Earticle

본 연구에서는 1990～2009년간의 연간 시계열자료를 바탕으로 25개 선진국 및 19개 신흥국에서의 국제적 위험공유(Risk Sharing) 현황을 측정해 보고 이를 2001～2009년간의 연간 포트폴리오 자국편의(Home Bias) 측정치와 연관시킨 회귀분석을 행하였다. 위험공유는 거시경제적 균형 하에서 범세계적 실질소득 또는 실질소비의 증가율이 동조화되어 소득의 평활화(Income Smoothing) 또는 소비의 평활화(Consumption Smoothing)가 이루어지는 현상을 의미하는데 본 연구에서는 각국별 2000년 불변가격을 기준으로 실질소득과 실질소비의 측면에서 국별 위험공유를 측정하였다. 한편, 국제적 자본자산가격결정 모형(International CAPM)에 의하면 자산시장의 균형은 세계 각국이 모두 동일한 세계시장 포트폴리오를 보유함으로써 달성될 수 있다. 그런데 이러한 세계시장 포트폴리오에서 이탈하여 자산 포트폴리오에서 자국으로의 투자가 과도하게 진행된 상태를 포트폴리오 자국편의로 정의할 수 있는데 본 연구에서는 2001～2009년 동안23개 선진국과 19개 신흥국을 대상으로 주식시장과 채권시장을 구별하여 연도별 포트폴리오 자국편의를 측정하였다. 이때 거시경제적 균형과 자산시장적 균형을 통합적으로 해석할 경우에는 포트폴리오 자국편의가축소될수록 국제적 위험공유는 더욱 확대된다고 할 수 있다. 본 연구에서는 이와 같은 현상이 관측되는가를살펴보기 위해 포트폴리오 자국편의가 국제적 위험공유에 미치는 효과를 횡단면 회귀분석을 통해 측정하였다. 그 결과, 자국편의가 위험공유에 일정한 음(-)의 영향을 미친다는 사실이 비교적 일관되게 입증되었다. 한편 이 같은 결과는 전체적으로 소득의 위험공유에서보다는 소비의 위험공유에서 더욱 명확하게 확인되었고 권역별로는 선진국에서는 주식시장의 자국편의가, 그리고 신흥국에서는 채권시장의 자국편의가 각각 위험공유에 더 유의적인 영향력을 미치는 것으로 확인되었다.

In this paper, I analyzed effects of portfolio home bias on international risk sharing through cross-sectional regression. This analysis can be used to check the compatibility of market equilibrium condition in the sense of international CAPM with that in the macroeconomic sense of Arrow-Debreu world. For the estimation of income risk sharing (IRS) and consumption risk sharing (CRS) in 25 developed countries and 19 emerging market economies, country level data were utilized such as per capita GDP, per capita GNI, and per capita consumption during the year 1990 and 2009. The nine year averages from 2001 till 2009 for 44 individual countries' equity market home biases (EHB) and bond market home biases (BHB) were chosen as the explanatory variables in the cross-sectional regression on the international risk sharing estimates. Major findings are as follows;First, it is significantly confirmed that reduction of portfolio home bias and increase in international risk sharing move hand in hand, supporting the integration hypothesis between asset market equilibrium and international macroeconomic equilibrium. Second, portfolio home bias is proved to affect CRS more significantly than IRS. This can be explained that portfolio home bias act as more influencing factor to consumption smoothing process through borrowing or lending of each household and government rather than to income smoothing process through international trade of equity and debt. Third, it is verified that EHB affects the estimated CRS more significantly than BHB does in the developed market region while, on the contrary, BHB affects the CRS more clearly than EHB does in the emerging market region, initiating the possibility of frontier function of bond market especially in the emerging market zone in the process of capital market integration.

최근 소셜커머스라고 불리는 전자상거래 비즈니스 모델은 소셜네트워크 서비스를 통해 고객과의상호작용을 이끌어내면서 새롭게 각광받고 있다. 본 연구는 최근 이슈가 되고 있는 소셜커머스 사이트의 신뢰와 구매의도에 영향을 미치는 요인이 소셜네트워크의 대표적인 특성인 사회성과 개인화에 있다는 것을 실증 분석함으로써 향후 소셜커머스 사이트의 신뢰와 구매의도를 개선하기 위한 시사점을 제공하는 데 목적이있다. 분석결과 소셜네트워크의 사회성은 소셜커머스 사이트의 신뢰와 구매의도에 긍정적인 영향을 미치는것으로 나타났으며. 소셜커머스 사이트의 신뢰는 구매의도에 긍정적인 영향을 미치는 것으로 나타났다. 한편소셜네트워크의 개인화는 소셜커머스 사이트의 신뢰에 긍정적인 영향을 미치지 않는 것으로 나타났으나 소셜커머스 사이트의 구매의도에는 긍정적인 영향을 미치는 것으로 나타났다. 이는 국내 소셜커머스 사이트가고객들의 신뢰를 얻기 위해 소셜네트워크 서비스에 표현되는 개인의 다양성이나 개성과 같은 개인화 요소들을 적극 활용하지 못하는 현재의 서비스 상황을 반영하는 결과라고 해석할 수 있겠다.

Recently, Diffusion of social network services are having a devastating effect on E-Commerce. Especially, It is called Social Commerce that E-Commerce models is making new business models on E-Commerce. The purpose of this paper are to understand what effect of characteristics of social networks on trust and purchase intention of social commerce sites. For above-mentioned purpose, this research sets up and empirically analyze the research model about that. The results of this paper are as follows: First, two factors-sociability and personalization- as the characteristics of social network. among them, only sociability makes on the positive effect on trust of social commerce sites. Second, the personalization of social network did not have any significant effect on trust of social commerce. Thirdly, the trust of social network makes on affirmative effect on purchase intention of social commerce. Finally, the characteristics of social network make on the significant affect on purchase intention of social commerce.

본 연구는 기업가정신과 신상품 개발성과 사이에서 시장지향성의 매개효과를 검증하는 데에 주목적이 있다. 이와 같은 연구를 위하여 외식 프랜차이즈 종사원 267명을 대상으로 설문조사를 실시하였으며,기업가정신, 시장지향성 그리고 신상품 개발성과와 관련하여 총 3개의 가설을 설정하였다. 기업가정신 변수는 선행연구에 근거하여 총 7개의 문항을 사용하여 3개의 하위차원인 혁신성, 위험감수성, 진취성으로 측정하였고, 시장지향성 변수는 15개의 문항을 사용하여 고객지향성, 경쟁자지향성, 협력지향성 등의 3개 하위차원을 사용하였다. 본 연구의 실증분석 결과는 다음과 같다. 첫 번째, 기업가정신은 시장지향성에 정(+)의 유의한 영향을 미쳤다. 두 번째, 시장지향성은 신상품 개발성과에 정(+)의 유의한 영향을 미쳤다. 마지막으로기업가정신과 신상품 개발성과 사이에서 시장지향성의 매개효과가 증명되었다. 기업가정신은 시장지향성을통해 신상품 개발성과에 간접적인 영향을 미쳤다. 결론적으로 외식 프랜차이즈 기업은 신상품 개발성과를증가시키기 위하여 기업가정신과 함께 시장지향성을 추구하는 노력이 필요할 것이다.

