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김현숙(Hyeon-Sook Kim),권택호(Taek-Ho Kwon) 충남대학교 경영경제연구소 2014 경영경제연구 Vol.37 No.1
본 연구는 2000년부터 2010년까지 유가증권시장의 개별기업을 대상으로 내부현금흐름의 안정화 수단으로 알려진 사업다각화와 내부사업거래가, 연구개발투자와 기업가치 간의 관계에 어떠한 영향을 미치는지 살펴보았다. 분석결과에 의하면, 사업다각화 활동은 연구개발투자와 기업가치 간의 관계에 긍정적인 영향을 미치고 있었다. 이는 사업다각화 활동의 결과 내부현금흐름이 안정화 될 수 있게 되어 가치 있는 연구프로젝트에 지속적으로 투자할 수 있게 되는 즉, 연구개발투자의 변동성 감소와 관련이 있다는 것을 의미한다. 반면 내부사업거래의 경우 연구개발투자효과에 유의한 영향을 미치지 못하는 것으로 나타났다. 이러한 결과는 내부사업거래가 내부현금흐름 안정화와는 다른 목적으로 이루어지거나 또는 내부사업거래의 현금흐름안정화 효과가 투자규모의 변동성에 유의적인 영향력이 없기 때문인 것으로 해석해볼 수 있다. 사업다각화나 내부사업거래 이용정도가 상대적으로 높은 대규모기업집단 소속기업 만을 분석한 결과에서도 위의 두 변수별 결과는 유사함을 보였다. 본 연구는 연구개발 활동이 기업가치로 연결될 수 있는 동인에 대해 선행 연구에서 고려하지 않았던 내부현금흐름 특성 변수를 이용해 분석해보았다는 점에서 기존 연구들을 보완하고 있다고 볼 수 있다. 또한 역으로 사업다각화 활동의 경우 연구개발투자효과 측면에서 기업에 긍정적인 역할을 하는 것으로 확인되었다. This study empirically examines the effects of internal capital market and corporate diversification on the relationship between R&D investment and firm value. Internal capital market and corporate diversification may positively impact on firm value of R&D investment through the minimization of R&D investment volatility by potentially stabilizing cash flow. This study uses non-financial firms listed on the KOSPI market over the 2000~2010 period. In addition, we examine whether there are the effects of internal capital market and corporate diversification on the relationship between R&D investment and firm value by using large business group dummy. According to the empirical results, corporate diversification variable significantly increases the valuation effect of the R&D investment on the firm. In contrast, there is no evidence that internal capital market variable increases the valuation effect of R&D investment. In large business group firms, the valuation effect of corporate diversification is greater than in total sample firms. However, the valuation effect of internal capital market is not statistically significant. These differences seem to be caused by stabilizing cash flow through corporate diversification, but not by stabilizing cash flow through internal capital market. These results indicate that the characteristics of internal cash flow, especially by corporate diversification, may affect the magnitude of the positive effect of R&D investment on firm value.
