실내건축 전공직무의 적응수행역량 평가 연구

이경화 ( Lee Kyunghwa ) 한국공간디자인학회 2020 한국공간디자인학회논문집 Vol.15 No.1

(Background and Purpose) To deal with the diversified environment in the flow of work innovation caused by the Fourth Industrial Revolution, current practitioners in the field of interior are encouraged to enhance their competitiveness by strengthening job competence. When faced with such a realistic circumstance in the field of interior, the role of higher education, which cultivates new talents for practical work by promptly reflecting the social needs of the industry, is critical. Accordingly, the purpose of this study is to derive the evaluation factors for the cultivation of adaptive performance ability of interior major duty who will lead the industry in the future, and to apply the method to actual classes to empirically verify its effectiveness. (Method) First, examine the concept of adaptive performance ability and task performance ability of interior construction major duty through research and preceding studies and derive the factors of organizational adaptive ability necessary for adaptive performance. Second, evaluate through empirical major classes, centering on the factors of adaptive performance ability of interior major duty. Third, verify the reliability and validity of evaluation factors, improvement of task performance ability, and effectiveness of organizational adaptive ability and propose the conclusion and significance of study, building on the analysis results. (Results) Frist, according to the task performance ability analysis results, which are required for interior construction major duty, communication ability had already scored above average, showing no significant change in improvement, but resource management ability and creative technology ability showed relatively high ability improvement, while mathematical information ability showed low performance both in achievement and improvement. Second, according to the organizational adaptative ability analysis results, physical coping ability showed highest achievement, followed by receptive capacity and value assimilative power. On the other hand, considering relatively low score in risk coping ability and uncertainty adjustment ability, it is analyzed that progressive capacity building learning is needed to promote tasks with agility and confidence in accepting new situations and contents in organizational adaptation. (Conclusions) Amid changing working environment that is being fixed and evolved day by day, the adaptive performance factor of the interior major duty is meaningful as a useful assessment tool for the cultivation of competence learning that learners must have in measuring the academic diagnosis and performance of the organizational competencies that are important for maintaining the individual’s task ability and the amicable relationship with various members. Furthermore, it is expected that there will be availability in accepting new job changes and evaluating successful job performance in the future.

