Does the supply chain matter in the ownership structure? Evidence from Korean business groups

Jieun Im 한국재무학회 2020 한국재무학회 학술대회 Vol.2020 No.11

This study investigates the impact of the supply chain on the inter-corporate ownership structure among member firms within business groups. Previous literature suggests that profitable firms directly owned by the controlling shareholders are at the top of the pyramidal structure. However, profitability may be endogenously determined based on related party transactions. Specifically, suppliers within the business group may generate higher profits through exclusive sales contracts with member firms. Based on a sample of large business groups in Korea, I find that suppliers are more likely to be located in the upper part of the pyramid. This result is more prominent in the relatively smaller groups (less than 10 trillion KRW in total assets), but it disappears in the top five business groups. This suggests that the incentive of controlling shareholders to expropriate corporate opportunity may be an important factor in structuring business groups.

A Bribe and Corporate Performance : Causal Evidence from a Quasi-Natural Experiment

Jieun Im,Woojin Kim 한국재무학회 2019 한국재무학회 학술대회 Vol.2019 No.05

We examine how bribes affect corporate performance using a quasi-natural identification strategy. Specifically, we exploit the 2016 enactment of the Improper Solicitation and Graft Act in Korea (also known as Kim Young-ran Act) which limits firms’ bribery to public servants as an exogenous shock. We find that a firm’s level of bribery activities, proxied by its entertainment-related expenses, has a negative impact on its performance. In particular, firms that cut down on these expenses following the law’s enactment are found to exhibit a significant improvement in performance. Overall, our findings provide convincing evidence that bribery impairs firm performance.

Bribes and Corporate Performance : Evidence from a Quasi-Natural Experiment

Jieun Im,Woojin Kim 한국재무학회 2020 한국재무학회 학술대회 Vol.2020 No.11

We examine how bribes may affect corporate performance using a quasi-natural experiment. Specifically, we exploit the 2016 enactment of the Improper Solicitation and Graft Act in Korea which limits provision of gifts and entertainment to public sector employees as an exogenous shock to bribery practices. We find that a firm’s level of bribery activities, instrumented by industry-level government exposure, has a negative impact on its performance. In particular, a reduction in predicted bribery activity results in a significant improvement in operating performance. Overall, our findings provide convincing evidence that bribery may impair corporate performance.

Does the supply chain matter in the ownership structure? Evidence from Korean business groups

Jieun Im,Woojin Kim 한국재무학회 2020 한국재무학회 학술대회 Vol.2020 No.08

This study investigates how the supply chain may affect inter-corporate ownership structure among member firms within the business group. Previous literature suggests that profitable firms are located at the top of the pyramidal structure directly owned by the controlling shareholders. However, profitability may be endogenously determined based on related party transactions. Specifically, suppliers within the business group may generate higher profits through exclusive sales contracts with member firms. Based on a sample of large business groups in Korea, I find that suppliers are more likely to be located in the upper part of the pyramid. This suggests that controlling shareholders’ incentive to expropriate corporate opportunity may be an important factor in structuring business groups.