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경영자 과신이 위험추구와 기업가치의 관계에 미치는 영향
김현숙(Hyeon Sook Kim),권택호(Taek Ho Kwon) 한국증권학회 2019 한국증권학회지 Vol.48 No.5
과신 성향의 경영자는 본래보다 위험을 과소평가하거나 이익을 과대평가해 위험추구와 관련된 다양한 의사결정을 함으로써 궁극적으로 기업가치에 영향을 미칠 수 있다. 이러한 관점을 토대로 본 연구는 국내 기업의 위험추구와 기업가치의 관계에서 경영자 과신의 효과를 분석하고, 이후 지배구조 및 경영자의 인적 특성 관점에서 과신의 효과에 대한 조절 요인을 총체적으로 검증한다. 2002년부터 2015년까지 유가증권시장 상장기업을 대상으로 경영자 과신의 원인 및 결과로 측정되는 변수들을 조합해 경영자 과신 기업을 식별한 뒤, 경영자 과신의 효과를 검증하였다. 분석결과 기업의 위험추구는 기업가치를 증가시키지만, 경영자가 과신하는 경우 해당 기업의 위험추구는 기업가치 하락과 연관이 있었다. 이는 과신 성향의 경영자가 해당 기업에 부적합하거나 과도한 위험추구를 유도함으로써 결국 기업가치를 훼손시킬 수 있다는 것을 보여주는 결과이다. 한편 기업 내·외부 지배구조 관점에서 사외이사 초과 선임, 양호한 이사회 역할, 재벌집단 소속, 경제정책 불확실 완화, 산업 내 경쟁 축소로부터 과신의 부정적 효과가 완화된다는 증거는 찾기 어려웠다. 반면 경영자의 평균 나이가 많은 경우 과신에 따른 기업가치 하락이 완화되어, 과거 국내 기업의 경우 경영자 과신의 부정적 효과가 특정한 기업지배구조 수단에 의해 통제되기보다는 그러한 심리적 오류를 갖고 있는 경영자의 인적 특성에 보다 의존함을 확인하였다. 본 연구의 실증결과는 국내 경영자의 대리인 문제 이외에도 그들의 과신 오류가 위험추구와 기업가치의 관계에 부정적일 수 있음을 실증적으로 보여주었다는데 의의가 있다. 추가로 본 연구는 과신의 부정적 효과를 완화하기 위해 지배구조의 통제에 선행하여 경영자 스스로가 과신 가능성을 경계하는 것이 무엇보다 중요하다는 점을 시사한다. 동시에 여타 지배구조 요인에 비해 경영자의 과신 행태와 직·간접적 연관성이 높은 이사회가 경영자의 의사결정 오류를 효율적으로 통제할 수 있도록 기업 내부적, 제도적 역할 보완이 보다 필요함을 시사한다. This study investigates two issues pertinent to managerial overconfidence (hereafter, MOC) and risk-taking from the perspective of behavioral corporate finance: (1) Does MOC influence the relationship between corporate risk-taking and firm value? (2) Can the effects of MOC be moderated through certain internal and external governance or personal factors? Using the KOSPI for non-financial firms from 2002 to 2015, this study examines the issues by identifying the firms with MOC from the measurement variables that are related to both the determinants and outcome of MOC. The main findings are as follows. First, firms with overconfident managers tend to experience lower firm value compared to those with nonoverconfident managers because of their inappropriate or excessive risk-taking behavior. This finding suggests that in addition to agency problems, MOC can have negative effects on the relationship between risk-taking and firm value in Korean firms. Second, there are no significant internal or external governance control effects, such as outside directors’ control over obligations, a sound board of directors, the control of chaebols, a less-competitive indus-try, and less economic policy uncertainty over the negative effects of MOC, on the relation-ship between risk-taking and firm value. In contrast, the negative effects of MOC turn weak in terms of personal factors when the managers become older. These results show that con-trolling for the negative effects of MOC through internal or external governance mechanisms is not easy, even though these mechanisms may be helpful to control for the agency problem in Korean firms. Nevertheless, the results confirm that the effects of MOC depend on managers’ personal traits. This study shows that managers should be wary of their own overconfidence and restrain themselves from making irrational decisions. Furthermore, this study suggests that the board of directors needs to react against MOC and improve the board’s control over MOC in order to avoid its negative effects.
