Earticle

공급망 협력 프로그램의 하나인 공급자에 의해 관리되는 재고 시스템(VMI)에 최근 산업과 학계의 큰 관심이 집중되고 있다. 대부분의 과거 연구들이 전통적 시스템과 비교하여 VMI의 우수성을 인정한 반면, 각자 고유의 방식으로 각기 다른 형태의 VMI 시스템을 정의하여 왔다. 이 연구의 주목적은 VMI가 공급망의 성과에 미치는 영향을 알아보는 데 있다. 선행연구들에 대한 고찰을 바탕으로 본 연구는 누가 구매자의 재고비용을 지불하느냐에 따라 두 가지 다른 형태의 VMI가 존재함을 파악하였다. 첫 번째 VMI(VMI I)하에서는 공급자가 구매자의 재고에 관련된 모든 비용을 지불하여야 하지만, 두 번째 VMI(VMI Ⅱ)는 공급자가 그러한 비용을지불하지 않는 형태이다. 본 연구는 비용책임의 차이가 공급망 성과에 대한 VMI의 영향에 어떻게 작용하는지 알아보려 하였다. 본 연구는 공급망 협력 시스템을 의사결정권, 비용책임, 그리고 정보교류라는 3가지 관점에서 분석하고, 공급망 안에서 한 기업이나 합의체가 보다 많은 의사결정권을 행하고, 더 많은 종류의 비용들을 지불할 책임이 있으며, 더 많은 정보를 가질수록 그 공급망 프로그램은 더 진보한 공급망 협력 프로그램으로 보았다. 이러한 관점에서 VMI I이 VMI Ⅱ보다 더욱 진보한 공급망 협력 프로그램이라고 가정하고, 두 시스템의 성과를 전통적 시스템과 함께 비교 분석하였다. 보다 심도 있는 연구를 위하여, 본 연구는 시간차 운영에 근거한 시뮬레이션모델링 기법을 사용하였다. 한 명의 공급자와 한 명의 구매자로 구성된 두단계 공급망 시스템이 고려되었으며, 이 시스템은 수요예측, 보급, 재고관리, 생산, 그리고 운송의 운영단계를 포함하였다. 구매자와 공급자 모두 순이익을 극대화하기 위하여 그들 자신의 운영과 관련한 적절한 의사결정을 내리게 된다. 구매자와 공급자의 운영은 특정한 협력체계(전통적 시스템, VMI I, 혹은 VMI Ⅱ)에 의한상호작용에 의하여 결정된다. 시뮬레이션 모델 안에서 구매자는 (1) 시장수요예측, (2) 구매계획, (3) 재고관리로 이루어져 있으며, 생산자인 공급자는 (1) 주문예측, (2) 생산(생산량관리 포함), (3) 재고관리, 그리고 (4) 운반을 운영한다. 순이익 극대화는 주어진 정보를 가지고 이러한 운영들에 대한 최적의 결정을 내림으로써 얻어진다. 의사결정권자에게 주어지는 의사결정권과 특정한 정보는 특정한 공급망 협력체계에 의하여 결정된다. 협력 체계에 따라, 다른 의사결정권과 정보가 구매자, 공급자, 혹은 둘 모두에게 주어지게 된다. 시뮬레이션 모델은 여섯 개의 운영상의 혹은 환경적인 요인들인 협력체계, 정보공유, 수요특성, 리드타임, 생산력, 그리고 비용구조를 고려하였다. 각 공급망 시스템의 성과는 서비스 수준, 불윕 효과, 그리고 순이익으로 평가되었다. 시뮬레이션의 결과는 대체적으로 보다 진보된 협력체계가 더 높은 순수익을 제공한다는 일반론을 지지하고 있다. VMI I은 또한 공급자의 서비스 수준과 불윕 효과에 있어서도 탁월한 성과를 보였다. 하지만, 공급망 시스템이 순이익이외의 성과로 평가되었을 때 시뮬레이션 결과는 더 진보한 협력체계가 더 나은 성과를 낸다는 것을 항상 보여주지는 못하였다. 이러한 결과는 실제 공급망 협력체계의 적용에 있어 특정한 체계의 선택에 유의하여야 하며, 현재 시스템에서 정확히 무엇이 개선되어야 하는 지가 먼저 파악되어야 함을 의미한다. 시뮬레이션 결과는 또한 정보공유가 공급망 순이익을 크게 늘리게 한다는 것을 보여줄 뿐만이 아니라, 정보공유가 덜 진보된 협력체계가 더 진보된 협력체계보다 더 나은 성과를 내게 할 수 있음을 보여주었다. 이는 정보공유가 단지 협력체계의 부수적인 역할을 하는 것이 아니라 협력체계가 성과를 내기 위해서 반드시 필요한 것임을 나타낸다. 협력체계의 추가적인 특성 또한 분석되고 논의되었다.

The Vendor-Managed Inventory (VMI), as the one program for the supply chain collaboration, has been paid heavy attentions from both industry practitioners and academic researchers in these days. While the majority of the past studies supports the superiority of VMI over the traditional non-VMI supply chain system, each of them takes a different approach to define his own VMI system from the others.’ The main goal of this study is to examine the impact of VMI on the performance of the supply chain system. Based on the literature review on the previous studies, this study recognizes two distinct types of VMI depending on who pays the cost for the inventories at the buyer’s warehouse. Under the first type of VMI (VMI I), the supplier pays the whole costs for buyer’s inventories, and, under the second type of VMI (VMI Ⅱ), the supplier does not pay these costs. This study intends to find out whether the difference in cost payment may affect the impact of VMI on the supply chain performance. In this study, the supply chain collaboration system is analyzed in three perspectives, which are the decision authority, cost payment, and information sharing. The certain supply chain program is considered to be more advanced coordination mechanism, as one party or the coordinated union of most parties has the authority to make more decisions, holds the responsibility to pay more cost items, and obtain more information in the supply chain system. According to this concept, this study assumes that VMI I is more advanced collaboration program than VMI Ⅱ, and evaluates their performances along with the traditional system. In order to conduct the sophisticated analyses, this study applies simulation modeling based on the time-phased operations. A two-stage supply chain system, with a single buyer and a supplier, is considered in the simulation and it incorporates multiple steps of the operations including forecasting, replenishment, inventory management, production, and transportation. Both buyer and supplier make proper decisions on their own operations to maximize profits. Buyer’s and supplier’s operations are determined by their interactions that are characterized by a specific collaboration form (either traditional system, VMI I, or VMI Ⅱ). In the simulation model, the buyer’s operations are composed of (1) market demand forecasting, (2) replenishment planning,and (3) inventory management. The supplier, who is also a manufacturer, processes operations including (1) order forecasting, (2) production (including capacity management), (3) inventory management, and (4) transportation. The profit maximization is achieved by making the optimal decisions on the operations based on the available information. Both the range of authority and the specific information allowed to the decision maker are determined by the particular collaboration form of the supply chain system. Depending on the collaboration form installed in the supply chain system, different decision authority and particular information are given to only the buyer, only the supplier, or both of them. The simulation model considers six operational and environmental factors: coordination mechanism, information sharing, demand pattern, lead time, production capacity, and cost structure. The performance of each supply chain system is evaluated in terms of service levels, bullwhip effect, and profits. The simulation outcomes generally support the widely held view that more advanced collaboration programs have greater supply chain profit than less advanced ones. VMI I also results in good performances in terms of supplier’s service level (fill rate) and bullwhip effect. When the supply chain systems are evaluated in terms other than total profit, however, the simulation outcomes do not support that more advanced collaboration systems always lead to better performance. This result implies that the practitioner should maintain caution when selecting a particular supply chain collaboration system, and alert to the issue of what precisely needs to be improved in the current system. The simulation outcomes also show that the supply chain profit significantly increases as a result of information sharing. Furthermore, information sharing can enable the less advanced collaboration system to outperform the more advanced one. By implication, Information sharing is not simply an accessory to the coordination mechanism, but it is rather an essential element vital to the beneficial operation of the coordination mechanism. Further properties of coordination mechanisms are analyzed and discussed

SCM은 1990년대 중반에 관심을 받기 시작하여 21세기 기업경쟁력을 향상시키기 위한 중요한 운영전략으로 주목받아왔다. 현재까지 효율성, 민첩성, 적응성, 정렬성 등 다양한 SC전략이 개발되어왔고, 이들 간 상충관계와 보완관계에 대한 주장이 공존하고 있다. 한편, SCM을 효과적으로 활용하기 위해서는 SC전략 수립뿐만 아니라 이러한 전략을 효율적으로 실행할 수 있는 방안이 필요하다는 인식에 따라 전략수립, 전략실행, 기업성과의 관계에 대한 다양한 연구가 시도되어왔지만 확실한 결론을 도출하지 못하고 있다. 따라서 본 연구의 목적은 SC전략의 개념을 정의하고, SC전략이 기업 간 협력실행 및 협력성과에 미치는 영향을 분석하는 것이다. SCM에 대한 문헌연구를 기초로 SC전략을 개념화하고 SC전략, 협력실행, 협력성과에 대한 측정척도를 개발 하였다. 실증분석을 위한 조사 자료는 120개 한국 제조업체로부터 수집하였다. SC전략 측정항목에 대해 탐색적 요인분석, 군집분석, 판별분석, 2차 요인 분석을 활용하여 신뢰성과 타당성을 검증하였다. 그리고 구조방정식 모델을 활용하여 SC전략, 협력실행, 협력성과의 인과관계를 분석하였다. 그 결과를 요약하면 다음과 같다. 첫째, SC전략은 다차원적이며 효율성, 민첩성, 정렬성으로 구성된 2차 요인이다. 둘째, SC전략과 협력실행, 협력 실행과 협력성과 간에는 유의한 정의 관계가 존재한다. 셋째, 신뢰와 몰입은 SC전략과 협력실행 간 관계를 유의하게 조절한다. 마지막으로 SC전략은 협력성과에 직접적으로 유의한 영향을 미치는 것이 아니라 협력 실행을 통해 간접적으로 유의한 영향을 미친다. 즉, 협력실행은 SC전략과 협력성과의 관계를 완전 매개한다

