한국채택국제회계기준의 도입에 따른 자본시장반응 연구

이유식,홍정화 한국세무학회 2013 세무와 회계저널 Vol.14 No.3

The purpose of this study is to examine the reaction of capital market by comparing the early adoption corporations and the mandatory adoption corporations at the point of mandatory adoption of K-IFRS, and also figures out the sustainable of early adoption corporations and the effect of the mandatory corporations simultaneously. The result of empirical analysis is as follows. First, hypothesis 1 verified if the early adoption corporations had positive reaction in the capital market before the mandatory adoption period of K-IFRS in terms of earnings response coefficient and value relevance with earnings. As a result, earnings response coefficient and the value relevance between the early adoption corporations and the mandatory adoption corporations had statistically significant differences which support hypothesis 1. It means that the early adoption corporations had more positive than those without adoption in the capital market. Second, hypothesis 2 verified the response of capital market to the early adoption corporations after the mandatory adoption. As a result, there was no significant difference between the early and mandatory adoption corporations which does not support hypothesis 2. It means there is no difference in the response of capital market after the mandatory adoption. It seems because the capital market evaluated the mandatory adoption positively which resulted in set-off of the early adoption effect. The limits of this study are as follow. Namely, it is difficult to generalize the positive response of the capital market by comparing the early adoption corporations and mandatory adoption corporations as less than 2 years of mandatory adoption of K-IFRS. 본 연구에서는 K-IFRS를 조기 도입한 기업의 경우 의무도입 이전기간에 자본시장의 반응이 긍정적인지 여부를 연구하였으며, 또한 K-IFRS를 의무 도입한 이후 기간에 조기 도입한 기업과 의무 도입한 기업간의 자본시장의 반응에 차이를 보이는지 여부를 연구하였다. 본 연구의 목적을 달성하기 위해 2009년부터 2011년까지 유가증권시장과 코스닥시장에 상장된 기업 중 금융업 등의 업종을 제외하고 표본기업으로 선정하였으며, 표본기업의 재무자료 및 주가자료를 이용하여 변수를 측정하였다. 본 연구의 결과를 정리하면 다음과 같다. 첫째, K-IFRS의 의무도입 이전기간에 자본시장에서 조기 도입한 기업이 긍정적으로 반응하는 지를 이익반응계수와 회계이익의 가치관련성으로 검증한 결과, 의무도입 이전기간에 조기 도입한 기업과 미도입기업간의 이익반응계수와 가치관련성은 통계적으로 유의한 차이를 나타냈기 때문에, 조기 도입한 기업이 미도입한 기업에 비하여 자본시장에서 긍정적으로 높게 평가됨을 의미한다. 둘째, K-IFRS를 의무 도입한 이후, 조기 도입한 기업에 대한 자본시장의 반응을 검증한 결과, 조기 도입한 기업과 의무 도입한 기업간에는 통계적으로 유의한 차이가 나타나지 않아, 의무 도입한 이후에 조기도입 기업과 의무도입 기업간에는 자본시장의 반응에서 차이가 없음을 의미한다. 이는 자본시장에서 K-IFERS의 의무도입을 긍정적으로 평가하여 의무도입 이후에는 조기도입의 효과도 지속되어 조기도입 기업과 의무도입 기업간에 차이가 없을 정도로 긍정적으로 평가됨을 의미한다. 본 연구는 K-IFRS의 도입 효과를 조기 도입한 기업과 그렇지 않은 기업 간의 비교를 통해 실증 분석했다는 점에서 의의가 있으나, K-IFRS가 의무도입이 된지 2년이 경과하지 않은 상황에서 2011년도 1년치로 조기 도입 기업과 의무 도입 기업의 비교를 통해 자본시장의 반응결과를 일반화하는 것은 한계가 있다. 따라서 이 부분은 향후 지속적인 후속연구를 필요로 한다.

기술혁신 시장채택과 기술혁신 확산속도에 관한 실증사례 연구 : 화장품 산업을 중심으로

김상국(Sang-Gook Kim),임정선(Jung-Sun Lim),권태훈(Tae Hoon Kwon) 동국대학교 경영연구원 2020 경영과 사례연구 Vol.42 No.1

새로운 기술을 기반으로 하는 제품이 출시될 때, 해당 제품이 시장에서 어떤 형태로 확산될지, 시장이 성숙되고 소멸될 때까지의 시간은 얼마나 걸릴지에 대한 분석은 마케팅 담당자들에게는 중요한 문제이다. 제품을 소비하는 주체는 일반 시장에 존재하는 소비자들이지만, 기술을 소비하는 주체는 주로 기업들이다. 또한 기업은 기술을 소비하면서도 생산하는 주체이기도 하며, 기술을 제공하는 주체는 주로 학계와 연구계에 종사하는 연구자들이다. 기술혁신 시장은 일반 제품시장과는 다르게 생산주체와 소비주체가 혼재되어 있는 경우가 많으며, 이것이 의미하는 것은 기술혁신 생산자가 소비자가 될 수 있으며, 또한 소비자가 생산자가 될 수 있다는 것을 의미한다. 따라서 기술혁신 시장채택은 소비주체와 생산주체를 모두 포괄하고 있는 것을 말한다. 본 연구에서는 혁신을 수용하는 여러 다른 채택그룹들에 의해서 새로운 혁신들이 시장에서 채택되는 과정에 관한 보편적인 연구결과를 바탕으로, 기술혁신들이 채택그룹별로 수용되는 시장채택 방법을 제안하며, 서로 다른 기술혁신 채택그룹별 혁신의 확산속도 계수를 분석하고자 한다. 이러한 실증분석을 수행하기 위하여 기술혁신의 대상을 특허로 설정하였고, 특히 화장품 산업 관련 미국 특허를 활용하여 화장품 산업에서의 기술혁신 시장채택 추세와 확산속도를 실증하고자 하였다. 향후 기술혁신 시장채택 패턴과 확산속도 예측에 활용될 가능성이 높아, 기술혁신에 따른 산업의 파급효과분석에 중요한 근거로 활용될 것으로 기대된다. When products based on new technologies are released, the analysis of how the product will spread in the market and how long it will take for the market to mature and dissipate is an important issue for marketers. The consumers of products are consumers in the general market, but the consumers of the technologies are mainly companies. In addition, In addition, companies are subjects to consumption while producing technologies, and those who provide technologies are mainly researchers in academia and research. Unlike general product markets, technology innovation markets often contains a mixture of producers and consumers, which means that producers of technology innovation can be consumers and consumers can be producers. Based on the results of a universal study on the process in which new innovations are adopted in the market by different adoption groups that embrace innovation, this study proposes a market-adoption model in which technical innovations are accommodated in each adoption group, and tries to analyse the diffusion rate of innovation in different adoption groups of innovation. In order to carry out this empirical analysis, the subject of technological innovation was set as a patent, and the market adoption trend and spread speed of technology innovation in the cosmetics industry was to be demonstrated, especially by utilizing the U.S. patents related to the cosmetics industry. It is highly likely to be used to forecasting the adoption pattern and diffusion speed of technology innovation market in the future, and is expected to be used as an important basis for analyzing the spreading effects of the industry.

