희곡 『거액의 돈』에 투영된 1986년 영국 금융빅뱅의 형상화: 비대칭적 이익배분의 개념을 중심으로

양오석(Oh Suk Yang) 한국외국어대학교 영미연구소 2004 영미연구 Vol.11 No.-

This paper mainly examines the evolutionary occasion of the financial Big Bang in 1986 and explores its outcomes in terms of an asymmetrical distribution of interest. To cover this issue, this paper utilizes Caryl Churchill"s Serious Money as an angle through which the relation between human greed and capitalism is examined. In fact, social scientists have paid little attention to this mixture of the humanities and social studies. Serious Money deals with the relation between human greed and capitalism that Caryl Churchill observed and recognized as a significant problem after the British Big Bang in 1986. Serious Money covers the nature of capitalism and explores its influence on actors in the financial policy community in the 1980s. The guiding research objective in this article is to discover how who-gets-what is an asymmetric reflection of demand from sectors or actors in the British financial policy community in the 1980s. The author"s short-cut answer to this question is that the challenges to the financial policy were not pure outcomes of the demands of economic actors or market forces. Rather, this article contends that a policy shift was the hybrid outcome of a combination of demands made by economic and political actors. All the characters in Serious Money are completely egotistical and materialistic. Big Bang reformed the London financial market and accelerated the capital in- and out-flows. However, the asymmetrical distribution of interest provided a distinct contrast to the positive impact of Big Bang on the cross-border capital flow: the actors in the financial community were divided into conflicting groups of the winners and the losers. Serious Money draws them as caricatures realistically and even depicts the epistemic understanding of human nature, society and international politics.

터키 경제 불확실성에 관한 예측 모델 비교 : 선형회귀트리, 의사결정트리, 인공신경망 모델

양오석(Oh Suk Yang) 한국이슬람학회 2021 한국이슬람학회논총 Vol.31 No.1

The main purpose of this article is to identify the optimal predictive model for predicting the economic uncertainty of emerging economies in Turkey. To do this, after obtaining a comprehensive set of related data, the final prediction model was selected by comparing predictive power between three models, such as a linear regression tree model, a decision tree model (bagging tree, random forest), and a neural network model, through a cross-validation technique. Key variables in a model include exchange rates, interest rates, stock markets, bond markets, economic atmosphere, counterparty risk, emerging country risk, and strategic import dependence. A series of economic indicators data for quantitative analysis used data from specialized database companies such as Thomson Reuters Datastream, Worldscope, Bankscope, and Osiris. The main finding is that the predictive power of the random forest model showed a relatively low MSE value compared to other predictive models, indicating its suitability as an optimal prediction model.

기업의 지식추구활동과 기업성과 간 관계에 대한 기업업력의 조절효과 연구

양오석(Oh Suk Yang),양지원(Ji won Yang) 한국경영교육학회 2014 한국경영교육학회 학술발표대회논문집 Vol.2014 No.12

