Earticle

본본 논문은 국내에서 발행된 신디케이트론 샘플을 이용하여 신디케이트론 담보 결정요인에 미치는 영향을 분석하였다. 신용위험의 대리변수로 레버리지, Altman의 z-score, 대출만기 등을 사용하였다. 기존 연구와 일치하게 신용위험이 높을수록 차관단은 신디케이트대출에 대해 담보를 요구할 확률이 높음을 알 수 있었다. 대주에 의한 hold-up 문제가 있을 경우, 차입자의 R&D 비율과 PER가 높을수록 차입자가 담보를 제공할 가능성이 낮은 것으로 나타났다. 즉, R&D 비율과 PER가 높은 국내 차입자의 경우 hold-up 문제를 완화시키는 수단으로 담보를 제공하는 것을 선호하지 않는 것으로 보인다. 차입자와 대주간의 관계를 대용하는 변수인 차관단 규모 역시 유의적인 변수로 나타났으나 차입자의 자산과 매출액은 유의적인 담보 결정요인이 아닌 것을 알 수 있다. 마지막으로 대출규모와 대출형식과 같은 개별 대출의 성격들이 담보결정 요인임을 보여 주고 있다. 이러한 결과들은 차입자의 고정자산비율을 주 통제변수로 사용한 이후에도 변함없이 일정함을 알 수 있다. 한편, 선진금융시장과는 달리 정보비대칭성으로 야기되는 역선택 문제는 국내에서는 담보결정에 큰 역할을 하지 못하는 것으로 보인다. 이는 담보의 미시경제적 결정요인이 성숙된 금융시장과 이머징 시장에선 서로 다를 수 있다는 점을 시사한다. 한편, 이 연구의 주요 한계는 사용된 표본이 1990년대에 국한되어 있다는 점이다. 특히 최근의 글로벌 신용위기는 신디케이트론의 구조에도 큰 영향을 줄 수 있는 바, 이러한 문제에 대한 추가적인 검토는 차후의 연구과제로 남긴다

We empirically explore the effects of credit risk, moral hazard, and lender relationship on the use of syndicated loan collateral pledged by borrowers. Consistent with previous empirical research, we find that lenders are more likely to require collateral for syndicated loans granted to Korean borrowers with higher credit risk, as reflected in the leverage ratio, Altman’s z-score, and maturity. In the presence of borrower’s hold-up problems, borrowers are less likely to pledge collateral. This suggests that Korean borrowers do not prefer to offer collateral as a means of mitigating potential hold-up problems in an agency setting. We also find that the borrower-lender relationship is the primary determinant of the use of collateral. The size of borrower assets and sales, however, are not determining factors in loan collateralization. Finally, the terms of loan characteristics, such as loan size and loan type, affect the likelihood of collateral. These results are robust after we control for the asset tangibility. The main limitation of this study, however, is the fact that our sample mainly covers the period of 1990’s, suggesting that there are other determinants of structure yet to be identified. In fact, there is a good possibility that the recent global credit crisis could have significantly influenced the structure of syndicated loan market in Korea. We leave it for future research.

본 연구는 지역축제 체험활동 참가자들이 실제 체험활동에 참가하면서 어떤 것들이 느끼고 있는지(체험영역) 그리고 그것들을 어떻게 측정할 수 있는 지를 살펴보고자 한 것으로, 연구기간은 2004년 3월부터 2005년 5월까지 총 14개월간 이었다. 이는 체험영영 속성 항목의 수집, 분류, 정제, 그리고 체험영역 측정도구의 신뢰성 및 타당성 검증을 통하여 이루어졌다. 체험영역 속성 항목의 수집을 위해서는 문헌조사와 예비조사가 수행되었으며, 체험영역 속성 항목의 분류를 위해서는 전문가 패널조사와 번한 및 설문 항목 구성이 실행되었다. 그리고 체험영역 속성 항목의 정제를 위해서는 2차 예비조사와 사전조사가 행하여졌다. 이러한 과정을 거쳐서 도출된 5개 구성영역 17항목은 본 조사를 통하여 그 신뢰성과 타당성을 검증받았다. 그 결과 최종적으로 지역축제 체험영역 측정척도로 4개 구성영역(엔터테인먼트, 교육, 몰입, 유대감)과 18개 항목이 도출되었다. 이렇게 개발된 지역축제 체험영역 측정척도는 향후 지역축제 체험활동 평가 도구로 활용될 수 있을 것으로 사료된다

This study is to develop the measurement scale of experience realms in the local festivals. For this purpose, collection, classification, purification and validification of items for construction concept for experience realms are performed. To collect items, the researcher reviewed the previous studies and conducted the open-ended survey. As a result, 38 items for six construction concepts (entertainment, education, aesthetics, escape, social bonding, and apprehension) for experience have been drawn. To classify items for construction concept for experience realms, three experts majored in Leisure and Tourism Studies performed the content validity test. When there were similar meanings and expressions for the construction concept for experience, the experts had the representative item left and the rest of them deleted. Through these processes, 8 items for the construction concept for experience have been deleted and 30 items have been pulled out for Cronbach’s alpha test and exploratory factor analysis in pretest. For purification items for construction concept, pretest was conducted on the subject of undergraduate students of K and S University. In total, 151 data were collected and 12 out of them were discarded because of incomplete information, leaving 139 usable one. The collected data were analyzed using a statistical software package SPSS 10.1. To verify the reliability on 30 items for six construction concepts (entertainment, education, aesthetics, escape, social bonding, and apprehension) of on-site experience, we established three criteria: mean and corrected item-total correlation of each item and Cronbach’s alpha coefficient of each construction concept. As a result of reliability analysis for 30 items for 6 construction concepts (entertainment, education, escape, aesthetics, social bonding, apprehension), 18 items for 5 construction concepts (entertainment, education, escape, aesthetics, social bonding) were extracted as on-site measurement scale, deleting 1 construction concept and 12 items. To confirm these 18 items for 5 construction concepts as on-site measurement scale, main survey was conducted at Hwaseong Temporary Palace on 14th in November, 2005. From main survey, 150 data were collected. Three data of them were regarded as useless ones because of incomplete information. To verify measurement scale, reliability analysis and exploratory factor analysis were performed using data from main survey. Specially, exploratory factor analysis was conducted to confirm 5 construct dimensionalities such as entertainment, education, escape, aesthetics, and social bonding. As a result, this study found out that there were four construct dimensionalities for experience entertainment with 4 items, education with 5 items, aesthetics with 6 items, and social bonding with 3 items. This research, however, should be applied to the other experience activities by following research because it has focused only on local festival.

