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.

관절성형술 및 측두근막 이식술을 이용한 악관절 강직증의 치험례

진택현,오승환,류동목,김여갑,이상철 大韓顎顔面成形再建外科學會 1996 Maxillofacial Plastic Reconstructive Surgery Vol.18 No.1

This is a case of bony ankylosis of right temporomandibular joint with mild facial asymmetry resulted from trauma, which bring about the right condylar fracture, and corrected by interpositional arthroplasty with temporal fascia flap and coronoidectomy. The postoperative results were functionally and esthetically good, but continued osbervation is necessary to evaluation of abnormal bony growth and reankylosis.

SRM 구동용 인버터 토폴로지의 특성비교

여진기,성세진,이흥호 충남대학교 공업교육연구소 1998 論文集 Vol.21 No.1

This paper presents a drive circuit and comparision of property of inverter topology for SRM with improved torque, as rapidity reducing current within maximum inductance region. Not considered in this paper is another class of inverter topologies for motor with bifilar windings. The proposed converter is applied to 3phase, 6/4 SRM.

분심기음의 항암작용 및 면역기능에 관한 연구

여대원,김진성,윤상협,류봉하,류기원 WHO COLLABORATING CENTRE FOR TRADITIONAL MEDICINE 2003 東西醫學硏究所 論文集 Vol.2003 No.-

This study was performed to investigate the effect of Bunsimgieum on antitumor effect after sarcoma-180 cells transplantation into peritoneal cavity or left groin and immune responses on the depressed immunity induced by methotrexate in mice. The Bunsimgieum extract of 10㎎/㎏ was orally administered 14 days for antitumor effects and 21 days for immune responses. 50% inhibitory concentration(IC_(50)) of SUN-1, SUN-C4. and SUN-396 cancer cell, mean sunvival days and body weight of tumor bearing mice, and growth of tumor mass for antitumor effect; delayed type hypersentivity, hemagglutinin titer, hemolysis titer, rosette forming cells, natured killer cell activity, lymphocyte transformation. productivity of interleukin-2 and phagocytic activity for their immune responses were measured in ICR mice. Significance in antitumor effect is noted in the enlongation of mean life days and inhibition of tumor growth(p<0.01 respectively). Significance of immune responses is also noted in hemolysis titer, lymphocyte transfumotion IL-2 productivity, phagocytic activity, and natural killer cell activity at E/T ratio 100 : 1(p<0.01, respectively). Significant in rosette cell formation was seen dosage of 20㎎/㎏(p<0.01) However, Difference of body weight as antitumor effect, delayed type hypersensitivity, and hemagglutinin titer were not shown significantly. According to the above results, it could be suggested that Bunsimgieum has prominent antitumor and immunity enhancing effect.

初·中等學校 科學敎育課程(化學嶺域)의 連繫性 考察

呂煥鎭,金鎭憲 慶北大學校 師範大學 1987 敎育硏究誌 Vol.29 No.-

We must select the adequate teaching-learning contents to the step of learning development to learn material and energy, the fundamental concepts of modern chemistry and it is inevitable that teaching-learning contents should connect between curricula of elementary-secondary school. Therefore this study analyze the following items on chemistry sphere of science curricula in elementary-middle-high school. 1) The character of chemistry-education. 2) The objective. 3) The learning-contents in units and concept sphere. 4) The contents and inquiry process in experiments. The major findings of this study are drawn as follows: 1) The connection is considered in the character of chemistry education. 2) The connection is considered well in general objective and affective objective but badly in cognitive and psychomotar objective. 3) The connection of the unit in learning contents is considered well between elementary school and middle school but badly on the whole. The connection of the learning-contents is different according to concept sphere and the connection between middle school and high school is better than that between elementary school and middle school. 4) The mean ratios of elements in inquiry process is increased gradually acceding to the level of each degree-school but is relatively high in middle school.

농업용 저수지 퇴적물 준설과 처리 시범사업의 경제성 평가

유진채,여순식,공기서 忠北大學校 農業科學硏究所 2012 農業科學硏究 Vol.28 No.2

The objectives of this study were evaluating economic efficiency of pilot projects for dredging and treatment in agricultural reservoirs using methods of costs benefits analysis. The pilot projects areas included four locals: Giheung, Seolseong, Dogo and Habin. The projects period assumed 20 years. The net present value of whole pilot projects was estimated 9,143 million Won. The costs benefits ratio was estimated 3.08. The internal rate of returns was estimated 53.4%. The results of evaluating economic efficiency of pilot projects were feasible based on costs benefits analysis

Effect of Feeding Diets Containing an Antibiotic, a Probiotic, or Yucca Extract on Growth and Intestinal Urease Activity in Broiler Chicks

