종업원 특성이 회계 보수주의에 미치는 영향: 종업원 근속연수를 중심으로

현지원,권대현 한국경영컨설팅학회 2024 경영컨설팅연구 Vol.24 No.4

본 연구는 종업원의 평균 근속연수가 증가할수록 재무보고 의사결정 과정에서 종업원이 미치는 영향이 커질 것으로 간주하고 종업원의 근속연수와 회계 보수주의의 정도 간 관계에 대해 분석하였다. 분석결과, 종업원의 근속연수와 회계 보수주의의 정도 간에는 음의 관계가 있는 것으로 나타났는데, 이는 종업원이 회계 보수주의를 강화하여 기업의 지속가능성을 향상시키기보다는 보고이익(reported earnings)과 연계된 경제적 혜택을 얻고자 재무제표 상의 이익을 증가시킬 목적으로 회계 보수주의를 약화시킨다는 것으로 해석된다. 이와 함께 종업원 근속연수와 회계 보수주의 간의 음의 관계는 지배구조의 질(quality of governance)이 높은 기업일수록 약하게 나타났는데, 이는 강한(strong) 지배구조를 가진 기업일수록 종업원을 보호하는 체계가 잘 갖추어져 있어서 이러한 기업의 종업원은 자신들의 이익을 위해 회계 보수주의를 약화시킬 유인이 적어짐을 시사한다. 잠재적 누락변수(potential omitted variables)가 주분석결과에 미치는 의한 영향력을 통제한 이후에도 주분석결과는 유지되었다. 본 연구는 종업원의 특성 중 기존 연구에서는 주목하지 않았던 종업원의 근속연수에 초점을 맞추어 기업 재무보고에 미치는 영향을 분석하고 있다는 점에서 의의를 찾을 수 있다. This study conjectures that employees with longer tenure have more capability to affect the decision making process of financial reporting, and investigate the relationship between employee tenure and the degree of accounting conservatism. The analysis shows that employee tenure is negatively associated with the degree of accounting conservatism, suggesting that the longer tenured employees likely weaken accounting conservatism to gain economic benefits linked to reported earnings, instead of enhancing the conservatism to improve the company's sustainability. In addition, we hypothesize and find that the negative association becomes less pronounced in firms with strong governance, which provide a mechanism to protect employees. This association remains robust to a test controlling for potential omitted variable problem. This study highlights the impact of employee tenure on the decision making process of financial reporting, which prior research has not focused on.

KoBERT를 이용한 기업관련 신문기사 감성 분류 연구7)

현지원,이준일,조현권 한국회계학회 2022 회계학연구 Vol.47 No.4

This study explores the accuracy level of the sentiment analysis of news article sentences from Korean newspaper, using KoBERT which is a modified version of BERT developed by Google. For comparison, we use MBERT which is the multilingual version of BERT, Google Sentiment Analysis provided through Google API, and dictionary based approach. This paper finds that the accuracy level of the sentiment classification based on KoBERT is the highest at 85.7%, achieving a significantly higher level of accuracy compared to the other three models. MBERT shows the next highest accuracy level at 77.5% and the other two models provide even lower accuracy rate. We further investigate whether the sentiment classification results obtained from these four models could predict future stock return. Using cumulative future stock returns for 3 or 5 days after the news on corporation publishes, we find that the sentiment score based on the sentiment classification from the KoBERT model predicts future return better than the other three models. Overall, these findings would serve as a reference for conducting further studies related to sentiment analysis on accounting and financial text. 이 연구에서는 Google에서 개발한 BERT에 기반한 KoBERT 모형을 사용하여 한국 신문기사의 감성분석 정확도를 테스트하였다. 비교를 위해, Google에서 다국어용으로 제시한 MBERT, Google에서 API를 통해 제공하는 Google Sentiment Analysis, 그리고 사전적 접근법 을 통한 감성분석 결과를 사용하였다. 감성분석 학습 결과, KoBERT를 사용한 경우가 85.7%의 정확도를 보여, 여타 모형의 정확도에 비해 상당히 높은 수준의 정확도를 달성하는 것을 확인하였다. 다른 모형의 경우, MBERT가 77.3%의 정확도로 KoBERT에 비해 상당히 낮은 결과를 보였으며 Google Sentiment Analysis와 사전적 접근법은 더욱 낮은 정확도를 보였다. 감성분석 결과가 실질적으로 의미있는 유용한 정보를 제공하는지 확인하기 위하여 뉴스가 나온 날짜를 기준으로 3일 후, 그리고 5일 후까지 주가수익률을 종속변수로 하여 회귀분석한 결과, KoBERT를 사용한 결과가 다른 결과에 비해 미래 수익률을 더욱 잘 예측하는 것을 발견하였다. 이와 같은 결과는 추후 회계⋅재무 분야의 텍스트에 대한 감성분석을 이용한 다양한 연구를 수행하는 데 참고가 될 것으로 기대한다.

