• Journal of the Korea Convergence Society
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• v.8 no.1
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• pp.187-193
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• 2017

We examined the effect of Audit Quality on Accounting Policy by using Book-Tax Difference Variability as the proxy of Accounting Information Quality. We used 2,412 sample data from 2010 to 2014. In short, the result of this study's is as followed. Audit Quality have a negative relevance with Book-Tax Difference Variability. Therefore we can support that the firm has a good Audit Quality shows the better Accounting Information Quality according to this study. This study contributes as follow. we can confirm how does Audit Quality affect Accounting Policy by this study's result. We hope that this study can be helped development of capital market and give a good news to investors on firms that has a good Audit Quality

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.11
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• pp.637-643
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• 2017

This study analyzed the Quality of Accounting Earning of Investor Relations(IR). For this, we utilized Book-Tax Difference Variability as the proxy of the level of the Quality of Accounting Earning. This study used 2,106 sample data from 2011 to 2016 on the listed firm on KOSPI(Korea Composite Stock Price Index). In short, the study results are as follows. Investor Relation(IR) has a negative relevance with Book-Tax Difference Variability, which agreed with the result of additional analysis using extra sample. According to these results, we can expect that Investor Relations(IR) firms will report more faithful Accounting Earning. This study makes the following fresh contribution to the field. The study result confirms how Investor Relation(IR) affects the Quality of Accounting Earning. We hope that this study will help the development of capital market.

• The Journal of the Korea Contents Association
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• v.7 no.8
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• pp.199-206
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• 2007

Capital gain comes from the transfer gain which is occurring by transferring assets except inventory assets. Our government recently has made capital gain tax on real estates and imposed as classified income tax by including it into aggregate income so that provide function of tax and curb property speculation. However the present income tax law imposes capital gain tax on capital profit including real estate and securities, while this law and the special tax treatment control law implement non-taxation and tax exemption too widely. That is to say, the system of capital gain tax can hinder the fair tax because it has various exemption terms including the non-taxation principle on a house for a family and the special tax treatment law. And also it has a problem in the sense of equity because it imposes tax by progressive tax rate on the subjects of capital gain tax considering them as the profit of that year, which were transferred, so there is difference between the income which has been made for a long time and the income made for a short time even in the same capital gain. Therefore this study identifies some issues surrounding the present capital gain tax system and focuses on presenting reasonable development plan.

• Journal of Convergence for Information Technology
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• v.10 no.6
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• pp.70-76
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• 2020

This study examines whether there is a moderating effect of corporate social responsibility(CSR) on the relation between sales, general, and administrative(SG&A) expenditures and future corporate performance. SG&A expenditures are decomposed into maintenance and investment components and the latter component is focused. Using 968 Korean firm-year observations with CSR scores in the KOSPI market for the period of 2012-2017, this study investigates the relation between SG&A investment component and future corporate performance and then the moderate effect of CSR on its relation. Main results show that the SG&A investment component increases the future corporate performance and the moderate effect of CSR on its relation is more positively explicit. This finding implies that the effect of SG&A investment component on corporate performance is differentiated according to the level of CSR.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.6511-6516
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• 2015

This paper examines the relationship between idiosyncratic volatility(IVOL) puzzle and trading volumes by trader types in the Korean stock market. The data set includes all stock in both KRX and KOSDAQ for the period from January 1999 through December 2013. Idiosyncratic volatility is measured by using the Fama-French's three-factor model. Traders are classified into individual, institution, and foreign trader. We construct (5X5) portfolios based on each trader's net buying and idiosyncratic volatility. We find that there are some special portfolios that show the idiosyncratic volatility puzzle. For individual investors, top net buying portfolios show clear the idiosyncratic volatility puzzle. However, for institution and foreign investors, lowest net buying portfolio show the idiosyncratic volatility puzzle. This results imply that the idiosyncratic volatility puzzle in the Korean stock market is mainly caused by individual investors.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.1
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• pp.156-163
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• 2012

The price stabilization policies which require the underwriters to maintain post-IPO prices at some level (stabilization duty) or give put-back options to investors, have survived for eight years until June, 2006. The purpose of this study is to analyze the effect of price stabilization policies upon IPO underpricing in KOSDAQ. The study decomposes the influence of the price stabilization policies on IPO underpricing into ex-ante and ex-post effect. The price stabilization policies have shown to increase the IPO underpricing both at ex-ante and ex post bases. And the ex-ante effect is greater than ex-post effect. Among policies, the price stabilization duty magnifies the underpricing more than put-back option. This study differentiate from the precedented studies by including the whole period in which those policies are in act and by decomposing the IPO underpricing effects into ex-ante and ex-post bases.

• Journal of the Korea Convergence Society
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• v.9 no.2
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• pp.207-215
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• 2018

In this study, targeting KOSPI and KOSDAQ listed companies, the relationship between the abnormal investment of companies and analyst earnings forecasts was empirically analyzed. The analysis period of this study spanned from 2003 to 2015 (with that of dependent variables spanning from 2004 to 2016) based on the variables of interest, and among the companies whose earnings per share forecasts were announced by financial analysts, the final sample of 4,917 companies/year that meets the research condition was selected as the target analysis. The results of the empirical analysis are as follows. First, it turned out that the more total abnormal investment, abnormal R&D and abnormal CAPEX investment, the more accurate were analyst earnings forecasts. Second, the more total abnormal investment, abnormal R&D, abnormal CAPEX investment, the more pessimistic analyst earnings forecasts tended to be. Further analysis has shown that these results came more from over investment groups than under investment groups. The results of this study are expected to make additional contributions to the existing studies in that the abnormal investment is considered as a determinant of analyst earnings forecasts.

