경영전략과 자본비용

유현수,김갑순,최규담 한국회계학회 2015 회계저널 Vol.24 No.6

The ‘tone at the top’ the executives set or the executives’ willingness to take strategic risks in their competitive markets spill over into specific operation areas including the business and financial risk, willingness to take the uncertainty, stability or complexity of organizational structure, the value of assets secured and attitude towards growth and corporate governance, etc. Furthermore, such top management’s tone are also most effectively implemented into a firm's business strategy. Accordingly, it might be inferred that a firm's business strategy has other separate and comprehensive information value than a firm's specific individual information factors. While many prior studies are investigating what can more explain the level of cost of capital, a firm’s business strategy may provide the approach which is more comprehensive and generalizable across industries than those specific individual variables. The business strategy provides a theoretical background for an even broader understanding of the factors that are ex ante determinants of cost of capital level. Ittner et al.(1997), Higgins et al.(2015) and Bentley et al.(2013) are main prior accounting researches that used a comprehensive and composite measure of business strategy as an explanatory variables for the quality of accounting information. Such prior research are all based on Miles and Snow(1978, 2003)’s strategy theory. Prospectors defined by Miles and Snow(1978, 2003) focus on innovation, pursue new products and geographic markets and have high growth potential and high level of capital needs, which are positively related to the business and financial risks and the uncertainty demanding higher level of cost of capital. However, defenders focus on comparatively sound, stable and predictable areas and their aversion to risk and uncertainty would lead to be lower level of cost of capital. Using business strategy typology defined by Miles and Snow (1978, 2003), this study examines the relation between a firm’s business strategy and its cost of capital. We investigate whether a firm’s business strategy is associated with its cost of capital and predict that firms close to prospector show higher level of cost of capital than those close to analyzer and defender (Hypothesis 1). According to the Miles and Snow(1978, 2003), prospectors focus on innovation, pursue new products and geographic markets and are more likely to be aggressive, which have relatively more tax planning opportunities. Further, given that their products tend not to have readily available substitutes, prospectors are less concerned about negative publicity arising from tax avoidance. By contrast, defenders focus on comparatively sound, stable and predictable areas and put the stress on the economy of scale. defenders' aversion to risk and uncertainty also suggests that given the set of tax opportunities available, they would avoid tax less aggressively. Since their products have viable substitutes, defenders could incur reputation costs associated with tax avoidance. To address our research questions, we used publicly available weighted averaged cost of capital (WACC). We also compute a discrete STRATEGY composite index measure (STRATEGY) based on variables from prior literature (Higgins et al. 2015) that reflect different facets of the strategy: (1) the ratio of research and development to sales, (2) the ratio of employees to sales, (3) a growth opportunity measure (market-to-book ratio), (4) the ratio of marketing (SG&A) to sales, (5) employee fluctuations (standard deviation of total number of employees), and (6) capital intensity (net PPE scaled by total assets). Each is intended to capture different elements of a firm’s business strategy. We find from the test of Hypothesis 1 that STRATEGY is positively related to WACC at 1% significance level and prospector's WACC are higher than those of analyzer and defender, which is consistent with our anticipation. The re... 본 연구는 Miles and Snow (1978, 2003) 경영전략 이론에 따라 기업의 전략을 선도형, 분석형 및 방어형으로 구분하고 각 유형에 따라 기업의 가중평균자본비용이 어떻게 달라지는지에 대하여 실증적으로 분석한 것이다. 즉, 각 기업의 최고경영진의 경영철학이 표출되어 있는 경영전략은 매우 포괄적이기는 하지만 기존의 개별적인 기업특성변수들이 제공하지 못하는 중요한 정보가치를 내포하고 있다면, 선행연구에서 자본비용을 설명하는 개별적인 요소들을 모두 통제한 후에도 경영전략이 자본비용을 설명할 수 있을 것이라는 것이 본 연구에서 확인하고자 하는 가설의 배경이다. 본 연구는 2000년부터 2013년까지 유가증권시장과 코스닥시장에 상장된 기업을 대상으로 6,005개의 표본을 대상으로 방어형(defender)보다 선도형(prospector)형에 가까울수록(즉, 경영전략지수가 높아질수록) 자본비용 수준이 더 높을 것이라는 가설을 검증하였다. 자본비용은 NICE신용평가정보(주)가 제공하는 가중평균자본비용을 사용하였고 경영전략의 측정은 Miles and Snow (1978, 2003)이론에 따라 경영전략의 유형별 특성을 구분하여 측정할 수 있는 6가지 요소를 기초로 종합점수를 산출한 뒤 이를 연속변수로 사용하거나 선도형(prospector), 분석형(analyzer) 및 방어형(defender)으로 구분하여 더미변수로 활용하였다. 분석 결과, 연속변수인 경영전략지수가 높아지는 경우 1% 유의수준에서 자본비용이 증가하였고, 선도형인 경우가 유의하게 분석형 또는 방어형인 경우보다 자본비용이 더 높았다. 경영자지분율이 높은 수준을 5%, 10% 및 20% 이상으로 측정하여 경영자지분율을 추가로 통제한 경우에도 경영전략지수가 높아지는 경우 유의하게 자본비용이 증가하는 결과는 달라지지 않았다. 대부분의 통제변수는 유의성에 다소 차이는 있었지만 선행연구에 근거하여 예측한 부호와 대체로 방향성이 일치하였다. 본 연구 결과는 자본비용에 영향을 미치는 요소로 선행연구와 같이 개별적인 기업특성변수 대신 보다 포괄적인 ‘경영전략지수’라는 종합측정치를 사용하였다는 점에서 큰 의미가 있다.

