Earticle

세계 각국은 지구 온난화 방지를 위해 기후변화 대응 프로그램 및 전략을 마련하여 이행하고 있다. 우리나라 정부도 온실가스와 환경오염을 줄이는 지속가능한 성장 및 녹색기술과 청정에너지를 통해 신성장동력과 일자리를 창출하는 신국가발전 패러다임으로 ‘저탄소 녹색성장’을 제시하였다. 이러한 정부의 의지를 법적으로 뒷받침하기 위하여 2010년 1월 ｢저탄소 녹색성장 기본법｣이 제정되어 정부는 2007년부터 2009년까지 3년간 평균 온실가스 배출량 및 에너지 소비량이 일정기준 이상인 기업을 대상으로 온실가스․ 에너지 목표관리제 지정기업을 선정하여, 이들의 감축목표 달성 여부를 평가 및 관리하고 있다. 온실가스․ 에너지 목표관리제는 기후변화에 대응하기 위하여 기업들의 에너지 절약 및 에너지 이용 효율에 대한 목표를 설정하고 그 이행을 관리하는 제도이다. 본 연구에서는 2008년부터 2011년까지 주요 목표관리제 기업을 대상으로 에코효율성을 측정하고자 한다. 에코효율성은 재생가능한 생태계 자연자원의 보존 및 경제적 절약과 기술향상의 2가지 의미로 자원생산성을 높이면서 환경을 개선하는 환경효율 지표이다. 효율성 측정을 위하여 자료포락분석(Data Envelopment Analysis: DEA)을 이용한다. 효율성을 측정하여 효율적인 기업과 비효율적인 기업을 구분하고, 비효율적인 기업들의 온실가스 배출량과 에너지 사용량의 절감여부를 알아본다. 그리고 DEA Window모형을 통하여 목표관리제 지정 기업들의 연도별 효율성 변화추이와 변동의 안정성을 살펴보고자 한다. 본 연구에서 제시된 분석결과는 녹색경영을 위한 정책 입안 및 결정에 대한 유용한 정보를 제시할 수 있을 것이다.

Many nations in the world have been preparing and fulfilling the programs and strategies designedto deal with the climate change. The Korea government also suggested a paradigm of new nationaldevelopment, that is, “Low-Carbon Green Growth based on Green Management” and enacted“Fundamental Law on Low-Carbon Green Growth (Jan., 2010)” to support legally. Based on the amount of green house gas emissions and energy consumption, the governmentselected some enterprises that need to manage and set the target on not only green house gas emissionsbut also energy consumption, and controlled whether they meet their reducing targets or not. Theseenterprises are called TMEs (Target Management Enterprises). In this study, we analyze eco-efficiencyof TMEs from 2008 to 2011. Eco-efficiency is the indicator of environmental efficiency to improveenvironment with the improvement of the productivity of natural resources. In order to evaluate and analyze eco-efficiency, DEA (Data Envelopment Analysis) model is used.The process of this study is composed of 6 stages. The detailed explanation may be described asfollows: 1)We newly define the eco-efficiency of TMEs. The product or service value of eco-efficiencyis sales and/or economic value added, and the environmental influence of eco-efficiency is greenhouse gas emissions and/or energy consumption respectively. 2)We select proper input variablesfor evaluating eco-efficiency of TMEs. The input variables used for this research are green housegas emissions and energy consumption. 3)For selecting the output variables, the correlation analysisis performed. The alternative output variables used in correlation analysis are sales, net profit duringthe term, economic value added and operating profit. Because the sales and economic value addedhave a low correlation, we use these two for output variables. 4)We conduct a DEA analysis toevaluate eco-efficiency of TMEs. We apply the input-oriented BCC model because the one of outputvariables (economic value added) includes the negative values. 5)By the experimental results, theDMUs are classified into two groups, that is efficient and inefficient groups. The number of efficientDMUs for each year is 8 (2008), 5 (2009), 7 (2010), and 5 (2011). We also perform the scale efficiency analysis and the reference set analysis to figure out what causes the result of inefficient DMUsand to provide the desirable value for the efficiency score at which each inefficient DMU can beconverted into an efficient DMU. 6)We investigate the dynamic change of eco-efficiency using DEAWindow model. Window analysis assesses the efficiency of a DMU over time by treating it asa different unit in each time period. This method allows for tracking the performance of a DMU. The eco-efficiency of 5 TMEs increase over time. More statistical analysis are needed for explainingthe detailed results of TMEs. There are various theoretical and working-level consequences in this study. First, though the actualmeasurement of eco-efficiency remains ambiguous, we propose the new and common definition ofeco-efficiency for TMEs. Second, the coverage capability of input-oriented BCC model is extendedbecause of dealing with negative output values. Third, this approach may motivate many researchersto develop the quantitative analysis methodologies for green management. Finally, this study willalso suggest useful information on making and deciding the policies for climate change andsustainable management.

