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RISS 인기검색어
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- 저자 : Sang-Gyung Jun(전상경) (검색결과 25 건)
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전상경(Jun, Sang-Gyung),예종석(Ye, Jong-Suk),한상린(Han, Sang-Lin) 한국상품학회 2009 商品學硏究 Vol.27 No.1
본 연구는 최근 기업의 마케팅 전략 수립에서 매우 중요한 요소로 떠오르고 있는 기업의 사회적 책임(Corporate Social Responsibility: CSR) 측면에서 기업의 기부금 지출이 기업선호도에 미치는 영향을 분석하고 있다. 분석결과에 의하면, 기업의 사회공헌활동이 강하고, 그로 인해 기업들의 현금 및 현물 기부금액이 많은 기업일수록 일반인들의 기업선호도는 제고되고 있다. 기부금 지출규모와 기업선호도 간의 긍정적 상관관계는 직업별, 성별, 연령대별 어느 한 특성집단에 한정된 현상이 아닌, 일반적 현상임을 발견하였다. 특히 기업의 사회공헌활동이 기업선호도에 미치는 긍정적 효과는 취업(혹은 전직) 희망자들의 취업 기업선호도에서 강한 유의성을 지니고 있었다. 제품구매 선호도에서도 사회공헌활동이 긍정적인 효과를 미치고는 있지만 그 효과는 통계적으로 유의하지 않은 수준이다. 이러한 결과는 사회공헌활동이 기업가치에 직접적인 영향을 미치고 있지는 못하지만, 보다 장기적이고 간접적으로 기업가치에 영향을 미치고 있는 것으로 해석된다. This research analyzes whether firms that make more donations to society would elicit better corporate preferences from the public. Rather than directly investigating the relationship between corporate value and corporate social responsibility (CSR), we focus the effect of CSR on corporate preference in order to mitigate the causality problem. According to our analysis, variables related to the intensity of CSR efforts have a significant and positive impact on people’s preference for a given company. The positive impact of these variables on corporate preferences is indicative of the positive effect of the philanthropic efforts on business performance. This research has further found that the positive correlation between CSR and corporate preferences is a general phenomenon rather than the one confined to a specific profession, gender, or age. The positive impact of CSR, however, was not significant in regard to consumer product preference, while showing a strong significance in job preference among job seekers. This result indicates that CSR has a long-term, indirect effect on corporate value rather than producing an immediate outcome.
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전상경 ( Sang Gyung Jun ),이용석 ( Yong Seok Lee ) 한국금융학회 2010 금융연구 Vol.24 No.3
현행 상법과 자본시장에 관한 규정들은 성장기업들이 증권발행을 할 때, 액면가 미만으로 발행가를 설정하는 것을 제한하고 있다. 따라서 경영실적 악화로 인해 주가가 액면가 미만으로 형성된 기업들은 무상감자 절차를 통해 시가를 액면가 이상으로 조정한 후, 유상증자나 채무증권 발행을 수행하게 된다. 본 연구는 액면미만 발행제한 제도가 유도하는 무상감자의 효과를 분석하였다. 시가가 액면가 이하로 형성된 기업들은 경영실적이 악화된 기업들이므로 자본시장을 통한 자본조달 필요성이 강화된 상황에 놓여 있다. 이들 기업들은 적시에 자본조달을 완수하지 못한다면 희생 가능성이 더 희박해질 수밖에 없을 것이다. 기업들은 액면미만 발행제한 제도를 명목적으로 회피하기 위해 감자절차를 활용하고 있는데, 감자절차는 상당한 사회적 비용을 야기하는 것으로 분석되었다. 기업의 내재가치에 아무런 영향을 주지하지 않는 감자결정이 25%의 시장가치 하락을 초래하는 것으로 나타났다. 뿐만 아니라 감자절차는 자본조달의 소요기간을 늘리고, 해당 기업의 주가변동성을 급등시킨다. 또한 많은 시장경고조치를 발동하게 함으로써 시장경고조치의 효과성을 저해시키고 있다. 감자절차가 유효한 시장통제장치(market control mechanism)로서의 기능을 수행한다는 증거도 찾을 수 없었다. 분석결과를 종합하면 감자제도와 또 이를 유도하는 액면미만 발행 제한 제도는 그 유효성이 부족하고 사회적 비용만 과다하므로 이에 대한 제도개선이 필요한 것으로 판단된다. Current regulations on seasoned equity offering prohibit issuing firms from setting equity offer price below par. Firms with stock price below par, however, elude the regulation by implementing capital-reduction. By analysing effect of capital reduction, this paper proposes to dismantle the restriction and reinforce the market price principle. Current restriction on equity offer price has caused significant difficulties for companies to raise capital. The system has so far not contributed to enhancing investor protection. By its nature, the restriction on issues be low par values goes against the principle of market price issues. Under the restriction, companies whose stock prices are below par values have to first go through paid-in-capital reduction in order to lift up their stock prices to the level above par before issuing stocks or hybrid bonds. However, the long and complex procedures of paid-in-capital reduction make it impossible for the companies to raise capital in a timely manner. In addition, the paid-in-capital reduction usually accompanies abrupt rises in stock return volatility and abnormal trading activities, and thus often triggers the KRX`s market warnings. Besides, the probability of stock price manipulation is often brought up in line with this issue. In this paper, we analyze the social cost incurred by paid-in-capital reduction, specifically the one which has been used to find a way round the restriction by companies with stock prices below their par values. In theory, capital reduction should not result