• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.45-54
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• 2019

This study examines whether auditors restrain the analysts' opportunistic behavior as reviewing the companies' interim reports. Analysts' forecasts show a walkdown pattern in which their optimism has decreased as the earnings announcement date has approached. At the beginning of the year, there is a lack of high-quality benchmark information that enables information users to judge the accuracy of analyst's earnings forecasts. Thus, early in the year, analysts are highly inspired to disseminate optimistic forecasts in order to gain manager's favor. In this study, we examine adequate benchmarks prevent analysts from disclosing optimistically biased forecasts. We conjecture that auditors' efforts might mitigate analysts' walkdown pattern. To test this hypothesis, we use data from Korea, where it is mandatory to disclose auditor's review hours. We find that the analyst forecast's walkdown decreases with the ratio as well as the number of audit hours. It implies that an auditor's effort in reviewing interim financial information has a monitoring function that reduces analysts' opportunistic optimism at the beginning of the year. We conjecture that the tendency will be more pronounced when BIG4 auditors review the interim reports. Consistent with the prediction, BIG4 auditors' interim review effort is more effective in suppressing the analysts' walkdown.

• 한국콘텐츠학회논문지
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• 제15권5호
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• pp.168-178
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• 2015

규제의 적용이나 조세의 부과와 같은 강제성을 수반하는 행위가 아닌 국가와의 대등한 관계에서 이루어지는 계약에서 왜 이런 특별한 규칙이 필요한 것일까? 규칙은 사인 간의 계약을 다루는 규칙에 비해 어떤 차이가 있으며 그 차이는 무엇 때문에 발생하는 것일까? 국가와의 계약은 사인 간의 계약과는 달리 대등한 당사자 사이의 효력을 갖는 것이라 하더라도, 계약당사자와 계약의 효력부담자가 다른 구조적 성격으로 인해 민간경제 주체끼리의 계약과는 다른 다양한 특이성이 존재한다. 즉 국가와의 계약에서는 대리인인 정부의 기회주의적 행위를 통제하기 위한 규칙들이 매우 구체적으로 사전적으로 존재하고 있는 것이다. 이를 통해, 국가와의 관계는 그것이 설령 강행성의 영역이 아닌 사적계약의 영역이라 하더라도 차이가 날 수밖에 없다는 사실을 확인 할 수 있다. 대리인 정부는 위임자인 국가의 이해와 다른 판단과 결정을 내리는 기회주의적 행위를 보일 가능성이 늘 존재하기에 이에 대한 사전통제 장치가 필요하기 때문이다.

• 복식문화연구
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• 제21권2호
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• pp.220-233
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• 2013

This study examined regarding the moderating effect of length of relationship in the relationship among the antecedent variables (i.e., specific investment, opportunistic behavior, communication, uncertainty, interdependence, power imbalance, shared value, and flexibility) of trust and commitment, trust and commitment and firm performance and relationship satisfaction. A total of 128 apparel manufacturers participated in this study. Flexibility exerted the most positive effect on trust in short-term relationship, followed by specific investment. And opportunistic behavior was found to exert negative effect on trust. Commitment was found to be most negatively affected by power imbalance, followed by interdependence. Trust was shown to be significantly affected by communication, shared value and flexibility in short-term relationship. In the case of long-term relationship, commitment was shown to be significantly affected by uncertainty, interdependence, power imbalance and flexibility. Firm performance was positively affected by both trust and commitment. As for the effect of trust and commitment on relationship satisfaction, relationship satisfaction was also affected by both trust and commitment. In case the length of relationship, firm performance was affected by both trust and commitment. As for the effect of trust and commitment on relationship satisfaction, relationship satisfaction was also affected by both trust and commitment. The result of this research provides valuable data for making a concrete suggestion regarding the strategy for improving trust and commitment for the sake of the desirable relationship between apparel manufacturers and contractors.

