제도의 채택과 디커플링(Decoupling) 정도에 영향을 미치는 조직의 특성

조선미(Sun-Mi Cho),강정한(Jeong-han Kang) 한국인사조직학회 2011 인사조직연구 Vol.19 No.2

본 연구는 제도의 채택과 채택된 제도의 디커플링(decoupling) 정도, 즉 도입과 실행사이의 괴리를 줄이는데 영향을 미치는 요인으로 조직 내부와 외부로부터의 규범적 압력에 주목했다. 신제도주의적 동형화의 관점은 조직 외부로부터 규범적 압력에 초점을 맞추어 조직이 정당성(legitimacy)을 유지하기 위해 제도를 채택한다고 설명한다. 그러나 채택된 제도의 디커플링에 영향을 끼치는 요인에 대해서는 상당부분 이론적 공백으로 남아있다. 본 연구는 이를 설명하는 하나의 메커니즘으로써 제도주의적 관점을 조직 내부의 동학으로 연결하는데 주목하였다. 즉, 정당성을 유지하기 위한 조직의 노력으로 외부로부터의 압력뿐 아니라 조직 내부의 주요 이해관계자로부터 발생하는 규범적 압력에 반응하여 채택된 제도의 디커플링이 줄어들 가능성이 있다. 경험적 분석을 위해 경력개발제도(career development program)를 사례로 조직에 가해지는 다양한 규범적 압력을 가능하게 하는 경로들이 제도의 도입과 디커플링에 주는 효과를 탐색하였다. 조직의 의사결정권자로는 경영진을, 경력개발제도에 관련된 주요 이해관계자들로는 인사부서와 일반 노동자를 선별하였고 데이터는 한국노동연구원에서 시행한 2005 사업체패널조사를 사용하였다. 분석 결과, 조직의 외부환경으로부터 발생한 압력뿐만 아니라 조직 내부에서 인사부서, 노동자로부터 발생하는 경력개발제도의 필요성에 대한 압력은 모두 경력개발제도의 도입을 촉진시켰다. 한편 도입된 제도의 디커플링 정도를 낮추는 데에는 이러한 이해관계자로부터 압력의 효과가 제한적으로 나타남을 발견했다. 경영진과 노동자 사이에서 의사소통을 원활하게 해주는 제도나 기술적 인프라가 잘 발달해 있을 경우 경력개발제도의 디커플링이 줄어든 반면, 경영진과 노동자의 공동협의정도, 경영진과 인사부서간의 전략적 통합정도는 디커플링에 영향을 미치지 않았다. 따라서 의사결정과정을 통한 직접적인 영향력의 행사보다는 소통을 통한 규범적 합의가 디커플링을 줄이는데 더 효과적인 것으로 판단되었다. 이는 조직 내부에서도 제도주의적 메커니즘이 제도화를 촉진시키는데 기여하는것으로 해석할 수 있다. Career development programs (CDPs) have been adopted by many firms in Korea during the turbulent liberalization and globalization transition period. In labor-flexible environments, CDPs can help companies to keep competitive manpower by promoting the importance of firm-specific human resources (HR). CDPs can be used as means to enhance general skills and help employees to stay competitive in an unstable job market. In short, managers and employees have different or even a conflicting interests in implementing CDPs. The decoupling between adoption and the real practice of CDPs has interesting implications for neo-institutional organization research. Thus, this study examines possible determinants of the decoupling issue in adoption of CDPs. Research streams in neo-institutionalism have sought diffusion mechanisms of a new institution. They consider ‘decoupling’ as the main coping strategy to protect the organizational core from newly adopted institutions while paying relatively little attention to variations of decoupling across organizations. This study examines what organizational factors aid successful implementation of, or reduce the decoupling of, CDPs. To achieve this goal, we first divide the processes of organizational institutionalization into two stages. The first stage is adopting an institution from outside as a result of interactions between an organization and external legitimacy pressure. Organizations aim to maintain their legitimacy by simply adopting and not necessarily implementing institutions endorsed from external third parties, such as the government, public opinion, and other enterprises. The second stage is implementing the adopted institutions through intra-organizational interactions among various stakeholders who have quasi-autonomy from the core management group. Often, the core management group protects their legitimacy from various types of inner audience who have their own interests for implementing an adopted institution. These inner audiences are better able to monitor the real practices of the institution than outsiders. Two examples of such stakeholders on CDPs are human resource (HR) department and a labor group. We analytically focus on the effect of institutionalized communication practices between the stakeholders, such as strategic integrations, communication routines, and collective decisionmakings. Active communications can expose the core management group to the normative pressure from other stakeholders, thus, leading to higher chance of implementation of adopted institutions at the second stage of institutionalization. In short, the core management group sends a signal of legitimacy to communicating stakeholders by decreasing institutional decoupling. By estimating the effect of intra-organizational legitimacy pressure, we try extending the theory of neo-institutionalism to intra-organizational processes of decoupling. We identify three analytic questions according to the types of stakeholders who communicate with the core management group. [Q1] Do stronger communications with organizational environments have any effect on the decoupling of CDPs? [Q2] Does the integration between business strategies and the HR department reduce its decoupling? [Q3] Does either closer communication with employees or more involvement of employees in management decisionmakings reduce its decoupling? The dataset used for the empirical test is 2005 Workplace Panel Survey collected by the Korea Labor Institute, a government-supported organization. Two dependent variables are constructed from 14 career development programs. Adoption refers to the total number of adopted programs and decoupling is the gap between the number of programs adopted and of implemented programs. Key independent variables are four scales for the communication channels with different audiences.

