The Effect of Labor Union and its Power on Information Opacity: Evidence Based on Stock Price Crash Risk

Shin, Heejeong Institute of Management Research 2022 Journal of East Asia Management Vol.3 No.1

This study investigates the effect of labor union and its power on information opacity. Given that the information opacity ultimately leads to the stock price crash, this study examines the relationship between labor unions and future stock price crash risk. Further, by assuming a strike by labor union as the actual power of the unionization in firms, whether labor union's power subrogated by the activity (i.e., a strike) makes a significant difference in the likelihood of future stock price crash between unionized firms is also examined. The work place survey data provided by Korea Labor Institute is used to test the hypotheses. The data is for the periods of 2004 - 2012 on firms listed on Korea Stock Exchange and KOSDAQ. The results show that while labor unionization has a positive impact on future stock price crash risk, on which labor union's power has a negative impact. This means that the existence of labor union itself might facilitate firm's information to be opaque by tolerating manager opportunism, while its power mitigates the managerial opportunism, which leads to lower future stock price crash risk. This study adds to the literature on the role of labor unions as nonfinancial stakeholders and its power in accounting environment, and also on the determinants of stock price crash. It is also valuable to examine the unions' role in terms of the economic consequences of both presence and power of the labor unions.

투자자심리의 변화와 이익발표 후 주가잔류현상

Heejeong Shin,Su-In Kim,Hyejeong Shin 한국회계정보학회 2017 한국회계정보학회 학술대회발표집 Vol.2017 No.1

The Effect of Advertising Activity on Operating Performance in Convention Centers : The Empirical Evidence from Korea’s Top 5 Convention Centers

Shin, Heejeong 한국무역전시학회 2021 무역전시연구 Vol.16 No.4

본 연구는 국내 주요 5개 컨벤션 센터(COEX, KINTEX, BEXCO, EXCO, ICC)를 대상으 로 광고활동이 재무성과에 미치는 영향을 실증분석하였다. 선행연구에서는 일반기업의 광고활동이 재무적 성과에 긍정적인 영향을 미치는 것으로 보고되고 있으나, 컨벤션 기업의 경우 일반기업과 달리 지역경제 활성화 등 공익 사업의 목적을 지니고 있고 이 로 인한 광고지출의 재무적 효과가 일반기업과 다르게 나타날 것으로 예상하였다. 광 고선전비를 광고활동의 수준에 대한 대용치로 보고 매출액 및 영업이익, 또는 그 증감 액과의 관련성을 분석한 결과, 광고활동은 매출액으로 나타나는 재무성과에는 긍정적 인 영향을 미치지만, 영업이익에 대해서는 그 결과가 통계적으로 유의하지 않았다. 이 러한 결과는 차기 재무성과의 증감에 대해서도 일관되게 나타났다. 이는 컨벤션 기업 의 광고활동이 당기 및 차기의 재무성과에 부분적으로 긍정적인 효과를 가지고 있으 나, 기업의 회계시스템 상 산출되는 영업이익과의 관련성은 파악하기 어려운 것으로 해석된다. 본 연구는 컨벤션 산업에서의 광고 활동이 재무 성과에 미치는 영향을 실증 적으로 보여준다는 데에 의의가 있다. 본 연구의 결과는 컨벤션 산업의 수익성 증대를 위해 광고선전비의 지출을 확대할 필요가 있음을 시사한다. This study investigates empirically the effect of advertising activities on the financial performance in convention centers. While the previous studies reported that advertising activities of companies have a positive effect on financial performance in general, the financial effect of advertising expenditure is expected to be different in firms which operate with business purpose of common good. Using financial data of top 5 convention centers (i.e., COEX, KINTEX, BEXCO, EXCO, and ICC) in Korea, the study conducted the regression analysis, taking advertisement expenses as a proxy for the level of advertising activities, and sales revenues or operating income for the financial performance. The empirical results reveal that the advertising activities have a positive relation to financial performance, but only sales revenues. This result holds with the analysis on future changes in the financial performance. This indicates that the advertising activity of the convention company play a positive role in enhancing the financial performance, while its relationship with the operating profit produced in the company's accounting system is difficult to be grasped. This study is meaningful in that it shows the empirical findings of the effect of advertising activities in the convention centers on financial performance. The findings suggest that it is necessary to increase the expenditure of advertisement to highten the profitability of the convention center.

