Earticle

최근 반도체 제조업은 Fab에서의 미세회로 한계성으로 인하여 조립 공정에서의 Chip 적층기술들을 이용한 집적도 높은 제품을 만들어 내고 있다. 이러한 조립에서의 적층기술에 절대적인 역할을 담당하여야 하는 핵심 원자재가 PCB(Printed Circuit Board)이다. 반도체 Package의 고집적화에 대응하기 위한 PCB의 다층 Layer는 PCB 업체에서의 품질관리도 더 높은 수준으로 요구되어졌고 조립업체에서도 더 수준 높은 수입검사 기능을 요구받게 되었다. 반도체 조립 공정에서 사용되는 주요 원부자재의 안정적인 품질 확보를 위해 필수 불가결하게 실시되는 수입검사 시의 샘플에 대해 검사 후 폐기되거나 용도전환으로 인해 발생되는 연간 품질비용이 수억 원 대에 달한다. 본 연구는 반도체 조립공정에서 원부자재 수입검사 샘플의 재활용을 통한 품질비용을 개선하기 위해, 6시그마 개선 프로젝트 추진방법론인 DMAIC(Define, Measure, Analyze, Improve, Control) 방법을 적용하였다. 기본적인 개선 방향은 원부자재가 창고 입고 후 손질검사 샘플 채취 단계부터 에서부터 검사과정, 검사 후 재포장 단계까지의 과정에서 검사 샘플에 Damage(스크래치, 변형)를 주지 않고 검사 본연의 목적을 달성할 수 있도록 검사방법과 작업방법을 개선하는 것이다. 이를 위해, Define 단계에서는 반도체 후공정의 핵심적인 원자재인 Lead Frame과 PCB(Printed Circuit Board)에 대한 손질검사 시 발생되는 폐기 수준(50%)의 현황을 파악하고 재활용할 경우 예상되는 기대 효과(80% 감소)를 파악하였다. Measure 단계에서는 양품 원자재와 비교하여 원자재에 대한 품질 이상 수준을 규명하였다. 아울러, 품질 이상을 발생하는 인자에 대해 기능 전개형 매트릭스(Function Deployment Matrix)를 적용하여 샘플 채취 방법, 검사 시 사용하는 지그, 재포장 시의 이동 동선을 핵심적인 요인으로 선정하였다. Analyze 단계에서는 각 핵심요인에 대한 세부 분석을 실시하여 자재 샘플링 시 조작방법 개선을 위한 검사원의 이동 동선 최소화를 위한 작업대의 구조변경, 샘플링한 자재에 대해 스크래치, 오염, 변형을 방지할 수 있도록 하기 위한 보관방법의 변경, 외관검사 시 자재 조작방법 개선을 위한 검사용 지그의 개발, 검사용 현미경의 stage개선 등의 개선 방안을 도출하였다. Improve 단계에서는 Analyze 단계에서 도출된 개선방안을 수행하여 검사방식 변경, 검사용 지그 개선, 샘플 재포장 시의 개선방안 모두에서 유효한 개선 효과가 있음을 확인하였다. 즉, 샘플 채취를 기존 창고에서 필요한 수량만큼 시료봉투에 담는 방식을 Bundle 자체를 검사실로 가지고 와서 검사 시 바로 샘플을 채취하는 검사방식으로 변경하였다. 또한, 검사 Scope stage의 교체를 통해 샘플을 이동시키면서 검사하는 방식에서 stage를 이동시키면서 샘플에 damage를 주지 않도록 하였고 이를 위해 검사에 필요한 지그의 형태도 새로 개발하였다. 검사원의 동선을 최소화하기 위해 기존 작업대의 구조를 개선하여 개선된 작업대에서는 샘플 채취, 검사, 재포장이 일괄적으로 이루어질 수 있도록 작업동선의 개선도 실시하였다. 최종단계인 Control 단계에서는 개선효과가 유효한 개선방안에 대해 해당자재의 검사규격으로 제정하였고, 검사실의 환경을 반도체 조립라인과 같은 수준의 청정도와 온도, 습도를 유지할 수 있게 보완하였고, 주기적으로 환경 측정이 이루질 수 있도록 하였다. 이와 같은 6시그마의 DMAIC 방법론을 적용한 결과, 기존 방식에서의 검사 후 샘플에서의 폐기 수준이 50%였으나 변경된 방식에서는 0% 수준으로 완전한 개선을 이루게 되었다. 또한, 기존의 반도체 조립공정에서의 검사 샘플 자재의 재활용 뿐만 아니라, 기존 검사 과정에서의 검사 샘플 폐기로 인한 공급업체와의 귀책여부 규명으로 인한 불필요한 마찰을 방지할 수 있게 되었다. 부수적인 효과로 작업동선이 최소화됨으로써 검사원의 피로도도 획기적으로 줄일 수 있게 되었다.

The raw materials used in the semiconductor assembly process should be inspected to guarantee the quality. The sample of the raw materials used in the incoming inspection are usually discarded after related incoming inspection. This causes huge material waste and cost raise. For recycling the inspected samples and incoming inspection improvement, in this study, we presented an application of DMAIC (define, measure, analyze, improve, control) method. The application improves the incoming inspection method and operation method used in sample extraction stage, incoming inspection stage (appearance, size, characteristic) and repackage stage to avoid damage (scratch, pollution, deformation) and make the samples recycled as raw materials. In the define phase, the discarding levels (50%) of Lead Frame and PCB (Printed Circuit Board), the main raw materials used in the semiconductor assembly, were obtained. The improving level (reduce 80%) were also forecasted. In the measure phase, the inferior levels of raw material samples were obtained. Function Deployment Matrix (FDM) was used to select the extraction method, jig used in incoming inspections and inspector’s movement for repackage as indicators which have affect on quality. In the analyze phase, through the detail analysis to the selected indicators, the plan for modifying the work table’s construction to minimize the inspector’s movement, the plan for improving the storage method to avoid the scratch, pollution and deformation of the raw material samples, the plan for redeveloping the jig used in the incoming inspection to improve the appearance inspection’s operation method, the plan for improving the microscope’s stage were proposed. In the improve phase, the effect of the proposed plans for the improvements above was confirmed. In the control phase, the effective improvements were made as official incoming inspection rules, the inspection room’s environment was also maintained at the same level with assembly line and established a rule of regular check.

본 연구는 플랫폼전략에 대한 현황과 의의, 이익과 불이익, 적용사례에 따른 명제들을 도출하여 이론적 근거와 학문적 발전의 기초를 마련하고자 실시되었다. 플랫폼이 융합적 기술혁신시스템으로 발전됨으로써 시장규모가 증대되고, 분업이 확대되어 새로운 산업조직과 양면성시장(Two-side market)이 출현하게 된다. 또한 플랫폼은 핵심부품 공유범위 대상과 시점을 기준으로 4가지 유형의 플랫폼전략을 나타났으며, 전략적 유형별 이익과 불이익은 다르게 나타났다. 첫째, 사내 플랫폼전략에서 핵심부품 공유가 증가되면 개발공수가 낮아지게 되고, 개발비용도 낮아지는 반면 시장성과는 높아지게 된다. 반면 핵심부품 공유가 증가되면 차별화가 어렵게 되고, 개발공수가 높아져 시장성과는 낮아진다. 둘째, 사외 플랫폼전략의 공간적 범위에서 판매주체는 규모의 경제, 개발공수·개발비용 절감, 매출증대 효과를 가지는 반면 거래비용 증대에 따른 Hold-Up문제와 이중한계성의 매출감소가 나타났다. 기업경영 생태계에서 플랫폼전략은 디지털 통합현상으로 다양한 산업분야 에서 적용되었다. 인텔과 MS는 가치사슬의 핵심이 된 플랫폼에 의한 시장선점효과를 활용하고, 애플과 구글은 OS의 우수성을 근간으로 소비자가 직접 체험할 수 있는 어플리케이션 활성화에 초점을 두며, 페이스북은 오픈 플랫폼을 근간으로 새로운 응용 프로그램을 개발할 수 있는 지원시스템을 구축하였다. 반면 파나소닉은 제품차별화 추구, 개별용 LSI의 내․외부 판매병행이 특징이다. 이상의 사례를 통해 플랫폼전략의 확산 등을 비롯한 5가지 명제가 나타났다. 본 연구를 통해 세계경영을 추구하고 있는 우리나라 기업경영 생태계에서 플랫폼전략의 효과적 수행은 새로운 성장 동력이 될 것임을 확인하였다. 이에 본 연구가 향후 플랫폼전략의 학문적 연구발전에 작은 밑거름이 되길 기대한다.

