Earticle

본 연구는 후계자의 승진 및 경영권 승계 속도와 관련된 우리나라 대규모 기업집단의 의사결정이 경영권 승계 이후 기업의 경영 성과와 불확실성에 어떠한 영향을 미치는지 분석한다. 선행연구에서 주장하는 잘 설계된 경영권 승계 계획의 대표적인 장점은 승계 기간 중 후계자가 기업에 필요한 역량을 키울 수 있고, 또 후계자의 경영 능력이나 스타일 에 대한 불확실성이 줄어들기 때문에 승계에 따른 혼란을 최소화할 수 있다는 것이다. 이 두 가지 장점은 특히 경영권 승계가 충분한 시간을 가지고 이루어졌을 때 더 잘 발휘될 수 있을 것으로 기대된다. 2011년부터 2019년 사이에 대규모 기업집단에 소속된 계열사를 대상으로 한 실증 분석 결과, 후계자가 첫 입사 후 임원, CEO, 그리고 동일인까지 승진하 는 과정에서 더 긴 시간이 소요되었을수록 승계 후 기업집단 계열사의 경영 성과가 더 뛰어난 것으로 나타났다. 또한 기업집단 동일인 교체 사건 전후의 기업 주가 변동성의 변화를 분석했을 때, 후계자의 입사 후 동일인 지위 승계까지 걸린 시간이 길수록, 그리고 승계 시점에서 후계자의 나이가 많을수록 불확실성의 지표인 주가 변동성의 증가 크기는 유의미하게 감소하는 것으로 나타났다. 본 논문의 연구결과는 충분한 승계 준비 시간을 보장하는 경영권 승계 계획의 순기능을 시사한다.

This paper examines how the speed of promotion of an heir apparent in Korean business groups affects the affiliated firms’ operating performance and uncertainty after succession. Previous literature suggests that having a solid CEO succession plan is advantageous to the firm because (i) an heir apparent gets an opportunity to develop management skills via on-the-job training, and (ii) the heir’s ability and management style become more observable and predictable, thereby mitigating an increase in firm uncertainty around the CEO succession period. Given the nature of the advantages, we expect that the benefit will be even bigger when an heir apparent is given enough time to work in the firm under the succession plan. Using the data of firms affiliated with Korean business groups from 2011 to 2019, we find that a longer relay process of an heir apparent is indeed associated with a better operating performance after succession. We also analyze the change in stock return volatility of affiliated firms around succession of the head of the business group and find that a longer relay process and having an experienced successor lead to a lowered stock return volatility after succession. Overall, our results emphasize the positive effect of a CEO succession plan with a long relay process.

We examine the long-run stock returns, operating performance, and Tobin's Q following firms' issuances of straight debt, convertible debt, and common stock from 1990 to 2006. The abnormal stock returns, operating performance, and Tobin's Q show that common stock and convertible debt issuers suffer underperformance during the post-issue periods. However, we cannot find the underperformance problem for straight debt issuers. This is consistent with Myers and Majluf (1984) model. Firms with larger offerings have poorer stock returns, operating performance, and Tobin's Q after issuance. This study also supports Miller and Rock (1985) model.

Recent evidences indicate that privatization leads to enormous benefits to society, with few, if any, undesirable costs. However, stakeholders of privatization seem not to be satisfied with the resulting performance of privatized firms. Using data from 202 privatized firms from 37 countries during the period 1980–2002, we follow the long-run operating performance of privatized companies for up to 10 years and study the costs and benefits of privatization. Privatization is followed by a 1.1-percentage-point increase in the 5-year mean ratio of operating income to sales as firms catch up with the global standard of industry-matched control groups and by a 2.3-percentage-point decrease in the next 5-year mean ratio. Indeed, the previously documented striking achievements were merely a reflection of the world business cycle, the pace of economic activity in general, and the technological innovations during the last three decades.

This paper investigates the long-run operating performance following firms' asset sale from 1990 to 2007 in Korea. The operating performance are substantially worse than their matching firms in the three years after the sale. This paper also examines the relevance of the focus hypothesis, the financing hypothesis, and the agency hypothesis to explain the asset sale decision. We fail to find support for the three hypotheses.