본 연구에서는 팀 효과성에 영향을 미칠 수 있는 기업 규모를 통제하고 기업 내 팀장의 다원적리더십이 팀 효과성에 미치는 영향을 실증적으로 탐구하였다. 이를 위해 K 기업교육 기관 교육 참가자 중편의표집법을 통해 선정된 400명을 대상으로 검증된 조사도구를 활용하여 설문조사하였다. 회수된 273부중 225부를 유효화 하였고, 다음과 같은 연구결과를 확보하였다. 첫째, 팀장의 다원적 리더십의 하위변인들인인적 자원적 리더십, 상징적 리더십, 정치적 리더십, 구조적 리더십이 높아질수록 팀 효과성이 높아지는것으로 나타났다. 둘째, 대기업의 팀 성과가 더 높은 것으로 나타났으며, 팀장의 구조적 리더십이 높을수록팀 성과가 높아지는 것으로 나타났다. 셋째, 중소기업의 팀 몰입이 더 낮은 것으로 나타났으며, 팀장의 인적자원적 리더십이 높을수록 팀 몰입이 높아지고, 다원적 리더십이 팀 몰입에 미치는 영향에서 대기업과과중소기업의 차이가 없는 것으로 나타났다. 넷째, 대기업과 중소기업의 팀 만족의 차이가 없는 것으로나타났다. 팀장의 인적 자원적 리더십, 상징적 리더십, 정치적 리더십이 팀 만족 영향을 미치는 것으로나타났으며, 다원적 리더십이 팀 만족에 미치는 영향에서 대기업과 중소기업의 차이가 없는 것으로 나타났다. 이상의 연구결과 시사점은 팀 성과 향상을 위해 구조적리더십을 강화시키는 노력이 필요할 것이며, 이는대기업보다 중소기업에서 더욱 요구된다. 팀 몰입을 위해서는 커뮤니케이션 스킬, 후배 육성 스킬, 동기부여기법 등에 대한 교육이 요구된다. 팀 만족을 향상시키기 위해서는 인적 자원적, 상징적, 정치적 리더십과관련된 교육을 제공해야 할 것이다

In the rapidly changing management environment, businesses need necessary measures to copeup with it. For the purpose of creating successful results in the shifting business environment,organizations will be reorganized into teams, the capabilities and authorities of which are expectedto increase to determine the success of the organization that they belong to as well as that of theteams themselves. (Peter Drucker, 1993)To introduce the team system into an organization, each member is required to adapt to the system,especially team leaders in charge of final decision making. Focus is placed on the open and horizontal structure of the organization where the role of theteam leaders matters most. For this reason most businesses in Korea emphasize the importance ofthe leadership of team leaders. Studies on leadership evolved from classical theories of trait theory, action and function theory,which led to modern theories meant for contemporary business management environment includingcharismatic theory, transaction theory, social learning theory, attribution theory, leader-memberexchange(LMX) theory. The purpose of this study is to find the impact of multiple leadership of team leader in teameffectiveness under condition to control scale of corporate empirically. For this study, 400 peoplewere chosen among K institution as one of large domestic business educational institution throughthe convenience sampling method. And the data of 225 members were validated among those of273 members collected. To secure research results, the data were analyzed using validity andreliability verification