• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.95-107
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• 2020

This study analyzes the effect of corporate social responsibility (CSR) activity on investors' heterogeneous beliefs. The hypothesis of this study is based on the conflicting effects of CSR activities on firm value and earning's quality. Investors' heterogeneous beliefs used in the empirical analysis of this study are trading volume, and CSR activity is measured by the KEJI Index (Korea Economic Justice Institute Index). This study performs an empirical analysis using regression analysis including control variables. CSR activities are found to have a positive relationship with trading volume. This is consistent regardless of the low and high accounting information (earning's quality). It can be interpreted that Korea's CSR activity acts as an incentive to increase investors' heterogeneous beliefs about target companies. In other words, it implies that the investor judges CSR activities negatively when evaluating firm value. This study could have a policy implication in that it analyzes how CSR activities affect investors' decision-making. In other words, this study analyzed CSR activities from the perspective of shareholders. Therefore, this study is expected to provide useful information for policymaking by regulatory agencies. In particular, its contribution is to presents data that CSR activities can be a negative factor in evaluating firm values.

• International Journal of Quality Innovation
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• 제1권1호
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• pp.106-120
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• 2000

The purpose of this research is to understand the effects of Quality Management Award on stock prices movement and to examine the comparative advantages of quality award system in Korea and the U.S. This study compares the performances of QM Award companies in the stock market with those of the market index in both countries. We develop Korean Quality Award Index(KQA Index) based on the Baldrige Index of NIST in the U.S. We inspect three studies. Study 1 tests if the performances of MB Award winners and S&P500 index have a difference in the stock market. Study 2 tests if the performances of KQA winners and KOSPI(Korean Composite Stock Price Index) have a difference in the stock market. Study 3 tests if the performances of KQA winners and MB Award winners have a difference in the stock market. From the empirical tests, the performances of KQA winners are superior to those of KOSPI and the performances of MB Award winners are superior to those of S&P500 and the performances of MB Award winners are superior to those of KQA winners.

• 한국산학기술학회논문지
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• 제10권4호
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• pp.877-886
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• 2009

선행연구를 통해 자유선임제도의 폐해를 방지하기 위한 여러 제도의 도입이 회계정보의 투명성을 개선시켰다는 점이 밝혀졌다. 그러나 이들 선행연구들은 제도 도입 전후만을 살펴보았다는 한계점을 갖는다. 따라서 제도의 도입이 장기적으로도 효과가 있었는지 여부를 살펴보는 것은 중요한 의미를 갖는다고 할 수 있다. 이에 본 연구는 1995년부터 2004년까지 한국증권선물거래소(KRX)에 상장되어 있는 12월 결산법인을 대상으로 외부감사인 교체빈도가 회계이익의 질에 미치는 영향을 실증분석하였다. 회계이익의 질은 모형과 수정 Jones모형(1991)을 통해 측정하였다. 실증 분석결과, 외부감사인 교체빈도가 높은 기업의 재무보고 신뢰성(회계이익의 질)이 그렇지 않은 기업의 경우보다 유의적으로 낮게 나타났으며, 회계이익의 질에 영향을 주는 변수를 통제한 후에도 이 결과는 여전히 유의 적이면서 일관되었다. 이는 외부감사인 자유선임제도 하에서 경영자에게 제공되는 외부감사인 선임권이 이익조정을 하기 위한 우호적 환경을 제공할 수 있으며 궁극적으로 해당 기업의 회계이익의 질을 저하시키는 요인으로 작용할 수 있다는 사실을 의미한다.

• 한국가금학회지
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• 제9권1호
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• pp.17-33
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• 1982

The purpose of this experiment is to clarify the additional effect of antibiotics for the chicken breeding feed. This experiment was carried out with 6,560 individuals which were collected from four farms, Dugil, Hyubhoi, Sanggog and Kumsan. The duration of this experiment was 6 months from July to December in 1981. 1. Body weight and body gain. (1) The range of the body gain was 1.91-7.60% The most effective sections was T$_3$, and the effect was T$_2$, T$_4$, T$_1$, T$\sub$5/ in order. (2) The environmental sanitation of the Sanggog farm was not so good. In this farm the body gain was severely occurred in T$_3$ and T$_2$ sections. Mere gain obtained from T$\sub$5/ section. (3) The environmental sanitation was good in Dugil, Hyubhoi and Kumsan. A little body gain was occurred in these farms, but differences were shown according to the place or breeds. 2. Amount of feed intake feed conversion ratio. (1) Amount of feed intake was increased 0.13-3.19%, and feed conversion ratio was improved 1.68-4.62% compared with control. T$_3$ section showed high percent and T$_4$ T$_1$, T$\sub$5/, Is, C in order. (2) The keeping method of the chicken breed in Hyubhoi was floor brooding. From Hyubhoi and Sanggog farms, the efficiency was increased 9.4-9.8%. (3) From Dugil and Kumsan, the rate of improvement was low. 3. Mortality : Mortality was merely decreased in Sanggog and Kumsan farms which the sanitary and fowl caring conditions had been had, by additional antibiotics. But there was no worthy effect. 4. The ratio of carcass and the degree of skin coloration. The additional antibiotics in feed had no effect on the ratio of carcass but had the influence on the yellowish skin coloration. Skin coloring was good in T$\sub$7/ section and T$_1$, T$\sub$6/, T$_4$, C, T$_3$, T$\sub$5/, T$_2$ in order. 5. Economical efficiency (1) The addition of the antibiotics in feed increased 3.76-10.95% of gross earning. The highest earning was occurred in T$_4$ section and T$_3$, T$_1$, T$_2$, T$\sub$5/, C sections in order. (2) The earning rate was influenced by the antibiotic products. (3) In Dugil and Kumsan farms, there was no difference in earning, however, in Hyubhoi and Sanggog farms there was wide difference in earning. Conclusionally, the addition of antibiotics in chicken breeding feed is necessary. Especially in bad condition of environmental sanitation and floor brooding, the effect of additional antibiotics is clear. Selection of antibiotics from various kinds, maker's confidence and quality problems are important.