The purposes of this study are to analyze the status and significance, gains and losses of platform strategy and provide the theoretical basis and academic development through the drawing implications on case studies. Platform has been increased the size of market, the expanding a division of labor, the emergence of a new industrial organization and the two-side market because of the development of fusion technology innovation system. Platform also showed four different types of platform strategy based on shared core components and the range of the target point and the gains and losses of these four different types of platform strategies were respectively. First, as the aspect of in-house platform strategy, if the sharing of a key component is increasing, the number of joint-development will be decreasing, lowing the cost of development and improving the market performances. Also, when the sharing of a key component is increasing, the product differentiation is very hard, the number of joint-development is raised and the market performances is lowed. Secondly, as the outside platform strategy in the spatial extent, sold subject takes an economies of scale, reduce the number of joint-development and the costs and the effect of increasing the sales profits, while dual limitation of transaction costs due to the increase of Hold-Up Problems and show a decrease in sales. Corporate management in the ecosystem, the phenomenon of digital integrated platform strategy has been applied in various industries. Intel and MS platform at the core of the value chain in the market by taking advantage of the first-mover advantage, Apple and Google focuses on enabling the application, which can be experienced directly by consumers as the basis for the superiority of the OS, the Facebook open platform support system as the basis to develop new applications that can be built. Panasonic is pursuing a product differentiation of the individual for LSI and internal·external sales in parallel. As seen in the cases, their platform strategies were to take advantage of economies of scale to reduce the cost of platform’s development. In addition, it also showed the effect of increased sales as well as to achieve sustainable revenue by maintaining loyal customers. Nevertheless, the limitations were raised because the losses of these 6 companies can not be evaluated in detail in this study. On the other hand, the five propositions can be evaluated the theoretical support because the business management aspects of technological change in the ecosystem appeared to be. However, the limitations identified because these five propositions could not be verified in detail. Thus, future research is the need to conduct a detailed verification in accordance with the hypothesis raised. Common theme appeared in 6 different cases determines the following that eventually benefit from the fierce competition platform strategy is the responsibility of the user. Excellent services and more integrated platforms are derived from the fierce competition. Global firms to ecosystem are seeking to establish meaningful and effective platform strategy that is possible. In this study, it is identified that an effective platform strategy will be a new growth engine in the Korean ecosystem, pursued global management. Nevertheless the lack of academic research for Korean firm’s cases and the lower practical usefulness of the platform strategy still remain a challenge. Therefore, the implications can be summarized as follows. First, it was predicted that the success of a platform to build influences corporate performance because of the spread of the IT platform competition. Weak corporate platform is die out from the competition or is more likely to be dependent on a leaded platform. Therefore, differentiation secures platform for the development and will need to be prepared for competition. Second, it evolves as a platform to build a competitive advantage based on the existing business, you will need to create new business opportunities. In other words, there is a need to find and nurture existing business activities, manufacturing, sales, service, and re-check the area of ​​the platform painter. Inclined to minimize development costs and securing it through a variety of products that a lot of effort will need. Third, that will last as a suitable platform for the situation in the external environment and corporate strategy. If SMEs which lack the capacity to develop proprietary platforms by herself, there is a need to actively pursue the internal capabilities that can be integrated into one common platform business. In order to cope with that, the need for government and industry jointly a common platform, and SME development projects have been proposed. Detailed verifications, gains and losses of relationship and five propositions, are derived from this study unlike previous studies, but some limitations are also raised. Therefore, the need for future research to validate them. Nonetheless, this study is expected to be a small foundation for future research of platform strategy.

본 연구는 세무상 정보인 이월결손금(NOL)의 크기와 법인세율의 인하가 경영자의 이익조정에 미친 영향을 분석하였다. 먼저 법인세율 인하시 기업의 이익조정 행위를 관찰한 결과, 이익기업과 손실기업이 다른 의사결정을 한 결과를 보였다. 전체 기업에서는 음(-)의 이익을 조정하였으나, 이익기업에서는 양(+)의 이익조정을 하였다. 이러한 결과는 전체기업은 조세비용최소화를 위한 의사결정을 하였으나 이익기업은 비조세비용의 감소를 위한 의사결정을 한 결과이다. 둘째로 이월결손금의 크기에 따른 경영자의 이익조정 행위를 관찰한 결과, 이월결손금이 있는 이익기업의 경우에는 양(+)의 이익조정을 하여 이월결손금이 경영자의 이익조정에 중요한 영향을 미치는 변수가 될 수 있음을 확인하였다. 이월결손금의 경우에 전체기업을 대상으로 한 경우에는 음(-)의 이익조정을 하여 개별기업의 특성에 따라 다른 의사결정을 하고 있음을 알 수 있었다. 셋째로 법인세율 인하와 이월결손금을 동시에 고려할 경우, 법인세율 인하를 이용하고자 하면 음(-)의 이익조정을 할 것이고 이월결손금을 이용하고자 하면 양(+)의 이익조정을 할 것인데, 실증결과 전체기업의 경우 이월결손금에 더 큰 비중을 두어 의사결정을 하여 양(+)의 이익조정을 한데 비하여 이익기업의 경우 전체기업과 달리 법인세율 인하에 반응하여 음(-)의 이익조정을 하였다. 본 연구는 법인세율 인하에 따라 경영자가 어떻게 이익조정을 할 것인지에 대한 일관된 결론이 없는 상태에서 실증분석의 축척된 결과를 제시하고, 손실기업이 포함된 경우에 손실기업의 특성상 전체 기업과 다른 이익조정을 할 가능성이 있음을 제시하였다. 또한 이월결손금의 유무나 이월결손금의 공제여부가 아닌 이월결손금 자료를 직접 수집하여 이월결손금의 크기에 따른 경영자의 이익조정을 분석하였다는 점에서도 공헌점이 있다. 그리고 본 연구는 선행연구에서 시도하지 않았던 법인세율 인하와 이월결손금을 동시에 고려한 경영자의 이익조정을 분석하였다는 의의가 있다.

2009 Tax reform includes a reduction of corporate tax rate and an extension of the period during which you can deduct the net operating losses. Tax reform has a direct impact on the taxable income and tax paid. However, Because taxable income is calculated by adjusting accounting profit, Executives have an incentive to tax minimization by adjusting the accounting profits. But, Firms may not even exist depending on the nature of the company’s profit that aims to minimize the tax adjustment. This study was a departure from the question whether or not managers to achieve tax minimization strategies in accordance with the tax revision. This study analyzes the effects of tax information (net operating losses (“NOL” hereafter) and reduction of corporate tax rate) on earning management. This study first shows the regression results that deduction of corporate tax rate has significant effect on earnings management while profit firms has a positive relation and all company have negative relation between these two variables, which implies that (i) the managers of profit firms have a decision for lowering nontax expenses (ii) the managers of overall firms follow the strategy to minimize tax burden. Because loss firms don’t use net profit as a measure of executives’ evaluation, the executives of profit firms compared with the executive of loss firms are more sensitive to the non-tax costs. Previous studies was no consistent conclusions. In other words, when the corporate tax rate is lowered, we could not make a definite conclusion due to the difference in the results of the empirical test. It is shown that the difference in the results of the empirical test is due to the fact that the characteristics of the individual firms. Furthermore, it is shown that NOL amount has significant effect on earnings management. Profit firms has a positive relation and all company have negative relation between these two variables, which implies that NOL amount has an important role to decide the tax strategy against the variation of regulation circumstances. It shows that Profit firms that have more NOL do earning management a lot more because of effect which reduces tax paid. But, loss firms that have bigger amount of NOL want to occur more loss. Because Possibility that gains occur will be high later although loss more occur in this year. It is also shown that the difference in the results of the empirical test is due to the fact that the characteristics of the individual firms. Finally, it is shown that in case of considering both the tax rate and NOL amount, the firms which have bigger amount of NOL make an earnings management in upper way, however, which have lower amount of NOL make an earnings management in under way. Profit firms select tax strategy that use the reduction of tax rate and all firms select tax strategy that use NOL. This result implies between tax variables, firms choose the strategy differently following their own purposes. It is important that this study has tried to analyze an earning adjustment considering both the reduction of corporate tax rate and NOL at the very frist. Previous studies don’t analyze simultaneously tax rate and NOL. It is also shown that the difference in the results of the empirical test is due to the fact that the characteristics of the individual firms. This study was present repetitive results of empirical analysis whether or not Executives adjust the accounting profits when the corporate tax rate was lower. These repetitive results give a confidence about the relation of reduction of tax rate and earning management. On the other hand, this study had a contribution about NOL studies. We were collected directly NOL data and was extended the target year of the study. Previous studies have estimated NOL instead of collection data by hand. These contributions in spite of this study have limitations. Measure of earnings adjustment measure used as the dependent variable in this study, the problem of measurement error has been mentioned in several studies. There was a limit, however, because of the firm's earnings are made in a variety of ways, from the steps of the present study not only can be used.