본 연구는 우리나라에 진출한 외국인투자기업의 외국인투자지분율 차이가 경영성과에 미치는 영향을 살펴본 것이다. 본 연구는 2007년 KIS Value에서 구한 외국인투자기업중 매출액 5백억 이상 기준으로 671개사를 대상으로 하였다. 그 중 유효한 자료가 가능한 597개사를 1.10% < 투자비중 < 50% 2.투자비중 = 50%. 3.투자비중 > 50% 세 개의 투자비중으로 대분류 하였다. 경영성과지표로는 수익성을 나타내는 재무비율 중에 총자산수익률(ROA)을 보았다. 분산분석(ANOVA)을 실시한 결과 외국인투자지분율 성과차이가 다르게 나타났다. 또한 그 결과를 살펴봄에 있어서 최고경영자(CEO)국적(한국, 공동, 외국인), 투자자국가별(일본, 유럽, 미국), 설립시기(아시아 금융위기전후), 기업규모(대기업, 중소기업), 산업별(제조업, 도소매업, 기타서비스업)등을 조절변수로 고려하여 살펴보았다. 그 결과 조절변수로 사용한 투자자국별(미국)에서 투자비중 = 50에서 성과가 가장 높게 나왔으며, 기업규모(중소기업)에서는 투자비중 > 50%에서 성과가 더 잘 나타났다. 그러나 설립시기와 CEO국적, 산업별에 따른 외국인투자비율 성과차이는 보이지 않았다

This research intends to investigate the difference in the financial performance by investment ratio in foreign-invested enterprises in Korea. 671 firms whose sales are over 50 billion won in 2007 are selected from KIS VALUE. 597 enterprises were finally selected in the analysis. I classified firms into three categories according to the investment ratio: 1. 10% < investment ratio < 50% 2. investment ratio = 50% 3. investment ratio > 50%. We use ROA(Return on Asset) as a proxy for the business performance. ANOVA test shows that ROA differs according to the investment ratio. Foreign invested companies with investment ratio over 50% and investment ratio equal to 50% show higher financial performance than companies with investment ratio between 10% and 50%. It is because foreign investors with higher investment ratio can prohibit Korean partner from abusing management power and can monitor management easily. Furthermore they will demand transparent information about the firm. They can strengthen control over management decision and thus intervene in the decision of capital structure. Also I analyzed the moderating effect with CEO nationality(Korean CEO, Joint CEO, Foreign CEO), investor country nationality(Japan, Europe, United States), establishment year(before and after the 1998 economic crisis in Korea), company size(large, small and medium enterprises), industry type(Manufacturing, Wholesale and retail, other services) in relation to investment ratio. As a result investor country nationality and company size had an effective moderating effect. In case of investor country nationality(Japan, Europe, United States), United States had a moderating effect on investment ratio. Firms with investment ratio equal to 50% had a best performance, those with investment ratio higher than 50%, middle and those with investment ratio between 10% and 50%., the worst. This can be understood by countries’ strategy. US is the typical case. The strategy is that firms establish a branch abroad and trust the management of the branch to the branch. In the case of Korea and Japan, traditionally parent company tend to control a branch strongly. Nevertheless, US firms trust the management power to the branch. The performance of US firms turns out to be better especially when the investment ratio is 50% and over 50%. The performance was best especially when the investment ratio is 50%. This implies that the equal voting power is very important in management decision. Small and medium companies had a moderating effect on investment ratio. The performance was the best when investment ratio is 50%, and the worst when it is between 10% and 50%. This implies that the performance in a small and medium company was better when the investment ratio is 50% or over 50%. While establishment year, CEO nationality and industry did not have moderating effects.

본 연구에서는 전라남도 지역축제의 상대적 효율성을 평가하고 비효율적이라고 분석되는 축제들의 벤치마킹 대상을 제시하고자 한다. 이에 따라 2006년부터 2008년까지 지속성을 유지한 11개의 축제를 대상으로 DEA 분석을 실시하여 효율적 축제와 비효율적 축제를 파악하고, Tier분석을 실시하여 비효율적 축제가 벤치마킹할 수 있는 효율적 축제를 단계별로 제시하였다. CCR 및 BCC 모형에 의한 분석 결과, 2006년에는 진도신비의바닷길축제, 2007년과 2008년에는 광양매화문화축제와 구례산수유꽃축제가 각각 효율적인 것으로 분석되었고, 비효율적인 축제에 대하여 산출측면에서의 효율성 증대 방안을 제시하였다. Tier 분석 결과 함평나비축제와 해남명량대첩제가 최종적으로 비효율적 집단으로 평가되었고, 해남은 영광법성단오제·담양대나무축제·광양매화문화축제를, 함평은 곡성심청효문화축제·담양대나무축제·광양매화문화축제를 단계적으로 벤치마킹하면 효과적인 개선을 이룰 수 있을 것으로 분석되었다. 이러한 결과는 각 지역축제를 관할하는 지방자치단체에 현실적이고 수용 가능한 정보를 제공하여 지역축제에 대한 단기 및 중·장기적 전략수립에 도움을 줄 수 있을 것으로 판단된다

The purposes of this paper is to evaluate the relative efficiency of regional festivals and to provide inefficient group members with benchmark models for improving their management efficiency. To do this, a DEA(Data Envelopment Analysis) is taken advantage of as the efficiency evaluation method. DEA, as a non-parametric approach, evaluates relative efficiency of similar inputs and output structure and determines a set of Pareto-efficient decision making units(DMUs) with an objective of calculating a discrete piecewise frontier. In this paper, we use a DEA model to identify efficient and inefficient groups and measured efficiency scores of the Jeonnam regional festivals using eleven data for 2006-2008. With respect to efficiency analyzed by CCR and BCC models, the Jindo Miracle Sea festival stands high in 2006, whereas the Kwangyang Maehwa(Japanese apricot flower) Culture and the Gurye Sansuyoo(Cornus Officinalis) festivals show high in 2007 and 2008. In addition, we propose a policy of improving in management efficiency out of regard for output. We also performed Tier analysis for suggesting benchmark cases that could be as a role models to the members of the inefficient groups. Tier analysis is a technique that can cluster DMUs according to their efficiency levels. In this analysis, the efficiency scores of entire DMUs is obtained. The results reveal the most efficient group by indicating their scores are equal to 1. We call this group ‘tier 1’. Then, the analysis proceeds DEA again only with the inefficient DMUs which are not on tier 1. DMUs whose efficiency scores are equal to 1 are set ‘tier 2.’ We repeat the same procedure while the number of remaining inefficient DMUs is at least two times multiple of that of input plus output variables. As a result of Tier analysis, we find that the great battle of Myeongryang festival may take the Bubsung Dano festival, Damyang Bamboo festival and Gwangyang Maehwa festival as their benchmark cases. And Hampyeong butterfly festival may take Gokseong Simcheong festival, Damyang Bamboo festival and Gwangyang Maehwa festival as their benchmark cases. This result may provide a visible road-map for the local government. The local government can better understand the situation their festival and they prepare better strategies for the future. The results of the DEA model may be different according to the used input/output variables. This study examined the data of local government reports and selected proper elements. However, as the comparative efficiency of DMUs may change according to the input and output variables, it is hoped that there will be a number of studies to analyze efficiency of regional festivals by means of DEA in order to make the accurate evidences to identify optimal input and output combination.