• Journal of the Korea Convergence Society
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• v.9 no.2
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• pp.183-190
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• 2018

We examined the level of Earnings Management of Socially Responsible Investment(SRI) Corporate by using Book-Tax Difference(BTD). We used 2,718 sample data from 2011 to 2016 on Korea Stock Exchange. In short, the result of this study's is as followed. Socially Responsible Investment(SRI) have a negative relevance with Book-Tax Difference(BTD). Therefore this study can support that a firm has a high level of Socially Responsible Investment(SRI) will have the better the Quality of Accounting according to our study. This study contributes as follow. we can confirm that the more Socially Responsible Investment(SRI) the better Quality of Accounting Information. And we hope that our study can be helped development of sound capital market and give a useful information to investors on firms that has a high level of Socially Responsible Investment(SRI).

• KDI Journal of Economic Policy
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• v.21 no.2
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• pp.3-54
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• 1999

1997년의 경제위기는 근본적으로 많은 차입금에도 불구하고 장기간에 걸쳐 낮은 수익성을 보인 기업들이 불황에 직면하여 도산위험이 급증함으로써 발생한 것으로 판단된다. 그러면, 기업들의 수익성은 왜 이렇게 낮은 것일까? 본 연구는 지배대주주와 소액주주간의 갈등이 기업의 수익성을 저하시킨 한 원인으로 작용했다는 가설을 실증적으로 규명하고자 한다. 우리나라 기업들, 특히 기업집단의 경우 지배대주주의 개인소유지분은 높지 않지만 기업경영에 대한 통제력은 매우 강하다. 기업경영에 대한 감시와 책임경영이 확립되지 않는 경제에서 지배대주주가 기업자산을 개인적 이익에 따라 운영하는 경우 편익은 독점하지만 이에 따른 수익성 하락 등의 비용은 다른 주주와 소유 지분율에 따라 공유하게 되므로 사적이익을 추구할 유인이 크다. 본 연구는 1992년부터 1997년까지의 공기업 및 금융기관을 제외한 외부감사대상기업의 재무자료를 기초로 영업이익률, 경상이익률, 그리고 순이익률이 주주간의 이해상충에 의해 어떻게 영향을 받았는가를 분석하였다. 수익성 분석에 있어 상장여부, 자산운영(관계회사 및 비관계회사에 대한 투자), 재벌소속 여부, 기업규모, 재무구조 그리고 산업적 특성 및 기업의 경영 및 사업 전략적 특성을 제어하였다. 다른 조건이 동일하다고 가정하면 상장된 기업의 수익성은 비상장기업보다 낮다. 상장기업의 경우는 대주주의 소유지분이 낮은 반면에 외부주주의 비중이 높기 때문에 대주주가 개인의 이익을 추구하고자 하는 유인이 강하게 작용한 결과로 판단된다. 또한 재벌에 소독된 기업의 수익성은 독립기업들의 수익성보다 낮을 뿐만 아니라 계열회사의 유가증권 및 대여금 등에 대한 투자가 증가할수록 기업의 경상이익률 및 순이익률이 낮아진다. 반면에 비관계회사에 대한 투자자산은 경상이익률 및 순이익률을 높이는 것으로 나타났다. 재벌에 소속된 상장회사가 관계회사에 투자하는 경우는 투자기업의 수익성이 더욱 낮아지는 것으로 나타났다. 관계회사에 대한 투자는 수익성에 기초한 투자가 아니며 대주주의 지분이 낮은 상장기업에서 소액주주의 이익에 반하여 계열사에 대한 투자형태로 자원이 이전되고 있음을 시사한다. 본 논문의 분석 결과는 외부주주와 내부주주간의 이해상충이 기업의 수익성을 저하시킨다는 가설과 일관된다. 따라서 대주주가 개인적 이익을 추구하고자 하는 유인을 견제하고 소액주주의 권리를 강화하도록 지배구조를 확립해야 할 것이다.

• Journal of Service Research and Studies
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• v.5 no.2
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• pp.35-49
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• 2015

The purpose of this paper is to see what the problem is and what the direction of the strategy of asset management after this study has analyzed asset management status of nonlife insurance companies according to interest rate trends, analyzing in time series asset state, management asset lists, asset distribution state, securities list and total asset yield of Nonlife insurance companies during year 2009~2014. As the study result, nonlife insurance companies have managed assets in stability than profitability according to safety asset was increased, but risky asset was decreased. Performance rate of total asset was dropped according to interest rate declined trends. Trend between stock index and performance rates of total asset was not accord. The correlation coefficient between interest rate and performance rates of total asset was highly plus, but the correlation coefficient of KOSPI and performance rate of total asset showed minus.