본 연구는 국내 상장 제조기업을 대상으로 기업의 이익조정 유형이 조세회피에 어떠한 영향을 미치는지 분석하였다. 또한 이익조정 유형을 구분하는데 있어 이익조정 유형의 구분에 대한 강건성을 확보하기 위하여 수정 Jones 모형에 의한 재량적 발생액과 성과대응 재량적 발생액을 이용하여 비재량적 이익(NDNI)을 추정하고, 이러한 비재량적 이익(NDNI)과 보고이익(NI)의 부호 및 크기를 바탕으로 적자회피 기업과 Big bath 기업으로 이익조정 유형을 각각 구분하여 실증분석을 실시하였다. 2012년 상장 제조기업 중 12월 결산법인을 대상으로 하고, 검증기간을 2005년부터 2010년까지로 한 분석결과는 다음과 같다. 첫째, 적자회피의 규모가 큰 기업일수록 조세회피를 적게 하는 것으로 나타났다. 즉, 적자회피를 위해 이익조정 규모를 크게 해야 하는 경영자는 조세부담보다는 적자보고를 회피하고자 하는 유인이 높기 때문에 적극적으로 조세부담을 하고자 하는 것으로 나타났다. 둘째, Big bath 기업의 이익조정 규모에 따른 조세회피를 검증한 연구결과에서 기업의 이익조정 규모는 조세회피에 양(+)의 영향을 미치고 있는 것으로 나타났다. 이는 Big bath 기업의 경영자가 적극적인 조세회피를 통해 조세부담을 최소화하고 있다는 것을 의미한다. 이와 같은 본 연구의 결과는 기업의 이익조정 유형(적자회피, Big bath)에 따라 경영자에 의한 조세회피 행위가 달라질 수 있다는 것을 의미한다고 볼 수 있다. 더불어 본 연구는 기업의 이익조정 행위가 조세회피에 어떠한 영향을 미치는지 분석하는데 있어 기업의 이익조정 행위를 기존 선행연구 보다 세분화하여 실증분석 하였다는데 그 공헌점이 있다.

The purposes of this study are to verify the influence on tax avoidance according to the types of earnings management with manufacturing listed company. This study started in the view point of total cost saving strategy will be performed by the CEO. Company’s total costs are consist of tax cost and non-tax cost and CEO will consider which kind of cost is more powerful in the total cost saving. Thus we focused on the types of earnings management will affect the tendency and the amount of tax avoidance. More specific, loss avoidance company with larger size earnings management has higher possibility to accept much more pay tax cost compare to loss avoidance company with comparatively smaller size earnings management. Because the company intend to manipulate large amount of earnings has to pay more tax cost in the result of increase of taxable income. Also Big bath company reports minimized current year net income by using possible cost and expense which will realize after next yeat normally in order to realize maximum earnings in the next year. Minimized current year net income of Big bath company makes lower or minimized tax cost. But because Big bath company is not loss avoidance company or loss taking company, we expect that Big bath company has different level of tax paying tendency. Therefore we would like to confirm the influence on tax avoidance in accordance with the size of earnings management of Big bath company. To see the purposes, we estimated non-discretional net income (NDNI) by using discretional accrual (DA) and performance matched discretional accrual (PMDA) in accordance with adjusted Jones model. In addition, to acquire the robustness of this study we adopted the method used in the study of Dechow et al. (1995) and Kothari et al. (2005) in order to estimate non-discretional net income (NDNI). Also we used Desia and Dharmapala (2006) model to estimate tax avoidance which is most popular method in the prior studies. And we have done empirical analysis by using loss avoidance group and Big bath group classified in the basis of mark and size of non-discretional net income (NDNI) and net income (NI). The results of this study are follows. First, company with the larger loss avoidance size has the less tax size. In other words, the CEO intend to achieve net income instead of net loss for the purpose of loss avoidance will be take more burden of tax increase. Because CEO with the company like that would accept tax increase for the decrease of non-tax expense and personal motivation. The increasing of usefulness from loss avoidance is larger than the decreasing of usefulness from further tax paying, CEO will pay more tax for loss avoidance. Second, with the study of Big bath company between the size of earnings management and the size of tax avoidance, the size of earnings management makes positive (+) effect to the size of tax avoidance. This result says that CEO with the Big bath company is willing to minimize tax payment through active tax avoidance strategy. The results of this study in the two types of company loss avoidance and Big bath are contrary to each other. This means that the purposes of earnings management make influence on the attitude of tax avoidance. The company intend to avoid net loss is willing to pay the tax regardless of amount but Big bath company is not to pay the tax. Because the purpose of earnings management of Big bath company is to minimize the reporting earnings without further tax paying. This study has contribution in the field of relationship between earnings management and tax avoidance by using the types of earnings management such as loss avoidance and Big bath.

최적포장량을 어떻게 결정해야 하는지는 매출과 이익에 직접 관련되어 있으므로 실무적으로 매우 민감하고, 중요한 마케팅의사결정문제이다. 이 연구는 최적 포장량 결정을 위한 분석틀을 제시하고, 이를 활용한 포장의사결정이 이익에 공헌할 수 있는지를 실증분석을 통해 확인하였다. 이 연구에서는 낱개로 판매될 때, 포장으로만 판매될 때, 포장과 낱개로 모두 판매될 때 등 세 가지 포장유형을 대상으로 이익의 크기를 비교하였다. 여기에 더하여 최적가격, 구매하는 고객의 수 등 포장의 시장반응에 대한 추가적인 분석을 시도하였다. 이 연구는 이전의 연구들과는 달리 포장이 기업의 이익을 창출할 수 있는 가격전략적 도구가 될 수 있다는 관점에서 연구하였다. 소비비내구재인 커피믹스를 대상으로 한 실증연구의 결과 포장은 낱개로 판매할 때 보다 이익 창출력이 있었으며, 포장과 낱개로 판매될 때의 이익은 낱개로만 판매될 때보다 높았고, 포장으로만 판매될 때보다도 통계적으로 높은 이익이 창출되었다. 이 연구는 포장이 기업이익을 증가시키는데 유용한 전략으로 활용될 수 있으며, 전략적으로 유용하게 활용하기 위해서는 최적포장량과 최적 포장가격, 낱개가격이 추정되어야 하고, 이러한 추정을 위한 분석틀이 제안될 필요성을 지적하였다. 이 연구는 포장의 마케팅적 역할을 가격전략 및 이익극대화 관점에서 논의하면서, 구체적인 분석틀을 제안한 공헌이 있다고 사료된다.

Several consumer goods markets are characterized by packages that simultaneously offer different sized quantities of the same product. Marketers of consumer packaged goods such as beer and snack often offer several package sizes of the same product and charge a lower unit price for a larger size. Many researchers and marketing managers assume that larger package sizes with lower unit price encourage consumers to buy more than smaller package sizes with relatively high unit price. Customer pursuing utility maximization really wants to buy same product by lower unit price in spite of big quantity sized package. We can easily find some nondurable consumer products sailing at different sized packages at different unit price. Several theoretical and experimental studies have examined some topics like how much would change in consumer preference for different package sizes (Granger and Billson, 1972), whether a package's size influences usage volume (Wansink, 1996). Recently, Price discrimination by volume discounts have been studied in the area of nonlinear pricing. Some researchers like Cohen (2002, 2008) have tried to explain price discrimination by package with quantity discount in the paper towel industry. Although the importance of package size to increase profit and sales is well documented, the attempts to compare the optimal package sizes and prices to uniform price have been rare in the marketing area. We just recently can acquire related paper by Gu and Yang (2010) in marketing journal. In the article, we investigate the quantity discount (nonlinear pricing) effect and calculate how package size provide maximum profit, which package types make better profit, and what is the price structure of each package size and types. Such a nonlinear pricing schedule is commonly viewed as a price discrimination tool. In this article, we investigate the quantity-discount effect induced by nonlinear pricing. We propose a model framework composed of conjoint measurement to estimate individual price response function, and calculation procedure to compare consumer surplus among three packaging types (only unit plan, only package plan, package and unit plan). Quantity discount and price bundling were examined to make framework and logic. The model is to calculate optimal package sizes and we performed survey to confirm the model. In survey, data were collected from 128 customers of instant coffee mix through conjoint measurement. The survey results as follow. Only unit and only package plan are produced relatively lower profit than ‘package and unit plan’ which provide enough opportunity to customers who has different reservation price structure. Empirical research revealed that package and unit plan could make profit more 7.59% than only unit plan which could not give a chance to customers to utilize lower price by buying large quantity at all. Similarly, only package plan have unexpectedly restricted some consumers who needed to buy only small quantity in order to cultivate higher profit. In the only package plan, only 39 customers could buy so big package with lower unit price. Other customers could not purchase the product since the package was extremely larger than they could buy. Customers who need only small amount didn’t have any positive consumer surplus from buying large package with lower unit price. This paper emphasize that companies providing nondurable consumer packaged goods are able to take a chance making larger profit using the procedure which can calculate how many volume should put together in a package and what is the optimal price. Main contribution of the paper is that marketing practitioners wandering making optimal package and price can easily use the procedure. Future researches on the package size in the context of profit maximization should consider several related costs like inventory, transaction, or restocking costs lowered for larger sized packages. The main results of the empirical study were discussed.

