VDT화면에서 텍스트의 행간구분방법과 색상이 가독성에 미치는 영향

오승빈(Seung Bin Oh),박성하(Sung Ha Park) 한국산업경영시스템학회 2009 한국산업경영시스템학회지 Vol.32 No.4

In this study, we examined the effects of background and underline on the readability of displayed text The background was placed on every other line and the underline was done with every line of the text The effect of adding color to the background and underline was also of primary concern Twenty subjects were tested on their reading efficiency (ie time-to-read and comprehension) and subjective preference of different text format presented on a LCD Result showed that for the background condition, the background with green format significantly decreased the time-to-read as compared to the format without any background The results of ANOVA on comprehension and subjective preference were also consistent with this finding For the underline condition, otherwise, the underline with yellow format yielded higher speed and better comprehension The results imply that adding background or underlines with appropriate colors can be an additional and useful way of improving text readability

대형직접전단시험에 의한 Stone Column재료의 전단거동 특성

이대영(Dae-Young Lee),오승빈(Seung-Bin Oh),유충식(Chung-Sik Yoo) 대한토목학회 2006 대한토목학회 학술대회 Vol.2006 No.10

천연향을 이용한 크림 제품의 심리생리적 평가

박세진 ( Se Jin Park ),오승빈 ( Seung Bin Oh ),이은주 ( Eun Ju Lee ),서형제 ( Hyung Jye Seo ) 한국감성과학회 2012 감성과학 Vol.15 No.1

크림은 피부의 보습효과를 비롯하여 유연기능 등 다양한 목적으로 사용된다. 최근에는 천연향 성분의 크림제품이 출시되면서 그 기능에 관심이 모아지고 있다. 본 연구에서는 곽향, 유향, 백단향, 무향 그리고 새로 개발된 조합향(S6) 5개의 천연향을 대상으로 심리생리적 인체 영향을 평가하였다. 첫 번째로 대전지역에 거주하는 20~30대 여성 100명을 대상으로 감성 형용사를 이용한 주관적 평가를 수행하였다. 그 결과, 조합향을 가장 선호하는 것으로 나타났다. 두 번째로 주관적 평가에 참가한 응답자 중 20명을 대상으로 EEG와 ECG, GSR을 측정하였다. EEG 분석 결과, 각 조건에서 알파파의 비율이 높게 나타나는 것을 확인하였다. 통계적 분석 결과, 조합향에서 유의하게 나타나 긴장완화 효과가 가장 큰 것을 알 수 있었다(p < 0.05). 이런 결과는 심전도와 피부전기저항 측정값에서도 동일한 경향으로 나타났다. 세 번째로 조합향 제품을 사용하였을 때 피부상태를 측정하였다. 그 결과 피부 온도와 습도, 피부 움직임 속도가 증가하였다. 보습효과와 탄력 효과가 있음을 확인할 수 있었다. Generally, cosmetic creams have been used to moisturize and smooth human skin. Recently, people concerns about the creams released with natural flavors and its functionality. This study focused to assess the psychophysiological effects of creams with 5 natural flavors such as patchouli oil, frankincense, sandalwood oil, none and newly developed S6. Initially, we have performed subjective evaluation for 100 female subjects aged 20 to 30 from Daejeon, South Korea. The results showed the most preferred flavor was S6 condition. Second, physiological evaluations for 20 female subjects were measured with EEG, ECG and GSR. In EEG analysis, the alpha ratio was confirmed to appear higher in each condition. The statistical analysis shows that significantly largest effect at S6 condition(p <0.05). The result from ECG and GSR measurements also shows the same trend. Third, skin conditions were measured when using S6. As a result, the skin temperature, humidity and skin movement speed were increased with S6 condition. The moisturizing and elasticity effects were confirmed.

