Earticle

기존 브랜드 명성의 연구에서는 브랜드 명성을 높고, 낮고, 좋고, 나쁘고, 긍정적이고, 부정적이라는 절대적 수준이나 경쟁브랜드와 비교하는 수준으로 브랜드 명성을 설명하고 있다. 이런 기존 연구들은 브랜드 명성을 확인하는 것 외에 브랜드 명성을 활용한 전략 수립이나 브랜드 명성 관리를 위해 활용하는 데는 한계점을 가지고 있다. 그래서 본 연구는 지각된 가치 4가지(품질, 가격, 감정, 사회) 측정지표가 브랜드 명성을 야기하는 중요한 구성 요인으로 브랜드 신뢰에도 영향을 미치는 것을 MIMIC 모형과 Two - Construct 모형을 통해 실증적으로 검증하였다. 지각된 가치 4가지(품질, 가격, 감정, 사회) 차원이 브랜드 명성을 유발하는 구성 요인임이 검증되었으며, 브랜드 명성을 유발하는 지각된 가치 4가지(품질, 가격, 감정, 사회) 차원 중 중요도 순위는 지각된 품질, 지각된 사회, 지각된 가격, 지각된 감정 순으로 확인되었다. 본 연구 결과는 선행 연구에서 검증되었던 지각된 품질 뿐 아니라 브랜드 명성을 유발하는 원인으로 지각된 사회도 소비자들에게 중요하게 지각됨이 확인되었으며, 부(-)의 방향이 나온 지각된 가격의 경우 품질과 사회의 긍정적 지각없이 높은 가격만으로는 긍정적 브랜드 명성을 구축 할 수 없음을 유추 해 볼 수 있다. 이 연구 결과는 브랜드 명성을 유발하는 요인으로 검증 된 지각된 가치 4가기(품질, 가격, 감정, 사회)를 통해 브랜드 관리자들은 자신의 브랜드 명성 구축에 영향을 주는 주요 원인에 대한 파악 및 경쟁 브랜드와의 비교가 가능하여 브랜드 명성에 대한 이론 및 실무적 기여가 클 것이라 예상한다.

In a study of existing brand reputation and brand reputation is high, low, good, bad, positive, negative, and explains that the absolute level of reputation and brand levels compared with competing brands. Such a level that previous studies have confirmed the presence of brand reputation, brand reputation, theoretically proven that description, the lack of research on the factors that lead to brand reputation, a strategy utilizing the brand reputation and brand reputation management has limitations have. So this study overcomes the limitations of existing research, the, to be able to develop and utilize strategies and manage brand reputation in the development theory, many researchers have commonly perceived value that describes the brand reputation is causing the brand reputation cause as a component of brand reputation that will be explained to the empirical validation. For the formative indicator in the structural equation model, the indicators can be defined in the properties of the latent variables, as the cause of the difference of latent variables which severity indicators that verification is possible. Therefore, this study was to utilize the formative indicator to verify that the indicators for the four perceived value (quality, price, emotional, and social) can be defined by the characteristics of the brand reputation to cause a brand reputation. In order to verify the formative indicators AMOS shall be verified through the formative indicators and reflective indicator in mixed MIMIC model. And the results are verified by the MIMIC model was verified by leveraging Two-Construct models to ensure that you have a theoretical construct validity. Questionnaire for this study was carried out by direct survey approach targeting two weeks, Kyung Hee University undergraduate and graduate students. 198 of 216 survey questionnaires are available utilizing the proportion of women (63.6%) was higher than in men (36.4%). Results are four kinds of perceived value (quality, price, emotional, social) have been identified as factors explaining the nature of the brand configured to cause a renowned brand reputation. Even theoretically correct perceived value factors identified factors that lead to brand reputation through a proven brand trust, brand reputation has been confirmed to have a positive impact on the brand you trust. Important factors for the four perceived value to induce brand reputation ranking of importance (quality, price, emotional, and social) are perceived quality, perceived social, perceived price, perceived feelings were confirmed by the order. Perceived value is a perception that the product level for the price the consumer wants, in previous studies of higher quality, perceived value positively asserted that higher prices higher perceived negatively. Perceived price identified as an important factor in causing the brand reputation is negative (-) by indicating the direction of the case to induce the brand reputation and quality without the high price because the perceived positive perception of social status, build brand reputation is negatively that it can be can be inferred from the findings. This was based on the perceived value of brand reputation is the result of empirical studies is that consumers think the price or brand reputation functionally superior quality than the emotional part, and it was confirmed that there is a greater significance to strengthen the social status. If the symbol of excellent features and social status through the results of this study and of the products that increase the quality products and trusted brands such as car less sensitive to price, on a positive impact on the purchasing process for consumers to take advantage of brand reputation is important as a marketing strategy must have been identified. And brand managers as a result that can contribute to the brand reputation management through the identification and comparison of competing brands on the main causes that affect building their brand reputation. Theory and practice would expect a greater contribution to the brand reputation.