Recent evidences indicate that privatization leads to enormous benefits to society, with few, if any, undesirable costs. However, stakeholders of privatization seem not to be satisfied with the resulting performance of privatized firms. Using data from 202 privatized firms from 37 countries during the period 1980–2002, we follow the long-run operating performance of privatized companies for up to 10 years and study the costs and benefits of privatization. Privatization is followed by a 1.1-percentage- point increase in the 5-year mean ratio of operating income to sales as firms catch up with the global standard of industry-matched control groups and by a 2.3-percentage-point decrease in the next 5-year mean ratio. Indeed, the previously documented striking achievements were merely a reflection of the world business cycle, the pace of economic activity in general, and the technological innovations during the last three decades.

Recent evidences indicate that privatization leads to enormous benefits to society, with few, if any, undesirable costs. However, stakeholders of privatization seem not to be satisfied with the resulting performance of privatized firms. Using data from 202 privatized firms from 37 countries during the period 1980–2002, we follow the long-run operating performance of privatized companies for up to 10 years and study the costs and benefits of privatization. Privatization is followed by a 1.1- percentage- point increase in the 5-year mean ratio of operating income to sales as firms catch up with the global standard of industry-matched control groups and by a 2.3-percentage-point decrease in the next 5 -year mean ratio. Indeed, the previously documented striking achievements were merely a reflection of the world business cycle, the pace of economic activity in general, and the technological innovations during the last three decades.

본 연구는 국내 주요 5개 컨벤션 센터(COEX, KINTEX, BEXCO, EXCO, ICC)를 대상으 로 광고활동이 재무성과에 미치는 영향을 실증분석하였다. 선행연구에서는 일반기업의 광고활동이 재무적 성과에 긍정적인 영향을 미치는 것으로 보고되고 있으나, 컨벤션 기업의 경우 일반기업과 달리 지역경제 활성화 등 공익 사업의 목적을 지니고 있고 이 로 인한 광고지출의 재무적 효과가 일반기업과 다르게 나타날 것으로 예상하였다. 광 고선전비를 광고활동의 수준에 대한 대용치로 보고 매출액 및 영업이익, 또는 그 증감 액과의 관련성을 분석한 결과, 광고활동은 매출액으로 나타나는 재무성과에는 긍정적 인 영향을 미치지만, 영업이익에 대해서는 그 결과가 통계적으로 유의하지 않았다. 이 러한 결과는 차기 재무성과의 증감에 대해서도 일관되게 나타났다. 이는 컨벤션 기업 의 광고활동이 당기 및 차기의 재무성과에 부분적으로 긍정적인 효과를 가지고 있으 나, 기업의 회계시스템 상 산출되는 영업이익과의 관련성은 파악하기 어려운 것으로 해석된다. 본 연구는 컨벤션 산업에서의 광고 활동이 재무 성과에 미치는 영향을 실증 적으로 보여준다는 데에 의의가 있다. 본 연구의 결과는 컨벤션 산업의 수익성 증대를 위해 광고선전비의 지출을 확대할 필요가 있음을 시사한다.

This study investigates empirically the effect of advertising activities on the financial performance in convention centers. While the previous studies reported that advertising activities of companies have a positive effect on financial performance in general, the financial effect of advertising expenditure is expected to be different in firms which operate with business purpose of common good. Using financial data of top 5 convention centers (i.e., COEX, KINTEX, BEXCO, EXCO, and ICC) in Korea, the study conducted the regression analysis, taking advertisement expenses as a proxy for the level of advertising activities, and sales revenues or operating income for the financial performance. The empirical results reveal that the advertising activities have a positive relation to financial performance, but only sales revenues. This result holds with the analysis on future changes in the financial performance. This indicates that the advertising activity of the convention company play a positive role in enhancing the financial performance, while its relationship with the operating profit produced in the company's accounting system is difficult to be grasped. This study is meaningful in that it shows the empirical findings of the effect of advertising activities in the convention centers on financial performance. The findings suggest that it is necessary to increase the expenditure of advertisement to highten the profitability of the convention center.

