Earticle

본 연구의 목적은 여성인력이 인지하는 조직문화유형이 조직학습에 영향을 미치는지 검토해 보고 감성역량이 이러한 영향관계에서 조절변수의 역할을 하는지 알아보는 것이다. 연구결과 여성인력이 인지하는 조직문화의 유형에 따라 조직학습은 유의미한 차이가 나타났다. 관계지향문화, 혁신지향문화, 시장지향문화는 조직학습의 과정 중 지식창출에 긍정적 영향을 미치는 것으로 나타났으며 그 중에서도 관계지향문화의 영향력이 가장 큰 것으로 나타났다. 관계지향문화는 조직학습의 과정 중 지식공유에 긍정적 영향을 미치는 것으로 나타났다. 관계지향문화, 혁신지향문화, 위계지향문화는 조직학습의 과정 중 지식저장에 긍정적 영향을 미치는 것으로 나타났으며 그 중에서도 위계지향문화의 영향력이 가장 큰 것으로 나타났다. 관계지향문화 및 시장지향문화는 조직학습의 과정 중 지식활용에 긍정적 영향을 미치는 것으로 나타났으며 그 중 시장지향문화의 영향력이 더 큰 것으로 나타났다. 여성인력이 인지하는 조직문화유형이 조직학습이 미치는 영향에 대한 감성역량의 조절효과를 살펴보면, 시장지향문화의 정도가 높아져 지식창출에 긍정적 영향을 미치는 데 있어 조절효과가 있었다. 위계 지향문화의 정도가 높아져 지식공유에 부정적 영향을 미치는데 있어 조절효과가 있었으며, 시장지향문화의 정도가 높아져 지식공유에 부정적 영향을 미치는데 있어서도 조절효과가 있었다. 조직문화유형이 지식저장에 영향을 미치는데 있어서는 조절효과가 나타나지 않았으며 시장지향문화의 정도가 높아져 지식활용에 긍정적 영향을 미치는데 있어 조절효과가 있었다.

The purposes of this study are to analyze the effects of women workforce’s perceived organizational culture types on organizational learning, and to analyze moderating effect of emotional competency on that relation. The research questions are aimed as follows. First, to investigate the effects of women workers’ perceived organizational culture types on organizational learning. Second, to investigate the effects of emotional competency on the relation above. The data for the research was collected via Internet survey, and no demographic-statistical limitations except for sex distinction were applied in order to collect participants having various characteristics of their own. Out of the collected questionnaires, 298 were used in statistical analysis by SPSS 18.0 program. According to the results of this study, organizational learning shows different statistical significances by types of organizational culture. Clan culture, adhocracy culture and market culture had positive effects on knowledge creation out of organizational learning process and among them; clan culture had the greatest influence on knowledge creation. Clan culture had positive effect on knowledge sharing out of organizational learning process. Clan culture, adhocracy culture and hierarchy culture had positive effects on knowledge storage out of organizational learning process and among them; hierarchy culture had the greatest influence on knowledge storage. Clan culture and market culture had positive effects on knowledge utilization out of organizational learning process and between them; market culture had greater influence on knowledge utilization. In the investigation of the research question for control effects of emotional competency, emotional competency had control effect on the positive effect of market culture on knowledge creation. Emotional competency had control effects on the negative effect of hierarchy culture on knowledge sharing, and the negative effect of market culture on knowledge sharing. Emotional competency did not have control effect on the influence of organizational culture types on knowledge storage. Emotional competency had control effect on the positive effect of market culture on knowledge utilization. The significance of this study focused only on female office workers is that this study could be utilized as basic material to compare and analyze with other existing studies about organizational learning in which a large number of male objects were involved and also this study suggests that emotional competency has meaningful effects on relation between organizational culture and organizational learning.

Bloomberg 통신은 2010년도에 Fortune 100 기업 중에 79%의 기업들이 최고 경영자의 보수지급을 연기한 것으로 보고하였다. 이처럼 많은 기업들이 최고 경영자의 보수를 이연지급하고 있으나 이연보수가 기업의 회계 처리에 어떠한 영향을 미치는 지는 아직 명확히 알려지지 않았다. 최고 경영자의 보수와 이익조정의 관계를 고찰한 기존의 국내 논문에서는 주로 최고 경영자에 대한 주식보상이 이익조정에 미치는 영향을 연구하였으며 최고 경영자의 이연보수에 대한 연구는 아직 보고되지 않았다. 외국의 문헌에서는 최고 경영자의 이연보수가 기업의 여러 의사결정에 미치는 영향과 최고 경영자 이연보수의 지급에 대한 자본시장 투자자들의 반응을 연구 하였다. Sundaram and Yermack(2007)과 Tung and Wang(2011)은 최고 경영자의 주식보상에 대한 이연 보수의 비율이 높을수록 기업들의 위험회피성향이 높은 것으로 보고하였다. Edmans and Liu(2011)는 이연 보수의 사용이 부채의 대리인비용을 줄이는 역할을 하는 것을 보여주었으며 Wang et al.(2011)은 이연보수가 보수적 회계처리와 양의 상관관계를 가지는 것을 보여주었다. 또한 Wei and Yermack은 기업들이 2007년 SEC disclosure reform에 따라 처음으로 최고 경영자의 이연보수를 공개하였을 때 최고 경영자가 상당한 양의 이연보수를 지급받는 기업의 주가는 하락하고 채권가격은 상승하는 것을 보여주었다. 하지만 최고 경영자의 이연보수와 이익조정과의 관계에 관한 연구는 아직 이루어지지 않았다. 따라서 본 논문은 미국의 S&P 1500 기업을 대상으로 최고 경영자의 이연보수가 기업의 이익조정에 미치는 영향에 대해 연구함으로써 이연보수에 대한 문헌에 공헌한다. 이연보수가 기업의 이익조정에 미치는 영향은 이론적으로 두 방향으로 예측되어 질 수 있다. 우선 기존의 문헌에서 보여주었듯이 이연보수의 지급은 최고 경영자가 기업을 보수적으로 운영하게 하는 유인을 제공한다. 즉, 이연보수는 최고 경영자가 upside risk를 감수함으로써 얻는 이익은 제한하는 반면 downside risk는 감수하게 한다. 동일한 관점에서 이연보수는 최고 경영자가 기업의 상향 이익조정으로부터 얻는 이익은 제한하는 반면 그로부터 초래되는 위험은 감수하게 한다. 따라서 상향이익조정을 억제하는 역할을 한다. 반면 Kahneman and Tversky(1979)의 전망이론에 따르면 사람들은 참조점을 기준으로 같은 양의 이익보다 손해에 더 민감하다. 그리고 hyperbolic discounting 이론에 따르면 사람들은 “larger-later” 보상 보다는 “smaller-sooner” 보상을 더 선호한다. 따라서 최고 경영자가 이연보수를 해당 기간의 기대보수로부터의 손해로 인식을 하였다면 성과급의 수령으로 손해를 최소화하려고 할 것 이다. 이는 성과급 수령을 위한 기업의 상향 이익조정으로 귀결될 수 있다. 본 논문에서는 미국의 S&P 1500 기업의 data를 사용하여 위의 관계를 실증적으로 분석하였다. 분석결과 최고 경영자의 이연보수와 상향 이익조정은 양의 관계를 가지는 것으로 나타났다. 분석결과는 Dechow et al.(1995)에 따른 재량적 발생액을 이용한 모델과 Roychowdhury(2006)의 실제이익조정을 이용한 모델에서 모두 동일한 관계를 보여준다. 또한 표본을 이익목표치를 달성한 기업으로 제한하여 분석한 모델에서도 최고 경영자의 이연보수 잔액이 높은 기업은 그렇지 않은 기업보다 발생액 조정을 통하여 이익목표치를 달성할 가능성이 상대적으로 많은 것으로 나타났다. Dechow and Dichev(2002)의 이익의 질 측정치를 사용한 추가적인 분석에서는 최고 경영자의 이연보수의 잔액이 높은 기업의 회계정보의 질이 그렇지 않은 기업보다 상대적으로 낮은 것으로 나타났다. 위 분석들은 다른 종류의 보수를 통제한 후에도 유의미한 결과들을 보여준다. 이는 최고 경영자의 이연보수와 이익조정의 관계에 관한 위의 두 가지 견해 중 후자와 일치하는 결과로서 이연보수가 기업의 위험회피성향은 증가시키지만 동시에 상향 이익조정에 대한 유인도 제공하는 것으로 해석된다. 즉 본 논문의 주요 결과들은 최고 경영자의 이연보수가 이익조정에 대한 유인을 제공함으로써 대리인비용을 증가시키는 역할을 수행하고 있다는 증거로 이해된다. 본 연구는 자본시장 참여자들에게 여러 가지 시사점을 제공한다. 주주들은 최적의 최고 경영자 보수를 결정함에 있어 이연보수가 가지는 영향을 고려하여야 하며 규제당국이나 감사인은 자본시장에서 그들의 감시역할을 고려하였을 때 최고 경영자의 이연보수에 관심을 가져야 할 것이다.

