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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.
충주시 공동주택 단지내 상업시설의 계획특성 변천에 관한 연구
강윤식(Kang Yun-Sik),김기수(Kim Gi-Soo) 대한건축학회 2007 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.27 No.1
ince the 1960's, the rapid economic growth and the urban expansion had caused the problem of shortage of residential areas, which led to the introduction of common housing and the furtherance of residential environment. In small and medium-sized cities, the supply of common housing was on the rapid increase. And this triggered a conspicuous transformation of commercial facilities, compared to the early period of development. In this study is examined the transitional characteristic of commercial facilities within common residential complexes located in Chungju City, according to their development period. The goal of this study is to pinpoint their problems based on objective source material and to provide standardized data, so that this could help to plan more efficient and pleasant commercial facilities. Since the early 1980's, the common housing has been developed in Chungju City and has been showing some aspects of consistent transformation. In order to closely examine the planning characteristics of commercial facilities within common residential complexes according to transformational traits of each period, as well as the transformation of common housing areas, 80 commercial facilities within common residential complexes in Chungju City were surveyed on the field. While analyzing classification of plotting types, plane figures and planning elements of residential complexes according to previous studies, the transformational characteristics of the planning for commercial facilities within the complexes were classified according to each period of development.
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.
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.
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.
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.
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.