• 제목/요약/키워드: Board of Directors

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상장물류기업의 겸임이사 네트워크에 관한 연구 (A Study on Network of Interlocking Directors in Listed Logistics Industry)

  • 김남수
    • 한국항만경제학회지
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    • 제32권1호
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    • pp.1-16
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    • 2016
  • 본 논문에서는 2014년까지 거래소에 상장된 물류기업을 대상으로 물류기업의 이사회 구조가 기업가치에 어떻게 영향을 미치는지 실증분석 한다. 물류산업은 대기업의 계열사를 통한 물류시장의 급성장으로 인한 우려가 높아지고 있다. 이로 인하여 한국물류산업에서 경쟁이 다른 산업에 비하여 보다 치열해지고 있다는 부정적 시각이 나타나고 있다. 이와 같은 사회적 분위기와 모기업 물량에 대한 지나친 의존이 물류기업의 성장에 장애가 오히려 될 수 있다. 따라서 대기업의 계열사의 운송을 담당하는 상장물류기업 지배구조 분석이 시급한 상황이며 특히 경영활동에 아주 중요한 요인으로서 이사회 구조에 대한 분석이 필요하다. 따라서 기존의 연구의 한계점을 보완하여 이사회 연구로서 이사들의 권력과 지배력을 고려한 네트워크를 제시한다. 네트워크 분석은 조직 내에 보이지 않는 관계 패턴(hidden patterns of network)을 분석해 낼 수 있다는 장점이 있고(Alstyne, 1997; Nohria, 1992) 조직내 비공식적인 활동으로서 이사들의 네트워크 분석은 기업집단 내의 권력구조를 파악할 수 있다는 특징이 있다. 첫째, 물류기업의 이사회 구조 분석으로서 겸임이사 네트워크 분석 결과, 대한항공의 네트워크 지수는 0.4로 겸임이사 네트워크 지수가 가장 높은 것으로 나타났으며 한진의 네트워크 지수는 0.32로 물류기업 중 두번째로 높은 네트워크 지수를 갖는 것으로 보인다. 다음으로 한진해운의 네트워크 지수는 0.24로 물류기업 중 세 번째로 높은 것으로 나타났다. 둘째, 물류기업의 겸임이사 네트워크에 대한 1차 겸임이사 네트워크 분석을 실시한 결과, 연결중심성이 가장 높은 기업은 대한항공이며 대한항공의 이사는 에쓰-오일, OCI, 웅진홀딩스, 한진, 한국공항, 한진칼 및 한진해운으로 구성된 모두 7개의 기업의 이사직을 겸직하여 기업간 이사네트워크를 구성하고 있는 것으로 나타났다. 상장 물류기업 중에서 대한항공이 이사 네트워크 구축으로 발생된 권력이 가장 높으며 이사 네트워크에서 가장 중심적 역할을 하는 것으로 볼 수 있다.

단위수산업협동조합의 이사회제도에 대한 수용자태도분석 (Analysis of Accepters' Attitudes toward the Board of Directors System of Fisheries Cooperatives)

  • 정만화;최정윤
    • 수산경영론집
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    • 제36권3호
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    • pp.37-63
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    • 2005
  • According to the Fisheries Cooperative Law, the Fisheries Cooperative has made a substantial contribution to the development of Korea's fisheries industry amid the nation's rapid economic growth and drastic social changes since its establishment in April 1st 1962, It is, however, generally believed that the cooperative has made a poor performance in improving its business constitution. Therefore, the reform of its board of director system is one of the ways to strengthen the constitution. For the purpose of making the board of director system to operate rationally, this dissertation is divided into five chapters. Chapter I provides an overview of this study, such as research background and objectives. Chapter II focuses on the Fisheries Cooperative's board of director: its function, composition, and election. Chapter III analyzes the responses of the Fisheries cooperatives to questionnaires about the board of director system, and subsequently presents the causes and the meaning of the analysis results. Chapter IV deals with the various ways to improve the Fisheries Cooperative's board of director system, including director and cooperative governance. Finally, Chapter V draws a conclusion of this study. The independent function of the Cooperative's board of director and responsible directorship is one of the most important factors which can prevent the Cooperative from insolvency. Unlike the past, not only it has become difficult to keep the Cooperative's business under the government's support, but also the Cooperative itself is now facing a situation where the support from the government cannot be expected. This ist he reason why the Cooperative should manage itself autonomously, workout its organization, and respond to the current situation with a renovativemanagement and business strategy. Therefore, a rational operation of the board of director is urgently needed.