In this study, we investigate the effects of CEO inside debt, that is, deferred CEO compensation, on financial reporting practice. We find a positive relationship between CEO inside debt and earnings management. Our results support the hypothesis that CEO inside debt provides incentives for upward earnings management. The results from additional tests also show that firms whose CEOs hold high inside debt balances are more likely to attain earnings targets through accruals management. Finally, we provide evidence that such debt is associated with lower accruals quality after controlling for other types of compensation. Our findings suggest that inside debt may increase agency costs by providing incentives for earnings management rather than discouraging it as a means of reducing firm risk. Our findings provide valuable implications for various financial market entities. They suggest that shareholders need to consider the impact of inside debt in determining optimal CEO compensation contracts and that regulators and auditors should also be interested in CEO inside debt as part of their monitoring role in financial reporting. This study extends the scope of existing literature on CEO inside debt to financial reporting practice.

본 연구는 우리나라 상장기업들의 자금조달 방법이 R&D 투자지출에 미치는 효과를 분석하기 위해서 이론적 모형을 제시하고, 또한 제시된 모형을 횡단면 자료와 시계열 자료를 결합하는 패널자료를 사용하여 실증적으로 분석하였다. 분석결과, 첫째, 기업의 R&D 투자 모형에서 임의효과를 무시하고 단순히 OLS에 의해 추정될 경우 편의가 발생할 수 있으며, 전통적인 패널 기법에 의해 자금조달 방식이 R&D 투자에 미치는 영향을 분석할 경우 왜곡된 결론을 유도할 수 있다. 둘째, 우리나라 상장기업이 대부분 R&D 투자를 외부자금조달 보다는 내부자금조달에 의존하고 있다. 셋째, 전통적인 패널기법에 의한 추정결과와 Tobit에 의한 추정결과가 다소 차이가 있다. 전체적으로 전자의 추정계수 값이 후자의 추정계수 값보다 작게 나타나고 있다. 이는 전통적인 패널 추정기법이 종속변수의 절단성과 분포를 무시하면서 발생하는 편의에 의한 것으로 볼 수 있다. 넷째, Tobin의 Q와 광고비 투자비율에 대한 추정계수는 모두 통계적으로 유의하게 나타나고 있다. 다섯째, 표준화한 자료를 이용한 내부자금조달 변수와 Tobin의 Q의 추정계수를 비교해 보면 후자의 추정계수가 크게 나타나 R&D 투자 비중에 내부자금조달보다는 기업가치가 상대적으로 더 크게 영향을 미칠 수 있다. 여섯째, 제조업가 변수, 소속부가변수, 산업가변수와 시간가변수는 대부분이 통계적으로 유의하지 않게 나타나 제조업이나 소속부 또한 산업별로 R&D 투자 패턴이 공통으로 유의하지 않으며 시간에 따라 R&D 투자가 크게 달라지지 않고 있다. 또한 대기업가변수를 나타내는 가변수는 모두 1% 수준에서 유의하게 나타나 기업규모에 따라 R&D 투자 활동이 달라질 수 있다. 여덟째, 중소기업이 특히 R&D 투자에 내부자금조달에 의존하고 있으며, 대기업 보다는 중소기업에서 R&D 투자 패턴이 산업별로 달리 나타나고 있다.

In this study we analysed the effect of financing methods of the listed firms in Korea Stock Market on R&D investment through the theoretical model, which was analysed empirically with panel data that combines cross-sectional data with time-series data. The samples and the research period that this study covers are 665 firms during the period of January, 2001 to December, 2010. Among our samples are 201 large enterprises and 464 small and medium enterprises. The results of the empirical analysis are as follows;First, RE-GLS, Breusch and Pagan’s LM statistical values indicating the estimated result of mull hypothesis in which the random effect of unobserved firms cannot be derived, shows that deflective results can be caused if the unobserved effect or endogeneity problem of internal financing variables are disregarded: There is a possibility of a deflective result if random effect is not under consideration and is estimated just by OLS in the R&D investment model of the firms. Second, Net working capital ratio, one of the proxy variables of internal financing, was significant while non-current liabilities ratio and growth of capital stock which were the proxy variables of external financing were not significant. These mean most of KOSPI or KOSDAQ corporations depend on internal financing rather than external financing for their R&D investment. Third, There’s a difference between the estimated result of traditional panel technique and that of Tobit. In general, the estimated coefficient value of the former appears to be lower than the latter. That’s because the traditional method which disregards truncation and distribution of dependent variables generates deflective results. Fourth, Both Tobin’s Q and the estimated coefficient of advertising expenditure are statistically significant. It means that the higher the corporate value and advertising expenditure are, the heavier the proportion of R&D investment is. Fifth, When comparing the internal financing variables from standardized data with estimated coefficient of Tobin’s Q, the latter appears to be higher than the former. Therefore, corporate value affects R&D investment more than internal financing. Sixth, most of the dummy variables of manufacturing, market classes, industries, and time are not significant statistically, so R&D investment patterns of manufacturing and market classes are commonly not significant and the investment changes very little with time. Seventh, dummy variables of large enterprises are all significant by 1%. This implies that R&D investment activities can be changed according to the size of the firms. Eighth, It is concluded that the estimated coefficient of internal financing variables which are targeted at large enterprises is not significant. But the estimated coefficient intended for small and medium enterprises is significant, showing positive sign, regardless of the methods of estimation. This outcome suggests that R&D investment of small and medium enterprises depends on internal financing. Ninth, as for the estimated results of both types of enterprise, the characteristics which are classified by industry and time are more significant for small and medium enterprises than large ones. Characteristic of industry is significant in all of the estimated results of RE-Tobit model while that of time is significant in 2 Step Tobit model. This shows that R&D investment patterns of small and medium enterprises appear on each industry more variously than those of large enterprises.

시장세분화는 이질적인 전체시장을 동질적인 하위차원의 세부시장으로 나누어 각각의 세분시장에서 소비자의 니즈에 맞는 제품이나 서비스를 제공하는 활동을 말한다. 그동안 라이프스타일을 기반으로 한 시장 세분화 연구는 호텔관광, 스포츠, 문화엔터테인먼트를 비롯한 다양한 분야에서 연구되어져 왔으나 국내 자동차 시장의 고객을 라이프스타일에 따라 유형화한 연구는 없었다. 본 연구에서는 라이프스타일과 시장 세분화의 의미와 선행연구들을 소개하고 685명의 국내 중․대형차 소유자를 대상으로 한 라이프스타일 및 자동차 생활관련 설문을 시행하였다. 고객의 라이프스타일 분류를 위해 총 52문항의 12가지 라이프스타일 척도를 사용하였으며, 요인분석 및 2단계 군집분석 결과 고객유형을 총 4가지 집단으로 분류하였다. 그리고 분류된 집단 내 소비자의 실제 자동차 생활과 라이프스타일을 가장 잘 설명할 수 있는 군집명으로 젊은 로하스형, 자기과시형, 자기실현형, 근검절약형을 제시하였다. 마지막으로 집단별 라이프스타일과 인구통계적 분포, 경제 력과 소유차량 등의 구분을 통해 각각의 집단에 대한 설명을 하고 본 연구의 시사점과 한계점 그리고 향후 연구방향에 대해 기술하였다.

Market segmentation is defined to classify one heterogeneous market as a number of small-scale homogeneous markets to be able to respond to different product preferences between key segmented markets or to suit products to customer needs so as to more accurately satisfy the diverse consumer and user needs. There are many of previous research which focused on market segmentation based on lifestyles in the fields of tourism, sports, culture entertainment areas. However, there are few research of domestic private vehicle users. In this exploratory study, the authors introduce previous research streams about lifestyles and market segmentation, and segment 685 domestic private vehicle users based on their lifestyles. The factor analysis delineates twelve underlying dimensions of lifestyles: pursuit of health and beauty, brand pursuit, diversity pursuit, epicurism, emphasis on the relationship, internet use, savings, individualism, leisure activities, buying behaviors, planned purchase, consumption-oriented. Then, second-stage clustering analysis, which consists of the hierarchical clustering and non-hierarchical clustering optimization methods, is conducted because hierarchical clustering makes it easy to calculate, and is widely used, but its reliability is being argued, so the authors conduct both hierarchical and non-hierarchical clustering analysis. Generally, non-hierarchical clustering lengthens the calculation process or makes calculation impossible as the number of individuals increases, and may make an objective function, which is supposed to reflect the accuracy of clustering, inappropriate. As regards the procedure of second-stage clustering, while the first stage determines whether new individuals are incorporated into the existing cluster by the distance criteria, or whether they are formed into a new cluster, the second stage transforms such preparatory clusters into cluster solutions through the hierarchical clustering process and the similar clustering cohesion stage, and automatically determines the number of clusters using the statistical criteria. On the basis of second-stage cluster analysis, the authors identify the response differences about demographic and car-related characteristics among lifestyle groups. And then, after analyzing each market segments, the authors label 4 different user groups as follows-(1) young LOHAS pursuit segment, (2) showing off consumers, (3) self-fulfillment segment, and (4) encourging thrift and economy segment. The characteristics of each group are as follows. Consumers of Group 1, “young LOHAS pursuit segment,” tends to pursuit beauty and health and highly uses internet. Almost 80% of consumers are 30’s to 40’s married male. They show the highest individual behavior tendency among 4 groups. Compared to other groups, this group has low income, but consumption-oriented due to fewer number of family members and high disposal income. Most of the members of this group own Hyundai Sonata or Grandeur and show the highest satisfaction rate but lowest re-purchase intention. The second segment, “showing off consumers,” tends to pursue brand and diversity. Related to car life, driving experience of this segment is about 15 years and they prefer imported car and are concerned with auto performance. Group 3 is not involved in brand issues in choosing car, has lower income, and is not worried about savings. They concerns with leisure and epicurism in their life. This segment is labeled “self-fulfillment segment” and accounts for 19% of the population. Finally, the fourth segment accounts for 34% of the population and labels “encouring thrift and economy segment.” Compared to other segments, the percentage of women is quite high. People within this group are sensitive to the price of car when they choose the car, and prefer Renault Samsung brand. The results of this study indicate that there are significant differences in lifestyle, demographic, behavioral variables between these four segment. The findings imply that car manufacturing firms can segment domestic customers as 4 different markets and should diversify their marketing strategy based on the market segment. The research implications, limitation and further research of this study are discussed.