해상근무자의 직무스트레스 분석에 관한 연구

장준혁 ( Jun Yuk Jang ),오승빈 ( Seung Bin Oh ),김홍태 ( Hong Tae Kim ),조소현 ( So Hyun Jo ) 대한설비관리학회 2016 대한설비관리학회지 Vol.21 No.1

For this purpose, analyzed the data collected through conducting survey on maritime workers as ``Job stress factors evaluation tool for Koreans`` that was developed by KOSHA in 2003. The eight job stress factors which are physical environment, job requirement, job autonomy, relationship conflict, job insecurity, workplace culture, unfair compensation, and organizational system were analyzed. As a result, almost eight job stress factors showed higher stress with below thirties maritime workers than above fifties maritime workers. On the other hand, job insecurity factors showed higher stress with above fifties maritime workers than below thirties maritime workers. And, almost eight job stress factors showed higher stress non-exercised group with than with exercised group. This study provides the fundamental information for understanding human factors of maritime workers job stress. From the results of this study, the work loss due to the job stress could be prevented, and stress factors could be removed at the workplace.

사례논문 : 금융자산의 회계처리 사례: 선광의 화인캐피탈 지분 회계처리

이준일 ( Joon Il Lee ),오승빈 ( Seung Bin Oh ) 한국회계학회 2015 회계저널 Vol.24 No.1

금융상품에 대한 분류와 회계처리는 기업의 재무상태와 경영성과에 막대한 영향을 미친다. 그러나 회계교육 현장에서 금융자산의 회계처리는 대부분 분개에 대한 설명에 집중되어 금융자산의 중요성이나 경제적 영향에 대해 실감하지 못하는 경우가 많다. 본 사례는 중급회계 정도의 회계지식을 갖춘 학생을 대상으로 금융자산의 회계처리 방법의 중요성과 재무제표에 미치는 영향에 대한 이해를 돕도록 작성되었다. 한편 2011년 전면 도입한 한국채택국제회계기준(K-IFRS)은 원칙중심의 회계기준으로서 영업이익에 대해서도 개별적인 정의를 따로 하지 않고 기업이 경제적 실질을 가장 잘 반영하는 방안을 택할 수 있도록 재량권을 확대하였다. 그런데 2012년 한국은 다시 과거K-GAAP에서 사용하던 영업이익에 대한 규정을 재도입하게 되었다. 본 사례를 통하여 이러한 현상이 나타나게 된 원인에 대하여 직접 확인함으로써 회계규정이 실제 적용될 때 나타나게 될 수 있는 부작용과 이러한 문제를 극복하기 위한 방안에 대하여 생각해 보기로 한다. 2011년 1분기 이익 발표에서 ㈜선광은 매출액의 두 배가 넘는 영업이익을 보고하였다. 이러한 이례적인 현상이 나타나게 된 것은 선광의 1) 금융자산 회계처리와 2) 영업이익의 자의적 구분 때문이었다. 선광은 자회사인 화인캐피탈에 대한 지분을 ‘매도가능금융자산’에서 ‘지분법적용투자주식’으로 재분류하였다. 이 과정에서 기존에 발생했던 평가차익이 일시에 손익계산서에 반영되었다. 당시 K-IFRS에서는 영업이익에 대한 규정이 따로 없었기에, 선광은 평가차익을 기타수익이 아닌 영업이익으로 분류하였고 그 결과 매출액을 두 배나 초과하는 영업이익을 보고하게 되었다. 이후 2012년 K-IFRS 재개정으로 인하여, 선광은 2011년의 과도한 영업이익을 수정하였다. 본 사례는 선광의 화인캐피탈 지분 회계처리에 대한 사례로서 금융자산의 최초 분류와 회계처리, 공정가치 변동에 따른 후속 인식 및 지분법적용투자주식으로의 재분류과정을 다루고 있다. 특히 선광이 화인캐피탈 지분에 대한 회계처리로 원가법, 공정가치법, 지분법을 차례로 적용하였기에, 각 회계처리에 따라 선광의 재무제표에 미치는 영향을 비교하여 분석함으로써 금융자산 회계처리의 중요성에 대해 학습할 수 있을 것이다. 또한 영업이익의 자의적 구분에 대한 K-IFRS 재개정의 경제적 효과를 실제 사례에서 살펴보고 학습할 수있는 기회를 제공함으로써, 원칙중심의 회계처리가 가질 수 있는 장단점에 대하여 살펴보고, 회계규정의 제정이 논리적인 연역적 과정 뿐 아니라 실제 현실을 반영하는 과정을 거친다는 것을 확인케 한다. 그리고 회계 학습자들에게 회사의 회계처리가 기계적인 과정이 아니라 회계 규정의 범위 안에서 체계적인 회사의 결정을 반영하고 있는 것임을 확인시키고, 새로운 회계제도 도입이 자동적으로 회계품질 향상을 보장하지 않으며 법적환경이나 정보에 대한 수요와 같은 환경적 요인에 영향을 받음을 일깨운다. Several articles argue that the discretionary evaluation for financial instruments at fair value is one of the reasons for sub-prime mortgage crisis. Since fair value of financial instrument is highly fluctuated, its effect on fim’s financial position and performance can be substantial. Therefore, demanders and suppliers for accounting information should deeply understand the accounting method for financial instruments and its economic effect on financial statements. However, studies on financial instruments in academic areas mostly focus on the techniques for book-keeping. Therefore, students have the sparse opportunity to study the importance of financial instruments and their economic consequences on financial statements. The purpose of the case is to enable students who have intermediate-level accounting knowledge to understand financial instruments; especially, the accounting method for equity investments and its effect on financial statements. Furthermore, this case provides educational opportunity for improving an ability to choose which accounting method is the best way in reflecting an economic substance of certain transaction among its alternatives. This ability of the choice becomes more important under K-IFRS which emphasizes on principals rather than rules. Under K-IFRS, firms do not have specific rules on reporting operating income in the Income Statements because K-IFRS emphasizes the discretion of managers. However, in 2012, K-IFRS established the rules for recognizing operating income following the definition of prior K-GAAP. This case analyzes the reasons for this revision of K-IFRS and raises several issues regarding the