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보상위원회의 품질과 성과-보상민감도 (Compensation Committee Quality and Managers' Pay-Performance Sensitivity)

  • 최원주
    • 경영과정보연구
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    • 제35권1호
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    • pp.173-188
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    • 2016
  • 이사회 내 주요 위원회 중의 하나인 보상위원회의 도입과 운영은 경영진의 효율적 보상설계에 영향을 미칠 수 있다. 이러한 맥락에서 본 연구에서는 보상위원회의 품질(보상위원회 규모, 보상위원회 구성, 비겸직 위원 수)이 경영진의 유인보상설계(성과-보상 민감도)에 어떠한 영향을 미치는지를 분석하고자 하였다. 2001년부터 2013년까지 상장기업(금융업 제외) 중 보상위원회 도입 기업을 대상으로 경영자 성과-보상 민감도가 보상위원회 품질 수준에 영향을 받는지를 분석하였고 연구결과를 요약하면 다음과 같다. 보상위원회 도입 기업 중 보상위원회 품질을 세 가지로 측정하여 이들이 성과-보상 민감도에 미치는 영향을 분석한 결과, 보상위원회 규모는 성과-보상 민감도에 영향을 미치지 않는 것으로 나타났으나 보상위원회 구성(보상위원회 내 사외이사 비율)과 비겸직 위원 수(보상위원회 구성원 중 타 위원회를 겸직하고 있지 않은 위원의 비율)는 성과-보상 민감도에 양(+)의 영향을 미치는 것으로 분석되었다. 추가적으로 보상위원회 품질을 측정하기 위한 3가지 개별 변수를 요인분석을 통해 요인점수를 추출하여 이들이 성과-보상 민감도에 미치는 영향을 분석한 결과, 요인점수(보상위원회의 품질이 높을수록)가 높을수록 경영진의 보상을 성과와 보다 연관시켜 지급하는 것으로 나타났다. 이상의 결과는 보상위원회의 품질 수준이 높을수록 경영진의 보상을 보다 경영성과에 근거해 지급한다는 것으로, 보상위원회의 품질을 향상시켜 보상위원회가 본연의 역할을 보다 충실히 수행할 수 있게 운영한다면 경영진의 대리문제를 보다 효과적으로 통제할 수 있다는 것을 의미하는 결과라 할 수 있다.

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The Relationship between Top Female Executives and Corporate Investment: Empirical Evidence from Vietnamese Listed Firms

  • PHAN, Quynh Trang
    • The Journal of Asian Finance, Economics and Business
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    • 제8권10호
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    • pp.305-315
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    • 2021
  • This study aims to investigate the relationship between the difference in gender of top executives and corporate investment. In addition, this study also extends to how the sensitivity of investment to cash flow varies with the gender of leaders. Finally, the effect of the gender of leaders on firm investment is also tested across firm types (state firms vs. private firms and high-growth firms vs. low-growth firms). Based on the dataset of Vietnamese listed firms over 2007-2017, the fixed-effect model is used to test the hypotheses. The results show that women as chairs of the board tend to lower corporate investment, whereas the gender of CEOs (Chief Executive Officers) does not influence the investment level. Moreover, top female executives are associated with a decrease in the sensitivity of investment to cash flow. These regression results also show that top female executives only have an impact on the rate of investment in private and low-growth firms. The findings of this study are useful for the board of directors in selecting a chairperson in line with the firm's strategies. Furthermore, the findings of this study are also meaningful for policymakers who should monitor the separate role of the CEO and chair of the board in a company.

Association between Corporate Governance and Corporate Performance in Iran

  • Moradi, Mahdi;Shiri, Mahmood Mousavi;Salehi, Mahdi;Piri, Habib
    • 유통과학연구
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    • 제11권11호
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    • pp.5-11
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    • 2013
  • Purpose - Considering corporate companies that are continually growing and bearing in mind the theory of agency, how confident can stakeholders be about their benefits in relation to managers' decisions? Previous research has indicated that the type of corporate governance can have an effective impact on companies' performance. The current study aims to investigate the impact of ownership structure on listed companies on the Tehran Stock Exchange. Research Design, Data, and Methodology - Through use of the correlation coefficient, the results indicate a positive correlation among the percentage of common stock held by board members, the percentage of non-executive board members, and separation of the positions of chairperson of the board of directors and managing director. Results - Based on the return on assets index, only the correlation between the proportion of ownership of the managing director and financial investment company ownership is significant. Conclusion -Managers can potentially make decisions that benefit themselves but are detrimental to shareholders' interests. Corporate governance is a factor that can mitigate agency costs. Corporate governance comprises the laws, regulations, structures, processes, cultures, and systems that lead to the achievement of objectives such as accountability, transparency, justice, and stakeholders' rights.

