Earticle

본 연구는 국내 모바일 게임의 선두주자인 넷마블의 기회 포착 및 기회 실현 과정의 결정 요인을 분석하는 데 목적을 두고 있다. 넷마블은 게임 산업의 환경 변화 속에서 지속적으로 새로운 사업 기회를 발견하고 이를 성공적으로 실현해 왔다. 이에 본 연구는 넷마블의 창업 및 성장과정에서 창업자의 기업가적 의지에 주목하여, 기업가적 의지가 어떻게 기회 포착 및 실현을 추동했는지 분석하였다. 기업가적 의지는 성과를 달성하기 위해 필요한 자원을 확보하고 관련 역량을 구축하여 신규 사업 기회가 지닌 잠재적 가치를 실현하려는 기업가의 동기를 의미한다. 본 사례연구를 통해 기회의 포착과 실현, 그리고 그로 인한 사업 변화에서 창업자의 기업가적 의지가 핵심적인 역할을 한다는 것을 확인하였다. 넷마블은 특히 창업자의 기민한 기업가적 의지를 토대로 시장의 변화와 고객의 니즈에 초점을 맞추어 새로운 기회를 포착하였으며, 이를 성과로 만들어내기 위해 기업의 모든 역량을 새로운 기회에 집중하였다. 그 결과 퍼블리싱 사업에의 진출, 대기업과의 합병, 모바일 분야로의 전환을 성공적으로 추진할 수 있었고, 이를 통해 경쟁 기업들보다 더 빠른 성장을 거듭할 수 있었다. 본 사례연구는 국내 게임 기업의 전략에 대한 연구 영역을 모바일 게임으로 확대하고, 기업가적 의지의 역할 및 효과를 보다 깊이 있게 이해하는 데 기여하였다.

The purpose of this study is to examine the determinants of opportunity recognition and realization of Netmarble Games Corporation, a leading company in Korean mobile game industry. The founder of Netmarble Games has discovered new business opportunities and realized them successfully. This study focuses on entrepreneurial intent and explores how it affects the process of opportunity recognition and realization. Entrepreneurial intent is the entrepreneurial motivation that enables the potential value of a new business opportunity to be realized by driving the entrepreneur to build the capability and to fill the gap on the way to the growth. The concept of entrepreneurial intent incorporates ‘directivity’ toward new business opportunities and ‘drive’ to achieve them. Therefore, entrepreneurial intent explicates entrepreneurs’ behaviors to innovate existing businesses or to create new businesses. This study found that alert entrepreneurial intent has positive influences on opportunity recognition, realization, and business transformation. More specifically, the founder of Netmarble Games always paid sharp attention to market changes and unmet desires of customers, so that he could identify new business opportunities and concentrated full capabilities to fulfill them. At first, Netmarble started as a game portal site and succeeded in rapidly increasing the number of users with interschool game matches. Huge success in the early phase did not stop the founder from seeking new business opportunities. He expanded the business to online game publishing for stable creation of profit. Then he decided to merge Netmarble with the CJ group, a conglomerate participating in entertainment industries, to establish systematic operations and to overcome the problem of limited access to resources. Netmarble continued to grow at high double digit rates until, at some point, the sales growth started to slow down. The founder identified a new business opportunity in the new stream of technological development: mobile electronic devices and applications. He took the risk of downsizing the profitable publishing business while fostering the mobile game business. Netmarble launched new mobile games prior to competitors, so it could dominate the market in advance. Having successfully transformed the major business, Netmarble has maintained the market leadership in the mobile game industry. Netmarble did not settle for the status quo. For global expansion, it saparated from the CJ group after receiving investment funds from Tencent, the largest online service platform company in China. The founder of Netmarble constantly sought, recognized, and realized new business opportunities, which brought agility and rapid growth to the company. Such opportunities may not have been identified without entrepreneurial intent of the founder who always contemplates value creation for customers. His entrepreneurial intent set up the directivity of the businesses and activated the drive to carry them forward. This study contributes to expanding our knowledge of Korean mobile game business and the roles and effects of entrepreneurial intent. Entrepreneurial intent is especially important in making timely and innovative decisions for realizing new business opportunities. Also, rapid implementation and internalization of capabilities are essential for success.

