ESG경영과 기업성과의 관련성 검증 및 정책 시사점

안상봉,최석규 한국재정정책학회 2024 財政政策論集 Vol.26 No.1

본 연구의 목적은 코로나19 이후 중요성이 강조되고 있는 기업의 ESG 대응수준에 따라 어떠한 기업성과의 차이가 있는지를 통계분석으로 밝히고 서로의관련성을 실증분석하여 이에 따른 정책 시사점을 제시하는 데 있다. 이를 검증하기 위해 코로나19 팬데믹이 창궐했던 2019년에서 2021년까지의 3개년 동안 유가증권시장에 상장된 기업들을 대상으로 상관관계 분석, 독립표본T검정 분석, 다변량 회귀모형 분석을 실시하였다. 실증분석 결과는 다음과 같다. 첫째, ESG경영과 기업의 사회공헌활동ㆍ기업성과는 관련성이 있는 것으로 검증되었다. 둘째, ESG경영과 기업의 사회공헌활동ㆍ기업성과간의 관련성은 기업의 사회공헌활동의 수준에 따라 차별적으로 나타났다. 분석결과를 종합하면, 기업의 사회공헌활동이 양호할수록 ESG경영 수준이 높고 ESG경영 수준과 기업성과는 밀접한 상관성이 있으며 ESG경영 수준이 높을수록 기업성과가 개선될 수 있는 것이다. 따라서 ESG경영에 관한 정책을 확대해야 하며 다음 같은 ESG정책을 고려할 필요가 있다. 첫째, 기업수준의 ESG경영 확산을 위한 정부나 지방자치단체의 역할 및 지원강화가 필요하다. 둘째, ESG 인력 양성 프로그램에 대한 재정지원이 필요하다. 셋째, 기업의 ESG경영 적응력 향상을 위한 관련 컨설팅 제공 프로그램을 마련하여 운영하는 센터의 설립을 지원하는 정책이 필요하다. The purpose of this study is to reveal through statistical analysis what differences exist in corporate performance depending on the level of a company’s ESG response, the importance of which has been emphasized after COVID-19, and to present policy implications accordingly by conducting an empirical analysis of their relationships. To verify this, correlation analysis, independent sample T-test analysis, and multivariate regression analysis were conducted on companies listed on the stock market over the three years from 2019 to 2021, when the COVID-19 pandemic was prevalent. The results of the empirical analysis are as follows. The First, it has been verified that there is a relationship between ESG management and corporate social contribution activities and corporate performance. Second, the relationship between ESG management and corporate social contribution activities and corporate performance was differentiated depending on the level of corporate social contribution activities. Summarizing the analysis results, the better the company’s social contribution activities, the higher the level of ESG management, and there is a close correlation between the level of ESG management and corporate performance. The higher the level of ESG management, the better the corporate performance. Therefore, policies regarding ESG management need to be expanded and the following ESG policies need to be considered. First, it is necessary to strengthen the role and support of the government or local governments to spread ESG management at the corporate level. Second, financial support for ESG human resources training programs is needed. First of all, a policy is needed to provide financial support for revitalizing in-house ESG education programs for corporate executives and employees in the short term. Third, a policy is needed to support the establishment of a center that establishes and operates related consulting programs to improve companies’ ESG management adaptability.