Supply chain management (SCM) has become one of the most popular approaches to enhance the competitive advantage of organizations today. Over the last decade, there has emerged a view that recognizes that the route to competitive advantage lies through the supply chain. Therefore firms began to recognize that it is not enough to improve efficiency and effectiveness only within their organizations because competition is no longer between organizations, but among supply chains. Effective SCM has become a potentially valuable way of securing competitive advantage and improving organizational performance. Several authors has proposed that firms need to focus not only their corporate strategy but also supply chain strategy and align it towards the product/market. In other words, firms should form the most suitable supply chain strategy for a certain market context. On the other hand, some authors has suggested a combinative supply chain strategy since only one strategy is inadequate to support firms competing in a hyper-competitive and dynamic environment. But empirical investigations of this strategy within SCM performance are scant. There is agreement among researchers that to achieve better performance and competitive advantage, firms must not only have appropriate strategies but they must also ensure that such strategies are aligned with their management control system. Numerous academic research has conducted on the relationships among supply chain strategy, organization structure, strategy implement, and firm performance. But inconclusive results are yielded yet. This study is (1)to conceptualize an combinative strategy within the context of a manufacturer’s supply chain strategy (2)to develope the supply chain implementation model that consist of supply chain strategy, collaboration practices, and collaboration performances appling the strategy-implementation model and manufacturing capacity model (3)to investigate the influence of supply chain strategy on inter-firm collaboration and its performance (4)to test the moderating effects of trust and commitment on the relationships between collaboration practices and its performances. Drawing upon literature review in SCM, supply chain strategy is conceptualized and the measurement items of supply chain strategy, collaboration practices, and collaboration performance are developed. Survey-based data for the study was collected from 120 Korea manufacturers, and the measurement scales were tested and validated using exploratory factor analysis, cluster analysis, discriminant analysis, second-order factor analysis, and structural equation modeling. The results are as follows. First, combinative supply chain strategy is a multidimensional, second-order construct reflected by efficiency, agility, and alignment. Second, there are positive direct relationships between supply chain strategy and collaboration practice, collaboration practice and its performance. Third, trust and commitment have moderating effects in relationship between supply chain strategy and collaboration practice. Finally, the relationship of supply chain strategy to collaboration performance was indirect, through collaboration practice; i.e., collaboration practice was found to fully mediate the relationship between supply chain strategy and collaboration performance. This study uses a component-wise approach to examine a mechanism where three components of supply chain strategy contribute to collaboration performances by a mediating effect of collaboration practices. Several implications to academic research and managerial can be brought up based on the analysis results discussed so far. But, this study has several limitations. Firstly, there was some redundancy in measurement items of supply chain strategy. Secondly, the data used in this study were based on respondents’ subjective evaluation as the survey items rather than actual actions in organization. Lastly, sample size is very small, only 120 Korea manufacturers.

정보화 혁명은 마케팅 환경에 큰 변화를 가져왔다. 가장 큰 변화 중 하나는 온라인 환경에서 신뢰를 확보하고 활용해야 하는 새로운 과제가 기업들에게 제시되었다는 것이다. 온라인상에서 신뢰를 확보 및 관리하는 대표적인 수단으로 온라인 인증마크(Trustmark)가 있다. 온라인 인증마크는 제 3의 주체가 웹사이트의 보안, 서비스 품질 등을 보증하는 것으로 온라인 기업의 신뢰에 긍정적인 영향을 미치는 것으로 알려져 있다. 온라인 인증마크에 대한 기존 연구는 주로 온라인 인증마크의 온라인 신뢰 유발 능력에 관한 검증에만 초점을 맞추어왔다. 이에 본 연구는 과거 연구에서 시도되지 않았던 온라인 인증마크 유형별 상대적 영향력 비교를 통해 온라인 인증마크의 온라인 신뢰에 대한 영향을 확인하고 이 영향이 제품 신뢰까지 전이 될 수 있음을 제시하였다. 연구 결과 인증마크의 제시가 온라인 신뢰와 제품 신뢰에 긍정적인 영향을 미침을 증명되었고 온라인 인증마크 유형별로 그 영향력에 차이가 있음을 확인 하였다. 또한 온라인 신뢰가 제품 신뢰로 전이되는 것도 입증되었다. 본 연구는 온라인 인증마크의 온라인 신뢰 및 제품 신뢰에 대한 이해를 확장했다는 학술적 의미를 가지고 있으며, 온라인 인증마크의 전략적 활용에 대한 실무적 시사점을 갖는다

Information technology has changed the marketplace and its environment in many different directions including e-commerce. One of the biggest challenges many firms have faced in the e-commerce era are how to attain customers’ trust and maintain their trust for a long term mutual benefits. One of the firms’ recent noticeable approaches to increase and manage online trust is implementing a trustmark on their website. Trustmarks are visual and iconic seals endorsed by the third-parties to assure security and privacy of the firms’ websites. This type of an e-commerce-specific certification from the third-parties has been proven to have a positive impact on trust and trustworthiness of the endorsed web-based company. Previous research interests on trustmark have been limited to the identification of the very existence of the relationship between adoption of trustmark and its effects such as online trust. Limited research interests resulted in limited understanding on trustmark and its effects on marketing results. Although the fact that trustmark does have positive effects on online trust, little is known yet about how such effects can happen and how they could be improved. Authors tried to extend our understanding on trustmark by including new dependant variable, product trust and comparing the relative effects of different types of trustmarks on dependant variables. This study confirms the affirmative relationship between a trustmark and trust of the website(online trust) where the trustmark engraved. Furthermore, the direct relationship between a trustmark and trust of the product placed on the website has been investigated and proven in this study. In addition, three types of trustmarks (e.g., governmental affiliated organization, industry experts, and typical consumer reviewers) have been tested for their differentiated influence on perceptions of two important constructs of customers: online trust and product trust. As results, varied impacts of different trustmarks have been observed through empirical testing. This study contributed both academically and managerially to the understanding and utilizing of trustmarks. Academically, this study extended the research interest from the mere confirming of trustmarks effects on resulting variables to the process analysis of the effects. Managerially this study provide some practical tips to improve trustmarks effect on marketing results. Users tend to have higher trust on the industry expert and government backed trustmark over consumer reviewers one. For example, an industry expert-driven trustmark may be the most trustable and efficient one with government taking supervising role.

본 연구는 1990년대 말과 2007년 말의 글로벌 금융위기 이후에 한국, 선진국에 포함되거나 포함될 가능성이 있는 국가와 ASEAN의 주식시장간의 변동성의 전염효과를 조사하고자 하였다. 본 연구를 요약하면, 첫째, 글로벌 금융위기전의 조건부 평균식에서 9개 시장 모두 양방향의 평균전이효과를 보여주었다. 미국은 한국과 ASEAN의 주식시장과는 상호간 양(+)의 방향으로 평균전이효과를 나타냈으나, 중국, 일본시장과는 음(-)의 방향으로 평균전이효과를 나타냈고, 말레이시아 시장 내의 영향력이 가장 크고, 미국에서 인도네시아 시장으로 가장 큰 평균전이효과를 나타내었다. 또한 말레이시아, 중국, 일본 및 한국시장의 기대 수익률과 조건부 변동성과는 관련성이 높고 설명력이 매우 높았다. 그리고 조건부분산식에서 미국과 말레이시아의 자국 시장이 양(+)의 강한 변동성전이효과를 나타냈고, 미국시장의 잔차 충격이 태국시장의 변동성에 가장 강한 변동성 전이효과를 나타내었다. 미국의 자국시장만이 레버리지효과가 높고, 태국에서 필리핀시장으로 레버리지 효과가 가장 높았다. 둘째, 글로벌 금융위기 후에서 중국을 제외하고 미국은 한국, 일본 및 ASEAN의 주식시장과는 상호간 양(+)의 방향으로 나타났고, 조건부분산식에서는 중국과 말레이시아의 자국시장만이 양(+)의 강한 변동성전이효과를 보여 주었고, 인도네시아의 잔차 충격이 한국시장의 변동성에 가장 큰 변동성 전이효과를 나타내었고, 특히 미국, 한국시장은 다른 시장에 영향을 미치지 못하였으나, 중국은 인도네시아에, 일본은 필리핀과 태국시장에 강한 변동성전이효과가 존재하였다. 모든 자국시장에서 레버리지효과는 나타나지 않고, 미국, 중국, 인도네시아의 자국시장에서는 비대칭효과가 존재하였다. 또한 인도네시아에서 중국시장으로의 레버리지효과가 가장 높았고, 일본시장은 두 효과가 존재하지 않았다. 결론적으로 글로벌 금융위기 후 세계 자본시장의 통합도가 높아져 국가간의 동조성이 증가하는 가운데 중국 시장이 자국시장 내 이상 현상에 의해 영향을 많이 받고 있어 예외로 나타나고 있을지라도, 한국의 주식시장은 해외 주식시장과의 전이현상이 강화됨 으로써 선진국과 ASEAN의 주식시장간의 전염현상도 더욱 심화되었다는 것을 확인하였다