재무분석가의 영업현금흐름예측여부와 이익예측 정확성

현지원,김영준,이준일 한국공인회계사회 2016 회계·세무와 감사 연구 Vol.58 No.4

Recently, a significant number of analysts tend to issue operating cash flow forecasts as well as earnings forecasts. This study investigates whether analysts’ issuance of operating cash flow forecasts enhances accuracy of their earnings forecasts. Some argue that, to forecast operating cash flows, analysts should predict components of earnings–cash flows and accruals, and they should have more comprehensive knowledge on firm’s financial statements and the relation of accounts of each financial statement. If this is the case, analysts who issue operating cash flow forecasts would provide more correct earnings forecasts than analysts who do not issue. Call et al.(2009; 2013) document that accuracy of earnings forecast is higher for analysts who issue operating cash flow forecasts than analysts who do not issue. They also argue that operating cash flow forecasts are informative by showing that the stock market reacts to the change in operating cash flow forecasts. Their results support the demand hypothesis that analysts provide operating cash flow forecasts in order to satisfy users’ needs for additional information. On the other hand, analysts might provide operating cash flow forecasts just resulting from a preliminary extension of earnings forecast rather than from an undergoing precise and systematic process. For example, analysts might first forecast earnings and then forecast operating cash flows by just deducting depreciation and amortization from their earnings forecasts. If operating cash flow forecasts just result from an extension of earnings forecasts, earnings forecasts by analysts who issue operating cash flow forecasts cannot be more accurate than earnings forecasts by analysts who do not issue operating cash flow forecasts. Givoly et al.(2009) argue that operating cash flow forecasts are not obtained in sophisticated manners and they are much less accurate than earnings forecasts. They also report that operating cash flow forecasts are just weakly related to stock returns, and repute Call et al.(2009) by arguing that operating cash flows forecast are not informative to investors. The debate on usefulness of cash flow forecasts continues in the literature(Call et al. 2013, Givoly et al. 2013, and Bilinski 2014). We examine whether analysts’ earnings forecasts accompanied by cash flow forecasts are more accurate than those not accompanied by cash flow forecasts. Our sample consists of Korean listed companies which have analyst forecasts data provided by I/B/E/S detail history database during the period of 2004 to 2010. Forty percent of analysts in our sample issues both earnings and cash flow forecasts, while sixty percent of it issues only earnings forecasts. We regress earnings forecasts error on cash flow forecasts issuance dummy variable with other explanatory variables. The coefficient on the cash flow forecasts dummy is not statistically significant from zero. In additional tests, we examine whether analysts who issue operating cash flow forecasts have better understandings on persistence of cash flows and accruals than those who do not issue. A prior study finds that analysts underestimate persistence of both cash flows and accruals. If analysts who issue operating cash flow forecasts have more comprehensive knowledge and undergo more rigorous process in order to forecast earnings and cash flows, they would less underestimate persistence of earnings components, compared to analysts who do not issue operating cash flow forecasts. We find no evidence that analysts who issue operating cash flow forecasts better understand persistence of cash flows and earnings than analysts who do not issue. In robustness tests, we use propensity-score-matching method and find that there are no significant differences in accuracy between analyst earnings forecasts with cash flow forecasts and those without cash flow forecasts. Overall, empirical findings suggest that earnings forecasts accompanied by operating ... 상당수의 재무분석가들은 이익예측치 이외에 추가적으로 영업현금흐름예측치를 제공하고 있다(본 논문의 경우 관측치의 대략 40%). 그러나 영업현금흐름예측치를 제공하는 재무분석가들이 보다 뛰어난 분석가들인지에 대한 연구는 아직 미미한 상황이다. 영업현금흐름을 적절히 예측하기 위해서는 전체 재무제표의 상호관계 및 이익의 구성요소에 대하여 보다 깊게 분석해야 하는 과정을 거쳐야 하므로 영업현금흐름을 예측하는 재무분석가들은 해당 기업에 대해 보다 높은 수준의 분석을 할 것이라고 예상된다. 본 논문은 이익예측치와 더불어 영업현금흐름예측치를 제공하는 재무분석가들의 이익예측치 정확도가 높은지를 실증하였다. 실증분석 결과, 이익예측치만을 제공하는 재무분석가의 이익예측치와 영업현금흐름예측치를 함께 제공하는 재무분석가의 이익예측치의 정확성에 유의한 차이가 없음을 발견하였다. 영업현금흐름예측치를 같이 제공하는 재무분석가가 발생액 및 영업현금흐름의 지속성에 대하여 더 잘 평가하는지에 대한 추가분석에서도 더 우수하다는 결과를 발견하지 못하였다. 위의 결과들은 국내에서 영업현금흐름예측치를 제공하는 재무분석가들의 재무분석방법이 더욱 정교하고 정확하여 이익예측치의 정확성이 높으리라는 예상을 지지하지 못하고 있다.

