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權奇淨,정우 中央醫學社 1968 中央醫學 Vol.15 No.5
Congenital esophageal stricture is an infrequent cause of neonatal or infantile esophageal obstruction. Waterston and others (1962) have pointed out that many of the children in whom congenital stenosis of the esophagus was formerly diagnosed, in fact, have inflammatory strictures secondary to hiatus hernia and esophagitis. Nevertheless, a certain number of congenital esophageal stricture do occur in the absence of hiatus hernia and/or esophagitis. Case of congenital esophageal stenosis due to fibrous strictures and webs or lower esophageal ring (Schatzki's ring) have been described, though they are not common. We have recently encountered a case of congenital stenosis of the esophagus caused by a ring containing cartilages and giving rise to the same clinical and radiological manifestations as those of achalasia.
권기정 한국경영교육학회 2013 경영교육연구 Vol.28 No.4
This paper examines how R&D investment which proxies for technology innovation influences a firm’s value in accordance with a firm’s size and market structure on the basis of Schumpeterian hypothesis in listed companies on the Korean stock markets over the period from 2001 to 2011. For more precise investigations, this paper divides total samples into several subgroups according to a firm’s size and market structure. Empirical results reveal that R&D investment has nonlinear relationship with a firm’s value in accordance with a firm’s size, and market structure. The result reveals R&D investment is nonlinearly related to market value of equity with the S and U-shape in accordance with the size of assets which proxies for a firm’s size. The results also offers that inverted U-shape relationship exist between R&D and a firm’s value with according to the size of sales. Moreover the empirical results also presents that R&D has inverted U-shape nonlinear relationship with market value of equity in according to the size of R&D intensity which substitute for market entry barrier. These results are partially not the same with Schumpeter(1942) and follow up researches which show inverted U-shape between R&D investment and a firm’s size and market structure. From these empirical results, this paper concludes that R&D plays an important role in valuing a firm’s value; however the value relevance function is not linear but nonlinear shape in the Korean stock markets. The result of this paper indicates that new valuation model is necessary for reflecting nonlinear relationship between technology innovation and a firm’s value. This paper examines how R&D investment which proxies for technology innovation influences a firm’s value in accordance with a firm’s size and market structure on the basis of Schumpeterian hypothesis in listed companies on the Korean stock markets over the period from 2001 to 2011. For more precise investigations, this paper divides total samples into several subgroups according to a firm’s size and market structure. Empirical results reveal that R&D investment has nonlinear relationship with a firm’s value in accordance with a firm’s size, and market structure. The result reveals R&D investment is nonlinearly related to market value of equity with the S and U-shape in accordance with the size of assets which proxies for a firm’s size. The results also offers that inverted U-shape relationship exist between R&D and a firm’s value with according to the size of sales. Moreover the empirical results also presents that R&D has inverted U-shape nonlinear relationship with market value of equity in according to the size of R&D intensity which substitute for market entry barrier. These results are partially not the same with Schumpeter(1942) and follow up researches which show inverted U-shape between R&D investment and a firm’s size and market structure. From these empirical results, this paper concludes that R&D plays an important role in valuing a firm’s value; however the value relevance function is not linear but nonlinear shape in the Korean stock markets. The result of this paper indicates that new valuation model is necessary for reflecting nonlinear relationship between technology innovation and a firm’s value.
권기정 한국국제회계학회 2015 국제회계연구 Vol.0 No.62
This paper explores the comparative value relevance of book value, accounting earnings, net cash flows, operating income, and net operating cash flows in listed Korean stock markets from 2000 to 2013. Especially this study classifies sample data into several subgroups according to firm size (large enterprise vs. small and medium-sized enterprises), financial markets (KOSPI vs. KOSDAQ), technology level (high technology companies vs. low technology companies), and economic conditions (before and after global financial crisis) to examine the value relevance change among main variables. The empirical evidence of this paper shows that net cash flows are most value efficient for the small and medium-sized, KOSDAQ, high-tech, low-tech, and pre-GFC groups, while operating income ranks first for the big firm, KOSPI, and post-GFC groups; accounting earnings are the least value-relevant for the high-tech, low-tech, and pre-GFC groups. Net cash flows are the most value-relevant factor before the GFC and the least after it. These results suggest that the comparative value relevance of book value, accounting earnings, net cash flows, net operating cash flows, and operating income mainly depends on firm size, financial market, technology level, and the GFC in listed Korean stock markets.
