투자자 심리와 배당공시에 대한 시장반응: 행동재무학적 관점에서의 접근

임병진(Yim, Byung-Jin),허지훈(Heo, Ji-Hun) 한국경영교육학회 2020 경영교육연구 Vol.35 No.1

[연구목적] 본 연구는 증권시장의 전반적인 투자자 심리가 높고 낮음에 따라 기업이 실질적으로 유리한 방향으로 배당정책을 운영하는지 여부와 투자자 심리에 대한 개별 주식 수익률의 민감도에 따라 배당정책 결정 및 투자자들의 시장반응이 상이하게 나타나는지를 검증해 보았다. [연구방법] 본 연구는 2005년부터 2015년까지 총 4,352개의 현금배당공시 중에서 주당 배당금의 증감이 이루어진 2,015개의 공시자료를 이용하여 로짓분석 및 회귀분석을 통해 배당증감 결정요인 및 투자자들의 시장반응을 투자자 심리와 투자자 심리에 대한 개별 주식수익률의 민감도를 중심으로 분석하였다. [연구결과] 투자자 심리와 배당금증감 여부 및 증감수준 사이에 유의적인 부(-)의 관계가 확인되어, 투자자 심리가 낮을 때, 경영자는 배당을 증가시키는 경향이 있으며 증감수준도 더 높은 것으로 나타났다. 또한, 시장에 대한 비관적인 전망이 강할 때, 투자자 심리에 대한 개별 주식수익률의 민감도가 낮은 기업들이 배당을 증가시키는 경향이 있음을 확인하였다. 다음으로, 투자자 수요와 일치하는 배당정책 결정에 대한 시장반응에서는 투자자 심리가 낮을 때, 배당증가 공시에 대한 시장반응이 더욱 긍정적으로 나타나 투자자 심리지수와 누적 비정상 수익률 사이에는 유의적인 부(-)의 관계가 존재함을 확인되었고, 투자자 심리가 낮을 때, 투자자 심리에 대한 기업의 주가수익률의 민감도가 낮은 그룹의 누적 비정상 수익률이 더 높은 것으로 나타나 투자자 심리에 대한 개별 주식수익률의 민감도와 누적 비정상 수익률 사이에 부(-)의 관계가 존재함을 확인하였다. [연구의 시사점] 지금까지의 기업의 배당증감 정책을 신호전달가설 및 대리인 문제 관점에서 설명하는 전통적인 재무이론과는 달리 행태 재무학적 관점에서 투자자 심리가 배당증감 정책과 시장반응에 미치는 영향을 분석한 연구로 이론적, 실무적 시사점을 제공하였다. [Purpose] Dividend policy may vary according to the overall investor sentiment of the market, but in addition, it can be changed depending on the sensitivity of individual stocks to the change in investor sentiment. This study aimed to determine whether the policy of increasing dividends and the sensitivity of individual stock returns to investor sentiment differ in the decision of dividend policy and the market response of investors. [Methodology] This study used 2,015 dividend announcement from 2005 to 2015 where dividends increased or decreased among 4,352 cash dividend announcement. In addition, this study analyzed the determinants of dividend increase and investor’s market response based on the sensitivity of individual stock returns to investor sentiment and investor sentiment using logit analysis and regression analysis. [Findings] First, there was a significant negative relationship between investor sentiment and dividend increase and decrease. This is consistent with our hypothesis that managers will tend to increase dividends when investor sentiment is low. In addition, the market response to dividend policy decisions consistent with investor demand was stronger when the investor sentiment was low. Finally, when the investor sentiment is low, the cumulative abnormal returns of companies with low sensitivity to stock returns on investor sentiment are higher, indicating a negative relationship between the sensitivity of individual stock returns to the investor sentiment and cumulative abnormal returns. [Implications] This study provides a study on the market response to dividend increase and decrease announcement from a behavioral and financial perspective using investor sentiment. It also be able to provide practical implications for investor’s decision making in investment.