본 연구는 기업전략의 중요한 비중을 차지하고 있는 인수･합병(M&A)의 경제적 효과를 기존의 연구와 다르게 인수방식으로 분류하여 조사하였다. 이를 위해 표본을 영업양수, 주식취득, 합병 등 세 가지 인수방식로 나누어 조사한 다음 이들 인수방식을 선택할 가능성 및 선택방법에 따라 성과가 다른지를 기업집단 등의 기업구조특성 및 글로벌 금융위기와 같은 경제상황이 변화하는 관점을 고려하여 살펴보았다. 인수 공시일 전후를 대상으로 한 사건연구를 활용한 주요 분석결과는 다음과 같다. 첫째, 공시 전후 기간에 인수방식 별로 비정상초과수익률로 측정한 기업의 성과에 차이가 발견되었는데 합병의 경우가 가장 높았다. 둘째, 기업집단에 소속된 기업은 영업양수나 주식취득보다는 합병을 이용하여 인수활동을 수행할 유인이 높고 글로벌 금융위기 이후에는 영업양수에 의한 인수가 늘고 주식취득에 의한 인수 가능성이 낮아진 것으로 분석되었다. 셋째, 인수방식에 따른 기업가치 변화에 영향을 주는 요인에는 인수방식과 기업집단 소속여부, 기업규모나 부채비율, 대주주지분율 등의 기업특성변수에 따라 다양한 결과가 도출되었다. 이와 같은 본 연구의 결과는 인수전략 수행시 인수방식이나 경기상황 및 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 좋은 기준이 될 것이며, 부실한 인수･합병을 통해 유발되는 사회적 비용을 줄이는데 기여할 수 있다. 또한 경영활동 및 신규시장 진출을 위한 효과적인 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안으로 인수전략을 활용하려는 학계, 실무자 및 재무적 투자자에게 실무적인 자료로 유용할 것이며, 투자정책 입안자들에게도 좋은 참고자료가 될 것이다.

The acquisition of one firm by another is an investment made under uncertainty and the basic principles of valuation apply. Many literatures support the evidence that the benefits from acquisitions can depend on such things as strategic fits. One firm can acquire another in several ways and there are also different market reactions between a various merger type surrounding merger announcement. The three legal forms of acquisitions are merger or consolidation, acquisition of stock, and acquisitions of assets. In this paper, we examine whether stock market reactions are affected by the announcement of mergers and acquisitions (M&As) and these announcement effects are affected by the acquisition method such as acquisition of stock and asset, merger or consolidation. To investigate the goal of the paper, we consider macroeconomic factors as well as financial character such as financial crisis, business group, firm size and leverage which influence firm value changes following mergers and acquisitions. We classify mergers into three groups depending upon acquisition method and business group to determine which category is better to increase firm value for the shareholder’s wealth maximization after the mergers and acquisitions. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of mergers on firm value with a case of an acquisition method in Emerging market. M&A in Korean financial market has good characteristics that are suitable to examine the value of equity of the firms following financial strategy change. In order to test the hypothesis, we use normal standard event study methodology with market-adjust model. The time horizon sets the announcement date as an event date and observes the performance of 20 days prior and after the disclosure date. Our sample consisted of 239 mergers of the firms announced from 2006 to 2011 and publicly listed and traded institutions reported by the KSE. The empirical results are summarized as follows: First, we find that the performances, measured in the rate of return, of M&A over-perform the market especially in the mergers. Second, the cumulative abnormal returns show positive relations with the size and profitability of the company but exhibit negative relations with the level of debt. Third, value of the firms with acquisition of stock (mergers) that are belong to business group has larger (smaller) return than the market before and after the announcement date. These results are consistent with the view that the increase in the expected rate of return due to mergers and acquisitions is more pronounced as the acquisition method fits. Our results suggest that the appreciation of financial share prices is attributable for the factors around mergers and acquisitions.

본 연구는 작업장 혁신을 개선 프로그램 실시여부, 외부화 진행, 역량향상 등의 세 가지 요인으로 구분하고, 작업장 혁신이 조직성과(노동비용과 이직률)에 미치는 효과를 분석함을 연구의 목적으로 한다. 이를 위하여 노동연구원에서 조사한 ｢사업체패널｣2009년도 사업장을 표본으로 하고, 작업장 혁신이 조직성과에 어떠한 영향을 미치는지 살펴보기 위하여 ｢사업체패널｣2011년도의 재무자료와 이직률을 종속변수로 활용하여 다중회귀 분석을 실시하였으며, 이 관계에 있어서 노조의 전략적 선택으로서의 노조 지원의 조절효과를 살펴보았다. 분석결과, 외부화와 개선 프로그램은 조직의 비자발적 이직률을 증가시켰다. 노조의 협력적 지원의 조절효과는 외부화와 노동비용(평균임금)간의 정(+)의 관계를 강화하였고, 역량향상과 인건비 비중 간의 정(+)의 관계를 강화하였다. 그러나 본 연구에서 분석한 노조의 협력적 지원효과는 작업장 혁신 프로그램과 비자발적 이직률 간의 관계를 조절하지 않는 것으로 나타났다.

This study empirically examines the moderating effect of labor union’s support, as its strategical choice, between workplace innovation on organizational outcomes by classifying innovation forms into three categories. Because there were little concerns about the moderating effect of union’s strategical choice on the relationship between workplace innovation and organizational performance, and also showed little consistency in the results, though it’s been emphasized that the necessity of researching for moderators and mediators between workplace innovation and organizational outcomes. This study thus analyses the main effects of workplace innovation on organizational performance such as HR and IR outcomes, and attempts to analyze interaction effects between workplace innovation and union’s support on turn over ratio and average wage. To examine the hypotheses of this study, we use 384 data of “Workplace Panel Survey(WPS)” conducted by Korea Labour Institute in 2009 for the samples of independent variables, and 2011 WPS data for the dependent variables for clarifying causality. The results of hierarchical regression analysis indicate that manpower restructuring positively influences on turnover ratio, while improving programs negatively influences. Moderating effects of union’s strategical choice between workplace innovation on organizational outcomes are supported partially. As interaction effects of union’s support and capability improvement on average wage show in the opposite direction from hypothesis and existing researches, according to ‘polarization thesis’ of Braverman(1974), technical innovation causes skill improvement of a few high skillful workers while most low-skill workers experience deskilling. In addition, recent researches(e.g. Nho, 2011) reported union’s negative wage effects which are not consistent with the results of preceding researches. To confirm the interaction effects we analyzed two-way interaction effects graph. According to the graph, when capability improving is high, the group of low union supports shows higher average wage than the group of high union supports. Also findings indicate that the impact of workplace innovation on average wage is significantly influenced by union’s support in the opposite direction from hypothesis. This result will provide guidelines to policy makers and practitioners when implementing capability improvement programs though the results do not support hypothesis. This study contributes to the extension of workplace innovation research in contextual conditions especially with labor union’s support though reversed results are reported, and also extension of moderating variables between workplace innovation and organizational outcomes. This study has limits as other researches which use secondary data.