기업의 윤리경영과 재무정보 적시성

안상봉,신용준 한국회계정보학회 2012 회계정보연구 Vol.30 No.4

This thesis studied on business ethics and the timeliness of financial information by expanding the existing research area of business ethics according to the perception of business ethics' social importance. The results of this study are as follows. The first, for the main variable of this study, KEJI index which indicates business ethics statistically showed negative relations with report rag which is a difference from the closing date of financial year to reporting date of accountant's report. It is the result supporting this hypothesis 1 and enterprises of business ethics have low possibility of accounting fraud through the interest reconciliation and low uncertainty of enterprises. The second, enterprises introducing business ethics statistically showed negative relations with report rag which is a difference from the closing date of financial year to reporting date of accountant's report, so the result is supporting hypothesis 2. The third, to confirm robustness of studying results, audit which is from ending day of audit to reporting day of accountant's report was used instead of the time difference of report, which is the difference from the ending day of fiscal year to reporting day of accountant's report. And then, the relationship with KEJI index which is a substitute variable of business ethics was additionally analyzed. KEJI index which indicates business ethics showed significantly negative relationship with ending day of audit. Also, in additional analysis, the result supported hypothesis 1. Enterprises which have high KEJI index measuring business ethics have low possibility of accounting fraud through the interest reconciliation and low uncertainty of enterprises. So, financial information is rapidly reporting so as to improve the timeliness of financial information after the ending day of audit. 윤리경영의 사회적 중요성의 인식에 따라 본 연구는 기존 윤리경영에 대한 연구 분야를 확대시켜 기업의 윤리경영과 재무정보 적시성에 대해서 연구하였다. 본 연구의 결과는 다음과 같다. 첫째, 본 연구의 주요 변수로 윤리경영을 나타내는 경제정의지수는 회계연도 종료일부터 감사보고서 보고일까지의 차이인 보고시차와 통계적으로 유의한 음(-)의 관련성을 보여주었다. 이는 본 연구가설 1을 지지하는 결과이며, 윤리경영을 측정하는 경제정의지수가 높은 기업들은 재무정보를 빠르게 보고함으로써 적시성이 매우 높음을 알 수 있는 결과이다. 즉 윤리경영 실천기업들은 이익조정을 통한 분식회계 가능성이 낮고, 기업의 불확실성이 적은 좋은 기업들이기 때문에 자본시장 참여자나 이해관계자들이 가능한 빠르게 기업의 재무정보를 확인 가능하도록 제공하고 있음을 알 수 있었다. 둘째, 윤리경영을 도입한 기업은 회계연도 종료일부터 감사보고서 보고일까지의 차이인 보고시차와 통계적으로 유의한 음(-)의 관련성을 보여 연구가설 2를 지지하는 결과로 나타났다. 윤리경영을 도입한 기업은 윤리경영을 도입하지 않은 기업보다 상대적으로 경영자의 분식회계 가능성이 낮고, 기업의 불확실성이 낮기 때문에 결산일부터 재무정보 보고일까지의 기간인 보고시차는 상대적으로 줄어들어 재무정보 적시성이 높아지고 있음을 알 수 있는 결과이다. 셋째, 연구결과의 강건성을 확인하기 위하여 회계연도 종료일부터 감사보고서 보고일까지의 차이인 보고시차 대신에 감사인 감사종료일부터 감사보고서 보고일까지를 사용하여 윤리경영의 대용변수인 경제정의지수와의 관련성을 추가적으로 분석하였다. 윤리경영을 나타내는 경제정의지수는 감사인의 감사종료일과 통계적으로 유의한 음(-)의 관련성을 보여주었다. 또한 추가분석에서도 본 연구가설 1을 지지하는 결과를 보였다. 윤리경영을 측정하는 경제정의지수가 높은 기업들은 상대적으로 이익조정을 통한 분식회계 가능성이 낮고, 기업의 불확실성이 적은 좋은 기업들이기 때문에 감사종료일 이후에 재무정보 적시성 제고를 위해 재무정보를 빠르게 보고하고 있음을 알 수 있었다.

코스닥시장에서 소유지분구조에 따른 재무특성과 기업가치

안상봉 전북산업경영연구소 2007 산업경영연구 Vol.7 No.1

The Effects of Start-up Firms’ Alliances with Nonprofit Organizations on Competitive Advantage: A Perspective of Corporate Social Responsibility

안상봉,오한모 한국산업경제학회 2018 산업경제연구 Vol.31 No.3

An alliance with a nonprofit organization enables a start-up firm to achieve marketplace positional advantage and a superior performance. In spite of the importance of start-up firms’ alliance with nonprofit organizations, scholars have paid little explained how those alliance succeed. Building crucially on the resource-based theory of the firm, the competence-based theory of the firm, and resource-advantage theory of competition, we attempted to develop an integrative model explaining success in a start-up firm’ alliances with nonprofit organizations. We proposed that the three theories are linked by means of relationships among (1) start-up firms’ alliance competence, (2) nonprofit organizations’ complementary resources, and (3) corporate social responsibility program performance. In addition, we proposed that these factors influence success in start-up firms’ alliances with nonprofit organizations by achieving competitive advantage.

