Earticle

본 연구는 내부회계관리제도 검토결과 중요한 취약점이 발견되었거나 검토범위제한으로 인하여 검토의견이 제한된 기업이 이익조정수단으로 어떠한 발생액 형태를 이용하는지 내부회계관리제도 검토의견이 비적정인 기업이 적정인 기업에 비해 조세부담을 수반하는 비세무조정발생액(book-tax conformity accruals)과 조세부담을 수반하지 않는 세무조정발생액(book-only accruals) 중 어떠한 발생액을 이용하여 이익조정을 하는지 분석하였다. 본 연구는 2006년부터 2010년까지 코스닥시장에 상장되어 있는 비금융업에 속한 3,990개의 기업-연도 표본을 대상으로 분석을 수행하였다. 분석결과, 내부회계관리제도 검토의견이 비적정인 기업들은 적정인 기업들에 비해 세무조정발생액은 더 작고, 비세무조정발생액은 더 큰 것으로 나타났다. 이러한 결과는 내부회계관리제도 검토의견이 비적정인 기업들이 이익조정의 수단으로 조세부담을 수반하는 비세무조정발생액을 이용하는 것으로 해석할 수 있다. 이러한 결과는 외부감사인의 입증절차 강화로 조세부담이 수반되지 않는 세무조정발생액의 이용에 제한을 받은 것으로 판단된다. 본 연구는 내부회계관리제도 검토의견에 따른 비세무조정발생액 및 세무조정발생액과의 관련성을 살펴봄으로써 기업이 처한 상황에 따른 이익조정과 조세부담의 차별적 선택에 대해 실증하였다는데 그 의의가 있다.

The purposes of this paper are to propose book tax conformity of firms that Reported Problem in Internal Accounting Management Systems. Tax adjustments of accruals as a means of earnings management (book-only accruals) and non-tax adjustments of accruals (book-tax accruals) divided and any of these two means of accrual to eanings management whether the empirical analysis. That is, this study tests whether firms reporting material weaknesses in the internal control system manage earnings more than firms reporting no material weakness in the internal control system. In Korea, the corporate tax accounting is recognized in the accounts if the taxable income is unchanged, but the tax law does not recognize taxable income change, but no change in the accounting income. Status report on the impact of this tax the tax burden on firms, because the connection of two types of firms use accruals likely to be discriminatory. Many prior studies were using discretionary accruals as a measure of earnings from, discretionary accruals may they contain elements that adjust at the same time taxable income, as well as accounting incomes(Calegari 2000; Ohgwanguk, Jeongseokwoo 2010; Choiwonuk et al 2013). Specifically, accruals are accounting income and taxable income non-tax adjustments of accruals to be adjusted in the same direction(book-tax conformity accruals) and accounting income is adjusted even be classified as a tax benefit tax adjustments of accruals (book-only accruals) does not affect the have. If the executive becomes the tax burden varies according to whether the earnings, depending on whether you are using any non-tax adjustments of accruals and tax adjustments of accruals when you want to raise accounting income. In this paper, we analyze that the use of internal control system review opinion unqualified firms tax adjustments of accruals as a way of earnings management compared to the qualified firms tax adjustments of accruals. In general, the review opinion are unqualified firm's greater incentive for earnings management purposes, such as to avoid the delisting many cases worsened the financial condition or business performance. And at the same time, unqualified review opinion firm's have been greatly since the external auditors assess control risk, more the expansion of proven procedures when the final audit will be limited to Earnings Management. How the Earnings Management and the tax burden on unqualified of firms of conflicting elements than qualified review opinion firms under these circumstances it is empirical questions to be considered discriminatory. 2005-2010 The company is listed on the KOSDAQ market, targeting firms that have received matrial weakness and scope limitation studied. In this study, Calegari(2000) proposed modifications to reflect on how our country tax laws. Ohgwanguk, Jeongseokwoo(2010) adjustment of non-tax adjustments and tax adjustments accruals measurement method. The empirical results, internal control system is an unqualified review opinion firms tax adjustments of accruals as compared to the qualified opinion of smaller firms, non-tax adjustments of accruals were adjusted to be greater. These results can be interpreted as selected non-tax adjustments of accruals to the unqualified opinion of the firm's ICS review opinion involving the tax burden as a means of earnings management. Thus the internal accounting control system review opinion unqualified of firms relatively pay less due to an enhanced audit of external auditor is to select the non-tax adjustment accruals involving tax burden than tax adjustment accruals no tax burden as a benefit adjustment means the choice of tax accruals are adjusted because the judge suppressed. Additionally, non-tax adjustments of accruals as a result of analysis by measuring minute changes in the tax adjustments of accruals of the previous year was also current term in the same way. Thus, firms that non-reported problem in Internal Control Systems are appropriate firm's financial reporting costs that occur relatively expensive accruals tax adjustment(BOA), rather than simply increasing the tax benefit accruals non-tax adjustment(BTA) to carry through earnings respectively. This study was conducted after the internal accounting management system by means of feedback and adjust the profits of the tax adjustment accruals (book-only accruals) and non-tax adjustments of accruals (book-tax accruals) divided by earnings management using accruals to analyze in that the previous studies was to provide a different implications. Our finding suggests a book-only accruals and book-tax accruals can be more precise measures for estimating the level of earnings management and tax planning as we empirically.

본 연구는 기업의 투자공시가 주가에 미치는 영향을 살펴보고, 주가반응의 크기를 결정하는 요인이 무엇인지 조사하였다. 대부분의 기존 국내연구에서는 투자공시에 대해 유의한 비정상수익률을 관찰하지 못하였으며, 기업의 투자결정과 주가반응 간의 상관관계를 설명할만한 뚜렷한 결정요인 또한 발견하지 못하였다. 본 논문은 선행연구의 방법론을 토대로 하되 표본기간을 14년(2000년∼2013년)으로 확장하여 투자공시의 효과를 분석하였다. 실증분석 결과, 투자공시 전일 및 후일을 포함한 3일간의 사건기간 동안 0.561%의 유의한 누적비정상수익률을 관찰할 수 있었다. 누적비정상수익률을 설명하기 위한 다중회귀분석에서 기업의 재무 변수로 구성한 모형은 설명력이 없었으나, 정보비대칭 관련 변수를 추가한 모형은 투자공시에 대한 주가반응을 설명할 수 있는 유의한 모형으로 나타났다. 특히 모형에서 정보비대칭 변수로 사용한 변동성과 모멘텀 변수 모두 유의한 설명력을 보였다. 변동성의 경우 누적비정상수익률과 양(+)의 관계를 보여 정보비대칭 정도를 의미하는 변동성이더 큰 기업일수록 투자공시에 대해 주가가 더 강하게 반응함을 알 수 있었다. 또한 공시일 이전 6개월간의 주식수익률로 구한 모멘텀 변수와 누적비정상수익률은 음(-)의 관계를 보여 공시 이전 기간에 투자정보의 가치가 이미 주가에 반영되어 있을수록 주가반응이 상대적으로 더 약하게 나타났다. 이러한 실증분석 결과는 기업의 투자공시에 대한 주가반응이 기업의 재무적 특성보다 정보비대칭과 같은 기업의 정보환경에 따라 결정된다는 것을 시사한다.