리더 능력과 과업성과 : 리더 호감의 매개효과와 리더 유머의 조절효과

김동준,김민철,손승연 한국인적자원개발학회 2019 인적자원개발연구 Vol.22 No.4

Amid the rapidly changing business environment, organizations are striving for the survival, and it can be said that it is the performance of the companies to show the results of these efforts. Reflecting this, many studies have been conducted focusing on the behavior of leaders that can improve the performance of the organization. A common factor that a leader should have in many of these leadership studies is the ability of a leader. Prior research has shown that leaders' abilities have a significant impact not only on the behavior of members but also on the achievement of the organization's goal. Although much is known about the leader’s ability, there is still uncharted territory. Accordingly, this study had three objectives to explore this area. The first purpose is to verify empirically the relationship between leader’s ability and task performance. Through this process, the research area of the leader's ability was to be expanded. Second, it is to verify the mediating effect of leader liking in the relationship between leader’s ability and task performance. Through this, I wanted to broaden our understanding of the process of influence in leader’s ability. Third, we verified how the leader's humor moderates the impact of leader's ability on task performance through leader's liking. In this way, we tried to present a boundary condition for the effectiveness of the leader's ability. From the sample of 194 leader-subordinates dyads in the Republic of Korea Army, the results show that leader’s ability has a positive effect on employees' task performance and leader liking is a important mediator of the leader’s ability-task performance relationship. In addition, leader's humor moderates the positive relationship between leader liking and task performance, such that the positive relationship is stronger when the level of leader humor is high than when the level of leader humor is low. These results indicate that leader’s ability is an important antecedent to have an impact on leader liking and task performance, and leader’s humor influences that impact. Based on these results, implications, limitations, and future directions of study were discussed. 급변하는 경영환경 속에서 조직들은 생존을 위해 노력하고 있으며 이러한 노력의 결과가 가시적으로 나타나는 것이 바로 성과라고 할 수 있다. 그에 따라 다수의 연구들이 조직의 성과 증진요소에 관심을 두었는데, 그 가운데 현장의 리더십의 중요성은 지속되어 왔다. 그런데 다수의 연구들에서 리더십 효과성의 결정 요인 중 하나로 암묵적 또는 명시적으로 제시한 것이 바로 리더의 능력이다. 하지만 리더 능력과 관련된 선행연구들은 몇 가지 한계를 가진다. 본 연구는 이런미비점들을 보완하기 위해 다음의 세 가지 연구목적을 가지고 수행되었다. 첫째, 리더 능력이 과업성과에 미치는 효과를 알아보는 것이다. 이를 통해 상대적으로 부족한 리더 능력과 구성원 과업성과 간의 관계를 확인하고 리더 능력에 대한 이해의 폭을 넓히고자 하였다. 둘째, 리더 능력과과업성과 간의 관계에 있어서 리더 호감의 매개역할을 검증하는 것이다. 이를 통해 리더 능력의영향력 통로에 대한 지식 축적 및 실무적인 시사점을 제공하고자 하였다. 셋째, 리더 능력과 리더호감 간의 관계에서 리더의 유머가 어떤 기능을 하는지, 아울러 리더 능력이 리더 호감을 경유하여 구성원의 과업성과에 미치는 영향력 과정에서 리더 유머가 어떤 역할을 하는지 확인하는 것이다. 이를 통해 리더 능력 효과에 영향을 미치는 경계조건을 제시하는 동시에 리더십 효과성 증대를 위해 능력 외에 추가적으로 고려가 필요한 요소를 알아내고자 하였다. 군 간부 194쌍을 대상으로 한 설문조사를 바탕으로 위계적 회귀분석을 실시하였다. 분석 결과 리더 능력은 구성원의과업성과에 정(+)적 영향을 미치고, 리더 호감이 이 관계를 완전매개하는 것으로 나타났다. 아울러 리더 능력 및 리더 호감 간의 관계는 리더 유머가 높을수록 더 강하게 나타났으며, 조절된 매개효과 또한 확인할 수 있었다. 본 연구는 구성원의 과업성과 증진을 위해 리더 능력뿐 아니라 리더 유머 또한 중요하다는 점을 밝히고, 이 과정에서 리더 호감의 매개역할을 살펴봄으로써 관련연구영역 및 인적자원개발과 관련된 실무분야에 시사점을 제공하고 있다. 연구의 말미에 한계 및향후 연구방향을 제안하였다.

