Earticle

기술상업화는 기술을 시장에서의 보다 가치 있는 거래를 만들어 내는 혁신의 형태로 변환시키는 기업의 능력이라고 할 수 있다. 이러한 기술상업화 능력을 높이기 위해 기업들은 다양한 노력 등을 기울이게 된다. 예를 들어, 관련 우수 인력을 채용할 수 있으며, 외부 기업들과의 전략적 제휴 등을 통해 이러한 역량을 제고할 수 있다. 기업들이 자사의 기술상업화 역량을 높이기 위해 이렇게 노력하는 이유는 기술상업화 역량이 기업의 성과 개선으로 이어질 수 있기 때문이다. 그럼에도 불구하고, 지금까지 기업의 국제화 활동이 기술상업화 역량이 기업의 성과를 개선시키는 과정에서 어떠한 역할을 하는지에 대해서는 거의 연구된 바가 없다. 하지만 대기업에 비해 상대적으로 자원이 부족한 기술기반기업들은 국제화를 통해 자신들의 부족한 지식 등을 확보할 수 있으며, 나아가 기술상업화 역량이 성과를 높이는 과정에서 의미 있는 기여를 할 수 있을 것으로 기대된다. 이러한 논의에 기반하여, 본 연구는 우리나라 그린IT산업에서 사업을 영위하는 기술기반기업들을 대상으로 기술상업화 역량과 성과 간의 관계에서 국제화의 조절효과를 실증적으로 분석한다. 이와 같은 연구 목적을 달성하기 위하여 기술상업화 역량을 자원기반관점에서 살펴보고, 관련 선행연구들에 대한 고찰을 통해 연구가설을 설정하고 있다. 구체적으로 연구 가설은 기술기반기업의 기술상업화역량이 성과에 미치는 영향, 국제화 여부가 성과에 미치는 영향 및 기술상업화와 성과 간의 관계에서 국제화의 조절효과에 관한 것이다. 이러한 연구가설을 실증적으로 분석하기 위해 우리나라의 그린IT분야에서 사업을 영위하고 있는 기술기반기업들을 대상으로 설문지를 활용하여 자료를 수집하였다. 그 결과, 최종적으로 221개의 표본이 실증분석에 투입되었다. 실증분석 부분에서는 먼저, 분석 분석에 투입된 자료의 전체적인 구성을 살펴보기 위하여 표본의 특성에 대해 보고하고 있다. 특히 본 연구에 사용된 자료는 설문지라는 동일한 도구를 사용하여 회사에 대한 높은 수준의 지식을 갖고 있다고 판단된 1인으로부터 수집된 것이기 때문에, 공통방법편의로 인해 분석 결과가 왜곡될 가능성이 있다고 판단된다. 이에, 공통방법편의(common method bias)의 존재 가능성을 확인하였으며, 분석 결과 연구 결과에는 거의 영향을 미치지 않는 것으로 나타났다. 자료의 타당성 정도는 확인적요인분석(confirmatory factor analysis)을 실시하여 평가하였다. 그 결과, 자료의 타당성에는 통계적으로 문제가 없는 것으로 나타났다. 또한 자료의 신뢰성 정도를 확인하기 위해 내적일관성(internal consistency) 분석을 실시하였으며, 그 값은 만족할 만한 수준으로 나타났다. 또한 변수들의 상관관계 분석을 실시하였으며, 다중공선성(multicollinearity) 발생 여부를 확인하였다. 연구 가설을 검증하기 위해 다중회귀분석을 실시하였으며, 그 결과는 다음과 같다. 첫째, 기술기반기업의 기술상업화 정도는 성과에 긍정적인 영향을 미치는 것으로 나타났다. 둘째, 기업의 국제화 여부 또한 성과 개선에 유의한 영향을 미치는 것으로 나타났다. 셋째, 기술상업화와 성과 간의 관계에서 국제화 여부는 통계적으로 유의한 조절효과를 갖고 있는 것으로 나타났다. 이러한 결과는 기술기반기업의 기술상업화 정도는 사업성과의 중요한 선행변수이며, 따라서 기업의 연구개발활동의 결과물이라고 할 수 있는 기술을 적극적으로 상업화하고자 하는 역량을 기른다면 더 높은 성과를 추구할 수 있다는 점을 보여준다. 또한 높은 수준의 기술상업화 역량을 보유하고 있는 기술기반기업이 국제 활동을 추구하게 되면 외부로부터 필요한 자원을 획득할 수 있게 됨으로써, 궁극적으로 보다 나은 성과로 이어진다는 것을 시사한다. 아울러 국제화 활동은 이러한 기업들로 하여금 보다 높은 수준의 기술상업화 능력을 요구할 수 있기 때문에, 기업들은 이에 반응하는 과정에서 기술상업화 역량을 높이고자 하는 노력을 지속할 수 있으며, 나아가 이 두 변수간의 상호작용으로 인해 보다 높은 성과를 달성할 가능성이 높아진다고 추론해 볼 수 있다. 이런 점에서 해당 기업의 경영자들은 기술개발 그 자체뿐만 아니라 해당 기술을 상업화할 수 있는 역량개발에도 지속적으로 관심을 쏟고 투자를 아끼지 말아야 할 것이다. 또한 국제화에 대해서도 기술상업화 역량과 함께 시너지를 높일 수 있는 전략의 일환으로 인식하고, 해외시장에서 사업 기회를 발견하고자 하는 노력을 지속적으로 기울일 필요가 있다. 자원이 상대적으로 부족한 규모가 작은 기술기반기업 입장에서는 정보 및 역량 등의 부족으로 인하여 독자적인 해외시장진출이 상대적으로 어려울 수 있기 때문에, 중소기업청 등과 같은 정부의 유관기관 및 해당 기관의 국제화 지원 관련 프로그램을 적극적으로 활용하는 것도 좋은 방법이 될 수 있다. 본 연구는 기술상업화와 기업성과 간의 관계에서 국제화 여부가 조절변수로서의 기능을 하는지를 실증적으로 규명한 거의 최초의 연구라고 할 수 있다. 이런 점에서, 본 연구는 기술기반기업의 기술상업화 관련 연구의 이론적 관점을 확장하는데 기여하고 있다. 즉, 기술역량 및 상업화역량 관련 연구에서 국제 활동의 역할에 대한 실증적인 증거를 제공함으로써, 향후 많은 기술기반기업들이 기술상업화 역량을 높이기 위한 전략적 수단의 일환으로서 적극적인 국제화를 모색할 가능성을 높이고 있다. 아울러, 본 연구는 그 동안 국제화 관련 연구와 기술상업화 관련 연구와의 이론적 통합을 시도함으로써 향후 보다 심도 있는 연구를 위한 이론적 논의를 제공하고 있다는 점에서 그 기여점을 찾을 수 있다. 위와 같은 시사점 및 기여점에도 불구하고, 본 연구는 다음과 같은 한계점을 갖고 있다. 연구의 한계점은 향후 연구를 위한 제언과 함께 논의될 수 있다. 첫째, 본 연구에서는 국제화를 측정함에 있어 국제 활동의 유무만을 평가하고 있다. 하지만 국제화의 정도 및 국제화 유형 등에 따라 기업이 그러한 활동으로부터 획득할 수 있는 자원 및 지식의 양은 달라질 수 있으며, 이는 기술상업화 및 성과에 영향을 미칠 수 있다. 이에, 향후 연구에서 국제화를 통한 학습의 정도 등을 평가할 수 있다면 더욱 의미 있는 연구 결과를 도출할 수 있을 것으로 기대된다. 둘째, 본 연구에서는 통제변수가 제한적으로 사용되고 있다는 한계점이 있다. 향후 연구에서 경쟁강도 및 국제화 기간 등과 같은 변수들을 통제변수로 사용한다면 보다 엄밀한 결과를 도출할 수 있을 것으로 기대된다. 셋째, 본 연구는 우리나라의 그린IT산업에서 사업을 영위하고 있는 기업만을 대상으로 하고 있기 때문에, 본 연구 결과를 일반화하는 데는 한계가 있다. 이에, 향후 연구에서는 다양한 산업의 기업들을 대상으로 연구를 실시하고, 나아가 이러한 결과들을 비교하고자 하는 노력이 요구된다. 넷째, 본 연구의 실증분석은 횡단자료(cross-sectional data)에 의존하고 있다는 점에서, 보다 정확한 인과관계의 추론이 제약된다. 이에, 향후 연구는 종단자료(longitudinal data)의 사용을 통한 실증분석이 필요할 것으로 사료된다.

Technology commercialization is the ability of companies to translate technology into innovations that leads to valuable market transactions. Companies may enhance the ability to commercialize their technologies through knowledge acquisition from international activities. This means that internationalization itself could be a useful platform for new technology-based small firms to help facilitate technology commercialization activities. Nonetheless, research into technology commercialization as a key capability that allows firms to successfully bring their technologies to markets remains under- examined. This study seeks to explore the impact of technology commercialization on the performance of new technology-based small firms in Korea, with a particular focus on the moderating effect of internationalization. Building on the extant relevant literature, the study constructs hypotheses, which are tested using multiple regression analyses for data collected from 221 new technology-based firms which operate in the Korean Green IT sector. The results indicate that technology commercialization and internationalization positively relates to performance and that internationalization positively moderates the relationship between technology commercialization and performance. The findings imply that, for new technology-based firms, active involvement in international activities can help them to gain external complementary resources, thereby contributing to performance improvement. Such firms that seek to commercialize R&D output therefore need to strategically place more emphasis on international business involvement in that it should secure further growth and competitive advantage. Limitations and suggestions for future research are presented.

