Earticle

본 연구는 기업전략의 중요한 비중을 차지하고 있는 환노출 관리의 경제적 효과에 관해 파생상품 사용을 중심으로 여러 기업특성을 고려하여 조사하였다. 이를 위해 2006년부터 2013년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 환노출에 대한 파생상품 사용이 기업성과 및 신용등급에 미친 영향을 조사하였다. 이와 함께 소유구조, 위험도, 기업집단 여부 등의 기업 고유의 특성 및 글로벌 금융위기와 같은 거시경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 환노출의 크기는 신용등급과 기업성과(ROA)에 부정적으로 작용한 반면 환노출을 관리하기 위한 파생상품거래의 성과가 좋을수록 신용등급과 기업성과는 우수해진 것으로 조사되었다. 둘째, 수출비중, 외화순자산율 등 환노출이 클수록 파생상품을 많이 사용한 반면 외국인지분율, 외화순차익률이 높은 경우 파생상품을 적게 거래하는 것으로 나타났다. 셋째, 환노출과 함께 신용등급 및 기업성과에 영향을 미친 개별변수로서 외국인지분율, 영업이익률, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 환위험을 관리하기 위한 파생상품 사용이 효과적인 경우 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 위험도, 소유구조 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이며, 부실한 환위험관리를 통해 유발되는 사회적 비용을 줄이는데 기여할 수 있다. 본 연구는 경영성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안으로 환노출관리를 활용하려는 학계, 실무자 및 재무적 투자자에게 실무적인 자료로 유용할 것이며, 정책 입안자들에게도 좋은 참고자료가 될 것이다.

Recent developments in the world economy raise concerns that exchange exposure by international trade under uncertainty can be a key factor influencing firm value and performance. Many literatures support the evidence that the benefits from exchange exposure can depend on such things as strategic fits. One firm can hedge exchange risk in several ways and there are also different results between a various type surrounding these hedge methods. The major legal forms of hedge are derivatives usage such as futures and options. In this paper, we examine the economic effect of derivatives usage which occupies an important part of corporate strategy to enhance credit rating and firm performance(ROA) together with the global financial crisis and various firm characteristics. To this end, we investigate the sample of manufacturers listed on the stock exchange from 2006 to 2013 and search the impact on enterprise value taking into account of the internal characteristics such as asset size, liabilities, export side, foreign exchange trade income, foreign equity weight, business group and financial crisis period. We classify sample firms into two groups depending upon exchange exposure level and derivatives trading income to determine which category is better to increase credit rating and firm value for the investors after the exchange exposure management. 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 exchange exposure on firm value with a case of an derivatives trading outcome in Emerging market. Foreign exchange risk in Korean financial market has good characteristics that are suitable to examine the value of the firms following financial derivatives usage strategy. The major empirical results of this study are summarized as follows, First, we find that ROA and credit ratings become worse if the exchange exposure were expanded, but it get better if exchange management implemented. Meanwhile, credit rating became better if the exchange exposure and exchange management will be combined both. Second, in the corporate characteristics, ROA and credit ratings become better if the stock share of foreigners or the rate of operating profit are higher and firms are belonging to business group. Third, as the analysis of derivatives regression shows, derivatives are more frequently used if before crisis or firms with large asset, higher of export and greater net exchange asset and net exchange margin. On the other hand, it were used lower if foreign ownership is high. Our results suggest that it is necessary to consider the fundamental characteristics of enterprise as well as the external economic environment to get a more efficient performance after derivatives usage following exchange exposure. These results are consistent with the view that the increase in the credit rating and firm performance due to derivatives usage is more pronounced as the derivatives trading method fits. Our results suggest that the appreciation of financial performance is attributable for the factors around exchange exposure management.

본 연구는 칼만필터 알고리즘의 관광수요모형을 이용하여 1995년부터 2012년까지 인바운드 외래관광객의 관광수요의 탄력성, 구조적 변화 및 변동성을 조사하고자 하였다. 첫째, 미국, 일본 및 중국의 자체가격탄력성이 모두 탄력적이고 미국은 보완재, 일본과 중국은 대체재의 관계, 미국의 소득탄력성만이 탄력적으로 사치재로 취급되고 교차가격탄력성은 모두 비탄력적이었다. 둘째, Chow 결과에서 미국은 글로벌 금융위기기간인 2007년(13)에 구조적 변화가 존재하고 1-Step의 결과에서 2003년과 2012년은 계수값이 안정적이나, N-Step의 결과에서 2000년 초부터 2006년 말까지의 계수값이 불안정하였다. 또한 CUSUM 결과에서는 모든 계수값이 안정적이나, CUSUMSQ 결과에서 2003년 초부터 2006년 말까지 계수값이 불안정하였다. 일본은 1999(5)년부터 2008(14)년까지 구조적 변화가 존재하고 1-Step의 결과에서 2008년은 계수값이 불안정하고, N-Step의 결과에서 1999년, 2005년, 2006년, 2007년은 계수값이 불안정하였다. 또한 CUSUM 결과에서는 2008년 이후부터 2012년 말까지 계수값이 불안정하고, CUSUMSQ 결과에서 2006년 초부터 2007년 말까지 계수값이 불안정하였다. 중국은 1999년(5)부터 2007년(13)까지의 기간에 구조적 변화가 존재하고 1-Step의 결과에서 2006년과 2007년은 계수값이 불안정하고, N-Step의 결과에서 2000년, 2001년, 2004년, 2005년, 2006년은 계수값이 불안정하고, CUSUM 결과에서는 2007년 이후부터 2012년 말까지 계수값이 불안정하고, CUSUMSQ 결과에서 모든 기간의 계수값이 안정하게 나타났다. 셋째, 시간가변 수요탄력성의 결과, 2007년과 2008년에 미국과 일본의 자체가격탄력성은 2000년대 초보다 대폭 높고, 2010년 2011년의 자체가격탄력성에서 미국과 중국은 대폭 증가하였다. 2007년과 2008년의 소득탄력성에서 미국과 일본은 약간 높고, 반면에 2010년 2011년의 소득탄력성에서는 미국과 일본이 증가되었다. 넷째, 다변량 비대칭 BEKK 모형의 조건부 분산식에서 대부분의 일방향 또는 양방향으로 강한 조건부 변동성전이효과가 존재하고 자체 또는 변수간에서 비대칭효과가 존재하였다. 따라서 본 연구는 관광객들의 행동변화가 관광수요의 탄력성, 구조적 변화 및 변동성에 영향을 미친다는 것을 확인하고 상태공간모형은 전통적인 관광수요모형보다 더욱 우수하고 소비자의 취향, 기대감, 관광정책과 관광체제전환과 같은 비관측요인들에 의해서 자주 변경되고 있는 관광수요의 탄력성, 구조적 변화 및 변동성을 파악하고자 할 때 유용하였다.

The purpose of this study was to examine the elasticity and structural changes and the volatility in the tourism demand of inbound foreign tourists using the model of tourism demand of Kalman filter algorithm from 1995 to 2012. The results of this study can be summarized as follows: First, the own price elasticities of the US, Japan, and China were elastic in all periods, indicating there were relations with complements in the US and substitutes in Japan and China. And the income elasticity of the US was treated as luxuries and the cross price elasticities of three countries were inelastic and insensitive. Second, the coefficients of the US showed structural changes in Chow tests in 2007(13) including the global financial crisis and the coefficients were stable in the 1-Step prediction error tests of 2003 and 2012, but unstable in N-Step prediction error tests from 2000 to 2006. The coefficients also were stable in CUSUM tests and unstable in CUSUMSQ tests from 2003 to 2006. And the coefficients of Japan presented structural changes in Chow tests from 1999(5) to 2008(14) and the coefficients were unstable in the 1-Step prediction error tests of 2008 and unstable in N-Step prediction error tests in 1999, 2005, 2006 and 2007 and unstable in CUSUM tests from 2008 to 2012 and unstable in CUSUMSQ tests from 2006 to 2007. Additionally the coefficients of China showed structural changes in Chow tests from 1999(5) to 2007(13) and the coefficients were unstable in the 1-Step prediction error tests of 2006 and 2007 and unstable in N-Step prediction error tests in 2000, 2001, 2004, 2005 and 2006 and unstable in CUSUM tests from 2007 to 2012 and stable in CUSUMSQ tests in all periods. Third, in the results of the time-varying demand elasticity, the own price elasticities of the US in 2007 and Japan in 2008 were significantly higher than in the early 2000s, and the US and China had greatly increased in the own price elasticities of 2010 and 2011. The income elasticities of the US and Japan were slightly higher in 2007 and 2008, whereas those of the US and Japan were increased in 2010 and 2011. Fourth, there were one-way or two-way strong volatility spillover effects and asymmetric effects in the conditional variance equations of the multivariate BEKK model. As implications, first, the state equation includes the assumption that follows the probability of Random Walking process, and can be compared to the predicted future performance, including tourism products and tourism services. Second, the geographical or seasonal nature of Korea needs to take advantage of the environment according to the season. Also, if you correctly forecast the Korea Tourism demand, it will be able to improve the economic efficiency of the various policies and actions of tourism policy and economic subjects. Third, tourism strategy and measures to overcome the seasonality of acceptance for enlargement can see it necessary. Fourthly, there is a state space model can be used to analyze the elasticity related to the determinant of the long-term demand for tourism in Korea. If the forecast performance of the state-space model can be compared with alternative tourism demand models, tourism practitioners can help even more. Fifth, the test procedure is theoretically due to the structural instability of the model to be developed in the future. Six, aggressive regulations to attract tourists should be relaxed. Seven, as a prerequisite for attracting tourists, it is needed to be redevelopment of tourism infrastructure. Eight, it is necessary to enforce foreign tourists in tourist promotion policies in order to expand revenue from foreign tourists. Nine, shopping tourism as part of personalized marketing to attract tourists needs to be activated. Ten, it is considered necessary the development of domestic tourism products competitive with aggressive measures to attract tourists. Eleven, Korea’s tourism industry should actively respond and participate in the competitive pricing or non-price competition in order to preempt inbound foreign tourists. Thus, the findings provided new insights into the understanding of the dynamics of tourists’ consumption behaviour regarding a group of tourism goods and services and to evaluate the competitiveness of Korea as an international tourist destination, and had some useful implications that might assist the relevant stakeholders in both the public and private sectors in Korea to make strategic decisions regarding tourism planning and management. In conclusion, we confirmed that inbound tourist behavior changes had affected on the elasticity and structural changes and the volatility using the state-space model with Kalman filter algorithm. Moreover the tourism demand model was superior to the traditional model and it was useful when you want to identify the elasticity and structural changes and the volatility in tourism demand that were changed by the unobservable factors such as consumer tastes, expectations, tourism policy and tourism regulation transition.