경영자 능력과 조직성과 간 관계에서 성과측정지표의 다양성의 역할

이규상 ( Gyusang Lee ),이상완 ( Sangwan Lee ) 한국회계학회 2017 회계저널 Vol.26 No.6

본 연구는 경영자 능력과 조직성과 간 관계에서 성과측정지표의 다양성의 역할을 조명하고자 한다. 이를 통해 경영자 능력에 따른 조직 내 통제시스템의 운영차이가 성과에 미치는 효과를 검증함으로써, 경영자 능력, MCS, 그리고 조직성과 간 관계의 연계성에 대한 포괄적 시각을 제시한다. 본 연구는 해당 연구목적을 달성하기 위해 첫째, Demerjianet al.(2012b)이 제시한 방법을 기반으로 경영자 능력을 측정, 대리한다. 둘째, 경영자 능력과 재무성과 및 비재무성과로 구분되는 조직성과 간의 관계를 분석한다. 셋째, 조직 내운영되는 통제시스템을 성과측정지표의 다양성으로 대리하여 경영자 능력 및 조직성과와의 관계를 검증한다. 마지막으로 앞선 분석결과를 기반으로 경영자 능력과 조직성과 간 관계에서 성과측정지표의 다양성의 역할을 분석한다. 검증결과, 경영자 능력은 재무성과에 직접적인 영향을 미치지 못하였으나, 성과측정지표의 다양성에는 유의한 정(+)의 영향을 나타내었다. 또한 성과측정지표의 다양성은 재무성과에 유의한 정(+)의 영향을 미침에 따라 성과측정지표의 다양성은 경영자 능력과 재무성과 간 관계에서 완전매개역할을 수행하는 것으로 분석되었다. 한편, 경영자 능력은 비재무성과에 정(+)의 효과를 나타내었으며, 성과측정지표의 다양성에 정(+)의 효과를 나타내었다. 또한 성과측정지표의 다양성은 비재무성과에 유의한 정(+)의 효과를 나타냄으로써 경영자 능력과 비재무성과 간 관계에서 부분매개역할을 수행하는 것으로 검증되었다. 본 연구는 경영자 능력을 보다 객관화된 대용치를 활용하여, MCS 및 조직성과와의 관계에 대한 포괄적 시각을 제시하였다는데 의의가 있다. This study investigates the role of performance measurement diversity in the association between managerial ability and organizational performance. By doing this, we expected that it can suggest the overall sight for association mechanism of managerial ability, MCS, and organizational performance. Prior research indicates that managerial ability or features affect economic outcome and are therefore studied in economics, finance, and accounting. But proxies of using in that researches have a limitation which it contained not only effects of managerial ability but also other firms’ features. Meanwhile, the stream of research for managerial features and MCS insisted that intensity or the way use of MCS was affected by managerial features. But that research have limitation that it had only focused on restricted managerial features. So, by using the proxy of managerial ability being suggested by Demerjian et al.(2012b), we examined the role of performance measurement diversity in the association between managerial ability and organizational performance. The results of this study are summarized as follows. The empirical result shows that managerial ability does not impact on financial performance directly. But performance measurement diversity affects the financial performance. Meanwhile, managerial ability have an impact on not only non-financial performance but also performance measurement diversity. Furthermore, performance measurement diversity influences on non-financial performance. So, we can examined the partial mediation effect of performance measurement diversity between managerial ability and non-financial performance. We expected that this empirical results can be suggested the overall sight for association mechanism of managerial ability, MCS, and organizational performance.

간호대학생의 자기주도적 학습역량, 감성지능, 자아탄력성이 임상수행능력에 미치는 영향

나은하 한국엔터테인먼트산업학회 2023 한국엔터테인먼트산업학회논문지 Vol.17 No.4

The purpose of this study was to confirm the degree of the self-directed learning ability, emotional intelligence ego-resilience and clinical performance ability among nursing students who experienced online class in the COVID-19 situation and evaluation the influencing factors of clinical performance ability. An attempt was made to identify and provide basic data for program development to improve clinical performance ability in nursing students. To investigate the effect of self-directed learning ability, emotional intelligence and ego-resilience on clinical performance ability. The research method was descriptive research. Data were 126 students collected from Feb 1 to March 20 in 2023 using structured questionnaires as nursing students. Collected data were analysis using descriptive statistics, t-teat, ANOVA, Cronbach’s, Pearson’s correlation and stepwise multiple regression analysis with SPSS/WIN 21.0. There were a significant differences in clinical performance ability according to the major satisfaction and practice satisfaction. The clinical performance ability was significantly correlated with self-directed learning ability(r=.552, p<.001), emotional intelligence(r=.642, p<.001) and ego-resilience(r=.531, p<.001). Factors influencing clinical performance ability were emotional intelligence, ego-resilience, self-directed learning ability in that order, which explained 43.5%(F=17.40, p<.001) of the variance. Therefore, in order to improve the clinical performance ability of nursing students, it is necessary to develop and apply various teaching method and programs that can strengthen emotional intelligence, ego-resilience and self-directed learning ability.

