사외이사 특성에 따른 이사회 독립성과 기업가치: 법적 최소기준을 반영한 이사회 구성의 시사점

임새훈(Lim, Sae-Hun),박영석(Park, Young-Seog) 한국경영교육학회 2020 경영교육연구 Vol.35 No.5

[연구목적] 본 연구는 사외이사 비율을 통해 기업 이사회의 독립성을 대리한 기존 연구를 확장하여 사외이사 수, 사외이사 재임기간 및 사외이사 선임에 관한 법적 최소기준까지를 분석에 활용하여 기업 가치에 미치는 영향을 분석함으로써 이사회 구성에 대한 시사점을 제공하고자 하였다. [연구방법] 본 연구는 사외이사 특성이 기업 가치에 미치는 영향을 검증하기 위해 2012년부터 2017년까지 유가증권시장에 상장된 3,861개의 기업-연도 표본을 대상으로 합동회귀모형(Pooled OLS Model)을 이용하여 분석을 실시하였다. [연구결과] 실증분석결과 사외이사 수, 사외이사 비율은 기업 가치에 유의한 양(+)의 영향을, 사외이사 재임기간은 유의한 음(-)의 영향을 각각 미치는 것으로 나타났다. 또한 표본을 사외이사 초과선임 여부를 기준으로 하위표본을 구성하여 분석한 결과, 법적 최소비율을 유지하면서 사외이사를 다수 선임한 경우에 주요 관심변수인 사외이사 특성을 활용하여 기업 가치를 제고할 수 있는 것으로 나타났다. [연구의 시사점] 본 연구는 이사회 독립성과 기업 가치에 대한 연구 분야의 확장에 기여하고 이사회 구성에 대한 시사점을 제공한다. 향후 국내 기업을 대상으로 한 관련 연구는 법적 최소기준을 반영한 분석이 이루어져야 할 것으로 보이고, 본 연구의 결과를 활용한 이사회를 구성함으로써 기업 가치를 제고할 수 있을 것으로 판단된다. [Purpose] This study aims to expand the existing research field related to the corporate boards independence by analyzing the impact of these on firm value by using the number and tenure of outside directors and legal minimum standards of appointing outside directors. [Methodology] In order to analyze the effect of the characteristics of outside directors on firm value, this study tested 3,861 firm-year samples listed on the KRX KOSPI market from 2012 to 2017 using a pooled OLS model. [Findings] Following our empirical results, it was found that the number and the ratio of outside directors had a significant positive(+) effect on the firm value, and their tenures has a significant negative(-) effect on the firm value, respectively. In addition, sub-sample(restructured by legal minimum appointment criteria) testing results was found that the firm value could be improved in case of a number of outside directors were appointed while maintaining the legal minimum appointing ratios by controlling each of our key variables. [Implications] This study contributes to the expansion of the research field on the boards independence and firm value. Moreover, provides implications for the composition of the boards. In the later, related study on domestic companies should be analyzed reflecting the legal minimum standards, and it is expected that firm value can be improved by constructing a boards using the empirical results of this study.

개의 하악에서 막성골 중첩이식후 신연골 형성에 관한 연구

박세정,이동훈,이정형,조병채,백봉수 大韓成形外科學會 1999 Archives of Plastic Surgery Vol.26 No.3

The purpose of this study was to investigate the possibility of distraction osteogenesis in membranous onlay bone graft on the mandible and to clarify the histology of bone repair during distraction osteogenesis in the membranous onlay bone in a dog model. Four dogs, 5 months of age at the beginning of the experiment, were used for this study. The zygomatic arch was exposed in the subperiosteal plane and the full-thickness zygomatic arch was harvested to 3 centimeters in length. The lateral surface of the mandibular body was exposed in the subperiosteal plane and the membranous onlay bone graft was performed with firm contact using screws. The osteotomy on the membranous onlay bone graft and underlying mandibular body was carried down week 1 in dog 1, week 2 in dog 2, week 3 in dog 3, and week 4 in dog 4 after membranous onlay bone graft. The external distraction device was applied to the mandibular body. Mandibular distraction was started 7 days after the operation at a rate of 1mm per day for a total of 10 mm distraction over 10 days. After completion of distraction, the distraction device was left in place for 6 weeks bony consolidation of the distracted area. Radiographs were carried out at 2 weeks, 4 weeks and 6 weeks after distraction. New bone between the native underlying mandibular segments was generated in the distracted zone in all dogs. The new bone between the native underlying mandibular segments was generated in the distracted zone in all dogs. The new bone between segments of membranous onlay bone graft was not generated in dog 1, but it was generated in dogs 2, 3 and 4. However, in dog 2 and 3, the new bone between segments of the distracted membranous onlay bone graft presented less firmness with fibrous tissue than that of the native underlying mandibular segment. Histologically, the distracted gap between segments of the membranous onlay bone graft was composed of much fibrous tissue in the central zone while activated osteoblastic cells formed new bone in the margins of the distracted gap in dogs 2 and 3. In dog 4, there were abundant osteoblastic activities in the distracted gap and the new bone appeared as nearly-normal cortical bone. In conclusion, these findings suggested that membranous onlay bone graft had an osteogenic capacity and that distraction osteogenesis was possible in membranous onlay bone graft.