본 연구는 통계분석을 이용해 OECD 10개 회원국의 기업을 대상으로 기업성과에 대한 R&D 투자의 시차 효과를 측정하였고, R&D 집중도와 성과간의 관계를 밝혔다. 또한 기업업력을 조절변수로 설정하여 기업업력의 영향을 받는 기업특유 속성에 대해 살펴보았으며, 분위수추정방식을 사용하여 R&D집중도와 기업성과 간의 상관관계 연구에 엄밀성을 더하였다. 연구결과 첫째, 고기술 산업에서 R&D 집중도는 기업 성과와 음(-)의 관계를 가지는 것으로 나타났다. 둘째, 고기술 산업에서 전기의 R&D집중도가 후기의 기업성과에 양(+)의 영향을 미친다는 사실을 고찰하였다. 셋째, 고기술 산업에서 중장기 R&D 활동에 대한 선호가 있는 것으로 나타났다. 넷째, 분위수 추정을 통해 R&D집중도와 기업성과 간의 관계는 고성장과 저성장 기업 간에 차이가 있음을 발견하였다. 다섯째, 고기술 산업에서 기업업력은 기업성과에 직접적으로 부정적 영향을 미치는 것으로 나타났다. 여섯째, 고기술 산업에서 기업업력은 R&D 집중도와 기업성과 간의 관계를 조절하는 것으로 나타났다. 본 연구는 OECD 회원국 가운데 뉴질랜드, 독일, 미국, 영국, 이탈리아, 일본, 캐나다, 프랑스, 핀란드, 한국의 고기술 산업에 속하는 기업들을 연구대상으로 하였다. 자료수집 가능성에 맞추어 표본은 1984년부터 2013년 사이에 기업 활동을 한 7,856개의 기업으로 하였다. We use a large dataset of 10 OECD member states(Canada, Finland, France, Germany, Italy, Japan, New Zealand, South Korea, United Kingdom, and United States) during the period 1984 - 2013, using 7,856 samples of private companies. This study examines the high technology industries' investment in R&D activities and its impact on the firm's performance and analyzes the moderating effect of firm age on the relationship between R&D investment and firm performance. In addition, We analyze the features of high technology industries' R&D activities considering the time-lag by quantile regression. These are our findings. First, in high-tech industry, R&D intensity and Firm performance showed a negative (-) relationship. Second, we investigated the fact that the former period of the high-tech industry's R&D intensity has a positive effect on the latter period of firm performance. Third, the high technology industries prefer mid-term and long-term R&D activities. Fourth, By quantile regression analysis, we found out that the relationship between R&D intensity and firm performance has a different impact on high or low growth firm. Fifth, in the high-tech industry, firm age has a negative effect on firm performance directly. Sixth, in the high-tech industry, Firm age has a moderating effect changing from negative relationship to positive relationship between R&D intensity and Firm performance.

강원지역 제조업체의 연구개발 활동과 기업성과 간 관계: 패널모형 추정

양오석(Oh-Suk Yang),한재훈(Jae-Hoon Han) 한국산업경영학회 2016 경영연구 Vol.31 No.3

본 연구는 강원지역 제조업의 경쟁력 강화방안을 모색하기 위해 강원지역 제조업체 750개를 대상으로 재무역량을 분석하였다. 재무역량 분석에서는 연구개발 모형을 중심으로 기업 혁신활동의 중요성을 고찰하였다. 종속변수는 기업의 수익성, 성장성, 생산성 등 세 가지 대표지표들이다. 예측 변수로 R&D 집중도를 설정하였고, 통제변수로 부채비율, 기업규모, 유동성비율 등 기업특유 재무속성과 국가경제규모를 거시경제적 통제변수로 삼았다. 또한 조절변수로는 기업업력을 선택하였다. 본 연구에 사용된 재무데이터는 전 세계 상장/비상장기업 재무 데이터를 제공하는 Orbis 자료를 활용하여, 영업이익을 기준(2013년)으로 선발된 강원도 상위 750대 기업의 자료이다. 이를 다시 KisValue, TS 2000, FnGuide 등에서 매칭하여 해당 기업에 관한 재무 데이터를 일차적으로 수집하고, 부족한 연구개발비 또는 수출 등에 대한 항목은 DART에서 제공되는 사업보고서를 활용하였다. 또한 단위 조정을 위한 환율변수는 한국은행 경제통계시스템을, 국내총생산(GDP) 지표는 세계은행(World Bank)과 OECD 홈페이지의 공시자료를 활용하였다. 연구시기로는 자료수집이 가능한 2001년부터 2014년으로 분석기간을 설정하였고, 통계프로그램은 STATA를 사용하였다. 분석기법으로는 패널모형을 사용하였고, 패널모형 결과 연구개발 혁신활동은 강원 제조업의 성장성을 단기 및 중장기적으로 강화하는 요인으로 나타났다. 반면 수익성과 생산성에 대해서는 단기적으로는 음(-)의 효과가, 중장기적으로는 양(+)의 효과를 미치는 것으로 나타났다. This paper explores the financial capabilities of 750 manufacturing companies from Gangwon province aiming at seeking for the ways of strengthening competitive advantages. The focus is on the significance of firms’ innovative activities paying attention to the Research & Development(R&D) Model. Dependent variable is the firm performance dividing into profitability, growth, and productivity. The predictor is R&D intensity accompanied by control variables including firm-specific attributes(debt ratio, firm size, liquidity ratio) and a macroeconomic attribute(economic size). The moderator is firm age. Data collection from Orbis covers top 750 firms in Gangwon province, which are chosen on the basis of their operating incomes for the year 2013. Firm-specific financial data comes from KisValue, TS 2000, and FnGuide, while additional data for R&D expenses and export comes from DART. Research time frame covers 2001 to 2014 to available data collection to good use in a statistical analysis utilizing STATA. As for an analytic technique, the panel model is employed to be compared each other. The result of panel regression shows that R&D strengthens growth for manufacturing from Gangwon province. In the meantime, it has negative relationship with profitability and productivity in the short run, whilst it has positive relationship with them in the long run.