본 연구는 전기전자, 유통, 화학, 기계, 기타 업종에서 국제마케팅 활동을 수행하고 있는 100개의 국내기업들을 대상으로 기업의 글로벌제품관리와 경영성과 간의 관련성을 검증하였다. 글로벌제품관리에 대해서 욕구 유사성은 품질, 글로벌품질, 디자인, 제품설계, 브랜드 등의 제품 특성을 중심으로 측정하였으며, 또한 사용여건의 유사성은 포장, 제품속성, 서비스, 제품보증, 원산지 등의 제품 특성을 중심으로 측정하였다. 경영성과는 재무성과, 고객만족도, 마케팅성과 등을 중심으로 측정되었다. 본 연구의 실증분석결과 다음과 같은 연구결과를 얻었다. 첫째, 기업의 글로벌제품관리에 대한 소비자의 욕구 유사성은 경영성과에 유의한 정의 영향을 미친 것으로 나타났다. 둘째, 기업의 글로벌제품관리에 대한 사용여건의 유사성은 경영성과에 유의한 정의 영향을 미친 것으로 나타났다. 셋째, 기업의 글로벌제품전략은 글로벌제품관리에 대한 소비자의 욕구 유사성과 사용여건의 유사성에 따라서 완전표준화, 완전현지화, 촉진현지화, 제품현지화 전략 등 4개의 글로벌제품전략 유형이 도출되었다. 글로벌제품전략에 따라 경영성과의 유의한 차이가 나타났으며, 특히 글로벌제품전략의 유형 중에서 완전표준화 전략이 경영성과가 가장 높게 나타났으며, 제품현지화 또한 경영성과에 높은 유의적인 차이를 나타냈다

This paper examined the global product strategy and business performance. Based on the relationship between the similarity for needs and the similarity for usage environment. global product strategy types were classified such as pure standardization, pure localization, promotion localization, and product localization. Quality, global quality, design, product design, brand were used as proxy for similarity for needs. Packaging, product attribute, services, product guarantee, country of origin were used as proxy for similarity for usage environment. Business performance was measured by financial performance, customer satisfaction, and marketing performance. As broadening operations into overseas markets, korean corporations face difficulties in management due to their neglecting global marketing activities especially in global product management such as service level, product differentiation, product type and products volume and weight. With the trend of high requirements of global product management, products which are adjacent to customers require higher standard of service level. Product differentiation particularly in terms of global product management has an great impact on global marketing activities. In general, high quality differentiated products are easy to enter global market through direct exporting while low quality differentiated products are easy to be produced domestically and then to be exported. The high quality differentiated products pay less marketing activity costs since the products are not competitively priced. In comparison, the low quality differentiated products pay more marketing costs since the products are competitively priced. Product type have a great impact on global marketing activities in terms of producing technologies and economy of scale. Products of licensed technologies are easy to enter global market. Products of economies of scale are easy to be produced domestically and then to be exported directly. Product volume and weight have also an great impact on global marketing activities. In general, high priced products by their large volume and weight are easy to enter global market because of their inherent competitiveness. In comparison, low priced products compared to their volume and weight are more suitable for domestic production because of their lower competitiveness. Thus, the purpose of this paper is to analyze the relationship between global product management and business performance. The list of this project is provided as follows: the relationship between global product desire similarity and management, the relationship between global product using condition similarity and management and the relationship between global product strategy and management. Based on the analysis of the one-hundred global marketing cases, the following results were found. First, the similarity for needs and business performance are significantly influenceable. Second, the similarity for usage environment and business performance are significantly influenceable. Third, based on the similarity for needs and he similarity for usage environment, typology of global product strategy was drawn. Global product strategy and business performance are significantly different.

21세기 글로벌 경제에서, 기업들은 기회와 위협을 동반한 급변하는 경영환경에 직면하고 있다. 이와 같은 환경에서 조직행동 연구자들은 조직 창의성 증진을 위한 리더의 역할 중 CEO의 리더십을 강조하고 있다. 그러나 조직 창의성 증진을 위한 CEO 리더십 연구는 대부분 양적연구에 치중되어 있는 실정이다. 따라서 본 연구는 CEO의 리더십과 조직 창의성에 관한 연구를 질적 방법으로 수행할 필요성을 인식하였다. 본 연구의 목적은 CEO의 변혁적 리더십과 창조성의 관계에서 조직문화의 조절역할을 알아보는데 있다. 첫째, 본 연구는 CEO의 변혁적 리더십과 창의성에 관련 선행연구를 제시하였다. 둘째, CEO의 변혁적 리더십과 창의성의 관계를 알아보았다. 마지막으로, 본 연구는 CEO의 변혁적 리더십과 창의성의 관계에서 조직문화의 조절효과를 알아보고자 하였다. 본 연구의 연구목적을 달성하기 위해서, ‘L’과 ‘W’ 회사의 CEO들과 종업원을 포함하여 각각의 직급에 39명을 심층인터뷰 하였다. ‘L’ 회사는 2009년 1월 20일~24일까지 인터뷰를 실시하였으며, ‘W’ 회사는 2009년 2월 16일~20일까지 인터뷰를 실시하였다. 위의 선행연구와 인터뷰를 토대로 본 연구는 3가지 명제를 제시하였다. 첫째, CEO의 변혁적 리더십은 조직구성원 창의성 증진에 영향을 줄 것이다. 둘째, 조직문화는 CEO의 리더십 스타일과 유사하게 되며, 셋째, 조직문화가 CEO의 변혁적 리더십을 체화했을 때 더욱 크게 구성원의 창의성에 영향을 줄 것이다. 본 연구는 다음과 같은 의의가 있다. 첫째, 본 연구는 창의성을 증진시키는 CEO의 변혁적 리더십의 역할을 검증하였다. 다음으로, CEO의 변혁적 리더십과 창의성의 관계에서 있어서의 조직문화의 역할을 인터뷰를 통해 제시하였다. 마지막으로, 기업의 관리자들에게 오랫동안 중요한 이슈가 되었던 조직 창의성 증진을 위한 방법을 실무적으로 제시하였다

In the 21st century’s global economy, corporate faces rapid and turbulent changes filled with opportunities and thrests. Under this circumstance, much of the research on organizational behavior emphasizes the role of the leadership on creativity and especially the authors has been said that the CEO’s leadership takes a role of major antecedent for organizational creativity. However, most of precedent studies of the topic are studied to choose quantitative methods. Therefore, we recognized the necessity for performance to do qualitative research in this area. This study aimed to identify the relationship between CEOs’ transformational leadership style, organizational culture, and creativity. Frist, we sought to contribute to the literature by explaining how CEOs’ transformational leadership was related to creativity. Second, this study investigated the relationship between CEOs’ transformational leadership style and creativity. Lastly, we test whether organizational culture moderated this relationship. For our study, we performed in-depth interviews with the CEOs and employees of different positions of 39 in ‘L’ and ‘W’ companies. We carried out interviews on January 20 through 24, 2009 in ‘L’ company and did the interviews in ‘W’ on February 16 through 20, 2009. Through the discussion, the study has developed the following propositions. First, we proposed that CEOs’ transformational leadership positively related to followers’ creativity. Second, the organizational culture will have similar characteristics to the CEOs’ leadership styles to a certain extent. Our third proposition that the organizational culture enhances the relationship between CEOs’ transformational leadership and the follower’s creativity. Based on the prior studies we sought to contribute to the existing literature in two aspects. First of all, this study examined the effectiveness of CEOs’ transformational leadership fostering creativity. Also, we found that organizational culture played a critical role in the relationship of CEOs’ transformational leadership and creativity. Therefore, it provided practical implication to managers how to promote creativity that organizational behaviors have been a long time issue. Even though this study has the implication, it still holds several limitation which are recommended to be improved in coming studies. Both transformational leadership and transactional leadership differ form each other the theoretically. But most leader may possess mixed characteristics of transformational and transactional, we need to identify objective indicators to separate two leaderships. Next, we have the limitation, it is problem to measure of organizational culture. Organizational culture cannot be changed overnight, and it will need extra time to catch up with the CEOs’ new leadership style. Finally, this study only adopted the qualitative research approach but it would be necessary to perform quantitative research to develop the reliability and validity of future study in this area

