The Determinants of Nonfinancial Information Disclosure in Management Discussion and Analysis (MD&A)

현지원,안태식,최연식,현정훈 한국회계학회 2014 會計學硏究 Vol.39 No.2

The significance of intangible assets in a knowledge-based economy and the decrease in value-relevance of financial information increase the demand for nonfinancial information disclosure. In this regard, we examine the determinants of the nonfinancial information disclosed in the Management Discussion and Analysis (MD&A). Whereas prior studies investigate the level of voluntary dis-closure, we examine the level of nonfinancial information. We conduct a contents- analysis, using a modified computational linguistic program. Using the frequency of nonfinancial information, we find that firms with more intangible assets, higher quality of board monitoring, and larger size disclose more nonfinancial information in MD&A.

재무분석가의 영업현금흐름예측여부와 이익예측 정확성

현지원,김영준,이준일 한국공인회계사회 2016 회계·세무와 감사 연구 Vol.58 No.4

Recently, a significant number of analysts tend to issue operating cash flow forecasts as well as earnings forecasts. This study investigates whether analysts’ issuance of operating cash flow forecasts enhances accuracy of their earnings forecasts. Some argue that, to forecast operating cash flows, analysts should predict components of earnings–cash flows and accruals, and they should have more comprehensive knowledge on firm’s financial statements and the relation of accounts of each financial statement. If this is the case, analysts who issue operating cash flow forecasts would provide more correct earnings forecasts than analysts who do not issue. Call et al.(2009; 2013) document that accuracy of earnings forecast is higher for analysts who issue operating cash flow forecasts than analysts who do not issue. They also argue that operating cash flow forecasts are informative by showing that the stock market reacts to the change in operating cash flow forecasts. Their results support the demand hypothesis that analysts provide operating cash flow forecasts in order to satisfy users’ needs for additional information. On the other hand, analysts might provide operating cash flow forecasts just resulting from a preliminary extension of earnings forecast rather than from an undergoing precise and systematic process. For example, analysts might first forecast earnings and then forecast operating cash flows by just deducting depreciation and amortization from their earnings forecasts. If operating cash flow forecasts just result from an extension of earnings forecasts, earnings forecasts by analysts who issue operating cash flow forecasts cannot be more accurate than earnings forecasts by analysts who do not issue operating cash flow forecasts. Givoly et al.(2009) argue that operating cash flow forecasts are not obtained in sophisticated manners and they are much less accurate than earnings forecasts. They also report that operating cash flow forecasts are just weakly related to stock returns, and repute Call et al.(2009) by arguing that operating cash flows forecast are not informative to investors. The debate on usefulness of cash flow forecasts continues in the literature(Call et al. 2013, Givoly et al. 2013, and Bilinski 2014). We examine whether analysts’ earnings forecasts accompanied by cash flow forecasts are more accurate than those not accompanied by cash flow forecasts. Our sample consists of Korean listed companies which have analyst forecasts data provided by I/B/E/S detail history database during the period of 2004 to 2010. Forty percent of analysts in our sample issues both earnings and cash flow forecasts, while sixty percent of it issues only earnings forecasts. We regress earnings forecasts error on cash flow forecasts issuance dummy variable with other explanatory variables. The coefficient on the cash flow forecasts dummy is not statistically significant from zero. In additional tests, we examine whether analysts who issue operating cash flow forecasts have better understandings on persistence of cash flows and accruals than those who do not issue. A prior study finds that analysts underestimate persistence of both cash flows and accruals. If analysts who issue operating cash flow forecasts have more comprehensive knowledge and undergo more rigorous process in order to forecast earnings and cash flows, they would less underestimate persistence of earnings components, compared to analysts who do not issue operating cash flow forecasts. We find no evidence that analysts who issue operating cash flow forecasts better understand persistence of cash flows and earnings than analysts who do not issue. In robustness tests, we use propensity-score-matching method and find that there are no significant differences in accuracy between analyst earnings forecasts with cash flow forecasts and those without cash flow forecasts. Overall, empirical findings suggest that earnings forecasts accompanied by operating ... 상당수의 재무분석가들은 이익예측치 이외에 추가적으로 영업현금흐름예측치를 제공하고 있다(본 논문의 경우 관측치의 대략 40%). 그러나 영업현금흐름예측치를 제공하는 재무분석가들이 보다 뛰어난 분석가들인지에 대한 연구는 아직 미미한 상황이다. 영업현금흐름을 적절히 예측하기 위해서는 전체 재무제표의 상호관계 및 이익의 구성요소에 대하여 보다 깊게 분석해야 하는 과정을 거쳐야 하므로 영업현금흐름을 예측하는 재무분석가들은 해당 기업에 대해 보다 높은 수준의 분석을 할 것이라고 예상된다. 본 논문은 이익예측치와 더불어 영업현금흐름예측치를 제공하는 재무분석가들의 이익예측치 정확도가 높은지를 실증하였다. 실증분석 결과, 이익예측치만을 제공하는 재무분석가의 이익예측치와 영업현금흐름예측치를 함께 제공하는 재무분석가의 이익예측치의 정확성에 유의한 차이가 없음을 발견하였다. 영업현금흐름예측치를 같이 제공하는 재무분석가가 발생액 및 영업현금흐름의 지속성에 대하여 더 잘 평가하는지에 대한 추가분석에서도 더 우수하다는 결과를 발견하지 못하였다. 위의 결과들은 국내에서 영업현금흐름예측치를 제공하는 재무분석가들의 재무분석방법이 더욱 정교하고 정확하여 이익예측치의 정확성이 높으리라는 예상을 지지하지 못하고 있다.