열펌 시술방법에 의한 모발표면의 형태학적 변화 분석

현지원 한국미용학회 2023 한국미용학회지 Vol.29 No.2

Frequent chemical treatments, such as dyeing and permanent waving, as well as the widespread use of heat-based hair styling devices, like flat irons and curling irons, can cause significant damage to hair fibers, leading to various adverse effects, such as dryness, breakage, split ends, and frizziness. Recently, there has been a trend towards using direct heat perms because they are time-saving, shorter in duration, and less complicated. However, as the damage to hair caused by direct perms increases, this study compares and analyzes the degree of damage to hair fibers caused by both direct heat perms and softening heat perms. Moreover, by comparing, analyzing, and evaluating the morphological changes to the hair surface and cross-section after each type of perm treatment based on hair condition, this study aims to objectively understand the effects of heat perms on hair and provide basic data for further research in this field.

'최저주거기준'에 관한 국내 선행 연구경향 분석

현지원,이연숙,안소미,Hyun, Jiwon,Lee, Yeunsook,Ahn, Somi 한국실내디자인학회 2017 한국실내디자인학회논문집 Vol.26 No.4

The appropriate area for human's most basic living space is an important factor. Therefore, the 'minimum housing standard' is a very important factor to ensure a minimum quality of living space for human life. In Korea, however, the importance of the 'minimum housing standard' has been neglected for about 20 years. Even in Korea, the 'minimum housing standard' has become an nominal existence. In other countries, studies have long been conducted on the minimum housing standards, but studies have shown that studies on the minimum housing standard are not actively occurring in Korea. The purpose of this study is to diagnose the current status of the 'minimum housing standard' in Korea and to explore the direction of future research. The study included a total of 29 researches commissioned by the Korea Academic Research Institute (KCI). To ensure the objectivity and reliability of the analysis, analyzed year of research, field of research, method of research, contents of research. Through this study, it is possible to grasp the tendency of previous studies on 'minimum housing standard' in Korea and it is meaningful to increase the usability of 'minimum housing standard' in residential planning. It is also expected that future research on 'minimum housing standards' will be able to present the direction of the field to be developed.

The Determinants of Nonfinancial Information Disclosure in Management Discussion and Analysis (MD&A)

현지원,안태식,최연식,현정훈 한국회계학회 2014 회계학연구 Vol.39 No.2

The significance of intangible assets in a knowledge-based economy and the decrease in value-relevance of financial information increase the demand for nonfinancial information disclosure. In this regard, we examine the determinants of the nonfinancial information disclosed in the Management Discussion and Analysis (MD&A). Whereas prior studies investigate the level of voluntary dis-closure, we examine the level of nonfinancial information. We conduct a contents- analysis, using a modified computational linguistic program. Using the frequency of nonfinancial information, we find that firms with more intangible assets, higher quality of board monitoring, and larger size disclose more nonfinancial information in MD&A.