THE IMPACT OF CONSPICUOUS CONSUMPTION AND PERCEIVED VALUE ON NEW PRODUCT ADOPTION INTENTION: THE MODERATING ROLE OF CREATIVITY-SEEKING PERSONALITY

Meixiang Cui,Subin Im 글로벌지식마케팅경영학회 2017 Global Fashion Management Conference Vol.2017 No.07

Along with the growth of disposable income and the improvement of consumers’ living condition, consumers are no longer satisfied only with the fulfillment of functional needs of products. Instead, they seek to meet higher level of demand such as emotional and symbolic needs when consuming products. One reflection of this kind of pursuit in consumer behavior is “conspicuous consumption”, which is the tendency for individuals to enhance their image and communicate status to others through overt consumption of possessions (O’Cass & McEwen, 2004). Moreover, the emergence of social networking service (SNS) has boosted the phenomenon of such overt consumption. For example, a consumer who bought a new luxury sports car uploads a photo of his/her car on Facebook to show off his/her wealth, status, uniqueness, taste, etc. In this context, if a product is scarce due to a limited supply, then consumers might use the product for conspicuous consumption (Gierl & Huettl, 2010). Thus, it can be inferred that consumers who have conspicuous consumption tendency will be attracted by new product which is scarce in its early diffusion process. Moreover, the literature has added new content to conspicuous consumption with the development of social economy and value. Consumption value goes far beyond satisfying functional needs, and consumption and possessions are regarded as the extension of the self (Belk, 1988). Hence, consumers would be eager to present and show off their “extended self” on SNS using new products. As a consequence, this research aims at exploring the relationship and internal mechanism between the new paradigm of conspicuous consumption and consumers’ new product adoption intention, mediated through perceived consumption value. Different traits of consumers and resulting value perceptions are influential on consumer adoption behavioral intention and outcomes (e.g., Kastanakis & Balabanis, 2014). Despite the fact that identifying and adequately meet the needs of target consumers is essential in new product success, current literature still lacks understanding on how consumers perceive value of new products based on their needs for conspicuous consumption in adopting new products. Moreover, even though there are some evidence in the literature showing that consumers with high needs for conspicuous consumption accept new products more quickly, there is limited guideline for managers for how and why different perspectives of conspicuous consumption tendency affect new product adoption intention through perceived value of the product. In addition, consumer behavior literature of conspicuous consumption has overemphasized the role of status seeking without fully understanding other motives and needs for it. Accordingly, we will start by examining different types of conspicuous consumption tendencies and studying how they affect different value perceptions, which lead to new product adoption intention. A large number of studies from various disciplines have defined “conspicuous consumption” differently. Earlier, Veblen (1899) proposed the term “conspicuous consumption” to describe the behavior of rich American people who spent a significant portion of their time and money on unnecessary and unproductive leisure expenditures. As indicated, in early days, “conspicuous consumption” was thought to be only occurred to the upper class of the society that wishes to display wealth or status through luxury consumption. However, Mason (1988) pointed out that conspicuous consumption is not only associated with the rich and privileged, but is a worldwide phenomenon that is easily observed at all social and economic levels. Moreover, recent research advocates that conspicuous consumption is not only about displaying wealth, but also about delivering self-images and enhancing social standing through consumption. The symbolic meaning of products is commonly used as an outward expression of consumer self-concept and connection to the society (Chaudhuri & Majumdar, 2006). The motives to show their social status, unique taste or conformity trigger overt consumption of different kinds of goods to satisfy the need of belonging, increase their popularity, as well as be highly respected, admired, or envied (Gierl & Huettle, 2010). Drawing from current literature (e.g., Chaudhuri & Majumdar, 2006; Chen, Yeh, & Wang, 2008; Gierl & Huettl, 2010; O’Cass & McEwen, 2004; Shukla, 2008), this research defines conspicuous consumption as the tendency for individuals to enhance their image and communicate status to others through overt consumption, and proposes it to be a multidimensional concept consists of three dimensions namely ostentation of a high social status (a superior position within a social hierarchy), demonstration of uniqueness (differences from people belonging to the same social group), and demonstration of conformity (similarity to people belonging to a certain social group). We aim at examining the individual differences in three different conspicuous consumption tendencies and how they are related to new product adoption intention. It is important to study new product success from the consumer’s perspective because the success of new product eventually depends on the decisions of consumers to adopt or reject the new product (Im, Bhat, & Lee, 2015). According to Hirschman (1980), innate personality of the consumer has an important influence on whether to adopt new product or not. Moreover, Venkatesh and Brown (2001) found that relevant others such as friends, family, and other important connections can influence the adoption decision. As such, those who are influenced by the people around them will choose products that can convey an image congruent with the social image they wish to project. (Sheth, Newman, & Gross, 1991). New products, depending on their characteristics and types, can be used to show social status, uniqueness, or conformity. When the new product is first launched in the market, it is often released at a high price, though