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김현숙(Kim, Hyeon-Sook) 한국형사법학회 2009 刑事法硏究 Vol.21 No.2
The amendment of Article 312 of Criminal Procedure Act proposed by the Presidential Committee on Judicial Reform and the Legislation and Judiciary Committee of the Korean National Assembly contains the limitation on the admissibility of interrogatory, on par with the previous Supreme Court finding. It also eliminates that admissibility of the video recording of interrogation as prosecutory evidence or impeachment. Yet, the Act contains some elements that contradict the purport of amendment. It allows that video recording can be used to prove interrogatory’s substantial authenticity. The failure to prescribe the presence of defense counsel under reliable condition while videotaping interrogation is another setback. That the prosecutory authorities still can videotape interrogation with notice to the suspect and without his or her approval is also subject to controversy. The intent of videotaping interrogation is to protect the rights of the suspect, so it should be 1) allowed only with the suspect’s approval, or 2) if it is allowed with notice only, then it should be stopped as soon as the suspect refuses to be videotaped or 3) when the suspect requests withdrawal or exerts the right of deniability. The bill could be complemented with such stipulations as 4) a specification of the cases in which interrogation can be videotaped, 5) a rule that the entire interrogation should be taped, not a targeted moment or period of time, and 6) videotaping being granted at the request of the suspect or defense counsel.
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김현숙 ( Hyeon Sook Kim ) 한국비교형사법학회 2010 비교형사법연구 Vol.12 No.1
In the Criminal Act, energy which is subject to human control is deemed to be property(Article 346). Our society is rapidly moving into the information society. Digital content industry as a major industrial development in our society is affecting the criminal provision. And various problems that occur in the cyberspace is needed to solve. The contents of this paper, as follows: 1) This paper is about the relationship between cyberspace and concept of the property in the Criminal Act. 2) According to the traditional analysis, the concept of property in the Criminal Act is only including of the energy which is subjected human control. 3) The online-game industry, especially MMORPG, is growing explosively. And there is a need to preserve the property in the cyberspace. 4) So we need to look at the concept of property in the Criminal Act from a new angle. 5) This paper handle the problems whether airwaves of Cable TV, digital documents, wireless internet IP addresses and items obtained from online-game have the characteristics of the property or not. 6) I think, as the times change, it is necessary that the interpretation of the Article 346 also change.
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김현숙 ( Hyun Sook Kim ),서수홍 ( Soo Hong Seo ),허지안 ( Ji An Hur ),곽승기 ( Seung Ki Kwok ),주지현 ( Ji Hyeon Ju ),윤종현 ( Chong Hyeon Yoon ),김완욱 ( Wan Uk Kim ),홍연식 ( Yeon Sik Hong ),조철수 ( Chul Soo Cho ),김호연 ( Ho Y 대한류마티스학회 2007 대한류마티스학회지 Vol.14 No.1
Objective: To investigate the clinical manifestation and prognostic factors of interstitial lung disease (ILD) in Korean patients with idiopathic inflammatory myopathies include with polymyositis (PM) and dermatomyositis (DM). Methods: Clinical and laboratory data of 110 patients with PM/DM in our rheumatology clinic were investigated. Clinical data including history, medication, pulmonary function tests (PFT) findings, radiologic findings, and labaratory findings were obtained from medical records at the first diagnosis of ILD with PM/DM. ILD was diagnosed on the basis of the imaging abnormalities defined above on definite findings of chest X-rays and high resolution computed tomography (HRCT), restrictive changes on PFT with respiratory symptoms. During the course of treatment, we assessed chest radiograph and HRCT findings. Results: Forty-two PM/DM patients (38.2%) developed ILD. Anti-extracellular nuclear antigen (ENA) antibody, anti-Jo-1 antibody and ground glass opacity in HRCT were significantly high in PM-ILD. However honeycoomb appearance (53%:22%) and fibrosis (41%:6%) in HRCT were significantly high in DM-ILD. Interest in aspects of prognosis including initial steroid treatment response in HRCT were favorable in PM-ILD. There were statistically significant association between normal level of CPK and usual interstitial pneumonia (UIP) pattern in HRCT in DM-ILD. Such cases had resistance to steroid therapy. Overall interval between steroid and immunosuppressant therapy was significantly shorter in those with DM-ILD. Conclusion: The clinical manifestations between PM-ILD and DM-ILD in Korean patients were not significant different from those of other populations. DM-ILD is more refractory to steroid treatment, expecting in poor prognosis compared with PM-ILD. So immediate intensive immunosuppressive therapy should be considered in DM-ILD.
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