타인명의 주식인수와 주주명부 기재의 효력 -상장회사 실질주주명부에 관한 최근 대법원 전원합의체 판결을 중심으로-

조현진 ( Cho Hyunjin ),이현정 ( Lee Hyunjeong ) 한국상사판례학회 2017 상사판례연구 Vol.30 No.2

최근 대법원 전원합의체는 상장회사 실질주주명부의 효력과 관련하여, 주주권의 행사자는 주주명부에의 기재를 기준으로 정한다고 판시함으로써 기존의 입장을 변경하였다. 주주명부는 회사의 주주와 주식의 현황에 대하여 기록해 놓은 문서이고, 명의개서는 주식의 이전으로 인하여 주주명부에의 주주가 변경되는 것을 말한다. 주주명부의 효력과 관련하여 대항력, 추정력, 면책력이 인정되는데 이는 다수인의 이해관계가 얽힌 복잡한 단체법적 법률관계를 획일적으로 결정하고자 하는 것이다. 그런데 실질주주와 형식주주가 다른 경우 회사가 누구를 권리의 행사자로 인정할 것인지가 문제된다. 타인명의 주식인수와 명의개서 미필주주의 지위 문제가 바로 그것이다. 그간 판례는 타인명의 주식인수와 명의개서 미필주주의 지위와 관련하여 회사의 권리인정 여부에서는 실질설의 입장에서, 실기주 문제는 형식설의 입장에서 판단해 왔었다. 그런데 이번에 대법원 전원합의체는 주식을 발행하는 경우와 양도하는 경우 모두에 있어서 회사의 인식여부는 불문하고 주주명부 기재의 효과를 형식적으로 판단한다고 하여, 기존에 실질설을 따르던 입장을 모두 변경한 것이다. 사안은 상장회사 주주명부의 효력에 관한 것인데, 다수의견은 상장회사와 비상장회사를 구별하지 아니하고 형식적으로 보아 법률관계를 획일적으로 판단해야 한다고 보았다. 한편 별개의견은 상장회사의 경우에는 형식적으로 판단해야 하지만, 비상장회사의 경우에는 현실을 고려하여 기존과 마찬가지로 실질주주에게 주주권의 행사를 할 수 있게 해야 한다고 보았다. 이에 따라 향후 비상장회사에서는 여전히 실질주주와 형식주주가 다른 경우 문제가 될 것으로 보인다. 이번 기회에 상법상 주주명부의 효과와 관련된 규정을 좀 더 명확히 함으로써 논쟁을 정리하는 것이 바람직하다. Recently, en banc of the Korean Supreme Court (hereinafter `the Court`) has changed its existing stance on the effect of a list of shareholders by stating that stockholders rights shall be granted to listed shareholders rather than real stockholders. A list of shareholders is a document that records a status of shareholders and stocks of a company (hereinafter `the List`). A transfer of shareholders name means that a company changes from a listed shareholder`s name to a new one in a list due to a transfer of shares (hereinafter `the Transfer`). The List has been recognized to have countervailing power, presumptive power, and immunity, which is intended to uniformly determine legal relationships surrounding a company that involve multiple parties` interests. When a real shareholder is different from a listed shareholder, it is a question of who shall be recognized as a rightful one to exert a shareholder`s rights. You can see the case of issues of a stock acquisition under a disguised ownership (hereinafter `the Acquisition`) and a status of shareholders who have not completed the Transfer in the List, i.e. so called laggards. The Court had judged that the right stockholder is a real one in the case of the Acquisition while a listed one in the case of the laggards. The Court, however, has shifted its position to grant rights to a listed shareholder in the case of both the Acquisition and the Transfer regardless of whether the company is aware of the gap or not. The issue is about the effect of a register of a real shareholder (hereinafter `the Register`) of a publicly listed company. The majority of the Court has held that a company shall grant the stockholder`s right to a listed stockholder regardless of whether it is a listed company or not. On the other hand, a dictum told that a nature of the Register of a listed company was different from the List of a non-listed company, therefore, it was necessary to allow real shareholders to exercise their shareholders` rights in the same way as before. Accordingly, unlisted companies are still likely to face problems when there is a gap between real shareholders and listed shareholders in the future. It is desirable to settle the controversy by clarifying the provisions of Korean Commercial Act related to the effect of the List on this occasion.