최근 대규모기업집단 계열사 수의 증가와 사업 확장이 사회적 이슈가 되면서 대규모기업집단 규제에 대해 전반적으로 논의가 되고 있다. 본 논문에서는 대규모기업집단 규제 제도 중에 출자총액제한제도가 대규모기업집단의 계열사 수 증가에 영향을 미치는 지 살펴보고 그 동안 계열사 수 증가의 원인이 무엇이었는지 파악하였다. 분석결과, 대규모기업집단의 계열사는 분석기간인 2001년부터 2012년까지 출자총액제한제도 시행유무와는 관계없이 지속적으로 증가하는 추세에 있었다. 연도별로 살펴볼 때 2001년부터 2008년까지 출자총액제한제도가 시행되었으며 2009년부터 2012년까지 폐지되었기에 계열사 수를 비교하자면 폐지기간에 더 많았으나 이는 전반적으로 증가추세에 있는 전후를 비교하였기에 출자총액제한제도의 시행 유무에 따른 영향으로 볼 수 없었다. 각 기업집단 별 계열사 수 증가 원인을 살펴 본 결과, 계열사 수가 증가하는 가장 큰 원인은 새로운 업종의 진출보다는 기존의 존재하고 있던 기업(집단)을 인수할 때 계열사들이 같이 인수되면서 증가하는 경우로 나타났다. 예를 들어 현대자동차의 현대건설, SK의 하이닉스 인수, 금호아시아나의 대우건설 인수 등은 자산규모 상위인 기업집단의 계열회사 수를 크게 증가시킴으로써 계열사 확장이 발생한 것이다. 출자총액제도 부활의 실효성을 보고자 자산규모 상위 3대 그룹을 분석한 결과, 출자총액제한제도가 부활되더라도 삼성의 경우는 출자여력이 충분하며, SK의 경우는 지주회사체제로 전환되어 출자총액제한 제외기업이라 그 효과가 미비하고, 현대자동차의 경우 영향을 받으나 이 역시 출자여력이 남은 계열사를 통한 출자는 가능한 것으로 나타났다. 각 기업집단별로 계열사가 증가하는 이유는 다르나 단순히 출자총액제한이라는 획일적인 사전적 제도로 규제하는 것은 그 부작용이 있을 수 있으며 계열사 수 증가를 억제하는 데는 효과가 미비할 수 있다. 뿐만 아니라 출자총액제한제도가 도입되더라도 적용되는 기업집단이 한정되어 있어 그 실효성에 대해서는 다시 한번 생각해볼 필요가 있다.

As increase of the number of Korean business group’s affiliate companies and the business expansion have been a social issue, regulations to the business groups have been in a comprehensive discussion. In this paper, if the ceiling on total equity investment system among the regulation systems to the business group has an effect on increase of the Korean business group’s affiliate company numbers has been examined and what the cause of increase of the affiliate company numbers so far has been figured out. With the result of analysis, there was a tendency that the affiliate companies of the business group had been continuously increased, regardless of implementation of the ceiling on total equity investment system during the analysis period, from 2001 to 2012. Seen that for each year, the ceiling-on total equity investment system had been implemented from 2001 to 2008 and abolished from 2009 to 2012. Compared to the number of affiliate companies, the number had been much more during the abolished period, but this cannot be seen as the effect according to implementation of the ceiling on total equity investment system because before/after comprehensively increasing tendency have been compared. In order to examine whether there is any difference in change of affiliate company number between the enforcement period and abolition period of the Ceiling on Total Equity Investment System, I performed a univariate analysis. As a result, the difference in affiliate company number turned out to be significant between both periods. If the Ceiling on Total Equity Investment System has an effect of suppressing the expansion of affiliate companies, it should affect their rate of increase. Therefore, I performed an analysis on this and found that the difference between the increase/decrease rates of the affiliate company number was not significant. That is, it turned out that the Ceiling on Total Equity Investment System does not affect the increase rate of the affiliate company number having insignificant effect of suppressing the expansion of the affiliate company. Upon analyzing the enforcement period and abolition period of the Ceiling on Total Equity Investment System, the change by the period is applied, and so I performed analysis only in the enforcement period to examine the effect of the system. That is, I tried to examine how the effect is revealed during the enforcement period of the Ceiling on Total Equity Investment System by comparing the applied corporation groups and non-applied corporation groups of the system. From the difference between two groups’ increasing rates in affiliate company number, the average value of affiliate company number’s annual increasing rate is higher in the corporation group with the system applied. However, the gap is insignificant and so the application of this system does not affect the increase of affiliate company number. With the result of the analysis, it has been shown that the biggest cause of increase in the affiliate company’s number is a case of increase as the affiliate companies has been taken over together when the previously existing business group was taken over, rather than advancing into the new business. For example, due to Hyundai Construction taken over by Hyundai Motor Company, Hynix taken over by SK, and Daewoo Construction taken over by Kumho Asiana Group, the number of affiliate companies of the business group with higher rank in the asset size has been substantially increased, which has resulted in expansion of the affiliate companies. With the result of analyzing 3 major groups with the highest asset size, even is the ceiling on total equity investment system is reinstated, it has been shown that for Samsung, it has a sufficient equity investment power to space, and for SK, the effect is quite little as it was switched over to the holding company system and excluded from the ceiling on total equity investment system. Although Hyundai Motor Company can be influenced, it was also shown as available for the equity investment through the affiliate companies with an equity investment power to spare. Although the reasons why the affiliate companies is increased for each business group has been different, any side effect can be incurred from the uniform dictionary system, simply called as the ceiling on total equity investment system, and the effect on restraining the increase of the affiliate companies’ number can be disappointedly little. In addition, although the ceiling on total equity investment system is introduced, it is necessary to reconsider the effectiveness once again due to limitation of the business group to be applied. This study is meaningful that it analyzes the effect of the Ceiling on Total Equity Investment System on the affiliate company number increase for the first time; however, it has a limit at the same time that it could not establish an elaborate model for the actual proof analysis. Therefore, if an elaborate analysis model can be developed in the future study to analyze the effect of this system more accurately, the effect on the affiliate company number increase can be understood the more in detail.

본 연구는 Big 5 성격 특성의 하위요인들인 개방성, 성실성, 외향성, 순응성 및 신경증이 조직성과변수인 직무만족, 조직시민행동 각각의 관계에서 구성원들의 행복이 어떤 역할을 하는지를 확인하고자 하였다. 이는 지금까지 많은 연구자들이 성격 특성과 관련된 연구에서 서로 상이한 결과를 나타내고 있는 것에 대해 최근 연구자들은 이들의 관계에서 직접적이지 않고 간접적이거나 다른 변수들에 의해 매개 또는 조절될 것이라는 가능성에 기반을 둔 것이다. 특히 본 연구에서는 긍정심리학자들이 제시하는 주요 변인들 중 하나인 행복이 인간 개인의 생활 뿐 아니라 조직차원에서의 성과향상에 기여할 가능성이 높다고 판단하였다. 연구수행을 위해 설문은 2013년 4월 1일부터 4월 18일까지 총 155부의 설문을 배포하고 152부의 설문을 회수하였으며, 이중 불성실한 응답을 한 2부의 설문을 제외한 150부의 설문을 분석에 활용하였다. 성격 특성의 하위요인들과 직무만족, 조직시민행동 각각에 대해 행복이 매개할 것이라는 가설을 수립하여 검증한 결과는 다음과 같다. 먼저, 직접효과 분석 결과 지금까지의 연구와 비슷하게 개방성과 외향성이 행복에 정(+)의 영향을 미치는 것으로 확인되었으며, 신경증은 행복에 부(+)의 영향이 있는 것으로 확인되었다. 두 번째, 성격 특성의 하위요인들과 직무만족, 조직시민행동 각각에 대해 행복의 매개효과 검증 결과 개방성과 직무만족, 조직시민행동 각각에 대해 행복이 모두 완전 매개하였으며, 외향성과 직무만족, 신경증과 직무만족에 대해서도 행복은 완전 매개하는 것으로 확인되었다. 다만 외향성과 조직시민행동에 있어서는 행복이 부분 매개하며, 신경증과 조직시민행동 간에 있어서는 행복의 매개효과가 없는 것으로 확인되었다. 이런 결과는 외향성과 조직시민행동 간을 제외하고는 지금까지 성격 특성이 조직성과에 영향을 미친다는 기존의 연구에 대해 성격 특성이 아닌 행복이라는 다른 요인의 영향이 크다는 것을 의미한다. 본 연구의 결과는 기업의 성과 극대화를 위해서는 먼저, 채용단계에 있어서 외향성과 개방성이 높은 구성원을 선택하는 것이 바람직하다는 것을 시사하고 있다. 또한 기업의 입장에서는 행복에 대한 새로운 정의와 구성원들의 행복추구를 위한 다양한 전략을 수립해야 할 것이다. 연구의 한계점은 말미에 제시하였다.

In a radically changing corporate environment, corporations are trying to acknowledge the importance of group members and change the organizational environment often in order to let their behaviors evolve in order to accomplish corporate goal and reap higher results. To achieve higher competitiveness, organizational member’s individual characteristics must be thoroughly evaluated. Characteristic is a thought process developed from various experiences that one’s gone through and mode of emotions and actions that distinguish a person from another. Normally, characteristic is comparatively more stabilized than attitude or values, and is known as an attribute of consistency. This is why many researchers based their studies on the relationship between organizational members’ characteristics and accomplishments. Many reports have been announced that characteristic is a stable predictor of the level of accomplishment. However, characteristics only measure up a portioned section of factors of accomplishments, and characteristics’ lower dimensions other than honesty had somewhat different results as factors. Scholars who are studying characteristics suggest that factors existing between the relationship of individual and organizational effectiveness and accomplishment may have been indirectly adjusted by other factors. Therefore, this research attempted to observe the role of the organizational members ‘happiness in relationship between big 5 characteristics’ sub-factors like openness, conscientiousness, extraversion, adaptability and neuroticism and organizational result variables such as job satisfaction and organizational citizenship behavior. The research concluded that happiness, which the positive psychologists suggested as one of the main factors, does not only improve a person’s individual life but also positively influence groupe/ corporate circumstances. The reason for it is because corporations traditionally focused on the elimination of negative factors or stimulating members into enthusiasm but redirecting themselves and finding out how individual members’ happiness affect organizational accomplishment would give them the competitive edge of being able to formulate new strategies. First of all, observing direct effect, openness and extraversion are confirmed as positive influences toward happiness where as neuroticism has negative correlation with happiness. However, conscientiousness showed to be marginally significant and adaptability was not marginally significant statistically. Results as such is related to the viewpoint of the positive psychologists. Specifically, in a research of characteristics of happy people, happy people are voluntary, express enthusiastic curiosity, try to make more friendships, think and act optimistically, strong under stress, live healthier lifestyles and these all suggest that extraversion and openness are important factors to live in such a manner. Secondly, characteristics’ sub-factors, job satisfaction, and organizational citizenship behavior were tested for mediating effects. Tests confirmed that happiness is a full mediation variable for openness, job satisfaction and organizational citizenship behavior, and same for extraversion and job satisfaction, neuroticism and job satisfaction as well. However, happiness only partially mediates extraversion and organizational citizenship behavior and mediator effect does not take place in between neuroticism and organizational citizenship behavior. This result confirms, as opposed to researches that stated characteristics effect organizational achievement excluding extraversion and organizational citizenship behavior, that happiness is another substantial factor. The result suggests that in order for corporations to maximize achievement, corporations should seek members with high levels of openness and extraversion. Furthermore, corporations should strive to find a new definition for happiness and develop numerous strategies for members’ pursuit of happiness. Limitation of research is suggested in the end. Therefore, in order for corporations to maximize achievement they should not only dwell on the hiring stage but actively seek improvement in the working environment. First of all, corporations should seek members with high levels of openness and extraversion. Someone with extraversion express his or her feelings well and enjoy making new relationships which will help increase individual happiness as opposed to someone with a trait of neuroticism, who will likely to be depressed and easily angered. People with openness will offer creativeness, rich culture and curiosity, which will arouse their happiness. Furthermore, corporations should strive to find a new definition for happiness and develop numerous strategies for members’ pursuit of happiness. Because extraversion and organizational citizenship behavior which are only partially mediated, all other factors are confirmed to be very important factors. Therefore, corporation should look for many different ways to improve the organizational member’s happiness level and reach organizational accomplishment through it. Especially, researching people’s strength and optimistic traits to improve individual, organizational, societal happiness via study of positive psychology and applying it to other educational, training and welfare systems would benefit all significantly.

