산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

보건교사 교육실습생이 인지하는 보건교사 교육실습개선요구

권진옥;오진아 인제대학교 2012 仁濟論叢 Vol.27 No.1

Purpose: Purpose of this study was to examine improvement demanded on health teacher practice. The ultimate goal is to explore the development and improvement of teaching practicum for nursing students. Method: Subjects of this study were 244 nursing senior students from 42 universities in Korea. Official document was posted to each university for research permission. The data were collected by an open question from September 1^(st) to October 31^(st) 2010. The research question was *What is your demand in order to improve the health teaching practicum?* Questionnaire by mail was distributed and retrieved. The data was analyzed with content analysis after referee*s review and numerous times in-depth discussions. Results: 5 categories emerged from 15 theme clusters. The categories were contents of health teaching, curriculum of health teaching, practice hours and time, environment of practice, and awareness of health teacher. The students preferentially demanded improvement on contents and curriculum of health teacher education. Conclusion: To improve the health teacher training and provide a high quality education, it should be needed to make practice manual, seek proper duration of health teacher practice, cooperate university with practice school, and support manpower as school health teacher and environment.

원격조작에 의한 작업대상물 강성과 마찰 특성의 동정

권혁조,전지명,김진옥,문일동,오재윤 전북대학교 공학연구원 ( 구 전북대학교 공업기술연구소 ) 2002 工學硏究 Vol.33 No.-

This study performs a workpiece stiffness and frictional characteristic identification experiments by teleoperation. Experiments are performed using a bilateral force feedback teleoperation system. It is composed of a master manipulator, the slave manipulator equipped with a force/torque sensor, and a real-time control system. To control the teleoperation system, a position-force controller is developed. The slave manipulator is controlled by the master manipulator's position command and the master manipulator is controlled by the force information from the slave manipulator. This study presents a method to find the slave manipulator's stiffness. And, this study presents a method to compute the workpiece stiffness based on the measured pressing force and deflection at the slave manipulator. Also, this study performs a workpiece frictional characteristic identification experiments. In the experiments, the slave manipulator rubs a workpiece with an arbitrary pressing force. While the slave manipulator rubs a workpiece, a vertical force and a frictional force are measured and the ratio of a frictional force to a vertical force is considered as a frictional characteristic.

압전 비틀림 파동 변환기 제작 및 평가

권오수,김진오 한국비파괴검사학회 2001 한국비파괴검사학회지 Vol.21 No.4

봉에서 전파하는 비틀림파를 발생시키는 압전 비틀림 파동 변환기를 제작하였다. 비틀림 파동을 발생시키는 원리는 원주방향으로 분극된 압전 원판에 인가된 두께 방향 전압에 의해 나타나는 원주방향 전단운동이다. 압전 비틀림 원판을 제작한 후, 공진 주파수를 낮추기 위하여 랑주방(Langevin)형 비틀림 변환기를 제작하였다. 제작된 변환기들의 공진 주파수를 측정한 결과, 해석에 의해 예상된 특성과 잘 일치하였다. Piezoelectric torsional transducers have been fabricated to generate waves in a rod. The principle of generating torsional wave is based on the use of the circumferential shear motion derived by axial voltage exerted on the piezoelectric disk poled in the circumferential direction. The natural frequency of the piezoelectric torsional disk has been reduced by fabricating Langevin-type torsional transducers. The natural frequencies of the fabricated transducers have been measured and have shown good agreement with the characteristics predicted by analysis.

식품위생관련 세균에 대한 가열처리 조건의 최적화

권오진,이보순 한국식품영양학회 1999 韓國食品營養學會誌 Vol.12 No.6

반응표면분석법으로 식품위생관련 세균의 불활성화를 위한 가열처리 조건(온도. 시간)을 최적화하다. 균주의 생육에 대한 반응표면 회귀식의 R^2은 P.aeruginosa가 0.9155(P<0.05). E. coli는 0.8997(P<0.05).S. typhinurium은 0.9690(P<0.01), E. aerogenes는 0.9393(P<0.05) 및 V. parahaemolyticus는 0.7905로 나타났다 가열처리 온도 및 시간에 따라 주의 생육에 유의적인 영향을 미치는 것으로 나타났으며. 생육억제에는 반응온도가 가장 큰 상관관계가 있음을 보여주었다. 각각의 가열처리 조건에 따른 균주의 불활성화를 종합하여 superimposed contour map을 작성한 결과. 55.62∼60℃에서 19.25∼30분간의 처리가 균주으 불활성화 최적조건이었다. Response surface methodology(RSM) was applied to determine the optimum heating conditions(temperature and time) for the inactivation of bacteria associated with food hygiene, Coefficients of determinations(R^2) for the cell growth were 0,9155 (P<0.05) in Pseudomonas aeruginosa, 0.8997(P<0.05) in Escherichia coli, 0.9690 (P<0.01) in Salmonella typhimurium, 0.9393(P<0.05) in Enterobacter aerogenes and 0.7905 in Vibrio parahaemolyticus. The growth of strains was significantly affected by the temperature and time, and reaction to temperature was most closely correlated to the inhibition of growth. On the basis of superimposed contour maps of cell growth, the optimum range of heating conditions were 55.62∼60℃ and 19,25∼30 min.