it is not a necessity to most consumers. Thus, adopting the high priced but unnecessary new products or frequently upgraded products in a certain category can signal economically rich status. In addition, consumers adopt new products to demonstrate their needs for uniqueness due to the scarcity in early diffusion process. Finally, new product can also help consumers conform to a certain group they wish to belong. For example, when most of a consumer’s friends or colleagues have adopted iPhone, he/she also is willing to adopt iPhone in order to assimilate with the group member and achieve a sense of belonging. In conclusion, there might be positive relationships between consumers’ tendency to demonstrate high social status, uniqueness and conformity and new product adoption. Im et al. (2015) argued that consumers’ evaluation of or attitude toward a product and ultimate decision to adopt depends on their perceptions of the product’s value. Thus, perceived value may act as an important determinant in new product adoption. Besides, now that perceived value is derived from subjective evaluation and judgement of consumers, different consumers involved in the purchasing process can vary on the perceptions of new products (Perkins, 1993). Moreover, individuals tend to perceive what they need and want while ignoring other irrelevant stimuli around (Schiffman & Wisenblit, 2016). Since consumers with three different types of conspicuous consumption tendency have different needs and wants, they will respond differently to the value offered by products. Thus, we propose the mediating role of perceived value between conspicuous consumption and consumers’ intention of new product adoption. Another important individual level variable that impacts perception of new product is creativity-seeking personality, which refers to the tendency to seek information that is novel and meaningful (Im et al., 2015). Since novelty and meaningfulness are important features of innovation that are embedded in new products, consumers who seek for them are more likely to appreciate the new products more. Thus, we assert that creativity-seeking personality is also important in forming new product adoption behavior. Moreover, according to Im et al. (2015), novelty affects perceived hedonic value while meaningfulness influences perceived utilitarian value. This research attempts to explore the moderating role of creativity-seeking personality on the relationship between conspicuous consumption and perceived value to reveal the synergy effect of conspicuous consumption and creativity-seeking personality. Creativity-seeking personality consists of a novelty-seeking personality (a personal tendency related to the willingness to seek information that is new and different), and a meaningfulness-seeking personality (a personal tendency related to the willingness to seek information that is useful and relevant) (Hirshman, 1980; Im et al., 2015). Specifically, we propose that demonstration of uniqueness has a stronger impact on hedonic value among consumers with high level of novelty-seeking personality and demonstration of conformity has a stronger impact on utilitarian value among consumers with high level of meaningfulness-seeking personality. As such, drawing on the existing literature about conspicuous consumption, creativity-seeking personality, perceived value and purchase intention, this research proposes the mediating role of perceived value through which conspicuous consumption impact consumers’ new product adoption intention. In the meantime, this research explores the moderating role of creativity-seeking personality on the effect of conspicuous consumption on perceived value of new products. Accordingly, our research model is given as demonstrated in Figure 1. We expect the positive relationship between conspicuous consumption and new product adoption intention. Moreover, we predict perceived value mediates the impact of conspicuous consumption on new product adoption intention whereas creativity-seeking personality plays a moderating role. This research has several academic contributions and managerial implications. First, this research distinguished three types of conspicuous consumption from modern perspective including ostentation of a high social status, demonstration of uniqueness, and demonstration of conformity. By testing the impact of three types of conspicuous consumption on new product adoption intention, this study extends existing literature by identifying drivers of new product adoption. Second, it shed light on a mediating mechanism of perceived value through which conspicuous consumption conveys its effect on new product adoption. Third, it identified the moderating role of novelty-seeking personality and meaningfulness-seeking personality on the effect of conspicuous consumption on perceived value. Though we are proposing the theoretical model in Figure 1 based on prior literature in this paper, we expect to empirically validate the relationships in the model by collecting data through multiple experiments using Mechanical Turk. Before the data collection, we will go through the IRB approval for the subject pool and research design. As for managers, they can flexibly apply the consumers’ tendency of conspicuous consumption and creativity-seeking personality as market segmentation tool and implement the appropriate marketing strategy to improve new product adoption behavior for better new product performance. First, managers should be aware that conspicuous consumers are not a homogeneous group. They need to understand the heterogeneous drivers of consumers’ motives regarding conspicuous consumption and formulate appropriate marketing strategy to segment them. Second, this research provides some guidelines in new product promotion. For example, advertisement of the new products can highlight the different kinds of value when targeting consumers with different types of conspicuous consumption tendency. Third, as for sales people, they can provide novel product information to consumers who have tendency to demonstrate uniqueness and provide meaningful product information to consumers who have tendency to demonstrate conformity to increase purchase intention of consumers.