본 연구는 외국기업의 CSR 활동을 현지시장에서의 마케팅 현지화측면에서 활용될 수 있는지를 확인하며, 외국기업의 현지화의 수단으로 마케팅 전략 측면에서 CSR 활동이 소비자들에게 어떻게 인식되고 있는지를 알아보고자 한다. 본 연구의 실증분석을 위해 사용된 표본은 266개이며, 독립변수로는 Carroll(1991)의 연구에서 제시된 4개의 CSR 활동인 경제적 책임, 윤리적 책임, 법적 책임, 자선적 책임 등의 4개의 변수들로 측정하여 CSR 활동의 단일변수로 활용하였으며, 매개변수로는 신뢰도와 몰입도, 기업평판을 이용하여 외국 기업의 CSR 활동이 구매의도에 미치는 영향에 있어서 매개역할을 수행하는 지를 알아보았다. 실증분석 결과, 외국기업의 CSR 활동이 소비자의 신뢰도, 몰입도, 그리고 기업평판에는 긍정적인 영향을 준다는 것을 통계적으로 보여주었다. 그러나 외국기업의 CSR 활동이 소비자의 구매의도에 미치는 영향에 있어서는 통계적으로 유의하지 않는 것으로 나타났다. 한편, 외국기업의 CSR 활동이 소비자의 구매의도에 미치는 영향에 있어서 신뢰도와 몰입도, 기업평판의 매개역할에 대한 가설검증 결과, 먼저 신뢰도는 외국기업의 CSR 활동이 구매의도에 미치는 영향에 있어서 오히려 부정적인 영향을 주고 있으나 통계적으로는 유의하지 않았다. 그러나 몰입도와 기업평판에 있어서는 외국기업의 CSR 활동이 구매의도에 있어서 긍정적인 영향으로 통계적인 유의성을 보이고 있어, 몰입도와 기업평판이 중요한 매개변수로서의 역할을 수행하고 있는 것으로 분석되었다. 따라서 외국기업의 CSR 활동이 현지시장의 소비자들에게 긍정적인 영향을 미치고 있다는 것을 보았으며, 이는 외국기업이 현지국에서의 지속가능경영을 수행하기 위해서는 마케팅 전략측면에서 적극적인 CSR 활동이 수행되어야 할 것이다.

The purpose of this study is confirm that the CSR activities can contribute to the localization of foreign firms. In other word, this study analyses that the CSR activities of the foreign firms in Korea can be utilized the instrument with reduction in the liability of foreignness in terms of localization strategy. The empirical analysis of this study are used 266 sample data, The independent variables were used as four CSR activities (economic responsibility, legal responsibility, ethical responsibility, and charitable responsibility) suggested by Carroll (1991). And the dependent variables are used the consumer purchase intention. Also, this study are used the parameter variables by the reliability, commitment and corporate reputation. The empirical results are as follows; First, the CSR activities of foreign companies are significantly positive influence to the reliability of that. Second, it showed that the CSR activities of foreign companies are significantly positive related with a commitment and a corporate reputation. Third, The CSR activities of foreign companies are not significantly to consumer’s purchase intention. If consumers recognized that foreign company use the CSR activities for the pursuit of corporate profits, they have a negative attitude about that company. Continually, it was to examine the mediating effects of reliability, commitment, corporate reputation between the CSR activities of foreign companies and consumer purchase intention. First, the reliability was not a negative significant between the CSR activities of foreign companies and the purchasing intention. Second, the commitment and the corporate reputation are a significant influence on that. That is, these variables showed that they perform an important mediating role. This brought the same results that it was treated a focus on the home companies in the previous studies, The CSR activities of foreign companies are a positive influence to the consumer in the host country. Therefore, the foreign companies will need to be performed that it was performed the CSR activities in a strategic point for the smooth business activities in the host country. It is also considered that the CSR activities make a significant contribution to the localization of the foreign companies On the other hand, the implications of this study through the above results are as follows; First, this study examined a consumer reaction for the CSR activities of foreign companies in the domestic. This study has significance that the scope of the previous study was extended to foreign companies. Second, the aggressive CSR activities of foreign companies can be overcome disadvantages in the local country. It shows that the CSR activities of foreign companies are positive affect as the localized. Recently, this can be interpreted as consistent with the aggressive CSR activities of many korean’s companies in overseas. Therefore, the aggressive CSR activities can have a positive influence to the aims of the company. The limitation of this study can be summed up as follows; First, this study is investigate a survey of university student in the metropolitan area and chungbuk area. So, it will be limited to generalize. Because if this, in the further study, it will be studied in the wider consumer. Second, this study were measured in terms of a four dimensions of CSR activities by using a Carroll (1991), it used one variable as CSR integrated. In future research, it will need a additional studies which used a separate variables in four dimensions of CSR activities. Finally, this study has been studied using the variables in the previous studies dealt with it, but in future study, the CSR activities will be carried out the view of a strategic perspective.

본 연구는 국내 기업의 지배구조와 이익의 질 간의 관계에 대해 분석하였다. 기업지배구조의 강도에 대한 대용변수는 한국기업지배구조원(KCGS)에서 제공하는 기업지배구조 점수를 이용하였고, 또한 독립적인 사외이사 비율과 이사회 규모를 이용하였다. 그리고 기업지배구조의 효과성은 지속적인 기업의 수익성 내지 자기자본이익률을 이용하였고, 이익의 질 측정은 발생액 및 이익지속성을 사용하였다. 주요 실증결과는 다음과 같다. 먼저 기초통계량과 상관관계 분석에서는 효과적인 지배구조를 가진 기업들이 여러 수익성 지표가 양호하게 나타났으며, 기업지배구조의 강도와 효과성도 서로 상관관계가 높은 것으로 나타났다. 둘째, 기업지배구조와 이익의 질 비교에서는 우수한 지배구조를 가진 기업이 유의하게 이익의 질이 높았으며, 또한 지배구조의 강도를 통제한 후에 효과적인 지배구조를 가진 기업이 높은 이익의 질을 나타냈다. 셋째, 효과적인 지배구조를 가지고 있는 경우에는 우수한 지배구조를 지닌 기업이 열악한 지배구조를 가진 기업에 비해 이익의 질이 높았다. 이에 대해 지배구조가 대리인 문제 통제에 효과적이지 못한 경우에는 우수한 지배구조와 열악한 지배구조 기업 그룹 간에 이익의 질이 차이가 없었다. 넷째, 독립적인 사외이사 비율을 기업지배구조의 강도를 나타내는 지표로 사용한 경우, 열악한 지배구조를 가지고 있는 경우 효과적인 지배구조와 비효과적인 지배구조 기업 그룹 간에 이익의 질이 차이가 없었다. 그러나 우수한 지배구조를 가지고 있는 경우 효과적인 지배구조를 지닌 기업의 이익의 질이 높게 나타났다. 다섯째, 이사회 규모를 기업지배구조 강도의 대용변수로 사용한 경우에도 우수한 지배구조와 동시에 효과적인 지배구조를 가진 기업이 높은 이익의 질을 나타냈다. 마찬가지로 지배구조의 효과성을 통제한 경우에도 우수한 지배구조를 지닌 기업이 높은 이익의 질을 나타냈다. 결론적으로 지배구조의 강도와 효과성은 상호 보완적인 성격을 지니고 있어서, 지배구조가 열악한 경우에는 지배구조의 효과성에 따른 이익의 질 차이가 나타나지 않았다. 그러나 지배구조가 우수하고 동시에 효과적인 지배구조를 지닌 기업은 이익의 질이 높게 나타나서, 분식회계의 가능성을 줄일 수 있음을 시사한다.

This study empirically analyzes the relations between corporate governance and earnings quality for Korean domestic firms during the period between 2004 and 2010. The corporate governance index points provided by Korea Corporate Governance Service are used as a proxy for the corporate governance strength, and for the robustness check, we adopt the ratio of independent outside directors and the board size as the governance strength alternative. Furthermore, industry-adjusted consistent ROE (return on equity) is used to measure corporate governance effectiveness, which reflects a firm’s degree of agency problems; accrual quality, and earnings persistence are used to measure earnings quality. A key aspect of our research is the relevance of strong and effective corporate governance for the earnings quality. The residual agency problem would be less based on the agency theory, if a firm has more effective corporate governance. The main empirical results are as follows. First, we found that firms with more effective corporate governance structure have better corporate profitability performance. In addition, the two dimensions of corporate governance structure, i.e., its strength and effectiveness, are correlated, and supplementary. Second, we found the positive relationship between earnings quality and corporate governance strength. After controlling for the strength, more effective corporate governance leads to higher earnings quality. Third, firms with effective corporate governance have far higher earnings quality when their corporate governance is stronger. In contrast, when firms have ineffective corporate governance, there is no significant difference in earnings quality between firms with strong corporate governance and those with weak governance. Fourth, when we use the ratio of independent outside directors as a proxy for corporate governance strength, firms with weak corporate governance make no difference in earnings quality regardless of corporate governance effectiveness. However, firms with strong corporate governance show far higher earnings quality when those have effective governance structure. Fifth, when we use another proxy for the strength, i.e. board size, we also found that firms with effective as well as strong governance show much higher earnings quality. In addition, controlling for governance effectiveness, firms with strong governance structure exhibit higher earnings quality. Overall, corporate governance strength and effectiveness play a mutually complementary role in enhancing earnings quality. The two dimensions of corporate governance are also expected to reduce a firm’s fraudulent financial reporting behavior. In particular, when the corporate governance structure is inferior, there is no difference in earnings quality according to the effectiveness of corporate governance. For future research, more sophisticated measures of corporate governance strength and effectiveness are to be developed. This study contributes to the existing literature as follows. We considered various aspects with respect to corporate governance, corporate performance, and earnings quality. In addition, we examined the influence of independent directors and board size as additional corporate governance mechanisms.