연구논문 : 경영전략과 자본비용

유현수(제1저자) ( Hyun Soo Ryu ),김갑순(교신저자) ( Kap Soon Kim ),최규담(공동저자) ( Gyu Dam Choi ) 한국회계학회 2015 회계저널 Vol.24 No.6

본 연구는 Miles and Snow (1978, 2003) 경영전략 이론에 따라 기업의 전략을 선도형, 분석형 및 방어형으로 구분하고 각 유형에 따라 기업의 가중평균자본비용이 어떻게 달라지는지에 대하여 실증적으로 분석한 것이다. 즉, 각 기업의 최고경영진의 경영철학이 표출되어 있는 경영전략은 매우 포괄적이기는 하지만 기존의 개별적인 기업특성변수들이 제공하지 못하는 중요한 정보가치를 내포하고 있다면, 선행연구에서 자본비용을 설명하는 개별적인 요소들을 모두 통제한 후에도 경영전략이 자본비용을 설명할 수 있을 것이라는 것이 본 연구에서 확인하고자 하는 가설의 배경이다. 본 연구는 2000년부터 2013년까지 유가증권시장과 코스닥시장에 상장된 기업을 대상으로 6,005개의 표본을 대상으로 방어형(defender)보다 선도형(prospector)형에 가까울수록(즉, 경영전략지수가 높아질수록)자본비용 수준이 더 높을 것이라는 가설을 검증하였다. 자본비용은 NICE신용평가정보(주)가 제공하는 가중평균자본비용을 사용하였고 경영전략의 측정은 Miles and Snow(1978, 2003)이론에 따라 경영전략의 유형별 특성을 구분하여 측정할 수 있는 6가지 요소를 기초로 종합점수를 산출한 뒤 이를 연속변수로 사용하거나 선도형(prospector), 분석형(analyzer) 및 방어형(defender)으로 구분하여 더미변수로 활용하였다. 분석 결과, 연속변수인 경영전략지수가 높아지는 경우 1% 유의수준에서 자본비용이 증가하였고, 선도형인 경우가 유의하게 분석형 또는 방어형인 경우보다 자본비용이 더 높았다. 경영자지분율이 높은 수준을 5%, 10% 및 20% 이상으로 측정하여 경영자지분율을 추가로 통제한 경우에도 경영전략지수가 높아지는 경우 유의하게 자본비용이 증가하는 결과는 달라지지 않았다. 대부분의 통제변수는 유의성에 다소 차이는 있었지만 선행연구에 근거하여 예측한부호와 대체로 방향성이 일치하였다. 본 연구 결과는 자본비용에 영향을 미치는 요소로 선행연구와 같이 개별적인 기업특성변수 대신 보다 포괄적인 ``경영전략지수``라는 종합측정치를 사용하였다는 점에서 큰 의미가 있다. The ``tone at the top`` the executives set or the executives`` willingness to take strategic risks in their competitive markets spill over into specific operation areas including the business and financial risk, willingness to take the uncertainty, stability or complexity of organizational structure, the value of assets secured and attitude towards growth and corporate governance, etc. Furthermore, such top management``s tone are also most effectively implemented into a firm``s business strategy. Accordingly, it might be inferred that a firm``s business strategy has other separate and comprehensive information value than a firm``s specific individual information factors. While many prior studies are investigating what can more explain the level of cost of capital, a firm``s business strategy may provide the approach which is more comprehensive and generalizable across industries than those specific individual variables. The business strategy provides a theoretical background for an even broader understanding of the factors that are ex ante determinants of cost of capital level. Ittner et al.(1997), Higgins et al.(2015) and Bentley et al.(2013) are main prior accounting researches that used a comprehensive and composite measure of business strategy as an explanatory variables for the quality of accounting information. Such prior research are all based on Miles and Snow(1978, 2003)``s strategy theory. Prospectors defined by Miles and Snow(1978, 2003) focus on innovation, pursue new products and geographic markets and have high growth potential and high level of capital needs, which are positively related to the business and financial risks and the uncertainty demanding higher level of cost of capital. However, defenders focus on comparatively sound, stable and predictable areas and their aversion to risk and uncertainty would lead to be lower level of cost of capital. Using business strategy typology defined by Miles and Snow (1978, 2003), this study examines the relation between a firm``s business strategy and its cost of capital. We investigate whether a firm``s business strategy is associated with its cost of capital and predict that firms close to prospector show higher level of cost of capital than those close to analyzer and defender (Hypothesis 1). According to the Miles and Snow(1978, 2003), prospectors focus on innovation, pursue new products and geographic markets and are more likely to be aggressive, which have relatively more tax planning opportunities. Further, given that their products tend not to have readily available substitutes, prospectors are less concerned about negative publicity arising from tax avoidance. By contrast, defenders focus on comparatively sound, stable and predictable areas and put the stress on the economy of scale. defenders`` aversion to risk and uncertainty also suggests that given the set of tax opportunities available, they would avoid tax less aggressively. Since their products have viable substitutes, defenders could incur reputation costs associated with tax avoidance. To address our research questions, we used publicly available weighted averaged cost of capital (WACC). We also compute a discrete STRATEGY composite index measure (STRATEGY) based on variables from prior literature (Higgins et al. 2015) that reflect different facets of the strategy: (1) the ratio of research and development to sales, (2) the ratio of employees to sales, (3) a growth opportunity measure (market-to-book ratio), (4) the ratio of marketing (SG&A) to sales, (5) employee fluctuations (standard deviation of total number of employees), and (6) capital intensity (net PPE scaled by total assets). Each is intended to capture different elements of a firm``s business strategy. We find from the test of Hypothesis 1 that STRATEGY is positively related to WACC at 1% significance level and prospector``s WACC are higher than those of analyzer and defender, which is consistent with our anticipation. The results above suggest that a firm closer prospector(defender) group has higher(lower) cost of capital. From the robust test adding as control variable whether management ownership is higher level (which is defined as the shareholding by directors and officers exceeds 5%, 10% or 20%), we further find that adding management ownership does not change previous the main results(i.e., a firm closer prospector group has higher cost of capital) while the firms with higher level of management ownership show higher level of cost of capital. Our study contribute to a better understanding of a firm``s cost of capital. While prior studies have focused individual factors explaining the level of cost of capital, our study investigate a firm``s business strategy which plays a broader and more comprehensive role than those specific individual variables. The distinguishing feature of our study is that it is grounded in a theoretical framework that is used to make clear predictions regarding the link between a firm``s business strategy and its cost of capital.

