다중 클래스에 대한 피춰 추출 방법의 최적화

홍준용,이철희 한국방송공학회 1997 한국방송공학회 학술대회 Vol.1 No.1

감사위원회와 외부감사인 간 커뮤니케이션 행태와 감사품질 간의 관계

홍준용,김선미,신상훈 한국회계학회 2022 회계학연구 Vol.47 No.6

This study analyzes the effect of communication behavior between the audit committee and external auditor on audit hours and audit fees represented by audit quality. This paper examines whether communication behavior of audit committees is effective in ensuring audit quality. This study empirically analyzes the effects of various communication types and their contents on audit quality for firms listed on Korea stock market during 2018-2020. We find positive relationship between the frequency of separate communication with the external auditor and audit quality. Also, the ratio and frequency of face-to-face communication presents positive association with the audit fees and audit hours. In addition, the number of discussions on key audit matters and internal accounting management system with the external auditor are positively associated with audit fees and audit hours. In particular, the discussion on key audit matters is a statistically, positively associated with the audit fee per hour. Accordingly, we examine the effect of discussion of key audit matters on the audit hours for each rank of auditor. We find that the discussion on key audit matters differently affect to the audit hours by each rank, and that the audit hours might be strengthened when the firms are audited by higher rank auditor. Prior literature focused on the external aspects of communication behavior with external auditors. On the other hand, our findings provide the contribution that separate communication and their qualitative contents with audit firms might be effective in audit committees and external auditor’s decision-making. 본 연구의 목적은 감사위원회와 외부감사인 간 커뮤니케이션 행태가 감사품질로 대변되는 감사시간 및 감사보수에 미치는 영향을살펴보는 것에 있다. 감사위원회 운영과 그 효과성 개선 측면에서 감사위원회 모범규준에서는 감사위원회와 외부감사인 간 의사소통의중요성에 따라 기업 경영진의 참석 없이 외부감사인과 기업 핵심 위험요소를 파악하고 그 사항에 대해 내부감사업무에 반영할 것을제안하고 있다. 즉, 감사위원회의 실효성 있는 운영 측면에서 핵심감사사항 결정, 재무제표 왜곡표시 사항, 감사 중 직면한 유의적어려움 등 외부감사인과 별도의 의사소통은 외부감사인의 효과적인 감사 수행에 영향을 미칠 수 있을 것이다. 이에 본 연구는 2018년-2020년 동안 유가증권상장 기업을 대상으로 커뮤니케이션 형태와 그 내용이 감사보수 및 감사시간에 미치는영향을 실증분석 하였다. 분석결과, 감사위원회와의 별도 커뮤니케이션 횟수와 감사보수 및 감사시간은 유의한 양(+)의 관련성이 있다는결과를 발견하였다. 또한, 감사위원회와 외부감사인 간 대면 커뮤니케이션 비율과 횟수는 감사보수 및 감사시간과 통계적으로 유의한양(+)의 관련이 있음을 보였다. 그리고 외부감사인과의 핵심감사사항 및 내부회계관리제도 논의 횟수와 여부는 감사보수 및 감사시간과통계적으로 유의한 양(+)의 방향성을 나타냈다. 특히, 핵심감사사항에 대한 논의는 시간당 감사보수와도 통계적으로 유의한 양(+)의관계를 보였다. 이에 추가적으로 핵심감사사항 논의에 따른 직급별 감사시간에 대해 분석하였다. 분석결과, 핵심감사 사항에 대한논의는 직급별 감사시간에 차별적으로 영향을 미치며, 높은 직급의 감사시간이 증대된다는 결과를 제시하였다. 기존 선행연구(김종근과 김갑순 2020; 이승재 등 2021)가 외부감사인과의 외형적인 커뮤니케이션 측면에 대한 분석에 집중한 반면, 본 연구는 감사위원회와 외부감사인 간 경영진 참여 없는 별도 커뮤니케이션 활동과 그 질적 내용이 감사시간과 (시간당)감사보수에긍정적으로 영향을 미칠 수 있음을 보였다는 점에서 학문적ㆍ정책적 의미가 있을 것이다.