Purpose: This study aimed to examine the relationships between grit, retention intention, and the work performance of operating room nurses. Methods: Data were collected from 140 operating room nurses at two university hospitals in Daegu, South Korea. The data were analyzed using t-tests, ANOVA, multiple regression, and mediation analyses (SPSS/WIN 29.0). Results: There were significant differences in grit according to the gender (t=-2.09, p=.038), education (F=4.13, p=.018), health status (F=4.17, p=.017), operating room career (F=3.19, p=.044), and job satisfaction (F=4.98, p=.008). The work performance of operating room nurses was the most strongly influenced by grit (t=2.56, p=.011), followed by total clinical career (t=2.31, p=.022), surgical departments involved (t=2.29, p=.024), and job satisfaction (t=2.04, p=.043), collectively explaining 13.7% of the variance (F=5.426, p<.001). Grit exerted the greatest impact on surgical nursing performance (β=.221, p=.011) and had a full mediating effect on the relationship between retention intention and work performance. Conclusion: These findings indicate that grit serves as a key mediating factor between retention intention and work performance, exerting the greatest influence on the work performance of operating room nurses. Improving operating room environments, job satisfaction, and grit through educations, may strengthen retention intention and performance among operating room nurses.

Purpose: This study was conducted to evaluate the level of safety climate, fatigue, and safety performance and to identify the impact of safety climate and fatigue on the safety performance of operating room nurses. Methods: The study design was a descriptive survey. Participants were 174 operating room nurses from two general hospitals and two university hospitals in S and D cities. Three structurally designed questionnaires were used to evaluate their safety climate, fatigue, and safety performance. Collected data were analyzed using descriptive analysis, t-tests, ANOVAs, Pearson correlation coefficient, and stepwise multiple regression. Results: Safety performance of operating room nurses had a mean of 3.26 on a 5-point scale. 'Current department career'(${\beta}=.17$, p=.006) and 'safety climate (work-unit contribution) (${\beta}=.63$, p<.001) accounted for 39% of the variance in operating room nurses' safety performance. Conclusion: Findings indicate that work-unit contribution towards safety climate is an important factor in increasing operating room nurses' safety performance. Therefore, it is essential to find motivational properties consistent with the characteristics of the operating room environment.

Purpose: This study aims to examine level of perception and performance of privacy protection behavior of anesthesia and operating room (OR) nurses for patients who underwent general anesthesia surgery. Methods: Data collection was conducted from August 2020 to January 2021 for a total of 101 participants, consisting of 49 patients and 52 nurses. Independent t-test and Pearson's correlation were conducted using SPSS 21. Results: Anesthesia and OR nurses showed the highest score in patient privacy, followed by patient information management, body privacy, and the lowest score in communication. There was a significant difference between the patient information and the communication. Conclusion: Anesthesia and OR nurses had the highest level of perception and performance of patient privacy protection behavior for body privacy, and the lowest for communication. In addition, there was a significant difference in patient information management and communication. In order to protect the privacy of patients undergoing general anesthesia surgery, efforts are needed to learn standardized nursing knowledge, attitudes, and practice.

Purpose: The purpose of this study was to develop a performance tool to evaluate operating room nurses. Method: In the first stage, 59 preliminary items were selected after two focus group meetings were carried out using as background a reference review. At this stage 59 items were developed. Next, the selected preliminary items were modified by an expert group of nurses with over 10 years experience, nurses holding doctoral degrees and professors in nursing. In the third and fourth stage, these items were analyzed by the expert group to determine validity and tested by hospital nurses with over 10 years experience to determine reliability Results: For the final tool, the 59 items, 47 items for the performance evaluation dimension and 12 items for the competence evaluation dimension were found to be valid and reliable. Cronbach's α was .9622, a promising alpha value for the total instrument. Conclusion: This tool is an efficient performance evaluation instrument providing meaningful feedback for operating room nurses.

