow mother firm's decision directions. So it is expected that managers belongs to Chaebol have to focus on long term performance rather than short term profits, which means they concentrate their managerial ability much on the firm value. Otherwise, managers in which non-Chaebol focus their ability on periodic accounting earnings. Thus, this study examines an empirical analysis on the relation of managerial ability and firm performance and the effect of Chaebol on the relation of managerial ability and firm performance. Empirical results are as follows: First, there exists a statistically significant positive relation between managerial ability and firm performance either short- or long-term. Second, we extend this relationship into Chaebol condition and find that managerial ability of Chaebol positively influences on the firm value which is long-term performance, rather than return on assets which is short-term performance. These results imply that managers belongs to Chaebol much concentrate their ability on long-term value which is differenciated from the case of non-Chaebol samples. Chaebol is an important issue in Korea because it dominates most of Korean local economy so its' impact from small changes on our economy is big enough. Our study examining the relationships between managerial ability of Chaebol and firm performance is meaningful and it is a good signal that they concentrate their ability much on the long-term value rather than short-term profits. We expect that the results of this study will provide the academic and practical references. This study will contribute to the future research in accounting through an analysis of managerial ability which is a new measure, Chaebol, and firm value.

• The Journal of the Convergence on Culture Technology
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• v.9 no.3
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• pp.779-787
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• 2023

In the relationship between the shareholding ratio of National Pension Service (NPS) and the investee firm's value, this study examined the mediating effect of R&D expenditure which its increase can indirectly induce the increase of firm value, and examined the moderated mediation effect of the Stewardship Code implementation which pressures investee firms' to increase R&D expenditure and firm value. Using the Korean listed companies' data from 2016 to 2021, the analysis showed that the R&D expenditure had a partial mediation effect on the relationship between NPS's shareholding ratio and firm value. Also, the analysis showed that the NPS's Stewardship Code implementation had positive moderating effects on following relationships, one between NPS's shareholding ratio and R&D expenditure, and the other between NPS's shareholding ratio and firm value. In all, on the relationship between NPS's shareholding ratio and firm value, the R&D expenditure's mediation effect differs before and after the implementation of the stewardship code, which shows the moderated mediation effect.

• Korean small business review
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• v.42 no.3
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• pp.173-193
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• 2020

This study analyzes the effects of KOSDAQ-listed firms' convertible bonds, which have recently increased rapidly in number and size. Although KOSDAQ companies are called mid-size companies, KOSDAQ companies belong to SMEs. Furthermore, convertible bonds have traditionally been a critical capital raising tool for SMEs in the US and Europe. In Korea, KOSDAQ companies actively employ convertible bonds. Convertible bonds provide investment incentives for hesitant investors, allowing companies to raise capital at low interest rates. This study analyzes whether capital raising through issuance of convertible bonds by KOSDAQ companies affects their financial constraints. Financial constraints result from incomplete capital markets, which are embedded in most companies and countries.. In particular, financial constraints have a significant impact on the growth and survival of SMEs. The seminal study FHP(1988) is the most important and effective study of firm's financial constraints. We find that FHP's financial constraint measures show that convertible bond issuance would mitigate the financial constraints of KOSDAQ companies. However, the significance of the evidence is not strong.

• The Journal of Society for e-Business Studies
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• v.19 no.2
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• pp.143-158
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• 2014

Country ownership and management of information security companies generally do not clearly separate from the Board of Directors to function smoothly controlling shareholders do not participate in management decision-making and internal control board does not perform the task correctly, they said the issue was raised. The purpose of this study is to improve corporate governance, information security companies of the outside director system was introduced as part of the transparency of accounting information to investigate whether the effectiveness of the overall business management is also part of the efficient management of operations and earnings being with respect to the empirical data would be analyzed using the. This means that with the specific purpose of the characteristics of a technology-intensive company focusing on information security proportion of outside directors and outside directors of the board of directors of the board of directors of the target attendance rate for identifying the relationship between earnings management purposes. The empirical results is the ratio of outside directors and the relationship between discretionary accruals as a temporary negative (-) boyimyeo significant relationship, so was adopted. is discretionary accruals and attendance of outside directors, as is the hypothesis that the regression coefficient negative (-) shows the relationship between the mind, so was adopted.

• 한국벤처창업학회:학술대회논문집
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• 2019.04a
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• pp.191-194
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• 2019

최근 수십 년 동안 음악 산업처럼 빠르게 변하고 많은 도전에 직면한 산업군도 드물 것이다. 디지털 기술의 발전은 CD와 같은 실물을 통한 음악 소비를 mp3와 같은 음원 소비 방식으로 바꿔 놓았다. 더 나아가 스마트폰의 보급과 무선 인터넷의 발달은 스트리밍을 통한 음원 소비 방식을 가능하게 하였다. 음원 스트리밍 시장은 IT 기술의 발전으로 빠른 성장을 거듭하여 스트리밍 이용 수가 급격히 증가한 반면, 음원 다운로드 수는 감소하는 추세를 보여 음원 소비가 소유방식에서 접근방 식으로 변화 중이라고 할 수 있다. 음원 소비 방식이 달라지면 소비 행태가 달라질 수 있음에도 불구하고 음원 다운로드와 음원 스트리밍 소비 행태의 차이를 분석한 연구는 미진한 실정이다. 따라서 본 연구는 국내의 음원 서비스 회사의 음원 스트리밍과 음원 다운로드 관련 데이터를 분석하여 음원 소비 방식에 따른 행태 차이를 살펴봄을 목적으로 하였다. 분석 결과, 음악을 듣는 탐색비용과 한계비용이 훨씬 적은 스트리밍이 다운로드에 비해 틈새시장(niche market)에 속하는 음악을 들을 가능성이 높아 소비자들이 다양한 음악을 청취할 것이라는 선행 연구와는 다르게 스트리밍이 다운로드에 비해 차트 상위권 음원집중도가 높은 것으로 나타났다. 제공하는 서비스의 특성에 따라 스트리밍 산업에서의 매출집중도가 달라질 수 있다는 것을 기업 데이터를 통해 실증하였다는 것에 의의가 있다고 할 수 있다.