사회과학분야 : 무용전공 고등학생의 신체이미지가 자아존중감 및 무용수행능력에 미치는 영향

강은주 ( Eun Ju Kang ),김정수 ( Jung Soo Kim ),이미영 ( Mi Young Lee ),이민기 ( Min Ki Lee ),오진숙 ( Jin Sook Oh ) 한국무용과학회 2014 한국무용과학회지 Vol.31 No.1

이 연구는 무용전공 고등학생의 신체이미지가 자아존중감 및 무용수행능력에 미치는 영향을 규명하기 위하여 서울, 대전, 경기, 충남, 충북에 위치한 예술 고등학교에 재학 중인 443명을 대상으로 선정하였으며, 조사도구는 설문지를 사용하였다. 수집된 자료는 t-test, 일원분산분석과 상관분석, 중다회귀분석, 경로분석을 하였으며 다음과 같은 결론을 도출하였다. 첫째, 개인적 특성 중 성, 무용경력, 공연 횟수에 따라 자아존중감과 무용수행능력은 차이가 있었다. 둘째, 신체이미지에 따른 자아존중감에서 신체매력은 긍정적 자아존중감에 유의한 영향을 미쳤으며 부정적 자아존중감에 부적(-)인 영향을 미쳤다. 체중관심과 외모무관심은 부정적 자아존중감에 유의한 영향을 미쳤으며 긍정적 자아존중감에 부적(-)인 영향을 미쳤다. 셋째, 신체이미지에 따른 무용수행능력에서 외모관심은 무용수행성취와 무용수행자신감에 유의한 영향을 미쳤으며 신체매력은 무용수행성취, 무용수행집중, 무용수행자신감에 유의한 영향을 미치는 것으로 나타났다. 또한 외모무관심은 무용수행집중에 유의한 영향을 미쳤으며 무용수행자신감에 부적(-)인 영향을 미쳤다. 넷째, 자아존중감에 따른 무용수행능력에서 긍정적 자아존중감은 무용수행성취, 무용수행집중, 무용수행자신감에 유의한 영향을 미쳤으며 부정적 자아존중감은 무용수행성취에 유의한 영향을 미쳤다. 다섯째, 무용전공 고등학생의 신체이미지, 자아존중감, 무용수행능력 간에는 인과적 관계가 있었다. 위 결과를 종합해보면 무용전공 고등학생의 신체이미지는 무용수행능력에 직접적인 영향을 미칠 뿐만 아니라 자아존중감을 통해 무용수행능력에 긍정적인 영향을 미치는 것으로 나타났다. The purpose of this study was to examine the influence of body image on self-esteem and dance performance ability of art high school students majoring in dance. Using a purposive sampling method and the questionnaire based on previous study, 443 students majoring in dance were selected from art high schools in Seoul, Daejeon, Kyung-gi, Chung-nam and Chung-buk Province. The method of the statistical analysis used in this study were one-way ANOVA, correlation analysis, multiple regression analysis and path analysis. The conclusion of this study were as follows. First, according to gender, dance career and performance frequency of personal characteristics, there were significant differences in self-esteem and dance performance ability. Second, the body image of art high school students influenced on self-esteem significantly. Physical attractiveness influenced on positive self-esteem and it also negatively influenced on negative self-esteem. Concern of weight and unconcern of appearance influenced on negative self-esteem and they also negatively influenced on positive self-esteem. Third, body image influenced on dance performance ability significantly. Concern of appearance influenced on achievement and confidence of dance performance ability. Physical attractiveness influenced on achievement, concentration and confidence of dance performance ability. Unconcern of appearance influenced on concentration of dance performance and it also negatively influenced on confidence of dance performance. Forth, self-esteem influenced on dance performance ability significantly. Positive self-esteem influenced on achievement, concentration and confidence of dance performance. Negative self-esteem influenced on achievement of dance performance ability. Fifth, there were causal relationship among body image, self-esteem and dance performance ability. To sum up the above results, body image of art high school students majoring in dance influenced on dance performance ability directly. Also, body image had positively indirect influence on dance performance ability through self-esteem.

