Earticle

본 연구는 팀장의 리더십의 유형인 변혁적 리더십과 거래적 리더십이 팀원의 경력몰입과 이직의도에 미치는 영향을 파악하고 아울러 조절 변수로서 팀원의 감성지능의 수준에 따라서 팀장의 리더십이 팀원의 조직유효성에 미치는 영향에 어떠한 차이가 있는가를 검증하였다. 연구결과를 보면 팀리더가 예외적관리를 하게 되면 팀원의 이직의도가 높은 것으로 나타났다. 카리스마 리더십을 발휘할수록 이직의도를 낮추는 것으로 나타났으며 이는 카리스마 리더십의 중요성을 확인하는 것으로 보이며 회사에서 이직의도를 낮추기 위해서는 팀장들이 카리스마 리더십을 발휘할 수 있도록 교육하는 것이 중요할 것이다. 감성지능의 조절효과를 검정한 결과 조건적 보상 리더십을 행사하는 팀장아래에서는 팀원의 타인감성이해가 높을수록 이직의도를 높이는 것으로 나타났으며 또한 카리스마 리더십이 높은 팀장아래에서는 팀원의 감성활용의 수준이 높을수록 이직의도가 낮게 나타났다

This study identified the influence of transformational and transactional leadership on the career commitment and turnover intention depending on the levels of emotional intelligence among team members. The data used for the study were drawn from six insurance companies in Korea. The results can be summarized as follows:First, for the leadership effects on the career commitment, subfactors of charisma and intellectual stimulus as transformational leadership along with subfactor of exceptional management as transactional leadership appeared as having significant effects on the career commitment. This indicates that team leaders’ demonstration of charisma, intellectual stimulus, and exceptional management has important effects on the career commitment. Second, for the leadership effects on the turnover intention, both the charisma and exceptional management appeared as having significant effects on the intention to leave. This indicates that the turnover intention of team members could be reduced more as much as charisma of a team leader is demonstrated, and the turnover intention increased more as much as exceptional management is demonstrated. Therefore, in order to reduce the turnover intention of team members, insurance companies should educate team leaders so as to demonstrate charismatic leadership. Third, for the moderating effect of emotional intelligence on the relationship between leadership styles and both career commitment and turnover intention, the result showed the moderating effect of subfactors of understanding the emotion of others and utilization of emotions on turnover intention but not career commitment. Specifically, for the moderating effect of emotional intelligence, the results are as follows:1) In case of understanding the emotion of others, there is no significant moderating effect of understanding other’s emotion on the career commitment. 2) For the verification of moderating effect on the turnover intention of understanding others emo-tion from the emotional intelligence, significant effect was indicated. This shows that if understanding other’s emotion is high, it could raise turnover intention of team members when a team leader shows conditional compensation of transactional leadership. 3) In case of emotional utilization from emotional intelligence, the moderating effect of the emotional utilization on the career commitment was not verified. 4) For the verification of moderating effect of emotional utilization from the emotional intelligence on the turnover intention, significant effect appeared. This indicates that if a team leader’s emotional utilization is high, charismatic leadership reduces the turnover intention of team members. 5) Emotional regulation from emotional intelligence appeared as not to be significant in moderating the relationship between leadership styles and the career commitment and turnover intention. So,when a team leader displays leadership, it could be concluded that emotional moderation of team members do not have any significant effect on the career commitment and turnover intention. Although previous researches showed that the exceptional management as a sub factor of the transactional leadership had effects on the turnover intention in the relationship between turnover intention and leadership style, this study shows charismatic leadership as a sub construct of the transformational one also may have effect on the turnover intention. This indicated the importance of charismatic leadership in work teams. Thus, it seems to be important for insurance companies to educated team leaders so as to demonstrate the charismatic leadership in order to lower the turnover intention. It was also found that the emotional intelligence of team members could be moderating the relationship between team leadership style and career commitment and in the relationship between leadership style and turnover intention. Results indicate that though emotional intelligence was not moderating on the first relationship of leadership-career commitment, it appeared as having moderating effects on the second relationship of leadership-turnover intention. This results implies that with team leader exercising contingent reward, team members are likely to increase their intention to leave when the team members are high on understanding emotions of others. In contrast, with team leader exercising high charisma, team members when they are high on utilization of emotions are likely to reduce their intention to leave. Drawing from this result, it is recommended that insurance companies should reduce the turnover intention by developing the emotional intelligence of team members.

본 연구는 2008년 금융위기 이후 급부상하고 있는 중국자본시장과 미국자본시장간의 정보전달메커니즘을 규명하는 데 있다. 분석기간은 미국의 5대 투자은행인 리먼브러더사가 파산보호 시청을 한 시점이 2008년 9월 14일을 기준으로 전후 약 1년씩 설정하였다. 분석기법은 금융시장의 정보전달메커니즘의 분석에 널리 사용되고 있는 VAR모형과 GJR-GARCH(1, 1)모형을 도입하였다. 주요 실증분석 결과는 다음과같다. VAR모형에서는 금융위기를 전후하여 미국의 S&P 500 종합주가지수가 중국 상해종합주가지수를 3일에서 4일 동안 선도하는 결과를 보였으며, 분산분해에서 중국 상해종합주가지수의 수익률의 5%에서 8%는 미국의 S&P 500 종합주가지수의 움직임으로부터 설명되어지는 것으로 나타났다. GJR-GARCH(1, 1)모형으로부터 금융위기를 전후하여 미국 S&P 500 종합주가지수와 상해 종합주가지수 간에는 서로 피드백적인정보이전효과가 존재하는 것으로 나타났다. 이러한 현상은 금융위기 이후기간에 상대적으로 강하고 일관성있는 것으로 판단되며 특히 미국시장에서 중국시장으로의 정보이전효과는 레버리지 효과에 기인하는 것으로추론해 볼 수 있다

This study investigates the information transmission mechanism between S&P 500 stock index and Shanghai stock index with VAR model and GJR-GARCH(1, 1) model. Most of previous papers have reported that U. S. stock market has effected the international capital markets. The US economy had faced the deep depress since the crisis of the sub-prime mortgage on the middle of September, 2008. However, China has animated the economy with the enormous capital. As a result, word-wide economy including the U. S. tended to depend on the Chinese economic policy. That is the reason why we decided to employ this topic. The sample period is covered from September 13, 2007 to August 25, 2009. To approach to the robust results, we divided total samples to two sub-samples: pre-crisis period (September 13, 2007～September 12, 2008) and post-crisis period (September 15, 2008～August 25, 2009) on the basis of the financial crisis of September 2008. The main findings are as follows;According to the Granger-causality tests, U. S. stock index market tends to lead the Shanghai stock index market at the 1% level, but Shanghai stock index market doesn’t effect the U. S. stock index market different from the expectation in both pre-crisis period and post-crisis period. From the impulse response tests, U. S. stock index market influences the Shanghai stock index market in both pre-crisis period and post-crisis period. Also, 5% to 8% of the return of Chinese stock markets are explained by U. S. stock index movements in both pre-crisis period and post-crisis period. Both U. S. stock index and Shanghai stock index show the feedback information spillover effect by GJR-GARCH(1, 1) model through two sub-samples different from the results of VAR model tests. In particular, the information spillover effect from U. S. stock index to Chinese stock index tends to depend on the leverage effect for the pre-crisis period