터키 상업은행 성과 결정요인: 독점적 우위, 재무 능력, 효율성, 수익구조 다변화

양오석(Yang, Oh-Suk),한재훈(Han, Jae-Hoon) 한국이슬람학회 2018 한국이슬람학회논총 Vol.28 No.2

This paper explores the determinants of firm performance in Turkish commercial banks from the perspective of ownership advantages, financial capabilities, efficiency and the diversity of profit structure. The research time frame covers 1988 to 2017, and a positive analysis is employed for 43 Turkish commercial banks by collecting empirical data from Bankscope. The main findings are as follows: Tier 1 ratio, price to earnings ratio, firm age and non-interest income rato are positively correlated with firm performance, while risk-weighted assets ratio, coverage ratio, loan-to-deposit ratio, non-performing loan ratio, cost-to-income ratio and interest income ratio are negatively correlated with firm performance. As such, it is possible to conclude that as for Turkish commercial banks concerned, the main determinants of firm performance are financial capabilities and efficiency. In addition, it is noteworthy that they are currently employing more risk-weighted assets for the increase in profitability.

지역산업혁신체제-글로벌가치사슬(RIIS-GVC) 기반 지역주도형 혁신성장 전략과 지역성장 간 관계: 패널모형 분석

양오석(Oh-Suk Yang),정무섭(Moo-Sup Jung) 한국산업경영학회 2021 경영연구 Vol.36 No.1

이 글이 다루고자 하는 주요 질문은 “지역산업혁신체제와 글로벌 가치사슬의 연계에 기반 한 지역주도형 혁신성장전략이 지역성장에 기여하는가”이다. 분석을 위한 자료는 지역별 기술혁신조사 시계열 자료를 이용하여 고정효과 패널모형 분석에 투입하였다. 이 자료는 과학기술정책연구원이 1996년부터 지속적으로 수행해 온 국내 민간부문 혁신활동에 대한 통계조사 자료이다. 기업특유속성과 기업혁신활동을 통제변수로, 지역혁신체제와 글로벌 가치사슬을 예측변수로하는 연구모형을 채택하여, 패널모형을 적용한 실증분석을 실시하였다. 기업특유속성 가운데 매출액만 통계적으로 유의한 양(+)의 관계를 보여주었고, 기업혁신활동 가운데 제품혁신과 마케팅혁신은 통계적으로 유의한 음(-)의 관계를 보여주었고, 공정혁신은 양(+)의 관계를 보여주었다. 지역혁신체제에서는 정부지원제도활용과 혁신정보원천만이 통계적으로 유의한 양(+)의 관계를 보여주었다. GVC에서는 수출과 수입, 해외직접투자유출입 모두 통계적으로 유의한 양(+)의 관계를 보여주었다. 본 연구결과는 자원과 역랑에 기반한 기업특유속성과 기업혁신활동은 기업성과에 대한 중요성과 달리 지역경제에 대해서는 낮은 기여도를 보여 보완적인 이론 검토가 필요하다는 이론적 시사점을 제공한다. 또한 기업의 단기성과 추구형 특허가 보여주는 지역경제에 대한 낮은 기여도는 지역특화산업과 관련성이 적은 분야에 대한 연구개발 투자활동에 따른 실무적 문제점을 지적해준다. The guiding question to be addressed in this article is, does the regional industrial innovation system and global value chain contribute to regional growth? This paper employs the fixed effect panel model using the time series data of the regional technology innovation survey. This data is a statistical survey on domestic private sector innovation activities that the Institute for Science and Technology Policy has been conducting since 1996. An empirical analysis was conducted by adopting a research model that uses firm-specific attributes and firm innovation activities as control variables, and regional innovation system and global value chain as predictors. Among the firm-specific attributes, only sales showed a statistically significant positive relationship, among corporate innovation activities, product innovation and marketing innovation showed a statistically significant negative relationship, and process innovation showed a positive relationship. In the regional industry innovation system (RIIS), the use of the government support system and the innovation information source showed a statistically significant positive relationship. In GVC, both exports, imports, and foreign direct investment inflows and outflows showed a statistically significant positive relationship.