무용전공 대학생이 지각한 무용교수행동유형이 지도자 신뢰 및 무용수행능력에 미치는 영향

김혜정(Hye Jeong Kim),박혜은(Hye Eun Park) 한국무용과학회 2010 한국무용과학회지 Vol.22 No.-

이 연구는 무용전공대학생이 지각한 교수행동유형이 지도자신뢰 및 무용수행능력에 어떠한 영향을 미치는지를 규명하는데 목적이 있다. 이와 같은 목적을 달성하기 위해 무용전공 대학생들을 모집단으로 설정하고 유의표집방법을 사용하여 총 280부의 자료가 최종분석에 사용되었다. 수집된 자료 중 분석 가능한 자료를 가지고 SPSS 12.0을 이용하여 ANOVA, 상관분석, 중다회귀분석, 중다회귀분석을 이용한 경로분석을 실시하였다. 이러한 연구방법을 통하여 얻어진 결론은 다음과 같다. 첫째, 무용경험특성에 따라 지도자 신뢰와 무용수행능력에는 차이가 있다. 즉, 참가시간과 빈도, 공연횟수가 많을수록 지도자신뢰와 무용수행능력이 높다. 또한 무용 참가경력이 많을수록 무용수행능력이 높다. 둘째, 지도자행동유형은 지도자 신뢰에 유의한 영향을 미친다. 지도자가 연습과 지시행동, 민주적 행동, 사회적지지행동을 보일수록 학생들은 지도자의 성실과 능력을 높게 평가하며, 지도자가 권위적 행동을 보일수록 지도자 신뢰가 낮다. 셋째, 지도자행동유형은 무용수행능력에 유의한 영향을 미친다. 즉, 연습과 지시행동, 긍정적 보상행동, 사회적지지행동을 보일수록 수행집중과 수행자신감이 높으며, 사회적 지지행동은 수행성취가 높다. 넷째, 지도자신뢰는 무용수행능력에 유의한 영향을 미친다. 지도자신뢰의 하위변인인 성실과 능력, 일관성은 학생들의 수행집중과 수행성취에 긍정적인 영향을 미친다. 다섯째, 지도자행동유형과 지도자 신뢰 및 무용수행능력 간에는 인과적 관계가 있다. The purpose of this study is to examine the influence of teaching behavior style, perceived by university student majoring in dance, on trust in instructor and dance performance ability. To achieve this purpose, university students majoring in dance are set up as a population, and 280 materials are used in final analysis through purposive sampling. Path analysis of useful materials among collected is made through ANOVA, Correlation analysis, Multiple regression analysis with SPSS 12.0. The conclusions made through that method are as follows. First, according to the characteristic of dance experience, there are differences in trust in instructor and dance performance ability. In other words, the time and frequency of participation and the number of performance times are more, trust in instructor and dance performance ability are higher. And, dance participation experience is more, dance performance ability is higher. Second, according to the teaching behavior style, there is a difference in trust in instructor. The instructor shows more practice, instruction behavior, democratic behavior and social behavior, then students evaluate instructor's sincerity and ability as high, and shows more authoritative behavior, trust in instructor is low. Third, according to the instructor behavior style, there is a difference in dance performance ability. In other words, the more practice, instruction behavior, positive compensation behavior and social support behavior are shown, then dance performance ability and dance performance achievement are high. Forth, according to the trust in instructor, there is a difference in dance performance ability. Sincerity, ability and consistency, the subvariables of trust in instructor, have positive influence on student's concentration and achievement of performance. Fifth, instructor behavior style, trust in instructor and dance performance ability have causality among them.