The purpose of this study was to examine the contagion effects of volatility among the stock markets of Korea, countries of being included or being likely involved in the developed country, and the stocks of countries, which belong to ASEAN, after passing through the foreign currency crisis at the end of the 1990s and the global financial crisis at the end of 2008. Summarizing this study, first, all of 9 markets showed the two-way conditional mean spillover effect in the conditional mean equation before global financial crisis. US showed the mean spillover effect in reciprocal positive direction with stock markets of Korea and ASEAN, but indicated the mean spillover effect in reciprocal negative direction with stock markets of China and Japan. The influence in market of Malaysia was the greatest. The biggest mean spillover effect was indicated from US to Indonesian market. Also, the relationship between the expected returns and the conditional volatility in Malaysia, China, Japan and Korea was considerably high. The explanatory power was very high. And, in the conditional variance, its markets of US and Malaysia showed positive strong conditional volatility spillover effects. The residual impact in US market showed the greatest conditional volatility spillover effect, which has influence upon volatility of Thai. The leverage effect only in US market itself was high. However, in other own markets, the leverage effect and the asymmetric effect didn’t exist. The leverage effect from Thai to Philippine markets was the highest. Second, it is identified that there were conditional mean spillover effects and volatility spillover effects among major stock markets of East Asia during the period of global financial crisis, and there were couplings of volatility among these markets due to several lead-lag effects among stock markets. This paper showed various correlations of volatility in financial markets in sample period and there were timevarying conditional correlations of volatility among stock returns through conditional mean and volatility spillover effects. The spillover phenomenon among stock markets in Korea, China, Japan, and US was intensified closely and the transmission or co-movement of global stock markets can be considered to have been expended. Third, after the global financial crisis, US showed the reciprocal positive direction with the stock markets of Korea, Japan and ASEAN except China. In the conditional variance, only own markets in China and Malaysia showed the positive strong conditional volatility spillover effect. The residual impact in Indonesia showed the biggest conditional volatility spillover effect, which has influence upon volatility in Korea. Especially, US and Korea markets failed to have influence upon other markets. However, the strong volatility spillover effect existed that China has influence upon Indonesia and that Japan has influence upon the Philippine and Thai markets. In all of own markets, the leverage effect wasn’t shown. However, the asymmetric effect existed in own markets of US, China, and Indonesia. Also, the leverage effect was the highest from Indonesia and China. Japan market wasn’t existed two effects. In conclusion, in the face of forecasting that growth axis in international finances will gradually shift to Asia from US in the wake of sub-prime state, which offered a cause for global financial crisis, and that US stature will get weakened owing to the weakening in reliability in US financing system and to the global weak dollar, the asymmetric volatility spillover effects of global financial crisis was confirmed to be continuously transferred. And the integration level in the world capital market has gotten higher following the global financial crisis. Thus, susceptibility among countries is increasing. In the meantime, China market is being greatly influenced by the abnormal phenomenon within own market, thereby being indicated exceptionally. Nevertheless, Korea’s stock market was intensified in the spillover phenomenon with overseas stock markets. Thus, even the contagion effect among stock markets of the developed countries and ASEAN was confirmed to have been further deepened.

본 연구는 기업의 이자보상비율, 총자산순이익률과 부동산 보유와의 관계를 검토함으로써 기업의 보유부동산이 기업의 생존에 미치는 영향을 연구하기 위해 기업의 생존가능성을 이자보상비율과 총자산순익률로 조작적으로 정의하고 이에 영향을 미치는 변수로 부동산변수를 선정하였다. 또 부채비율과 매출증가율이 이자 보상비율과 총자산순이익률에 영향을 미칠 수 있어 보유부동산이 이자보상비율과 부채비율에 미치는 영향만을 분석하기 위해 부채비율과 매출증가율을 통제변수로 선정하였다. 또한 기업이 부동산을 취득하는 경우 그 자금의 원천이 부채인지도 검증하였다. 본 연구에 사용된 자료는 한국거래소에 상장된 342개 기업에 대한 11개년 (2000～2010) 동안의 패널자료이다. 표본기업이 342개인 것은 데이터의 동질성을 유지하기 위해 4개의 표본기업 선정조건을 사용하였기 때문이다. 실증분석은 패널자료의 특성을 반영한 패널분석방법을 사용하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 이자보상비율은 당해연도의 부동산보유비율과 전년도의 부동산증가율과 관계가 있고 당해연도의 부동산증가율과는 관계가 없다. 둘째, 총자산순이익률은 제조업의 경우에는 부동산 보유비율과 부동산증가율 모두와 관계를 갖지만 비제조의 경우에는 전년도의 부동산비율, 전년도의 부동산증가율과 통계적으로 유의미한 관계를 갖는다. 당해연도의 부동산보유비율과 부동산증가율은 총자산순이익률과 유의미한 관계를 갖지 않는다. 셋째, 기업은 부동산취득자금으로 부채를 사용하지 않는 것으로 해석할 수 있다. 다만 기업의 부동산증가는 매출증가율과 통계적으로 유의미한 관계를 갖는다. 이러한 분석결과로 미루어 볼 때, 기업의 보유부동산은 기업의 생존가능성에 크게 영향을 미치고 있는 것으로 판단된다

Regardless of what motive a corporation acquires property, they require the necessary fund and they must create profits that exceed the fund procurement costs in order to do their economic duty. This means that the decision for property acquisition that has low profits that are under the costs for fund procurement is wrong. If procuring foreign funds, they must create more profit than the cost of procurement and even if they were procured internally, borrowing with this a as collateral is the same as procuring from foreign funds and must create higher profits than lending costs in order to survive. If net profit before corporate taxes are low even if lending costs incurred after procuring property acquisition costs with internal fund, then it means the decision to acquire property was wrong. This is because the low income or negative income property can become a burden on the company. Therefore the ownership of property has a close relationship to the company’s net profit. This research wishes to discover the effect of property ownership of companies on their survival by reviewing the company’s compensation of interest ratio, net profit for all assets and property ownership. The results of this research may serve as the property compensation of interest ratio investment standard when creating a healthy assets portfolio for a company and with this standard one will be able to determine future of the company. This research has operationally defined company’s sustainability as an interest coverage ratio and net profit on total asset and selected a real estate variable as a variable having influence on this. And this research has selected a debt ratio and growth rate of sales that can have influence on an interest coverage ratio and ordinary profit on total asset as a control variable. In addition, this research has verified whether the source of funds is debt, when a company acquires real estate. Materials used for this research are panel materials for 11 years(2000~2010) on 342 companies listed at the Korea Exchange. This research has used a panel analysis method that reflected characteristics of panel materials for its empirical analysis. The analysis results of this research are as follows. First, the interest coverage ratio has a relationship with the competent year’s real estate possession ratio and the previous year’s growth rate of real estate, and doesn’t have a relationship with the competent year’s growth rate of real estate. Second, though the net profit on total asset has a relationship with all of real estate possession ratio and real estate’s growth rate in case of manufacturing business, it has a statistically significant relationship with the previous year’s real estate ratio and real estate’s growth rate in case of non-manufacturing business. The competent year’s real estate possession ratio and real estate’s growth rate don’t have a significant relationship with net profit on total asset. Third, it can be interpreted that companies don’t use debt as funds for acquisition of real estate. But the real estate increase of companies has a statistically significant relationship with growth rate of sales. When considering these analysis results, it is judged that the real estate possessed by companies has a large influence on survival of companies, namely, sustainable management.