신용등급은 금융기관의 주요 기능인 참여자 간 중개, 위험의 감소 및 정보 비대칭 해결 등의 기능을 수행한다는 측면에서 그 필요성은 자명하다. 하지만, 신용등급의 경우 기업 신용도가 향후 어떻게 변하는지와 같은 방향성을 보여줄 수 있는가라는 여부에 대해서는 제한적인 면이 있다. 이에 본 연구는 신용등급 전망이 지닌 기업신용정보를 시장에 전달하는 “정보전달기능”과 기업의 신용도를 개선시킨다는 “신용개선효과”가 어떻게 작용하는지를 실증적 분석을 통해 알아보고자 한다. 연구 결과, 부정전망에 대해 주가는 통계적으로 유의한, 부정적 반응으로 나타났지만 긍정전망에 대해 시장에서는 유의하지 않은 반응을 보였다. 이는 부정전망의 정보가치가 존재함을 얘기한다. 특히 정기평정 부정전망의 경우, 주가에 부정적 영향을 주긴 하지만 그 효과는 유의하지 않은 것으로 보아 부정전망 후 기업의 신용개선효과를 예상할 수 있다. 프로빗모형 분석 결과, 부채비율이 높은 기업이 부정전망을 받으면 실제로 등급이 떨어질 가능성이 높으며 그중에서도 신용등급이 “A군” 기업에서 빈번하게 나타나는 것으로 보인다. 부정전망을 받은 후 어떠한 변수들이 중기 누적초과수익률(CAR)에 영향을 주는지를 알아본 다중회귀분석 결과, 높은 부채비율과 낮은 성장가능성, 그리고 높은 시장대비 위험을 지녔으며, 변경 전 신용등급이 A군이나 BB군에 속한 기업이 부정전망 이후 낮은 중기 CAR을 보였다. 한편 채무불이행등급 아래(CCC+이하)로 떨어질 가능성이 높은 기업에서 오히려 CAR이 개선되는데 이는 신용등급 전망 정보에 어느 정도 신용개선효과가 있다는 간접적인 실증결과라고 볼 수 있다.

Credit ratings play important roles in financial markets such as financial intermediation, risk reduction, and mitigating information asymmetry. However, in terms of providing information regarding a firm’s future credit situation, credit ratings might not be a perfect indicator because of their static nature. Beside credit ratings, rating agencies, such as Moody’s and Standard & Poors, also publish rating watches and rating outlooks. They convey slightly different credit information and can compliment credit ratings. While previous studies cover the role of credit watches in Korea, to our knowledge, it is the first study on how credit rating outlooks affect credit ratings using Korean database. First, we are interested in whether rating outlooks, such as positive, stable, and negative outlooks, indicate how a firm’s future rating looks like. Then, if a firm receives a negative outlook from a rating agency, the firm needs to fix its problems. Otherwise, the agency may downgrade the firm’s credit rating and the downgrade would be critical especially if the firm sits in certain thresholds in ratings, such as A or BB. We consider this chain of actions as a function of credit rating improvement. With credit rating outlooks information from NICE Information Service, we first conduct event studies to examine how the financial markets respond to different rating outlooks. Consistent with previous studies, we find that the stock market negatively responds to negative outlooks with a statistical significance. However, the market’s reaction to positive rating outlooks is not statistically significant. Therefore, bad news may deliver some valuable information to the market, while good news may not. We further investigate how each rating outlook affects under different evaluations of main, scheduled, and unscheduled. Among them, main evaluations have the biggest impacts on stock price. Thus it would be difficult to analyze the effects of scheduled and unscheduled evaluations without considering main evaluations. Then, we analyze factors regarding actual rating downgrades after firms’ receiving negative or positive outlooks. We apply a probit model regression and find the following results. First, firms with higher leverage are more likely to be actually downgraded after receiving a negative outlook, and the result is consistent with previous literature. Second, firms with a credit rating of A+, A0, or A- are more likely affected by “negative outlooks.” We conjecture that if a firm belongs to “A” or higher rating, outside investors may consider the firm as a reliable one because of its “A” status. Finally, we examine factors affecting firms intermediate cumulative abnormal returns(CARs) after receiving downgrading outlooks in multiple regression settings. We find that firms with a relatively higher leverage, a lower growth potential, a higher market risk and a greater probability of falling to default grade suffer from intermediate CARs. However, we observe a strange phenomenon that firms likely to be downgraded to below B- somehow improve their intermediate CARs. We consider this as a potential for credit rating improvements, and believe why credit rating outlooks can complement credit ratings.

조직 내 혁신의 중요성에도 불구하고, 아직까지 국내에서 혁신과정에 대해 다룬 연구가 부족한 실정이다. 이에 본 연구에서는 혁신과정의 두 단계인 아이디어 제안과 아이디어 채택 단계를 살펴보고자 하였다. 먼저, 개인의 아이디어 제안이 아이디어 채택에 어떠한 영향을 미치는지 살펴본다. 다음으로 개인의 아이디어 제안과 채택 간의 관계에 있어 개인의 사회적 교환관계, 즉 리더와의 교환관계와 팀 구성원들과의 교환관계가 어떠한 영향을 미치는지 살펴보고, 더 나아가 팀의 혁신지원풍토의 효과까지 살펴보고자 하였다. 자료 수집은 2013년 하반기에 설문지 응답법을 통해 이루어졌고, 최종적으로 49개 팀, 228명으로부터 설문지를 회수하여 최종 통계분석에 사용하였다. 실증분석 결과, 첫째, 아이디어 제안은 아이디어 채택에 유의미한 정(+)의 관계를 갖는다. 둘째, 아이디어 제안과 아이디어 채택 간 관계에서 LMX는 유의미한 조절효과를 갖지 않는 것으로 나타났다. 셋째, TMX는 아이디어 제안과 아이디어 채택 간 관계를 조절하는 것으로 나타났다. 넷째, 팀의 혁신지원풍토 또한 개인의 아이디어 제안과 아이디어 채택 간 관계를 조절하는 것으로 나타났다.

Innovation in organizations has long been recognized as a source of competitive advantage and is essential for prosperity and growth. Innovation is commonly characterized as a process that composed two broad stages: idea generation and idea implementation (Clegg, Unsworth, Epitropaki, & Parker, 2002; West, 2002). Idea generation, the first stage of the process, involves behaviors producing ideas regarding improving or modifying organizational products, policies, or procedures by employees in organization(Amabile, 1988). The Idea implementation which is the second stage of the process refers to the extent to which the ideas generated by employees are successfully adopted by the organization (Amabile, 1988; Clegg, Unsworth, Epitropaki, & Parker, 2002; West, 2002). Prior research in organizational behavior has focused on the production of novel and useful ideas for innovation than idea implementation in organizations. However, recent evidence suggests that the implementation of such ideas can be of great value to the organization, thus considering the idea implementation as an important process (Birkinshaw et al., 2008). Based on earlier research, there were inconsistent results the relationship between idea generation and idea implementation. Therefore, this study verifies this relationship. Although members generate a lot of ideas for organization’ innovation, all ideas doesn’t accept or implement by the organization (Choi & Chang, 2009). In the view of social-political process, the relationship with team leader and other members and support climate for innovation in organizations are crucial factor for implementing their ideas. If their ideas don’t get agreement and support from team leader and other members, the ideas would not converted into successful innovative performance. For this reason, this study examined moderating effects of LMX, TMX, and support climate for innovation between member’s idea generation and implementation. To test hypotheses, A survey was conducted to gather data from 228 members and 49 teams in domestic companies. Questionnaire consists of two version: the idea implementation for leaders and the rest variables for members separately. The result of the hypotheses about idea generation and idea implementation showed that members’ idea generation influenced idea implementation. Also there are moderation hypotheses indicated that TMX in individual level moderated the relationship between idea generation and idea implementation. But, LMX was not significant. Lastly, supportive climate for innovation in team level moderated the relationship between idea generation and idea implementation. In this study, we distinguished the concept and found a positive association between idea generation and idea implementation. Also, we verify the importance of social exchange relationship with others in innovative process. That is, we found that team member exchange and team’ climate was important for idea implementation. In these points, our research has several theoretical implications and practical implications. Team leaders should realize their role of exchange relationship among team members for innovative performance. And the support, the will, and rewards of organization for innovation have also crucial.

BSC를 도입운영하고 있는 기업들은 차기의 전략적 목표에 따라 사전적으로 BSC에 대한 가중치 설계를 하게 된다. 그러나 기업의 한정적 자원의 집중과 배분을 위하여 수립된 사전적 의미의 가중치 설계대로 각 관점의 결과가 평가 받지는 않을 것이다. 이에 본 연구는 BSC의 사후적인 성과결과에 대해서 기업 내･외부적 관리의 목적으로 성과평가 결과를 활용하고자 할 때 활용목적별로 부여하고 있는 관점별 가중치 설계의 차이를 조사하고 평가목적에 따라 중요시되는 관점을 선별하고자 한다. 활용목적은 전략수행평가, 성과평가, 외부공표 시로 구분하고, 활용목적에 따른 관점별 가중치의 크기를 비교하고 국내 기업의 평균적인 가중치 부여의 실태와 특징을 살펴본다. 연구결과, 전략실행평가와 성과평가 등 내부 운영관리의 목적으로 결과분석이 이루어지는 경우에는 재무 42%, 고객과 내부 관점 각 21∼22%, 학습관점 14%선에서 가중치가 결정되며, 네 개 관점의 가중치 모두에 대해 유의한 차이가 없었다. 이에 반해 외부관계자들, 즉 주주, 외부 협력업체 및 공급업체, 주요 핵심고객들에 대해 기업의 성과를 공지하고자 할 때는 전략실행평가와 성과평가시의 가중치 설계와는 유의한 차이가 있었다. 특히, 고객관점과 학습관점에 대해서 약 7∼8%의 가중치를 더 부여하며, 매우 유의하게 높은 가중치를 부여하고 있는 것으로 나타났다. 이와 반대로 전략실행평가와 성과평가 시에는 외부공표시보다 내부 프로세스 관점에 대한 가중치가 7∼8% 높게 부여되었다. 결국, 전략실행평가와 성과평가 시에는 재무, 고객, 내부, 학습의 순으로 각 관점의 상대적 중요도가 부여되는 반면, 외부 공표 시에는 재무, 고객, 학습, 내부 관점의 순으로 각 관점의 중요도가 부여되었다. 이는 기업이 외부 이해관계자들과의 다양한 관계개선 및 의사결정시 이들의 성과개선에 대한 결과를 부각함으로써 기업의 장기적인 성장 발전의 가능성을 나타내고자 하는 기업의 의도를 확인할 수 있다.