판매성과실패 상황에서 판매원의 노력귀인과 능력귀인

김상희(Sang Hee Kim) 한국경영학회 2009 經營學硏究 Vol.38 No.3

This is a study on relationship of salespersons’ goal orientation, attribution, psychological responses, and behaviors following failure in sales performance, which aims to examine the attribution process due to failure in sales performance. In particular, this study intends to suggest that there may be differences in helplessness and expectations for future success by ability and effort attributions which can be internal attributions in case of failure in sales performance and examine effects of both psychological responses on selling behaviors. Prior researches mention factors in salespersons’ behaviors primarily in general selling situations but overlook their psychological responses and behaviors in the situation of failure in sales performance. However, an actual selling situation is where it is least likely that targeted performance will be achieved; therefore, it is necessary to investigate the process following failure in sales performance in such a situation. Failure arouses attribution caused by failure and the attribution then arouses psychological responses and affects even behaviors. Among attributions, internal attributions are closely related to psychological responses, which are very likely to affect behaviors later. Many companies recommend that salespersons should attribute any failure in sales performance to themselves and many mangers are actually attributing the failure to salespersons. This is because it is believed that failure is attributed to salespersons themselves, they will be more likely to make efforts to reflect their fault and solve problems. It is however necessary to throw a doubt on the belief of companies that such internal attributions all can arouse positive results. That is, all efforts and abilities, which can be internal attributions, don’t lead to positive results; rather, they can arouse positive responses if they are considered as controllable by themselves and unstable, while they can possibly arouse negative responses if they are considered as uncontrollable and stable. It is therefore impossible to say that all efforts and abilities, or two typical elements of internal attributions, arouse positive responses. The purpose of this study is to examine salespersons’ internal attributions in the situation of failure in sales performance where targeted sales performance fails to be reached and to investigate salespersons’ trait influencing salespersons’ internal attribution and effects of such internal attributions on helplessness and expectations for future success which can be psychological responses. It also intends to investigate effects of such helplessness and expectations for future success on salespersons’ behaviors. In other words, the following questions seem to be very important in marketing: are all salespersons positive who attribute failure in sales performance to themselves? If all are not positive, which attribution arouses positive results? which personal trait arouses positive internal attribution? How should they be taught to attribute? This is because they can provide a solution to a company that allows salespersons to make positive behaviors constantly in a situation where failure in sales performance occurs. As a result, salespersons’ learning goal was found to increase effort attribution and to decrease ability attribution, but salespersons’ performance goal was found to increase ability attribution. And ability attribution was found to increase helplessness and decrease expectations for future success while effort attribution was found to decrease helplessness and increase expectations for future success. Helplessness reduced prosocial behavior to customers while expectations for future success increased such behavior. And the effects of effort attribution and ability attribution on helplessness and expectation for future success were moderated by salesperson’s career. These results suggests that salespersons go through a process of causal search in case of failu

Managerial Ability and Innovation Performance:Empirical Evidence from Chinese Manufacturing Listed Companies