열펌 시술방법에 의한 모발표면의 형태학적 변화 분석

현지원 한국미용학회 2023 한국미용학회지 Vol.29 No.2

Frequent chemical treatments, such as dyeing and permanent waving, as well as the widespread use of heat-based hair styling devices, like flat irons and curling irons, can cause significant damage to hair fibers, leading to various adverse effects, such as dryness, breakage, split ends, and frizziness. Recently, there has been a trend towards using direct heat perms because they are time-saving, shorter in duration, and less complicated. However, as the damage to hair caused by direct perms increases, this study compares and analyzes the degree of damage to hair fibers caused by both direct heat perms and softening heat perms. Moreover, by comparing, analyzing, and evaluating the morphological changes to the hair surface and cross-section after each type of perm treatment based on hair condition, this study aims to objectively understand the effects of heat perms on hair and provide basic data for further research in this field.

KoBERT를 이용한 기업관련 신문기사 감성 분류 연구7)

현지원,이준일,조현권 한국회계학회 2022 회계학연구 Vol.47 No.4

This study explores the accuracy level of the sentiment analysis of news article sentences from Korean newspaper, using KoBERT which is a modified version of BERT developed by Google. For comparison, we use MBERT which is the multilingual version of BERT, Google Sentiment Analysis provided through Google API, and dictionary based approach. This paper finds that the accuracy level of the sentiment classification based on KoBERT is the highest at 85.7%, achieving a significantly higher level of accuracy compared to the other three models. MBERT shows the next highest accuracy level at 77.5% and the other two models provide even lower accuracy rate. We further investigate whether the sentiment classification results obtained from these four models could predict future stock return. Using cumulative future stock returns for 3 or 5 days after the news on corporation publishes, we find that the sentiment score based on the sentiment classification from the KoBERT model predicts future return better than the other three models. Overall, these findings would serve as a reference for conducting further studies related to sentiment analysis on accounting and financial text. 이 연구에서는 Google에서 개발한 BERT에 기반한 KoBERT 모형을 사용하여 한국 신문기사의 감성분석 정확도를 테스트하였다. 비교를 위해, Google에서 다국어용으로 제시한 MBERT, Google에서 API를 통해 제공하는 Google Sentiment Analysis, 그리고 사전적 접근법 을 통한 감성분석 결과를 사용하였다. 감성분석 학습 결과, KoBERT를 사용한 경우가 85.7%의 정확도를 보여, 여타 모형의 정확도에 비해 상당히 높은 수준의 정확도를 달성하는 것을 확인하였다. 다른 모형의 경우, MBERT가 77.3%의 정확도로 KoBERT에 비해 상당히 낮은 결과를 보였으며 Google Sentiment Analysis와 사전적 접근법은 더욱 낮은 정확도를 보였다. 감성분석 결과가 실질적으로 의미있는 유용한 정보를 제공하는지 확인하기 위하여 뉴스가 나온 날짜를 기준으로 3일 후, 그리고 5일 후까지 주가수익률을 종속변수로 하여 회귀분석한 결과, KoBERT를 사용한 결과가 다른 결과에 비해 미래 수익률을 더욱 잘 예측하는 것을 발견하였다. 이와 같은 결과는 추후 회계⋅재무 분야의 텍스트에 대한 감성분석을 이용한 다양한 연구를 수행하는 데 참고가 될 것으로 기대한다.

