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이대화(Lee, Dae-hwa) 중앙대학교 중앙사학연구소 2021 중앙사론 Vol.- No.53
Jeju Island s village faith has a structure in which danggut, a shaman s ritual, and poje, a Confucian ritual led by villagers, coexist. This is an example of how folklore changes due to the influence of Confucianism. We studied the timing and background of the formation of Poje in Jeju Island. The background of the formation of the Jeju Poje was approached from two aspects: the establishment of the Juhyeon ritual system based on the reform of the national system and the formation of Confucian culture in Jeju Island. Unlike before, military and prefectural ceremonies were established separately to support the strengthening of the country s local control. This may vary slightly depending on the region and time, but it was maintained until the end of the Joseon Dynasty, and Jeju Island was no exception. Therefore, it is possible that the ritual of Juhyeon had a significant influence on the Confucianization of village beliefs. In parallel, the timing of the formation of Poje is assumed to be in line with the time when Confucian culture secured a solid position in Jeju Island, and Jeju-related geography, local Confucian materials, grazing materials, and other ancient documents were reviewed. As a result, a total of 52 students passed the examination in Jeju Island, which is believed to be one of the measures of Confucianization, and it was confirmed that it was concentrated in the 18th and 19th centuries. In addition, it was confirmed that the Poje was carried out in 1871 in Daejeong-hyeon (now Seogwipo). Based on this fact, the formation of the Poje in Jeju Island can be assumed to be in the early 19th century and expanded throughout Jeju Island in the late 19th century.
코스닥기업 최대주주의 기회주의행태와 상장폐지와의 관계: 대리인비용의 매개효과를 중심으로
이대열 ( Dae Yeul Lee ),김문겸 ( Mun-kyum Kim ) 한국재무관리학회 2022 財務管理硏究 Vol.39 No.2
본 연구는 2011년부터 2021년 9월까지 코스닥 시장에서 상장폐지 된 기업 119개사와 규모와 업종이 유사한 상장유지기업 119개사를 대상으로 기회주의행태와 상장폐지와의 관계를 분석하고, 대리인 비용이 이들 관계에 매개효과를 갖는지 검증하였다. 실증분석결과, 상장폐지기업에서 상장폐지가 다가올수록 소액주주지분율과 최대주주지분율의 차이가 커지는 기회주의행태가 확인되었고, 이는 상장폐지에 유의한 영향을 미치는 것으로 나타났다. 그리고 영업외비용비율로 측정된 대리인비용은 기회주의행태를 매개하여 상장폐지에 유의한 영향을 미치는 것으로 나타났다. 이러한 결과는 기회주의행태가 커지면 대리인비용이 증가하고, 이로 인하여 상장폐지 가능성이 증가함을 의미한다. 이는 최대주주의 기회주의행태를 직접적으로 관리 또는 통제하여 상장폐지 가능성을 낮출 수도 있지만 자금 활용의 비효율성을 나타내는 대리인비용의 효과적 통제를 통하여서도 상장폐지 가능성을 낮출 수 있음을 시사한다. 아울러 독립변수의 내생성을 통제한 후의 분석 결과도 동일한 방향의 결과가 도출되었다. 다만 매개효과에 있어 완전매개효과가 관찰되어 내생성을 통제하지 않은 경우와 다소 차이가 있었다. 본 연구는 최대주주의 기회주의행태의 대상이 소액주주임을 지분율 차이를 활용하여 명확히 하였고, 기회주의행태, 대리인비용, 그리고 상장폐지라는 세 가지 변수의 인과관계를 검증했다는 점에서 선행연구와 차별성을 가진다. This study analyzed the relationship between opportunistic behavior and delisting of 119 companies that were delisted from the KOSDAQ market from 2011 to September 2021 and 119 companies that were maintained in the same size and industry as the delisting companies. As a result of the empirical analysis, opportunistic behavior was confirmed in which the difference between the minority shareholder and the largest shareholder's share increased as the delisting approached, and this had a significant effect on the delisting. And, it was found that agency cost measured as non-operating expense ratio had a significant effect on delisting by mediating opportunistic behavior. In addition, the results of the analysis after controlling for the endogeneity of the independent variables showed the same results. However, as for the mediating effect, there was a slight difference from the case where the endogeneity was not controlled as a completely mediating effect was observed. This study is different from previous studies in that it clarified by using the difference in share that the object of the opportunistic behavior of the largest shareholder is the minority shareholder and it verified the causal relationship of three variables: opportunistic behavior, agency cost, and delisting.