This study investigates the announcement effect of corporate investment on the stock price. Investment decision is one of the most important corporate policies for the firm value. Stock price reaction to corporate investment decision depends on the market's assessment of the quality of the investment. If a firm's investment is expected to increase the value of the firm, the stock price tends to show positive reaction. When corporate managers try to exploit investment decisions for their private benefits, investment announcements negatively affect the share price of the firm. Extanct research in Korea does not find significant stock market reactions to corporate investment announcements. Also, factors to explain the relationship of corporate investment decisions and stock prices are different depending on studies. Considering the limitations of previous studies, we extend the sample period to 14 years from 2000 to 2013 and fully examine market responses to investment announcements using event study methodology. Our sample has 1216 investment announcements of 409 non-financial firms listed on the Korea Exchange. Moreover, we employ multiple regression models in the perspective of information asymmetry to explain the announcement effects of investment decisions. We find significantly positive stock price reactions around corporate investment announcements. For three day event window including the day before and after the announcement we document abnormal equity returns of 0.561%. The regression model including information asymmetry variables such as stock return volatility and momentum has a strong explanatory power. Especially volatility and momentum are only significant variables to explain the change in stock price. Volatility is defined as the standard deviation of stock returns for 120 days before the investment announcement. Firms with high information asymmetry are expected to show high stock return volatility. The coefficient on volatility variable turns out significantly positive, which implies that information asymmetry is positively related to the announcement effects of corporate investment on the stock price. Momentum is measured as the difference between 6-month buy-and-hold returns on stock and benchmark index such as KOSPI. If stock prices already reflect the information on corporate investment, we may observe positive prior equity returns and weak announcement effects. We confirm the negative relationship between momentum and abnormal returns around investment announcements. Overall, stock prices show stronger responses as information asymmetry proxied by volatility and momentum increases. These findings suggest that information asymmetry is a crucial determinant of the announcement effect of corporate investment. We have fully examined the announcement effects of corporate investment decisions by expanding sample periods from 2000 to 2013 for robust empirical results and attempted to resolve unexplained investment announcement effects in the Korea stock market. By focusing on the role of information asymmetry, we find that the relationship between the announcement effect of corporate investment and the stock price depends on differential information environment. Our empirical findings may have some limitations in that only stock return volatility and momentum are employed to proxy for a firm's information asymmetry. It is to be hope that future research using refined information asymmetry measures provides further evidence for the announcement effect of corporate investment decision on the stock price.

본 연구는 회사채를 발행한 유가증권 상장기업들이 보고이익을 조정하여 신용등급을 향상 시키는지를 검증한다. 1997년 외환위기 이후 수많은 기업들이 도산하였고 투자자들의 주식과 채권은 휴지조각이 된 바 있다. 이후 신용등급은 시장참여자에게 있어 매우 중요한 지표로 인지되어 왔고 기업들은 이를 유지하거나 상향 조정시키기 위하여 많은 노력을 투입하는 것으로 알려져 있다. 선행연구에서는 기업들의 이익조정행위와 신용등급의 관련성을 고찰한 바 있으나 그 결과는 혼재되어 있다. 또 대부분의 선행연구에서는 당기 이익조정과 당기 신용등급의 관련성에 초점을 맞춰왔다. 그러나 신용등급평가기관들은 기업의 신용등급을 결정하기 전에 1년간의 신용감시대상기간(credit watch period)을 설정하여 채무불이행 위험을 판단하는데, 높은 신용등급을 유지하거나 낮은 신용등급을 상향조정하려는 유인을 가진 기업들은 이 기간에 이익을 조정할 유인이 높을 것으로 판단할 수 있다. 따라서 본 연구는 t연도 기업의 이익조정 수준과 t+1연도 신용등급의 변화에 초점을 맞춤으로써 두 변수간의 명확한 관련성을 고찰하고자 하였다. 본 연구는 2002년부터 2013년까지 국내 유가증권 상장기업 중 회사채를 발행한 1,717 기업년을 대상으로 발생액 및 실제이익조정 수준이 높은 기업들이 의도한대로 차기 신용등급을 상향 조정시키는지를 검증하였다. 연구결과, 전반적인 당기 이익조정 수준은 차기 신용등급점수와 유의한 음(-)의 관련성을 가지는 것으로 나타났다. 이는 신용등급이 높은 기업들은 전기에 이익조정을 많이 하지 않은 기업들로 설명할 수 있으며, 기업들이 이익조정에 적극적으로 개입할 경우 신용평가기관들이 이를 탐지하고 패널티를 부여하는 것으로도 해석할수 있다. 또 신용등급의 변화(차기 신용등급점수 – 당기 신용등급점수)는 발생액을 통한 이익조정만 유의한 음(-)의 관련성을 갖는 것으로 나타났다. 이는 신용등급이 상향조정 된 기업들의 경우 전기에 발생액을 통한 이익조정을 적게 한 것을 의미한다. 추가분석에서는 본 연구 표본을 신용등급이 1) 상향조정, 2) 유지, 3) 하향조정된 경우로 분류/종속변수로 설정하여 로지스틱 분석을 수행해 보았다. 연구결과, 이익조정을 많이 한 기업은 신용등급이 하락하거나, 변화하지 않을 가능성이 상향조정될 가능성 보다 높은 것으로 나타났다. 또 재량적 발생액을 이익상향조정과 하향조정으로 분류하여 분석한 경우에도 일관적인 결과가 관찰되었다. 본 연구의 결과는 이익조정의 수준이 기업의 신용등급을 예측하는데 추가적인 정보를 제공하는 지표로써 활용될 수 있다는것을 발견했다는 점에서 의미가 있다.

In this paper, we examine the relationship between credit ratings, credit ratings changes and earnings management. Since the 1997 Asian Financial Crisis, many listed firms collapsed, leading investors to suffer losses. As a result, credit ratings have become a very important indicators of firms’ financial stability for investors, government agencies and debt issuers and other stakeholders. Firms with a similar credit rating are grouped together as firms of similar credit quality (Kisgen 2006) because credit ratings provide an ‘economically meaningful role’ (Boot et al. 2006). Numerous studies find that managers care deeply about their credit ratings (Graham and Harvey 2001; Kisgen 2009; Hovakimian at al. 2009). Firms that borrow equity in the form of bonds may have incentives to increase credit ratings with opportunistic earnings management. A change in a firm’s credit ratings has a direct impact on a firm’s profitability. Firm’s benefit from better terms from suppliers, enjoy better investment opportunities and have lower cost of capital when their credit risk is lower. Firms incur a higher cost of debt and experience additional costs when their credit risk is higher. American studies find that firms use earnings management to influence credit ratings (Ali and Zhang 2008; Jung et al. 2013; Alissa et al 2013). Credit rating agencies have stated they assume financial statements to be reasonable and accurate (Securities and Exchange Commission, 2003; Standard and Poor’s, 2006) and they do not consider themselves to be auditors. They take the information in the financial statements as accurate. Therefore, there is a potential for managers to engage in earnings management to influence credit ratings. In South Korea, there have been numerous experiments with auditor legislation because of financial collapses due to earnings management in the 2000s. Therefore, a decomposition of the relation between opportunistic earnings management and credit ratings is an important consideration for Korean accounting academia. Previous Korean studies have examined whether credit ratings in period t are significantly related to level of earnings management in the same period; however, those studies fail to find the consistent results. It is widely known that credit rating agencies allow one year credit watch period to assess default risk before credit rating decision. Firms with an incentive to increase their credit ratings through earnings management will only realize if earnings management positively influences credit ratings in the following year. Therefore, we focus on establishing a relationship between the levels of earnings management at time t and credit ratings / changes at time t+1. Our study provides a more robust analysis by establishing if both accrual based and real earnings management in period t influences credit ratings and credit rating changes in period t+1. Using a sample of 1,717 Korean KRX firm-years from 2002 to 2013, we find a negative relation between earnings management in period t and credit ratings in period t+1, suggesting that firms with higher credit ratings have lower levels of earnings management. Moreover, we find that firms that experience a credit ratings change in period t+1 are less likely to engage in opportunistic earnings management in period t, suggesting that firms do not have the potential to increase credit ratings. We also find that firms that experience a credit rating increase in period t+1 have a negative association with opportunistic earnings management for accruals measures. Moreover, when we split our sample into firms that experience 1) a credit rating increase, 2) decrease and 3) remaining the same, we find that firms that engage in earnings management are more likely to remain unchanged or experience a credit rating decrease. Thus, taken together, we find no evidence of relationship between opportunistic earnings management and an increase in credit ratings in the South Korean public debt market. Our results may be of interest to regulators, credit rating agencies, market participants and firms that question whether level of earnings management in current year influences credit ratings in the subsequent period.