샨훼이,고대영,왕람 한국회계정보학회 2022 재무와회계정보저널 Vol.22 No.2

[Purpose]Enterprise innovation is a necessary condition for enterprises to survive and develop in the increasingly fierce competition. However, as an important human resource, there has been a lack of relevant empirical research on the impact of managerial ability on enterprise innovation. This study investigates how managerial ability affects innovation level and innovation efficiency, and further examines the relationship between managerial ability and innovation performance in manufacturing enterprises from the aspects of patent type, property rights and industry nature. [Methodology]This study selects A-share manufacturing listed companies in China from 2007 to 2019 as the research sample, uses the DEA-Tobit two-stage model proposed by Demerjian et al. (2012) to measure the managerial ability, and empirically tests the impact of managerial ability on enterprise innovation performance from two aspects of enterprise innovation output and enterprise innovation efficiency. [Findings]We discover that the stronger the managerial ability, the lower the innovation output and the higher the innovation efficiency. Moreover, by distinguishing the patent type, property right nature and industry nature, we further find that high-ability management can improve enterprise innovation efficiency in state-owned enterprises, but it has no significant impact on enterprise innovation output. The positive effect of managerial ability on enterprise innovation efficiency is not significant in high-tech enterprises, which is inconsistent with previous experience. [Implications]First, taking the managerial ability as the starting point, we not only study the impact of managerial ability on enterprise innovation output, but also on innovation efficiency, which supplements and improves the existing literature on the influencing factors of enterprise innovation performance. Secondly, combined with China's institutional background, this study further discusses the influencing factors of enterprise innovation output and innovation efficiency, so as to provide empirical evidence from emerging markets for relevant research. Thirdly, with the integration of psychology, behavior, financial accounting and other disciplines, managerial ability is introduced into the research field of financial accounting, and this study provides new empirical evidence for the research on the economic consequences of managerial ability. Finally, this study can provide suggestions and decision support for manufacturing enterprises to improve innovation performance, and help to further standardize the professional manager market.

경영자 능력, 미래성과, 그리고 조세회피

신현미,박원 한국세무회계학회 2020 세무회계연구 Vol.0 No.64

[Purpose]It verified the impact of managerial ability and tax avoidance on the future performance of an enterprise and analyzed how the effect on the relationship between managerial ability and future performance depends on the level of tax evasion. [Methodology]An empirical analysis was conducted on 4,167 samples (company/ year) of non-financial businesses that were listed in December from 2007 to 2017. It was expanded to measure the next management performance by 2018 and excluded less than 15 samples per industry per year to measure management capabilities, etc. [Findings]The relationship between managerial ability and future performance was shown to be a significant positive (+) relationship, and the tax avoidance had a negative impact on future performance. In addition, as the level of tax evasion increased, the relationship between managerial ability and future performance decreased, which resulted in proxy problems such as tax avoidance and reduced management’s monitoring and supervisory functions, it was possible to confirm that future performance was reduced than other companies with superior managerial abilities. [Implications]While managerial ability can be seen as one of the important characteristics of generating a company’s future performance, managerial ability can be reduced to contributing to future performance if its tendency is unethical and it is negative to the company’s investment or propensity for future value. This study is likely to be meaningful in its recent proposal for the effects of opportunistic actions such as tax avoidance on negative consequences (Francis et al., 2013;Jeonju Sung, 2011;Kim Hyung-guk, 2018;Chang et al., 2010) for corporate performance or value of managerial ability. [연구목적]경영자 능력, 조세회피가 기업의 미래성과에 어떠한 영향을 미치는지 검증해 보고 조세회피의 수준에 따라 경영자 능력과 미래성과의 관계에 미치는 영향이 어떻게 달라지는가를 실증분석 하였다. [연구방법]2007년부터 2017년까지 상장된 비금융업 12월 결산법인 4,167개(기업/년)표본을 대상으로 실증분석을 실시하였다. 차기 경영성과 측정을 위하여 2018년까지 확대되었으며 경영자능력 등을 측정하기 위하여 연도별 산업별 표본수가 15개 미만은 제외하였다. [연구결과]경영자 능력과 미래성과는 유의적인 양(+)의 관계로 나타났으며 조세회피는 미래성과에 음(-)의 영향을 미치는 것으로 나타났다. 그리고 조세회피 수준이 증가할수록 경영자 능력과 미래성과의 관계는 감소하여 조세회피와 같은 대리문제를 발생시키고 경영자의 감시, 감독 기능이 약화될 경우 경영자 능력이 우수한 다른 기업보다 미래성과가 감소됨을 확인할 수 있었다. [연구의 시사점]경영자 능력이 기업의 미래성과를 창출하는 중요한 특성 중 하나인 요소 볼 수 있지만 경영자의 성향이 비윤리적이고 기업의 미래 가치를 위한 투자나 성향에 부정적일 경우 경영자의 능력이 미래성과에 기여함이 감소될 수 있다. 본 연구는 최근 경영자 능력의 기업의 성과나 가치에 부정적인 결과(Francis et al., 2013;전주성, 2011;김형국, 2018;Chang et al., 2010)에 대해 조세회피와 같은 기회주의적 행위가 미치는 영향을 제안한 것에 의미가 있을 것으로 보인다.