내부회계관리제도(internal control over financial reporting)는 기업의 재무보고 과정에 대하여 기업 스스로 모니터링을 함으로써, 회계정보의 신뢰성을 제고하고자 2005년에 도입된 제도이다. 본 연구는 내부회계관리제도의 시행이 회계정보의 질(financial reporting quality)에 미치는 효과를 분석하고자 한다. 유가증권시장 상장기업이 대상이고 분석기간은 2005년부터 2010년까지의 총 6년간이었으며, 추출된 표본기업의 수(firm-year)는 2,100개이다. 관심변수는 내부회계관리제도의 인력특성에 관한 것으로 운영 인력의 규모와 전문성(평균 경력 및 공인회계사 보유여부)이다. 이익의 질에 영향을 미치는 통제변수로 기업규모, 부채비율, 총자산이익률, BIG4여부, 최대주주 지분율, 산업더미 및 연도더미를 추가적으로 포함하였고 종속변수로는 Roychowdhury(2006)의 실제이익조정(real earings management)의 측정치를 사용하였다. 실증분석 결과 첫째, 내부회계관리 담당인력의 규모는 실제이익조정과 유의한 음(-)의 관계로 나타났다. 둘째, 내부회계관리 인력의 평균 경력과 실제이익조정은 유의한 음(-)의 관계를 보였다. 셋째, 내부회계관리 담당자 중 공인회계사 자격증을 보유여부와 실제이익조정은 유의한 음(-)의 관계를 보였다. 이러한 실증분석 결과는 내부회계 담당인력이 많을수록, 내부회계를 담당하는 종업원의 경력이 오래될수록, 내부회계담당자 중 공인회계사가 포함되어 있을 때 실제이익조정이 제한되어 회계이익의 질이 제고되는 것으로 해석할 수 있다

Such large-scale accounting frauds as Enron and WorldCom in the early 2000s revealed the limitations of supervision by external audit and increased the demand that a corporation should set up its own supervision function. In the United States, Sarbanes-Oxley Act was enacted in 2002 to reinforce the responsibilities of the manager and external auditor for internal control. In South Korea, Act on External Audit of Stock Companies was revised in December, 2003 and led to the implementation of the internal accounting control system in the fiscal year starting on January 1, 2004. In June, 2005, the steering committee of the internal accounting control system under Korea Listed Companies Association established the “model criteria for the internal accounting control system,” demanding that the board of directors and auditors should set up and run an internal accounting control system and asking external auditors to attach a review report on the operational state of the internal accounting control system to the audit report. As a type of internal control system to effectively control corporate management activities, the internal accounting control system concerns a corporation’s financial report process. That is, its goal is to have corporations write and announce reliable accounting information by checking and adjusting accounting information regularly in order to control its error and wrongdoing for themselves (Lee Ho-yeong et al., 2011). This study set out to empirically analyze the effectiveness of the internal accounting control system and examine whether the system, which was introduced to increase the reliability of accounting information, would fulfill its purpose by considering the characteristics of the operational personnel. In other words, it analyzed the effects of the size (number), mean career (months), and certified public accountant certificate of the personnel in charge of internal accounting control on the quality of accounting information or that of profit. The quality of accounting profit was measured with real earning management by Roychowdhury (2006). The study results will contribute to the examination of institutional supplementation to run the internal accounting control system more effectively by investigating the personnel characteristics to influence the effectiveness of the internal accounting control system. Empirical analysis covered data from 2005 to recent 2010 over a period of six years for which data on the operational personnel of internal accounting control were obtainable. The final sample included 2,100 companies listed in the stock market, settled accounts at the end of December, and did not operate in the finance sector. The interested variables were size and professionalism related to the personnel characteristics of the internal accounting control system. They were specifically the size, mean career, and certified public accountant certificate of the operational personnel. The control variables influencing the quality of profit include corporate size, debt ratio, return on assets, Big 4, the largest shareholders’ ownership, and industry and year dummy. The dependent variable was the measurement of real earning management by Roychowdhury (2006). The empirical analysis results show that there were significant negative relations between the size of the personnel in charge of internal accounting control and real earning management, which indicates that as there are more staffs in charge of internal accounting control, the corporation manages internal accounting control better and thus decreases in earning management and increases in quality of profit. In addition, real earning management also had significant negative relations with the mean career of internal accounting personnel, which can measure the degree of professionalism based on field experiences, and certified public accountant certificate, which tells whether they have professionalism about accounting knowledge. When the personnel of internal accounting control has professionalism about accounting, earning management is restricted and the quality of accounting information improves. Those findings point to the importance of investment into human resources by corporations in order for the internal accounting control system to have effectiveness. In other words, the increased size of internal accounting control personnel reflects extended investments into the comprehensive aspects of corporate activities to deal with internal control issues. The study results will make a contribution by analyzing the effects of the personnel characteristics of the internal accounting control system on quality of profit. Information about the personnel of the internal accounting control system is unique information only announced in South Korea in the entire world. It is probably because the information is useful for estimating the effectiveness of the system as demonstrated in the study results.

대부분의 지방은행들이 IMF 이후 대형금융지주회사에 흡수 통합됨으로써 현재 자생적으로 운영되고 있는 지방은행들은 대규모 금융회사들과 경쟁을 해야 하는 어려움에 처해있다. 지방은행들이 시중은행들과의 차별화된 금융 서비스 품질 제공에 있어 전략적 우위를 선점하기 위해서는 금융 서비스 만족도 향상을 위한 평가가 실시되어야 할 시점이라 판단된다. 따라서 본 연구의 목적은 은행서비스 품질을 선행변수로 하여 은행 서비스 이용만족과 은행충성도 간의 구조적 영향관계를 살펴보고 또한 은행 웹 사이트 이용만족이 오프라인 은행서비스 만족으로 전이 될 수 있는지에 대한 여부를 검증하고자 한다. 본 연구를 위해 설문조사는 2012년 4월 12일부터 2012년 4월 20일까지 약 8일에 걸쳐 대구은행을 방문한 고객을 대상으로 은행 웹 사이트 이용여부를 질문 한 뒤에 응답자들을 대상으로 설문을 실시하였다. 총 350부 설문을 배포하여 불성실하게 응답을 한 설문지를 제외한 323부가 최종 분석에 이용 되었다. 본 연구 결과는 다음과 같다. 첫째, 은행서비스 품질 중 유형성, 확신성 대응성 요인이 은행이용만족에 정(+)의 영향을 주는 것으로 밝혀졌다 둘째, 웹 사이트 이용만족이 은행 이용만족에 정(+)의 영향을 줌으로써 만족전이 현상이 입증되었다. 셋째, 은행이용만족인 은행 충성도에 정(+)의 영향을 미치고 있음이 밝혀졌다. 넷째, 카이자승 차이 검증법을 통해 최우수모델 검증 결과, 확신성과 신뢰성이 은행충성도에 직접적으로 영향을 주는 선행요인으로 밝혀졌다. 지방은행 경영자 및 실무자들을 위한 이론적⋅ 실무적 시사점이 제시되었고 마지막으로 한계점이 논의되었다

Since the financial crisis occurred in 1997, the domestic bank industry was restructured by liquidating the financially poor local banks or had difficulties in merger and acquisiton between banks In particular, among about 10 local banks, local banks were merged into the mega banks: Chungchung bank into Hana bank and Gyeonggi bank into Hanmi bank in 1997; Chungbuk bank and Gangwon bank into Chohung bank in 1999; and Gwangju bank and Kyungnam bank into Wuri bank, and Jeju bank into Shinhan bank in 2001. After merger and acquisition, there remained only three local banks which are independently operated: Daegu bank, Busan bank and Chunbuk bank. To strength a local bank’s competitiveness, the local banks should establish more local bank branches which enable to enhance accessibility to the bank and employ bank staff who can provide more kind response to customers and differentiated bank services from the mega banks. Due to IMF, the bank has been downsized, which leads to the decrease of the number of bank employees. As a result, the quality of bank services has been worsened. Furthermore, since customers use information technologies (e.g., CD/ATM, internet/mobile banking), they do not need to visit the physical banks. Such bank technologies keep the customers from providing the tailor-made bank services offline. To provide the local banks’ services differentiated from those of the mega banks, it is required to investigate how bank technologies (i.e., Internet banking) used in the local banks can affect the quality of offline bank services provided by the bank employees (e.g., face-to-face) and assess the customers’ satisfaction with online and offline local bank services. The purpose of this study is to examine the structural relationships between the quality of bank service, bank-usage satisfaction and bank loyalty, and to test whether there is a transfer effect from bank web-usage satisfaction to offline bank-usage satisfaction. Furthermore, x2 difference test was undertaken o determine the best model among competing models. The questionnaires were distributed to customers who visited the Daegu Bank and were questioned whether to have used its website. The self-administerd survey was undertaken against 350 respondents who visited the bank as well as used its website. A total of 340 responses were collected. Excluding missing data, 323 usable data were used for analysis. Results from this study are as follows: First, it is found that three antecedents of bank service quality such as tangibles, assurance and responsiveness positively affect bank-usage satisfaction, whereas it is revealed that reliability and empathy factors did not influence bank-usage satisfacton; second, web-usage satisfaction positively exerts an effect on offline bank-usage satisfaction, as a result, it is empirically identified that satisfaction transfer from online to offline; third, bank-usage satisfaction positively influences bank loyalty; and fourth, it is found that assurance and reliability factors had a direct positive effect on bank loyalty as a result of sequential x2 difference test. The theoretical and practical implications, and the limitations are discussed.

