Earticle

본 연구에서는 새롭게 대두된 고객보상 프로그램의 한 유형으로 선포인트 고객보상 프로그램에 초점을 맞추었다. 본 연구는 고객보상을 미리 지급하는 형태인 선포인트 프로그램이 효과적으로 실행되기 위해서, 어떠한 요인이 고려되어야 하는지를 검증하고자 한다. 구체적으로, 심적 시뮬레이션과 심리적 반발이론이라는 이론적 근거를 바탕으로 심적 시뮬레이션의 종류가 소비자 태도 및 이용의도에 영향을 미칠 수 있음을 규명하고자 한다. 실험 1의 결과, 과정 시뮬레이션에 초점을 맞춘 소비자들은 결과 시뮬레이션에 초점을 맞춘 소비자들보다 심리적 반발감을 느끼게 되어, 선포인트 프로그램에 대해 비호의적인 태도를 가질 뿐 아니라 이용의도 또한 낮았다. 또한 심적 시뮬레이션 유형의 차이가 선포인트 프로그램에 대한 태도 및 이용의도에 미치는 효과를 조절하는 요인으로 제품유형을 제시하였다. 실험 2를 통한 조절효과 검증 결과, 과정 시뮬레이션에 초점을 맞춘 소비자들은 선포인트 프로그램을 통해 쾌락적/표현적 제품을 구입하는 경우가 실용적/기능적 제품을 구입하는 경우보다 선포인트프로그램에 대한 태도 및 이용의도가 높았다. 반면, 결과 시뮬레이션에 초점을 맞춘 소비자들은 선포인트 프로그램을 통해 실용적/기능적 제품을 구입하는 경우가 쾌락적/표현적 제품을 구입하는 경우보다 선포인트 프로그램에 대한 태도가 호의적이었다. 이러한 결과는 과정 시뮬레이션에 초점을 맞춘 소비자들은 노력에 대한 보상을 받기 위해 실용적/기능적 제품보다 쾌락적/표현적 제품을 선호하는 반면, 결과 시뮬레이션에 초점을 맞춘 소비자들은 구입에 대한 합리화를 위해 쾌락적/표현적 제품보다 실용적/ 기능적 제품을 선호하는 것으로 유추된다. 본 연구는 새롭게 대두된 선포인트 프로그램을 연구함으로써 고객보상 프로그램의 연구의 범위를 확장하였다. 또한 마케팅 실무자에게 선포인트 프로그램이 어떻게 실행되어야 더욱 효과적일 수 있을 것인가에 대한 실무적 시사점을 제공하였다

Front-loaded point program has been introduced by an credit card company in Korea in 2003. Front-loaded point program is different from ordinary point program which is called rear-loaded point program, in that incentives are provided right after consumers decide to sign up for the program. An important aspect of front-loaded point program is that consumers are provided with immediate benefits or points by a company only if they promise to pay back the points within certain period of time through purchasing products or services from that company. Prior researches focus on rear-loaded point program, that is a traditional type of point program to give consumers incentives upon their accumulated repeat purchases. The current research focuses on front-loaded point program, which has not been a topic of debate since it was newly introduced in industries. The authors examine the factors improving the effectiveness of front-loaded point program which gives customers reward in advance. Specifically, the authors examine the effects of mental simulation on the attitude and behavior relating to front-loaded point program on the basis of mental simulation theory and psychological reactance theory. Based on literature review, the authors propose hypotheses as follows. First hypothesis is that consumers are more likely to join front-loaded program and to show favorable attitude toward front-loaded program, when consumers focus on outcome simulation (vs. process simulation). Second hypothesis is that psychological reactance will mediate the effect of mental simulation on attitude and intention to join front-loaded point program. On the other hand, We demonstrate that mental simulation has an effect on the attitude and intention to join front-loaded point program, product type will moderate the effect of the mental simulation (H3). Specifically, Consumers who focus on process simulation are more likely to join front-loaded point program and to show positive attitude toward front-loaded program when they purchase hedonic/expressional products rather than utilitarian/functional products (H3-1). Consumers who focus on outcome simulation are more likely to join front-loaded program and to show favorable attitude toward front-loaded program when they purchase utilitarian/functional products rather than hedonic/expressional products (H3-2). The authors conducted two studies to verify hypotheses. Using the first study, the authors reveal that process simulation influences the degree of individuals’ psychological reactance, which results in unfavorable attitude toward front-loaded point program. Specifically, when consumers are involved with process simulation rather than outcome simulation, they are more likely to feel psychological reactance, and this leads to unfavorable attitude and behavior toward front-loaded program. Also, using the second study, the authors examine the moderating roles of product types consumers want to purchase with front-loaded points. As a result, when consumers are involved in process simulation, they prefer to purchase hedonic/expressional products with front-loaded points than utilitarian/functional products; while when consumers are involved in outcome simulation, they prefer to purchase utilitarian/functional products with front-loaded points than hedonic/expressional products. The current research provides academical and practical contributions. First, the current research expands the scope of research area relating to customer reward programs. The current research introduces front-loaded point program as a new topic of debate in academic area. Second, the current research gives marketing practitioners practical guidelines on how to implement front-loaded point program to improve the effectiveness of this program. To persuade consumers to join the program, marketers should promote consumers to focus on outcome simulation rather than process simulation with diverse marketing tactics. Also, marketers are more likely to persuade consumers to join the program when they provide consumers with different product type on the basis of mental simulation consumers focus on.

우리나라는 외국과 달리 벤처기업이 되기 위해서는 벤처확인기관으로부터 벤처확인인증을 받도록 되어 있다. 이러한 벤처확인등록제도의 실효성을 살펴보기 위한 일환으로 본 연구는 우리나라 벤처기업들에 대해서 벤처등록횟수별 재무적 성과 차이가 존재하는가를 실증적으로 분석하였다. 연구표본은 2001년부터 2009년 기간 동안에 벤처확인인증기관으로부터 최초 벤처확인등록을 받은 일자와 재등록 일자가 구비됨과 동시에 KED로부터 재무재료 입수가 가능한 14,708개 벤처기업을 대상으로 하였다. 본 연구에서는 단순재무비율분석과 강건성을 위한 Odds Ratio분석을 이용하여 벤처등록횟수별 최초 벤처확인시점 대비 최초 벤처확인 전․후기간의재무성과와 벤처등록횟수별 최초 벤처확인 대비 재등록에 대한 재무성과가 분석되었다. 분석결과에 따르면 벤처확인횟수가 증가할수록 최초 벤처확인 등록시점 이후 벤처기업의 수익성과 안정성은 제고되고 있는 것으로 나타나고 있다. 또한 최초 벤처확인 대비 재등록기업의 성과도 재등록횟수가 증가할수록 높아지고 있다. 이러한 발견은 단순재무비율분석과 Odds Ratio 분석 모두 일치하는 결과이다. 특이한 사항은 최초 벤처등록을 포함하는 3회～4회 등록횟수에서 최초 벤처확인시점 대비 이후기간의 재무적 개선과 최초 벤처확인 대비 재등록 성과도 가장 높게 나타나고 있다는 점이다. 이러한 발견들은 벤처확인유효기간 종료 후에 일정 정도까지 재등록에 의한 벤처기업의 지위유지가 재무성과에 도움이 됨을 시사해준다. 그러므로 본 연구결과는 벤처확인등록제도의 실효성에 대한 우려와는 달리 벤처확인유효기간에 의한 벤처 확인제도의 실효성이 대체로 지지되는 것으로 생각될 수 있다

Korea has a special venture firm registration system certified by the venture registration institution, which is different from other countries classified as a venture firm by investment from venture capitalists. This paper studies whether there are financial performances among venture firms by the number of rounds of venture registered certification as a venture firm as a part of effectiveness of Korea venture firm certification system. For this study, 45,281 venture firm that were registered over first round as a venture firm by the venture registration institution from 1991 to 2009 were selected under SMBA(Small and Medium Business Adminstration). The final objects are 14,708 samples met conditions of the date first registered certification,date of rounds of venture certification, and financial data from KED among 45,281 firms. This study use the simple financial ratios and robust test by odds ratio, analyze financial performances of the before and after of first venture certification compared to date of first venture registered certification. This study, also, investigates financial performances of round firms, namely repetitive registration firms compared to first venture certified firms by the number of rounds of registered certification. According to results of analysis of simple financial ratios and odds ratio, the profitability and safety of venture firms is enhanced as the number of rounds of venture certification increase. The performances of round firms are higher than those of first venture certified firms as the number of rounds of venture certification increase. Especially, the highest performances are shown when the number of rounds of venture certification is 3 or 4. These findings suggest that keeping status of venture firm, to some extent, by rounds of venture certification help venture firms improve their financial performances. Contrary to the worry of the effectiveness for the venture registered certification system, this study supports the effectiveness of term of venture validity under current venture registered certification system. Therefore, this result implies that current venture registered certification system has function to be worked as a kind of monitoring effect for venture firms. On the other hand, this study does not consider the examination of reentrance motives as a venture firm after term of first venture certification. Further study calls for investigation of them by the number of rounds of venture certification.