기본변수와 회계발생액의 미래이익에 대한 정보성

신희정(Heejeong Shin),나종길(ChongKil Na) 한국경영학회 2017 한국경영학회 통합학술발표논문집 Vol.2017 No.08

「통합사회」의 정의교육에 대한 도덕·윤리과 교육방안 - 호네트(A. Honneth)의 인정이론을 토대로 -

신희정(shin, Heejeong) 한국도덕윤리과교육학회 2022 도덕윤리과교육 Vol.- No.77

본 연구는 정의에 대한 학습 경험이 일상에서 정의 실현을 위한 실천으로 이어지지 않는 문제점에 주목하여, 고등학교「통합사회」를 중심으로 정의교육 현황을 고찰하였다. 나아가 호네트의 인정이론에 기반한 정의교육의 가능성과 필요성을 밝히고, 이에 근거한 교육 방안을 제안하여 「통합사회」의 정의교육을 보완할 수 있도록 하였다. 현행 「통합사회」교육과정과 교과서에서의 정의교육은 정의에 대한 지식과 이론을 제시하고, 학생들에게 불평등 해소를 위한 노력의 필요성을 당위적으로 요청하는 방안으로 운영된다. 교과내용은 분배정의의 측면에만 배타적으로 초점을 맞추는 경향이 강하다. 또한 자유주의와 공동체주의의 정의관이 이분법적 구도로 설정되어 제시됨으로써 학생들이 개인과 공동체를 분리시켜 이해하고, 개인의 능력만을 공정한 분배의 기준으로 여길 수 있어서 시민적 연대나 배려를 정의교육을 통해서 함양하기 어려운 실정이다. 따라서 호네트의 인정이론에 기반한 정의교육은 이런 부분을 보완할 수 있으며, 개인과 공동체의 상호성의 관점을 강조함으로써 정의의 외연을 분배정의를 넘어서 정의 일반의 문제로 확장할 수 있는 교육 방안이다. 더불어 정의교육에 감정적인 요소를 활용함으로써 학생들은 불의경험에서 정의에 대한 학습이 가능하다. 나아가 존엄한 존재로서 개인의 가치를 인정하는 정서적 행위인 상호인정을 통해 무시와 차별, 사회적 배제와 같은 문제를 해결하는 관점을 넓히고 정의로운 행동을 실천할 수 있다. This study focused on the problem that the learning of justice does not lead to practice for realizing justice in everyday life, and considered the current state of justice education focusing on the integrated social studies curriculum of high school. Furthermore, the possibility and necessity of justice education based on Honneths Recognition Theory was revealed, and education plans were proposed based on this to supplement justice education in an integrated society. Justice education in the current integrated society curriculum and textbooks is operated as a way to present knowledge and theories of justice and to impose to ask students for the necessity of making efforts for inequality. There is a strong tendency to focus exclusively on the aspect of distributive justice. As the conception of justice of liberalism and communitarianism is set and presented in a dichotomous structure, students understand the individual and the community separately and regard only the individual’s ability as the standard for fair distribution. It is difficult to cultivate civic solidarity and consideration through this justice education. Justice education based on Honneth’s theory of recognition can supplement this. This is an educational method that can expand the scope of justice to the issue of justice in general beyond the emphasis on the point of view of reciprocity between individuals and communities and distributive justice. Above all, it is possible to learn about justice from students experiences of injustice by using emotions in justice education. In addition, as an emotional act that recognizes the value of an individual as a dignified being, through mutual recognition, righteous behavior that solves problems such as neglect, discrimination, and social exclusion can be practiced.

기본변수의 미래이익 예측력과 재무분석가의 이익예측 효율성

신희정 ( Heejeong Shin ),나종길 ( Chongkil Na ),고재민 ( Jaimin Goh ) 한국회계학회 2017 회계학연구 Vol.42 No.5

본 연구는 재무분석가들이 미래이익 변화에 대한 기본변수의 정보성을 이익예측치에 효율적으로 반영하는지 분석하였다. 기업가치의 결정과정에서 핵심적인 미래이익의 예측과 관련하여 재무제표상의 기본변수들이 유용한 정보성을 갖는다고 보고되어 왔다. 미래이익의 예측과 관련하여 재무분석가들이 재무제표 정보를 활용하는 것으로 알려져 있지만, 이러한 과정에 여러 편의도 존재하고 있다. 따라서 재무분석가들이 기본변수에 대해 효율적으로 반응하는지 살펴볼 필요가 있다. 이에 본 연구는 Penman and Zhang(2006)이 제안한 기본변수를 이용하여 미래이익 증가성향을 나타내는 종합지표값을 측정하고, 재무분석가 이익예측에 대해 포트폴리오분석 및 회귀분석을 실시하였다. 실증분석 결과, 종합지표값이 커질수록 당기이익 대비 재무분석가의 이익예측치가 증가할 확률이 높게 나타났지만, 기본변수의 미래이익 증감에 대한 정보성을 충분히 반영하지는 못하였다. 구체적으로 재무분석가들은 미래이익이 증가할 가능성이 높은 기업에 대해서는 과소 예측하고, 미래이익이 감소할 가능성이 높은 기업에 대해서는 과대 예측하는 경향을 보였다. 또한 재무분석가의 과소 및 과대예측 편의의 크기를 비교한 분석에서는 미래이익이 증가할 가능성이 높은 기업에 대한 과소예측이 더 크게 나타났다. 이는 기본변수가 함의하는 미래이익의 증가 혹은 감소 성향을 재무분석가가 이익예측치에 반영하는 데 있어 효율적이지 못한 것으로 해석할 수 있다. 본 연구는 기본변수에 대한 시장의 반응을 주식시장의 가치평가에서 재무분석가 이익예측으로 확장하였다는 점에서 학술적 공헌도를 지닌다. 본 연구의 결과는 재무분석가들의 이익예측치가 기본변수의 미래이익 변화 예측력을 반영하고는 있지만, 그 정도가 충분하지 않다는 것을 실증적으로 보여준다. 따라서 재무분석가들은 기본변수의 정보성을 심도 있게 해석하여 그들의 예측치에 적극적으로 반영할 필요가 있다고 제안한다. We investigate whether the analysts fully incorporate the informativeness of fundamental variables into their earnings forecast. It has been documented that financial analysts tend to misforecast earnings, while they use financial statements which provide significant information on the change in future earnings. In this regard, we examine whether analysts’ forecasts are efficient to the earnings predictability of fundamental variables. In this study, we employ a summary score (AFS) for 6 variables developed by Penman and Zhang(2006) as a fundamental variable. By using a series of regression analyses and portfolio tests, we find that analysts are more likely to predict future earnings increase for firms with higher AFS. However, analysts’ forecasts do not fully reflect the information implied by fundamental variables for future earnings increase. Specifically, analysts’ forecasts are more optimistic (pessimistic) for firms with low (high) AFS, leading to a tendency of mean-centralized earnings forecasts. Moreover, the extent of analysts’ forecast bias is greater for firms with high AFS in which analysts’ forecasts tend to be understated. These evidences indicate that analysts underreact to the predictability of fundamental variables. Finally, we suggest that analysts should weigh more on the implication of a fundamental variable and take it into consideration when they assess the future earnings of target firms.

