• 서비스연구
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• 제10권3호
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• pp.81-101
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• 2020

인류는 서비스경제시대를 맞이하였다. 새로운 경제는 새로운 경영을 필요로 한다. 새로운 경영의 핵심주체는 최고경영자다. 경영자 의사결정의 결과가 기업의 성과로 나타나며, 미래 성장동력의 기반이 된다. 본 연구는 중소 중견기업 경영자의 CEO역량, 기업가지향성, 경영성과가 서로 어떠한 영향을 미치는가를 실증분석 하였다. 연구에선 8개 변수간의 가설이 설정되었다. 또한 그동안 연구되어지지 않았던 기업가지향성과 CEO역량과의 관계도 규명하였다. CEO역량의 측정항목으로 개인효과성, 혁신의지, 기회인식, 정보인식, 관계형성, 사업관리, 리더십, 조직문화, 인적자원관리를, 기업가지향성 측정항목으로 위험감수성, 진취성, 혁신성을 설정하고 본 연구에 부합하게 조작적 정의를 한 후 분석을 진행하였다. 분석 결과 기업가지향성은 경영성과에 유의미한 결과를 도출하지 못했다. 그리고 CEO역량은 경영성과에 정(+)의 영향을 미치는 결과를 나타내었다. 이는 관리적 변인인 CEO역량이 경영성과에 긍정적인 영향을 미친 것으로 판단할 수 있다. 또한 기업가지향성과 CEO역량과의 관계에서도 유의미한 결과가 나타났다. 혁신성, 진취성, 위험감수성이 CEO역량에 긍정적인 결과를 나타낸데 시사점이 있다. 마지막으로, 기업가지향성은 CEO역량을 매개로 경영성과에 통계적으로 유의한 결과를 나타내었다. 연구 당시가 COVID19 바이러스의 세계적 대유행(펜더믹)의 발현시기라는 점에서 본 연구 결과에 주목할 만하다 하겠다. 향후 더욱 변화된 경제환경에서의 CEO관련 요인과 경영성과간의 관계에 대한 심층 연구가 필요하다.

• 해양환경안전학회지
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• 제29권2호
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• pp.168-176
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• 2023

안전한 해상운송을 위한 다양한 안전대책이 요구되는 국제적 추세 속에서 내항선사들도 다양한 해상 안전정책을 수립하여 지속가능성을 추구하고 있다. 내항선사의 안전관리시스템과 안전문화 인식이 높아지면, 사고 확률을 최소화하고 내항선사의 지속가능성을 높일 수 있을 것이다. 이에 내항선사의 안전관리시스템(안전정책, 위험관리, 안전보증)이 안전문화를 매개하여 기업의 지속가능성에 미치는 영향을 실증 분석하였다. 선행연구에 기반하여 각 변수의 설문 문항을 구성하고 내항선사에 근무하는 임직원 204명의 표본을 분석에 최종 활용하였다. 그 결과 안전정책은 안전문화에 통계적으로 유의한 영향을 미치지 않았지만, 위험관리와 안전보증은 안전문화에, 안전문화는 지속가능성에 각각 정(+)적으로 유의한 영향을 미치는 것으로 나타났다. 추가로 위험관리 및 안전보증과 지속가능성 간 관계에서 안전문화는 매개효과가 있음을 검증하였다. 결국, 내항선사는 안전문화 인식을 높이기 위해 위험관리와 안전보증을 체계화하고 강화할 필요가 있으며, 안전문화 인식이 높아지면 지속가능성도 높아질 수 있음을 확인하였다.

• 한국컴퓨터정보학회논문지
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• 제29권5호
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• pp.11-20
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• 2024

최근 IT 기술의 발전과 더불어 금융 시장에서의 불확실성이 증대되는 상황에서 기업 신용등급 평가의 중요성을 인식하고, 이를 개선하기 위한 새로운 접근 방식으로 딥러닝 모델인 TabNet을 제안한다. 이에 본 연구에서는 TabNet을 활용하여 기업 신용등급을 예측하고, 이의 예측 성능을 기존 머신러닝 방법론과 상세하게 비교한다. 한국의 주요 증권시장에 상장된 기업들의 재무 데이터를 기반으로 TabNet 알고리즘을 적용하여 신용등급 예측 모델을 구축하고, 다양한 머신러닝 모델과의 성능을 비교 분석하였다. 실험 결과, TabNet 모델은 Precision 0.884, F1이 0.895로 기존의 머신러닝 모델들보다 우수한 성능을 보였으며, 고위험 기업을 저위험 기업으로 잘못 분류하는 경우가 다른 머신러닝 모델보다 적어 TabNet의 우수성을 확인하였다. 이는 TabNet이 기업 신용등급 예측에 있어 효과적인 도구로 활용될 수 있으며, 금융기관의 신용 위험 관리 및 의사 결정 과정을 지원할 수 있을 것으로 기대한다.