연구논문 : 성과주의 평가보상제도의 디커플링 현상의 선행변수와 결과변수에 관한 연구

김종관 ( Jong Kwan Kim ),강희경 ( Hee Kyung Kang ) 한국인적자원관리학회 2014 인적자원관리연구 Vol.21 No.2

본 연구에서는 성과주의 평가보상제도인 목표관리제와 연봉제의 도입 및 실행과정에서 나타나는 디커플링 현상에 대해 이론적으로 고찰한 후 그 선행변수와 결과변수에 대하여 연구가설을 설정하고 실증적으로 검증하였다. 디커플링 현상이란 도입취지와 실행 간에 나타나는 분리(decoupling)현상으로 보고 성과주의 평가보상제도에서 나타나는 세 가지의 디커플링 현상을 연구대상으로 하였다. 첫째, 목표관리제의 도입취지 및 정책과 실행의 디커플링, 연봉제의 도입취지 및 정책과 실행의 디커플링, 셋째, 목표관리제와 연봉제 사이의 연계의 디커플링이다. 이론적 검토를 통하여 디커플링 현상의 선행변수로, 최고경영자의 지원, 조직의 구조적 관성, 제도적 동형화 요인을 도출하였으며 결과변수는 재무적, 비재무적 성과로 나누어 조사하였다. 실증연구 결과는 다음과 같다. 최고경영자의 인식과 구조적 관성 변수는 목표관리제의 디 커플링, 목표관리제와 연봉제 간의 디커플링 정도를 낮추는 것으로 나타났으며, 제도적 동형화 요인은 목표관리제의 디커플링 정도, 연봉제의 디커플링 정도, 목표관리제와 연봉제 간의 디커플링 정도를 모두 낮추는 효과를 가짐을 알 수 있다. 또한 목표관리제의 디커플링 정도가 낮을수록 재무적, 비재무적 성과가 높아지고, 연봉제의 디커플링 정도와 목표관리제-연봉제 간의 디커플링 정도는 비재무적 성과와 정(+)의 유의한 관계에 있는 것으로 나타났다. 이상의 결과를 바탕으로 연구의 시사점, 한계점 및 향후 연구과제에 대하여 제시하였다. This study examines firms` decoupling of performance-based practices, especially MBO and annual salary system, from formally adopted policies through theoretical and empirical research. We set hypothesis of antecedents and consequences variables of decoupling and conducted the empirical study. Decoupling of MBO and annual salary system includes three types. Type 1 is decoupling of MBO from formally adopted policies and type 2 is decoupling of annual salary system from formally adopted policies. Type 3 is decoupling of MBO from annual salary system. Findings of the empirical research are as follow: First, we find that CEO`s cognition and structual inertia reduce decoupling of type 1 and type 3. Institutional isomorphism has effects on three types of decoupling. These results mean that decoupling is more likely to occur when CEO cognizes the importance of justice of performance evaluation and compensation practices, and organizations are more centralized and specialized. Lastly, three types of decoupling are more likely to occur when organizations have more coercive and mimic reasons for adopting MBO and annual salary system. Second, decoupling type 1 has significant effects on financial and non-financial performance. Decoupling type 2 and 3 also have significant effects on non-financial performance. The implications, limitations and future research directions are discussed.