국제회계기준(IFRS)도입이 채권시장과 주식시장에 미친 영향에 관한 실증적 연구

김태정(Kim, Tae-Jung),임병진(Yim, Byung-Jin) 글로벌경영학회 2015 글로벌경영학회지 Vol.12 No.4

이 연구는 IFRS 도입 전후 VAR모형과 VAR모형을 이용한 예측오차의 분산분해기법과 충격함 수분석 및 Granger인과관계(Granger causality)검정을 통하여 인과관계와 상호영향력을 분석한 실증연구이다. 이 연구에서 사용한 자료는 IFRS 도입 전인 2010년 8월 2일 부터 2010년 12월 30일 까지 105개의 주식시장지수인 KOSPI 지수와 채권시장지수인 3년 회사채 이자율 자료와 IFRS 도입 후인 2011년 1월 3일 부터 2011년 6월 8일 까지 105개의 주식시장지수인 KOSPI 지수와 채권 시장지수인 3년 회사채 이자율 자료이다. 본 연구의 중요한 결과들을 요약하면 다음과 같다. 국제회계기준(IFRS)의 도입을 전후로 KOSPI 지수와 3년 회사채 이자율의 상관관계의 변화가 -0.720390의 강한 음(-)관계에서 -0.220050의 약한 음(-)관계로 변화된 것을 보여 주고 있다. 국제 회계기준(IFRS)의 도입을 전후 105영업일간 KOSPI 지수와 3년회사채 이자율 자료의 원시계열자 료에 대한 안정성검정 결과 불안정적인 것으로 나타났으나 KOSPI 지수와 3년회사채 이자율 자료의 자연로그 제1차 차분시계열자료에 안정성검정 결과는 모두 안정적임을 알 수 있었다. 국제회계 기준(IFRS)의 도입을 전후 자연로고 차분 후에는 KOSPI 지수와 3년회사채 이자율 간에는 공적분 관계가 존재하고, 국제회계기준(IFRS)의 도입 후에 3년 회사채이자율은 KOSPI 지수에 영향을 미치는 원인변수로 나타났다. 국제회계기준(IFRS)의 도입전후 105영업일간 동안 KOSPI 지수와 3년 회사채 이자율 간 상호영향력에 있어서 국제회계기준의 도입 이후에 KOSPI 지수와 3년회사채 이자율의 상호영향력이 확대되고 있음을 알 수 있었다. We examine on the influence of IFRS adoption on return of the stock market and the bond market for 105 daily data from August 2, 2010 to December 30, 2010 before IFRS adoption and 105 daily data from January 1, 2010 to June 8, 2011 after IFRS adoption. The analysis employs the vector-autoregression, impulse response function and variance decomposition using daily returns on the stock market index and the bond market index. This research shows following main results. First, from basic statistic analysis, both the stock market index and the bond market index have unit roots. Second, there is at least one cointegration between them. In addition, we find that the bond market index Granger Cause the stock market index after IFRS adoption.

THE INFLUENCE OF SOCIO-DEMOGRAPHICS AND TECNOLOGY READINESS ON MOBILE DEVICE USE IN B2B DIGITAL SERVICES

Heli Hallikainen,Ari Alamaki,Tommi Laukkanen 글로벌지식마케팅경영학회 2016 Global Marketing Conference Vol.2016 No.7