배당평판에 따른 배당락일 시장반응 분석

임지은(Im, Jieun),김류미(Kim, Ryumi) 한국경영교육학회 2021 경영교육연구 Vol.36 No.2

[연구목적] 본 연구에서는 배당평판에 따라 배당락일 전과 당일에 시장반응이 어떻게 달라지는지 분석하고, 배당평판의 효과를 배당락일 시점에서 알아보고자 하였다. [연구방법] 본 연구는 기존문헌을 참고하여, 지난 5년 또는 3년간 주당배당금을 줄인 적없이 지급해온 기업을 배당평판이 구축된 기업으로, 주당배당금을 줄인 적 있는 기업은 배당평판이 구축되지 못한 기업으로 분류하였다. 이러한 두 그룹에 대해 배당락일 전과 배당락일의 시장초과수익률을 각각 계산하였다. 또한, 배당락일의 실제 주가와 배당락 균형가격과의 차이를 이용하여 주가하락괴리율을 계산하였다. 그리고 배당평판 유무와 시장초과수익률 또는 주가하락괴리율 사이에 유의한 관계가 존재하는지 검증하였다. [연구결과] 배당평판이 구축된 기업은 배당락일 전에는 시장초과수익률이 배당평판이 구축되지 않은 기업에 비해 낮았으나, 배당락일에는 상대적으로 비정상수익률이 높았다. 이는 주가하락괴리율을 이용해도 비슷한 결과를 얻을 수 있었는데, 배당평판이 구축된 기업은 상대적으로 배당락이 적게 발생하였다. [연구의 시사점] 배당은 정기적으로 투자자에게 제공되는 것으로, 투자자와 기업 경영자는 배당에 대한 평판을 고려하는 것으로 생각되지만, 이를 반영하여 배당락일의 주가에 대해 연구한 논문은 거의 없었다. 그러나 본 논문의 결과는 배당락일에 배당평판의 효과가 존재함을 직접적으로 제시하였다. [Purpose] This paper investigates market reactions over one month before the ex-dividend date and on the ex-dividend dates with firm’s dividend reputation, thus, examines the effect of dividend reputation on the ex-dividend date. [Methodology] Following Kang et al. (2019), I divide the sample firms into two groups based on regular dividend streams. The reputation-established group includes firms that continue to pay non-decreasing dividends per share for at least five or three years ending on the fiscal year end date. the no-reputation group includes firms that pay decreased dividends per share from a previous year over the recent five or three years. Then, I calculate market excess returns over one month before the ex-dividend date and on the ex-dividend dates, for two groups, respectively. I also estimate the disparate ratios for the price drop using the differences between real prices and theoretical prices on the ex- dividend date. Using these variables, the relationship between dividend reputation and market excess returns or the disparate ratios is investigated. [Findings] Firms with dividend reputation have lower market excess returns before the ex-dividend date but higher market excess returns on the ex-dividend date, than those on firms without reputation. Consistently, the disparate ratios for the price drop of firms with reputation are lower. [Implications] There are few studies regarding investor reactions to dividend reputation on the ex-dividend date, although they claim that managers decide dividend policies considering reputation in markets. This study finds the effect of reputation in stock markets on the ex-dividend date.

SAP GUI의 SW보안을 위한 ABAP 프로그래밍

임지은 ( Jieun Im ),최진영 ( Jinyoung Choi ) 한국정보처리학회 2014 한국정보처리학회 학술대회논문집 Vol.21 No.2

최근 급속도로 정보화 사회가 진행되어 가면서, 정보 보안에 대한 문제가 생겨났다. 많은 프로그램이 있지만 그 중 SAP사에서 많이 보편화 된 SAP GUI의 보안에 대하여 연구한다. SAP GUI에서 사용되는 언어중 SAP에서만 사용하는 언어인 ABAP을 사용하는 경우 SQL Injection에 대한 문제점과 해결할 수 있는 방법을 논하고, 장단점을 논한다.

