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The Effects of Minority Shareholders and Board Structure on Earings Management
Bum Jin Park 한국재무학회 2008 한국재무학회 학술대회 Vol.2008 No.05
그동안 기업지배구조와 관련된 선행연구들은 우리나라의 재벌중심 가족지배기업형태를 고려하여 소유구조에서 상대적으로 영향력이 적은 소액주주는 기업경영의 감시자로서 배제되어 왔다. 그러나 1998년의 개정상법을 통하여 소수주주의 권한이 강화되었고, 사외이사․상근감사․감사위원회제도 등 이사회의 견제제도가 도입되면서 소액주주는 새로운 전환점을 맞게 되었다. 이에 경영자의 이익 조정에 대해 소액주주의 견제역할이 있는 지를 연구하여 소액주주와 관련된 실증적인 연구결과를 제시하고자 하였다. 연구대상은 2001년부터 2005년까지 한국증권거래소에 상장된 12월 결산법인(금 융업과 보험업 제외) 2,495개이다. 경영자의 이익조정은 Jones(1991)모형과 Jones모형을 수정한 Dechow et al.(1995)모형에 의해 산정된 재량적 발생액으로 한 후, 소액주주를 포함한 소유구조 관 련변수들과 사외이사 그리고 기타 통제변수들이 미치는 영향을 다중회귀분석하였다. 연구결과에 의하면, 소액주주(MS)의 지분율이 커질수록 경영자는 하향 이익조정내지는 이익조정 을 적게 하는 것으로 나타났다. 이는 기업경영에 대한 소액주주의 영향력이 경영자의 이익조정에 미치는 것으로 보인다. 또한, 기업의 소유와 경영의 분리에 따른 소액주주의 영향력은 경영자지배 (MC)기업에서 경영자의 하향 이익조정과 관련이 있어 기업경영에 소액주주의 참여가능성이 있는 것으로 나타났다. 그러나 소유자지배(OC)기업에서는 기업에 대한 대주주의 지배력이 강하여 경영자 의 이익조정에 대한 소액주주의 견제력이 상대적으로 어려운 것으로 보인다. 이사회구조와 관련해 서는 사외이사 최소선임여부나 감사위원회 도입여부에 따라 소액주주가 이익조정에 미치는 영향은 달라지지 않았다. 그러나 사외이사를 초과선임한 기업의 경우는 그렇지 않은 기업 보다 소액주주가 경영자의 하향 이익조정에 미치는 영향이 더 컸다. 본 연구의 결과는 소유구조에서 소액주주의 역할이 존재함을 보여주었고, 소액주주와 관련하여 실증적인 연구결과들을 제시하였다. 향후에 기업지배구조와 관련하여 소액주주의 영향력도 증대될 것으로 보이므로 좀 더 체계적인 연구들이 진행되어야 할 것이다. In the previous works of corporate governance structure, minority shareholders(MS) who has relatively minor impact on ownership structure have been excluded as a observer in corporate management because most of Korean firms are in a family-controlled shape. But According to the adjusted commercial law in 1998, the right of MS has been strengthened : Since the watching systems of board such as outside directors, full-time auditors, audit committee have been introduced by the law, there come a new turning point for MS. This paper aims to provide practical works on the influence of MS as a restraints in manager’s earnings management. This works covered 2,495 firms registered in Korean Stock Exchange from 2001 to 2005 excluding financial and insurance business. Manager’s earnings management is evaluated from discretionary accruals from Jones model(1991) and the model by Dechow et al.(1995) which modified Jones model. The impact of associated variables on ownership structure including MS and other control variables are computed using multivariate regression. According to the research, managers tend to minimize earnings management or to make downward earnings management as portion of MS increases. This seems to represent that MS affect the manager’s earning management. Also influence of MS with regards to separation of ownership and management shows the possibility of participation of minority shareholder in corporate management because MS in manager-controlled(MC) companies affect manager’s downward earning management. However in owner-controlled(OC) companies, due to the strong governance of majority shareholder, the restraining influence of MS on earning management is relatively not as strong as the former case. Regarding board structure, it is shown that the influence of MS in earning management does not change much depending on whether the minimal required selection of outside directors or audit committee is introduced. But MS affect a lot in the earnings management in the case of companies which have more outsider directors than required. As a result of this work we has shown that minority shareholder plays an important role in ownership structure and practical results with regards to minority shareholder are presented. In the future, the more systematic works should be continued because the impact of minority shareholder in governance structure is expected to continue to increase.