application of new rules to real situations. In the earnings announcement of the first quarter in 2011, Sunkwang Co. reported an operating income of more than twice its sales. This exceptional situation results from the accounting method of Sunkwang for financial instruments and from the discretionary definition of operating income. In 2011, as the voting right of Sunkwang in Fine Partner co. increased, Sunkwang reclassified the equity investments in Fine Partner co. from ‘Available-for-sale equity’ to ‘Investment in equity’. In the course of this reclassification, Sunkwang realized unrecognized gains from the increase in fair value, following the rule of reclassification adjustments. Moreover, the firm included the realized gain from fair value adjustment in the calculation of operating income, which firms can discretionarily define under K-IFRS. Accordingly, the firm earned an exceptionally high operating income in 2011. In year 2012, Sunkwang reduced its operating income of 2011 following the revision of K-IFRS. This case deals with the definition, initial recognition, fair value adjustment, and reclassification adjustment of financial instruments based on the equity investments of Sunkwang. As Sunkwang applied three accounting methods for the equity investment of Fine Partners, which were the Cost, Fair value, and Equity method, this case analyzes how each accounting method differently influences financial statements. In addition, this case provides an opportunity to study the economic impacts of K-IFRS revision with regard to the definition and disclosure of operating income. Based on these points, students can learn the advantages and disadvantages of principal-based accounting compared to rule-based accounting and can recognize the fact that accounting rules have to consider not only theoretically deductive reasoning but also political reasoning, which captures the characteristics of the real world. Also, this case can teach students that a firm’s accounting practices can reflect strategic management decisions beyond simple and mechanical book-keeping processes. Furthermore, this case shows that new rules do not always improve accounting quality. Accounting environments in a country can be an important factor that determines the effectiveness of new rules on accounting quality. This case has several contributions. First, this case supports the empirical results in the previous literature about accounting method for financial instruments. The prior researches document that Fair value accounting provides more value relevant information than Cost method. (Ahmed and Takeda 1995; Barth 1994; Barth et al. 1996; Eccher et al. 1996; Nelson 1996; Venkatachalam 1996; Graham et al. 2003; Song 2012). However, firm’s managers have a demand for manipulating their earnings by using recongnition of financial instruments which are reported at fair value (Wyatt 1991) and this type of earnings management has low detection risk in audit process (Kwon et al. 1998; Song 2012; etc.). This case helps to easily understand the previous findings by showing an impact of accounting method of financial instrument on reported earnings. Second, this case confirms that definition of operating income can affect financial statement and market participants’ behavior. Firm’s manager want to affect investor’s decision by discretionary classification of operating income (Kinney and Trezevant 1997; Bradshaw and Sloan 2002). Under K-IFRS before 2012, firms do not have specific rules on reporting operating income in the Income Statements. As a result, comparability of financial statements is declined and classification of operating income is used for earnings manipulation (Kim and Cheon 2012; Moon 2013). This case provides a practical evidence for the previous empirical findings. Finally, this case provides several implications for regulators. The regulators should pay attention to firm’s accounting method and evaluation for financial instruments to avoid the firm’s earnings management related with financial instruments. Also, the regulators need a research for accounting standards that allow firm’s discretions for better reflecting an economic substance as well as protect investors from firm’s manipulation. In addition, the regulators need strong monitoring in order to encourage companies to establish a good governance and auditors to provide high quality of audit.