본 연구는 지각된 기업시민행동과 지각된 고객시민행동이 윤리적 기업태도와 윤리적 소비에 미치는 영향력을 밝히는 데 목적을 갖고 있다. 연구결과 지각된 기업시민행동과 지각된 고객시민행동이 윤리적 기업태도와 소비에 긍정적인 영향을 미치는 것으로 나타났으며, 주관적 규범의 조절효과 또한 윤리적 기업태도와 소비자의 윤리적 소비에 유의한 조절력을 보이는 것으로 확인되었다. 또한 지각된 기업시민행동이 지각된 고객시민행동과 유의한 상관관계를 보여주었는데 이는 기업차원에서의 단순한 경제적, 법률적, 윤리적, 자선적 책임활동을 수행하는 것 뿐만 아니라 고객차원에서의 윤리적 시민의식과 참여 행동이 충족될 때 윤리적 소비가 발현될 수 있음을 시사하여 준다.

The purpose of this study was to investigate the effects of perceived corporate and customer citizenship behavior on ethical corporate attitude and ethical consumption. The overall findings show that perceived corporate and customer citizenship behavior had positive effects on ethical corporate attitude and consumption and that subjective norm also has a positive moderating effect on the relationship between attitude and behavior. The findings verify economic, legal, ethical, and altruistic responsibilities to be valid components of perceived corporate citizenship behavior which cause individuals to feel fulfilled as customers and encourage customers to make positive proposals and eventually promote their ethical consumption through ethical citizenship attitude and engage in proactive consumer actions by helping companies to enhance product quality and improve service quality. Corporate citizenship will reinforce ethical consumption to meet the social needs, which will help to produce better products and services, generate profits, and return parts of the profits to the members of society including workers and stakeholders to increase their quality of life.

본 연구의 목적은 국내 주식시장을 대상으로 유동성위험(liquidity risk)이 개별 기업의 기대수익률을 설명하는 체계적 위험 요인으로 작용하고 있는지를 검증한다. 또한 외환위기와 세계금융위기와 같은 유동성 위기 기간에 시장유동성과 비기대 시장유동성 변동이 어떠한 양상을 보이는지를 살펴보고, 이 시기 유동성위험의 크기가 그렇지 않은 기간과 어떠한 차이를 나타내는지를 확인하고자 한다. 이를 위해 1992년∼2012년까지 한국증권거래소에 상장된 기업들 중 표본 선정 기준을 만족한 139,468 기업-월 표본을 대상으로 실증분석을 실시한 결과, 이전 연구에서 개별 주식의 기대수익률에 영향을 미치는 요인들로 확인된 시장베타, 기업규모, BE/ME ratio를 통제한 후에도 유동성위험 변수와 개별 주식 초과수익률 간에 유의한 양(＋)의 상관관계가 있음을 확인하였다. 이는 비기대 시장유동성 변동에 민감한 주식일수록 높은 유동성 프리미엄을 요구하고 있음을 보여준다. 본 연구의 결과는 해외 연구와 일관되는 것으로 국내 주식시장에서도 유동성위험이 존재하며, 시장참여자들에 의해 체계적 위험 요인으로 평가되고 있음을 제시한다. 월별 시장유동성 및 비기대 시장유동성 변동 패턴을 살펴본 결과에서도 1997년 외환위기와 2007년 세계금융위기 당시 우리나라 주식시장에서도 시장유동성뿐만 아니라 비기대 시장유동성 변동이 급격하게 증가하였으며, 유동성위험도 함께 증가하는 것으로 나타났다.