For firms active in markets characterized by competition, new product development performance is essential because it contributes to firm renewal as well as to customer satisfaction, competitiveness and growth of firms. To be able to develop high-performing products, firms depend on many different capabilities. In this paper, I address two such capabilities-market orientation and entrepreneurship-and how these relate to new product development performance (hereafter NPDP). By NPDP we mean the extent to which new products are perceived to meet their market share, sales and customer use, sales growth, and profit objectives. Entrepreneurship has been discussed as an essential and key success factor for firmʼs growth and survival in economics and management theories. Traditionally, entrepreneurship in the prior entrepreneurship literature and works has been investigated as entrepreneurʼs characteristics at individual level. But recently,corporate entrepreneurship is a new research and theory of entrepreneurship at group level of organizational level, and the studies on corporate entrepreneurship have been increased. The corporate entrepreneurship at organizational level could be defined as innovative, risk-taking and proactive organizational processes or activities to do a new combination of resources. Empirical research model of this study is entrepreneurship as the independent variables and NPDP as the dependent variable. And mediation variable is market orientation, being based on literature review on prior conceptual/empirical works and field studies for pretests. Basically, firm-level entrepreneurship, corporate entrepreneurship, includes internal venturing and organizational renewal activities within large or established firms, going beyond the behavioral or psychological dimension such as innovation, risk-taking, and pro-activeness of entrepreneurs. Thus, many previous researchers have had much interest in fostering corporate entrepreneurship in a large, diversified firm. However, corporate entrepreneurship is also important in small and medium-sized organizations, where aggressive entrepreneurship activities are very much required to keep an organization in tune with its competitive setting. However, many studies of corporate entrepreneurship in Korea are not considered to have mesured all aspects of firm-level entrepreneurship. In this study, I will assess firm-level entrepreneurship ʼs relationship with a firmʼs NPDP. Market orientation is defined as an organizational culture that most effectively and efficiently creates the necessary behaviors for the creation of superior value for buyers, and thus superior performance for the business. Market orientations is composed of three behavioral components of customer orientation,competitor orientation, and inter-departmental coordination. While entrepreneurship is described as one that emphasizes aggressive product-market innovation, risky projects, and a proclivity to pioneer innovations that preempt the competition. In simple terms, market orientation is the extent to which customer needs are satisfied through continuous needs assessment, while an entrepreneurship reflects the extent to which a firm is inclined to innovate, to take risks, and to act proactively. The last two concepts are formally defined and elaborated upon further in the frame of reference section. Market orientation and entrepreneurship are two separate but complementary strategic orientations or capabilities that can coexist, and in the literature these two capabilities are described as firm/business unit-level characteristics. Scholars who emphasize the importance of entrepreneurship argue that only market-oriented firms are likely to miss opportunities for developing innovative new products. On the contrary, scholars who emphasize on market orientation argue that entrepreneurial new products are likely to have higher risk of market failure. It is asserted that firms need to strike an appropriate balance between market orientation and entrepreneurship to make effctive performanance of NPDP and product innovations. Capabilities are socially complex routines that determine the efficiency with which firms transform inputs into outputs. Both market and entrepreneurship also resemble Teece and Pisano’s writings on dynamic capabilities since they both belong to the subset of competences/capabilities that allow a firm to create new products and processes and respond to changing circumstances. Hence, I argue that both entrepreneurship market orientation and create complex, tacit and intangible skills that allow a firm to generate new ideas for the creation of new products. The overall purpose of this paper is hence to examine the relationships between entrepreneurship market orientation and NPDP. In so doing, I put a special focus on foodservice franchise firm. This study contributes to the literature in several ways. First, it addresses simultaneously the importance of market orientation and entrepreneurship on NPDP. Few empirical studies exist in this area; an exception is the one by Atuahene-Gima and Ko. By simultaneously considering different strategic orientations, I also address the current debate on whether a market orientation is enough for NPDP. Many earlier studies look at market orientation as the only strategic orientation. A second contribution is that I look specifically at foodservice franchise stores with fewer than 10employees. Thus, many previous researchers have had much interest in fostering corporate entrepreneurship in a large, diversified firm. However, corporate entrepreneurship is also important in small and medium-sized organizations, where aggressive entrepreneurship activities are very much required to keep an organization in tune with its competitive setting. Earlier research by Tzokas and colleagues indicates that both market orientation and entrepreneurship are important to performance in smaller firms, but knowledge of how these capabilities impact on NPDP is limited. However, many studies of corporate entrepreneurship in Korea not considered to have measured all aspects of firm-level entrepreneurship. In this study, I will assess firm-level entrepreneurshipʼs relationship, that is, intrapreneuring, and strategic renewal activities conducted at the firm level. Third, I look at different environmental conditions as well as product characteristics and how they impact on the market orientation/entrepreneurship-NPDP relationships. A fourth contribution is that this study data were collected from foodservice franchise stores in Korea,where empirical research on the links between strategic orientations and NPDP performance has not yet been conducted. The paper starts by reviewing previous research on entrepreneurship and NPDP and their links to market orientation, with the aim of generating hypotheses. A comprehensive theoretical model was proposed based on a carefu1 review of 1iteratures, and the consequent hypotheses were developed. After the review of extant studies, the authors designed a research model and proposed three hypotheses as below:Hypothesis 1: There is a positive association between corporate entrepreneurship and market orientation. Hypothesis 2: There is a positive association between market orientation and NPDP. Hypothesis 3: The relationship between corporate entrepreneurship and NPDP is mediated by market orientation. This paper verifies; research on mediation effect of market orientation between the entrepreneurship and NPDP using samples of 267 employees of franchise restaurants in South Korea. For this study, three alternative hypotheses addressed centered around entrepreneurship, NPDP and market orientation. To measure entrepreneurship 7 items were asked and 3 sub-factors such as innovativeness, risk-taking and pro-activeness were derived. Also, in market orientation, 15 items used and 3 sub-factors such as customer orientation, competitor orientation and inter departmental coordination were derived. Empirical analysis result can be summarized as follows. Firstly‚ the entrepreneurship has a positive influence on the market orientation. Secondly‚ market orientation has a significant influence on the NPDP. Lastly, this research proves the mediation effect of market orientation between entrepreneurship and NPDP. Entrepreneurship has a indirect effect, via market orientation that are mediators in the paper, on new product development performance. In conclusion, it is suggested that the foodservice franchise firms in Korea should make an effort to pursue continuous entrepreneurship with market orientation in order to increase new product development performance.

본 연구는 한국 워크아웃의 사후 성과를 관찰함으로써 한국의 워크아웃이 어떤 성과를 거두었는지를규명하는 데 목적이 있다. 이를 위해 워크아웃이 종료된 45개 기업을 대상으로 워크아웃 시작 시점과 종료후 일정 기간이 경과한 후의 이익기준의 수익성지표 및 현금흐름지표를 비교 분석하였다. 이익기준의 수익성지표는 총자산경상이익률과 매출액 영업이익률로 설정하였으며, 현금흐름지표는 매출액 영업현금흐름률로 설정하였다. 그리고 워크아웃 기간 중 대상 기업에 대하여 시행된 조치사항들을 설명변수로 하여 회귀분석을 실시하였다. 그 결과 워크아웃 시작시점에 비해 워크아웃 종료 후 3년 경과시점의 워크아웃 대상 기업의 총자산경상이익률, 매출액 영업이익률, 매출액 영업현금흐름률이 개선되는 것으로 나타났다. 이러한 성과는 출자전환과전환사채 발행이 비중이 클수록 좋은 것으로 관찰되었다. 이는 보다 적극적인 채무조정이 워크아웃 성과에긍정적인 영향을 미칠 수 있다는 점을 시사하고 있다. 또한 감자를 시행한 기업일수록 사외이사 비중이 큰기업 일수록 워크아웃 성과가 더 좋은 것으로 나타났다. 이는 원활한 워크아웃의 추진을 위해서는 기업 부실화에 책임이 있는 기존 최대주주와 경영진의 영향력을 배제시켜야 한다는 것을 보여준다. 또한 대상 기업의 장기적인 현금흐름지표의 개선에 있어서 기업의 자구계획 이행이 가장 큰 영향을 주는 것으로 확인되었으며, 이것은 워크아웃 종료 5년 경과시점까지 지속되는 것으로 나타났다. 이 결과는 성공적인 워크아웃을위해서는 경영정상화를 위한 기업의 자발적인 노력이 필수적이라는 것을 보여준다