자본시장통합법이 자본시장에 미친 영향에 관한 실증적 연구

임병진(Yim, Byung-Jin) 글로벌경영학회 2012 글로벌경영학회지 Vol.9 No.2

We examine on the influence of consolidation act on return of the stock market and the bond market for 606 daily data from August 21, 2006 to February 4, 2009 before 9․23 real estate policies and 606 daily data from February 5, 2009 to July 4, 2011 consolidation act. The analysis employs the vector-autoregression, impulse response function and variance decomposition using daily returns on the stock market index and bond market index. This research showed following main results. First, from basic statistic analysis, both the stock market index and bond market index have unit roots. Second, there is at least one cointegration between them. In addition, we find that stock market index has the reverse movement of bond market index after consolidation act. The stock market index has the comovement of the bond market index before consolidation act. This paper investigates on the influence of consolidation act on return of the bond market and stock market index. 이 연구는 2009년 2월 4일부터 시행한 자본시장통합법이 주식시장과 채권시장에 미친 영향에 관한 연구로 2009년 2월 4일 자본시장통합법 시행이 채권시장의 3년 국채이자율과 주식시장 KOSPI에 미친 영향을 분석하는 연구이다. 자본시장통합법 시행이 주식시장과 채권시장에 미친 영향에 관한 연구에 사용할 자료는 자본시장통합법 시행 전인 2006년 8월 21일 부터 2009년 2월 4일 까지 606개의 자료와 자본시장 통합법 시행 후인 2009년 2월 5일 부터 2011년 7월 4일 까지 606개의 KOSPI자료와 3년 국채이자율 자료를 이용하여 실증분석을 하였다. 자본시장통합법 시행이 주식시장과 채권시장에 미친 영향에 관한 연구에 사용된 연구모형으로는 시계열의 안정성 검정을 위한 단위근 검정과 공적분(cointegration)검정을 하였다. KOSPI자료와 3년 국채이자율 시계열자료간 상호영향력 분석을 위한 VAR모형을 이용한 충격반 응분석과 예측오차의 분산분해기법을 이용하였다. 자본시장통합법 시행이 주식시장과 채권시장에 미친 영향에 관한 연구의 중요한 결과들로 KOSPI 시계열자료와 3년 국채이자율 시계열자료의 원시계열자료에 대한 안정성검정 결과 불안정적인 것으로 나타났고, KOSPI자료와 3년 국채이자율 시계열자료의 1차 차분시계열자료에 안정성검정 결과는 모두 안정적임을 알 수 있었다. 또한 3년 국채이자율 시계열자료와 KOSPI자료간에는 공적분관계가 존재하고, 자본시장통합법 시행 전후에 KOSPI 자료와 3년 국채이자율 간의 양(+)의 상관관계에서 음(-) 상관관 계로 변화된 것을 알 수 있다.

브랜트유 선물을 이용한 두바이유가의 가격변동위험관리에 관한 실증적 연구

임병진(Yim, Byung-Jin) 글로벌경영학회 2012 글로벌경영학회지 Vol.9 No.4

이 연구는 두바이 유가의 가격변동위험을 브랜트유 선물로 최소분산헤지모형, 벡터오차수정모형 (VECM), 이변량 ECT-GARCH(1,1)모형을 이용하여 헤지비율을 2010년 6월 17일부터 2012년 4월 3 일까지의 두바이 유가와 브랜트유 선물자료 200개를 사용하여 추정하고 헤지성과를 비교하고 분석한 연구이다. 본 연구의 중요한 결과들을 요약하면 다음과 같다. 첫째, 두바이 유가와 브랜트유 선물 자료의 원시계열자료에 안정성검정 결과 모두 불안정적인 것으로 나타났다. 둘째, 두바이 유가와 브랜트유 선물 원시계열자료의 차분시계열자료에 안정성검정 결과는 모두 안정적임을 알 수 있었다. 셋째, 두바이 유가와 브랜트유 선물 지수간에는 공적분관계가 존재한다. 넷째, 최소분산헤지모형, 벡터오차수정모형, 이변량 ECT-GARCH(1,1)모형을 이용하여 헤지비율을 추정한 결과 개별주식별로는 차이가 있으나 모형별로는 모두 근소한 차이만을 보이고 통계적으로도 유의적인 차이가 없는 것으로 나타났다. 이상의 헤지비율 추정과 헤지성과 실증분석 결과를 종합해 볼 때, 현실적으로 브랜트유선물을 통하여 불리한 가격변동으로 인한 개인 주식투자자의 위험을 제거시키기 위해서 최소분산헤지모형, 벡터오차수 정모형(VECM), 이변량 ECT-GARCH(1,1)모형 중 어느 모형을 이용하여 추정한 헤지비율을 사용하든 이변량 ECT-GARCH(1,1)모형 외에는 헤지성과에는 큰 차이가 없다는 것을 알 수 있다. This study investigates hedging performance of Dubai Oil Price and Brent oil futures with respect to Dubai Oil Price using VECM, Bivariate ECT-GARCH(1,1) and OLS regression models. Daily hedging performances are evaluated. The sample period covers from June 17, 2010 to Aprir 3, 2012. We found the following results. First, unit roots are found in individual stock futures and spot prices. There exists at least one cointegrating relationship among them. Second, we can not find statistical differences among hedge ratios estimated from VECM, Bivariate ECT-GARCH(1,1) and OLS regression models. Third, there are no significant differences in hedging performance among various models.

