• 중소기업연구
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• 제43권2호
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• pp.1-30
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• 2021

본 연구는 공급사슬 회복탄력성 선행요인들과 공급사슬 회복탄력성, 기업 경영성과 간의 관계에 대하여 분석하는 것이다. 공급사슬 회복탄력성의 선행요인으로 공급사슬통합, 위험관리활동, 가시성을 선정하였으며, 이들 요인들이 공급사슬 회복탄력성으로서 민첩성과 강건성에 미치는 영향, 민첩성과 강건성 요인이 기업 경영성과에 미치는 영향을 연구하는 것이다. 이를 위하여 우리나라의 제조 기업체를 대상으로 설문조사를 시행하였으며, 총 124부의 설문지를 연구에 활용하였다. 연구가설의 검정결과 공급사슬통합, 위험관리활동, 가시성은 민첩성과 강건성에 정(+)의 유의한 영향을 미친다. 그리고 민첩성은 기업 경영성과에 정(+)의 유의한 영향을 미친다. 그러나 강건성은 기업 경영성과에 정(+)의 영향을 미치지만 유의하지는 않았다. 이러한 연구가설 검정을 통해 중소 제조 기업들이 공급사슬 회복탄력성을 확보하기 위해서는 공급사슬통합, 위험관리활동, 가시성 역량을 확보할 필요성이 있다. 또한 민첩성과 가시성 역량은 기업 경영성과로 연결될 수 있음을 확인하였다. 그리고 공급사슬 회복탄력성의 선행요인들과 공급사슬 회복탄력성, 기업 경영성과 간의 전체적인 관계 구조에 대하여 제시하였다.

• 산업진흥연구
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• 제9권2호
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• pp.197-205
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• 2024

본 연구는 2012년부터 2022년까지 중국 A주 상장회사 중에서 중오염기업을 표본으로 하여 기업의 ESG 성과가 채무불이행 위험에 미치는 영향을 분석하였다. 연구 결과는 좋은 ESG 성과가 기업의 채무불이행 위험을 효과적으로 감소시키는 것으로 나타났다. 추가 분석에서는 기업의 ESG 성과가 자금조달 제약의 영향을 완화시켜 채무불이행위험을 감소시키는 것을 보여주었다. 본 연구는 ESG 성과의 관점에서 채무불이행 위험의 영향 요인을 탐색하고, 기업의 ESG 성과가 경제적으로 미치는 영향에 대해 연구하여, 기업의 채무불이행 위험 예방에 대한 실증적 자료를 제공하였다.

• 한국안전학회지
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• 제34권5호
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• pp.119-131
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• 2019

Among the themes for CSR(Corporate Social Responsibility), consumer issues include protecting the health and safety of consumers who purchase and use the products. In particular, ensuring product safety is a major theme of consumer issues for corporate social responsibility. Currently, the government implements the Electrical Appliances and Consumer Products Safety Control Act for product safety management and selects products that may harmful to consumers as safety control items, and manages the products by designating them as 4 types of safety certification, safety confirmation, supplier conformity verification, and safety standard compliance. In this paper, we propose management plans for the establishment of a more reasonable classification type of safety management target for 48 items of consumer products to be controlled by the act, and confirm the validity of the plan. First, we perform cluster analysis using data for CISS (Consumer Injury Surveillance System) to derive a new classification type of the safety management target. Next, we compare the results of the cluster analysis with the classification type of the act and the existing scenario classification method RAS (Risk Assessment by Scenario) and the causal network method RAMP (Risk Assessment Method based on Probability). Based on these results, we propose two new plans of safety management target classification and verify its validity.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.259-268
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• 2020

Several studies demonstrate that Corporate Social Responsibility (CSR) is becoming a dominant issue in both research and companies' management due to stakeholders' pressure. The identification of internal and external drivers and barriers is an initial stage of the corporate social responsibility implementation. The study aims to identify and analyze the drivers and barriers of CSR in Saudi Arabia's private organizations. For this purpose, primary data were collected using a survey questionnaire that was administered to a representative sample of companies from different sectors in Saudi Arabia. The results show that the main drivers behind the adoption of CSR among Saudi companies are improvement of corporate image, ethical/moral commitment, and to some extend customers' requirements and risk management. The findings of this study also suggest that there are important barriers hindering the adoption of corporate social responsibility. Among these, the lack of management commitment and the lack of investors' interests together with the lack of economic resources and lack of employees' competencies are the most prominent. The findings of this study not only contribute to a deeper understanding of CSR drivers and barriers, but could also encourage firms' managers and stakeholders to improve CSR activities for more effective implementation.

• 재무관리연구
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• 제1권1호
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• pp.133-149
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• 1985

The theory of option pricing has undergone rapid advances in recent years. Simultaneously, organized option markets have developed in the United States and Europe. The closed form solution for pricing options has only recently been developed, but its potential for application to problems in finance is tremendous. Almost all financial assets are really contingent claims. Especially, Black and Scholes(1973) suggest that the equity in a levered firm can be thought of as a call option. When shareholders issue bonds, it is equivalent to selling the assets of the firm to the bond holders in return for cash (the proceeds of the bond issues) and a call option. This paper takes the insight provided by Black and Scholes and shows how it may be applied to many of the traditional issues in corporate finance such as dividend policy, acquisitions and divestitures and capital structure. In this paper a combined capital asset pricing model (CAPM) and option pricing model (OPM) is considered and then applied to the derivation of equity value and its systematic risk. Essentially, this paper is an attempt to gain a clearer focus theoretically on the question of corporate stock risk and how the OPM adds to its understanding.