This research was conducted in order to examine the effects of user socio-demographics and recently introduced streamlined technology readiness index TRI 2.0 (Parasuraman & Colby, 2015) on mobile device use in B2B digital services. Mobile adoption has been studied from a consumer perspective, but to the best of the authors’ knowledge, very few studies explore mobile use in B2B markets. Mobile marketing is becoming a strategic effort in companies, as digital services not only in B2C but also in B2B sector are getting increasingly mobile (Leeflang, Verhoef, Dahlstr?m & Freundt 2014). This raises an interest to better understand the characteristics of those mobile enthusiasts who primarily use B2B services via a mobile device rather than via a personal computer. The study tests hypotheses with a large data set of 2,306 business customers of which around 10 percent represent these innovative mobile enthusiasts. Technology readiness is an individual’s propensity to embrace and use new technologies for accomplishing goals in home life and at work (Parasuraman & Colby, 2015; Parasuraman, 2000). Parasuraman and Colby (2015) recently introduced an updated version of the original Technology Readiness Index (TRI 1.0) scale called TRI 2.0 to better match with the recent changes in the technology environment. At the same time they streamlined the scale to a compact 16-item version so that it is easier for researchers to adopt it as a part of research questionnaires. Likewise the original scale, TRI 2.0 consists of four dimensions: optimism, innovativeness, discomfort, and insecurity. Optimism and innovativeness are motivators of technology adoption while discomfort and insecurity are inhibitors of technology readiness, and these motivator and inhibitor feelings can exist simultaneously (Parasuraman & Colby, 2015). Optimism is a general positive view of technology containing a belief that technology offers individuals with increased control, flexibility and efficiency in their lives. Innovativeness refers to a tendency to be a pioneer and thought leader in adopting new technologies. Discomfort reflects a perception of being overwhelmed by technology and lacking control over it. Moreover, insecurity reflects distrust and general skepticism towards technology, and includes concerns about the potential harmful consequences of it. As individuals differ in their propensity to adopt new technologies (Rogers, 1995), the authors propose that technology readiness influences mobile device use of B2B customers: H1: Optimism has a positive effect on mobile device use of B2B digital services. H2: Innovativeness has a positive effect on mobile device use of B2B digital services. H3: Insecurity has a negative effect on mobile device use of B2B digital services. H4: Discomfort has a negative effect on mobile device use of B2B digital services. The earlier literature argues that socio-demographic factors such as gender (Venkatesh & Morris, 2000; Chong, Chan & Ooi, 2012), age (Venkatesh, Thong & Xu, 2012; Chong et al., 2012; Kongaut & Bohlin 2016), education (Agarwal & Prasad, 1999; Chong et al., 2012; Puspitasari & Ishii 2016) and occupation (Okazaki, 2006) influence technology adoption behavior in general, and mobile adoption in particular. For example, men are nearly twice as likely as women to adopt mobile banking, and age is a negative determinant (Laukkanen, 2016). Higher educated use mobile devices more for utilitarian purposes, while lower educated use mobile devices more for entertainment (Chong et al., 2012). Moreover, research suggests that occupational factors influence mobile use (Okazaki, 2006). The authors hypothesize: H5: Males are more likely than females to use mobile device for B2B digital services. H6: Age has a negative effect on the use mobile device for B2B digital services. H7: Customers with higher education level have a higher likelihood for using mobile device for B2B digital services than customers with lower education level. H8: Occupation has an effect on the use mobile device for B2B digital services. The study tests hypotheses with a data collected among B2B customers of four large Finnish companies, all representing different industry fields. The large sample (n=2306) consists of procurement decision-makers all experienced with using B2B digital services. The sample shows that over 90 percent of the B2B customers are still using a computer (laptop or desktop computer) as their primary access device for digital services in their work. The sample divides between females and males in proportion to 46 and 54 percent respectively. University degree represents a majority with 42 percent, while only 2,7 percent of the respondents have a comprehensive or elementary school education. Over half of the sample represent top management or middle management with 24,6 and 28,4 percent respectively, while 9 percent are entrepreneurs, 21,2 percent represent experts, and 16,7 percent are officials or employess. Mean age of the respondents is 51,6 years, ranging from 18 to 81 years. The study uses logistic regression analysis with backward stepwise method in which the dependent variable is a dichotomous binary variable indicating the respondent’s primary access device for B2B digital services with 0=computer and 1=mobile device. As for the independent variables, the study measures individual’s technology propensity with recently introduced 16-item TRI 2.0 scale from Parasuraman and Colby (2015) using a five-point Likert scale ranging from Strongly disagree=1 to Strongly agree=5. The authors used confirmatory factor analysis to verify the theory-driven factor structure of the TRI 2.0 scale, i.e. optimism, innovativeness, discomfort, and insecurity. The analysis show that the measurement model for the TRI 2.0 scale provides an adequate fit and standardized regression estimates for all measure items exceed 0.60 (p<0.001) except for one item in discomfort (β=0.516) and one item in insecurity (β=0.480). After removing these two items the model shows an excellent fit with χ2=478.033 (df=71; p<0.001), CFI=0.965, RMSEA=0.050. Moreover, discriminant validity is supported, as the square root of the average variance extracted (AVE) value of each construct is greater than the correlations between the constructs (Fornell & Larcker, 1981). In addition, composite reliability values vary from 0.726 to 0.852 supporting convergent validity of the TRI 2.0 factors (Table 1). Thereafter, the factor scores of the latent factors showing sufficient internal consistency were imputed to create composite measures. These composite measures were used as independent variables in the logistic regression model. With regards to socio-demographic variables, age is measured as a continuous variable, while gender, education, and occupation are categorical independent variables in the model. The results of the logistic regression analysis show that innovativeness, insecurity, age, and occupation are statistically significant predictors of mobile device use in B2B services, supporting hypotheses H2, H3, H6, H8. The stepwise analysis procedure removed optimism (p=0.860), education (p=0.789), gender (p=0.339), and discomfort (p=0.159) from the model as they proved to be non-significant predictors of mobile device use. The results indicate that occupation is the strongest predictor for mobile device use in B2B digital services so that the top management has the greatest likelihood as the odds ratios of middle management, experts, and officials/employees are 0.610, 0.282, and 0.178 respectively. This means that, for example, the odds of the top management using mobile device as their primary channel for B2B digital services are 1.64 (1/0.610) times greater than the odds of the middle management, and 5.62 (1/0.178) times greater than the odds of the officials/employees. Interestingly the β-value for the entrepreneurs is positive indicating that their likelihood for mobile device use is even greater than the likelihood of the top management. However, the p-value (0.913) indicates that the difference is not statistically significant. With regards to age of the B2B customer, the results indicate a negative relationship with mobile device use. The odds ratio [Exp(β)=0.979] claims that the odds of a B2B customer to use mobile device as the primary channel for digital services decrease by 2 percent for each additional year of age. Regarding the TRI 2.0 constructs, the results show that innovativeness is a highly significant positive predictor for mobile device use, while perceived insecurity has a negative effect (Table 2). Literature suggests that B2B customers increasingly use mobile devices but yet little is known about those individuals most enthusiastic in using B2B digital services via a mobile device. Thus, the current study attempts to better understand those mobile enthusiasts who among the first have adopted mobile devices as their primary method to access B2B digital services. The results suggest that occupation is the most significant predictor of mobile use among B2B customers, implying that top managers are among the most likely to adopt and use mobile device for business services. Moreover, younger B2B customers use mobile devices more eagerly as the results suggest the likelihood for mobile device use degreases by 2 percent with every added year of age. The results further imply that out of the four TRI 2.0 dimensions innovativeness and insecurity influence in the mobile device use of B2B customers, innovativeness positively and insecurity negatively as the theory proposes. Innovativeness represents individual’s tendency to be a pioneer and thought leader in terms of technology adoption, while insecurity stems from the general skepticism and distrust of technology. These results imply that B2B customers who mainly access B2B digital services via a mobile device are open minded towards the possibilities new technologies can provide for them. Moreover, it appears that those B2B customers still accessing digital services primarily via a computer are more skeptical than mobile users towards technology in general. Compared to the use of mobile devices for individual purposes, business related use is more functional in nature, and thus, mobile devices and technologies must be convenient to use, offer real benefits for example in forms of mobility and portability, and be reliable in order for B2B customers to use them. Interestingly, our results do not support the effects of generally positive attitudes towards technology reflecting optimism, or discomfort of using technologies to influence mobile use among B2B customers. In addition, there are organizational factors (e.g. voluntariness of use) that the authors omit in the current study. These may limit the findings. Mobility will be a key driver in the ongoing digital revolution of marketing and sales. Understanding online behavior of mobile enthusiasts assists B2B marketing and sales leaders to plan and implement more effective mobile marketing strategies. Rogers (1995) has shown that the majority will follow the early adopters, and the adaptation cycle has even shortened during the last years (Downes & Nunes, 2014). Thus, mobile devices are evidently becoming the primary method in accessing B2B digital services.