'최저주거기준'에 관한 국내 선행 연구경향 분석

현지원,이연숙,안소미,Hyun, Jiwon,Lee, Yeunsook,Ahn, Somi 한국실내디자인학회 2017 한국실내디자인학회논문집 Vol.26 No.4

The appropriate area for human's most basic living space is an important factor. Therefore, the 'minimum housing standard' is a very important factor to ensure a minimum quality of living space for human life. In Korea, however, the importance of the 'minimum housing standard' has been neglected for about 20 years. Even in Korea, the 'minimum housing standard' has become an nominal existence. In other countries, studies have long been conducted on the minimum housing standards, but studies have shown that studies on the minimum housing standard are not actively occurring in Korea. The purpose of this study is to diagnose the current status of the 'minimum housing standard' in Korea and to explore the direction of future research. The study included a total of 29 researches commissioned by the Korea Academic Research Institute (KCI). To ensure the objectivity and reliability of the analysis, analyzed year of research, field of research, method of research, contents of research. Through this study, it is possible to grasp the tendency of previous studies on 'minimum housing standard' in Korea and it is meaningful to increase the usability of 'minimum housing standard' in residential planning. It is also expected that future research on 'minimum housing standards' will be able to present the direction of the field to be developed.

저분자 Silk Peptide의 모발 보호효과 및 미세구조 분석

현지원,이광길,여주홍,최태부 한국생물공학회 2008 KSBB Journal Vol.23 No.5

In this study, hair care effects of the hair cosmetics including low molecular weight silk peptide, hydrolysate which is produced from cocoon were investigated. After producing the hair cosmetics including silk peptide which has 300-500 molecular weight, we measured its hair care effects through the various tests; change of the hair weight, hair thickness, absorbance rate and hair moisture value and micro structure analysis. As a result, S.P.T. (Silk peptide Treatment) was effectively penetrated into the hair which has been damaged by chemical treatments, increased the hair weight, thickness and hair moisture value and also recovered the cuticle of the hair. Thus, the treatment of hair with silk peptide hydrolysate would be effective to recover the damaged hair into the normal conditions.

조현병 환자에서 음성증상과 사회인지의 연관성

현지원(Jie Won Hyun),우정민(Jung Min Woo),정철호(Chul Ho Jung),김희철(Hee Cheol Kim),김양태(Yang Tae Kim) 대한생물치료정신의학회 2016 생물치료정신의학 Vol.22 No.2

