광고비 행태와 일감 몰아주기

구정호(Jeong-Ho Koo),백태영(Tae-Young Paik),송승아(Seung Ah Song) 한국경영학회 2017 經營學硏究 Vol.46 No.6

실습팀프로젝트의 원가관리회계 학습효과 - `핫도그 사업` 실습을 중심으로-

구정호 ( Jeong-ho Koo ),강인정 ( In Jung Kang ),곽지영 ( Ji Yung Kwak ),박연희 ( Yeon Hee Park ),백태영 ( Tae-young Paik ),송승아 ( Seung Ah Song ) 한국회계학회 2016 회계저널 Vol.25 No.6

본 연구의 목적은 실습을 기반으로 한 교수법이 원가관리회계 학습효과에 미치는 영향을 분석하는 것이다. 구체적으로 본 연구에서는 학부의 원가관리회계 수업에서 핫도그제조·판매 실습을 진행하였으며, 수업에 참여한 학생을 대상으로 설문조사를 실시하여 프로젝트에 대한 사전인식과 창의적인 사고활동의 실시가 실습기반의 교수법에 효과가 있는지를 검증하였다. 또한 이러한 실습기반의 교수법이 궁극적으로 원가관리회계 학습에 효과적인지를 살펴보았다. 본 연구에서 사용된 표본은 총 233개로 수집된 설문자료를 이용하여 요인분석을 실시하였으며, 구조방정식 모형을 이용한 최종 분석결과는 다음과 같다. 첫째, 실습 프로젝트 사전인식이 긍정적일수록 실습 프로젝트 교수법의 효과가 높아지는 것으로 나타났다. 둘째, 창의적 사고활동을 수행하는 것이 실습 프로젝트 교수법의 효과를 높이는데 긍정적인 영향을 미친다는 것으로 나타났다. 셋째, 프로젝트 교수법의 효과가 높을수록 원가관리회계 학습효과가 높아진다는 결과를 발견하였다. 본 연구 결과는 회계학의 학습효과를 높이기 위한 교수법으로 실습을 기반으로 한 방법이 효과를 가진다는 것을 보여주고 있다. 또한 이러한 효과를 높이기 위해서는 학생들에게 실습의 필요성과 프로젝트에서의 본인의 역할에 대해 충분히 이해시키는 등의 동기부여를 하여 실습수업에 대한 긍정적인 사전인식을 갖게 하는 것과 프로젝트가 진행되는 중 학생 스스로 적극적인 자세로 창의적인 사고활동을 하도록 유도하는 것이 선행되어야 함을 의미한다. 본 연구는 협동학습에 근거한 실습기반의 교수법이 원가관리회계 학습에 유용함을 제시하였다는 점에서 의의가 있을 뿐 아니라 국내 회계교육 분야에서 시도되지 않았던 제조부문의 실습과 회계이론을 융합할 수 있는 계기를 마련했다는 점에서 의미가 있다. The purpose of this study is analyzing the effect of the practice-based learning method on managerial accounting learning. Recently many lecturers have been paying attention to the effects of practice-based learning methods that can be experienced through activities rather than traditional lecture-centered education. Bonwell and Eison(1991) define the active learning method as a team-based cooperative learning using video material, computerized exercises, case studies, and games during lectures. Several papers have demonstrated the effectiveness of the active learning. The study on active cooperative learning method in accounting has been reported based on case studies and experiments since early 1980`s. Some previous studies (Lightner 1981; Ravenscroft et al. 1995; Hwang et al. 2008) suggested that cooperative learning, a kind of active learning is more effective than the traditional learning method. However, Lancaster and Strand (2001) and Nazli and Can (2010) have shown that there is no difference in the learning effect between traditional methods and cooperative methods. One reason for mixed research results in accounting education might be that innovative teaching methods such as cooperative learning are applied to accounting less frequently and students who are accustomed to traditional teaching methods make less efforts in preparing for classes and team activities. Students may also perceive active learning negatively. In traditional teaching methods, students only have to acquire passively the knowledge that the instructors deliver and understand the exercise problems that the instructors go over in classes. However, in active learning, students may feel bad of the burden of active learning since they are required to take active roles of practical exercise, interpreting/analyzing results, and creative thinking. In order for active learning to be effective, both the instructor and the learner must have sufficient preparation for the activity, and the instructor must control the limited time efficiently and make the learners recognize sufficiently the subjects of the activities. If active learning methods are properly applied, it will be useful for enhancing creativity, analytical ability, and applicability as well as enhancing students` learning effectiveness. This study is based on the practical team project of hotdog business in cost and managerial accounting courses. The undergraduate students actually manufactured and sold hotdogs on campus. This paper analyzes what factors are important for the learning effect of the practical team activities by conducting the surveys with students in the class. The data for this study were collected from questionnaire surveys of university students who took the cost (or management) accounting course in the fall semester of 2014. The sample group consists of students in the six classes of five universities. The surveys were conducted three times during the semester in which the project was conducted. The total of 246 students responded to the first survey before the project started, 228 to the second survey right after the project was over and 239 to the third surveys at the end of the semester. The number of samples used in the paper is 223. The empirical analysis used the exploratory factor analysis to define the factors and confirmed the validity through the confirmatory factor analysis. The empirical results of the structural equation model are as follows. First, the more positive the prior understanding of the project is, the more effective learning based on practical team projects is. Second, the creative thinking activities enhance the effect of learning based on practical team projects. Third, the more effective the practical team learning is, the stronger the effect on learning of managerial accounting is. The result of this study shows that active cooperative learning is beneficial in raising the learning effect for accounting. It also means that two pre-conditions are needed for bigger learning effects. Students ought to have positive initial understanding of the practical cooperative activities, comprehending well the necessity of practical team project and the individual role in the project. Students ought to be induced to think creatively with passion, too. This study is meaningful in that learning based on practical team project is not only effective for learning managerial accounting but also useful for combining practical exercise and conceptual understanding of cost/management accounting, which has never been tried in the accounting education in Korea.