최근 정부는 일자리 창출과 경제 활성화를 위하여 벤처기업 창업을 촉진하고 있지만, 벤처기업은 고위험과 정보비대칭성 때문에 타인자본 조달에 어려움을 겪고 있다. 벤처캐피탈은 벤처기업과 외부투자자 사이에 정보비대칭 문제와 대리인 문제를 완화시킴으로서 외부투자자의 자금을 벤처기업에 원활하게 유입되도록 하는 역할을 하고 있다. 벤처기업은 일자리 창출과 경제 활성화를 위한 대안으로 인식되고 있으며, 벤처기업의 자금조달 및 코스닥 상장 파트너로서 벤처캐피탈의 역할이 강조되고 있다. 그러나 벤처기업의 IPO(initial public offering)에 영향을 미치는 벤처캐피탈의 역할에 관한 실증적인 연구는 미진한 실정이다. 본 연구는 벤처기업의 IPO에 영향을 미치는 것으로 알려져 있는 벤처캐피탈의 조기업적과시현상(grandstanding)과 보증역할(certification role)을 실증적으로 분석한다. 분석 결과, 벤처기업 상장 과정에서 벤처캐피탈의 조기업적과시현상은 발견되었으나, 보증역할은 발견되지 않았다. 본 연구는 그 동안 연구가 부족했던 벤처기업의 창업 후 코스닥 상장과정에 관한 실증적인 분석을 수행했다는 점에서 의의가 있다. 특히, 본 연구는 풋백옵션제도가 폐지된 이후의 시기를 분석대상으로 함으로써 의도적인 공모가격 저평가 결정의 가능성을 어느 정도 통제하고 있다는 데 기존 연구와 차별성이 있다. 본 연구는 풋백옵션제도의 폐지 이후의 변화를 주요 이슈로 삼았기 때문에 장기적인 주가의 흐름 및 연도별 효과를 확인하지 못했다.

In these days, government tries to boost the creation of ventures for creating jobs and recovery of economy. Venture has suffered from receiving investment due to lack of information and high risk. Startup Company has been recognized as an alternative for job creation and economic revitalization, and the role of venture capital has been emphasized as a financing or IPO partners of startups. Venture capitals have tries to find technology intensive small and middle sized enterprises and invest them and return their investments by IPO through supporting technology and consulting management skills. However, empirical studies on the role of venture capital influencing the IPO(initial public offering) of startup companies are not sufficient. This research analyzes the role of venture capital in view of grandstanding and certification role. Grandstanding is measured by the listed company’s shorten period between the company’s foundation and listing date, and certification role is defined as average residual rate by comparing to IPO price. These variables are given as dependent variables. The investment by venture capital, the reputation of investing venture capital, the percentage of share holding, major shareholder’s resume, revenue are given as independent variables. Hypotheses are tested by Wilcoxon’s Rank Sum Test, robust ANOVA and regression analysis. Company’s revenue size, the amount of public offering and lead manager’s reputation are controled as control variables. As a result, grandstanding is often observed in Korean IPO market. In other words, venture capital invested companies have more tendency to go IPO relatively early than uninvested companies. The number of venture capitals, percentage of shareholding, and revenue size would help speeding up to IPO. The reputation of venture capital are observed to have slim to none chance of influencing IPO timing. But certification role of venture capital has not been discovered in this research. The independent variables regarding investment of venture capital do not seem to affect average residual rate. The meaning of this study has its own objective of having a differentiated analysis of the time period where the put-back option had repealed so that this study concludes that market is being a controller not to have undervalued pricing outcome which could be intentionally caused by lead manager and IPO company in the aspect of analyzing average residual rate. However, sample size is relatively small due to short time span given after put-back option repealing and it may cause different outcome after better market maturing like a precedent study of the US benefited by large sample size and long time span.

대기업 중심의 산업구조는 대․중소기업 간 힘의 불균형과 양극화를 심화시켰고, 외환위기 이후 글로벌 경쟁 가속화 등 급변하는 경제 환경도 중소기업의 중장기적 성장 동력 강화에 장애물이 되어 왔다. 이러한 문제를 극복하고 중소기업의 경쟁력을 강화할 수 있는 방안으로 대기업과의 협력이 중요시되고 있다. 협력과 관련된 대다수의 연구에서는 통합 개념화와 통합 구성요소에 중점을 두었다면, 본 연구에서는 협력의 하부 요인으로 파트너십 속성과 커뮤니케이션 행동 기반의 변수들을 중심으로 기업성과에 미치는 영향 및 중소기업가의 기업가정신과 시장지향성의 따라 협력이 기업성과에 미치는 영향에 어떠한 차이가 있는가를 분석하였다. 오늘날과 같이 역동적이고 불확실성이 증가되는 경영환경에서 협력, 기업가정신과 시장지향성의 연계는 강조되고 있지만 그와 관련된 연구는 극히 제한적이다. 본 연구를 위해 국내 대기업통신사와 협력경험이 있는 471개사의 중소기업을 대상으로 실증연구를 실시한 결과 첫째, 기업 간 협력의 성공여부를 형성․촉진 하는 요인 중 몰입, 정보공유, 인센티브 연계와 공동 지식 창출이 기업성과에 정(+)의 영향을 미치는 것으로 분석되었다. 둘째, 기업가의 기업가정신과 시장지향성에 따라 협력이 기업성과로 연결되는 경로에서 통계적으로 유의미한 차이가 있음이 검증되었다. 이는 협력과정에서의 기업가정신과 시장지향성에 따라 기업성과가 다르게 나타날 수 있다는 시사점을 제공한다. 실증분석 결과를 통해 기업 간 협력의 중요성 및 기업가정신과 시장지향성이 필요성을 강조함과 동시에 연구의 시사점과 향후 연구방향을 제시하였다.

The industrial structure based on large enterprises has been a barrier for imbalance of power between large and small and medium enterprise, serious polarization and strengthening of medium and long-term growth for small and medium enterprises. The plan to overcome this polarization problem and strengthen competitiveness is the collaboration between large and small and medium enterprises. In this research, for 471 small and medium contractors of large communication firms in domestic, it has studied the collaboration between large and small and medium enterprises influencing the company performance of small and medium enterprises, entrepreneurship of small and medium enterprisers and the moderating effect of market orientation. The analysis result has shown that commitment, information sharing, incentive alignment and joint knowledge creation has influenced positively to the company performances. As the result of several preceding researches, commitment has influenced positively to the company performance. Especially, factors based on collaborative behavior such as information sharing, incentive connection and joint knowledge creation has proved that it is the factor influencing to the company performance. Based on the relational view and resource-based view, it can produce mutual profit based on the mutual value production process through collaboration activities and form market information and knowledge as well as pure transaction. This suggests that it can concentrate on the collaborative activity through the expectation that mutual profit occurs from shared resources and information. In the perspective of Transaction Cost Economics, trust has reduced uncertainty in the partnership relationship improving the operational performance. Until now, through formation of vertical relationship, abuse of superior status and others, the relationship between large and small and medium enterprise can occur opportunism factor and asymmetry information. Cost to receive information will continue to product cost increase, product competitiveness decrease and conflict between corporations. Therefore, formation of trust through vertical relationship formation is required and it should share profit and risk through the setting up of system that can commit mutually, introducing the fair result system distributing profit and others. It should have the premise of fast and accurate information network strengthening, new product development through joint knowledge exchange and production, new market development and others. Based on this, set up of collaborative and equal relationship is required. This research escapes from the limit for relationship between collaboration with corporations and company performance, which existing researches are presenting and studied the relationship of entrepreneurship and market orientation. Following the entrepreneurship of enterprisers and market orientation, it has been verified that there is a meaningful difference in the course connecting collaboration and company performance. This suggests that it can improve the company performance following entrepreneurship and market orientation. Therefore, it can expand new product development, new market entry and market share following the collaboration with large enterprises improving the company performance. Also, it will require a market oriented attitude producing, spreading and effectively confronting information for customers and market through the progressive spirit receiving opportunity, constant innovation, contactor objective, collaborative entrepreneurship including risk acceptance and through relationship between corporations.