본 연구는 한국 내에서 설립된 선진국 파트너와의 합작투자기업 72개를 대상으로 경영자원의 상호 보완성이 합작투자 경영성과에 미치는 영향을 검증하고, 이들 관계에 있어 신뢰가 미치는 영향을 실증적으로 분석하였다. 이러한 시도는 합작투자 관련 기존 문헌에서 부족한 실증결과에 비해 일반적으로 긍정적으로 가정되어 왔던 경영자원의 상호보완성과 경영성과 간 관계를 실증하고 이들 관계에 있어 신뢰의 역할에 대한 추가적인 설명을 제공하여 기존 연구를 보완한다는 차원에서 의의가 있다. 실증분석결과, 선진국 파트너가 제공하는 기술관련 자원 및 한국 파트너가 제공하는 현지지식관련 자원 및 이들 자원의 상호작용은 각기 합작투자기업의 경영성과에 통계적으로 유의한 정의 영향을 미치는 것으로 나타났다. 또한 신뢰를 기준으로 한 분할그룹 회귀분석결과, 경영자원의 상호보완성과 합작투자 기업의 경영성과 간 관계에 있어 신뢰의 조절효과를 확인하였다. 이러한 결과는 합작파트너 선정 시에 있어서는 파트너 간 경영자원 보완 수준에 대한 고려가 선행되어야 한다는 점과 합작투자가 성립된 후에는 상호 신뢰수준을 높임으로써 파트너 간 기회주의적 행동 발생을 사전에 방지해야 한다는 점을 시사하고 있다.

Bridging the resource-based view and the interorganizational network perspective, this study examines the relationships among resource complementarity, trust, and joint venture (JV) performance, based on examples of international JVs in Korea. It has not been fully tested whether the resource complementarity continues to be a source of JV performance. Additionally, the relationship between resource complementarity and JV performance has been more accepted than empirically tested in past studies. Furthermore, the effect of trust on the relationship has not been taken into enough consideration. Therefore, the purpose of this paper is to empirically examine this relationship, which is not fully verified yet, in the context of international JVs in Korea. In particular, we attempted to gain deeper insight into resource complementarity in the context of JVs formed between developed market firms and local Korean firms. Resource complementarity is conceptualized as both partners’ sharing of non-redundant resources of their complementary resources’ strengths. Most previous research used different measurements of resource complementarity with each concept, This paper measures resource complementarity as the interaction of both partners’ complementary resources to capture synergy through resource complementarity. Specifically, developed market partners’ technology-related resources and emerging market partners’ local knowledge-related resources are regarded as complementary resources. Most foreign JV partners in Korea are from developed markets such as US, Japan and the EU. Whereas Korean local firms contribute local knowledge-related resources, developed market firms customarily contribute products and technologies to JVs. Hypotheses concerning main effects, interaction effect of complementary resources and moderate effects of trust are developed and then tested using 72 manufacturing international JVs in Korea. Empirical results suggests that both technology-related resources and local knowledge-related resources affected JV performance independently and simultaneously. The reuslts shows that both resources (technology-related- and local knowledge-related resources) were found to be positively related to JV performance. In addition, it also reveals that resource complementarity tended to enhance JV performance through synergies between technology- and local knowledge-related resources. Moreover, our study presents that an trust moderates the effectiveness of resource complementarity and JV performance. Further analysis indicates that stronger resource complementarity led to greater trust. This study also provides the following practical implications: firms carefully evaluate resource complementarity when choosing their partners; once a JV is established, elaborate efforts should be made to enhance the trust level between the JV partners to prevent their opportunistic behavior.

본 논문은 기업가비율이 실업률, 소득수준과 어떠한 장기적 관계에 있는지, 그리고 어떠한 설명변수들이 기업가비율에 영향을 미치는지 분석한다. 이를 위해 1980년부터 2008년까지 OECD 23개 국가를 패널 분석한다. 잘못된 추정과 편의의 위험을 피하기 위해 분석대상 변수들의 단위근 검정을 통해 수준변수들이 비정상적인지를 검정하고, 비정상적 변수들 간에 공적분관계가 존재하는지를 검정한다. 소득수준, 개방도, 규제정도, 실업률, 금융접근성, 노조 조직률 그리고 제조업비율이 기업가비율과 장기균형관계에 있음을 확인하였다. 기업가비율의 추세는 국가별로 큰 편차를 보이기 때문에, 비슷한 패턴을 보이는 국가그룹으로 분류하여 DOLS추정하였다. 증가추세의 국가그룹에서 소득수준, 개방도, 실업률, 제조업비율, 금융접근성이 유의한 양의 영향을, 인적자본수준과 노조 조직률은 유의한 음의 영향을 주고 있다. 이러한 추정결과는 기업가비율이 감소패턴을 보이는 국가그룹과 상이하다. 감소패턴의 국가그룹에서는 노조 조직률을 제외한 나머지 모든 변수에서 상반된 추정 계수값을 보인다. 즉, 어떤 그룹에 속하는지에 따라 기업가비율에 영향을 미치는 요소의 영향의 방향이 달라진다. 기업가비율이 다른 설명변수들과 반대의 인과관계를 갖는지를 테스트하기 위해 오차수정모형(error correction model)을 추정하였다. 기업가비율은 소득수준 및 실업율과의 관계에서 양방향 인과관계가 성립하며, (기업가비율 ⇄ 소득수준), (기업가비율 ⇄ 실업률)의 충격반응모형을 통해, 충격에도 불구하고 장기균형수준에 수렴함을 보인다.