BSC is an integrated system that connects the organization and work, such as performance evaluation and strategic objectives that can be applied smoothly in various environments. Companies are subject to a screening of the first administration in order to effectively utilize limited resources. This weighting for the BSC point of view is that an important role in the management of the companies. BSC perspective’s weight is designed in accordance with the strategic goals of the next. However, the operating results of the BSC would not have been tested in accordance with the gravity of the weights established company entirely. This study examined differences of weight designs in accordance with utilizing purpose for the purpose of corporate internal and external management about post-performance evaluation results of the BSC. It analyzed the 53 companies that have introduced a domestic BSC. The utilizing purpose of the BSC divided into three kinds. That is strategy performance evaluation, performance evaluation and the external reporting. The results were as follows. Regardless of the utilizing purpose of BSC, financial perspective’s weight is about 43%, the weight of the customer perspective and internal process perspective is 21-22% respectively, and learning and growth perspective is found to be 14%. Looking at the point of view of significant low-evaluated in each case, for the strategy evaluation, Whereas the weight of the customer and internal process is 22-23%, the weight of the learning and growth perspective is evaluated by the significantly lower level of 13%. In Performance evaluation, the customer’s perspective is about 18%. learning and growth perspective had been significantly underestimated by about 15% as compared to the equivalent weight of 25%. In contrast, when the company want to notice the performance to external stakeholders, there was a significant difference in weight design of the strategy implementation and performance assessment. In particular, the customer and learning and growth perspectives were given a weight of about 7-8% for the more, the difference was very significantly higher weight compared to the design for other utilizing purposes. As a result, in case of strategy implementation evaluation and performance evaluation, relative importance is a sequence of the financial, customer, internal and learning and growth perspective. Whereas in case of external publicity, relative importance is a sequence of the financial, customer, learning and growth and internal perspective. This may confirm the company’s intention to companies who represent the possibility of long-term growth and development of businesses by highlighting the results of the various relationships. This study is meaningful that this view is that the importance of the organization performance through the BSC is different to the context of the various decision-making. However, companies appeared to focus on the performance of the financial perspective. This is consistent with results of previous studies part of the weight design. But it is difficult to generalize the results. Since this study is the result of empirical and only 53 companies in the sample, However, the authors expect to be provided initiatives for improved utilization of the BSC through a variety of studies for the future.

조직구성원이 자신의 직무 수행 방식과 범위를 자발적으로 변경하는 직무 크래프팅(job crafting)에 대한 학계와 실무계의 관심이 지속적으로 높아지고 있다. 그러나 어떤 요인들로 인하여 개인 수준에서 직무 영역의 변경이 유발 또는 촉진되는지에 대한 체계적인 연구는 활발하게 진행되고 있지 않은 실정이다. 이에 본 연구에서는 개인, 직무, 관계 측면에서 직무 크래프팅 정도를 결정하는 요인을 종합적으로 조사하였다. 국내 호텔의 서비스 담당자 208명을 대상으로 조사한 설문을 토대로 위계적 회귀분석을 시행한 결과, 개인 측면에서의 주도적 성격, 직무 측면에서의 직무 자율성, 관계 측면에서의 대인관계 피드백은 각각 직무 크래프팅에 긍정적인 영향을 미치는 것으로 나타났다. 또한 이러한 결정요인들은 상호작용하여 직무수행자가 직무 크래프팅에 관여하는 정도를 더욱 높이는 것으로 확인되었다. 본 연구는 직무 크래프팅에 대한 결정요인을 포괄적으로 파악하는 동시에 이들 간의 상호작용효과를 규명한다는 점에서 이론적 의의가 있으며, 직무 크래프팅 촉진을 위한 방향성을 제시한다는 점에서 실무적 시사점을 찾을 수 있다.

The scholarly and practical focus with regard to job (re)design moves from traditional top-down processes by managers or supervisors to alternative bottom-up processes by employees or subordinates. Researchers have been recently interested in job crafting which represents that organizational members alter the boundaries of their jobs by changing how they perform tasks and expanding the scope of tasks. Previous research has shown that job incumbents in organizations actually tend to engage in job crafting behaviors, and that job crafting contributes to a variety of work outcomes including job attitudes and performance. However, it remains insufficient to identify factors which lead to or facilitate job crafting in the individual level. Given that job (re)design research should comprehensively consider the characteristics of jobs, incumbents, and social environments, this study attempted to investigate determinants of job crafting in individual, job, and relational aspects. In particular, the current study hypothesized that job crafting would be positively influenced by proactive personality in the individual aspect, job autonomy in the job aspect, and interpersonal feedback in the relational aspect. It was expected that proactive personality would function as the willingness, job autonomy would serve as the opportunity, and interpersonal feedback would play a role of the competency. This study collected data from 208 hotel service employees in Korea. Hierarchical multiple regressions was used to empirically test the hypotheses. The analyzed results indicated that proactive personality in the individual aspect, job autonomy in the job aspect, and interpersonal feedback in the relational aspect significantly had the positive effects on job crafting. In addition, these determinants interacted to affect the extent to which job incumbents engaged in job crafting. In other words, proactive personality had the strongest, positive relationship with job crafting when job autonomy was high and coworkers provided useful feedback. The findings of this study suggests implications for scholars and practitioners. Specifically, the present study offers evidence that proactive personality, job autonomy, and interpersonal feedback independently and interactively play pivotal roles in facilitating job crafting behavior as individual job redesign, which suggests that those determinants have main and synergistic effects on job crafting. Furthermore, it proposes that managers or supervisors in contemporary organizations need to change their perspectives on job redesign and to establish conditions for employees or subordinates to redesign job tasks spontaneously. The limitations of this study and the directions for future research are also discussed.

본 연구는 보수주의적 재무보고가 차기 신용등급에 미치는 영향을 검증하는 것을 목적으로 한다. 1997년 외환위기 이후 신용등급은 투자자에 있어 매우 중요한 지표로 인지되어 왔고 기업들은 이를 유지하거나 상향 조정시키기 위하여 많은 노력을 투입하는 것으로 알려져 있다. 한편 재무보고에 있어 보수주의는 이익의 질을 향상 시키는 오랜 관습으로 인식되어 왔으며(Watts, 2003), 손실을 이익보다 더 적시에 인식함으로써 보다 신뢰할 수 있는 이익 정보의 제공을 돕는 역할을 하는 것으로 알려져 있다. 보수주의적 재무보고는 주주들에게 배분될 수 있는 이익잉여금을 낮게 보고 하도록 유도하기 때문에 기업들은 보다 많은 실제 이익을 기업에 유보할 수 있고 결과적으로 이는 채무불이행 위험(default risk)을 낮추는 역할을 할 수 있다. 따라서 신용평가기관이 만약 기업의 보수주의적 재무보고를 인지한다면 높은 신용등급을 부여할 가능성이 높다. 본 연구는 2002년부터 2013년까지 국내 유가증권 상장기업 중 회사채를 발행한 기업들을 대상으로 보수주의가 신용등급에 미치는 영향을 분석하였다. 구체적으로, Basu(1997)와 Ball and Shivakumar(2005)의 조건부 보수주의 모형(conditional conservatism model)을 이용하여 신용등급 및 신용등급 변화와 보수주의 수준을 관찰하였다. 연구결과를 요약하면 다음과 같다. 먼저 기업의 투자등급에 속하는 신용등급을 가진 기업들이 투기등급을 가진 기업들보다 더 보수적이라는 증거는 찾지를 못했다. 추가분석의 민감도 분석에서도 전반적으로 일관적인 결과가 관찰되었다. 둘째, 투자등급에 속하는 기업들의 신용등급이 상향조정된 경우 보수주의 수준이 높은 것으로 나타났다. 셋째, 표본을 신용등급 상향조정 그룹, 하향조정 그룹, 변화가 없는 그룹으로 구분하여 분석한 결과에서는 신용등급이 상향조정된 기업들이 하향조정 혹은 변화가 없는 기업에 비해서 보수주의 수준이 유의적으로 더 높은 것으로 나타났다. 본 연구의 결과는 보수주의의 수준이 기업의 신용등급을 예측하는데 추가적인 정보를 제공하는 지표로써 활용될 수 있다는 것을 발견했다는 점에서 의미가 있다.

