김수근에 대한 승효상 건축의 수정주의 행보 - 해럴드 블룸의 수정주의 변증법을 중심으로 -

강윤식,강훈,Kang, Yun-Sik,Kang, Hoon 한국건축역사학회 2014 건축역사연구 Vol.23 No.1

Architecture is a product of numerous influences, as shown in the apprenticeships of Kim, Jung-Up and Kim, Swoo-Geun with Le Corbusier's influences. Therefore, its identity is need to be re-defined based on such complex relationships. The rhetorical images of 'the Map of Misreading', as the core of the poetic identification proposed by Harold Bloom's 'the Theory of Influence', provide an efficient way of explaining the relations between architectural apprenticeships and identities. This research is to re-build a new methodology of architectural criticism based on it. The diachronic transformations of the architecture of Seung, Hyo-Sang also had very characteristic 'revisionary ratios' about his precursor Kim, Swoo-Geun. As an antithetic stance of his precursor's final phase, his early days works pursued continuously geometric abstraction and objective images of the architecture of Adolf Loos. However, his recent works are showing the obvious symptoms of regression to his origins. Finally, the architectural identity should be re-conceptualized as a complexity, based on inter-textuality from complex influences. This new architectural identity can be reflected into the modern obsessive identity.

CEO 보상과 기업의 사회적 책임

강윤식 ( Yun-sik Kang ),이재현 ( Jaehyun Lee ),백강 ( Kang Baek ) 한국재무관리학회 2018 財務管理硏究 Vol.35 No.3

본 연구는 최고경영자(CEO)의 보상과 기업의 사회적 책임(CSR) 활동 간의 관계를 실증적으로 분석한다. 본 연구의 실증분석 결과는 다음과 같다. 첫째 CSR과 CEO 보상 간의 관계는 통계적으로 유의한 양의 상관관계를 보여 CSR 활동 수준이 높을수록 CEO 보상 수준이 높은 것으로 나타났다. 둘째 근로자, 협력사 및 경쟁사, 소비자, 지역사회와 같이 사회책임경영 부문을 보다 세분화하여 분석한 결과 CSR과 CEO 보상 간의 통계적으로 유의한 양의 상관관계는 근로자 영역에서만 나타났다. 셋째 이사회 효율성의 수준이 높은 표본 기업의 경우 CSR과 CEO 보상 간의 관계가 통계적으로 유의한 양의 상관관계를 보인 반면, 이사회 효율성의 수준이 낮은 표본 기업의 경우 CSR 활동 수준은 CEO보상과 관련이 없는 것으로 나타났다. 넷째 CEO가 최대주주 일가가 아닌 전문경영인 표본 기업군의 경우 CSR 활동 수준이 높을수록 CEO 보상 수준이 높은 것으로 나타났지만, CEO가 최대주주 일가인표본 기업의 경우 CSR 활동 수준은 CEO 보상과 관련이 없는 것으로 나타났다. 다섯째 이사회 효율성 수준의 고저와 CEO의 최대주주 일가 여부를 동시에 고려하여 분석한 결과에서는 이사회 효율성의 수준이 높고 CEO가 전문경영인인 경우에서만 CSR 활동 수준이 높을수록 CEO 보상이 높은 것으로 나타났다. This study empirically analyzes the relationship between CEO compensation and corporate social responsibility (CSR) activities. The empirical results of this study are as follows. First, the relationship between CSR and CEO compensation shows a statistically significant positive correlation, indicating that the higher the CSR activity level, the higher the CEO compensation level. Second, as a result of more sophisticated analyzes of CSR, such as workers, cooperative companies and competitors, consumers, and local communities, a statistically significant positive correlation between CSR and CEO compensation appeared only in the workers’ area. Third, in the case of sample firms with high level of board efficiency, the relationship between CSR and CEO compensation shows a statistically significant positive correlation. On the other hand, in the case of sample firms with low level of board efficiency, CSR activity level is not related to CEO compensation. Fourth, in the case of a sample firms with a CEO as professional manager, the relationship between CSR and CEO compensation shows a statistically significant positive correlation, while in the case of a sample firms with a CEO as the largest shareholders or their families, the level of CSR activity is not related to CEO compensation. Fifth, according to the result of a simultaneous analysis of the board efficiency level and whether the CEO is the largest shareholders or their families, only when the efficiency of the board is high and the CEO is a professional manager, the higher the level of CSR activity, the higher the CEO compensation.