This study investigates if liquidity risk can explain individual stock returns as a systematic risk in the Korean stock market. And, it examines whether market liquidity and its unexpected change increase at times of liquidity crisis such as the foreign currency crisis during 1997-1999 and the global financial crisis during 2007-2009 periods. It also tests if the liquidity risk itself, a sensitivity of individual stock return to unexpected change in market liquidity, increases at times of liquidity crisis. The final sample of 139,468 firm-months for periods of 1992∼2012 that satisfy the sample selection criteria. All sample firms are listed in the Korean stock market. The results indicate that the liquidity risk is evaluated by the investors as a systematic risk in addition to the market beta, firm size and book-to-market ratio that are known as systematic risks. That is, a significant positive correlation was found between unexpected change in market liquidity and individual stock returns, consistent with the prior studies. It indicates that the liquidity risk is recognized as an additional source of systematic risk in the Korean stock market. The result implies that the more sensitive a stock is to the unexpected change in market liquidity, the higher liquidity premium is required by the investors. Analysis of the monthly movement of liquidity in the Korean stock market reveals that the market liquidity and its unexpected change increased sharply around the foreign currency crisis and the global financial crisis. It also shows the increase of liquidity risk, the sensitivity of individual stock return to the unexpected change in market liquidity, at times of liquidity risk. Many incidents have been occurring that bring about turbulences in financial market after the global financial crisis, and one of the underlying causes is referred to as lack of liquidity in the financial market. This study provides to the finance literature evidence of liquidity risk functioning as an additional source of systematic risk at Korean stock market, and it finds out that the liquidity risk itself differs depending on the level of market liquidity. This study contributes to the extant literature by presenting an additional evidence of liquidity risk as an additional systematic risk in the Korean stock market based on different sample period encompassing a world financial crisis. In addition, it uses a different definition and measurement of liquidity risk than the previous study. Despite those differences, this study ascertains the liquidity risk as a source of systematic risk in the Korean stock market. The result indicates that liquidity risk must be taken into account along with well-known risk factors in estimating expected return from assets. Also, it needs to be noted that unusual movement of liquidity at times of financial crisis increases the systematic risk of stocks.

본 연구에서는 전략적 CSR의 대표적인 방법론인 핵심역량을 활용한 실행사례를 비교함으로써, 국내 기업들이 CSR 실행에 있어 글로벌 수준에 이르는데 참고할 수 있도록 하였다. 특히 타 산업에 비해 CSR 관련 사회적 관심도가 높은 식품산업을 선택하여 글로벌 기업(네슬레, 캠벨수프)과 국내 기업(풀무원, SPC)의 사례를 전략적 CSR의 구성요소와 핵심역량 프레임을 활용하여 비교하였다. 네슬레와 캠벨수프의 사례는 핵심비즈니스와 CSR의 연계·통합을 통하여 가치사슬 각 단계마다 CSR 개념을 적용함으로써, 핵심 비즈니스 실행자체가 사회적 가치를 창출하는 단계에까지 이르렀다는 점을 발견하였다. 풀무원은 기업설립철학과 최고경영자의 강력한 리더십이 CSR과 지속가능경영 분야에서 국내 선두기업의 역할을 해온 바탕이 된 것으로 분석되었다. SPC는 기업의 핵심역량과 사회공헌활동을 효과적으로 연계한 사례로, 핵심역량을 보유한 기업의 임직원들이 협업을 통해 사회공헌에 적극 참여하고 있는 것이 성공요인으로 파악되었다. 본 연구는 전략적 CSR을 성공적으로 실행하기 위해서는 전략적 CSR에 대한 전사적인 포괄적 개념이해와 기업적 가치와 사회적 가치를 균형 있게 반영한 기업비전과 경영철학을 기반으로 CSR 실행체계 구축 및 기업의 비즈니스 가치사슬과 핵심역량을 결합한 구체적인 전략적 CSR 프로젝트의 실행이 필요하다는 시사점을 제시하고 있다.

This study aims at providing concrete benchmarking cases that firms should study to succeed in the field of strategic CSR at a global level. We highlight CSR cases in which firms utilize their core competencies to succeed in CSR, which is one of the most representative methodologies of strategic CSR. Specifically, we conducted a comparative study of representative global and Korean food companies, including Nestle, Campbell’s, Pulmuone, and SPC. We analyzed the cases from two perspectives: (1) the four components of strategic CSR suggested by Werther Jr. and Chandler(2010) and (2) the frame of core competence proposed by Hamel and Prahalad(1990). The findings indicate that leading global companies, like Nestle and Campbell’s, have reached a stage where core business execution itself creates the social value of CSR, by applying CSR concepts at each stage of the value chain through linkage and integration of the firm’s core businesses and CSR activities. Pulmuone has a business philosophy and strong CEO leadership that are the basis of its leading role in the field of CSR in Korea. SPC effectively links its core competencies and social contribution activities by inducing employees retaining skills and capabilities that directly contribute to the social contribution activities. This study suggests practical stepwise benchmarking implications to firms pursuing strategic CSR that upgrades their CSR to a strategic level that integrates with the entire business. The first stage is to build a comprehensive understanding of strategic CSR across the organization. The second stage is to develop an implementation system/plan for strategic CSR, based on corporate vision and leadership pursuing both economic and social value. The final stage is to execute strategic CSR projects that link a firm's core competences and CSR activities.