액티브펀드의 성과와 종목선택능력에 대한 연구

고봉찬,김진우 한국재무관리학회 2011 財務管理硏究 Vol.28 No.4

This paper examines whether there are significant differences in performances among mutual funds in Korea grouped by the degree of investment activeness measured as the annualized tracking error (TE)and the active shares (AS). The TE and AS are considered as a measure of the market timing ability and the stock selection ability of fund managers, respectively. Using the monthly returns and stock holdings data of 684 Korean actively managed mutual funds with more than 5 billion won of NAV and more than 70% of stock holdings in the fund portfolio from January 2002 to June 2008, we find that Korean active funds earn significantly positive monthly risk-adjusted returns, 0.20%, on average, and that the fund returns are increasing as the investment activeness increases. When we divide the sample into 5 fund groups based on AS and compute their monthly returns over the sample period, the difference between the highest and lowest groups is 17.79% for the case of cumulative market-adjusted returns and 0.23%(t=3.23) for the case of monthly risk-adjusted returns. The performance of the TE highest group is also higher than those of the other groups, but the difference in monthly risk-adjusted returns between highest and lowest TE groups is not significant. These results indicate that the performance of active funds is positively related to the investment activeness, but the performance difference is mainly drived by the stock selection ability of fund managers. These results are consistently supported when we consider other factors which affect the performance of active funds such as fund size, past 12 month performance for the performance persistence phenomenon, and past 12 month net fund-inflows for the smart money effect. Finally, we decompose the fund returns using the method of Daniel, Grinblatt, Titman, and Wermers(1997) and directly compare their return components attributable to stock selection ability, market timing ability, and fund style. The empirical result shows that the return component attributable to the stock selection ability is significantly positive, 0.46% per month, on average, whereas both return components attributable to the market timing ability and the fund style are not significant. This result supports consistently the finding that the stock selection ability is more important than the market timing ability. 본 연구는 주식 보유비중이 70% 이상이면서 순자산가치가 50억 원 이상인 국내 액티브펀드 684개의 성과를 분석하고 그 결정요인을 분석하였다. 실증분석 결과, 2002년 1월부터 2008년 6월까지의 표본기간 동안 액티브펀드는 월평균 0.20%의 유의한 위험조정수익률을 얻는 것으로 나타났다. 이러한 액티브펀드들의 투자성과를 결정짓는 요인으로서 일반적으로 알려진 시장타이밍능력과 종목선택능력의 중요도를 평가하기 위하여, 이들을 각각 추적오차(tracking error:TE)와 적극적투자비중(active share:AS)으로 측정하여 이에 따른 투자성과의 차이를 분석하였다. 분석 결과, AS가 가장 높은 펀드그룹과 가장 낮은 펀드그룹 간의 위험조정수익률 차이가 월평균 0.22%로(시장조정 누적수익률 차이는 전체 표본기간 동안 17.79%) 유의하게 나타난 반면, TE를 기준으로 한 분석에서는 펀드그룹 간 위험조정수익률 차이가 월평균 0.05%로 비유의적이어서 액티브펀드들의 투자성과 차이는 주로 종목선택능력에서 발생하는 것으로 나타났다. 이처럼 AS가 증가할수록 액티브펀드의 성과가 높아지는 현상은 펀드규모, 과거 펀드성과, 과거 펀드자금 순유입액 등을 통제하고도 여전히 유의한 것으로 분석되었으며, 액티브펀드 수익률의성분분해 분석에서도 종목선택능력으로 인한 수익률만이 통계적으로 유의한 0.46%의 월평균 수익률을 제공하는 것으로 나타났다.