산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

인터넷 쇼핑몰 이용자의 촉각단서 욕구가 의류상품 구매행동에 미치는 영향에 관한 연구 : 구매경험, 지각된 위험의 조절효과 An Moderating Effect of Perceived Risk, Purchased Experience

권소영,이진영,오희선,서용한 한국의류산업학회 2004 한국의류산업학회지 Vol.6 No.5

This study is to explore how consumers' needs for tactile cues affect their purchasing behaviors in the internet shopping mall. Since previous studies about internet shopping malls are mainly performed on the primary factors of perceived risk, there are insufficient studies of tactile cues for apparel products. Emphasis of this study is placed on verifying the following hypothesis; it is expected that consumers' needs for tactile cues affect apparel purchasing behaviors in inter-net shopping. The questionnaire was administered to 20 to 30 year old male and female respondents who are either students or businessmen living in the Busan area. 150 questionnaires were completed and collected for data analysis. The data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient and Linear regression analysis. Data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient, and ANOVA. The results of data analysis are as follows: First, the tactile cues negatively affect purchase intentions of consumers. This shows that apparel internet shoppers who have high desire for tactical cues tend to avoid purchasing products through the internet. Second, the factor analysis of the moderating effect on perceived risks shows that the perceived risks significantly moderate both the tactile cues and purchase intention of consumers. Third, analysis of purchased experience also shows that purchased experiences significantly moderate both the tactile cues and purchase intention.

A Study on DNA Sequences and Mutation of Integrase Region of Korean-type Bovine Leukemia Virus (BLV) pol Gene

권오식,--,--,-- THE KOREAN SOCIETY FOR BIOMEDICAL LABORATORY SCIEN 2004 Journal of biomedical laboratory sciences Vol.10 No.1

Bovine leukemia virus (BLV) is a causative agent for lymphoma disease in cattle including cows worldwide. BLV shares similar virion structure and characteristics with other retroviruses. The pol gene of the BLV genome produced reverse transcriptase (RT) and integrase (IN) for important roles for BLV genome integration into host cell chromosomes that is known to be coded in the 3' side of the BLV pol gene (one third portion). In this study, we have sequenced 978 bp in the 3'side of the BLV pol gene from BLV 10C3 in order to determine the BLV IN region of it. And we compared it to the nucleotide sequences of an Australian BLV isolate. As a result, nucleotide sequences of the IN region of the Korean-type BLV pol gene were mutated at a rate of 3.7%. We can confirm that the typical mutations are such as Arg (AGG) → Lys(AAG), Thr (ACG) → Met (ATG), Ile (ATT) → Val (GTT), Asn (ACC) → His (CAC), Phe (TTT) → Leu (TTG) and Asn (ACC) → Asp (GAC). From the analysis of the sequencing data, we were able to determine the zinc-finger-like "HHCC" motif in the amino terminus of BLV IN, that was H-X_(3)-H-X_(25)-C-X_(2)-C. It was also found the DD35E motif in the IN catalytic domain as D-X_(56)-D-X_(35)-E. It fits very well to the consensus sequences of retroviral IN as well as HHCC motif.

원격조작에 의한 작업대상물 강성과 마찰 특성의 동정

권혁조,전지명,김진옥,문일동,오재윤 전북대학교 공학연구원 ( 구 전북대학교 공업기술연구소 ) 2002 工學硏究 Vol.33 No.-

This study performs a workpiece stiffness and frictional characteristic identification experiments by teleoperation. Experiments are performed using a bilateral force feedback teleoperation system. It is composed of a master manipulator, the slave manipulator equipped with a force/torque sensor, and a real-time control system. To control the teleoperation system, a position-force controller is developed. The slave manipulator is controlled by the master manipulator's position command and the master manipulator is controlled by the force information from the slave manipulator. This study presents a method to find the slave manipulator's stiffness. And, this study presents a method to compute the workpiece stiffness based on the measured pressing force and deflection at the slave manipulator. Also, this study performs a workpiece frictional characteristic identification experiments. In the experiments, the slave manipulator rubs a workpiece with an arbitrary pressing force. While the slave manipulator rubs a workpiece, a vertical force and a frictional force are measured and the ratio of a frictional force to a vertical force is considered as a frictional characteristic.