우리나라를 비롯한 대부분의 선진국들은 주요세목이 납세자의 자발적인 신고에 의해 세액이 결정되는 신고납부제도를 채택하고 있는데 과세 당사자인 납세자와 과세권자의 입장은 서로 다르다고 할 수 있다. 본 연구는 납세순응을 위한 제도적 정책적 요소에 대한 연구 외에 납세자와 과세권자, 세무대리인 등 조세관련 이해관계자 집단 간에 납세순응에 대한 인식의 차이가 존재함을 확인하였다. 이러한 인식의 차이가 납세순응도의 상승에 걸림돌이 될 수 있다고 판단되어 각 집단 간의 인식의 차이를 파악하기 위하여 이해관계자 집단을 대상으로 설문조사를 실시하여 납세순응도에 대한 인식도 차이분석과 영향분석을 실시하였다. 본 연구는 이를 토대로 현행제도의 문제점을 살펴보고 납세순응도를 제고시킬 수 있는 개선방안을 도출하기 위한 목적으로 수행되었다. 본 논문의 연구방법은 문헌자료를 이용한 이론적 연구와 설문에 의한 통계적 연구를 병행하였으며, 납세순응도 및 조세관련 이해관계자 집단 간의 신뢰도를 정확하게 파악하기 위하여 설문대상자를 납세자와 세무대리인 과세권자 등 세 집단으로 구분하여 연구에 활용하였다. 연구범위는 국세 중에서 사업소득세와 법인세를 중심으로 연구를 진행하였다. 통계적 연구방법으로는 빈도분석을 위주로 전반적인 인식의 차이분석을 실시하였고, 추가분석으로 연구가설을 설정하여 집단별 납세순응에 대한 차이를 검증하였다. 본 연구는 통계분석을 근거로 하여 전반적인 해석과 정책적 시사점을 정리하였다.

The duty of tax payment is the constitutional duty in the Steuerstaat; this is the common phenomenon in almost all of the countries too. There should be a strict legal basis for the duty of tax payment, at the same time the burden should be fair. The most of advanced countries including our country adapt the report and payment system, the position of taxpayer as the person directly involved in the taxation and the taxation subject may be mutually different. Accordingly in this study, as there exist the perception gap in connection with the tax payment compliance between the group of parties concerned in terms of taxation such as the taxpayer, the taxation subject and the taxation agent, etc. besides the study for the systematic and political factors for the tax payment compliance, it has been judged that these perception gap might be the setback in the increase of tax payment compliance. Hence, in this study, the perception gap analysis and the impact analysis for the tax payment compliance have been performed to check the perception gap between each group by carrying out the survey targeting the group of parties concerned, this study has been carried out for the purpose of deducting the improvement plan capable of enhancing the tax payment compliance finally by examining the point in dispute in current system based on this. The method of this paper was the theoretical study using the bibliographical data in parallel with the statistical study by the survey, the survey has been carried out by separating 3 groups actually corresponding to the persons directly involved in the tax payment compliance such as the tax officials, the taxpayers and the taxation agent capable of influencing on the tax payment compliance among these to understand the tax payment compliance and the reliability accurately among the groups of parties concerned in terms of the taxation, the statistical data corresponding to the actual sense has been collected and utilized in the study. The range of study was the national tax occupying 80% of whole tax revenue as the center, the perception gap of tax payment by the group has been identified with the study for the business income tax, the corporate income tax of big weight above all as the items of taxation as the center. Statistically the analysis for the general perception gap on a frequency analysis basis has been carried out, the study hypothesis as the additional analysis has been established to verify the identified contents statistically in the frequency analysis and the perception gap of tax payment by the group with the variance analysis, the cross analysis and the validation analysis has been verified, the impact relations for the factors effecting on the tax payment compliance by conducting the regression analysis has been verified. This study arranged the general interpretation and the political suggestions based on the statistical analysis, is the first study verifying the difference in the perception gap of tax payment between the group involved directly with the action of payment of taxes. The result of this study is summarized as follows:First, as a result of the bibliographical study, it has been identified that the restriction system in the aspect of contents and practical operation has more weight compared to the attractive system of payment of taxes. Second as a result of the frequency analysis for the perception gap such as the tax payment compliance, etc. the general perception of tax payment, the degree of tax burden, the fairness of tax payment, the scale of tax evasion, the exposure degree of tax evasion, the state of taxpayer in case 100% of tax evasion is collected in addition, the factors causing the difficulty to enhance the tax payment compliance, the tax payment compliance of taxpayer of current, past and by whole period, the restriction and carrot system for the tax payment compliance, the perception of taxation friction, etc. have been found clear by the group, especially the perception gap in the taxpayer and the tax official is appearing comparatively substantially compared to the taxation agent. Third, there existed the perception gap between the group of variance analysis and the cross analysis definitely for the verification of hypothesis as a result of additional analysis, especially the perception gap between the tax official and the taxpayer was substantial, the taxation agent recognized it moderately, the perception gap of tax payment compliance between the group of the survey object by the age, the employment history and the business behavior has been identified not substantial.

본 연구는 기업사회공헌 활동과 조직몰입과의 관계를 확인하기 위한 연구로 평직원을 대상으로 진행된 설문조사 및 조사 결과에 대한 순서 로지스틱 회귀분석을 통해 이루어졌다. 설문조사 결과에 의하면, 기업사회공헌에 대한 평직원의 인지도 및 공감도는 상당한 수준으로 확인되었다. 이는 기업사회공헌이 경영 관리층의 인식에서 확산하여 기업전체의 경영이념으로 확산하고 있음을 의미한다. 또한, 기업사회공헌의 가치에 대한 신뢰 수준도 상당히 높은 것으로 나타났다. 그러나 회사의 기업사회공헌 경영 방침에서 직원들의 참여 및 의견수렴 과정은 다소 미약한 것으로 나타났다. 회사 경영관리층과 노조 중 기업사회공헌 활동을 누가 주도하는 것이 더 효과적인가에 대해서는 유의한 차이가 존재하지 않는 것으로 나타났다. 기업사회공헌과 조직몰입의 관계를 분석한 회귀분석 결과에 의하면, 기업사회공헌 활동에 대한 직원의 참여도/인지도/공감도가 높을수록 회사에 대한 애사심/자부심/만족도가 강하고 노사 간 의사소통이 원활한 것으로 확인되었다. 또한, 직원들이 기업사회공헌의 가치를 신뢰할수록 회사에 대한 애사심/자부심/만족도가 강한 것으로 확인되었다. 반면, 기업의 사회공헌 활동에 비판적인 직원은 회사에 대한 애사심/자부심/만족도가 약한 것으로 나타났다. 따라서 기업사회 공헌과 조직몰입 간에 유의미한 관계가 있음을 확인할 수 있었다. 기업사회공헌에 관한 선행연구들은 기업사회 공헌 활동에 대한 직원의 직접적인 참여 경험이 기업에 대한 소속감과 몰입도를 향상하고, 긍정적인 태도를 형성하는 성과를 이끌어낸다고 주장한다. 본 연구결과는 이들 선행연구의 주장을 실증적으로 지지하고 있다. 다만, 본 연구 결과만으로 기업사회공헌 활동의 영향에 의해 조직몰입의 강도가 결정된다고 판단하기에는 한계가 있을 수 있다. 애사심이 높은 직원이 기업사회공헌에 적극적일 수 있는 역의 인과관계가 존재할 수 있기 때문이다. 따라서 본 연구는 기업사회공헌이 애사심을 고양할 가능성이 있다는 부분적 증거로 해석하는 것이 타당할 것으로 판단된다.