본 연구의 대상기간은 2003년부터 2010년까지 8년간이며, 비상장 중소기업 3,794개, 코스닥 중소기업 414개, 유가증권시장 대기업 306개 등 총 4,514개 기업을 표본으로 선정하여 다중회귀분석을 하였다. 본 연구는 중소기업이 겪고 있는 만성적인 자금애로 현실에서 부채의 조달과 수익성(EBIT) 간의 관계규명을 새롭게 시도하였으며, 이를 기업환경이 다른 세 그룹 간 기업을 비교함으로써 자본구조와 관련된 연구영역의 지평을 넓혔다. 본 연구의 분석결과에서 그 특징은 다음과 같다. 첫째, 부채비율과 수익성(EBIT)의 관계에서 모든 기업 그룹에서 부채가 수익성에 부(-)의 영향을 미치는 것으로 나타났다. 이는 자본조달순위 이론을 지지하는 실증분석과 같은 결과이나 본 연구에서는 이러한 결과 보다는 우리나라의 금융여건에서 대출 금리의 상대적 차이와 차입금의존도 비중 문제가 기업의 수익성에 영향을미치는 것으로 판단되었다. 둘째, 부채의 결정요인을 분석한 모형에서 중소기업과 대기업이 기업규모, 비부채감세효과, 영업이익률, 업력 등에서 차이가 있는 것으로 분석되었다. 셋째, 이상의 분석결과에서 특히 자산의 담보가치는 중소기업과 대기업 모두에서 강한 정(+)의 영향을 미침으로써 금융기관의 담보위주 대출관행을 확인할 수 있었으며, 기업규모는 중소기업에서만 수익성(EBIT)에 부정적인 영향을 미치고 있는 것으로 나타났다. 변동성은 비상장 중소기업과 유가증권시장 대기업에서 영업활동에 커다란 영향을 받게 되어 수익성(EBIT)이 커진 반면, 코스닥 중소기업에서는 위험과 수익의 상반관계를 따르지 않는 것으로 분석되었다

This study is to analyze the effect of debts on the corporate profitability (EBIT; earnings before interest and taxes) based on the capital structure theory. This study also tries to find out the differences between SMEs (small and medium enterprises) and large companies and their causes based on the SMEs’ theory and effect of determinants of debt on the EBIT as well. The subjects of this study period of eight years (2003~2010) and 3,794 from unlisted SMEs, 414 SMEs listed in KOSDAQ, including 306 large companies listed in KOSPI, with a total of 4,514 observations were selected as OLS (ordinary least squares) analysis. The analysis showed that there are no significant differences between large companies and SMEs in terms of effect of debts on their profitability (EBIT). This study tried to find out the relation between financing and profitability (EBIT) in the environment where the SMEs suffer the chronic lack of funds for management. This study has a meaning in that by comparing the management environments among unlisted SMEs, SMEs listed in KOSDAQ and large companies listed in KOSPI, the scope of study has been broadened. The characteristics of the study are as follows. First, in the relation between debt ratio and profitability (EBIT), the debts are found to negatively affect the profitability (EBIT) the group of all. but to support the pecking order theory and empirical analysis in this study, these results rather than results or financial condition from dependence on borrowing and capital cost rates relative difference in the proportion problems that affect the profitability of companies. This showed us that the Korea’s domestic financial environment affects the companies more than the pecking order theory. but It means that at least in Korea the comparative difference in capital cost and the weight of debts in funds affect profitability (EBIT) of companies. Second, in the model analyzing the determinants of debt, there are difference between SMEs and large companies in terms of SIZE (company scale), NDTS (non-debt tax shields), PROF (rate of operating profits), and AGE (company age). Third, it was found out that TGB (the value of assets for security) for loan positively affect the profitability (EBIT) of all companies, showing that the loans performed in Korea are usually based on the offer of assets as security or collateral. It also found that SIZE negatively affect the profitability (EBIT) for SME, It also found that VOL (volatility) does positively affect the risk-return trade off for unlisted SMEs and listed large companies but the VOL does not follow the risk-return trade off in SMEs listed in KOSDAQ. The long age of the companies are found to negatively affect the profitability for all groups. Finally, to enhance the management profitability (EBIT), the companies shall control their dependence on debts to a proper level and thus alleviate the capital funding cost to a certain level and the government shall help SMEs to get proper funding through good support plan. This finding may have some limitation for generalization of results because of manufacturing industry. Nevertheless, This study is the first empirical study for not only the role of unlisted SMEs’ debt but also the difference between large companies and SMEs in terms of effect of debt ratio on their profitability (EBIT) in Korea.

국제회계기준 도입에 따라 자기자본의 주요 구성요소인 기타포괄손익에 유형․무형자산의 재평가시 인식하는 재평가잉여금과 확정급여제도에서 확정급여채무의 보험수리적 손익 및 사외적립자산의 재측정요소 등 미래 지속성이 낮은 일시적 항목들이 더 많이 포함하게 되었다. 국제회계기준에 따라 기타포괄손익에 새로추가된 항목들은 주로 시장의 가격변동과 관련된 항목이며, 이러한 일시적 항목의 증감은 향후 기업의 실제 영업수익력의 변화와 관계없는 ROE의 변동을 가져올 수 있다. 본 연구는 IFRS를 적용하는 경우에 종전의 한국회계기준 보다 ROE를 산출하는데 영향을 미치는 기타포괄손익에 일시적 항목이 많이 포함하게 되어 ROE의 주가관련성이 낮게 나타나는 지를 실증 검증하였다. 유가증권 상장기업(금융업 제외)을 대상으로 2010년 한국회계기준(K-GAAP)을 적용한 기업표본과 2009년과 2010년에한국채택국제회계기준(IFRS)을 조기 적용한 기업표본에 대해서 미래 수익성을 예측하는 데 사용되는 ROE의 주가관련성을 비교분석하였고, 2009년과 2010년에 IFRS를 조기 적용한 기업을 대상으로 IFRS 적용이전표본과 IFRS 적용이후표본에 대하여 ROE의 주가관련성을 비교분석하였다. 분석결과 K-GAAP에 따른 ROE는 주가관련성이 존재하는 것으로 나타났으나 IFRS 적용에 따른 ROE는 주가관련성이 낮게 나타났다. 추가적으로 ROE를 기타포괄손익의 영향을 제거한 ROE와 기타포괄손익에 의해 영향 받는 ROE의 부분으로 분해하여 전체 표본에 대해 추가적인 분석을 수행하였다. 그 결과 IFRS를 적용함에따라 기타포괄손익에 의해 영향 받는 ROE는 종전 K-GAAP을 적용한 것보다 주가관련성이 낮게 나타났다. 이러한 결과는 향후 국제회계기준이 전면 적용되면 자산의 공정가치평가가 중시되는 상황에서 공정가치평가 손익을 자본의 기타포괄손익에 보고하는 방법이 주가관련성 측면에서 바람직하지 않을 수 있음을 시사하고 있다

Due to financial globalization and convergence of financial regimes, the International Accounting Standards Board (IASB) is enhancing international comparability of accounting information by improving usability has been implementing the International Financial Reporting Standards (IFRS). In addition, the IASB has been trying to improve the timeliness and usefulness of the information evaluating assets and liabilities by introducing the concept of current value. With the IFRS fully implemented in 2011, it is expected to greatly affect other comprehensive income. Some equity items such as revaluation surplus of tangible and intangible assets, actuarial incomes from defined benefit obligation and plan assets have been included in the other comprehensive income of financial statements following the adoption of IFRS. Those items are transitory which means their values are susceptible to price changes. When the price of those items fluctuates, ROE (Return On Equity) will decrease comparably to the diluted effect of potential ordinary shares in computing diluted EPS (Earnings Per Share). This study tests whether the value relevance of ROE has decreased in the era of IFRS due to the inclusion of some transitory items. Our sample is KOSPI listed companies (except financial institutes) under K-GAAP in 2010 and that of companies adopting IFRS early in 2009 and 2010. We compare the value relevance of KOSPI-listed companies under K-GAAP in 2010 to companies adopting IFRS in early 2009 and 2010. Furthermore, we also tested the difference of value relevance pre-IFRS and post-IFRS sampling companies that adopted IFRS in 2009 and 2010. For additional testing, ROE was divided into two groups. One is ROE without other comprehensive income’ influence and the other is ROE influenced by other comprehensive income. The results suggest that value relevance of ROE under K-GAAP existed but decreased significantly under K-IFRS. Moreover, value relevance of ROE influenced by other comprehensive income was lower for K-IFRS than under K-GAAP. This implies investors will place lower value on IFRS adopted companies for the other comprehensive income. We also introduced the EPS dilution effect for the other comprehensive income of financial statements following the adoption of IFRS. in other comprehensive income are not favorable methods with regard to value relevance. As a result,IFRS adoption can cause a decrease of value relevance. However, these results are for companies that voluntarily adopted IFRS, so it is not conclusive to make a generalization. Also, our sample is only for the pre-IFRS period, we therefore can not generalize the research results. For additional study, we have to expand the research for post-IFRS period using sufficient sample and data.