in any value change at all. We, however, find that capital reduction firms suffer from around 25% value loss. We could not find any difference in firm characteristics between fast and slow track in capital reduction. However, firms that completed capital reduction by slow track are more likely forced to be delisted from exchanges, compared to fast track firms. This evidence suggests that the value loss of capital reduction is due to administrational procedures of capital reduction. Market values of listed companies are determined by numerous investors in an open market. Thus, it is reasonable to dismantle the restriction on equity offer price in SEOs. Stocks of a listed company are publicly offered to and owned by many and unspecified shareholders. Shareholders` liabilities are also spread out in a form of capital gains and losses via stock trading at market prices. Therefore, regulations related to listing should be reconsidered. Such critical views also further lead to questioning whether par values of stocks should continue to exist or not. Developed capital markets in nations such as the United States, Canada, and Japan have already widely adopted no-par value stocks. No-par value stocks would provide the foundation for reforming all unreasonable regulations related with paid-in-capital.
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전상경 ( Sang Gyung Jun ),최설화 ( Xuehua Cui ) 한국금융공학회 2011 금융공학연구 Vol.10 No.1
Signaling theory argues that managers use dividend policy to signal the future prospects of firm`s operational performance. According to the theory, the future operational performance would be enhanced after the firm increases dividends. In this paper, we investigate the information content of dividend. Specifically we examine whether dividend policy changes have the predictive power to the future earnings, using the sample of firms which have been continuously listedon Korean Stock Exchange during the period of year 2003 to 2009. We also include stock repurchase in firm`s dividend policy. Dividend payout ratio, which is the commonly used variable for dividend policy, has a logical limitation in measuring the cross-sectional variations of firms` dividend policy in Korea. Considering the regulations on dividend payment in Korean firms, we suggest that the appropriate proxy variable of dividend policy in Korea is the ratio of dividend to distributable income, not to net income. The ratio of dividend to distributable income appropriately reflects firm`s dividend changes relative to its earnings. Our empirical resutls show that the ratio of dividend to distributable income does not have any predictive power to the change of future ordinary income, oroperating income. Instead, there exists a significant negative correlation between dividends and future earnings, which are contrary to signaling theory. The results still hold even if we include stock repurchase in firms` payout. Our empirical results overall provide evidence against the concept of information content of dividend in Korea.
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학술연구 : 신규상장 기업의 조기 상장폐지 가능성 분석
전상경 ( Sang Gyung Jun ) 한국중소기업학회 2011 기업가정신과 벤처연구 Vol.14 No.4
This research analyzes the phenomenon of short-lived delisting, which refers to the fact that some IPO firms end up with forced delisting after short listing period. We have found that firms with bigger size, lower debt ratio, longer history of business, and higher inside ownership are less likely to result in short-lived delisting. This result implies that the possibility of short-lived delisting is negatively correlated with the degree of sufficiency for listing requirements. Secondly, we could not find strong evidence supporting for certification role of IPO mechanisms. Underwriters` reputation does not significantly correlated with short-lived delisting. We could not find any evidence that short-lived delisted firms pay higher underwriters` fee. Thirdly, firms raising more capital through IPO are less likely to result in short-lived delisting. However the usage of funded capital is not related with the possibility of short-lived delisting. This result contradicts with the notion that firms undertaking IPO for long-term investment, such as PPE investment or R&D investment, would be more likely to successfully stay in listing status.
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