of research tool, descriptive statistics, correlation analysis, regression analysis,and hierarchical regression analysis for the control variable. The results of this study are as follows: First, multiple leadership's sub variables, human resourcesleadership/symbolic leadership have a strong influence on team effectiveness, then, politicalleadership, structural leadership in order. Second, team performance of large company is higher thansmall businesses. Team leader's structural leadership significantly affected the positive(+) in teamperformance. Third, team commitment of small businesses is little lower than large company. Teamleader's human resources leadership significantly affected the positive(+) in team commitment. Fourth,team satisfaction is no difference between large company and small businesses. Human resources leadership, symbolic leadership, political leadership have influence on teamsatisfaction in order. Based on the results of this study, the following conclusions were drawn. First,it is necessary to develop program for enhancing knowledge, skill, attitude of multiple leadership. Second, for enhancing team performance, HRD departments should provide the education programsto strengthen structural leadership. In particular, small businesses than large company is requiredto strengthen structural leadership. Third, HRD departments should provide team leader with programabout communication, growing junior, motivation to enhance team commitment. Fourth, to enhanceteam satisfaction, it is necessary to provide program about human resources, symbolic. politicalleadership.

본 연구는 경제정의연구소에서 조사하는 KEJI 지수를 CSR 활동의 대용변수로 사용하여 산업별CSR 활동과 기업가치 간의 관계를 분석하여 CSR 활동이 산업별로 기업가치에 미치는 영향이 상이할 수있는가를 검정하였고, 이를 바탕으로 기업의 총체적인 CSR 활동뿐만 아니라 CSR 활동의 세부항목인 기업의환경보호, 소비자보호만족도, 사회봉사기여도, 경제발전기여도, 종업원만족도와 같은 요인이 산업별로 기업가치에 상이한 영향을 미칠 수 있는지에 대하여서도 검정하였다. 결과는 화학 산업에서는 경제발전기여도와관련된 CSR 활동이 기업가치에 의미 있는 긍정적 영향력을 미치고, 식약 산업에서는 환경보호 CSR 활동이기업가치에 의미 있는 긍정적 영향력을 미치며, 기계전자 산업에서는 경제발전기여도, 환경보호, 사회봉사기여도, 종업원만족도, 소비자보호만족도 모두 기업가치에 유의미한 영향을 미치지 못하는 것으로 나타났다. 또한 비제조서비스 산업에서는 경제발전기여도 CSR 활동이 기업가치에 의미 있는 긍정적 영향력을 미치고,원자재가공생산 산업에서는 종업원만족도와 관련된 CSR 활동이 기업가치에 의미 있는 긍정적 영향력을미침을 확인할 수 있었다. 이러한 분석 결과는 산업별로 기업의 특성에 적합한 차별화된 CSR 세부활동이기업가치에 상이하게 영향을 미칠 수 있다는 의미를 제시하는 것으로, 기업의 특성을 무시한 대외 홍보적인CSR 활동이나 천편일률적인 CSR 활동보다는 실질적으로 기업가치를 제고시킬 수 있는 산업별 기업별로차별화된 CSR 활동전략의 수립의 가능성을 확인시켜주는 결과라고 할 수 있으며, 이러한 가능성의 발견이이 연구의 핵심 취지라고 할 수 있겠다.