Duodenal Niemann-Pick C1-like 1 expression was negatively correlated with liver X receptor expression in nonalcoholic fatty liver disease

안상봉,전대원,장기석,이병훈,신계정 대한내과학회 2019 The Korean Journal of Internal Medicine Vol.34 No.4

Background/Aims: Intestinal cholesterol absorption includes intestinal Niemann- Pick C1-like 1 (NPC1L1) and is an important target pathway in nonalcoholic fatty liver disease (NAFLD). We investigated the expression of NPC1L1 and its correlation with liver X receptor (LXR) expression in peripheral mononuclear (PMN) cells in patients with NAFLD. Methods: We evaluated intestinal expression of NPC1L1 in 25 NAFLD patients and 28 healthy controls. We calculated the mRNA expression levels of LXR and farnesoid X receptor (FXR), which are master players of cholesterol metabolism in PMN cells. The protein expression of ABCA1, ABCG5/8, NPC1L1, SREBP, LXR, FXR, and CD36 was measured on tissue samples from the duodenum and ileum. Results: The expression of LXR (p = 0.01) and FXR (p = 0.03) in PMN cells was increased in the NAFLD group compared to the control group. Duodenal NPC1L1 decreased in the NAFLD group compared to the healthy controls (3.38 ± 1.4 vs. 2.42 ± 1.2, p = 0.05). NPC1L1 expression in the duodenum was negatively correlated with LXR expression in PMN cells. Expression of LXR and FXR in the ileum was also negatively correlated with the expression of LXR in PMN cells. Conclusions: Duodenal NPC1L1 expression was decreased in NAFLD and was negatively correlated with LXR expression in PMN cells.

The Effects of International New Ventures’ Social Responsibility Engagement on Local Customer Loyalty: A Perspective of Relationship Marketing in Emerging Economies

안상봉,오한모,Sung-Kwon Kim 강원대학교 경영경제연구소 2018 Asia-Pacific Journal of Business Vol.9 No.3

Research addressing international new ventures’ social responsibility activities is scarce. Specifically, researchers have little account for the effects of an international new venture’ssocial responsibility efforts on the outcomes of relationships with local customers in emergingeconomies. Against this background, we attempt to extend the boundaries of an understandingof the effects of international new ventures’ social responsibility engagement on localcustomers’ loyalty through customer trust and customer identification in emerging economies. Based mainly on the stakeholder theory and the relationship marketing theory, our studyconceptualize two facets of international new ventures’ social responsibility efforts: ethicaland philanthropic corporate social responsibility engagement. In addition, we identify positivecustomer relationship-building mechanisms for each facet. Furthermore, our study presents anempirically testable propositions that would explain how international new ventures’ socialresponsibility efforts influence the outcomes of relationships with local customers in emergingeconomies. Finally, this manuscript provides a discussion of the present study’ implicationsfor theory and practice and limitations that naturally lead to future research on internationalnew ventures’ social responsibility activities in developing economies.