The Effect of the Pay Gap between the CEO and the Top Management Team on Related Party Transactions

홍준용,전성민,유소진 한국회계학회 2023 회계학연구 Vol.48 No.3

We examine whether the pay gap between the CEO and Top Management Team (TMT) is associated with managerial decisions concerning the related party transactions in Korean firms. While the pay gap encourages managers to work harder to improve their performance, related party transactions can negatively affect firm performance and executives’ performance. Hence, we test whether executives hesitate to engage in related party transactions. Using firms listed on the Korean stock market from 2013 to 2020, we find that the pay gap between CEO and TMT is linked negatively to the firm’s level of related party transactions. The effect of the pay gap on related party transactions is still pronounced when the controlling shareholders have a significant influence on the firm’s decision-making process. We make several robustness tests to control for the endogeneity issue which may exist in the pay gap and the Korean government’s regulation effect. We consistently find a negative relationship between the pay gap between the CEO and TMT and related party transactions. Overall, we conclude that the pay gap makes TMT avoid related party transactions to maximize firm-level performance. Thus, a large pay gap could have an additional effect which decreases the related party transactions by playing a monitoring role.

기업의 합병에 관한 고찰(考察)

홍준용 연세대학교 경영대학원 1970 經營論叢 Vol.4 No.2

일반적으로 기업의 합병은 기업의 존속발전을 위한 수단으로서,또한 규모의 경제를 추구하기 위한 산업계의 자발적인 요청에 따라 산업재편성운동의 일환으로서 성행되고 있다. 기업의 합병은 슘페터가 긍정적인 방향으로서 다음과 같이 그 필요성을 강조하고 있다.

양측저작 운동이 지역사회 거주 노인의 교합력과 깨물근에 미치는 효과

홍준용,정영진,김민지,황세현,박지수,이기현,김태훈,정남해,윤태형 대한지역사회작업치료학회 2020 대한지역사회작업치료학회지 Vol.10 No.1

Objective : The purpose of this study is to investigate the effects of bilateral chewing exercise applied for 6 weeks on occlusion force and masseter muscle thickness in the elderly living in the community. Methods : This study recruited 25 community residents. All participants performed bilateral chewing exercise using equipment developed for the purpose of oral chewing exercise. The chewing exercise was divided into isometric and isotonic type and applied for about 20 minutes a day, five times a week for six weeks. For the evaluation, the masseter muscle thickness and the maximum occlusion force were measured three times at three week intervals using a portable ultrasound instrument and an occlusion force gauge. Results : As a result of the change in masseter muscle thickness, baseline, 3 weeks later, and 6 weeks later referred to 7.51±0.43, 7.63±0.44, and 7.83±0.46, respectively (F=3.819, p<.05). The post hoc test resulted in a significance between baseline and 6 weeks later (p=0.023). Similarly, as a result of the change in occlusion force, baseline, 3 weeks later, and 6 weeks later referred to 265±9.22, 268±9.57, and 271.59±10.16, respectively (F=3.031, p<.05). The post hoc test resulted in a significance between baseline and 6 weeks later (p=0.048). Conclusion : This study confirmed that bilateral chewing exercise was effective for increasing masseter muscle thickness and occlusion force in the elderly. Therefore, bilateral chewing exercise can be applied as a therapeutic exercise method for improving oral function. 목적 : 본 연구는 6주 동안 적용된 양측저작 운동이 지역사회 거주 노인의 교합력과 깨물근의 부피 미치는 효과를 조사하였다. 연구방법 : 본 연구는 지역사회 거주 노인 29명을 모집하였다. 모든 참가자는 구강용 저작 운동 목적으로 개발된 기구를 이용하여 양측저작 운동을 수행하였다. 저작 운동은 등척성과 등장성 운동으로 구분되어 수행되었으며, 하루 약 20분, 주 5회, 6주 동안 적용되었다. 평가는 휴대용 초음파 장비와 교합력 측정계를 이용하여 3주 간격으로 총 3회에 걸쳐 깨물근의 부피와 최대 교합력을 측정하였다. 결과 : 저작근 부피 변화를 측정한 결과, 중재 전 7.51±0.43. 3주 후 7.63±0.44, 6주 후 7.83±0.46로 통계적으로 유의한 차이를 보였다(F=3.819, p<.05). 사후검증 결과, 중재 전과 6주 후 사이에서 통계적으로 유의한 차이를 보였다(p=.023). 최대 교합력 변화를 측정한 결과, 중재 전 265±9.22. 3주 후 268±9.57, 6주 후 271.59±10.16로 통계적으로 유의한 차이를 보였다(F=3.031, p<.05). 사후검증 결과, 중재 전과 6주 후 사이에서 통계적으로 유의한 차이를 보였다(p=.048). 결론 : 본 연구는 6주 동안의 양측저작 운동이 노인의 깨물근 부피와 교합력 향상에 효과적임을 확인하였다. 그러므로 양측저작 운동은 구강 기능 향상을 위한 치료적 운동방법으로 적용할 수 있을 것으로 생각된다.

