• The Journal of the Korea Contents Association
• /
• v.17 no.5
• /
• pp.8-17
• /
• 2017

Using 1855 observations from 5 years-371 firms panel data during 2010 to 2014 in Chinese stock exchanges, this study examines the impact of managers' ownership on R & D expenditures. The empirical study finds that when firms are state-owned, managers' ownership have negative relation with the level of R & D expenses as well as the likelihood of executing R & D investment, implying that managers are less likely to invest in high risky projects due to managerial ownership's entrenchment effects to pursue private benefits rather than alignment of interest effect as shareholders. The empirical study also finds that when firms are private-owned, managerial ownership are inverse U shaped related to the level of R & D expenses, implying that managers are less likely to invest in high risky projects due to increasing risk aversion resulting from concentration of private wealth at its high level while managers are more likely to invest in high risky projects due to increasing incentives as shareholders at its low level. The results support that the effects of managerial ownership on R & D expenses may be different according to the ownership type of Chinese listed firms.

• Journal of Technology Innovation
• /
• v.22 no.2
• /
• pp.105-129
• /
• 2014

In order to identify the antecedents of organization's exploration activities, this study focuses on internal factors. There are many theoretical and empirical studies for an organization's exploration activities, while the research on antecedents is limited. This study is aimed at the manufacturing industry in Korea from 1998 to 2012 using data from 15 years of slack, ownership structure, and TMT diversity. The study examined the impact of these firm-specific factors on firm's exploration activities. As a result, a company's exploration activities and slack have positive relationship. Between insider ownership and exploration activities, the hypothesis was not supported. Also, the relationship between TMT diversity and exploration activities was dismissed. Finally, based on the results of this analysis, the contribution of this study, limitations and implications are drawn.

• Management & Information Systems Review
• /
• v.33 no.5
• /
• pp.171-184
• /
• 2014

This paper investigate the impact of external financing constraints(EFC) on the dividend policy(cash dividend ratio) and the impact of interaction of ownership structure((1)the percentage of shares held by external blockholder who owns at least 5% of equity(5% BHR), (2) the percentage of shares held by foreign investors(Foreign), (3) the percentage of shares by insider shareholders(Insider)) and external financing constraints on the dividend policy. The purpose mentioned above are empirically tested using 370 firm-year data listed on the Korean Exchange(KRX) with multiple regression method. Summarizing the results of analysis as following; Firstly, we find that EFC has negative relationship with cash dividend ratio. Secondly, interaction of 5% BHR and EFC has positive relationship with cash dividend ratio. Also, interaction of Foreign and EFC has positive relationship with cash dividend ratio. But, Insider and EFC has negative relationship with cash dividend ratio. This study contributes to research related to dividend policy by recognizing that ownership structure influences the dividend policy.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.13 no.7
• /
• pp.2930-2936
• /
• 2012

This paper examines the effects of corporate ownership structure variables on stock returns. The dependent variables identified in this paper include the equity ratio of large shareholders, institutional investors and foreign investors, and the control variables are firm size, book-to-market ratio, and earning-to-price ratio and leverage. This paper finds that the results of regressions say that institutional investors and foreign investors, firm size, book-to-market ratio and earning-to-price ratio can explain the differences in stock returns using panel data.

• Journal of the Speleological Society of Korea
• /
• v.57
• /
• pp.31-48
• /
• 1999

본 연구는 1963년 천연기념물로 지정된 성류굴 주변의 관광상업지역 특성을 조사하여 관광지의 조성이 관광상업지역의 발전에 어떤 영향을 미쳤는가를 살펴보는데 그 목적이 있다. 연구를 위한 설문조사는 1998년 8월 29일에 관광상업지역 내의 전 상점을 대상으로 하여 이루어졌으며, 그 연구 결과는 다음과 같다. 첫째, 관광상업지역에는 10년 이상 된 업체가 절반 이상(52.6%)의 비중을 차지하고 있으며, 상점의 경영 동기는 관광객을 대상으로 하기 때문에 수익성이 좋을 것 같아서 개업한 경우가 많았고(57.9%), 경영주의 전직은 상업(31.6%)과 농업(26.3%)이 많았으며, 상점의 규모는 10평 미만의 상점을 운영하는 상점들이 많았으며, 20평 이상의 상점을 경영하는 경우는 개업한 지 10년 이상 된 장기 경영자들이 주류를 이루었다. 둘째, 경영주의 학력을 조사한 결과 고졸 출신들이 가장 많았고(52.6%), 현재의 업종을 구분한 결과 기념품점과 식당이 주류를 이루고 있었다. 또한 업종 변경을 고려하고 있는 가라는 질문에는 절반 이상(52.6%)이 고려하지 않고 있으며, 변경을 고려하는 경우에도 식당을 선호하는 것으로 나타났다. 셋째, 상점의 소유 형태를 살펴본 결과 임대하여 운영하는 경우(63.2%)가 더 많음을 알 수 있었고, 한편 개업연도와 소유 및 임대별 상황과 직주 분리 현황을 교차 비교한 결과 상점을 소유하고 있는 경영주보다 임대하고 있는 경영주가 직주분리를 더 선호하고 있다. 마지막으로 관광객들의 관광상품에 대한 불만 정도를 조사한 결과 대부분의 상점(78.9%)이 불만을 듣지 않고 있다. 이상에서 살펴본 바와 같이 최근 들어 강원도의 신흥 동굴관광지 조성으로 인해 관광객들이 감소하고 있으며, 이것은 성류굴 주변의 관광상업지역에도 영향을 미쳐 관광상업지역의 발전에 저해요소가 되고 있음을 알 수 있다.