What kind of explanatory variables affect business ownership rate? How is the business ownership rate related to income per capita and what are the direction of causality between them?This paper examines the long-term relationship between business ownership rate and a number of variables for a panel of 23 OECD developed countries over the period from 1980 to 2008. To do this we first investigate the stationarity of variables concerned, then test cointegration among the variables by employing the Westerlund’s (2007) error correction panel method. Commonly used econometrics methods are the so-called first generation panel unit root tests, such as Hadri and Levin A, Lin CF, Chu(=LLC). Because these first-generation tests assume cross-sectional independence, exhibit severe size distortions in the presence of cross-sectional dependence, we also use second-generation panel unit root tests such as CIPS(=cross-sectionally augmented IPS) to allow for cross-sectional dependence. For all level variables, both Hadri and LLC test do not reject the null hypothesis of a unit root at from the 1 % to 5% level. With regard to the first differences of the series, the test statistics are greater than the 1% or 5% critical absolute value and thus the null hypothesis is rejected. The CIPS test results also offer identical conclusions,To test if the null hypothesis of no cointegration can be rejected, Westerlund (2007) has developed two group-mean tests and two analogous panel tests. In the two group-mean based tests, the alternative hypothesis is there is cointegration at least in one cross section unit, which is the same in many traditional panel cointegration tests. Results using two pairs (no intercept, no time trend), (intercept, time trend) and one-period lead and lag values indicate that all four tests reject the null of no cointegration at the 1% or 5% level. Finally we bootstrapped robust critical values for the test statistics. Overall, those results show that there exists a long run cointegrating relationship among the variables in equation. Having confirmed the stationarity of variables and the existence of a long run relationship between the variables in equation, DOLS(Dynamic OLS) were utilized to estimate the respective parameters. Empirical results show that the sign of estimated parameter coefficients are different between country groups. While income per capita, economic openness, level of human capital, and credit accessibility significantly positive affect business ownership rate in riser country group, the signs of those coefficients in faller group are almost negative. This implies that the parameters of determinants are heterogenous between two groups of countries even though all of these countries are the OECD members. The above interpretation of the estimation results is based on the assumption that long-run causality runs from explanatory variables to business ownership rate. However, while cointegration implies causality in at least one direction, it says nothing about the direction of the causal relationship between the variables, as discussed above. Causality may run in either direction, from income per capita to business ownership rate or from business ownership rate to income per capita, or in both directions. To test the direction of long-run causality, we follow common practice in the applied panel cointegration methods and employ two-step procedure. And same procedure applies to causal relationship between unemployment rate and business ownership rate. In the first step, we use the DOLS estimate of the long-run relationship to derive the disequilibrium term. In the second step, we estimate the error correction model. From this we conclude that long-run causality is bidirectional, implying that increasing business ownership rate is both a consequence and cause of increasing level of income per capital or decreasing unemployment rate. To check the robustness of this conclusion, we perform a panel Granger causality test based on a levels VAR regression with fixed effects. the null hypothesis of no Granger causality from business ownership rate to income per capita or unemployment rate is not rejected. This confirms our result that increasing business ownership rate leads to increasing income level or decreasing unemployment rate. We employ generalized impulse response functions based on a one or two-lag panel vector error correction model over a 28-year horizon. A one-standard-deviation shock in business ownership rate results in a gradual and permanent decrease in income level or unemployment rate and reaches its full impact after 15 years. And we also shows that income or unemployment rate gradually and permanently decreases in response to a one-standard-deviation shock in business ownership rate and that the full impact is reached after 15 years. The impulse response functions are thus consistent with the Granger causality tests. The main contribution of this paper is that it is the first attempt to apply panel cointegration technique to examine the long-run relationship between business ownership rate and number of concerned variables such as income per capita, unemployment rate, economic openness, human capital level, union membership rate, credit accessibility and manufacturing sector ratio. And also we shed light on the direction of causality between income level, unemployment rate and business ownership rate. While structural breaks in OECD countries such as collapse of Berlin wall, formation of Euro-zone, political regime shifts, financial or trade liberalization, financial or fiscal crisis and so on may affect the above panel test statistics, we do not take into account structural breaks, which may limit our conclusions and implications.