본 연구는 외환위기 이후 정부에 의해 추진된 감사위원회 제도와 같은 회계제도의 개선으로 회계정보의 투명성이 향상되고 그 결과 회계정보의 유용성이 증가되었는지를 검증하고자 하며, 이를 위해 2000년부터 2008년까지의 재무제표의 유용성 변화 문제를 실증분석하였다. Ohlson(1995)의 가치평가모형에 의하면 회계이익과 순자산은 주식가치를 결정하는 핵심적 회계변수들이며 또한 주식가치에 대한 영향에 있어 한 변수의 비중이 작아지면 다른 변수의 비중이 커지는 관계에 있다. 즉, 회계이익의 가치관련성(value relevance)이 감소하더라도 순자산의 가치 관련성이 증가함으로써 회계정보의 전체적인 유용성은 유지될 가능성이 있으므로, 본 연구에서는 회계이익과 순자산의 유용성 문제를 함께 고려하여 재무제표의 유용성에 대한 기간적 변화 여부를 분석한다. 또한 거래소 상장기업들에 비해 코스닥 상장기업들의 감사의견, 또는 경영투명성관련제도의 도입 및 운영에 차이가 있다는 판단 하에 주식시장을 거래소와 코스닥으로 구분하여 각 시장별로 회계정보의 가치 관련성의 추세를 검증하였다. 검증결과 주당순자산과 주당순이익을 함께 고려하여 기간에 따른 회계정보의 유용성을 검증한 결과 전체표본과 거래소 상장기업의 경우 TIME 계수의 부호가 모두 양(+)이며 1% 수준에서 통계적으로 유의하였다. 코스닥 상장기업의 경우도 통계적으로 유의하지는 않으나, TIME 계수가 양(+)으로 나타났다. 이러한 결과는 기존연구들과 마찬가지로 2000년 이후 주식시장 특히 거래소 시장에서 회계정보의 유용성(R2)이 향상되었음을 의미한다. 또한 기업의 지배구조를 개선하기 위한 여러 개혁적 조치 중 특히 감사위원회 제도는 경영자에 대한 내부 감시 및 통제 그리고 내부통제구조에 대한 감시를 통해 재무제표의 투명성을 향상시키는데 기여할 수 있을 것이라는 판단 하에, 감사위원회 설치 여부에 따른 차이 및 더 나아가 설치한 경우 사외이사가 차지하는 비중이 높고, 수가 많을수록 회계정보의 가치 관련성 증가하는지를 검증하였다. 연구결과 감사위원회 설치 기업의 회계정보의 유용성이 높게 나타났으며, 감사위원회 설치기업 중에서도 사외이사가 차지하는 비중이 높은 경우 회계정보의 유용성이 상대적으로 높은 것으로 나타났다. 이러한 결과는 회계제도의 보완을 통해 주식시장에서 회계정보의 유용성이 증대될 수 있다는 연구가설을 증명하고 있다

The purpose of this study is to verify wether there has been an increase in the usefulness of accounting information as the result of elevation of transparency in accounting information due to various accounting system improvements(ex: The Audit Committee System) promoted by the government after the Asian Financial Crisis. For this we have empirically analyzed the financial statement's change in usefulness issue from the year 2000 until 2008. According to Ohlson(1995)’s, accounting earinings and net assets are the core accounting variables that decide the value of shares. Also, they are in a relation that if one variable's weight decreases in the effect it has on the value of shares the other variable's weight increases. In other words, even thought the value relevance of the accounting returns decrease, as the value relevance of the net assets increase there is a possibility to maintain the overall usefulness of the accounting information. Therefore in this study, we analyze the wether there is a periodical change in the financial statement’s usefulness, considering the usefulness of the accounting returns and the net assets together. Also, under the judgement that there are differences in the audit comments or the introduction and operation of the management transparency related system of the KOSDAQ companies compared to the companies in the stock exchange, we have separated the stock market into the stock exchange and the KOSDAQ. Also, we have verified the tendency in the value relevance of accounting information in each market. As we verified the usefulness of accounting information by period, considering both book value and net profit per share, in case of all the specimens and stock exchange companies, their TIME coefficient’s sign were all positive(+) and at the 1% level were statistically n the KOSDAQ companies’ case their TIME coefficient’s signs were positive(+) but were not statistically meaningful. These results, same as the previous studies, mean that since 2000, in the stock market-especially the stock exchange-the usefulness(R2) of accounting information has improved. Also, under the judgement that among the many reformist measures to improve corporate governance, the audit committee system especially, can contribute to the enhancement of the transparency in financial statements by internal observation and control of the manager and observation of the internal control structure, we have verified the difference from wether an audit committee was installed and by extension, when the audit committee is installed wether the value relevance of accounting information increases as the importance and number of outside directors increase. In the results of this study, the usefulness of accounting information was shown high in companies that have installed an audit committee and among the companies that have installed an audit committee, the companies that had more weight in outside directors, relatively had higher usefulness in accounting information. This kind of result proves the research hypothesis that through supplementation of the accounting system the usefulness in accounting information in the stock market can be increased.

본 연구는 최근 급변하는 경영환경에서 기업이 지속적인 경쟁우위를 달성하는데 있어 중요한 개념인 혁신에 관한 연구로 리더십의 관점에서 접근하였다. 따라서 연구의 목적은 다음과 같다. 첫째, 창의적 리더십에 대해 고찰하고 창의적 리더십과 혁신행동과의 관계를 검정한다. 둘째, 창의적 리더십과 심리적 임파워먼트 및 직무만족과의 관계를 검정한다. 셋째, 심리적 임파워먼트 및 직무만족과 구성원의 혁신행동간의 관계에 대해 고찰한다. 이상의 연구목적을 통해 기업이 지속적인 경쟁우위를 달성하기 위한 전략적 시사점을 제시하고자 한다. 이러한 연구 목적을 달성하기 위해 서울 경기에 위치한 서비스기업의 임직원 259명의 표본을 대상으로 SPSS 12.0과 AMOS 5.0을 통하여 신뢰성분석, 요인분석, 상관분석, 경로분석 등을 통해 본 연구에서 설정한 연구가설을 검정하였다. 연구결과를 바탕으로 다음과 같은 학문적 시사점을 제시할 수 있다. 조직구성원의 혁신행동에 직접적으로 영향을 미치는 선행요인으로 심리적 임파워먼트, 직무만족과 창의적 리더십을 제시하였다. 창의적 리더십은 혁신행동에 상대적으로 적은 영향력을 미치지만 심리적 임파워먼트, 직무만족에 큰 영향을 미치는 선행변수로 중요한 의미를 갖는다고 할 수 있다