We examine whether there is a relationship between conditional conservatism and credit ratings. Credit rating levels are the ‘opinion‘ of credit rating agencies about a firm’s default risk based on financial statements data and corporate governance information. In South Korea, credit rating levels are issued by National Information & Credit Evaluation (NICE), Korea Investor Services (KIS), Korea Ratings (KR) and Seoul Credit Rating & Information (SCI), and are used by bond investors, debt issuers, and governmental officials for decision making and legislative purposes. Accounting practices such as conditional conservatism have the potential to signal low default risk and financial stability. Accounting conservatism reflects a manager’s tendency to recognize “bad news” in a timelier manner than “good news” (Basu, 1997). The academic community continues to debate the merits of conservatism. However, the majority of studies suggest that conditional conservatism is an accounting practice with the potential to increase accounting quality (Watts, 2003; Roychowdhury and Watts, 2007; Ball and Kothari, 2008). In the U. S., numerous studies find an association between level of conservatism and credit ratings (Ahmed et al., 2002; Moerman (2006); Nikolaev (2007); Bauwhede (2007): Zhang, 2008; Peek 2010). Therefore, in the U.S., there is evidence to suggest that credit ratings agencies care about conditional conservatism as an accounting practice with the potential to influence default risk. In South Korea, there is evidence of a positive relation between accounting conservatism levels and credit ratings (Park et al., 2011). However, the association between credit rating changes and financial conservatism is a question left unanswered. Our motivation is to address this caveat. To our knowledge, our study is the first to analyze the association between conditional conservatism and credit ratings and credit rating changes using the two most popular conditional conservatism measures. We contribute to the literature by providing an evidence that conditional conservatism may influence a credit rating agency’s perception of default risk. We examine if conditional conservatism is associated with credit ratings based on the following; conditional conservatism is an accounting practice associated with reducing a manager‘s ability to 'inflate' net income; hence, constraining dividend has the potential to reduce a credit rating agency’s perception of risk. Credit rating agencies issue higher credit ratings to firms with lower default risk. Thus, because firms care deeply about maintaining or increasing their credit ratings, conservative reporting should have a positive a relation with credit rating levels / credit ratings changes. We perform numerous tests to establish the relation between conditional conservatism and credit ratings / credit rating changes. We investigate the relationship between a firm's credit ratings / credit ratings changes and conditional conservatism using a KRX firm sample of 1,310 firm-years from 2002 to 2013. First, we establish the levels of conditional conservatism using the accruals based Ball and Shivakumar (2005) and the market based Basu (1997) models. The results suggest that firms borrow equity in the form of public debt are conservative, consistent with previous studies. Next, we use a dummy variable approach to examine the relationship between conservatism and credit ratings for investment / non-investment grade firms. We find that investment and non-investment grade firms have statistically insignificantly different levels of financial conservatism. Thirdly, we test if conditional conservatism has a statistically significant relation with credit rating changes. We find that firms that experience an increase or a decrease in their credit rating levels from period t to t+1 are marginally more conservative compared to firms with consistent credit rating levels. Next, we test the relation between conditional conservatism and credit rating increases. Firms with higher levels of conservatism may benefit from a credit rating increase because an increase in conservatism indicates lower risk. We use a dummy variable approach to capture if conservatism in period t has the potential to influence a credit rating period in t+1. We do not find a statistically significant relation between conservatism and credit ratings for our entire sample. However, we find that there is a positive relation between conservatism in period t and a credit rating increase in period t+1 for investment grade firms. Credit ratings have significant implications for a firm’s access to capital. Firms below the investment grade level (BBB+ and below) are expected to face higher capital costs and face limited access to investor equity because of legislative restrictions compared to firms with investment grade bonds (A- to AAA). Credit ratings agencies may reward financially conservative firms above the investment grade threshold with a credit rating’s increase because conditional conservatism is considered an important risk metric for firms above the investment grade. Other metrics may be more critical to firms below the investment grade cut-off. Finally, we perform robustness checks for our main hypothesis. We find that firms that experience a credit rating increase in period t+1 have statistically significantly higher levels of conservatism in period t compared to firms experience a credit rating decrease or remain constant in period t+1, supporting our previous findings. Taken together, our results suggest that credit ratings agencies consider conditional conservatism when issuing credit ratings. Firms with higher credit ratings are generally more conservative. Moreover, conditionally conservative firms above the investment grade threshold can be rewarded with a credit rating increase.

본 연구는 높은 부채비중이 대리인 문제를 발생시켜 기업투자에 부정적인 영향을 미치는 지 확인하기 위하여 횡단면 자료와 시계열 자료를 결합하는 패널회귀분석을 적용하여 분석하였다. 분석기간은 2003년부터 2012년 12월까지 10년간이며, 추출된 표본기업의 수는 381개사이다. 독립변수로는 부채비중, 통제변수는 기업의 현금흐름, 기업규모 그리고 종속변수로는 연구개발비 및 유형자산 투자 비중을 사용하였다. 그리고 기업군을 성장기회와 위험수준을 기준으로 분류하기 위해 성장성더미, 이익변동성 더미를 이용하여 교차분석을 실시하였다. 실증분석 결과, 성장기회가 많고 위험수준이 높은 기업군에서의 높은 부채 비중은 기업의 투자를 위축시키는 과소투자 문제를 발생시키고 있음을 알 수 있었다. 그리고 성장기회가 적고 위험수준이 높은 기업군에서의 높은 부채 비중은 과대투자 문제를 일으키는 것으로 확인되었다. 그러나 침체기로 분류된 금융위기 이후 5년 기간 동안에는 이러한 현상들이 나타나지 않았다. 침제기를 제외한 연구기간에서 나타난 과소투자 및 과대투자현상은 높은 부채 비중이 주주로 하여금 왜곡된 위험 회피 또는 선호 유인을 제공한다는 것을 시사한다. 통상적으로, 기업가치 증대를 위해서 성장기회가 많을 때는 위험을 감수하는 적극적인 투자를 해야 하고, 성장기회가 낮을 때는 위험을 회피하여 투자규모를 줄여야 한다. 그럼에도 불구하고 본 연구는 높은 부채비중이 주주로 하여금 이와 반대되는 행동을 하게하는 부채의 대리인 문제를 일으킬 수 있음을 확인하였다.

This paper examines whether high proportion of debt can cause an agent problem to have an negative effect on firm investment by applying a panel regression analysis that combines cross-sectional data with time-series data. Using data during 10-year from 2003 till December 2012, it tests 381 companies. Debt ratio is used as an independent variable, cash flow and firm size as control variables and the dependent variables are the R&D investment ratio and tangible assets. The groups of firms are classified according to growth opportunities and risk level. Then we conduct cross-tabulation analysis using growth dummy and earning volatility dummy. A empirical result shows that a high proportion of debt in the group of firms with high growth opportunities and high-risk can shrink corporate investment to induce the problem of under-investment. But during five years after the financial crisis, so-called economic recession period, these phenomena did not appear. Under-investment and over-investment phenomenon appeared in the study period, except for the recession, suggests that shareholders have distorted attitude to risk adverse or risk preference due to high proportion of debt. The firm value increases as investment increases for the group of firms with high growth opportunities and high-risk. This result shows that under-investment problem in the group of firms with high growth opportunities and high-risk is more likely to depreciate the value of firm. On the other hand, the firm value decreases as investment increases for the group of firms with low growth opportunities and high-risk. This result shows that over-investment problem in the group of firms with low growth opportunities and high-risk is more likely to depreciate the value of firm. Typically, to increase the value of firm, it should take risk to make positively investment when there are many growth opportunities, and when growth opportunities are low it should be risk-averse to reduce investment. Nevertheless, this study find that a high proportion of debt can lead to agency problems of debt to make shareholders behave contrary. During five years after the financial crisis, the agency problem due to the high proportion of debt did not appear. We think that the reason is due to other factors. After the financial crisis, since company’s overall investment has shrunk from economic recession, other factors than high debt ratio would give an impact on corporate investment.

본 연구는 직업상담사를 대상으로 직무요구-자원모형에 기초하여 직무요구와 자원, 직무소진과 업무열의의 관계를 분석하였다. 전문직으로서 직업상담사의 업무의 특성을 고려하여 업무과부하와 감정노동을 직무요구 변수로, 자기개발기회와 상사지원을 직무자원 변수로 포함시켜서 직무소진과 업무열의에 대한 주 효과와 상호작용 효과를 분석하였다. 공공부분과 민간부문의 585명의 직업상담사를 대상으로 실증분석을 하였다. 확인적 요인분석을 통해 변수들의 측정의 타당성을 분석하였으며 위계적 회귀분석을 통해 영향관계를 분석하였다. 실증분석 결과, 직무요구는 직무소진에 정(+)의 유의한 영향을 주었으나 업무열의에는 부(-)의 유의한 영향을 주었다. 직무자원은 업무열의에 정(+)의 유의한 영향을 주었으나 직무소진에는 부(-)의 유의한 영향을 주었다. 또한 직무요구와 직무자원은 업무열의에 대해서는 상호작용 효과가 발견되었으나 직무소진에 유의한 관계가 발견되지 않았다. 이러한 결과는 직무자원이 증대될수록 직무요구에 의해 발생하는 부정적 효과가 감소되거나, 직무요구가 증대될수록 직무자원에 의한 긍정적 효과가 감소될 수 있음을 의미한다. 마지막으로 직무요구-자원모형에 기초하여 본 실증연구의 결과가 갖는 의의와 시사점을 직업상담사의 직무설계 및 효과적인 관리방안에 초점을 맞추어 논의하였다.

This study was basically focused on the applicability of the job demand-resource theory for the job counsellor served in public and private sector in Korea. More specifically, this research examined the main hypotheses – the main effect and interacting effect of job demands and resources variables on the job burnout and work engagement - based on the job demands-resources theory through an empirical test using the hierarchical regression analysis. Survey was done from April to May in 2013. The target sample of this study was mostly composed of job counsellors in the areas of both non profit and private job centers. The researcher provided the manager of job centers with information on the research problem, the research procedures, and potential risks and benefits. Questionnaires were distributed to career consultants and collected by the managers of job centers. The total number of respondents was 634 out of 900 randomly selected employees who were working as job counsellors at the time of the survey. Among 634 responses, only those with completed surveys were used. 59 respondents who did not answer demographic information and several survey items were eliminated from the data analysis. Finally 585(65%) participants were used for analysis. The independent variables used in this paper are job demands and job resources, and the dependent variables are job burnout and work engagement. The moderating effect of job demands and job resources between the other independent variable and dependent variables were investigated. The results were as followed. First, in terms of the relationship between job demands and two dependent variables, job demands(i.e. work overload and emotional labor) had a significant positive effect on job burnout, but a significant negative effect of job demands on job engagement were found. Second, a significant positive effect of job resources(i.e. superior support and opportunity for self development through working) on job engagement was found, but a significant negative effect on burnout were detected. Third, the significant interacting effect of job demands and resources on work engagement was found. But the interacting effect of job demands and resources on job burnout was not found. Finally the implications in academic and practical level and the limitation of this study were discussed and various future research directions were suggested.