This study focuses how CSR(Corporate Social Responsibility) subsection activities effect thecontinuous growth and financial performance of the companies. Instead of traditional advertisingfocusing on product benefits, lots of recent studies are drawing attention to CSR activities as corporatepromotional tools for enhancing firm value. CSR activities are recognized as necessary methodsfor constructing good relationships with stake-holders through the efforts of solving problems asgood social members. Nonetheless studies on the categorization of various CSR activities andinfluence of those activities by industry are very limited. In order to analyze the relationship betweenCSR subsection activities and firm value by industry, the empirical analysis has been done by takingthe 7-year data from 2005 to 2011, which promotes KEJI index of a substitution of CSR activities,debt ratio, total assets, the rate between total assets and R&D costs for the independent variables,while using Tobin’s Q, a substitution of firm value, as the dependent variable. This work is conductedon a number of samples selected from 200 corporations that possess KEJI Index which is issuedby the Korean Economic Justice Institute annually. KEJI Index is composed of 5 main CSR subsectionactivities which are community service contributiveness, environmental protection satisfaction,customer service satisfaction, employee satisfaction and economic development contributiveness. Through the analysis, the effect of the total CSR activities in the previous year on the firm valueby industry in this year showed the significant positive relationship. And independent variables whichhave the significant effect on the total CSR activities are total assets and the rate between totalassets and R&D costs, but debt ratio and company age is not statistically significant. And the analytical result of the study which is the effects of CSR subsection activities to firmvalue by industry is summarized as follows. In chemistry industry, the statistically significant positiverelationship is shown in economic development contributiveness of CSR subsection corporateactivities in the previous year and the firm value in this year. In food and drug industry, the statisticallysignificant positive relationship is shown in environmental protection satisfaction of CSR subsectioncorporate activities in the previous year and the firm value in this year. In machinery and electronindustry, the statistically significant relationship is not shown in community service contributiveness,environmental protection satisfaction, customer service satisfaction, employee satisfaction andeconomic development contributiveness of CSR subsection corporate activities in the previous yearand the firm value in this year. In raw materials products industry, the statistically significant positiverelationship is shown in employee satisfaction of CSR subsection corporate activities in the previousyear and the firm value in this year. In non-manufacture and service industries, the statisticallysignificant positive relationship is shown in economic development contributiveness of CSRsubsection corporate activities in the previous year and the firm value in this year. In conclusion, the proper CSR subsection activities of companies can be the very useful strategicmeans which ultimately improves the firm value by strengthening the competitiveness as well assatisfying increasing internal and external demand.

본 연구는 한국 자본시장을 대상으로 자본투자(capital investment)와 주식수익률 간의 관계를실증적으로 다루었다. 실증분석을 위하여 1999년～2013년 동안 한국거래소 유가증권(KOSPI)시장에 상장된제조업 소속 기업들 중 일정요건을 충족하는 기업의 주가 및 재무제표 자료를 사용하였다. 분석방법은 자본투자, 잉여현금흐름(free cash flow), 부채비율(leverage ratio) 등의 세 가지 변수를 기준으로 구성한 포트폴리오 및 투자전략의 성과분석, Fama-French(FF) 3요인 모형을 이용한 성과분석, 그리고 기업-연도별 자료의특성을 반영한 패널자료분석(panel data analysis) 등이다. 주요 연구결과는 다음과 같다. 첫째, 자본투자(CI)포트폴리오를 이용한 분석결과, 자본투자와 주식수익률 간에 유의한 관계는 존재하지 않는 것으로 나타났다. 둘째, 대리인 문제와 관련된 변수로서 잉여현금흐름 및 부채비율을 추가적으로 고려한 포트폴리오 분석결과,현금흐름이 많거나 부채비율이 낮은 기업집단에서도 자본투자와 주식수익률 간에 유의적인 관계는 발견되지않았다. 이는 대리인 문제와 관련된 변수가 자본투자와 주식수익률의 관계에 별다른 영향을 미치지 못함을의미한다. 셋째, FF 3요인 모형을 이용한 분석결과, 포트폴리오 및 투자전략의 성과는 FF 3요인에 의해대체로 설명 가능하였다. 넷째, 개별기업을 대상으로 실시한 패널자료분석의 결과, 포트폴리오 접근법에서와같이 자본투자와 주식수익률 간에 유의적인 관계가 존재하지 않는 것으로 나타났다. 본 연구의 결과는 한국자본시장에서 자본투자가 주식수익률의 향방을 파악하는 데 유용한 정보가 될 수 없음을 시사한다. 본 연구는,저자들이 아는 한, 한국 자본시장을 대상으로 자본투자와 주식수익률의 관계를 다룬 최초의 시도일 수 있다는점에서 의의를 지닌다