The Association of Three Types of Cash Flows and R&D Investment
권기정 한국자료분석학회 2010 Journal of the Korean Data Analysis Society Vol.12 No.4
This paper investigates the relevance between R&D investment and operating cash flow(cash flow from operating activities), investment cash flow(cash flow from investment activities), and financial cash flow(cash flow from financing activities) over the period of 2000-2008 in Korean security market. Especially, the study splits samples into several groups by firm size and technology level. Empirical results show while operating cash flow is positively related to R&D investment, investment cash flow and financial cash flow are negatively associated with R&D investment. This results suggest that operating cash flow is the most important source of R&D investment among three types of cash flows in cash flow statement. The result also indicate that the relevance between three types of cash flows in cash flow statement and R&D investment differs according to firm size and technology level.
권기정 한국자료분석학회 2008 Journal of the Korean Data Analysis Society Vol.10 No.6
This paper investigates whether ordinary R&D expenditure can be capitalized. To do this, the paper empirically examines the time lag impact of ordinary R&D expenditure on firm's productivity in the Korean stock markets. Through this empirical research we can test whether ordinary R&D expenditure can create future potential of cash flows. Empirical results support hypothesis 1 [ordinary R&D expenditure has positive impact on firms' productivity] and hypothesis 2[ordinary R&D expenditure has time lag impact on firms' productivity] . This show that ordinary R&D expenditure has impact on firm's productivity and the time interval of ordinary R&D expenditure impact on firm's productivity is from 1 to 12 year. This result suggests that ordinary R&D expenditure is an asset can create firm's future cash flows. 이 연구는 경상연구개발비의 자본화 가능성을 검증하고자 하였다. 이를 위해 우리나라 상장기업을 대상으로 경상연구개발비가 기업 생산성 향상에 시차적인 영향을 주는지를 분석하였다. 경상연구개발비가 기업 생산성 향상에 얼마정도의 기간 동안 영향을 미치는지를 분석함으로써 경상연구개발비의 자본화 가능성을 증명하고자 하였다. 이를 위해 이 연구에서는 [H1: 경상연구개발비는 생산성에 정(+)의 영향을 미친다] 와 [H2: 경상연구개발비는 생산성에 시차적인 영향을 미친다] 라는 두 가지 가설을 설정하여 이를 검증하였다. 실증분석결과 이 연구의 가설1 [H1: 경상연구개발비는 생산성에 정(+)의 영향을 미친다] 은 지지되었고, 가설2 [H2: 경상연구개발비는 생산성에 시차적인 영향을 미친다] 도 지지되었다. 특히 경상연구개발비는 생산성에 최소 1년에서 최장 12년 후에까지 영향을 미치는 것으로 나타났다. 이러한 분석결과는 경상연구개발비가 미래의 현금흐름 잠재력을 가진 자산으로서의 성격을 갖고 있으며, 또한 현재의 회계실무가 어느 정도 개선될 필요가 있다는 것을 의미하고 있다.
조직구성원의 메타인지가 직무성과에 미치는 영향: 학습민첩성의 매개효과와 직무자율성의 조절효과를 중심으로
권기정,신제구 한국경영컨설팅학회 2022 경영컨설팅연구 Vol.22 No.3
In an uncertain and rapidly changing business environment, an organization's competitive advantage and performance creation depend on the capabilities of its employee. The purpose of this study is to present metacognition as a new competency type of employees to secure organizational competitiveness in a business environment that is deteriorating due to the prolonged pandemic. At the same time, by examining the mediating effect of learning agility and the moderating effect of job autonomy, a mechanism that can maximize the effectiveness of metacognition affecting job performance shall be verified. To test the hypothesis, it has conducted a questionnaire survey on office workers working in various industries in Korea and analyzed using SPSS PROCESS Macro and AMOS based on 478 questionnaires collected. To overcome the common method bias by separating the measurement period of independent and dependent variables and also the position, age, and educational background were applied as control variables. As a result