본 연구는 기업의 소유구조와 이사회 특성이 기업 위험에 미치는 효과를 분석함으로써 기업 내외의 위험 관리에 있어 지배구조 메커니즘의 중요성을 강조하고 있다. 특히 본 연구는 기업 위험에 관한 척도로 비체계적 위험과 체계적 위험을 사용하고, 경영자 지분율, 외국인 지분율, 사외이사 비율, 이사회 규모가 이에 미치는 효과를 관찰하였다. 분석 결과, 경영자 지분율과 외국인 지분율 및 사외이사 비율이 높을수록 비체계적 위험을 낮추는 데에 유의한 효과를 보이며, 이사회 규모는 유의하지 않음을 관찰할 수 있었다. 또한 외국인 지분율이 높을수록 체계적 위험을 낮추는 데에 유의한 효과가 나타났으나, 경영자 지분율과 사외이사 비율 및 이사회 규모는 유의한 효과를 보이지 않았다. 본 연구는 지배구조와 기업 위험의 관계를 분석함으로써 기업 가치에 치중되었던 기존 지배구조 연구의 성과 지표 논의를 확장하였다는 의의를 지닌다.

This study investigates the effect of ownership structures and board characteristics on firm risk to understand the function of governance mechanisms and thus to manage firm risk. Specifically, this study examines the effects of management ownership, foreign ownership, outside director ratio, and board size on two risk measurement(unsystematic risk and systematic risk). The results show that management ownership, foreign ownership, and outside director ratio are negatively and significantly associated with unsystematic risk, whereas board size is not significantly related to unsystematic risk. The results also indicate that only foreign ownership is negatively and significantly related to systematic risk. These findings carefully suggests that firms need to understand that governance structures are closely related with firm risk, whereas the existing studies have dominantly focused on the relationship between governance structure and corporate financial performance.

본 연구는 CJ E&M의 혁신전략과 한류 증진에 필요한 기업 성장의 함의를 도출하기 위해 진행되었다. 특히, 문화콘텐츠 산업의 발전과 중요성이 국가의 정책 우선사항이 되면서 미디어 콘텐츠 중심의 혁신은 더욱 많은 관심을 받고 있다. 본 연구는 문화콘텐츠 전반의 영역에서 혁신을 추구하는 CJ E&M에 관한 사례 연구를 토대로, 다음과 같은 주요 결과를 제시하였다. 첫째, CJ E&M이 추진하는 콘텐츠와 플랫폼 등의 활발한 융･복합 기반 혁신전략은 실제로 한류 증진을 위한 중요한 추동력이 될 수 있다. 둘째, 한류 증진이라는 최고경영자의 기업가적 지향성을 토대로 진행되는 사회공헌 활동은 보다 높은 신뢰성이 내재된 한류 리더로서의 역할을 고려, 현재 공유가치 창출 활동으로 영역이 확대되고 있다. 결과적으로, 최고경영자의 기업가적 지향성에 의해 추동되는 기업의 융･복합 및 공유가치 창출 활동은 CJ E&M의 아시아 문화콘텐츠 리더로서의 기업 위상과 한류 증진에 긍정적인 영향을 미치고 있다. 향후 CJ E&M이 산업 간 콘텐츠와 기술, 플랫폼 등의 융･복합을 활발히 추진하고 CSV 활동을 기반으로 신뢰를 구축하여 적극적으로 중국을 거점으로 해외 공략 메커니즘을 구축한다면 아시아 문화콘텐츠 리더로서의 위치를 확고히 다질 수 있을 것이다.

This study explores the innovation strategy of CJ E&M and growth implications on Korean culture contents. Recently, the recognition and development of culture contents industry are at the main focus of Korea government. For the Korean culture contents growth, we employ a case study design for a more detailed investigation of CJ E&M’s growth and innovation. CJ E&M has been well known for culture innovative firm since it becomes the first in Asia to integrate and develop total culture contents. And now, CJ E&M has become an innovator in Korean culture contents industry. We suggested integrative growth framework on new strategic road-map of CJ E&M and investigated the convergence patterns and creating shared value activities. The major key findings are as follows. First, the research shows that convergence strategy with contents and platform had an important driving force of innovative growth of CJ E&M. Second, CJ’s corporate social responsibilities based on entrepreneurial orientation must extend reliable corporate creating shared value activities. In conclusion, active convergence experiment and creating value activities driven by CEO’s entrepreneurial orientation have positive influences on the status of the CJ E&M and Korean culture contents. For the advanced growth of CJ E&M and Korean culture industry, this research describes current status of convergence and creating shared value activities of CJ E&M, and ways of how growth is achieved at different perspectives. Also, this study tries to suggest the growth mechanism for CJ E&M. Implication for the practices is discussed, and future research direction offered.

불확실하고 경쟁적인 오늘날의 비즈니스 환경에 대응하기 위하여 기업들은 공급사슬에 참여하고 있는 기업 간 프로세스를 더욱 강화하고 확장시키고자 노력하고 있지만 아직도 많은 도전과제에 직면해 있다. 공급사슬에 관한 선행 연구들은 공급사슬관리의 성공적 실행과 효과성을 규명하고자 공급사슬의 전략적 관점과 성과 관점에 집중한 반면 성공적인 공급사슬관리 구현을 위한 구성 개념 간 구조적 연결 과정을 탐구한 연구는 부족한 실정이다. 따라서 본 연구는 중소 제조기업의 성공적인 공급사슬관리 구현을 위한 공급사슬 지향성이 공급사슬관리 실행을 통해 형성된 역량으로서 민첩성을 거쳐 공급사슬 성과로 이어지는 구조적 관계를 연구모델로 제시하고 이를 실증 분석하였다. 연구결과, 공급사슬 지향성과 민첩성 간의 관계에서 전략적 공급사슬 지향성은 신속성, 유연성, 반응성에 모두 유의한 영향을 미치며, 구조적 공급사슬 지향성은 신속성과 반응성에 유의한 영향을 미치는 것으로 나타났다. 다음 공급사슬 민첩성과 성과 간의 관계에서 신속성과 반응성은 운영성과와 재무성과에 모두 유의한 영향을 미치며 유연성은 운영성과에 유의한 영향을 미치는 것으로 나타났다. 또한 공급사슬 지향성은 민첩성을 매개하여 성과에 유의한 영향을 미치는 것으로 나타났다. 본 연구를 통하여 중소 제조기업의 성공적인 공급사슬관리를 위한 구성 요인과 요인 간 구조적 관계를 확인함으로서 불확실한 경영 환경 속에서 중소 제조기업의 경쟁력을 제고 할 수 있는 계기를 제공하고자 한다.

In the uncertain and competitive business environment of today, businesses are striving to further reinforce and expand processes between businesses participating in the supply chain to improve group competitiveness, but they as yet encounter many challenges. No more the international supply chain is the problem that only single firm can control and manage. Preceding research on supply chains has focused on the strategic and performance aspects of supply chains, such as success factors and preceding factors in supply chain structure and their effect on performance, in order to determine successful operation and effectiveness of supply chain management. However, research investigating the process of performance by undergoing supply chain management operation and competence and reflecting supply chain orientation in group structure to realize successful supply chain management is lacking. For successful managing an international supply chain system on the whole, firms and employees should recognize and understand the Supply Chain Orientation(SCO) that the Supply Chain Management(SCM) must first have. Thus the research model proposed for this study was the structural relationship between supply chain comprehension(orientation), operation and competence(agility), and performance for successful supply chain management by small/medium manufacturing businesses, and this was analyzed. Results showed that supply chain orientation had a significant effect on agility and that supply chain agility had a significant effect on performance. Strategic SCO in the relationship between supply chain orientation(SCO) and agility has effects on swiftness, responsiveness and flexibility while structural SCO has effects on swiftness, responsiveness. Swiftness and responsiveness in the relationship between supply chain agility and performance have effects on operational performance and financial performance while flexibility has effects on operational performance. For successful SCO, firms should building and operating integrated supply chain process based on SCO, firms also should develop a body of knowledge about collaborative relationship with supplier and should develop the norms for the collaboration. The major factors for successful supply chain management by small/medicum manufacturing businesses and the structural relationship between these factors were confirmed through this study with the intention of providing an opportunity for better competitiveness of small/medium manufacturing businesses in an uncertain management environment.

현대기업조직에서 팀제가 보편화되고 팀 역량의 향상을 위해 정보교류체제와 지식의 공유와 활용이 팀 성과에 어떠한 영향을 미치는지를 파악하는 것은 매우 큰 의미가 있다. 정보교류체제는 구성원간에 지식교류를 사회적 네트워크로 인식하고 구성원간 지식과 정보가 어떻게 공유되는지를 설명하는 유용한 개념이 되고 있다. 이러한 맥락에서 본 연구는 팀제 구성원을 대상으로 정보교류체제와 지식공유/지식활용이 팀 성과와의 관계에 대하여 실증적으로 검정하는 데 그 목적이 있으며, 그 연구의 결과는 다음과 같다. 첫째, 정보교류체제와 지식공유 간의 검정결과에서 정보교류체제의 전문성과 지식공유(가설1.1), 과업조정과 지식공유(가설1.3)는 정(+)의 효과를 미치고 있는 것으로 나타났다. 이러한 결과는 구성원들의 전문적 지식과 다양한 지식의 조합능력은 팀구성원들이 직무를 수행하거나 목표달성을 위해 필요한 각종 정보, 지식, 경험 등을 상호간 공유에 영향을 미친다는 것이다. 둘째, 정보교류체제의 요인들과 지식활용간의 검정결과에서 정보교류체제의 전문성과 지식활용, 과업조정과 지식활용은 정(+)의 효과를 미치고 있는 것으로 나타났다. 이런 결과는 종업원들의 역량을 높이고 조직에 공헌도를 향상시키기 위한 구성원들의 지식공유와 지식활용을 강화하려면 정보교류체제의 전문성과 과업조정요인에 초점을 맞추어야 된다는 것을 의미한다. 셋째, 지식공유는 지식활용에 정(+)의 효과를 미치고 있어 이는 구성원간 지식이 활용되려면 지식공유가 선행되어야 한다는 것을 의미한다. 넷째, 정보교류체제와 팀 성과간의 관계에서는 정보교류체제의 과업조정만이 정(+)의 효과를 미치고 있는 것으로 나타났다. 다섯째, 지식공유와 지식활용의 성과와의 관계를 검증한 결과에서 지식활용만이 성과에 정(+)의 효과를 미치고 있다. 이는 구성원들간 지식의 공유가 공유만 될 뿐 성과와 무관하며, 공유된 지식보다는 지식활용이 중요하다는 것을 의미한다. 마지막으로 지식공유와 활용의 매개효과를 검증한 결과에서 지식공유의 간접효과 영향은 통계적으로 유의하지 않으며, 지식활용, 지식공유/지식활용의 간접효과 영향은 정보교류체제의 전문성과 과업조정요인에서 유의한 것으로 나타났다. 가설6, 가설7, 가설8의 매개효과검증에서 가설6의 지식공유요인이 모두 유의하지 않은 것은, 이는 단순히 구성원들의 지식공유(knowledge sharing)는 지식에 대한 접근성을 확보하는 과정으로, 구성원사이에 지식의 공유 자체로 끝나기 때문으로 해석되어진다. 그 반증으로 지식활용과 지식공유/지식활용은 전문성과 과업조정요인에서 매개역할이 존재하는 것에서 찾아볼 수 있다. 그러므로 정보교류체제와 성과사이에서 구성원들이 보유한 기존 지식이 활용될 때 조직공헌도가 높아지며 성과도 개선되므로, 지식의 공유가 아닌 활용을 강화할 필요가 있다.