There has been an increase in the number of researches on the segment for commercialization after developing avionics systems. In this paper, we have applied a commercial off-the-shelf(COTS) operating systems in an aircraft mission computer. We used UAV collision avoidance algorithms to compare the performance of COTS operating systems. The UAV collision avoidance algorithms were tested on different operating systems to compare the performances of the operating systems. The measured parameters are memory usage and processing time. We have verified that the UAV collision avoidance algorithms worked successfully and compared the performance of each operating system.

본 연구는 스마트팩토리 수준이 경영성과에 미치는 영향과 운영성과와 업무효율성의 매개효과를 종합적으로 분석하였다. 연구목적을 달성 하기 위하여 7개의 가설을 수립하였고, 174개의 중소 제조기업을 대상으로 구조방정식모형에 의한 실증분석을 수행하였다. 연구결과에 따르면, 스마트팩토리 수준이 경영성과에 미치는 영향은 유의하지 않은 것으로 분석되었다. 이는 스마트팩토리가 경영성과 향상을 위한 전략적 수단이 라는 일반적인 인식에도 불구하고 스마트팩토리 운영에는 상당한 재무적 비용이 발생한다는 것을 의미한다고 볼 수 있다. 스마트팩토리 수준은 운영성과에 유의한 정(+)의 영향을 미치고 운영성과는 경영성과에 유의한 정(+)의 영향을 미치며, 운영성과는 스마트팩토리 수준과 경영성과의 관계에 유의한 매개효과를 나타내는 것으로 분석되었다. 스마트팩토리 수준은 업무효율성에 유의한 정(+)의 영향을 미치며 업무효율성은 경영 성과에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 아울러 업무효율성은 스마트팩토리 수준과 경영성과의 관계에 유의한 매개효과를 나타 내는 것으로 분석되었다. 본 연구는 중소기업의 스마트팩토리 운영에 의한 경영성과 창출과정을 체계적으로 설명하고 실무적 관점에서 개별기 업에 적합한 스마트팩토리 수준을 유지하고 경영성과의 향상방안을 강구하는데 공헌할 수 있다.

This study analyzes generally the effect of smart factory level on business performance and mediating effect of operating performance and work efficiency on the relationship. In order to accomplish research purposes, seven hypotheses were constructed and empirical analyses based on an a sample of 174 small and medium-sized enterprises were performed by structural equation model. Analysis results show the effect of smart factory level on business performance turns out to be not significant. It means empirically that although smart factory is generally recognized as strategic tools of improving performance, operating smart factory needs considerable expense financially. Smart factory level is analyzed to give significant positive effect on operating performance which gives significant positive effect on business performance and also gives significant mediating effect on the relationship of smart factory level and business performance. Also, smart factory level is analyzed to give significant positive effect on work efficiency which gives significant positive effect on business performance and also gives mediating effect on the relationship of smart factory level and business performance. This study can explain systematically the profit making process and contribute to maintain individually proper level of smart factory and develop policy tools for increasing performance for small andmedium-sized enterprisesmanaging smart factories.

선행연구에 따르면 민영화는 별 다른 희생 없이 사회에 높은 혜택을 제공한다. 그러나 민영화의 수익성 증대는 효율성 향상이 아닌, 독점력의 남용과 사회적 후생의 희생으로 이루진다는 비판도 있다. 본 연구에서는 1981–2003년 사이에 민영화된 38개국 202개 민영화 IPO의 영업성과를 분석하여 민영화의 비용과 편익을 조사한다. 그 결과 민영화 기업은 급속한 매출액 성장과 상당한 수익성 증가, 약간의 효율성 증대를 이루었지만, 동종 산업 경쟁자들과의 격차를 줄이지는 못하였다. 그러나 민영화는 독점 이윤의 감소와 독점적 산업의 효율성 향상, 경쟁적 산업의 수익성 개선으로 이어졌다. 따라서 소유권 이전에 따른 효율성 개선효과는 시장 지배력과 관련이 있으며, 수익성 개선효과는 경쟁강도와 관련이 있다. 한편 선진국 보다는 신흥국에서 민영화에 따른 수익성과 효율성 개선 효과가 높았다. 따라서 선행연구에서 보고한 수익성과 효율성의 증가는 사회적 견해(socail view)에서 예측하는 독점력의 남용의 결과가 아니다. 오히려 민영화에 긍정적인 대리인 견해(agency view)의 주장처럼, 규제완화와 결합된 소유권 이전은 사회적으로 바람직한 결과를 낳을 수 있다.

