• The Journal of the Korea Contents Association
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• v.22 no.8
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• pp.318-328
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• 2022

The purpose of this study is to analyze the impact of ownership concentration and R&D investment on earnings growth of listed companies in China. For this purpose, this study utilized 14,196 samples from 2,366 Chinese listed companies using the WIND database and conducted empirical analysis by Python. The results of the analysis are as follows. First, the data shows that ownership concentration has a positive (+) impact on revenue growth of Chinese listed firms. Second, ownership concentration has a postive(+) impact on R&D investment of Chinese listed firms. Third, the survey shows that R&D investment has a positive (+) impact on revenue growth of Chinese listed firms. Fourth, the impact of R&D investment on earnings growth of Chinese listed firms has time lag effect. Fifth, R&D investment has a partial mediating effect in ownership concentration and earnings growth of Chinese listed firms. Based on these analytical results, this study proposes measures to promote firms' earnings increase by optimizing ownership concentration and increasing R&D investment in Chinese listed firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.12
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• pp.162-169
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• 2016

Using 1795 observations from the 5 year-359 firm panel data collected during the period from 2009 to 2013 in Chinese stock exchanges, this study examines the impact of the controlling shareholders' ownership on R & D expenditure. This empirical study finds that when firms are state-owned, the controlling shareholders' ownership has a U shaped relation with the level of R & D expenses. A non-linear relation is also found when piece-wise regression models are applied. This empirical study also finds that when firms are private-owned, the controlling shareholders' ownership is negatively related to the level of R & D expenses, and no structural changes in the relation are found when piece-wise regression models are applied. These results support the hypothesis that the effects of the controlling shareholders' ownership on R & D expenses may differ depending on the ownership type of the controlling shareholders. This finding suggests that the differences in the controlling shareholders' incentives due to their ownership type should be considered when exploring the relation between the controlling shareholders' ownership and corporate strategic decisions.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.63-87
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• 2010

This paper empirically examines whether ownership disperses when a venture firm its IPO (initial public offerings). The data for this study were collected from 91 firms that were initially listed on KOSDAQ between January 1, 2004 and December 31, 2007. We explored the influence of the underpricing of IPO on the change of large shareholders. The first finding of this investigation is that the number of shareholders of the venture firms who underpriced IPOs still increased after the closing of lockup. This is consistent with the findings of Booth and Chua(1996) and Brennan and Franks(1997). Second, the share of the large stockholders of the venture firms that a venture capital company invested decreased significantly after the end of lockup. Third, the venture businesses with higher ratio of flotation showed a significant decreasing of shareholders after the closing of lockup.

• Management & Information Systems Review
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• v.38 no.3
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• pp.35-53
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• 2019

A standing auditor can perform the monitoring and control activities for the opportunistic behaviors of top manager. However, for this purpose she/he must have the independence from top manager. Thus, this study is designed to analyze the factors that influences the independence of standing auditor. The independence of standing auditor as dependent variable was measured in terms of school and company ties to top manager. The relationship between the shareholding of professional top manager and independence of standing auditor, and the moderating effects of the shareholdings of related-party, institutional investors, and foreign investors were examined by implementing multiple regression and conditional moderating effect analyses. The findings present a negative relationship between the shareholding of professional top managers and the independence of standing auditor. They also reveal a positive moderating effect of the shareholding of related-party on that relationship. On the other hand, the shareholdings of foreign and institutional investors did not significant change the relationship between the shareholding of professional top manager and the independence of standing auditor. The findings imply that professional manager might be able to lower the controlling mechanism by appointing a standing auditor having low independence. Related-party as an internal control mechanism might be beneficial to reduce this effect while institutional investors or foreign investors as an external control mechanisms might not. This is the first study that examine the antecedents of the independence of standing auditor in terms of the characteristics of ownership structure. It provides a guideline for selecting an effective standing auditor with the consideration for ownership structure.

• Journal of Venture Innovation
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• v.7 no.2
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• pp.125-141
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• 2024

This study is conducted to review issues related to the use of the Simple Agreement for Future Equity(SAFE), which has been introduced as one of the venture investment methods in Korea since 2020, and to suggest policy implications for facilitating the utilization of this investment method. With the recent rapid decline in venture investment, private venture investment associations little use the SAFE in recent years. However, after adopting the SAFE, Korean's SAFE have been utilized mainly by policy financial institutions, and it is evaluated that the system has been revitalized to some extent, with some private venture investment associations also utilizing the SAFE. The results of comparing the SAFE with other equity investment contracts, the additional risk rate related to the failure of follow-up investment is estimated to be approximately 1.8%p. This shows that the additional risk is not greater than the advantages of the SAFE. In other words, it can be judged at a level where it is possible to offset advantages of the SAFE that investors must bear with the additional risks, which shows that there are less burden in terms of using the SAFE. In light of the fact that the venture investment ecosystem can become more active as various venture investment methods are developed and utilized, it is necessary to actively utilize the SAFE method to support start-up companies.