프로젝트 중심 학습(PBL)에서 의사소통능력, 문제해결능력, 자기주도학습능력이 회계 학습효과에 미치는 영향

구정호(Jeong-Ho Koo),양지연(Ji-Yeon Yang) 한국경영학회 2017 Korea Business Review Vol.21 No.4

본 연구의 목적은 프로젝트 중심의 교육을 실시한 후 향상된 의사소통능력, 문제해결능력, 자기주도학습능력이 회계 학습효과에 미치는 영향을 살펴본 것이다. 구체적으로 본 연구에서는 2016년 한 학기 동안 K대학의 재무제표분석을 수강하는 학습자를 대상으로 실제 상장한 기업들의 경영성과와 재무상태를 중심으로 경영분석을 실시하는 팀 프로젝트를 진행하였다. 팀 프로젝트가 의사소통능력, 문제해결능력, 자기주도학습능력 향상에 영향을 미치는지를 측정하기 위하여 프로젝트를 진행하기 전에 1차 설문을 실시하였고 동일한 설문을 이용하여 학기말 시점에 2차 설문을 실시하였다. 본 연구는 1차와 2차 설문에 모두 응답한 총 55개의 설문자료를 이용하여 일차적으로 내적 타당성에 대한 신뢰성 분석을 실시하였고, 1차와 2차 설문의 평균값을 토대로 의사소통, 문제해결, 자기주도학습 능력들에 대한 차이분석을 실시하였다. 그리고 회귀분석 모형을 이용하여 향상된 의사소통능력, 문제해결능력, 자기주도학습능력이 회계 학습효과에 유의한 영향을 미치는지를 검증하였다. 연구결과, 첫째, PBL 학습 후 의사소통능력과 문제해결능력이 향상된 그룹은 그렇지 않은 그룹보다 시험성적, 자기평가가 모두 높은 것으로 나타났다. 그러나 자기주도학습의 경우 통계적으로 두 집단 간에 차이는 없는 것으로 나타났다. 둘째, PBL 중심의 교육에서 의사소통능력 및 문제해결능력의 향상은 회계 학습 성과를 높이는데 효과적이나 자기주도적 학습능력의 향상은 회계 학습효과에 큰 영향을 미치지 않는 것으로 나타났다. 본 연구는 팀 단위의 프로젝트 수행은 능동적인 팀 단위의 활동을 요구하기 때문에 학습자들의 의사소통이나 문제해결능력 향상과 이러한 개선된 역량이 학습효과에 긍정적인 영향을 미칠 수 있으나 자기주도학습과 같은 개별적인 역량 진보에는 그 효과가 희석될 수 있음을 시사한다. The purpose of this article is to examine the effects of life-skills on the academic achievement in an accounting course with project-based learning(PBL). Life-skills considered essential include communication, problems solving, and self-directed learning skills. A course in Financial Statement Analysis was offered to undergraduate students and the students were required to complete team-based projects on evaluating business performances and financial conditions of real companies. Two surveys were conducted, one at the beginning(pre-assessment) and the other at the end(post-assessment) of the course, to determine whether the three skills, measuring individual competency needed in communication, problem solving and self-directed learning, would create a positive synergy effect on students’ learning outcomes. In doing this, we eventually aimed to assess the effectiveness of the PBL approach on enhancing students learning in Financial Statement Analysis. The results show that both the exam grade and self-evaluation were higher for the group who showed an improvement in communication and problem-solving skills than for no improvement group during a one-semester PBL course. However, no significant differences in academic outcomes were found between the improvement group and no improvement group in self-directed learning skills. It implies that better communication and problem-solving skills will lead to higher academic achievement in accounting courses based on the PBL approach, but self-directed learning skills do not seem to have a noticeable effect on students’ performances. Since tasks in the PBL mode require an active team-based process of learning, interpersonal skills such as communication and problem-solving skills appear more critical in student academic achievement than personal skills such as self-directed learning skills.