This paper examines the relationship between capital investments and stock returns in Korea. The prior literatures suggest a number of potential explanations on weather or not capital investmentsare significantly correlated with subsequent stock returns. McConnell and Muscarella(1985) hypothesize that unexpected changes in capital spending conveyto the market unexpected changes in the value of the firm’s investment opportunities under assumptionthat managers act in shareholders’ best interests. They find that increases (decreases) in plannedcapital expenditures are related with significant positive (negative) excess stock returns for industrialfirms. They interpret the evidence as being consistent with the hypothesis that managers seek tomaximize the market value of the firm in making their corporate capital expenditure decisions. Jensen and Meckling(1976) present the effect of agency costs on a firm's shareholders. Theiranalysis suggests that the agency costs related with the capital investments increase as the size ofthe firm increases. The increase in agency costs occurs because of the outsiders’ incapability tomonitor managers' actions. Jensen (1986) asserts that even if projects have negative NPV the incentiveto overinvest in the projects is intensified when the firm produces cash flow in excess of that neededto fund projects which create value. His argument is based on the hypothesis that other things equal,managers of firms that produce high levels of cash flow are more likely to have the opportunityto overinvest and are more likely to do so than are firms with low levels of cash flow. Thus, itcan be expect the agency costs are linked with capital investments to be increasing in free cashflows. Easterbrook(1984) indicates that capital markets provide a role in the monitoring of managers. Jensen(1986) suggests that high financial leverage of itself imposes discipline on management. Highfinancial leverage bonds managers to use free cash flow, that otherwise could be wasted on empirebuilding activities, to meet financial obligation. Therefore, the agency costs linked with capitalinvestments to be reduced by the high debt ratios. Our sample includes manufacturing firms listed on KOSPI of KRX(Korea Exchange) from 1999to 2012. Our sample excludes firms with a negative book value and firms that have other monthsdifferent from December as the last month of fiscal year and change the settlement month. Datafor the stock and financial variables are obtained form KIS-value database. For an empirical research,portfolio approach, Fama and French(FF) 3-factor model, panel regression model are employed. Weidentify high capital investment stocks and low capital investment stocks according to the amountof capital investments and then classify them into various portfolios by using free cash flow andleverage ratio respectively. And then we evaluate the average monthly returns of portfolios andinvestment strategies. We also apply the FF 3-factor model to analyze the performances portfoliosand investment strategies. We use panel data analysis to examine the relation between capitalinvestments and stock returns in individual firms. We find that (i) there is no significant relation between capital investments and stock returnsin Korea, (ii) there is no significant capital investment-stock return relation even if in the analysisdone with considering two variables free cash flow and leverage ratio which are related to agencyproblems, (iii) performances of all of the portfolios and investment strategies are explained by threefactors of FF 3-factor model, (iv) there is no significant relation between capital investments andstock returns in the panel data analysis using individual stocks. The results of this study are differentfrom those of prior studies which examine the relationship between capital investments andsubsequent stock returns in international markets. To our knowledge, this is among the first to examinethe relationship in Korea.