Recent evidences indicate that privatization leads to enormous benefits to society with few undesirable costs. Criticisms of privatization have centered on the possibility that the observed higher profitability of privatized companies has come at the expense of the rest of society through the exploitation of market power. Using data from 202 privatized firms from 38 countries during the period 1981–2003, we study the costs and benefits of privatization. Although privatization accompanies rapid sales growth and a mild decline in labor forces, efficiency measures remain unchanged. Privatized firms cannot close the efficiency gap with industry peers. Gains in profitability and efficiency are more prominent in the competitive sectors than monopolistic industries and in the developing countries than the developed countries. But a sizable fraction of the observed improvement results from regulatory changes in combination with ownership changes. Those findings indicate that privatization should be followed by economic reform, and that a well-designed regulatory scheme is still important even post-privatization.

The Air-shiter is a new product possible ventilation at the same time cooling or heating with combined refrigerator and heat recovery ventilator. And a key device of this system is the air shifter. The air shifter device is to convert the outdoor air, room air, supply air and exhaust air flow. Therefore, an experimental study has been carried out to investigate the operating performance for this system. The results, it is possible to ventilate at the same time of heating by outside air above 30℃ in summer. and of heating by outside air within 3℃ in winter. The indoor discharge temperature is over 40℃, and the coefficient of performance is 3.4 in winter.

본 연구는 합병, 유상증자 및 자사주 취득 등과 같은 개별기업의 주요 의사결정이 영업성과에 미 치는 영향을 측정하기 위해 회계 정보를 활용하여 기대영업성과를 측정하고 초과영업성과의 유의성 을 검정하는 사건연구방법의 설정 오류(misspecification)와 검정력을 시뮬레이션 기법을 이용하여 분석한다. 또한, 이러한 시뮬레이션 분석 결과를 바탕으로 한국증권시장에서 통계적으로 가장 신뢰 할 수 있는 회계 정보 기반의 사건연구 즉 기대영업성과 측정모형과 초과영업성과의 유의성 검정 방법의 도출을 시도한다. 먼저, 임의표본을 대상으로 한 실증분석 결과에 의하면, 기대영업성과를 측정하는 모형으로는 사전성과 기준포트폴리오를 벤치마크로 한 수준모형(M3)을 활용하고, 유의성 검정 방법으로는 Wilcoxon 부호-순위 검정을 사용하는 것이 한국증권시장에서의 영업성과 연구에 가장 적합한 것으로 나타났다. 이에 반해, 특정한 표본 편의를 지닌 비임의표본을 대상으로 한 연구 에서는 표본 편의와 직접 관련된 재무적 특성을 가진 기준포트폴리오를 벤치마크로 한 수준모형을 성과측정 모형으로 하고, 유의성 검정으로는 임의표본에서와 마찬가지로 Wilcoxon 부호-순위 검정 을 활용하는 것이 설정의 오류를 피할 수 있는 적절한 연구방법으로 밝혀졌다.

This paper investigates the empirical power and misspecification of event study methods detecting accounting-based measures of abnormal operating performance following major corporate events, such as stock repurchases, security offerings, mergers and acquisitions, or earnings announcement, in the Korean Stock Market. Based on the simulation analysis that is similar to that of Brown and Warner(1985), this paper examines the choice of a model of operating performance and a statistical test of abnormal operating performance. We find that the level model of expected operating performance that matches sample firms to reference portfolios of one-digit KSIC code and similar pre-event performance yields well specified, powerful test statistics in the random samples. We also find that nonparametric Wilcoxon signed-rank test statistics are uniformly more powerful than conventional t-statistics. We document, however, that there is no method that yields test statistics that are well specified in every sampling situation due to the impact of size or performance based sampling biases on statistical tests.