In 1997, many Korean firms had serious problems due to Asian economic crises that drove many firms to go bankrupt. The Korean government dealt with the difficulties with introducing ʻworkout processʼto revive troubled firms by providing necessary capital and new management to those firms. At the end of 2002, 67% of firms that finished the workout process were stabilized, showing that ʻworkout systemʼhas been generally successful. However, most of the studies that surveyed the result of workout process have measured the performance of the firms when the workout process was just finished, leaving long-term effect of the workout process quite ambiguous. In addition, some of the measurements in those studies did not exactly represent what should be used for performance (e.g. including incidental profits to calculate return on assets). Using our longitudinal data, we examined relatively long-term performance of the firms in more accurate ways. In this paper, we perform regression analysis to investigate workout effects. So we use return on assets, return on net sales and operational cash flows as dependent variables and measures of workout process as independent variables. The results show that workout process generally gives positive effect on profitability and cash flows of workout firms in the long term. And we find that workout process is more effective to workout firms with high equity swap ratio and convertible bond ratio. It implies that intensive debt restructuring are required for more positive workout performance. Also we find that workout firms which implement capital reduction and have high ratio of outside directors have more positive performance. These results suggest that influence of existing majority shareholder and executive responsible for insolvency should be excluded from management of workout firms for more effective workout process. Finally we find that disposal of assets has very large effect on the performance of workout firms. It implies that it is essential for successful workout process that workout firms make an effort to resolve financial distress. Through overall results we can conclude as follows. Workout firms should endeavor for improvement financial structure and reinforce monitoring on management in response to liquidity support of financial institutions.

성과평가는 구성원의 동기 자극 및 조직 공정성 유지에 중요한 역할을 함에도 불구하고 평가오류, 수용성 한계 등 많은 제약을 가지고 있기도 하다. 이러한 한계를 극복하기 위해 최근에는 360도 평가,동료평가, 다차원평가 등 다양한 원천으로부터의 평가정보 획득을 통한 평가방식이 제안되고 있다. 그러나새로운 평가 방식에 대한 연구는 매우 부족한 실정이다. 본 연구는 동료평가에 있어서 평가자의 인지오류및 정보왜곡을 유발할 가능성이 있는 요소로 팀 성과에 대한 기여도, 집단만족과 상호작용빈도가 구체적으로 자율관리팀에서 동료평가 성향에 어떠한 차별적 영향을 미치는지에 대해 파악하였다. 총 445명 89개 팀을 대상으로 자료를 획득하고 가설을 검증한 결과, 평가자의 팀성과 기여도가 높을수록 동료평가의 차별화가 높게 나타났다. 또한, 평가자의 집단만족이 높을수록 동료평가 차별화가 낮게 나타났다. 반면에, 자율작업집단에서의 상호작용 정도와 평가자의 능력수준은 동료평가 차별화에 영향을 미치지 않는 것으로 나타났다. 이는 팀 성과에 열심히 기여한 사람일수록 동료들로부터 그에 합당한 평가를 받고, 기여도가 낮은 사람일수록 차별적으로 평가 받았음을 나타낸다. 집단에 대한 만족이 높으면 일에 대한 이해와 몰입이 높을 뿐만 아니라 동료들과의 관계 및 팀 성과에 관련된 집단 프로세스가 원활하여 공동체적 귀인을 하므로 구성원 모두다 잘한다고 평가하는 귀인효과가 나타났다고 해석 가능하다. 연구결과가 시사하는 바와 향후 연구과제에대해서도 논의하였다.

Organizations increasingly use team structures to produce products, to solve the problems, to invent innovative ideas, and so on. So performance drivers have shifted from a reliance on individuals to teams which are performing collaborative tasks. An essential decision relating to the design of teams involves how these teams will be managed. In particular, teams are self managing, they monitor and manage their own performance process. The utilization of work teams requires that organizations develop performance appraisal methods that are useful for evaluating both individual and team performance, especially in a self-managing context. Performance appraisals have been controversial in both research and practices over the past two decades. Many studies have called for expanding inputs for employee performance appraisals from traditional supervisor ratings to multiple ratings such as peer evaluation, 30-degree appraisal, and multi-rater appraisal. All of these methods involve collecting information from a variety of sources knowledgeable about the performance of the individual being rated. The present study investigate peer rating, one of the most commonly used sources of performance rating other than those of supervisors. In particular, because team members work in close proximity,they are able to observe each otherʼs task behaviors and interpersonal behaviors, making them possibly the single best informed source for performance evaluations. On the whole, both field and laboratory studies indicate that peer assessment is a valid and reliable evaluation procedure, but on average,peer rating are not usually accurate. One interpretation of the lack of rating accuracy is that raters may be capable of accurate peer ratings, but they may be unwilling to provide them. Some researchers name this rater errors as adaptive responses in performance appraisal context. We investigate whether an individualʼs relative performance contribution in work team, group satisfaction,and interaction frequency served as a basis for anchoring and adjusting the performance assessment of peers as adaptive responses. Hypotheses are proposed concerning how individualʼs relative performance contribution, group satisfaction,and interaction frequency affects peer rating accuracy defined as discriminating rating tendency. Data from 89 self-managed teams consisting of 445 undergraduate students are analyzed for hypotheses testing. We find strong evidence that the outstanding contributors are more likely to have discriminating rating tendency. Results also show that group satisfaction is related negatively on discriminating rating tendency, but interaction frequency is not significantly related to the rating accuracy. It reveals that outstanding contributors and who are more satisfied with team members were more discriminating evaluators. It could be interpreted that the level of a raterʼ relative performance contribution and the level of satisfaction might affect the peer rating accuracy in a sense. Implications for peer appraisal practices and future research were discussed.

본 연구는 조직구성원의 조직몰입에 대한 중요성과 핵심자기평가의 연구 부족을 인식하면서 변혁적 리더십이 조직몰입에 미치는 영향과 핵심자기평가의 매개작용을 조사하였다. 연구목적을 달성하기 위해 울산광역시에 있는 S석유화학 및 2개 계열사 276명의 응답을 표본으로 구조방정식을 이용하여 검증하였다. 연구결과, 변혁적 리더십은 핵심자기평가와 조직몰입에 정(+)의 영향을 미치는 것으로 나타났다. 또한핵심자기평가는 조직몰입에 정(+)의 영향을 미치는 것으로 나타났다. 이에 따라 핵심자기평가는 변혁적 리더십과 조직몰입의 관계에서 부분매개 역할을 하는 것으로 나타났다. 기존 연구와 달리, 본 연구는 추가분석에서 변혁적 리더십의 세 가지 차원인 카리스마, 개별배려, 지적자극이 각각 조직몰입에 직접적으로 영향을미치는 동시에 각각의 세부요인이 또한 핵심자기평가에 영향을 미치고 핵심자기평가가 다시 조직몰입에 간접적으로 영향을 미침을 실증적으로 검증하였다. 본 연구는 변혁적 리더십은 핵심자기평가를 매개로 조직몰입에 영향을 주는 모형을 처음으로 제시하였다. 또한 본 연구는 실무적으로 조직몰입의 수준을 제고하기 위해 개인의 특성을 이해하고 존중하는 자율적인 조직 환경조성 등이 필요함을 시사한다. 이러한 연구결과를바탕으로 시사점과 연구의 한계점 및 향후 연구방향이 논의되었다

Recognizing the importance of organizational commitment of employees for firms' performance and the lack of research on core self-evaluations (CSEs) in this context, this study investigates the relationships between transformational leadership and organizational commitment, and the mediating role of CSEs between them. Based on 276 survey data from employees of petrochemical firms in Ulsan Metropolitan City, we address the hypotheses of the study by using structural equation model. The key findings are as follows: first, the transformational leadership was positively associated to CSEs as well as organizational commitment. Second, there was a positive relationship between CSEs and organizational commitment. Accordingly, our further empirical analysis found that CSEs had partial mediating effect on the relationship between transformational leadership and organizational commitment. This paper contributes to the organizational commitment research by developing the alternative analytical model from the individual characteristics perspective considering the role of CSEs as well as transformational leadership. The findings of the paper have significant relevance to the managers who are in the process of building proper organizational climate for improving the level of organizational commitment of employees.

