• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.104-111
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• 2014

Due to the structure of advanced installment sales of houses which is a construction industrial structure unique to Korea and the Project Financing (PF) project structure that includes construction companies' debt guarantee agreements, the changes in accounting methods resulting from the introduction of K-IFRSs are expected to act in a direction to deteriorate construction businesses' financial statements. Therefore, K-IFRSs are an important issue that can seriously affect the entire domestic construction industry and construction businesses are conceiving strategies to respond to the introduction of K-IFRSs. From this viewpoint, this study was intended to empirically analyze the effect of the introduction of K-IFRSs on construction businesses utilizing financial data applied with the K-IFRSs recently announced. In the analysis, the EDFs were calculated by business using the existing accounting standards GAAP and using K-IFRSs and the results were compared with each other. The results of the analysis indicated that most construction businesses were adversely affected by the introduction of K-IFRSs. It is also considered that businesses with relatively good financial statements under the existing accounting standards GAAP would be affected more by the introduction of K-IFRSs than other businesses. In addition, the introduction of K-IFRSs is expected to have larger effects on large construction businesses that have been providing debt guarantees for PF projects than on small or medium sized construction businesses.

• Journal of Digital Convergence
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• v.19 no.12
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• pp.21-28
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• 2021

The purpose of this study is to analyze the efficiency of the policy direction to see if the government's purpose of relocating public institutions was achieved by analyzing the case of the Korea Housing Finance Corporation, which moved to Busan Metropolitan City in 2014. Based on the Korea Housing Finance Corporation's settlement management disclosure and public institution performance evaluation report from 2009 to 2019, efficiency was compared and analyzed using DEA analysis, work efficiency in management performance evaluation report, and financial ratio. The analysis results are as follows. First, in the case of DEA analysis, the difference in efficiency before and after fat transfer was not noticeable. Second, the efficiency analysis using the performance evaluation report and the financial ratio showed that the efficiency decreased after local relocation. Taken together, in the case of the Korea Housing Finance Corporation, efficiency decreased after local relocation, which can be attributed to sluggish business performance and inefficiency related to financial ratios. However, this study has limitations because it conducted an analysis on the Korea Housing Finance Corporation. To compensate for this, it is necessary to diversify the scope of research targeting all fund-managed quasi-governmental institutions in Korea. Nevertheless, this study is the first study to analyze before and after the relocation of fund-managed quasi-governmental institutions, and is expected to provide significant implications for future policies to be discussed.

• The Journal of the Convergence on Culture Technology
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• v.9 no.3
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• pp.75-79
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• 2023

ESG management means to thoroughly consider the investor's perspective when evaluating corporate value, and environmental, social, and governance issues are continuous and strategic monitoring issues in identifying risk and opportunity factors related to corporate management activities. In other words, the perspective of value creation is reflected in business relationships. The fundamental purpose of ESG management is continuous business value creation and thorough management of investment risks and business transactions in contractual relationships. It is also a requirement of linked investors. The field that Korean companies are currently experiencing the most is the recognition that 'ESG information collection is necessary and maintenance must be prioritized' in investor IR and global sales and marketing departments, and the primary need for this is emerging. In addition, as the legal affairs office, environmental safety department, and human resources department, which conduct compliance management, carry out related tasks, clarity at the organizational level must precede in order to properly establish an information integration and management system. It covers the scope of securing new market opportunities such as management, disclosure and communication. Therefore, in regard to the newly emerging ESG management and response methods, it is necessary to review and implement it repeatedly so that sustainable exchange profits can be created by simultaneously managing non-financial risks as well as efforts to enhance corporate value for financial returns.

• Journal of Korean Society for Quality Management
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• v.50 no.4
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• pp.735-749
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• 2022

Purpose: The purpose of this study is to investigate whether the Management Discussion and Analysis (MD&A) has an impact on auditors' audit efforts. MD&A is a means of disclosure that provides information about a company from the management's perspective in financial reporting. The MD&A is a standardized format of nonfinancial information that can be useful for the stake-holders. The auditors have incentives to utilize the nonfinancial information contained in the MD&A for their decision-making. We posit that the MD&A disclosure quality is associated with the level of audit efforts. Methods: We hand-collect the disclosure data from the Financial Supervisory Service of Korea (the Korean SEC). Results: By employing two measures of audit efforts, we document evidence that the quality of MD&A is associated with both audit hours and audit fees. Conclusion: It implies that the auditors perform intensive audit work for companies with high-quality disclosure of MD&A. The study contributes to the literature by providing the first approach to examine the association between the MD&A disclosure and audit efforts.

• Industry Promotion Research
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• v.5 no.4
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• pp.39-53
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• 2020

With the recent increase in the demand for corporate trust based on transparency in accounting, such as management disclosures and autonomous management disclosures for Social Innovative Enterprises, the duties of Social Innovative Enterprises on accounting and tax affairs have become important. This study looked at the effects of NCS accounting, audit and tax functions on the sustainability of Social Innovative Enterprises, which have not been studied. In particular, issues such as management disclosures and adequacy of financial statements depend on how ethically the accounting officer performs the work. Accordingly, we looked at the intermediation of accounting ethics held by the person in charge of accounting in relation to the sustainability of the NCS accounting, audit and taxation functions. The research subjects surveyed 500 people in charge of accounting at 50 social innovation companies, including social enterprises established in special cities and metropolitan cities such as Seoul and Busan, as well as social cooperatives. A path analysis was conducted with 372 valid questionnaires. As a result of the analysis, NCS accounting, audit and tax functions have a significant impact on both economic value and social value and environmental value, which are the sustainability elements of Social Innovative Enterprises. It was also found that NCS accounting, audit and tax affairs had a significant impact on accounting ethics, and accounting ethics had a significant impact on social and environmental values, excluding economic values. In addition, accounting ethics were found to have a mediated effect between NCS accounting, audit and taxation functions and the sustainability elements of Social Innovative Enterprises. In particular, the relationship between NCS accounting, audit and tax affairs and social value was found to be completely mediated.