한국 자본시장에서 가치관련성의 변화

김영준(Kim Young Jun),이준일(Lee Joon il),오승빈(Oh Seung bin) 韓國公認會計士會 2015 회계·세무와 감사 연구 Vol.57 No.1

본 연구는 유가증권시장 상장기업을 대상으로 1991년부터 2010년까지 20년간의 가치관련성 추이를 살펴보고, 그 함의를 분석한다. 회계정보의 주가설명력(수정 R2)을 이용하여 가치관련성을 측정한 결과, 한국 자본시장에서 전체 회계정보의 가치관련성은 1990년대에는 감소 추세를 보였지만 IMF 외환위기 이후에는 가파르게 상승하는 추세를 보였다. 회계정보를 회계이익과 장부금액으로 구분하여 각각의 증분적 가치관련성을 살펴보았을 때, 회계이익의 증분적 가치관련성은 전체 회계정보의 가치관련성과 유사한 결과를 보이고 있지만, 장부금액의 증분적 가치관련성은 유의한 변화가 관찰되지 않았다. 가치관련성 변화의 원인을 파악하기 위해 선행연구에서 가치관련성 변화의 원인으로 지목한 영업외손익 및 특별손익의 중요성 증가, 손실 기업의 증가, 서비스 및 혁신기술을 기반으로 하는 산업의 중요성 증가, 그리고 소규모 기업의 증가를 통제하여 분석하였다. 실증분석 결과 IMF 외환위기 이후 한국 자본시장에서 회계정보의 가치관련성 상승은 위의 네 가지 요인만으로는 설명되지 않으며 외환위기 이후의 회계이익 품질의 개선(이익의 유연성, 지속성, 예측성의 증가)과 관계가 있음을 보였다. 추가적으로 한국 자본시장의 가치관련성 증가가 규모효과(scale effect)와 같은 단순한 수리적 착시에서 비롯되는 것(Brown et al. 1999)이 아님을 보였다. 이러한 가치관련성 증가는 IMF 외환위기 이후, 이해관계자와 투자자들의 재무보고에 대한 관심 제고와 경제적 환경의 변화, 한국 정부의 회계제도 개혁의 결과를 반영한 것일 가능성이 있다. 한국시장의 회계투명성에 대한 많은 비판들이 있지만 2000년대 회계정보의 가치관련성이 증가했다는 결론은 경제구조의 변화나 회계개혁 노력이 주식투자자들에게 긍정적인 영향을 가져왔을 수 있음을 보이고 있다. This paper examines the changes in value relevance of financial statements in Korean capital market over past 20 years. Many prior literature, using U.S. firms, shows that the value relevance of financial statements has decreased over time because historical-cost-based financial statements do not reflect fast-growing business environment(Lev and Zarowin 1999; Amir and Lev 1996; Francis and Schipper 1999 etc). However, Collins et al. (1997) provide an approach using R2 in a regression of stock prices on earnings and book values and find that changes in R2 has been increased over time. R2 represents total explanatory power of financial statements which captures the value relevance of accounting information. Also, they decompose total R2 into three parts: incremental explanatory power of earnings and of book values, and the explanatory power common to both earnings and book values. They document that the incremental value relevance of earnings has declined. However, it has been replaced by the increases in the value relevance of book values. On the other hand, Brown et al. (1999) address a problem in the approach of Collins et al. (1997). They argue that a positive trend in R2 results from the size differences of observations, which they call "scale effect". Following the paper, this paper examines the changes in explanatory power over time based on Korean data and re-examines the results after controlling the scale effect. Most of the value relevance literature focuses on U.S. capital market. However, difference in accounting standards and practices across countries results in different consequence to investors, analysts, and accounting standards. Consequently, the changes in the value relevance of accounting disclosure have been different across countries (Ali and Hwang 2000; Graham and King 2000). Therefore, it is valuable research idea to analyze the time-series difference in the value relevance across countries. Especially, Korea suffered from the financial crisis in 1998 and International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD) required Korean government to strongly reform Korean accounting standards. This paper examines whether the changes in value