• 유통과학연구
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• 제19권1호
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• Journal of Korea Trade
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• 제26권7호
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• pp.19-42
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• 2022

Purpose - This study investigates the effects of foreign investor ownership on firm innovation and the different stages of the firm innovation process for business group affiliation (affiliated firms) and nonaffiliated firms. Design/methodology - Research and development (R&D) intensity is used as a proxy for firm innovation. We use a sample of 7,655 firm-year observations of Korean listed firms from 2001 to 2015. To identify the distinct features of business group affiliation and how foreign investor ownership affects firm innovation, we divide the sample into affiliated and non-affiliated firms. Moreover, we classify total R&D expenditures as research and development expenditures. Findings - This study finds a positive relationship between foreign investor ownership and innovation in non-affiliated firms. However, the foreign investor ownership's role in facilitating firm innovation does not influence business group affiliation. Moreover, the results show that foreign investor ownership encourages firms to increase research expenditures, which is the amount spent in the early stages of a firm's R&D process. Originality/value - Existing studies have overlooked the distinct features of business group affiliation and the different characteristics of research and development expenditures. Thus, this study considers the distinct features of business group affiliation and investigates how foreign investor ownership affects different stages of R&D activities.

• 디지털융복합연구
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• 제11권4호
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• pp.177-188
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• 2013

본 연구는 2006년도부터 2008년도 까지 2,608개의 기업-년도 표본을 이용하여 경영자 소유구조와 부채선택간의 관계를 조사하였다. 경영자 지분율은 주식보유분과 미행사된 주식매수선택권을 이용하여 측정하였으며, 부채는 공적부채와 사적부채로 구분하여 경영자 지분율과 차별적인 부채선택간의 관계를 분석하였다. 분석결과 경영자 지분율과 사적 부채의 차입은 유의한 양의 관계가 있음을 알 수 있었다. 또한 신규 차입 부채와 경영자 지분율간의 관계를 분석한 결과 기업이 추가적인 부채를 조달할 때, 경영자 지분율이 증가할수록 사적 부채에 대한 의존도가 증가하는 것으로 나타났다. 사적 부채를 금융기관부채와 비금융기관부채로 구분하여 경영자가 특정 형태의 부채를 선호하는지를 분석하였다. 분석결과 경영자 지분율이 증가할수록 금융기관부채를 선호하는 것으로 나타났다. 경영자의 소유구조와 부채선택간의 관계를 실증분석 함으로써 본 논문은 다음과 같은 공헌점을 가지고 있다. 첫째, 기존연구에서 다뤄지지 않은 경영자 소유구조와 부채선택간의 관계를 파악하였다. 특히 경영자 소유구조를 측정함에 있어 주식 지분율 뿐만 아니라 스톡옵션도 고려하였다. 둘째, 경영자 지분율의 증가에 따라 사적 부채 차입이 증가하며, 특히 금융기관 부채가 선호되는 실증적 증거를 제시하였다. 마지막으로 경영자의 소유구조와 부채 구조(debt mix) 뿐만 아니라 신규 자금 조달원천에 대한 폭넓은 분석을 수행함으로써 경영자 소유구조와 부채선택 관련 연구에 기여할 것으로 기대된다.

• 한국프랜차이즈경영연구
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• 제8권3호
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• pp.7-16
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• 2017

Purpose - Recently, as the franchise market has grown rapidly and competition has intensified, the creation of competitive advantage by companies has become important as a corporate survival strategy. Based on previous studies, this study proposed a theoretical framework for the structural relationship between psychological ownership (organization and job), job performance, and customer orientation. Research design, data, and methodology - This research examines the structural relationship between psychological ownership, job performance, and customer orientation in terms of employees. More specifically, in this model, psychological ownership consists of two sub-dimensions of organization and function. Research models and hypotheses have been developed for this purpose. A total of 409 respondents responded via surveys. 2 out of 409 respondents have been removed and a total of 407 were used for this study. The data were analyzed using frequency analysis, confirmatory factor analysis, correlation analysis, and structural equation modeling with SPSS 21.0 and Amos 21.0 statistical program. Result - The results of the study are as follows. First, psychological ownership (organization and job) has a statistically significant positive effect on job performance. Second, psychological ownership of the job has a statistically significant positive effect on customer orientation. On the other hand, psychological ownership did not have a significant effect on customer orientation. Conclusions - The implications of this study are following as: From the theoretical point of view, this study distinguishes the psychological ownership of employees of a franchise corporate into two dimensions, organization and job, rather than a single dimension. Based on this, we examined the effect of psychological proprieties on job performance and customer orientation. This study also provides several implications. In a fiercely competitive franchise market, it is very important to analyze your employees to gain a competitive advantage over other competitors. It is meaningful to study the employees who work in the franchise. In addition, psychological ownership is an important variable that enhances job performance and leads to customer orientation, so the company needs to pay attention. Therefore, it needs to develop an internal marketing strategy that promotes psychological ownership.

• 무역상무연구
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• 제24권
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• pp.107-125
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• 2004

This study is based on the survey data of 74 Korean multinational corporations, which undertook foreign direct investments from 1980 to 1996. The study examined the firm-specific as well as the host country-specific factors affecting the decision between shared and full ownership. According to the results of this study, as for the firm-specific factors, Korean firms entering foreign markets in order to penetrate local markets prefer shared ownership while those pursuing core business diversification prefer full ownership. As for the host country factors, the more advanced the host country(such as OECD countries) is, the more preference is given to full ownership.