저분자 Silk Peptide의 모발 보호효과 및 미세구조 분석

현지원,이광길,여주홍,최태부 한국생물공학회 2008 KSBB Journal Vol.23 No.5

In this study, hair care effects of the hair cosmetics including low molecular weight silk peptide, hydrolysate which is produced from cocoon were investigated. After producing the hair cosmetics including silk peptide which has 300-500 molecular weight, we measured its hair care effects through the various tests; change of the hair weight, hair thickness, absorbance rate and hair moisture value and micro structure analysis. As a result, S.P.T. (Silk peptide Treatment) was effectively penetrated into the hair which has been damaged by chemical treatments, increased the hair weight, thickness and hair moisture value and also recovered the cuticle of the hair. Thus, the treatment of hair with silk peptide hydrolysate would be effective to recover the damaged hair into the normal conditions.

헤어드라이기 플라즈마 모듈 적용에 따른 모발의 변화 및 특성 평가

현지원 ( Ji-won Hyun ),황성택 ( Seoung-tack Hwang ) 한국미용학회 2021 한국미용학회지 Vol.27 No.4

Hairdryers are commonly known to cause hair damage such as “roughness”, “dryness”, and “hair color loss”. while using it. So, numerous studies have tried to find ways to dry hair with no damage or minimized level. In this study, we examined hair damage levels by varying drying applications during the process and analyzed hair changes either in essential characteristics such as “oil and moisture balance” or “microstructure”. As a result, hair was severely damaged when treated with a general hot air dryer for 90 minutes, causing cuticle crack or layer separation. In contrast, the plasma hairdryer caused just a little or even no damage to hair for the same exposure time. It may be because ions and moisture molecules generated when using a plasma hairdryer can protect hair structure from the harsh hot air condition.

밀레니얼 세대의 나르시시즘과 물질주의가 럭셔리 제품의 보상적 소비에 미치는 영향 -자기통제감의 조절효과를 중심으로-

현지원 ( Ji Won Hyun ),김정미 ( Jung Mee Kim ),황선진 ( Seon Jin Hwang ) 한국패션비즈니스학회 2021 패션 비즈니스 Vol.25 No.4

The millennial generation, which has emerged as one of the strongest influence and consumption power, pursues happiness of the present centering on “I”; consumes luxury products for themselves. The purpose of this study was to evaluate how the narcissism and materialism of the millennial generation affect the compensatory consumption of luxury products in negative situations and the moderating effect of self-control. This study included 315 millennial males and females living in Seoul and Gyeonggi area. Frequency analysis, reliability analysis, multiple regression analysis, and hierarchical regression analysis were conducted using SPSS 25.0 statistical program. Based on our findings, narcissism and materialism had a statistically significant effect on compensatory consumption under positive situations. However, while materialism had a statistically significant effect on compensatory consumption under negative situations, narcissism did not have a statistically significant effect on compensatory consumption under negative situations. Notably, self-control had a moderating effect in the influence of materialism on compensatory consumption under negative situations; narcissism did not. This study holds academic significance as the concept of compensatory consumption and self-control can be applied to the apparel study. Moreover, this study provides practically significant ideas on compensatory consumption and therefore marketing of luxury brands, based on consumers’ characteristics.