중국 신삼판(新三板) 기업의 이전상장지도 공시효과에 관한 연구

장학동,강신애 한국경영컨설팅학회 2022 경영컨설팅연구 Vol.22 No.5

본 연구는 2015년부터 2021년까지 중국 신삼판 시장에 등록된 기업들 중 이전상장지도 공시 후 이전상장에 성공한 기업들을 표본으로 이전상 장지도 공시의 효과와 이전상장 이후 기업특성에 차이가 발생하였는지를 살펴보았다. 먼저 사건연구방법론을 통해 이전상장지도 공시가 표본 기업들의 주가에 미치는 단기적 영향을 분석한 결과 사건일 전의 연구 기간 (T-30일, T-15일)의 누적평균초과수익률이 영(0)과 가까운 결과가 나 타났으나, (T-15일, 0일)까지는 5%~7%사이 양(+)의 값이 나타났다. 이는 공시일 전에 이미 이사회 결의시에 정보가 노출되거나 회사경영자가 이 정보를 활용하였을 가능성이 있음을 확인할 수 있다. 공시일 이후 (0일, T+5일)까지 누적평균초과 수익률의 유의미한 상승세를 보여주어 이전상 장지도 공시는 기업의 주가에 긍정적인 영향을 미침을 알 수 있다. 둘째, T-test검정 및 성향점수매칭-이중차분법(PSM-DID)의 방법을 사용하여 이전상장지도 공시의 기업들의 재무적 성과에 대한 영향을 분석하였다. 이전상장 성공기업(처리집단)과 이들과 유사한 성향을 가지며 이전상장 을 신청하지 않은 기업(비교집단) 과의 차이분석에 의하면 이전상장 성공연도(T년)에는 재무변수에 차이가 없었으며, 이전상장 성공 다음 연도 (T+1년)에는 성장성 변수들에서 처리집단이 비교집단에 비해 큰 값을 가졌다. 다음으로 이러한 차이를 처리집단과 비교집단에 근본적 차이가 있 는지를 통제하고, 처리집단에서 이전상장으로 성과가 나타나는지를 PSM-DID 방법을 이용하여 분석한 결과, 차이분석과 같이 성장성 변수들에 서 유의한 양(+)의 변화가 관측되었다. 이는 이전상장을 통해 자금조달 및 가시성 등을 높이고자 하는 기업의 목적이 달성된 결과이며, 본 연구의 표본기업들의 이전상장지도 공시 전후의 주가효과 및 재무성 성과에 대한 분석을 통해 후속 이전상장을 준비할 신삼판기업들을 위한 참고 자료를 제공한다. This study examines whether there were any relocation effects and differences in firm characteristics by firms who were successfully relocated to advanced stock exchange systemusing companies registered in the ChineseNewThird Boardmarket from2015 to 2021. First, the short-termeffect of the disclosure of relocation listing guidance on the stock prices of sample firms was analyzed through the case study methodology. As a result of the study, the cumulative excess return for the study period (T-30 days, T-15 days) before the event date was close to zero (0). However, the study period (T-15 days, 0 days) before the event date, the cumulative excess return shows positive (+) values between 5% and 7%. This can confirm that there is a possibility that information may have been exposed at the time of a resolution of the board of directors before the date of disclosure or that the company's management may have used this information. After the announcement date (day 0, T+5 days), the cumulative average return shows a significant upward trend, suggesting that relocation listing announcement has a positive effect on the company's stock price. Second, using the T-test test and the propensity score matching-double difference method (PSM-DID), the effect of prior listing guidance disclosure on the financial performance of companies was analyzed. According to the analysis of the difference between successfully relocated companies to advanced exchange (treatment group) and companies that have similar tendencies and have not applied for relocation listing (comparison group), there is no difference in financial variables in the successful relocation listing year (year T). In the year following the successful relocation listing year (year T+1), the treatment group had a larger value than the comparison group in the growth variables. Next, in order to examine whether there is a fundamental difference between the treatment group and the comparison group, the PSM-DIDmethod was used to analyze the performance of relocation listing on the treatment group. Similar to the result of the difference analysis, a significant positive (+) changewas observed in the growth variables. These results show that the company's purpose of raising funds and increasing visibility has been achieved through the relocation listing. This study provides reference data for New Third Board companies preparing for subsequent listing through analysis of the stock price effect and financial performance before and after the announcement of the relocation listing guidance of the sample companies in this study.