Corporate social contribution (CSR) has evolved to a management strategy embodied in the overall business activities of modern management. However, it has still remained questionable whether CSR is mostly driven by management activities with relatively passive participation of employees. We conducted a survey study regarding CSR to rank-and-file employees. Survey respondents are working for three different companies belonging to pharmaceutical industry, heavy industry, construction industry. Using the survey results, we analyze the relationship between organizational commitment and CSR activities. The main interest of our study lies in the research question, whether CSR activities could enhance organizational commitment of employees. If employees turn out to get a stronger organizational commitment through participating CSR activities, then the result would imply that CSR would contribute to value creation. According to the survey results, employees keep significant level of awareness and agreement on CSR activities of their firms. This result implies that CSR has been spreading and diffusing to the entire enterprise, not just remaining in the management level. We have also confirmed that employees have considerably higher level of confidence in the value of CSR. The survey results report that employees believe that CSR activities of their firm would significantly enhance firm reputation and brand power. However, employees feel that they have somewhat little chance in involving in policy- and consensus-building process of CSR. The result also shows that employees feel no significant difference in effectiveness in leading CSR activities between management and workers’union. In analyzing the relationship between organizational commitment and CSR activities, we choose several proxy variables for organizational commitment and CSR activities. Proxy variables for organizational commitment include employees’ affection and pride in their firm, job satisfaction, and labor-manager relationship. Variables for CSR activities are categorized by three kinds: 1) variables measuring the degree of employees’ voluntary involvement in CSR activities, 2) employees’ belief in positive effect of CSR on corporate value creation. 3) less critical sentiment of employees to CSR. From the order logit regression analysis, we have found a strong between CSR and organizational commitment. Employees with more engagement on CSR activities have stronger organizational commitment, i.e. more affection, higher pride and stronger satisfaction in their firms. They also maintain closer communication between labor and management. On the other hand, employees who are critical against CSR have less affection, pride, and satisfaction in their firms. Prior studies by Gilder et al. (2005), Larson (2001), Maignan et al. (1999) claim that the direct involvement and experience in CSR activities lead to a positive job attitude and eventually to performance improvement. Our empirical study provides with supportive evidence of prior studies. The main contribution of this study is to provide empirical evidence that shows a positive correlation between CSR and organizational commitment. Since we have not, in this study, incorporated objective financial data of firms, we could not provide more direct relationship between CSR and firm value maximization. We would leave it for future research. We note a limitation of our study regarding causality between CSR and organization commitment. The result of our study cannot be directly interpreted as strong evidence that CSR determines the level of organizational commitment because the reverse relationship can still hold. That is, the results of empirical study cannot exclude the possibility that employees with more affection, higher pride and stronger satisfaction in their firms may involve more actively with CSR. Thus the results of our study would be interpreted evidence for showing the positive correlation between CSR activities and organizational commitment, rather than cause and effect relationship between them.

본 연구는 전자상거래 맞춤서비스에서 고객구매의도에 대한 영향요인을 고객의 지각된 위험에 초점을 두고 파악해 보았다. 독립변수요인으로는 제품과 서비스 및 거래과정에 대한 고객의 지식, 서비스편리성, 기업과 브랜드 명성 등이 도입되었다. 종속변수요인으로는 고객구매의도, 그리고 매개변수요인으로는 맞춤거래 에서 고객이 지각하는 위험 요인이 도입되었다. 연구는 주요 고객그룹에 대한 설문조사와 수집된 자료에 대한 구조방정식모형 분석을 통해 이루어졌다. 연구결과, 고객의 지식은 지각된 위험과 고객구매의도에 모두 유의한 영향을 주는 중요한 변수인 것으로 나타났다. 서비스편리성은 지각된 위험에는 유의한 영향을 주지 않으나 고객구매의도에는 유의한 영향을 주는 것으로 나타났으며 기업과 브랜드 명성은 지각된 위험에는 유의한 영향을 주지만 고객구매의도에는 유의한 영향을 주지 않는 것으로 확인되었다. 연구결과는 맞춤서비스가 전자상거래 에서 활성화되기 위해서는 서비스편리성이나 기업의 명성도 중요하지만 우선 고객이 맞춤 제품과 서비스, 그리고 그 거래과정에 대한 적절한 수준의 지식을 갖도록 할 필요가 있다는 점을 시사해 주고 있다. 반면에 전자 상거래에서 중요한 요소로 인식되고 있는 제품과 서비스 여부, 맞춤의 수준, 가격대 등은 위계적 회귀분석 결과 예상과 달리 고객구매의도에 의미가 있는 유의한 영향을 주지는 않는 것으로 확인되었다.

In this study, three independent and a mediating factors affecting customer purchase intention in customized services in electronic commerce were extracted and the relationships among factors were examined. Three factors of 1) customer knowledge, 2) service convenience, and 3) firm and brand reputation in electronic commerce were incorporated as independent factors. In addition, customer perceived risks and purchase intention in transactions of customized services in electronic commerce were adopted as mediating and dependent factors. Research hypotheses in this study were established focusing on the relationships among selected independent, mediating and dependent factors as belows. H1: Customer knowledge on customized services will affect decreasing customer perceived risks in customized services in electronic commerce. H2: Customer knowledge on customized services will affect increasing customer purchase intention in customized services in electronic commerce. H3: Degree of service convenience will affect decreasing customer perceived risks in customized services in electronic commerce. H4: Degree of service convenience will affect increasing customer purchase intention in customized services in electronic commerce. H5: Firm and brand reputation will affect decreasing customer perceived risks in customized services in electronic commerce. H6: Firm and brand reputations will affect increasing customer purchase intention in customized services in electronic commerce. H7: Customer perceived risks will affect decreasing customer purchase intention in customized services in electronic commerce. From the research results, two independent factors of customer knowledge and reputation significantly affected customer perceived risks and purchase intention in customized services in electronic commerce, and service convenience significantly affected customer purchase intention directly. In addition, the factor of customer perceived risks did a role as mediating factor partially between independent factors and customer purchase intention. Therefore, managers and strategy establishers in customized services need to consider customer knowledge, service convenience, and reputation to improve customer perceived risks and increase customer purchase intention in electronic commerce. In this study, data for analysis were collected through customer surveys and statistically analyzed through exploratory factor analysis and structural equation modeling.

본 연구는 정책자금을 지원받기 직전년도 말 재무성과와 정책자금을 지원 받은 3년차 말 이후 재무 성과 누계평균의 비교를 통해 중소기업에 지원하는 중소기업진흥공단의 정책자금이 중소기업의 매출액영업 이익률과 이자보상비율에 미치는 영향을 분석하였다. 중소기업진흥공단으로부터 정책자금을 1회 지원받은 중소기업으로 2005년부터 2011년까지 7개년 동안 결산 재무제표가 있는 기업 중에서 12월 결산법인 154개 중소제조업의 361개 재무제표를 사용하여 회귀분석을 하였다. 연구결과는 다음과 같다. 첫째, 정책자금을 지원 받은 3년차 말 이후가 정책자금을 지원받기 직전년도 말보다 수익성비율인 매출액영업이익률에 유의한 양(+)의 영향을 미치고 있음을 발견하였다. 이는 대기업에 비하여 상대적으로 자금조달 능력이 취약한 중소기업에 낮은 금리로 지원하는 정책자금이 매출액영업이익률을 향상시키는데 긴요한 경영자금으로 활용되고 있음을 보여주고 있다. 둘째, 정책자금을 지원 받은 3년차 말 이후가 정책자금을 지원받기 직전년도 말보다 안정성비율인 이자보상비율에 유의한 양(+)의 영향을 미치고 있음을 발견하였다. 이는 정책자금의 지원으로 현금흐름이 좋아져 금융비용을 부담할 여력이 증가하고 수익성이 향상되는 긍정적 재무성과가 실현됨을 보여주고 있다.

This study aims to analyze the effect of the Small and Medium Sized Enterprises (SMEs) policy lending programs on the financial performance and deducts implications. This study compares before and after the SMEs policy lending programs support and analyze the effect and the causality. To find the causality, the comparison of the financial performance and the cumulative average between the data of a year before the SMEs policy lending programs support and the data of 3-years after. The targeted period of research is from 2005 to 2011, 7 years. The samples are the enterprises that received SMEs policy lending programs from SMEs. Also, they have financial statements from 2005 to 2011, 7 years in a row, and ends fiscal year in December. The enterprises which changed accounting period during the targeted period and had inaccuracy in the financial statements are excluded. In total, 154 SMEs and 361 financial statements are selected and analyzed using regression. The research result as follows. Firstly, the result of analysis shows SMEs policy lending programs are effective as the financial performance shows the statistically significant improvement after starting SMEs policy lending programs than before. That is, it is true that SMEs who have relatively vulnerable funding ability compare to conglomerates can take advantage of low interest policy funds. This also implicates the estimation of the achievement through SMEs policy lending programs can be used for the reconsideration of effectiveness of the support policies and the improvement of shows SMEs support policies. Secondly, it is found that after the end of 3rd year of starting SMEs policy lending programs shows statically significant positive effect on the operating profit to net sales ratio, which is a profitability ratio, and the interest coverage ratio, which is stability ratio, compare to before starting the SMEs policy lending programs. SMEs policy lending programs provide preferential and available conditions such as low interests and long-term loan than private financiers. So, SMEs policy lending programs improve cash flows, and this helps SMEs to afford financial costs and increase revenue. As a result it brings a positive financial performance improvement. Thirdly, it is found that interest coverage ratio, which is stability ratio, affects the profitability positively. This shows SMEs policy lending programs affect positively to the financial soundness by functioning such as increasing ability to cover interests as operating profit to net sales ratio, which is profitability ratios, affects the current ratio. Fourthly, it shows the performance in facilities funding exceeds the performance in working funds even though SMEs provides both facilities funding and working funds in parallel. This means SMEs require large sums of facility funds at once for such as mechanical equipment purchase, plant construction, expansion, renovation, premise purchase, and apartment-type factory purchase, and the achievement is excellent when SMEs supports it through SMEs policy lending programs. Lastly, the proportion of SMEs policy lending programs provides positive effect on interest coverage ratio, which is profitability ratio, and operating profit to net sales ratio, which is stability ratio.