국제회계기준 도입에 대한 주가반응

전영순,정도진 韓國公認會計士會 2009 회계·세무와 감사 연구 Vol.49 No.-

본 연구는 유가증권거래소 상장기업을 대상으로 국제회계기준의 도입과정에서 중요한 이정표가 되는 8사건이 일어난 시점의 주가반응을 연구함으로써, 국제회계기준의 도입에 대한 국내 자본시장의 평가를 검증한다. 또한, 국제회계기준 도입에 대한 자본시장의 반응이 기업특성이나 국제회계기준의 구체적인 내용을 반영하는지를 연구한다. 본 연구의 실증분석결과는 다음과 같다. 첫째, 국제회계기준의 도입가능성이 증가하는 사건에 대하여 국내 자본시장의 투자자들은 긍정적인 반응을 보이며, 그 도입이 지연되는 사건에 대하여 부정적인 반응을 보인다. 즉, 국내 자본시장에서는 국제회계기준의 도입을 기업가치에 긍정적인 사건으로 받아들임을 알 수 있다. 이는 국내 자본시장의 투자자들은 국제회계기준 도입에 따른 경제적 효익이 비용보다 클 것으로 기대하고 있음을 보여주는 결과이다. 둘째, 국제회계기준의 도입에 대한 자본시장의 평가는 개별 기업이 제공하는 회계정보의 질적 수준과 정보비대칭에 따라 차별화된다. 구체적으로, 회계정보의 질적 수준이 높거나 정보비대칭이 작은 기업은 국제회계기준의 의무적용 이후에도 유사한 회계정보를 제공하지만 재무보고시스템 변경 등의 비용을 추가로 부담하여야 하기 때문에 이러한 기업이 국제회계기준을 의무적용할 경우 자본시장에서는 이를 부정적으로 평가하는 것으로 나타난다. 반면에 회계정보의 질적 수준이 낮거나 정보비대칭이 큰 기업에 대하여 국제회계기준의 의무적용은 자본시장에서 기업가치에 긍정적인 사건으로 평가된다. 셋째, 국내 자본시장의 투자자들은 국제회계기준의 도입에 대하여 국제회계기준의 구체적인 내용에 따라 차별화된 반응을 보인다. 공정가치 평가대상인 파생상품자산과 유형자산 및 영업권의 비중이 높은 기업에 대하여 자본시장은 부정적으로 반응한다. 이는 공정가치 평가를 위한 인프라가 갖추어지지 않은 상황에서 공정가치중심의 국제회계기준 도입은 오히려 회계정보의 신뢰성을 훼손할 수 있다는 자본시장의 우려를 반영한 결과라고 할 수 있다. 지금까지 국제회계기준 관련 국내연구는 그 도입방안과 회계기준 간 차이분석에 중점을 두었다. 그러나 본 연구는 연구관점을 국제회계기준의 도입 이후로 전환하고, 국내에서 처음으로 국제회계기준 도입의 경제적 결과를 실증적으로 분석하였다. 다만, 국내에서 아직 국제회계기준이 시행되고 있지 않기 때문에 그 경제적 결과를 자본시장의 주가반응을 통하여 사전적(ex-ante)으로 검증하였다. 이후 국제회계기준의 적용 기업에 대한 실증자료가 축적된다면, 국제회계기준 도입의 경제적 결과를 사후적(ex-post)으로 측정하는 연구가 기대된다. International Financial Reporting Standards (hereafter “IFRS”) are expected to provide high-quality accounting information and more disclosures relative to local accounting standards, which in turn reduce information asymmetry among investors. As information asymmetry among investors decreases, the cost of capital for IFRS adopters is likely to decrease (Healy et al. 1999; Leuz and Verrecchia 2000; Gassen and Sellhorn 2006; Christensen et al. 2007; Covrig et al. 2007; Lambert et al. 2007). Consistent with this conjecture, prior research finds that firm value is positively related to the adoption of IFRS (Leuz and Verrecchia 2000; Leuz 2003; Hope et al. 2005; Karamanou and Nishiotis 2005). The Korean government announced a road map for the full adoption of the IFRS on 15 March 2007. According to the road map, Korean firms will prepare financial statements in conformity with IFRS for fiscal years beginning on or after 1 January 2011. If IFRS has positive effects on firm value, investors are likely to respond positively to announcements of the adoption of IFRS. The positive effects will be pronounced for firms with lower quality information environments and higher information asymmetry. Thus, this study investigates the effects of the IFRS adoption on stock prices. Specifically, this study examines stock market reactions to eight events associated with the adoption of IFRS in Korea. Eight events are consisted of six good news for IFRS adoption (i.e., events that increase the likelihood of IFRS adoption) and two bad news for IFRS adoption (i.e., events that indicate the possibility of the delay of IFRS adoption). The samples are composed of 692 firm-years listed on KOSPI from April 20, 2005 to March 15, 2007. The empirical results are as follows. First, investors react positively to good news for IFRS adoption and negatively to bad news for IFRS adoption. These results are consistent with investors expecting that economic benefits from the adoption of IFRS in Korea exceed the costs. Second, investor reactions to good news for IFRS adoption are generally negative(positive) for firms with higher(lower) quality pre-adoption information environments and lower(higher) pre-adoption information asymmetry. On the other hand, investor reactions to bad news for IFRS adoption are likely to positive(negative) for firms with higher(lower) quality pre-adoption information environments and lower(higher) pre-adoption information asymmetry. The results suggest that benefits from IFRS adoption are pronounced when firms have poor information environments and high information asymmetry before the adoption of IFRS. Third, investor reactions to good news for IFRS adoption are negative for firms with higher derivative assets, fixed assets, and goodwill. Fair value measurement provides more relevant information, but it can also harm reliability of the information if it is not properly measured. In the absence of the infrastructure to determine fair value such as well-specified valuation models and specialists, fair value measurement can reduce usefulness of accounting information. The results are consistent with such a concern. Prior studies on IFRS have focused on the differences in accounting standards between IFRS and Korean GAAP and how to adopt IFRS. The primary contribution of this study on the IFRS literature is to provide first empirical evidence of Korean capital market's responses to IFRS adoption news. We expect future studies examining the changes in firm value after IFRS adoption.