가구와 가전제품의 재활용에 관한 연구

권오정,김시월,이혜임,이명숙,이진영 한국주거학회 1999 한국주거학회 논문집 Vol.10 No.1

The purposes of this study were: 1) to classify and describe causes of producing wasted furniture and household electric appliances by consumers, 2) to identify the influence of variables on causes of producing wasted furniture and household electric appliances and experience of consumer`s recycling behaviors, and 3) to introduce the ways of activating recycling in wasted furniture and household electric appliances which suggested by consumers. 1,132 housewives living in Seoul, Sungnam, and Choongjoo were used as a final sample of the analysis. Data were collected using a self-administered survey. The result of the study indicated the major variable which affects producing wasted furniture and household electric appliances was the perception of recycling. Also, the level of consumers' recycling behavior in furniture and household electric appliances was very low and age and housing type were the major variables which affect consumers' recycling behavior. Finally, the implications and recommendations for consumers, enterprises, and society were suggested.

여학생 동복 하의 착용시의 생리반응과 주관적 착용감

권수애,오미경,강미영,송혜원,박진채,권리현 충북대학교 교육 ·생활연구소 생활과학연구센터 2002 생활과학연구논총 Vol.5 No.-

In this study, physiological responses and subjective sensations were investigated depending on various high school girls' lower cloth uniform in winter. Four healthy young women were selected, and they wore same underwear and jacket. The types of lower cloth were tight skirt+stocking, flared skirt+stocking, tight skirt+legings+socks, flared skirt+legings+socks, and slacks+socks. The results were as follows: 1) The effect of the type of lower cloth in winter on the skin temperature, humidity inside clothing and subjective sensations were significant. 2) It is desirable for high school girls to wear slacks in winter, Since physiological responses and subjective sensations of slacks are superior to those of skirts. 3) It is desirable for high school girls to wear flared skirt, legings, socks in winter, Since insulation and subjective sensations of flared skirts are superior to those of tight skirts.

핸드스프링 몸펴 앞공중1회 비틀기 동작의 운동학적 분석

권오석,윤양진,서국웅 한국운동역학회 2001 한국운동역학회지 Vol.11 No.3

The purpose of this study was to determine the mechanical factors that govern success in the performance of handspring salto forward stretched with 1/1 turn. The subjects were two all-around gymnasts who registering sophomore in college. By means of three-dimensional film analysis, it was to analyze the sequence of duration phase, angle change of the body joint, and body of the center gravity during performance of handspring. The findings of this study were following as: 1. The sequence of duration phase indicated that Sub.1 has more stride than Sub.2 in the first interval and the shoulder joint has greatly extended, in which the linear movement at take off is transferred into the rotation movement with supporting on the ground. 2. In the several states, sub.1 has more flexor on the elbow of the left on the center of rotation, more twisted on the shoulder joint far from the axis of rotation than sub.2, in which resulted in constant twisting momentum. 3. Body center gravity showed to be low until supporting hands on the ground with taking steps. It was therefore to generate greatly the initial force of handspring based on the rotation of hands. In the fourth, upper extremities is bending forward and lower extremities is extending backward. These results were therefore of interest to determine the magnitude of flight in the air with support of greatly rotation. Of all the variables analyzed, the large stride, high rotation of vertical velocity based on axis of hands, and bending upper extremities forward, are important determinant for successful results.