Interactions between Japan's “weaponized interdependence” and Korea's responses: “decoupling from Japan” vs. “decoupling from Japanese firms”

Yang-Hee Kim 경희대학교 글로벌 통상·금융연구원 2021 International Trade, Politics and Development Vol.5 No.1

This paper aims at exploring the interactions between Japan's export curbs against Korea, dubbed as “weaponized interdependence,” and Korea's decoupling from Japan' phenomenon in response. Thereby, it sheds light on the characteristics of the semiconductor industry, where the two economies' effective division of labor takes place. In addition, it attempts to typology the “decoupling from Japan” into two types. Furthermore, it deals with the political-economic implications of bilateral trade disputes and projects in the future.This paper segregates the economic concept of “decoupling” into “decoupling from Japan” and “decoupling from Japanese firms” to better analyze the related phenomenon that occurred in Korea in response to the Japanese government's export restrictions in 2019. Along with it, the paper attempts to observe the trade dispute between Korea-Japan from a political-economic point of view.The main findings are: First, Korea's decoupling from Japan' does not necessarily mean “decoupling from Japanese firms”. When Korean firms had to decouple from Japan due to non-economic factors, some has circumvented the decoupling to maintain economic ties with Japanese firms in the market, stemming from long-term transaction relationships in the semiconductor industry. Second, the two countries were confronted in a modest manner, even though they seemed to be fighting like a fierce tit-for-tat chicken game as those economies are interdependent with one another. Hence, both put effort to avoid sober damages or disruptive results on two economies and the global semiconductor supply chain. The originality of this paper is to typologize the characteristics of “decoupling from Japan” in Korea by segregating it into two types of decoupling. On the other hand, other previous studies appeal to focus on the decoupling phenomenon per se and are interested in its potential for success.

한국기업의 지배구조 개혁 과정에서의 Decoupling에 대한 연구

김주태 한국기업경영학회 2011 기업경영연구 Vol.18 No.4

Governance reform is one of main issues in corporate restructuring in Korea since the currency crisis in 1997. The agency problems by the controlling shareholders are regarded to be a reason to cause the less-competitiveness of Korean companies before the crisis. After the crisis, the controlling shareholders were criticized to weaken the competitiveness of the companies and it is argued that various control mechanisms should be introduced to monitor the transparent and effective decision makings by the controlling shareholders. After the crisis, the ownership of the outside block shareholders increased and these shareholders were expected to control the agency problems by the controlling shareholders and the board reform was introduced to monitor the management. The main objective of this study is to analyze the impact of these major large shareholders and board of directors on stock repurchase in Korean companies. The stock repurchase means the amount of stocks purchased by the firm itself which issued the stock. Stock repurchase has been increasing dramatically last decade both in America and Korea. In this study,we interpret the stock repurchase as the buy-back program of the share to strengthen the control power of the management against the governance reform. If the corporate governance reform in Korea is done due to the outside pressure, the decoupling can happen in the process of the reform. Governance reform leads to weakening the control power of the management and monitoring their behaviors more closely. The stock repurchase can be the decoupling from the weakened control power of the management after the governance reform. The major assumption of this study is that the governance reform in Korean companies was performed not from internal necessity but from outside pressure. The most studies about corporate governance are rooted in agency theory as the theoretical background, but this study adds institution theory as a theoretical lensto explain the governance reform in Korea. Based on institution theory, Korean companies tried to reform governance structure to adapt to institutional pressures and the adaptation to this pressure can provide the firms with social legitimacy and support. It is explained that the decoupling can happen after the adaptation to the outside pressure which is not consistent with the internal system. Because governance reform was pressed to all Korean companies after the crisis, the fact that the decoupling like stock repurchase program has happened from the reform tends to provide much implications both in academics and practice. Corporate governance reform adopting American governance structure is made around the world during last decade. This reform effort was mainly made as the adaptation to institution pressure. Institution theory asserts that introduction of new organization structure or managerial practice in organization pursuing legitimacy may cause decoupling and we hypothesize that stock repurchase is a decoupling from governance reform in Korean companies. Controlling shareholders tend to repurchase the stocks to maintain managerial power after governance reform which is largely pressed to all Korean companies after the currency crisis in 1997. Our research model is that governance reform in Korean companies, represented by decrease in controlling shareholder ownership, increase in institution investor ownership and foreign investors ownership and increase in the outsider ratio in the board, is positively related with the amount of stock repurchase. All hypotheses are supported in our analysis which is performed for the database of Korean listed firms during 2002~2003. Analysis of the decoupling from the governance reform offers the following contributions. First, we can understand the corporate governance reform in emerging economy based on the institution theory. Institution theory explains the governance reform as the phenomena embedded in social environment. In agency the... 1997년의 외환위기 이후 한국기업의 구조조정에서 가장 중요한 항목 중의 하나가 기업지배구조의 개혁이었다. 본 논문에서는 한국기업의 지배구조 개혁의 과정을 제도론적 관점에서 설명하여, 정당성을획득하기 위한 외부의 압력에 대한 순응의 과정으로 본다면, 이에 따라 decoupling이 발생할 수가 있음을보여준다. 자사주 매입은 지배구조 개혁에 따른 decoupling으로 경영진은 지배구조 개혁 이후 자신의 통제력을 유지하기 위하여 자사주 매입을 시도할 수 있다. 본 모델에서는 지배구조 개혁을 지배주주 지분, 기관투자자 지분, 외국인 투자자 지분, 사외이사 비율로 측정하였으며, 이들 변수들과 자사주 매입액과의 관계를가정하였다. 지배주주의 지분이 적을수록, 기관투자자 지분율, 외국인 투자자 지분율, 사외이사 비율이 높을수록 경영자의 통제력은 약화되게 되며, 이를 방지하기 위하여 자사주 매입이 증가하는 것으로 가정하였다. 이에 제시된 연구모델의 네 가설은 모두 실증분석에서 지지되었다. 또한, 네 가설의 관계는 현금보유수준에의하여 매개효과가 있을 것으로 가정하였는데, 실증분석에서 역시 지지되었다.

