우리나라 유방아마에서 CYPIA1, EPHX 유전자 다형성의 역할

최지엽,유정희,이은옥,유근영,박수경,안세현,노동영,최국진,강대희 대한암예방학회 2002 Journal of cancer prevention Vol.7 No.3

우리나라 회계감사시장의 구조와 감사인 집중수준에 대한 연구: 우리나라 주권상장기업과 코스닥상장기업을 대상으로

최국현 ( Kuk Hyun Choe ),황인태 ( In Tae Hwang ),정은하 ( Jeong Eun Ha ) 한국회계학회 2007 회계저널 Vol.16 No.3

K-IFRS 도입에 따른 재무제표 항목, 재무비율 및 발생액의 변화

최국현 ( Kuk Hyun Choe ),손여진 ( Yeo Jin Son ) 한국회계학회 2012 회계저널 Vol.21 No.6

ESG 우수기업의 이익조정 : 한국기업지배구조원의 평가기준을 중심으로

최국현 ( Kuk-hyun Choe ),김동현 ( Dong-hyun Kim ) 한국생산성학회 2021 生産性論集 Vol.35 No.4

This study assumes that companies(stocks) included in the ‘KRX ESG Leaders 150’ theme index are excellent ESG companies, and presents the research results that the effects of ESG activities can negatively affect financial performance. Specifically, since the benefits from ESG activities do not appear on the financial statements or appear smaller than the costs, we hypothesize that the profit will be management upward to offset the costs incurred by the disclosure of non-financial information and report the analysis results. Specifically, the discretionary accrual(AEM), which is a proxy for earnings management traditionally used in accounting, and the proxy for earnings management based on real activities(REM), were used through the financial data of the companies selected as a sample. As a result of the analysis, the overall excellent companies for ESG showed a positive correlation with the discretionary accrual and the proxy of some real activity earnings management, indicating the result that through this, it is judged that their earnings are management upward. However, in this regard, as a result of additional analysis on companies that were selected as 'KRX Eco Leaders 100' and showed excellent performance in the environmental sector and companies that showed excellent performance in society and governance, variables that have been used as a proxy for earnings management and no statistical significance was found. Summarizing these results, it is judged that if ESG performance is evaluated by each factor, benefits that offset costs are obtained, so there is no incentive to raise earnings in the short term. In other words, it is judged to be a result of the fact that the benefits that a company can obtain for each individual ESG factor are all different. Such analysis results are considered meaningful in that they suggest that ESG activities can be used to hide the opportunistic decision-making of managers. In addition, global climate change requires companies to disclose more non-financial information and demand performance. However, when ESG activities appear as a negative signal to a company's financial performance, managers can use ESG activities as a means of opportunistic decision-making. Specifically, the case of Danone, a global food company, suggests that, in the current situation where ESG performance standards are ambiguous, a company's aggressive ESG activities can worsen financial performance and send negative signals to investors. Despite these implications, this study has the following limitations and problems that need to be supplemented. Specifically, since there is no sophisticated measurement of ESG performance, the question remains as to whether the ESG excellent companies assumed in the study are actually excellent companies. In addition, the problem of omitted variables may exist, and at the same time, endogenous is not considered. Therefore, it is expected that advanced research that solves this problem will be conducted in the future.

기업지배구조가 투자의사결정 및 생산성에 미치는 영향

최국현 ( Kuk Hyun Choe ),한상윤 ( Sang Yun Han ) 한국생산성학회 2010 生産性論集 Vol.24 No.1

This study empirically examines the influence of corporate governance structure upon corporate investment activities and productivities. Findings are as follows. First, R&D investment decreases with the increase of the manager`s ownership, and increases with the increase of tangible asset investments. This finding implies that managers avoid to make investment decisions in which risks are high. Second, institutional investors` ownership has a negative influence upon tangible asset investments and corporate capital investments, implying that they do not play a particular restraining function and work for the long-term recovery investment with a myopic viewpoint. These findings show the corporate governance structure is correlated with corporate investments and productivities.