1998년 외환위기에 대한 극복방안으로, 금융당국은 채권금융기관 및 기업 간에 자율적으로 채무를 조정하는 워크아웃제도를 도입하였다. 채권을 회수해야하는 채권금융기관은 위험이 높은 워크아웃기업의 정보위험을 감소시키고자 보다 높은 발생액의 질을 요구할 수 있다. 또한, Ashbaugh-Skaife et al.(2006)의 결과에 기반할 때, 신용도가 급락한 워크아웃기업은 높은 이익의 질을 추구함으로써 대외 신용도를 향상시킬 유인이 존재한다. 반면 채권금융기관이 출자전환한 경우, 자금회수를 위한 지분 매각 시 비대칭 정보를 가진 외부투자자들로 하여금 기업가치를 과대평가하도록 이익을 조정함으로써 이익의 질을 저하시킬 가능성도 있다. 한편 채권금융기관은 워크아웃으로 기업 경영에 깊숙이 개입하게 되면서 경영자 및 주주로부터의 대리인비용을 감소시키고자 정상기업보다 보수적 회계처리를 요구할 수 있다. 특히 워크아웃기업은 다른 기업에 비해 높은 소송위험에 대응하여 보다 보수적으로 회계처리할 수 있다. 본 연구는 1998년부터 1999년까지 기업구조조정협약에 의거하여 워크아웃이 시작된 기업들을 중심으로 2000년부터 2002년까지의 기간 동안 정상기업에 비해 이익의 질 및 회계보수성이 높게 나타나는지를 실증분석하였다. 분석결과, 워크아웃기업은 정상기업에 비해 유의하게 발생액의 질이 높은 것으로 나타났다. 또한, 채권금융기관은 손실회피를 조속화함으로써 채권자를 보호하고자 보수적으로 회계처리하는 것으로 나타났다. 본 연구는 채권자가 경영에 직접적으로 개입하는 워크아웃기업을 대상으로 실증분석함으로써, 채권자에 의한 보수적 회계처리 요구 현상을 보다 직접적으로 관찰한 최초의 연구라 할 수 있다. 아울러 워크아웃을 통한 채권금융기관의 경영 개입이 기업의 이익의 질 향상 및 회계처리 보수화를 초래한다는 본 연구의 결과는, 외환위기 당시 경제 악화를 방지하고자 도입했던 워크아웃의 회계적 효과를 평가하고, 최근 금융위기 이후 다시 쟁점이 되고 있는 부실기업의 워크아웃과 관련하여 회계적 측면에서 시사점을 제공한다는 데 의의가 있다.

As a solution for overcoming the currency crisis in 1998, Financial Supervisory Service introduced the Workout System which allows for liabilities to be freely coordinated between debt financial institutions and firms. Debt financial institutions with the need to collect debt are able to require a higher accrual quality in an effort to reduce the information risk of highly risky workout firm. On the other hand, because debt financial institutions intervene management of workout firms as main creditor and want collect debt, workout firm can manage earnings to induce other outsider investors overvalue their value. lastly, debt financial institutions may require more conservative accounting procedures to reduce agency costs of the management and shareholders by increasing level of intervention in managing the firm through workout. Workout firms are especially able to use more conservative accounting procedures in response to higher risks of potential lawsuits than other firms. This paper examines whether the accounting conservatism and accrual quality are more evident in workout corporations than in other normal firms during the period from 2000 to 2002, with a focus on the firms where workout began from 1998 to 1999 as per the Corporate Restructuring Agreement. According to the analysis, workout firms showed higher accrual quality than other normal firm. Moreover, it appeared that the debt financial institutions employed accounting conservatism to avoid losses in an effort to protect creditors. This paper can be considered the first research directly examining requirement for conservative accounting procedures by creditors through empirical testing of workout corporations where the creditors are actively involved in management of those corporations. Furthermore, this research revealed that the involvement of debt financial institutions in management of corporations through workout leads to an increase in the corporations’ profits and in conservatism of accounting procedures. This result of the research is meaningful in that it evaluates the accounting effects of workouts introduced during the currency crisis in order to prevent another economic aggravation, and in that it provides accounting implications for the recently arising issue of workout of insolvent firm again after the financial crisis.

축제는 축제 참가자가 다양한 프로그램을 체험할 수 있는 공간이다. 현재 축제에서의 다양한 체험프로그램에 대한 여가활동을 평가할 수 있는 근원적인 것 즉 축제 참가자들이 체험프로그램을 통해 실제로 충족되는 것이 무엇인지에 대한 연구가 아직까지 부족하므로 이에 대한 구체적인 연구가 진행되어야 한다. 이의 일환으로 축제 체험프로그램 참가자의 몰입경험이 여가만족과 생활만족에 미치는 영향관계연구는 의미와 가치가 충분이 있으므로, 이에 축제 체험프로그램 참가자의 몰입경험이 여가만족과 생활만족에 미치는 영향을 규명함을 목적으로 하였다. 몰입경험과 체험의 측정은 최근 축제를 대상으로 하고 있다. 본 연구목적을 수행하기 위하여 축제 체험프로그램 참가자를 대상으로 한 조사에서 유효표본수는 200매가 선정되었다. 통계분석방법은 SPSS 20.0과 AMOS 20.0을 이용하여 빈도분석, 탐색적 및 확인적 요인분석, 신뢰도분석, 회귀분석을 실시 하였다. 본 연구의 분석결과에서 첫째, 가설검증결과에서 축제 체험프로그램 참가자의 몰입경험은 여가만족과 생활만족에 긍정적인 영향을 미쳤으므로 가설은 채택되었으며, 축제 체험프로그램에 대한 몰입경험은 여가 만족과 생활만족에 중요한 영향요인으로 검증되었다. 둘째, 축제 체험프로그램 참가자의 여가만족은 심리만족과 환경만족만이 생활만족에 긍정적인 영향을 미쳤고 나머지 여가만족들은 영향을 미치지 않아 전체적으로는 부분채택 되었다. 본 연구결과는 매력 있는 축제 체험프로그램을 개발함에 기여할 것이고 이후 후속연구가 지속적으로 이루어져야함에 대하여 시사하였다.

The festival is held to know the nature of those areas that activate the local economic, socal and cultural. Activation of the local economic, social and cultural, so which is being held to inform festival through regional efforts to promote the characteristics of the festival. As many festival participants come to festival for the specific period, festival planner and organizer need to endeavor to substitute intangible attribites of service into tangible strategy which uses visible clues as well as stimulate festival participants upgrade the festival experience program for the successful festival. Festival has been used as a motivation of growth and a means of image upgrade for region itself. With the increasing number of festivals, the competition among festivals become intense. To occupy superior position in the competition of festivals, festival marketer uses various strategy to elevate festival experience program patricipant’s flow experience and due to the effect of leisure satisfaction and life satisfaction. The purpose of this study is to find the effect of leisure satisfaction and life satisfaction of flow experience on festival experience program participants. To carry out this study objective, I conducted a survey targeted for festival experience program participants. Flow experience, leisure satisfaction and life satisfaction are regarded as a very important concept on festival experience as well as academic and empirical research because festival makers can gain competitive advantage through successful festival. The measurement of flow experience and experience has been a recent phenomenon in festivals research area. Most available empirical research on festival has been borrowed its methods extensively from others fields. The survey was conducted from July 24. 2012 to July 30. 2012, with the experience program participants of Hwangto Festival in Manripo beach. Using convenient sampling, 220 data were gathered and finally selected 200 samples by convenience sampling mentod. The statistical methods utilized for SPSS 20.0 and AMOS 20.0 statistical package program. Final data were analyzed through frequency analysis, exploratory factor analysis, confirmative factor analysis, reliablity analysis, regression analysis. The results analysed, the conclusions were drawn as following: First, as a result of the testing of the hypothesis which flow experience of festival experience program participants will have positive influences on leisure satisfaction and life satisfaction, two hypothesis are accepted. There was surveyed that flow experience exercised a signficant on leisure satisfaction and life satisfaction. Second, as a result of the testing of the hypothesis which leisure satisfaction will have positive influences on life satisfaction, partly hypothesis are accepted that psychology satisfaction and environment satisfaction of leisure satisfaction exercised a significant life satisfaction. Therefore, Festival experience program participants has an leisure satisfaction and life satisfaction during flow experience and psychology and environment of leisure satisfaction has an life satisfaction. From the findings, the festival is necessary to plan and develop experience program for more variable and special. Local governments in the region to live in the regional characteristics and development for each region to be held in a number of various festival will be held in reality. Among those being held amid celebration of the essenece of the festival. Therefore, Festival planner and organizer should be plan and operate the festival experience program based on leisure satisfaction and life satisfaction. And this paper concluded with implications for the festival experience program and a brief outlook for the future. The studies should also be extended to cover will all festival for more in-depth research from various perspective.