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

• The Journal of the Korea Contents Association
• /
• v.16 no.3
• /
• pp.346-353
• /
• 2016

This research examines the effect of family member in board of directors. In Korea, the ownership and management of a firm is not thoroughly separated and most of firms are managed by controlling family. These family officers have same intent with family CEOs who identify themselves with the firm and want to hand over it to their descendants. Thus, family officers will influence positively on firm performance. Besides, the moderating effect of professional CEO on the above relation will be also positive. It is because professional CEO will be curbed by family officers in board of directors. Under this condition, the potential self-interest seeking behavior will be minimized and the specialty of professional CEO will be manifested. 2,456 firm-year panel data are gathered in manufacturing listed firms from 2004 to 2010 and the result suggests that hypotheses are supported.

• Korean Business Review
• /
• v.18 no.1
• /
• pp.19-41
• /
• 2005

The informativeness of accounting earnings to investors may be used as a measure of the quality of accounting information. The ownership structure is considered to be related to both of two variables, the reliability of earnings reflecting the economic performance of the enterprise and the existence of alternative information sources. Earnings manipulation may mitigate the correlation between accounting earnings and the economic performance and alternative information sources decrease the value of accounting earnings as an information. Thus ownership structure could influence the informativeness of accounting earnings. This paper classifies ownership into three categories, management or inside ownership, institutional investors and large outside blockholders, and diffuse outside ownership and examines theoretically the difference of information effectiveness under each ownership structure. The earnings manipulation hypothesis supports the assertion that the separation of ownership from control motivates earnings manipulation. And differential information hypothesis suggests that more non-accounting information of firms with institutional or concentrated outside ownership is provided. Outside blockholders have alternative information sources that make accounting manipulation ineffective. While most previous studies have examined the effect of ownership on the informativeness of earnings from earnings manipulation hypothesis, this study is motivated by both earnings manipulation hypothesis and differential information hypothesis.

• Industry Promotion Research
• /
• v.9 no.3
• /
• pp.1-11
• /
• 2024

At shareholders' meetings, minority shareholders are inferior in information to owners and majority shareholders, and they are often excluded from important decision-making. As a result, the rights and interests of minority shareholders are often damaged, which acts as a factor that hinders corporate value. The electronic voting system is expected to encourage minority shareholders to participate in management decision-making, which is expected to help increase corporate value. The results of the analysis in this study are summarized as follows. First, it was found that there was no difference between the earnings persistence of companies that introduced the electronic voting system and the earnings persistence of companies that did not. Second, we found no evidence that the introduction of the electronic voting system would increase the value of firms. Third, the effect of earnings persistence on corporate value of companies that adopted the electronic voting system was no different from that of firms that did not adopt it.

• Management & Information Systems Review
• /
• v.28 no.2
• /
• pp.113-134
• /
• 2009

The purpose of this paper is to investigate the relationship between foreign ownership and firm value. Based on the sample of 3,398 firm-year observations in the period of 2000 to 2007, we find evidence that foreign ownership is positively associated with firm value measured by the market-to-book ratio. In addition, we employ simultaneous equation system where both foreign ownership and firm value are treated as endogenous variables. Simultaneous regression models indicate that the foreign ownership affects firm value, but not vice versa. The positive effects of foreign ownership on firm value result from monitoring and disciplining roles played by foreign investors. Many Korean firms have been run by an owner-manager while monitoring provided by institutional equity holders has been limited. Therefore, Korean firms are expected to suffer from more severe agency costs caused by the conflicts of interest between owner-managers and outside investors. Our empirical results support the notion that foreign investors play an important role in enhancing corporate transparency and improving corporate governance.