최근 인터넷 확산과 정보통신기술의 발달로 산업 및 시장의 네트워크화가 가속화되면서 경제,산업, 시장, 나아가 기업의 경영 전략에 이르기까지 네트워크 경제 현상이 광범위하게 영향을 미치고 있다. 이러한 네트워크 기반 경제하에서 기업의 성패는 이해관계자와의 유대관계를 어떻게 구축하는가에 달려 있다. 이에 본 연구에서는 제조기업을 대상으로 관계마케팅의 효과에 대해 살펴보고자 하였다. 특히 아직까지선행연구에서 진행되어 온바 없는 관계지향성-관계자산-기업성과 간의 관계 즉, 관계지향성이 기업의 관계자산 축적에 미치는 영향과 관계자산이 기업의 실질적인 성과인 재무성과에 미치는 영향에 대해 실증검증하고자 하였다. 총 256명의 국내 제조업체 임원들을 대상으로 분석을 실시한 결과, 관계지향성이 공급업자자산, 고객자산, 종업원자산, 유통업자자산에 긍정적으로 유의한 영향을 미치는 것으로 나타났다. 또한 공급업자자산, 고객자산, 종업원자산, 유통업자자산 등 모든 관계자산은 기업성과에 긍정적으로 유의한 영향을 미치는 것으로 나타났다. 본 논문에서는 이러한 실증분석 결과를 토대로 이론적·실무적 시사점을 논의하였으며, 연구의 한계점과 향후 연구방향 등도 함께 제시하였다

Networking between industries and markets facilitated by the spread of internet and advancement in information and communication technology has far-reaching effects on the management strategies of corporations as well as on economies, industries, and markets. A network-based economy, viewing an individual customer as a separate market, has introduced relationship marketing which focuses on enhancing lifetime values of a customer and establishing a long-term relationship with her. Relationship marketing with the concept of ‘relationship’ at its core aims ultimately at accumulating not only relationship assets owned by a corporation but also social capital in a broader context. A corporation establishes, maintains and reinforces relationships with stakeholders to be equipped with competitive advantages,to improve on its performance, and to ascertain its ultimate survival through cumulative efforts of building relational equities. Therefore, ‘real assets’ of a corporation are not physical capital such as machines or factories but relational equities built upon the stakeholders. Though relationship marketing is recognized among the researchers as a pivotal strategy in terms of competitive advantage and ultimate survival of a corporation, the topic has not yet been paid much attention to from the public. The previous studies on relationship marketing have concentrated on the relationship between corporation and customer or on the management of customer equity, largely ignoring other stakeholders such as suppliers, employees, distributors, etc. It should be addressed how the relationship with the latter influences the performance of a corporation. To be specific, the way in or the extent to which the use of relationship marketing is related with the marketing productivity of a manufacturer should be studied carefully. Therefore, the present study examines the effects of relationship marketing in the context of manufacturing companies. The study concentrates on the effects of relationship-orientation, a behavioral factor of relationship marketing, on the accumulation of relational equities and the fiscal performance of a corporation. Survey questions to which company executives would respond were constructed in such a way to test the posed hypotheses; the questions were modifications or complements of the ones in the previous studies. Reliability and validity analysis for each variable was conducted prior to the tests of hypotheses, using SPSSWIN 10.0 and AMOS 7.0. AMOS 7.0 was used to test the hypotheses. An analysis of covariance structure showed that firms’ relationship orientation influences the accumulation of each stakeholder’s relational equity. And individual stakeholder’s relational equity like supplier equity,customer equity, employee equity, and distributor equity also had a positive effect on corporate performance.

본 연구에서는 한우 산지가격 변동성과 한우 도매가격 변동성 간에 어떤 관계가 있는지를 동시기적 관계 분석과 선도-지연 관계 분석으로 구분하여 분석하였다. 한우 산지가격과 한우 도매가격 간의 관계에 대한 기존의 연구들에서는 수준 변수 간의 관계 또는 관측된 변동성 간의 관계에 대해서만 분석이 이루어져 왔으나 본 연구에서는 기존 연구들과는 차별적으로 Component GARCH 모형을 이용하여 관측된변동성, 영속적 변동성 부분, 일시적 변동성 부분을 추정하여 분석에 사용하였다.동시기적 상관관계 분석에서는 산지가격 관측된 변동성과 도매가격 관측된 변동성의 상관관계, 산지가격 영속적 변동성과 도매가격 영속적 변동성의 상관관계, 산지가격 일시적 변동성과 도매가격 일시적 변동성의상관관계 모두에 있어서 상관관계가 유의한 것으로 나타났다. 그랜저 인과관계 분석을 이용한 선도-지연 관계 분석에서는 먼저 관측된 변동성의 경우에는, 한우 도매가격 관측된 변동성과 산지가격 관측된 변동성이양방향의 그랜저 인과관계가 있는 것으로 나타났다. 변동성 중에서 추세부분에 해당되는 영속적 변동성 간의 관계는 도매가격 영속적 변동성이 산지가격 영속적 변동성에 대해 단방향의 그랜저 인과관계를 갖는 것으로 나타났다. 그리고 단기적으로 존재하는 변동성 부분인 일시적 변동성의 경우에도 도매가격 일시적 변동성이 산지가격 일시적 변동성에 대해 선도관계가 있는 것으로 나타났다. 이와 같이 변동성 중에서 추세부분에 해당되는 도매가격 영속적 변동성 뿐만 아니라 일시적 도매가격 변동에 의해 생성되는 변동성 부분도산지가격 변동성에 영향을 미칠 수 있다는 것으로 도매시장 안정의 필요함을 역설하는 실증분석 결과이다