This study investigates the effect of the relationships between creative leadership, psychological empowerment(meaning, competence, self-determination, impact), job satisfaction and innovative behavior. For these purposes, the authors has developed several hypotheses as follows: H-1: The creative leadership is associated with the innovative behavior of employer. H-2: The creative leadership is associated with the psychological empowerment of employer. H-3: The creative leadership is associated with the job satisfaction of employer. H-4: The psychological empowerment is associated with the job satisfaction of employer. H-5: The psychological empowerment is associated with the innovative behavior of employer. H-6: The job satisfaction is associated with the Innovative Behavior of employer. Data has been collected from 259 respondents for this study using a questionnaire method. The survey for the actual analysis of the research was done and analyzed with the employer at 3 firms in Seoul, Korea. The positive analysis was done with SPSS 12.0K statistics package and visual PLS program using the analysis techniques of frequency analysis, reliability analysis, correlation analysis and factor analysis. In addition, structural equation modeling was conducted using AMOS 5.0. The data was analyzed by frequency analysis using SPSS 12.0 and structural equation modeling using AMOS 5.0. The result of the overall model analysis is as follows: Chi-Square = 378.306, d.f. = 107, p-value = 0.0, GFI = .904, AGFI = 0.863, IFI = 0.939, NFI = 0.917, RMSEA = 0.079, TLI = 0.922. The results of the overall model analysis were coherent. The following study results were revealed: First, creative leadership was related positively to psychological empowerment, job satisfaction and innovative behavior. Second, psychological empowerment was related positively to job satisfaction and innovative behavior. Finally, job satisfaction was related positively to innovative behavior. Based on the results, the study offers strategic implications for human resource management in firms. Looking from these results of the study, it was found out that employer’ innovation behavior can be increased when firms members demonstrate their creative leadership indirectly through methods members recognize organization justice higher and through methods promoting organization psychology empowerment of members instead of directly exercising their creative leadership on managers for increasing members’ innovation behavior.

이 연구는 국내외로 급변하는 현대 기업환경에 있어서 위기관리의 중요성을 인식하고 새로운 동향의 위기관리 전략에 대해 미국·영국 등 선진외국과 글로벌 기업들의 Pandemic Planning 사례를 중심으로 고찰하여 기업들이 위기상황에 보다 효과적으로 대처할 수 있도록 국내 실정에 맞는 위기관리 체계(Framework)와 전략 모델을 도출하려는 시도이다. 기업이 현존하는 또는 잠재적인 모든 위기상황을 상정해서 예방한다는 것은 현실적으로 불가능하지만 미리 체계적으로 잘 고안·준비된 위기관리 및 대응계획을 마련해두고서 평소 위기관리팀 등을 통해 위기대응의 프로세스와 역할을 이해하고 체득해둔다면 실제 위기가 닥쳤을 때 기업에 미칠 영향과 피해를 최소화하거나 이상적인 방향으로 비즈니스 연속성을 유지해 나갈 수 있을 것이다. 이를 위해 기업 내 인적 자원·자산 및 인프라(Infrastructure)를 최대한 효과적으로 활용할 수 있고 검증 가능한 위기관리 전략의 수립 과정에서 고려해야 할 핵심요소를 11가지로 정리하였다. 또한 위기관리 및 위기대응 역량 제고를 위한 프로세스의 수립을 돕기 위하여 Pre-crisis Stage, Preparation Stage, Crisis Stage, Post-crisis Stage의 4단계 위기관리․대응 체계를 상정하였다. 이를 토대로 바람직한 위기관리 전략 구상을 위해 유의해야 할 사항들을 선행연구 및 다양한 이론의 검토를 통해 살펴본 후 국내 기업의 실정에 맞는 위기관리 프로세스 구현을 위한 전략 모델의 요건을 제시하고자 하였다

This study aims to review the central contributions to the emergency response and crisis management literature and details the major phases within which crises occur. This paper seeks to develop a schematic model for crises and concludes that senior management needs to acknowledge both the very significance of establishing a strategic crisis management process and the limitations of its contingency planning in order to allow for more effective decision-making. This research also advocates that adequate communication plays a significant role between the organization and its stakeholder. The strategic planning model in this research suggests that there are four phases within a crisis and during its response: the pre-crisis phase in which the potential for a crisis is created, the preparation phase, the crisis phase, and the post-crisis phase. The resultant model provides a framework for the subsequent analysis of crisis events and the crisis management process. The primary purpose of this study is to suggest an effective model in crisis management for corporations. In this study, the researcher used literature reviews and empirical methods. The literature reviews herein cover theoretical discussions on crisis management and disaster recovery. In addition, the researcher conducted extensive case studies of pandemic planning in MNCs, and examined distinct differences between traditional approaches and contemporary theories on crisis management. The goals of and findings during this research are as follows: Above of all, this study found and analyzed the emerging trends in the crisis management perspectives. Secondly, the researcher examined the impact and cost of a crisis to the corporate environment, particularly focusing upon pandemic cases and subsequent planning practices. Lastly, a four-phase(stage) framework was selected and used to propose a comprehensive crisis management process model. The limitation of this study can be lack of statistical data and/or attempts to examine previously un-researched area in the field of crisis management. Thus, to supplement this study, more objective theoretical models and frameworks are needed to examine the relationship between crisis management and core values in enterprises, such as sustainable development.

본 연구는 경력계획(career-planning)이 경력만족(career-satisfaction)과 경력몰입(career- commitment)에 미치는 영향에 대하여 개인 심리적 특성(individual psychological characteristic)인 자아존중감(self-esteem)과 자기효능감(self-efficacy)을 매개효과로 하여 실증분석을 실시하였다. 한국의 부산, 경남 지역 내에 위치하고 있는 기업의 조직구성원들을 대상으로 최종적으로 210부의 설문지를 사용하여 SPSS 14.0 통계프로그램으로 분석하였다. 빈도분석과 신뢰도 분석, 요인분석, 상관관계 분석 그리고 가설 검증을 위해 회귀분석을 실시하였다. 경력계획은 개인 심리적 특성과 경력만족, 경력몰입에 정의 유의한 영향을 미치고, 자아존중감은 경력계획과 경력만족 간의 관계 그리고 경력계획과 경력몰입 간의 관계를 매개하고 있다. 경력계획과 경력만족 간의 관계 그리고 경력계획과 경력몰입 간의 관계를 매개하기 위해서는 개인 심리적 특성 중 자기효능감 보다는 자아존중감이 더 효과적이고 유의하다. 즉, 경력계획을 가지고 있으면 자아존중감이 높아지게 되고 이는 더욱 높은 경력만족과 경력몰입을 가져온다고 할 수 있다