• Journal of Information Technology Applications and Management
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• 제18권2호
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• pp.91-108
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• 2011

Enormous losses of shareholders and consumers caused by the risks threatening today's business (e.g., accounting fraud and inside trading) have ignited the necessity of international regulations on corporate ethics and internal control, such as Basel II and SOX. Responding to these regulations, companies are establishing governance system, applying it consistently to the core competency of the company, and increasing the scope of the governance system. Recently occurred security related incidents require companies to take more strict accountability over information security. One of the results includes strengthening of legislation and regulations. For these reasons, introduction of information security governance is needed. Information security governance governs the general information security activities of the company (establishment of information security management system, implementation of information security solutions) in the corporate level. Recognizing that the information security is not restricted to IT domain, but is the issue of overall business, this study develops information security governance framework based on the existing frameworks and systems of IT governance. The information security governance framework proposed in the study include concept, objective, and principle schemes which will help clearly understand the concepts of the information security governance, and execution scheme which will help implement proper organization, process and tools needed for the execution of information security governance.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.121-132
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• 2022

The uncertainty regarding inventory may impart dynamic impacts on corporate-level financial decisions. Among others, a decision about capital investment is a crucial decision that requires overall financial stability. Following these theoretical notions, the current study aims to identify possible consequences of inventory volatility relating to corporate capital investment decisions. We employed ten years of data (2010-2019) of non-financial sector firms to achieve the objective. The Driscoll-Kraay model was used to quantify the regression. The statistical results imply that inventory volatility negatively influences capital investment decisions due to information asymmetry about the current financial position. Additionally, more volatility brings discrepancies in managers' investing decisions to fulfill the possible demand options of capital investment that require processing the inventory. However, based upon the statistical findings, it is suggested to corporate managers that they should consider the financial sensitivity of enterprises regarding inventory volatility. Thus, the current study introduces new thoughts regarding inventory volatility and its empirical role in determining capital investment.

• 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.534-541
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• 2011

Risk evaluation approaches for bidding on international construction projects are typically partitioned into three stages: country selection, project classification, and bid-cost evaluation. However, previous studies are frequently under attack in that they have several crucial limitations: 1) a dearth of studies about country selection risk tailored for the overseas construction market at a corporate level; 2) no consideration of uncertainties for input variable per se; 3) less probabilistic approaches in estimating a range of cost variance; and 4) less inclusion of covariance impacts. This study thus suggests a three-staged risk evaluation model to resolve these inherent problems. In the first stage, a country portfolio model that maximizes the expected construction market growth rate and profit rate while decreasing market uncertainty is formulated using multi-objective genetic analysis. Following this, probabilistic approaches for screening bad projects are suggested through applying various data mining methods such as discriminant logistic regression, neural network, C5.0, and support vector machine. For the last stage, the cost overrun prediction model is simulated for determining a reasonable bid cost, while considering non-parametric distribution, effects of systematic risks, and the firm's specific capability accrued in a given country. Through the three consecutive models, this study verifies that international construction risk can be allocated, reduced, and projected to some degree, thereby contributing to sustaining stable profits and revenues in both the short-term and the long-term perspective.

• 디지털융복합연구
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• 제16권12호
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• pp.175-183
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• 2018

본 논문의 연구목적은 국내 회사채시장에서 시장전체의 체계적 위험 (systematic risk)과 각각의 고유위험(idiosyncratic risk)이 회사채 수익률에 미치는 영향을 분석하고자 한다. 2001년부터 2014년까지 채권시장의 자료를 분석하기 위해, 본 연구는 체계적 위험의 대용변수로 기존의 연구에서 사용된 회사채수익률 기간구조 요인(term factor)과 지급불능 요인(default factor) 등을 사용하고, 고유위험의 대용변수로 듀레이션(duration)과 신용평가등급 요인을 선정하였다. 이러한 요인들이 채권의 수익률에 미치는 영향력을 횡단면 회귀분석을 통해 분석한 결과, 체계적 위험과 관련된 요인들은 통계적 설명력이 있는 것으로 나타났다. 반면에 회사채 고유위험과 관련된 요인들은 기존의 국내 연구와 달리 회사채 수익률을 통계적으로 설명하지 못하는 것으로 나타났다. 이러한 결과는 본 연구의 분석기간이 기존 연구의 7년 자료보다 긴 14년간의 자료를 사용하고 최근의 기간까지 확장했다는 점 때문에, 오히려 미국의 연구결과와 유사한 것으로 나타났다. 이는 우리나라 채권시장이 IMF사태 이후 국제화가 확대되어 선진국과 동조현상을 보이는 것으로 해석된다. 따라서 본 연구는 국내 채권투자시장에서도 선진국의 경우와 마찬가지로 개별 채권의 특성보다는 채권시장 전체의 위험에 보다 더 집중해서 투자할 필요가 있다는 점을 제시하고 있다.