이익의 품질과 자본시장의 이례현상 : 수익-비용 대응의 원칙과 주가표류현상

최국현 ( Kuk-hyun Choe ),전종록 ( Jong-rok Jeon ) 한국생산성학회 2016 生産性論集 Vol.30 No.3

The matching principle in conventional accrual basis accounting, rather than cash basis accounting, recognizes accounting income by recording related expenses at the period when revenues are recognized. Accounting methods with high level of matching principle can be defined as neutrality in accounting in the sense that an impartial point of view is maintained in revenue and expense recognition. According to previous studies, it has been reported that the higher the level of matching principle is, the higher the quality of accounting income becomes. Thus, by analyzing the effects of the level of matching principle on the firm specific stock returns, post-earnings-announcement drift, this study examines earnings quality of matching principle is attributable to post-earnings-announcement drift. Previous studies find that earnings quality of earnings persistence is positively correlated with post-earnings-announcement drift. Thus, another estimate of earnings quality, the degree of matching revenues to expenses, is hypothesized to have the positive effect on post-earnings-announcement drift. Our results are generally consistent with the hypothesis. Findings show that firms with higher degree of revenue-expense matching have abnormal stock returns 10 days post-earnings announcement. Whereas over 10 days post-earnings announcement fail to show excessive stock returns. Some caveats can be attributable to these findings. The way we measure the degree of matching principle by the adjusted R² from revenue to expenses may not be adequate, and random walk model to estimate expected earnings may capture the properties with considerable errors. Nonetheless, over 2,000 observations in the period of 8 years can alleviate such errors in our results.

K-IFRS의 자산재평가가 기업가치와 재무분석가의 이익예측 정확도에 미치는 영향

최국현 ( Kuk Hyun Choe ),손여진 ( Yeo Jin Son ) 한국회계학회 2011 회계저널 Vol.20 No.4

본 연구는 K-IFRS의 채택에 따른 새로운 자산재평가제도가 회계정보의 가치관련성과 유용성에 미치는 영향을 분석하였다. 자산재평가제도와 회계정보의 가치관련성을 분석을 위하여 본 연구는 K-IFRS를 채택을 목적으로 2009년과 2010년 유형자산에 대한 재평가모형을 선택하고 한국거래소에 자산재평가결과를 공시한 유가증권시장 상장기업들의 자산재평가결과 공시일의 주식초과수익률을 분석하였다. 한국거래소가 규정하고 있는 자산재평가결과 공시일은 2009년부터 상장사가 자산재평가를 실시하면 의무적으로 공시해야 하는 자산재평가결과 공시일로 선행연구에서 설정하고 있는 자산재평가일로 설정된 사건일과 비교하여 볼 때 자산재평가의 결과와 관련정보 외의 다른 정보들이 주식수익률에 미치는 영향을 효과적으로 통제할 수 있다. 분석결과 K-IFRS에 따른 유형자산 재평가차액이 기업특성이 주식수익률에 미치는 영향을 통제하고 난 이후에도 주식초과수익률에 유의한 관계를 나타내고 있어 K-IFRS의 자산재평가가 기업가치 평가에 유용한 정보를 제공하고 있음을 시사한다. 또한, 본 연구는 K-IFRS의 자산재평가 정보가 회계정보의 유용성을 증가시켜 회계정보 이용자들의 정보비대칭을 감소시키는지 여부를 검증하고자 자산재평가가 재무분석가의 이익예측정확도에 미치는 영향을 분석하였다. 2009년도 회계자료와 재무분석가의 이익예측값을 수집할 수 있는 기업들 중 2008년도 말 재무제표와 감사보고서에 자산재평가적립금 항목을 새로이 계상한 자산재평가기업과 자산재평가를 실시하지 않은 유가증권 상장기업을 구분하여 분석한 결과, K-IFRS에 따라 유형자산 재평가를 실시한 기업이 유형자산 재평가를 실시하지 않은 기업에 비하여 재무분석가의 이익예측정확도(이익예측오차)가 증가(감소)하는 결과를 발견하였다. 이러한 결과는 K-IFRS의 채택과 유형자산 재평가모형의 선택에 따른 유형자산의 공정가치표시 및 관련된 회계정보가 회계정보의 유용성을 제고하고 기업과 이해관계자간의 정보비대칭을 축소하고 있음을 시사한다. 본 연구는 한국거래소가 규정하고 있는 자산재평가결과 공시일을 사건일로 설정하여 자산재평가와 관련된 정보 이외의 다른 정보들이 주식수익률에 미치는 영향을 효과적으로 통제하면서 K-IFRS의 자산재평가제도가 기업가치에 미치는 영향을 검증하였다는 점에서 의미를 찾아볼 수 있다. 또한 K-IFRS의 자산재평가가 회계정보의 유용성을 제고하고 투자자들의 정보비대칭을 감소시킨다는 결과를 제시함으로써, 자산의 공정가치 평가가 회계정보의 신뢰성을 저하시킬 수 있다는 전통적 시각과 달리 자산의 공정가치 평가가 보다 적합한 정보를 산출하고 회계정보의 유용성을 제고시키고 있다는 결과를 제시한다. This study analyzes the association of the asset revaluation of K-IFRS(Korea International Financial Reporting Standards) with firm value and the relevance of accounting information. This study examines the abnormal stock returns around the public disclosure dates of the results of asset revaluation for firms listed on Korea Stock Exchange which disclosed the results of asset revaluation following K-IFRS asset revaluation model. The public disclosures of the results of asset revaluation are mandated by Korea Exchange(KRX) in 2009 and assumed that they are the first public disclosure dates of the results of the asset revaluation. Compared to such disclosure dates as annual report release dates or proxy statements dates used in previous studies, these KRX mandated disclosure dates presumably control for the effects of confounding economic events on stock returns. Analyses show that K-IFRS asset revaluation have the effects on abnormal stock returns, after controlling for the effects of firm characteristics. These findings suggest that K-IFRS asset revaluation provides relevant information for the valuation of firms. Further, to evaluate if K-IFRS asset revaluation enhances the relevance of accounting information, this study investigates the accuracy of analysts` earnings forecasts in relation to asset revaluation. For firms who revalued assets in 2008 and whose 2009 accounting and analysts` earnings forecast data are available, analysts` earnings forecast accuracy is positively associated with asset revaluation. This finding suggests that K-IFRS asset revaluation and fair value presentation of accounting information enhances the relevance of accounting information, and thus reduces the asymmetry of information about the firm among interested parties. Setting up KRX mandated dates as the initial public disclosure dates of the results of asset revaluation, this study provides relatively less contaminated results of significant association of asset revaluation with firm value at the event dates. Further, by providing evidence that K-IFRS asset revaluation enhances the relevance of accounting information and thus reduces the asymmetry of information, this study mitigates the traditional concern that fair value asset revaluation may impair the reliability of accounting information, but rather suggests that fair value asset revaluation provides meaningful information and enhances the relevance of accounting information.