경제성장과 탄소배출량의 탈동조화 현상 분석: 63개국 동태패널분석(1980~2014년

임형우,조하현 한국환경경제학회 2019 자원·환경경제연구 Vol.28 No.4

2015년 파리협정 이후 전세계가 온실가스 감축 의무를 부여받음에 따라 경제성장을 유지하며, 온실가스를 감축하는 ‘탈동조화(decoupling)’의 중요성이 대두되고 있다. 본 연구는 전 세계 63개 국가를 대상으로 1980년부터 2014년까지의 각 국가별 경제성장과 탄소배출량 사이의 탈동조화 현상의 주요 특징 및 이를 야기하는 원인을 분석하였다. 본 연구에서는 매 5년마다의 탈동조화 정도를 국가별로 측정하였다. 분석 결과, OECD국가 및 소득이 많은 국가들의 탈동조화지수가 높았으며, 2000년대 이후 전세계적으로 탈동조화 현상이 가속화되었음을 확인했다. 다만, 국가 특성에 따라 탈동조화 정도가 상이했다. 동태패널모형을 통해 탈동조화의 원인을 살펴본 결과, 제조업 성장률 및 수출비중은 탈동조화를 저해한 반면, 인적자본 및 신재생에너지 비율은 탈동조화에 긍정적인 영향을 미친 것으로 나타났다. 또한 소득은 탈동조화에 역U자형태의 영향을 미쳤다. The importance of “decoupling” to maintain economic growth and reduce greenhouse gases is emerging as the world has been mandated to reduce greenhouse gases since the 2015 Paris Agreement. This study covered 63 countries from 1980 to 2014 and analyzed the main characteristics and causes of decoupling phenomenon between economic growth and carbon emissions. In this study, the degree of decoupling was measured every five years. The analysis found that the decoupling rate of OECD countries and countries with large incomes was high, and that the decoupling phenomenon has accelerated worldwide since the 2000s. However, the degree of decoupling was different depending on the national characteristics. According to the results of dynamic panel model, the growth rate of manufacturing and the proportion of exports hampered decoupling, while the proportion of human capital and renewable energy had a positive effect on decoupling. Also income had a inverse U-shape non-linear effect on decoupling.