수출기업의 경영환경과 경영전략, 경영성과에 관한 실증연구

조용현 한국전문경영인학회 2018 專門經營人硏究 Vol.21 No.2

The purpose of this study is to investigate structure relationship among environment, strategy, and performance. In other words, this study aims to analyze the effect of business environment on the choice of business strategy and the effect of business strategy on export firms’ performance. I first undertake a review of previous studies related to environment, business strategy, and export firms’ performance. Based on this, I set up a research model and hypotheses. First, The environment is classified into uncertainty of environment, business strategy is classified into differentiation strategy, low cost strategy, and innovation strategy, and export firms’ performance is regarded as financial performance. To achieve this, a total of 92 questionnaires are used in this study and PLS(Partial Least Square) was used to analyze structural equation. As a result, this study shows that the business environment affects the management strategy, especially the environmental uncertainty have a positive effect on the differentiation strategy. There is a statistically significant between the management environment and the low-cost strategy, but it is not consistent with the direction of the hypothesis. The differentiation strategy and innovation strategy have a positive effect on the performance of export firms. Finally, there were appropriate business strategies for the business environment, and the choice of these management strategies affected the business performance.

경영전략과 조세회피

최규담 ( Gyu Dam Choi ),김갑순 ( Kap Soon Kim ),유현수 ( Hyun Soo Ryu ) 한국회계학회 2015 회계학연구 Vol.40 No.5