최근의 자산재평가 관련 논문은 주로 재평가모형을 도입한 기업들의 경우 재평가차액으로 인하여발생하는 부채비율의 감소 등 재무구조 개선효과, 그리고 재평가 잉여금과 부채비율 변수의 추가관련성 등을검증하였으나, 자산재평가에 따른 주가반응에 관한 연구(event study)는 본격적으로 이루어지지 않았다. 만약선행연구들에서 밝히고 있는 바와 같이 자산재평가로 인하여 부채비율 감소 등 재무개선 효과가 발생한다면,투자자들은 자산재평가라는 사건(event)에 대하여 긍정적으로 반응할 것이고, 공시시점을 전․후하여 양(+)의유의한 초과수익률(CAR), 즉 주가가 상승할 것이다. 본 연구는 ‘자산재평가 실시 결정일(day 0)’을 전․후한누적초과수익률(CAR)을 이용하여 자산재평가 정보의 시장반응을 분석하고, 나아가 누적초과수익률(CAR)에영향을 미치는 재무변수들을 분석함으로써 투자자들이 자산재평가와 재평가를 도입한 기업의 재무구조에 대한정보를 긍정적으로 받아들이는지에 대하여 실증적으로 검토하였다. 이러한 분석을 위해 자산재평가에 대한 주가반응의 대용치로 시장모형(market model)을 이용하여 계산한초과수익률을 사용하였다. 검토결과 재평가 정보의 공시 전날(-1)과 공시일(day 0)에 초과수익률(AR)이 유의한양(+)의 값으로 나타났고, 또한 공시일 전⋅후 (-1∼+1) 그리고 (0∼+2)의 누적평균초과수익률(CAR)이 유의한양(+)의 값으로 나타났다. 따라서 자산재평가 공시 정보가 주식시장에서 정보효과를 갖는다고 해석할 수 있다. 또한 공시일과 공시일을 전⋅후해 통계적으로 유의한 기간의 누적초과수익률(CAR)을 사용하여, 초과수익률과 자산재평가 동기에 관하여 회귀분석한 결과 공시일(day 0)의 경우 부채비율은 초과수익율과 음(-)의 유의한값이, 재평가 전⋅후 부채비율의 차이가 큰 그룹의 경우 초과수익률과 양(+)의 유의한 값이, 그리고 자기자본이익률(ROE)과 이월결손금 여부가 초과수익률과 양(+)의 유의한 결과를 보였다. 이러한 연구결과는 재평가로 인해부채비율의 감소폭이 큰 기업일수록 상대적으로 재평가로 인한 정보효과가 크게 발생하여, 시장에서 긍정적으로반응한다는 것을 뒷받침한다.

Recent papers on the case of companies that have implemented the asset revaluation examine the relationship between revaluation surplus and debt ratio, and verify that the companies have improved their financial structure and reduced the debt ratio through revaluation. However, studies on stock price change due to revaluation have not been much conducted. If revaluation prompts financial improvement such as decrease in debt ratio, investors will respond positively to the revaluation event,and as previous studies show, there will be significant positive CAR around the time of public notice;in short, the stock price will go up. In this research, we analyze market response to revaluation news by considering CAR before and after the day the revaluation decision is made. Furthermore, by examining financial variables that affect CAR, we certify that the investors respond positively to revaluation and the financial structure of companies that employ revaluation. This paper uses Market model as a proxy for the stock price reaction. Our research shows that AR(abnormal return) of the day before (-1) and disclosure day (day0) are statistically significant, and that CAR (-1 to +1) and CAR (0 to +1) are significantly positive. This, in turn, reveals that the revaluation decision causes noticeable effect of information in the stock market. This study uses the regression analysis to examine the relevance of profitability to asset revaluation, using CAR (-1 to +1)and CAR (0 to +1). The debt ratio on the day of revaluation announcement (day0) is significantly negative. For the firms that revealed larger difference between the debt ratios before and after the re-valuation, the value of (ROE) and the loss carry forwards are positively significant. Such results confirm that the market reacts positively to the revaluation notice.

본 연구는 Ajzen and Fishbein(1975)이 제안한 합리적 행동이론(Theory of Reasoned Action;TRA)을 이용하여 스마트폰 어플리케이션 구매행동을 설명하기 위한 연구로 구매촉진 요인으로 과거의 구매경험, 개인의 혁신성 등의 개인적 요인과 긍정 구전평가 및 가격의 적절성 등의 촉진요인으로 구분하여영향 관계를 검정하였다. 이러한 연구 문제를 검정하기 위해 스마트폰을 이용하여 어플리케이션을 구매한경험이 있는 대학생 및 직장인 232명의 표본을 대상으로 PLS를 통하여 신뢰성분석, 요인분석, 상관분석,bootstrap 경로분석 등을 통해 본 연구에서 설정한 연구가설을 검정하였다. 본 연구의 학문적 시사점을 다음과 같이 제시할 수 있다. 첫째, 본 연구는 최근 사용이 증가하고 있는 스마트폰과 이를 통한 어플리케이션의 구매에 대해 소비자행동 측면의 연구로 선행연구로써의 의미를 갖는다. 유형의 제품구매 의사결정과 다르며 기존의 모바일 콘텐츠와도 다른 어플리케이션 구매에 대해 개인적 속성(과거의 구매경험, 개인의 혁신성)과 콘텐츠 속성(긍정구전평가, 가격의 적절성)으로 구분하여 개인의 구매 신념 및 구매의도에 대한 연구를 통해 추후 연구의 다양한 제안이 가능하게 하였다. 둘째, 최근 인터넷 및 모바일 관련된 대부분의 내용이기술수용모형 등의 기술수용의 관점에서 이뤄지고 있다. 그러나 기술의 수용이라는 관점보다는 디지털 콘텐츠의 구매라는 관점에서 기술수용모형이 아닌 합리적 행동이론(Theory of Reasoned Action)을 근거로 개인의 구매를 설명하였다는 시사점을 갖는다. 또한 어플리케이션의 사용동기 즉, 쾌락적/실용적 어플리케이션에 따라 각각 촉진요인과 태도 및 구매의도에 미치는 영향이 다름을 검정하여 추후 연구에서의 활용가능성을 제시하였다.