• The Korean Journal of Applied Statistics
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• v.19 no.1
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• pp.111-120
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• 2006

In a two-stage two-level balanced nested design, type I error rates for the parametric tests and the rank transformed tests for the main effects and the nested effects are in overall similar to each other. Furthermore, powers for the rank transformed statistic for the main effects and the nested effects in a two-stage two-level balanced nested design are generally superior to powers for the parametric statistic When the effect size and the sample size are increased, we can find that powers increase for the parametric statistic and the rank transformed statistic are dramatically improved. Especially for the case of the fixed effects in the asymmetric distributions such as an exponential distribution, powers for the rank transformed tests are quite high rather than powers for the parametric tests.

• Journal of the Korean Data and Information Science Society
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• v.24 no.6
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• pp.1439-1448
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• 2013

The analysis of variance for randomized block design or two way classification data is well known. In this paper, particularly, we considered two stage nested design in which the levels of one factor is not identical for different levels of another factor. We investigate the structural properties of two stage nested design and the properties of error sum of squares for random effect model. For the application of two way nested design, we consider two-period crossover design which is used commonly for the equivalence test to bio-similar product. The confidence interval estimation of the difference of two population means in the crossover design is discussed based on statistical package SPSS.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.7
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• pp.3062-3071
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• 2011

This study proposed to compare the performance differences between a manufacturing company and a construction company in accordance with the mutual relations and ownership structures with the management performance based on the increase or decrease of the large shareholders' share-holding ratio (insider ownership, foreign share-holding, institutional investors' share-holding) of a KOSPI listed company in Korea during 10 years(1998-2007). To sum up the research work, first, the increase of foreign share-holding supported the results of previous studies which foreign share-holding has a positive effect on the long term performance by having a positive(+) effect on MTB, and the increase of an insider ownership supported the management entrenchment hypothesis of previous studies by having a negative(-) effect on MTB. However, relations between institutional investors's share-holding and MTB could not find out linkages in spite of the results of previous studies where dealt with the active monitoring hypothesis. Also, to examine the linkages of ROA and the ownership structure, though the increases of foreign share-holding and insider ownership had a positive(+) effect on ROA, the increases of institutional investors' share-holding had a negative(-) effect on it. It showed different analysis results from the active monitoring hypothesis of institutional investors. As a result of verifying whether there is "any difference in the management performances between the construction industry and the manufacturing industry according to the equity structure" which is the second hypothesis, nothing of the insider ownership and whether or not there is the construction industry, foreign share-holding and whether or not there is the construction, and the institutional ownership and whether or not there is the construction industry gave a statistical difference to MTB and ROA. Accordingly, it was possible to find out there is no difference in the management performance between the construction industry and the manufacturing industry based on the ownership structure in spite of different characteristics from the manufacturing industry such as the revenue recognition in ordering, production and accounting.

• 주택과사람들
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• no.6 s.217
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• pp.52-55
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• 2008

단독주택을 8-10가구의 다세대 주택으로 용도를 바꾸는 '지분 쪼개기' 때문에 최근 서울을 비롯한 수도권 곳곳에서 다세대 주택 신축 붐이 일고 있다. 서울시가 무분별한 지분 쪼개기를 막기 위해 가구당 전용 면적 $60m^2$ 미만 주택은 입주권을 주지 않고 돈으로 청산하는 방식으로 규제하겠다는 방침을 밝혔지만, 현장에서는 다세대나 빌라 신축 공사가 더욱 활발하게 진행되고 있다. 게다가 조례를 개정하는 7월 전까지 건축 허가를 받으면 면적에 상관없이 입주권을 받을 수 있다는 점을 노린 막판 투기가 기승을 부리고 있어 논란이 일고 있다.

• Proceedings of the Korea Contents Association Conference
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• 2006.11a
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• pp.327-332
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• 2006

Entering legal management, shareholders receive some payment. We call this phenomenon the deviations from absolute priority. This study focuses on incremental effect and determinants of equity to shareholders by wealth transfer from creditors to stockholders in the process of legal management. The main results of this study can by summarized as follows. First, the incremental effect of equity to shareholders is common in the sample of this study. The sample contains 46 non-listed firms that filed for legal management and had confirmed their reorganization plans. Second, the results of the regression model analyzing the determinants of incremental equity to shareholders in legal management show that it is negative related to the solvency(total debt/total asset), firm size, and weight of claims for secured creditors and banks significantly. but corporate reorganization period(from filing to confirmation)are not significant.