본 연구는 최근 4년간 공매도를 허용했던 시기를 주식시장의 상황이 달랐던 두 시기로 나누어주식공매도가 변동성에 미치는 영향에 관하여 연구를 하였다. 분석기간은 주식공매도 거래가 허용 되었던2009년 6월 1일-2011년 8월 9일(구간 1:주식시장 변동성이 상대적으로 높은 시기)과 2011년 11월 10일-2013년 11월 22일(구간 2:주식시장 변동성이 상대적으로 낮은 시기)로 나누었다. 각각의 연구기간 동안 KOSPI시장에서 주식 공매도 거래가 가장 활발히 이루어졌던 100종목을 주식공매도 거래비중 순으로 순서대로나열하여 다양한 방법으로 포트폴리오를 구성하고, 포트폴리오 구성종목의 일별 주식공매도 거래비중이 포트폴리오 구성종목으로 이루어진 일별 주가수익률 변동성에 어떠한 영향을 미치는지 상황별 질적 특성에 대해분석하였다. 분석 결과는 다음과 같다. 첫째, 각 구간의 전체기간으로 분석을 했을 경우, 구간 1에서만 주식공매도 거래비중이 높은 종목들로만 구성했을 때, 주식공매도 거래비중이 주가수익률 변동성에 유의한 양(+)의영향을 미쳤다. 둘째, 각 구간을 포트폴리오 일별 주가수익률이 음(-)인 날만 분석을 했을 경우, 구간 1에서는상위 100종목으로 모두 포트폴리오를 구성하여도 주식공매도 거래비중이 주가수익률 변동성에 유의한 양(+)의 영향을 미쳤지만, 구간 2의 경우는 주식공매도 거래가 가장 활발했던 상위 10종목으로 포트폴리오를구성했을 때만 주식공매도 거래비중이 주가수익률 변동성에 유의한 양(+)의 영향을 미쳤다. 셋째, 각 구간을포트폴리오 일별 주가수익률이 양(+)인 날만 분석을 했을 경우, 구간 1은 주식공매도 거래 비중이 주가수익률변동성에 유의한 영향을 미치지 않았다. 그러나 구간 2에서는 주식공매도 거래비중이 높은 종목들로만 포트폴리오를 구성했을 경우, 주식공매도 거래비중이 주가수익률 변동성에 유의한 음(-)의 영향을 미쳤다

The purpose of this paper is to make a research on the impact of short selling on volatility duringthe last 4 years when short selling was allowed by dividing the period into two periods when thestock market situation was different. The analysis period is divided as the period when short selling was permitted in 2009 June 1st~ 2011 August 9th (duration 1: the period when stock market volatility was relatively high) and2011 Nov. 10th and 2013 Nov. 22nd (duration 2: the period when stock market volatility wasrelatively low). During the research period, the portfolio was made through various methods by listing as pershort selling trading basis of the 100 stock items which were most actively traded in the KOSPImarket, and analysed what effects the daily short selling trade weight of the portfolio compriseditems brought to the daily stock earnings rate volatility comprised of portfolio comprised items. The analysis results are as follows: Firstly, in the case the analysis is made by the total periodof each duration, when the portfolio was made up with high trading rate short selling in only duration1, the short selling trading weight gave a plus(+) impact to the stock earnings rate volatility. Secondly, when the analysis was made upon each durations as per the portfolio's daily stockearnings rate in (-) days, in duration 1 even when the portfolio was comprised of upper 100 items,and the short selling trade weight gave an impact to the stock earnings rate volatility to be plus(+),in case of duration 2, the short selling trade weight gave a plus(+) impact to the stock earningsrate volatility when the portfolio was comprised by the upper most active short selling 10 items. Thirdly, when the analysis on each duration was made by the portfolio as per the daily stockearnings rate in plus (+) days, in duration 1 the short selling trade weight did not bring any impactto the stock earnings rate volatility. However, in duration 2 when the portfolio was comprised of high trading short selling items,the short selling trade weight gave a minus (-) impact to the stock earnings rate. Eventually, when the volatility of the stock market is relatively high and when the portfolio ismade up of items that were traded actively in short selling, as the short selling trading weight increases short selling volatility gets higher and its impact is more bigger when the stocks earnings rate isminus (-). In the case the stocks earning rate is plus(+), the short selling trading weight does notgive an impact to the stock earnings rate volatility. On the other hand, in the period when the stock market volatility is relatively low, as the shortselling trade weight is higher the stock earnings rate volatility did not get higher, and even whenthe stocks earnings rate was minus(-), only when the short selling trade weight is comprised ofthe upper 10 items did the stocks earnings rate volatility get higher as the short selling trade weightgot higher. Also, when the stocks earnings ratio turned into plus(+) and when the portfolio was made byactive short selling trade items, it turned out that the volatility of stocks earnings rate was lowas the short selling trade weight increased.