The purpose of this study is to examine how the transactive memory system and knowledge sharing/knowledge application influence on performance within a general team system by means of empirical analysis. This thesis investigates the related effects of team learning behaviour on transactive memory system and the latter on performance. Also, it verifies the role of transacitve memory system as a mediator between team learning behaviour and performance, while recognizing its effect on team cohesiveness. Data were collected from the survey of manufacturers based on the Seoul Capital Area and were analyzed to find out both correlation and causation among variables by using SPSS Ver.18.0 and AMOS Ver. 18.0. The results are as follows. First, both of professionalism and task coordination of TMS have positive effect on knowledge sharing. Second, both of professionalism and task coordination of TMS have positive effect on knowledge application. Third, knowledge sharing influences on knowledge application. Fourth, task coordination of TMS have positive effect on performance. Fifth, only knowledge application has a positive influence on performance, but not in the case of knowledge sharing. The result implicates that knowledge sharing per se does not have to do with performance, but that knowledge should be shared and applied in order to ameliorate performance. Last but not least, the study on the mediating effect between knowledge sharing and application shows that knowledge application, knowledge sharing and the indirect effect of knowledge application have significance in terms of professionalism and task coordination of TMS. Limitation of this study are as follows: First, a problem with the generalization of results, constraining of time and cost, sampling is limited in metropolitan manufacturer by applying the extraction method opportunistic. Second, as collection of data was done by survey method and self-report characteristics of respondent, there is a risk on the data by the respondent’s social desirability in this research.

본 연구의 목적은 군 조직의 특성과 회계담당자의 특성이 국방회계정보의 품질에 미치는 영향을 분석하는데 있다. 본 연구는 국방회계 재무제표를 생산하는 육･해･공 단위부대급을 대상으로 발생주의･복식부기 회계제도를 도입한 2009년부터 2014년까지 6년 동안의 표본 604개를 분석했다. 군 조직특성과 발생액 사이 관련성을 분석한 결과는 다음과 같다. 첫째, 부대규모와 총발생액 사이 유의한 음(-)의 관련성이 있음을 발견했다. 이는 부대규모가 클수록 정치비용가설에 따라 회계정보의 품질이 높아질 수 있음을 시사한다. 둘째, 복지회관을 보유한 경우 상대적으로 발생액의 크기가 증가함을 밝혔다. 이는 기업회계기준을 적용하는 복지회관을 보유한 부대일수록 이를 활용하여 발생액을 증가시킬 수 있어 상대적으로 회계정보의 품질이 낮아질 수 있음을 의미한다. 다음으로 군 회계담당자의 특성과 발생액 사이 관련성을 분석한 결과는 다음과 같다. 첫째, 재정병과 간부의 최고계급이 높은 부대일수록 발생액의 크기가 상대적으로 작아지는 현상이 관찰되었다. 계급이 높을수록 회계업무의 전문성이 높아 국방회계기준의 적용과 해석과정에서 보수주의적 입장을 견지한다는 것을 시사하는 결과로 판단된다. 둘째, 근무경력과 발생액간에 음(-)의 관련성이 관찰되었다. 이는 근무경력이 길수록 회계업무에 대한 전문성 정도가 높기 때문에 회계처리 등에 대해 보수주의적 태도로 접근하고 이는 회계정보의 질을 높이는 요인으로 작용할 수 있다는 것으로 해석할 수 있다. 이러한 연구의 결과는 국방회계정보의 유용성을 높이기 위한 군 회계조직 및 회계담당자에 대한 편제와 인력운영에 관한 정책적 시사점을 제공하고 있다.

The aim of this study is to investigate whether the effects of military organizational and accountant’s characteristics on total accruals, quality, of accounting information. Especially, using the financial statements of ministry of national defense, this paper is based on the empirical approach. Governmental financial statements based on accrual and double-entry accounting system have disclosed since fiscal year 2011. The governmental financial statements including financial position, financial operations, the net asset change statement, and notes. The biggest difference between the governmental and the general corporate accounting standard is the structure of the national financial statements of public information users two weeks spending of appropriations areas of concern and a point was made around the cost of each program. This study executes this empirical analysis using a data set containing virtually sub corp of army, air force and navy for the period 2008-2014. As a result of analyzing the relationship between the organization and accrual characteristics are as follows: First, at a statistically significant level of negative forces between the scale and total accruals - it was relevant to the negative coefficient. It is interpreted that the larger the bag size can be higher the quality of accounting information in accordance with the political cost hypothesis. Second, if you have a relatively Welfare Center showed that increasing the size of accruals. This means that the more units to take advantage of them held the Welfare Hall to apply accounting standards can relatively be lower accruals to steam the quality of accounting information. Results of analysis of the relationship between military personnel of the properties and accruals accounting are as follows. First, the size of the accruals up to the more high rank bags of bottles and financial officers observed a phenomenon that is relatively small. The higher the rank the greater professionalism of accounting judgment on the interpretation and application of the defense process accounting standards as a result that suggests that maintained a conservative stance. Second, working between career and accruals negative (-) the relevance of the observed. This work experience is further the professional degree for a conservative accounting approach and attitude to accounting because of high and this can be interpreted as a factor that may act to increase the quality of accounting information. The result of this study is to provide policy implications for the workforce of the group financial footing and treasurer for the organization and enhance the usability of accounting information defense.

제품 안전관리는 공산품 및 전기제품 등의 제조 및 수입, 유통의 전 과정에서 제품사고로 인해 발생하는 위해로부터 소비자의 안전을 보호하는 제반 활동을 의미한다. 즉, 안전한 제품의 생산 및 수입, 제품안전성 평가, 안정성 평가결과에 의한 안전인증 및 확인, 시장 출시 제품에 대한 시장감시 활동을 통한 사고 및 불법제품의 리콜 등 다양한 활동의 수행을 포함하고 있다. 본 연구에서는 제품 안전관리에 필요한 제품 리스크 평가를 위하여 리스크에 영향을 미치는 인과관계를 반영한 새로운 평가기법으로서 베이지안네트워크 기반의 확률적 모델을 적용한 리스크 평가모델을 제시하고 적용사례를 보인다. 리스크 평가를 위하여 요인계층, 사고계층, 부상계층 등으로 인과네트워크 구조를 설계하고 각 계층확률 및 조건부확률을 도출한다. 요인계층은 제품결함요인과 사용주체, 사용시간, 사용장소 등을 포함하는 사용환경요인으로 구성한다. 사고계층과 부상계층은 요인계층에 의해 발생하는 사고와 사고에 의해 발생하는 부상으로 구성한다. 최종적으로 부상확률과 부상심각도를 바탕으로 리스크를 결정한다. 본 모델의 적용 예를 보이기 위하여 유모차 사례분석을 통해 평가모델 프로토타입을 제시하고 유럽(EU RAPEX RAG)과 일본(NITE R-Map)의 기법과 비교한다. 본 논문의 모델은 시나리오 기반의 평가기법이 지니고 있는 시나리오 생성과정의 무한성과 확률 도출과정의 주관성을 극복하고 있다. 또한 부상 유형별로 부상확률과 부상심각도를 도출하여 리스크를 평가함에 따라 더욱 정교한 평가가 가능한 장점을 가지고 있다.

Product safety management means the various activities to protect the safety of the consumer against the hazard arising from product accidents in the whole process of manufacture, import and distribution of goods including industrial and electrical products. In other words, it includes the implementation of the various activities including production and importation of safe products, product safety assessment, safety certification and confirmation by the safety assessment, and recall the accident and illegal products through market surveillance activities to market products. This study presents a new product risk assessment model based on bayesian network model as a tool for risk assessment needed for product safety that reflect the casual relationship affecting the product risk and shows an application example. For the risk assessment, the structure of the network is designed hierarchically to factor layer, accident layer, and injury layer and the probabilities and the conditional probabilities of each layers are derived. The factor layer is composed of the product defect factors and the use environment factors including factors such as subject of use, hours of use, and place of use. The accident and injury layer is composed of accidents caused by the factor layer and injuries caused by the accidents. Finally, the product risk is determined based on the probabilities and severities of injuries by reference to PI(probability impact) matrix. The severity of injury is obtained by calculating ISS using AIS presented in IISC. For the injury, damages to property as well as personal injuries are considered. An example applying the risk assessment model presented in this paper to the stroller is shown and the model is compared with EU RAPEX RAG and Japan’s R-Map. The two methods are representative method that is currently being presented related to the risk assessment. The EU RAPEX RAG, as a method based on the scenario, composes possible scenarios and assesses the scenarios and adopts the higher risk to the final risk. As a result, it is shown that the EU RAPEX RAG and the model presented in this paper gives the same results each other. Japan’s R-Map, on the other hand, gives one step higher result compared to the result of this paper. This can be seen because it follows the R-Map manual regulation when different types of injuries occurred together the strictest definition is adopted because R-Map does not assess separately each incident of injury. The model of this paper overcomes the subjectivity of probability of the scenario steps and infinity of the scenario creation that scenario-based assessment methods have. It also have the advantage that a more elaborate assessment is possible as the risk is assessed by deriving the probability and severity of injury by the types of injury. At present, the classification basis for safety management of the products in Korea is weak because there do not exist standardized risk assessment methods to classify the products into the categories for safety management. The model in this paper is a systematic and leading assessment model in Korea and can be utilized to review the current products managed by regulations and classify them into the new categories or derive reasonable and objective safety management levels for the new products. Also the model can be utilized to support the development of inherently safe products in the process of the development of the new products in the companies by letting themselves to assess the risk of the products. Further research should be the problems to ensure the reasonableness of the derivation process of the subjective product defect probabilities and the conditional probabilities if there does not exist data relating accidents. In addition, there may be problems reviewing the appropriateness of classification of the products by applying multi-variate cluster analysis if there exist data relating accidents and comparing it with the results of this study.