본 연구는 2004년 1월부터 2011년 12월까지의 일간자료를 활용하고, 또 그 기간을 금융위기 전, 금융위기 중, 그리고 금융위기 후로 구분한 후, 각 기간마다의 국내 지수옵션시장 내재변동성 특성이 어떻게 다른지를 관찰하였다. 우선 변동성스마일 현상과 관련 전체적으로는 원월물의 경우 변동성스마일의 형태가 좌우대칭의 형태에 가까우나 만기가 짧아짐에 따라 DITM에서 변동성이 크게 나타나는 비대칭 형태로 Sneer 현상이 나타나는 것을 확인할 수 있었다. 그리고 이런 현상은 금융위기 중에도 확인되고 있다. 다만 금융위기 중의 변동성은 금융위기 전후 기간에 비하여 전체적으로 높아져 있다는 것이 금융위기 기간과 그렇지 않은 기간 사이의 중요한 차이였다. 한편, 금융위기 중이거나 금융위기 전후 구분 없이 변동성 기간구조의 경우 만기까지의 기간이 줄어듦에 따라 변동성은 모두 커졌다. 특히 모든 기간 중 최근월물이 되면서 ATM에서 거리가 먼 DITM, DOTM의 변동성이 큰 폭으로 증가했다. 그런데 금융위기 중일 때와 금융위기 기간이 아닐 때의 차이도 함께 관찰됐다. 하나는 금융위기 중이 아닐 때에는 대부분의 경우에서 풋옵션의 변동성이 콜옵션의 변동성보다 약간 높았었다. 하지만, 금융위기 중에는 콜옵션의 DITM이 풋옵션의 DOTM에 비해, 또 콜옵션의 ITM이 풋옵션의 OTM에 비해 특히 근월물의 경우 그 반대의 현상이 나타났다. 또 하나의 중요한 차이는 금융위기가 아닌 기간 중의 DITM과 DOTM 기간구조가 비교적 완만한 지수함수의 모양을 보이고 있는데 반해, 금융위기 중의 그것은 결코 완만하지 않은 지그재그 형태의 복잡한 모양을 띠었다. 금융위기 전, 중, 후 기간의 콜옵션과 풋옵션의 결정계수에 대한 주요인 분석결과 Eigenvalue 값이 1보다 큰 주요인의 숫자가 금융위기 전, 중, 후 기간과 상관없이 모두 3개인 것으로 나타났다. 하지만 그 내용을 살펴보면 금융위기 기간이 국내 KOSPI 지수옵션에 구조적인 영향을 주었다라고 해석할만한 변화를 감지할 수 있었다.

Unlike active research on behaviors of implied volatilities in other countries, we are lack of systematic study on Korean option markets in this area. Recently, however, Ok and Lee (2010) studied behaviors of implied volatilities in terms of KOSPI200 index option market. Although their findings are interesting, their data set was not large enough to include the period of 2008 global credit crisis. One of the notable features during the crisis is that volatilities tend to be magnified, which has to be transferred into notable price changes in option markets. In this regard, Kang(2013) has found by analyzing KOSPI200 index options that zero-beta ATM straddle in Korea generates negative abnormal returns, which are not statistically significant. This result contrasts with empirical findings in other countries. Choi and Lee(2014), however, subsequently have noted that Kang’s result comes from the fact that he included the period of 2008 global credit crisis. By excluding this period, Choi and Lee (2014) showed that zero-beta ATM straddle in Korea generates perfectly consistent result with those of other countries. Being motivated by this result, we further investigate Ok and Lee (2010) by extending the period that certainly includes 2008 global crisis, as well as separating the duration of period into one that belongs to the crisis, and the other that does not. Using daily data from Jan. 2004 to Dec. 2011, this study has analyzed behaviors of implied volatilities. In so doing, we have divided the period into three, that is, period before the credit crisis, period during the crisis, and period after the crisis. First of all, we have noticed volatility smiles for options that have relatively longer terms to maturity. For options with shorter terms to maturity, however, volatility sneers seem more prevalent. This phenomenon was noted even during the crisis. As expected, overall volatilities during the crisis were higher than those of before and after the crisis. Regarding the volatility term structure, implied volatilities increase as the term to maturity becomes shorter, regardless of whether the data are before, during, and after the crisis. Especially, volatilities of DITM, DOTM for the nearest maturities have increased the most. Nevertheless, there were significant differences between before-after the crisis and during the crisis. One is the fact that volatilities of put tend to be a bit higher than those of call during before-after the crisis, while the opposite is true during the crisis. The other is the fact that the volatility term structure has a smoothing exponential form during before-after the crisis, whereas it has a complicated zigzag form during the crisis. According to the principal component analysis, we have found that there exist 3 eigenvalues whose values happen to be greater than 1, regardless of the period. And yet, we have noted that in the case of put option, the 4th biggest eigenvalues during the crisis was very close to 1, while it was far away from 1 before-and-after the crisis. Also, by looking at component charts, there appear structural impacts on implied volatilities during the crisis that last even after the crisis. Based on these analysis, we can conclude that behaviors of implied volatilities during the crisis were different from those before-after the crisis, and during the crisis, there was a structural change. As a result, we need a caution in analyzing KOSPI200 option market when we include the period during the crisis.