본 연구는 2000년부터 2014년 동안 코스닥 시장에서 나타난 배당락일의 주가조정행태에 대해서 실증적으로 분석하였다. 특히 글로벌 금융위기(2008년)를 기준으로 전과 후에 배당락일의 주가조정행태가 어떻게 변화했는지 규모별, 산업별로 구분하여 검증하였다. 분석 결과는 다음과 같이 정리할 수 있다. 첫째, 글로벌 금융위기의 발생 이후 배당수익률과 배당성향은 모두 하락하였으며 주가하락비율 또한 유의하게 감소하여 배당락일의 차익거래 기회가 보다 확대되고 있다는 것을 알 수 있다. 둘째, 배당락일의 주식수익률은 금융위기 이후 대체로 감소하는 것으로 나타났지만 중·소형주의 주가하락 폭과 배당금의 차이가 대형주와 비교했을 때 더 작게 나타나고 있으므로 코스닥 시장에서는 1월 효과가 존재할 가능성이 높다. 이는 글로벌 금융위기 이후 배당락일에 대형주보다는 중·소형주의 주식거래를 통해 차익거래를 실현할 기회가 더 많다는 것을 의미한다. 셋째, 배당이 가장 많이 발생하는 제조업에서는 배당락일의 수익률 및 차익거래 수익률이 하락하였지만 주가하락비율도 유의하게 감소하여 차익거래의 기회가 보다 확대되었으며 건설업에서도 동일한 결과를 확인할 수 있었다. 이러한 결과는 산업별로 배당락일의 주가조정행태가 다르게 나타날 수 있다는 점을 시사해준다.

This paper investigate ex-dividend day behavior of stock prices by using 665 dividend firms data in KOSDAQ market from 2000 to 2014. In contrast with preceding researches, this study contribute the related study literature by focusing on KOSDAQ market, which have been out of favor in related research field. So, on the basis of this data, we especially implement the comparative analysis through t-test according to firm size and industries by comparing the results before and after Global Financial Crisis(2008). More specifically, while analysis period before crisis is from 2000 to 2007, that after crisis is from 2008 to 2014. Besides, this study adopt a variety of variables regarding measurement for price behavior in order to retain robustness of the analyses results. Our major findings are as follows. First, both of dividend yield and payout ratio in KOSDAQ market show a decrease trend after 2008. Moreover, drop ratio of stock prices has significantly decreased after crisis. Thus, this paper argues that the opportunities for arbitrage has expanded based on these results. Second, there was high probability of January effect in KOSDAQ market during analysis period because the difference between drop ratio of stock prices and dividend in middle and small cap stocks is smaller than large. This means that investors have been able to get the expanded opportunities of arbitrage trading in middle and small capital stocks after 2008. Third, this study finds that stock returns and drop ratio of stock prices have significantly decreased on ex-dividend day in manufacturing industry, in which we could observe the most frequent dividend. The similar result is observed in construction industry as well. Thus, this paper argues that the effects of Global Financial Crisis on ex-dividend day behavior of stock prices could be different by industry although these results is contrary to what we expected.

여성들의 경제활동 참여 증가 등 경영환경의 변화로 인해 일-가정 이슈에 대한 실무 및 학계의 관심이 증가하였고, 그 결과, 많은 연구들이 일-가정갈등의 부정적인 영향 감소를 위한 물리적 근무여건 개선 방안을 연구해 오고 있다. 물리적 근무여건 개선이 일-가정 이슈 관련 문제 해결을 위한 근본적인 방안이지만, 많은 시간과 자원의 소모로 인해 단기적으로 기업들이 받아들이기가 쉽지 않다. 그럼에도 불구하고, 주어진 근무여건 안에서 종업원 태도와 성과를 증진하는 단기적 측면의 해결방안에 대해서 거의 관심을 보이고 있지 않다이에, 본 연구는 일-가정이슈에서 심리적 측면을 강조하는 일-가정균형만족의 개념을 도입하여, 역할과부하가 통제된 상태에서 경력성장기회와 심리자본이 일-가정균형만족에 미치는 영향을 살펴보았고, 경력성장기회와 일-가정균형만족 간 관계에서 심리자본의 매개효과도 살펴보았다. 353명의 기혼 직장인을 대상으로 설문을 분석한 결과 경력성장기회의 부(-)의 영향과 심리적 자본의 정(+)의 영향을 확인할 수 있었고, 심리적 자본의 정(+)의 매개효과를 통해 경력성장기회로 인한 부정적인 요인을 줄일 수 있음을 확인하였다. 이상의 결과를 바탕으로 물리적 근무여건 변화 없이 잠정적으로 일-가정 이슈를 관리하는 방안에 대해서 논의하였다.

