불확실한 기업환경에서 경영자 이익예측과 발생액의 관계

권수영(Soo Young Kwon),최경수(Kyong Soo Choi),김경혜(Kyung Hye Kim) 한국경영학회 2012 經營學硏究 Vol.41 No.2

In this paper, we examine the association between errors in management forecasts of subsequent year earnings and current year accruals. Since a firm is often faced with uncertain operating environment, managers` judgements about their firms` business prospects inevitably involve errors. These errors significantly affect the accruals generation process and earnings prediction, implying that the management forecasts of subsequent year earnings and current year accruals can contain common errors. Thus, we expect that the management earnings forecasts for the subsequent year are more optimistically (pessimistically) biased when current year accruals are relatively high (low). To test our expectation, we collect management earnings forecasts for fiscal years 2002-2009 from Financial Supervisory Service`s Data Analysis, Retrieval and Transfer System (DART). Our results are given as follows. First, consistent with our expectation, we find a positive association between subsequent year management earnings forecasts errors and current year accruals. Second, we show that while this positive association is significant when operating uncertainty or macroeconomic uncertainty is high, it is not significant when operating uncertainty or macroeconomic uncertainty is low. This result supports our conjecture that managers who cope with high uncertain operating or macroeconomic environments make substantial errors in assessing the firm`s business prospects and generating accruals, thus resulting in the positive association between management forecast errors and year accruals. Third, this positive association is significant when the manager`s reporting flexibility is high, but is nonexistent when the manager`s reporting flexibility is low. This finding provides additional evidence to our conjecture that manager`s imperfect assessments of their business prospects, which is reflected in both management earnings forecasts and accruals, induce the positive association between management earnings forecasts errors and accruals. Collectively, these results highly substantiate our argument that the positive association between management earnings forecasts errors and accruals is generated by the manager`s unintentional errors in assessing the firms` business prospects. Meanwhile, one alternative explanation for this positive association is that in order to reap private benefits, managers simultaneously manipulate accruals upward (downward) and predict future earnings optimistically (pessimistically). Thus, in the supplementary analysis, we examine whether the positive association between management earnings forecasts errors and accruals arises from managers` intentional misrepresentation of earnings forecasts and accruals. Our result shows that this positive association is significant when earnings forecasts and accruals likely contain managers` real judgements about firms` business prospects, but is not significant when both earnings forecasts and accruals are likely affected by managers` intentional misrepresentation (errors). Based on this result, it naturally follows that the positive association between management earnings forecasts errors and accruals is virtually generated by managers` unintentional errors, not by the managers intentional errors. In Korea, to the best of our knowledge, our paper is one of the few study which explores the relation between voluntarily disclosed information (management earnings forecasts) and mandated reported information (accruals). We provide the strong evidence that the positive association between management earnings forecasts errors and accruals exists because of managers` unintentional errors in assessing the firms` business prospects. These unintentional errors are definitely different from the managers` intentional errors dealt by most of prior studies. We expect that this might improve our understanding of the informational value of management earnings forecasts, with the corresponding implications for inves