특권의식은 직원들이 고용 관계에 대한 과대 인식과 고용 관계에 대한 비현실적인 기대를 형성하게 하는 경향이 있다. 예를 들어, 직원들이 자신의 조직에서 받을 것에 대한 기대가 크면 클수록, 보다 높은 급여, 보너스, 각종 프로모션 등을 당연히 받을 만 하다고 생각한다는 것이다. 결과적으로, 심리적 특권의식(psychological entitlement)은 수많은 직장에 대한 부정적인 태도 및 행동과 관련이 있는 것으로 밝혀졌다. 그런데 기존연구에서는 대부분의 연구들이 직장을 대상으로 이루어지지 않아, 특권의식이 직장에서의 태도와 행동에 미치는 영향에 대한 연구가 필요한 실정이다. 더욱이 특권의식에 관한 연구에 있어 직장 일탈행동과 성과와의 관계를 검증한 연구는 미흡하다. 이에 본 연구에서는 심리적 특권의식과 직장 일탈행동(deviant behavior) 간의 관계를 검증하고자 한다. 보다 구체적으로 심리적 특권의식과 일탈행동 간의 관계에 있어 조직 공정성(organizational justice)과 조직 지원 인식(perceived organizational support)의 조절효과를 검증하고자 한다. 대한민국의 494개 기업의 직원들을 대상으로 검증한 결과, 심리적 특권의식과 직장 일탈행동은 양의 관계를 갖는 것으로 나타났다. 조절효과에 있어서는 분배공정성(distributive justice), 상호작용공정성(interactional justice) 및 조직지원인식(perceived organizational support)의 효과는 유효했으나, 절차공정성(procedural justice)의 효과는 나타나지 않았다. 가설과 같이 분배공정성과 조직지원인식은 특권의식과 일탈행동을 완화시키는 것으로 나타났다. 그러나 상호작용공정성은 반대 방향으로 조절하는 것으로 나타났다. 본 연구의 결과는 심리적 특권의식이 종업원의 일탈행동을 증가시킬 수 있으나, 조직공정성 및 조직지원과 같은 요인들이 직원들의 일탈행동을 완화시킬 수 있다는 것을 보여준다. 또한 본 연구의 결과는 특권의식에 관한 기존연구를 보완하고 있다.

Individuals form various relationships and perceive expectations about them. Within an employment relationship, an employer and employee form expectations about each others’ inputs and outputs. Generally, the relationship should be perceived to be equitable and reciprocal as both the employer and employee fulfill their contributions and receive benefits from each other. However, relationships are not always equitable and reciprocal and can form feelings of entitlement. Entitlement tends to allow individuals to form inflated self-perceptions and unrealistic expectations about their employment relationship. For example, when employees have high expectations about what they should receive from their organization, they believe that they deserve more from their organizations such as higher salaries, bonuses, and promotions regardless of their contributions toward the organization. Subsequently, psychological entitlement has been found to be associated with numerous negative attitudinal and behavioral outcomes such as aggression and conflict. As research has consistently found entitlement to result in detrimental outcomes, entitlement research has gained some academic attention. However, there has been limited empirical studies on entitlement, especially within organizational behavior. Within the literature, most of the studies have not been conducted at the workplace context; thus, creating a need to further research on how organizations can maintain and manage the detrimental effects of entitlement on workplace attitudes and behaviors. Furthermore, entitlement research has yet to be empirically tested with performance behaviors such as deviant behaviors and include boundary conditions for psychological entitlement with its behavioral outcomes. Therefore, this study empirically tests the relationship between psychological entitlement and deviant behavior and the moderating effects of organizational justice and perceived organizational support. The study sampled 494 corporate employees in South Korea and found psychological entitlement to be positively associated with workplace deviant behavior. For the moderating variables, distributive, interactional justice, and perceived organizational support were found to moderate the relationship while procedural justice did not moderate the relationship. As hypothesized, distributive justice and perceived organizational support were found to mitigate the effects of entitlement on deviant behavior. However, interactional justice was unexpectedly found to moderate the relationship in the opposite direction. Therefore, the study suggests that psychological entitlement can increase the likelihood of employees engaging in workplace deviant behavior while organizational facets such as organizational justice and perceived organizational support can help organizations and managers to mitigate and manage entitlement perceptions toward workplace deviant behavior. Furthermore, due to the study results, this study further bridges the gap within entitlement literature.

고도의 지식정보화 사회 속에서 생존을 위해 치열한 경쟁을 펼치는 기업과 서비스 조직에서는 전문적이고 다양화된 서비스로 고객들과의 관계를 강화하는 쪽은 인적자원관리가 이루어져 왔다. 하지만 이러한 변화는 조직 구성원들에게는 반대로 새로운 직무 스트레스와 불만을 야기시키는 원인이 되었고, 이에 많은 연구들이 내부 조직구성원들의 직무만족과 행복감 향상에 관심을 가지기 시작했다. 하지만, 기존의 연구들은 외재적 보상을 통한 측면에서 연구되었지만, 많은 기업들이 현실적으로 시행하기에는 많은 제약이 따르고 있다. 이에 본 연구는 조직이 실시하는 교육훈련이 내부구성원들에 제공할 수 있는 내재적 보상의 일환이 될 수 있다는 가정 하에 교육훈련프로그램을 구성하는 주요 특성변수들을 파악하고, 이들이 내부 구성원들의 직무만족과 행복감에 영향을 미칠 수 있음을 실증적으로 보여주는 것이 주된 목적을 두고 있다. 구체적으로 본 연구에서는 다섯 개의 가설을 설정하였고, 국내 우정사업부 524명을 대상으로 통계적인 검증을 실시하였으며, 그 결과 교육훈련과정에서 학습시간, 교육의 질, 교육제도의 다양성이 높을수록 내부 구성원들의 직무만족이 높고, 직원들이 느끼는 행복감의 제고에도 기여할 수 있는 나타났다.

The fundamental nature of competition in lots of the world’s industries has been changing. The pace and speed of this change is relentless and is increasing. Even the boundaries of an industry has become confusing. Currently, conventional sources of competitive advantage, such as economies of scale and huge advertising investment, are not as effective as they were in the past. Even worse, the traditional managerial mind-set fails to lead a firm to strategic competitiveness. The conditions of the competitive landscape result in a perilous business world. Hypercompetition is a term often used to capture the realities of the current rivalries. It is a condition of rapidly escalating competition based on the quality of product or service, and competition to create new knowledge. Today more than ever, a firm’s competitiveness is strongly related to it’s human resource. For example, the shift to the learning organization, where everyone is engaged in making decisions and solving problems, requires more skillful and smarter workers. Thus, workforce is replacing capital as the critical scarce resource, and firms are being challenged to develop and maintain this valuable new competitive weapon. In this environment, some companies chose to increase extrinsic compensations such as wages, commissions, stock options, other financial benefits to attract and keep employees. However, as the workers’ expectation for financial benefit is increasing, firms have a difficulty to meet the level of compensation to which employees want to get paid. Government agencies, which typically pay well below market wages, find that they can hardly sustain and increase their employees’ expectation or satisfaction. As such, previous research for maintaining employees’ competitiveness have mainly focused on the importance of extrinsic compensation. However, little is known about how education or training a firm provides to its employees can be used to increase their job satisfaction or happiness. Building on previous literature of human resource management and development, this paper investigates the effect of various characteristics of human resource development on employees’ job satisfaction and happiness. we identify quantitative, qualitative, and varied characteristics as three critical components of education and training program in the course of human resource development. Data from a multi-informant survey conducted to 524 employee in Korean postal service show that education and training programs offered from an organization have significant effects on its employee job satisfaction and happiness. The results indicate that enough time and opportunity, high quality of program, various training method have a positive relationship with job satisfaction and happiness. This study also confirms that the effects of HRD programs on job satisfaction are moderated by employee’s task. This study highlights the importance of human resource development in terms of intrinsic compensation, and helps to explain individual discrepancies in job satisfaction and happiness.

본 연구의 목적은 담배취급기업의 CSR 커뮤니케이션 활동이 설득효과에 영향을 미치는 과정에서 콘텐츠 속성 변인과 개인 변인, 기업진정성 변인이 어떠한 역할을 하는지를 탐색하는 것이다. 실증분석 결과, 첫째, CSR과 연계된 브랜디드 콘텐츠의 주요 속성으로서 상호작용성, 오락성, 정보성, 공감성의 속성들이 CSR 콘텐츠의 금연 설득효과와 기업인지도와 기업평판에 유의미한 영향을 미치는 것으로 나타났다. 둘째, 금연 설득효과에는 상호작용성과 정보성이, 기업인지도에는 공감성이, 기업평판에는 상호작용성과 공감성이 유의미한 영향을 미치는 변인으로 나타났다. 셋째, CSR 콘텐츠의 속성변인의 효과과정에 기업진정성 인식이 유의미한 조절 효과를 갖는 것으로 나타났다. 구체적으로 정보성과 공감성, 상호작용성은 금연의도에 미치는 영향에 있어 진정성의 조절효과에 따라 모형의 설명력이 증가하는 것으로 나타나 모바일 앱과 같은 상호작용적 콘텐츠를 활용한 PR활동에서 기업의 진정성 지각은 설득효과를 높일 수 있는 중요한 요인임을 확인하였다.