• 한국언론정보학보
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• 제45권
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• pp.113-150
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• 2009

이 글에서는 미디어 교차소유의 역설을 말하고자 한다. 신문과 방송의 교차소유를 한국사회에서 도입하기에는 많은 문제가 있고, 교차소유론도 논리적인 결함이 많은 모순 덩어리이기 때문이다. 교차소유 찬성론자들은 많지만, 아직도 ‘왜 교차소유를 해야 하는지’ 제대로 설명하지 못하고 있다. 거대 미디어기업에게 교차소유는 효율성과 시장 지배, 언론권력의 확대라는 차원에서 큰 이득이자 특혜일지 몰라도 다른 미디어, 수용자, 광고주에게는 득보다 실이 훨씬 많을 수 있어 정당성을 따져볼 때 문제다.

• 웰빙융합연구
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• 제3권1호
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• pp.1-10
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• 2020

The purpose of this study was to examine the moderating effect of board education diversity on the relationship between ownership concentration and environmental accounting disclosure. The study was driven by stakeholder's theory. The longitudinal research design was adopted in the study. The study targeted 27 listed firms from 2008 to 2017. Panel regression analysis results indicated ownership concentration (β = -.131, ρ<.05) had a negative and significant effect on environmental disclosure in Kenyan firms. However, Board education diversity positively moderated the relationship between ownership concentration (β=.138, ρ<.05) and environmental accounting disclosure. Thus, board education diversity is an enhancing moderator in the relationship between ownership concentration and environmental accounting disclosure. The findings validate stakeholder theory's proposition. The study recommends that firms listed in the NSE ought to diffuse ownership concentration, and their boards should be well educated and experienced to enhance environmental accounting disclosure.

• 대한교통학회지
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• 제7권1호
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• pp.5-18
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• 1989

Understanding the future level of car ownership is essential in order to formulate various transportation policies. Despite its importance, however, a revies of literature indicates that previous studies treated car ownership as a linear function of income, GNP, degree of urbanization and etc. more detaild and accurate models of car ownership should be possible if information on major variables determining car ownership can be gathered. In this paper, three approaches have been chosen to develop mathematical models to predict future increase in car ownership in Korea. The three methords developed are : income distribution methords ; multiple regression models ; forecasting curves.

• 재무관리연구
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• 제25권3호
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• pp.155-173
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• 2008

Controlling for the impacts of main strands of debt maturity theories, we highlight the relationship between syndicated loan maturity and ownership structure of Korean borrowers. We find that as the ownership of large shareholders increases, the maturity of syndicated loans also increases. Additionally, we identify a negative relation between foreigners' ownership and loan maturity, indicating that foreign institutional investors serve valuable monitoring functions; as their equity shares increase, they fully take advantage of frequent renewals through the short maturity of syndicated loan. We also show that the predicted value of leverage is more systematically and positively related to the maturity of syndicated loan.

• KDI Journal of Economic Policy
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• 제33권4호
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• pp.85-118
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• 2011

본 논문은 수평적 규제체계를 분석의 준거 틀로 하여 방송채널사용사업자(PP)에 대한 수평적 소유겸영규제, 플랫폼사업자에 대한 수평적 소유겸영규제, PP와 플랫폼사업자 간 수직적 소유겸영규제, 지상파방송사의 PP 겸영규제, 지상파방송사와 플랫폼사업자 간 소유겸영규제 각각에 대하여 규제목적을 명확히 설정하고, 규제목적과 규제기준의 정합성, 규제목적에 따른 규제수준의 적정성을 분석함으로써, 각 규제의 타당성을 검토하고 규제목적에 부합하는 개선방안을 도출하였다. 분석결과, PP에 대한 수평적 소유겸영규제는 주요 방송프로그램의 지정 등 행위규제로 대체하거나 소유겸영규제의 기준을 현행 매출액에서 시청점유율로 변경하고, 플랫폼사업자에 대한 수평적 소유겸영규제는 종합유선방송사업자(SO), 위성방송사업자, IPTV사업자에게 유료방송 가입자 수를 기준으로 하는 동일한 소유겸영규제를 적용하고, 여타의 소유겸영규제는 폐지하는 것이 타당함을 보였다. 이와 같이 PP와 플랫폼사업자에 대해 적정한 소유겸영규제가 설계된 상태에서는 별도로 PP와 플랫폼사업자 간 수직결합을 규제하는 것이 불필요함도 보였다. 한편, 지상파방송사의 PP 겸영규제는 여론의 다양성 보호라는 규제목적에서만 정당화될 수 있으므로, 현행 PP 사업자 수의 기준은 시청점유율 기준으로 변경하는 것이 합리적이다. 마지막으로 플랫폼사업자에게 유료방송 가입자 수를 기준으로 한 소유겸영규제가 설계되는 경우, 지상파방송사와 플랫폼사업자 간 소유겸영규제는 의무제공(must offer)채널지정, 주요 방송프로그램 지정 등 행위규제로 대체되어야 함을 보였다.