본 연구의 목적은 지각된 조직평판과 조직동일시가 직무만족에 미치는 영향을 살펴보는 것에 있다. 특히, 조직구조에 따라 조직평판을 기업평판과 부서평판으로, 조직동일시를 기업동일시와 부서동일시로 구분하고 직무만족에 미치는 영향을 살펴보고자 한다. 실증연구를 위해 건설엔지니어링 기업의 ‘엔지니어’ 296명으로부터 자료를 수집하고 기업평판, 부서평판, 기업동일시, 부서동일시 그리고 직무만족의 관계에 대하여 구조방정식모형을 실시하였다. 실증분석 결과를 요약하면 다음과 같다. 첫째, 기업평판은 기업동일시에 정(+)의 영향을 주는 것으로 나타났다. 둘째, 기업평판은 부서평판에 정(+)의 영향을 미치는 것으로 나타났다. 셋째, 부서평판은 부서동일시에 정(+)의 영향을 미치는 것으로 나타났다. 넷째, 부서동일시는 기업동일시에 정(+)의 영향을 미치는 것으로 나타났다. 다섯째, 기업동일시는 직무만족에 정(+)의 영향을 미치는 것으로 나타났다. 여섯째, 부서동일시는 직무만족에 정(+)의 영향을 미치는 것으로 나타났다. 이러한 연구 결과들은 지각된 조직평판이 기업평판과 부서평판으로, 조직동일시가 기업동일시와 부서동일시로 구분될 수 있다는 것을 보여주고 있는 것이다. 또한 조직평판(기업평판과 부서평판)은 조직동일시(기업동일시와 부서동일시)를 매개로 직무만족에 차별적인 영향을 미치기 때문에 조직은 조직 외부이해관계자에 대한 평판관리를 통해 구성원들의 조직동일시를 유도하여 직무만족을 높일 수 있을 것이다.

In modern business, organization members that influence the organization performance are a key resource and create core competency and competitive advantage. In other words, Human resources of organization are the principal resources to operate material and capital resources. Also that is driving force of business and key success factor. Thus, the enterprises need to transfer the loyalty through growing owner’s mind and a sense of unity over the enterprise and brand and to make the organizational revitalization for the employees who have self-confidence and pride as a member of organization. Many companies are getting interested in the organizational identification and the organizational reputation as a tool which may enhance the competitive value of a company. Organizational identification is defined as perceptions of common fate between the individual and the organization, as suggested by the social identity theory. This study based on the conceptual discrimination of organizational identification from both organizational internalization and organizational commitment. Organizational reputation is defined as the attraction of company which express toward employees, customers, investors and journalists. And reputation is described as the rational and emotional attachment. Organizational reputation is related to image, and involves an outsider’s subjective judgement. The purpose of this study is to investigate the relations of perceived organization reputation, organizational identification, and job satisfaction. Perceived organization reputation was categorized into perceived company reputation and division reputation, and we investigate the effects of each variables on job satisfaction. Also, organization identification was categorized into perceived company identification and division identification. In order to attain the objectives of this study, a conceptual model and hypotheses (H1: perceived company reputation will be positively related to company identification, H2: perceived company reputation will be positively related to perceived division reputation, H3: perceived division reputation will be positively related to division identification, H4: division identification will be positively related to company identification, H5: organization identification will be positively related to job satisfaction) were established on the basis of preceding studies. Data were collected by using a set of questionnaires. This study were collected from 296 employees (mostly engineers) for an empirical study. Structural equation modeling was used to analyze this relationship. This study conducted construct reliability and average variance extracted for the reliability test. and convergent validity and discriminant validity for the validity test through confirmatory factor analysis. Moreover, structural equation modeling (SEM) was used to analyze the hypothesized relationships in the conceptual model. This study showed that the proposed model was reasonably fit to the actual data. The result of the overall model analysis is as follows: χ² = 67.162 (df = 38, p = .002), GFI = .961, AGFI = .932, NFI = .974, CFI = .988, RMR = .067. The results from empirical analysis are as follows. First, perceived company reputation seemed to have effects on organizational identification. Second, perceived company reputation seemed to have effects on perceived division reputation. Third, it showed perceived division reputation seemed to have effects on division identification. Fourth, division identification seemed to have effects on company identification. Fifth, company identification seemed to have effects on job satisfaction. Sixth, division identification seemed to have effects on job satisfaction. These results indicate that not only the affective attachment, objective condition of job, and objective situation of job effect on job satisfaction, but also the organizational reputation as social relationship effect on job satisfaction. Theoretical and practical implications were discussed and future research directions were outlined.

본 연구는 최근 관심 대상이 되고 있는 종업원이 인지하는 일과 삶의 균형제도의 일환으로 적용하고 있는 가족친화제도의 효과성을 확인하는데 목적을 두고 있다. 우수 여성인력을 유치하고 일과 삶 균형을 이루기 위한 가족친화제도는 국가차원에서 적극적 추진되고 있지만 실제로 기업차원에서 효과성에 대한 증거는 충분히 제시되지 못하고 있다. 특히 중소기업은 대기업과 달리 직접비와 관련된 비용지출에 급급하고, 여유자원이 충분하지 않아 복지차원에서 추진되는 가족친화제도 도입 및 실행의 어려움을 가지고 있다. 따라서 본 연구는 중소기업 종업원들이 가족친화제도를 회사가 도입하고 활용하는 사실의 인지가 높으면 조직몰입이나 도움행동에 영향을 미칠 것인지, 특히 다양한 조직문화 유형 가운데 혈연조직문화가 이들 변수들 간 관계를 조절할 수 있는지를 파악하고자 한다. 뿐만 아니라 가족친화제도 인지 정도가 조직몰입을 매개하여 도움행동을 가져올 수 있는 가능성을 파악하고자 한다. 측정 방법론적으로 기존 연구들은 가족친화제도를 번들로 측정한 반면, 본 연구는 탄력근무시간 관련과 육아 및 가족지원제도로 세분화 하여 이들의 상대적 영향력을 파악하는데 의의가 있다. 중소기업 종업원들 대상으로 실증분석 결과 탄력근무시간제보다는 육아 및 가족지원제도 지원이 도입되고 활용되고 있다고 인지할수록 조직몰입과 도움행동에 긍정적 영향을 미치고 있다. 또한 혈연문화의 강도가 클수록 육아 및 지원제도가 조직몰입에 긍정적 영향을 미치고 있다. 본 연구결과를 통해 중소기업 종업원의 조직몰입과 도움행동을 활성화시키기 위해서는 많은 가족친화제도중에서도 자신의 조직문화에 적합한 지원제도를 채택하여 적극적으로 활용할 필요가 있으며 특히 고성과 조직이 되기 위해서는 혈연중심의 가족주의적 문화에 대한 정체성을 강화시킬 필요가 있음을 제시한다.

Although research has examined work-life (family) balance issues and organizational support for employees’ family responsibilities, few research has examined the effect of family-friendly practices in the small-sized organizations on the organizational commitment and helping behavior. The current research explore married employees’ perceptions of how much their company has provide the family- friendly programs for employees to examine the relationships with the organizational commitment and helping behavior. There are two theoretical streams of reciprocal exchange and enrichment approach to explain the relationship between FFPs and employee attitudes and behavior. More specifically, social exchange theory suggest that if company provides the FFPs, employees should be perceive it as organizational support and turn their authentic effort and positive job attitudes. Second, enrichment approach suggest that the perceived benefits of FFPs will enhance the sense of fulfillment which will impact on the positive attitudes. There are much attempts to verify the relationship between the HR practices and employee attitudes. Seminal evidence suggest that high-commitment HR practices may enhance the positive employee attitudes and behavior, and family friendly practices are considered as similar coins with one of high-commitment HR system. So far previous research has shown mixed arguments. Research have found that firm’s work-family programs are generally positively related to productivity and employee attitudes; however, other scholars have found that HR program or institutionalizatioin alone have no effect on employee attitudes or behavior. Therefore, future studies were asked to how specific organizational culture can intervene the relationship between FFPs and employee attitudes or behaviors. The present study has attempted to investigate the relationships among FFPs, organizational commitment, and helping behavior. Also it has aim to identify the moderator role of the clan culture between the FFPs and organizational commitment. The evidence in the literature suggests that it was no the FFPs but the perceptions of FFPs regarding those practices that actually affected employee attitudes and behavior. Also it is important to actual perceived culture rather than the HR practice itself that influenced the utility perception and actual usage of FFPs. Based on the literature reviews and previous research findings, this research proposed the research model of the effects of FFPs on the organizational commitment and helping behavior, and hypothesized that (1) family friendly practices or programs have influence on the employee attitudes; however, flexible work arrangements are not related with the employee attitudes, (2) perceived clan organizational culture will be moderate the relationship between FFPss and employee attitudes. The sample comprised of small and midium sized enterprises located in G metropolitan area. The descriptive statistics depicted a significant positive correlations between FFPs, organizational commitment, and helping behaviors. Also hierarchial regression analyses showed that the perception of FFPs in terms of family and child caring was the significant predictor of organizational commitment and helping behavior. This evidence provide implication to the HR personnel that it must be considered the family and child caring FFPs as the most significant predictor of organizational effectiveness. Furthermore, hierarchial moderated regressions suggest an interaction effect between FFPs and clan organizational culture to increase level of organizational commitment. Finally, organizational commitment has a mediator role between family and child caring FFPs and helping behavior. As with all research, this study has some limitations in terms of cross-sectional self-report data, common-method variance which may inflate relationships and causality. It is asked more developed conceptual propositions and research model in future research.