영적 지향성을 가진 기독(목회)상담

권수영(Soo-Young Kwon) 연세대학교 신과대학(연합신학대학원) 2013 신학논단 Vol.72 No.-

More recently, many psychotherapeutic clinicians offer the means to initiate a spiritual quest, the so-called “spiritually oriented psychotherapy,” since psychotherapy provides a context and a process to address fundamental existential issues and matters of religious faith. They might have to take into consideration the influence of religious faith on the psyche and the way the patients and/or clients function in life. They have often focused more on the psychological function of spirituality rather than the theological content of spirituality. This article explores the notion that the theological content of Christian spirituality has heuristic values for the spiritually oriented Christian (pastoral) counselors in order for them to pay attention to the integration of the content and function of spirituality among Christian clients. The researcher will first expound and contrast the attitudes to spirituality evidenced in The Cloud of Unknowing and Gregory Palamas both living in the fourteenth century because their theological and practical (functional) differences emerge in this comparison, including attitudes to the feeling, will, and body, and these differences would show representing characteristics of an East/West differences in Christian spirituality. While the anonymous author of The Cloud of Unknowing holds an upward quest into darkness, in which the concurrence of the human will is essential, Gregory Palamas in the East emphasizes the downward orientation into the human body (descent of the mind into the heart). A clinical case is presented that illustrates ways of integrating the different theologies implicit in Western and Eastern orthodox spirituality in terms of how the theological content functionally works for the client’s experience of the union of God in a counseling session. It is argued that different spiritual theologies might be used together to be fully aware of God’s presence and energies in the practice of a spiritually oriented Christian (pastoral) counseling. More recently, many psychotherapeutic clinicians offer the means to initiate a spiritual quest, the so-called “spiritually oriented psychotherapy,” since psychotherapy provides a context and a process to address fundamental existential issues and matters of religious faith. They might have to take into consideration the influence of religious faith on the psyche and the way the patients and/or clients function in life. They have often focused more on the psychological function of spirituality rather than the theological content of spirituality. This article explores the notion that the theological content of Christian spirituality has heuristic values for the spiritually oriented Christian (pastoral) counselors in order for them to pay attention to the integration of the content and function of spirituality among Christian clients. The researcher will first expound and contrast the attitudes to spirituality evidenced in The Cloud of Unknowing and Gregory Palamas both living in the fourteenth century because their theological and practical (functional) differences emerge in this comparison, including attitudes to the feeling, will, and body, and these differences would show representing characteristics of an East/West differences in Christian spirituality. While the anonymous author of The Cloud of Unknowing holds an upward quest into darkness, in which the concurrence of the human will is essential, Gregory Palamas in the East emphasizes the downward orientation into the human body (descent of the mind into the heart). A clinical case is presented that illustrates ways of integrating the different theologies implicit in Western and Eastern orthodox spirituality in terms of how the theological content functionally works for the client’s experience of the union of God in a counseling session. It is argued that different spiritual theologies might be used together to be fully aware of God’s presence and energies in the practice of a spiritually oriented Christian (pastoral) counseling.

물적분할 후 신설 자회사의 상장: LG에너지솔루션 사례를 중심으로

권수영 ( Soo Young Kwon ),김용미 ( Yong Mi Kim ) 한국회계학회 2023 회계저널 Vol.32 No.3

최근 상장기업들이 핵심 사업부를 물적분할한 후 신설 자회사를 기업공개하면서 일반주주들의 반발이 이어졌다. 물적분할은 지배주주가 지배력을 유지하는 반면 일반주주는 상장 자회사를 간접 지배하게 되므로, 지배주주에게는 절대적으로 유리하지만 일반주주에게는 불리한 구조이다. 본 연구는 LG화학의 물적분할 사례를 중심으로 기업분할의 종류에 따른 차이점을 논의하고, 물적분할 이후 신설 자회사의 상장으로 인한 경제적 효과에 관하여 분석한다. 먼저, 물적분할과 신설 자회사의 기업공개에 관하여 분할기업인 LG화학의 주장에 대한 당위성을 검증하였다. 또한, 물적분할 후 상장이 LG화학의 기존 일반주주에게 미치는 경제적 영향과 분할기업의 기업가치에 미치는 영향을 살펴보았다. LG화학은 물적분할과 신설 자회사의 기업공개 목적이 용이한 외부자금조달에 있다고 밝힌바 있다. 분석 결과, 상대적으로 낮은 부채비율과 이자비용에 비추어볼 때 차입을 통한 자금조달 여력이 충분했음을 추정할 수 있다. 성장성이 높은 배터리 사업부문과 달리 다른 사업부문은 낮은 성장성을 보여 핵심 사업부문의 미래가치를 보고 투자한 일반투자자의 가치를 훼손했다는 비난을 면하기 어려워 보인다. 물적분할과 자회사 상장 이후 LG화학의 주식수익률과 순자산 시장가치-장부가치비율(Price-to-Book Ratio: PBR)은 하락하여 지주사 디스카운트 현상으로 인한 일반주주의 경제적 손실이 발생한 것으로 추정된다. 본 연구는 최근 사례를 활용하여 물적분할의 당위성을 평가하고 자본시장에 미치는 영향을 분석한다는 점에 있어 공헌점이 있다. 또한 본 사례를 통하여 분할기업 일반주주들의 주주권 보호를 위한 정책적 시사점을 제시한다는 점에서 의의가 있다. This study examines the recent split-off of LG Chem and the initial public offerings(IPOs) of LG Energy Solution. Critics argued that splitting a core division with high growth potential vertically is advantageous just for the controlling shareholders, while it incurs economic costs for the non-controlling shareholders. We first explain the difference between spin-off and split-off and investigate the rationale behind the split-off of LG Chem and the IPO of LG Energy Solution. Next, we examine how the event affected shareholders and the firm values. LG Chem argued that the purpose of split-off and the IPO of the new subsidiary is to facilitate external financing. However, relatively low debt-to-equity ratios and interest expense-to-liability ratios indicate that LG Chem was able to raise more capital without damaging shareholder values. The significant declines in cumulative abnormal returns and price-to-book ratio suggest that the holding company discount leads to the loss to the non-controlling shareholders. This study has contributions in evaluating the justification of the recent split-off and analyzing its economic impact on the shareholders. It also provides policy implications on protecting shareholder rights.