기업의 재무정책과 관련된 이슈는 새로운 투자에 대한 합당한 기준을 설정하는 것이다. 토빈(1969)은 주식의 시장가치가 실물자본의 재생산비용보다 클 경우만이 기업은 투자할 유인을 가진다고 주장하였으며 이는 토빈의 q가 1보다 큼을 의미한다. 그러나 Auerbach(1979)와 Armitage(2005)는 개인소득세가 존재하여 배당 소득세가 자본이득세보다 크고 투자자금의 원천이 유보이익이라면 토빈의 q가 1보다 작다고 하더라도 투자할 유인이 생긴다고 주장하였다. 본 연구는 확실성하에서 개인소득세가 존재할 경우에 기업의 재무정책과 관련된 투자결정의 기준으로 Auerbach(1979)와 Armitage(2005)에 의한 Auerbach의 q의 산출과정에 대하여 살펴 보고 이들의 연구를 보다 재무론적인 관점에서 심도있게 분석하고자 하였다. 이를 위하여 먼저, Auerbach (1983)에 기초한 항상성장 배당평가 모형에 의거하여 신주발행시의 자본비용과 유보이익의 자본비용을 유도 하였다. 그리고 만약 q가 하락한다면 자본비용이 상승함을 증명함으로서 기업의 자본비용과 Auerbach의 q와는 서로 음(-)의 관련성이 있음을 보이고자 하였다. 다음으로, 개인소득세가 존재할 경우에 새로운 투자에 대한 유보이익의 투자기준은 이 됨을 보이고 이를 토대로 기업의 재무정책에 대한 투자결정의 기준을 마련하고자 하였다.

An issue related to the firm financial decision is the proper criterion for new investment. Tobin (1969) has argued that firm will have an incentive to invest when the market value of the firm is greater than the reproduction cost of the capital. This implies that . Personal income taxes affect the after-tax return to equity financing. Two taxes are relevant, namely the dividend income tax, the capital gain tax. Under personal income taxes, Auerbach (1979) and Armitage (2005) has suggested that, even though the market value of the firm is less than the reproduction cost of the capital, that is , firm has an incentive to invest for new investment if the investment source is retained earnings. They argued that the cost of equity is less if the investment source is retained earnings than if the source is new issues assuming that the dividend income is more than the capital gain tax. In this paper, under a world of certainty, we explore once more the determination of firm equity policy and investment on the basis of Auerbach (1979) and Armitage (2005). For this purpose, first, we try to derive the cost of equity for new issues and the cost of equity for retained earnings using the constant growth dividend discount model on the basis of Auerbach (1983). Using this model, given that the proportion of profits is retained, we derive the cost of equity for new issues before personal tax, . Also, the cost of equity for retained earnings before personal tax, is derived by letting . From this, we find the cost of equity is affected by the capital gain tax rate but not the dividend income tax. Second, using the cost of capital for retained earnings before personal tax with no arbitrage condition, we derive the Auerbach’s which is, . The fact that the Auerbach’s is less than 1 means that the market value of the firm is less than the replacement value of its assets. Also, if , there will be no retention. Shareholder wealth is greater if all profits is paid as dividend. If , investment from retention is preferred compared with paying out dividend. If , both investment from retention and investment from new issues are worthwhile. Third, we try to link this cost of equity to ratio. That is, a change in ratio implies a change in the cost of equity; if is going to fall next period, there will be a capital loss on shares, and the new cost of equity exceeds the original cost of capital for retained earnings under equilibrium condition. In addition, with , we derive the cost of capital for new issues in single period, , which is the same as Auerbach (1983), for proving that this cost of equity is also exceeds the cost of capital for retained earnings. Finally, we analyse how the market value may fall below reproduction cost of capital in a economy. By this analysis, we conclude that if , firm will not issue new shares to finance investment. But, they will reinvest all of their retained earnings in new capital.

본 연구는 팀 목표 지향성(학습 지향, 성과 지향)과 팀 조직시민행동(변화지향, 대인지향) 간의 관계에 대한 팀 효능감의 매개효과를 회귀분석을 통하여 검증하고자 하였다. 자료수집기간은 2011년 7월부터 2011년 12월까지 6개월간이었으며, 18개 기업의 117개 팀에 속한 117명의 팀장과 641명의 팀원의 응답이 최종적인 통계분석에 사용되었다. 독립변수로는 팀의 학습 목표 지향성과 성과 목표 지향성을, 매개변수로는 팀의 효능감을, 종속변수로는 팀의 변화지향 및 대인지향 조직시민행동을 사용하였다. 회귀분석 결과, 팀의 목표 지향성(학습 지향, 성과 지향)은 두 유형의 팀 조직시민행동과 유의미한 관계를 갖지 않는 것으로 나타났다. 그러나, 팀의 학습 목표 및 성과 목표 지향성은 팀 효능감과 각각 유의미한 정(+)의 관계를 나타내었으며, 팀 효능감은 팀의 변화지향 및 대인지향 조직시민행동을 유의미하게 예측한다는 사실이 발견되었다. 더욱이, 팀 효능감은 팀의 학습 및 성과 목표 지향성과 변화지향 및 대인지향 조직시민행동 간의 관계에 유의미한 매개효과를 갖는 것으로 나타났다. 이러한 결과는 목표 지향성 및 조직시민행동 연구에 이론 및 실무적인 시사점을 제시한다

Organizations use a team-based structure to respond quickly to environmental changes and customers’ needs. Each team member brings different skills, knowledge and experiences into a team, which contribute to the performance of the team. Team goal orientation has been a key variable that has received considerable interest from researchers as a predictor of team performance (Bunderson and Sutcliffe, 2003). Goal orientation is a disposition which refers to the personal goal preferences in achievement situations (Dweck and Leggett 1988). Goal orientation can be classified into learning orientation and performance orientation (Dweck, 1986; Dweck and Leggett, 1988). Team goal orientation refers to the shared perceptions of team members regarding their teams’ climate and achievement goals (Bunderson and Sutcliffe, 2003; Dragoni, 2005). Team goal orientation has been found to predict a number of team outcomes such as team adaptation, team performance, team efficacy, and team commitment (Bunderson and Sutcliffe, 2003; DeShon et al., 2004; LePine, 2005; Porter, 2005). The purpose of this study was to investigate the mediating role of team efficacy in the relationship between team goal orientation and team organizational citizenship behavior (OCB). OCB is defined as extra-role, discretionary behavior that can enhance organizational effectiveness (Organ, 1988). Due to the increase in job complexity and task interdependence, team members’ voluntary effort and cooperation have become progressively important to team functioning and effectiveness. In the present study, we propose team learning and performance goal orientation as antecedents of team OCB. More specifically, we predict that team learning goal orientation will be positively associated with team change-oriented OCB, whereas team performance goal orientation will be positively related to team interpersonally-directed OCB (OCBI). We also expect that the two types of goal orientation will have a significant relationship with team efficacy, which in turn will significantly predict team change OCB and OCBI. Furthermore, we propose that team efficacy will mediate the relationships between team learning goal orientation and change-oriented OCB and between team performance goal orientation and OCBI. To test these propositions, we collected survey-based data from 117 leaders and 641 members of 117 teams from July, 2011 through December, 2011. To reduce problems resulting from common method variance, we used team members’ responses as measures of team goal orientation and efficacy and team leaders’ ratings as measures of team-level change OCB and OCBI. The results of the regression analysis demonstrated no direct links between the two types of goal orientation and team-level change OCB and OCBI. However, as predicted, both team learning and performance goal orientation were positively related to team efficacy, and team efficacy had a significant, positive relationship with team-level change OCB and OCBI. Furthermore, the relationships between the two types of goal orientation and team-level change OCB and OCBI were mediated by team efficacy. These findings suggest that although team goal orientation did not directly affect team OCB, team goal orientation was linked to team OCB through the intervening mechanism of team efficacy. The findings of the present study provide important theoretical and practical implications for team research.