본 연구에서는 브라질, 러시아, 중국 등 3대 신흥국 채권시장에서의 지역간 변동성 전이효과를 다변량 GARCH 모형을 통하여 분석하였다. 1998년 초부터 2010년 6월 말까지의 표본기간 동안, JP Morgan에서 제공한 신흥국별 채권시장 스프레드(EMBIGS)의 일별 자료를 통한 추정결과는 첫째, 평균모형 상에서 글로벌 요인인 미국 주식시장 변동성지수(VIX)는 스프레드에 거의 유의적인 영향력을 주지 못했으나 국가특성요인인 자국 주식시장 수익률은 대부분 유의적인 음(-)의 영향력을 주었고 표본대상 상대국의 과거 스프레드들도 부분적으로 유의적 영향력을 미쳐 스프레드의 지역 간 상호전이를 일부분 확인할 수 있었다. 둘째, GARCH- BEKK 다변량 분산모형 추정결과에 의하면 러시아와 브라질이 각각 중국에 대하여 유의적인 충격전이와 변동성전이를 나타낸 반면, 중국은 러시아나 브라질 모두에게 아무런 유의적인 영향력을 미치지 못하는 것으로 나타남으로써 아시아 지역 채권시장에서 발생한 충격에 비하여 유럽이나 남미 채권시장에서 발생한 충격이 더 강하게 타 지역으로 전파되었음을 알려 주었다. 셋째, 비대칭성을 고려한 분산모형 추정결과에서는 스프레드 상승충격인 악재(Bad News) 충격이 러시아에서부터 상대 두 국가로의 유의적인 양(+)의 영향력이 관측되었고 특히 러시아와 중국 상호간에는 양방향 충격전이를 확인할 수 있었다. 또한 위기국면을 선정한 하위표본에서도 위기진원지로부터 타 지역으로의 이러한 시장상황별 비대칭적 충격전이가 일관되게 이루어졌음이 입증되었다 .

This study investigates regional volatility spillover effects among 3 major emerging bond markets in Brazil, Russia, and China, using the multivariate GARCH-BEKK model and we analyze the impacts of EMBI spreads and their volatilities using 3,242 daily data over the sample period from January, 1998 to June, 2010. The three sample countries can be said to represent centers for the regions of Latin America, Europe and Asia considering their market capitalizations and fund flow sizes and thus inter-regional impacts of volatility spillovers can also be measured through the use of only country-level data analyses. Our main findings are as follows. First, it is newly observed that the VIX, the global factor of US stock market in the estimation results of the three mean equations does not significantly affect the spreads in these 3 countries, which is different from the results of previous studies. However, individual stock market return as a country-specific factor in our model is found to have a significant negative impact on the other two bond markets of Brazil and China. Second, our findings suggest that shock and volatility spillovers from both Russia and Brazil to China are shown to exist significantly, whereas those from China to both countries are not significant in the estimation results of the variance equations in the symmetric multivariate GARCH-BEKK model. These results imply that volatility shocks from Europe and Latin America rather than from Asia must be easily transmitted to other regions of the world. Third, bad news shocks, the unexpected increase in spreads from Russia are found to have significantly positive effects on the spreads in Brazil and China and especially, bidirectional effects of bearish market shock spillovers between Russia and China are also discovered in the estimation results of asymmetric multivariate GARCH-BEKK model. Fourth, it is confirmed that asymmetric shock spillovers from the crisis-originated country to other regions are consistently and significantly exist in the three sub-sample period analyses composed of Asia-Russian FX Crisis, Latin American Currency Crisis, and Global Financial Crisis. In other words, comparing with the aforementioned results from the asymmetric multivariate GARCH-BEKK models in the total sample period, shock spillovers from China to Russia in the Asia-Russian Crisis Times are shown to be much stronger, and those from Brazil to China in the Latin American Currency Crisis Times turn out to be significantly positive and those from Russia to both Brazil and China in the Global Financial Crisis Times are more evident, reassuring the prior expectations. Finally, China in general, is shown to represent smallest spillover effect among the three sample countries initiating the importance of its inclusion in the global bond market portfolio in the sense of longterm portfolio diversification effect.

한국기업들은 외환위기 이후 많은 변화가 이루어졌다. 특히 외환위기와 미국의 사베인-옥슬리법 (SOX: Sabanes-Oxley Act)의 제정 및 실행으로 기업지배구조에 대한 관심이 커지게 되었다. 투명하고 건전한 기업지배구조는 기업경쟁력의 원천이라는 인식이 확산되었으며, 미래성장의 기본 요건이라고 여겨지기 시작한 것이다. 그리고 기업지배구조와 관련한 다양한 국내외 연구가 시도되었지만, 일관된 결과는 제시하지 못하고 있는 실정이다. 이에 본 연구에서는 기업지배구조 내에서 이사회 구조와 독립성이 기업성과에 어떤 영향을 미치는지, 선행연구고찰과 함께 실증분석해 보았다. 실증분석자료는 정화절차를 통해 유가증권시장에 등록된 기업 중 369개 기업의 4개년(2005～2008년) 자료를 분석하였으며, 총 11개 산업으로 구성되어졌다. 본 연구의 실증분석결과를 요약하면 다음과 같다. 첫째, 이사회 구조 중 이사회 규모는 기업성과와 정(+)의 관계를 나타내었다. 둘째, 이사회 내 하위위원회 수도 기업성과에 유의한 영향을 미치는 것으로 나타났다. 셋째, 최고경영자와 이사회의장 겸직은 기업성과에 부(-)의 영향을 미치는 것으로 검증되었다. 넷째, 이사회 독립성을 살펴볼 수 있는 사외이사비율도 기업성과에 유의한 영향을 미치는 것으로 분석되었다. 마지막으로 자산규모 2조원을 기준으로 추가분석을 실시하였다. 추가분석결과, 자산 2조원 미만 기업(n = 1266)에서는 이사회 규모, 최고경영자와 이사회의장 겸직, 사외이사비율이 통계적으로 유의하게 나타났으며, 자산 2조원 이상 기업(n = 210)에서는 이사회 규모, 하위위원회 수, 최고경영자와 이사회의장 겸직이 유의하게 나타났다. 그리고 결론 및 논의에서 본 연구의 시사점과 한계점을 제시하였다.

After the financial crisis, Korea became interested in many corporate governance. And especially a lot of attention has been on the board of directors. Positive and negative findings on the board of directors has been prepared as part. The purposes of this paper are to examine the relations between board of directors (structure and independence) and corporate performance. In this study literature reviews and empirical methods are both used; The literature reviews cover theoretical discussion on determinants of research and selection of variables and its examination in the previous studies. In order to proceed with the research, The independent variables were set to the size of the Board of Directors, the number of Sub-Committee, CEO duality and the ratio of outside directors. Dependent variable was set to corporate performance (ROA). and Control variables were set to industry, years, corporate age, firm size, 2 trillion won in assets, CEO succession, previous year’s firm performance, CEO type, and major shareholder ownership. The analysis was carried out from 2005 until 2008 and the number of corporations for sampling was 369 (total 1476) listed in KOSPI. and For accurate analysis. Purification procedure has undergone The results of the empirical analysis are summarized as follows. First, board size is not associated with ROA because of the opposite direction to the hypothesis. therefore Hypothesis 1 is not supported. Second, the number of Sub-Committee in board of directors is positively associated with ROA. therefore Hypothesis 2 is supported. Third, CEO duality is associated with ROA in negative(-) direction. therefore Hypothesis 3 is supported. Fourth, the ratio of outside directors is positively associated with ROA. therefore Hypothesis 4 is supported. And sophisticated analysis, an additional analysis was conducted. In an additional analysis of less than 2 trillion won corporate targets, First, board size is positively associated with ROA. Second, the number of Sub-Committee in board of directors is not associated with ROA. Third, CEO duality is positively associated with ROA. Fourth, the ratio of outside directors is positively associated with ROA. In an additional analysis of more than 2 trillion won corporate targets, First, board size is positively associated with ROA. Second, the number of Sub-Committee in board of directors is positively associated with ROA. Third, CEO duality is negatively associated with ROA. Fourth, the ratio of outside directors is not associated with ROA. The limitations of this study are as follows. First, the nonlinear analysis (relationship between board size and ROA) is necessary in future research. Second, analysis of each of the sub-committee is required. Third, future research is required for the development of board independence variable. Fourth, It is necessary to control industry effect sophisticatedly. Finally, there are required to use a variety of performance indicators.