국제회계기준(IFR S)도입이 자본시장에 미친 영향에 관한 실증적 연구

임병진(Yim Byung Jin) 한국경영교육학회 2014 한국경영교육학회 학술발표대회논문집 Vol.2014 No.6

이 연구는 IFRS 도입 전인 2007년 10월 13일 부터 2010년 12월 31일 까지 169개의 주식시장지수인 KOSPI지수와 채권시장지수인 3년 회사채 이자율의 주간 자료와 IFRS 도입 후인 2011년 1월 8일 부터 2014년 3월 25일 까지 169개의 주식시장지수인 KOSPI지수와 채권시장지수인 3년 회사채 이자율의 주간 자료를 사용하여 IFRS 도입 전후 VAR모형과 VAR모형을 이용한 예측오차의 분산분해기법과 충격함수분석 및 Granger인과관계(Granger causality)검정을 통하여 인과관계와 상호영향력을 분석한 실증연구이다. 본 연구의 중요한 결과들을 요약하면 다음과 같다. 국제회계기준(IFRS)의 도입을 전후로 KOSPI지수와 3년 회사채 이자율의 상관관계의 변화가 -0.606003의 강한 음의(-)관계에서 0.216694의 양의 (+)관계로 변화된 것으로 나타났다. 국제회계기준(IFRS)의 도입을 전후 169 주간 KOSPI지수와 3년회사채 이자율 자료의 원시계열자료에 대한 안정성검정 결과 불안정적인 것으로 나타났으나 KOSPI지수와 3년회사채 이자율 자료의 자연로그 제1차 차분시계열자료에 안정성검정결과는 모두 안정적임을 알 수 있었다. 국제회계기준(IFRS)의 도입을 전후 자연로고 차분 후에는 KOSPI지수와 3년회사채 이자율 간에는 공적분관계가 존재하고, 국제회계기준(IFRS)의 도입 후에 3년 회사채이자율은 KOSPI 지수에 영향을 미치는 원인변수로 나타났다. 국제회계기준(IFRS)의 도입전후 169주간 동안 KOSPI지수와 3년회사채 이자율 간 상호영향력에 있어서 국제회계기준의 도입 이후에 KOSPI지수와 3년회사채 이자율의 상호영향력이 축소되고 주식시장의 영향력이 커졌음을 알 수 있었다. We examine on the influence of IFRS adoption on return of the stock market and the bond market for 169 weekly data from October 13, 2007 to December 31, 2010 before IFRS adoption and 169 weekly data from January 1, 2010 to March 3, 2014 after IFRS adoption. The analysis employs the vector-autoregression, impulse response function and variance decomposition using daily returns on the stock market index and bond market index.This research showed following main results. First, from basic statistic analysis, both the stock market index and bond market index have unit roots. Second, there is at least one cointegration between them. In addition, we find that bond market index Granger Cause stock market index after IFRS adoption.

A Study on the Factors Influencing SMEs internet marketing Adoption

원동준,조형래 한국디지털콘텐츠학회 2014 한국디지털콘텐츠학회논문지 Vol.15 No.6

This study examines the key factors which influence the strategic consideration and intention of adoption of internet marketing of small-and-medium sized companies, based on theoretical consideration of innovation diffusion theory and previous studies related. The result of analysis shows that the degree of market competitiveness, customer dependency, the level of internet marketing knowledge and experience have significant effects on both of strategic consideration and adoption intention for internet marketing. Also, learning commitment has negative influence on strategic consideration only, while environmental dynamism does on adoption intention. Comprehensively, the findings implies that firms consider selection of internet marketing to reduce the severity of competitiveness and that firms which has more knowledge or experience aboutinternet marketing seems to consider selection of internet marketing through the perception of the effects of internet marketing or possible access to internet marketing. Based on the findings that the level of internet marketing knowledge and experience have much significant effects on both of strategic consideration.

A Study on the Factors Influencing SMEs` internet marketing Adoption

Dongjun Won(원동준),Hyungrae Jo(조형래) 한국디지털콘텐츠학회 2014 한국디지털콘텐츠학회논문지 Vol.15 No.6

This study examines the key factors which influence the strategic consideration and intention of adoption of internet marketing of small-and-medium sized companies, based on theoretical consideration of innovation diffusion theory and previous studies related. The result of analysis shows that the degree of market competitiveness, customer dependency, the level of internet marketing knowledge and experience have significant effects on both of strategic consideration and adoption intention for internet marketing. Also, learning commitment has negative influence on strategic consideration only, while environmental dynamism does on adoption intention. Comprehensively, the findings implies that firms consider selection of internet marketing to reduce the severity of competitiveness and that firms which has more knowledge or experience about internet marketing seems to consider selection of internet marketing through the perception of the effects of internet marketing or possible access to internet marketing. Based on the findings that the level of internet marketing knowledge and experience have much significant effects on both of strategic consideration.