재무제표 주석은 서로 얼마나 유사한가

현지원 ( Jiwon Hyeon ),이준일 ( Joonil Lee ),조현권 ( Hyunkwon Cho ) 한국회계학회 2022 회계저널 Vol.31 No.5

IFRS 도입 이후 재무제표에서 주석이 차지하는 비중은 그 중요성이나 분량 측면에서 크게 증가하였다. 하지만 주석 작성 실태를 조사한 보고서는 주석이 기업 고유의 유용한 정보를 담지 못하고, 금융감독원이나 감사인이 제공하는 모범사례 및 예시를 참고하여 기계적으로 작성되고 있음을 지적하였다(이재경과 한봉희 2018). 본 연구는 문장 간 코사인 유사도라는 측정치를 이용하여, 국내 기업의 주석 작성실태를 상장기업 전체로 확장하여 조사하였다. 기업 간 주석의 유사도를 분석한 횡단면 유사도 분석 결과, 임의의 기업-연도 관측치를 선택했을 때 각각의 주석 문장들과 매우 유사한 문장이 평균적으로 비교대상 기업 11.8%의 주석에, 완전히 동일한 주석문장은 비교 기업의 3.3%에 나타났다. 전년도 주석과의 유사도를 측정했을 때에는, 전년도 주석 문장과 대부분 유사한 것으로 나타났다. 추가로 동종 산업 내 기업 간 횡단면 유사도가 전체 기업을 비교대상으로 한 횡단면 유사도보다 높음을 확인하였다. 본 연구는 주석 문장간 코사인 유사도를 이용하여, 기업의 주석들이 다른 기업 주석들이나, 자기자신의 전년도 주석과 비교하여 얼마나 유사하게 작성되고 있는지 측정할 수 있는 방법론을 제시한다. 정량적인 측정치를 사용하여 상장기업 전체 기업의 주석 작성실태를 유사도 측면에서 살펴보고, 산업이 주석에 미치는 영향을 계량화하여 보였다는 점에서 선행연구에 더해 추후 재무제표 주석의 발전방향에 중요한 정보를 제공한다. The adoption of IFRS has increased the length and importance of the financial statement notes. However, the report which investigated the status of notes of 20 listed companies showed that companies fail to include useful information in their notes and heavily refer to the note templates provided by auditors or Financial Supervisory Service(Lee and Han 2018). This study expands the investigation of notes preparation status to all listed companies using an intuitive measure derived from the cosine similarity method. We examine the cross-sectional and longitudinal similarities of financial statement note sentences for all companies. The cross-sectional similarity measures how similar the sentences in note are across companies. First, we measure the cosine similarity of each sentence combination between the sentences in the focal firm’s note with all the sentences in the other firm’s financial statement note by year. If the maximum cosine similarity of the sentence pair is larger than 0.886 (less than cosine 30˚), we define the focal firm’s sentence has a ‘significantly similar sentence’ in other firms. Second, for each focal firm’s sentence, we count the number of other firms having significantly similar sentence with the focal firm’s sentence in the note. The number shows how many firms share the significantly similar sentence with each specific note sentence of the focal firm. Third, for each focal firm’s sentence, we compute the ratio of firms containing similar sentence through dividing the number of prior stage by the total number of comparing firms. Forth, to measure firm level note similarity, the ratios of each sentence are averaged by year. Our analysis reports that any sentence in financial statement notes in general has ‘significantly similar sentence (the same sentence)’ in 11.8% (3.3%) of other companies notes. The longitudinal similarity measures the similarity of note sentences with sentences in the prior year’s notes. It differs from the cross-sectional similarity that the note sentences are compared with its own note sentences of the previous year. Each note sentence is compared with all the sentences in the previous year’s note. Then, we measure the maximum cosine similarity between the sentences. The larger this value is, the more similar the sentence is to the company’s previous year’s note. Since this value is for each sentence, the longitudinal similarity of the firm is measured as the average maximum cosine similarity of each sentence. The mean value of the longitudinal cosine similarity by firm-year is 0.8448 and the median is 0.8881. The longitudinal similarity shows that most of notes’ sentences are similar to the notes’ sentences in the prior year’s financial statements. The result confirms that firms prepare the note with reference to the previous year. Additionally, we expect that the cross-sectional similarity would be higher for the firms in the same industry because the businesses are similar. The cross-sectional similarity within the same industry is higher than that of all companies as expected, but the difference is very marginal. This study contributes to the prior literature by suggesting how to measure the note similarity more objectively. The methodology can contribute empirical studies which investigate the factors that may affect note preparation. The limitation is that the specific contents of the note are not examined because the cosine similarity mechanically measures the similarity of the sentences.