본 연구는 소극적 투자의 대표적인 상품인 인덱스펀드(Index Fund)의 펀드매니저가 상장지수펀드 (Exchange Traded Fund, ETF)의 도입에 대응하여 변화된 투자전략을 간접적으로 분석하였다. 기존의 논문에서는 인덱스펀드나 ETF의 수요자인 투자자의 입장에서 많은 분석이 시행된 반면, 구조적으로 운용의 폭이 클 수 없는 인덱스펀드의 펀드매니저 입장에서의 분석은 거의 다루어지지 않고 있다. 1990년 1월 3일 KOSPI200지수가 탄생함에 따라 지금까지 KOSPI200을 추종하는 여러 상품이 시장에 선을 보이게 되었는데, ETF와 인덱스펀드의 공통요소를 산출하기 위한 기준으로 이러한 KOSPI200지수를 표적지수로 삼는 인덱스 펀드와 ETF 상품인 KODEX200을 대상으로 분석하였다. 분석기간은 1990년 1월부터 2010년 6월까지 10년 6개월간이었으며, 추출된 KOSPI200지수를 추종하는 인덱스펀드의 수는 175개이다. 실증분석 결과, 인덱스 드는 ETF 도입 이후에 벤치마크 지수를 더욱 강하게 추종하고 있음을 발견하였다. 이러한 변화는 투자설명서 유무, 펀드판매 회사의 수, 펀드의 설정기간 및 수수료, 그리고 펀드의 설정액 규모를 통제한 이후에도 통계적으로 유의한 것으로 나타났다. 이것은 ETF 도입에 따라 상대적으로 단점을 보유하고 있었던 인덱스 펀드라는 상품이 단점을 개선하고자 인덱스펀드 상품 본연의 목적에 최선을 다하는 구조로 변경되었다는 것을 말해준다. 이러한 변화는 상관계수 분석, 회귀분석 및 추적오차 분석 등을 통해서 통계적으로 유의한 결과를 보여주며, 이를 통해 소극적 투자 상품인 인덱스펀드의 선택에 있어서도 수수료 등의 표면적인 비교뿐만 아니라 펀드매니저의 능력 등을 고려해야 함을 보여준다. 본 연구에서는 분석할 수 있는 자료의 한계로 인해 인덱스 펀드의 구성 종목주식 개개의 수익률을 분석하지 못하고 인덱스펀드 자체의 일별수익률을 분석의 대상으로 삼는 간접적인 분석으로 인해 그 결과를 제시하고 해석하는데 한계가 존재할 수 있다. 이러한 문제는 향후 개별 인덱스펀드의 구성 종목의 일별 수익률과 구성 비율 등의 자료가 주어지면 해결될 것으로 본다

In this paper, we indirectly examine the changes in the investment strategy of index funds, which are the most commonly used passive investment products, around the introduction of the Exchange Traded Fund (ETF) in Korean stock market. Although previous studies have examined the index funds, they have focused on the demand in the market from the fund investor’s point of view rather than the supply which is the fund manager given the structure of index funds which would not allow the fund manager to adjust the portfolio in an active way. Since KOSPI200 was introduced in the Korean stock market in 1990, a great number of investment products following the index have been launched. Out of these products, we examine the index funds and KODEX200, both of which follow the KOSPI200 as a benchmark. The sample period is from January, 1990 to June, 2010 and 175 index funds following KOSPI200 have been examined in this study. We note that the average correlation between daily KOSPI200 return and daily index fund returns has increased significantly from 0.87 during the first half year of 1996 to 0.99 during the first half year of 2010. This increased correlation motivates us to investigate the relation between index funds returns and the KOSPI200 returns. We find that the sensitivity of index fund returns to the KOSPI200 returns significantly increased after the introduction of ETF. This increased sensitivity remains significantly after controlling the fund size, fees, and other variables that are reported to have explanatory power for the fund returns from the previous studies. That is, the index fund manager adjust her investment strategy to attract investors as the strong competitor (ETF) appears to the market. The empirical analysis with the correlations and tracking errors presents the similar results. The correlation between the KODEX200 return and the KOSPI200 return is close to 1 over the sample period and the sensitivity of the KODEX200 return on the KOSPI200 return is close to 1 with very small tracking error. We observe that the tracking error of index fund has decreased since the ETF introduced to the Korean stock market. We categorize the whole sample into two groups-equity index funds and enhanced index funds. In both groups, we find the sensitivity of index funds returns to KOSPI200 returns significantly increased after the ETF was introduced. In general, the enhanced index funds are more sensitive to KOSPI200 returns than the equity index funds are. In the OLS regression analysis, the coefficient for KOSPI200 returns with enhanced index funds is 0.981 but the coefficient with equity index funds is 0.861 over the whole sample period. However, when we add the interaction term with the KOSPI200 return and the dummy variable for the ETF introduction to examine the effect of the emergence of the competitor, the sensitivity increased from 0.921 to 0.984 with enhanced index funds but the sensitivity increased from 0.798 to 0.893 with equity index funds. Thus, equity index fund manager reactive more sensitively to ETF introduction than enhanced index funds manager. From this, we suggest that index fund investors should consider not only the apparent factors such as trading fees but also the implicit factors such as the fund manager’s ability. Since the actual portfolio information for the index funds is not available to the authors, the result from the analysis cannot be interpreted as a direct evidence for the index fund managers behavior. However, this could be resolved as the actual portfolio composition for the individual index fund is examined. We leave it to future research to explore these effects fully.

본 연구는 정보보안과 관련하여 행정안전부의 정보보호 수준의 관리지표인 정보보호 정책 환경, 정보침해대응과 회계정보만족도의 관계를 규명하기 위하여 실증 연구를 하였으며 그 결과를 요약하면 다음과 같다. 첫째, 정보보호 정책 환경변수 중에서 수집 및 보유, 기술기반은 5%의 유의수준에서 회계정보만족도에 통계적으로 정(+)의 유의한 영향을 미치는 것으로 나타났으나 정책기반은 회계정보만족도에 통계적으로 유의한 영향을 미치지 않는 것으로 나타났다. 이러한 결과는 정보수집, 정보파일대장, CCTV, 정보저장 및 출력매체가 잘 구비되어 있을수록 회계정보만족도는 높아진다고 볼 수 있다. 또한 정보보호시스템, 정보처리시스템의 접근통제, 정보를 저장․전송할 때 암호화가 잘 되어 있을수록 회계정보만족도가 높아진다는 것을 의미한다. 둘째, 정보침해대응 변수 중에서 웹사이트 정보노출 방지정책, 정보유출 대응절차, 정보침해 구제절차는 5%의 유의수준에서 회계정보만족도에 통계적으로 정(+)의 유의한 영향을 미치는 것으로 나타났으나, 이용 및 파기는 회계정보만족도에 통계적으로 유의한 영향을 미치지 않는 것으로 나타났다. 이러한 결과는 웹사이트 정보노출 방지정책에 대한 지원이 많을수록 회계정보만족도는 높아진다고 볼 수 있다. 또한 정보유출 대응절차에 적극적으로 참여할수록 회계정보만족도는 높아지고 손해배상제도와 같은 정보침해 구제절차가 잘 되어 있을수록 회계정보만족도는 높아진다는 것을 의미한다