• Journal of Korea Trade
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• 제27권1호
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• pp.1-18
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• 2023

Purpose - Using a sample of Korean multinational corporations, we examine whether the relationship between tax risk and the implied cost of capital discriminates between the environmental, social, and corporate governance (ESG) of highly rated firms. Design/methodology - Firms with high tax risks have an increased uncertainty of future cash flows. Therefore, as the volatility of future cash flow increases, information asymmetry and the required return increases. Highly rated ESG firms can reduce information asymmetry, thereby weakening the positive relationship between tax risk and cost of capital. We employ the standard deviation of the cash effective tax rate as proxy of tax risk. We utilize the ESG rating data of the Korea Corporate Governance Service (KCGS). We use a PEG model, MPEG model, and GM model to measure the implied cost of capital. Findings - We find a positive association between the implied cost of capital and tax risk. The positive relationship between tax risk and the implied cost of capital weakens in highly rated ESG firms. Highly rated ESG firms prefer a stable tax position to invest after-tax cash flows into sustainable management. Therefore, the negative effects of tax risk on cost of capital can be reduced. Originality/value - This study provides empirical evidence that ESG activities can mitigate the negative impact of tax risk on the cost of capital for Korean multinational corporations. In a business environment where ESG activities are more important, the empirical results that ESG activities can reduce the corporate risk of Korean FDI companies are expected to provide implications for the ESG activities of multinational corporations.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.382-388
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• 2011

Being aware of the risk in advance necessitates intricate processes but is feasible. Although previous studies have demonstrated high accuracy, their performance still leaves room for improvement. A self-organizing feature map (SOM) based neurofuzzy model is developed in this study to provide another alternative for forecasting corporate financial distress. The model is designed to yield high prediction accuracy, as well as reference rules for evaluating corporate financial status. As a database, the study collects all financial reports from listed construction companies during the latest decade, resulting in over 1000 effective samples. The proportion of "failed" and "non-failed" companies is approximately 1:2. Each financial report is comprised of 25 ratios which are set as the input variable s. The proposed model integrates the concepts of pattern classification, fuzzy modeling and SOM-based optimization to predict corporate financial distress. The results exhibit a high accuracy rate at 85.1%. This model outperforms previous tools. A total of 97 rules are extracted from the proposed model which can be also used as reference for construction practitioners. Users may easily identify their corporate financial status by using these rules.

• 대한안전경영과학회지
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• 제5권2호
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• pp.41-51
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• 2003

Next Generation internet banking service for important role of banking business competitive power separates service function of individual banking and should equip various service that coincides in each special qualities these are customer management, portfolio management, global corporation support etc. The past few years have been characterized by rapid changes in technology and the introduction of corporate and retail banking services through the Internet. the integration of e-banking platforms with legacy systems and the increasing dependence of banks on third party information service providers, all dramatically amplify the magnitude of risks to which banks are exposed. Risk management disciplines have not evolved at the same speed and many institutions, especially the smaller ones, have not been able to incorporate Internet banking risk controls within their existing risk management structures. This article provides an overview of the various risks which are heightened with Internet banking, and a holistic approach to managing these risks. In addition, the presentation will explain the different risk areas and the controls to be adopted to mitigate these risks.

• Asia Pacific Journal of Business Review
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• 제1권2호
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• pp.17-35
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• 2017

This research is a case study that focuses on how conglomerate illegality and corresponding penalty affects corporate performance and strategy. The research aims to provide base information for policy-makers as well as the general public about the corporate environment. The analysis results can be summarized as follows. First, profitability is represented as an M-curve. Profitability falls from indictment to the final pronouncement of the corporate head and increases upon his or her return. The result suggests that the absence of a corporate head could result in low profitability as the firm is exposed to owner risk. Secondly, significant effects on investment were not found. Investment showed a continuous increase from indictment to final judgment. This could have resulted from investment decisions made prior to the indictment, which are generally long-term. Meanwhile, the rate at which investments rose for core subsidiaries were lower, which makes it reasonable to suspect dwindling executive capacity due to the absence of a corporate head. Thirdly, employment showed a slight increase, but the rate was found to be greater during the periods following the final judgment. From a political perspective, this increase can be inferred from a give-and-take tradeoff between corporate employment and the pardon of the corporate head.

• 대한안전경영과학회지
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• 제17권2호
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• pp.1-11
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• 2015

Enterprise Risk Management(ERM) is aiming at the establishment of the risk management process to prevent and cope with risks in advance and is composed of Risk Identification, Risk Assessment, Risk Response and Monitoring. It is feedback through the Risk Re-identification. This study has analysed a sample of the risk management system of an airport operating corporation, for this purpose, relevant documents and examples of overseas airports have been reviewed. It has found that corporations establishing ERM have been performing identical procedures such as the process of Identification, Assessment, Effective Reporting, Communication and monitoring and so on. The A corporation has established the process for risk management and crisis management and organized for its organization and system. The risk management has the same process such as above. In this process, when the symptoms of critical crisis have been recognized, it has been transformed into crisis management system, through which, corporate-wide response has been conducted in the process of crisis status analysis, response and follow-up management. This study expects to contribute to systematic foundation for future business continuity on the basis of risks and response procedures acknowledged by this study.