This study is to explain the smart phone application purchase behavior by using the Theory of Reasoned Action (TRA) of Ajzen and Fishbein (1975), and examined the influences by dividing the purchase promotion factors into personal factors such as purchase experiences of the past, personal innovativeness and so on and promotion factors such as positive word-of-mouth ratings, suitability of price and so on. For these purposes the author has developed several hypotheses as follows:H-1: The purchase experiences of the past is associated with the attitude of application which is purchasing. H-2: The purchase experiences of the past is associated with the subjective norm of application which is purchasing. H-3: The personal innovativeness is associated with the attitude of application which is purchasing. H-4: The personal innovativeness is associated with the subjective norm of application which is purchasing. H-5: The positive word-of-mouth ratings is associated with the attitude of application which is purchasing. H-6: The positive word-of-mouth ratings is associated with the subjective norm of application which is purchasing. H-7: The suitability of price is associated with the attitude of application which is purchasing. H-8: The suitability of price is associated with the subjective norm of application which is purchasing. H-9: The attitude of application is associated with the purchasing intention. H-10: The subjective norm of application is associated with the switching intention. H-11: The types of application has been a moderating effects to purchasing intention. Data has been collected from 232 respondents for this study using a questionnaire method. The survey for the actual analysis of the research was done and analyzed with the customers who have an experience of purchasing an application by using a smart phone and the samples were selected among the middle and high school students who live in Seoul area, the university students who live in Seoul and Gyeonggi Provinces, and the ordinary workers who are working in Seoul and Gyeonggi Province. The survey was done for 24 days from March, 2011 through April, 2011. The positive analysis was done with visual PLS program using the reliability analysis, factor analysis, correlation analysis, bootstrap path analysis and so on. The following academic suggestions can be presented on the basis of the above results. First, this study has a meaning as a leading study of the consumer behavior aspect about smart phones being increasingly used recently and the purchase of applications through smart phones. This study made it possible for the subsequent studies to offer various proposals through a study about personal purchase beliefs and purchase intentions by dividing the application purchase which is different from the purchase decision-making of tangible products and also different from the purchase of the existing mobile contents into personal characteristics (purchase experiences of the past, innovativeness of individuals)and contents characteristics (positive word-of-mouth ratings, suitability of price). Second, recently most details related to the Internet and mobile are dealt with from the viewpoint of technology adoption such as technology adoption model. However this study has a suggestion that it explained personal purchase not on the basis of technology adoption model but on the basis of theory of reasoned action from the viewpoint of purchase of digital contents rather than the viewpoint of adoption of technology. In addition, this study examined that the impacts on promotion factors, attitude and purchase intention are different respectively following the use motivations of applications,that is, hedonic applications and practical applications and thereby presented the possibility of utilization in the subsequent studies.

1997년의 외환위기 이후 한국기업의 구조조정에서 가장 중요한 항목 중의 하나가 기업지배구조의 개혁이었다. 본 논문에서는 한국기업의 지배구조 개혁의 과정을 제도론적 관점에서 설명하여, 정당성을획득하기 위한 외부의 압력에 대한 순응의 과정으로 본다면, 이에 따라 decoupling이 발생할 수가 있음을보여준다. 자사주 매입은 지배구조 개혁에 따른 decoupling으로 경영진은 지배구조 개혁 이후 자신의 통제력을 유지하기 위하여 자사주 매입을 시도할 수 있다. 본 모델에서는 지배구조 개혁을 지배주주 지분, 기관투자자 지분, 외국인 투자자 지분, 사외이사 비율로 측정하였으며, 이들 변수들과 자사주 매입액과의 관계를가정하였다. 지배주주의 지분이 적을수록, 기관투자자 지분율, 외국인 투자자 지분율, 사외이사 비율이 높을수록 경영자의 통제력은 약화되게 되며, 이를 방지하기 위하여 자사주 매입이 증가하는 것으로 가정하였다. 이에 제시된 연구모델의 네 가설은 모두 실증분석에서 지지되었다. 또한, 네 가설의 관계는 현금보유수준에의하여 매개효과가 있을 것으로 가정하였는데, 실증분석에서 역시 지지되었다.

Governance reform is one of main issues in corporate restructuring in Korea since the currency crisis in 1997. The agency problems by the controlling shareholders are regarded to be a reason to cause the less-competitiveness of Korean companies before the crisis. After the crisis, the controlling shareholders were criticized to weaken the competitiveness of the companies and it is argued that various control mechanisms should be introduced to monitor the transparent and effective decision makings by the controlling shareholders. After the crisis, the ownership of the outside block shareholders increased and these shareholders were expected to control the agency problems by the controlling shareholders and the board reform was introduced to monitor the management. The main objective of this study is to analyze the impact of these major large shareholders and board of directors on stock repurchase in Korean companies. The stock repurchase means the amount of stocks purchased by the firm itself which issued the stock. Stock repurchase has been increasing dramatically last decade both in America and Korea. In this study,we interpret the stock repurchase as the buy-back program of the share to strengthen the control power of the management against the governance reform. If the corporate governance reform in Korea is done due to the outside pressure, the decoupling can happen in the process of the reform. Governance reform leads to weakening the control power of the management and monitoring their behaviors more closely. The stock repurchase can be the decoupling from the weakened control power of the management after the governance reform. The major assumption of this study is that the governance reform in Korean companies was performed not from internal necessity but from outside pressure. The most studies about corporate governance are rooted in agency theory as the theoretical background, but this study adds institution theory as a theoretical lensto explain the governance reform in Korea. Based on institution theory, Korean companies tried to reform governance structure to adapt to institutional pressures and the adaptation to this pressure can provide the firms with social legitimacy and support. It is explained that the decoupling can happen after the adaptation to the outside pressure which is not consistent with the internal system. Because governance reform was pressed to all Korean companies after the crisis, the fact that the decoupling like stock repurchase program has happened from the reform tends to provide much implications both in academics and practice. Corporate governance reform adopting American governance structure is made around the world during last decade. This reform effort was mainly made as the adaptation to institution pressure. Institution theory asserts that introduction of new organization structure or managerial practice in organization pursuing legitimacy may cause decoupling and we hypothesize that stock repurchase is a decoupling from governance reform in Korean companies. Controlling shareholders tend to repurchase the stocks to maintain managerial power after governance reform which is largely pressed to all Korean companies after the currency crisis in 1997. Our research model is that governance reform in Korean companies, represented by decrease in controlling shareholder ownership, increase in institution investor ownership and foreign investors ownership and increase in the outsider ratio in the board, is positively related with the amount of stock repurchase. All hypotheses are supported in our analysis which is performed for the database of Korean listed firms during 2002~2003. Analysis of the decoupling from the governance reform offers the following contributions. First, we can understand the corporate governance reform in emerging economy based on the institution theory. Institution theory explains the governance reform as the phenomena embedded in social environment. In agency theory, governance structure is understood in the relationship among shareholders, managers and the board of directors. From institution theory, we can view corporate governance as connected with various outside factors. Second, this study helps to understand how American management system spreads to other nations. Most management innovations originate in America and other countries try to imitate these innovations and make the domestic firms to accept them. Many other countries introduced market-oriented governance system from America and in some countries, the different institution environments made this introduction ineffective. The spread of American system worldwide may be understood to cause ‘institutional isomorphism’ and the negative reaction to this isomorphism pressure may happen. In this sense, the spread of American system in other countries can be described the three stages as isomorphism pressure, decoupling, and final adaptation. Third, this paper contributes to understand the corporate governance in emerging economies. There exists inferior governance structure in the companies in emerging economies. In these countries, ownership and control are not separated and the controlling shareholders govern the companies as the owner-managers. The control mechanism against the controlling shareholder does not exist. This is also same with Korean companies and after the crisis Korean companies have been pressed to build the control mechanisms against the controlling shareholders. In this study, convergence is made from institution pressure to adopt American governance structure. This converging phenomenon is happening in many countries in Europe and Asia, but decoupling explained in this study may postpone the completion of the convergence. This study can be extended to the study about process of global spread of managerial practice. Tempel and Walgenbach (2007) explains that the debate as to globalization of organization form and managerial practice has developed in the institutionalist strand of organization theory. According to their arguments, new institutionalists tend to emphasize the global diffusion of practice based on legitimacy, but pay little attention to how such practices are interpreted or translated as they travel around the world. In the other hand, business system approach highlights how business continues to be influenced by the national institutional frameworks in which it is embedded. In institution theory in our study similar to new institutionalist in Tempel and Walgebach (2007), how new practice is interpreted or translated in new environment can be explained by the concept of decoupling. This is another contribution of our study. There are large amount of studies about emerging market, but corporate governance in this region will supply large research opportunities. Business group which is the typical conglomerate in this area is very weak in governance structure, because it is governed by a family and the successor is usually from the family. There exist few managerial control mechanisms in business group. Many firms from emerging economies go abroad and become multinationals, but improvement in governance structure is a critical matter to advance the competitiveness of this companies. Even Samsung, a Korean excellent business group, is weak in governance structure and is criticized for the agency problems of the controlling family in CEO succession in 2008. This study can contribute to the better understanding about business groups in emerging market. This study is about how business groups respond to the diffusion of American governance structure. This study provides diverse policy implications. First of all, policy makers must consider the effectiveness of governance reform, when they press it to domestic firms. American governance structure originates in different institution environment from where the policy makers and firms reside in. Even if domestic firms adopt new governance structure to acquire legitimacy, the new structure may be rejected or delayed by some managerial resistances. Difference in institution environment can be an obstacle to introduction of new structure. In addition, governance reform targets to reduce the power of controlling shareholder to expropriate the wealth of other shareholders and the reaction of controlling shareholder to maintain this position should be expected.