오늘날 기업은 사회적 책임의 의무를 지니며, 장기적 관점에서 성장과 발전을 도모해야 한다. 윤리경영은 기업의 사회적 책임, 이미지, 구성원의 만족, 장기적 성장 등과 관련성을 지니며 중요성이 커지고 있다. 리더는 기업이 윤리경영을 실천하는데 있어 가장 중요한 역할을 지닌다. 리더의 윤리적 의사결정은 구성원과 기업차원에서의 윤리적 경영활동에 영향을 미친다. 그래서 윤리적 리더십이 구성원들의 윤리적 행동과 관련하여 조직시민행동에 미치는 영향을 설명하고, 윤리경영과 함께 구성원의 성과 향상에 영향을 미치는 윤리적 리더십의 중요성을 입증한다. 그리고 윤리적 리더십이 조직시민행동에 미치는 영향력을 높이기 위한 방안으로 리더에 대한 수용의 자세로 동일시, 내면화, 순종의 관련성을 설명한다. 윤리적 리더가 구성원들의 윤리적 행동에 영향을 미치는 과정에서 구성원들이 리더를 어떻게 수용하고 인지하는가에 따라 영향력에는 차이가 발생할 것이다. 구성원은 리더를 역할모델로 여기고 행동을 본받으며 리더와 같이 되기 위해서 혹은 자신이 윤리적 행동을 하여 리더로부터 받을 수 있는 보상과 이익을 위해서 보다 윤리적으로 행동을 하게 될 것이다. 그래서 윤리적 리더십과 조직시민행동의 관계에서 동일시, 내면화, 순종의 조절효과를 입증한다. 연구분석을 위해 서울 소재 11개 기업을 중심으로 설문을 실시했고, 실증 분석의 결과로 먼저 윤리적 리더십은 구성원의 조직시민행동에 정(+)의 영향을 미치는 것으로 나타났다. 그리고 동일시만이 윤리적 리더십과 조직시민행동의 관계를 정(+)적으로 조절하고, 내면화는 유의한 조절효과나 나타나지 않았으며, 순종의 경우 연구의 설계와 다르게 부(-)적인 조절효과가 있는 것으로 나타났다. 이러한 결과를 통해 이 연구는 윤리적 리더십의 효과 중 구성원의 조직시민행동을 증가시키는 역할을 설명한다. 그리고 윤리적 리더는 자신의 영향력을 증가시키기 위한 방안으로 구성원들이 자신에게 동일시를 인지할 수 있도록 노력해야 할 것이며 일방적인 순종은 지양하도록 만들어야 함을 제시한다.

The purpose of this research is to identify the effects of the ethical leadership on the members’ organizational citizenship behavior. Furthermore, the moderating effect of identification, internalization and compliance between the ethical leadership and organizational citizenship behavior. These statements are the purpose of this research. In these days, most of companies have the duty to comply with social responsibility. The companies’ long-term plan is seeking growth and developing. These are which companies need to be done. Business ethic becomes a critical issue because it directly relates to the image of company, development of community, social responsibility, members’ satisfaction and long-term strategy for company’s success. In company, leader always plays an important role and has the most crucial effect on business ethic. A leader has most crucial effect on business ethic. The ethical leader makes decision ethically, and the leader encourages ethical activities and management in a company. Furthermore, the ethical leader influences on members’ ethical activities. Because members follow an example of the ethical leader as a role model, they believe through ethical activities they would gain reward and profit. Organizational citizenship behavior is one of ethical activities which means prosocial and extra-role behavior, and it influences members’ and organizational performance. Thus, the ethical leader would effect on member’s ethical activities positively such as organizational citizenship behavior. In this relationship between the ethical leader and members activities, this study asserts that members’ cognition and perception about the leader would influence on their activities such as organizational citizenship behavior. It means that members’ attitudes about the leader would increase the leader’s influence, so members’ would act differently. When members accept the leader’s influence since then want to establish a satisfying self-defining relationship to the leader identification would occur. Internalization would occur when members accept influences from leader because values are connected with the leader. Compliance would happen when members accept influence since they need or want to achieve a favorable reaction from the leader. Hence, when member’s have identification, internalization or compliance about the ethical leader, they would increase their organizational citizenship behavior because the ethical leader’s influence would increase. For empirical analysis of this research, we used survey questionnaire to validate the proposed hypotheses and the questionnaire is structured in a self-report way to investigate the perceptions of the respondents. The data for this research were collected from the eleven companies in Seoul. The result of empirical analysis are showed as follows the ethical leadership has positive influence on organizational citizenship behavior. And only identification has positive moderating effect between the ethical leadership and organizational citizenship behavior. However, internalization has no meaning as a moderating effect between the ethical leadership and organizational citizenship behavior. Furthermore, compliance has negative moderating effect between the ethical leadership and organizational citizenship behavior. According to empirical analysis of this study, it shows identification with the leader makes the leader’s influence. Thus, the leader should understand importance of identification and tries to increase it. On the contrary, compliance has negative effect, so leader should motivate members beyond transactional relationship which is founded on reward and punishment. For the business ethics, the leader should have ethical leadership. Furthermore, the leader tries to influence members’ identification with him or her. Then members would act more ethically just like increase organizational citizenship behavior. As a result of this relationship, the performance that is from members would be increased, and company would manage and operate more ethically. To sum up, this paper emphasizes that the importance of ethical leadership in business ethics, and leader motivates their members to do ethical activities(organizational citizenship behavior) with identification, internalization and comply with leader’s needs, furthermore, make efforts to improve performance.

배당의 정보효과에 대한 실증분석으로 배당의 미래 이익 예측력에 대한 연구들이 진행되어 온 가운데 일반적으로 배당의 변화와 미래 이익과의 직접적인 관계는 통계적 유의성이 약하거나 없는 것으로 밝혀져 왔다. 본 연구는 배당 신호가설에 대한 기존의 실증적 연구에 문제를 제기하고 새로운 접근법으로 검증하고자 하였다. 경영자는 미래 이익이 지속가능하다고 예측될 경우에만 배당을 점진적으로 높인다는 배당의 안정성을 감안할 때, 배당이 보내는 신호의 대상은 미래 이익의 수준이라기보다는 이익의 질(earnings quality)이라는 가설을 설정하였다. 2000년부터 2012년 까지 한국거래소에 상장된 기업들을 대상으로 배당의 변화가 이익의 질에 미치는 영향을 동태적패널(dynamic panel) 모형을 이용하여 분석하였고, 이익의 질에 대한 대용변수로 선행연구를 참조하여 이익지속성, 발생액의 질 및 손실지속성 등을 사용하였다. 실증분석 결과, 배당개시 또는 고배당이 미래의 이익창출능력에는 유의한 영향이 없는 것으로 나타났다. 그러나 배당개시기업 또는 고배당기업의 경우 당기 이익창출능력과 차기 이익창출능력 간의 지속성이 더 높아 배당정책이 이익의 지속성에 유의한 영항을 미치는 것으로 나타났다. 또한, 배당개시 또는 고배당 기업의 경우 재량적 이익발생액이 더 낮았으며, 손실지속성은 감소하는 것으로 나타났다. 이와 같은 결과는 배당의 미래 이익의 질에 대한 정보효과가 존재한다는 실증적 증거로 이해될 수 있다.