Today, the use of computers and software is an integral part of our daily work life. The ubiquitous use of information management software by workers is rampant in many officies, both large and small. However, it is believe that soft usage is illegal in Korea today, where approximately half of that software is used in companies. Realistically, we have to pay when we purchase any general goods. But in the case of software, there are possibilities of alternatives-such as illegally copied software. Business have been adopting security systems and making a variety of practical policies promoting and implementing information security awareness among employees in orer to safeguard valuable corporate information and resources. Firm implement public relations activities and offer security and privacy education for their staffs continuously. However corporate confidential information can be frequently stolen due to lack of employees’ security awareness. Small and medium-sized organization are also introducing various information technology and IT systems in order to secure competitiveness. Lack of prevention systems and awareness of adverse effects of information technology as well as the possibility of leakage, allows exposure to even more risk. Numerous cases related to information security leakage have been reported both at home and abroad, stressing the need for constant alertness. Thus, for small-medium companies to grow beyond survival, there must exist information as well as consideration of the possible detrimental effects of information, including preventative measures for such effects. Most companies introduce technical elements only as measures for information security and subsequent measures for individuals within an organization are minimal. this is due largely to a lack of consideration of situational factors, such as corporal culture and environment. Information security should begin from companies’ recognition of its undeniable importance. the fundamental issue of information security is based on human will and behavior to protect information and system. In Web-based, accounting information’s motivation is the essential component that enables the to participate in information spontaneously and continuously. The most effective strategy of accounting information’s motivation would be provided after the users’ motivation state is precisely measured in process and then prescribed according to results. The purpose of this study is to analyze the accounting information protective environment and accounting information infringement response which is considered to affect the satisfaction of accounting information. The major findings of the study are as follows. First, among accounting information protective policy environment, the support from collection and expense, technical base show the 5% of positive significance in the satisfaction of accounting information. But politic base does not affect the satisfaction of accounting information. This result suggests that the support from collection and expense is prior to other factors in the satisfaction of accounting information. The technical base in the maintenance of system is also importance to raise satisfaction of accounting information. It is needed to make Information protective system and Information encryption. Second, among accounting information infringement response variables, web site information exposure prevention policy, information leakage response procedures, information infringement remedial procedures affect positively the satisfaction of accounting information by 5%. However use and abandonment do not show significant relation with the satisfaction of accounting information. The result of the study show that it is needed to web site information exposure prevention policy and information leakage response procedures, information infringement remedial procedures. When information infringement remedial procedures are highly correlated with compensation for the loss system the satisfaction of accounting information is achieved. The study has been conducted via a questionnaire survey, the collectde data is somewhat small in scale. The limitation on this study was that only mutual effects between factors such as accounting information protective environment and accounting information infringement response. In future, the study that precisely measures related variables with clear understanding of those measurement factors should be encouraged.

본 논문은 특정 산업 또는 제품 수준에서 품질경쟁력 수준을 측정할 수 있는 평가모형을 개발하고, 이를 국가별로 비교하려는 시도로, 한국표준협회와 산업연구원(2007)에서 개발한 품질경쟁력 모형을 기반으로 실증적으로 적용 가능한 모형을 개발하였다. 이를 위해 먼저 국가간 경쟁력을 비교하는 WEF의 국가경쟁력 평가 모형, Global Manufacturing Competitiveness Index, 국가산업의 품질경쟁력 수준지수, 한국사용품질지수 (KS-QEI)를 포함하는 6개 경쟁력지수 모형을 비교, 시사점을 도출하였다. 또한 품질을 구성하는 다양한 요소들을 기업과 사용자 측면에서 검토하고, 경쟁력 평가의 대상을 최종 제품만이 아니라 제품을 생산하는 기업의 내부적 요인과 국가의 인프라 수준 등을 반영하여 모형을 구축하였다. 도출된 모형은 5개 국가(한국, 미국, 일본, 독일, 중국)에서 생산되는 4개의 주요 생활가전제품(TV, 냉장고, 세탁기, 에어컨)을 대상으로 일반 소비자와 전문가를 대상으로 설문조사와 2차 자료 조사를 통해 품질경쟁력 수준을 평가하였다. 연구 결과, 전반적으로 중국을 제외한 비교 대상 국가들 간의 차이는 크지 않은 것으로 나타났으며, 한국제품의 품질경쟁력은 기술선진국들로 알려진 독일, 일본, 미국 제품들에 근접한 품질경쟁력을 갖는 것으로 나타났다. 현재 한국의 생활가전제품에 대한 사용자평가는 다른 선진국가들과 큰 차이가 없이 개선되어졌으나 가전제품 전문가들의 인식과 평가는 아직 개선되지 않은 것으로 나타났다. 특히, 전문가 평가가 중심을 이루는 생산품질과 경영품질 부분에서 상대적인 평가가 낮게 나타났다

This study tries to develop a practically applicable product quality competitiveness model based on the model by Korean Standards Association and Korea Institute for Industrial Economics and Trade (2007). For this, 6 models comparing product quality or competitiveness across diverse countries including WEF, Business Competitiveness Index, Global Manufacturing Competitiveness Index, KS-QEI and National Design Competition Power Index are reviewed. Based on the review, an evaluation model that measures quality competitiveness of products or particular industries among countries is developed. Here, quality competitiveness is defined, as shown in <Table 1>, to include four dimensions, design quality, production quality, usage quality, and management quality. It is also designed to incorporate various factors which constitute quality dimension in the area of both firms and consumers. Finally, variables for both end-products, internal factors of manufacturers, and the infrastructure of a country are included in the model as variables of competitiveness level. The model is applied to 4 major home appliances (TV, refrigerator, washing machine, air conditioner)among 5 countries (Korea, US, Japan, Germany, China). For this, 3 types of data are collected and analyzed. First, consumer survey of 1,200 respondents with product usage experience is performed using online research firms. Secondly, online survey targeting experts in consumer electronics is implemented using the expert panel of research firms in each of 5 countries. Relative importance of 4 quality dimensions is measured and calculated based on the AHP method from experts survey. Thirdly, secondly data for market share and the number of patents are collected for each product and country. Based on the AHP evaluation by experts, relative weight of four quality dimensions is calculated. For all product categories, usage quality is found to be the most important factor, followed by production quality. Results of this study show that except China, no significant difference in quality exists among the evaluated countries. The quality competitiveness score of Korean products is 67.3 and is similar to Germany (69.0), Japan (68.5), and US (67.8), which are known to have high reputation for quality competitiveness. The score of China is found to be low at 60.9. However, in the evaluation by experts, the gap between Korea and other developed countries is larger. Among 4 quality dimensions, usage quality is found to be very high for Korean products, followed by design and production quality. Out of 4 product categories surveyed, the quality of Korean TV is evaluated highest, second to Japan. For AC, the quality of Korean products is ranked as second with US and Japan. The evaluation for Korean refrigerator and washing machine is relatively lower compared to other countries.

본 연구는 주식시장에서 개인투자자, 특히 데이트레이더가 어떠한 투자성향을 보이는지를 실제 매매자료를 통해 분석하고, 이러한 투자행태로 인해 수익에 어떤 결과를 가져오는가를 Fama-French 3 factor 모형을 이용하여 분석하였다. 분석기간은 1999년 2월부터 2005년 2월까지의 83개월간이었으며, 실제 매매가 이루어진 10,000개 개인투자자 계좌 중 데이트레이더로 정의할 수 있는 500개 계좌를 대상으로 분석을 실시하였다. 실증분석 결과, 첫째, 데이트레이더들은 과거 매매에서 이익을 본 경우 위험선호도가 증가하는 성향을 보이고 있으며, 이를 하우스머니효과(house-money effect)로 정의하도록 한다. 즉, 이익에 대해 과도한 자신감(overconfidence)을 가지게 되고, 이는 주식에 대한 이익을 하우스머니로 인식한다는 것을 알 수 있었다. 둘째, 하우스머니효과는 과거 매매에서 얻은 이익의 규모가 커질수록 증가하는 것으로 확인했다. 즉, 손실이 발생되면 심리적으로 위축되어 위험선호성향이 감고한다는 것을 알 수 있다. 셋째, 데이트레이더의 하우스머니 투자행태로 인한 사후 투자수익률은 단기적으로는 양(+)의 초과수익률을 보였으나, 장기적으로는 손실을기록하는 것으로 확인되었다. 즉, 하우스머니효과로 인한 위험 선호적 투자가 성과에 좋지 않음을 알 수 있었다. 본 연구가 지니고 있는 한계점으로 데이트레이더로 한정하여 분석을 실시하였는데 일반 개인투자자의 경우 다른 특성을 보이는가를 확인할 필요가 있다