relevance in Korea with these efforts of Korean government and accounting standard setters have improved over time. After controlling for the effects from intangible intensity, non-recurring items, negative earnings, and firm size, the increased trend of value relevance still appears. This result can be an evidence that the effect from four factors have not mainly driven the improvement of value relevance in Korea. Hence, this paper suggests a possibility that the reform activities of Korean government would be associated with the increase in value relevance. This study contributes to the accounting literature in some aspects. First, this paper provides evidence of the changes in the value relevance over time before IFRS adoption. This study summarizes the historical changes in value relevance of financial statement in Korea under Korean GAAP. From this, we can confirm the validity of reform activities of Korean government and learn the implication for preparing IFRS regime in Korea. Second, this paper extends a sample period of prior Korean research in terms of the value relevance. Several Korean studies examine the changes in the value relevance in Korea. Han (1998) shows the changes in the value relevance from 1981 to 1995 and it has been decreased over the past 15 years. Also, Park and Lee (2003) document a negative change in explanatory power of financial statement around the Reform of Korean accounting system in 1998. This paper re-examines the time-series changes in the value relevance in Korea in the longer sample period, from 1991 to 2010 compared to prior studies. Reform of Korean accounting system has influenced on an efficiency of Korean capital market after 1999 and global financial crisis occurred in 2008. Th

뇌파를 통한 어두운 시감효율함수 정량화 연구

임현균(Hyun Kyoon Lim),박세진(Se-Jin Park),황지수(Jisoo Hwang),박승남(Seung-Nam Park),김시경(Sikyung Kim),이근우(Geun Woo Lee),김승관(Seung Kwan Kim),박성종(Seongchong Park),오승빈(Seung Bin Oh),노기용(Ki Yong Noh),김원식(Wuon-Shik K 대한인간공학회 2010 대한인간공학회 학술대회논문집 Vol.2010 No.10

Lighting for home and road in modern society is one of the most important design factors. To date, standards for colors to human sensation are well made under the bright (=photopic vision) and dark (=scotopic vision) environment. However, the measurement method is not objective and therefore, new method is in need. In this study, we recorded electroencephalogram while a subject was watching light-emitting diode (LED) panel. Red, green, and blue color appeared sequentially from dark (=0) and to the most bright color level (=256) step by step. A subject was asked to press a button when he/she see any colors on the screen. EEG data from five subjects (34 ? 5.9 years) was analyzed. As results, subjects pressed button 37.1 seconds for red, 36.5 s for green, and 36.5 s for blue. Subjects showed also EEG changes by optical stimulation post onset of lighting stimulation. As a conclusion, EEG analysis may be a new objective measurement method to detect brain response by the optical stimulation. To get firm evidence for the response, additional subjects should be recruited more in the same test. Test-retest reliability should be also made for the evidence based standards of visual sensitivity.