공정무역 제품을 구매하는 소비자를 대상으로 총 167부의 설문지를 회수하여 공정무역 제품에 대한 다차원적 소비가치가 제품 태도 및 구매의도에 미치는 영향 관계를 살펴보았다. 본 연구의 진행을 위해 연구의 목적을 세우고, 이를 달성하기 위해 연관된 구매의사결정이론 검토와 분석을 통해 연구결과를 도출하였다. 연구가설 검정의 결과는 다음과 같다. 첫째, 공정무역 제품에 대한 다차원적 소비가치와 공정무역 제품에 대한 소비자 태도의 영향관계를 검정한 결과 기능적 가치, 사회심리적 가치, 미적/감정적 가치요인이 공정무역 제품 태도에 정(+)의 영향을 미치는 것으로 나타났다. 반면에 경제적 가치, 상황적 가치, 진귀적 가치는 공정무역 제품 태도에 영향을 미치지 않았다. 둘째, 공정무역 제품에 대한 소비자 태도와 구매의도의 영향관계를 검정한 결과 태도가 구매 의도에 정(+)의 영향을 미치는 것으로 분석되었다. 셋째, 공정무역 제품에 대한 다차원적 소비가치와 구매의도의 영향관계를 검정한 결과 경제적 가치, 사회심리적 가치, 미적/감정적 가치요인이 공정무역 제품 태도에 정(+)의 영향을 미치는 것으로 확인된 반면에 소비가치의 다차원 변수인 기능적 가치, 상황적 가치, 진귀적 가치는 공정무역 제품 태도에 영향을 미치지 않았다. 넷째, 소비자의 제품태도가 소비가치와 구매의도에 미치는 영향을 매개하는지 검정한 결과 사회심리적 가치와 구매의도 사이에 태도가 부분 매개한다는 것으로 나타났고, 미적/감정적 가치와 구매의도 사이에 태도가 완전매개하는 것으로 파악되었다. 전략적 시사점과 연구의 한계 그리고 미래연구의 제언은 결론부분에 언급하였다

Recently many consumers have been concerned about ethical product so called coffee, chocolate, tea, clothes, sugar handicrafts et al., and the real purchasing power on the fair trade of ethical products have been increased in korea. and many scholars who have interest in about fair trade product take a prominent figure in the academic circles. The purpose of this study are to investigate the relationship among multidimentional consumption value, consumer’s attitude, and purchase intention on the customers with fair trade product (food) use/purchase experience. For the theoretical model of consumer’s buying decision making on fair trade, this study is based on the modified theory suggested by Engel, Blackwell and Miniards (1982). To accomplish the purpose of this study, The conceptual model of the hypothetical structure was established through the research and examination of second documentary records and articles. Next follows the analysis of questionnaire among consumers with fair trade product (food) use/purchase experience to question consumption value, consumer’s attitude, and purchase intention. The data of 167 samples collected both on line and off line survey from 16 November, 2011 to 8 December, 2011 were analyzed by frequency analysis, factor analysis, reliability analysis, correlation analysis, and multiple regression analysis after exception missing data through coding, trimming and refining process of raw material data using SPSS 18.0. The results of this study can be summarized as follows First, multidimensional consumption value of functional value, psychosocial value, and aesthetic․ emotional value have a positive effect on consumer’s attitude on fair trade product. However on the other hand, multidimensional consumption value of economic value, conditional value, and epistemic value have a negative impact on consumer’s attitude on fair trade product. Second, consumer’s attitude of fair trade product (food) showed a positive influence on consumer’s purchase intention. Third, multidimensional consumption value of economic value, psychosocial value, and aesthetic․emotional value have a positive effect on consumer’s purchase intention. However on the other hand, multidimensional consumption value of functional value, conditional value, and epistemic value have a negative effect on consumer’s purchase intention. Firth, from the analysis result of mediate effect of consumer’s attitude to influence relationship between psychosocial value, aesthetic․emotional value values and purchase intention. Therefore, to supplement this study, more objective theoretical models that can bring out the relationship between fair trade product and consumer’s attitude and purchase intention must be created. The result of this study has some implications of consumer’s purchase behavior theory on the fair trade products for the experts at consumer’s culture studies, consumer’s ethical behaviors and international marketing strategy. An early studied of fair trade mainly have been concerned about unidimentional consumption values. This study are differentiated from multidimentional consumption values perspectives. and for the first time marketing strategy which look into the future focused on consumption value of psychosocial value at the fair trade, and prior marketing strategy for revitalized fair trade have a distinctive superior quality guarantee, design development and reasonable price. The future’s studies with concerned this topics are needed to elaborate the measure of consumption value about fair trade, generation’s lifestyle on fair trade product and to help the understanding of consumer’s fair trade consumption behavior with the quantitative data.

우리나라는 2000년에 이미 65세 이상 인구가 7%가 넘는 고령화 사회(aging society)에 진입했다. 2018년에 14%가 넘는 고령 사회(aged society)를 거쳐 2026년에는 20%가 넘는 초고령 사회(post-aged society)로 진입할 것으로 예상된다. 이는 여타 국가의 그것보다 대단히 빠른 속도이다. 고령화는 사회적, 경제적, 복지적 측면 등에서 다양한 문제를 양산한다. 이러한 고령화 문제의 기저에는 고령자의 경제적 빈곤이 자리한다. 특히 우리나라 고령층 빈곤율은 OECD 평균에 비해 무려 3배 이상 높다. 고령화 진행속도에 대응되는 정책마련이 부재한 상태에서 고령화를 맞이하게 됨으로써 사회적비용이 가중되고 있다. 고령인구 중에는 전문성을 가지고 있는 다양한 인력이 존재하고 있으나, 이를 사장시킴으로써 발생되는 비용 또한 사회적비용이라고 볼 수 있다. 이외에도 가장 이슈가 되는 문제는 노후대책이 부재한 상태에서 맞게 되는 실업상태라고 볼 수 있다. 이러한 문제점을 해결하기 위한 정부의 다양한 정책이 제시되고 있으나, 이는 주로 지속가능한 문제해결 방안은 아니다. 따라서 초고령화 사회로의 진입이 시작된 우리나라의 고령인구에 대한 구체적이고 현실적인 대안 마련이 필요한 실정이다. 본 연구는 이러한 문제인식을 바탕으로 설문조사를 통하여 우리나라의 고령인구의 실질적인 문제점을 파악하였으며, 또한 고령인구가 직업시장에 진입하는데 가장 일선에서 기능을 하고 있는 인사담당자를 대상으로 고령자 취업에 관한 설문조사를 실시하였다. 조사결과를 토대로 우리나라 고령인구의 사회적 문제점을 진단하고 이를 바탕으로 정책적 대안을 제시하였다. 제시된 주요 대안은 노인이 노인을 돕는 일자리창출, 사회적기업을 통한 취업지원, 고령자 본인들과 기업 인식개선의 필요성, 현실성 있는 취업지원 교육프로그램 발굴, 임금문제 개선, 정년연장의 문제점 해결방안, 임금피크제의 개선방안 등이다

According to advanced age society division by the UN, aging society elderly population’s ratio when whole population’s 7%, advanced aged society passes over 14% mean. Korea has entered into the aging society and high aging society are expected in 2016. And further average lifespan is anticipated as becoming higher because of developments of medicines and life science. So, the elderly will have longer aging periods than now, and it would require great economic burdens to them, and thus the time of having to deal with such matter socially, economically, and politically by exceeding elderly own or social responsibilities. The issue of elderly people also has come to the fore as the core of national welfare policy which must be settled down from the aspect of socio-economy of nation, business entities, and individuals. Therefore, systematic supports as well as the conversion of recognition are necessary for the employment of elderly people. This research was started to study the application of the increasing elderly workers due to Korea’s rapid progress into an aging society. For the research, various academic journals, books and internet materials were studied in order to look in to the phenomenon, tendency, and problems of today’s aging society. Also, a survey was conducted in order to analyze the causes behind the barriers of elderly employment. The survey was on the barriers and requirements of elderly employment and there were additional questions regarding job finding activities of the elderly. There were also additional questions for the human resource directors about their experiences of elderly employment and its results. By combining the answers of the questions asked both to laborers and managers, the differences in their opinions regarding the awareness and barriers of employment were understood. Also, several ways for improvements were explored. Shortage of jobs, social prejudice and lack of preparation of the elderly shared a great part of the barriers of employment. Unlike other researches, the elderly considered not only the external factors but the elderly themselves as a big problem. The most important alternative was to bring change in the perception of the elderly and companies. A governmental program for such enlightenment and the effectiveness of promoting such programs are discussed. Moreover, the vitalization of large social enterprises that has big opportunities for providing jobs such as a job where the elderly works for elderly related jobs or a private-oriented job was suggested as the alternative for the lack of jobs which had the biggest share among the barriers for employment. Since there is a need for the elderly to become an attractive employee to the companies, the suggestion was to let the companies to directly supervise the workers and manage the program to guarantee sustainable and effective employment instead of the ineffective educational institutions and programs that is currently provided with the government as its main agent. In addition, governmental institutions for the elderly and their vocational training are continuously being established but most of the elderly and companies have very low awareness of such programs. Thus, the need of an active promoting program angled towards the elderly is suggested. Finally, the problem regarding the application of elderly workers will act as a basis for further development after following several steps focused on bringing change in the perception of the government, company and the elderly themselves. There should be constant efforts of the elderly, the company should appreciate the elderly as an important work force in preparation for the future manpower shortage and the government should provide support to mediate between the elderly workers and companies.

