• Management & Information Systems Review
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• v.34 no.5
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• pp.213-231
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• 2015

In this paper, I examine whether the listed companies in Korea tend to manage operating cash flows upward via classification shifting after the adoption of K-IFRS. As proxies for cash flow management, I derive a measure of abnormal operating cash flows borrowing from Lee(2012). Alternative proxies include a series of categorical variables designed to identify the types of classification shifting of interest and dividend payments among others, in the statement of cash flows. Higher level of estimated abnormal operating cash flows, and the classification of interest/dividend payments in non-operating activity sections are considered to indicate the managerial intention to maximize reported operating cash flows. I consider several potential incentives to manage operating cash flows, which include financial distress, the credit rating proximity to investment/non-investment cutoff threshold, avoidance of negative or decreasing operating cash flows relative to previous period and so forth. In a series of empirical analyses, I do not find evidence in support of the opportunistic classification shifting explanation, inconsistent with several previous literature in Korea. In contrast, I observe negative associations between the CFO management proxies and selected incentives, which suggest that the classification is likely to represent above average cash flow performance rather than opportunistic motives exercised to maximize reported operating cash flows. I reckon that this observation is, in part, driven by the K-IFRS requirement to maintain temporal consistency in classifying interest and dividend receipts/payments in cash flow statement.

• Korean Journal of Heritage: History & Science
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• v.47 no.2
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• pp.114-131
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• 2014

The Portrait of Yang Zhuxi(楊竹西小像) at the Palace Museum in Beijing holds important significance as one of the rare portraits from Yuan Period and as a painting with a definite year of creation in 1363. It is also noteworthy in that it is the only remaining work of Wang Yi(王繹), who was one of the critical portrait painters during the second half of Yuan Period and the author of Xiexiang Mijue(寫像秘訣), the first book on the portrait theories, that it was created in conjunction with Ni Zan(倪瓚), one of the utmost landscape painters of the times, and that it was an early case of landscape and figure painting-format portraits. The figure in Portrait of Yang Zhuxi was originally known as Yang Wu(楊瑀), a high official during Yuan Period, but it was a misunderstanding on the part of Li Rihua(李日華), a literary figure from Ming Dynasty. The actual model was Yang Qian(楊謙), a reclusive literary figure in the Songjiang(松江) region. Yang Qian is estimated as one of the central figures with a high reputation in the literary community of Jiangnan those days. Portrait of Yang Zhuxi was depicted by borrowing the icon of such hermits as Su Shih(蘇軾), which seems like a proper choice to express Yang Zhuxi, a reclusive literary figure. Furthermore, the rocks and pine trees described by Ni Zan reinforced the significance of the portrait through their traditional symbolism of man of virtue and man of letters, respectively. Portrait of Yang Zhuxi used the Baimiao Manner(白描法), thus being differentiated from other portraits from the same period. Even though there is no coloring in the painting, it boasts more excellent realism than colored portraits. It expressed the body with the graceful and controlled Li Gonglin(李公麟) and Zhao Mengfu(趙孟?) style Baimiao Manner, raising its dignity further. In terms of functions, Portrait of Yang Zhuxi is strongly characterized by the appreciative function unlike other portraits focused on the ceremonial function. Being created to be viewed and appreciated by the model himself and his friends, the portrait was very significant to promote their friendship. However, there was a great intention to reflect the emotions of the model himself and his friends in the painting beyond the simple appreciation level.

• (The)Study of the Eastern Classic
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• no.56
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• pp.35-73
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• 2014

This paper examined the poem world of Simjae(深齋) Cho Geung-seop(曺兢燮: 1873-1933) in the turning point of the modern era, focused on his Hwaunsi (和韻詩: Poems written by using the rhymes of other poets' poems). In his poems, there are lots of Hwaunsi on the poems of Tu Fu(杜甫) and Su Shi(蘇軾), especially. This makes him regarded as a medieval poet, engaged in Chinese poem creation in the most traditional method in the turbulent period. Looking at the Hawunsi(和韻詩) alone, Simjae's creative life became the starting point of turnaround at around 40 years old. Before the age of 40, the poets in the Tang Dynasty and Song Dynasty and Ming Dynasty and Qing Dynasty and Korean figures like Lee Hwang(李滉), as well as Tu Fu and Su Shi were the subjects of his Hwanunsi. After the age of 40, some examples of writing poems using the rhymes of other poets' poems, especially Korean figures related to regions, are often found, reducing Hwaunsi on Tu Fu and Su Shi. Simjae called Tu Fu the integration of poets, talking about the integrity of poetic talent and his being highly proficient in mood and view. As reflecting such an awareness, the themes and moods and views are demonstrated diversely in Simjae's Hwaunsi. Although, he did not reveal his thinking about the poems of Su Shi, he seemed to love Su Shi's poems to some degree. The closeness to the original poems, the poems of Tu Fu are relatively higher than those of Su Shi. Roughly speaking, Simjae tried to find his own individuality, intending to follow Tu Fu, but, he seemed to attempt to reveal his intention using Su Shi's poems, rather than trying to imitate. To carefully examine, Simjae wrote Hwaunsi, but he did not just imitate, but revealed the aesthetics of comparison and difference. In many cases, he made new meanings by implanting his intentions in the poems, while sharing the opportunity of creation, rather than bringing the theme and mood and view as they are. The Hwaunsi on Su Shi's poems reveal the closeness to the original poems relatively less. This can be the trace of an effort to make his own theme and individuality, not being dominated by the Hwaun(和韻: using the rhymes of other poets' poems) entirely, as he used the creative method having many restrictions. However, it is noted that the Hwaunsi on Tu Fu's poems was not written much, after the age of 40. Is this the reason why he realized literary reality that he could not cope with anymore with only his effort within the Hwaunsi? For example, he wrote four poems by borrowing Su Shi's Okjungsi(獄中詩: poem written in jail) rhymes and also wrote Gujung Japje(拘中雜題), in 1919, while he was detained. In these poems, his complex contemplation and emotion, not restricted by any poet's rhymes, are revealed diversely. Simjae's Hwaunsi testifies the reality, in which Chinese poetry's habitus existed and the impressive existence mode at the turning point of the modern era. Although, the creation of Hwaunsi reflects his disposition of liking the old things, it is judged that his psychology, resisting modern characters' change, affected to some degree in the hidden side. In this regard, Simaje's Hwaunsi encounters limitation on its own, however, it has significance in that some hidden facts were revealed in the modern Chinese poetry history, which was captured with attention under the name of novelty, eccentricity and modernity.