내부회계관리제도의 도입이 코스닥시장의 회계보수성에 미치는 영향

안상봉,김태석,오한모 한국경영교육학회 2011 경영교육연구 Vol.26 No.6

The purpose of the present study is to empirically test whether the introduction of internal accounting control system leads to accounting conservatism in nonfinancial firms listed on the KOSDAQ market. We calculate C-scores for the firms on the data from 2000 to 2010 in order to accomplish the goal of the study, the C-score that measures the effect of conservative accounting on the financial statement. The results are as follows. First, we conduct an independent sample t-test and a multivariate regression analysis in order to test the hypothesis 1 that KOSDAQ firms using standard report forms are more conservative in accounting than those using non-standard forms. The t-test demonstrates that the mean of the C-scores of firms using standard report forms is significantly higher than that of firms using non-standard report forms. The regression analysis shows that the a review opinion of internal accounting control systems may have an effect on accounting conservatism. Therefore, the hypothesis 1 is accepted. Second, we perform a paired sample t-test and another multivariate regression analysis in order to test the hypothesis 2 that the introduction of internal control systems affects accounting conservatism. The t-test presents that the mean of the C-scores of firms in the period of pre-introduction of internal control systems is little different from that in the period of post-introduction. The regression analysis also reveals that the introduction of internal control systems little affects accounting conservatism. Thus, the hypothesis 2 is rejected. These results may provide the evidence that the introduction of internal control systems is not a driver of changes in the KOSDAQ environment to accounting conservatism. The results indicate that the rate of β-error—the wrong decision that is made when a non-standard report firm is classified as a standard report firm—should be decreased and that various methods should be developed to enhance information usefulness for accounting information users. 본 연구는 내부회계관리제도의 도입이 코스닥시장에 회계보수성의 유인이 되었는지를 실증적으로 분석하였다. 이를 검증하기 위해 2000년부터 2010년까지의 자료를 이용하여 회계보수성의 대용치인 C-Score를 활용하여 이를 검증하였다. 검증결과는 다음과 같다. 첫째, 코스닥시장에서 내부회계관리제도 표준보고 표본이 비표준보고 표본에 비하여 회계보수성이 높은지를 검증하기 위해 집단간 t-검증과 다변량회귀분석을 실시하였다. t-검정 결과, 보수주의 점수(C-Score)가 표준보고 표본의 평균이 비표준보고 표본의 평균보다 높게 나타났으며, 통계적으로도 유의한 결과를 보였다. 또한회귀분석의 결과에서도 내부회계관리제도 검토의견과 회계보수성은 유의한 관련성을 나타내었다. 이는 코스닥시장에서 내부회계관리제도 검토의견은 회계보수성과강건한 관련성을 가지고 있는 것으로 해석 할 수 있다. 둘째, 내부회계관리제도 도입이 코스닥시장 전반의 회계보수성에 영향을 끼쳤는지를 검증하기위해 도입 전․후 t-검증과 다변량회귀분석을 실시하였다. 내부회계관리제도 도입전과 후의 집단 간 평균차이 분석 결과, C-Score의 도입전 표본의 평균이 도입후 표본의 평균보다 높게 나타났으며 통계적으로 유의한 결과를 보이지 않았다. 또한 회귀분석의 결과에서도 통계적으로 유의미한 결과를 나타내지 않았다. 이러한 결과는 내부회계관리제도의 도입이 코스닥시장의 전체적인 회계환경을 보수적으로 바꿀만한 회계처리의 유인이 되지 못하였다는 증거가 될 수 있어 향후 제도의 개선과 확대를 위한 노력이 계속되어져야 할 것이다. 이러한 실증분석 결과, 향후 내부회계관리제도의 검토제도를 감사제도로 강화 하는 등의 추가적인 노력을 통하여, 표준보고의 대상이 아님에도 표준보고로 분류되어질 수 있는 이른바 오류를 줄임으로써 회계정보이용자들의 정보유용성을 높이는 다양한 방법들이 모색되어져야 할 것이다.

Exporters' Financial Management and Auditors' Reaction to Exchange Rate Elasticity of Sales: An Empirical Study on Korean Firms

안상봉,윤기창 한일경상학회 2020 韓日經商論集 Vol.87 No.-

In this study, we aimed to investigate whether there is difference between the financial management of export firms listed on the stock exchange and auditors’ reaction according to the exchange rate elasticity of sales. Specifically, we first analyzed the restriction of capital finance in export firms to this elasticity. We then examined whether the elasticity leads to the difference of audit quality in export firms. The results of the present study are as follows. First, export firms’ high level of the exchange rate elasticity of sales results in a high level of capital finance restriction. This finding suggested that because export firms with a high level of exchange rate elasticity of sales could have a high level of financial risk, they have a high level of capital finance restriction. Second, export firms’ high level of exchange rate elasticity of sales leads to a high level of audit fees and hours. This finding proposed that because export firms with a high level of profit deviation according to exchange rate elasticity of sales could have a high level of earnings management, auditors act to enhance audit quality and thereby address this risk. The current study contributed to international finance research because we showed export firms’ financial risk in the context of exchange rate fluctuation by investigating the relationship between financial management and exchange rate elasticity of sales. In addition, this study differentiated from extant research because we presented audit quality in the context of exchange rate elasticity by examining auditors’ reaction to the elasticity.