일반적으로 경영자의 이익조정은 회계이익의 신뢰성을 저해하는 요인으로 평가되고 있다. 이러한 맥락에서 이익조정 정도를 의미하는 재량적 발생액의 절대적 크기가 증가할수록 정보위험을 증가시켜 부채 조달비용이 증가한다는 실증결과가 보고되고 있다. 한편, 이익유연화에 관한 선행연구에 의하면 이익유연화는 경영자의 사적정보를 자본시장에 전달함으로써 회계정보유용성을 향상시킬 수 있다. 특히, Tucker and Zarowin (2006)은 발생액 조정을 이용한 이익유연화와 회계정보유용성의 관계를 분석한 결과, 이익유연화 수준이 증가할수록 발생액의 정보유용성이 증가하는 것으로 나타나고 있다. 즉, 재량적 발생액이 이익유연화와 관련이 있는 경우에는 오히려 정보환경을 개선시킬 수 있는 것으로 기대된다. 이러한 배경에서 본 연구는 재량적 발생액과 부채조달비용의 관련성을 살펴본 선행연구를 확장하여, 이익유연화와 관련이 있는 재량적 발생액과 부채조달비용의 관련성을 추가적으로 분석하였다. 분석결과를 요약하면 다음과 같다. 첫째, 재량적 발생액의 절댓값이 증가할수록 부채조달비용이 증가하는 것으로 나타났다. 이러한 결과는 경영자의 재량적 이익조정이 정보위험을 증가시킨다는 것으로 해석될 수 있다. 둘째, 이익유연화 수준이 낮은 경우 재량적 발생액의 절댓값과 부채조달비용 간 양(+)의 관계는 상대적으로 뚜렷하게 나타나지만, 이익유연화 수준이 높은 경우에는 재량적 발생액과 부채조달비용 간의 관련성이 발견되지 않았다. 이러한 결과는 이익유연화가 정보위험을 감소시킨 것으로 해석된다. 즉, Tucker and Zarowin(2006) 등이 주장하는 바와 같이 이익유연화에 의해 기업의 미래 성과에 관한 정보가 자본시장에 전달되고 정보환경이 개선됨에 따라 재량적 이익조정에 의해 증가한 정보위험이 상쇄된 것으로 풀이된다

Earnings management hides the true performance of the firm from accounting information users, such that earnings become a less reliable measure of firm performance. Prior Studies show that reported earnings are less informative to investors when the incentive to manage earnings is high and that opportunistic earnings management reduces the value relevance of accounting information. In general, the degree of earnings management is measured by discretionary accruals. Therefore, when the absolute value of discretionary accruals increases, the information risk and cost of debt financing is expected to increase. Some studies in Korea document empirically a positive association between discretionary accruals and costs of debt. They interpret the discretionary accruals increase as an increase of information uncertainty. On the other hand, according to previous research, earnings smoothing can improve earnings informative by delivering private information to capital market. In particular, Tucker and Zarowin(2006) find that a higher-smoothing firm’s future earnings are impounded in its current stock price to a larger extent than that of a lower-smoothing firm. Such results are robust after they decompose earnings into operating cash flows and accruals. Thus, they document empirically that an important effect of managers’ use of financial reporting discretion is to reveal more information about firms’ future earnings and cash flows. Furthermore, Using the Tucker-Zarowin statistic of income smoothing, Li and Richie(2009) find firms with higher earnings smoothing rankings exhibit lower cost of debt and higher credit ratings. The results support the notion that income smoothing represents information signaling. In other words, discretionary accruals related earnings smoothing is expected to improve the information environment. Consistent with these views, we investigate the control effect of earnings smoothing on the relation between discretionary accruals and cost of debt. The results are summarized as follows. First, costs of debt increases as the absolute value of discretionary accruals increases. These results can be interpreted as discretionary earnings management increases the information risk and the cost of debt financing. Second, the positive relation between costs of debt and the absolute value of discretionary accruals disappear when the level of earnings smoothing is high. These results can be interpreted as earnings smoothing reduces the information risk. As described by Tucker and Zarowin (2006), earnings smoothing would offset the information risk increased by discretionary earnings management. Such results suggest that bond buyers consider managers’ use of financial reporting discretion as a factor for the increase in accounting information risk. On a separate note, the earnings smoothing offsets the negative effects of discretionary accruals by improving the informativeness of discretionary accruals about future earnings and cash flows. Our study is expected to provide additional information into the literatures about income smoothing. The contribution of this study are as follows: First, this study offers practical implications on corporate financing decisions makings through an analysis of earnings contributes related to cost of debt capital. Second, These results contribute to the literature on income smoothing.

분할가격이란 제품이나 서비스에 대한 가격을 표시할 때, 모든 내역이 포함된 하나의 총 가격 형태로 표시하는 것이 아니라 두 개 이상의 부분으로 분리하여 표시하는 가격 전략이다. 본 연구의 목적은 첫째, 제품이나 서비스의 가격이 분할가격 형태로 표시될 경우 부가가격의 개수가 많고 적음에 따라 소비자가 회상하는 총 가격 수준, 가격 공정성과 구매의도에 대한 영향을 밝히는 것이다. 둘째, 사전지식과 관여도가 가격단서를 포함하여 다양한 제품 속성을 보여줄 수 있는 분할가격 형태에서 가격 공정성의 지각에 대한 조절효과를 밝혀내는 것이다. 연구 결과는 다음과 같다. 첫째, 분할 수준에 따라 다수와 소수로 구분된 분할형태에서의 총 회상가격은 다수의 분할가격에서 보다 낮게 나타났다. 둘째, 분할가격과 더불어 단일 형태의 총 가격이 병행 표시될 경우, 회상가격에 대한 영향은 총 가격을 표시하지 않을 경우에만 분할가격의 효과가 나타났다. 셋째, 관여도는 가격공정성에 대한 조절효과를 보였으나 사전지식은 보이지 않았으며 관여도가 사전지식보다 4배 강한 조절효과를 보였다. 실무적인 시사점은 분할가격을 통해 소비자들이 회상가격을 8%정도 낮추는 것을 확인하였으며 분할가격을 사용할 경우에는 총 가격을 표시하지 않아야 그 효과가 나타남을 밝혔다. 이론적인 기여는 사전지식과 관여도 개념을 도입하여 분할가격에서 가격공정성의 지각에 미치는 조절효과를 밝힌 부분이다

Partitioned pricing is a tactic in which a seller presents multiple prices for a single product or service instead of one, all-inclusive pricing. The purpose of this study firstly is to investigate effects of the partitioned price containing a variable number of price components on consumers’ total recall price, price fairness perception and purchase intention when the price is offered in the form of the partitioned price. Second purpose of the study is to investigate moderating effects of customers’ prior knowledge and involvement, which contain a variety of products’ attributes including price cues, on the customers’ price fairness perception in the partitioned price form. The results were that the total recall price was appeared lower in a large number of the price components compared to the small number of the price components. As the price further partitioned into smaller components, consumers are led to recall the price lower when the ratio of surcharge price against the total price is fixed at a certain level within an positive effect range of the partitioned pricing. Second, the effect of the partitioned pricing along with a presentation of the all-inclusive total price together is only effective when the total price was not presented. The customers more likely to use heuristics such as anchoring and adjustment than numerosity when the all-inclusive total price is not presented. Third, the involvement role as the moderator for the price fairness perception was effective, but the prior knowledge was not, contrary to our expectations. The moderating effect of the involvement was four times stronger than the prior knowledge to the price fairness perception. Practical implications for the sellers and marketers are that the partitioned pricing strategy was only effective when the all-inclusive total price was not presented with the partitioned price format. Therefore they are recommended not to mark all-inclusive total price along with the partitioned price for maximum effect. The multiple components of the partitioned pricing induced to be lowered to 8% of the recall prices depending on the level of the partitioned pricing. Theoretical contribution of this study is to reveal the moderating effect of the prior knowledge and the involvement on the price fairness perception in the partitioned pricing format.

본 연구는 2002년부터 2010년까지 우리나라 유가증권 상장기업 및 코스닥 상장기업을 대상으로 법정 기준을 초과하여 사외이사를 선임하는 기업들의 공통된 특성을 살펴보고, 사외이사 초과선임비율이 기업가치에 미치는 영향을 분석하였다. 사외이사 초과선임의 결정요인으로는 자산규모 2조 원 미만인 유가증권 상장기업이거나 자산이 1천억 원 미만인 코스닥 상장기업인 경우, 이사회의 규모가 크고 연구개발비 지출이 많을수록, 설립기간이 오래되거나, 당기순손실을 기록한 기업일수록, 그리고 30대 기업집단에 소속되어 있을수록 사외이사를 초과선임하는 경향이 있음을 발견하였다. 사외이사 초과선임비율이 기업가치에 미치는 영향을 분석한 결과, 사외이사 초과선임의 효과가 유가증권 상장기업과 코스닥 상장기업에 다르게 작용함을 확인할 수 있었다. 유가증권 상장기업의 경우 추가적인 사외이사의 선임이 기업가치와 양(+)의 관계를 갖는데 반해 코스닥 상장기업은 사외이사 초과선임비율과 기업가치 사이에 유의한 관계가 관찰되지 않았다. 한편 30대 기업집단 소속기업의 경우 사외이사를 초과선임할 때 비소속기업에 비해 추가적인 기업가치의 증가를 결과하는 것이 확인되었다. 또한, 강건성 검정을 위해 고정효과 패널모형을 이용 분석한 결과에서도 사외이사 초과선임이 기업가치에 유의적인 양의 관계를 보였다. 이러한 결과는 투자자들이 최소요건보다 강화된 지배구조를 요구한다는 점을 인식하고 기업들은 능동적으로 지배구조의 개선을 위해 노력해야함을 시사하며, 코스닥 상장기업의 경우 현재 자산규모 1천억 미만의 회사에 대해서는 사외이사 선임에 대해 규정하고 있지 않으나, 동 제도에 대해서도 면밀한 검토가 필요하다고 하겠다