시각적 동요 기반 선박운항 시뮬레이터에서 SSQ와 COP를 이용한 시뮬레이터 멀미 계측에 관한 연구

황태현(Tae-Hyun Fang),장준혁(Jun-Hyuk Jang),오승빈(Seung-Bin Oh),김홍태(Hong-Tae Kim) 한국항해항만학회 2014 한국항해항만학회지 Vol.38 No.5

본 연구에서는 시각적 동요를 기반으로 하는 선박운항 시뮬레이터(ship handling simulator)에서 시뮬레이터 멀미 설문(SSQ, simulator sickness questionnaire)과 압력 중심(COP, Center Of Pressure)을 이용하여 시뮬레이터 멀미(simulator sickness)를 계측할 수 있는 기법을 제안한다. 실험을 위하여 선박운항시뮬레이터에서 피실험자가 시각적 동요에 노출되도록 하였고 해상상태(sea state)를 3단계로 바꾸어 가며 실험을 수행하였다. 시각적 동요 노출의 직후에 피실험자는 SSQ를 통하여 실험동안의 자각증상에 대한 설문을 작성하였고, 시각적 노출 중에는 지면반발력계를 이용하여 피실험자의 COP를 측정하였다. 시각적 동요, SSQ, 그리고 COP의 데이터 분석을 통하여 시뮬레이터 멀미와 피실험자의 COP 사이의 연관성을 고찰하였다. 실험 및 분석을 통하여 해상상태에 따른 SSQ 점수와 피실험자 COP에 대한 각각 관계식을 제시하였고, 피실험자의 종방향 COP가 시뮬레이터 멀미 계측을 위한 지수로 활용될 수 있음을 보였다. In this paper, it is proposed that the effects of simulator sickness due to scene movement in ship handling simulator can be measured by using center of pressure (COP) and a simulator sickness questionnaire (SSQ). For experiments of simulator sickness, twelve participants are exposed to scenes movement from ship handling simulator according to three steps of sea states. During experiments, COPs for subjects are measured by force plate. After exposure to scenes movement, subjects describe their sickness symptoms by answering the SSQ. Throughput analysing the results of scene movement, SSQ, and COP, the relation between the simulator sickness and COP is investigated. It is suggested that formulations for SSQ score and COP with respect to sea state are obtained by the curve fitting technique, and the longitudinal COP can be used for measuring the simulator sickness.

수익비용대응의 변화: 재무구조의 영향에 대한 분석

현정훈 ( Jeong Hoon Hyun ),안태식 ( Tae Sik Ahn ),오승빈 ( Seung Bin Oh ),조형진 ( Hyung Jin Cho ) 한국회계학회 2014 회계학연구 Vol.39 No.1