This study aims to analyze the contemporary and lead-lag relationship between Hanwoo(Korean native cattle) farm price volatility and Hanwoo wholesale price volatility. Due to change from grain to animal food in food consumption pattern, the demand for livestock products has been increased. The stability of Hanwoo price is major concerns for both producers and consumers. Especially, Hanwoo price stabilization is important for stabilizing the income of Hanwoo breeding farmers. Hanwoo price destabilization weakens the domestic base of Hanwoo industry. Prior studies on this subject focus mainly on the relationship between Hanwoo farm price in level and Hanwoo wholesale price in level,otherwise, on the relationship between the observed volatility of Hanwoo farm price and that of Hanwoo wholesale price. On the contrary, this study focuses on the relationship between the permanent volatility of Hanwoo farm price and that of Hanwoo wholesale price and the relationship between transitory volatility of Hanwoo farm price and that of Hanwoo wholesale price. This is the main contribution of this paper. Permanent volatility is the long-run component of observed volatility and transitory volatility is the short-run component of observed volatility. Monthly data of Hanwoo farm price and Hanwoo wholesale price are used in this study. Data for the analysis are obtained from ‘Materials on price, supply and demand of livestock products’ published by National Agricultural Cooperative Federation. The sample period in this paper ranges from January 1994 to June 2009. The summary statistics show the standard deviation of the return series of Hanwoo wholesale price is higher than that of Hanwoo farm price. The Jarque-Bera statistic significantly rejects normal distribution for the return series of Hanwoo farm price and accepts normality of the return series of Hanwoo wholesale price. The Ljung-Box Q-statistics Q(10) and Q2(10) indicate that there exist serial correlations in returns and squared returns for two variables. The procedure and results of this paper are as follows. First, Component GARCH model is used in order to estimate observed volatility, permanent volatility, and transitory volatility. Because each time series is autocorrelated significantly, the mean equation in Component GARCH model contains a MA(1) term in each model. The Component GARCH model estimation results show that persistent rates of long-run components of farm price volatility and wholesale price volatility are nearly one, and persistent rates of short-run components are smaller than that of long-run component. This means that long-run components of farm price volatility and wholesale price volatility have much slower mean-reverting rate than short-run components.Second, ADF test is employed to test for the stationarity of data. The appropriate lag order is selected by the AIC. ADF test results show that all volatilities are stationary series. Therefore, Granger causality in a VAR should be applied. Third, in the correlation analysis, it is found that there are statistically significant contemporaneous correlations at 1% level in all cases of volatilities. Fourth, this study employs the Granger causality test to investigate the lead-lag relationship between Hanwoo farm price volatility and Hanwoo wholesale price volatility. Granger causality test is a useful statistical technique to examine the direction of causality between two variables. Because each volatility has not a unit root, Granger causality test based on VAR is applied. The optimal lag order of the VAR model is determined by the AIC. The Granger causality tests show that, in the case of observed volatility, there are two-way Granger causalities between the observed volatility of Hanwoo farm price and that of Hanwoo wholesale price. In the case of permanent volatility, namely, the trend component of observed volatility,there is one way Granger causality from the permanent volatility of Hanwoo wholesale price to that of Hanwoo farm price. This test result means the permanent volatility of Hanwoo wholesale price precedes that of Hanwoo farm price. Transitory volatility is the cyclical component of observed volatility, namely, it is the short-run portion and passes away with time. The test result also shows that there is one way Granger causality from the transitory volatility of Hanwoo wholesale price and that of Hanwoo farm price. This means that the cyclical portion of Hanwoo farm price volatility is preceded by that of Hanwoo wholesale price volatility. Fifth, the impulse response function analysis is applied to examine the magnitude of Hanwoo farm price volatility response to the impulse on the Hanwoo wholesale price volatility. The impulse response functions show that Hanwoo wholesale price volatility impulse increases the magnitude of Hanwoo farm price volatility in all cases. In short, these results of this paper suggest that Hanwoo wholesale price volatilities help to estimate Hanwoo farm price volatilities and indicate that stabilizing Hanwoo wholesale price volatility is necessary for Hanwoo farm price volatility stabilization. The implication to policy makers from this study is that stabilizing Hanwoo wholesale price volatility is important for the income of Hanwoo breeding farmers and Hanwoo industry. The area for further work is to apply other statistical methods estimating permanent volatility and transitory volatility, and to investigate the relationship between farm price volatility and wholesale price volatility of other livestock.

논문에서는 공적 정보 유형에 따라 펀드 매니저의 공적 정보이용도와 펀드 성과간의 관계를 실증 검증 한다. 이론적으로 긍정적인 공적 정보가 시장에 전달 될 때 정보 투자자는 위험자산에 대한 보유 종목 수를 감소시키며, 부정적인 공적 정보가 시장에 도달 할 때 반대로 정보 투자자는 위험자산에 대한 보유종목 수를 증가시킨다는 결과를 보이고 있다. 따라서 본 논문에서도 두 가지 형태 공적 정보 집합을 분리하여 이론적 결과가 실제 현상에서도 나타나고 있는가를 조사한다. 여기서 공적 정보의 대용치로 애널리스트가 제시한 추천 종목의 투자의견이 사용되며, 펀드 성과지표는 보유종목을 기초로 산출된 값들을 사용한다.따라서 이를 기초로 실증 분석한 결과는 다음과 같다. 첫째, 긍정적 공적 집합에서 펀드 매니저는 공적 정보를 이용하여 주식선택능력 및 평균 스타일 능력을 통해 초과 수익률을 달성할 수 있음을 보이고 있다. 둘째,부정적인 공적 집합에서 펀드 매니저의 공정 정보 이용도 계수는 정의 값을 보여 전체적으로 초과수익률을창출 하는데 주식선택능력, 평균 스타일 능력, 산업선택능력, 거래를 통한 수익창출 능력 등이 존재하고 있다. 결국 한국 펀드 매니저는 공적 정보 유형에 따라 평균적으로 우월한 펀드 수익률을 창출 할 수 있는 능력이 존재함을 알 수 있다