In 1990s, corporate governance system in Korea could not meet the global standards and it might be one of the main reasons of the Asian financial crisis in 1997. In response to the crisis, Korean government and companies are required to adopt enhanced corporate governance rules, improvement of transparency in accounting system, strengthening of legal protection of shareholder rights, and market- oriented economic policies. As a result, Regulation on Securities Listing was reformed to listed companies to have at least a quarter of outside directors out of board of directors. Thereafter, the Commercial Law of Korea requires “large” companies (assets greater than two trillion won) to have majority of outside directors and small companies (assets are between 100 billion and two trillion won) to have at least a quarter of outside directors. The literature on outside directors in foreign countries is numerous but there are few in Korea since the history of the mandatory outside director rule is short and it is not easy to get detailed data. We investigate the determinants of excess outside directors over the minimum requirement and the effect of outside directors on firm value in Korea. Especially, we analyze the issues with the Chaebol variable which is a unique characteristic in Korea. We include companies listed in KOSDAQ as well as in KOSPI from 2002 to 2010, as a result, our sample is composed of 8,831 firm-year observations. We found that small companies whose assets are less than 100 billion won, companies having greater board size and larger R&D expenses are more likely to have excess outside directors. Chaebol companies are also more likely to nominate excess outside directors. Our main empirical results show that excess outside directors do not affect firm value (measured by Tobin’s Q) in the whole sample. However, we observed mixed results in sub-samples. KOSPI companies show positive relationship between excess outside directors and firm value, on the other hand, it does not hold for KOSDAQ companies. The results imply that the benefits from excess outside directors exceed the costs for KOSPI companies in Korea. Further, the excess outside directors enhance firm value especially for Chaebol companies than non-Chaebol companies. We check robustness of our main results with panel model. After controlling firm fixed effect, we found the results are very similar to those with pooled OLS model. Especially, the relationship between excess outside directors and firm value (Tobin’s Q) still holds even after controlling firm fixed effect. Based on the results of our study, one of main implications is that companies should make an effort to improve corporate governance level to meet investors’ requests. Further, government agency also try to develop corporate governance system. For example, under current Commercial Law in Korea, small companies (assets are below 100 billion won) do not have to nominate outside directors. However, the need of monitoring for those companies would be more than necessary. Thus, it is necessary to evaluate and decide in the near future whether outside director system is helpful or not for small companies as well as investors. This study shows that excess outside directors affect firm value positively. One of limitations is that we do not consider the career and characteristics of outside directors. It might make some bias in our test results. If several factors about the career and characteristics of outside directors are included in the future research, it will make better and rich results.

감사인 지정제도는 국내에서만 존재하는 제도로써 이와 관련하여 다양한 연구들이 국내에서 이루어졌지만 본 연구에서는 감사인 지정 여부, 지정사유 중 감리지적이 감사시차에 어떤 영향을 미치는 가를 검증하기 위하여 감사시차의 대용치로 LAG1과 LAG2를 사용하여 다양한 실증분석을 수행하였다. 이를 위하여 분석기간은 2003년부터 2009년의 7년으로, 검증대상은 상장기업 중 비금융업에 속한 12월 결산 법인을 대상으로 8,170개의 기업/연 자료를 사용하였다. 본 연구의 실증분석 결과는 다음과 같이 요약될 수 있다. 첫째, “회계 연도 종료일부터 감사보고서 보고일, 즉 DART에 공시한 일까지의 경과 일수”에서 “감사인이 의견형성에 필요한 증거자료를 충분히 얻었다고 판단하여 현장 감사를 완료하고 현장에서 철수한 날”을 차감한 일수(LAG1) 를 종속변수로 하는 축소모형에서 감사인 지정은 감사시차와 비유의적인 값을 보인다. 또한 확대모형에서도 감사인 지정과 감리지적은 감사시차와 비유의적인 값을 보인다. 이러한 결과는 LAG1의 누적일수가 짧아 비유의적인 값을 보이는 것으로 추론된다. 두 번째로 “회계 연도 종료일부터 감사보고서 보고일, 즉 DART에 공시한 일까지의 경과 일수”(LAG2)를 종속변수로 하는 축소모형에서 감사인 지정은 감사시차와 음의 유의한 값을 보인다. 이는 감사인 지정기업의 경우 비지정기업에 비하여 감사시차가 짧은 것을 보여준다. 감사인 지정제도가 그 자체로 강력한 규제장치이기 때문에 독립성이 높은 지정 감사인이 감사를 효율적으로 할 수 있으며, 감사의견과 관련하여 경영자와 감사인간의 의견조율이나 충돌 가능성이 낮아 감사의견 형성의 어려움 또한 낮다고 할 수 있다. LAG2를 종속변수로 하는 확대모형에서 감사인 지정은 감사시차와 비유의적인 값을 보인다. 지정사유중 감리지적은 감사시차와 음의 유의성을 보인다. 이는 감리지적기업은 감리지적이외 기업 보다 감사시차가 짧은 것을 보여준다. 감리지적기업은 독점적인 지위에 있는 독립성이 높은 지정감사인이 감사를 함으로 인해 감사의견과 관련하여 경영자와 감사인간의 의견조율 가능성이 적어 감사시차가 짧다고 볼 수 있다. 더 나아가 감리지적기업의 감사시차가 짧은 것은 이미 기업의 많은 내용이 적나라하게 드러난 상태에서 경영자가 감사인과 더는 타협을 시도할 여지가 적기 때문이라고도 볼 수 있다. 본 연구의 분석결과는 감사인 지정제도와 감리지적에 대한 이해를 높이고 이러한 제도들과 감사시차와의 관계를 실증분석 함으로써 우리나라의 감사시장이 효율적으로 기능하는데 시사점을 제시할 것이며, 향후 정책연구와 감사 실무에 기여할 것이라고 판단된다

The auditor designation is a system that exists only in Korea, and, although numerous studies on this have been undertaken domestically, in this study various empirical analyses were performed to verify what influences are exerted on the audit report lag by auditor designation and FSS enforcement action. The survey did so by using the sample that consisted of 8,170 (firm/year) observations of companies listed non-financial institutes Korean firms during 2003~2009, which fiscal year ends at December. The main results of this study can be summarized as follows:First, the auditor designation in a scale model that used as a dependent variable the number of days (LAG1) that deducted the “day of completion and closing of site audit since it was considered that sufficient evidentiary data needed by an auditor to form an opinion had been collected” from “the number of days between fiscal year-end and audit report announcement date, i.e., the number of elapsed days disclosed in the DART” showed statistically non-significant values with audit report lag. In addition, even in an expanded model the auditor designation and FSS enforcement action showed statistically non-significant values with audit report lag. It is considered that these results are attributable to the brevity of the number of days of LAG1. Second, the auditor designation in a scale model that used as a dependent variable “the number of days between the day of fiscal year-end and audit report announcement date, i.e., the number of elapsed days disclosed in the DART” (LAG2) showed statistically significant negative values with audit report lag. This shows that, in the case of firms with designated auditors, the audit report lag is short as compared to firms without designated auditors. It can be stated that auditor designation system, because by itself it is a powerful regulatory device, a highly-independent designated auditor can conduct audits effectively, and that the chances of opinion coordination or conflict between CEO and auditor would be low as well in regard to audit opinions. In an expanded model that uses LAG2 as a dependent variable, auditor designation showed statistically non-significant values with audit report lag. FSS enforcement action had a statistically significant negative effect on audit report lag. This showed that, in the case of firms with FSS enforcement action, audit report lag is short as compared to firms without FSS enforcement action. It can be considered that, because a highly-independent auditor with a monopolistic status would conduct audits for firms with audit designation, the chances of opinion coordination between CEO and auditor is low in regard to audit opinions, therefore, audit report lag is short. Furthermore, it can be viewed that the reason why audit report lag is short for firms with FSS enforcement action is due to the fact that there is no need for further negotiations between CEO and auditor since a lot of information about the firms is already widely exposed. The analysis results of this study, by raising the understanding of auditor designation system and FSS enforcement action, and by empirically analyzing the relationship between this type of system and audit report lag, will propose discussion points regarding the effective operation of audit market in Korea, and also this study will contribute to future policy studies and audit practices.