줄 앙리 푸앵카레

  • 김성숙;김주영
    • 한국수학사학회지
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    • 제14권2호
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    • pp.45-54
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    • 2001
  • Jules Henri Poincare was great not only as a mathematician brit also as a philosopher of science. He received many honors for his outstanding research. He was elected to the Academie des Sciences in 1887 and was elected President of tile Academy in 1906. In 1908 he was elected to the Academie Francaise and was elected director in the year of his death. The Poincare Conjecture was selected Millennium Prize Problems fly The Clay Mathematics Institute of Cambridge, Massachusetts(CMI). The Board of Directors of CMI have designated a $1 million prize fund for the solution to his problem. In this paper, Poincare's major works, his life, his philosophy and the Poincare Conjecture are given.

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보건소(保健所) 행정(行政)의 기선을 위(爲)한 연구(硏究) (A Study on the Administrative Enhancement for Health Center Activities)

  • 문옥륜
    • Journal of Preventive Medicine and Public Health
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    • 제3권1호
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    • pp.97-110
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    • 1970
  • This survey was conducted to evaluate not only the present status of health center directors-their personal histories, their will to private practice in the future, their responses to governmental policies, -but also the distribution of doctorless myons, budget and subsidy, and director's opinions to the enhancement of health center activities. This survey questioned 116 health center directors and 16 health personnel from August to October of 1970 and obtained the following results; 1) The average ages of directors of kun, city, and total health centers were $43.2{\pm}7.8,\;42.1{\pm}7.7,\;and\;42.9{\pm}10.3$ respectively. 2) The average family sizes of directors of kun, city, and total health centers were $5.6{\pm}2.7,\;5.6{\pm}2.1,\;and\;5.6{\pm}2.6$ respectively. 3) Directors holding M. D. degrees were 79.3%, those holding qualified M. D. degrees ('approved director') were 20.7%. 4) M. P. H., M. S., and Ph. D. holders were 6.0%, 6.1%, and 4.3% respectively. 5) The average duration of present directorship in kun and city were 30.2 months and 20.4 months respectively. 6) The majority of directors had been employed in related fields before assuming current position : directorship at other health center 26.7%, army 22.4%, health subcenter 21.6%, private practice 19.0%. 7) Average length of directorship is 41.8 months. Average length of public health career, including health subcenter and present position, is 56.5 months. 8) Both rural and urban experience in health centers for regular directors is 16.3% and for approved directors, 12,5%. A total of 15.5% of all survey directors had experience in both rural and urban health center. 9) A total of 70.7% of health center directorships were staffed by local doctors. 10) Nearly 40% wanted to quit the directorships within 3 years and 60.3% had already experienced private practice. 11) Of the regular directors 17.4% felt strongly about devoting their lives to public health fields, but only 4.1% of the approved approved directors felt so. 12) There wire 432 doctorless myons among 996 respondent myons and 4.5 doctorless myons per kun. 13) The percentage of doctorless myon by Province are as follows, Cholla buk-do 57.2%, Cholla nam-de 55.0%, Kyungsang nam-do 52.0%, Kyungsang buk-do 49.7%, Chungchong but-do 42.4%, Kyonggi-do 32.9%. Cheju-do 30.8%, Kangwon-do 25.8%. 14) Two thirds of health critters have experienced the abscence of the director for a certain period since 1966 and the average span of the abscence was 18.2 months. 15) The percentage of doctorless myons increased proportionally with the span of the director's abscence. 16) The average budgets of health centers, kun, city and ku, were $W15.03\;million{\pm}W4.5\;million,\;W22.03\;million{\pm}W17.80\;million,\;W13.10\;million{\pm}W7.9\;million$ respectively. 17) Chunju city had the highest health budget per capita(W344) while Pusan Seo ku had the lowest(W19). 18) Director's medical subsidies are W30,000-50,000 in kun, and roughly W20,000 in city. 19) The older of priority in health center activities is T.B. control(31.1%), Family Planning and M. C. H.(28.0%), prevention of acute communicable disease and endemic disease (18.2%) and clinical care of patients(14.3%). 20) Nearly 32% opposed in principle the governmental policy of prohibiting medical doctors from going abroad. 21) Suggestions for immediate enhancing the position of director of health centers and subcenters: (1) Raise the base subsidy (48.2%), (2) Provide more opportunities for promotion (20.7%), (3) Exemption from army services(12.1%), (4) Full scholarship to medical students for this purpose only (7.8%). 22) A newly established medical school was opposed by 56.9% of the directors, however 33.6% of them approved. 23) Pertaining to the division of labor in Medicine and Pharmacy, the largest portion (31.9%) urged the immediate partial division of antibiotics and some addictive drugs to be given only by prescription. 24) More than half wanted a W70,000 level for the director's medical subsidies, white 36.2% stated W50,000. 25) Urgently needed skills in the kun are clinical pathologist (38.6%) and doctor (health center director) (25.5%); while in the city nurse (37.1%), doctors(clinical)(31.4%) and health educators(14.4%) are needed. 26) Essential treatment for the better health center administration; raising the base subsidy (22.7%), obtaining the power of personal management (19.3%) and the establishment of a Board of Health (14.3%). etc.