Increased women workers and environmental changes drew academic and practical interest about work-family issues. Consequently, large number of studies has been exploring the right way to change physical work conditions to reduce the negative effects caused by work-family conflict. Naturally, improving physical work condition is fundamental and best way to resolve the problem related with work-family issues but cannot be taken easily by firms because it requires a great deal of time and resources. If all the firms are forced to follow the present solution that the existing studies recommended, they will confront different kinds of problems that are mostly related to labor cost increase. By the consequence, most firm will never implement the recommendation volunteerly because of financial restriction in short-term period. In other words, the solutions that were developed from the view point of proving physical work condition cannot be accepted before the firms change their financial plan and rearranging the human resource. So, we should look for different approaches to work-family issues in short term period in which management cannot arrange physical work condition. However, little attention is paid to the temporal methods to improve employees’ attitude and performance with the given work condition related with work-family issues. To fulfill our purpose, we compare the several approaches of work-family issues such as work-family conflict, work-family enrichment, work-family balance, and satisfaction with work-family balance. After deep contemplation, we decided to adopt satisfaction with work-family balance for several reasons. According to Valcour(2007), satisfaction with work-family balance has more advantages over other concepts. While work-family conflict approach and work-family enrichment approach should consider the direction of influence (e.g., ‘from work to family’ or vice versa), work-family balance approach and satisfaction with work-family balance do not consider the direction. Work-family balance is well known in practical side but its construct is not yet developed well from academic perspective. Most of all, the others except satisfaction with work-family balance do not consider psychological side and do not support our research purpose. In this vein, adopting the concept of SWFB(satisfaction with work-family balance) that empathizes psychological aspect of work-family issues we investigated the effects of PCGO(perceived career growth opportunity) and PsyCap(psychological capital) on SWFB even when role-overload is controlled. In addition, we also investigated mediating effects of PsyCap between PCGO and SWFB. For empirical test, we collected 353 data from married Korean employees and conducted structural equation model analysis. The results showed that the path from PCGO to PsyCap and the path from PsyCap to SWFB were supported in positive sign but the direct path from PCGO to SWFB was supported in negative sign. With these result, we discussed the possibility for managing work-family issue temporarily without changing physical work condition.

본 연구에서는 국내 기업의 경쟁정보활동(CI) 만족도에 따라 CI과정, CI정보유형, CI기반 측면에서의 CI프로그램 디자인 및 운영이 어떻게 달라지는지를 정량적으로 분석하고자 한다. 본 연구의 분석결과에 따르면, 정보수집, 정보분석, 정보전달 등의 각 CI과정 세부요소의 활용정도가 높을수록 기업의 CI만족도가 향상되는 경향을 보인다. 또한 경쟁자정보, 고객정보, 시장정보 등 각 CI정보유형에 두는 중점의 정도가 높아질수록 기업의 CI만족도는 보다 더 커지는 경향을 보인다. CI형태와 관련하여, 프로젝트별 CI형태와 요청시 CI형태 보다 지속적 CI형태를 가질 때 기업의 CI만족도는 높아지는 경향을 보인다. CI조직체계와 관련하여, 기업차원의 독립된 CI총괄부서를 보유할 때 기업의 CI만족도는 상대적으로 높아지는 것으로 나타난다. 그리고 CI인력규모는 기업의 CI만족도와는 유의한 관계가 없는 것으로 보인다. 그러나 기업이 CI를 정보시스템과 보상시스템 등의 지원시스템과 연계하면 할수록 CI만족도는 높아지는 경향이 나타나고, 조직 내의 CI관심도가 높을수록 기업의 CI만족도 또한 향상되는 것을 보인다. 이러한 결과를 바탕으로, 본 연구는 기업에게 만족스러운 CI프로그램 디자인 및 운영을 위한 시사점을 제공한다.