최근 스마트폰의 선풍적 인기에 힘입어 모바일 쇼핑 시장도 급속한 팽창이 예상되고 있다. 이러한장밋빛 전망에도 불구하고 모바일 쇼핑객의 쇼핑 만족도를 조사한 결과를 보면 정보보안에 대한 우려가 나타나고있다. 모바일 쇼핑객이 정보보안에 대해 우려를 갖게 되는 이유 중 하나는 PC 기반 보안시스템이 스마트폰에서는효과적이지 않을 수 있기 때문이다. 또한 모바일 기기에 특화된 쇼핑몰 웹 페이지를 이용하여 모바일 쇼핑을하거나, 혹은 스마트폰 기반의 모바일 쇼핑몰 애플리케이션을 설치하여 모바일 쇼핑을 할 경우에도 PC 환경에서의 보안 절차와 프로그램에 익숙한 사용자들은 이들과 다른 스마트폰 기반의 보안환경과 기술적 수준에대해 우려를 갖는다. 선행연구들에 대한 문헌조사에 의하면 스마트폰과 태블릿 PC같은 모바일 기기를 이용한쇼핑 시 정보보안을 포함한 서비스 품질이 쇼핑몰 만족도에 미치는 영향에 대한 연구는 다소 더디게 진행되고있다. 따라서 본 연구는 모바일 쇼핑객이 지각한 쇼핑몰의 정보보안 수준이 서비스 품질 만족도에 미치는 영향,그리고 서비스 품질 만족도가 쇼핑몰 만족도와 이용의도에 미치는 영향을 실증적으로 탐구해 보고자 하는데연구목적을 두고 있다. 최근 스마트폰을 이용하여 모바일 쇼핑몰을 방문한 경험이 있는 쇼핑객을 대상으로설문을 실시한 후 구조방정식을 이용하여 자료를 분석하였다. 분석 결과 모바일 쇼핑객의 지각된 정보보안수준이 서비스 품질 만족도와 쇼핑몰 만족도를 매개로 쇼핑몰 이용의도에 많은 영향을 미치고 있음을 확인할 수 있었다.

As the use of computer and Internet in our daily lives continues to increase today, so do the computer crimes. Any illegal act involving a computer and Internet is referred to as computer crimes or cybercrimes. They also include unauthorized access and use, viruses and hackers, malwares and spywares, online theft and fraud, and other potential security and privacy problems. According to a study, millions of security incidents take place everyday and these incidents have a significant negative impact on the economy and society. Even some online activities with mobile devices such as mobile shopping can put users’ personal safety at risk. Regardless of wired or wireless, all computer and Internet users need to be aware of the security concerns. One of reasons smartphone users need to be aware of the security concerns when shopping online is that PC-based security methods may not be effective in smartphone settings. PCs and smartphones have totally different operating systems and hardware specifications. That means, PC-based security programs may not be compatible with the operating systems of smartphones. Because of this compatibility problem, many security programs running in PC-based Web pages frequently shows malfunctions in smartphone settings. When people face the failure of security systems, they hesitate or refuse to shop online. Thus, it is possible to infer that people will be likely to adopt mobile shopping depending on not only shopping malls’ real security level, but also their perceived security level. Based upon a comprehensive literature review, there has been little empirical research on the smartphone users’ perception of information security that may affect their intention to use mobile shopping malls. Therefore, the research goals of this study are to examine 1) the effects of smartphone users’ perceptions of information security on their intention to use mobile shopping malls and 2) the effects of two mediating variables, the satisfaction of service quality and the satisfaction of mobile shopping malls, between their antecedents and consequences. In order to collect data, a survey was conducted with university students and practitioners. Most measurement items for the latent variables were adapted from previous studies and some are modified to fit the context of this research. They are measured with a five-point Likert scale. The method employed for data analysis was Structural Equation Modeling (SEM) and the software used for the analysis was AMOS ver. 18. At first, the convergent and discriminant validities for all constructs were checked. The results of analysis showed that all constructs have adequate convergent and discriminant validities. The reliabilities of all constructs also reached the acceptable levels. The loadings of all items on their respective constructs were also quite high. Next, path coefficients were examined for the structural model. Smartphone users’ perceptions of information security was found to have an impact on the satisfaction of service quality (β =.261, p=.000). There was also an effect of the satisfaction of service quality on the satisfaction of mobile shopping malls (β =.655, p=.000). Finally, the results of analysis demonstrated that smartphone users’ intention to use mobile shopping malls was significantly influenced by the two variables, the satisfaction of service quality satisfaction (β =.330, p=.002) and the satisfaction of mobile shopping malls (β = .305, p=.003) respectively. Based upon the statistics above, all hypotheses were supported. In sum, the results implied that there is a relationship between smartphone users’ perceptions of information security and their intention to use mobile shopping malls. Another theoretical implication is that user satisfaction of service quality provided by mobile shopping malls was found to play as an important mediating variable as it was in previous studies. This study contributed to not only the validation of IS Success Model in part, but also the development of the information security perception construct in the mobile shopping environment. In addition, this study informs businesses to develop an information security strategy to meet customer requirements and expectations. However, when interpreting the findings, some limitations should be considered in terms of the methods used in this study. Because a single empirical study is not enough to validate the findings, further research should be needed.

본 연구에서는 자아일치성이 브랜드 충성도에 미치는 영향과 브랜드 태도와 정서적 브랜드 애착의 매개작용, 실제적 자아일치성과 이상적 자아일치성이 브랜드 태도와 정서적 브랜드 애착에 미치는 상대적 중요성, 그리고 기능적 일치성의 수준에 따른 차이를 밝혀냈다. 연구결과 실제적 자아일치성이나 이상적 자아일치성이 브랜드 태도와 정서적 브랜드 애착에 미치는 영향은 강한 긍정적 관계로 나타났다. 자아와 일치하는 브랜드일수록 브랜드 태도와 정서적 브랜드 애착에 미치는 영향은 더 크다. 실제적 자아일치성이나 이상적 자아일치성이 브랜드 충성도에 미치는 영향에서 브랜드 태도는 부분매개로 작용하나, 정서적 브랜드 애착은 완전매개로 작용하는 것으로 나타났다. 자아일치성이 브랜드 태도에 미치는 영향의 상대적 크기는 이상적 자아일치성이 실제적 자아일치성보다 더 크게 나타났으나, 정서적 브랜드 애착에 미치는 영향에서는 통계적으로 유의하지 않은 것으로 나타났다. 실제적 자아일치성과 브랜드 태도 관계에서 기능적 일치성의 조절효과를 검증하기 위하여 다중집단 분석을 실시한 결과 집단 간의 차이가 나타나지 않았다. 본 연구 결과는 표적 소비자의 실제적 또는 이상적 자아개념과 일치하는 브랜드 개성이 브랜드 태도와 정서적 브랜드 애착을 강화하고, 이상적 자아일치성과 브랜드 충성도 간의 관계는 정서적 브랜드 애착이 완전매개로 작용한다는 통찰력을 제공한다

During the research into the product concept, there is more emphasis into the ways of improving consumer’s brand loyalty due to self-congruence as the increase of imitation goods limit the success of differentiating the core benefits of the product. A consumer chooses a product based on the relationship between the product’s image and oneself in order to improve and express themselves. Consumers who find an emotional attachment to a brand show favourable attitudes to the brand and result in brand loyalty. Although there has been numerous researches into how multidimensional self-congruence can improve the prediction of consumer purchasing patterns and how brand attitude and emotional brand attachment results in repurchase, there has yet been a model combining the factors listed. This research aims to identify the effect of self-congruence has to brand loyalty, the mediating effect of brand attitude towards the emotional brand attachment, the functional congruity, as well as the relative importance of the actual self-congruence and ideal self-congruence has to brand attitude and the emotional brand attachment. According to the research model there was a strong positive correlation between the actual and ideal self-congruence to brand attitude. As the brand became more self-congruent, this increased its influence on brand attitude and the emotional brand attachment. Consumers were found to favour a brand that either maintains or improves one’s image through self-congruency. In addition, consumers show positive attitudes and emotional attachment to brands whose image can enhance oneself as well as promoting one’s identity through self-esteemed motives. As a result, consumers were found to be more loyal to brands whose image has high self-congruency with the consumer. Despite there only being a partial mediation between brand attitude and the effect of actual self-congruence or the ideal self-congruence toward brand loyalty, there existed a full mediation towards the emotional brand attachment. This is a very important factor in the difference between the emotional brand attachment of a consumer and brand loyalty, and augments the argument that a strategy is needed of finding a brand identity that increases consumers’ emotional attachment to the brand in order to secure and retain customers. Although the relative importance of self-congruence to brand attitude was greater for the ideal than the actual, this was not supported statistically as its effect to emotional brand attachment was not significant. Emotional attachment was seen to be affected by the strength of the bond between product and consumer. As ideal self-congruence has a stronger effect to brand loyalty than actual self-congruence, it is important to factor in the consumer’s ideal self-congruence through product elements or explicit quality cues during the research into the concept or the positioning statement of a symbolic product. In order to identify whether functional congruence modearte the relationship between self-congruence and brand attitude or brand attachment, a multi-group analysis was carried out whereby the result was not statistically significant enough to support the argument. This research concludes that a brand which has a brand personality which matches the consumer’s actual or ideal self-congruence increases the emotional brand attachment, as well as revealing the existence of a full mediation between the ideal self-congruence and brand loyalty driven by the emotional brand attachment. This research does not consider the differences of symbolic, luxury, practicality and distribution channels between products. In addition, demographic, cultural and psychological differences were also not taken into account. It is the writer’s belief that the differences between consumer’s reaction to ideal and actual self-congruence to products with strong symbolic attachments, practicality and product category will give a meaningful result to the direction of the correlation and its strength. By researching the effects of the self-congruity on brand attitude and emtotional brand attachment integratedly, the result of the research is magnified to point out the direction for research into consumer’s behavioral reponses and brand loyalty.