기업분할은 상법에서 인정되는 매우 특수한 형태로서 기업은 기업분할을 통해 성과가 뛰어난 사업군과 성과가 좋지 못한 사업군을 분리하여 기업의 발전을 도모하는 등 기업분할의 경제적 가치는 매우 크다. 또한 기업분할이 실행되면 시장 참여자들은 기업을 재평가하는 계기가 되고 이는 기업의 시장가치를 끌어올리는 역할을 수행하기도 한다. 본 연구에서는 2001년부터 2010년까지 10년 동안 기업분할을 공시하고 실시한 265개 기업들을 대상으로 누적평균초과수익률을 분석하고 회귀분석을 통해 분할공시가 주가에 미치는 영향과 원인을 분석하였다. 검증결과를 살펴보면, 사건발생 전후 20일을 기준으로 한 사건연구에서 모든 집단의 누적평균초과수익률(CAR)이 사건발생 당일 최고치를 기록하고 이후 하락하였으며, 그 효과는 각 집단별로 다르게 나타나는데, 거래소와 물적분할 집단의 경우 누적평균초과수익률(CAR)이 그대로 유지가 되는 것으로 나타났으나 코스닥과 인적분할 집단의 경우는 누적평균초과수익률(CAR)이 사건연구기간 동안에 거의 소멸 되었다. 기업분할공시의 장기적 효과를 보면 장기적으로 부(-)의 장기누적평균초과수익률(CAR)이 나타나는 것을 확인했다. 금융위기가 포함된 기간의 영향을 배제하고 살펴본 결과는 금융위기 전 기간에 장기누적평균 초과수익률(CAR)은 대체로 정(+)의 값을 가지는 것으로 나타났으나 금융위기 후 기간에서는 장기누적평균초과 수익률(CAR)은 부(-)의 값을 나타냈다. 이는 기업분할공시의 공시효과는 장기적으로 소멸되는 것을 나타내는 것으로 보인다. 사건일 누적평균초과수익률(CAR)의 발생 원인을 분석하기 위한 회귀분석결과는 배당이 적고, 당기 순이익이 높은 기업일수록 기업분할공시에 대한 시장반응이 큰 것으로 나타났다. 이를 연도별로 나누어 보면 금융위기가 포함되지 않은 2001년부터 2005년까지는 분할 유형별로 혹은 기업이 속해 있는 시장 유형별로 누적평균초과수익률(CAR)이 영향을 받는 것으로 나타났으나 금융위기 기간이 포함된 결과에서는 영향을 받지 않는 것으로 나타났다. 회귀분석에서 유의한 결과를 낸 변수들과 더미변수와의 상호작용 가능성을 검증하기 위해 교차회귀분석을 실시한 결과 전체 샘플에서는 동일한 배당성향을 가진 기업이더라도 시장이 코스닥일수록 누적평균초과수익률(CAR)에 미치는 영향이 커지는 것으로 나타났으며, 금융위기 이전의 샘플에서는 동일한 기업자산을 보유하더라도 기업이 거래소 시장에 속한 것일수록, 인적분할 형태의 기업분할일수록 누적평균초과 수익률(CAR)에 미치는 영향이 컸다.

The corporate divestiture, as a special type of corporate restructuring, which is allowed under commercial law, is economically important in that companies separate business sectors with high performance from those with low performance in order to enhance the firm value. In addition, in the case of the corporate divestiture, market participants have a chance to increase the stock price, which also plays a role to raise the market value of the firm. This study analyzes the cumulative average abnormal return (CAR) of 265 firms that have implemented the corporate divestiture for 10 years, from 2001 to 2010, and investigates the effect of split-off disclosure on stock price using regression analysis. In the event study during 20 days before and after the corporate divestiture, it was revealed that the cumulative average abnormal return (CAR) was the highest on the day of the event and then it decreased. While, in the short term, the market looked efficient and the disclosure of the split-off appeared to be accepted positively into the market, the effect varied according to each of groups. In the groups of the exchange market and physical spilt-off, the abnormal return stayed the same. On the other hand, in the groups of KOSDAQ and spin-off, the abnormal return almost vanished during the event study period. Although long-term cumulative average abnormal return (CAR) was calculated for the long-term effects of the disclosure of the corporate divestiture, it was found as the negative (-) cumulative average abnormal return (CAR) in the long-term It is considered that the market participants accept the long-term effect of corporate divestiture in the negative. According to the result of long-term effect of the divestiture, excluding the period including global financial crisis, the long-term cumulative average abnormal return (CAR) about the corporate divestiture showed the difference before and after the global financial crisis. Before the global financial crisis, long-term cumulative average abnormal return (CAR) was mostly positive (+) valued, but after the global financial crisis, it was found as negative (-) valued. During those periods, it is likely that the investors accept the effect of the corporate divestiture in different ways. In accordance with the result of regression analysis to assess the cause of cumulative average abnormal return (CAR) at the day of the stock split, the more current net income and dividend they had, the more market response for the stock split they got. In case of the period between 2001 and 2005, that did not experience the global financial crisis, cumulative average abnormal return (CAR) was affected by the types of the divestiture or market, but when the period of global financial crisis were included, it was not affected. In order to verify the possibility of interaction between control variables and dummy variables for divestiture and market types, we did execute the switching regression analysis and find that during the whole period, the interaction effect of variables-PD (propensity to dividend)×market type - were meaningful. The interaction effect was bigger when the market was KOSDAQ. In the sample period before the global financial crisis, even though the size of firms is almost same, the stock spilt affected more on the cumulative average abnormal return (CAR) in case of exchange markets and spin-off.

본 연구는 벤처기업의 성장단계별 특성을 반영하여 맞춤형 벤처기업 지원정책방향과 정책의 필요성을 제시하기 위하여 현행 벤처기업지원정책의 실효성을 체계적으로 분석하였다. 이를 위해 벤처기업지원정책에 대한 405개 벤처기업의 설문결과와 성과변수를 이용하여 벤처기업지원정책의 성과결정요인을 분석하였다. 벤처 기업의 실효성에 대한 설문결과, 벤처기업의 세제지원정책과 자금지원정책이 정책수요자인 벤처기업 관점에서 가장 만족스러운 벤처기업지원정책으로 평가되었고 벤처기업들의 성장경로 즉 벤처확인유형, 창업자유형 및 성장단계측면에서 정부의 벤처기업에 대한 세제지원정책과 기술지원정책이 통계적으로 유의하게 나타났다. 또한 벤처기업지원정책이 재무성과에 미치는 효과를 분석한 결과, 과반수의 모형에서 기술정책과 창업정책이 재무성과에 부정적인 효과를 미치고 있는데 이는 기술수준이 상대적으로 낮은 일반기업체 출신과 창업기․ 성숙기에 속해 재무성과가 미진한 벤처기업들의 정책실효성이 높기 때문이다. 특히 대표자 특성 중 일부에서 대표연령과 창업자여부가 재무성과에 긍정적 영향을 미쳤다. 전술한 결과에 의하면 벤처기업들에 대한 세제지원 및 자금지원정책의 실효성이 높다는 사실과 회귀분석에서 기술 및 창업지원정책의 역효과 역시 벤처기업의 자금, 기술 및 창업측면의 어려움을 반증하고 있다. 따라서 향후 벤처기업정책은 최초 벤처인증 소요기간을 고려하여 현재 지원대상기업의 업력을 1～2년 연장하는 것이 시급하다. 이와 함께, 벤처지원조건으로서 업력 이외에 다양한 재무제표 등의 지원기준 도입이 요구된다. 끝으로 정부가 벤처기업에 대한 지원정책을 입안하는 과정에서 지원정책의 실효성 제고를 위해 벤처기업의 특성 즉 벤처기업의 확인유형, 창업자유형 및 성장단계 등을 고려하여 유연한 지원전략을 수립하는 것이 타당하다.

Recently, Korean economy is regarded as nutcracker which means that we are being sandwiched between high tech advanced countries and low cost developing countries. In order to emerge from the hostile condition, we are committed to nurturing creative and high tech small giants especially in creative economy. Therefore, we are urgently in need of fostering technology and creativity based venture firms in the middle of unlimited global competition. Because of short firm age, asymmetric information generally prevent technology based venture firms from attracting external funds from the direct or indirect financing market. Especially they are not able to borrow bank loans due to lack of tangible assets or collaterals for technical commercialization. For the purpose of developing new products to maintain sustainable growth in future, they are in need of technician and marketing skills besides funds in reality. The goal of this research is to suggest the direction of venture policy with its necessity and test the effectiveness of individual venture policies, assessed by the beneficiaries of venture policies in order to boost the growth of venture firms in Korea. Using multiple regression analysis, we elucidate the pivotal variables that have statistically important role in financial performances such as EBIT/TA and EBIT/SALES based on the survey from 405 venture firms, operating during June 16th through July 16th in 2010. According to the descriptive data, 79% venture firms are in early and high growth period, 14.8% in maturity period, 4.2% in start-up and 2.0% in decline period. With respect to the location of firm, 209 (51.6%) venture firms are located in Seoul Metropolitan Area and the rest (48.4%) are business outside of Seoul Metropolitan Area. Venture firms operate in service and manufacturing industry such as machinery, electronic, IT and other manufacturing industry. 317 venture firms were confirmed by Korea Technology Finance Corporation (Kibo) but only 18 firms made use of venture capitalist's investment as stable long term funds. Prior job experiences of CEO are composed of general firms (75%), research institute (12%) and others (13%). The major results and policy implications are as follows. First, tax and financial policy for venture firms are considered as the most effective government measures among various venture policies in survey. Furthermore, the effectiveness of those policies are statistically different from other policies’ based on the type of venture confirmations, CEOs’ prior work experiences and growth stages. Second, at least half of analytic models show that technique and start-up policies have negative impacts on financial performances impling that comparatively low technique businesses, established from general firms and businesses in start-up or maturity, definitely in need of those policies, consider them as crucial for survival and growth. Especially CEO characteristic such as age and founder status, have positive effect on financial success in 2 out of 4 models because age of CEO and founder status imply the wide scope of social networks and strong commitment to success respectively. As a result, tax and financial assistances are highly effective venture measures from the survey as well as technique and start-up policy have negative impact on financial outcomes from the multiple regression analysis meaning that most ventures are definitely in need of extra funds, technique and start-up things for the survival. Consequently, firm age condition for venture assistance should be extended for the purpose of covering the actual time span of venture confirmation. Besides, other financial indicators are highly required to avoid the rigidity of unique firm age standard for venture business assistant policies. In conclusion, government should reconsider characteristics of venture firms such as venture confirmation types, CEO’s previous job experiences and growth stages in order to enhance the effectiveness of venture assisting policies. The contribution of this research is that we delve into the effectiveness of government venture policies, playing a significant role in venture ecosystem in Korea where market players for venture firms are in infancy in stead of government such SMBA (Small and Medium Business Administration) and reveal vital variables for venture firms’ performance. Our limitation of research is founded on the small number of observations which result in representativeness of samples. In future research, we should analyze time series analysis with more observations to find the dynamic performance and consider qualitative dependent variables.