The aim of this study is to explore persuasion effects in the process of corporate social responsibility communication. The result showed as follows. First, the branded content’s properties of mobile non-smoking app. have influenced on the smoking attitude, the awareness and the reputation of the tobacco company. Second, the perceived authenticity of the company moderated the relations between the branded content’s properties and persuasion effects of the CSR. Practical implications are such that properties of branded contents and the perceived authenticity of the company are important in CSR.

광양항의 일반물동량은 꾸준히 증가하고 있으나 전국 항만에서 차지하는 비중이 계속 떨어져 경쟁 항만에 대해 경쟁력이 약화되고 있는 것으로 나타나고 있다. 이것은 철강판과 합성수지 두 품목의 수출이 광양항 수출의 반 이상을 차지하고 있고, 철강과 석탄 두 품목의 수입이 광양항 수입의 거의 절반이 되어 수출과 수입이 소수의 품목에 크게 의존하여 환율과 세계경기와 같은 변수의 변동에 민감할 수밖에 없다는 사실과 무관하지 않다. 이에 본고는 광양항 물동량의 행태분석을 위해 광양항의 물동량을 수출물동량과 수입물동량으로 구분한 후 환율과 경기의 함수로 정의하여 계량분석을 실시하였다. 먼저 단위근 검정을 통해 수준변수는 불안정이나 차분변수는 안정적이라는 것과 추세회귀성향과 안정성을 구분하는 장점을 가지고 있는 분수공적분기법인 GPH검정을 통해 수출모형과 수입모형 모두 추세회귀적이라는 것을 알 수 있었다. 그리고 통상최소자승기법을 이용한 수출입함수 추정을 통해 수출물동량의 환율계수가 수입물동량의 환율계수의 거의 두 배이며, 수출물동량의 경기계수가 수입물동량의 경기계수의 5배이어서 환율과 경기의 변동이 수입물동량보다 수출물동량에 훨씬 큰 영향을 미치고 있다. 또한 이동회귀분석을 통해 수출의 환율계수와 경기계수가 수입의 그것보다 훨씬 크나 시간이 경과와 더불어 지속적으로 하락하여 환율과 경기가 광양항의 수출물동량에 미치는 영향력이 감소하였으나 수입함수에서 경기계수는 소폭이지만 상승하는 것으로 나타났다. 충격반응분석을 실시하여 경기충격에 대해 수출물동량과 수입물동량의 반응이 큰 폭으로 오랫동안 지속되나, 환율충격에 대해 수출물동량의 반응은 빠르게 쇠퇴하는데 비해 수입물동량의 반응은 작으나 오랫동안 지속된다는 것을 밝힐 수 있었다.

The paper aims at showing the effects of exchange rate and industrial production on the throughputs of Gwangyang port using econometric tools. The import function is modelled as exchange rate and domestic industrial production index, and the export function is defined as exchange rate and world industrial production index. All series span the period covering January 2000 to December 2013. We first check out whether both the series and the model are stationary at the 5 percent significance level. The result fails in rejecting a unit root hypothesis not only in the level variables but for the residuals from the GPH test at the 5 percent significance level. These findings support the validity of an equilibrium relationship among the variables in the cointegrating equation. The error correction models show that there is a considerable variation in the adjustment speed between export and import. We also make use of impulse response functions, both of which have now been widely used to examine how much movement in one variable can be explained by innovations in different variables and how rapidly these fluctuations in one variable can be transmitted to another. The impulse responses indicate that export volume to the shocks in exchange rate dampens quickly to its pre-shock level, while import volume to the shocks in exchange rate decays very slowly. Both export and import volume, however, respond positively to the shocks in business activity and disappear very slowly, showing that the shocks last very long. The export volume response to exchange rate shocks is 4% of that to industrial production shocks, while import response to the exchange rate shocks is almost 22% of that to industrial production shocks. Findings indicate that exchange rate shocks do not influence export volume significantly but such shocks influence import volume greatly.

본 연구에서는 직무자원 및 요구모델에 근거하여 치과산업에서 치과의료인과 납품업체가 보유하고 있는 고객의 자산요인을 통한 고객의 감정과 고객 열의 행동 간 관계를 확인하고자 하였다. 또한 납품업체가 보유한 고객의 자산을 통해 고객의 서비스풍토 인식과 고객의 확신이 조절효과로서 유의미한 영향이 있음을 증명하고자 하였다. 먼저 치과의료인이 인식하는 납품기업의 고객자산은 기업의 가치와 브랜드, 관계성으로서 고객이 납품기업과의 상호작용을 통해 인식할 수 있는 자원을 의미하며 고객의 감정은 납품업체에서 제공되는 서비스 자원의 인식을 말한다. 이는 인식된 고객의 긍정적 감정을 통해 고객의 자발적 행동인 열의 행동에 영향이 있음을 설명할 수 있다. 기존의 척도를 바탕으로 작성된 설문지를 이용하여 국내에서 개최된 서울시 치과학술대회에 참가한 치과의료기기 전문 납품업체와 거래하고 있는 치과의료인 300명을 대상으로 설문조사를 실시하였다. 본 연구에서는 제시된 가설들을 검증하기 위하여 구조방정식(M-PLUS 6.11)을 이용하여 분석하였다. 분석결과 기업이 제공하는 고객자산인 기업의 가치, 브랜드, 관계성은 고객의 감정에 긍정적인 역할을 하였으며 고객 감정은 고객의 열의 행동에 긍정적인 영향이 있음을 증명하였다. 또한 고객이 인식하는 서비스 풍토는 고객자산과 고객감정에 유의적인 조절효과가 있음을 증명하였으며 고객이 인식하는 확신요인은 고객감정과 고객의 열의 행동 간 조절효과가 없음을 확인하였다. 이를 통해 본 연구에서는 치과의료기기 납품기업과 거래하고 있는 의료인이 인식하는 고객자산은 서비스 풍토를 통해 고객감정에 긍정적인 영향이 있다는 점과 또한 고객감정이 고객 열의 행동에 영향이 있지만 확신 요인이 고객 열의 행동에 미치는 조절효과는 기대할 수 없다는 점을 증명하였다. 따라서 본 결과를 통해 특수 산업시장이라고 할 수 있는 치과의료기기 유통시장에서 고객이 인식하는 납품기업의 독특한 서비스자원의 성격적 특성과 고객의 열의 행동에 대한 평가를 설명하였다.

Drawing on the job demands-resources model (JD-R), the author investigates how customer equity affects customer engagement and whether service climate and customer confidence can be potential moderators of this relationship. There are three drivers to customer equity; value equity, brand equity, and relationship equity. These are produced through the interaction between customers and organizations. Customer affection is brought about by provided service quality. One of important constructs in this study is ‘service dominant logic’which is a new perspective dominantly focused on service rather than product as a fundamental basis of marketing. Service was originally considered secondary to product. This logic can be extended by merging product and service and considering services value added activities. This new perspective is called service dominant logic covering service and product itself. Service can make new values, so every company can be a service company. That is, companies should use their intangible resources such as knowledge, skills, and capabilities as well as their products so that they can gain sustainable competitive advantages. Another important construct is customer equity was viewed as similar concept as a financial asset measured and managed by organizations in previous studies. That is, organizational activities have an impact on customer brand preferences, and customers’ brand choices develop the basis of customer equity. This customer equity is developed from value equity, brand equity, and relationship equity. A company’s long-term value is decided by relationships with its customer. In other words, customer equity can be “the sum of discounted value of lifetime value of all customers.” According to an additional study, “customer equity is potential financial value that all customers have at present and in the future.”Brand equity is customer’s expectation and appraisal to the brand. Also, it is created through company’s marketing activities and affected by customer’s experiences and associations related to the brand. Value equity refers to what customers assess the objective value of the product or service provided by the company. Customers choose a productby calculating perceived quality, price, and utility of product compared to their expectation. This process is relatively objective and reasonable. Relationship equity is the customer’s tendencyto stick with the brand. Customer relationship can be made by repurchase, shift from other company, and new purchase. Companies can enhance the relationship with customers by various activities and relationship programs. Relationship equity can be attributed to these kinds of efforts. The last important construct is customer engagement behaviors. These behaviors are created though the relationship with organization. They can be described by cognitive response and emotional status. That is, customer engagement behaviors are spontaneous reaction based on the relationship with organization. This study defines customer engagement behaviors as five variables. First, cooperation refers to customer’s advice to the company for the better product or service based on their previous experiences. Cooperation-based behaviors canreduce workload of suppliers and spread positive services to other customers. The second variable is feedback. Customers give information and guideline so that the company can pursue high quality of product or service. Also, companies can find a better way to improve themselves. Third, compliance means that customers try to behavior complying with company’s structure, rules, and process. Not every customer can agree with the process of company, so only engaged customers show these behaviors. The fourth variable is customer’s behaviors helping other customers. That is, engaged customers are willing to give useful information and explain company’s process to other customer. These customers act like a second employee of the company. The last variable is word of mouth. Word of mouth is the passing of positive information from satisfied customers to other organizations or other customers. In this context, the author conducts a survey using developed measures. The sample consists of 300 dental device suppliers and their dentist customers who participated in Seoul International Dental Exhibition & Scientific Congress 2014 (SIDEX 2014). The author then analyzes the data to empirically test suggested hypothesis using structural equation modeling (M-PLUS 6.11). The results suggests that (1) customer equity that is related to the organization has a positive impact on customer affection and customer engagement, (2) perceived service climate can moderate the customer equity-customer engagement relationship, and (3) customer confidence does not significantly moderate this relationship. On the basis of the findings, the author highlights the service attributes of dental device suppliers and their impacts on customer engagement. This study extends the existing approach of organization performance and improvement to the interaction between suppliers and customers whose engagement is significantly important. This study also explores organizational behaviors in response to customer engagement in a specific condition, that is, dental device industry.