내 안에 문화 있다: 한국적 자기(self) 이해를 위한 체계적 구성

권수영(Soo Young Kwon) 한국기독교학회 2006 한국기독교신학논총 Vol.43 No.-

문화와 문화경험의 자리

권수영(Soo Young Kwon) 한국기독교학회 2004 한국기독교신학논총 Vol.35 No.-

This article proposes the need for building a critical and constructive model that more adequately addresses the formation of God representations in cultures other than Europe and America. Careful consideration of the location of culture and cultural experience is central to this enterprise. This study assesses the way in which current psychoanalytic interpretations of God representations limit cultural experience to internal, individual, and pre - linguistic processes and situate culture in the external world. This paper presents a challenge to this traditional approach by examining the crucial role of language and the culturally patterned interaction with cultural symbol that is manifested in Korean terms for God. For example, the Korean terms for God signify a cultural symbol of Korean Confucianism (i.e., heaven). The study revises current object relations theory by developing a model that incorporates psychological and cultural dimensions. Methodologically, this study critically examines Donald W. Winnicott` s object relations theory to assess its theoretical applicability to cultural as well as psychic realms. This study also explicates Melford Spiro` s psychological - anthropological method in order to examine the viability and value of bringing these two disciplines together to develop an expanded model of God representations as influenced by culturally patterned interactions in transitional spaces. The thesis of the article states that a holistic understanding of one`s God representations must include a consideration of the relationship between the mental images constructed through pre-linguistic interactions with primary care givers and cultural patterned interactions that are also represented through the use of language in the transitional space. This study points to the heuristic value for those who seek to avoid mono - cultural assumptions about God representations to offer culturally competent pastoral care and counseling.

기독(목회)상담에서의 영성 이해

권수영(Soo Young Kwon) 한국기독교학회 2006 한국기독교신학논총 Vol.46 No.-

통합보고(Integrated Reporting)의 현황과 기업보고서로의 당면과제 분석 -포스코 사례분석을 중심으로

권수영 ( Soo Young Kwon ),황유선 ( Yoo Sun Hwang ),허진숙 ( Jin Suk Heo ) 한국회계학회 2014 회계저널 Vol.23 No.6

International Integrated Reporting Council(IIRC) released International <IR> Framework on December 2013 for the purpose of providing potentional <IR> preparers with detailed guidelines and methods. In this study, we introduce the framework of International <IR>, explain six capitals and seven content elements, and summarize the papers in the integrated reporting literature. We also review POSCO``s integrated report to understand whether the integrated reporting is feasible and what the issues are in preparation of integrated reporting. Finally, we suggest the following aspects in order for integrated reporting to be settled as a business report: top managements’ commitment and continuous investment in integrated reporting, the balance between value creation and accountability, improvement in measures employed in integrated reporting, clarification of six capitals and seven content elements, assurance and legal liability associated with integrated report, and understanding of primary users`` needs.