of the study, first, it was confirmed that the employee’s metacognition had a positive effect on job performance. Second, learning agility was confirmed to positively mediate the relationship between metacognition and job performance, and the indirect effect of metacognition improving job performance via learning agility was confirmed. Third, the moderating effect of job autonomy was verified in the relationship between learning agility and job performance. Therefore, it was confirmed that the relationship between learning agility and job performance was strengthened by job autonomy. This study contributes to the expansion and development of existing research on employee competency by empirically verifying the mechanisms and boundary conditions between metacognition and job performance of employees. In addition, this research has a discriminatory meaning by the empirical approach of ‘Learning Agility Conceptual Model’ proposed by DeRue et al. (2012). It might be very first academic try in Korea to apply the conceptual DeRue’s Model into the real organizational employee as a sample and bring out the empirical results. Based on the research results, theoretical and practical implications in the field of organization were presented, and the limitations of this study and future research directions were discussed. 불확실하고 급변하는 경영환경 변화에서 조직의 경쟁우위와 성과 창출은 구성원의 역량에 달려있다. 본 연구의 목적은 팬데믹의 장기화로 악화되고 있는 경영환경 속에서 조직의 경쟁력 확보를 위해 메타인지를 조직구성원의 새로운 역량 유형으로 제시하고자 하였다. 동시에 학습민첩성의 매개효과와 직무자율성의 조절효과를 검증하여 메타인지가 직무성과에 영향을 미치는 효과성을 극대화할 수 있는 메커니즘을 탐색하고자 하였다. 가설검증을 위하여 국내 다양한 업종의 300명이상의 기업에 근무하는 직장인들을 대상으로 설문을 실시하여 수집한 478부의 설문자를 토대로 SPSS PROCESS Macro 와 AMOS를 활용하여 분석하였다. 독립변수와 종속변수의 측정 시기를 분리하는 등 동일방법편의를 극복하고자 하였으며 직급과 연령, 학력을 통제변수로 적용하였다. 연구결과, 첫째, 조직구성원의 메타인지는 직무성과에 긍정적 영향을 미치는 것으로 확인되었다. 둘째, 학습민첩성은 메타인지와 직무성과의 관계를 정(+)의 매개하는 것으로 확인되어, 메타인지가 학습민첩성을 경유하여 직무성과가 향상되는 간접효과가 확인되었다. 셋째, 학습민첩성과 직무성과의 관계에서 직무자율성의 조절효과를 검증하였다. 따라서 학습민첩성과 직무성과의 관계는 직무자율성에 의해 강화되는 것을 확인하였다. 본 연구는 조직구성원의 메타인지와 직무성과 간 메커니즘과 경계조건을 실증적으로 검증함으로써 기존의 구성원 역량에 관한 연구를 확장, 발전에 기여한다. 또한 DeRue et al.(2012)이 제안한 학습민첩성 개념모델을 연구모형에 적용하여 국내 조직구성원을 표본으로 실증한 데 차별성을 가진다. 연구 결과를 바탕으로 이론적 시사점과 더불어 조직 현장에서 필요한 실무적 시사점을 제시하고, 연구의 제약점과 향후 후속 연구 방향을 논의하였다.
권기정 한국자료분석학회 2008 Journal of the Korean Data Analysis Society Vol.10 No.4
This study empirically examine the impact of firms' Training expenditure on productivity in the Korean stock markets. Especially we also test the difference impact degree between KSE(Korea Stock Exchange) and KOSDAQ(Korea Securities Dealer's Automated Quotations). The test samples are divided by three periods: 1997-2002, 1998-2003, 1999-2004. The empirical results show that hypothesis 1[H1: Ordinary training expenditure has impact on firms' productivity in the KSE] is supported but hypothesis 2[H2: Ordinary training expenditure has impact on firms' productivity in the KOSDAQ] is not supported. This results suggest that training expenditure has significant influence on firms' productivity not in the KOSDAQ, but in the KSE. We attribute this difference to firms' characteristics of KOSDAQ and KSE. So in the future study it is necessary to investigate the cause of this difference. 본 연구에서는 우리나라 유가증권시장 기업 및 코스닥시장 기업을 대상으로 교육훈련투자가 생산성 향상에 직접적인 영향을 주는지를 검증하고자 하였다. 특히 본 연구에서는 유가증권시장과 코스닥시장을 함께 분석함으로써 두 시장에 속한 기업들 간에 있어 교육훈련투자의 생산성 향상의 차이점이 존재하는지도 살펴보고자 하였다. 분석결과 본 연구의 가설1 [H1: 유가증권시장 기업에서의 교육훈련투자는 생산성향상에 영향을 미친다]은 지지되고 있으나, 가설2 [H2: 코스닥시장 기업에서의 교육훈련투자는 생산성향상에 영향을 미친다]는 지지되지 못하고 있다. 이러한 결과는 유가증권시장과 코스닥시장이 갖고 있는 특성에서 기인한 것으로 생각된다. 따라서 향후 연구에서는 이러한 차이가 어디에서 발생하였는지를 밝히는 것이 필요할 것으로 보인다.