The purpose of this paper is to investigate the effects of career-planning on career-satisfaction and career-commitment, focusing on the mediating effects of individual psychological characteristic such as self-esteem and self-efficacy. The samples consist of 210 survey data drawn from Korean employees in the firms located in Kyongnam area. The data are analyzed by statistical package, SPSS 14.0 for Windows. To test hypothesis, Frequency analysis, Reliability analysis, factor analysis, and multiple regression analysis are used. The results are as follows:First, career-planning is significant and positive relationship with individual psychological characteristic such as self-esteem and self-efficacy. It means that career-planning has given rise to the belief that employees regard themselves as important, talented, and valuable and they can make a success of their purpose. Second, career-planning is significant and positive relationship with career-satisfaction and career-commitment. It means that through the career-planning general psychological directivity about private career is boosted, motivation to work hard in the occupation chosen is enhanced, and attitude for their job is improved. Third, individual psychological characteristic affects career-satisfaction partially. That is, self-esteem is significant and positive relationship with career-satisfaction, whereas self-efficacy is not. It means that to enhance career-satisfaction, it is in effect to boost self-esteem rather than self-efficacy. Fourth, individual psychological characteristic is significant and positive relationship with career-commitment. In other words, the results shows that individual psychological characteristics such as self-esteem and self-efficacy are significant and positive relationship with career-commitment. Fifth, in examing the mediating effect of individual psychological characteristic between career-planning and career-satisfaction, self-esteem is a mediator but self-efficacy is not. Specifically, the result shows that career-planning have an indirect effect rater than direct effect on career-satisfaction because an indirect effect that career-planning have on career-satisfaction through self-esteem is bigger than a direct effect that career-planning have on career-satisfaction. Sixth, in examing the mediating effect of individual psychological characteristic between career-planning and career-commitment, self-esteem is also a mediator but self-efficacy is not. That is, the result shows that career-planning have an indirect effect rater than direct effect on career-commitment because an indirect effect that career-planning have on career-commitment through self-esteem is bigger than a direct effect that career-planning have on career-commitment. Finally, through the additional analysis, we have found that there is difference in career-planning, self-esteem, self-efficacy, career-satisfaction, career-commitment according to position, scale of organization, annual income. Moreover, self-esteem, one of the individual psychological characteristics, is a mediator, but self-efficacy is not, Thus, to explore the moderating effect of self-efficacy, the additional analysis is done. The result indicates that there is a moderating effect between career-planning and career-satisfaction, but there is not any effect between career-planning and career-commitment. Synthetically, career-planning is significant and positive relationship with individual psychological characteristic, career-satisfaction, career-commitment. Only self-esteem of the individual psychological characteristics plays a role of mediating not only between career-planning and career-satisfaction, but also between career-planning and career-commitment. It means that self-esteem is more effective in mediating relationships between career-planning and career-satisfaction and career-planning and career-commitment. In other words, when there is career-planning, self-esteem is enhanced, and it brings higher career-satisfaction and career-commitment.

본 연구는 정부의 수출지원이 중소기업의 수출에 미치는 효과를 수출모형을 기반으로 실증⋅분석하였다. 이러한 분석을 위해 2005～2008년 기간 동안 정부의 중소기업 수출지원금 자료, 전체산업을 대상으로 한 중소기업 수출통계와 기업의 재무제표자료를 통합한 패널자료를 구축하여 이 연구에 최초로 사용되었다. 정부의 수출지원 정책의 효과를 분석함에 있어서 대응적 사실의 문제를 조절하기 위해 DID 기법을 사용하였고 수출지원금의 내생성 문제를 완화하기 위하여 2단계 Tobit 모형을 활용하였다. 이 연구의 핵심적 추정결과를 보면, 우선 정부의 수출지원에 대한 추정계수는 전체기업을 대상으로 하거나 DID 표본 기업을 대상으로 추정하거나 관계없이 모든 모형에서 수출지원이 수출에 긍정적인 역할을 하고 있는 것으로 나타났다. 정부의 수출지원금의 추정계수가 모든 모형에서 양(+)의 부호로 통계적으로 유의하게 나타났다. 이는 정부의 수출지원이 중소기업의 수출에 긍정적인 효과를 미친다는 것을 시사한다. 다음으로, 정부의 수출지원금의 내생성과 표본선정 편의를 고려한 추정결과에서도 정부의 수출지원은 모든 모형에서 중소기업의 수출에 통계적으로 유의하게 영향을 미치는 것으로 나타나 정부의 수출지원정책이 중소기업의 수출에 긍정적인 영향을 미치고 있음을 재확인할 수 있다. 마지막으로, 기업 업력과 종업원 1인당 연구개발투자에 대한 추정계수는 전체적으로 양(+)의 부호로 유의하게 나타났다. 이 결과는 기업 업력이 높아질수록 수출 인프라가 형성이 되기 쉽고 기술력이 누적되어 수출역량이 높아지는 것을 시사한다. 또한 근로자 1인당 연구개발비는 수출에 양의 부호로 통계적으로 유의한 영향을 미치는 것으로 나타났다. 이러한 결과는 중소기업의 수출지원 대상을 선정함에 있어서 기업의 업력과 연구개발비 등을 고려한다면 수출지원 정책의 효과를 더욱 제고할 수 있음 시사한다

This paper investigates export effects of government subsidy to Korean small and medium sized enterprises(SMEs) based on the export model. The paper employs a unique data set on government export subsidy to SMEs over the period 2004～2008 for listed and non-listed companies. Two characteristics of the distribution of export among SMEs and government subsidy create estimation problem. First, a large portion of small and medium sized firms does not export actually. Second, government export subsidy can be endogenous where government may subsidize the SMEs which are selected on the basis of their firm performance and export activities as well. Because of these two characteristics, ordinary least squares applied directly to the export model would yield imprecise and possibly inconsistent estimates of the effects of export subsidy and other factors on export for SMEs. For these reasons, the paper controls for the distributional problem of export and endogeneity of export subsidy using a Tobit procedure, and for counterfactuals between government subsidy and SME's exporting using the DID method. DID estimator can mitigate the selection bias caused by the counterfactual outcomes, using non-subsidized firms to evaluate what would have happen to subsidized firms if they had not been subsidized by the government The DID estimator, nevertheless, could have the potential endogeneity problem which may arise when the probability of being selected by government is correlated with error terms. Our empirical results show that estimated coefficients for export subsidy to SMEs are positively significant regardless of sample size, either all firms or the DID sample firms. This implies that government export subsidy should be positively associated with SMEs' exports. Next, estimated coefficients for firm age and R&D investment per worker are found to be significantly different from zero. This implies that export subsidy effects could be expanded when government should provide export subsidy to more R&D-investing and more experienced SMEs. In sum, our empirical findings suggest that the Korean government export subsidy policy should play an important role in promoting export by lowering manufacturing costs of the SMEs. In this context, the Korean subsidy policy seems to be partly successful to stimulate export of SMEs.