동시성 위선암과 위림프종이 동반된

안상봉,한동수,조현석,변태준,김태엽,은창수,전용철,손주현 대한내과학회 2008 대한내과학회 추계학술대회 Vol.2008 No.-

대장내시경검사에서 대장내시경 회수시간과 폴립 발견율과의 관계

안상봉,한동수,조현석,변태준,김태엽,은창수,전용철,손주현,김선민 대한소화기내시경학회 2009 Clinical Endoscopy Vol.38 No.2

목적: 대장내시경 회수시간은 대장내시경검사에서 폴립 발견의 중요한 질관리 지표 중 하나이다. 이번 연구에서는 대장내시경검사에서 시술자간의 폴립 발견율의 차이가 있는지를 알아보고, 이에 영향을 미치는 인자를 찾아보고자 하였다. 대상 및 방법: 한양대학교 구리병원의 전임의 2년차 7명이 시행한 대장내시경 1,515건 중 장 절제술의 기왕력이 있거나, 염증성 장질환 환자 등을 제외한 1,299건을 후향적으로 분석하였다. 대상 환자의 폴립 발견율, 대장내시경 삽입시간, 회수시간, 장 정결도, 폴립 크기, 폴립 위치 등을 조사하였다. 결과: 대장내시경을 시행한 시술자별로 분류하였을 때, 시술자간 폴립 발견율은 15∼35%로 큰 차이가 있었다. 각 군 마다 성별, 나이, 장 정결도, 폴립의 위치에 있어서 의미있는 차이는 없었다. 평균 대장내시경 삽입시간은 7.6∼12.3분으로 개인별로 차이가 있었으나, 대장내시경 삽입시간과 폴립 발견율은 관계가 없었다. 대장내시경 회수시간은 개인마다 평균 3.6±2.8분에서 7.1±2.5분까지로 차이가 있었으며, 대장내시경 회수시간과 폴립 발견율에서 의미있는 상관관계가 있었다(p<0.001). 또한, 대장내시경 회수시간이 긴 경우에 5 mm 이하의 작은 폴립의 발견율이 높았다. 평균 대장내시경 회수시간을 6분을 기준으로 분석하였을 때 회수시간이 6분 이상인 경우 6분 미만에 비해 폴립 발견율이 의미있게 높았다(30.7% vs 18.4%, p< 0.001). 결론: 대장내시경검사에서 시술자간 폴립 발견율의 차이가 있었고, 대장내시경 회수시간과 폴립 발견율에는 양의 상관관계가 있었다. 대장내시경 검사에서 폴립 발견율을 높이기 위해서는 충분한 대장내시경 회수시간이 필요할 것이다. Background/Aims: The colonoscopic withdrawal time has been proposed as a quality indicator for colonoscopy, and this is based on the recent evidence that the Colon withdrawal time is associated with adenoma detection rate. In this study, we examined the difference of the polyp detection rates between practicing endoscopists, and we analysed certain factors that might lead to such differences, and particularly the colonoscopic withdrawal time. Methods: We retrospectively evaluated the colonoscopic procedures that were performed by 7 second-year GI fellows at Hanyang University Guri Hospital. A total of 1,515 colonoscopies were assessed for the polyp detection rate, the insertion time, the withdrawal time, bowel preparation, the size of the detected polyps and the location of polyps. Results: The median withdrawal time for the case with no polyps removed was 3.6 to 7.1 minutes. There was a strong positive correlation between the colonoscopic withdrawal times and the polyp detection rates (p<0.001). Furthermore, a longer withdrawal time resulted in discovering a higher percentage of small polyps. On comparing groups, the group of colonoscopists with a withdrawal time longer than 6 minutes had a higher rate of detecting polyps (30.7% vs 18.4%, p<0.001). Conclusions: There is wide range of polyp detection rates among practicing colonoscopists and there is strong positive correlation between the colonoscopic withdrawal times and the rate of detecting polyps. A long enough withdrawal time, perhaps 7 minutes, is needed to raise the rate of detecting polyps during colonoscopy.