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Ethics in the State-Owned Companies (SOC) in the public sector: A thin line between corporate governance and ethical leadership.

  • Nevondwe, Lufuno;Nembambula, Phophi;Mangammbi, Mafanywa Jeffrey
    • 동아시아경상학회지
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    • 제3권1호
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    • pp.1-7
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    • 2015
  • Ethics suggest that all persons are by nature moral, as it would not be possible for humans to exist collectively or even individually without an innate ethical sense. In order for the public sector to thrive in business, the board of directors needs to be guided by ethics and take into account the abiding interests of humanity and public good. It is argued in this paper that the abuse of power in the public sector has often been associated with unethical leadership and conducts which undermines the ubuntu notion. The irregularities which often arise in the awarding of tenders in the state-owned companies are some of the challenges that are prone to the public sector. In order to address these challenges and promote a flourishing democracy it is argued that ethical leadership as envisaged in the King III Report needs to be adhered to by the boards of directors. This paper concludes that the direction and control of ethics in any organisation is vital especially where the line between corporate governance and ethical leadership has become blurred.

Ethics in the State-Owned Companies (SOC) in the public sector: A thin line between corporate governance and ethical leadership.

  • Nevondwe, Lufuno;Nembambula, Phophi;Mangammbi, Mafanywa Jeffrey
    • 동아시아경상학회지
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    • 제2권3호
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    • pp.18-22
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    • 2014
  • Ethics suggest that all persons are by nature moral, as it would not be possible for humans to exist collectively or even individually without an innate ethical sense. In order for the public sector to thrive in business, the board of directors needs to be guided by ethics and take into account the abiding interests of humanity and public good. It is argued in this paper that the abuse of power in the public sector has often been associated with unethical leadership and conducts which undermines the ubuntu notion. The irregularities which often arise in the awarding of tenders in the state-owned companies are some of the challenges that are prone to the public sector. In order to address these challenges and promote a flourishing democracy it is argued that ethical leadership as envisaged in the King III Report needs to be adhered to by the boards of directors. This paper concludes that the direction and control of ethics in any organisation is vital especially where the line between corporate governance and ethical leadership has become blurred.

기업지배구조의 상호관계 및 기업성과에 관한 연구 (Interdependence of Corporate Control Mechanisms and Firm Performance in Korea)

  • 조성빈
    • KDI Journal of Economic Policy
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    • 제28권2호
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    • pp.131-177
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    • 2006
  • 본 논문은 내부자 지분, 기관투자자 지분, 사외이사비율, 부채비율, 그리고 배당 등 기업의 내 외부 지배구조 사이의 상호관계를 파악하고 기업의 내 외부 지배구조가 기업성과에 미치는 영향을 실증적으로 분석하는 것을 목적으로 한다. 기업통제장치의 평균적인 변화는 상대적으로 작으나 기업별 변화는 큰 것으로 확인되었다. 이러한 변화는 상호 연관되어 나타나는데, 동태적 패널벡터자기회귀모형을 통해 인과관계를 검정한 결과, 내부자 지분과 사외이사비율 및 기관투자자 지분 사이에 상호 인과관계가 존재하며, 부채비율과 기관투자자 지분은 배당과 인과관계를 가지고 있음을 확인하였다. 2단계 최소자승법을 이용하여 통제장치들 사이에 존재하는 상호관계를 고찰하였는데, 내부자 지분과 기관투자자 지분은 대체적 관계, 내부자 지분과 부채비율은 상호 보완적인 관계를 가지는 것으로 확인되었다. 또한 사외이사에 의한 내부감시기능과 기관투자자의 외부감시기능이 상호 보완적이며, 배당은 다른 통제장치들과의 관계에 있어 부채비율과 유사한 성격을 가짐을 확인하였다. 지배구조와 기업성과의 관계에 대한 분석 결과, 사외이사비율은 기업성과를 제고하는 데 기여하지 못하는 것으로 확인되었다. 이 같은 결과는, 사외이사가 경영자 통제의 역할을 담당하기 위해서는 사외이사의 독립성을 제고하는 것이 필요함을 시사한다.

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