본 연구에서는 M&A의 궁극적인 성공을 위해서는 M&A라는 조직변화에 따른 구성원들의 변화수용을 통해 새로운 조직에 대한 몰입이 중요하다는 인식을 기초로 기존에 연구된 연구를 기반으로 인적통합전략과 변화수용성, 그리고 조직몰입간의 관계를 살펴보았다. 이를 위해 본 연구는 2009년부터 2012년까지 M&A를 단행한 국내 기업의 기업구성원들 중 피인수기업출신 대상으로 실시하였으며 4개 업종의 24개 기업의 임직원들 대상으로 진행하였으며 설문대상은 360명이었다. 본 연구에서 설정된 연구문제를 검증하기 위하여 먼저, 조사대상자의 일반적인 특성을 알아보기 위하여 빈도분석을 실시하였고, 각 문항에 대한 타당도와 신뢰성을 확보하기 위해 요인분석과 신뢰성분석을 실시하였으며 변수들의 관계를 살펴보기 위하여 상관분석을 하였으며, 가설검증을 위하여 회귀분석을 통해 인적통합전략과 변화수용성, 그리고 조직몰입에 대한 인과관계를 살펴보았다. 실증연구의 가설검증을 요약하면 다음과 같다. 가설 1인 인적통합전략이 잘 이루어질수록 구성원의 변화수용성이 높아진다는 가설은 본 연구에서는 고용안정성, M&A 투명성, M&A 공정성, 커뮤니케이션, 임파워먼트로 살펴 보았다. 분석결과 고용안정성과, M&A 공정성, M&A 투명성, 임파워먼트는 잘 이루어질수록 변화수용성이 높아졌으나 커뮤니케이션은 그렇지 않은 결과가 나타났다. 가설 2인 변화수용성이 잘 이루어지면 조직몰입은 높아질 것이라는 가설도 채택되었다. 이는 구성원의 변화저항이 낮아지고 변화수용성이 잘 이루어지면 새로운 조직에 정서적 몰입과 지속적 몰입 그리고 규범적 몰입을 강화되는 것으로 피인수기업출신 구성원들이 인수된 기업에 대한 몰입이 높아지면 성공적인 조직통합은 물론 M&A 목표를 달성하기 위한 기본요건을 담보하는 것을 보여주는 결과일 것이다. 가설 3인 변화수용성은 인적통합전략과 조직몰입과의 관계를 매개할 것이라는 가설은 부분적으로 채택되었다.

Mergers and Acquisitions (M&As) of companies worldwide have shown a marked growth in terms of number and size, and this trend is continuing. Despite this trend, according to recent M&A studies, the success rate of M&As is still low. In summarizing the diverse studies, the overall success rate of M&As was found to be below 50%. Many studies have been conducted on the causes of the failure of M&As to meet expectations. The cause may be a failure in the integration and execution process after acquisition. It is significant that among these causes, problems in strategies and execution during the integration stage after acquisition have presented themselves as a very important cause of failure in M&As. Also, One major cause of failure in an M&A is that CEOs neglect human and organizational cultural integration and instead of focus only on the legal and financial aspects. Therefore, even if the strategic value of the M&A has been satisfactorily proven and made with appropriate terms and conditions, if integration between the two organizations is not successful, the related organizations may never achieve their goal. This Study, for the success of M&A, stand on the basis of the perception which members are accepted M&A and absorbed in this workplace, examined the relationship among human integration strategy, acceptance to organization change and organization commitment. For this study, data was collected by survey which are conducted by member from 2009 to 2012 to complete M&A. The sample was 360. It was from 4 industrial categories and 24 companies. In order to verify the problem of research, First, for the check a general characteristic of the member was conducted to the frequency analysis. Second, for each question to ensure the validity and reliability was conducted to the factor analysis and reliability analysis. Third, the relationships between variables in order to check the correlation analysis was conducted. Fourth, regression analysis to test the hypothesis were conducted. Empirical verification of the hypothesis can be summarized as follows. Hypothesis 1(Integration strategy has a positive effect on acceptance to organization) consisted on 5 variables, job stability, M&A transparency, M&A fairness, communication, empowerment. The result show that except for communication, job stability and, M&A transparency, M&A fairness, empowerment, the hypothesis was adopted. Hypothesis 2 (Acceptance to organization change has a positive effect on organization committment was also adopted. Hypothesis 3 (Acceptance to organization change has a role mediation between human integration and organization commitment) were partially adopted. Based on these findings, the implications and the limitations of the study were presented.

최근 국가간 무역장벽 제거를 골자로 하는 FTA가 많은 국가에서 체결되고 있다. 한국은 2000년대 들어 적극적인 FTA 정책을 채택하여 칠레, ASEAN, 미국, EU 등 47개국과 이미 FTA를 체결하였으며, 지속적으로 FTA 네트워크를 확대해 나가고 있다. 그럼에도 불구하고, FTA의 경제적 효과에 대해서는 논란이 계속되고 있는데, 이러한 논쟁의 종식과 보다 긍정적인 체결효과 유도를 위해서는 이미 체결한 FTA가 국내경제에 어떠한 영향을 미치고 있는가에 대한 체계적이고도 철저한 분석이 요구되고 있다. 본 연구는 한·칠레 FTA 체결 전후의 수출효과뿐만 아니라 시장점유율분석, 무역특화지수(TSI), 시장비교우위(MCA)지수, 수출결합도(IOT)지수 등 교역변수보다 보편화된 경쟁력 측정방법을 활용하여 한국 수출산업의 대칠레 경쟁력 변화를 종합적으로 분석하였다. 분석결과에 따르면, FTA 발효 이후 대부분의 산업에서 칠레 수입시장점유율, TSI와 MCA의 변화가 크지 않아 한국 수출산업의 대칠레 경쟁력 변화에는 크게 영향을 미치지 않은 것으로 나타났으며, 양국 모두에서 IOT가 1을 상회하고 있어 양국간 수출긴밀도는 높은 것으로 조사되었다. 한·칠레 FTA는 양국간 교역확대 측면에서는 성공을 거둔 것으로 평가할 수 있으나, 양국의 투자 확대효과는 상대적으로 미약한 편이다. 향후 FTA를 추진함에 있어서 상대 국가와 수출경쟁국 등을 고려하여 조기에 협상을 타결하는 것도 중요하지만, 유리한 조건으로 적시에 협상을 타결하는 전략이 필요하다. 또한 FTA 체결에 따른 선점이익을 계속하여 향유하려면 효과적인 FTA 이행을 위한 제도 마련 및 개선, 정보 교환 및 홍보 활동 등을 지속적으로 전개해 나가야 할 것이다.

Nowadays, all countries of the world are trying to sign a FTA (Free Trade Agreements) with other nations or blocks as a survival strategy for securing stable overseas markets and maintaining growth momentum since world economy is entering into the age of limitless competitions. According to WTO, the surge in RTAs (Regional Trade Agreements) has continued unabated since the 1990s. As of August 2013, some 370 RTAs, counting goods and services notifications separately, have notified to the GATT/WTO. FTAs and partial scope agreements account for 90% of these RTAs. FTA offers preferential status to participatory country by eliminating trade barriers and non- tariff barriers. Korea also turned to FTAs to secure its competitiveness by making partnership with other nations before competitors do. In order to preoccupy superior position, Korean government proceeded multilateral FTA negotiations simultaneously. Korea has steadily expanded its FTA network since the Korea-Chile FTA in 2004. Currently, Korea has FTAs with 47 trading partners including the world’s top three economic blocs, the U.S., EU, and ASEAN plus India. Korea-Chile FTA can be seen as a historical turning point for Korea being its first signed bilateral trade agreement. As a country in which growth is largely dependent on foreign trade, Korea initially needed to have an FTA partner having a complementary trading structure to Korea. This paper aims to analyze the changes in export competitiveness for korean industry after Korea-Chile FTA is signed. In particular, the changes measured by comparative advantage indexes of TSI, MCA, IOT, and M/S in oder to analyze the effect of Korea-Chile FTA. The changes in trade volume and competition condition over 2001 to 2012 are studied. Since the Korea-Chile FTA was implemented in 2004, both countries have strengthened the bilateral relationship between Korea and Chile by expanding and diversifying their commercial trade, as well as by offering more favorable policy measures compared to non-FTA partner countries. The findings from this study are as follows:First, the FTA have increased trade volume between Korea and Chile. Second, the FTA may not lead substantial changes in competitiveness to Korean products. Third, market share in Chile’ import market have increased. However, first-mover advantages of FTA have decrease as our rival nations such as China and Japan have concluded FTA with Chile. Fourth, since economic structure of Korea and Chile is complementary, trade concentration of goods is intensified. Based on the results of analysis, this study made several suggestions. In order to expand the benefits coming from FTAs, it is necessary for Korea to choose FTA partners considering trade partner diversification and the global recession.