Investors who have experienced a gain or profit are often willing to take more risk. Gamblers call this “playing with the house’s money.” Since they don’t yet consider the money to be their own, they are willing to take more risk with it. The house money effect predicts investors will be more likely to purchase risky stocks after closing out a profitable trade. According to behavioral finance, the results arising from past decisions affect current decisions. If some through investment the interests gained and if you have some experience The following pseudodetermines the situation, risk in the who like to live on the edge, but it the past, investment losses from the This and if you have some experience, and then decision-making In situations where the risk of less willing will attempt to. Behavior of financial stakes in the casino, which means “house money ‘uses the term, past profits from the sale due to the investment risk preferences, and then as the house money effect has been referred to. Previous research studies abroad as a way of experiments with house money effect exists, but the actual look any results appearing in the market for the research is lacking. This study, based on actual data to individual investors buying and selling of individual investors showing the house money effect verifying that the characteristics and performance in any of these properties as a result of this investment appears to be the main goal is to verify. Conclusions drawn from experimental studies that were happening in the real stock market from which to determine the significance of this study can be found. The primary objective of this paper is to find out whether the house-money effect exists in stock trading by individual day traders and whether they actually commit perceptive errors in their stock trading. To achieve this objective, I have tried to assess the likelihood of attaining the house-money effect by taking a behavioral finance approach by studying some samples of individual day traders’ stock trading in the Korean stock market. In doing so I have taken the house-money effect as a theoretical backbone of my study. The data for the empirical study contained in this paper have been randomly collected from a Korean securities company’s transaction records. I took 500 cyber accounts from the active accounts between February of 1999 and February of 2005 (the accounts more than at least one-year old). Through the empirical analysis, the results attained are as follows; First, the day trader are more aggressive after they got gain in prior investment. If they had loss in prior investment, the day trader invested more passive. This phenomenon could be called ‘house-money effect’. Second, day trader would invest more actively as the gain increased. Third, ‘house-money effect’ strategy couldn’t increase day trader’s wealth. This paper support prior literature of the house-money effect. For the stable gain, investors have to overcome psychological bias.

우리나라에서는 1991년 2월 신탁업법에 의해 부동산신탁이 처음으로 도입되어 부동산간접투자 시대가 열리게 되었으나, 토지 개발에 대한 신탁 업무를 중심으로 이루어졌으며 활성화 되지는 못하였다. 그러나 1997년 IMF 외환위기 이후 건설경기는 침체에 빠지고, 기업들을 부동산 자산을 보유하고 있으나 유동성 위기 상황 이었다. 정부는 건설경기를 활성화시키는 한편 기업들의 구조조정을 위해 부동산을 매각하여야 했으나, 부동산을 구매할 수 있는 구매력을 지닌 수요자는 외국계 자본을 제외하면 전무한 상황으로 구조조정이 어려운 상황이었다. 일반 투자자들의 시장 참여를 가능케 한 제도로서는 2001년에 입법된 부동산투자회사 제도가 시초라 할 수 있으며, 2003년 10월 간접투자자산운용업법의 제정으로 부동산 간접투자기구인 부동산 펀드가 도입 되었다. 우리나라의 부동산시장과 자본시장은 빠르게 통합되고 있는 상황이며, 부동산투자회사와 부동산펀드 제도에 의한 부동산증권상품의 투자가 활성화 되고 있었으나, 일반 투자가들의 참여가 자유로운 공모형 상품은 2008년 미국발 금융위기 이후 거의 자취를 감추고 있는 상황이다. 본 연구에서는 일반 및 기관투자가들을 대상으로 한 공모 및 상장형 부동산증권 상품인 부동산투자회사에 대한 제도 특성 및 운영현황 등을 분석하여 부동산 투자회사 제도의 특성을살펴보고자 한다. 부동산투자회사는 명목회사 형태로 운용되고 있으나 최근 자기관리 부동산투자회사가 도입되고 있다. 부동산투자회사의 수익률과 거시경제 변수와의 관계 및 영향 요인에 대한 선행연구는 주가지수 수익률 또는 자산 운용 배당수익을 포함한 수익률에 대한 연구로 제한되었다. 이에 본 연구에서는 부동산투자회사의 자산 운용수익인 배당수익과 처분에 따른 배당수익을 포함한 주가지수 수익과 거시경제 변수인 주식, 채권 상품과의 상관관계와 더불어 경제변수 간의 동태적인 관계를 근거로 분석하는 VAR(Vector Auto Regression) 모형을 통해 연구하고자 한다. 부동산투자회사 주가지수 수익률에 미치는 영향요인을 확인하기 위하여 2002년 1월부터 2010년 6월까지 102개월의 부동산투자회사 종목의 시계열자료를 구축하여 그랜저 인과관계를 통한 인과관계 규명과 시계열모형인 VAR 모형 추정을 통한 충격반응 분석과 분산분해 분석을 통해 실증분석을 실시하였다. 우리나라 부동산증권 상품인 리츠의 투자 수익률의 인과관계를 분석한 결과 주가지수 수익률은 청산배당, 환율이 원인변수로 나타났으며, 선행연구에서 리츠주가지수의 영향요인에 대하여 종합주가지수, 원달러환율, 건설업종지수, 국고채지수를 변수로 분석한 분산분해 결과에서 리츠자체의 요인이 리츠 수익률을 지속적으로 98% 이상 설명한다는 결과와는 상이하게 나타났다

In Korea, Real Estate Trust Business has been introduced for the first time by Trust Business Act in February 1991, so that an era of indirect investment in real estate was opened. But it was mostly done in field of the trust works of land development, and the REITs itself had not been activated. But since the IMF financial crisis of 1997, the construction business faced the recession, and it was liquidity crisis thought corporations possessed real estate assets. Meanwhile the government had to activate the construction business, and had to let the corporations sell their own real estate for restructuring. But the restructuring was so difficult because there were no demanders with purchasing power except the foreign capital. Under such situation, the Indirect Investment Asset Management Business Act was established in October 2003, which was originated from real estate investment company regulation made in 2001, and then the fund for the real estate investment was started in Korea. Now real estate and capital market are integrating fast in Korea, but the open offering typed goods, which general investors can participate freely, are almost disappeared since the 2008 global financial crisis, although real estate securitization goods was activated by real estate investment companies and real estate funds system. This study intends to examine the characteristics of Real Estate Investment Company system through analyzing the operational status of a Real Estate Investment Company which is the Real Estate Securities goods: public and be listed typed aimed at the general and institutional investors. Generally real estate investment companies are operating in the name company state. But recently the real estate investment corporation with the form of self-administered are being introduced. Previous studies on the relations and effect factors between profit ratio and macroeconomic variables are limited to only profit ratio including the stock returns or assets operation dividend incomes. So this study analyze and research the correlations and dynamic relationships among the asset management profit (dividend income) of Real Estate Investment Company and stock return including dividend income by disposition, and stock price and bond products which are the macroeconomic variables. The VAR (Vector Auto Regression) model was used for the analysis. For the confirming the stock price index of Real Estate Investment Corporation and the effect factors influenced on profit ratio, the time series data for 8 and half years (from the January 2002 to June 2010) related with real estate investment corporation items was established. And for the empirical study was executed through Granger Causality Test and VAR (Vector Auto Regression) model and Forecast Error Variance Decomposition analysis for analyzing Impact Response. As the result of causality analysis of investment profit ratio of REITs: Korea real estate stock goods, liquidation dividends and the exchange rate were appeared to the causal variable of the stock profit ratio. And it showed the dissimilar with the previous study, which explained over 98% continuously that the stock profit ratio came out REITs itself: The study was done by the Forecast error Variance Decomposition analysis which was analyzed the variable consisted with composite stock Index, won dollar exchange rate, construction industry index, and government Bond index.