This study empirically examines whether there is a relation between RPI(public information reliance)and fund performance in terms of public information types in Korean fund market. According to a prior theoretical result, it has been acknowledged that in an equilibrium, informed investors tend to hold less(more) asset relative to uninformed investors when good(bad) public news arrive into market. Based on the equilibrium model developed by Kacperczyk and Seru(2007), this model predicts that the holdings of uninformed investor is more sensitive to public information. As a result, they provide how the value of fund manager with superior ability utilizes private information in terms of fund performance. Specifically, they show theoretically that the responsiveness of a fund manager’s portfolio allocations to changes in public information decreases in the fund manager’s skill. According to theoretical model developed by Kacperczyk and Seru(2007), we go on to estimated the squared R of the regression of changes in a manager’s portfolio holdings on changes in public information as a public information reliance(RPI) using a panel of actively managed equity funds in Korean fund market. We follow the model of Kacperczyk and Seru(2007) and present a simple model to detect managerial skills. To test this theoretical model, we formulate the model’s testable predictions. Consistent with Cohen, Coval, and Pastor(2005), our central premise is that the skill level of an informed investor is captured by the precision of the private signal he receives. As mentioned by Kacperczyk and Seru(2007), This premise differs from that in Grossman and Stiglitz(1980), who assume that any investor can acquire a private signal by paying a constant fee. In our paper, we focus on establishing how the portfolio holdings of informed investors move with changes in public information relative to the portfolio holdings of uninformed investors. In our empirical test, we separate all public information into good and bad information based on analysts recommendations to find how fund manager tend to activate for responding to each public information. Based on mentioned fact above, we use the investor opinion that analysts recommendations as a proxy for public information. Using monthly data for the sample period of 11/2001~12/2007 in this paper, CS, CT, AT, GT, IS, and RT are employed as the proxies for fund performance based on portfolio holdings of DGTW(1997). The major empirical findings from this study are as follows. First, for good public news, fund managers with high CS and AS tend to have low RPI. Second, for bad public news, fund managers with high CS, AS, IS and RT tend to have high RPI as well. As a result, this paper suggests the evidence that on average, there is a superior ability of fund managers according to public information types.

외식산업에서 엔터테인먼트와의 결합양상에 주목하면서 본 연구는 이터테인먼트라는 시사용어의 학문적 개념화를 위한 탐색적 연구이다. 이터테인먼트란 외식산업에서 보다 근본적인 새로운 트렌드이며테마레스토랑 등과 같이 특정 레스토랑 세그먼트를 의미하는 것은 아니다. 외식산업 및 엔터테인먼트 관련문헌고찰을 통해서 이터테인먼트란 엔터테이닝한 음식, 엔터테이닝한 서비스 그리고 엔터테이닝한 배경으로구성되며 이에 대한 즐거움이 수반되는 총체적 체험이며 만족, 재구매, 기억 등을 가져오는 것이다. 이터테인먼트의 개념을 확인하기 위해 외국 프랜차이즈 레스토랑인 H레스토랑을 대상으로 운영자 및 종업원 인터뷰와 연구자의 관찰을 병행하였다. 연구 결과는 엔터테이닝한 음식이란 사회적 관계를 회복시켜주는 촉매재역할을 하는 것이며 엔터테이닝한 서비스란 레스토랑이 추구하는 기본적 서비스 이외에 방문객과의 좋은 관계를 만드는 것이며 엔터테이닝한 분위기란 레스토랑의 물리적 영역 뿐만 아니라 종업원의 유니폼까지 즐거움을 자극할 수 있는 요소를 의미하며 오감에 기초한 자극이다. 다만 탐색적 연구이므로 향후 연구에서는음식, 서비스 분위기를 고객의 입장에서 파악할 필요가 있으며 또한 실증적 차원에서 주요 변수들에 대한척도개발을 시도하고자한다

Noting on recent development of entertainment in restaurant industry, this research is aim to coin eatertainment. Eatertainment is referred to fundamental trend in restaurant and not limited to specific restaurant segment like theme restaurant. Through literature reviews on restaurant and entertainment article, eatertainment can be defined as mixture of entertaining food, entertaining service and entertaining atmosphere and provider of total experience as enjoyment. Enjoyment is core of eatertainment experience. To verify the concept, interview with and observation on H restaurant was conducted. Result said that entertaining food should be catalyst of social relationship, entertaining service should be focused on service, the basic function of restaurant and at the same time build good relationship with diners and entertaining atmosphere should include not only physical environment and waitress’s uniform but also be pervasive in marketing storytelling strategy before and after visit premise.

본 연구는 제품수명주기가 매우 짧은 하드 디스크 드라이브(HDD) 시장을 대상으로 최소형의드라이브에 최대의 집적도 (areal density)를 상품화할 수 있는 경우를 절대적 기술우위라 정의하고, 전체평균 대비 자신이 보유한 최대의 집적도 수준을 표준화(normalization)하여 기술적 순서에 대한 지표를 결정한 것을 상대적 기술우위로 정의하여 이들이 기업의 생존성에 미치는 효과를 검증하였다. 즉, 절대적 기술우위가 존재한다는 것은 ‘업계 최초’라는 수식어가 적합한 경우를 의미하며, 상대적 기술우위가 높다는 것은기술변화 속도를 이길 수 있는 능력을 보유하고 있어 기술적으로 도태되지 않고 벤치마킹을 통하여서 생존할 수 있다는 것을 의미한다. 한편 각 기업들은 매년 몇 개의 디스크 드라이브 군을 유지할 것인가를 결정하는데, 이를 포트폴리오(portfolio) 능력이라고 정의하였고, 각 인치군에서 차별화를 통하여 출시한 총 모델수를 마케팅 능력으로 파악하였다. 이들 변수들은 유기적인 상호작용(interaction)을 통하여 기업의 생존성에영향을 미치게 된다. 본 연구는 절대적/상대적 기술우위의 高低를 축으로 포트폴리오 능력과 마케팅 능력의高低에 따라 각각에 1의 값을 주는 더미변수들을 생성하여 해당 변수들 간의 단순 선형조합, 2변수 조합, 그리고 3변수 조합 별로 시나리오 분석을 하였다. 분석결과 기업의 생존성은 절대적 기술우위보다는 상대적기술우위에 더욱 의존하고, 포트폴리오 능력이 매우 중요하다는 점을 알 수 있었다. 한편 상대적 기술우위와포트폴리오 능력 그리고 차별화 능력의 2변수 조합이 절대적 기술우위를 생성시킬 확률에 대한 probit 분석결과 2변수 조합이 모두 낮을 경우 절대적 기술우위를 갖지 못하게 된다. 본 연구의 결과들은 왜 최첨단 기술을 보유한 시장선도 기업들이 때때로 시장에서 퇴출되기도 하는가 하는 의문에 대한 근본적인 원인을 설명하고, 첨단기술 산업에서 절대적인 기술격차를 보유하지 못할 경우에도 기업의 생존이 가능한 원인에 대한 구체적인 해석을 가능하게 한다.