우리나라 감사인의 산업전문성

권수영 ( Soo Young Kwon ),신현걸 ( Hyun Geol Shin ),정재연 ( Jae Yeon Jeong ) 한국회계학회 2007 회계저널 Vol.16 No.4

검토논문 : 감사품질의 결정요인과 경제적 효과에 대한 비판적 검토

권수영 ( Soo Young Kwon ),이한상 ( Han S Yi ),최종학 ( Jong Hag Choi ) 한국회계학회 2013 회계학연구 Vol.38 No.2

자본시장에서 한정된 경제적 자원이 효과적이고 효율적으로 배분되기 위해서는 회계정보의 신뢰성과 투명성, 그리고 이를 뒷받침하는 효과적인 감사와 높은 감사품질이 필수적이다. 따라서 감사품질은 회계정보의 제공자 및 이용자, 감사인, 규제당국 등의 주요한 관심주제이다. 본 연구는 학계와 업계 그리고 규제당국에서 주안점을 두고 있는 감사품질에 대한 학술적 연구를 체계적으로 소개하고, 실무와 규제당국에서 추진하는 정책을 살펴 그 연결고리를 견고하게 하고자 한다. 본 논문은 문헌과 자료를 이용한 실증연구들 중 감사품질을 다룬 논문들을 다음의 과정에 따라 비판적으로 검토한다. 우선, 감사품질을 정의하고 감사품질의 대용치를 감사인 특성과 투입변수 및 감사결과로 나누어 살펴본 후, 감사품질 관련 지표에 대하여 소개한다. 이어서 Francis(2011)의 분석수준 구분에 기초하여, 개별 회계사, 감사 사무실, 회계법인, 감사산업, 그리고 국가 간 분석수준으로 나누어 감사품질을 논의하고 있는 여러 연구들의 결과를 살펴본다. 또한 비감사보수, 피감회사의 경제적 중요성, 계속감사기간, 피감회사와의 인적 유대관계 등 감사인의 경제적 유인이 감사품질에 영향을 미치는 요인을 검토하며 감사품질 연구의 현황과 한계를 파악한다. 그리고 감사의 결과물이 자본시장에서 정보이용자들의 의사결정에 미치는 영향을 살펴본다. 마지막으로 현재 세계적으로 규제기관의 관심 대상이 되고 있는 감사품질 제고에 관한 현안을 이해함으로써, 규제기관들이 학술연구를 통해 무엇을 배울 수 있는가를 살펴본다. Reliability and transparency of accounting information accompanied by effective and high quality auditing are essential for capital markets to efficiently allocate limited economic resources. Accordingly, audit quality is of great concern to information users, auditors as well as regulators, among others. Making a link between current practice and expected regulatory developments clear, this survey paper provides an overview of academic auditing research that is germane to academics, practitioners and regulators. In particular, this paper focuses on archival empirical auditing research and reviews relevant literature as follows. First, this paper explores definitions of audit quality and reviews various proxies of audit quality by auditor characteristics, audit inputs, and audit outcomes. Second, following the analysis units in Francis (2011), the paper surveys main findings of audit research from studies of individual auditors, audit offices, audit firms, audit industries, and different jurisdictions. In addition, the paper critically reviews the effect of potential economic incentives of auditors on audit quality by looking at research on non-audit fees, auditor tenure, and social ties between auditors and management. Third, the paper also overviews papers that document the effects of audit outcomes on decision makings of information users of capital markets. Finally, the paper introduces ongoing global attempts of regulators to improve audit quality and points out some lessons from academic research for regulators.

한국농촌의 세방화(glocalization)

권수영(Soo-Young Kwon) 연세대학교 신과대학(연합신학대학원) 2014 신학논단 Vol.75 No.-