이 연구에서는 네트워크 내에서 수용자의 특성에 따라 확산이 어떻게 나타나는지를 시뮬레이션통해 분석한 연구이다. 주요 연구결과를 살펴보면, 첫째, 네트워크 최초수용자의 수가 확산크기에 영항을 주는 것으로 나타났으며, 최초수용자 그룹 중에서 허브의 수가 많을수록 확산의 크기가 비례이상으로 더욱 커지는 것으로 나타났다. 이는 확산 초기에 허브를 통해 전체적인 확산을 유도하는 것이 중요함을 시사하고있다. 둘째, 소비자들이 가지는 식역(threshold)의 이질성이 확산의 크기에 영향을 주는 것으로 나타났다. 즉, 일정한 범위 내에서 식역이 이질적일수록 최초수용자의 수 증가가 확산에 미치는 영향은 더욱 커지는것으로 나타났다. 셋째, 허브의 특성 측면에서 볼 때 허브는 허브가 아닌 구성원에 비해서 수용시점이 빠른것으로 나타났다. 그리고 최초수용자 수가 늘어날 경우 허브의 수용시점은 더욱 빨라지는 것으로 나타났다. 이는 허브가 다른 구성원에 비해 한발 먼저 수용하고 이를 강한 연결성을 통해 전파함으로써 전체 확산에기여하는 것으로 판단된다. 이 연구의 결과는 온라인 커뮤니티 네트워크에서 차지하는 구성원들의 특성이정보 확산에 미치는 영향에 대한 이해를 증진시키는데 도움을 줌으로써 특정 정보에 대한 확산을 연구하기위해서는 네트워크에 대한 구조적 접근이 필요함을 제시하고 있다. 특히 성공적인 확산을 유도하기 위해서는 네트워크 구조 속에서 가지는 구성원들의 특성에 대한 이해가 반드시 필요한 것으로 나타났다.

This study attempts simulation approach on the consumer network by agent based modeling, to examine the adoption of the members that position in the network and the diffusion phenomenon. Research result is as following. First, the number of first adopter influence to the size of diffusion positively. Especially, It appeared that the number of hub in first adopter is more important. This implicates the importance of inducing the successful diffusion by targeting a hub in the early stage of diffusion. Second, the heterogeneity of consumer threshold appeared to influence the size of diffusion. And as the threshold was more heterogeneous, it appeared that the number of first adopter had more influence on diffusion. Third, seen in the perspective of the feature of a hub, a hub appeared to have an earlier adoption time compared to a non hub. And in case the number of first adopter increases,the adoption time become even earlier. This means that a hub adopts in advance compared to non hubs and contributes to the global diffusion by spreading this through strong connectivity.

경제위기 기간 동안 기업 가치의 가치관련성을 1997/8년 외환위기와 2008년에 시작된 글로벌경제위기의 시기를 비교한 연구결과, 경제위기 I(외환위기) 기간에서는 순이익의 가치관련성은 중요한 변화가없었으나 순자산의 가치관련성은 유의하게 하락했다. 경제위기 Ⅱ(글로벌 경제위기) 기간에서는 순이익의 가치관련성이 유의하게 하락하고, 순자산의 가치관련성은 증가하여 대조적인 양상을 보였다. 한편, 순이익변수를 발생액과 영업현금흐름으로 분리하여 분석한 결과는 경제위기 I 기간에서는 발생액의가치관련성은 중요한 변화가 없었으나 영업현금흐름의 가치관련성은 유의하게 상승하고 순자산의 가치관련성은 유의하게 하락했다. 경제위기 Ⅱ 기간에서는 발생액과 영업현금흐름의의 가치관련성이 유의하게 하락하고, 순자산의 가치관련성은 증가하여 대조적인 양상을 보였다. 특기할 점은 음(-)의 이익의 경우 가치관련성이 경제위기 I 기간에서는 하락하고 경제위기 Ⅱ(글로벌 경제위기) 기간에서는 상승한 주요 요인이 현금흐름보다는 발생액의 가치관련성 변화에 기인한다는 것이다. 경제위기 I 기간과 경제위기 Ⅱ 기간에 회계정보의 가치관련성이 대조적으로 나타난 것은 회계환경 변화와경제위기의 성격차이가 영향을 미친 결과로, 본 연구는 회계환경 변화의 효과에 더하여 거시경제변수가 회계정보의 가치관련성에 영향을 미칠 수 있음을 나타낸 것에 의의가 있다. 거시경제 환경의 변화가 회계정보의 가치관련성에 영향을 미치는 기제에 대한 구체적 분석은 차후의 과제가될 것이다.

The purposes of this paper are to investigate the relative value relevance of equity book value and accounting income components in the era of economic crisis. The paper examines the relative value relevance of book value of equity, accounting earnings, cash flow from operations and accruals over the period from 1992 through 2008 as a way to compare of the effect of economic crisis on the value relevance of accounting information. We compare the valuation coefficients of book value, accounting earnings, cash flow from operations and accruals between the era of economic crisis I (1992~1996), and the era of economic crisis Ⅱ(2003~2008). We explicitly examines the differences in the valuations coefficients on each accounting variable among the pre and peak periods of economic crises. As the financial health of a firm goes down, Barth et al. (1998) argues, equity book value (which reflects liquidation value) dominate a firm's net income (which reflects unrecognized net asset valuation). Hence, the value relevance of net income decreases and that of equity book value increases as the financial health of a firm deteriorates. Macro economic crisis deteriorates individual firms’ profitability,makes it difficult to finance, and may result in bankrupt. Korea and other major Asian nations had experiences of economic crisis caused by domestic shortage of foreign currency during 1997~1998. The world also has experienced of global economic crisis triggered by a rise in mortgage delinquencies and foreclosures in 2008/2009 in United States. Davis-Friday et al. (2006) finds that there is no significant changes in the value relevance of accounting information in Korea during the Asian economic crisis (1997~1998). However, Ho et al. (2001) reports contradicting results such that both net income and equity book value lose their significance during the crisis. First, the study compares the relative value relevance of equity book and net income between the era of economic crisis I (the IMF Foreign Currency Crisis), and the era of economic crisis Ⅱ (the global economic crisis). Our findings show that the valuation coefficient on book value decreases significantly during the economic crisis I, while the valuation coefficients on earnings does not change. On the contrary, during the economic crisis Ⅱ (the global economic crisis) the valuation coefficient of net income decreases significantly but that of equity book value increases. The results are different from those during the former Foreign Currency crisis but are consistent with the assertion of Barth et al. (1998). We also compares the relative value relevance of net income components, i.e., cash flow from operations and accruals between the era of economic crisis I (the IMF Foreign Currency Crisis), and the era of economic crisis Ⅱ (the global economic crisis). Our results show that the valuation coefficient on cash flow from operations increases significantly during the economic crisis I, while the valuation coefficients on accruals does not change. On the contrary, during the economic crisis Ⅱ both the valuation coefficient of cash flow from operations and accruals decrease significantly but that of equity book value increases. In the case of negative net income it loses its value relevance during the IMF Foreign Currency Crisis, but does not lose its value relevance during the global economic crisis, for changes of accruals value relevance. Subsequent to the IMF Foreign Currency Crisis, there are significant institutional changes in accounting and economic environment with a view to enhance the with a view to enhance firms’ transparency in Korea (firms’ governance structure with an audit committee and independent outside directors,removing the restrictions for the foreign investment). Certainly, these accounting environments may change the value relevance of accounting information during the economic crisis. But, the characters of economic crises also seem to change the value relevance of accounting information. The path of economic environment changes to the value relevance of accounting information will be next analysis.