‘주식회사의 외부감사에관한법률’에 따라 상장기업은 2004년 4월 1일 이후 개시하는 사업연도부터 내부회계관리제도를 구축․운영하고 있으며, 외부감사인은 내부회계관리제도에 대한 검토보고서를 공시하도록 규정하고 있다. 본 연구에서는 내부회계관리제도 검토보고서 공시시점에서 의견종류에 따른 시장반응을 살펴봄으로써 검토의견의 정보효과를 검증하였다. 이를 위해 2006년부터 2008년까지 거래소에 상장된 금융업에 속하지 않은 12월 결산법인을 대상으로 분석하였다. 분석결과는 다음과 같다. 첫째, 코스닥시장에 상장된 기업 중 내부통제의 취약점이 지적된 기업은 그렇지 않은 기업에 비해 의견공시시점의 시장반응은 부정적인 것으로 나타났다. 둘째, 정보이용자는 코스닥시장에 상장된 기업 중 중요한 범위제한으로 인해 내부회계관리제도 검토의견이 거절되었을 때 중요한 취약점으로 지적된 경우보다 더 부정적으로 인식하는 것으로 나타났다. 본 연구의 공헌점은 다음과 같다. 첫째, 기존 감사보고서상 감사의견 등과 관련된 선행연구에서는 사건일로 대부분 주주총회일을 사용하거나 단순히 주주총회 7일 전을 사건일로 보았다. 그러나 본 연구에서는 증권거래소에 감사보고서가 최초로 접수된 일자를 사건일로 보아 정확한 공시시점을 포착하였다. 둘째, 회계정보 공급자 입장에서 수행되었던 기존의 선행연구와는 달리 회계정보의 수요자인 정보이용자 관점에서 검토의견의 정보효과를 살펴보았다

A series of accounting sandals in U.S. led to enactment of the Sarbanes-Oxley (SOX) Act in 2002 to restore public confidence in the quality of audited financial statements. Especially in the section 404 of SOX, it emphasizes the importance of internal control in order to produce reliable financial statements. This SOX affected Korea’s accounting system and resulted in passing the new accounting legislation in April 2004. One of the acts in the new accounting system is the internal control over the financial reporting system, which is similar to section 404 of SOX. According to the new legislation, managers are responsible for the efficiency and effectiveness of their inter control accounting system. Auditor evaluated manager’s assessment of internal accounting control system of their internal control accounting system and submit reports based on their findings. Some of the company managers are doubting whether new legislation is really needed in Korean financial environment. Preceding researches analyzed data from that of accounting information providers. I wondered about market participant’s point of view. This study investigates empirically for the information contents by analyzing market reactions on the review opinions about internal accounting control system over financial report. This study analyzed the relationship between CAR and review opinions when the review opinions were announced publicly by sampling 192 listed companies which of review opinions were not unqualified from 2006 to 2008. I predicted a negative coefficient for CAR and internal control weakness. The empirical findings are as bellow. First, in the case of companies which announced their weak points of internal accounting controls, negative market reactions has been shown in the stock market, in particular KOSDAQ market. Second, it was reported that when the review opinions were qualified, market reacted differently according to the reason of review opinions. That is, market reacted more negatively to the adverse opinion rather than the other significant weaknesses. Contributions of this study which are also differences with preceding studies are as follows. First, preceding researches related to audit opinions on audit reports used general shareholders meeting day or a week prior to the meeting day as the standard. This study, however, used the day when audit reports were announced publicly as the standard. Second, this is the first study which analyzes investor’s direct reactions domestically. It is a unique study which analyzed data from a market participant’s point of view compared to preceding researches which analyzed data from that of accounting information providers. Third, it is the first study which indicates empirical evidences for whether market reacts differently according to the reasons for qualifications. On the other hand, this study has the following limitations. First, this study could on control some facts which might affect market reactions such as nod grades and outcomes of lawsuits. Second, the number of samples which reported their weakness points is comparatively small since this study has been conducted from 2006 to 2008. Therefor, if one were to extend the period of study, other meaningful findings could be achieved after experiences of operating internal accounting control system over report have been accumulated.

금융겸업화로 인해 과거에는 업무영역이 구분되어 있던 금융기업과도 동일한 금융상품으로 경쟁하게 됨에 따라 교차판매가 경쟁우위 확보를 위한 중요한 마케팅 활동으로 등장하게 되었다. 교차판매를 강화하기 위해서는 이를 수용하는 고객의 교차구매가 필요하며 따라서 교차구매에 영향을 미치는 요인에 관한 연구가 중요한 의의를 지닐 수 있다. 본 연구는 증권회사 고객을 대상으로 교차구매 의도에 영향을 미치는 요인을 찾고자 하였다. 선행연구에 사용된 다양한 영향요인을 관계유대(사회적 유대, 구조적 유대)와 편의성(지리적 편의성, 구매 편의성)으로 통합하고 이들이 교차구매 의도에 미치는 영향을 살펴보았다. 또한 만족과 신뢰가 교차구매 의도에 미치는 직접효과와 이들의 매개역할을 검정하였다. 연구 결과 다음과 같은 사실을 확인하였다. 첫째, 사회적 유대는 교차구매 의도에 영향을 미치지 않았으며 구조적 유대가 가장 큰 영향을 미치는 것으로 나타났다. 둘째, 편의성은 교차구매 의도에 영향을 미치지 않는 것으로 파악되었다. 셋째, 만족과 신뢰는 교차구매 의도에 정의 영향을 미쳤다. 넷째, 만족은 사회적 유대와 구조적 유대, 구매 편의성이 교차구매 의도에 미치는 영향에 매개역할을 수행하였으며 신뢰는 구조적 유대와 구매 편의성이 교차구매 의도에 미치는 영향에 매개역할을 수행함을 알 수 있었다. 따라서 연구의 핵심은 구조적 유대가 교차구매를 강화하기 위한 핵심적인 전략이며 이와 아울러 금융기업에 대한 전반적 만족도를 높이고 신뢰를 구축하는 노력을 경주해야 한다는 시사점을 주고 있다

Domestic financial companies try to obtain competitive advantage by reinforcing cross-selling, which means selling a variety of financial products at their branches. To achieve this, the research on the factors that affect cross-buying behavior needs to be performed. The objective of this study is to investigate how relational bonds, conveniences, satisfaction and trust affect cross-buying intention as well as mediating roles of satisfaction and trust. The followings have been identified: First, social bonds didn’t have direct effect on cross-buying intention. Second, structural bonds are a key factor that influences cross-buying intention. Third, local convenience and shopping convenience didn’t have significant effect on cross buying intention. Fourth, satisfaction and trust affect cross-buying intention. Fifth, although social bonds didn’t have direct effect on cross-buying intention, social bonds effects satisfaction and satisfaction have effect on cross buying intention. Thus satisfaction plays a mediating role between social bonds and cross buying intention. Sixth, social bonds have direct effect on cross buying intention, and it have direct effect on satisfaction and trust as well. Seventh, although shopping convenience didn’t have direct effect on cross-buying intention, it affects satisfaction and trust. Thus satisfaction and trust play a mediating role between shopping convenience and cross buying intention. The implications of this thesis are: First, structural bonds can be the most crucial strategic tool to cross-buying behavior. So financial firms have to enhance employee expertise and supply useful information to their customers. Second, satisfaction and trust influence cross-buying intention and perform a mediating role between relational bonds and shopping convenience and cross-buying intention as well. This implies that the effort to build trust and to increase overall satisfaction about corporation should precede all others. Third, shopping convenience have strong effect on satisfaction and trust. It means that the effort to increase shopping convenience can increase transaction with current financial firms and reinforce cross buying behavior.

본 연구는 IMF 외환위기 이후 국내 증권시장에 글로벌 스텐다드한 금융시스템이 도입되고 2003년 기관투자자에게 의결권행사가 허용된 이후 국내 기관투자자들이 실질적으로 의미 있는 역할을 수행하였는지를 검증해 보고자 하는 것이다. 국내 기관투자자의 역할과 기업가치와의 관계를 분석하기 위하여 기관투자자에게의결권 행사를 허용한 2003년부터 2010년까지의 8년간의 자료를 바탕으로 실증분석을 하였다. 분석의 독립 변수로는 국내 기관투자자의 소유지분비율, 총자산, 총자산 대비 연구개발비용의 비율 등을 종속변수로는 기업가치의 대용치인 Tobin’s Q를 사용하였다. 분석결과 2003년부터 2006년까지의 전반기에는 당기 연도의국내 기관투자자 소유지분비율과 기업가치와의 관계가 유의적인 관계를 보이지 않는 반면, 2007년부터 2010년까지의 후반기에는 양(+)의 유의적인 관계를 보였다. 이는 국내 기관투자자의 역할이 제기되기 시작한 2003년부터 일정기간동안 역할을 수행하려는 노력은 있었으나 실질적으로 이러한 행동이 기업가치의 제고라는 결과를 가져오기까지는 학습시간이 필요하였음을 보여주는 것이라 할 수 있다. 한편 직전 연도의 국내 기관투자자 소유지분비율과 기업가치와의 관계를 분석한 결과 전체기간 뿐만 아니라 전반기 및 후반기 모두 양(+)의 유의한 관계를 나타내고 있다. 이는 국내 증권시장의 기관화현상이 커져감에 따라 국내 기관투자자도 본연의 역할에 충실하려는 행태가 지속되었음을 의미하는 것이라 할 수 있다