이익조정된 비대칭적 재량적 원가는 반전되는가?

구정호(Jeong-Ho Koo),김상일(Sang-Il Kim) 한국관리회계학회 2014 관리회계연구 Vol.14 No.1

본 연구는 재량적 원가인 판매관리비, 인건비, 교육훈련비를 대상으로 당기의 비대칭적 원가 행태가 차기 이후의 원가와 체계적인 관련성이 있는지를 검증하였다. 구체적으로 전기 대비 매출 감소와 함께 적자회피를 시도하는 기업들이 상대적으로 하방탄력적인 원가행태를 보이는 이익조정(earnings management)을 수행한 경우, 차기의 원가행태에 어떠한 영향을 미치는지를 살펴보았다. 연구 표본은 2000년부터 2010년까지 5,921개의 제조업을 영위하는 상장기업이며, 실증을 위해서는 원가의 하방경직성을 측정한 Anderson et al.(2003)의 다중회귀 모형을 사용하였다. 실증 결과, 수정 Jones 모형에 따라 당기의 판매관리비, 인건비, 교육훈련비의 감소를 통해 이익을 높인 기업은 차기 이후에 오히려 모든 원가항목에서 하방경직성이 강화되고 있으며, B&D 모형의 경우 판매관리비에서 보다 하방경직적인 모습을 보여주었다. 이는 당기의 원가 감소에의한 이익조정이 귀속시기의 조정을 통해 차기 이후에 반전되는 장기에 걸친 체계적인 원가행태의 변화가 있음을 의미한다. 본 연구는 기존에 발생액을 통한 이익조정 분야에서 확인되던 반전 현상이, 원가를 통한 이익조정의 경우에도 나타나는 것을 보였다는 데에서 그 의의를 찾을 수 있다. 이를 통해, 두 기간에 걸친 원가행태의 체계적 관련성은 기업 가치 평가 등 다양한 실무 분야에 반영되는 경우 보다 정보유용성이 있는 회계 산출물을 제공할 것으로 기대한다. This study tests whether the cost asymmetry of current period shows systematic association with the cost behavior of next period, especially for the selling, general, and administrative costs, the salary expenses, and the education and training costs. Cost stickiness tends to be mitigated as a result of earning management. This paper extends prior studies testing that a elastic cost behavior to decreasing sales initiated by earnings management of current period is significantly associated with the cost behavior of next period. Samples are the listed firms of 5,921 from the year of 2000 to 2010, and multiple regression model derived by Anderson et al.(2003) is applied. Empirical results show that the suspect firm-years suggesting elastic cost of current period turns to be cost reversed representing fortified cost stickiness of next period. The results are confirmed in the selling, general, and administrative costs, the salary expenses, and the education and training costs for the firms which their earnings managements are measured by modified Jones(Jones 1991) model, while are confirmed in the selling, general, and administrative costs, for the firms which their earnings managements are measured by Burgsthahler and Dichev(1997) model. The result implies that cost reversal is witnessed also in cost management which has been recognized in accruals reversal until now. Furthermore, this also extends testing time-coverage of cost management through cost stickiness by extending temporary testing period. Second, systematic cost reversal between multiple time periods is to be considered in stock valuation in the practical perspective. This may also be contributable to the usefulness of accounting information.