The United Nations Global Compact and its Members, from 2000 to 2007

송은영 한국사회학회 2008 한국사회학회 사회학대회 논문집 Vol.2008 No.6

This paper investigates the relationship between organizational density and decoupling to illuminate the level of integration of CSR guidelines introduced by the United Nation Global Compact, UNGC. The author introduces the concepts of “mild decoupling” and “extreme decoupling,” which include the degree of loose alignment between formal rules and activities. Using the data on Asian participants of the UNGC from 2000 to 2007, this article shows that density of the UNGC members at the global level determines whether a company becomes a decoupled participant that fails to communicate with the UNGC board and refuses to engage in the integrity measures. Meanwhile, local density influences on the degree of decoupling. These results suggest an institutional theory of decoupling: the increase in global density escalates decoupling in general, but the increase in local density decreases extreme decoupling. The implications of this study for the neo-institutionalism and organizational decoupling are discussed.

철강산업 탈동조화 생산구조 원인 연구

배연호 한국경영컨설팅학회 2022 경영컨설팅연구 Vol.22 No.1

With the adoption of the Paris Agreement and the Implementing Rules, international pressure to reduce greenhouse gases has intensified. Accordingly, developed countries including Korea are implementing various policies to reduce greenhouse gas. There is an argument that international pressure on greenhouse gas reduction and greenhouse gas reduction policies interrupt to the development of some countries and industries. This argument is stronger in developing countries. In this situation, there is a concept of ‘decoupling’ that can reduce greenhouse gas while maintaining economic growth. Recently, the relationship between economic growth and greenhouse gas emissions has been weakening in some developed countries. Decoupling occurs in some countries and industries. However, decoupling varies by country and industry. The manufacturing industry accounts for one-third of Korea's greenhouse gas emissions. In previous studies, Korean coupling, Germany unclear, and Japanese decoupling. This study analyzed the causes of decoupling in the steel industry. In my research, I used raw data on crude steel production, production methods, and imports of raw materials for steel, semi-finished products, and finished products in Korea, Germany, and Japan. The structure and characteristics of the steel industry of the three countries were examined, and the reasons for the different results of decoupling in each country were analyzed. In conclusion, it was confirmed that the decoupling of the steel industry may vary depending on the production method and the difference in imports of raw materials and intermediate goods. In conclusion, I suggested a policy for the decoupling of the Korean steel industry. 파리협정 발효와 이후 이행규칙이 채택되면서 온실가스 감축에 대한 국제적 압박이 강화되었다. 이에 따라 우리나라를 비롯한 선진국들은 온실가스 감축 정책에 우선순위를 두고 다양한 감축 방안을 실행하고 있다. 다만, 이러한 국제적 압박과 적극적인 감축 방안의 실행이 각 국가 및 산업의 발전을 저해한다는 주장이 있으며, 이러한 논란은 개발도상국에서 더 강하게 제기되고 있다. 이러한 상황에서 경제성장을 지속하면서도 온실가스를 감축할 수 있는 ‘탈동조화’의 개념이 주목을 받고 있다. 최근 일부 선진국을 중심으로 경제성장과 온실가스 배출량 간의 동조화 관계가 약화되는 현상을 보이고 있으며. 국가와 산업에 따라서 탈동조화 추세가 나타나기도 한다. 하지만 이러한 현상은 국가별, 산업별로 상당한 차이를 보인다. 이에 본 연구에서는 우리나라 온실가스 직접배출량의 1/3을 차지하고 있는 제조업 중 선행연구를 통해 한국은 동조화, 독일은 불분명, 일본은 탈동조화에 해당된다는 결론이 제기된, 철강산업의 탈동조화 원인을 분석하였다. 이를 위해 우리나라와 독일, 일본의 조강생산량과 생산방식에 따른 생산량, 철강 원재료 및 중간재, 반제품, 완제품 수입량 등의 기초자료를 활용하여, 세 국가의 철강산업 구조와 특징을 살펴보고, 각 국가의 탈동조화 분석 결과가 상이하게 도출되는 원인을 분석하였다. 결론적으로 생산방식과 원재료 및 중간재 등의 수입량 차이에 따라 철강산업의 탈동조화 여부가 달라질 수 있음을 확인하였으며, 우리나라 철강산업의 탈동조화 전망과 정책적 함의를 도출하였다.