In the asymmetric information framework, the dividend signaling model suggests that firm managers as insiders choose dividend policy to signal private information to outside investors(Bhattacharya, 1979; John and Williams, 1985; Miller and Rock, 1985). According to this theory, firm managers have an incentive to increase or initiate dividend in order to signal their private information when the current stock is below its intrinsic value. Thus, dividend signalling hypothesis implicates that firms changing dividends would experience stock price reactions. While previous studies have tried to find the empirical evidence on the information content of dividends, many of them yield mixed results. Much evidence shows that the change of dividends are not significantly correlated with future earnings(DeAngelo et al., 2006; Grullon et al., 2005; Grullon et al. 2002). This paper proposes a new approach to reexamine the dividend-signaling hypothesis. As identified by Lintner(1956) dividend-smoothing behavior in the stock market is fairly widespread. Lintner shows that while most managers would have in mind a long-run target dividend, many of them smooth dividend payouts with regard to earnings, which is so called “partial adjustment process”. In this paper, we argue that if corporate managers smooth dividends and dividend changes follow shifts in long-run and sustainable earnings as Lintner et al.(1968) suggested, the information content of dividends implies that dividends changes may signal the quality, not the level, of future earnings. Therefore, we test the hypothesis that the dividend policy would signal the quality of earnings. To test this hypothesis, we employ earnings persistence, the quality of accrual, and loss persistence as the measures of the earnings quality and use a sample of industrial firms listed on the Korea Exchange (KRX) during the years 2000 to 2012. We first test whether the change in dividend policies such as dividend initiation and paying large dividends affect the persistence of BEP(Basic Earning Power) and ROA. By employing Arellano and Bond(1991)’s GMM estimation, we show that dividend initiation and increases do not affect the level of future earnings. However, when the variables of dividend initiation and large dividends are interacted with current BEP and ROA, we find the positive and significant relationship between the interaction variables and future BEF or ROA. The results suggest that when firms initiate or pay large dividends, current earnings are more strongly correlated with future earnings. We also use two more variables measuring the earning quality, earning accruals and loss persistence. Our empirical results also show that dividend initiation and large dividends are negatively correlated with discretionary accruals and significantly reduce the persistence of negative earnings. Overall, this study provides the evidence, consistent with the our new hypothesis, that dividends are informative about the quality of earnings.

본 연구에서는 상사의 행동에 대한 부하의 공정성 지각을 리더십관점과 귀인이론 관점에서 설명하여 경쟁가설로 제시하고 리더십관점보다는 귀인이론 관점이 보다 타당할 것이란 가설을 제시하였다. 또한 상사의 행동에 대해 부하가 공정성을 지각할 때 부하는 상사가 만족할 만한 성과를 제공한다는 가설 역시 제시하였다. 지방에 소재하고 있는 7개 기업 49개 집단에 속한 147명의 직원들을 대상으로 자료를 수집하여 분석한 결과 본 연구에서 예측한 바와 같이 상사의 행동에 대한 부하의 공정성 지각은 리더십 관점보다는 귀인이론 관점이 보다 타당하다는 것이 밝혀졌다. 또한 상사의 행동에 대해 부하가 공정성을 지각한 경우 부하는 상사가 만족할 만한 성과를 제공한다는 가설 역시 뒷받침 되었다. 이러한 연구결과는 동일한 집단에 속한 부하들은 상사가 다른 부하들에 대해 동질적으로 행동 하는가 또는 차별적으로 행동 하는가에 상관하기 보다는 상사의 행동이 부하 자신에게 호의적인지 또는 비호의적인지에 보다 초점을 맞춘다는 것을 의미한다. 또한 본 연구결과는 부하의 성과를 높이기 위하여 상사는 부하로 하여금 상사 자신의 행동에 대해 공정성을 지각하게끔 해야 하는바 상사가 부하에게 호의적인 행동을 보임으로써 가능하다는 것을 의미한다. 결론 부분에서는 본 연구결과가 의미하는 바를 이론적인 이슈와 실증적 이슈로 구분하여 설명했으며, 본 연구가 가지는 한계점 및 시사점에 대해서도 논의가 이루어졌다.