• 한국정보시스템학회지:정보시스템연구
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• 제18권4호
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• pp.41-57
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• 2009

Although financial information is a great influence upon determining of the group which use them, detection of management fraud and earning manipulation is a difficult task using normal audit procedures and corporate credit evaluation processes, due to the shortage of knowledge concerning the characteristics of management fraud, and the limitation of time and cost. These limitations suggest the need of systemic process for !he effective risk of earning manipulation for credit evaluators, external auditors, financial analysts, and regulators. Moot researches on management fraud have examined how various characteristics of the company's management features affect the occurrence of corporate fraud. This study examines financial characteristics of companies engaged in fraudulent financial reporting and suggests a model and system for detecting GAAP violations to improve reliability of accounting information and transparency of their management. Since the detection of management fraud has limited proven theory, this study used the detecting method of outlier(upper, and lower bound) financial ratio, as a real-field application. The strength of outlier detecting method is its use of easiness and understandability. In the suggested model, 14 variables of the 7 useful variable categories among the 76 financial ratio variables are examined through the distribution analysis as possible indicators of fraudulent financial statements accounts. The developed model from these variables show a 80.82% of hit ratio for the holdout sample. This model was developed as a financial outlier detecting system for a financial institution. External auditors, financial analysts, regulators, and other users of financial statements might use this model to pre-screen potential earnings manipulators in the credit evaluation system. Especially, this model will be helpful for the loan evaluators of financial institutes to decide more objective and effective credit ratings and to improve the quality of financial statements.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.91-98
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• 2019

Dividend policy is an important business decision and is considered a channel to communicate a firm's performance to shareholders. Given the empirical findings that earnings quality significantly affects financial analysts' forecasting activities, it is predicted that higher earnings quality would positively influence forecast accuracy. Specifically, it is expected that financial analysts would forecast dividends more accurately for firms with higher earning quality. Unlike the research on financial analysts' earnings forecasts was heavily conducted, there is little study about financial analysts' dividend forecasts. This paper examines the effect of earnings quality on financial analysts' dividend forecast accuracy. We use a sample of South Korean firms for the period of 2011-2015 for multivariate regression. Earnings quality is measured by accruals quality and performance-adjusted discretionary accruals followed by prior studies. We first compare the accuracy between dividend forecasts and earnings forecasts using t-test and Wilcoxon singed-rank test. It is confirmed that financial analysts' dividend forecasts are more accurate than earnings forecasts in Korea. We find that financial analysts' dividend forecasts are more accurate for firms with higher earnings quality. We also find that the result is still valid after controlling for the accuracy of financial analysts' earnings forecasts. This confirms that earnings quality positively affects financial analysts' dividend forecasts.

• 유통과학연구
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• 제17권6호
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• pp.33-42
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• 2019

Purpose - We investigate whether a firm's engagement in socially responsible activity affects the quality of financial reporting within the retail industry of Korean market. Recent studies argue that more socially responsible firms tend to show a better quality of financial reporting. Research design, data, and methodology - We use a variety of proxy variables related to the use of discretionary accruals and real activity manipulation to measure the quality of financial reporting. The total of environmental, social and governance score is used to represent the degree of socially responsible activity in the retail industry. We use regression models to examine whether more socially responsible firms show a higher quality of financial reporting. The sample of publicly traded Korea retail firms is analyzed from 2011 to 2016. Results - Our analysis finds supporting evidence for limited earning management via the use of discretionary accruals. We find, however, no significant relationship between the degree of social responsibility and the quality of financial reporting within chaebol affiliates unlike non-chaebol affiliates. Conclusions - Our results weakly support a better quality of financial reporting for more socially responsible firms. The results highlight the importance of firm characteristics in deciding the effect of socially responsible activity on corporate policies.