약학대학 학생들의 공공제약사를 통한 국가의 의약품공급 전략에 대한 인식 조사

전성률,하정은,손현순 한국임상약학회 2017 한국임상약학회지 Vol.27 No.4

Background: Currently establishment of public pharmaceutical companies became an issue for securing stable supply of nationalessential drugs in order to respond appropriately to national public health crisis. Pharmacy students as future pharmacists needto be interested in drug related issues under the discussion in our society. This study aimed to investigate perceptions ofpharmacy students on the national drug supply strategy through public pharmaceutical companies. Methods: A 20-itemsquestionnaire designed for this study was used. Pharmacy students nationwide were enrolled in July 2017. They responded toquestions through on-line survey program. Data were analyzed descriptively. Results: 160 students from 26 pharmacy schoolsparticipated. 5th and 6th grade students accounted for two-thirds, and one third aspired future jobs in pharmaceutical industry. Among responders, 71.3% was unaware of current national essential drugs, 52.5% did not know the Rare and Essential DrugCenter, and 91.9% was unaware of the legislation on the supply and management of essential drugs. 82.5% favored theestablishment of public pharmaceutical companies. 80.6% agreed that government should intervene in pharmaceutical market forensuring drug accessibilities, 73.8% agreed that public pharmaceutical companies make possible to reach a goal of stable supplyof pharmaceuticals, and 85.1% agreed that active compulsory license by public pharmaceutical companies is necessary. Conclusion: We found that pharmacy students recognized the need for governmental control to achieve social values ofpharmaceuticals. More attention and participation of the pharmacy students as well as pharmacists in the process of nationaldebate on public pharmaceutical companies are expected.

중소기업의 신규상장과 정보비대칭

김주환(Joo-Hwan Kim),박진우(Jin-Woo Park) 강원대학교 경영경제연구소 2020 Asia-Pacific Journal of Business Vol.11 No.2

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

Sustainability Reporting and Corporate Reputation in Malaysia

Elinda ESA(Elinda ESA ),Nor Raihan MOHAMAD(Nor Raihan MOHAMAD ),Wan Zuriati WAN ZAKARIA(Wan Zuriati WAN ZAKARIA ),Norazlina ILIAS(Norazlina ILIAS ) 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2

Corporate reputation is a widely debated topic among academics and a crucial issue in the business world. However, previous research in this area has been scattered and fragmented, leaving room for further study, particularly in terms of reputation measurement methods. Factors such as sustainability reporting, governance attributes, and company characteristics have been linked to improved company reputation. However, there is limited research on the effects of these variables on the new methods of measuring reputation, especially in developing countries like Malaysia. Therefore, the current study developed a new measurement for reputation and aimed to examine the relationship between these variables and the new proxy of reputation. The current study collected secondary data from the company’s annual report for two years period of study (i.e., 2018 and 2019) and employed content analysis. A period of two years was chosen and deemed ample to provide insightful findings of the effect of the variables associated with reputation disclosure. The results indicate that sustainability reporting, outside directors, company size, leverage, and profitability significantly impact corporate reputation. This finding suggests that Malaysian PLCs and other firms in developing countries must recognize sustainability reporting as part of their reputation management strategy that influences the company’s reputation.

Ambidextrous Leadership of Publicly Listed Companies during Turbulent Times: The Importance of Agility and Alliance Capability

Firdaus Alamsjah 사람과세계경영학회 2022 Global Business and Finance Review Vol.27 No.3

Purpose: The primary goal of this study is to evaluate the importance of developing organizational agility and alliance capability to survive during turbulence times such COVID-19 pandemic. Design/methodology/approach: The study's data was gathered through a survey of 103 top management teams from 55 publicly listed companies in Indonesia, and the responses were analyzed to determine the relationships between leadership, agile organization, alliance management, and firm performance. Findings: This study found that ambidextrous leadership at publicly listed companies has no direct impact on firm performance during times of turbulence. Agility and alliance management capability, on the other hand, fully mediate the relationship between ambidextrous leadership and firm performance. Research limitations/implications: Leaders, particularly those in public listed companies, must continuously improve their organizational agility and alliance management capability to remain competitive and adaptive to face environmental changes. For utilizing organizational agility and alliance management capability as a firm strategy during times of turbulences, ambidextrous leaders are expected to balance exploiting and exploring practices. Originality/value: This study compares the perceptions of top management team during and normal time and during the COVID-19 pandemic specifically on leadership, agility, and alliance management capability in a stock market environment.