본 연구는 100개 이상의 가맹점을 가진 50개 교육 프랜차이즈 브랜드들의 효율성을 가맹 점주 관점(초기 투자 비용 대비 단기적 및 장기적 효율성)에서 DEA 모형을 이용하여 분석한 결과 다음과 같은 결과를 도출하였다. 첫째, CCR 모델 기준으로 효율적인 브랜드는 총 8개(대성독서논술리딩게임, 매쓰캔, 빨간펜수학의달인, 셀파우등생교실, 셀파중등논술, 장원교육, 제3교실, 한솔독서논술교실)이며 BCC 모델 기준으로 효율적인 브랜드는 상기 8개 브랜드에 11개 브랜드(YBM리딩클럽, 비상 IVITZ, 삼성영어, 셀파수학교실, 와이즈만영재교육, 윤선생영어교실, 한솔플러스수학교실, 한우리독서토론논술, 해법공부방, 해법독서논술교실, 해법영어교실)가 추가된 총 19개 브랜드임을 확인하였다. 둘째, 교육 프랜차이즈 브랜드의 효율성이 브랜드 간 큰 편차를 나타냈으며 비효율의 주 원인이 규모의 비효율보다는 순수 기술 비효율인 경우가 더 많음을 확인하였다. 셋째, 규모의 경제를 분석한 결과 최적 규모에서 운영중인 브랜드는 11개이며 나머지 39개 브랜드는 규모 수익 감소 상태임을 확인하였다. 이는 규모 수익 감소 상태에 있는 이들 교육 프랜차이즈 브랜드들이 초기 투자 비용의 상승을 통한 외형 확대시 일반적으로 효율성이 더 낮아지므로 초기 투자 비용의 감소 및 경영 효율화를 지향해야 비효율적 브랜드에서 효율적인 브랜드로 변화할 수 있음을 의미한다.

This paper analyzed the efficiency of 50 education franchise brands having more than 100 franchisee from the perspective of franchisees. For this purpose, candidate set for input and output variables of the DEA model has been formed and the partial efficiency scores have been calculated based on Tofallis' profiling method. Then we conducted an correlation analysis to these partial efficiency scores, resulting in the input variable as initial investment, as well as output variables as annual average sales amount, number of franchisee stores, promotion budget, net profit, number of new member stores, brand age, number of employees, and total amount of capital. Our findings are as follows. First, Out of 50 brands, only 8 brands have been turned out to be efficient in terms of technical efficiency of the CCR model. In terms of pure technical efficiency of the BCC model, 19 brands are efficiency. Second, huge fluctuations among efficiency score have been observed and we showed that the pure technical efficiency (rather than scale efficiency) mainly caused these fluctuations. Third, we showed that 11 brands are operating under constant return to scale while the remaining 39 brands are under decreasing return to scale. It means that these 39 brands need to reduce initial investment amounts and improve management efficiency to increase their efficiency scores, rather than expansion which is more likely to result in efficiency score drop.

비즈니스 프로세스 개선(BPI)은 역동적인 환경변화에 민첩하게 대응하여 경쟁력 있는 고객가치를 제공하고 조직성과를 달성하고자 하는 조직에게 필수요건이 되고 있다. 성공적인 BPI는 방법론과 함께 사람중심의 다양한 요소가 중요한 역할을 함에도 불구하고 학문적 관점에서는 후자의 관심이 크게 부족한 실정이다. 이와 함께 BPI는 변화관리 활동으로 구성원들의 심리적인 변화태도를 유발하기도 한다. 따라서 본 연구는 BPI의 중요성에 대한 구성원들의 인식과 심리적 주인의식 그리고 행동 간에 어떠한 관계가 있는지를 조사하였다. 분석결과 첫째, BPI의 중요성 인식은 심리적 주인의식(직무, 조직)에 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 직무기반 심리적 주인의식은 내부고객지향, 협업지향, 지식공유에 정(+)의 영향을 미치는 것으로 나타났다. 셋째, 조직기반 심리적 주인의식은 협업지향, 지식공유에 정(+)의 영향을 미치는 반면에 내부고객지향은 영향을 미치지 않는 것으로 나타났다. 이러한 결과를 토대로 본 연구는 BPI로 경쟁력과 민첩성을 달성하고자 하는 조직에게 시사점과 한계점 그리고 향후 연구방향을 제시하였다.