• 한국융합학회논문지
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• 제10권11호
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• pp.345-352
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• 2019

본 연구는 부정사건이 발생한 기업을 대상으로 기업내부 관계자의 기회주의적 행태에 대하여 살펴보고 정보우위에 의한 지분변화가 자본시장에서의 시장퇴출 가능성과 지니는 관련성에 대한 실증분석을 실시하였다. 연구결과는 다음과 같이 요약된다. 먼저 사건 전후에 나타난 기업내부자의 지분감소가 큰 기업의 경우 공시이후에 보다 큰 음(-)의 초과 수익률이 나타나고 있다. 사건 기업 중 향후 시장퇴출로 이어진 기업집단에서는 뚜렷한 지분감소현상이 나타나고 있으며 비교집단 간 차이검정에서 통계적으로 유의한 결과를 보여주고 있다. 로짓회귀분석 결과 지분변화의 회귀계수가 음(-)의 통계적으로 유의한 결과 값을 나타내어 내부관계자의 지분감소가 클수록 향후 시장퇴출가능성이 증가하고 있음을 확인하였다. 이러한 연구결과는 정보우위에 따른 정보거래 가능성을 보여주는 결과로써, 자본시장 내외부자간 정보비대칭 현상에 대한 학술적 근거가 될 뿐만 아니라 이해관계자들의 의사결정에 유용한 정보를 제공해줄 수 있을 것으로 기대된다.

• 산경연구논집
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• 제13권1호
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• pp.11-21
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• 2022

Purpose: This study predicted cost asymmetry as a determinant of investment efficiency, and empirically analyzed the relationship between cost stickiness and investment efficiency. Research design, data and methodology: Using a sample of 4,382 Korean firm-year observations over 2011-2017 period, I examined the relationship between cost stickiness and investment efficiency. Asymmetrical cost behavior is measured as model of Homburg and Nasev (2008) and model of Park, Koo, and Pae (2012). Investment efficiency is measured as Chen, Hope, Li, and Wang (2011)'s model. Results: Firms with cost stickiness are less efficient in their investment than firms with non-cost stickiness. In other words, cost stickiness is an empirical result that supports the previous research on cost decision-making from perspective of managers pursuing private benefits due to information asymmetry. Conclusions: By showing that the manager's decision-making on the cost behavior affects the investment efficiency corresponding to capital management, the implications for the mechanism for efficient capital management are provided. Through the empirical results, it was shown that the cost stickiness is a product of opportunistic cost decision-making due to information asymmetry, and it is to present evidence that expands the meaning of the causes of asymmetric cost behavior.

• 한국심리학회지 : 문화 및 사회문제
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• 제23권2호
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• pp.239-270
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• 2017

본 연구는 조직 내 구성원들이 조직 및 업무 관련하여 의도적으로 침묵을 선택하는 동기를 밝히고, 이를 측정할 수 있는 척도의 개발을 그 목적으로 한다. 이를 위해 연속된 3개의 연구를 수행하였다. 먼저 연구 1에서는 직장인 104명을 대상을 조직 내 침묵 경험에 대한 개방형 설문을 실시하였고, 이에 대한 응답내용을 바탕으로 조직 구성원들의 침묵동기에 대한 총 60개의 예비문항을 개발하였다. 연구 2에서는 연구 1에서 개발된 예비문항에 대해 481명을 대상으로 설문조사를 실시하였다. 이에 대한 탐색적 요인분석 및 ESEM 분석을 통해 침묵동기에 대한 5요인(방어적 침묵, 체념적 침묵, 비관여적 침묵, 기회주의적 침묵, 관계적 침묵)을 도출하고 최종 20개 문항을 개발하였다. 또한 개발된 침묵동기 척도와 유사개념(일반적 침묵행동, 발언행동) 간 변별성 검증을 위해 척도 간 ESEM 분석을 실시하였고, 그 결과 본 연구에서 개발된 침묵동기 척도는 일반적 침묵행동 및 발언행동과 변별되는 개념으로 나타났다. 연구 3에서는 침묵동기 척도의 타당화를 위해 직장인 339명에게 설문을 실시하고 확인적 요인분석을 통해 척도의 구성타당도를 검증하였다. 분석결과 침묵동기의 5요인 구조모형의 부합도가 높게 나타나 침묵동기 척도의 구성타당도가 입증되었다, 마지막으로 이러한 연구결과를 토대로 연구의 시사점과 제한점, 그리고 추후 연구방향에 대해서 논의하였다.