권기정 강원대학교 경영경제연구소 2023 Asia-Pacific Journal of Business Vol.14 No.4
Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin’s Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.
권기정 한국국제회계학회 2013 국제회계연구 Vol.0 No.51
This study examines the nonlinear value relevance of donation expenditure which proxies for corporate social responsibility activity in companies on the listed Korean stock markets over the period of 2002-2011. Moreover, this paper divides data samples into several subgroups such as financial markets(KOSPI vs. KOSDAQ), firm size(big firm vs. small and medium firm), technology level(high tech vs. low tech), net income(profit firm vs. loss firm), financial structure(high debt ratio vs. low debt ratio) to investigate the value relevance changes of donation expenditure. Empirical results presents that donation expenditure has inverted U-shape relationship with a firm's value. In addition, in all subgroup except small and medium companies and low debt ratio companies group, donation expenditure shows inverted U-shape value relevance. This result suggests that adequate donation expenditure promote a firm's value, but excessive donation rather decrease a firm's value. However, this paper has several limits; first, this paper doesn't perform time-series and multi-period value relevance analysis. second, even this paper investigates the value relevance change according to firm's financial and nonfinancial characteristics, but this paper does not explore what give rise to the inverted U-shape relationship between donation expenditure and firm value. These limits need to be investigated in follow-up studies. 이 연구는 우리나라 유가증권시장 상장기업을 대상으로 2002년에서 2011년까지의 기간에 걸쳐 기부금이 기업가치에 어떠한 영향을 주는지를 검증하고자 하였다. 특히 이 연구에서는 기부금이 과도하게 지출되면 오히려 기부금 지출이 기업가치를 감소시킨다고 가정하여 [기부금은 기업가치와 역U자형 관련성을 가질 것이다]라는 가설을 설정하고 이를 검증하였다. 이를 위해 이 연구에서는 기부금이 기업가치에 어떠한 영향을 미치는지를 선행연구에서 이용된 연구모형(Ohlson, 1995)과 연구방법(Morck et al., 1988)을 차용하여 분석하였다. 또한 이 연구는 선행연구와는 차별화하여 표본집단을 소속된 자본시장(코스피 vs 코스닥), 기업규모(대기업 vs. 중소기업), 기술수준(하이테크 기업 vs. 로우테크 기업), 영업성과(당기순이익기업 vs. 당기순손실기업 등), 재무구조(높은 부채비율 기업 vs. 낮은 부채비율 기업) 등에 따라 세분화하여 분석함으로써 연구의 강건성을 높이고자 하였다. 실증분석결과 전체기업에서는 기부금이 기업가치와 역 U자형 관련성이 있는 것으로 나타났다. 연구의 강건성을 위해 표본집단을 소속시장, 기업규모, 기술수준, 부채비율 등에 따라 구분하여 분석을 하였는데, 그 결과 중소기업과 부채비율이 하위 50%인 기업집단을 제외하고 모든 하부 기업집단에서 기부금이 기업가치에 역U자형 영향을 미치는 것으로 나타났다. 이러한 결과는 적정한 기부금의 지출은 기업가치를 증가시키지만, 과도한 기부금은 오히려 기업가치를 감소시키는 결과가 될 수 있다는 것을 나타내주고 있다. 그러나 이 연구에서는 다음과 같은 한계점을 가지고 있다. 첫째, 이 연구에서는 기부금의 당해연도 기간동안만의 기업가치관련성을 살펴보았을 뿐, 시계열적이고 다기간에 걸친 분석은 하지 못했다는 한계점을 갖고 있다. 향 후 연구에서는 다기간에 걸친 기부금의 가치관련성을 분석함으로써 기부금의 자본화여부에 대한 증거를 제시할 수 있을 것으로 기대된다. 둘째, 이 연구에서는 기부금의 가치관련성의 U자형 형태를 검증하였으나, 그러한 형태가 나타나는 원인에 대한 심층적인 조사는 하지 못하였다. 후속 연구에서 이러한 현상이 나타나는 원인에 대한 분석을 한다면, 기부금의 가치관련성 형태 변화에 대한 중요한 증거를 제시할 수 있을 것으로 기대된다.