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코스닥기업 최대주주의 기회주의행태와 상장폐지와의 관계: 대리인비용의 매개효과를 중심으로
이대열 ( Dae Yeul Lee ),김문겸 ( Mun-kyum Kim ) 한국재무관리학회 2022 財務管理硏究 Vol.39 No.2
본 연구는 2011년부터 2021년 9월까지 코스닥 시장에서 상장폐지 된 기업 119개사와 규모와 업종이 유사한 상장유지기업 119개사를 대상으로 기회주의행태와 상장폐지와의 관계를 분석하고, 대리인 비용이 이들 관계에 매개효과를 갖는지 검증하였다. 실증분석결과, 상장폐지기업에서 상장폐지가 다가올수록 소액주주지분율과 최대주주지분율의 차이가 커지는 기회주의행태가 확인되었고, 이는 상장폐지에 유의한 영향을 미치는 것으로 나타났다. 그리고 영업외비용비율로 측정된 대리인비용은 기회주의행태를 매개하여 상장폐지에 유의한 영향을 미치는 것으로 나타났다. 이러한 결과는 기회주의행태가 커지면 대리인비용이 증가하고, 이로 인하여 상장폐지 가능성이 증가함을 의미한다. 이는 최대주주의 기회주의행태를 직접적으로 관리 또는 통제하여 상장폐지 가능성을 낮출 수도 있지만 자금 활용의 비효율성을 나타내는 대리인비용의 효과적 통제를 통하여서도 상장폐지 가능성을 낮출 수 있음을 시사한다. 아울러 독립변수의 내생성을 통제한 후의 분석 결과도 동일한 방향의 결과가 도출되었다. 다만 매개효과에 있어 완전매개효과가 관찰되어 내생성을 통제하지 않은 경우와 다소 차이가 있었다. 본 연구는 최대주주의 기회주의행태의 대상이 소액주주임을 지분율 차이를 활용하여 명확히 하였고, 기회주의행태, 대리인비용, 그리고 상장폐지라는 세 가지 변수의 인과관계를 검증했다는 점에서 선행연구와 차별성을 가진다. This study analyzed the relationship between opportunistic behavior and delisting of 119 companies that were delisted from the KOSDAQ market from 2011 to September 2021 and 119 companies that were maintained in the same size and industry as the delisting companies. As a result of the empirical analysis, opportunistic behavior was confirmed in which the difference between the minority shareholder and the largest shareholder's share increased as the delisting approached, and this had a significant effect on the delisting. And, it was found that agency cost measured as non-operating expense ratio had a significant effect on delisting by mediating opportunistic behavior. In addition, the results of the analysis after controlling for the endogeneity of the independent variables showed the same results. However, as for the mediating effect, there was a slight difference from the case where the endogeneity was not controlled as a completely mediating effect was observed. This study is different from previous studies in that it clarified by using the difference in share that the object of the opportunistic behavior of the largest shareholder is the minority shareholder and it verified the causal relationship of three variables: opportunistic behavior, agency cost, and delisting.
신창우(Chang Woo Shin),김형균(Hyungkyoon Kim),김문겸(Mun Kyum Kim),임원식(Wonsik Lim),차석원(Sukwon Cha) 한국자동차공학회 2012 한국자동차공학회 부문종합 학술대회 Vol.2012 No.5
A drivability of vehicles means subjective perception for dynamic performance and comfort of a vehicle in response to driver input. Subjective evaluations by experienced test driver have been primarily used to assess the drivability in automotive companies. These evaluations are limited in repeatability and require much time and cost. In this paper, vehicle test was conducted to measure data for objective drivability evaluations in heavy duty vehicles. The evaluation indices for drivability were selected from references, which are related to ride comfort and objective evaluation of drivability, according to operation conditions. The quantitative evaluation method was proposed by using weighting factors obtained from the regression analysis of subjective evaluations. Based on the proposed method, drivability for heavy duty vehicles was evaluated quantitatively under various operation conditions. The results of this evaluation were similar to those of subjective evaluation.
김문겸 부산대학교 사회조사연구소 1998 사회 조사 연구 Vol.13 No.-
Most of modern sports which are popular today take its rise from England in the latter half of the 19th century. This article is firstly focused on the football (especially soccer) among a lot of sports formulated during the period, and then assess its sociological meanings. For the study, I'll examine the several changes of the leisure practice in England those days when the Industrial Revolution ended just now. I'll also investigate social history of football, the formative procedure of the rules, the popularization of the game, and its specialization into amateurism and professionalism. This paper deals with the sociological value that the appearance of modern sports has through the process mentioned. The discourse leads to three characteristics as follows. `$ the rationalization in modem sports: Influencing on the formation of football rules, rationalism was resulted in ratiionalization in the field of leisure as well as work, or labour. a$ the commercialization in modern sports: In the advent of the individuals and the groups who spectated passively, the sports continued to be divided into two parts, i.e. amateure and professional, which had the commercialism accelerate. b$ the pacification in modern sports: blood sports, favorite ones by both the noble and the mean, were declining. Barbarity and violation began to disappear in games, and football obey the course. Made in harmony with school systems such as public school and Oxbridge, the rules in the football had English ideal personality, gentlemanship identified as sportsmanship. The rules had a crucial influence on cultural regulation in modern society, in which the idea of fair-play is required in competitive situation.
大學生의 大學生活 不適應에 관한 硏究 : 釜山大學生을 中心으로
李衡基,金文謙 부산대학교 학생생활연구소 1984 硏究報 Vol.20 No.1
This paper is first to introduce briefly the content of the project. “ A study of college students” maladjustment: Its patte, causes and guidances, and then to review empirical results of the survey analysis at a very general level. We agree that student's adjustment problems are by-products of the interaction in the process of goal-achievement students as an actor and school as an environment. Thus, the maladjustment, in our conceptualization is neither delinquent (or deviant) nor abnormal. Rather we regard it as a temporary process. We then specify both types and causes of the maladjustment. To analyze data, We compare ours to Han et al.'s (1976)data. The major findings of the present study are as follows: 1. In general, the level of students' satisfaction on college life is low. 2. The maladjustment is moderately related with psychological variables (such as alienation, mental symptoms). 3. Sex, social background, human relations and institutions in school, etc, also turn out to be significantly related with the maladjustment. Finally, we suggest implications for future analysis of students', adjustment to college.