성과평가에 있어서 계량적 및 비계량적 성과측정치들을 종합하여 평가항목별 중요도를 고려하여종합평가지표를 개발하는 과정은 조직이나 개인에 대한 성과평가의 핵심적 과제가 된다. 이에 대한 성과평가 모형으로 개발되어 있는 여러 가지 방법들 중 퍼지모형과 AHP는 가장 발달된 기법으로 평가되는 것이다. 본 연구에서는 AHP와 퍼지모형을 각각 구체적으로 사례분석의 방법으로 소개하고, 이 방법들의 유용성을 비교분석함으로써, AHP와 퍼지모형의 통합에 의한 보다 유용한 성과평가 모형의 개발을 모색하였다. 퍼지개념에 의한 성과평가모형은 무형요인들에 관한 경영자 판단의 모호성과 부정확성을 적당한 언어척도로모형화 함으로써, 이 요인들을 명시적으로 평가하고, 재무적 및 비재무적 성과측정치와 함께 통합될 수 있도록 해준다. 퍼지모형에 의한 성과평가 단계는 다음과 같다. ① 문제의 계층구조를 종합성과, 평가항목, 성과측정 등으로 파악하고, ② 평가항목들의 상대적 중요도를 언어변수로 측정한 후, ③ 퍼지개념을 적용하여 성과측정이 이루어진다. 여기에서 질적 요인들은 언어변수로 측정하고, 계량적 요인들은 퍼지숫자를 정규화 하는 과정을 거치게 된다. 마지막으로 ④ 평가항목들의 상대적 중요도를 가중치로 해서 퍼지값으로 표현된 성과측정치를 가중평균 하여 기업성과의 종합지표를 개발하게 된다. 이 과정 중 마지막 단계인 평가항목들의상대적 중요도를 결정하는 방법으로는 AHP가 매우 효과적이다. 성과평가에 있어서 AHP와 퍼지모형의 유용성을 중심으로 각 방법의 장단점을 전통적 평가방법과 동시에 비교해 보면, 두 가지 방법의 상대적 유용성을 확인할 수 있다. 요컨대, 비계량적이고 질적인 평가항목들에 대한 성과평가에 있어서는 퍼지모형을 적용하면 성과측정이 가능하게 되고, 평가항목들의 중요도 결정에 있어서는 AHP의 적용이 매우 유용한 방법이라고 할 수 있다. 따라서 퍼지모형과 AHP를 동시에 적용하는 성과평가제도는 더욱 바람직한 평가제도가될 수 있다.

Because what gets measured gets improved, performance measures are critical for an organization’s success. But critical success factors contain many qualitative measures, there are lots of difficulties in performance evaluation. The challenge for management accountants is to measure the unmeasurable, to develop a set of measures that capture the true essence of critical success factors. Even though the link between critical success factors and performance measures has been widely recognized,its implementation presents several pitfalls. More precisely, two major problems usually have to be addressed: ① measuring those critical success factors that are qualitative in nature (intangible critical success factors), such as, for instance, corporate image, technological competence, learning, culture,employee morale, ② proceeding from the various critical success factor measures, expressed in heterogeneous metrics, to an overall assessment of business competitiveness with respect to competitors and,thus, to determination of a company’s overall rank. This article is aimed at showing the potential of the analytic hierarchy process and the fuzzy set theory for developing a composite index of the multiple measures in performance evaluation system. The AHP is designed to solve complex problems involving multiple criteria. The process requires the decision maker to provide judgements about the relative importance of each of the criteria and then to specify a preference for each decision alternative on each criteria. The output of the AHP is a prioritized ranking indicating the overall preference for each of the decision alternatives. Indeed, the fuzzy model and AHP can effectively address both the above problems by allowing metrics to be defined which can evaluate intangible factors and deal with heterogeneous measures. This article presents two example case studies to illustrate how the AHP determine the relative importance of criteria and how the fuzzy linguistic framework can assess business competitiveness on the basis of critical success factors and performance measures. In consequence, synthesizing the AHP and fuzzy model for performance evaluation described in this article is superior to other approaches in management accounting.

본 연구는 한국거래소 유가증권시장에 상장된 제조기업 중 상호를 변경한 기업에 어떤 재무적특성이 있는지를 분석하였다. 분석기간은 2004년부터 2009년까지의 6년간으로 상호 변경 기업의 재무적 특성을 분석하기 위하여 상호 변경 기업을 실험군 표본기업으로 하고 동종 산업의 경쟁기업을 통제군 표본기업으로 하여 비교 분석하였다. 연구기간 동안 상호를 변경한 기업 수는 176개사이며, 연구의 일반화와 객관성을 담보할 수 있도록 선정된 기준에 부합된 실험군 표본기업수는 56개사이다. 또한 동일한 수의 통제군표본기업을 선정하였다. 재무적 특성을 분석한 변수로는 전통적인 재무비율군인 수익성비율, 활동성비율, 유동성비율, 레버리지비율, 생산성비율, 성장성비율 등과 최근의 부가가치 경영을 중시하는 추세를 반영하여핵심적 재무지표로 EVA 즉 경제적 부가가치 변수를 활용했다. 연구 결과에 의하면 상호 변경 기업은 동종의 경쟁기업과 비교하여 다양한 재무비율군에서 상호 변경 기간을 거치면서 악화되는 모습을 보였다. 특히수익성과 유동성, 생산성 등에서 경쟁기업보다 양호하지 못한 것으로 나타났다. 경제적 부가가치 창출 능력또한 불량한 것으로 나타났다.

The purposes of this paper are to study on the financial characteristics of the companies with their names changed. The analyses were carried out from 2004 to 2009 and the number of corporations for sampling was 56. The research variables used in this paper are many traditional financial ratios-profitability ratio, turnover ratio, liquidity ratio, leverage ratio, productivity ratio, growth ratio, and EVA (economic value added). To compare the financial characteristics of the companies with their names changed (experimental group) with those of competition companies in their industry (control group),paired t-test was used. The results attained are as follows; first, profitability index of experimental group are worse than those of control group. Experimental group seems to have some trouble in their margin and control of cost. Second, there is no significant differences between two groups. Third, liquidity index of experimental group are worse than those of control group, those problems from bad to worse during the changing company name. Forth, leverage index of experimental group are worse than those of control group. Earning before interest and tax of Experimental group can not be covered their interest, the balance of financing and it’s operating is not good. Fifth, labor and capital productivity of experimental group is worse than those of control group. Sixth, Economic Value Added of experimental group was lower than that of control group before changing their names, and much lower after changing their names. The limitation of this study can be summed up as follows; first, the data on the financial statements of the firms to compute financial ratio. but it may have some considerable problem. Second,more accurate methodology would be needed to investigate the effect of changing company name. Third, more sample would be enrich the results of this kind of studies.