공간통계모형을 이용한 정량적 강우 추정 성능 비교

임지은(Jieun Im),윤상후(Sanghoo Yoon) 한국데이터정보과학회 2019 한국데이터정보과학회지 Vol.30 No.1

강우는 집중호우와 같은 기상재해 피해를 경감시키기 위한 수문학 연구의 기초 자료로써 사용된다. 정량적 강우 추정을 개선하기 위해 지상 강우 자료와 레이더 자료를 합성하는 연구가 이루어지고 있다. 레이더는 넓은 지역에서 강우 현상을 모니터링하며 미관측지점에서 강우량을 추정할 수 있다. 본 연구는 정량적 강우 추정을 위해 공간통계모형인 역거리가중법, 일반화가법모형, 크리깅, 공간랜덤포레스트를 고려하였다. 예측성능을 평가하기 위해 10-겹 교차검증이 50번 수행하여 RMSE, MAE, rBIAS, CC를 계산하였다. 그 결과, 비가 적게 내리고 국지성 강우일 때는 역거리가중법이 예측성능이 우수하였으나, 반대의 상황에서는 정규크리깅이 우수하였다. 공간랜덤포레스트는 강우량에 관계없이 로버스트한 예측성능을 보였다. 시간해상도가 높을 때는 공간랜덤포레스트가 예측성능이 우수하였으며, 낮을 때는 정규크리깅이 예측성능이 우수하였다. Precipitation is necessary data for hydrological studies to reduce the damage caused by meteorological disasters such as heavy rainfall. There are being conducted studies of combining gauge data and radar data to improve quantitative precipitation estimate. The advantage of radar is monitoring the rainfall phenomenon over a large area and can estimate the rainfall at the non-measurement sites. This study considered geostatistical models for quantitative precipitation estimate. The models used are inverse distance weight, generalized additive model, kriging, and spatial random forest. To evaluate the prediction performance, 10-folds cross-validation was repeated 50 times and root mean square error, mean absolute error, relative bias is calculated. As a result, inverse distance weight performs best when rainfall was low and spatial range was local. In the opposite situation, ordinary kriging performs best. A spatial random forest was regarded as robust predictors regardless of rainfall intensity. Spatial random forest performs well when time resolution is high. However ordinary kriging performs best for low time resolution.

지구 통계 모형을 이용한 양파 재배지 농업기상정보 생성 방법

임지은 ( Jieun Im ),윤상후 ( Sanghoo Yoon ) 한국환경과학회 2018 한국환경과학회지 Vol.27 No.7

Weather is the most influential factor for crop cultivation. Weather information for cultivated areas is necessary for growth and production forecasting of agricultural crops. However, there are limitations in the meteorological observations in cultivated areas because weather equipment is not installed. This study tested methods of predicting the daily mean temperature in onion fields using geostatistical models. Three models were considered: inverse distance weight method, generalized additive model, and Bayesian spatial linear model. Data were collected from the AWS (automatic weather system), ASOS (automated synoptic observing system), and an agricultural weather station between 2013 and 2016. To evaluate the prediction performance, data from AWS and ASOS were used as the modeling data, and data from the agricultural weather station were used as the validation data. It was found that the Bayesian spatial linear regression performed better than other models. Consequently, high-resolution maps of the daily mean temperature of Jeonnam were generated using all observed weather information.

Skin whitening and anti-wrinkle activities of white rose petal extracts

JIEUN CHOI,EUN SUK AN,YOUNG-HWAN BAN,YESEUL CHA,HAIYU GUO,JI YOUNG LEE,NU RY HAN,EUN SANG CHO,EUN SU JEON,DA WOOM SEO,JUNG-MIN YON,HAE CHEON IM,JAE KWON CHOI,YOON BOK LEE,EHN-KYOUNG CHOI,YUN-BAE KIM 한국실험동물학회 2016 한국실험동물학회 학술발표대회 논문집 Vol.2016 No.08

Fluorinated Carbonate-Based Electrolyte for High-Voltage Li(Ni_0.5Mn_0.3Co_0.2)O₂/Graphite Lithium-Ion Battery

Im, Jinsol,Lee, Jieun,Ryou, Myung-Hyun,Lee, Yong Min,Cho, Kuk Young The Electrochemical Society 2017 Journal of the Electrochemical Society Vol.164 No.1

<P>A stable electrolyte system at a charge voltage over 4.5 V is the key to successfully obtaining higher energy density by raising the charging cutoff voltage. We demonstrate a fluorinated electrolyte (1 M LiPF6 fluoroethylene carbonate (FEC) and methyl (2,2,2-trifluoroethyl) carbonate (FEMC) (FEC/FEMC = 1/9, v/v)) for a high-voltage LiNi0.5Mn0.3Co0.2O2/graphite system. The stability of the fluorinated electrolyte for the LiNi0.5Mn0.3Co0.2O2 (NMC532) cathode was investigated using scanning electron microscopy, X-ray photoelectron spectroscopy, and electrochemical impedance spectroscopy. The charge-discharge performance of the fluorinated electrolyte was superior to the corresponding non-fluorinated electrolyte system at a charging cutoff voltage of 4.7 V. (C) The Author(s) 2017. Published by ECS. All rights reserved.</P>