내부회계관리제도 취약점 보고와 대리인 문제

구정호(Koo, Jeong-Ho) 대한경영학회 2013 大韓經營學會誌 Vol.26 No.9

하방경직적인 원가행태를 갖는 기업의 조정비용과 재무적 특성

구정호(Jeong-Ho Koo),박연희(Yeon-Hee Park) 한국관리회계학회 2015 관리회계연구 Vol.15 No.1

원가의 하방경직성(cost stickiness)과 관련된 연구는 이를 실증적으로 검증한 Andersen et al.(2003)의 연구 이후 활발히 이루어져 왔다. 합리적인 의사결정 관점에서 원가의 하방경직성은 매출 감소에 대해 즉각적으로 잉여자원을 처분하지 않고 보유함으로써 발생하게 된다. 즉, 조정비용은 원가의 하방경직성을 야기 시키는 원인 중 하나이다. 본 연구는 횡단면적으로 하방경직성을 측정한 Andersen et al.(2003)의 모형과 달리 개별기업 수준에서 하방경직성을 측정한 Homburg and Nasev(2008)의 하방경직성을 산출하는 방법을 이용하여 하방경직적인 원가행태를 보이는 기업의 조정비용과 재무적 특성을 분석하였다. 연구결과, 첫째, 자산집중도, 종업원집중도, 매출의 변동성, 원가의 고정성은 양(+)의 값을 보고 하여 하방경직적인 원가행태를 보이는 기업의 조정비용은 높은 것으로 나타났다. 둘째, 하방경직성을 나타내는 기업의 비기대이익, 성장성, 유동비율은 양(+)의 값을 나타내었고, 부채비율은 음(-)의 값을 보여 주요 재무적 특성들을 확인하였다. 셋째, 코스피 기업과 코스닥 기업을 대상으로 평균 차이 검정을 분석한 결과 하방경직성, 조정비용, 재무적 특성은 차이가 있음을 발견하였다. 넷째, 하방경직적인 원가행태를 나타내는 기업의 조정비용과 재무적 특성은 시장에 따라 상이함을 제시하였다. 본 연구는 하방경직성을 나타내는 기업의 조정비용과 재무적 특성을 규명하였다는 점에서 의의가 있을 것이다. 아울러 시장의 성격이 상이한 코스피와 코스닥 기업을 구분하여 비교 분석함으로써 코스닥 시장의 원가행태에 대한 연구 토대를 마련했다는 점에서도 의미가 있다. After reporting the Andersen et al.(2003), the studies of cost stickiness are very active and most of them analyze the factors that affect the cost stickiness. In the reasonable decision perspectives, cost stickiness should happen to keep the unutilized resources instead of selling them promptly as sales go down. In other words, adjustment cost is one of the reasons to make the cost stickiness. This study shows the adjustments costs and financial characteristics of firm showing cost stickiness using the Homburg and Nasev(2008) model. The result of the study, asset intensity, employee intensity, sales volatility, and cost fixity are positive. It means that in showing cost stickiness firm has the high adjustment costs. Second, unexpected earnings, growth, and current ratio are positive, and debt ratio is negative. Hence, we know that showing the cost stickiness firms possess the financial characteristics. Third, this study finds out the difference of cost stickiness, adjustment costs. and financial characteristics between the listed companies in KOSPI and KOSDAQ. Finally, the adjustment costs and financial characteristics are different depending on the market. This study will be meaningful to provide the adjustment costs and financial characteristics of showing cost stickiness firms, and it compares the listed companies in KOSPI and KOSDAQ based on the market peculiarities. It will improve the relevance of management information. Moreover, it implies that only less cost decreasing gives awareness to the importance over the earning’s asymmetry.