• The Journal of the Korea Contents Association
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• v.20 no.11
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• pp.184-191
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• 2020

Using 850 disclosures of individual executive compensation from 2014 to 2017, this study examines the impact of female auditors on the sensitivity of executive compensation-performance relation. The major findings as follow: First, Female auditors have positive effects on the sensitivity of executive compensation to performance, implying that when auditors are appointed to be females who are more ethical, of high moral development, risk averse and conservative as well, they play an efficient monitoring role in aligning executive compensation to performance. Second, the monitoring effects of female auditors on the sensitivity of executive compensation to performance are significant when they are full time employed, suggesting that gender-based differences are more likely to be realized on the condition that they are in position to commit to their jobs for their owns. The results overall support that female auditors exercise efficient monitoring roles in aligning executive compensation to performance in Korean listed firms. The research contribute to complement the study of gender effects on corporate decision making, which have been focused on gender diversity of the board, by providing empirical evidence of the impact of female auditors on the sensitivity of executive compensation-performance relation.

• Korean Journal of Construction Engineering and Management
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• v.15 no.6
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• pp.105-112
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• 2014

The objective of this study is to examine the relationship between the degree of business diversification of a construction company and two of the indicators that represent financial stability, namely, a current ratio and a debt ratio, in order to draw policy implications. The current ratio and the debt ratio were used as variables that represent financial stability of a construction company. Berry-Herfindahl Index was used to measure the degree of business portfolio diversification of a construction company. For the analysis, quarterly time series data were retrieved from the financial information disclosure system of Korea's Financial Supervisory Service for the period between the first quarter of 2001 and the third quarter of 2013. The analysis results showed that a higher current ratio and a debt ratio led to a greater extent of business diversification. A higher level of business diversification led to a higher current ratio and a lower debt ratio. It was also shown that the impact of business diversification on the current ratio and the debt ratio outweighed the impact of changes in the current ratio and the debt ratio on business diversification. Meanwhile, an increase in the level of business diversification showed a quite positive effect as it raised the current ratio and lowered the debt ratio of a construction company. These findings suggest that diversification of business portfolio is essential for construction companies to strengthen their financial stability.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.261-277
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• 2003

The Korean Stock Market Surveillance System is desinged to control the volatility of stocks by drawing investor's attention and suppressing disguised demand, when stocks run up so rapidly in short period of time. Yet the Surveillance System has not been under empirical examination about its role and evolved in line with the Price Limit System. This study looks at the security returns under surveillance designation for 1995 -2001 period. The results indicate that the volatility of stocks has not been affected after surveillance designation. The constraints against the disguised demand, however, seems to limit the security returns rather than volatilities. These findings raises a question about the role of The Korean Stock Market Surveillance System for the control of volatility. The Surveillance System needs to be examined thoroughly about its role, function, and its conditions. Otherwise, the shareholders with less information could be placed at a disadvantage. This paper suggests that the system should be amended in an effort to make the volatility of stocks under control.

• The Korean Journal of Archival Studies
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• no.48
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• pp.45-92
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• 2016

Corporations report their economical, environmental, social influences and achievements through sustainability reports. Apart from the financial reports, which are subject to legal restrictions, sustainability reports inform non financial achievements of a corporation, thus the reliability of the information is solely dependent on the corporation itself. The current sustainability reports are of types that cannot include proof or source of the index data, thus they are tended to be regarded as means of publicity. The reliability of the reports is often questioned. This research applied the concept of Evidence-Based Accountability, which will allow the confirmation of accountability through records including contents and context of the tasks. Evidence-Based Accountability means producing and accumulating witness records of actions, then managing the records as usable information and use them as accountability information. Index data from sustainability reports of domestic corporations and web based reports of Vodafone was reviewed. Measures to link task records as proof of index data was studied. To make this possible, record production and acquisition system was redesigned in order to secure required records as evidence. Linked build-up of SR system and RMS was proposed. The proposed system will allow collection and management of records as SR accountability information, and provide the data when necessary. Also, corporate infrastructure was proposed. This infrastructure will build a professional records management system in stages, through organizational system and regulations. Cooperation of staff in this infrastructure will support reliable corporate accountability.

• Korean Journal of Construction Engineering and Management
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• v.22 no.2
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• pp.106-118
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• 2021

Global governments and initiatives have attempted and integrated various organizational efforts to implement the 17 Sustainable Development Goals (SDGs), presenting a new paradigm of sustainable development to address global issues (climate change, poverty eradication, and human rights). Recently, investment in sustainable finance has expanded to finance the attainment of goals set out in the Paris Agreement and SDGs. Non-financial factors such as environment, social responsibility, and governance (ESG) have become intangible assets that determine the future competitiveness and profitability of companies. Domestic and foreign institutional investors and asset management companies have been expanding their investments based on the ESG performance of companies. In this study, we aim to derive international standards and initiatives that require disclosure of information on corporate social responsibility activities and ESG performance and analyze construction companies' ESG activities and performance levels. The results of this study can be used as the basis to develop platforms for the construction industry ESG ecosystem and the measurement and management of intangible assets. These could ultimately contribute to overcoming the crisis in the future due to the outbreak of the COVID-19 pandemic, fostering net-zero emissions, and preventing fatal workplace accidents in the construction industry.