Business process improvement(BPI) is vital for organizations in dynamically changing environment, such as growing global competition, increased customer expectations, tighten laws and regulations, and service demands of high quality. In order to survive in such an environment and to provide their customers with new or better services, organizations try to improve their existing business processes. That is, Improving the performance and quality of business processes is a central challenge for organizations to be competitive and successful. BPI is a goal-oriented systematic approach to changing the way organizations perform their business processes and BPI also is a challenging task because of the complexity to carry out the change in business processes. In this context, previous researchers focused on effective methodologies(e.g. Six Sigma, Process Mapping, Benchmarking, Lean Production) for the BPI implementation. Methodologies clearly provide organizations with a knowledge and practical experience leading to successful BPI implementation. In other words, Methodologies can be supported by the tools which are the means for creating the results. However, none of these methodologies adequately support all organizations. Business processes are a sets of interrelated activities, or work flows and BPI is mainly controled by employees. Moreover, every employee has a significant potential to improve not only their own business processes, but those of others as well. In this perspective, Employee’s awareness of BPI importance and employee’s behaviors for BPI can become a very important factors for organizations to accomplish innovation through BPI. Meanwhile, the change and improvement in business processes can bring about the resistance to change from employees in organizations. Therefore, it is necessary to know employee’s attitude on both their organizations and business processes to be changed. This study suggests psychological ownership(job-based and organization-based) as employee’s attitude. Psychological ownership has been described as a cognitive-affective construct defined as a state in which an employees feels as though the target of ownership or a piece of that target is theirs (i.e. it is mine) and reflects an employee’s awareness, thoughts, and beliefs regarding the target of ownership. This is considered attitudinal rather than an enduring trait of personality and an essential motivator of human behavior(e.g. cooperative and helping extra-role behavior). Psychological ownership is a kind of attitude with which one may regard related objects as part of himself or herself. Researchers suggested a number of influence factors and outcomes related to psychological ownership. In this context, the purpose of this study is to examine the relationships among employee’s awareness of BPI importance, psychological ownership(job-based and organization-based), internal customer orientation, collaboration orientation, and knowledge sharing. The research collects data from a sample of 300 employees from 48 companies and analyzes the collected data using SPSS 22.0 and smartPLS 2.0 to test hypotheses of the research. Major findings are as follows. First, the influence of awareness of BPI importance on job-based psychological ownership(β=0.244, t=4.003, p<0.001) and organization-based psychological ownership(β=0.266, t=4.664, p<0.001) is positively significant. This results imply that the more employees are aware of the importance of BPI, the bigger psychological ownership(job-based and organization-based) employees have. Second, the impacts of job-based psychological ownership on internal customer orientation(β=0.334, t=4.287, p<0.001), collaboration orientation(β=0.293, t=3.798, p<0.001), and knowledge sharing(β=0.403, t=5.374, p<0.001) are also positively significant. Third, the effects of organization-based psychological ownership on collaboration orientation(β=0.279, t=3.904, p<0.001), and knowledge sharing(β=0.152, t=2.062, p<0.001) are also positively significant, but the influence of organization-based psychological ownership on internal customer orientation(β=0.145, t=1.688, p<0.001) is not significant. This results show that psychological ownership can promote employee’s positive behavior for organizations. When employees feel psychologically connected to either the organization or the job, they may experience greater feelings of personal responsibility toward their organizations. This, in turn, may lead employees to adopt a more caring and protective attitude toward their organizations. Psychological ownership has much in common with widely recognized positive organizational behavior such as psychological capital. Therefore, psychological ownership can share a sense of positivity among employees as a positive psychological resource. The study provides researchers and practitioners with a matter of primary interest in employee’s psychological ownership as a driving force leading to the strong relationship between awareness of BPI importance and employee’s behaviors. Limitations arisen in the course of the research and suggestions for future research directions are also discussed.

이 연구는 재벌형 조직의 생성과 발전 과정을 거시조직이론적 입장에서 밝히고자 하였다. 거시조직이론에는 환경적응론적 관점과 환경결정론적 관점이 존재한다. 환경적응론적 관점은 다시 정치적⋅경제적⋅제도주의적 시각에서 조직의 생성과 발전과정을 접근할 수 있다. 조직의 생성과 발전과정에 영향을 미치는 요인으로 정치적 접근법은 권력을, 경제적 접근법은 효율을, 제도적 접근법은 제도화를 중요하게 본다는 점에서 서로 다르지만, 조직이 환경에 적응할 수 있다는 적응론적(adaptive) 관점이라는 공통점도 가지고 있다. Marxist 조직이론과 자원의존이론으로 대표되는 정치적 접근법에 따르면 거대기업조직은 노동자를 효과적으로 통제하기 위해서 그리고 창업자 가족은 조직내부 권력을 강화하기 위해서 재벌형 조직구조를 선택하며, 거래비용경제학으로 대표되는 경제적 접근법에 따르면 재벌형 조직구조는 거래비용을 대폭 절감할 수 있는 효율적인 구조이기 때문에 채택된다고 한다. 또한 제도주의적 접근법은 재벌형 조직구조가 오랜 시간 동안 제도화하여 정당성을 확보하고 있기 때문에 많은 거대기업집단이 재벌형 조직구조를 모방하고 선택한다고 본다. 환경적응론적 관점과 대비되는 환경결정론은 조직이 구조나 형태를 선택할 수 있다는 합리적 선택의 관점을 받아들이지 않는다. 환경결정론적 관점의 조직생태학에 따르면 사람이 만든 조직도 적자생존이라는 생태학의 기본원리를 따른다고 한다. 이 이론은 재벌형 조직구조가 지금까지 한국적 기업환경에서 생존하고 있는 이유는 한국의 기업환경이 이구조를 선택했기 때문이라고 보고 있다. 이런 이론적 논의 외에도 서구에서 개발된 거시조직이론을 한국 상황에 적용할 때 제기되는 문제점과 재벌형 조직구조의 미래에 대한 토론도 하였다.

The chaebol structure would be the unique form of organization created and developed in the business environment of Korea. This study seeks to probe the process of creating and developing Korea's chaebol structure from the perspective of macro-organizational theories. We try to explain the process of creating and developing Korea’s chaebol structure from the perspectives of environmental adaption as well as environmental determinism. While the adaptive perspective incorporates political, economic, and institutional approaches, the deterministic perspective stands for organizational ecology. Of the three adaptive approaches, the political approach represented by Marxist theory of organization and resource dependency theory posits that organization structure is the outcome of capitalists’ persistent endeavors to exploit labors. The economic approach represented by Oliver Williamson’s transaction cost economics notes that the very efficiency realized by such dwindling costs as agency costs and transaction costs enables the organization to choose the chaebol structure over other forms of organization. And the institutional approach maintains that such institutional pressures as mimetic isomorphism propel organizations to take the chaebol structure since those pressures provide legitimacy and recognition to them. Organizational ecology representing the deterministic perspective posits that the principle of survival of fitness would be applied to the arena of organizational theories and the chaebol structure is the valid form which has been selected by the relevant environment. After reviewing theories and cases relating to Korea’s chaebol structure, we discuss the validity of each theory mentioned earlier in this study. In particular, we note Williamson's transaction cost economics. The fundamental proposition of this theory is that transaction cost efficiency determines transactional governance structure. This theory is therefore strongly universalistic because it makes little provision for societal and cultural differences. The relative weakness of this theory may be inherent in its universal nature with regard to the peculiarity of Korean situations. In Korea transaction costs could be minimized because of the traditional family structure. Transaction costs in a corporate patriarchy headed by the founder or his immediate offspring can be minimized because managers from the founding family, constituting the dominant coalition in nearly all Korean business groups, may not have to behave opportunistically and to undertake a careful ‘cost-benefit’ analysis. If transaction costs are lower in the Korean economy, where family capitalism is still a sweeping mode of production and transaction, than in other advanced economies, one would claim that Korea's family-dominated organizations may not be an underdeveloped form of organization that should be replaced by the western type of ‘economic’ or ‘utility-maximizing’ organizations. As the Confucian way of interweaving ‘economic’ transactions with ‘noneconomic’ considerations of trust, obligation, and goodwill does not hinder efficient allocation of resources, the Korean method of economizing on transaction costs by way of family capitalism may not occur at the expense of economic efficiency. Finally, we discuss the controversy relating to the validity of the theories made and developed by western scholars. Besides theoretical discussions, we further mention how the fate of chaebol founder families would work and what the future of Korea's capitalism would look like.