성인 인터넷 중독자의 기질 특성

임선진,김진훈,장동원,정은기,윤해주,김의정 大韓神經精神醫學會 2006 신경정신의학 Vol.45 No.6

Objectives : Since mid-90s there have been numerous studies to understand and establish the concept of internet addiction as one of diagnostic classifications in psychiatry. Among them, many studies on the personality characteristics of internet addiction have been conducted. Recently, interests are expanding to temperament characteristics of internet addictors but the subjects have been limited to adolescents, In this study, the temperament characteristics of internet addiction in adults were investigated using Tridimensional Personality Questionnaire (TPQ). Methods : 430 participants (189 males, 241 females) answered the on-line and off-line questionnaires from January to December in 2005. Participants completed questionnaires on demography and the onset of internet use, Young's Internet Addiction Scale and Korean Contracted Version of Cloninger's Tridimensional Personality Questionnaire (TPQ). Rcsults : There were statistically significant differences in age, marital status, occupation, psychiatric history, smoking history, alcohol history and onset age of internet use among non-addiction, overuse and addiction groups by Young's scale. Of the TPQ items harm avoidance (HA) scores were significantly higher in addiction and overuse groups than non-addiction group. Reward dependence (RD) scores were significantly lower in addiction group than non-addiction group. Novelty seeking (NS) scores were significantly higher in addiction group than non-addiction group. Conclusion : This study suggests a significant difference of novelty seeking in temperament characteristics between adults and adolescents with internet addiction. Further studies are expected for profound understanding of internet addiction.

브라켓 재생시 표면 처리 방법에 따른 전단 접착 강도에 관한 연구

임장빈,이진우,차경석 대한치과교정학회 1996 대한치과교정학회지 Vol.26 No.5

본 연구는 현재 브라켓의 개발 양상이 tip, torque 등이 브라켓 내에 내재되어 있는 straight wire appliance의 도입으로, 브라켓의 디자인은 더욱 세밀하고, 복잡해져 점차 고가화 되어 재사용의 요구가 증가하는 점에 맞추어 계획되었다. 본 연구의 목적으로는 재생과정의 목표에 부합하는 브라켓 접착면의 재처리 방법을 찾는 것이다. 실험 방법은 금속 브라켓, 도재 브라켓 각 5개씩 5군으로 나누어 브라켓 기저부에 재처리과정을 시행한 후, 이를 치아에 접착하고 만능 시험기(universal testing machine)을 사용하여 치아에서 브라켓이 탈락하는 시점의 최대 전단접착강도를 채득하였으며, 그 후 치아의 법랑질 표면을 입체 현미경으로 관찰하여 파절면의 접착제 잔류지수를 구하였다. 또한 입체 현미경 (stereoscopic microscope)과 주사전자현미경 (SEM) 화상으로 재처리된 브라켓의 접착면을 관찰하였다. 이와 같은 실험으로 다음과 같은 결론을 얻었다. 1. 금속 브라켓에서 접착 강도가 가장 높은 재처리 방법은 sandblasting을 8초간 시행한 군이었으며, 이는 제조회사에서 제작된 원래 상태인 대조군의 접착강도보다도 오히려 높았다. 2. 세라믹 브라켓에서 접착 강도가 높은 재처리 방법은 8초간 sandblasting한 군이었으나, 대조군의 접착강도 보다는 낮았다. 3. Sandblasting 시간을 4초에서 8초로 증가시킨 경우 금속 브라켓의 접착강도는 급격히 증가하는데 비해 도재 브라켓의 접착강도는 별 차이가 없었다. 그 이유는 도재 브라켓의 경우 브라켓 접착부의 표면적 증가에도 불구하고, 금속 브라켓과는 달리 브라켓 자체의 물성 차이로 인해 도재 브라켓에서의 접착력을 좌우하는 거대 기계적 결합부위의 파손이 일어나 접착력의 약화를 가져왔기 때문이다. The purpose of this study is to find the optimal reconditioning method for a debonded bracket base. In this study, metal brackets and ceramic brackets are used. There are devided into five groups by reconditioning methods (A : control(new bracket). B : heat treated, C : grinded with green stone, D : sandblasting for four seconds, E : sandblasting for eight seconds). Each reconditioned brackets were bonded and shear bond strength was measured by universal testing machine. After debonding, enamel surfaces were examined under stereoscopic microscope to determine the adhesive remnant index. The Microstructure of reconditioned bracket were examined by SEM (JSM 5200, Japan) and stereoscopic microscope (SZ-ST, Japan). 1. In metal bracket groups, sandblasting for eight seconds revealed the greatest shear bonding strength and its strength was above that of control group. 2. In ceramic bracket groups, sandblasting for eight seconds revealed the greatest shear bonding strength but its strength was below that of control group. 3. As sandblasting time was increased, shear bonding strength of metal bracket was increased very much, but in ceramic brackets, shear bonding strength exhibited limited increase. This difference was caused by macro-mechanical retentive areas of ceramic brackets were broken for their brittle characteristics of material.