본 연구는 Miles and Snow(1978, 2003)의 경영전략 분류에 따른 선도성(先導性)의 차이가 조세회피 수준에 영향을 미치는지에 대한 실증연구이다. 최고경영진의 경영전략적 특성은 신시장 또는 신제품에 대한 접근방식, 위험에 대한 태도 등에 영향을 미칠것이다. 그리고 이러한 경영전략상 특징은 종국적으로 조세전략에도 영향을 미쳐 조세회피수준에 차이를 가져올 것이라는 것이 본 연구에서 확인하고자 하는 가설의 배경이다. 이를 위해 2001년부터 2013년까지 한국거래소에 상장된 기업 3,707개의 표본을 대상으로 방어형(defender)보다 선도형(prospector)형에 가까울수록 조세회피 수준이 더 높을 것(가설1)이고 조세회피 측정치의 변동성도 더 클 것(가설2)이라는 가설을 검증하였다. 한편, 조세혜택이 많은 중소기업 해당 여부가 경영전략과 조세회피 수준 사이의 관계에 영향을 미칠 것(가설3)이라는 가설도 검증하였다. 설명변수인 경영전략지수(STRATEGY_INDEX)은 Miles and Snow(1978, 2003) 이론에 따라 선행연구에서 사용된 지표를 참조하여 연구개발비비율, 직원수비율, 주가순자산비율, 마케팅비용비율, 직원수변동 및 자본집약도라는 6개 요소별 측정치를 해당 산업-연도에서의 상대적 순위에 따라 산출하였다. 종속변수인 조세회피 수준은 유효법인세율(BOOK_ETR), 현금유효법인세율(CASH_ETR), 재무이익과 보고이익의 차이(BTD) 및 재량적 BTD(DD_BTD)의 네 가지 방법으로 측정하였다. (가설1)에 대한 분석결과, 유효법인세율(BOOK_ETR), 현금유효법인세율(CASH_ETR), BTD 및 재량적 BTD(DD_BTD) 모두 1% 내지 10%의 수준에서 경영전략지수가 높아지는 경우 조세회피 수준이 높아지는 것으로 나타나 예측과 일치하였다. (가설2)에 대한 분석결과, 유효법인세율(BOOK_ETR)과 현금유효법인세율(CASH_ETR)의 변동성은 경영전략지수와 유의한 양(+)의 관계가 나타났다. (가설3)의 분석에서 우리나라의 중소기업일 경우 경영전략이 조세회피수준에 미치는 영향이 감소하여 기업의 조세관련특성(tax status)에 따라 경영전략이 조세회피에 미치는 영향도 달라질 수 있다는 것을 발견하였다. 본 연구 결과는 기업의 경영전략이 선도형에 가까워질수록 신제품이나 신시장을 적극적으로 찾아 나서기 때문에 조세회피 기회가 더 많고 이를 충분히 활용한다고 해석할 수 있다. 본 연구는 조세회피 수준에 영향을 미치는 요인으로 기업특성 변수를 개별적으로 고려하는 대신 ‘경영전략지수’라는 종합측정치를 사용하였다는 점에서 큰 의미가 있다. The "tone at the top" which the executives set or the executives’ willingness to take strategic risks in their competitive markets spills over into specific operation areas including tax planning or tax strategy. Furthermore, such top management’s tone about corporate culture or risk tolerance are also most effectively implemented into a firm``s business strategy. Accordingly, it might be inferred that there is some association between a firm``s business strategy and its tax strategy. While many studies are investigating what can more explain reasons or motivations for tax avoidance, a firm’s business strategy may provide the approach which is more comprehensive and generalizable across industries than those specific individual variables previously considered for tax avoidance. The business strategy provides a theoretical background for an even broader understanding of the factors that are ex ante determinants of tax avoidance level. Ittner et al. (1997), Higgins et al. (2015) and Bentley et al. (2013) are main prior accounting researches that used a comprehensive and composite measure of business strategy as an explanatory variables. Such prior research are all based on Miles and Snow(1978, 2003)’s strategy theory. According to the Miles and Snow(1978, 2003), prospectors focus on innovation, pursue new products and geographic markets and are more likely to be aggressive, which have relatively more tax planning opportunities. Further, given that their products tend not to have readily available substitutes, prospectors are less concerned about negative publicity arising from tax avoidance. By contrast, defenders focus on comparatively sound, stable and predictable areas and put the stress on the economy of scale. defenders`` aversion to risk and uncertainty also suggests that given the set of tax opportunities available, they would avoid tax less aggressively. Since their products have viable substitutes, defenders could incur reputation costs associated with tax avoidance. Using the Miles and Snow(1978, 2003) theoretical business strategy framework, this study examines the relation between the aggressiveness of a firm’s business strategy and tax avoidance level for the Korean listed companies. We first investigate whether a firm’s business strategy aggressiveness is associated with its level of tax avoidance and predict that firms close to prospector engage in more tax aggressive behaviors than those close to defender(Hypothesis 1). Next, we investigate the association between a firm’s business strategy aggressiveness and volatility of firms’ tax avoidance and predict that the firms close to prospector have more volatility in their measures of tax avoidance than those close to defender(Hypothesis 2). We finally investigate the fact that a firm is a small and medium-sized enterprise under the Korean law affect the association between business strategy and the level of tax avoidance. To address our research questions, we used four alternative tax avoidance measures (the book and cash effective tax rate, BTD and DD BTD. We also compute a discrete STRATEGY composite index measure(STRATEGY_INDEX), which proxies for a firm’s business strategy aggressiveness. This measure is based on variables from prior literature (e.g., Ittner et al. 1997; Bentley, et al. 2013 and Higgins et al. 2015) that reflect different facets of this strategy: (1) the ratio of research and development to sales, (2) the ratio of employees to sales, (3) a growth opportunity measure (market-to-book ratio), (4) the ratio of marketing (SG&A) to sales, (5) employee fluctuations (standard deviation of total employees), and (6) capital intensity (net PPE scaled by total assets). Each of the six measures is intended to capture different elements of a firm’s business strategy. We find from the test of Hypothesis 1 that four (4) measures of tax avoidance level have positive (+) associations with the business strategy aggressiveness, which is consistent with our prediction. From the test of Hypothesis 2, we also find that the association between a firm’s business strategy aggressiveness and volatility of firms’ tax avoidance is positive (+) for all measures, provided that statistical significance is found only for two tax avoidance measures(BOOK_ETR and CASH_ETR). The test of Hypothesis 3 indicates that a small and medium-sized enterprise(SME) reduces the positive (+) the association between the business strategy aggressiveness and tax avoidance level. The results above suggest that a firm with aggressive business strategy engages in more aggressive tax avoidance activities since it pursues new product and new geographic markets entailing more tax avoidance planning opportunities. However, such aggressive tax avoidance activities are comparatively weaker in small and medium-sized firms than large firms even if they are pursuing aggressive business strategy. Our study is distinct from the prior tax literature (i.e., Higgins et al. 2015) in several ways: First, we separate SMEs from non-SMEs at the same level of business strategy, and we found that the level of tax avoidance of SMEs is lower than that of non-SMEs. Second, this study is for the Korean firms which are affected by the Korean specific management system and tax regime that are different from those of U.S. This study considered the Korean specific situations (e.g., 2009 is excluded from the sample due to the external shock (i.e., international financial crisis) and other control variables such as operating cash flow(OCFS), management ownership(MOWN) and foreign investor‘s shareholding(FSH) and SMEs(SMS) which are associated with tax avoidance under prior Korean researches. Third, we conducted both one (1) dummy regression model using samples of only prospector and defender group and the continuous variable model rather than 2-dummies regression model used by Higgins et al. (2015). Fourth, we conducted a robust test to investigate whether 6 facets composing the strategy are endogenously related with the tax avoidance level and factor analysis to test whether our strategy index is much stronger than the common factor. This research is important because it helps provide a better understanding of the factors that affect a firm’s propensity to engage in aggressive tax avoidance behavior. The distinguishing feature of our study is that it is grounded in a theoretical framework that is used to make clear predictions regarding the link between the aggressiveness of a firm’s business strategy and its tax aggressiveness.