• 보건행정학회지
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• 제30권4호
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• pp.522-530
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• 2020

Background: In 2008, Korea implemented a new type of social insurance known as "long-term care insurance". We examined the association between ownership of long-term care facilities and the incidence of pressure ulcers after the implementation of "long-term care insurance". This study is a population-based retrospective cohort study from 2006 to 2013. Methods: We used medical claims data from the Korean National Health Insurance Corporate Elderly Cohort Database from 2006 to 2013. These data comprise a nationally representative sample. To avoid confounders, only patients admitted to one long-term care facility and who stayed for >70% of the follow-up time were included; as a result, 3,107 individuals were enrolled. The main independent variable was the operating entity of the long-term care facility (local government, corporate bodies, and private for-profit owners), and the dependent variable was the 1-year incidence of pressure-ulcers. Survival analysis (Cox proportional hazard model) was used as an analysis method. Results: Compared to patients admitted to local government long-term care facilities, patients admitted to private long-term care facilities had a significantly higher 1-year risk of pressure ulcers (hazard ratio [HR], 1.94; 95% confidence interval [CI], 1.29-2.91); the risk was especially high among patients who were cognitively dependent (HR, 2.34; 95% CI, 1.25-4.37). Conclusion: Patients admitted to private for-profit long-term care facilities were more likely to have pressure ulcers compared to those in local government and corporate body long-term care facilities. Appropriate assessment tools and publicly available information, as well as more restricted legal requirements, are needed to improve the care quality and outcomes of patients in long-term care facilities.

• Journal of Korea Trade
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• 제24권1호
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• pp.1-34
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• 2020

Purpose - In this study, we investigate determinants of hedging with derivatives and its effect on firm value and firm risk for Korean firms. Design/methodology - To avoid the endogeneity problem pointed out in previous studies, we use a two-stage analysis by using gains and losses from derivatives as instrument variable for hedging with derivatives. Findings - Our analysis on the determinants of hedging shows that firms that are more leveraged and less profitable, and with more growth opportunities are likely to hedge through derivatives. Additionally, large firms, firms less diversified into industry, and firms more diversified geographically are likely to use derivatives. Our two-stage analysis shows that indicators of hedging with derivatives have an insignificant effect on firm value, and the indicator of futures/forwards use and of swaps use have significant negative effect on firm value. Whereas, the extent of hedging with derivatives has positive effect on firm value for all types of foreign currency derivatives, which suggests that moderately low hedgers use derivatives inefficiently, but extensive hedgers use derivatives properly. With regard to firm risk, hedging with derivatives increases market-based risk, but decreases accounting-based risk. Thus, we conclude that Korean firms use derivatives to manage operational volatility rather than to manage market risk, and accounting-based risk reduction through hedging is not directly translated into higher firm value. Originality/value - This is not the first study to investigate hedging behavior of Korean firms, but the sample period that that this study analyzed is the longest and various method are used to control the endogeneity problem. We investigate not only total foreign currency derivatives but also by types of derivatives, including futures/forwards, options, and swaps.

• 재무관리연구
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• 제26권2호
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• pp.63-91
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• 2009

This paper tests the validity of pecking order theory by Myers(1977) and Myers and Majluf(1984) on Korean manufacturing firms listed in the KRX for the years of 1994 to 2003. We also want to see if there is any difference in financing behavior between chaebol affiliated firms and non-chaebol affiliated firms. We develop testable hypotheses from the idea that established relationship between bank and firm mitigates the problem of information asymmetry (Kang and Lim, 2001), and thus makes it easier for firms to raise funds through banks. The test result of the first stage shows that firms prefer cash reserves to debt financing, and prefer debt to equity. Chaebol affiliated firms are found to behave as if they already exploit internal capital markets. The second stage of the test carried out by dividing debt capital into bank loans and corporate bonds also shows a consistent pattern of financing behavior. Firms are testified to prefer cash to bank loans, bank loans to corporate bonds, and corporate bonds to equity. In this case chaebol affiliation seems to make firms behave as if they already establish internal capital markets. Further analysis shows that some, though not in every case, difference of ordering around the occasion of Korean financial crisis exists. It may be from the change of attitude of Korean firms to risk, or from weakened influence of internal capital market along with strengthened market power in the post-crisis period.