연구논문 : 회계원리에 적용한 활동중심의 교수-학습 러닝

구정호 ( Jeong Ho Koo ),박연희 ( Yeon Hee Park ) 한국회계학회 2015 회계저널 Vol.24 No.1

기업의 경영성과나 재무상태를 파악하기 위해서는 재무제표를 올바르게 해석하고 이해하는 것이 무엇보다 중요하다. 회계원리는 재무제표를 작성하고 이해하는데 초석이 되는 기초 교과목이며 중급회계나 관리회계, 세무회계 학습을 위해 요구되는 선행과목이다. 이를위해 대학에서는 회계원리를 교양으로 가르치거나 전공 필수로 지정하고 있다. 그러나 많은 학생들이 회계는 어렵고 지루하다는 부정적인 인식을 갖고 있어 중급회계나 세무회계등 다음 회계교육 과정 이수를 기피하고 있다. 회계원리를 어떻게 학습했느냐에 따라 회계전문가로써 사회에서 요구하는 역량을 함양하기 때문에 회계원리를 가르치는 교수법은 매우 중요하며 변화를 요구하고 있다. 본 연구는 회계원리를 대상으로 게임, 동영상, 퀴즈, 공연 등 활동중심의 교수-학습 러닝을 회계원리 수업에 적용한 사례를 제시하고자 한다. 본 연구는 보수적이었던 회계학 교수법에 새로운 시도를 수행하여 다양한 교수법을 적용할 수 있다는 근거 사례가 되고, 여러 가지 시사점을 제공한다는 점에서 의미가 있을 것이다. 특히, 수요자 중심, 학습자 중심 등 교수법에 대한 변화흐름에 회계 교육 영역에 교수법 또한 중요하다는 경각심을 촉구한다는 점에서 의의가 있을 것이다. It is important to understand and interpret the financial statements because it reflects the company’s performance and financial status. Accounting Principle is a prerequisite subject that is essential to be able to take other advanced Accounting courses: Management Accounting, Intermediate Accounting, and Tax Accounting, as well as for practical social needs. Basic Accounting subjects are part of the curriculum of all students in Chung-Ang University, and even students who want to get a sub major in most universities should attend an Accounting Principle class. Even if students are not Accounting and Business majors, they would rather - if not required - take Basic Accounting subject for their professional credentials. However, the students think that Accounting is very difficult and boring; hence they get intimidated to take more advanced Accounting courses(Cohen and Hanno 1993; Adams et al. 1994; Mladenovic 2000; Warren and Young 2012; Lee and Kim 2006; Lee 2013). It is same result of Kwak and Koo(2013) that the number of Accounting Principle students is increasing but the number of students taking Intermediate Accounting, Cost Management Accounting, and Tax Accounting is otherwise. It implies that the teaching methodologies used in Basic Accounting subjects should be given importance, too. Traditionally, Accounting Principle is taught using accounting jargons in making financial statements such as credit, debit, journal, and post. Hence, students think that they learn another language that is not related to their study(Warren and Young 2012). It is also similar to the study written by Lee and Kim(2006) that students have the difficulties to understand the journal and trial balance in the Accounting cycle. Recently, our society requires active, innovative, and positive pedagogics, so Accounting education needs to adapt to these changes in the field of Accounting. We know many various teaching methods: simulation, game, newspaper, multi-media, active learning, critical thinking, and problem solving are already adapted in teaching Accounting(Knechel 1989; Rankine and Stice 1994; Cunningham 1996; Graeff 2010; Warren and Young 2012; Paik 2010; Lee 2013). As these pedagogics integrate with traditional theory based teaching methods, it decreases the number of students failing the subject, and improve the student’s participation in their class(Etter et al. 2000). If our classes will apply these active, positive, and innovative teaching methods it will positively affect their learning and it will contribute to raise the number of Accounting Specialists. The objective of this paper is designed to introduce teaching methodologies using multi-media platforms, board games, stage performances, and quizzes in Accounting Principle classes. And this paper shows the result of a survey that activity-based learning is more effective and interesting to the students. It is also useful to change how the students currently view Accounting - difficult and boring. Results of survey are as follows: First, activity-based learning has a positive effect on their study and interest; Second, it positively changes the negative view about Accounting subjects; Third, the new methods proposed in this study help engage the students in their Accounting lessons; Lastly, activity-based learning results to favorable feedback from the students. This study contributes to: Mainly, it adapts the new Accounting teaching method in contrast to the conservative Accounting teaching methods that are mostly lecture-centered; Another, it will become the foundation of new teaching methods in Accounting and provides the implications - to give awareness to the importance of effective Accounting teaching methods such as the learner-centered education and user-centered education - in Accounting education.