Single Oral Dose Toxicity Test of Persicae Semen Aqueous Extracts in Mice

( Hun Bum Cho ),( Ji Ha Park ),( Bu Il Seo ),( Su Yeon Ch ),( Kyu Ryul Park ),( Seung Hoon Choi ),( Chang Kyun Han ),( Chang Hyun Song ),( Soo Jin Park ),( Sae Kwang Ku ) 대한본초학회 2013 大韓本草學會誌 Vol.28 No.3

Objectives : This study was to evaluate the single dose toxicity of Persicae Semen (PS) in ICR mice.Methods : Aqueous extracts of PS (Yield = 18.60%) were administered as an oral dose of 2,000, 1,000 and 500 mg/kg (body weight) according to the recommendation of Korea Food and Drug Administration (KFDA) guidelines (2009-116, 2009). Animals were monitored for the mortality and changes in body weight, clinical signs and gross observation during 14 days after dosing, upon necropsy; organ weight and histopathology of 12 principle organs were examined. Results : Amygdalin contents in PS aqueous extracts were detected as 32.50±5.96 μg/ml. We could not find any PS extracts treatment related mortalities, clinical signs, changes on the body and organ weights, gross and histopathological observations up to 2,000 mg/kg in both female and male mice, except for transient and slight loss of locomotion detected in female and male mice treated with 2,000 mg/kg. In addition, pharmacological immunomodulatory effects related findings were also demonstrated in 2,000mg/kg treated female and male mice as hypertrophy and hyperplasia of lymphoid cells in the submandibular lymph nodes. Conclusions : Based on the results of this experiment, the approximate lethal dose (ALD) of PS extracts after single oral treatment in female and male mice were considered above 2,000 mg/kg, respectively. It should be carefully used in clinics because the possibilities of respiratory or neurological disorders were observed when administered over 2,000 mg/kg of PS extract related to amygdalin.

Single Oral Dose Toxicity Test of Persicae Semen Aqueous Extracts in Mice

Cho, Hun-Bum,Park, Ji-Ha,Seo, Bu-Il,Cho, Su-Yeon,Park, Kyu-Ryul,Choi, Seung-Hoon,Han, Chang-Kyun,Song, Chang-Hyun,Park, Soo-Jin,Ku, Sae-Kwang The Korea Association of Herbology 2013 大韓本草學會誌 Vol.28 No.3

Objectives : This study was to evaluate the single dose toxicity of Persicae Semen (PS) in ICR mice. Methods : Aqueous extracts of PS (Yield = 18.60%) were administered as an oral dose of 2,000, 1,000 and 500 mg/kg (body weight) according to the recommendation of Korea Food and Drug Administration (KFDA) guidelines (2009-116, 2009). Animals were monitored for the mortality and changes in body weight, clinical signs and gross observation during 14 days after dosing, upon necropsy; organ weight and histopathology of 12 principle organs were examined. Results : Amygdalin contents in PS aqueous extracts were detected as $32.50{\pm}5.96{\mu}g/ml$. We could not find any PS extracts treatment related mortalities, clinical signs, changes on the body and organ weights, gross and histopathological observations up to 2,000 mg/kg in both female and male mice, except for transient and slight loss of locomotion detected in female and male mice treated with 2,000 mg/kg. In addition, pharmacological immunomodulatory effects related findings were also demonstrated in 2,000mg/kg treated female and male mice as hypertrophy and hyperplasia of lymphoid cells in the submandibular lymph nodes. Conclusions : Based on the results of this experiment, the approximate lethal dose (ALD) of PS extracts after single oral treatment in female and male mice were considered above 2,000 mg/kg, respectively. It should be carefully used in clinics because the possibilities of respiratory or neurological disorders were observed when administered over 2,000 mg/kg of PS extract related to amygdalin.