기업지배구조가 조세회피와 이익조정 간 관계에 미치는 영향

홍준용,김선미,유승원 한국세무학회 2020 세무와 회계저널 Vol.21 No.5

The purpose of this study is to analyze whether the impact on tax avoidance and earnings management is different depending on the level of corporate governance. Four measures were used as measures of tax avoidance which are the difference between accounting income and taxable income(BTD), the method of Desai and Dharmapala(2006)(DD_BTD), cash effective tax rate (CashETR), and effective tax rate(ETR). And performance matched discretionary accruals(PMDA) is used as a measure of earnings management according to Kothari et al.(2005). The level of corporate governance was measured by corporate governance level announced every year by Korea Corporate Governance Service(KCGS) for listed firms in Korea. By using Korean firms listed on KOSPI from 2011 to 2018, we find that tax avoidance is negatively associated with earnings management when the level of corporate governance is high, and positively associated when the level of corporate governance is low. This result means that when the level of corporate governance is high, if the level of earnings management is high, corporate governance reduces the level of tax avoidance to avoid the risk of external audit, and if the level of earnings management is low, corporate governance increases the level of tax avoidance to take the advantage of tax avoidance. In other words, there exist substitute relationship between tax avoidance and earnings management, which means that corporate governance pursues optimal level of tax avoidance and earnings management in consideration of the total firm risk.

복수경영자 구조와 주가급락위험:경영진 주식보유를 중심으로

홍준용,정남철 한국세무학회 2023 세무와 회계저널 Vol.24 No.5

This study analyzes the effect of Co-CEO structure on stock price crash risk. Specifically, it investigates how a company’s appointment of multiple CEOs affects stock price crash risk, a proxy for information asymmetry. In addition, the study investigates whether the relationship between the Co-CEO structure and stock price crash risk appears differentially depending on whether all CEO hold firm’s stock. As a result of a analysis of 15,544 listed company-year samples from 2011 to 2020, the main empirical analysis results are as follows. First, the Co-CEO structure showed a negative relationship with the stock price crash risk. This result suggest that the Co-CEO structure serves as a corporate governance structure through mutual checks and monitoring between managers, reducing the phenomenon of a sharp decline in stock prices. Second, we observed that the negative relationship between Co-CEO and stock price crash risk was more pronounced in samples where multiple managers all owned the stocks of the company. This result means that the agency problem is alleviated as multiple CEOs hold stocks in the company, reducing information asymmetry between shareholders and managers. This study has the following contributions. First, this study provides useful implications to capital market participants by re-examining the mixed results related to the effectiveness of the Co-CEO structure by revealing that stock price crash declines when multiple managers are appointed. Second, the study suggests that the effect of Co-CEO structure reducing stock price crash risk is differentiated depending on whether or not managers have stock ownership, providing practical implications for management compensation contracts.