This research intends to analyze quantitatively how the level of satisfaction of competitive intelligence activities(CI) of companies relates to the design and operation of the CI program with respect to the CI process, the CI information type, and the CI infrastructure. Results show that as firms increase the level of using the elements of the CI process, including information collection, information analysis, and information delivery, the level of CI satisfaction of companies tends to grow. And firms' placing a greater focus on each of CI information types, including competitor information, customer information, market information, tends to result in a higher level of CI satisfaction. Results further reveal that the continuous CI style and the company-wide independent CI structure appear to be positively associated with a higher level of CI satisfaction. And the size of CI personnel seems to have no significant relationship with the level of CI satisfaction. Results also show that the level of CI satisfaction tends to increase as firms relate their CI more with support systems like information and reward systems. Based on these findings this research offers some key implications for the satisfactory design and operation of firms' CI programs.

본 연구는 심리적 반발이론을 바탕으로 상사의 비인격적 행동과 구성원의 지식공유간의 관계에서 리더인정의 매개효과와 자기효능감의 조절효과를 검증하였다. 실증분석을 위해 서울 및 충청권 소재 17개 기업에서 근무하는 직원 360쌍을 대상으로 설문조사를 실시하였으며, 수집된 설문 300쌍 중 불성실 및 결측치를 제외한 총 255쌍의 자료가 최종분석에 사용되었다. 실증분석 결과 상사의 비인격적 행동은 구성원의 지식공유에 부(-)적 영향을 미치고, 둘의 관계를 리더인정이 완전매개하는 것으로 나타났다. 또한 자기효능감이 높은 구성원들은 낮은 구성원들에 비해 비인격적 행동을 하는 상사를 리더로 인정하지 않으려는 경향이 강하고, 지식공유 또한 적게 하는 것으로 나타났다. 본 연구는 상사의 비인격적 행동이 구성원의 행동에 미치는 영향에 내재된 메커니즘을 실증적으로 확인했다는 측면과 자기효능감의 조절효과를 검증했다는 측면에서 이론적, 실무적 의미를 지니고 있으며, 연구결과를 토대로 연구의 한계 및 향후 연구방향을 제시하였다.

Although much of the leadership research has focused on constructive leader behaviors, recently researchers has shown their interests in dysfunctional or destructive leader behaviors that can be referred as abusive supervision. Abusive supervision, defined as “subordinates’ perceptions of the extent to which their supervisors engage in the sustained display of hostile verbal and nonverbal behaviors, excluding physical contact”, is one of the most common types of dysfunctional leadership. Previous studies have found that abusive supervision correlates negatively with subordinates’ job and life satisfaction, task performance, and OCB. But, knowledge sharing, defined as individual behaviors that involve sharing task-related ideas, information, and suggestions with others at workplace including coworkers and supervisors, is the fundamental means for accomplishing organizational effectiveness, there is a paucity of studies examining how abusive supervision may become a barrier of individuals’ knowledge sharing. So, in this study, we examine abusive supervision as a barrier to knowledge sharing, both because of this close relationship with discretionary behaviors and the destructive outcomes that occur when employees perceive they are receiving abusive treatment from their supervisors. Furthermore, our study examine this relationship drawing on insights from Psychological Reactance Theory. Psychological Reactance Theory contends that any persuasive message may arouse a motivation to reject the advocacy and when ones freedom is lost he or she may engage in a variety of behaviors in order to regain or prevent the loss of freedom. Abused subordinates often experience frustration along with a diminished sense of personal control, and one way they can restore this sense of autonomy and freedom is by intentionally withholding discretionary behaviors like knowledge sharing. And in order to clarify and investigate the mechanisms between these relationships, we consider the Mediating role of Leader Endorsement and Moderating effect of Self-Efficacy. Out of the process, we developed and empirically tested the following hypotheses: H 1: Abusive supervision is negatively related to knowledge sharing. H 2: Leader endorsement mediates the relationship between abusive supervision and knowledge sharing. H 3: Self-Efficacy moderates the negative relationship between abusive supervision and leader endorsement, such that the negative relationship will be stronger when self-efficacy is high than when it is low. H 4: Self-Efficacy moderates the indirect relationship between abusive supervision and knowledge sharing, such that the negative relationship becomes stronger when self-efficacy is high than when it is low. Data was collected by giving questionnaire to 360 pairs of a supervisor and his/her immediate employee. 300 questionnaires were collected. Among those, 255 dyadic data were used for analysis. The result of this study showed that abusive supervision was significantly and negatively related to employee’s job performance, suggesting the support of Hypothesis 1. Also, to test our hypotheses regarding the mediating role of leader endorsement, the result of mediation analysis suggested the support of Hypothesis 2. And there was a significant interaction effect of Self-Efficacy in the relationship between abusive supervision and leader endorsement, so Hypothesis 3 was supported. Finally, our hypotheses regarding the moderated mediating effect of self-efficacy was supported, suggesting the support of Hypothesis 4. In sum, Hypotheses 1, 2, 3, 4 were supported. This study’s implications, limitations and future research are discussed.