PSCAD/EMTDC를 이용한 연료전지와 태양광 발전 계통연계형 시뮬레이션

이상훈(Sang-Hun Lee),김새로(Sae-Ro Kim),최병진(Byeong-Jin Choi),장훈(Hun Jang),박영훈(Young-Hun Park),손광명(Kwang-Myoung Son) 대한전기학회 2009 대한전기학회 학술대회 논문집 Vol.2009 No.7

각각의 분산전원 시스템은 등가회로를 이용하여 수학적으로 모델링하고, 이를 결합하여 제어 가능한 하이브리드 시스템을 모델링 하였다. 시뮬레이션과 실험 결과로부터, 분산 전원의 출력을 안정적으로 운영 할 수 있고, 효율적으로 부하관리를 할 수 있어 계통 운영을 여유롭게 할 수 있었다. 이러한 연구는 출력 변동으로 인해 마이크로 그리드 내 설치가 어려운 제어 불가능한 전원인 태양광 발전의 설치용량 확대를 가져올 수 있을 것이다.

초고압 HVDC 용 에폭시/ 나노실리카 콤포지트의 전기적, 기계적 특성

안지후(Ahn Ji Hoo),박재형(Park Jae Hyoung),오해린(Oh Hae Rin),안동훈(An Dong Hun),신우제(Shin Woo Je),신기범(Shin Ki Bum),서세영(Seo Sae Young),박준우(Park Jun Woo),박주영(Park Joo Young),유해만(Hae Man Ryoo),박재준(Jae-jun Park) 대한전기학회 2019 대한전기학회 학술대회 논문집 Vol.2019 No.7

한선염의 소견을 보인 대상포진 2예

박지수,류지훈,하새현,박혜상,이증,손숙자 대한피부과학회 2002 대한피부과학회지 Vol.40 No.11

The histology of herpes virus infection of the skin is characterized as an intraepidermal vesicle formed as the result of acantholysis and ballooning degeneration of kerationocytes. Dermal changes is limited to polymorphous inflammatory cells infiltrate, leukocytoclastic vasculitis, and herpetic folliculitis. Involvement of eccrine epithelium is very rare finding. We report two cases of herpes zoster with prominent viral infection of the eccrine sweat glands.

Cyclophosphamide, Methotrexate, and 5-Fluorouracil as Palliative Treatment for Heavily Pretreated Patients with Metastatic Breast Cancer: A Multicenter Retrospective Analysis

Park, Jin Hyun,Im, Seock-Ah,Byun, Ja Min,Kim, Ki Hwan,Kim, Jin-Soo,Choi, In Sil,Kim, Hee-Jun,Lee, Kyung-Hun,Kim, Tae-Yong,Han, Sae-Won,Oh, Do Youn,Kim, Tae-You 한국유방암학회 2017 Journal of breast cancer Vol.20 No.4

<P><B>Purpose</B></P><P>This study aimed to evaluate the efficacy and safety of cyclophosphamide, methotrexate, and 5-fluorouracil (CMF) chemotherapy beyond standard treatment for anthracycline- and taxane-pretreated metastatic breast cancer (MBC).</P><P><B>Methods</B></P><P>We consecutively enrolled 158 MBC patients who underwent CMF chemotherapy in a palliative setting at two academic hospitals in Korea between 2002 and 2016.</P><P><B>Results</B></P><P>The median age of the 158 enrolled patients was 51 years (range, 30–77 years). The enrolled patients were treated with a median of 5 lines of systemic treatment (range, 2–11) before CMF therapy, and the median time from diagnosis of MBC to CMF administration was 36.0 months (range, 7.1–146.7 months). The median number of cycles of CMF treatment was 3 (range, 1–19), and the relative dose intensity was 90.4%. The toxicity profile was mild, with an observed 3.1% of grade 2 and 5.0% of grade 3/4 neutropenia. Among 147 patients (93.0%) whose response to CMF was evaluated, the response rate was 10.9% (16/147), with complete response (CR) in one and partial response (PR) in 15. In addition, the disease control rate (calculated as CR+PR+stable disease) was 44.2% (65/147). The median progression-free survival and overall survival were 3.1 months (95% confidence interval [CI], 2.7–3.6) and 9.4 months (95% CI, 7.1–11.6), respectively.</P><P><B>Conclusion</B></P><P>CMF therapy is effective and tolerable as salvage treatment for heavily pretreated MBC.</P>

Immediate Mild Reactions to CT with Iodinated Contrast Media: Strategy of Contrast Media Readministration without Corticosteroids

Park, Sae-Jin,Kang, Dong-Yoon,Sohn, Kyoung-Hee,Yoon, Soon-Ho,Lee, Whal,Choi, Young-Hun,Cho, Sang Heon,Kang, Hye-Ryun Radiological Society of North America 2018 Radiology Vol. No.

Optimal Conditions for Production of B Class G Protein-Coupled Receptor Expressed from E. coli

Sae Ryun AHN,Hyun Seok SONG,Sang Hun LEE,Eun Hae OH,Tai Hyun PARK 한국생물공학회 2010 한국생물공학회 학술대회 Vol.2010 No.4