The purpose of this study is to substantiate whether domestic institutional investors have practically performed as expected from the market after institutional investors were granted to vote in 2003 considering how it has been 10 years since domestic stock market has adopted full opening and global standard financial system after IMF currency crisis. The role of institutional investors have turned from passive activity of selling shares, expressing their discontent towards existing mismanagement, to positive attitudes, such as voting, which affects corporate governance. According to the existing theories, due to their large-scale investments, there are various complications that prevent institutional investors from withdrawal. In other words, stock market decline from selling large stake of share brings heavy loss for them. Therefore, by means of not only exercising the voting rights but also monitoring manager effectively, institutional investors will try to affect increase in corporate value by improving transparency in corporate management. In order to analyze the relationship between the role of domestic institutional investors and corporate value, the empirical analysis has been done by taking the basis of the 8-year data from 2003 to 2010, which promotes voting rights of institutional investors into account and domestic institutional investors’ equity rate, total assets, the rate between total assets and R&D costs for the independent variable, while using Tobin’s Q, a substitution of enterprise value, as the dependent variable. For comprehensive empirical analysis, the analysis of eight-year data has been divided from 2003 to 2006, when domestic institutional investors’ role has been proposed, as first half, and from 2007 to 2010, when domestic institutional investors’ role has been matured, as second-half. Through the analysis, during the period of 2003 to 2006, the results for the current year’s domestic institutional investors equity rate and corporate value did not show a positive relationship between domestic institutional investors’ equity and corporate value. However, during the period of 2007 to 2010, the results for the current year’s domestic institutional investors equity rate and corporate value showed a positive relationship. The finding of these results could possibly offer an evidence of learning period necessity between the domestic institutional investors’ effort of performing the institutional investors’ role and substantially increase of corporate value. Meanwhile, the results for the previous year’s domestic institutional investors equity rate and corporate value showed positive relationship for both first and second half of the duration, as well as entire eight-year period. The results indicated that the domestic institutional investors have consistently kept up their faithful effort of performing the institutional investors’ role. The findings of this study out of analyzing factors which have significant effect on the level of domestic institutional ownership in companies and the relationship between the level of institutional ownership in companies and the value of corporations could possibly offer a compelling evidence of the importance of fostering institutional investors in the future at a time when the importance of the role of institutional investors is on the rise. To supplement this study, more objective theoretical models that can bring out the relationship between the role of domestic institutional investors and corporate value and the determinants must be created, and also, further studies that can analyze it empirically are needed.

본 논문은 시장의 경쟁정도와 기업의 배당과의 관계에 대하여 장기간의 국내시장자료를 바탕으로 다양한 측면에서 엄밀히 조사한 최초의 연구이다. 1985년부터 2011년까지 12월 결산 상장된, 제조업에 속한 기업들을 대상으로 이루어진 장기간의 실증분석 결과는 다음과 같다. 현금배당금과 허핀달-허쉬만 지수(Herfindahl-Herschman Index; HHI)를 이용한 산업집중도와의 상관관계에 대하여 단일요인분석을 수행한 결과 그 경향성을 발견할 수 없었다. 또한, 기업의 성숙도, 수익성, 투자기회, 재무위험 등을 통제한 상태에서 토빗(Tobit)모형을 이용해 산업집중도와 현금배당금의 관계를 분석한 결과에서도 유의한 결과를 발견하지 못했다. 그러나, 배당의 개념을 넓혀 현금배당뿐만 아니라 자사주매입까지 고려한 분석에서는 배당이 산업 집중도와 음(-)의 상관관계를 나타내었다. 즉, 산업집중도가 낮을수록, 다시 말해 시장경쟁이 치열할수록 기업의 총 배당금이 높은 것을 확인할 수 있었다. 산업집중도 및 산업내의 지배기업 또는 비 지배기업으로서의 지위가 배당금에 미치는 영향을 분석한 결과 현금배당만을 고려한 분석에서는 여전히 유의미한 결과를 얻지 못했다. 하지만 자사주매입까지 고려한, 시가총액 기준의 총 배당금과의 관계에서는 산업집중도와 지배기업으로서의 지위 모두 음(-)의 상관관계를나타내었다. 국내시장에서의 이러한 결과는 기업의 배당금이 대리인비용을 줄이기 위한 방향으로 이루어진다는 성과모형(outcome model)을 지지하는 증거로 제시할 수 있다. 본 연구는 또한, 외환위기 이후 국내자본시장의 변화와 기업들의 배당정책에 대한 인식전환, 그리고 외국인 투자자의 참여로 인한 배당금의 변화를 고려하기 위해 하위기간(sub-period)인 2000년부터 2006년까지의 기간 동안 외국인 지분율을 통제한 상태에서 동일한 분석을 실시하였다. 실증분석 결과, 산업집중도와 지배기업으로서의 지위가 현금배당에 대해 매우 유의한 수준에서 강한 음(-)의 상관관계를 나타내었다. 또한, 이후의 최근의 금융위기기간을 포함하는 2007년부터 2011년까지의 기간을 확장하여 연구한 결과, 전기와 비교하여 외국인 지분율이 전체 종속변수에 유의수준 하에서 더욱 강한 상관관계를 가지는 것을 알 수 있었다. 이는외환위기 및 금융위기 이후, 경영자들이 배당의사결정을 하는데 있어 투자기회를 쉽게 발견하기 어려운 경영환경 하에서 외부 주주들의 대리인비용 절감에 대한 압력에 상당한 영향을 받고 있음을 암시한다.

This study investigates the relation between corporate payout policy and product market competition in the Korean stock market. Extending the recent study of Grullon and Michaely (2008), we have delved further into whether the degree of competition of industries in the Korean market has a significant impact on corporate dividend payout policies. To examine the influence of various factors on dividend payments and dividend payout policies, we construct a set of samples collected from the two financial databases,FnDataGuide and Kis-Value. The sample of this study is comprised of listed manufacturing companies from 1985 to 2011, whose accounts settlements are executed in December of each year. In this study, the dividend payout includes not only the cash payout, but also the share repurchase. We use the dividend payout ratios scaled by sales, assets, and market value to gauge the size of the firms' dividend payments. We also calculate the Herfindahl-Hirschman Index(HHI) to measure the degree of product market competition and evaluate the effect of the degree of the market competition on dividend payments. The primary focus of this study is to assess the explanatory power of the concentration levels of industries in explaining the variation of corporate dividend policies. Using a single-factor analysis with corporate dividend ratio and HHI, we find it hard to say that firms have a significant trend between two factors no matter how competitive the industries are. However, when we conduct a two-sided Tobit model analysis on the relation between corporate payout policy and product market competition (in order to eliminate the effect of other factors such as firms’ maturity, profitability, investment opportunities,and leverage), we find a significant negative relation between total payout policy including share repurchases and the HHI. However, a strong connection between cash dividend and industry concentration levels still does not exist. Traditionally, three models have been widely used to explain the relationship between the degree of market competition and the dividend payout policy. The first one is the “outcome model,” which insists that the level of risk related to overinvestment by managers increases as the market competition becomes more fierce. This hypothesis is empirically supported by Schmitdt(1997), DeFond and Park(1999), and Kruse and Rennie(2006). The second model is the “substitution model.” This model explains that managers, who are in charge of firms which operate in a less competitive market, tend to pay more dividends in order to reduce the agency cost. Shleifer and Vishny(1997) and Gomes(2000) support this substitution model. The last model is the “predation model.” The predation model suggests that the relationship between the dividend policy and the degree of market competition is strongly affected by the strategic behaviors of firms which consider the reactions of their competitors. The results support the outcome model insisting that more competitive markets induce managers to pay out more in order to reduce the possibilities of overinvestment. Specifically, the results indicate that the agency-cost explanation is supported by this test. Further, we find that this negative relation between industry concentration levels and corporate payouts is much stronger among those firms whose overall characteristics make them more likely to have high agency costs of free cash flows and less likely to be the target of predation. This also supports the outcome model. Also, we conduct the same analysis in the sub-period from 2000 to 2006 to eliminate the unique characteristics of the Korean capital market caused by the Asian financial crisis in 1997. Finally, we conduct the same analysis in the newest period from 2007 to 2011. We find a significant positive relation between foreign ownership and dividend ratio. We also detect much stronger negative relation between industry concentration levels and corporate payouts in this recent period.