Do Corporate Governance and Reputation are Two Sides of the Same Coins? Empirical Evidence from Malaysia

Elinda ESA,Nor Raihan MOHAMAD,Wan Zuriati WAN ZAKARIA,Norazlina ILIAS 한국유통과학회 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.1

High-profile corporate crises have sparked a surge in interest in corporate governance (CG) and corporate reputation (CR). Company governance issues in many companies contribute to corporate failures and a bad reputation. Transparency is the glue that holds any group or organization together while also connecting it to a coalition of key stakeholders. This research focuses on how corporate governance factors (such as board independence, board size, board meetings, and board gender) and company characteristics affect the reputation of Malaysian public listed companies (PLCs). Many studies have looked into the characteristics of corporate governance in Malaysian businesses. However, none of the research has explored this issue using the new reputation measurement. A sample of the 100 largest companies listed on Bursa Malaysia based on their market capitalization for the year ended 2018 was selected. A new measurement, the disclosure index, was created and used to analyze reputation disclosure in the annual report of a corporation. The independent director, board size, and board meeting were statistically significant and associated with the level of reputation disclosure, according to the findings of this study. The results suggest that company directors prioritize good governance and management quality to boost their firm’s reputation and acquire a competitive edge.

한국 부동산투자회사(K-REITs)의 상장 활성화 방안에 관한 연구

박민선(Park Minsun),조인창(Cho Inchang) 한국부동산산업학회 2020 부동산산업연구 Vol.3 No.2

2000년대 이후 전 세계적으로 자본시장과 부동산시장이 통합되면서 부동산의 유동화가 본격화되었다. 미국, 일본 등 주요 선진국의 부동산투자회사는 주식시장에 상장되어 거래가 이루어지는 지분투자 형식의 리츠를 중심으로 발전하여 왔다. 반면, 한국 부동산투자회사(K-REITs)는 정부의 정책적 지원을 기반으로 리츠 시장이 지속적으로 성장했음에도 불구하고, 기관투자자 중심의 사모 형태로 성장하여 현재까지는 일반소액투자자의 투자기회가 현저히 부족했다. 그러나 저금리 기조와 대외적인 환경의 불확실성이 장기화되면서 시중의 유동자금을 산업자금화하여 상대적으로 높은 수익률을 제공하는 우량한 부동산을 기반으로 한 리츠의 상장을 늘림으로써 향후 투자 기회를 확대하기 위해 K-REITs의 상장 활성화에 대한 적극적인 관심과 높은 이해도가 요구되고 있다. 본 연구에서는 K-REITs의 상장 규모가 국내 부동산펀드 및 주요국들과 비교하여 부진한 이유를 리츠 제도상의 원인, 세제상의 원인, 투자환경상의 원인으로 구분하여 분석하고 리츠의 상장을 활성화하기 위한 방안을 모색하였다. As the capital market and the real estate market have been integrated worldwide since the 2000s, real estate have been securitized on a full scale. REITs in major advanced countries such as the US, Japan and the like have developed with a focus on REITs of equity investment form in which they are listed and traded on the stock exchange. On the other hand, Korea-REITs have continued to grow in virtue of policy support from government, but they have grown in the form of private fund revolving around institutional investors, resulting in the remarrkable poor investment opportunity to ordinary small-amount investors. Therefore, this study attempted to analyze the reason for the poor size of public trading of Korea-REITs on the stock exchange by dividing it into the cause related to the REITs system, the cause related to the tax system and the cause related to the investment environment. And it groped for the scheme for revitalization of public trading of REITs on the stock exchange.

The Effect of Corporate Social Responsibility Practices on Brand Equity: An Examination of Malaysia's Top 100 Brands

ZAHARI, Abdul Rahman,ESA, Elinda,RAJADURAI, Jegatheesan,AZIZAN, Noor Azlinna,MUHAMAD TAMYEZ, Puteri Fadzline Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.2

The study aims to provide some evidence of the effects of CSR practices on financial-based brand equity in Malaysia. Nowadays, many companies have embraced corporate social responsibility (CSR) practices because CSR is a vital component of the current competitive and complex business arena. It contributes greatly to social, environmental, and economic condition. With CSR practices, companies are able to achieve many benefits and there is evidence that CSR practices predict higher brand equity. However, little evidence has been produced concerning the effects of CSR practices on financial aspects of brand equity in developing countries such as Malaysia. Therefore, this paper aims to investigate the effects of CSR practices on financial based brand equity among Malaysia Top 100 brand. A CSR checklist instrument was used in the current study to examine the extent of CSR practiced. The results indicated that PLCs that were actively involved in CSR practices such as environmental, community, workplace and marketplace, found that this involvement enhanced their brand equity. The findings provide useful support and evidence for the management of PLCs in Malaysia, as well as companies in other developing countries, to engage more in CSR practices as a core element of their strategic and brand management.