본 연구는 국내기업들의 수익비용대응이 지속적으로 하락하고 있음을 보고하고, 그 원인에 대해 고찰한다. 1982년부터 2010년까지의 유가증권시장 상장기업 12,100 기업-년을 대상으로 한 실증분석 결과, 국내 기업들은 시간이 경과함에 따라 수익비용대응 경향이 감소되고 있고, 총비용의 구성요소 중 영업외비용과 총 수익간의 대응 감소가 총 수익비용대응 관계 약화의 주요 원인으로 파악된다. 추가분석 결과, 영업외손익의 구성항목 중 순이자비용의 시계열상 추세가 영업외손익과 총 수익간의 대응 추세에 중요한 영향을 미치는 것으로 나타났다. 구체적으로, 표본기간 동안 순이자비용이 총수익과 대응되는 정도는 유의하게 낮아진 반면, 순이자비용을 제외한 총비용과 총 수익간의 관계는 유의한 변화를 보이지 않았다. 또한, 표본기간 동안 부채비율의 큰 하락을 경험한 기업이 그렇지 않은 기업에 비해 수익비용대응이 더 낮다는 추가분석 결과는 이자비용에 영향을 주는 재무구조의 변화가 영업외손익과 총 수익간의 대응 관계를 약화시키며 전반적인 수익비용대응 관계의 시계열적인 감소에도 영향을 주고 있음을 제시하고 있다. 본 연구는 국내에서 발견된 수익비용대응의 감소는 경제적 불확실성이 증가하는 거시 경제적 환경에서 재무구조 건전화를 통해 경쟁력을 키우려는 한국 기업들의 전략이 원인일 수 있음을 시사한다. We examine the change in the relation between revenue and expense by using the time series framework and suggest substantial changes in financial structure as its fundamental reason. Financial information users usually pay attention to earnings information as a measure of a firm`s financial performance. In addition, the earnings information is a key performance measure for managers(Graham et al. 2005). Given that earnings are calculated by subtracting the "matched" expense from current revenue, thus, both investigating the time trend of matching between revenue and expense, and explaining its fundamental drivers are meaningful attempts to understand the main component of earnings. However, due to recent changes in accounting standards toward the perspective of statement of financial position, the role of the matching principle, which is based on income statement perspective, has been weakened. Dichev and Tang(2008) find that a poor matching between revenue and expense reduces the contemporaneous correlation between revenue and expense, increases the earnings volatility, decreases the earnings persistence, and causes a negative autocorrelation in earnings changes. Donelson et al.(2011) document that these changes are attributable to large special items and that large special items occur due to economic events rather than the adoption of new accounting standards. Decline in the association between revenue and expense is also documented in studies using Korean firms. Similar to Dichev and Tang(2008), Paek(2011a) finds that the contemporaneous relation between revenue and expense has declined during the sample period. However, Paek(2011a) is more focused on identifying the decline in the relation between revenue and expense among Korean firms rather than investigating the fundamental reason of this trend. Therefore, the investigation of its fundamental reason would be an important task on the matching principle research. Our empirical result shows a decline in the contemporaneous relation between revenue and expense over the sample period. When we decompose the total expense into five components (cost of goods sold; selling, general, and administrative expenses; nonoperating revenues; nonoperating expenses; and tax expenses), we find that the nonoperating expense is the most critical component weakening the revenue- expense matching. Next, we find that net interest expense has the most significant impact on the trend of nonoperating expense. We note that poor revenue-expense matching disappears in the subsample excluding observations with large interest income or expense. We also show that the revenue-expense matching is not weakened after excluding net interest expense from total expense. In contrast, the positive association between net interest expense and revenue in the earlier part of sample period becomes weaker and eventually turns to negative in the latter part of sample period. Based on these results, we infer that the decline in the contemporaneous relation between revenue and expense is attributable to the drastic change in leverage. Before the financial crisis around 1998, Korean firms relied on debt financing to fund their growth. As a result, firms with high net interest expense are more likely to have high sales growth in the earlier part of the sample period. However, after an experience of financial crisis, Korean firms tend to rely on the positive cash flow to fund investments rather than debt issuance(Kang and Suh 2006). Thus, the association between the revenue and net interest expense has weakened over the sample period. In the supplementary analysis, we examine the role of leverage ratio in the revenue- expense matching. We show that the poor revenue-expense matching has disappeared in the subsample of firms without the reduction in leverage ratio over the sample period, while there is a significant decline in the subsample of firms with the reduction in leverage ratio. This suggests that the change in leverage ratio has a detrimental effect on revenue-expense matching. Our finding indicates that the change in capital structure and the funding source of revenue growth have the significant impact on the revenue-expense matching. This highlights the importance of non-operating components in the analysis of revenue-expense matching and the specific mechanism through which the capital structure influences the association between revenue and expense.