화이트헤드의 시공간론에 대한 연구

임진아 경북대학교 2007 동서서상 Vol.2 No.-

강 용흘의 『동양인 서양으로 가다』에 나타난 코리안-아메리칸 드림

임진희 남서울대학교 1997 남서울대학교 논문집 Vol.3 No.-

Asian-American literature is often described as "the literature of uprootedness and loss," due to the turmoil of national confusion in the modern history of Asia. The sense of being humiliated and deprived by Japanese colonization and expatriated in America, is at the center of collective consciousness of Korean-Americans. This composes one central theme of Korean American literature intermittent with longing and nostalgic dreaming for the return to their country Korean-Americans left their country seeking the American dream, with high emphasis on economic and social success. East Goes West by Younghilll Kang, one of the pioneering Asian-American writers deals with the contrast and binary opposition between East/West and Past/Present. Chungpa Han, the Oriental Yankee, is pictured in contrast in time and space between past Korea and present America. Encountering two cultures, exploring cross-cultural differences, and contrasting between the Eastern gaze and the Western gaze are tiggering motifs of the plot. The typical Korean-American's journey is the process of becoming and being made to be an "Oriental Yankee." This is closely interrelated with the question of racial and cultural differences. The newly born Korean-Americans Adam searches American success story based on self-reliance. He incessantly pursues well-developed American civilization and industrialism. Such words as opportunity, enterprise, prosperity, and success, are a mirage after which he blindly follows. To him, even romantic love with a caucasian female is considered as a symbol of being accepted as an insider in America. However, Chungpa reluctantly admits that his American Dream cannot be achieved easily, due to prejudices and stereotyped ideas about Asians. This Korean-American dreamer reaches the recognition that American is in the Heart, as the title of the novel by Carlos Bulosan, the Phillippine's pioneering writer says. Younghill Kang's attempt is significant is Asian-American history in the situation that Asian-Americans cannot be explained without looking into both the original self as Asian and newly formed self as American. Kang not only defines who we are as Asian-Americans, but also subverts the discourse of Orientalism imposed on by the West Now, Asian-American writers try to find relief of the one dimensional stereotypes of silent and silenced "model minorities" and show themselves as real human beings. By doing so, they try to contribute to the development of interracial relations within America and enhance the understanding between East and West.