기업지배구조와 경영자의 투자성향간의 관계분석: 기업지배구조지수(CGI)를 사용한 분석

최국현 ( Kuk Hyun Choe ) 한국생산성학회 2011 生産性論集 Vol.25 No.1

This study empirically examines the influence of corporate governance ratings upon managerial investment propensity. Findings are as follows. First, corporate governance ratings have significant negative effects on both the raw and absolute value of yearly corporate capital expenditures. This finding implies that good corporate governance effectively restricts managerial propensity of overinvestment, suggesting that good corporate governance reduces agency problem which stems on information asymmetry between managers and outside shareholders. Consistent with the findings of previous studies, analysis also documents that free cash flows have negative impact on corporate capital expenditures, suggesting that free cash flows are not normally utilized to build manager`s empire building. Lastly, leverage working together with free cash flows reduces corporate capital expenditures.

감사인 특성이 감사보수에 미치는 영향 : 감사인 투입자원(노력)이 감사보수에 미치는 영향

최국현 ( Kuk-hyun Choe ),김동현 ( Dong-hyun Kim ) 한국생산성학회 2018 生産性論集 Vol.32 No.4

The controversy over the audit fees has continued between auditors and auditee by Korea. The differences between the two groups are causing controversy. The Audit-Data in Korea Auditreport is a valuable resource suitable for the environment of Korea. The issue of estimating proper Audit Fees is a research topic that has been actively conducted overseas. Therefore, it is a subject of more active research in Korea. The results of this study. First, the usefulness of Audit-Data was verified by explaining the audit fee using Audit-Data. These results were intended to present meaning as data that could be fully utilized in studies related to the characteristics of auditors as well as research on audit fees. The study also combined new variables based on previously validated data. Some supported the theory of research assuming that audit fees are adequately explained as characteristics of auditors using combined variables. This outcome is determined as a result of the previous data verification model proving that the results are sufficiently descriptive in the study of audit and maintenance determinants. In addition, the text of the study indicates that Big4 has a significant negative correlation with audit fees, which may be evidence of academia's opinion on the independence of auditors. The limitations of the study. The biggest problem is the reliability of data using unused data. Also, There was a lack of rationale in using Audit-Data to combine new variables. And the data is collected directly by researchers, so it is impossible to rule out the possibility of errors occurring in the collection process. Finally, as a characteristic of the auditee, a detailed analysis of whether the model is a reasonable research model for Korean studies with geographical differences from the sample selection period was necessary. This study used data not used in other studies to identify new variables related to the characteristics of auditors. Therefore, we expect to make a lot of contributions in that we have opened the opportunity to utilize new data. This study attempted to adequately explain the audit fees. In the course of the process, Audit-Data was first validated to have a significant impact on audit fees. This process offers a high possibility of presenting meaning as a new variable that can be considered as a characteristic of auditors in the relationship of audit risks, providing the opportunity to fully utilize Audit-Data, which has not yet accumulated much data. In particular, the process of validating and using Audit-Data in the study and combining it into a new variable eventually provided empirical evidence to identify the auditor's characteristics, and it is expected that further continued and accumulated such new findings will lead to more findings about the auditor's characteristics.

코레일 임금제도 혁신사례: 경직된 공무원조직에서 능률적인 기업형 조직으로의 환골탈태

최국현 ( Kuk Hyun Choe ),김진수 ( Jin Soo Kim ) 한국생산성학회 2010 生産性論集 Vol.24 No.3