기업의 경영전략에 따른 보수적 회계처리의 차이에 관한 실증연구

유현수 ( Hyun Soo Ryu ),김새로나 ( Saerona Kim ),최규담 ( Gyu Dam Choi ) 한국회계학회 2016 회계학연구 Vol.41 No.4

보수주의는 기업지배구조, 기업특성 및 경영자의 개인적 특성 등에 따라 다른 경향을 보임을 다양한 선행연구를 통해 확인되었다. 경영자의 경영의사결정이 반영된 재무정책은 경영자의 특성 등이 반영될 여지가 많으나, 경영자의 특성이 반영된 경영전략에 따라 보수적 회계처리에 미치는 영향과 관련한 직접적인 연구는 아직 이루어지지 않고 있으므로 연구의 필요성이 제기된다. 따라서, 본 연구는 보수주의 회계처리가 기업에 대한 포괄적인상황정보(underlying factor)인 경영전략에 의해 설명될 수 있는지 실증적으로 분석하였다. 또한 이러한 관계가 경영자지분율 및 정보비대칭 수준 등에 따라 어떻게 달라지는지 살펴보고자 하였다. 본 연구에서는 2003년부터 2014년까지 한국거래소에 상장되어 있는 금융업을 제외한 12월 결산 법인을 대상으로 분석을 실시하였다. 주요 분석결과는 다음과 같다. 첫째, 경영전략과 보수주의 회계처리는 음(-)의 관련성을 가지는 것으로 나타났다. 이는 경영전략이 선도형에 가까울수록 다른 유형보다 경영자가 공격적 회계처리 유인을 많이 가진다는 것을 의미한다. 둘째, 경영자지분율을 반영하여 경영전략이 재무보고 보수성에 미치는 영향을 분석한 결과, 경영자지분율이 높을수록 경영전략과 보수주의 간의 음(-)의 관계는 완화되는것으로 나타났다. 이는 선도형 경영전략을 추구하는 경영자일지라도, 지분소유 정도가 높을수록 주주와 이해일치로 사적이익을 추구할 유인이 적고, 기업의 잠재적 위험 등을 고려하여 재무보고 시 보수적으로 회계처리하는 것으로 볼 수 있다. 셋째, 정보비대칭 정도를 반영하여 분석한 결과, 정보비대칭 수준이 높을수록 경영전략과 보수주의 간의 음(-)의 관계는 완화되는 것으로 나타났다. 이러한 결과는 정보비대칭 수준이 높을수록 선도형 경영전략을 추구할 때 발생하는 대리인 문제를 해결하기 위해 보수적 회계처리에 대한 투자자의 수요가 증가된다는 것을 의미한다. 본 연구는 기업 운영 전반에 대하여 영향을 미칠 수 있는 최고경영진의 성향(tone atthe top)을 구체화한 경영전략이 기업의 재무정책에 어떠한 영향을 미치는지 연구를 진행하였다는 점에서 의의가 있다. Based on the business strategy typology suggested by Miles and Snow (1978, 2003), this study examines the association between a firm’s business strategy and accounting conservatism. We investigate whether a firm’s business strategy affects the accounting conservatism and predict that firms close to prospector type indicate lower level of accounting conservatism than those close to analyzer type or defender type. Further, this study also examines whether the relationship between a firm’s business strategy and accounting conservatism is adjusted by such level of information asymmetry related variables as (i) the management ownership, (ii) stock return daily volatility or (iii) analyst forecast dispersion. While many prior studies have investigated the factors affecting the accounting conservatism, a firm’s business strategy may play a certain role for such conservatism since it is more comprehensive and generalizable across industries than those specific individual variables previously considered. A firm’s business strategy has the implication of ``the tone at the top`` affecting overall management factors such as organizational structure, culture, business direction, etc. and, thus it provides an even broader understanding of the factors that are ex ante determinants of accounting conservatism. According to Miles and Snow (1978, 2003), prospector focuses on innovation, pursues new products or geographically new markets and is more likely to be aggressive. Therefore, prospector has high growth potential, long-term stock incentive schemes and high level of capital needs, which are negatively associated with the level of accounting conservatism, and unstable organization process and complex structure, which are opportunities for aggressive accounting treatment. In particular, prospector tends to actively take the risk and uncertainty, it is less active in accommodating the investors`` demand for the accounting conservatism. By contrast, defender focuses on comparatively sound, stable and predictable areas and their aversion to risk and uncertainty would lead them to be passive in aggressive accounting treatment. and it is more active in accommodating the investors`` demand for the accounting conservatism. Furthermore, the interest of the management are somewhat different from those of shareholders and, thus the degree of shareholding by the management may affect the decision making for accounting selection (i.e., the relationship between a firm’s business strategy and accounting conservatism). According to LaFond and Watts(2008), the reason why the level of accounting conservatism goes up under higher level of information asymmetry is because the investors`` stronger demand for such accounting conservatism is accepted by the management. In this regard, we expect that the relationship between a firm’s business strategy and accounting conservatism would be changed if the investors`` demand therefor is getting stronger due to the higher information asymmetry. To address our research questions, we used two alternative accounting conservatism measures (C_SCORE designed by Khan and Watts(2009) for conditional conservatism measure and unconditional conservatism measure(Con_PZ) designed by Penman and Zhang(2002)). We also classified each firm-year sample into three strategy types (i.e., prospector, analyzer and defender) whose STRATEGY score are 24-30, 13-23 and 6-12, respectively. STRATEGY score is measured based on variables from prior literature (e.g., Ittner et al. 1997; Bentley, et al. 2013; Higgins et al. 2015; Choi et al. 2015) that reflect different facets of the strategy: (1) the ratio of research and development to sales, (2) the ratio of employees to sales, (3) a growth opportunity measure (market-to-book ratio), (4) the ratio of marketing (SG&A) to sales, (5) employee fluctuations (standard deviation of total employees), and (6) capital intensity (net PPE scaled by total assets). Each of the six measures is intended to capture different elements of a firm’s business strategy. We find from the test of (Hypothesis 1) that the strategy index is negatively (-) associated with accounting conservatism measures at 1% significance level (firms close to prospector group show lower level of accounting conservatism than those close to analyzer group or defender group), which is consistent with our anticipation. This result might be interpreted as the top management of the firms close to prospector group tend to actively take the risk and uncertainty and, thus the level of accounting conservatism of such prospector group would be lower than other groups. The results of (Hypothesis 2) test show that the negative (-) association between a firm’s business strategy and accounting conservatism would be both decreased (i.e., accounting conservatism goes up) when (i) shareholding ratio by the management goes up and (ii) when the level of information asymmetry becomes higher. Such results could be interpreted in a way that in the case of higher management ownership, the interests of management and shareholders may be aligned and the management more focus on the long-term performance and select accounting treatments more conservatively. It is also interpreted as the management tend to select more conservative accounting methods in response to the investors`` demand under higher information asymmetry situation. Our study is important since it helps provide a better understanding of the factors affecting accounting conservatism (i.e., comprehensive underlying factor).