기업의 지배구조, 사회적 책임 활동과 기업가치에 관한 연구

강윤식(Yun-Sik Kang),위경우(Kyeong-Woo Wee) 한국무역연구원 2017 무역연구 Vol.13 No.5

This study empirically examines which of the following two competing points of view, the agency problem viewpoint or the value enhancement viewpoint, is supported by corporate social responsibility (CSR) activities in Korea. Using fixed effects model, this study also investigates to see if the economic effects of the CSR activities are manifested differently depending on the corporate governance structures of the firms by using the anti-takeover provisions (ATPs) of the listed companies as proxy variables of corporate governance. Results reveal that CSR activities have a positive economic effect on firm value, thereby supporting the value enhancement viewpoint. Moreover, the positive effect of CSR on firm value is statistically significant when the firms do not have ATPs, but becomes insignificant when firms have ATPs. This implies that the value enhancement point of view is supported in companies with good corporate governance while the agency problem point of view is supported in companies with poor governance. Our results are robust even when the instrument variable is introduced to control the endogeneity problems.

국민연금 주주권 행사의 독립성 및 전문성 확보 방안

강윤식(Yun Sik Kang),위경우(Kyeong Woo Wee) 한국증권학회 2015 한국증권학회지 Vol.44 No.1

본 연구는 투자기업의 지배구조를 개선하여 기업의 건전성과 투명성, 더 나아가 기업의 가치를 제고할 수 있는 국민연금의 주주권 행사에 관한 실천적 방안을 모색한다. 구체적으로 의결권 행사 과정의 투명성 확보를 통한 신뢰구축 및 여론형성 역할 제고(주주질문권의 적극적인 행사), 일임투자 시 의결권 행사 권한의 위임, 독립적 전문기관의 의안분석 보고서 활용 방안, 그리고 독립적인 인력풀을 활용한 이사후보 추천 등의 개선방안을 제시한 후 이를 심층적으로 살펴본다. 본 연구에서 제시된 방안들이 실행될 경우 국민연금이 의결권을 포함한 주주권을 행사하는 과정에서 제기되고 있는 연금사회주의 우려, 과도한 경영권 개입 및 독립성 결여와 관련된 논란을 다소불식시킬 수 있을 것이며, 이를 통해 기금의 수익률 개선에도 기여할 것으로 기대된다. This paper tries to seek the action plans that help the Korean National Pension Service to efficiently exercise its shareholder’s right to enhance the transparency in its decision making and the value of the investing companies. Specifically we suggest and discuss the following four action plans: (i) trust building and formation of favorable public opinion by improving the procedural transparency in the exertion of its voting right (especially by exercising the inquiry right on the important agenda of the general shareholder meeting), (ii) delegation of its voting rights to the asset management companies in case of discretionary investments, (iii) use of proxy reports prepared by independent professional agencies, and (iv) use of independent candidate pool in recommending the outside directors to the investing firms. We expect that these action plans will make the National Pension Service be less concerned about the issues relating to the pension fund socialism, excessive intervention on the investing companies, and lack of its organizational independence, which in turn will improve its financial performance.

ESG 채권 현황 및 활성화 방안에 관한 연구

강윤식(Yun-Sik Kang),정재만(Jay M. Chung) 강원대학교 경영경제연구소 2020 Asia-Pacific Journal of Business Vol.11 No.1

Recently, ESG bond issuance has been gradually spreading to banks and non-financial private companies in Korea. However, the Korean ESG bond market is still in its infancy in terms of size, diversity and investor base compared to the global ESG bond market. In other words, ESG bonds are rapidly forming in the global market, but are still in the formation stage in the domestic market, and various policy and practical measures such as system, incentives, and infrastructure are needed to activate them. In this paper, we examine the domestic and international status of ESG bonds in relation to responsible investment. In addition, this paper explores specific measures to revitalize the domestic ESG bond market in four aspects: establishing ESG bond standards, procedures and regulations, increasing ESG bond investment demand, increasing ESG bond issuance, building market infrastructure and market efforts. This study is expected to contribute to the development of the domestic ESG bond market and responsible investment.

삼척 죽서루, 명확한 불확정의 건축교본

강윤식(Kang, Yun-Sik) 한국교육시설학회 2019 敎育施設 Vol.26 No.2

기업의 사회적 책임 활동과 자본비용 간의 관계에 관한 연구

강윤식(Yun-Sik Kang),김문섭(Moon-Seop Kim) 한국무역연구원 2016 무역연구 Vol.12 No.5

We concentrate on the relationship between corporate social responsibility (CSR) and the cost of capital, because prior researches often focus on firm performance and research on cost of capital is scarce, despite equity and debt being a primary source of external capital. More specifically, this paper examines the effect of CSR on the cost of equity, cost of debt and weighted average cost of capital (WACC). For this empirical research, we take a comprehensive approach that examines various dimensions related to CSR, namely, environment, society and governance as well as sub-dimensions of society (i.e., employees, related companies, consumers and the community). For a sample of 2,400 Korean firm-year observations from 2011 to 2014, we find that firms with a better CSR score exhibit lower cost of capital (cost of equity, cost of debt and WACC) after controlling for other firm specific determinants. These findings support arguments in the literature that firms with socially responsible practices have higher valuation and lower risk.