본 논문은 신규 상장이 가장 활발했던 시기인 2000-2002년까지 코스닥시장에 신규 상장한 기업들을 처리군으로 하고 상장요건을 갖추었지만 상장을 하지 않은 외감법인을 대조군으로 하여 상장(t+0) 이후 장기적인 경영실적의 평균처리효과를 살펴보았다. 추정결과 t+5기를 넘어서도 총자산순이익률의 평균처리효과가 통계적으로 유의미한 음의 값을 갖는 것으로 나타났다. 상대적으로 상장 침체기인 2003-2006년간 신규 상장한 기업을 대상으로 한 t+5기까지의 상장기업의 장기성과에 대한 분석에서도 상장 호황기인 2000-2002년의 결과와 유사한 결과를 얻었다. 이는 기업들이 상장을 하는 이유로 제시되는 시장적기 가설을 뒷받침한다고 할 수 있고, 상장 초기 전문 경영인들이 단기적인 수익성만 집착하여 장기적인 투자를 하지 않기 때문에 장기적으로는 수익성이 감소한다는 가설도 간접적으로 지지한다고 할 수 있다.

This study shows the average treatment effect on the treated of long-term management performance after companies’ KOSDAQ listings by comparing treatment and control groups. A treatment group includes companies newly listed on KOSDAQ from 2000 until 2002 when new IPOs were booming while setting external financial auditing corporations as a control group. As a result, the average treatment effect on the treated of Return on Total Assets even beyond the t+5 period turns out to be statistically significant negative. This backs up the window of opportunity hypothesis on one hand, but on the other hand it indirectly supports the hypothesis that management specialists’ too much emphasis on short-term profitability rather than long-term investments will cause decrease in profit. This study also analyzes the long-run operating performance until the t+5 period by newly listed companies from 2003 to 2006, a depression era of company listings, and we get fairly similar results to those of a booming era of company listings from 2000 to 2002.

선박의 자동화 수준이 높아지고 자율운항선박의 개발에 따라 선박의 IPMS (integrated platform management system)는 다양한 운영체제로 통제되는 개별 장비들을 통합하고 다량의 데이터를 실시간으로 처리해야 한다. 이러한 상황에서 데이터 처리를 위해 DDS (data distribution service) 미들웨어 기반 선박 IPMS 시뮬레이터를 개발하고 성능을 평가하였다. 이종 운영체제로 동작하고 있는 신호입출력장치와 IPMS 서버에서 초당 1,000개의 토픽을 비동기로 발간하고 구독한 시뮬레이션을 수행하였으며, 초기 4초 동안 일부 토픽의 누락을 제외하고는 오류 없이 데이터를 수신하였다. 개발된 시뮬레이터는 실제 선박에서 DDS를 이용하여 다른 제어체계를 통합할 수 있음을 보여준다.

With increasing automation in ships and the development of autonomous ships, an IPMS (Integrated Platform Management System) in ship needs to integrate and process large amounts of real-time data from various equipment operating on different operating systems. A ship IPMS simulator based on data distribution service (DDS) was developed and its performance was evaluated to handle data processing similar in real ship environment. Errors were monitored while 1,000 topics/sec were asynchronously published and subscribed from data acquisitive units (DAUs) and an IPMS server operating on different operating systems. Except for the loss of some topics during the initial 4 seconds, topics were received without an error thereafter. The developed simulator demonstrates the feasibility of using DDS to integrate various control systems using different operating systems in actual ships.