본 연구의 목적은 수출기업의 역량, 수출마케팅전략 실행효과, 경쟁우위 및 수출성과의 인과관계에 대한 연구모형을 구축한 후에, 국내 수출기업들을 대상으로 실증연구를 통하여 수출성과 제고방안을 제시하는 것이다. 본 연구에서는 실증적 연구를 위해 구조방정식모형 분석을 실시하였다. 분석결과를 보면, 전략적 성과는 재무적 성과에 긍정적 영향을 미치는 것으로 나타났는데, 이는 기업이 제공하는 수출제품에 대한 고객의 높은 만족도는 상표충성도를 제고시키며, 높은 상표충성도는 높은 재구매와 매출증가로 이어져 높은 재무적 성과를 창출하게 됨을 의미한다. 경쟁우위는 재무적 성과에 긍정적 영향을 미칠 것이라는 가설은 지지되지 않았지만, 경쟁우위가 전략적 성과에는 긍정적 영향을 미치는 것으로 나타났다. 이는 수출기업의 경쟁우위가 전략적 성과에는 직접적으로 영향을 미치지만, 재무적 성과에는 전략적 성과를 매개로하여 영향을 미치는 것으로 보인다. 따라서 수출기업은 단순히 재무적 성과 제고만을 중요시하기 보다는, 장기적 관점에서 전략적 성과의 제고를 위한 수출마케팅전략의 개발과 실행을 통해 재무적 성과를 제고시킬 수 있어야 할 것이다. 수출마케팅전략 실행효과는 경쟁우위에 긍정적 영향을 미치는 것으로 나타났다. 수출기업의 수출마케팅전략 실행효과가 높아질수록 해외시장의 소비자들에게 보다 높은 가치를 제공할 수 있게 되어 경쟁우위가 제고될 수 있다고 보아진다. 그러므로 수출기업은 수출마케팅전략 실행효과 제고가 수출기업의 경쟁우위의 강화로 이어짐을 인식하고, 수출시장 소비자들의 만족도를 제고시킬 수 있도록 보다 더 높은 가치를 제공할 수 있는 수출마케팅전략의 개발과 실행에 역점을 두어야 할 것이다. 수출마케팅전략 실행효과에 대한 영향요인 중에서 수출마케팅전략개발 역량을 제외한 수출마케팅프로그램 역량, 관계형성 역량 및 경영자 역량이 수출마케팅전략 실행효과에 긍정적인 영향을 미치는 것으로 나타났다. 이러한 분석결과를 통해 수출마케팅전략의 효과적인 실행이 이루어기 위해서는 수출마케팅전략을 구체적으로 실행할 수 있는 수출마케팅프로그램 역량과 관계형성 역량 및 경영자 역량이 중요함을 알 수 있다. 따라서 수출기업은 수출마케팅전략 실행효과를 제고시키기 위해 수출마케팅프로그램 역량과 관계형성 역량 및 경영자 역량 등을 강화해야 할 것이다.

The purpose of this study is to establish a research model regarding the causal relationship between the capabilities of export company, export marketing strategy implementation effectiveness, export competitive advantage and export performance and present the improvement measures of export performance through an empirical study targeting Korean export companies. According to the analysis result, the strategic performance has a positive effect on the financial performance, and such analysis result indicates that high satisfaction level of customers on an export product improves brand loyalty, and high brand loyalty leads to high repurchase and sales increase so that high financial performance can be achieved. A hypothesis saying that a competitive advantage would have a positive effect on the financial performance was not supported, but it is shown that the competitive advantage has a positive effect on the strategic performance. The competitive advantage of an export company has a direct effect on the strategic performance but it seems to have an effect on the financial performance through the strategic performance. It is shown that the export marketing strategy implementation effectiveness has a positive effect on the competitive advantage. Therefore, as the export marketing strategy implementation effectiveness of an export company becomes higher, the company can provide a higher value to consumers in foreign markets, improving the competitive advantage. Among the influence factors of export marketing strategy implementation effectiveness, export marketing program capabilities, relationship capabilities and managerial competence except for export marketing strategy formulation capabilities has a positive effect on the implementation effectiveness. Such analysis result shows that export marketing program capabilities, relationship capabilities and managerial competence which enable the company to implement export marketing strategies are specifically important for effective implementation of export marketing strategies. However, the export marketing strategy formulation capabilities has no statistically significant effect on the export marketing strategy implementation effectiveness, because the export marketing strategy formulation capabilities seem to have an effect on the export marketing strategy implementation effectiveness through the export marketing program which is a specific action program of export marketing strategy. Based on the research results, the following strategic implications are presented: First, the export marketing strategy formulation capabilities have no statistically significant effect on the export marketing strategy implementation effectiveness, because the export marketing strategy formulation capabilities have an effect on the export marketing strategy implementation effectiveness through the export marketing program. The relationship capabilities have the highest effect on the export marketing strategy implementation effectiveness among four export company capabilities, and this shows how important the favorable relationship between export company and customers/distributors of export markets is, and the export company should place the most importance on the relationship with customers and distributors of export markets in the long term. Meanwhile, the managerial competence also has a substantial effect on the export marketing strategy implementation effectiveness, and it shows that the reinforcement of manager's leadership and export marketing manager's capability for implementing export marketing strategies can lead to the improvement of export marketing strategy implementation effectiveness. Second, no matter how good export marketing strategy is, it is difficult to expect high export performance without effective implementation. Therefore, the strategy implementation effectiveness should be kept in mind from the stage of export marketing strategy formulation in order to improve export performance. And CEO of export company should establish the organizational culture which makes members of the organization recognize the importance of export marketing strategy implementation, and motivate managers to make export marketing strategy implementation effective. Third, an export company is able to gain competitive advantage for the fierce competition in export market by developing and implementing an appropriate export marketing strategy. Therefore, the export company should remember that the improvement of export marketing strategy implementation effectiveness leads to the reinforcement of competitive advantage and focus on the development and implementation of export marketing strategy which can provide higher value in order to improve the satisfaction level of consumers in export market.

스마트폰 확산에 따른 SNS 사용이 보편화 되면서 구전이 마케팅의 중요한 수단이 되고 있다. 계속기업의 관점에서 고객만족, 지속적 사용의도와 구전은 기업생존의 필수요소이다. 특히 저렴하고 새로운 마케팅 수단이 되고 있는 구전의 원천을 파악하고 성별간의 차이점을 발견하고자하는 것이 본 연구의 목적이다. 구전의도에 영향을 미치는 변수를 살펴보기 위해 후기수용모델을 근거로 지각된 유용성, 지각된 용이성, 지각된 즐거움, 지각된 보안성, 사용자 만족, 지속적 사용의도 및 구전의도간의 관계를 규명하였다. 2015년 5월 1일부터 7월 31일까지 모바일 지갑 사용경험이 있는 대학생과 회사원 703명을 대상으로 설문지를 배포하여 591부를 회수(회수율 84.1%) 하였다. 부실기재 된 112부를 제외하고 479부의 유효 표본을 SPSS 22와 AMOS 22를 통해 가설검증을 수행하였다. 가설검증 결과 첫째, 지각된 유용성, 지각된 용이성, 지각된 즐거움, 지각된 보안성은 사용자 만족에 정(+)의 영향을 미치는 것으로 규명되었다. 둘째, 지각된 유용성은 지속적 사용의도에 정(+)의 영향을 미치는 것으로 규명되었다. 셋째, 사용자 만족은 지속적 사용의도에 정(+)의 영향을 미치는 것으로 규명되었다. 넷째, 사용자 만족은 구전의도에 정(+)의 영향을 미치는 것으로 규명되었다. 다섯째, 지속적 사용 의도는 구전의도에 정(+)의 영향을 미치는 것으로 규명되었다. 여섯째, 사용자 만족이 지속적 사용의도에 미치는 영향이 성별에 따라 차이가 있는 것으로 규명되었다. 본 연구는 핀테크의 중심에 있는 모바일 지갑을 대상으로 사용자 만족, 지속적 사용의도 및 구전의도에 미치는 관계를 규명하였다는 점에 의의가 있으며, 모바일 애플리케이션 개발과 마케팅 활용에 시사점을 제공할 수 있을 것이다.