Firm-Specific Investor Sentiment, Confirmation Bias, and Market Response to Earnings Information

Su-Young Choi(Su-Young Choi),Heejeong Shin(Heejeong Shin) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.1

Purpose - This study investigates the effect of firm-specific investor sentiment on the asymmetry of the market’s response to signed earnings of accounting information (i.e., positive/negative unexpected earnings). Applying cognitive attribution (i.e., confirmation bias), which arises due to the incongruency of prior and new information to market earning reactions, this paper aims to provide another insight into the market’s efficiency of accounting information. Design/Methodology/Approach - This study hypothesizes that firm-specific investor sentiment is associated with market reactions to earnings information. Using 4,802 firm-year observations of KSE listed firms from 2011 to 2018, this study conducts a series of multiple regression analyses that estimate the moderate/ incremental effect of investor sentiment on market earnings responses. Findings - The analysis results show that on average, firm-specific sentiment plays a role as a reference in interpreting subsequent earnings information. This leads investors to under-react to signed earnings at the announcement date, relying on the sentiment level. Research Implications - This study is distinct from prior literature in using individual firm investor sentiment deemed to be relatively faithful for representing the external mood of firms. By linking the market’s earnings response with investor cognitive attribution (i.e., confirmation bias), this study looks more closely into market informational efficiency.

A Study on the Relationship between ESG Performance Information and Value-Relevance: Focusing on Travel & Tourism Industry in Korea

Hyeok-Gi Kwon(Hyeok-Gi Kwon),Heejeong Shin(Heejeong Shin) The International Academy of Global Business and T 2022 The International Academy of Global Business and T Vol.18 No.6

Purpose - This study investigates the value-relevance of ESG performance information in the Korean travel & tourism industry. ESG activities (environment, social, and governance) are critical factors for evaluating corporate value. However, when it comes to the travel and tourism section, whether the ESG performance information is incorporated in financial corporate value is questionable since the distinct guidelines on ESG performance does not exist. Design/Methodology/Approach - This study hypothesizes that ESG performance information is not relevant to the corporate value in the travel and tourism industry. Using the KSE and KOSDAQ listed-firms in the travel & tourism industry for 2011-2020, this study conducts a univariate test as well as multiple regression analysis which estimates the relationship between stock price and ESG ratings. Ohlson (1995)’s model estimating value-relevance of accounting information is employed to test the hypothesis. Findings - The analysis shows that both ESG reporting itself and ESG integration ratings are positively related to stock price as a proxy for corporate value. But the governance (G) factor only out of three- ESG individual components has a significantly positive relation with the corporate value. The findings hold after addressing a self-selection bias which is due to ESG reporting incentives. Research Implications - In perspective of the usefulness of accounting information, this study extends the literature on value-relevance of ESG ratings as a nonfinancial accounting information. In addition, it adds the document on the effectiveness of ESG initiative by empirical results. Finally, it suggests the needs for guidelines which are appropriate for pricing the performance of social responsibilities (S) including sustainable environment € to be incorporated in corporate value.

Understanding Users’ Making Decision in the Sharing Economy Platform : The Aristotle’s Appeals

Heejeong Han,Seunghun Shin,Chulmo Koo,Namho Chung 한국경영정보학회 2016 한국경영정보학회 학술대회논문집 Vol.2016 No.6

Monitoring of Microplastics in Disposable Tea Bags

Heejeong Jeong,Insook Lee,Jaemin Shin,Joohyeon Park,Mihyeon Choi,Hyeran Yang,Misun Kim,Jeongsook Lee,Insook Hwang,Jooseong Park 한국분석과학회 2024 학술대회논문집 Vol.2024 No.5