오늘날 Web 2.0을 필두로 하는 정보통신기술의 급격한 발달은 정보 이용자 및 제공자 간의 커뮤니케이션 매체의 다양성을 초래하였다. 이러한 변화는 구전 커뮤니케이션의 방법에도 많은 변화를 가져왔는데 기존의 직접적인 추천을 통한 전통적인 구전 방식이 아닌 직접 대면해보지 못한 불특정 개인 또는 집단을 통해서 더욱 많은 정보를 습득할 수 있게 되었다. 온라인 환경의 특성 상 소비자들 간의 구전 정보는 광범위하고 신속하게 전파된다는 특징을 가지고 있으며 이러한 구전 정보를 소비자들이 수용하고 활용하게 됨으로써 온라인 구전은 소비자 구매의사 결정에 중요한 영향을 미치는 요소로 자리 잡게 되었다. 최근에는 이러한 온라인 구전의 수단으로 SNS(Social Network Service)가 주목받고 있다. 이러한 SNS는 기존의 온라인 구전보다 훨씬 뛰어넘는 속도로 전 세계적으로 퍼져나가고 있으며, 과거의 오프라인/온라인 구전에 비하여 훨씬 강력하게 소비자 정보탐색, 구매결정, 기업 이미지 형성 등에 영향을 미치고 있다. 본 연구에서는 SNS 전달자의 특성과 SNS 정보의 특성이 소비자 구매의도에 미치는 영향에 대한 연구를 진행하고자 한다. 이때 정보신뢰도가 이들의 관계에서 매개적 역할을 알아보려고 한다. 또한 SNS 전달자의 특성과 SNS 정보의 특성이 신뢰도에 미치는 영향에 대해서 소비자들의 SNS 활용정도가 조절 변수로 작용하는 지를 확인하고자 하였다. 이를 통하여 소비자들이 제품 구매 시 SNS의 어떠한 특성들에 의해 구매의사를 긍정적인 방향으로 지각하는지 확인하여 SNS를 통한 구매의도 활성화 방안을 찾아보려고 하였다. 연구 가설들에 대한 검증결과에 의하면, SNS 전달자의 특성인 친밀도와 전문성 그리고 SNS 정보특성이 신뢰도에 긍정적인 영향을 미쳤고, 신뢰도는 구매의도에 긍정적인 영향을 미치는 것으로 나타났다. 본 연구는 향후 마케팅 전략 및 홍보전략 수립 시 정보수용자의 SNS 정보에 대한 호감도를 높이고 추천의도 및 재구매의도를 높일 수 있는 방안을 제시하려고 한다.

The advancement of information technologies have led to the variety of communication channels among information providers and receivers. these steeped changes have influenced the way of oral communication that people may get much more information via a certain person or group using the webs instead of man to man talks. For the online environment, the information of consumers may spread out broadly and rapidly in inter-personal communications. since the consumers may accept or use the information easily, word of mouths on online has become the vital factors which influence the consumer choices and decision making. Moreover, social network service (hereafter SNS) such as Facebook and Twitter has recently been received attention to both consumers or firms. these SNS has been spreading out more quickly as a powerful factor than original online communication beyond our expectation. The on-line Communication also affects significantly consumers' decision-making as an important communication media. The consumers get information and reviews of a product from consumers who has prior experience of it before they buy the product. In the past, product information and reviews spread by face-to-face, but today, the Internet change this trend due to convenience of on-line Word of Mouth and fast propagation. After the 2000s, many studies about the on-line word of mouth have been proceeded; however, the studies have a limit. Most of them are studied in a offline condition so they cannot analyze actual online effects. On-line Word of Mouth is classified product information, providing advice and personal experience according to type, and the consumers share them in various spaces. Information which posted in on-line can be accessed by many people at the same time. It means the information spreads quickly and widely, and when a consumer who wants to buy a product, he can get information about it right. These reasons make on-line Word of Mouth more efficient than offline it. Recently, SNS (Social Network Service) are one of the active spaces of online Word of Mouth. The user use it for sharing their information that is most part of using SNS. Consumers should utilizing the SNS to obtain information on-line, and to spread information, as constituting the production of information. For this reason, SNS closely relates to on-line Word of Mouth, and sharing information about products affects consuming activities significantly. In this study, we check the effect of the SNS to purchase intention among users. Consumers is no longer satisfied with product information came from companies and not just consume it. They can produce other information about products and share this new information. The purpose of this study was to examine how to build customer purchase intention through SNS information reliability, by focusing on the moderator effect of customer involvement and utilization of SNS information. It raised the need of establishing SNS marketing communication strategy.

본 연구의 목적은 제조기업의 생산전략이 원가, 납기, 유연성, 품질 요인과 같은 경제적 생산역량을 최우선적으로 강조하였던 전통적 생산전략에서 환경보호, 안전보건, 보안과 같은 사회적 책임 생산역량을 최우선으로 강조하는 가치혁신 생산전략으로 이동되고 있는지를 확인해 보는 것이다. 그리고 가치혁신 생산전략과 적합한 상황요인과 생산활동의 특성을 이해하고자 했다. 본 연구에서는 표본기업을 대상으로 사회적 책임 생산역량 비율(사회적 책임 생산역량 대 경제적 생산역량 비율)을 계산하였다. 그리고 상대적으로 사회적 책임 생산역량 비율이 높은 상위 1/3 기업집단을 가치혁신 생산전략 집단으로, 이 비율이 상대적으로 낮은 하위 1/3 집단을 전통적 생산전략집단으로 측정하였다. 본 연구가 국내 제조업을 대상으로 실증분석을 실시한 결과, 가치혁신 생산전략이 전통적 생산전략보다 성과가 좋은 것으로 나타났다. 특히 시장이 경쟁적인 상황에서 가치혁신 생산전략의 성과가 전통적 생산전략보다 통계적으로 유의하게 높다는 점을 알 수 있었다. 그리고 가치혁신 생산전략이 고객지향 생산활동과 병행될 때, 또한 가치혁신 생산전략이 외부기업과의 제휴활동과 병행될 때 상호작용 효과가 발생되어 성과가 증가하는 것으로 나타났다. 이러한 연구결과는 다음과 같은 시사점을 제공하고 있다. 첫째, 제조업의 생산전략 패러다임이 전통적 생산전략 패러다임에서 가치혁신 생산전략 패러다임으로 이동되고 있음을 시사하고 있다. 둘째, 본 연구 결과는 가치혁신 생산전략에 적합한 상황요인과 생산활동 특성을 제시함으로써, 가치혁신 생산전략의 이론적 틀을 세워나가는데 기여하고 있다고 평가할 수 있다.

In the academic field of operations and production management, a new paradigm, called the value innovative operations strategy (VIOS), is attracting considerable attention. As advocated, the value innovative operations strategy puts its top priority on social responsibility operations capabilities, including the protection of environment, health and safety, and security. The purpose of this study is to confirm whether the value innovative operations strategy is migrated from the traditional operations strategy (TOS) in which economic operations capabilities such as cost, delivery date, flexibilities and quality were at the top operational concerns. Further, this paper is designed to understand contextual factors which are deemed to be appropriate for the value innovative operations strategy and their organizational characteristics for the operational activities. In this study, the areas of research questions are categorized and posited as follows: (1) the differences of organizational performance between the firms highlighting social responsibility operations capabilities and other firms putting an emphasis on the economic operations capabilities, (2) the organizational contexts, including competition intensity and organizational capabilities, which seem to be appropriate for the firms in pursuit of the value innovative operations strategy, and, finally, (3) the operational activities that fit the value innovative operations strategy, exemplified by the customer-centric orientation and strategic alliances with agility. For the purpose of empirical validation on the proposed hypotheses, an empirical survey was conducted, targeting the Korean manufacturing firms solely. The participants were the member firms in the panel organized by a trustworthy on-line marketing research company. The total number of the sample companies was 220, and knowledgeable key informants at each company were accessed. The types of industry included the automobile, semiconductor, chemical, pharmaceutical, shipbuilding, etc. With respect to the measure verification issue, a very robust and standardized process was implemented in order to ensure reliability and validity of all the variables. Further, the relevant statical techniques were used, including t analysis and the hierarchical regression analysis. Overall, the analysis shows that the most hypotheses were supported. The result of this study confirms that the firms implementing the value innovative operations strategy are more successful than the firms using the traditional operations strategy. More specifically, when the firms are confronted with more competitive environment, the performance of the firms using the value innovative operations strategy is statistically higher than that of the firms applying the traditional operations strategy. And, more critically, only when the firms implement the value innovative operations strategy in parallel with the customer-oriented operations strategy, and when the operations strategy is accompanied by the strategic alliance with external parties, they show a better performance which is resulting from the interplay among those organizational factors. The implications of the current study are as follows: first of all, a paradigm of operations strategy in the manufacturing industry is shifting from the TOS to the VIOS. This study confirms that from the traditional paradigm of stressing economic operations capabilities, the new paradigm of the value innovative operations strategy is emerging, which is aiming at providing new values to customers, by putting an emphasis on the firms’ social responsibility operations capabilities and by reducing the managerial focus on the economic operations capabilities. Secondly, this study sheds a light on the theory building on the value innovative operations strategy. This study, in particular, suggests critical contingent factors that are compatible with the value innovative operations strategy and their organizational characteristics for the successful operational activities.