벤처기업 창업가의 특성과 경영전략이 경영성과에 미치는 영향

한규동 한국벤처창업학회 2019 벤처창업연구 Vol.14 No.6

This paper empirically analyzed the relationship between the characteristics of venture business founders and management performance, setting the management strategy as a parameter to provide a suggestion for the survival and development of venture companies that play an important role in the national economy and job creation. Previous studies in Korea have analyzed the relationship between the characteristics of business founders, management strategies and management performance in a single dimension. This paper, however, explained the business performance of a company from a multi-dimensional perspective while setting the characteristics of business founders as independent variables and setting the business strategy of the enterprise as a parameter. The first result of the analysis shows that the characteristics of venture business founders have a positive effect on business performance. In particular, among the characteristics of venture business founders, a progressive spirit has had the greatest impact on business performance. On the other hand, the influence of risk sensitivity was very weak. Second, the characteristics of venture business founders were found to have a positive effect on business strategy. In particular, innovation was an important variable that affected the technological innovation differentiation strategy, and a progressive spirit was the most influential factor in the marketing differentiation strategy. Third, management strategies of venture firms were found to have a positive effect on business performance. In particular, the technology innovation differentiation strategy has a greater impact on business performance than the marketing differentiation strategy. Fourth, it was revealed that management strategy partially has a mediated effect on the relationship between the characteristics of venture business founders and management performance. In other words, it was found that the characteristics of the founders have a direct impact on business performance but if it is linked to management strategy it has an indirect effect on business performance. The results of this study show that business performance improves when venture business founders' personal characteristics and the firms’ management strategy are combined. 본 연구에서는 국가경제와 일자리 창출에 중요한 역할을 수행하고 있는 벤처기업의 생존 및 발전에 시사점을 제시하고자 벤처기업 창업가의 특성과 경영성과와의 관계에 경영전략을 매개변수로 하여 실증분석을 하였다. 기존의 국내 선행연구들이 창업가의 특성과 경영전략을 경영성과에 대한 동일한 단일차원의 함수관계로 분석하는데서 벗어나서, 창업가의 특성을 독립변수로, 기업차원의 경영전략을 매개변수로 하여 다차원적인 관점에서 기업의 경영성과를 설명하려고 하였다. 분석결과는 첫째, 벤처 창업가의 특성은 경영성과에 정(+)의 영향을 미치는 것으로 나타났다. 특히, 창업가의 특성 중에서도 진취성이 경영성과에 미치는 영향력이 가장 큰 변수로 확인되었다. 반면, 위험감수성은 그 영향력이 상대적으로 매우 미미한 수준으로 분석되었다. 둘째, 벤처 창업가의 특성은 경영전략에 정(+)의 영향을 미치는 것으로 나타났다. 특히, 창업가 특성 중에서 혁신성은 기술혁신 차별화 전략에, 진취성은 마케팅 차별화 전략에 가장 큰 영향을 주는 중요한 변수로 분석되었다. 셋째, 벤처기업의 경영전략은 경영성과에 정(+)의 영향을 미치는 것으로 나타났다. 특히, 경영전략 중에서도 기술혁신 차별화전략이 마케팅 차별화 전략에 비해 경영성과에 미치는 영향력이 큰 것으로 분석되었다. 넷째, 벤처 창업가의 특성과 경영성과와의 관계에서 경영전략은 부분 매개효과가 있는 것으로 나타났다. 즉, 창업가의 특성은 경영성과에 직접적인 영향을 미치기도 하지만 경영전략과 매개되어 경영성과에 간접적인 영향을 미치는 것으로 밝혀졌다. 이런 연구결과는 벤처기업 창업가의 개인적인 특성과 기업차원의 경영전략이 연계되었을 때 더 극대화된 경영성과를 이룰 수 있다는 것을 시사해준다.