조세회피행위는 기업활동을 보다 복잡하게 만들뿐만 아니라 세금관련 공시수준 및 공시내용의 명료성에 부정적 영향을 미쳐 외부투자자들이 기업활동을 이해하기 어렵게 만드는 경향이 있다. 더욱이 세금을 절약한다는 명분은 세금관련 정보의 투명한 공개를 정당화하기도 한다. 조세회피의 대리인 이론은 조세회피 행위에 따른 이러한 정보불투명성이 경영자에 대한 모니터링을 어렵게 하는 방어막 역할을 하기 때문에 경영자가 사적편익을 추구하는 수단으로 조세회피를 활용할 수 있는 것이라고 주장한다. 대리인 문제가 없어도 조세회피는 기업투명성에 부정적이지만 경영자의 사적편익 추구까지 더해진다면 조세회피수준이 높은 기업일수록 기업정보환경은 더욱 불투명해질 것이다. 본 논문은 2005년부터 2009년까지의 기간 동안 거래소 시장에 상장된 비금융업종 기업들을 대상으로 조세회피가 기업불투명성이나 정보불확실성 과 관련이 있다는 가설을 실증적으로 검증하였다. 조세회피가 기업불투명성을 초래한다는 대리인 이론의 기본 전제를 검증하는 것 이외에도 조세회피가 외부투자자들의 의사결정에 미치는 영향을 파악한다는 점에서 연구의 의의가 있을 것이다. 조세회피를 명시적 세금을 경감시키는 개념으로 광범위하게 정의하고 이를 가장 적절하게 측정할 수 있는 Dyreng et al.(2008)의 장기현금유효세율을 비롯한 다양한 조세회피수준 대용변수들을 사용하여 분석하였다. 기업투명성 수준은 기업의 직접 공시와 재무분석가가 수집한 사적정보 수준에 의하여 결정될 것이다. 그러나 재무분석가의 이익예측에는 이 두 가지 유형의 정보가 모두 반영될 것이므로 재무분석가 이익예측 정확성 수준을 시장투명성의 주된 측정 변수로 사용하였다. 또한 조세회피는 기업에 관한 정보의 이용가능성 이외에도 투자자들의 기업가치에 대한 추정을 불확실하게 만들 수 있는 가능성도 갖고 있으므로 조세회피가 이러한 정보불확실성에 미치는 영향을 투자자들의 의견불일치 정도를 나타내는 재무분석가 이익예측의 분산과 거래회전율로 측정하였다. 분석 결과는 조세회피수준이 높을수록 재무분석가 이익예측 정확성은 낮아지고, 재무분석가 이익예측 분산과 거래회전율은 증가하는 것으로 나타났다. 이런 결과는 다양한 조세회피변수들에 걸쳐 일관적으로 나타났고, 내생성을 통제한 이후에도 유지되었다. 본 논문은 조세회피수준과 기업정보환경 간의 관계에 대한 선행연구와는 다른 연구설계를 사용하면서 조세회피가 투자자들이 이용할 수 있는 유용한 정보의 양을 나타내는 시장투명성과 이들 정보 자체가 갖는 불확실성으로 인하여 투자자들의 기업가치에 대한 판단의 부정확성에 미치는 영향으로 나누어 분석하였다. 또한 분석결과의 강건성을 확보하기 위하여 다양한 조세회피변수들을 사용했고, 요인분석으로 추출한 공통요인도 사용하였다. 마지막으로, 선행연구와는 다르게 조세회피와 투명성 간에 존재할 수 있는 역의 인과관계로 인한 잠재적인 내생성을 검토함으로써 조세회피가 기업의 정보환경을 불투명하게 만드는지를 보다 명확하게 밝히고자 노력하였다.

Corporate tax avoidance transactions not only make business activities more complex but also have negative impacts on tax-related disclosures, thus for outside investors having difficult times to understand firms’ business. Moreover, the argument for saving cash taxes adds validity to less and/or obscure tax-related disclosure. The agency cost-based tax avoidance theory maintains that such corporate opacity arising from tax avoidance transactions provides a shield for managers, thus allowing managers or controlling shareholders’ rent extraction. Even without potential agency problems, corporate tax avoidance negatively influences corporate transparency, but with managers’ potential rent extracting behavior, corporate information environment facing outside investors will get more intransparent. In this paper, we empirically examine the conjecture that corporate tax avoidance exerts negative influences on corporate transparency and information uncertainty for firms listed in Korea Stock Exchange during the period from 2005 to 2009. We contribute to the agency theory-based tax avoidance literature by testing the underlying premise that tax avoidance transactions cause firms’ information environment more opaque, and provide new insights on the effects of tax avoidance on analysts’ decision making. This study investigates the effect of tax avoidance on the market transparency at an individual firm level employing a research design distinct from prior studies. Prior literature examine a contemporaneous association between a specific tax avoidance measure and market transparency variables. Instead, we focus on the influence of tax avoidance on an individual firm’s market transparency at the time when market participants makes financial decisions. For this purpose, we need a tax avoidance to be measured utilizing previous financial statement and/or tax data. We believe this research design is better suited to discern the true effects of tax avoidance on the market transparency because opaqueness created by tax avoidance is to be fully reflected in an individual firm’s market transparency in this way. Because there is no unanimous agreement about the proper tax avoidance measure, we employ several tax avoidance proxies to test robustness of our research findings. Finally, we formally tackle the potential endogeneity problem due to the reverse causality between tax avoidance and market transparency. With a broad definition of tax avoidance, which is defined as explicit tax saving transactions, we employ several tax avoidance variables including two kinds of long-run cash effective rates (Dyreng et al., 2008; Ayers et al., 2009), abnormal BTD (Desai and Dharmapala, 2006), and permanent BTD. An individual firm’s market transparency level is determined by both public disclosures and private information produced by financial analysts. Therefore, our first market transparency measure is the number of financial analysts following a firm. Because financial analysts’ earnings forecasts incorporate all of these information, it seems appropriate to use financial analysts’ earnings forecast accuracy to measure corporate transparency. Also, tax avoidance has the potential to increase information uncertainty facing outside investors resulting to their inaccurate estimates for valuation. Information uncertainty or disagreement of opinions are measured by financial analysts’ earnings forecast dispersion and trading turnover. Empirical results show that as the level of tax avoidance increases, analyst following significantly decreases under some tax avoidance measures, and in another cases, shows statistically insignificant results. This suggests that the market opaqueness created by tax avoidance won’t be lessened because there is no additional information available in the markets. It is also shown that as tax avoidance level increases, analysts’ earnings forecast accuracy decreases, and forecast dispersion and trading turnover increase. Across various tax avoidance measures including the common factor extracted from using factor analysis, the results showed robustness even after controlling potential endogeneity. This paper differs from existing literature on several aspects: clarifies which aspects of information environments are affected by tax avoidance, examines how tax avoidance affects outside investors’ decision making, not just showing contemporaneous association between tax avoidance and transparence, utilizes as many tax avoidance measures possible and deals with endogeneity problem to see whether research results hold up.

본 연구는 한국 금융기관들이 위기경험 후 학습을 통하여 위기대응력을 제고시켰는지 또는 위기 경험에도 불구하고 위험문화(또는 사업모델)를 유지하였는지에 대하여 살펴보았다. 1997년과 2008년의 금융 위기를 각각 선행위기와 후행위기로 하여 Fahlenbrach et al.(2012)이 제시한 학습효과가설(learning hypothesis)과 위험문화가설(risk culture hypothesis)을 중심으로 검증하였다. 첫째, 후행위기인 2008년 금융위기 기간의 금융기관 주식수익률을 선행위기인 1997년 금융위기의 주식수익률로 회귀분석을 시행하였다. 그 결과 2008년 위기기간 금융기관 주식수익률은 1997년 위기기간 금융기관 주식수익률과 음(-)의 상관관계를 보였으며, 이는 한국 금융기관들이 자신만의 독특한 위험문화를 유지하기 보다는 차기 금융위기에 대응할 수 있도록 학습하였음을 의미한다. 둘째, 개별 재무비율 변화가 수익률 개선에 어떠한 영향을 미쳤는지 살펴보기 위하여 재무비율 변화(2008～1997)를 설명변수로 위기수익률 차이(2008～1997)를 종속변수로 하여 회귀분석을 실시한 한 결과, 차입금의존도가 하락한 금융기관들의 실적이 유의적으로 개선되었음을 확인하였다. 또한, 선행위기 시에 상대적으로 수익률이 양호했던 금융기관들의 차입금의존도는 후행위기 직전 상승하는 양상을 보이고 있으나 선행위기 시에 상대적으로 수익률이 저조했던 금융기관들의 차입금의존도는 하락하는 양상을 보이고 있어, 선행위기 시 실적이 저조했던 금융기관들이, 학습효과로 인하여, 위기대응 목적으로 차입금의존도 하락을 위해 노력했음을 확인할 수 있다.

This paper analyzes whether Korean financial institutions raised the confrontational ability to crisis or maintained their risk culture (or business model) after experiencing crisis. We investigate which is the more relevant for Korean financial institutions between risk culture hypothesis versus learning hypothesis. Analyses in this paper are related to those presented in Fahlenbrach et al. (Fahlenbrach, Prilmeier, and Stulz, 2012, hereafter FPS). We set the 1997 crisis as a preceding crisis and the 2008 crisis as a posterior crisis. Firstly, 2008 crisis return (holding period return of financial institutions’ common stock) is negatively associated with 1997 crisis return. This negative association is outstanding among financial institutions excluding 6 firms in the category of ‘other financial industry’ which is far from the nature of financial business. This is the evidence supporting the learning hypothesis. Korean financial institutions had not maintained their unique risk culture or business model. Secondly, we examine the financial ratios to check how Korean financial institutions changed. Generally activity, profitability, and stability were improved. The results show that financial institutions with decreased borrowing to asset ratio had improved return performance during the 2008 crisis. We also find the decreasing pattern of this ratio just before the 2008 crisis for financial institutions who worse performed in 1997 and the increasing pattern for those who better performed during the preceding crisis. This finding leads us to conclude that relatively bad performers during the preceding crisis, through learning effect, tried to decrease borrowing to asset ratio to raise the confrontational ability to crisis. The results in this paper indicate that Korean financial institutions learned from the preceding crisis (1997 crisis) experience and then tried to minimize the effects from coming negative shocks (2008 crisis). The learning hypothesis is more appropriate than the risk culture hypothesis for Korean case. We guess the reasons of the different result from that of FPS which supports risk culture hypothesis are as follows: (1) weak Korean financial institutions’ risk culture from short history compared to that of US financial institutions; (2) different strength of financial regulation: strong financial regulation in Korea after the preceding crisis but financial deregulation in US; and (3) different strength of the crises: relatively weak shock after greater shock in Korea but greater shock after relatively weak shock in US. Ignorance of effective controlling for survivorship bias, even though it seems not to be serious, is the limitation of this study and remains as a future assignment. We expect that practical guidelines for build-up of confrontational ability to crisis are provided by the more detailed research on learning contents of Korean financial institutions from the crisis experience.