여진모,김규일 濟州大學校 農科大學 動物科學硏究所 1997 動物科學論叢 Vol.12 No.1

A 6-wk study was conducted to determine the effect of feeding diets containing an antibiotic, a probiotic, or yucca extract on daily gain, feed conversion ratio, and urease activity and ammonia production in intestinal contents of broiler chicks. Four replicates of 10 broiler chicks (average body weight, 48g) each were assigned to a control or diets containing 0.1% chloroxytetracycline (antibiotic), 0.l% Lactobacillus casei (probiotic), or 0.2% yucca extract. Feeding a diet containing the probiotic significantly (P < 0.05) increased average daily gain during the first 3-wk period compared to the control (30.7 vs 28.7 g). This increase was partly accounted for by increased feed intake. During the first 3 rvk, feeding the diet containing probiotic significantly (P < 0.05) decreased urease activity (per gram of collected contents) in small intestinal contents but not in large intestinal contents, compared with the control Urease activity determined at 6 wk of age was not significantly affected by diet. Our studies indicate that dietary probiotic decreases urease activity in the small intestinal contents of young chicks and thus may be beneficial for improving animal health and growth, especially during early life.

IMT-2000 환경에서 Block Design을 응용한 회의용 인증메카니즘의 설계

이여진,김중태,조영주,유성진,배용근 조선대학교 전자정보통신연구소 2003 電子情報通信硏究所論文誌 Vol.6 No.1

In this paper, we present conference key authentication mechanism by employing an algebraic method on IMT-2000 environment To accomplish this, Symmetric Balanced Incomplete block design is applied for generating the communication key and then this key is distributed to participants Through this technique for creating a conference key and mutual authentications performed based on identification information, the communication protocol is designed The protocol presented minimizes the transmission complexity for generating a conference key On a special case the time complexity is O(v√v), where v is the number of participant. The security of the mechanism, which is a significant problem in the construction of Secure system, can be, proved as computationally difficult to calculate as factoring and discrete logarithms.

지성리듬과 시험 성적 사이의 상관관계에 대한 연구

오후진,윤여범 공주대학교 사범대학 과학교육연구소 1997 과학교육연구 Vol.28 No.1

1900년대를 전후해 제기되기 시작하나 바이오리듬에 관한 이론은 1980년대 초 우리나라에 본격 소개되면서 많은 관심을 불러 일으켰고 스포츠, 교통사고 예방, 안전사고 예방 등의 분야에서는 비교적 많은 연구와 활용이 되고 있다. 본 연구에서는 평소 학생들을 지도하는 과정에서 막연하게나마 가지고 있었던, "바이오리듬이 학생들의 시험 성적에 미치는 영향"에 대한 의문을 규명해 보고자 하였다. 이를 위해 천안여자고등학교 3학년 자연계열 학생의 1년간 모의고사 성적의 평균(7회)과 실제 대학수학능력시험에서의 점수, 대학수학능력시험일의 바이오 리듬(지성리듬)을 분석하여 그 상관관계를 조사하였다. In 1900's, the Biorhythm's theory was presented and was introduced in earnest in the early part of 1980's causing much interest. The theory has been used much for sports and the prevention from many accidents. I have tried to find out the effect of the biorhythms on the result of students' marks, in which I have a vague idea when I was teaching them. I made a correlation after analyzing average results of an examination(7 times) on mock entrance examination, the results of a College Aptitude Examination, and the biorhythm of on the day of College Aptitude Examination of the students of Chonan Girls' high school(science department in 3rd year).

학점은행제 교육과정 간호사들의 임상경력에 따른 간호과정 재교육의 효과 비교 : 숙련성, 비판적사고 성향, 임상의사결정 능력을 중심으로

이여진 한국간호과학회 간호행정학회 2009 간호행정학회지 Vol.15 No.2

Purpose: This study investigated the effects of reeducation of nursing process on nurses' expertise, critical thinking disposition, and clinical decision making. Methods: Data were collected from March to June, 2007. The subjects were 47 Academic Credit Bank System Student Nurses. They were taught ‘nursing process’ during 1 semester(15weeks). 47 nurses were divided into three groups according to clinical experience(under 3 years, 3 to under 5 years, 5 years or more). After 15 weeks, the effects of education were compared using a paired t-test between pre-test and post-test. Results: There was a significant difference in the 3 to under 5 years experienced nurses's expertise(t=-3.659, p=.004) between the pre-test and post-test. There was a significant difference in the 5 years or more experienced nurses's expertise(t=-5.781, p<.001) and critical thinking disposition(t=-3.345, p=.003) between the pre-test and post-test. There were no significant differences in clinical decision making(accuracy, proficiency, and confidence) of 3 groups. Conclusion: Reeducation of nursing process is a valuable teaching and an evaluation strategy for 5 years or more experienced nurses to improve expertise and critical thinking disposition. We need to develop continuing education program for improving nurses' clinical decision making.