경영전략과 발생액의 질

최규담 ( Gyu Dam Choi ),김갑순(교신저자) ( Kap Soon Kim ),유현수(공동저자) ( Hyun Soo Ryu ) 한국회계학회 2016 회계저널 Vol.25 No.3

본 연구는 발생액의 질이 기업에 대한 포괄적인 상황정보(underlying factor)인 경영전략에 의해 설명될 수 있는지에 대한 실증적 연구이다. 기업을 경영전략의 특성에 따라 구분하는 경우 개별적인 변수들이 제공하지 못하는 포괄적이고 중요한 정보를 제공할 가능성이 높다. 따라서, 경영자의 회계선택 결과가 반영된 발생액의 질을 분석함에 있어서도 경영전략에 따른 특성을 반영할 필요가 있는지를 확인하고자 하는 것이다. 즉, 발생액의 질에영향을 미치는 통제변수를 모두 통제하고서도 경영전략이 발생액의 질을 설명하는지 여부에 대하여 분석하였다. 한편, 일반기업과 기업규모, 정부지원제도 등 경영환경에 있어 그특성에 있어 차이가 있는 중소기업이라는 사실이 경영전략과 발생액의 질 간의 관계에 영향을 미치는지에 대하여도 추가적으로 검토를 하였다. 발생액의 질을 종속변수로 하고 경영전략지수를 설명변수로 한 (가설 1)에 대한 분석결과는 발생액의 질의 측정치와 경영전략지수는 유의한 양(+)의 관계가 있었고 선도형이 다른 유형보다 발생액의 질의 측정치가 더 높았다(즉, 발생액의 질이 더 낮았다). 즉, 선도형은 발생액 이익조정의 유인과 기회가 많아서 발생액 이익조정을 지속하여 재량적 발생액의 크기가 더 커서 발생액의 질이 더 낮고 방어형은 원가최소화와 위험회피에 주안점을 두므로 적발위험이 큰 발생액 이익조정을 지속하기가 어려워 상대적으로 재량적 발생액의 크기가 더 적어 발생액의 질이 더 높았다. 한편, (가설 2)의 분석결과 중소기업일 경우 경영전략이 발생액의 질에 미치는 영향이 확대(즉, 경영전략이 발생액의 질에 미치는 영향력이 상대적으로 더 증가)되는 것으로 나타났다. 본 연구의 결과는 개별적인 특성 정보가 아닌 포괄적인 상황정보인 경영전략이 발생액의 질과 관련성이 있을 수 있다는 점을 실증하였고, 중소기업인 경우에는 소유경영 등으로 그러한 관련성이 더 증가할 것이라는 점을 실증하였다는 점에서 큰 의미가 있다. We investigate whether a firm’s business strategy is associated with its accruals quality. We predict that accrual quality of a firm close to prospector is lower than close to analyzer and defender (Hypothesis 1). Further, we investigate whether the fact that a firm is a small and medium-sized enterprise under the Korean law affects the association between business strategy and accruals quality (Hypothesis 2). Our study is motivated by recent researches showing that business strategy measured by the Miles and Snow (1978, 2003)``s typology is associated with financial reporting decision-making activities (Bentley et al. 2013) and that accrual based earning management by small and medium-sized enterprises (SMEs) are bigger than by non-SMEs (Choi, et al 2010). While many prior studies have investigated what can more explain incentives and/or opportunities for accrual based earning management, a firm’s business strategy may play a certain role as an underlying factor for them since it is more comprehensive and generalizable across industries than those specific individual variables previously considered for accrual based earning management. The business strategy may provide an even broader understanding of the factors that are ex ante determinants of accrual based earning management. According to the Miles and Snow (1978, 2003), prospector focuses on innovation, pursue new products and geographic markets and is more likely to be aggressive. Therefore, prospector has high growth potential, long-term stock incentive schemes and high level of capital needs, which are positively related to incentives of accrual based earning management, and unstable organization process and complex structure, which are opportunities for accrual based earnings management. By contrast, defender focuses on comparatively sound, stable and predictable areas and their aversion to risk and uncertainty(e.g., reputation costs associated with earnings management) would lead them to be passive in aggressive accrual based earnings management. To address our research questions, we used DD (Dechow and Dichev 2002) for measuring accruals quality. We also classified each firm-year sample into three strategy types (i.e., prospector, analyzer and defender) whose STRATEGY score are 24-30, 13-23 and 6-12, respectively. STRATEGY score is measured based on six (6) factors from prior literature (e.g., Choi et al. 2015; Bentley, et al. 2013 and Higgins et al. 2015) that reflect different facets of the strategy: (1) the ratio of research and development to sales, (2) the ratio of employees to sales, (3) a growth opportunity measure (market-to-book ratio), (4) the ratio of marketing (SG&A) to sales, (5) employee fluctuations (standard deviation of total employees), and (6) capital intensity (net PPE scaled by total assets). Each of the six measures is intended to capture different elements of a firm’s business strategy. We find from the test of Hypothesis 1 that DD value (accrual quality is better (poorer) when DD value is lower (higher) (i.e., the size of accrual is lower (higher)) are positively (+) associated with the strategy score at 1% significance level, which is consistent with our anticipation. We also find that DD value under prospector group is higher than that under defender group. These results indicate that the accruals quality of the firms closer to prospector is significantly poorer than those closer to defender. However, we could not entirely rule out the possibility that the higher DD under prospector group is interpreted as signaling by the management``s expectation of the positive future economic substance. The results of Hypothesis 2 test show that the association between accruals quality and business strategy become stronger (i.e., positive (+)) when the firms are small and medium-sized enterprises (SMEs). In other words, the result indicates that accruals quality of small and medium-sized enterprises (SMEs) become much poorer than non-small and medium-sized enterprises (non-SMEs) even if both have the same strategy score. Our study is important since it helps provide a better understanding of the factors that affect a firm’s accrual quality. Further, our study enhances the understanding of features of small and medium-sized enterprises by showing that the relation between the accrual quality and business strategy is strengthened by SME. However, our study is limited in that the possibility that such positive (+) relationship between business strategy and the size of discretionary accruals may be signaling of the positive future economic substance is not been empirically and separately studied.