본 연구는 일본 기업 가운데 혁신적 인사제도로 잘 알려진 캐논의 인적자원개발전략을 중심으로, 캐논의 인적자원개발시스템에 대한 전반적인 체계와 특징을 문헌에 의한 탐색적 방법을 통해 체계적으로 분석한 뒤, 인적자원개발전략과 경영성과간의 영향관계에 대한 추론적 모델을 도출하여 제시하는 데에 주된 목적이 있다. 아울러 기업이 인적자원개발전략을 수립하여 인적자원개발시스템을 실제로 구축하고 운영하고자 할 때나 연구자들이 관련 연구를 수행하고자 할 때 도움이 될 수 있는 자료를 제공하는 것이 부차적인 목적이다. 이를 위해 먼저 관련 선행연구들을 간략하게 살펴본 뒤, 본 연구의 분석틀을 설계하였다. 그 다음 캐논의 인적자원개발전략을 캐논의 경영이념과 전사적 경영전략과 연계하여 분석한 뒤, 인적자원을 개발하기 위한 시스템으로서 인재개발센터와 생산직인재육성센터의 구성과 활동을 살펴보았다. 이어서 캐논의 경영성과(business performance)를 1996년부터 2012년까지의 매출액과 순이익, 시가총액과 매출액 등을 기준으로 한 글로벌 랭킹, 미국 특허등록 건수의 랭킹(2003년～2012년 기준)을 통해서 살펴보았으며, 끝으로 이러한 일련의 분석 자료를 바탕으로 ‘구성원의 성장욕구와 조직의 성장기회→구성원의 성장노력→Excellent HR→Excellent Company’라는 ‘HR전략과 경영성과간의 영향관계’에 대한 추론적 모델과 몇몇 명제들을 도출하여 제시하였다. 결론 부분에서는 본 연구의 요약, 시사점, 연구의 한계점 등을 정리하여 제시하였다.

The Canon is well known as an innovative HR system among the Japanese companies. It is the main purpose of this paper that is presented the inferential model on the relationship between the human resource development strategy and business performance after systematic analysis through the exploratory method by the literature for the overall system and the features of the Canon’s human resource development system. It is secondly purpose of this paper that provide useful data when the corporate build and operate the human resource development strategy and the human resource development system, and when researchers carry out research related to these. To this end, the relevant previous studies and the framework for analysis will be presented in the first part of this paper. Nextly, human resource development strategy was presented having a base of the business philosophy and corporate strategies of Canon, and the organization and activities of Canon Human Resources Development Center and Canon Monozukuri HR Development Center was introduced as the systems to develope human resources. Then Canon’s business performance was presented by the sales and net income in the 1996-2012 and the global ranking of market capitalization and sales, and the global ranking of the number of patents registered in the U.S. Finally, an Inferential Model and some propositions for the relations between human resource strategy and business performance was presented through analysis data given above, such as the relations among the growth needs and growth opportunities of members and the excellent human resource, and the excellent company. It is first proposition that member’s growth needs realized efficiently according to growth opportunity provided in the organization. It is second proposition that members can make easy effort to grow when they has their growth needs and growth opportunity in the organization. It is third proposition that we can develop and cultivate the excellent human resource when members’ growth needs was realized through growth opportunity in the organization. It is forth proposition that excellent company is ultimately formed by excellent human resources developed and cultivated when members’ growth needs was realized through growth opportunity provided in the organization. The summary of paper was presented with some of implications and the limitation of this study in the conclusion. It is first implication that we must be first cultivate and develop excellent human resource to glow excellent company. It is second implication that excellent global company introduce early and operate systematically and continuously opportunity or field such as Canon Human Resource Development Center and Canon Monozukuri HR Development Center. It is the limitation of this study that the inferential model and propositions was drew through only canon’s case analysis and then couldn’t generalized the inferential model and propositions. Nextly I will make up for this limitation of study with many companies for case analysis.

본 연구는 여러 산업부문의 감정노동자들을 대상으로 그들의 감정노동이 직무소진에 어떠한 영향을 미치는지, 또 감정노동자들의 직무스트레스는 어떠한 매개효과가 있는지에 대한 연구를 진행하고자 하였다. 감정노동자들은 충청지역의 근로자로 대형마트 및 백화점의 판매직, 서비스직, 대민 공무원, 사무직, 콜센터 직원을 대상으로 하였다. 총 254부의 회수된 설문지의 데이터는 AMOS(Analysis of Moment Structure) 18.0과 PASW(Predictive Analytics Soft Ware) Statistics 18.0 패키지 프로그램을 이용하여 통계처리 하였다. 변수의 효과 행태를 분석하기 위하여 구조방정식 모형(structural equation models: SEM)을 활용하였다. 연구결과 감정노동자가 느끼는 감정노동정도는 직무소진에 정(+)의 영향을 미치고 있고, 직무스트레스 역시 직무소진에 정(+)의 영향을 미치고 있었다. 이들 노동자의 감정노동 정도는 직무스트레스에 정(+)의 영향을 미쳤으며, 이 직무스트레스의 감정노동과 직무소진사이의 매개효과 역시 1% 수준에서 유의한 것으로 가설은 채택되었다. 이것이 시사하는 바는 감정노동자에게 있어서 직무소진을 예방하는 방법은 감정노동 정도를 인지하는 것과 직무스트레스를 관리하는 것임을 보여준다. 본 연구는 여성감정노동인력을 대상으로 연구를 수행함으로써 기존의 스트레스 및 직무소진과 관련한 연구들과 비교하여 분석할 수 있는 기초자료를 제공할 수 있을 것으로 보인다.

The purposes of this study is to examine the influence labor worker’s emotional labor on job burnout and to examine the mediating effect of emotional labor worker’s job stress on the relationship between emotional labor and job burnout. The research was designed to analyze how exogenous variables such as emotional labor affect endogenous variables that is job stress and job burnout. In order to examine this topic, a literature review was conducted along with survey research with data collected as the samples. The model was set by structural equations models (SEM) using AMOS (Analysis of Moment Structure) 18 and PASW (Predictive Analytics Soft Ware) Statistics 18 package program using business data for the 254 emotional labor workers. The results of the empirical analysis are as follows:First, Hypothesis 1 was to examine whether the emotional labor has a statistically significant positive relation to the job burnout. Second, Hypothesis 2 was accepted, meaning there was statistical significance between emotional labor and job stress. Third, Hypothesis 3 was statistically significant, meaning that job stress has a positive relation to job burnout. Fourth, Hypothesis 4 was to examine whether job stress have a meadiating effect between emotional labor and job burnout. As a summary of aforementioned results, a degree of emotional labor was analyzed to have a direct effect on the job burnout. Mediating effect of job stress was also positively related to job burnout that suggested an importance of indirect effects on the social support in the light of job burnout and emotional labor of consultants from customer center, service representative, public employees, and so on. Emotion of humans has been regarded to be a factor that impedes efficiency of the work at the field in the perspective of business administration. More precisely, emotion has been recognized as what should be suppressed. However, the influence of emotion of members on the organization started increasing, it is currently recommended to control the emotion of members through the organization. Most of emotional workers try very hard to express or control their emotion at work. So, verification of mediated effect, such as job stress, to reduce the negative effects caused by emotional labor is required. The limitations of this study is as follows:First, this study only targeted Chung cheong province region’s emotional labors. So it cannot represent all emotional labors over the entire nation. Also because of the way of the sampling, it is hard to compare the emotional labor of all level or position. Further research is required to sampling data for compare the emotional labor of all level or position. Second, surveyed data could be distorted by recent circumstances of target for investigation, because measurement of emotional labor was based on the self-report. Even though tools of the emotional labor measurement used in the analysis in the previous studies have proven the reliability and validity of the these tools, possibility of distortion by the responses cannot be ruled out because targets for investigation could response by their will in frequency of emotional display.

본 연구는 대졸 취업 예정자들의 스트레스의 요인들을 살펴보고, 이들 요인들이 취업 예정자들에게 어느 정도의 스트레스를 주고 있는지에 대하여 알아보고자 한다. 분석결과를 살펴보면, 취업 예정자들이 느끼는 진로장벽은 스트레스를 증가시키는 요인으로 밝혀졌다. 둘째, 대졸 취업 예정자들이 원하는 직장에 취업하기 위해 준비하는 취업준비활동은 스트레스를 증가시키는 것으로 나타났으며, 이는 대졸 취업 예정자들이 원하는 곳에 취업하기 위한 준비활동의 그 자체만으로도 그들 스스로가 스트레스를 받고 있는 것으로 생각된다. 셋째, 대졸 취업 예정자들의 취업률 향상을 위해 각 대학에서 운영하고 있는 취업지원프로그램은 스트레스를 줄여주지 못하는 것으로 나타났다. 한편, 대졸 취업 예정자들의 스트레스를 줄여줄 수 있는 요인으로 진로의식성숙과 자기 효능감의 조절효과를 분석한 결과, 진로의식성숙은 취업준비활동이 스트레스에 미치는 영향에서 취업스트레스를 줄여주는 조절변수로서의 역할을 수행하는 것으로 밝혀졌으나, 진로장벽과 취업지원프로그램에서는 유의하지 않은 것으로 나타났다. 다음으로 자기 효능감은 진로장벽과 취업지원프로그램이 스트레스에 미치는 영향관계에서 이를 줄여줄 수 있는 요인으로 나타났으나, 취업준비활동에는 유의하지 않는 것으로 보여주었다. 한편, 대부분의 선행연구들이 각 변수들에 대한 영향관계를 설명하는 부분에 있어 일부의 내용들만으로 설명을 시도하였지만, 본 연구에서는 보다 구체적인 내용을 제시함으로써 보다 명확한 변수들 간의 관계를 살펴보았다. 그리고 본 연구에서 취업스트레스에 미치는 영향요인을 분석함과 동시에 이를 줄일 수 있는 요인변수로 진로의식성숙과 자기 효능감을 통해 대응기법을 제시하였다는 점에서 시사점을 제공하였다.