분리행위(decoupling)의 비판적 고찰: 원전비리 사건을 중심으로

김윤호 ( Yoonho Kim ) 한국행정학회 2016 韓國行政學報 Vol.50 No.1

본 연구는 Meyer & Rowan(1977)이 주장하는 분리행위의 이점(advantages) - 환경에서의 정당성확보로 인한 생존 - 에 대해 의문을 제기하고, 오히려 이러한 행위의 고착화는 조직 생존에 위협을 줄 수도 있다고 제안한다. 분리행위가 부정적 상황으로 조직을 이끄는 조건들을 2012년 드러난 한국수력원자력(한수원)의 원전비리 사례를 통해 탐색해 본다. 특히 분리전략의 사용으로 인해 조직이 형식주의, 온정주의, 그리고 집단사고의 폐해로 귀착될 수 있는 가능성에 주목한다. 분석결과에 의하면, 분리전략을 사용하는 조직이 강력한 정치적권력 또는 시장의 독점성을 지닐 경우 외부의 허술한 감시체제로 인해 제도의 형식화 - 법규위반 행위 - 는 장기화되어 나타나고, 조직 내에서 이러한 행위는 마치 관행처럼 당연한 것으로 받아 들여 지게 된다. 그러나 ``맥락의 변화``가 발생하게 될 때 기존의 관행은 공식화된 범법행위가 되어버린다. 결국 분리행위의 혜택은 제한된 조건에서 또는 한시적으로만 나타나는 현상으로 한정지울 필요가 있다. 분리행위(decoupling)는 사회학적 신제도론의 핵심적 개념 중의 하나임에도 불구하고 제도의 동형화 및 확산에 비해 학술적 연구가 매우 미흡하였다. 따라서 본 논문은 기존연구에서 방치된 간극(gap)을 메운다는 점에서 학술적 의미를 지닌다고 하겠다. This study raises doubts about the advantages of decoupling-i.e., increased survival prospects in an environment due to the assurance of legitimacy-as suggested in Meyer & Rowan (1977). It argues that adherence to decoupling strategy could instead threaten an organization`s survival. By analyzing the nuclear power plant corruption case in Korea in 2012, this study investigates conditions in which decoupling strategy leads an organization to unfavorable situations. The author pays special attention to the possibility that an organization could arrive at destructive practices like formalism, paternalism, and group think. According to the research results, when an organization using decoupling strategy is politically powerful or monopolizes a market, the formalization of institutions-i.e., violation of laws-occurs over a long period of time. In turn, this behavior becomes accepted, like a custom. However, if the context changes, the established custom may then be seen officially as illegal conduct. In short, it is necessary to qualify the advantages of decoupling strategy as those that appear under limited or temporary conditions. Although decoupling is one of the key concepts in the new institutionalism in sociology, compared to isomorphism or diffusion of institutions it has rarely been studied. Thus, this study makes a scholarly contribution in that it fills the gaps left by previous literature.