한국의 대중국 해외직접투자의 입지 결정요인에 관한 연구: 시장추구와 지식추구를 중심으로

양오석(Oh-Suk Yang),왕몽적(Meng-Di Wang) 한국무역연구원 2017 무역연구 Vol.13 No.6

This paper explores the locational determinants of Korean Companies’ FDI flows to China 26 regions by using panel data for the period 2004-2014. Concerning theoretical background, this paper is based on the conventional perspective consisting of the ownership-specific, location-specific, and internalization-specific advantages, especially the location-specific advantages. The main findings of this paper are as following. First, the market size and the number of HTIDZ (High Tech Industry Development Zone) are very significant factors in Korean investors’ choice of FDI location in China. Second, the geographic distance and the number of ETDZ (Economic Technology Development Zone) show negative and significant coefficients. Lastly, labor cost, trade openness, and infrastructure condition are not identified as significant determinants of Korean FDI in China. The main contribution of this study is to prove that the Korea’s investment motivation is turning from resource-seeking to knowledge-seeking. Additionally, this paper provides some empirical business implications for organizational managers and contributes to theoretical advancements.

불확실성과 관계자본에 대한 존재론적 일고찰: 행위자와 구조 관점

양오석(Oh Suk Yang),박준민(Jun Min Park) 한국인사조직학회 2017 인사조직연구 Vol.25 No.2

본 연구는 불확실성에 관한 기존 선행연구들이 탐색해 온 다양한 이론들을 중심으로 관계자본과 기업성과 간의 관계를 탐색하였는데, 특히 행위자 측면과 구조적 측면을 구분하여 불확실성에서 관계몰입, 관계성과, 재무성과까지의 선형관계를 탐색하였다. 불확실성에 직면한 기업이 취하는 거래특유투자 몰입이나 기회주의적 태도에 대한 전략적 선택 문제를 두고 선행연구들은 구조적 차원과 행위자적 차원에서 양자택일 하는 성향을 보여 왔다. 이와 달리 구성주의적 관점을 차용한 본 연구는 불확실성에 직면한 기업은 실체적 존재로서 구조적 측면에서의 대응과 행위자적 측면에서의 전략적 선택이 가능하며, 행위자 요소와 구조적 요소는 양방향성을 띠며 상호보완적이라는 결론에 도달하였다. 본 연구에서는 이와 같은 주장을 검증하기 위해 행동론적 분석에서 흔히 활용되는 프랜차이즈를 모집단으로 설정하여, 가맹점주 360명을 대상으로 획득한 설문자료를 바탕으로 통계분석을 실시하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 가맹점들은 미래에 대한 불확실성이 증대될 경우 조직 간의 구조적 안정성을 위하여 거래특유투자를 시도하는 반면, 내부적으로는 기회주의적인 행동이 발생한다는 것을 확인하였다. 둘째, 구조중심적 관점에서의 거래특유투자로 인해 형성된 관계의 규범화와, 행위중심적 관점에서의 기회주의적 행동으로 구현된 협력적 커뮤니케이션이 모두 관계몰입과 관계성과를 개선시키는 효과를 갖는 것으로 확인되었다. 마지막으로 구조적 통제요소인 규범화와 행위자적 통제요소인 커뮤니케이션의 동시성을 전제할 경우, 관계몰입과 재무성과에 대하여 양자 간 상호작용효과가 존재하는 것으로 나타났다. 이로써 본 연구는 기존 전통적 합리성 가정에 기초한 구조중심적 관점과 상대적으로 고립되어 온 행위자 중심적 관점을 이분법적으로 분리하는 접근법을 비판함으로써, 두 관점의 상호보완적 관계에 대한 이해를 제고시키는데 기여할 것으로 기대한다. This paper explores the relationship between relation capital and firm performance from the perspective of the conventional theories, which have been employed by the previous research into uncertainty. The specific focus is on the linear relationship between transaction-specific investment, opportunism, commitment, and performance by classifying the actor and structure perspectives. Most previous research tended to make a choice between the two, i.e., structure-centered or actor-centered perspectives, in explaining firms’ strategic choice to respond to uncertainty. In contrast to those, this paper examines the hypotheses from the perspective of constructivism by using data carried out in a survey targeting 360 franchisees and by aiming at the conclusion that actor and structure factors are complementary. The main findings are: first, franchisees prefer transaction-specific investment to obtain structural stability as uncertainty increases, whilst internally, opportunistic behavior takes place; second, both the relation norm built by transaction-specific investment from the structure-centric perspective and cooperative communication appeared by the opportunistic behavior from the actor-centric perspective are positively associated with relational commitment and relational performance; and lastly, assuming the simultaneity of norm as a structure-centric control factor and communication as an actor-centric control factor, these two exert an interaction effect on the relation commitment and financial performance. As such, this paper may contribute to improving our understanding of the complementary relationship between the two by criticizing the dichotomous approach to the conventional and rationality-based structure-centric perspective and the relatively infrequent actor-centric perspective.