본 논문은 한국은행에서 발표한 은행의 요구불예금과 저축성예금 및 은행연합회에서 발표한 COFIX금리를 각각 사용하여 COFIX금리가 은행예금에 영향을 미치는가에 대하여 분석하는데 있다. 통계분석은 분석대상 지수에 대한 수준변수와 차분변수에 대하여 각각 기초통계량과 단위근 검정, 공적분 검정과 상관관계 분석을 실시하였고, 차분변수인 수익률자료를 가지고 VAR모형을 이용하여 분석하였다. 주요 분석결과는 다음과 같다. 첫째, 그랜저 인과관계분석결과 잔액기준 COFIX금리는 상승률과 변동성 모두에서 예금은행의 요구불예금과 저축성예금에 영향을 미치고 있는 것으로 나타났다. 그러나 신규취급액기준 COFIX금리는 상승률에서는 예금은행 요구불예금과 저축성예금에 영향을 미치지 않고 있는 것으로 나타났다. 둘째, 잔액기준 COFIX금리와 신규취급액기준 COFIX금리는 은행예금의 요구불예금과 저축성예금에 일정시차까지 영향을 미치다가 사라지는 것으로 나타나. 잔액기준 COFIX금리와 신규취급액기준 COFIX금리는 은행예금의 요구불예금과 저축성예금에 대한 영향력이 있다는 것으로 해석할 수 있다. 셋째, 예금은행 요구불예금과 저축성예금은 잔액기준 COFIX금리 변화량과 신규취급액기준 변화량에 의해서 영향을 받는 것으로 나타났다. 이와 같은 분석결과를 종합해보면, COFIX금리는 은행예금의 요구불예금과 저축성예금에 영향을 미쳐 선행성이 있다는 것으로 나타났다. 따라서 이와 같은 연구의 결과는 은행권의 각종 예금정책과 대출정책을 수립하는데 기여할 것으로 사료된다. 즉 COFIX금리가 상승할 경우에 은행의 예금을 증가시켜 은행의 수신고에 좋은 영향을 미칠 것으로 사료된다. 하지만 금리의 상승은 개인들의 가계에 영향을 미쳐 대출원리금 상환을 지연시키거나, 연체를 유발할 수 있을 것이다.

This dissertation is to verify the efficiency (correlation) of the COFIX rates and the receiving bank deposits by revealing mechanism of their interrelationships from related indices provided by Bank of Korea and Federation of Banks. Sample data are based on the amount of household credit for 72 samples in 6 years from February 2010 to January 2016 and its increase rates are calculated in Monthly basis. Granger causality test, impulse response function and variance decomposition are computed with VaR (dynamic analysis method) using the COFIX rates and the receiving bank deposits. Main analyses results are as follows; Firstly, results of Granger Causality test suggests the existence of mutual causality COFIX rates precede and have explanatory power the receiving bank deposits. Secondly, the results of impulse response function suggest that the COFIX rates show immediate response to the receiving bank deposits and are influenced by till time 4 From time 2 the impact gradually disappears. Lastly, the variance decomposition analysis showed a high influence of the COFIX rates on the receiving bank deposits and significant influence of the receiving bank deposits on the COFIX rates. This implies that returns on the COFIX rates have a significant influence over returns on the receiving bank deposits. Finally, our results can be used as a guide by the Korea Bank and Republic of Korea and as well as Korea Housing Finance Corporation. Accordingly, given that the COFIX rate is an important factor that determines bank deposits and bank loan, these research results are expected to contribute to the development of all types of loan policies and credit policies by the banking.

