• The Journal of Asian Finance, Economics and Business
• /
• 제3권4호
• /
• pp.67-79
• /
• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• 무역학회지
• /
• 제44권3호
• /
• pp.227-252
• /
• 2019

This study explores the effects of exports on the innovation of Korean firms listed on two Korean stock markets, the Korean Stock Exchange and the Korean Securities Dealers Quotations, between 1999 and 2016. By matching exporting firms to non-exporting ones with propensity score matching, this study accounts for a problem from sample selection bias that may arise from differences in firm-characteristics between the two groups. From the study results, first, both export participation and export volume significantly increase subsequent innovation performance, as measured by the number of patent applications. This result seems to support the "learning by exporting" hypothesis for Korean listed firms. Second, both export participation and export volume narrow innovation scope, proxied as the number of unique International Patent Classification (IPC) codes of the patent applied, the degree to which patents are concentrated in a particular class, and the degree of proximity in the patents. The findings of innovation scope suggest a possible explanation that the learning effect appears in familiar technology fields that firms have previously held, rather than in unfamiliar ones. Third, these results are robust using alternative proxies in the innovation scope, Tobit regressions to consider the non-trivial portion of sample firms with patent applications equal to zeros, and generalized method of moments (GMM) to control for the persistence of innovation measures hearing over years. Finally, the two main results are more pronounced in large firms than in small and medium-sized ones. As for Chaebol firms, however, these results do not appear.

• 한국건설관리학회:학술대회논문집
• /
• 한국건설관리학회 2006년도 정기학술발표대회 논문집
• /
• pp.402-407
• /
• 2006

중소규모업체가 한 나라의 경제에서 차지하고 있는 비중과 영향력은 매우 크다. 지금까지 경제시장에서 과소평가되어 온 많은 중소규모업체들이 제조업을 중심으로 한 해외시장에서 큰 두각을 나타내면서 기존의 이러한 시각에 큰 변화를 주고 있다. 특히, 국내시장의 한계를 벗어나려는 중소규모 건설업체 입장에서 급속도로 글로벌화 되고 있는 해외건설시장에서의 발전 가능성은 매우 잠재력이 크다. 그러나 아직까지 해외건설시장에 중소규모업체의 역할은 매우 미미한 수준이다. 이에 본 연구에서는 국내 중소규모 건설업체의 해외진출을 활성화하기 위해 가능성과 의지가 있는 중소규모 건설업체를 그룹 별로 분류하여 해외진출 활성화 방안을 각 그룹 별로 제시하고자 한다. 1996년부터 2005년까지 ENR(Engineering News Record)지에 등록된 해외 선진건설업체의 해외공사 비중을 분석하고 해외건설시장에 기 진출한 국내 건설업체의 해외공사 비중과 법적 근거를 반영하여 국내 중소규모 건설업체의 분류 기준을 새롭게 제시하였다. 마지막으로 전문가 인터뷰 방식을 실시하여 새롭게 정의된 국내 중소규모 건설업체들의 각 그룹 별 해외진출 활성화 방안을 제시하였다.

• 재무관리연구
• /
• 제26권2호
• /
• pp.63-91
• /
• 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.

• 대한지리학회지
• /
• 제39권1호
• /
• pp.116-131
• /
• 2004

본 연구의 목적은 조선산업 하청구조의 공간 특성을 고찰하는 것이다. 오늘날 기업은 다른 기업과 연관된 생산시스템을 통하여 기업의 목표를 달성해 나간다. 복잡하고 거대한 플랜트를 건조하는 조선산업의 하청구조는 모기업과의 거래관계를 규정하는 공간적 요인에 따라 상이한 특성을 보이고 있다. 우선 모기업의 생산공정에 직접 참여하는 사내하청기업이나 사외지역의 협동화단지업체들은 분사화된 특성을 보이면서 밀접하게 연결되어 있다. 그리고 기계산업으로 특화되어 있는 창원이나 전통적으로 조선기자재산업이 발달한 부산지역 업체들은 전문화의 정도가 상대적으로 높아 하청관계가 비교적 강하게 연결되어 있다. 이에 비해 비국지적으로 분포하거나 표준화된 제품을 공급하는 하청기업들은 대부분 연결도가 낮게 나타난다. 조선산업의 성숙한 발전을 위해서는 모기업 주변의 사내ㆍ외지역에 집적하는 조선전문 하청기업들과의 집중적 협력과 함께 기술적으로 특화된 원거리 업체들과의 선택적 거래관계를 강화해야 할 것이다.