The lifestyle has been reorganized as mobile-centric smartphones have become daily gadgets to a modern society. In particular, the deregulation of the financial authorities, particularly, in favors to non-financial companies, have opened up new business opportunities to the non-financial companies, and, as a result, so-called "Fin-Tech Revolution" is underway. Among them, one of the mobile wallet payment methods taking advantage of this rapidly spreading and download applications for mobile wallet are also likely to increase significantly at the center of the Fin-Tech Mobile Wallet. However, although the number of downloads of the mobile applications has been increased significantly, the pros for continuous uses and acquaintances of the relevant applications are not too certain yet. As a result, the usage on the mobile wallet application is not matching up to the increased downloads of the application. In order to be sustainable organizations and sustainable use word-of-mouth among customers with continuous securing of new customers is more important than ever. For this, companies need to draft a concrete strategy, which enables them to analyze new customers' behaviors and maintain close relationship with them. In this study, we examine the behavior of the customers after the customers accept the new technologies or products. In other words, post acceptance model based on perceived usefulness, perceived ease of use, perceived enjoyment, perceived value and user satisfaction, continuous use intention and mouth-to-mouth intention. For the empirical analysis, a survey was carried out to a sample comprising of students and office workers from May 1st 2015 to July 31th 2015. Among the 703 survey participants, 591 of them had returned the survey, of which the returned rate is 84.1%. We have excluded 112 survey questionnaires, which are deemed to be false entries, and have used 479 survey questionnaires for this study. The collected samples went through hypothesis testing using both SPSS 22 and AMOS 22. The test results are as follows: First, perceived usefulness of a mobile wallet have a positive effect on user satisfaction. Second, perceived ease of use of a mobile wallet have a positive effect on user satisfaction. Third, perceived enjoyment of a mobile wallet have a positive effect on user satisfaction. Fourth, perceived security of a mobile wallet have a positive effect on user satisfaction. Fifth, perceived usefulness of a mobile wallet has a positive effect on the intention of continuous usage. Sixth, the user satisfaction of a mobile wallet has a positive effect on the intention of continuous usage. Seventh, the user satisfaction of a mobile wallet has a positive effect on the mouth-to-mouth intention. Eighth, the intention of continuous of a mobile wallet usage has a positive effect on mouth-to-mouth intention. Ninth, the perceived usefulness according to sex were significantly different impact on user satisfaction. Ninth, there is a gender difference on the user satisfaction and continuous intention to use of a mobile wallet. Tenth, perceived ease of use, depending on gender was significantly different impact on user satisfaction. Eleventh, perceived enjoyment, depending on gender was significantly different impact on user satisfaction. Twelfth, it was significantly different impact on the perceived security of user satisfaction according to gender. Thirteenth, perceived usefulness according to sex were significantly different impact on the degree of continued use. Fourteenth, the difference in impact significantly on the degree of user satisfaction was consistently used, depending on gender. Fifteenth, the difference in impact significantly on the degree of user satisfaction was handed down according to gender. Sixteenth, depending on gender was also significantly influence that the continued use is also on the difference in the oral tradition. This study has examined mobile wallet first-time users' usage satisfaction, intention of continuous usage, mouth-to-mouth intention, and identified the gender difference. Thus, this study may provide a starting point for PAM of application service, and the factors regarding consistent intention of usage and mouth-to-mouth intention may provide the practical implication for product development. However, this study has the following limitations. First, the point is that study of the early users of the mobile wallet. content and appearance of the mobile wallet will be accommodated varies with the needs of our customers. Second, the sample having a limitation. Now it has become a mobile wallet service oriented metropolis metropolitan areas surveyed were mostly limited thereto. If the future local and small towns are also building infrastructure services, it would be provided. And you will be able to survey results also vary slightly. Third, the study of the usefulness and perceived ease of perception between the genders brought conflicting results with previous studies, the brighter the difference did not present a clear rationale. Therefore, further research is needed to clarify difference between the results presented with respect to gender.

본 연구에서는 소비자의 브랜드 체험을 측정하여 브랜드 체험 유형에 따라 브랜드 자산인 브랜드 개성, 브랜드 감정 및 브랜드 충성도가 달라 질 수 있는지 파악하고자 하였다. 이 과정에서 제품에 대한 소비자의 관여도와 제품 관여도 및 제품 카테고리인 실용적, 쾌락적 제품 여부에 따른 조절효과를 검증하고자 하였다. 연구모형 검증을 위해 서울시에 소재하는 대학생과 직장인 1800명을 대상으로 설문조사를 행하여 구조방정식 모형으로 실증분석을 하였다. 분석 결과 첫째, 브랜드에 대한 4가지 체험 유형 중 감각적, 감성적, 지적체험이 많을수록 브랜드 개성 중 성실성, 활기, 역량 및 세련성이 촉진되는 것으로 나타났다. 이에 비하여 행동적 체험은 브랜드 역량에는 유의한 영향을 미치지는 않아 브랜드 개성을 촉진하기 위해서는 행동적 체험보다는 감각적 체험, 감성적 체험 및 지적 체험을 활성화하는 것이 유효하다는 것을 시사하였다. 브랜드 체험이 브랜드 감정에 미치는 영향을 보면 감각적, 감성적 체험 및 지적 체험만 브랜드 감정에 유의한 영향을 미쳐 브랜드에 대한 긍정적 감정을 도모하기 위해서는 감각적, 감성적 체험과 더불어 지적 체험을 유발시켜야 할 필요가 있음을 시사하고 있다. 브랜드 개성 차원에 따라 브랜드 감정 및 브랜드 충성도에 대한 영향도 다르게 나타났다. 둘째, 다중집단 분석 결과 제품에 대한 소비자의 관여도와 제품군에 따라 브랜드체험-브랜드 충성도 간의 관계가 다르게 나타나 조절효과가 검증되었다. 조절효과 검증 결과, 브랜드 체험이 브랜드 개성에 미치는 영향에서는 관여도가 높은 제품군인 패션제품과 화장품 및 휴대폰과 관여도가 낮은 제품인 커피전문점 및 음료수 간에 그리큰 차이가 나타나지 않았다. 그러나 브랜드에 대한 감정과 브랜드 개성과의 관계에서는 고관여 제품군인 휴대폰, 패션제품과 저관여 제품인 커피전문점, 음료수 간에는 차이가 뚜렷하게 있는 것으로 나타났다. 이러한 연구결과를 바탕으로 브랜드 관리에 대한 실무적 제언을 하였다.

