Time Series Characteristics of Four Primary Accounting Variables for Predicting Business Failure of Firms

이상노,이상노,안양수,한길석 한국경영교육학회 2012 경영교육연구 Vol.27 No.1

This paper investigates time series characteristics of four primary accounting variables that are commonly used for predicting business failure of firms in Korea. Although four accounting ratios including Return on Assets, Liability Ratio, Working Capital Ratio, and Current Ratio have frequently been used in many prediction models of business failure, little studies have been done for understanding the time series characteristics of the ratios. By classifying firms into non-failed firms and failed firms, we investigate time series characteristics of four variables in terms of two groups. In particular, we measure four primary accounting ratios with net income to total assets, total liability to total assets, working capital to total assets, and current assets to current liability respectively. Using 110 matched samples from 1994 to 2005, we find that whereas all financial ratios of failed firms show random walk pattern of times series, the ratios of non-failed firms show in part stationary pattern. We also find that the accounting ratios showing random walk become stationary through the linear combination with other accounting ratios showing random walk. We finally find that the ratios of non-failed firms and the stationarized ratios of failed firms converge into the level of the corresponding industry, but the ratios of non-failed firms take longer time to adjust to the level of an industry.

實際的 自我와 理想的 自我間의 差異와 學業成就度와의 關係

李相魯,李明子 慶北大學校 學生指導硏究所 1974 學生指導硏究 Vol.7 No.1

兒童後期인 國民學敎學 5,6年과 靑年氣인 中學校와 高等學校에 있어서 實際的 自我와 理想的 自我間의 差異를 밝히고, 이 差異와 學業成就度와의 關係도 밝힘과 同時에 性差도 밝히려고 하는 것이 本 硏究의 目的이다. 硏究對象은 年令을 統制하여 國民學校學 5年부터 高等學校 2學年까지 441名(男 237名, 女 204名)이다. 測定道具는 Bills, Vance&Mclean(1951)의 尺度와 McCallon(1967)의 尺度에서 選擇한 것에다 硏究者가 尺度를 더하여 豫備檢査 結果 各 尺度間의 相關係數 .7이상되는 尺度는 제외하였으며, 尺度의 檢査一再檢査 信賴度는 .75였다. 實際的 自我와 理想的 自我間의 差異는 理想的 自我의 點數에서 實際的 自我의 點數를 減한 點數로 하였다. 比較集團間에 t-test와 CR-test 및 x^2-test를 適用시키고, Person의 積率相關係數를 算出하였다. 그 結果 (1) 實際的 自我와 理想的 自我間의 差異에 있어서 國民學校 5學年과 6學年間에 有意한 差가 있고 다른 學年間에는 有意한 差가 없다. (2) 國民學校와 中學校間에는 有意한 差가 있고 中學校와 高等學校間에는 有意한 差가 없다. (3) 男女間에는 差가 없다. (4) 實際的 自我와 理想的 自我間의 差異와 學業成就度와는 關係가 없다. The purposes of the present study were to investigate the discrepancy between real self (RS) and ideal self (IS) from ages 10 to 16, to explore the relationship between discrepancy and academic achievement and to see difference between male and female. The subjects in this study were 441 students(male; 237, female; 204) sampled with limited age. They were 47 boys and 26 girls of fifth-grade aged 10-0 to 10-11, 37 boys and 26 girls of sixth-grade aged 11-0 to 11-11, 31 boys and 38 girls of first-year in middle school aged 12-0 to 12-11, 31 boys and 31 girls of second-year aged 13-0 to 13-11, 33 boys and 33 girls of third-year aged 14-0 to 14-11, 31 boys and 26 girls of first-year in high school aged 15-0 to 15-11 and 27 boys and 24 girls of second-year aged 16-0 to 16-11. The real-self scale contains 38 trait-descriptive adjectives as follows; "I am kind, brave, honest, stubborn, optimistic, likable, trusted, good, cold, businesslike, sincere, cooperative, cheerful, proud, logical, popular, courteous, helpful, lazy, shrewd, friendly, alert, successful, reckless, commonplace, clever, thoughtful, responsible, faultfinding, frank, competent, confident, jealous, obedient, broadminded, rebellious, calm and annoying," The ideal-self scale contains the same adjective only prefaced by "I would like to be" instead of "I am." The rating categories, scored "not at all," "not very often", "some of the time", "most of the time," and "all the time." One point is received on an item if number one is encircled which signifies "not at all," up to five points if number five, signifying "all the time," is encircled, with the exception of the nine negative adjectives(stubborn, cold, proud, lazy, reckless, faultfinding, jealous, rebellious, annoying) which are scored in inverse order. The discrepancy score was determined by subtracting the total real-self score from the total ideal self score. The academic achievement was measured by the grade point average of students' monthly end examinations. CR-test and t-test were performed to determine the significance of the difference between ages, between sex in RS-IS discrepancy. Product-moment correlation was calculated to investigate the relationship between RS-IS discrepancy and academic achievement, Also 3×3 x^2-test was performed to determine the significance of the difference between RS-IS discrepancy and academic achievement. This study led to the following conclusions: 1. There was a significant difference between fifth grade and sixth grade in RS-IS discrepancy but there was no between other grades. 2. There was a significant difference between elementary school and middle school in RS-IS discrepancy but there was no between middle school and high school. 3. There was no significant difference between male and female in RS-IS discrepancy. 4. There was no significant relationship between RS-IS discrepancy and academic achievement.