This paper predicted subordinate perceptions of fairness on supervisor behavior from leadership and attribution theory perspectives. First, from the perspective of average leadership style theory, a supervisor shows homogeneous behavior to the subordinate in the same group and subordinate perceive fairness on a supervisor’s homogeneous behavior. Second, from the perspective of vertical dyad linkage theory, a supervisor divides subordinates in the same group into two group as in-group and out-group. A supervisor shows different behavior toward in- and out-group. In- and out-group members perceive supervisor’s differential behavior as fair. Third, from the perspective of attribution theory, a subordinate would perceive supervisor’s favorable behavior toward him or her as fair, whereas a subordinate perceive a supervisor’s unfavorable behavior toward him or her as unfair. We predicted that the attribution theory perspective is more valid than the leadership perspective. In addition, we hypothesized subordinate perceptions of fairness on supervisor behavior positively related to subordinate performanceBased on thee predictions, four hypotheses were derived: H1: A supervisor’s homogeneous behavior toward subordinates in the same group will positively relate to subordinate perceptions of fairness on supervisor behavior and supervisor behavior will vary between groups rather than within groups. H2: A supervisor’s heterogeneous behavior toward subordinates in the same group will ngatively relate to subordinate perceptions of fairness on supervisor behavior and supervisor behavior will vary within groups rather than between groups. H3: A supervisor’s favorable behavior will positively relate to subordinate perceptions of fairness on supervisor behavior. H4: A subordinate’s perception of fairness on supervisor behavior will positively relate to subordinate performance. To test the proposed hypotheses in this study, we collected the data from 147 employees form 49 groups in 7 organizations,The results showed that the attribution theory perspective was more valid than the leadership perspective. The results also showed that subordinate perceptions of fairness on supervisor behavior were positively associated with subordinate performance. Theses results indicate that subordinates perceive his or supervisor’s favorable behavior as fair, whereas they perceive his or supervisor’s unfavorable behavior as unfair The results also indicate that subordinate perceptions of fairness on supervisor behavior increase subordinate performance. In conclusion section the implications of the results, directions for future study, and the limitations of this study were discussed.

정보기술의 급격한 발전으로 인해 인터넷 쇼핑의 규모가 오프라인 쇼핑을 대체할 수 있을 정도로 급속하게 성장하고 있다. 인터넷 쇼핑이 소비자에게 미치는 영향은 더욱 커지고 있으며, 많은 인터넷 쇼핑몰에서는 인터넷에 인간의 따스함을 불어넣기 위해 노력하고 있다. 그 노력의 일환으로 최근 인터넷 쇼핑몰에서는 이모티콘을 활용하여 소비자와 커뮤니케이션하는 경우가 빈번해졌다. 그러나 아직까지 이모티콘의 효과를 다룬 연구는 매우 희소한 실정이다. 이에 본 연구에서는 인터넷 쇼핑몰에서의 이모티콘 사용에 대한 소비자 반응을 규명하고자 하였다. 구체적으로, 본 연구에서는 이모티콘에 대한 소비자 반응으로 사회적 실재감, 지각된 가까움, 즐거움, 구매의도를 제안하였으며, 이러한 소비자 반응은 성별에 따라 달라질 수 있다고 하였다. 본 연구에서는 제안한 가설을 검증하기 위하여 온라인 조사회사를 통해 실험참가자를 모집하였다. 총 133명의 20대 대학생이 모집되었으며, 본 연구에서는 이들의 응답을 분석함으로써 가설을 검증하고자 하였다. 실험 결과, 이모티콘과 성별 간에는 유의한 상호작용효과가 있는 것으로 나타났다. 즉, 여성은 전반적으로 이모티콘이 사용되지 않은 조건보다 이모티콘이 사용된 조건에서 더 높은 사회적 실재감, 지각된 가까움, 즐거움을 경험하는 것으로 나타났다. 반면에 남성은 이모티콘의 사용 여부에 민감하게 반응하지 않는 것으로 나타났다. 즉, 여성과 남성은 이모티콘 사용 여부에 대해 각기 다른 수준의 사회적 실재감, 지각된 가까움, 즐거움을 경험하지만, 구매의도에서는 상이한 차이를 보이지 않았다. 인터넷 쇼핑몰이 이모티콘을 활용하는 것은 기업 입장에서 매우 손쉽게 실행 가능한 방법이다. 따라서 인터넷 쇼핑몰의 이모티콘 사용에 대한 소비자 반응을 연구하는 것은 학문적으로 뿐만 아니라 실무적으로도 유용한 시사점을 제공할 수 있으리라 기대한다.

This study aims to verify the impact of emoticon use at online shopping stores. Specifically, this study suggests that emoticon would create positive consumer responses towards online shopping stores such as social presence, enjoyment, perceived closeness towards online shopping stores and purchase intention. Also, this study suggests that these positive consumer responses would be different depending on gender as follows. H1: Gender will moderates the relationship between emoticon usage and consumer responses. H1-1: In response to emoticon vs. non-emoticon condition, women will exhibit a higher a) social presence, b) perceived closeness, c) enjoyment, d) purchase intention. H1-2: In response to emoticon vs. non-emoticon condition, men will exhibit an unaltered a) social presence, b) perceived closeness, c) enjoyment, d) purchase intention. H2: In case of emoticon condition, women will exhibit a higher a) social presence, b) perceived closeness, c) enjoyment, d) purchase intention compared to men. To test the hypotheses, we made an image of an internet shopping mall selling clothes. For emoticon condition, we inserted three emoticons between sentences, and for non-emoticon condition, we deleted all emoticons. To exclude the possibility of exogenous variables influencing the results, three conditions had the same image of an internet shopping mall. To recruit the participants, we hired an online research company. The company recruited undergraduates that were 20-25 demographic groups. These participants were exposed to one of three experimental stimuli through computer screen and asked to answer several questions online. Responses were obtained from 133 undergraduates and all responses were used for analysis. As a result of an analysis, women experienced higher level of social presence, enjoyment, and perceived closeness towards the online shopping store under emoticon condition compared to non-emoticon condition; while men showed the same level of responses under both conditions. Also, in terms of purchase intention, there was no difference between men and women. This study contributes to expanding the scope of academic literature and provides marketing practitioners with practical implications.