이익조정 유인이 원가의 비대칭성에 미치는 영향: 적자회피 및 이익유연화, Big-Bath를 중심으로

구정호 ( Jeong Ho Koo ) 한국회계학회 2011 회계학연구 Vol.36 No.3

본 연구는 경영자의 이익조정 유인과 원가의 하방경직성 간의 관계를 검증하는 것이다. 경영자가 원가와 관련된 의사결정을 통해 이익조정을 수행한다면, 이익조정으로 인해 원가행태는 상이하게 나타날 것이다. 본 연구의 결과에 의하면 이익이 0보다 약간 큰, 상향의 이익조정 유인을 갖고 있는 구간에서는 판매관리비, 인건비 모두 하방탄력적인 원가행태를 나타냈고, 총원가 및 당기총제조원가는 대칭적인 원가행태를 나타내었다. 반면에 이익이 매우 큰, 하향의 이익조정 유인을 갖고있는 구간에서는 잉여자원에 대한 적극적인 처분 등이 이루어지지 않아 총원가, 당기총제조원가, 판매관리비, 인건비 모두 하방경직성이 증가하는 것으로 나타났다. 또한 적자가 매우큰 구간에 속하는 기업의 경우 하향의 이익조정 유인이 있는 것으로 나타나 총원가와 판매관리비, 인건비의 하방경직성은 증가하였다. 본 연구의 결과는 개별기업이 처한 상황에 따라 이익조정의 유인이 달라질 수 있으며, 이러한 이익조정의 결과로 비대칭적인 원가행태가 나타날 수 있음을 제시하고 있다. The purpose of our empirical study is to investigate whether the manager`s earning management incentive can affect the degree of cost stickiness. Managers manage their reported earnings to get perk or to affect the decisions of stakeholders(Schipper 1989). Managers might be more interested in real activity earnings management through cost management than in accrual based earnings management under scrutiny of external auditors. Chang and Paik(2009) suggested that managers adjust their Selling and General Administration expenses to smooth their Return on Assets through years. Lee and Nam(2010) reported that when revenues decline, managers can increase reported earnings by intentional cost cutting decisions. As such incentives of earnings management, corporate environment or the level of reported earnings can be considered. For cost spending sizes and timing can be adjusted depending on business performance, cost behaviors could be different as a result of earning management. For example, when losses are likely to be reported, management would try to avoid losses by disposing of surplus resources or aggressively reducing costs with sales declining. Cost stickiness would then be minimized. In contrast, managers with very large earnings would reduces the volatility of earnings or levels of reported earnings now to use the carried-over earnings in future. It is because investors in the market perceive volatile earnings negatively due to the difficulty of earnings prediction and high business uncertainty. Thus, when managers have incentives to adjust earnings downward, they will keep surplus resources and delay cost cutting even with their sales decreasing. Cost stickiness would then be strengthened. However, when a firm`s performance is much worse and its losses are very large, its manager might consider two costs related strategies. First, managers of Big- Bath incentives would recognize all the costs quickly even with sales decline to prepare for future performance and the cost stickiness will appear even larger. In contrast, if managers intend to reduce losses, they will actively reduce costs through disposal of the surplus resources or restructuring and the cost stickiness will be lessened. Therefore, if when the losses are very large, the cost stickiness could be strengthened or mitigated depending which strategy the managers choose. We studied changes in cost behaviors of several firms with different types of earnings management incentives and confirmed that the manager`s earnings management can affects the firm`s cost behaviors. We found that firms which report small earnings with upward earnings management incentive show relatively weaker cost stickiness. Selling, General, and Administrative Costs (SG&A), and Labor Costs (LC) of firms with small profits are less sticky and the total Costs (TC) and the total manufacturing costs (TMC) turn out to be symmetric. It indicates that managers cut costs more to avoid reporting losses with decrease in sales revenue. On the other hand, TC, TMC, SG&A, and LC reduction rates of firms with large profits were smaller when sales revenue decline. It implies that managers of large incomes do not cut costs enough in order to smooth earning by reducing earning fluctuation with sales reduction. Finally, TC, SG&A, and LC of firms with relatively large losses are very sticky. We found that managers in large loss firms are taking big-bath instead of saving costs for future performance. The results of this study provide empirical evidence upon how earnings management incentives can affect the magnitude of cost stickiness.