• 디지털산업정보학회논문지
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• 제14권2호
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• pp.91-105
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• 2018

The purpose of this study is to examine an immoral effectiveness decrease by information access monitoring between ethical dilemma and unethical information-sharing behavior. Firms are raising the demand of confidential information management and are highlighting the ethical awareness of organizational members. The individuals in organization are concerned information sharing for future-oriented social networking. To prevent their immoral behavior, Firms should consider investing the information access monitoring. This system is aiming at log verification of movement, storage and deletion on information and will reduce an ethical conflict and unethical behavior on employees. I used the structural equation methodology for this empirical study. The research model constructs the voluntary and involuntary dilemma of information sharing on the two independent-variables, the unethical information behavior and the improper networking reinforcement on the two dependent-variables and the information access monitoring the one mediating-variables. This model tests the power effect of direct path, indirect path and total path. According to the study, the two ethical dilemma of information sharing provided a high influence to the unethical sharing action and to the inappropriate social networking strengthens. However, the mediating role of information access monitoring shows the effect weakens of independent and dependent variables. Thus, the mediating variables appeared to be important for the controlling role of an unethical behavior and improper social networking. Ultimately, The firms will need to invest the information access monitoring for a compulsory ethics behavior of organizational members. In addition, this can hinder networking enhancements for future opportunistic behaviors.

• 유통과학연구
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• 제16권11호
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• pp.65-72
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• 2018

Purpose - The purpose of this research is to investigate the effect of ex ante governance mechanisms that can be exercised by franchisers on franchise contract compliance and various relationship outcomes. There are many previous studies on control mechanisms in inter-firm relationship, however, most studies focus on ex post governance mechanisms and identify the effects of behavior control and outcome control on performances. Based on transaction cost theory and agency theory, this study defines the ex ante governance mechanisms of franchisers as contractual completeness and extra contractual incentives. The author have examined the two ex ante control mechanisms on contract compliance, recontract intention, multi-shop running intention and opportunistic behaviors of franchisee. Research design, data, and methodology - In this study, 137 questionnaires of food and beverage franchise stores were collected through a specialized research company. The reliability and validity of the variables were analyzed using SPSS 18.0 and AMOS 18.0 programs and hypotheses were verified through the structural equation modeling. Results - As a result of hypothesis testing, contractual completeness and extra contractual incentives have a positive effect on the contract compliance of the franchisee. It is shown that franchisee's contract compliance has a positive effect on recontract intention and multi-shop running intention and has a negative effect on opportunistic behaviors. Conclusions - This study examines the ex ante governance mechanisms such as contractual completeness and extra contractual incentives, which is relatively rare compared to ex post governance mechanism in B2B relationship. According to the results of this research, these two tools can be used as ex ante control mechanisms for franchise headquarters to use their franchisees. In addition, franchisee's contract compliance affects various relationship outcomes between franchisor and franchisees.

• 디지털융복합연구
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• 제15권1호
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• pp.77-84
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• 2017

본 연구는 임원배상책임보험제도와 전략적 재무보고간의 관계를 분석하였다. 임원배상책임보험제도는 경영자들을 소송위험으로부터 보호하기 때문에, 경영자들로 하여금 도덕적 해이를 발생시켜 재무보고에 있어서 이익조정과 같은 기회주의적인 행동을 유발시킬 가능성이 존재한다. 이에 본 연구는 2006년부터 2008년까지 상장기업을 대상으로 임원배상책임보험과 재무보고의 관계를 분석하였다. 구체적으로 임원배상책임보험 가입여부가 이익조정에 영향을 미치는지, 반대로 이익조정을 많이 하는 기업이 소송위험을 완화하기 위해 임원배상책임보험에 가입하는지를 살펴보았다. 연구결과 재량적발생액이 높은 기업일수록 임원배상책임보험제도를 구매하지 않는 것으로 나타났다. 이는 이익조정에 참여한 경영자 또는 기업일수록 임원배상책임보험제도에 가입하지 않는 것을 의미한다. 임원배상책임보험제도 가입 기업의 이익조정행태를 분석한 결과 유의한 음의 결과를 보였는데, 이는 임원배상책임보험가입제도가 이익조정을 유발시키지 않고, 오히려 기회주의적인 재무보고 활동을 제한하는 것으로 해석된다.

• 수산경영론집
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• 제37권3호
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• pp.25-44
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• 2006

This paper tries to suggest reform proposals for the management policy of reported handicraft fisheries based on the intertidal - mudflat productivity. The paper started from the empirical analysis of the current situation of the handicraft fisheries around Seosan and Dangjin counties. The area of intertidal - mudflat around Seosan and Dangjin counties is approximately 855ha. The its ratio to the total areas in our country is 0.3%. By the way, the reported number of handicraft fisheries is 5,245, the ratio of which to the total number in our country is nearly 10.2%. The reason why there exists unbalance between the area of intertidal - mudflat and the reported number of handicraft fisheries is the political behavior of provincial governments. Therefore the paper tries to establish policy remedies focused on the confrontation against the opportunistic behaviors of provincial governments, such as the reform proposals for the Korea's fisheries act.