Consumers strongly tend to choose products based on not only their functional benefits but also brand experiences. Because of this trend, both scholars and marketers express high interest in brand experiences, and emphasize the importance of them in developing strategies for products and services. Nevertheless, research in brand experience and which sub-dimension of experiences affect brand equity and brand loyalty have not been carried out extensively. Even though the research has dealt with brand experience, it has had limitation, as they have not measured brand experience with a systematized scale. In this study, the researcher investigated the causal relationship between brand experience, brand equity like brand personality and brand affect, and brand loyalty; brand experience was measured by the scale which Brakus et al.(2009) developed whereby reliability and validity were proved. Brand experience is divided 4 sub-dimensions: sensory, affective, behavioral, and intellectual. The researcher hypothesized that product type and product involvement and consumers's involvement would make a moderating role in the relationship between brand experience, brand personality, brand affect, and brand loyalty. 1519 questionnaires were distributed to a sample group of people aged between 20-40. The data were analyzed with a structural equation model using the AMOS 18.0 program. The results of this study are summarized as follows. 1. Reliability of items used in this study were proved by Cronbach's alpha value, CR(construct reliability), and AVE(average variance extracted) value. Discriminant validities of constructs were also verified by correlation value, comparision between squared correlation and ave value, and others. These two validities were based on the values through the results of CFA(Confirmatory Factor Analysis). 2. Brand experiences affected brand personality, brand affect, and brand loyalty. The strength of influence varied according to the sub dimension of brand experience. Brand personality and brand affect are accelerating by sensory, affective and intellectual brand experience not by behavioral experience of brand. In the relationship between brand personality and brand affect, brand affect is promoted by sincerity, excitement, sophistication, and indulgence of brand personality except brand capability personality. In the relationship between brand personality and brand loyalty, only brand capablilty factor of personality affected on brand loyalty. 3. Brand personality, brand attachment, brand image, brand attitude, and brand affect that the researcher set up as brand equity elements affected brand loyalty both directly and/or indirectly. As a result, their mediating roles of them were supported; previous researches have rarely dealt with. 4. The relationship between brand experience, brand equity, and brand loyalty was different according to consumers' involvement. To the consumers who have low personal involvement, brand sincerity, excitement, capability tend to be accelerated when sensory experience of brand is promoted. Not like low personal involvement consumers, positive brand affect is facilitated when brand sophistication is stressed to the high personal involvement consumers. 5. The relationship between brand experience, brand equity, and brand loyalty also differed according to whether the products are high involvement products or low involvement products, and whether they are functional products or hedonic products. These results imply that products type and involvement make moderating role in the relationship between brand experience, brand equity, and brand loyalty. Their moderating roles are identified for the first time in the research field of brand experience. In the final session, academic and managerial implications are discussed and the limitation of this study and the future research directions are suggested.

본 연구는 한국기업을 대상으로 국제다각화가 기업의 경영성과와 기업 가치에 미치는 영향을 분석하였다. 국내기업은 내수시장의 한계를 극복하기 위하여 활발히 해외시장으로 진출하고 있다. 이러한 기업의 국제다각화는 규모의 경제와 범위의 경제효과 등 긍정적인 측면을 예상하여 진행되고 있으나 영업환경의 불확실성과 정보비대칭성 등 부정적인 측면도 존재한다. 이에 따라 본 연구에서는 국내기업을 대상으로 기업의 국제다각화가 기업의 경영성과와 기업의 시장가치에 미치는 실제 영향에 대해 실증분석을 하였다. 본 연구는 유가증권시장에 상장된 기업들을 대상으로 하고 2004년부터 2013년을 연구기간으로 설정하여 국제다각화와 기업의 경영성과 및 기업가치의 관련성, 그리고 기업의 수익성과 성장성에 따라 국제다각화가 기업 가치에 미치는 영향에 차이가 존재하는지에 대하여 분석하였다. 실증분석 결과 기업의 국제다각화 수준이 높을수록 기업의 경영성과도 높게 나타났다. 반면, 국제다각화 수준과 기업 가치는 일반적으로 유의적인 상관관계가 없는 것으로 나타났다. 그러나 국제다각화 수준이 높은 기업집단을 대상으로 실시한 분석에서는 국제다각화와 기업 가치는 유의적인 양(+)의 상관관계가 있는 것으로 나타났다. 또한 기업의 경영성과와 성장성이 높은 기업일수록 국제다각화가 기업 가치에 긍정적인 영향을 미치는 것으로 나타났다. 이러한 결과는 국제다각화가 기업의 수익성 측면에서 긍정적인 영향을 미치며, 이로 인해 자본시장에서는 국제다각화를 통해 미래 성장 잠재력과 수익성이 높을 것으로 예상되는 기업일수록 기업 가치를 높게 평가한다는 것을 의미한다. 본 연구는 선행연구에서 제시한 국제다각화와 기업가치의 관련성 여부를 확장하여 기업의 국제다각화가 기업 가치에 영향을 미치는 이유를 경영성과 측면과 기업특성 측면에서 설명하고자 하였다는데 공헌점이 있다.

Global competition is the services or products provided by competing companies that serve international customers. Global competition has allowed companies to buy and sell their services internationally, which opens the door to increased profits and flattens the playing field in business. In the process of market globalization, many Korean firms have been utilizing international diversification strategies to increase sales in oversea markets or to reduce risks based on business diversification strategies. The result of successfully competing in a global market has its benefits, but it's not without its challenges. Companies are seeing that what works domestically, doesn't necessarily work internationally. Cultural differences play a large role in the global market, and there are a couple factors that companies must consider. Therefore, there are mixed empirical results in prior research on globalization effect or diversification effect. Does international diversification affect firm's performance and value of firm? The effect of diversification on firm's performance and value is empirical issue. This study analyzes the effect of international diversification on firm’s performance and value of Korean companies. Domestic companies have actively advanced into global markets to overcome the limitations of domestic market. Corporate international diversification of this kind not only has positive as aspects such as economy of scale and economy of range but negative aspects such as uncertainty of business environment and information asymmetry as well. Therefore, the purpose of this study is to analyze the effect of international diversification on firm’s performance and value of Korean firms. This study investigates the relationship between international diversification and firm’s performance and corporate value, and the effect of international diversification on corporate value based on the corporate profitability and growth potential for Korean companies which are listed on stock market from the year 2004 through 2013. As the results of empirical analyses, it turns out that the higher the level of corporate international diversification is, the better the corporate performance is. On the other hand, international diversification has no general relationship with corporate value. And yet, as the results of analyses only on companies with high level of international diversification, international diversification has positive relationship with corporate value. In addition, it is revealed that the better the firm’s performance and higher the growth potential is, the more positive relationship international diversification has with corporate value. This result implies that international diversification has positive effect on the corporate value of companies with better performance and higher growth potential. This study has its meaning in that while prior studies only presented relationship between international diversification and corporate value, this study conducts in-depth analyses on the relationship between international diversification and corporate performance and the relationship between international diversification and firm characteristics in the effect of international diversification on corporate value. However, this study has some limitations. First, we just focus on listed firms. So the results of this study could not be applied to unlisted firms. Second, Tobin’s Q, the proxy of corporate value, could has measurement error. Third, we measure firm’s international diversification level based on the level of foreign sales and foreign assets. However, these measures could miss some aspects of international diversification.

본 연구는 친족 중심의 기업경영행태가 주요한 비중을 차지하고 있는 기업에서 친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향을 조사하였다. 이 때 기업특성변수를 고려하여 시장의 반응을 측정함으로써 재무적 특성과의 관계도 분석에 포함하였다. 이를 위해 2001년부터 2014년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 친족에 대해 지분을 승계하거나 주요 임원으로 임용 또는 승진한 기업을 대상으로 기업가치에 미친 영향을 조사하였다. 이와 함께 자본구조, 소유구조, 위험도, 기업집단 여부 등의 기업 특성 및 글로벌 금융위기와 같은 경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 지분 승계 및 임원 임용은 공시일 주변 기업가치에 긍정적으로 작용한 것으로 조사되었다. 둘째, 자본구조 측면에서 부채비율이 낮거나 소유구조 측면에서 대주주지분율이 높을수록 지분 승계를 실시할 가능성이 높게 나타났고 이는 임원 임용에도 유사하게 적용되었다. 셋째, 공시일 주변 양(+)의 가치 변화에 영향을 미친 개별 변수로서 외국인지분율, 시장가치, 수익성, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 친족이 경영활동에서 중요한 역할을 차지하는 기업에서 친족의 지분 승계 및 임원 임용과 같은 전략이 효과적인 경우 외부적인 평가가 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 지분 승계 등의 기업전략에 있어서 소유구조, 시장가치 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이다. 본 연구의 결과는 국내외적으로 기업활동에 큰 부분을 차지하는 가족기업의 성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안을 연구하는데 유용한 참고자료가 될 수 있다.