Effects of Forest Therapy on Psychological Improvement in Middle-aged Women in Korea
Bum-Jin Park,Won-Sop Shin,Poung-Sik Yeon,Chung-Yeub Chung,Si-Hyung Lee,Dong-Jun Kim,Youn-Hee Kim,Chang-Eun Park 대한예방의학회 2022 예방의학회지 Vol.55 No.5
Objectives: Women experience more stress in middle age than in other periods of their lives. Therefore, health management programs that enable middle-aged women to cope with and manage stress are needed. This study investigated the psychological effects of a meditation-focused forest therapy program among 53 middle-aged women living in urban areas in Korea. Methods: Participants were divided into 2 groups: one group underwent the program for 3 days in a forest, followed by 3 days in an urban environment, and the other group underwent the program for 3 days in the urban environment, followed by 3 days in the forest. The psychological effects of the forest therapy program were evaluated using the Profile of Mood States-Brief (POMS-B). Differences in mood state before and after the program conducted in the forest (experimental group) and in the urban environment (control group) were evaluated using the paired-samples t-test. Results: The program in the forest significantly reduced tension, depression, anger, fatigue, and confusion among the domains of the POMS-B. The program in the urban area significantly reduced tension, but not depression, anger, fatigue, or confusion. Conclusions: Meditation-focused forest therapy programs are expected to contribute to promoting psychological health and enhancing the quality of life of middle-aged women.
Generating Multi-agent Patrol Areas by Reinforcement Learning
Bumjin Park,Cheongwoong Kang,Jaesik Choi 제어로봇시스템학회 2021 제어로봇시스템학회 국제학술대회 논문집 Vol.2021 No.10
In this paper, we designed reinforcement learning environment for distributed patrolling agents. In the partially observable environment, the agents take actions for each one’s interest and the non-stationary problem in multi-agent setting encourages the agents not to invade other agent’s region. In our environment, the patrolling routes for the agents are generated implicitly. We suggested different types of the environments and evaluated with different initial positions of the agents. We also show how the reinforcement learning algorithm changes the distribution of agents as training time goes.
Utilization of the Crust from Dry-aged Beef to Enhance Flavor of Beef Patties
Bum-jin Park,Hae In Yong,Ju-hui Choe,Cheor-un Jo 한국축산식품학회 2018 한국축산식품학회지 Vol.38 No.5
The crust that inevitably forms on dry-aged beef is usually trimmed and discarded before sale. The aim of this study was to explore methods for utilizing this crust in processed meat products. Four sirloins were dry-aged for 28 d at 4℃ (75% relative humidity). The crust obtained from the surface of the sirloins after completion of dry aging was lyophilized. Patties were prepared without added crust (control) or with 5% w/w crust, aerobically packaged, and stored at 4℃ for 7 d. Electronic nose analysis indicated that the volatile profile differed significantly between the patties with and without crust. Compared to the control patties, patties containing crust had higher flavor, tenderness, juiciness, and acceptability scores in a sensory panel evaluation (all p<0.05). In addition, patties with crust were less hard, gummy, and chewy than the control patties after 3 and 7 d of storage (all p<0.05). The number of total aerobic bacteria was higher in raw patties with crust than in the control patties during the storage (p<0.05). However, no pathogens were detected. 2-Thiobarbituric acid reactive substance values of patties containing crust were significantly lower than those of control patties after 2 and 6 d of storage (both p<0.05). Thus, crust from dry-aged beef can enhance the flavor by providing beefy and palatable flavor without a long period of dry aging