In the recent situation that the worldwide recession continues and it is hard to get a job, young generations who face poverty is increasing. And this circumstance makes them reluctant to marry and have a baby, creating a vicious cycle. Moreover, since they entered a university, prospective employers of college graduates have been increasingly spending their time in a pre-employment activity such as, language study aborad, TOEIC, TOEFL, and school record, to get a better job, feeling stressful about employment. Thus, this study includes stressful factors Korean prospective employers of college graduates feel and how stressfully these factors affect them. In addition, it examines ways to reduce their stress, and suggests how to respond. First of all, this study analyzed how career barriers, pre-employment activity, and job search supporting program each university conducts impacts job seeking stress of graduand in korean, and looked into parameters like self-efficacy, career attitude maturity, which can reduce the influence factor. As a result, to begin with, it turned out that career barriers prospective employers of college graduates feel are the factor which increases job seeking stress, and it showed the same result as Park and Lee (2008). Second, it is found that pre-employment activity, such as language skill, school record, internship, which prospective employers of college graduates prepare to get a job they want, increases job seeking stress. This means pre-employment activity to get a good job makes prospective employers of college graduates stressful itself. And it also showed the same result as Park et al. (2005) study that deficient pre-employment activity, pressure, and uncertainty generate job seeking stress. Third, it is discovered that each university’s job search supporting program for improving employment rate can’t reduce job seeking stress. It doesn’t match the result of Park (2005) and Chang (2001), because prospective employers of college graduates don’t participate actively in the job search supporting program. Meanwhile, as a result of analyzing career attitude maturity control of self-efficacy as a factor to reduce the job seeking stress, career attitude maturity works as a moderating variable to reduce job seeking stress about employment, but doesn’t reduce job seeking stress regarding career barriers and job search supporting program. This doesn’t match the result of Lee and Lim (2001) study before. Next, as prospective employers of college graduates’ self-efficacy increase, it works as a moderating variable to reduce job seeking stress concerning career barriers and job search supporting program, but it is invalid in pre-employment activity. This is same result as Kim and Cho (2011), Baek (2011), and Chang (2001). Among factors to influence job seeking stress, pre-employment activity is more effective than career barriers, because prospective employers of college graduates focus on various pre-employment activities when looking for jobs. However, although too much job seeking stress prospective employers of college graduates feel in pre-employment activity makes problem, proper level of job seeking stress can play a good role in pre-employment activity by reducing a tension. Some results of this study don’t match the pre-studies’. In order to complement them, countermeasures employment-institutions in a university prepare is as below. First, for pre-employment activity to reduce job seeking stress which isn’t valid in this study, it is required that pre-employment activity needs reinforcing or needs to consist of mainly important contents, and needs to be promoted increasingly to prospective employers of college graduates. Second, in order to lower the career barriers, it is essential to provide overall information about employment. The information needs to be divided into the one head office of a university is responsible for and the other each college is in charge of. Third, to reduce the job seeking stress of graduand from concentrated pre-employment activity when they’re in the upper grades, the employment center of a university prepare systematic programs for the lower grades students. Fourth, to increase career attitude maturity helpful in reduce the job seeking stress, it is required to conduct a customized curriculum. Fifth, to reinforce the self-efficacy decreasing the job seeking stress, it is necessary to strengthen self-consciousness program or self-confidence about employment. The implications of this study are as below. First, even though the pre-studies attempted to explain mere part of an influential relationship between each variable, this study tries to explain definite one by suggesting concrete contents. Second, this study offers the career attitude maturity and the self-efficacy as an influential variable to reduce the job seeking stress, analyzing the factors that affect job seeking stress. Third, even if the pre-studies concentrated on looking into general influential factors by using an analysis method to search for a difference between groups, this study conducts an analysis to determine concrete relationship between influential factors.

본 논문은 2001년 1월부터 2010년 12월까지 한국 KOSDAQ 시장에 신규 상장한 기업을 대상으로 기업의 신규 상장시 주간사 평판에 따라 저평가되는 정도의 차이를 실증․분석하였다. 여기서 주간사 평판은 주간사가 전년도에 IPO를 실행한 건수, 주간사가 전년도에 IPO를 실행한 총금액, 그리고 주간사가 전년도에 실행한 IPO의 평균수익률 등 3가지를 기준으로 삼았다. 그리고 발행기업 관련 독립변수는 공모가와 IPO 금액으로 구분하여 2가지 회귀분석을 실행하였다. 추가적으로 IPO 기업에 대한 정보노출 정도와 저평가 정도, 규제변화와 저평가 정도 등을 실증․분석하였다. 그 결과 첫째, 주간사의 전년도 IPO 건수와 저평가 정도는 전년도에 IPO 건수가 많은 주간사가 IPO를 실행한 경우 저평가율이 높은 것으로 나타났다. 반면, 전년도에 많은 금액의 IPO를 실행한 주간사일수록 저평가율은 낮은 것으로 나타났다. 둘째, 발행기업에 대한 정보의 노출정도는 기업공개 시 저평가 현상에 미치는 영향은 없는 것으로 나타났다. 셋째, 부분자율화와 완전자율화를 통하여 점진적으로 저평가 현상이 완화되고 있음을 알 수 있었다. 이는 규제완화가 주간사의 기업평가능력 향상으로 이어져 저평가현상이 완화된 것으로 추정된다. 넷째, ROE, EPS, BPS가 큰 기업일수록 IPO 금액도 큰 것으로 나타났다. 이는 ROE 등이 높은 기업은 자기자본을 더욱 증대시켜 수익극대화를 하고자함을 의미한다.

This paper is an empirical analysis of the difference in underpricing that newly listed KOSDAQ companies between January 2001 to December 2010 undergo upon Initial Public Offering (IPO) based on the underwriting securities companies’ reputation. The underwriting securities companies’s reputation is based on three criteria, the number of IPOs, the total amount of IPOs and the average return on the IPO companies’ stocks during the previous year. We have done two regression analyses differentiating the two independent variables, the IPO price and the IPO amount. Additionally, We have done regression analysis on the degree of information leakage and underpricing, and the change in regulation and underpricing. The results are as follow. First, as far as the underwriting securities companies’ number of IPOs and the degree of underpricing is concerned, the degree of underpricing is high when the number of IPOs was high in the previous year. On the contrary, for underwriters with high IPO amounts in the previous year, the result shows the degree of underpricing is low. But it was not a statistically significant level. This means that if the underwriter of the IPO amount used last year when the IPO underwriter reputation is not to be construed to affect valuation. Second, we analyzed the effect of the degree of underpricing on underpricing according to the age and location of the certain corporate issuers. Using two-factor information for issuer disclosure of the company’s exposure to the impact of valuation showed no symptoms. The result shows the degree of information leakage on the IPO companies has no influence on its underpricing upon IPO. Third, the degree of underpricing of IPO companies gradually improves based on partial and total liberalization of regulations. Easing of regulation leads to improvement in the underwriter’s ability to evaluate companies which in turn leads to amelioration of the degree of underpricing of IPO companies. Fourth, companies with high ROE, EPS, BPS tend to offer high IPO amount. It is obvious that companies with high ROE will wish to increase its capital to maximize profit. Companies with high EPS will increase investments via capital increase to maximize profit. In conclusion, underwriter reputation influence on underpricing of IPO companies. The company with good profitability and asset values should do IPO through underwriting securities with large the number of IPO and IPO volume. Then the discount rate of IPO will be low relatively. However, this study has the following limitations. First, in the case of IPO, it can be tendency of sensitive response depending on the level of the economic circumstance by year. Therefore, future studies need to develop extended model which include year effect. Second, we explored the relation between underwriter reputation and underpricing by separated model due to multicollinearity problem. Developing new model of reflecting this problem will be need in the future. Third, there are a limitations of return measurement which was measured by first day return only. So, the other return measurement should be consider for the further study. Therefore, to supplement this paper reflecting these limitations, more objective theoretical models that can bring out the relationship between underwriter Reputation and Underpricing must be created, and also, further studies that can analyze it more empirically are needed. And it need to use a variety of underpricing measurement based on previous studies.

최근 기업지배구조 문제가 중요한 학문적 관심사로 대두되는 가운데 기업의 소유구조에 관한 연구가 활발히 진행되어 왔다. 특히 소유주 및 그 가족에 의해 직접 경영되는 가족기업과 소유와 경영이 분리된 전문경영기업 중 어떤 소유구조가 더 바람직한가에 대한 연구에 있어, 소유주 및 그 가족에 의해 직접 경영되는 가족기업의 경우 경영인에 대한 대리인 비용 감소를 통한 기업 가치 증대 효과를 누릴 수 있다는 연구결과가 존재한다. 반면, 가족기업은 소유주의 사적이익추구 등으로 인한 기업 가치 하락을 가져올 수 있어 소유와 경영이 분리된 전문경영기업의 소유구조가 기업 가치를 증가시킬 것이라는 주장도 있다. 본 연구는 국내 재벌기업을 중심으로 가족기업의 창업자 후손 승진 공시가 주식의 비정상수익률에 미치는 영향에 대한 실증적인 증거를 제시한다. 이를 위해 사건연구방법으로 공시에 따른 주주의 부의 변화를 누적비정상수익률(CAR)로 측정하고 패널회귀분석을 통해 유의성을 검정하였다. 분석 결과 표본 가족기업의 창업자 후손 승진 공시에 대한 모든 사건구간에서 양(+)의 누적평균초과수익률을 보였다. 이는 소유주와 그 가족이 직접 경영에 참여하는 소유구조가 대리인 비용을 감소시켜 기업가치 극대화에 긍정적이라는 선행 연구와 일치한다고 볼 수 있다. 특히 표본이 10대 재벌기업에 속하는 경우 누적초과수익률이 비재벌기업보다 더 크다는 가설이 패널회귀분석을 통해 더욱 지지되었다. 이는 투자자들이 10대 재벌기업의 과거 장기의 성장과정 동안 창업자 2대 또는 3대에 걸친 세습 경영을 통해 현재의 기업 규모와 높은 성과를 달성한 것을 인정하고, 후손 승진 공시가 신호하는 세습경영이 앞으로도 이어짐으로 인해 기업성과가 더욱 높아질 것이라고 기대한 결과라고 볼 수 있다.