인터넷 쇼핑몰 이용자의 촉각단서 욕구가 의류상품 구매행동에 미치는 영향에 관한 연구 : 구매경험, 지각된 위험의 조절효과 An Moderating Effect of Perceived Risk, Purchased Experience

권소영,이진영,오희선,서용한 한국의류산업학회 2004 한국의류산업학회지 Vol.6 No.5

This study is to explore how consumers' needs for tactile cues affect their purchasing behaviors in the internet shopping mall. Since previous studies about internet shopping malls are mainly performed on the primary factors of perceived risk, there are insufficient studies of tactile cues for apparel products. Emphasis of this study is placed on verifying the following hypothesis; it is expected that consumers' needs for tactile cues affect apparel purchasing behaviors in inter-net shopping. The questionnaire was administered to 20 to 30 year old male and female respondents who are either students or businessmen living in the Busan area. 150 questionnaires were completed and collected for data analysis. The data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient and Linear regression analysis. Data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient, and ANOVA. The results of data analysis are as follows: First, the tactile cues negatively affect purchase intentions of consumers. This shows that apparel internet shoppers who have high desire for tactical cues tend to avoid purchasing products through the internet. Second, the factor analysis of the moderating effect on perceived risks shows that the perceived risks significantly moderate both the tactile cues and purchase intention of consumers. Third, analysis of purchased experience also shows that purchased experiences significantly moderate both the tactile cues and purchase intention.

가용합금형 스프링클러 헤드의 열감도 특성에 관한 실험적 연구

권오승,이진호 (社)韓國火災 ·消防學會 1995 한국화재소방학회논문지 Vol.9 No.1

유아의 기관절개술에서 발관방지를 위해 고안된 기관절개 튜브

권진형,김성운,오천환 순천향의학연구소 2004 Journal of Soonchunhyang Medical Science Vol.10 No.2

Tracheostomy in infants and children is associated with a high rate of accidental decannulation in the early postoperative period. The most common complication in infants and children, which most often results in death, is accidental decannulation. Other authors advocate suturing tracheostomy tubes in place in infants and children under general anesthesia in operating room for avoiding decannulation. The authors designed tracheostomy tube for the prevention of accidental decannulation following tracheostomy in infant, so report with review of literatures.

한개의 산소다리를 가진 몰리브덴(V)착물의 산소고리화반응(I). : 아세톤 수용매에서 용매물과 〔Mo_2O_3(bipy)_2(NCS)_4〕의 반응 Reaction of 〔Mo_2O_3(bipy)_2(NCS)_4〕 with Solvent Water in Aqueous Acetone Mixture

吳相牛,權鎭基,金昌洙 慶北大學校 物理化學硏究所 1986 硏究論文集 Vol.7 No.-

아세톤수용액에서 한개의 산소가 다리로된 이핵몰리브덴(V)착물인 〔Mo_2O_3(bipy)_2(NCS)_4〕는 이옥소다리이핵몰리브덴(V)착물인 〔Mo_2O_4(bipy)_2(NCS)_2〕를 생성한다. 〔Mo_2O_3(bipy)_2(NCS)_4〕에서 〔Mo_2O_4(bipy)_2(NCS)_2〕로 바꾸어 지는 속도는 분광광도법으로 측정하였다. 용매 물과 이옥소다리이핵몰리브덴(V)착물의 생성속도는 속도법칙, 속도=k〔Mo_2O_3(bipy)_2(NCS)_4〕〔H_2O〕에 따른다. 이옥소다리착물의 생성반응메카니즘에 대해서 논의된다. 관찰된 음의 활성화부피는 착물이용매분자를 전이상태에서 강하게 당길 것으로 보인다. Monoxo-bridged binuclear molybdenum(V) complex, 〔Mo_2O_3(bipy)_2(NCS)_4〕 in aqueous acetone mixture produces the corresponding dioxo-bridged binuclear molybdenum(V) complex, 〔Mo_2O_4(bipy)_2(NCS)_2〕. The rate of conversion of 〔Mo_2O_3(bipy)_2(NCS)_4〕to 〔Mo_2O_4(bipy)_2(NCS)_2〕 has been measured by spectrophotometric method. The rate of formation of dioxobridged binuclear molybdenum(V) complexes with solvent water follows the rate law, rate=k〔Mo_2O_3(bipy)_2(NCS)_4〕〔H_2O〕. The reaction mechanism for the formation of dioxo-bridged complex is discussed. The observed negative volume of activation shows that the complex is strongly attracted to the solvent molecules at transition state.

가구와 가전제품의 재활용에 관한 연구

권오정,김시월,이혜임,이명숙,이진영 한국주거학회 1999 한국주거학회 논문집 Vol.10 No.1

The purposes of this study were: 1) to classify and describe causes of producing wasted furniture and household electric appliances by consumers, 2) to identify the influence of variables on causes of producing wasted furniture and household electric appliances and experience of consumer`s recycling behaviors, and 3) to introduce the ways of activating recycling in wasted furniture and household electric appliances which suggested by consumers. 1,132 housewives living in Seoul, Sungnam, and Choongjoo were used as a final sample of the analysis. Data were collected using a self-administered survey. The result of the study indicated the major variable which affects producing wasted furniture and household electric appliances was the perception of recycling. Also, the level of consumers' recycling behavior in furniture and household electric appliances was very low and age and housing type were the major variables which affect consumers' recycling behavior. Finally, the implications and recommendations for consumers, enterprises, and society were suggested.