This paper proposes an simple but important question on firm survival: “Can firms with world-first or market-first innovations survive longer compared to other competitors?” According to product life cycle theory, leading firms that can initiate new product life cycle seems to be able to survive longer. However, it is still obscure if market-leading innovation or top-edge technology can guarantee firm survival indeed as SONY is struggling recently while Zenith that owned the North American standard digital TV broadcasting raw technology has been acquired LG. To tackle this issue, this paper uses the areal density information in the Disk/Trend Report on Ridge Disk Drives from 1982 to 1997, which includes 167 firms with 9,781 disks. The most salient contribution to related field would be considering two types of technological advantages: absolute technological advantage and relative technological advantage. Firms are considered to have an absolute technological advantage if they can market the smallest disk drive with the largest areal density. Instead, a relative technological advantage represents the rankings of technological superiority in hard disk industry based on a normalized technology position index that locates each firm’s technological ranking according to annual normalized areal density. So, if a firm has an absolute advantage, the firm is considered as a technology leader. Firms owning relative technological advantages can be said to have competency to catch up with rapid technology evolution speed through benchmarking. In addition,because of product life cycle, firms have to decide how many they will manage disk group lineups annually, which captures firm specific portfolio ability. This in turn can be said to be firm specific risk management. In each disk group, firms market models through differentiation and this represents firm marketing ability. These four factors interact each other, critically affecting firm survival. Each factor can have either a ‘high’ or a ‘low’ value, which means that we are able to create several scenarios based on their combinations. This paper particularly attempts a dummy-variable scenario analysis based on the twovariable combinations and three-variable combinations. In two-variable combinations, ‘high-high’,‘high-low’, ‘low-high’, and ‘low-low’ combinations are available. In three-variable combinations, ‘highhigh-high’, ‘high-high-low’, ‘high-low-high’, ‘high-low-low’, ‘low-high-high’, ‘low-high-low’, ‘low-lowhigh’,and ‘low-low-low’ are considered.According to some panel empirical results, the survivability of disk drive manufacturers depends much more on relative technological advantage than on absolute technological advantage. Portfolio ability is important to the survivability as well. This can explain two important occurrences in high tech industries. First, market leaders with top edge technologies can experience market exits frequently unless they have strong portfolio abilities. Second, firms with technological gaps against market leaders can often survive longer through effective product portfolios along with marketing strategy. Scenario analyses suggest that firms are likely to survive if they have both portfolio capability and marketing competency even without absolute technological advantage. Firms are most likely to survive longer when they have relative technological advantage, portfolio capability, and marketing competency at the same time while such firms without any of three factors are least likely to survive. These result provide a critical implication. ‘World first’ or ‘market first’ might be niche marketing slogans but such absolute technological advantage cannot assure long term survival. Rather, firms that can trace recent technological evolutions are able to survive longer even if they cannot lead technological breakthrough. A good example for this strategy must be Samsung, which uses a late-entry-resource-bombing strategy. For instance, Samsung is a late entrant in smart phone market and it has struggled shortly accordingly but, now, it is bombing Galaxy series for dominating the smart phone market that Apple preempted. Back to 1980s, Apple that pioneered personal computer market has lost its popularity ever since IBM opened its PC architecture. This history is about to occur once more. Combined with Samsung’s portfolio capability and marketing capability, it is very likely that Samsung would be a market leader sooner or later. Summarizing, in top edge industry, relative technological advantage is much more important than absolute technological advantage is, at least, in terms of firm survival.

본 연구는 온라인 서비스 산업에서 핵심적인 연구 주제인 온라인 서비스 품질과 만족과의 관계를 가장 대표적인 온라인 서비스 거래 수단인 온라인 증권 거래 시스템(HTS)을 대상으로 규명하였다. 특히,온라인 서비스 품질이 만족에 영향을 미치는 과정에서 그동안 거의 연구되지 않았던 성과(수익률 만족도로측정)의 역할을 최초로 밝혀냈다. 연구목적의 달성을 위해 HTS 이용자들을 대상으로 온라인 서비스 품질,성과, 만족 관련 항목에 대해 설문조사를 실시했다. 설문 분석 결과, 온라인 서비스 품질 구성 차원들은 만족에 긍정적인 영향을 주는 것으로 밝혀졌으며 이는기존 연구 결과와 일치한다. 또한 온라인 서비스 품질 구성 차원들은 수익률 평가로 측정된 성과에 긍정적인 영향을 주는 것으로 분석되었다. 아울러 성과는 만족에 긍정적인 영향을 주는 것이 확인되었다. 즉, 온라인 서비스 품질은 만족의 형성에 직접적으로는 물론, 성과를 통해 간접적으로도 만족에 영향을 주는 것이확인되었다. 이 결과는 온라인 서비스 품질과 만족의 관계를 최초로 성과를 포함해서 규명해냈다는 점에서학술적인 의미가 있으며, 실무적으로도 온라인 서비스 품질 향상을 위한 투자의 정당성을 뒷받침해준다고할 수 있다.본 연구는 HTS라는 특수한 형태의 온라인 서비스 상황만을 대상으로 한 점과 성과변수를 단일항목으로 측정한 점 등의 한계를 가지고 있다. 이러한 한계점을 보완하고, 만족의 형성과정에서 성과의 역할을 보다 더체계적으로 반영할 경우 온라인 서비스 품질은 여전히 매력적인 연구주제가 될 것이다

The study identified the relationship between online service quality and satisfaction in HTS(Home Trading System) context. Especially, this research have successfully focused to figure out the mediating role of performance(measured as subjective evaluation on profit). For the purpose of this paper,authors performed a questionnaire survey on the relationship among online service quality, performance,and satisfaction. The survey results showed that the 4 dimensions of the online service quality have significant positive effects on satisfaction in line with previous researches. Also 3 out of 4 dimensions were reported to have significant positive relationship with performance and then performance with satisfaction. Hence online service quality was found to have not only direct influence but also indirect impact through performance on satisfaction. This research made both academical and practical contributions. Academically, it is the first research to address the relationship between online service quality and profit performance. Practically, this study provide justification for the investment to improve online service quality. This research is subject to some limitations. First, this study base on the research data gathered solely from HTS users restricting it’s generalizability. Second, we used a single item to measure performance which limited our choice of research method. In spite of all these limitations, online service quality will remain as a promising research opportunity when we cope with the limitations and have more sophisticated attention on the role of performance.