• 전자공학회논문지S
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• 제36S권7호
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• pp.116-123
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• 1999

일반적으로 비디오 부호화 방법에서는 비트율 제어에 의해 얻은 양자화 파라미터를 사용하면 DCT 계수의 특징을 잃어버리게 되어 화질에 많은 영향을 미치게 되었다. 본 논문에서는 동영상 부호화에서 DCT계수의 동적 제어를 위한 블록의 DCT 특성을 나타내는 블록 계수를 얻었다. 이것을 영상의 각 화소 블록에서 평균(AS) 값을 구하고, 평균값과 영상의 각 화소의 차(DABP)의 평균값을 구하고, DABP와 DCT 계수를 이용하여 블록 계수(BC)를 얻는다. 실험을 통하여 제안한 방법에 의해 동영상의 화질을 개선시킬 수 있었다.

• 벤처창업연구
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• 제18권1호
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• pp.173-188
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• 2023

본 연구는 예비유니콘 선정기업을 대상으로 선정시점에 대한 이익조정을 분석하였다. 경영자는 예비 유니콘기업에 선정되면 최대 200억원에 달하는 금융지원을 받을 수 있어 이익조정의 유인이 생긴다. 경영자에게 이익조정의 동기에는 자본시장과 관련된 동기가 있는데 회계정보는 투자자와 재무분석가에게 이용이 되고 기업의 이익은 기업가치에 영향을 주고 있다. 따라서 회계 이익을 상향으로 조정하면 기업가치가 상향되어 투자조건이 유리하게 된다. 본 연구에서는 이익의 질은 대체적인 발생액 예측모형을 이용하여 추정된 재량적 발생액 중에서 Dechow et al.(1995)에 의한 수정 Jones모형 및 Kothari et al.(2005)에 의한 성과대응모형으로 측정하였다. 선정기업과 동일시장에서 경쟁할 것을 예상되는 유사한 대응기업을 구성하여 재량적발생액을 상호 비교하여 연구가설을 검증하고 선정기업만을 대상으로 심사년도와 심사년도 이후를 분석하였다. 분석 결과 예비유니콘 선정기업이 대응기업과 비교하여 이익조정이 높은 것으로 나타나서 회계 이익의 질에 부정적인 영향을 주는 것을 알 수 있었다. 그리고 선행연구에서와 다르게 선정후에도 이익의 질이 낮은 것으로 나타나서 예비유니콘 선정기업은 선정 후에도 경영자의 이익조정의 유인이 계속 지속되는 것을 알 수 있었다. 본 연구를 통해 예비유니콘 선정기업은 기업의 내부 성장보다는 기업의 외형 성장을 통해 시장에서의 가치를 인정받아서 외부 투자자로부터 유리한 조건의 투자를 유치하기 위한 경영자에게 이익조정의 유인이 지속되고 있는 것으로 분석되었으며 향후 예비유니콘 선정평가에서 회계 이익의 질에 대한 검토가 필요한 것을 제시할 수 있었다. 본 연구의 시사점은 경영자의 이익조정 유인이 결국 투자자나 채권자로 하여금 회계정보의 신뢰성을 판단하는데 저해가 되고 있어 이러한 경영자의 이익조정에 대한 것을 감안하여 예비유니콘기업 선정평가에 있어서 회계정보의 투명성과 신뢰성을 높이는 K-유니콘 프로젝트의 정책대안으로 재량적발생액을 통한 이익의 질에 대한 평가를 반영하여 이익조정을 예방할 것을 시사하고 있다.

• 한국식생활문화학회지
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• 제24권3호
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• pp.267-278
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• 2009

The purpose of this study was to examine parents' perceptions towards, and the importance and performance levels of, foodservices in child-care centers and to suggest ways to increase foodservice quality and promote efficient operations in the future. A questionnaire survey was provided to 540 parents and the return rates 82%. The survey period was from June 20 to July 27,2007. The collected data were statistically analyzed with the SAS package program using descriptive statistical analysis, t-tests, ANOVA, Duncan's multiple comparisons, factor analysis, and multiple regression analysis. The results were as follows: The parents perceived that foodservice operations promoted their children's health and helped them form desirable dietary habits. The parents also had a high level of perception toward the need for foodservice, earning greater than 4.5 points out of 5 points. Their perceptions of foodservice quality were examined by four dimensions of importance and performance levels. While the parents gave 4 points or greater of 5 points to most quality attributes of importance level, they gave 4 points of less out of 5 points to most quality attributes of performance level. As for the importance and performance levels of the quality dimensions of meal service, the parents regarded sanitation as the most important dimension. IPA showed that 'organic food materials' was included as a 'focus here' area. The overall satisfaction level for foodservice was 3.59 out of 5 points. A higher level of satisfaction was shown when a dietitian was present as well as in public childcare centers. According to multiple regression analysis, 53.51% of the variance in the respondents' overall satisfaction scores was explained by factors such as food, sanitation, environment, and foodservice effects.