Objectives:Although negative symptoms play important role in daily functioning of patients with schizophrenia, it remains unclear which symptoms clearly related to each other, and whether these symptoms develop sequentially or simultaneously. The current study examined negative and positive symptoms along with social cognition ability, to determine which symptoms are more strongly correlated. We also examined two subdomains of negative symptom, motivation/pleasure and expression, to investigate which subdomain has more strong correlation with social cognition. Methods:120 patients with schizophrenia were enrolled from three different hospitals. All patients were evaluated with Scale for the Assessment of Negative Symptoms(SANS), Positive And Negative Symptom Scale(PANSS), Clinical Assessment Interview for Negative Symptoms(CAINS), Korean Facial Expressions of Emotion(KOFEE) and Eyes task. Correlation analysis, structural equation modeling(SEM), and stepwise regression analysis were used to analyze data. Results:Social cognition was significantly correlated with negative symptoms rather than positive symptoms. Eyes task was negatively correlated with CAINS total score and both two subdomains. Although Eyes task was a significant predictor for both subscales of CAINS, it had more explanatory power for motivation/pleasure subdomain than expression subdomain. The results of SEM, model that KOFEE effects Eyes task and Eyes task effects each negative symptoms, motivation/pleasure, expression indicated most good fit. Conclusion:These findings confirmed the hypothesized relations that social cognition has more strong correlation with negative symptoms rather than positive symptoms. In addition these results provide empirical support for pathway which reduced social cognition ability impacts on developing negative symptoms.

무형의 재산권이 보여주는 공유 경제의 새로운 지평 - 저작권법 제31조와 제35조의3을 중심으로 -

현지원 ( Hyun Jeewon ) 연세대학교 법학연구원 의료·과학기술과 법센터 2016 연세 의료·과학기술과 법 Vol.7 No.2

미래 사회에서 재화는 소유에서 공유의 형태로 바뀌고 있다. 이는 비단 유형 재산권에만 해당하는 것이 아니다. 무형 재산권의 경우에도 보호를 통해 이를 지키는 것만이 능사가 아님이 드러난다. 본고에서는 무형 재산권 중 특히 저작권법에 초점을 맞춰 논의를 진행해 보고자 한다. `저작권`에 대해 떠올릴 때 우리는 흔히 저작권 보호의 측면만을 생각하기 쉽다. 그러나 아무도 쓸 수 없도록 묶인 저작물은 현대사회에서 오히려 죽은 것과 다름없다. 실제로 통계에 따르면 저작권자 역시 자신의 저작물을 공유하는 것에 대해 긍정적으로 생각한다. 그렇기에 저작물을 과도하게 보호하는 과학기술은 지양할 필요가 있다. 따라서 본고에서는 이러한 과도한 과학기술이 저작물의 공유에 어떻게 문제가 되었는지 먼저 살펴보았고, 이를 대체할 수 있는 것으로 공유경제에 대해 알아보았다. 그리고 공공의 이익 및 저작권자의 이익을 위해 공유할 수 있는 저작물로 서적에 대해 먼저 논의했다. 서적은 도서관이라는 시설을 통해 지식의 공유를 가장 첫머리에서 실현하고 있는 저작물이다. 이후 과학 기술의 발전과 함께 서적에 있는 정보는 `책`이라는 유형물을 넘어 사람들에게 공유될 수 있게 되었다. 이러한 상황에서 우리나라 저작권법 중 도서관에 관한 조항이 사실상 공유제한 조항이라고 할 만큼 엄격하다는 것, 그리고 세계적인 추세는 사실상 공유의 범위를 넓히고 있는 상황임을 알아보았다. 특히 구글 도서관 프로젝트를 통해 저작물의 공유가 어떻게 타당성을 얻는지 살폈다. 다음으로 현재 SNS 내에서 저작물이 공유되고 있는 상황을 논의했다. 여기서 제35조의3 공정이용 조항이 무엇을 의미하는가에 대해 먼저 검토한 뒤, SNS 내에서 저작물이 공유될 경우 어떠한 조건이 맞으면 공정이용 내에 포함될 수 있는지 살펴보았다. 특히 광고를 포함한 경우와 포함하지 않은 경우, 그리고 연속되는 시리즈 저작물과 하나의 완결성을 가진 저작물을 나누어 알아보았다. 현대 사회에서 저작물 그 자체로 재화를 창출하는 경우는 점점 줄어들고 있다. 웹툰 등과 같이 저작물 자체는 무료로 제공되고 이를 통해 광고, 캐릭터 상품 판매 등으로 수입을 얻는 부가적인 방식이 증가하는 추세다. 이러한 상황에서 복잡한 시스템을 통해 결제 해야만 재화를 감상할 수 있는 저작물은 경쟁력이 떨어진다. 이처럼 저작물의 공유는 저작권자와 소비자 모두에게 이득이 될 수 있는 시스템이다. 물론 모든 저작물이 공유되어야하는 것은 아니다. 그러나 도서관과 같이 공익을 위해 저작물의 공유가 필요한 측면이 존재하고 또 앞서 말했듯 저작자에게 저작물의 공유는 자신의 작품에 대한 홍보 등의 긍정적인 효과를 가져 오기도 한다. 따라서 이제 과학기술의 발전 방향은 저작물을 어떻게 저작물이 유출되지 않을 수 있게 할까라는 질문에서 벗어나 어떻게 소비자에게 노출되는 것이 더 효과적인 것일지에 대한 고민으로 나아가야한다. Sharing is becoming a new way of property ownership in the future society. This change is not limited to material objects. Intellectual property protection also does not give an absolute solution, either. In this paper, Copyright Law will be discussed which is one of Intellectual Property Law. When we think about `Copyright`, it is easy to consider only its protection side. Completely protected property, however, is no better than worthless virtue. According to related statistics, it is discovered that Copyright holders actually have positive view of sharing their own literary work. Thus, technologies that overprotect literary property need to be avoided. For this reason, the problem of excessive technology that stops property from being shared was examined first and sharing economy system was suggested as an alternative solution in this research. Publication was also discussed which is a sharable literary property for both public and copyright holders. It has been essential for sharing knowledge through facilities called a library. Along with development of scientific technology, information from books happened to be able to be shared with people through other different forms besides physical objects, `books`. The fact that regulations for libraries in Copyright Law of Korea, on the other hand, are as extremely strict as the ones with restrictions was found while the range of sharing in global trends has been expanding. In this research, the way of gaining validity for sharing literary property was examined closely through Google Library Project. Sharing situation of literary property in social networks was discussed in the following context as well. The review of Item 3 of Article 35 in Fair Use Doctrine was required in this process and the certain conditions that literary property needs in order to be eligible for Fair Use Doctrine when it is shared in social networks. In particular, ones with or without advertisements, continuing ones and completed ones were all examined separately. Creating only literary property itself has been gradually declining in the modern society. However, more people start providing property for free, like Webtoon for example, and make a profit using additional ways such as selling goods, advertisements or etc. Thus, purchasing property through a complicated payment system can be less competitive in this case. Sharing literary property is a structure that can be beneficial for copyright holders and consumers both. Nevertheless, it does not necessarily mean that all literary property has to be shared. But sharing for public interest such as libraries is needed in a certain aspect and as I mentioned earlier, it could bring a positive impact on copyright holders such as advertising their own works. Therefore, we should move forward by pursuing better ways of exposing literary property to consumers rather than questioning the ways to prevent it from leaking.