정부 산업정책의 전략적 지원단위인 벤처기업의 지속가능한 성장을 위해 해외진출의 중요성이 강조되는 경영환경 하에서, 본 연구는 벤처기업의 해외진출동기와 성과에 영향을 미치는 핵심요인을 규명하기 위한 목적으로 수행되었다. 이에 따라, 해외진출동기와 성과에 영향을 미치는 외부환경요인으로서 국내시장의 불확실성, 적대성, 동태성과 해외시장의 이질성과 풍요성을 측정하였다. 내부자원요인으로는 해외경험 및 조직구조, 자원규모로 대변된 조직자원과, 혁신성, 진취성, 위험감수성으로 구성된 기업가정신을 설정하였다. 실증분석을 위해 본 연구는 2010 벤처기업 정밀실태조사 데이터를 활용하여 연구목적에 충족하는 기업을 층화표본추출한 후 설문조사를 실시하였으며, 개별기업으로부터 회수된 총 289개의 응답데이터를 다중회귀모형으로 분석하였다. 분석결과, 벤처기업의 해외진출동기에 영향을 미치는 외부환경요인으로는 국내시장의 적대성과 동태성, 해외시장의 풍요성으로확인되었다. 내부자원요인으로는 조직자원 중 해외경험과 기업가정신의 혁신성만이 동기에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 한편, 해외진출성과에 대한 영향요인을 살펴보면 해외시장의 풍요성과 조직자원의 자원규모를 제외한 모든 변수에서 유의한 정(+)의 영향관계가 나타났다. 이상의 결과는 국내시장과 해외시장으로 구분된 외부환경요인, 그리고 조직자원과 기업가정신으로 대변되는 내부자원요인이 벤처기업의 해외진출동기보다는 지속적인 해외진출성과를 달성하는 데에 유효성을 갖고 있음을 의미한다. 본 연구의 결론에서는 분석결과에대한 해석을 포함하여, 벤처기업의 해외진출을 촉진시키기 위한 경영활동방향과 성과제고를 위한 정책적 시사점을 제시한다

This study is to determine the key factors of external and internal environmental characteristics, influencing the global market entry movement and performance of Korean venture companies. To meet the research purpose, external environmental factors were categorized into five variables, uncertainty, hostility and dynamism in domestic markets, and heterogeneity and munificence in overseas markets. Uncertainty refers to the degree of environmental instability and turbulence over time in the domestic market and reflects change that is hard to predict. Hostility relates to the extent of scarcity of environmental resources and the degree of competition for them. Dynamism characterizes fast and frequently changing environments. heterogeneity refers to environments that are composed by cultural dissimilarity, economic dissimilarity and the physical distance of international markets. Environmental munificence is defined as the higher levels of profitability or growth rates in which a firm may experience in the pursuing international market. In addition, internal environmental factors were consisted of overseas experiences, organizational structure and firm size, and entrepreneurship with innovativeness, pro-activeness and risk-taking. A multiple linear regression analysis was employed in order to test direct and contingency effects of environmental factors on the global market entry movement and performance of Korean venture companies. As result of the statistical analysis of 289 small and medium-sized enterprises with Korean Venture Certificate, it is verified that the motivation for global market entry has been influenced by hostility and dynamism related to domestic market, heterogeneity and munificence of overseas market, as well as overseas experience and all sub-variables of entrepreneurship. On the other hand, all factors, excepting firm size, have positive effect on performance created by internationalization. These findings have important implications for research in international market entry and performance of Korean venture companies. First, managers and CEOs should be aware that optimal international maket entry strategy and superior international performance may be led in a specific set of environmental combinations. they should carefully consider the potential benefits of uncertain, hostile, dynamic, diverse and munificent conditions in setting up the international market entry and in obtaining superior performance. Second, the results regarding the direct effects of entrepreneurship, organizational structure and foreign experience on international market entry and performance suggest that managers and CEOs should be persistent in their entrepreneurial activities trying to create organic structure and to develop the international experience of staffs. There is also a key contribution for policy makers stemming from the findings of this research. the government should not necessarily be drawn into policies that reduce uncertain and hostilie industrial conditions in domestic market. This may appear an odd result but Korean government can ensure that uncertainty and hostility exist for firms. This research has a potential limitation. the study did not perform examination of relationships between firms' internal and external environmental factors. Also, the further study may be necessary to measure the relationship between environmental factors and quantitative performance results of surveyed firms.

내부시장지향성의 목적이 내부고객만족을 통해 종업원의 바람직한 시장지향적 행동을 창출하기 위한 것이므로 내부마케팅의 성과는 서비스품질과 고객만족에 긍정적으로 영향을 미칠 수 있어야 한다. 이 연구는 내부시장지향성과 시장지향성의 관계를 바탕으로 충분한 실증연구가 수행되지 않아 논란이 되고 있는 문제들과 관련하여 첫째, 내부시장지향성과 시장지향성의 관계에서 내부고객만족의 역할, 둘째, 시장지향성과 내부고객만족이 외부고객이 지각하는 서비스품질과 만족에 미치는 영향을 분석하여 이론적․관리적 시사점을 제안하였다. 이를 위해 서비스제공자인 내부고객과 서비스수혜자인 외부고객을 쌍으로 하여 설문조사가 수행되었다(dyadic research). 분석결과 내부시장지향성이 시장지향성에 직접 영향을 미치지 않고 매개변수인 내부 고객만족을 통해 시장지향성에 긍정적으로 영향을 주고 있었으며, 시장지향성은 서비스품질을 매개로 하여 외부고객의 만족에 이르게 된다는 것을 발견하였다. 또한 내부고객만족과 외부고객만족은 유의한 관련성이 있는 것으로 나타나 고객만족을 달성하기 위해서는 먼저 내부고객만족이 선행되어야 함을 제시하였다. 이 연구는 내부마케팅의 성과가 외부마케팅 성과로 어떻게 연결되는지에 관한 실증연구라는 점에서 의미를 찾을 수 있으며, 선행연구에서 명확히 밝혀지지 않은 논란들에 관한 추가적인 시사점을 제안할 수 있었다

Internal marketing orientation is an area within the broader market orientation that remains relatively under-researched. An internal market orientation (IMO) is a philosophy for satisfying and motivating employees as internal customers to create organizational performance. It is on the belief that satisfied and motivated employees are essential if customers are to be satisfied. This paper examines the impact of internal market-orientation on market orientation (MO) and consequently organizational external performance. In this paper, the impact of internal market orientation on external market orientation was considered with the mediating effect of internal customer satisfaction (ICS) and consequently organizational performances perceived service quality (SQ) and external customer satisfaction (CS). Lings and Greenley (2009) provided the first quantitative evidence to support the long held assumption that internal marketing has an impact on marketing success. This study is to get more useful knowledge on the relationship between internal marketing and external marketing performance. In order to specify their strong relationship between two major components (internal marketing and external marketing performance) in our model, we considered five main factors (IMO, MO, ICS, SQ, and CS) and developed hypotheses. The purposes of this research were first, this study examined the role of IMO in developing an MO. This study focused on the concept of IMO and how it affects MO and ICS. Specifically, our research had a concern about whether ICS influences the MO directly or indirectly. Second, we tried to investigate how ICS and MO affect to SQ and CS as consequent performances. In order to achieve these purposes, we gathered data which composed of 117 pairs from H company’s employees (external customers or service beneficiary) as organizational buyers and the employees of corporative firms (internal customer or service providers) of H company were analyzed using structural equation modeling employing LISREL. There are two main results. First, MO wasn’t influenced by IMO directly, but IMO has an effect on ICS. This data indicates that the effect of IMO on MO is mediated by ICS. These results were similar results with Lings (2004) rather than Lings and Greenley (2009) who insisted on direct effect between IMO and MO. There is another difference between our study and Lings and Greenley (2009). Our study support previous researches arguing that internal marketing make their employees motivated to behave market orientation (Mohrw-Jackson, 1991). Lings and Greenley’s study revealed that employee motivation didn't influence their MO behavior. In the logical point of view, however, the result of our study is valid evidence rather than Greenley’s study, since motivation is a group of phenomena which affect the nature of an individual's behavior, the strength of the behavior, and the persistence of the behavior. In order to solve this discrepancy, more future empirical research to examine extended model is needed. Second, our results also support previous findings indicating a positive impact of MO on SQ which impact customer satisfaction. Moreover, the effect of MO on CS is mediated by perceived service quality. This kind of study is not rare, but confusing of the mediating effect of SQ to CS is remained. Our research had a little contribution to provide empirical evidence on the role of SQ on CS in the dyadic framework which was one of the main contributions of this study. Some research domain is studied dyadic framework such as measuring effects of internal marketing on the performance of external marketing. The core limitation of this study was sampled from only one company case which makes matter of generalization and difficulty of solid insistence of the results. The future research should have concern about expanding the idea of this study and should get rid of sampling matter by extracting from various types of companies.