K-IFRS 도입이 국제다각화와 재무제표 비교가능성의 관계에 미치는 영향

홍준용,이동헌,허광복 한국세무학회 2020 세무와 회계저널 Vol.21 No.3

This study analyzes the relationship between international diversification and financial statement comparability, and studies the impact of the adoption of K-IFRS on that relationship. International diversification is measured by the proportion of foreign assets and the proportion of foreign sales, and the comparability of financial statements is based on a measure derived from the relationship between stock returns and earnings introduced in De Franco et al.(2011). By using Korean firms listed on KOSPI and KOSDAQ from 2003 to 2015, we find that the level of international diversification is negatively correlated with comparability of financial statements. In other words, it can be interpreted that as the level of international diversification increases, the comparability of financial statements is deteriorating. We also find that the adoption of K-IFRS has positive effect on the relationship between international diversification and financial statement comparability. This is due to the K-IFRS’ effect improving financial statement comparability through the improvement of accounting uniformity and financial reporting quality, and it is interpreted that the adoption of K-IFRS alleviates the loss of comparability of financial statements due to international diversification. The contribution of this study is as follow. Prior research on the relationship between the international diversification and the financial reporting quality have mainly used accrual-based or real earnings management as a proxy for financial reporting quality. However, this study is contributing to the expansion of research on international diversification by presenting the empirical evidence of the impact of international diversification on corporate environment using financial statement comparability as a proxy for the quality of accounting information. Moreover, the financial statement comparability is one of the determinants of accounting information quality emphasized by the FASB’s conceptual framework. Therefore, it seems to be meaningful that this study analyzed the effect of international diversification, which is being accelerated by industrial development, on the financial statement comparability.

최고경영자 유형에 따른 토너먼트 이론의 효과성 검증

홍준용,유승원 한국회계학회 2022 회계학연구 Vol.47 No.5

This study analyzes the effectiveness of tournament theory according to the type of CEO. Specifically, this study analyzes whether the relationship between the compensation gap between the CEO and top managers and firm performance and firm value are differentiated between professional-CEO managed firms and owner-CEO managed firms. The empirical results using KOSPI listed firms from 2013 to 2019 are as follows. First, this study finds that there is a positive relationship between the compensation gap between the CEO and top managers and firm performance and firm value in the professional-CEO managed firms. On the other hand, in owner-CEO managed firms, there was a insignificant relationship between the compensation gap and firm performance, but rather had a significant negative relationship with firm value. In other words, within owner-CEO managed firms, as promotion opportunities of managers to the CEO are limited, the compensation gap does not function as an incentive. Second, even though the owner manager takes the CEO position, when a professional CEO exists as co-CEOs, this study finds significant positive relationship between the compensation gap and firm performance and firm value. This means even in owner-CEO managed firms where the owner takes the CEO position, the compensation gap can give incentive to the managers if they have promotion opportunity to a co-CEO. The contribution of this study is as follow. This study provides policy implications that the CEO type and CEO structure should be considered when designing compensation scheme to provide optimal level of incentives to managers using compensation gap. 본 연구는 기업의 최고경영자 유형에 따른 토너먼트 이론(Tournament theory)의 효과성에 대해 검증한다. 구체적으로 최고경영자와 임원 간 보수격차와 기업성과 및 기업가치 간 관계가 전문경영기업과 소유경영기업에서 차별적으로 나타나는지에 대해 분석한다. 2013년부터 2019년까지 유가증권시장 상장기업을 대상으로 분석한 결과, 첫째로 전문경영자가 최고경영자로 존재하는 경우 최고경영자 와 임원 간 보수격차와 기업성과 및 기업가치가 양(+)의 관계를 가져 토너먼트 이론이 성립하고 있는 것으로 나타났다. 반면에, 소유경영 자가 최고경영자 직책을 맡는 경우에는 보수격차와 기업성과 간에 통계적으로 유의하지 않은 관계를 보였으며, 오히려 기업가치와는 유의한 음(-)의 관계를 가짐을 보였다. 이는 소유경영기업 내에서는 임원의 최고경영자로의 승진기회가 제한됨에 따라 최고경영자와의 보수격차가 인센티브로서의 기능을 하지 못하고 있음을 의미한다. 둘째, 소유경영자가 최고경영자 직책을 맡는 소유경영기업임에도 불구하고, 전문경영자가 복수 최고경영자로서 함께 존재할 경우에는 보수격차와 기업성과 및 기업가치 간에 통계적으로 유의한 양(+)의 관계를 가지는 것으로 나타났다. 이는 소유경영자가 최고경영자로 존재하는 소유경영기업이더라도, 임원에게 공동 최고경영자로서 승진에 대한 기회가 열려있는 경우에는 최고경영자와의 보수격차가 임원에게 인센티브로서의 역할을 할 수 있음을 의미한다. 본 연구의 공헌점은 다음과 같다. 첫째, 본 연구는 토너먼트 이론 관련 국내외 선행연구를 확장하여 실증적으로 토너먼트 이론의 효과성을 검증하 기 위해서는 최고경영자의 유형이 고려되어야 함을 제시하였다. 둘째, 기업의 입장에서 임원에게 최적의 인센티브를 부여하기 위한 보상체계를 설계함에 있어 해당 기업의 최고경영자 유형뿐 아니라 복수 최고경영자 체제와 같은 경영자 구조를 함께 고려해야 한다는 정책적 시사점을 제공하였다. 셋째, 본 연구는 선행연구의 소유경영자 구분기준의 한계점을 보완하고 보다 정교하고 정제된 구분기준을 제시하고 있다는 점에서 공헌점을 갖는다.