본 연구는 2000년부터 2009년까지 우리나라 유가증권시장에 상장된 기업들을 대상으로 부분조정모형을 이용하여 개별기업별로 부분조정속도와 목표배당성향을 추정하여 배당정책과 개별기업의 특성에대하여 검증하였다. 분석 결과는 다음과 같다.부분조정모형의 분석 결과, 개별 기업별 부분조정계수의 평균은 0.7567 그리고 목표배당성향의 평균은 0.0862로 나타났다. 안정배당기업의 특성을 분석한 결과에서는 최대주주 지분율, 기업규모, 성장기회, 수익성 및 외국인 지분율이 안정배당기업의 특성임을 확인할 수 있었다. 당기 주당이익에 의존하여 당기 배당금을 결정하는 기업들의 특성을 분석한 결과에서는 최대주주 지분율, 기업규모, 성장기회, 수익성, 주당현금흐름 및 외국인 지분율이 영향을 미치는 변수임을 발견하였다. 다음으로 주당 배당금이 증가한 기업과 감소한 기업의특성을 분석한 결과에서는 최대주주 지분율, 기업규모, 수익성 및 현금흐름의 변수들이 배당금의 증가 또는감소에 영향을 미치는 변수임을 확인하였다. 마지막으로 목표배당성향에 대한 분석의 결과, 최대주주 지분율은 목표배당성향에 영향을 미치지 않는 것으로 나타났으며, 기업규모, 성장기회, 수익성, 경영위험, 주당현금흐름 및 외국인 지분율이 목표배당성향에 영향을 미치는 것으로 나타났다. 이상의 결과, 기업규모가 크며 낮은 성장기회와 높은 수익성 및 외국인 지분율이 높은 기업의 경우 안정배당정책에 의해 배당결정이 이루어지며, 목표배당성향이 높은 것으로 나타났다.최근 배당투자가 투자자와 시장에서 필수적 투자 전략으로 투자자들에게 인식되고 있으며, 투자자들의 노후생활 자금 마련을 위한 수단 및 저금리시대에 투자 대안으로 배당투자에 대한 투자자의 관심이 높아지고 있다. 본 연구를 통해 기업의 배당정책에 영향을 미치는 요인들을 규명함으로써 배당투자와 관련된 정보를 제공할 뿐만 아니라 배당투자 자금이 안정적인 주식시장의 수요자금으로 작용하기 위한 정책 제도 개편과 기업들에게 배당 지급에 대한 인식의 변화에 많은 시사점을 제공할 것으로 기대한다

In this study, we study empirically the adjustment speed, target payout ratio and determinants of dividend policy of firms listed on Korea Securities Market. The main results of this study can be summarized as folliws. Linter’s partial adjustment model indicates that firms have long run target payout ratio. The estimated adjustment speed and target payout ratio are 0.7567 and 0.0862. And we find that determinants of stable dividend policy are the ownership, size, growth opportunities, profitability and risk. And dividend depends on earnings per share the characteristics of the firms analyzed to determine the ownership,size, growth opportunities, profitability, risk, cash flow per share, and foreign ownership was found to be variables that affect. Partial adjustment coefficient characteristics is ownership, size, profitability and cash flow, So, dividend increases or decreases the variables affecting the variables was confirmed. Finally, the results of an analysis of dividend payout objectives, ownership does not affect the target dividend payout ratio,But size, growth opportunities, profitability, risk management, cash flow per share and foreign ownership affect the target dividend payout ratio. Based on these results, We find that larger firm size, higher growth opportunity, lower corporate profitability and higher foreign ownership has a more stable dividend policy and higher targets dividend payout ratio.

변혁적 리더십과 거래적 리더십은 현대 리더십의 유형을 대표하는 이론이며, 변혁적 리더십이등장하기 이전에는 대부분 거래적 리더십에 대해 논의되어왔다. 거래적 리더십이 리더와 구성원들간의 경제적 및 심리적 교환관계에 초점을 맞춘데 비해, 변혁적 리더십은 조직구성원들이 자신의 이익을 초월하여 조직목표를 추구하도록 구성원을 변화시키는 리더의 역할을 강조하고 있다. 그리고 대부분의 리더십연구가 일반대기업을 대상으로 진행되어왔는데, 본 연구는 현대기업형태 중 하나인 벤처기업을 대상으로 하였다. 본연구의 목적은 첫째, 벤처기업 최고경영자의 리더십 유형을 변혁적 리더십과 거래적 리더십으로 구분하고,이러한 리더십 유형이 조직구성원들의 조직만족 즉, 직무만족과 리더만족에 어떠한 영향을 미치는지 살펴보는 것이다. 둘째, 벤처기업 최고경영자와 조직만족간에서 조직신뢰가 조절효과가 있는 지를 검증해보는 것이다. 연구결과를 요약하면 다음과 같다. 첫째, 변혁적 리더십은 조직만족에 유의한 영향을 미치는 것으로 나타났다. 둘째, 거래적 리더십은 조직만족과 유의성을 발견하지 못하였다. 셋째, 조직신뢰는 변혁적 리더십과리더만족간의 관계에서만 조절효과가 있는 것으로 나타났다

The Purposes of this study are 1) to examine the relationship between CEOs’ leaderhip(transformational and transactional leadership) and organizational satisfaction(job and leader satisfaction) in venture firms and 2) to explore the effect of controlling effect of organizational trust. To obtain data for a practical analysis, 300 copies of questionnaires were distributed among employees in venture firms for four weeks. The number of questionnaire that were really used for the analysis is 216 copies with valid response rate of 72%. The findings of hypothesis tests can be summed up as follows. First, the analysis shows that transformational leadership make positive effects on job satisfaction and leader satisfaction. Second, the analysis shows that transactional leadership does not make effects on job satisfaction and leader satisfaction. Third, the analysis shows that organizational trust has controlling effects on the relationship of transformational leadership and leader satisfaction.

본 연구는 변화관리 전략과 ERP 도입에 따른 사용자 특성이 혁신저항에 어떠한 영향을 미치는가를 알아보기 위하여 실시되었다. 연구의 결과는 첫째, ERP 도입에 따른 혁신저항은 사용자 특성 즉 지각된 자기능력과 이전업무방식 만족도에 따라 영향을 받는 것으로 나타났다. 둘째 변화관리자의 최고 경영자층과 프로젝트 매니져는 혁신저항에 영향을 미치는 것으로 나타났지만, 프로세스이너베이터와 컨설턴트는유의한 영향을 미치지 않는 것으로 나타났다

Many of today’s corporations are in the process of introducing ERP (Enterprise Resource Planning)as a tool of business process improvement and management innovation in order to adapt to the fastchanging management environment and to secure competitive advantage. Installation of ERP takes a long time of six months to one year or more, requires a lot of cost and manpower, and is a project accompanied by big and small pains due to change in business process within the organization. This study is intended to find about the effect of user characteristics on the resistance to innovation when ERP is introduced, look at change management which exerts influence on the resistance to innovation. To collect the data, approximately 350 questionnaires were distributed to staffs who had worked at hotels Gangwon provence. Among all the surveys, 274 survey data were selected as valid samples with 76 of them which were considered as answered insincerely excluded. The data were processed and analyzed by SPSS 17.0. By verifying each hypothesis after confirming the validity of models, the conclusions were drawn out as follows: first, resistance to innovation resulting from introduction of ERP is influenced by user characteristics(self-perceived ability, satisfaction with previous work); second, Chief Executives and Project Manager of change agent exerts meaningful influence on the resistance to innovation but Process Innovator and Consultant do not influence on resistance to innovation. It can be said that in H Resort, an atmosphere of complacency due to continued growth and the employees’ mentality fearing change and not feeling the need for innovation were expressed as resistance to innovation concerning ERP. According to the result of this research, in order to minimize resistance to innovation and maximize positive effect when introducing new system and conducting management innovation in the future, it may be necessary to create a sense of crisis to escape complacency,through continuous education. Also, in public companies where there is, by nature, frequent change in the top management. it will be the way to minimize resistance to innovation and maximize fruit of management innovation for the new top management to support a new system or management innovation from a long-term perspective rather than conducting short-term innovation just for the sake of result, and to show the employees the will for innovation.