기업지배구조가 비대칭적인 원가행태에 미치는 영향

구정호(Jeong-Ho Koo) 한국관리회계학회 2011 관리회계연구 Vol.11 No.1

효과적인 지배구조를 갖고 있는 기업이라면, 대리인 비용이 감소하여 경영자의 기회주의적 유인(incentives)을 제한 할 것이다. 본 연구는 경영자 및 외국인투자자와 기관투자자의 지분율이 총원가, 당기총제조원가, 판매관리비, 인건비의 변동행태에 대해 미치는 영향을 분석하였다. 본 연구결과에 의하면, 첫째, 총원가의 하방경직성의 정도는 외국인투자자지분율이 높을수록 완화되었고, 당기총제조원가의 하방탄력성의 정도는 경영자지분율이 높을수록 완화되었다. 판매관리비와 인건비의 하방경직성의 정도는 경영자지분율이 높을수록 완화되는 것으로 나타났다. 둘째, 기업지배구조와 관련하여 대기업군에 속한 기업일수록 원가의 하방경직성이 완화되는 것으로 나타났고, 모니터링 유인을 갖고 있는 외국인투자자와 기관투자자는 하방경직적인 원가 행태를 완화시키는 것으로 나타났다. 셋째, 경영자의 기회주의적 행동인 엠파이어-빌딩 유인과 관련하여 높은 잉여현금흐름과 성장성, 그리고 과잉투자는 총원가, 판매관리비, 인건비의 하방경직성을 강화시키는 것으로 나타났다. 따라서 본 연구는 기업지배구조와 원가행태 간의 관계에 대한 연구가 미흡하다는 점을 고려해볼 때, 효과적인 기업지배구조의 역할 및 원가행태를 통한 경영자의 기회주의적 의사결정을 파악하는데 유용할 것으로 본다. The objective of our study is to examine whether there is a negative relation between the quality of corporate governance and the degree of cost stickiness. If the firms have effective control and monitor systems, the agency costs will reduce and corporate governance will restrain manager’s opportunistic incentives. We can expect that strong corporate governance is effective to mitigate the degree of cost stickiness. The results of this paper are as follows. First, we find that corporate governance is effective to mitigate the degree of cost stickiness. Total Costs(TC) are less sticky for firms which have higher foreign investor’s ownership. Manufacturing Costs(MFC) are less anti-sticky for firms which have higher manager’s ownership. Also, Selling, General, and Administrative Costs(SGA) and Salaries/Wages Expenses (SWE) are less sticky for firms which have higher manager’s ownership. Second, the firms which belong to the great company group show less sticky, and foreign investor’s ownership and institutional ownership who have monitor incentives decrease the degree of cost stickiness. Finally, we find that cost stickiness increase more when free cash flow, growth and over-investment are high. The results of this study provide empirical evidence upon how the quality of corporate governance can determine the degree of cost stickiness.

전략적 선택에 따른 원가행태의 비대칭성

구정호 ( Jeong Ho Koo ),박연희 ( Yeon Hee Park ),백태영 ( Tae Young Paik ) 한국회계학회 2009 회계저널 Vol.18 No.4