As corporate governance became a focal area of academic research, a horse race between founding family-run businesses (family firms) and those with separated management and ownership also rose to an active theme. There have been claims that family firms are worth more than otherwise since they, in general, incur lower agency costs than corporations with entrusted (and entrenched) managers (Jensen and Meckling, 1976; Stein, 1988; Stein, 1989; Casson, 1999; Anderson and Reeb, 2003). On the contrary, the critics argue that as the founding owners of family firms can be prone to relishing private gains the value-additive governance structure of distinct owners and managers is more desirable (Fama and Jensen, 1985; Barclay and Holderness, 1989; Shleifer and Vishny, 1997; DeAngelo and DeAngelo, 2000). Following the International Monetary Fund's bailout in the late 1990's, due to heightened awareness of the detrimental effects of excessive leverage and overly irrelevant empire building by Chaebol firms-epitomized by the bankruptcy of the Daewoo Group-separation of management and ownership won much support from the academics and policy makers. However, upon onset of the Financial Crisis in late 2008 the business turn-around cases of the Korean business conglomerates-e.g. Samsung, Hyundai Motor, LG etc.-lent increasing support to the champions of family firms. We can imagine a simple example of a owner-managed restaurant versus an outsourced alternative. The former may be time-consuming and capital-intensive but the owner-manager will allocate much resources to improving the clientele satisfaction in gastronomy and service. On another hand, the hired manager on site in the latter case would rather find reasons for a wage raise by implementing short-term decisions for immediate effect on sales revenue, e.g. distributing event-driven vouchers. The owner will incur unquantifiable agency costs due to the hidden actions sought by the agent on this worksite without effective monitoring. In family firms, the founding owners and their family members themselves can reduce agency costs by their sanguine alignment of mutual interests, and their potential bequest of controlling stakes incentivise them to make long-run decisions in corporate investments for enhancing the existing core competencies and refrain them from being pre-occupied with myopic business strategies. Conglomerate discount has been well documented in the corporate governance literature. However, contrary to the conventional wisdom, this research provides evidence of positive cumulative abnormal returns upon heir promotion announcements made by Korean family firms. This result lends support to the convergence of interest hypothesis that family ownership can be more value-additive than non-family governance. In addition, we find that the abnormal return of top-ten Chaebol family firms is, on average, higher than that of non-Chaebol peers. In other words, the managerial consistency of Chaebol firms through sanguine succession appears to be meaningfully priced in the shareholder value.

본 연구는 기업의 CSR의 지속성과 이익지속성과의 관계, 나아가 CSR과 기업 가치와의 관계를 검증하였다. 그 결과 기업의 CSR과 이익의 지속성이 기업 가치에 긍정적인 영향을 미친다는 가설을 지지한다는 것을 확인하여 기업실무에 시사점을 제공한다고 할 수 있을 것이다. 또한, 선행연구와 달리 표본범위를 공표된 200위는 물론 조사된 모든 자료로 확대함에 따라 자료의 신뢰도를 높인 것이라 사료된다. CSR활동의 지속성 여부에 따라 기업이익의 지속성과 관련이 있다는 결과로 볼 때 경영자가 기업 가치에 중요한 요소로 작용하는 이익의 지속성을 위해 지속적이고도 적극적인 CSR활동을 수행하여 기업 가치를 높이려할 것이기 때문에 사회적으로도 소망스런 일이 될 것으로 판단된다. 기업의 회계정보 이용시 CSR활동을 참고하는 것이 기업의 정보 이용을 더욱 유용하게 할 수 있을 것으로 사료된다. 이에 기업의 지속가능성이나 경쟁우위의 원천으로서 CSR을 인식하는 적극적인 태도전환이 필요하며, 이벤트성 CSR활동이 아닌 체계적이고 지속적인 CSR 관련 전략경영체계 수립이 절실하다고 할 것이다. 나아가 CSR에 대한 국제 규범화는 물론 국내에서도 관련 규정의 입법이나 기존 법률의 개정을 통해 투명경영을 통한 기업의 성장과 존속 자체가 가장 기본적인 사회적 책임이라는 인식제고, 지속가능경영보고서 발간 등 사회적 책임 관련 정보의 공개 강제 및 비 재무정보에 관한 가이드라인과 평가기준의 개발은 물론, 기업의 사회적 책임을 강제하는 방향으로만 치우치지 말고 세제혜택을 포함한 다양한 인센티브제도를 동시에 고려하는 적극적인 입법 활동이 필요하다고 본다.

This article analyzes the effect of sustaining Corporate Social Responsibility (CSR) on relationship between earnings persistence and firm value. Most of the previous studies focused on characteristics of companies to which opened 200 companies data measured by Korea Economic Justice Institute (KEJI) Index value. But this studies extended that unknown all companies analyzed by KEJI. If sustaining CSR increases some expenditures in a short-term period but increases financial performances after a certain period of time. The purpose of this study is to test the impact of sustaining CSR on financial performance and firm value in a short-term and long-term period of time. Based on the argument that CSR would play the role of mitigating conflicts between firm and firms environment, we hypothesized that sustaining CSR would enhance the firms earnings persistence and financial performance / firm value. Specifically, the firms with higher CSR performance are predicted to have higher profitability, lower cost of capital, and higher firm values than those with lower CSR performance. These hypotheses were tested using 257 Korean firms over eight-year period (2001～2008). Findings of this study are as follows:First, firms that sustaining CSR activities improve the firm’s financial performance and corporate values. We are able to verify that firms with consistent CSR activities have better financial performance as well as performance of CSR activities measured by KEJI index value. Second, firms that perform their sustaining CSR activities have a better future management performance than firms with irregular CSR activities. The evidence shows that sustaining CSR firms has a positive relationship with financial performance measured by ROA and Tobin’s Q ratios. Third, CEO’s that the firms with higher and sustaining CSR performance exhibit better financial performance as measured by return on asset (profitability) and Tobin’s Q (firm value). Fourth, the conclusions of this study suggest that the sustaining voluntary CSR activities may increase the value of the firm and the shareholders together. In the case of firm’s with irregular CSR activities, the positive impact of CSR on financial performance was not effective. These imply that CSR activity causes to increase some expenditures to firm’s in short-time but in long-time it gives an economic incentive to firm’s which have done CSR continuously. In addition, having an active and sustaining CSR policies is beneficial for their firms to increase competitive advantages in a long-term period of time. The analysis on how the level of CSR effects on the firm value shows that the value of the published 200 companies of KEJI is lower than that of other companies generally. It means that the higher the level of CSR causes the higher firm value in the group of KEJI 200. This means that the assessment of the capital market on CSR is affirmative more than in the group of 200 companies of KEJI. The results also shows that CSR performance has a positive effect on firm value (ROA) and the firm’s sustainability. These findings mean that CSR performance become different with the earnings persistence and economic conditions, and the CSR performance could be used as a forecast indicator of the firm’s sustainability. However, these results are robust across different measures of variables and testing methodologies. Finally, study results in detail are reported along with implications derived and discussed. Limitations and future directions of the study are also addressed.

외국인 직접투자의 유입이 호스트 국가의 소득분배에 미치는 영향에 대한 대부분의 연구는 직접투자의 유형을 구분하지 않고 있다. 본 논문은 외국인 직접투자와 인수합병형 직접투자로 구분해서 이들이 호스트 국가의 소득분배에 미치는 영향을 분석하고, 소득분배에 미치는 영향이 호스트 국가의 인적자본 수준에 의해 좌우되는지의 여부를 검토한다. 인적자본 수준은 경제성장에 영향을 미치는 조건(Borensztein et al., 1995)이고, 동시에 숙련/미숙련 상대수요 및 상대임금수준에 영향을 줌으로서 소득불평등을 좌우하는 조건이기도 하다. 이러한 아이디어를 Aghion et al.(2002)의 모형을 수정하여 가설을 도출한다. 가설을 실증분석하기 위해 1990～2010년 기간 동안 119개 국가의 국가별 횡단면 자료를 이용한 OLS, IV추정, 그리고 패널 데이터를 이용한 system GMM 추정한다. 추정 결과를 요약하면 다음과 같다. 첫째, 인수합병 직접투자는 전체 외국인 직접투자와 동일한 방향으로 소득불평등에 영향을 미친다. 둘째, 외국인 직접투자와 인수합병형 직접투자는 인적자본 수준이 높은 국가그룹에서는 소득불평등을 악화시키고, 인적자본수준이 중하위 국가그룹에서는 소득불평등을 완화시켜준다. 셋째, 패널 추정 결과는 횡단면 분석결과를 지지해 주고 있다. 인적자본 수준이 높은 선진국의 경우 외국인 직접투자를 통해 높은 수준의 기술이 인적자본을 통해 소득불평등에 부정적 영향을 미칠 수 있으므로, 경제성장과 일자리 창출을 위한 외국인 직접투자 유치정책을 추진함과 동시에 소득불평등 악화 효과를 감소시키는 사회 정책도 동시에 모색되어야 할 것이다.

Rising income inequality witnessed in most countries especially in advanced economies since the early 1990s has drawn attention of many scholars who have presented several possible explanations for this phenomenon. While FDI has been the fastest growing economic activity around the world, most of the findings in the literature of FDI focus on the relationship of complementarity between FDI and economic growth and disregard how FDI flows affect income inequality. Especially it remains unclear whether widening income inequality in the advanced economies is a consequence of massive increase in cross border M&A FDI. This paper investigates how the effect of FDI and cross border M&A FDI on income inequality within the host country may depend on the level of human capital of that country. To formalize this mechanism this paper extends the theoretical framework of Aghion et al. (2002) where MNEs have advanced technologies and management know-hows, offering them productivity advantage over domestic firms in the host country. In their model MNEs can be regarded as vehicles for adopting and disseminating advanced technologies in the host economy. Based on this idea we try to build a model to make theoretical predictions concerning the effects of FDI, especially that of cross border M&A FDI on income inequality in advanced host countries. Domestic firms learn by imitating and adopting advanced technology, which leads to higher demand for skilled labor and changes in relative wage structure. This theoretical considerations lead us to proposes hypothesis: If FDI increase, income inequality of host country with higher level of human capital widens, whereas income inequality of host country with lower level of human capital narrows. And such a logic also holds for cross border M&A FDI inflows. This paper uses a large cross-section and panel of 119 developed and developing countries for a recent period 1990～2010 to analyse how the causal relationship between FDI and income inequality is affected by the level of human capital in the host country. The OLS estimation results show that the effect of FDI and cross border M&A FDI is statistically insignificant; these OLS results are biased because of an endogeneity problem associated with FDI. To tackle endogeneity problem, we conduct IV estimations using ‘remoteness’ and ‘internal distance’ as instrumental variables for FDI. The results of the F-tests and of Hansen-t test of over-identifying restrictions imply that these instruments are valid. The IV estimation results indicate that FDI and cross border M&A flows have a significantly negative impact on inequality in host country group with higher level of human capital even when controlling for various explanatory variables. To complement cross-country analysis this paper performs the dynamic panel data analysis by using the system GMM estimators. The system GMM estimation enables us to control for unobserved country-specific effects and to tackle the endogeneity problems by using the internal lagged variables as the instrumental variables. Unlike cross-country analysis, we do not divide the entire sample into countries with higher or lower level of human capital because performing system GMM needs as many countries as possible. Instead, we add interaction term between inflow of FDI and human capital to test our hypothesis. By using and estimating interaction term the partial effect of FDI on inequality, can be estimated. Results show that is negative and is positive. Although the coefficient of FDI, is insignificant, the null hypothesis of is rejected by the F tests at the conventional significance level. Because the coefficients of FDI are negative and significant and the interaction terms of human capital with FDI are positive and significant, FDI inflows widens inequality in a country with higher level of human capital, whereas it narrows inequality in a country with lower level of human capital. To confirm the validity of the set of instrumental variables, we perform the Hansen tests for overidentifying restrictions, which do not reject the orthogonality conditions at the conventional significance level. With appropriate and valid instrumental variables the estimation results are consistent with our hypothesis: the FDI inflow widens inequality in a country with higher level of human capital, whereas it narrows inequality in a country with lower level of human capital. The host country of higher level of human capital that desire to decrease inequality resulting from FDI or cross border M&A should consider implementing social policies to mitigate the widening inequality if they are oriented to sustain economic growth and job creation with equitable income distribution.