Panzar and Rosse H-통계 모형으로 살펴본 GCC 은행산업 경쟁 현황 분석

양오석 ( Oh Suk Yang ) 한국이슬람학회 2015 한국이슬람학회논총 Vol.25 No.1

This paper examines the level of market competition in the emerging GCC banking industry that is leading the world economy. In addition, it explores the growth and competitiveness of the islamic and commercial banks in the GCC. In doing so, this paper, in practice, employs the PR H-statistics model as well as 11 peer group analysis in identifying the level of market concentration in the GCC banking industry. The main finding of this research is that both the islamic banking industry and the commercial banking industry are competitive. This result corresponds to the Gini index of net income, total asset, operating income to turnover, and market capitalization, which are measured by the Lorenz curve tool. As such, the author strongly recommends Korean domestic banks to take the simultaneous strategy in employing ‘exploitation’ and ‘exploration’ approaches. The former concerns the resource commitment aiming at the increase in banks’ profitability in foreign markets. The latter emphasizes the significance of seeking the potential growth engine for the future beyond the current survival in markets.

자국은행과 외국계 은행 이용자들의 서비스품질-고객만족도-고객충성도 구조에 대한 정보비대칭성의 조절효과 연구

양오석(Oh Suk Yang),박설우(Seol Woo Park) 한국경영학회 2014 한국경영학회 통합학술발표논문집 Vol.2014 No.8

The main purpose of the paper is to examine the direct effect and moderating effect information asymmetry has in customers’ preference of domestic banks than foreign banks. and foreign bank customers to collect data using 7-point Likert scale. The paper conducted personal interviews in order to increase reliability, and expanded subjects of the study with diverse and wide range of age, gender, occupation, and income level in order to surpass the limits from convenience sampling method and enhance level of generalization. The paper ultimately acquired survey data of total 1,000 subjects, and improved reliability by eliminating undependable samples. The results from testing three hypotheses, hypothesis 1 (Higher the customers’ evaluation of perceived service quality of bank, customer satisfaction is positively related), hypothesis 2 (Higher the customers’ perceived satisfaction level, customer loyalty is positively related), and hypothesis 3 (the relationship between customers; perceived satisfaction level and customer loyalty is moderated negatively by information asymmetry) are all supported. Thereby, the paper gives business implications; satisfaction level (+) from bank’s interaction quality, outcome quality, and physical environment quality reinforces customer royalty; customer demand both expectation satisfaction and needs satisfaction from bank service; moreover, customer satisfaction level is completed when consumption related sentiments such as favorableness and content are fulfilled. In addition, despite similar services by other banks, bank customers have strong tendency to continue to use the bank they have been using (attitudinal loyalty) and strong tendency to recommend the bank they have been using to other people (behavioral loyalty). Lastly, since bank customers prefer domestic banks to foreign banks due to information asymmetry, bank managers should provide sufficient information such as reliability, soundness, banks activities (social contribution and such), and bank services.