e-비즈니스 전략유형과 기업성과에 관한 연구

김희철(Hee-Cheol Kim),문영자(Young-Ja Moon) 한국통상정보학회 2007 통상정보연구 Vol.9 No.3

This study tests e-business performance difference of the inter group by strategy type through the cluster analysis, after confirming the linear relationship between the e-business strategy type and its performance. According to the result of the study the effect on the e-business performance reveals to differ by the e-business strategy type. That is to say, while the firm’s information system performance, e-business realization and the inter group competition dominance are affected positively by the e-process strategy, web application strategy and customer attracting strategy. This confirms that the information system performance, the realization performance and the competition dominance are affected by e - business strategy type. The key factor leading to the success of e-business is the commitment of e-process strategy and web application strategy. For the case of the customer attracting strategy the result shows the importance of the strategy. In the cluster group analysis, the additional analysis, the effect is seen to be more powerful in the firm’s information system performance, e - business realization and securing the competition advantage for the case of the multiple strategy than that of single one. Accordingly, the firm needs to adopt the multiple strategy suited for the characteristic of the firm rather than the single strategy.

국제무역환경변화에 따른 탄력적 무역경영전략에 관한 연구

홍창기(Hong Chang-Ki) 한국문화산업학회 2007 문화산업연구 Vol.7 No.1

Current international trade environment has been changing fast and continuously according to the globalization and digitalization. And it confronts with various kinds of uncertainty. So Korean trade structure has changed into that of the advanced countries over the world. And international trade business strategy of Korean firms engaged in export business should be changed into the up-to-date strategy. The flexible model of international trade business strategy make the firms successful by carrying out the export business activities adapting the international trade terms to current Korean marketing environment. For this purpose, wrote an introductory remarks as a way of bringing in the point at issue in the first chapter. And in chapter Ⅱ, examined about the major contents of the change of the international trade business environment. In chapter Ⅲ, studied about the change of the international trade business strategy. And finally, singled out the conclusion in the last chapter. Current international trade environment has been changing fast and continuously according to the globalization and digitalization. And it confronts with various kinds of uncertainty. So Korean trade structure has changed into that of the advanced countries over the world. And international trade business strategy of Korean firms engaged in export business should be changed into the up-to-date strategy. The flexible model of international trade business strategy make the firms successful by carrying out the export business activities adapting the international trade terms to current Korean marketing environment. For this purpose, wrote an introductory remarks as a way of bringing in the point at issue in the first chapter. And in chapter Ⅱ, examined about the major contents of the change of the international trade business environment. In chapter Ⅲ, studied about the change of the international trade business strategy. And finally, singled out the conclusion in the last chapter.

화훼소매점의 온라인 유통서비스 진화에 따른 정보기술서비스 전략 - A Typhoon Positioning Strategy를 중심으로 -

이승창,안성혁,이숭 한국유통과학회 2009 유통과학연구 Vol.7 No.4

The internet has dramatically changed a way of business management and competition in the business environment. Especially, it stimulated not only to evolve online floral distribution service but also to change a phase of competition among floral retail stores in industry. And that also led to keen competition among IT service providers as well. This study is to examine how floral retail stores have been evolved and competed with the radical situation of the floral distribution industry through IT service in the aspect of business and information technology. In addition, the Typhoon Positioning Strategy(TPS), a strategy for the IT service positioning, is introduced from IT service provider's perspective. For IT service providers to create high business value and continuous service providing, IT service should be positioned on the customers' "core business" and developed to the level of "solution." The Typhoon Positioning Strategy(TPS) is a strategy for the IT service positioning, indicating that IT service should be positioned according to a Business Process-Service model with the consideration of business development direction, IT service trend, and user's IT capability. That is, IT service providers should find out customers' "core business" area first to provide a right IT service to the company, and the IT service provided should meet to the level of business solution. The capability of the IT solution users is also an important factor to be considered for the advanced IT service. There are four principles of the Typhoon Positioning Strategy(TPS). Principle 1) IT service provided should be an IT solution Map suitable for customer business processes. Principle 2) IT service provided should be able to support customer core business. Principle 3) IT service provided should be a business solution. Principle. 4) IT service provided should be applied differently according to the level of customer's IT capability.