이 논문은 1990년 1월 3일부터 2010년 7월 23일까지 일별 종합주가지수(KOSPI) 종가수익률과원달러 환율, 그리고 세계자본시장의 변동성 지수인 일별 VIX 지수를 이용하여 1997년 외환위기와 2008년글로벌 금융위기 전후의 변동성 전이효과를 비교하고 안전자산선호 가설에 의해 그 효과를 설명하였다. 이를 위해 2변량(bivariate) DVEC(1, 1)-GARCH 모형을 바탕으로 세계자본시장의 변동성 충격이 외환시장과 자본시장에 미치는 비대칭적 효과를 실증적으로 분석하였다. 실증결과, 우선 원달러 수익률 평균모형에서표본기간과 상관없이 전일의 종합주가수익률에 대한 추정계수가 유의하게 나타난 반면 종합주가수익률 평균모형에서는 원달러 수익률이 유의하지 않게 나타났다. 이는 원달러 수익률이 종합주가수익률의 변화를 유발하는 것이 아니라 종합주가수익률이 원달러 환율의 변화를 초래하고 있음을 의미한다. 둘째 세계자본시장의변동성은 외환위기 이전 기간 동안 원달러 수익률과 주가수익률 평균모형에서 모두 유의하지 않게 나타났지만 외환위기 이후기간과 글로벌 금융위기 기간 동안의 경우 원달러 수익률의 평균모형에서는 양의 부호로,주가수익률의 평균모형에서는 음의 부호로 모두 유의하게 나타났다. 이는 세계자본시장의 변동성이 국내시장에 미치는 효과가 외환위기 이후 자본자유화 확대와 금융시장의 개방 확대로 점증되고 있음을 반영한 결과로 볼 수 있다. 셋째 조건부 분산 모형을 보면 모든 표본기간에서 전기의 ARCH항은 양의 부호로 유의하게 나타났지만 원달러 수익률과 주가수익률 공동의 충격에 대한 추정계수는 유의하지 않게 나타났다. GARCH항 역시 하나를 제외하고 모두 통계적으로 유의하게 나타났다. 이는 외환시장과 자본시장의 자체적충격에 대해서는 영향을 미칠 수 있으나 이 두 시장 공동의 변동성 충격이 공통적으로 영향을 미치지 않는다는 것을 의미한다. 마지막으로 세계자본시장의 변동성의 확대가 외환위기 이전에는 외환수익률과 주가수익률의 변동성을 감소시키는 것으로 나타나고 있으나 외환위기 이후에는 국내 변동성을 오히려 증가시키는것으로 나타났다. 또한 세계자본시장의 변동성 확대가 외환위기와 금융위기 이후 더욱 더 크게 나타나 위기후 두 시장의 변동성이 확대되고 있음을 보여주고 있다. 이 결과는 세계경제위기 시 투자자의 안전자산선호성향이 금융위기 이후 국내 외환시장과 주가시장의 변동성을 더 확대함을 의미한다. 이러한 변동성 파급효과와 세계자본시장의 동조화 현상은 국제 자산배분의 위험분산을 무력화시킬 뿐만 아니라 국내 투자자에게도 적지 않은 위험 요인으로 작용할 수 있음을 시사한다

This paper empirically examines asymmetric spillover effects of an increase in volatility of world capital markets on Korean foreign currency and stock markets using bivariate DVEC (1, 1)-GARCH model. The data employed for the study is daily series of VIX, won per U.S. dollar exchange rate and Korean composite stock price index (KOSPI) for the period of January 2, 1990 through July 23,2010. The VIX, a barometer of investor fear, is used as a proxy for world market volatility. That is,the change in the VIX should be expected to rise at a higher rate when world market fails than when world market rises. To facilitate comparison the VIX level, minute-by-minute values were calculated using index option prices dating back to the beginning of January 1986. This is specially important because documenting the level of market fear would provide useful benchmark information in assessing the degree of turbulence in markets. First, the rates of returns on won-dollar exchange rates are found to be negatively associated with the rates on expected returns on KOSPI in all sub-sample periods. On the other hand, the estimated coefficients of the rates returns on KOSPI are not statistically significant in the mean equation of the returns on won per U.S. dollar exchange rates. These results suggest that an increase in the returns on KOSPI should cause in Granger sense a decrease in the returns on Won per U.S. dollar exchange rates but not the other way around. This implies that ʻbad newsʼ of world capital markets could asymmetrically reduce the rates of returns on Korean stock markets. Second, empirical findings show that there are asymmetric volatility spillover effects of world capital markets on Korean foreign and stock markets, specially in global market crises. This confirms evidence that stock market in emrging countries should be sensitive to information released developed capital markets. Third, the spillover effect of VIX has been increased over the period after the global crisis. This implies that the volatility spillover effect of world capital markets on Korean Stock and foreign exchange markets has became larger as Korean financial and capital markets were rapidly liberalized after Korean foreign currency crisis. Finally, an increase in world market volatility is positively associated with expected returns on won per U.S. dollar rates but negatively with those on KOSPI for the period after Korean foreign exchange crisis. This suggests that investors tend to have safe assets by reducing risky assets of emerging markets to minimize portfolio risk caused by world financial crisis.

본 연구는 DEA CCR모형, BCC모형 및 맴키스트지수를 이용하여 글로벌금융위기시기전후, 즉2006년부터 2010년도까지 우리나라 38개 외감 창업투자회사들을 대상으로 상대적 효율성 및 생산성변화를측정하였다. 기술효율성은 순수기술효율성, 규모효율성으로 분해하여, 생산성변화는 순수기술효율성변화, 규모효율성변화, 기술변화로 분해하여 측정하였다. 연구모형의 투입변수로는 종업원 수, 자본총계, 비유동자산을, 산출변수로는 투자자산과 영업수익을 선정하였다. 금융위기기간에 걸쳐 하락한 평균 기술효율성은 2010년 말까지 회복하지 못하고 있는 상황으로 이 기간 동안 순수기술효율성이 규모효율성에 비해 상대적으로크게 하락하였고 이것이 평균 기술효율성 하락에 크게 영향을 미쳤음을 보여준다. 한편 글로벌금융위기전후인 2006년부터 2010년까지 표본 창업투자회사들의 평균생산성변화는 1.1158로 매년 11.58%씩 증가하고 있는데, 이는 금융위기에도 불구하고 생산성수준이 상승하였음을 보여 준다. 이러한 생산성변화의 주요원인은규모효율성의 변화에 기인함을 확인할 수 있다.

This paper examines the efficiency and the efficiency change over time of the Korean venture capital companies through the global financial crisis period 2006~2010 by employing data envelopment analysis (DEA) and Malmquist Index (MI). The efficiency of DMU, which is decomposed into three components such as a technical efficiency, a pure technical efficiency, and a scale efficiency, is measured by using DEA CCR model and DEA BCC model. The efficiency change over time of DMU is measured as a pure technical efficiency change, a scale efficiency change, and a technical change by calculating Malmquist Index. Our research model includes a number of employees, amount of total equity, and amount of noncurrent asset as input variables and investment asset and EBIT as output variables. Thirty eight sample companies are selected from KIS-value and grouped into eight large and thirty small&medium firms based on a firm size. DEA-Solver Pro 7.1 version Software Package is utilized for calculating the efficiency and the efficiency change over time of DMU. The results of this study are as follows: 1) The decreased average technical efficiency through the global financial crisis period had not recovered until 2010 and this can be attributed mainly to the decrease in an average pure technical efficiency. 2) The technical efficiency of small&medium firms shows higher than that of large firms through 2006~2010. This seems largely owing to a pure technical efficiency gap between small&medium and large firms. 3) The average efficiency change over time of sample firms through 2006~2010 had increased by 11.58% annually. This means that the productivity of Korean venture capital firms had increased in spite of global financial crisis. 4) The pure technical efficiency change,the scale efficiency change, and the technical change had increased annually by 10.92%, 18.47%, and 6.65% respectively. Therefore, the productivity of Korean venture capital companies in 2010 had recovered from financial crisis. We find that the increase in the scale efficiency change contributed largely to the increase in the productivity. 5) The efficiency change over time of large firms reported higher than that of small&medium firms through financial crisis period except for 2008~2009. This can be attributed mainly to the fact that the pure technical efficiency change of large firms showed higher than that of small&medium firms. Overall, large firms seems to lead small&medium firms in the technical change.