본 연구는 은행의 대형화가 수익성, 리스크 및 비용효율성에 미치는 영향을 43개국 2,153개 은행을 대상으로 분석한 것이다. 실증분석 결과는 다음과 같다. 첫째, 은행이 대형화될수록 절대규모나 시스템 위험규모와 관계없이 수익성이 하락하고, 자본적정성이 악화되는 음(-)의 효과와 자산건전성은 개선되고, 비용효율성도 개선되는 양(+)의 효과가 존재하는 이중적인 효과가 있다. 둘째, 은행 대형화가 리스크에 미치는 영향은 국가별로, 규모별로, 리스크 종류별로 다르다. 소형은행의 경우, 대형화에 따라 수익성이 감소하고 자본적정성이 악화되지만 자산건전성과 비용효율성이 개선되는 효과는 얻을 수 있으나, 대형은행이 초대형화 되는 경우에는 수익성의 증가를 수반하지 않으면서 리스크만 커지는 결과를 초래하는 것으로 나타났다. 셋째, 절대규모를 기준으로 볼 때, 은행 대형화에 따른 규모의 경제효과는 존재하는 것으로 보이나, GDP 대비 80%를 초과할 정도의 초대형화의 경우 오히려 규모의 비경제가 나타났다. 은행의 대형화로 인해 리스크가 감소하는 효과는 모든 리스크 종류에 무관하게 항상 존재하는 것은 아니며, 특히 시스템 위험의 규모가 매우 큰 초대형은행의 경우 자본적정성 하락효과가 매우 큰 것으로 나타났다. 따라서, SIFI 등 바젤 III의 추가 자본규제는 필요하나, 시스템 위험규모를 기준으로 실시하는 것이 타당하며, 국가별 GDP 대비 60%∼80% 수준에서 수익성 하락을 최소화 하면서 리스크를 최소화 시킬 수 있는 최적자산규모가 존재할 수 있다.

The existence of economies of scale implies that banks will be more profitable and less risky as they get larger in size. In the context of modern portfolio theory, one can reasonably expect that banks with large and diversified portfolios can save costs and afford to put less capital at risk. Extant literature, however, lacks definitive evidence demonstrating that economies of scale exist in the banking industry. In this paper, we empirically re-examine whether economies of scale exist in the banking industry. We add more risk measures to the z-score which was used commonly in the literature. Our measures of bank risks include capital adequacy, asset soundness, and liquidity. We also analyze the effects of relative bank size and absolute bank size. To incorporate each bank’s systemic risk into our analysis, we utilize global data on banks, and divide our sample banks into five groups. We sort each group by their asset size relative to the size of the GDP of each of the countries they belong to. Our sample period begins in 1997 and ends in 2012. Our sample covers data for a total of 2,153 banks operating in 43 countries. We employ panel regression methodology with the country fixed effects and the year fixed effects. The dependent variables used in this paper include return on asset, non-performing loan ratio, loan-reserve ratio, capital ratio, liquidity ratio and cost ratio. Our main independent variables include total assets, systemic asset size calculated by total asset divided by GDP, asset growth rate, GDP growth rate, and inflation rate. Our results can be summarized as follows. First, bank profitability measured by ROA (return on asset) decreases as asset size gets bigger, regardless of whether we use absolute size or relative systemic size. Second, we find mixed effects of bank size on risk measures. As a bank gets bigger, its capital adequacy ratio decreases, but other ratios, such as asset soundness ratio, liquidity ratio and cost ratio are increasing irrespective of whether size is measured by its total asset or systemic size. Third, the effects of bank size on the bank’s risks differ across countries. More importantly, they differ according to the bank’s systemic size. In the case of smaller banks, asset growth improves asset soundness and liquidity. However, in the case of systemically large banks whose asset size exceeds 80% of the GDP of its country, bank size growth increases bank risk while decreasing profitability. Fourth, economies of scale exist in all countries for all size groups of the sample banks except for systemically large banks, i.e., biga100 (which belong to the largest systemic size group and account for more than 80% of the GDPs of their respective countries). Systemically large banks (biga100) exhibit no economies of scale. In summary, we find that there are both positives and negatives resulting from growth in bank assets. As the size of bank assets grows, both the asset soundness ratio and liquidity ratio improve with a saving in cost, but the profitability ratio and capital adequacy ratio deteriorate. However, asset growth in systemically large banks is associated with increased risks, without achieving higher profits. Our results also imply that there exists an optimal asset size which can maximize profit and minimize risk. Our results indicate that the optimal asset size will lie somewhere between 60% and 80% of the GDP of the country to which a bank belongs. Investigating which factors result in cross-country differences is left for future research.

최근 다국적기업의 경쟁우위 창출에 있어 해외자회사의 역할이 중요시 되면서 상대적으로 부족했던 해외자회사의 현지시장에서의 지식획득에 관한 논의가 점차적으로 주목을 받고 있다. 따라서 본 연구는 해외자회사의 시장지향성, 현지시장 지식획득, 그리고 자회사 성과와의 관계를 규명하고자 하였다. 즉, 해외자회사가 시장지향성 조직문화를 통해 구축할 수 있는 현지시장 지식획득의 영향요인으로 해외자회사 잠재적 흡수능력, 현지국 관계적 체화성, 그리고 해외자회사의 학습경험을 고려하였다. 또한 이렇게 획득된 현지 시장지식이 자회사의 성과에 영향을 미치는데 있어 자회사의 실현적 흡수능력의 조절효과를 살펴보고자 하였다. 이를 위해 한국에 진출한 253개의 다국적기업 해외자회사를 대상으로 조사를 하였으며, AMOS(7.0 version)과 SPSS(15.0 version)을 사용하여 수집된 자료를 분석하였다. 그 결과 해외자회사의 시장지향성은 자회사의 잠재적 흡수능력, 현지국 관계적 체화성, 그리고 자회사 학습경험 모두에 유의한 영향을 미쳤고, 현지국 관계적 체화성, 자회사 학습경험은 자회사의 잠재적 흡수능력에 긍정적인 영향을 미치는 것으로 확인되었다. 반면 앞선 세 요인들과 현지시장 지식획득 간의 관계에 있어서는 해외자회사의 잠재적 흡수능력만이 긍정적인 영향을 미침을 확인하였다. 또한 해외자회사 현지시장 지식획득은 자회사 성과에 긍정적인 영향을 미쳤으며, 이들의 관계에 있어 자회사의 실현적 흡수능력이 조절효과가 있음을 확인하였다.

In response to an increased need of balancing pressures for global integration and local responsiveness, foreign subsidiaries are demanded to play a prominent role in creating and transferring knowledge, valuable for the multinational corporation (MNC). In this context, a key managerial problem pertains to identifying the relationship between local market knowledge acquisition of foreign subsidairy and performance. If companies want to acquire local market knowledge, they should precede market orientation. Especially, foreign subsidiary that takes charge of business activities in unfamiliar environment has to obtain various factors to acquire local market knowledge. Prior to this, it’s most important that companies construct organizational culture which leads them to fully understand the desire of local customers and the strategy for the local market. This study is to examine that the market orientation of foreign subsidiary influences on the local market knowledge acquisition and performance of foreign subsidiary through variables of the potential absorptive capacity of foreign subsidiary, the local relational embeddedness, and the learning experience of foreign subsidiary. Also this study identify the moderating effect of realized absorptive capacity between the local market knowledge acquisition and performance of foreign subsidiary. For a more realistic approach the data was collected from foreign subsidiaries in South Korea. 253 samples were used for this analysis with AMOS (7.0 version) and SPSS (15.0 version). Collected samples were tested by factor analysis and Cronbach’s Alpha coefficients and were found to be satisfactory in terms of validity and reliability. Furthermore, fitness of the measurement model was tested by using confirmatory factor analysis and fitness of the model for hypothesis testing was adequate on various goodness of fit indices. There are following empirical results. First, the market orientation of foreign subsidiary has a significant effect on the potential absorptive capacity of foreign subsidiary, the local relational embeddedness, and the learning experience of foreign subsidiary. Second, the local relational embeddedness, and the learning experience of foreign subsidiary have an effect on the potential absorptive capacity of foreign subsidiary, Third, the potential absorptive capacity of foreign subsidiary only play a significant role on the local market knowledge acquisition. Finally, the realized absorptive capacity play a significant role in moderating between the local market knowledge acquisition and performance of foreign subsidiary. Even though this study tried hard to provide meaningful results and implications, there still are some limitations. First, since we had selected foreign subsidiaries as subjects of the analysis, we only chose the ones that run their business only in Korea. Thus, it may not be appropriate to argue that the result of this study can be applied to other countries, because of different cultures and systems. Second, this study put restraints on the subjects of the analysis by selecting only foreign subsidiaries of MNCs currently operating production and sales in Korea. Accordingly, it is hard to say that the result of this study can be adapted to other subsidiaries which were established under different purposes such research and development or resource development. Finally, since we only got the response from one personnel per each corporation, the result of the analysis can be biased by subjectivity of the respondent. In other words, the problem of common method bias can occur. To settle those problems, further studies could use the second source added to questionnaire to minimize such problem, for example, getting a multiple response from one subsidiary, or using more objective measurements such as an introduction rate of technology acquired in local market in measuring the level of local market knowledge acquisition.