Do Risk Disclosures in Annual Reports Help Investors Access Firm Risks?

이상노 한국산업경제학회 2017 산업경제연구 Vol.30 No.1

This study investigates the effect of the section of risk factors in annual reports on the idiosyncratic volatility of returns using textual analysis. The U.S. Securities and Exchange Commission (SEC) have required firms to include risk factor section that makes the company speculative or risky since 2005 and expected its information to help investors assess firm risks. In this study, I extract idiosyncratic risks from annual reports using textual analysis, and regress it with three measures of idiosyncratic volatility of return. I find that idiosyncratic risks appeared in the section of annual reports have a significantly positive effect on the idiosyncratic volatility of return, confirming incremental information content of risk disclosures. In particular, I find that investors assess idiosyncratic risks of a firm by comparing its risks with market risks. The findings provide insights in the relationship between the disclosure of risk factors and the idiosyncratic volatility of returns, and, in turn, provide evidence to support SEC's argument on the inclusion of risk factors in annual reports.

수필 : 돌아가는 길

이상노 어린이재단 (구 한국복지재단) 1962 동광 Vol.6 No.4

Readability of Annual Reports and Earnings Management

이상노,김민호 한국산업경제학회 2017 한국산업경제학회 정기학술발표대회 논문집 Vol.2017 No.5

Do the electronic voting systems improve earnings quality? Evidence from Korean firms

이상노,이준엽 한국회계정보학회 2018 한국회계정보학회 학술대회발표집 Vol.2018 No.1

Korean firms have employed shadow voting at the shareholders’ meeting to fulfill the minimum turnout needed to make a proceeding and decisions. If requested by the issuing company, Korean Securities Depository exercised voting rights of holding shares according to the ratios of pros and cons at the shareholders’ meeting. With shadow voting, while a number of listed firms have reached to proper resolutions of their agenda, shareholders’ rights in the corporate governance have become weak. As a result, Korean government attempted to repeal the shadow voting from 2015, but it deferred the repeal of shadow voting to 2017 if the firm adopted the electronic voting system. Against this backdrop, we investigate the impact of the electronic voting system and shadow voting on earnings quality. Using a sample of Korean firms, we find that the listed firms adopted only shadow voting make a positive real earnings management as compared to nonadopters with electronic vote and shadow vote. We also find that the positive real earnings management is reduced when the listed firms adopt the electronic vote. We also identify these effects in the analysis of the discretionary accruals. Collectively, our evidence suggests that the electronic voting systems have served its intended purpose to curve the real earnings management from shadow voting, thereby improving earnings quality.

퇴계(退溪) 이황선생(李滉先生)의 교육학설(敎育學說) 연구(硏究)

이상노 경북대학교 퇴계학연구소 1987 퇴계학과 유교문화 Vol.15 No.-

한국의 기능인력수급과 비행청소년문제

이상노 초록우산 어린이재단 1976 동광 Vol.70 No.-

근로청소년의 보호와 대책

이상노 초록우산 어린이재단 1978 동광 Vol.73 No.-

Voluntary Adoption of Audit Committee:Managerial Hegemony Perspective

이상노 한국회계정보학회 2022 재무와회계정보저널 Vol.22 No.3

[Purpose]The purpose of this study is to investigate whether firms establish an audit committee to appoint favorable auditors instead of a full-time auditor or an auditor required by law. Under Korea Commercial Code, the voting rights of majority shareholders are effective up to 3% including specially related persons for inside members of an audit commit but not for outside members of an audit committee. [Methodology]Based on the managerial hegemony theory that perceives audit committee as one of managerial tools to achieve strategic objectives, all non-financial firms from 2012 to 2018 are selected with audit committee, agenda at the shareholders meetings, and total assets. [Findings]I find that firms are more likely to adopt audit committee instead of an full-time auditor or an auditor. I also find that firms whose total assets are slightly below two trillion won increase their total assets, and thereby make an audit committee for granted and avoid the criticism of investors. [Implications]My results suggests that outside members as well as inside members of an audit committee should be elected with grand 3% rule at the time of elections of directors of the shareholder meeting. Also, my results suggests that managerial hegemony theory along with agency theory helps to understand the opportunistic behavior of managers.