외부감사인 상주인원비율이 감사품질과 자기자본비용에 미치는 영향

홍준용,김현정 한국회계학회 2022 회계저널 Vol.31 No.3

This paper investigates the effect of a ratio of resident auditors among the total number of on-site auditing auditors on audit quality and cost of equity. As the mandatory disclosure of ‘Communication between External auditors and Corporate Governance’ has recently been implemented, the importance of communication between external auditors and client firms is growing in order to maintain high audit quality. Resident auditors continuously reside in the client firms to perform external audit tasks and exchange opinions with their internal audit organization during fiscal period. This communication enables the auditor to detect the occurrence of accounting irregularities and to effectively establish an audit plan by identifying the audit risk by each stage of the audit. In addition, according to previous studies, the composition of an effective audit team can improve audit quality by promoting knowledge sharing among audit team members. Since the composition of the audit team significantly affects the efficiency of communications, the resident auditor ratio can affect audit quality as an inputs of audit effort. Therefore, the higher resident auditor ratio, which enables the efficient communication between the auditor and the client firms and among audit team members, will lead to the improvement of audit quality. This study analyzes the relationship between the ratio of resident auditor and audit quality, and also analyzes the market response measured by cost of capital. If market expects that the higher resident auditor ratio leads to higher audit quality and reflects this to the market price, the cost of capital will decrease with increase of the resident auditor ratio. Therefore, the ratio of resident auditors would have the negative relation with cost of equity. This study used firms listed on KOSPI from 2014 to 2019 to investigate the relation between the resident auditor ratio and audit quality, and the relation between the resident auditor ratio and cost of capital. Data on the number of resident and non-resident auditor during on-site audit period was collected by hand-collecting through firms audit reports. To analyze whether the resident auditor ratio has the effect of improving audit quality, we used the discretionary accruals of Kothari et al.(2005) and the GM model of Gordon and Mohanram (2003), the OJ model of Ohlson and Juettner(2005), and the MPEG model of Easton(2004) were used to measure the cost of capital. We found that audit quality measured by the discretionary accruals was improved as the resident auditor ratio was higher, and the resident auditor ratio had a significant negative relation with cost of equity. These results suggest that the higher the resident ratio improves audit quality through efficient audit performance, and the higher audit quality lowers the information risk among market investors. As a result of additional analysis, we found that the negative relation between the ratio of resident auditors and cost of equity was stronger when firms were audited by Non-BIG4 auditors and when auditors’ industry expertise was lower. In other words, it was shown that the effectiveness of the resident auditor ratio was strong when the reliability of audit quality evaluated in the market was low. This study provided empirical evidence that, in addition to the characteristics of an accounting firm, the composition of the audit team can also affect audit quality and cost of capital as an inputs of audit effort. This study presented empirical evidence that the characteristics of audit team affect cost of equity as well as audit quality, and verified that the composition of audit team can affect the capital market investors’ decision making by forming expectations for the improvement of audit quality.