본 연구는 치열한 생존 경쟁을 경험하고 있는 국내 이동통신 서비스에 있어서 관계적 편익과 특별 대우 편익과 같은 서비스 평가 기준들이 정서적 몰입에 미치는 영향과 기존혜택 상실비용, 경쟁 대안 평가비용과 같은 비용 요인들이 계산적 몰입에 미치는 영향을 살펴보고, 이러한 두 가지 몰입과 고객 만족과의 연결에 대하여 고찰하였다. 본 연구모델의 실증 분석을 위하여 설문 조사를 실시한 결과, 관계적 편익과특별대우 편익은 정서적 몰입에 유의한 영향을 미쳤으며, 기존 혜택 상실비용과 경쟁대안 평가비용은 계산적 몰입에 유의한 영향을 미쳤다. 또한 정서적 몰입과 계산적 몰입은 모두 고객 만족에 유의한 영향을 미쳤다. 분석 결과를 통한 결론 및 시사점은 첫째, 편익 요인과 비용 요인이 만족에 영향을 미치기 위해서는 정서적 몰입과 계산적 몰입과 같은 매개적 변수가 필요하므로 매개 변수에 대한 다차원적 이해가 필요하다는점이다. 둘째, 편익이 정서적 몰입을 통하여 만족에 영향을 미침을 분석함으로써 정서적 상호작용의 강화를주장하였다. 셋째, 계산적 몰입 역시 고객 만족에 긍정적 영향을 미침을 확인하였다. 넷째, 기업의 시장에서의 지위에 따라서 지각된 전환비용을 각각 다르게 이용할 수 있음을 시사점에서 제시하였다

The purposes of this paper are to investigate the mediating role of commitments on customer satisfaction in mobile telecommunication industry. For this purpose, we do literature reviews, develop research model and conduct an empirical research. The literature review covers theoretical discussion on customer satisfaction, emotional and calculative commitment, switching cost, and other variables for hypothesis setting. Based on these previous study, a model which explains the relationship between variables is proposed. In the model, relational benefit and special care benefit have indirect effect on consumer satisfaction mediated by emotional commitment. And the cost for losing existing benefits and cost for evaluating alternatives have indirect effect on consumer satisfaction mediated by calculative commitment. The survey was carried out by collecting data through face to face interview and the number of effective respondents used for the analysis was 276 sample. Reliability test, CFA(Confirmatory Factor Analysis), and SEM(Structural Equation Modeling) methods were used consequently to analyze the data. Through the empirical analysis, the results and major implications that we have drawn are as follows;Firstly, multi dimensional understanding of affective and calculative commitment toward customer satisfaction should be examined. Secondly, emotional interaction such as emotional commitment needs to be fortified because of its important role in enhancing customer satisfaction. Thirdly, calculative commitment such as switching cost plays an significant role for increasing customer satisfaction. Fourthly, each company should understand and approach to perceived switching cost differently according to their positions in market.

웹2.0은 그 중요성에 비해 조직에서의 적용과 관련한 실증적인 연구는 매우 적은 편이다. 본 연구는 기존의 정보시스템 성공모형을 기반으로 기업에서의 업무성과 향상을 위한 성공적 블로그 활용모형을제안하고, 이의 실증적 탐색 연구를 수행하였다. 금융권의 블로그 사용자 231명을 대상으로 설문조사 하였으며, AMOS를 사용하여 구조방정식 모형을 분석하였다. 그 결과 블로그의 시스템 품질과 정보품질 요인이기업의 업무성과 증대에 유의적으로 긍정적인 영향을 미치는 것으로 나타났다. 또한 본 연구에서 제시한 모형에 따라 블로그의 사용증가, 공유동기 증가, 참여 활성화, 정보품질 향상, 업무성과 증대로 이루어지는 성공적 블로그 활용에 대한 선순환 구조를 일부 확인하였다

Web 2.0 applications have been explosively accepted into general usage in the real world. Despite this, they are slowly practiced in organizations and their adoption is still at the stage of inception. Empirical research about their effects on the performance of organization has been also rarely done. Based on the traditonal DeLone and McLean’s models of information systems success, we proposed a theoretical success model for Web 2.0 blog systems in organizations and empirically validated its applicability. This study empirically explored the application of the models for as well as the extension of the models to include the characteristics of blogs such as voluntary participation and information sharing. Accordingly, hypotheses were set out to examine the proposed model, involving seven variables of interest; (1) system quality, (2) information quality, (3) perceived benefits, (4) usage, (5) task performance,(6) motivation of information sharing, and (7) participation. We also tested if there exists a cyclic relationship in the model. That is, as the users perceive more benefits out of using blog, they will use it more. This positive attitude would also lead to higher performance at the task and more sharing of information. This cyclic relationship was expected to attract increased participation. Of the seven variables in the model, we included two blog-specific factors; motivation of information sharing and participation. The former ‘motivation of information sharing’ was measured by self-confidence, reputation, position, and altruism. The latter ‘participation’ denoted the number of posts, updates and comments and why they visit the blog. The survey was distributed to on- and off-line users in in finance and banking sectors in Korea and 231 blog users were replied (105 on-line and 126 off-line users). The collected survey was put into the structured equation model using AMOS. As a result, the factors ‘system quality’ and ‘information quality’ significantly affected the performance of organizations. In addition, most of the parts in the proposed success model, that is, the increased use of blogs will raise the motivation of information sharing, leading to more active participation in blogging, to improved information quality, and finally to organizational performance, are confirmed.