본 연구는 2007년부터 2009년까지 유가증권시장 상장기업을 표본으로 하여 한국기업지배구조원에서 공표하는 지배구조등급이 기업의 경영성과와 기업가치에 미치는 영향을 지배구조 우수기업과 취약기업으로 구분하여 다변량분석을 하였다. 분석결과 지배구조등급이 총자산순이익률과 매출액영업이익률 등 경영성과를 대변하는 지표에 미치는 영향이 유의한 양(+)의 값을 나타내고 있어 지배구조가 우수한 기업의 경우경영의사결정의 효율성과 합리성 제고로 높은 경영성과를 창출하고 있음을 시사한다. 또한, 본 연구는 선행연구의 혼재된 결과와는 달리 지배구조등급이 Tobin’s Q와 M/B(자본의 공정가치 대 장부가치 비율)로 측정된 기업가치에 유의한 양(+)의 영향을 미치고 있음을 보고하고 있어 효과적인 지배구조가 지배주주 및 경영자 등의 사적이익을 효과적으로 제한하여 기업가치를 제고하고 있음을 시사한다. 지배구조에 대한 평가가기업가치에 미치는 영향을 추가적으로 검증하기 위하여 본 연구는 지배구조등급의 공표일에 지배구조 우수기업과 취약기업간의 누적초과수익률의 차이를 분석한바, 지배구조 우수기업의 경우 취약기업에 비하여 지배구조등급의 공표일 시점에서 양(+)의 초과수익률을 기록하고 있어 기업지배구조 등급이 기업가치평가에유의적인 중요한 요소임을 의미한다. 이상과 같은 본 연구의 결과는 기업지배구조에 대한 개별적 요소뿐만아니라 종합적 평가등급이 기업의 경영성과와 기업가치평가에 유의한 영향을 미치는 중요한 요소임을 시사한다.

Service(KGS) on operating performance and firm value provide inconsistent findings. These inconsistent results mainly stem from sample selection ambiguity embedded in public disclosures of KGS corporate governance ratings. Since its inception until 2006, KGS has released only some of the governance ratings for firms which received relatively higher ranks. Thus to provide unambiguous findings about the effects of corporate governance ratings of KGS on the operating performance and firm value, we analyzed all of KRX listed non-financial companies of years 2007 through 2009, We conducted multivariate analysis to examine the effects of corporate governance on operating performance, Analyses show that profitability indices such as return on assets and operating profit to sales ratio are significantly positively associated with corporate governance ratings. Further, to assess the effects of corporate governance ratings on firm value, we found that cumulative abnormal returns of high-ranked governance firms at the release dates are significantly higher than those of low-ranked governance firms. These results together provide evidence that not only individual governance components but synthetic governance ratings provided by KGS are significant positive factors for assessing operating performance and firm value. Investors may utilize these findings to gain abnormal profits because analyzing governance ratings,they can distinguish which companies will exhibit high(low) performance. Creditors can also benefit from the findings because utilizing governance ratings, they can assess which companies may produce more profit which in turn enhance the stability of financial structure. Finally, findings provide the decisive evidence of usefulness of KGS corporate governance ratings in assessing firm’s operation performance and firm value, which interested parties can actually obtain from public disclosures.

최근 군용장비의 첨단화가 가속됨에 따라 장비의 성능을 실시간으로 검증하는 점검장비 역할이 중요해지고 있다. 대부분 점검장비가 개발 편의성, 개발기간 등을 고려해서 윈도우 기반으로 개발되었다. 하지만 윈도우 기반 점검장비가 실시간성을 제공하지 않아 이기종간의 데이터 통신에 대한 주기를 만족해주지 못하는 단점이 있으며, 이러한 문제를 해결하기 위해 고가의 상용 솔루션을 이용하여 윈도우 기반의 점검장비에 실시간성을 보장해주고 있다. 본 논문에서는 고가의 상용 솔루션을 대체하는 실시간 이식 커널인 RTiK-MP를 기반으로 하는 실시간 점검장비 소프트웨어를 설계하는 방법을 제시하며, 성능을 검증하기 위해 고속으로 통신하는 유도탄과 연동시험을 통해서 실시간성과 데이터 정확성을 측정하고 이를 검증하였다.

As the recent advancement of military equipment has been accelerated, it is becoming more important to act as an inspection device that verifies the performance of equipment in real time. Most of the inspection equipments were developed on the Windows OS based system. considering development convenience and development period. However, sice the data communication between these models occurs asynchronously, there is a problem that it is difficult to guarantee real-time performance of the window-based inspection equiment. To solve these problems, we use real-time commercial solutions to guarantee the real-time performance of Windows-based inspection equipment. In this paper, we propose a method of designing and implementing the inspection equipment software based on Real-Time implanted Kernel-Multi Processor (RTiK-MP) operating in Windows environment. In addition, real-time performance data accuracy was measured through a high-speed communication tool and interlocking test to verify the performance of the inspection device based on the real-time porting kernel.