브랜드 이미지나 제품 속성에 대한 기업들의 관심과 이에 대한 영향을 지지하는 실증적 연구결과에도 불구하고 이 두 요인을 함께 고려할 때, 소비자의 브랜드 선택에 어느 정도의 영향을 미치고 있는지에 대해서는 충분한 연구가 이루어지지 않고 있다. 본 연구는 대형승용차에 대한 설문조사를 통하여 브랜드 이미지와 제품 속성 요인이 구매의도에 미치는 영향에 대해 실증분석 하였다. 분석결과, 제품의 외재적 속성은 구매의도에 통계적으로 유의한 정(+)의 영향을 미치는 것으로 나타났으나, 제품의 내재적 속성은 정(+)의 영향을 미치기는 하였으나 통계적으로 유의하지 않았다. 또한 브랜드의 상징적 이미지는 구매의도에 통계적으로 유의한 정(+)의 영향을 미치는 것으로 나타났으나 기능적 이미지는 정(+)의 영향을 미치기는 하였으나 통계적으로 유의하지는 않았다. 한편, 브랜드 이미지와 제품 속성간의 상관관계는 하위요인들 모두 통계적으로 유의한 것으로 나타났다. 각 경로계수의 크기는 브랜드의 상징적 이미지, 제품의 외재적 속성, 제품의 내재적 속성, 제품의 기능적 이미지의 순이었다. 이러한 결과를 종합해볼 때 본 연구의 대상제품 특성상 외형적으로 드러나거나 느껴지는 브랜드의 상징적인 이미지와 제품의 외재적 속성이 구매의도에 가장 큰 영향을 미치므로 대형승용차 메이커들은 다른 요인들에 비해 상대적으로 이들 요인들을 소비자들에게 부각시키기 위해 많은 노력을 기울여야만 한다는 것을 알 수 있다

Despite of the empirical research results that brand image and product attributes influences upon customers’ purchase intentions, there have not been enough researches on how much customers' brand choice is affected by the both of brand image and product attributes simultaneously. Based on survey for full sized sedan, we investigated its brand image and attributes and analyzed lastly how these factors affected customers’ purchase intentions. Based on analysis, it was shown that symbolic image of brand affected positively(+) purchase intentions and this effects were statistically significant. On the other hand, functional image affected positively(+) purchase intentions similar to symbolic image, but the effects were not statistically significant. Likewise, the external attributes of product affected positively(+) purchase intentions and this effects were statistically significant. while the internal attributes of product affected positively(+) purchase intentions similar to symbolic image, but the effects were not statistically significant. Meanwhile, it was shown that all correlations between brand images and product attributes were positive(+) and they were statically significant. Considering the results of this study, we can see that product attributes and brand images hane the close relationship and they affect customers’ purchase intentions. Especially, because the object of this research is a full sized sedan, it is very important that a big sized car maker should make lots of efforts on showing external attributes and symbolic images of product to customers in the way of advertising. The results of this study tell us that symbolic images and external attributes of product have influence upon purchase intentions among 4 measures (that is functional images, symbolic images, internal attributes and external attributes). The specific measurements of symbolic images are successful image and attractive image, vivid image, modern image, strong image. So, in order to increase the symbolic images, car makers should emphasize these images continuously according to the slogan of ‘energetic luxury’ in the sides of various marketing activities. The specific measurements of external attributes are the degree of advertising and proper price, the condition of monthly payments and sales, warranty period. So, in order to increase the external attributes, car makers should level up the degree of advertising and provide various conditions for sale and activate service system according to the warranty period. This study has some limitations. First is the generalization issue. Second is measurement issue. And third is research model issue. If conducting further research under the consideration of these limitations, the more fruitful results can be produced.

본 연구에서는 군 조직을 대상으로 변혁적 리더십의 특성과 리더의 변화지향성이 조직구성원의 혁신성과에 미치는 영향 및 조직구성원이 인식하는 가치일치와의 조절효과를 회귀분석을 통하여 분석하였다. 주요 연구결과는 다음과 같다. 첫째, 변혁적 리더십과 리더의 변화지향성은 조직구성원의 혁신성과 중 창의적 행동에 유의한 정(+)의 관계를 갖고 있는 것으로 나타났다. 둘째, 변혁적 리더십 및 리더의 변화지향성과 조직구성원의 혁신성과 간의 관계에서 조직구성원이 인지하는 가치일치의 조절효과를 검증한 결과, 조직구성원들의 창의적 행동에 대해서 정(+)의 조절효과가 존재하는 것으로 나타났다. 본 연구 결과, 군 조직의 리더들은 조직구성원들의 혁신성과를 고무시키기 위해서 변혁적이고 변화지향적인 리더십의 성향을 공유하려는 노력과 함께 상호 가치관의 일치를 제고시키기 위한 지속적인 노력이 필요한 것으로 나타났다. 아울러 이러한 분석결과를 바탕으로 디지털 시대에 적합한 보다 확대된 의미의 변혁적 리더십의 범위를 규정하는 데 있어서 리더의 변화지향성이 갖고 있는 시사점을 제시하였다

OTransformational leadership is the center of scientific leadership study and it is the most widely used practical approach in recent times. The reason is the innovative nature inherent in the concept of transformational leadership, which is more appropriate for a rapidly changing business environment. Some research emphasizes the role of leader as the main change agent, suggesting transformational leadership as an appropriate form of leadership for organizational reform. However, it is expected that pursuit of innovation and performance within a framework of established factors has certain limitations in a rapidly changing management environment. Therefore, this implies that it is necessary to accommodate the contrary results of preceding studies and to examine various research models and samples that can promote innovation in this digital era. In addition, it is necessary to fully study supplementation of primary factors through parallel analyses on different types of leadership. Based on this critical approach, I carried out this research with the ROK army of military organization as a sample which has an increasing need for innovation. In relation to this, this study has looked closely at transformational leadership and change orientation as the leadership characteristics necessary for the military organization to successfully innovate. To verify the theories of this study we did 281 pairs of samples of survey targeting officers serving in a field infantry division form January 29th, 2010 through February 13th. Results of hierarchical regression performed and major suggestions of this research are the followings. First, results of the analysis that transformational leadership has significant positive(+) relation with creative activity of organizational members are in line with those arguments in precedent researches that transformational leadership contributes the most to the organizational change. Second, effectiveness of change orientation of a leader has been verified. Extending analysis scope to creative activity by adding it onto change-oriented leadership of organization members in previous transformational leadership, the result verified that both have positive(+) relation. The results showed that change orientation of a leader is an independent factor from sub factors of transformational leadership in increasing innovative performance of organizational members and, at the same time, has positive(+) relation apart from the influence of transformational leadership. These results suggested that subsequent researches are required to carry out on increased effectiveness of various leadership performance variables when reestablishing concept of leadership by utilizing change orientation of a leader as sub factors of transformational leadership or by adding it to transformational leadership. Third, this study verified moderating effect of value congruence that organization members recognize by targeting transformational leadership and change orientation of a leader in the military organization. According to the results, it has significant positive(+) interaction on creative activity of organization members but no significant effect of interaction was identified on innovative activity. This is thought to be due to the difference in evaluation method and survey objects and gap in mutual recognition on leadership characteristics and we consider additional empirical studies are needed.