기업의 사회적 책임 활동이 기업의 위험에 미치는 영향

강윤식(Yun-Sik Kang),위경우(Kyeong-Woo Wee) 한국무역연구원 2017 무역연구 Vol.13 No.1

This study empirically analyzes the effect of corporate social responsibility (CSR) activities on the risk of the firm by looking at their influences on total risk, systematic risk, idiosyncratic risk and business risk, respectively. The main results are as follows. First, there exists a significant negative relationship between the level of CSR activities and the total risk of the firm. This result is consistent with those of previous researches that assert the positive role of CSR activities. Second, there is a negative relationship between the level of CSR activities and systematic risk. This implies that firms with higher levels of CSR activities are likely to have less sensitivity to the risks associated with economic fluctuations. Third, there is also a negative relationship between the level of CSR activities and idiosyncratic risk. This may result from the fact that CSR activities lessen firm specific inefficiencies by reducing firm specific risks (such as litigation risk, brand and reputation risk, labor dispute, and consumer boycott) which are important factors of a firm’s profitability. Finally, we find that there is a significant negative relationship between the level of CSR activities and business risk. This result suggests that CSR activities have a real effect on the performance factors of the firm such as customer loyalty.

원자력 발전소 케이블 상태 감시방법의 국내외 동향

강윤식(Yun-Sik Kang),김철환(Chul-Hwan Kim),구철수(Chul-Soo Goo),김복렬(Bok-Rvul Kim) 대한전기학회 2000 대한전기학회 학술대회 논문집 Vol.2000 No.7

기업지배구조 수준이 회사채 신용평가에 미치는 영향

강윤식 ( Yun-sik Kang ),윤진수 ( Jinsoo Yoon ),김학건 ( Hakkon Kim ) 한국재무관리학회 2016 財務管理硏究 Vol.33 No.3

본 연구는 한국 상장기업을 대상으로 기업지배구조 수준과 신용평가 등급의 관계를 실증적으로 분석하고 있다. 주요 분석결과는 다음과 같다. 첫째, 지배구조 수준이 우수한 기업일수록 신용평가급이 높게 나타나며 투자적격 등급을 받을 확률이 증가하였다. 이는 좋은 지배구조를 가진 기업일수록낮은 비용으로 타인자본을 조달할 수 있는 능력이 개선되고, 나아가 이들 기업의 경쟁력이 제될 수 있음을 의미한다. 둘째, 앞의 분석결과와 관련하여 신용평가 등급의 산정에서 기업지배구조의 영향력은 상대적으로 소규모 기업에서 더 중요하게 인식되고 있는 것으로 나타났다. 이는 신용평가 기관들이 소규모 기업의 채무불이행 위험을 평가함에 있어서 전통적 재무지표와 함께 재무보고와 관련된 내부통제의 절차 및 경영진 모니터링 등과 같은 지배구조에도 관심을 가질 유인이 존재함을 시사한다. 셋째, 기업지배구조가 개선되면 신용평가 등급이 상승할 가능성이 높아짐을 확인하였다. 이는 기업지배구조가 신용평가에 영향을 미친다는 인과관계를 보여줌과 동시에 지배구조가 신용평가에 있어서 중요한 결정요인으로 작용할 수 있음을 시사한다. This paper aims to contribute to corporate governance and/or bond ratings research by analyzing the impact of corporate governance on bond ratings with respect to creditors. The main results are as follows. First, firms with good governance are more likely to have higher levels of bond ratings and a higher possibility of obtaining investment-grade bond ratings. The results suggest that an improved corporate governance mechanism may positively affect a firm’s capability for debt repayment. This study also provides empirical evidence that improving governance helps increase bond ratings by reducing creditors’ risk and signaling the firm’s willingness to respect creditors’ rights. Second, we find that the relationship between corporate governance and bond ratings is stronger for small firms than for large firms, implying that credit rating agencies might be more interested in governance systems for small firms due to their serious (inherent) information asymmetry and higher risk. The findings are robust after controlling for various firm characteristics and mitigating the endogeneity issue. This study contributes to the corporate governance literature by providing evidence that corporate governance can be used as an important and useful source of information for creditors and as a key determinant of credit evaluation. Furthermore, these results show that credit rating agencies may improve the accuracy and/or credibility of bond ratings by using information on corporate governance.