핸드스프링 몸펴 앞공중1회 비틀기 동작의 소요시간 및 각운동량 분석

권오석,윤양진,서국웅 한국운동역학회 2002 한국운동역학회지 Vol.12 No.2

남자 기계체조 국가대표 선수 3명과 대학선수 3명을 대상으로 핸드스프링 몸펴 앞공중1회 비틀기 동작을 구간 및 국면별로 분석하고 동작의 숙련도에 따라 역학적 변인이 집단 간 어떠한 차이를 보이는지를 구명하기 위하여 Kwon3D 프로그램을 활용하여 분석한 결과 다음과 같은 결론을 얻었다. 시간요인에서 보폭을 크게 딛는 것이 손을 빠르게 지지 할 수 있고, 핸드스프링 체공시간은 짧게 하여야 발구르기의 압력을 높여 비틀기동작에서 체공 소요 시간이 길어지므로 비틀기 수행의 완성도를 높일 수 있는 것으로 나타났다. 각운동량 요인에서 기술수행 시 전체적으로 좌우(X)축에 대한 각운동량이 전후(Y)축과 수직(Z)축에 대한 각운동량에 비해 더 큰 값을 보였다. 좌우 축 각운동량은 지면에서 이지되어 동작을 수행하는 핸드스프링회전과 앞공중1회 비틀기에서 숙련자가 상대적으로 더 큰 각운동량 보이는 것으로 나타났다. The purpose of this study were a two-fold: ⑴ to analyze event and phase of handspring salto forward stretched with turn; ⑵ to know the differences in the kinematic variables between two groups. A Kwon3D program served for the estimation of this study. The group was divided into three National representative and three well-trained calisthenics in this study. The results of this study revealed that ⑴ the forward somersault performance was increased when duration time in the air was long during the salto forward stretched that the duration time of Handspring is short, the pressure at takeoff is high, the stride is large, and hands are supporting on the ground quickly; ⑵ comparing the angular movement of anterior and posterior y axis and vertical z axis, the angular movement of right and left x axis was higher during the performance. As a result, the national representative players showed better performance in Handspring salto forward stretched with turn.

보건교사 교육실습생이 인지하는 보건교사 교육실습개선요구

권진옥;오진아 인제대학교 2012 仁濟論叢 Vol.27 No.1

Purpose: Purpose of this study was to examine improvement demanded on health teacher practice. The ultimate goal is to explore the development and improvement of teaching practicum for nursing students. Method: Subjects of this study were 244 nursing senior students from 42 universities in Korea. Official document was posted to each university for research permission. The data were collected by an open question from September 1^(st) to October 31^(st) 2010. The research question was *What is your demand in order to improve the health teaching practicum?* Questionnaire by mail was distributed and retrieved. The data was analyzed with content analysis after referee*s review and numerous times in-depth discussions. Results: 5 categories emerged from 15 theme clusters. The categories were contents of health teaching, curriculum of health teaching, practice hours and time, environment of practice, and awareness of health teacher. The students preferentially demanded improvement on contents and curriculum of health teacher education. Conclusion: To improve the health teacher training and provide a high quality education, it should be needed to make practice manual, seek proper duration of health teacher practice, cooperate university with practice school, and support manpower as school health teacher and environment.

압전 비틀림 파동 변환기 제작 및 평가

권오수,김진오 한국비파괴검사학회 2001 한국비파괴검사학회지 Vol.21 No.4

봉에서 전파하는 비틀림파를 발생시키는 압전 비틀림 파동 변환기를 제작하였다. 비틀림 파동을 발생시키는 원리는 원주방향으로 분극된 압전 원판에 인가된 두께 방향 전압에 의해 나타나는 원주방향 전단운동이다. 압전 비틀림 원판을 제작한 후, 공진 주파수를 낮추기 위하여 랑주방(Langevin)형 비틀림 변환기를 제작하였다. 제작된 변환기들의 공진 주파수를 측정한 결과, 해석에 의해 예상된 특성과 잘 일치하였다. Piezoelectric torsional transducers have been fabricated to generate waves in a rod. The principle of generating torsional wave is based on the use of the circumferential shear motion derived by axial voltage exerted on the piezoelectric disk poled in the circumferential direction. The natural frequency of the piezoelectric torsional disk has been reduced by fabricating Langevin-type torsional transducers. The natural frequencies of the fabricated transducers have been measured and have shown good agreement with the characteristics predicted by analysis.