오리엔탈리즘과 아시아인의 정체성 : Sayonara 에서 fox girl 까지

임진희 남서울대학교 2004 남서울대학교 논문집 Vol.10 No.3

"Orientalism" has been considered a key concept of the Western view of the East and an index for explaining the identity of the West and the East. This paper raises the issue of whether the concept of the Orient has been solely a Western product or an interactive concept of the West and the East. By seeking Orientalism in Asian American literature, this paper tries to recast Asian American works to define Asian identity and the West, and redefine the contemporary Asian American experience beyond the concept of the "model minority." In this paper, three works are discussed : Sayona, M. Butterfly, and Fox Girl which deal with gender discourse based on the dynamics of race, sexuality, and imperialism. Sayonara explores the relations of White/Male/the First World and Asia/Female/the Third World in the Asian "killing field." M. Butterfly attempts to subvert the fantasy of "Madame Butterfly," a key product of the Orientalist myth, and Fox Girl is based on the structure of Oriental gender discourse of Korean military brides. Asian American literature has been considered to be an important force in the deconstruction of Orientalism and a major contribution to the redefinition of Asian identity. By exploring the blurred territory of the Orient and Asian American literature, this paper exposes the somewhat naively optimistic atmosphere of traditional readings of oriental literature and moves toward the possibility of demythification of Orientalism. This paper concludes that the process of molding Asia into the "Orient" is still undergoing the interactive process. Asian American writers themselves have reproduced and reinforced the oriental images and discourse themselves, especially in the turmoil of contemporary Asian history with intermittent images of war, imperialism and military brides.

『아 신: 이교도 중국인』(Ah Sin: The Heathen Chinee)에 나타난 미국서부와 중국계 미국인상의 형성

임진희 남서울대학교 인문사회과학연구센터 2001 인문사회연구 Vol.3 No.-

American Western racial discourse has developed through the sociohistorical process by which ethnic categories are formed, transformed and destroyed in the closely intertwined network of political and economic spheres. Asian immigrants in the U.S. have been regarded as "strangers from a different shore" and met with doubt and hostility dubbed as "yellow peril," by modern white America. They are subject to inner colonialism within the nation, comprising the third world within the white America in race and class. Chinese American history is instructive as a typical example of Asian American immigrant history in general. Asian American stereotypical ethnic identity in the West is formed through a close link between social tensions and cultural representation in the context of its specificities and particularities of Asian American immigrant experiences. Though Chinese Americans have played crucial roles in the building of America, their images formed through the western gazes into the East have been dubious. Western realistic plays have frequently depicted Asian characters as exotic and spectacular. The Chinese have been systematically portrayed as sub-human, ridiculously comic and childlike. The shift from the Chinese to the Chinaman or China boy reflects one aspect of uniquely American construction of racial discourse. Mark Twain and Bret Harte's Ah Sin: The Heathen Chinee provides a portrait of the Chinese in the context of the American West. Ah Sin, the stereotypical Chinese is a product of a racial gaze into the Chinese, and articulation of differences from the White American West. Ah Sin is a typical example of the Asian American Chinese who are biologically immature, intellectually inferior, morally dubious, and exotic. Such a racial archetypes as Ah Sin became popular in farce and caricature in the American western racial discourse in the late nineteenth century. The analysis of this paper shows a distance between what the Chinese look like to the American western eyes and what the Chinese really are from the inside. The search for how the Chinese are depicted in American Western fiction leads the way to reach a conclusion that the Asian Americans can and should be portrayed neither through Asian nor American but specifically "Asian American" aesthetics. The concept of Asian Americans implies that there can be a communal consciousness and a unique culture that is authentic Asian American, which embraces the entire spectrum of Asian American common experiences.

아파트단지의 근린상가시설 배치유형에 따른 만족도 연구 : 점형상가와 가로형상가 비교중심으로 Focused on Building Type Facilities and Street Type Facilities

임창복,이진혁,김준현 대한건축학회 2004 대한건축학회논문집 Vol.20 No.6

The aim of this research is to find the element that has to be considered in planning the commercial facility by using evaluation data of customer and owner of the facility in different type commercial facility. Examination and inquiry data were collected in Apkujung-dong and Echon-dong Apartment estates, and SPSS 11.0 (Statistical Package for the Social Science) was used to analyse the data. As a result, satisfaction rate of customer side criteria is access, agreeableness, safety, convenience, and owner side criteria is economic condition, safety, agreeableness, access, convenience. Considering these result of satisfaction , the qualities of neighborhood facilities might be improved. 'Building Type Facility' need to change the access types and make free opening time plan and 'Street Type Facility' need to consider the parking facility and manage the disturbance factor in the street.