Numerous studies have shown the effect of corporate governance structure adopted by firms on firm value. In general, there are particularly positive relationships between firm characteristics of good governance and firm value. In this paper, using Korean firms, we investigated information effect of family-owned business on shareholders' wealth. Especially, we examined this relationship directly by (i) the announcement effects of ownership succession and management appointment of family members on shareholder value and (ii) the determinant of firm value change which includes family managerial activity information through comprehensive empirical work. 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 family business events. We classify samples of the heir succession and management appointment into two groups depending upon family business type and business group to determine which category is better to increase firm value for the shareholder's wealth maximization. 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 the transfer of the family owned business on firm value with a case of an heir succession and management appointment in Emerging market. Family business 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 standard event study methodology with market 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. Financial data are extracted by KIS-value and FN guide date set which are normally used for the study in this field. Our sample consisted of 512 family business events of the firms announced from 2001 to 2014 and publicly listed and traded institutions reported by the KSE. The independent(control) variables used in the paper are firm size, leverage ratio, managerial performance and dividend ratio, ownership structure, financial crisis period dummy, and the dependent variable is the cumulative abnormal return(CAR) which is calculated by market model. As a result, we find that the relationships between the announcement effect of family business event such as ownership succession and new management appointment of family members and short-term stock return have positive effects due to expectation about future firm performance. However, firm value changes following family business activity have different market reaction due to firm characteristics. While firms with good managerial performance(ROA) and higher ownership by controlling shareholder experience larger increases in the value of their equities, firms with bad performance and lower ownership by controlling shareholder reveal negative market responses. In addition, firms with larger asset and smaller debt experience less impact on their firm value which shows significant relationship between financial characteristics and firm value following family business event. To the extent that firm value enhances after corporate governance structure changes due to the increase in expected return on investment, our results are consistent with the view that non-financial characteristics such as management reshuffling and ownership succession can derive a link between corporate system and firm value. These results are consistent with the view that the increase in the expected rate of return due to family owned business is more pronounced as the succession method fits. Our results suggest that the appreciation of financial share prices is attributable for the factors around family business management and ownership succession.

본 연구는 자동차 산업 1차 협력사를 대상으로 DEA-SBM 모델과 EM 군집분석을 활용하여 자동차 공급 사슬의 효율성 분석을 실시하였다. 협력사가 속한 EM 군집의 변동과 효율성의 변동에 대해 시계열 분석을 하였으며, EM 군집 및 업종을 고려한 효율성 분석을 통하여 개선이 필요한 집단을 선별하였다. 효율이 낮은 기업이 효과적으로 개선을 진행할 수 있도록 단계별 벤치마킹 경로를 제시하고 전략적 개선 방향과 함께 최종 개선 목표값을 제시하였다. 기존 선행 연구에서는 협력사가 속한 업종 및 규모에 대한 통합적 고려 없이 전체 협력사를 대상으로 산출된 효율성 점수만으로 개선 대상을 선정하였고, 전체 공급사슬의 경쟁력을 향상하기 위해 개선이 필요한 저 효율 기업에 대해 구체적인 개선 경로 및 방안을 제시하지 못 하였다. 자동차 샤시 부품 군에 속하는 64개 협력사의 3년간 재무 자료와 고객사 평가 점수를 투입변수와 산출변수로 사용하여 실증 연구를 실시한 결과, 규모와 업종에 따른 개선 대상 집단을 효과적으로 선별할 수 있었으며, 단계별 개선 경로를 도식화하여 개선의 방향성에 대해서 명확히 제시할 수 있었다. 협력사의 특성을 통합적으로 고려한 평가 방법과 단계별 구체적인 개선 방안을 제시한 점에서 기존 연구와 차별화되며, 자동차 산업 공급사슬 관리에 실효성 있는 모형으로 공헌할 것으로 판단된다.

The objective of this paper is to present the model for evaluating the supply chain efficiency and benchmarking process of the component suppliers in Korean automotive industry. The proposed method is theoretically based on the combination of the slacks based super efficiency model (DEA-SBM) and the expectation maximization (EM) algorithm clustering analysis. DEA-SBM is one of many data envelopment analysis (DEA) with input and output criteria to evaluate the relative efficiency in order to rank the decision making unit (DMU). EM algorithm makes cluster based on probability considering the maximization of log-likelihood. This method can be differentiated from previous approaches in the literature. This study uses time series data from 2012 to 2014 of 64 tier-one Korean domestic automotive chassis parts suppliers and adopts the DEA-SBM model in order to increase the analysis's accuracy and EM clustering to classify the suppliers by the actual input resources. It also suggests the practical stepwise benchmarking paths to the inefficient firms. In this study, three input factors are selected: number of employees, assets and cost of goods sold (COGS). The output factors include two financial and three non-financial data: sales, operating profit and three kinds of customer’s evaluation scores about suppliers, i.e quality, delivery and technology. Firstly, we conduct the EM clustering to classify the suppliers depending on three input factors, resulting in seven clusters. We analyze the cluster changes of each supplier over time so as to monitor the cause of changes. Then, we calculate the super-efficiency scores of the suppliers using DEA-Solver Pro 9.0 software. We also conduct the analysis about the changes of efficiency scores over time. From this analysis, we apparently recognize which suppliers get better or worse over three years. For the sake of the comprehensive evaluation, we use a hybrid approach, i.e. the efficiency analysis based on the EM cluster as well as on the industrial sectors. Since the value chain is totally different depending on the industrial sectors. The industrial sector is also a key perspective like EM cluster. The best efficient EM cluster was cluster 7 and the worst was cluster 4. On the other hand, the best efficient industrial sector was assembly sector and the worst was fastener sector. From the results of the analysis, we can find out the most inefficient cluster and industrial sectors which need to improve efficiency to increase the overall supply chain performance. In the case study, we selected the fastener sector as the improvement targets. We suggested the stepwise improvement paths. One stage is the efficiency improvement within the same EM cluster, which anticipated fast benchmarking and improvement due to the similarity of the firms' scales. Other stage is the improvement between different EM clusters. To obtain the final improvement targets, we adopt the DEA projection analysis within the selected industrial sector. We illustrate the benchmarking paths as the case of DMU #7 belonging to the fastener sector and EM cluster 5. As we have seen in the case study, this study provides the inefficient firms with a stepwise benchmark approach considering industrial sectors with final improvement target in terms of input and output factors to reach the highest level of efficiency frontier in the same industrial sector. With this proposed method, the buyer, specifically a car manufacturer, can precisely evaluate their suppliers, strategically select the improvement targets, practically determine improving direction and suggest effective benchmarking paths to suppliers.