• 유통과학연구
• /
• 제16권10호
• /
• pp.77-82
• /
• 2018

Purpose - This paper examines the relationship between corporate social responsibility and financial reporting quality. Corporate social responsibility is a way for firms to take responsibility for the social and environmental impacts of their business operations. Corporate social responsibility is a broad concept that can take various forms depending on the firm and industry. Through corporate social responsibility programs, firms can benefit society. At the same time, firms improve their reputations by increasing engagement in corporate social responsibility activities. However, corporate social responsibility activities are not directly related to profitability, especially for distribution firms. Research design, data, and methodology - 229 distribution & service firm-years between 2011 and 2016 are used for the main analysis. In Korea, Korean Economic Justice Institute evaluates the ethical performance of Korean firms, and the institute annually discloses the scores of top firms. This study uses the KEJI Index scores to measure firm-level corporate social responsibility activities. Discretionary accruals are used as a proxy for financial reporting quality. Discretionary accruals can be used opportunistically, and thus distort the information in earnings. We extract financial data from the KIS Value database. Results - We find that distribution & service firms' engagement in corporate social responsibilities is positively related to their financial reporting quality. First, there is a negative correlation between implementation of corporate social responsibility activities and discretionary accruals. In addition, we find that the coefficient of CSR is significantly negative, supporting our prediction. The result is significant at the 1% level. Conclusions - We examine the relationship between corporate social responsibility activities of distribution firms and their financial reporting quality while most prior studies examine the engagement in corporate social responsibility activities of manufacturing firms. The results of this study show that distribution & service firms engaging in corporate social responsibility activities are likely to maintain high-quality financial reporting.

• 한국컴퓨터정보학회논문지
• /
• 제12권1호
• /
• pp.219-229
• /
• 2007

본 연구는 코스닥시장에서 합병기업을 대상으로 연구의 결과 첫째, 합병공시효과검증에서는 공시시점에서 정(+)의 누적초과수익률로서 기업가치증가로 해석할 수 있으나, 장기간에서는 상반된 결과가 도출되었다. 둘째, 합병으로 인해 일반기업의 가치증가가 벤처기업보다 높다고 볼 수 있다. 셋째, 과거성과가 높은 glamour 기업보다 과거 성과가 좋지 않은 value기업이 합병 후 성과가 높아진다는 성과추정가설이 성립한다. 넷째, 소규모기업의 누적초과수익률이 대규모기업의 누적초과수익률을 초과함으로서 합병으로 인한 규모효과(size effect)가 존재하는 것으로 해석할 수 있다. 다섯째, 운영성과 검증에서는 합병시점에서는 대부분의 변수가 정(+)의 값이나 합병 후 음(-)의 값을 보였다. 이런 결과는 코스닥 시장에서의 합병이 경제적 논리보다는 재무적 논리에 바탕을 두고 있다고 평가함으로서 기업가치가 하락하는 것으로 추정된다.

• 아태비즈니스연구
• /
• 제14권2호
• /
• pp.1-15
• /
• 2023

Purpose - This study investigates whether the inventory levels of Korean manufacturing firms increased or decreased from 2000 to 2019. We also explore the relationship between inventory levels and firm performance. Design/methodology/approach - We use panel data on KOSPI-listed firms in the manufacturing industry. We measure days in inventory as a proxy for inventory levels, and firm performance is measured by return on assets, return on sales, and EBITDA ratio. The panel data regression method is employed in our analysis. Findings - We find that days in inventory of Korean manufacturing firms significantly increased from 2000 to 2019, especially for raw materials and finished goods inventory. In addition, while days in inventory of large- and medium-sized firms were less than those of small-sized firms, the change in days in inventory of large- and medium-sized firms was positively significant over time. Moreover, the increase in days in inventory was more prevalent among industries related to foods, clothes, chemicals, and transportation. Finally, we show that the days in inventory are negatively related to firm performance. Research implications or Originality - While the Korean manufacturing industry has enormously grown over the last 20 years and managing inventory is critical in the manufacturing industry, our findings counter-intuitively show that the days in inventory of the Korean manufacturing industry had been gradually increased. We speculate that the increase in days in inventory is due to the Korean manufacturing firms' heavy reliance on global supply chains.

• 산학경영연구
• /
• 제9권
• /
• pp.99-121
• /
• 1996

On the job training is useful : a part of on the job training has increased the marginal productivity of future and rate of wage. Investment in a human capital depends on character of investment and market conditions. The innovation role of small and medium firms has recently received increasing attention in newly industrializing countries as they attempt to transform their industries from labor intensive to technology intensive. It also suggests some implications to the small and medium firms' strategies and public policies accelerating research and development. Lack of qualified scientists and engineers often inhibits the small and medium firms' ability to access and assimilate external technical information. Such technical personnel are particularly scarce in NICs. Therefore, how to employ these technical staff should be an important issue for small and medium firms seeking to acquire distinctive competences. Small and medium firms must invest further education and training to its labor.

• 한국경영과학회:학술대회논문집
• /
• 한국경영과학회 2000년도 추계학술대회 및 정기총회
• /
• pp.251-254
• /
• 2000

In the knowledge-based economy, technological capability is critical for the survival and growth of firms. Technological capability differs across firms depending on the structural and environmental conditions. In nature, the evaluation of technological capability is an intractable task and thus previous studies often employ such proxy measures as patent, productivity, or profitability. In this research, we define technological capability as a combination of the above three measures and investigate, by using the multi-variate statistical analysis, the characteristics of technological capability of electronics/IT firms of Korea. We first propose a taxonomy in which firms are classified into four clusters based on the differences in the nature of technological capability. Then, across clusters, we comparatively analyze the relationship between technological capability and structural/environmental factors of firms. Finally, the implications of empirical findings will be discussed. This study is a small-scale, descriptive one but will be extended and elaborated by augmenting the database and/or incorporating more variables.