본 연구는 육군항공 부대의 대대급 이하 제대 지휘관 리더십 유형이 직무만족에 미치는 영향에 대해 알아보고, 또한 지휘관의 리더십 유형에 따른 직무만족에 계급, 복무구분, 직책, 근속년수 등 인구 통계학적 변수가 어떠한 영향을 미치는지를 실증적으로 규명함으로써 지휘관의 효과적인 리더십 발휘 및 부대관리를 위한 정책적 시사점을 도출하는데 연구의 목적이 있다. 실증분석을 위한 표본 및 자료 수집 방법은 강원도지역에 있는 육군항공부대를 대상으로 설문조사를 실시하였다. 설문은 총 165부를 배부하여 157부를 회수하였으며 150부의 설문결과를 최종 분석에 사용하였다. 변수의 분석을 위해 빈도분석, 독립표본 t검증과 일원변량분석, 상관분석, 다중회귀분석 및 다중공선성 분석 등이 실행되었으며, 분석결과에 따른 관리적 시사점을 여타 일반조직에 대한 선행연구결과와 비교하여 제시하였다

This study examined the relationships among transformational leadership, transactional leadership, and job satisfaction and the moderating effects of demographic variables between transformational leadership and job satisfaction. Data were collected from the Army Aviation Units in Kangwon Province and analyzed using the regression analysis, ANOVA, t test as well as Scheffe test. Results of empirical study are summarized as follows:First, the direct effects of transformational/transactional leadership on job satisfaction were statistically significant. However, the effect of transformational leadership on job satisfaction were more significant than that of transactional leadership on job satisfaction in the sample of Army Aviation Units. Second, the mediating effects of demographic variables in the relationship between transformational leadership and job satisfaction were verified. We liste a couple of implications for studying the relationships between transformational leadership and organizational effectiveness as well as between transactional leadership and organizational effectiveness including job satisfaction especially in the Army Aviation Units. It is more effective for the commanders to make their members to be potential transformational leaders in achieving organizational performance. Despite contributions of the present study, some limitations must be noted. The first pertains to generalizability. The results of this study are based on data obtained from members of Army Aviation Units located in Kangwon province, findings may be limited to other institutional environments. The second limitation involves methodology of this study. Our findings were based on cross-sectional data. Hence we must be careful to consider the possibility of reverse causality. Finally, a direction for future studies is suggested.

본 연구에서는 코스닥기업을 대상으로 합병기업의 공시 전후 30일 간의 주식수익률 분석을 통해 합병기업 주주의 부의 변화 여부를 살펴보고 M&A 유형이 주주부에 미치는 효과를 실증적으로 검증해 보았다. 분석기간은 2004년 1월부터 2008년 12월까지 5년 간 이었으며 최종 추출된 표본기업의 수는 95개이다. 실증분석 결과, 첫째, 합병기업과 피합병기업의 상장여부를 기초로 구성한 집단의 기간별 평균초과수익률(AAR) 및 누적평균초과 수익률(CAAR)을 분석한 결과 합병기업과 피합병기업이 모두 상장기업인 경우와 합병기업은 상장기업이며 피합병기업은 비상장기업인 경우 모두 사전기간(-15∼0)과 사후기간(+1∼+15)에서 정(+)의 평균초과수익을 보였다. 사전 및 사후기간 모두 주주의 부가 증가하지만 사전기간보다는 사후기간의 주주가 보다 많은 부를 획득하고 있음을 확인할 수 있었다. 둘째, 투자자들은 상장기업간 M&A보다는 상장기업과 비상장기업간 M&A에서 보다 높은 시너지를 기대하고 있는 것으로 나타났다. 셋째, 합병기업과 피합병기업의 EPS 및 R&D 투자 규모를 기초로 구성한 집단에 대한 분석결과 잉여자금을 확보하고 있는 기업이 R&D 투자 규모가 높은 기업을 합병하는 경우 합병시너지에 대한 기대가 가장 높은 것으로 나타났다. 반면에 EPS 및 R&D 투자 규모가 큰 기업 간의 소위 시장지배형 M&A는 우리나라 코스닥시장에서 다른 유형의 M&A에 비해 합병성과에 대한 기대수준이 다소 낮은 것으로 분석되었다. 넷째, 우리나라 코스닥시장 M&A의 경우 M&A 공시 이후 기간의 주주부의 증가가 보다 크다는 것은 투자자들이 투자시점을 결정하는데 유용한 정보로 활용될 수 있음을 시사한다

This study empirically examined the effects of mergers and acquisitions type on shareholders wealth in KOSDAQ market. The average abnormal return(AAR) and cumulative average abnormal return(CAAR) over the thirty-day event window(-15, +15) surrounding the merger announcement date are used to assess whether M&A type enhance shareholders wealth of acquiring firms. The analysis was carried out from January, 2004 until December, 2008 and the number of corporations for sampling was 95. For the purpose of this study, we composes the five portfolios the acquiring and acquired firm's characteristics based on whether or not the acquired firm is private, where acquiring firm is listed. Also with acquiring and acquired firm's EPS and R&D size. GPAI is M&A between listed firms. GPAII is M&A between the acquired firm is private, where acquiring firm is listed. GPBI is M&A between the acquiring firm possesses a relatively high surplus funds where acquired firm possesses a relatively high R&D ratio. In opposition GPBII is M&A between the acquiring firm possesses a relatively high R&D ratio where acquired firm possesses a relatively high surplus funds. Finally, GPBIII is M&A between firms with a relatively high surplus funds and high R&D ratio. The empirical results are as follows; First, Whether or not the acquired firm is private, where acquiring firm is listed gets significantly positive CAAR. Despite the M&A between listed firms have a lot of information already disclosure to the market investors should recognize M&A as a good news. And we find that ex-post date(+1∼+15) returns significantly higher than an ex-ante date(-15∼0). Which means that the shareholders wealth increases after the M&A announcements. Second, The acquisition yields are higher when the merging firm acquire the private firm when the acquiring is listed on the KOSDAQ market. There is a so-called unlisted M&A effects in KOSDAQ market. This might be due to information asymmetry in KOSDAQ market which is quite new compared with KSE. This findings indicate that investors are expecting a higher synergies when the listed firm acquires the private firm than the listed firm acquires the listed firm. We find the evidence that there is a wealth transfer from the existing shareholders to the new shareholders after the M&A announcements. Third, Investors are expecting a higher synergies when the firm owns a lot of surplus funds acquires firm with large investment in R&D. We believe that this combination helps a firm to expand growth opportunity. Forth, Whether it is due to inefficiency or due to valuation of the uncertainty about future corporate value increase shareholder wealth is greater than the period after the M&A disclosure can be utilized as useful information for investors to determine the time of investment. Our test results are consistent with those of the existing studies on the effect of shareholder wealth after the M&As in Korea. The limitation of this study can be summed up as follows; First, to generalize the results of this study is limited because each group the sample firms at 22 up to 38, the number of the target firms is different and relatively small. Second, enrichment with other data is required to get more accurate measurement of average abnormal return(AAR) and cumulative average abnormal return(CAAR) for acquiring and acquired listed firm. Third, Analysis with acquiring firm's stock return as well as rates of stock trading, ownership can be evaluated more precisely. To make up for this, the research should be established considering change in shareholders wealth in KOSDAQ market. Therefore, to supplement this study, more objective theoretical models that can bring out effects of mergers and acquisitions type on shareholders wealth in KOSDAQ market must be created, and also, further studies that can analyze it empirically are needed.