본 논문은 미국과 영국 및 프랑스 등에서 급속하게 확산되는 공유자본주의의 발전 경험을 비교분석해 한국 공유자본주의의 성공 조건을 찾는다. 공유자본주의는 주식공유제, 이윤공유제, 성과공유제 등 기업이나 작업 단위의 성과를 주식이나 현금 등으로 근로자들에게 집단적으로 보상하는 제도를 의미한다. 이들 국가에서는 자본과 노동 투입에 의한 성장이 한계에 부딪치고 기술혁신이 성장을 주도하고 조직과 인적자원혁신의 역할이 커지면서 공유자본주에 대한 재인식이 확산되고 있다. 기업의 성과가 인적자원에 대한 의존도가 큰 서비스기업이나 첨단 중소기업에서 공유자본주의의 활용도가 높다. 한국의 공유자본주의는 성과배분제도와 우리사주제를 주축으로 하는데 법제도와 노사정의 인식 때문에 활용이 저조하다. 그러나 한국은 교육수준이 높은 인적자원이 풍부하고 고기술고숙련 근로자의 역할이 큰 서비스산업과 중소기업의 경쟁력 제고가 경제성장의 관건이 되고 있기 때문에 공유자본주의에 대한 잠재적 수요가 크다. 이러한 현실과 목표의 괴리를 극복하기 위해서 한국은 공유자본주의 개혁이 필요하다. 우리사주제 일변도의 공유자본주의에서 벗어나 성과배분제도를 성과공유제와 이윤공유제로 구분하고 이윤공유제를 보상의 방식에 따라 성과공유제와 주식공유제와 접목되도록 개편해 노사의 선택 범위를 확대해야 한다. 또한 공유자본주의에 대한 세제 지원은 중점을 기업에서 근로자로 전환하고 중소기업에 대한 자금 지원을 고기술고숙련 근로자들에 대한 공유자본주의 보상과 연계하며 고성과 작업관행과 근로자참여활용 등도 지원의 요건에 포함시켜야 한다. 공유자본주의 실태를 체계적으로 조사해 공유자본주의 철학이 기업은 물론 사회 전반에 확산될 수 있도록 만들어야 할 것이다.

This paper studies how to utilize shared capitalism(SH) such as profit sharing, gain sharing and stock sharing in Korea which has been faced with the stagnation of economic growth as well as workers’ earning. It compares the features and prevailance of SH in US and EU especially focusing on UK and France with those of Korea. These countries had experienced the limit of capital and labor-led growth and then has transformed toward technology-driven growth which requires innovations of both organization and human capital. These innovations have been facilitated by the adoption of SH. The governments of those countries have strongly supported SH with litigations as well as tax incentives making SH rapidly widespread since late 1990s. SH has became established across all industries even though the differences of prevailance have existed by the form of SH and the characteristics of labor. Profit sharing is found to be most popular, gain sharing commonly utilized even in nonprofit sector and stock sharing popularly adopted in high-tech industries. SH has been found to contribute both workers’ welfare and firms’ performance with high performance work practices and employees’ representation practices. Korea has introduced SH with performance sharing plan and employee stock ownership plan but their utilization has been low. The performance sharing plan, which is mixed with both profit sharing and gain sharing, has been emphasized to easing unstable labor-management relations in early 1990s with tax incentive for firms introducing the plan. The employee stock ownership plan had been introduced to foster capital market and employees’ welfare in late 1960s providing privileged right to purchase the company's stock and then it has been modified to focus on employees’ wealth formation with providing tax incentive for both company’s contribution and employees’ return. The effect of the performance sharing plan on both firm’s performance and employees’ benefit has been found to be low and that of the employee stock ownership plan to be insignificant. This paper finds Korea to have big possibility to develop SH since it has highly educated workers abundantly while firms’ need to motivate employees as human assets for innovation is enormous and the government is obliged to make SMEs(small and medium enterprises) and service industries competitive to sustain growth. It suggests the reform of Korea SH institutions and practices as well as that of tax incentive system to catch the rising social demand of SH. Korea needs to divide the current performance sharing plan into profit sharing and gain sharing and at the same time raise connectedness among stock sharing, profit sharing and gain sharing plans. It emphasizes the utilization of profit sharing plan with tax incentive for workers and encourages the government sector to adopt gain sharing plan. It is important to raise the role of SH related tax incentive system making it comply with the principles of SH. In order to raise SME’s utilization of SH, the government financial aid policy needs to be strategically upgraded by including its adoption of SH as an evaluating factor for financial aid. The government needs to make SH develop systematically by promoting the introduction of high performance work practices at firm level and supporting surveys and researches on the prevailance of SH at national level.