향기(香氣)의 저작권법상 보호에 관한 연구

현지원 ( Ji Won Hyeon ) 연세대학교 법학연구원 의료·과학기술과 법센터 2010 연세 의료·과학기술과 법 Vol.1 No.1

European countries including France and Netherland have ongoing active discussion on the plausibility of fragrance as a subject matter of Copyright Act. Recently, Netherland Supreme Court ruled that fragrance of perfume could be the subject matter of Copyright Act and French district courts have been judging that fragrance of perfume could be copyrighted material. The study points of this paper is at the subject matter of Copyright Act of perfume and it argues whether fragrance of perfume is ``invention`` or ``copyrighted material``. It is reasonable to infer that perfume is ``copyrighted material`` rather than ``invention`` because fragrance of perfume does not defer from technological thinking but rather is a result of human imaginativity. If the fragrance of perfume could be the subject matter of Copyright Act, the issue of confirming the author could also be a focal point of dispute because the direct manufacturer of perfume and mass productor are different in most cases.

정신적 스트레스로 인한 조기 탈모의 문제성 연구 : 학교폭력으로 인한 탈모증 1예

현지원 ( Ji Won Hyun ),김홍희 ( Hong Hee Kim ) 한국두피모발미용학회 2007 대한미용학회지 Vol.3 No.2