다양한 이론적 관점에 입각한 리더십 연구의 흐름 속에서 Bolman과 Deal은 소위 리더십 프레임 (leadership frames)이라는 이론적 모형을 창안하여 제시하였다. 그간의 리더십 관련 연구물들이 매우 다양하고 복잡한 리더십 현상의 어느 한 측면만을 조명하고 밝히고자 주력한데 반해 리더십 프레임 모형은 부분적 범주에 국한되었던 이전의 연구와 관점들을 전체적으로 통합한 모형이라는 점에서 많은 연구자들로부터 그 가치를 인정받았다. 이 통합적 관점(a wholistic perspective)은 다원적 프레임 리더십(multi-frame leadership)이라는 개념을 낳았는데, 이는 리더십의 실재를 좀 더 포괄적이고 심화된(enlarged and enriched) 관점에서 명확히 밝히는데 주요 관심을 두고 있다. 본 연구는 프레임 리더십 모형에 입각하여 국내 IT관련 기업에서의 구조적, 인적자원적, 정치적 및 상징적 등 네 가지 관점의 리더십 프레임이 부하의 신뢰와 존경, 부서목표의 효과적 달성, 상사의 승진속도 및 진정한 리더로서의 인식 등 리더십 효과성 차원에 어떤 영향을 미치는지를 실증적으로 밝히는데 주된 목적을 두었다. 연구 결과, IT인력의 경우 네 가지 리더십 프레임이 전반적으로 리더십 효과성에 영향을 미치는 것으로 나타났다. 즉 구조적, 인적자원적 프레임은 부하의 신뢰/존경과 부서목표의 효과적 달성에, 정치적 프레임은 리더로서의 인식에, 그리고 상징적 프레임은 상사의 승진속도와 리더로서의 인식에 유의한 영향을 미치는 것으로 나타났다. 이는 선행연구들의 논의를 대부분 지지하는 결과로 IT업종의 경우 열악한 과업환경과 이로 인한 상대적인 박탈감, 개인간/부서간 갈등수준이 높다는 점에서 본 연구결과는 이러한 현실을 고려한 리더십 발휘가 요구된다는 점을 부각시키고 있으며, 이 점이 본 연구의 의의이다.

In the entangled streams of leadership studies based on the diverse perspectives, Bolman and Deal suggested an unprecedented unique leadership model named ‘leadership frame.’ Many researchers recognized this model so valuable in that it intended to assemble and integrate the partially highlighted aspects of leadership dimension that were approached with a confined perspective to a certain area, into a whole integrated one. This wholistic perspective resulted to create the concept of multi-frame leadership, whose main concern is to see thoroughly the leadership reality with more enlarged and enriched perspectives. Bolman and Deal suggested 4 types of ‘frame’ regarding leadership behavior of the leader as follows. First, the structural frame casts managers and leaders in the fundamental roles of clarifying goals, attending to the relationship between structure and environment, and developing a clearly defined structure appropriate to what needs to be done. The main job of a leader is to focus on task, facts, and logic, rather than personality and emotions. The structural frame suggests that most people-problems stem from structural flaws, not personal limitations or liabilities. Second, the human resource frame suggests that people are the center of any organization. If people feel the organization is responsive to their needs and supportive of their personal goals, you can count on commitment and loyalty. The job of a leader is support and empowerment. Support takes a variety of forms: showing concern for people, listening to their aspirations and goals, and communicating personal warmth and openness. The leader empowers through participation and openness and by ensuring that people have the autonomy and resources they need in doing their job. Third, the political frame suggests that managers have to recognize political reality and know how to deal with conflict. Inside and outside any organization, a variety of interest groups, each with its own agenda, compete for scarce resources. There is never enough to give all parties what they want, so there will always be struggle. The job of a leader is to recognize major constituencies, develop ties to their leadership, and manage conflict as productively as possible. Above all, leaders need to build a power base and use power carefully. Fourth, the symbolic frame suggests that the most important part of a leader’s job is inspiration -giving people something they can believe in. People become excited about and committed to a place with a unique identity, a special place where they feel that what they do is really important. Effective symbolic leaders are passionate about making the organization the best of its kind and communicating that passion to others. Symbolic leaders are sensitive to an organization’s history and culture. They seek to use the best in an organization’s traditions and values as a base for building a culture that has cohesiveness and meaning. They articulate a vision that communicates the organization’s unique capabilities and mission. The main purpose of this study is to highlight the effects of the four frames model of leadership created by Bolman and Deal, such as structural, human resource, political, and symbolic frame, on the leadership effectiveness such as the acquisition of trusts and respects from subordinates, the effective attainment of organizational unit’s goals, the faster promotion speed of unit’s leader than his or her rivals, and the recognition as more a leader than a manager by his or her subordinates, focusing on the domestic IT-related firms. The major findings show that the four frames are significantly related with overall leadership effectiveness. That is, structural and human resource frame have significant effect on trusts and respects from subordinates and effective attainment of organizational unit’s goals respectively, with political frame having significant effect on recognition as a leader, and symbolic frame having significant effect on faster promotion and recognition as a leader respectively. These findings are supporting most of the discussions of previous researches. When considering the incumbents of IT-related firms suffer from the higher degree of feelings of deprivation and the deeply suppressed needs accrued by their inferior task environment. as well as the higher level of interpersonal and interdepartmental conflicts, the results of this study highlight the need to appreciate these conditions when exercising leadership. This is the very point of this study.

본 연구는 공격적인 재무보고(aggressive financial reporting)와 공격적인 세무보고(aggressive tax reporting) 간의 관계에 기업특성(firm characteristics)이 미치는 영향을 살펴보고 시사점을 제시하였다. 실증분석에 사용된 표본기업은 한국거래소 유가증권시장에 상장된 기업들 중에서 일정 요건을 충족하는 기업으로 하며, 연구기간은 2003년부터 2010년까지의 총8년을 대상으로 하였다. 본 연구에서는 재량적 발생액을 공격적인 재무보고의 대용치로 이용하였고 규모조정현금유효세율과 재량영구적 차이(discretionary permanent differences)를 공격적인 세무보고의 대용치로 삼았다. 본 연구의 주요결과는 다음과 같다. 첫째, 공격적인 재무보고와 공격적인 세무보고 간에 음(-)의 관련성이 있는 것으로 나타났다. 둘째, 상호출자제한 기업집단에 속한 기업과 그렇지 않은 기업의 차이를 분석한 결과, 상호출자제한 기업집단에 속한 기업이 속하지 않은 기업에 비해 상대적으로 공격적인 재무보고와 세무보고를 동시에 수행하는 경우가 있음을 확인하였다. 셋째, 외국인 주주가 5대 주주에 포함된 기업이 그렇지 않은 기업에 비해 공격적인 재무보고와 세무보고를 동시에 수행하는 것으로 나타났다. 넷째, 총자산규모 2조 원 이상의 초대규모 기업이면서 동시에 최대주주 지분율이 높은 기업의 경우 공격적인 재무보고와 세무보고가 동시에 수행되는 경우가 있음을 확인하였다. 본 연구는 우리나라 기업의 경우에는 공격적인 재무보고와 공격적인 세무보고 간에 전체적으로는 음(-)의 관계가 존재하지만, 기업특성에 따라 공격적인 재무보고와 공격적인 세무보고간에 양(+)의 관계가 존재함을 보여주었다는 점에서 의의가 있다.

The purpose of this study is to examine the relation between aggressive tax reporting and financial reporting the effects of individual firms the characteristics. When it comes to the relation between both, prior accounting study investigates the trade-offs or aggressiveness between the financial and tax reporting. Shackelfor and Shevlin (2001) showed that the financial reporting is negatively related to the tax reporting. That is, managers increase the financial reporting earning to decrease the financial reporting costs, though putting a heavier tax burden. They also decrease the financial reporting earning to reduce tax burden. However, Frank et al. (2009) showed that the aggressive financial report firms increase corporate earnings and aggressive tax report firms reduce income tax expense at the same time. This result suggests that not all firms trade-off the financial and tax reporting decisions. This study examines whether firms that are aggressive for financial reporting purposes or tax reporting purposes in Korea. In addition, this study also examines which characteristics of firms affect aggressiveness between financial and tax reporting, using some features such as size, percentage of foreign shareholders and percentage of major shareholders. The research samples are 2,129 KOSPI (Korea Composite Stock Price Index) listed firms and research period is 8-years from 2003 to 2010 using the discretionary permanent differences and discretionary accruals in order to verify the relation between aggressive tax reporting and financial reporting. The substitute for aggressive tax reporting use discretionary permanent differences based on Desai et al. (2006) study that the value can not explain out of total accruals according to the book-tax income difference. The substitute for aggressive financial reporting use discretionary accruals The major findings of this study are as follows:First, Frank et al. (2009) verified that the relation between the aggressive financial reporting and aggressive tax reporting is positive (+) relation. However, In Korea as a whole, the relation between the aggressive corporate financial reporting and the aggressive tax reporting were the negative (-) relevant. In some companies, the relation between the aggressive corporate financial reporting and the aggressive tax reporting were the positive (+) relevant. Second, in case of firm with assets of 2 trillion won or more, the relation between the aggressive corporate financial report and the aggressive tax report were the positive (+) relevant. Third, in case of firm with foreign shareholders, the relation between the aggressive corporate financial report and the aggressive tax report were the positive (+) relevant. Finally, in case of firm with assets of 2 trillion won or more and the high percentage of major shareholders, the relation between the aggressive corporate financial report and the aggressive tax report were the positive (+) relevant.