국제회계기준 도입 이후 시장기대치 달성을 위한 경영자의 행태 변화

백혜원 ( Hye Won Paik ),김지홍 ( Jee Hong Kim ) 한국회계학회 2011 會計學硏究 Vol.36 No.3

본 연구의 목적은 국제회계기준 도입 이후 시장기대치 달성을 위한 경영자의 행태 변화와 이에 따른 투자자들의 반응을 살펴 보는 것이다. 이익공시일 시점 발표한 이익이 시장기대치를 도달하지 못하는 기업의 경우 주식 가격은 하락한다. 이러한 주가의 하락은 경영자들의 성과 평가뿐만 아니라 기업 평가에 부정적인 이미지를 심어준다. 따라서 경영자들은 시장기대치를 달성하기 위해 이익을 상향 조정하거나 재무분석가들의 이익예측치를 하향 조정하는 방법을 사용하고 있다. 선행연구들은 회계 투명성 제고를 위하여 도입된 국제회계기준은 경영자의 이익조정 동기를 감소시키고 있음을 밝혔다. 그러나 원칙중심의 국제회계기준은 구체적인 회계처리 방법 제시보다는 경영자가 경제적 실질에 기초하여 회계 처리하도록 하기때문에 이익조정을 증가시킬 가능성이 동시에 존재한다. 따라서 본 연구는 국제회계기준 도입 이후 경영자들의 이익조정이 감소하는지를 살펴보고, 이익조정 의심 기업을 대상으로 이익조정과 예측치조정 방법에 변화가 있는지를 살펴보고자한다. 본 연구의 실증 분석은 국제회계기준을 의무 도입한 20개 국가 중 S&P Global Index에 포함된 기업들을 대상으로 하였고, 1996부터 2007년까지 12년의 기간에 걸쳐 총 7,920개국가-기업-연도 표본을 사용하였다. 실증 분석 결과 첫째 국제회계기준 도입 이후 경영자들의 재량적발생액을 사용한 이익조정은 감소하였다. 그러나 재무분석가의 이익예측치를 하향 조정하는 예측치 조정은 증가하는 것으로 나타났다. 이러한 현상은 투자자 보호법이 강한 국가일수록 뚜렷이 나타났다. 둘째, 국제회계기준 도입 이후 시장기대치를 초과하여 달성한 기업들에 대한 주가 보상은 감소하는 것을 발견하였다. 국제회계기준 도입 이후 이익조정 감소가 회계이익의 질의 향상을 의미한다면 주가 보상이 증가함을 예상할 수 있다. 따라서 국제회계기준 도입 이후 회계이익의 질이향상했는지를 추가 분석한 결과 국제회계기준 도입 이후 시장기대치 달성이 미래 성과를 예측할 수 있는 지표가 됨을 확인하였다. 즉 회계이익의 질의 향상에도 불구하고 주가 보상이 감소하는 것은 투자자들이 시장기대치를 달성한 기업들에 대한 경영자의 이익예측치 조정 행태를 부정적으로 받아들이고 있는 것으로 해석할 수 있다. 최근의 연구들은 투자자 보호법이 강한 국가의 경우 부정적 이익충격을 회피하기 위해 재량적발생액 이익조정 보다 오히려 재무분석가의 이익예측치를 하향 조정하는 방법을 사용하고 있음을 보여주고 있다. 본 연구는 국제회계기준 도입이라는 회계정보의 환경 변화로 인해 자본시장의 관심이 발생액 이익조정에 집중되기 때문에, 투자자 보호법이 강한 국가일수록 비교적규제가 강하지 않은 비공식적 공시를 통해 재무분석가들의 이익예측치를 하향 조정하는 방법을 더욱 선호한다는 사실을 확인하였다. 본 연구는 2011년 국제회계기준을 도입한 우리나라 뿐만 아니라 향후 국제회계기준 도입을 앞두고 있는 국가들에게 국제회계기준 도입 이후 경영자들의 행태 변화와 이에 따른 주가 반응 변화를 예측하는 데 기여한다는 점에 의의가 있다. This study examines, after mandatory International Financial Reporting Standards (IFRS), whether managers change their behavior to meet or beat market expectation and whether investors change their response to meet or beat analyst expectation. Recent accounting studies report that managers tend to manage earnings upward and/or guide analyst expectations downward to avoid negative earnings surprises at the earnings announcement. Since the stock market reaction to negative earnings surprises tends to be asymmetric and larger than the reaction to positive earnings surprises, missing analyst expectation drives a high cost to managers. A sudden price drop can increase shareholders` litigations and decrease the value of managers` compensation. Over 100 countries have recently adopted the IFRS which the International Accounting Standards Board (IASB) introduces as a goal of developing an internationally acceptable set of high quality financial reporting standards. Many researches show that application of IFRS is associated with higher accounting quality than application of domestic standards. However, others claim IFRS may not lead to higher quality financial reporting since the inherent flexibility in principle-based standards can increase managers` opportunistic behavior for their own interests. Using the data after mandatory IFRS reporting in 20 countries around the world between 1996 and 2007, this study investigates ⑴ whether managers change their behavior to use earnings management and/or expectations management; and ⑵ whether stock market changes the rewards on meeting or beating analyst expectations. Our observations are selected from companies listed on the S&P Global 1200 index as of December 31, 2007. A total of 7,920 country-firm-year observations are used for our analysis. First, we find that the reliance on income-increasing discretionary accruals declines and managers appear to emphasize expectations management more in post-IFRS period. Moreover, managers are more likely to use downward forecast guidance after mandatory IFRS adoption, in particular, in the countries with strong-investorprotection law. Given the relative difficulty to manage earnings in post-IFRS period, these findings suggest that managers choose to use downward expectations management in the environments where the regulation of forecast guidance is less strict than that of earnings management. Second, we reveal that the market premium to meet or beat analyst expectations disappears in post-IFRS period, suggesting the stock market becomes increasingly suspicious of the firms just meet or narrowly beat analyst forecasts. The evidence from further analysis suggests that, in post-IFRS, meeting or beating expectations become a stronger signal of future performance, which is consistent with the observed decrease in the use of earnings management. Thus, it is possible the decline in market premium associated with meeting or beating expectations is the result of increased investor skepticism. Our paper contributes to an emerging literature on financial reporting practices in post-IFRS period, the majority of which concentrate on the effect of IFRS on earnings quality. The findings imply that managers` behavior to increase downward forecast guidance, rather than to use earnings management to beat market expectation, may not be good news to investors regardless of the improvement of earnings quality after mandatory IFRS adoption.