한국에서의 기업지배구조 개혁은 일반적으로 1997년의 외환위기 이후에 본격적으로 진행되었다.이때에 행해진 압력은 IMF로부터의 권고사항과 금융시장과 상품시장의 글로벌화의 추세에서 비롯된 것이며, 이런 맥락에서 한국기업에는 주주가치를 중시하는 경영시스템이 많이 소개되었다. 본 논문은 자사주 매입과 같은 주주가치 중시의 경영이 외부로부터 도입될 때 내부의 주요 조직인자(actor)들이 어떻게 반응하는가를 분석하고자 한다. 본 논문에서는 외부로부터 새로운 제도의 도입이 이루어졌을 경우, 회사 내부의 정치적 관계에 따라 이 새로운 시스템을 받아들일 수도 있고, 거부할 수도 있다는 것을 보여주고자 한다. 자사주 매입과 같은 지배구조 개혁이나 주주중시 경영의 도입은 기존의 내부인자들의 권력구조를 변형시킬 수있으므로, 내부 인자들은 이 새로운 제도에 대하여 협조하거나, 거부할 수도 있다는 것이다. 새로운 경영시스템이 그대로 받아들여지거나, 변형되거나, 아니면 거부되는 것은 관계된 회사 내부의 인자들이 어떤 영향을 받고, 이들이 얼마만한 힘을 가지고 있고, 새로운 제도의 확산에 얼마나 관여하는가에 있을 수 있다. 외환위기 이후 한국 기업에 새로이 도입된 앵글로 아메리칸식의 기업지배구조는 받아들이는 기업 내부에서 다양한 사람들에게, 다양한 영향을 미칠 수 있었을 것이다. 이상의 개념을 바탕으로 제도화 이론의 관점에서 모델을 도출하였는데, 지배주주, 기관투자자, 외국인 투자자, 그리고 사외이사를 주주중시 경영의 도입의 압력에반응하는 내부 인자로, 즉 독립변수로서 고려하였다. 실증분석의 결과 지배주주는 주주중시 경영으로서 자사주 매입의 행위에 대하여 반대의 입장을 보여주는 것으로 나타났으며, 기관투자자, 외국인 투자자, 그리고,사외이사는 이에 대하여 지지하는 관계를 보여주었다. 본 논문의 가장 큰 공헌점은 지배구조 개혁에 대하여기존의 대리인 이론의 관점이 아닌, 사회적 맥락에서 제도화 이론의 관점에서 접근했다는 것이다

Corporate governance reforms in Korea were taken seriously after the Asian currency crisis of 1997. Recommendations by the International Monetary Fund and changes in the global financial and product markets precipitated the adoption of shareholder value oriented management practices by Korean firms. This paper shows the possible contest among firm actors over the idea of adopting one such shareholder value management practice namely share repurchase. This paper adopted institution theory to explain the governance reform process in Korea. This is a major contribution of this paper,because the most studies about corporate governance have been performed based on agency theory. The overall argument in this paper is that local politics (at firm level), reacting to external pressures,drive the adoption or rejection of management innovations (e.g., stock repurchase) from an alternative governance system, as local actors co-opt or dismiss Anglo-American corporate governance to reframe existing interests. Whether these management innovations get adopted, translated or rejected depends on the power, interests and value commitment of the firm-level actors. As such Anglo-American corporate governance provides a broad toolbox from which actors select different elements to craft their frames that suit their interests. In this background, we considered four independent variables representing influencial actors to external pressure to adopt new management practice. Treating controlling shareholders, foreign shareholders,institutional shareholders and outside directors as organizational actors and employing a variant of the neo-institutional lens, hypotheses were derived. We proposed a negative relationship between controlling shareholder and the adoption of stock repurchase and a positive relationship betwenn other three variables and stock repurchase. The findings show that controlling shareholders in Korea resisted stock repurchase. On the other hand institutional and foreign investors as well as outside/independent directors were in favor of stock repurchase. This paper explained corporate governance reform process in Korea from sociological viewpoint. All organizations are embedded in society and understanding the interaction between the organization and environment is critical to explain the changes in organization. This paper also shows the institutional transition process in Korea after the currency crisis. Since the currncy crisis in 1997, there have been many studies about institutional transition in emerging economies like China or Korea.

본 연구는 기업의 현금보유 결정요인 중 레버리지에 초점을 맞추어 레버리지 수준에 따라 레버리지가 기업의 현금보유에 어떤 형태로 영향을 미치는지 분석하였다. 실증적 분석대상기간은 2001년 1월부터 2009년 12월까지 9개년이며 분석기간 자료가 이용 가능한 상장제조기업 434개 기업을 표본으로 선정하여 분석하였다.연구결과, 레버리지와 현금보유의 관계는 비단조적(non-monotonic)이며 레버리지는 기업의 현금보유에 비선형인 U자 형태로 영향을 미치는 것으로 나타났다. 레버리지와 현금보유가 일차적으로 부(-)의 관계를 나타내었으나 높은 레버리지 수준에서는 정(+)의 관계로 나타났다. 일정수준의 레버리지에서는 대체효과가설에 따라 부채와 현금이 대체될 수 있으며 높은 레버리지 수준에서는 기업이 재무적 곤경으로 인한 파산위험을 최소화하기 위하여 많은 현금을 보유하는 것으로 보인다. 또한 레버리지가 현금보유에 미치는 영향이 소유구조와 기업규모에 의해 별 다른 영향을 받지 않았다. 레버리지 이외 기업의 현금보유에 영향을 미치는변수로는 기업규모가 부(-)의 영향을 미쳤으며 성장기회, 외국인지분율, 순운전자본비율은 기업의 현금보유에 정(+)의 영향을 미치는 것으로 나타났다. 수익성, R&D 투자비율, 현금흐름비율, 영업위험, 재벌그룹 소속여부는 기업의 현금보유에 유의한 영향을 미치지 못하였다

The purpose of this study is to investigate the impact of leverage on corporate cash holdings in Korea. For analysis, the data is based on the 434 listed manufacturing companies in Korea Exchange during the sample period from 2001 to 2009. The results show that leverage decisions of firms influence their cash holdings significantly and in a non-linear fashion. I first find a negative relationship between leverage and cash holdings. However,the relationship between the two variables turns out to be positive at higher levels of leverage. These findings support the view that borrowing can initially be seen as a substitute for holding cash. However, it seems that the probability of financial distress, which is a function of leverage, leads firms to accumulate larger cash reserves at greater levels of leverage in an attempt to minimize the risk of costly bankruptcy. These results provide the preliminary evidence of non-linear leverage effect on cash holdings. I also find a negative and significant relationship between firm size and cash holdings. In addition,firms with larger market-to-book value ratios(MV/BV) have significantly larger cash. Foreigner’s equity ratio has positive relationship with cash holdings. Net working capital ratio is also positively related to corporate cash holdings. However, profitability, R&D investments, cash flow and operating risk do not significantly affect determination of cash holdings in Korea Exchange.