The Effect of Intangible Investments on Earnings Decoupling

Hyuna Kim(김현아),Sun-young Park(박선영) 한국국제회계학회 2017 국제회계연구 Vol.0 No.76

기업의 이익성과가 시장 및 산업특유요인보다는 기업특유요인에 의해 결정되며, 기업의 이익 특이성 정도는 무형자산성지출에 영향을 받기 쉽다고 알려져 있다. 본 연구는 이러한 맥락에서 무형자산성지출 중 연구개발지출, 광고선전비, 그리고 교육훈련비와 기업이익특이성 간의 관계를 분석하는 것을 목적으로 한다. 무형자산성지출의 이익특이성을 바라보는 관점은 두 가지가 있다. 첫 번째는 자원기반관점으로 무형자산성지출은 모방되기 어려우며, 지속적인 경쟁우위를 창출하는 경영전략의 결정적 요인이 된다는 것이다. 두 번째는 공공재관점으로 무형자원은 도용에 민감하기 때문에 공공재가 되기 쉽고 기업의 경영성과 또한 공공적 자원이 되기 쉽다는 것이다. 따라서 본 연구에서는 무형자산성지출에 대한 두 가지 이론 중 어떠한 이론이 좀 더 타당한지 살펴보고자 한다. 연구 결과, 당기총연구개발지출은 기업의 이익특이성을 증가시키고 있음을 확인하였다. 당기총연구개발지출 중 비용화된연구개발지출은 양(+)으로 유의하여 기업의 이익특이성을 증가시켰으나, 자본화된연구개발지출은 유의하지 않았다. 즉, 연구개발지출을 자본화시키는 것보다 비용화시키는 것이 기업의 이익특이성을 증가시키는 회계선택임을 알 수 있다. 또한 연 구개발스탁은 음(-)으로 유의하여 기업의 누적된 연구개발지출은 이익특이성을 감소시키는 것으로 나타났다. 이는 연구개발지출이 단기적으로는 경제적으로 다른 기업과 구별되게 함에도 불구하고, 장기적으로는 결국엔 기업들 사이에 이익의 공통적인 부분을 낳는다고 해석할 수 있다. 광고선전비는 이익특이성과 관련성이 없는 것으로 나타났으며, 교육훈련비는 음(-)으로 유의하게 나타나 기업이 교육훈련비를 증가시킬수록 이익특이성이 감소됨을 알 수 있다. 이는 기업의 높은 교육훈련을 통해 창출된 우수한 인재가 이직함으로써 얻게 되는 손실이 생길 수 있음을 뜻한다. 본 연구는 무형자산성지출와 기업특유이익간의 관계를 실증적으로 밝혔다는 점과 무형자산성지출의 자원기반관점 대 공공재 관점의 상대적 설명에 대한 실증적 증거를 제공하였다는 점에 공헌점이 있다. Prior studies document that a firm’s earnings performance is determined by firm-specific factors rather than market and industry level factors. Recent evidence also suggests that a firm’s earnings result from firm’s unique capabilities and intangible investment. We examine the effect of intangible investment such as R&D expenditure, advertisement expense, and educational and training expense on earnings decoupling. There are two relative views for the relationship between intangible investment and earnings decoupling. First, the resource-based view argues that intangible investment is hard to be replicated and it affects decoupling in firms’ earnings performance. Second, the public-good views insist that intangible assets are susceptible to expropriation. Hence, firm’s performance is likely to be a public good. Therefore, we seek to find which view is the more rational, the resource-based or the public-goods views. The empirical results of this study reveal that current R&D expenditure is positively associated with the earnings decoupling. Interestingly, current capitalized R&D expenditure is not significant but current expensed R&D expenditure is positively associated with the earnings decoupling. Thus, firms need to select accounting choice of expensed R&D expenditure rather than capitalized R&D expenditure to enhance earnings decoupling and to differentiate themselves economically from their rivals. We also find there is negative impact of R&D stock on earnings decoupling. This result suggests that R&D investments allow firms to differentiate themselves economically in the short-run, but the dominant effect of R&D investments will be to generate economic commonalities in the long run. Advertisement expense does not explain earnings decoupling. Finally, we find there is negative and significant relation between educational and training expense and earnings decoupling. This finding indicates that if an employee who has become more capable through education and training resigns from a firm and changes jobs within the same field, a firm’s performance and rival’s performance are likely to move together. We show there is empirical evidence on the relationship between intangible investment and firm-specific earnings. Specifically, we document relative explanation of the resource-based versus the public-goods view of intangibles.

The Effect of Intangible Investments on Earnings Decoupling -Evidence from Korea-

김현아,박선영 한국국제회계학회 2017 국제회계연구 Vol.0 No.76

Prior studies document that a firm’s earnings performance is determined by firm-specific factors rather than market and industry level factors. Recent evidence also suggests that a firm’s earnings result from firm’s unique capabilities and intangible investment. We examine the effect of intangible investment such as R&D expenditure, advertisement expense, and educational and training expense on earnings decoupling. There are two relative views for the relationship between intangible investment and earnings decoupling. First, the resource-based view argues that intangible investment is hard to be replicated and it affects decoupling in firms’ earnings performance. Second, the public-good views insist that intangible assets are susceptible to expropriation. Hence, firm’s performance is likely to be a public good. Therefore, we seek to find which view is the more rational, the resource-based or the public-goods views. The empirical results of this study reveal that current R&D expenditure is positively associated with the earnings decoupling. Interestingly, current capitalized R&D expenditure is not significant but current expensed R&D expenditure is positively associated with the earnings decoupling. Thus, firms need to select accounting choice of expensed R&D expenditure rather than capitalized R&D expenditure to enhance earnings decoupling and to differentiate themselves economically from their rivals. We also find there is negative impact of R&D stock on earnings decoupling. This result suggests that R&D investments allow firms to differentiate themselves economically in the short-run, but the dominant effect of R&D investments will be to generate economic commonalities in the long run. Advertisement expense does not explain earnings decoupling. Finally, we find there is negative and significant relation between educational and training expense and earnings decoupling. This finding indicates that if an employee who has become more capable through education and training resigns from a firm and changes jobs within the same field, a firm’s performance and rival’s performance are likely to move together. We show there is empirical evidence on the relationship between intangible investment and firm-specific earnings. Specifically, we document relative explanation of the resource-based versus the public-goods view of intangibles.