Impact of Publicizing Corporate Social Responsibility on Brand Sales : The Moderating Effect of Brand Origin

Junhee Seok(석준희),Youseok Lee(이유석),Byung-do Kim(김병도) 한국경영학회 2021 한국경영학회 통합학술발표논문집 Vol.2021 No.8

기업의 사회적 책임(CSR) 활동에 대한 홍보가 기업가치에 미치는 영향

석준희(Junhee Seok),이유석(Youseok Lee),고사랑(Sarang Go),김병도(Byung-Do Kim) 한국경영학회 2017 經營學硏究 Vol.46 No.6

In both industry and academia field, the debate over Corporate Social Responsibility(CSR) has been receiving great attention for over half a century. In particular, the answer to the question of whether CSR activities contribute to the enhancement of firm value is not constant with various claims. According to the agenda setting theory, which is one of the traditional media theory, media agenda setting is known to influence the process of public perception on a specific topic. With the same logic, corporate stakeholders will form their perception of a specific company’s CSR activities through CSR activities exposed to the media. Therefore, it can be inferred that the CSR activities publicized through the media are visible CSR activities to stakeholders. The purpose of this study is to clarify the relationship between publicizing CSR (PCSR) and firm value and the mechanism by which the influence is conveyed. In this study, PCSR is measured by counting the number of news articles describing the CSR activities of each corporation and Tobin’s q is employed to measure firm value. Through the analysis of collected data, the following three results were obtained. First, the higher the PCSR, the greater the firm value. In the first analysis, the ratio of contribution to sales is added. Because the contribution is known as a representative measure for corporate socially responsible expenditure, this result implies that PCSR is significant even if the effect of CSR itself is controlled. Second, corporate reputation mediates the relationship between PCSR and firm value. To measure corporate reputation, we employed KMAC score. KMAC stands for Korea’s Most Admirable Companies, and it is a similar concept to FAMA (Fortune America’s Most Admirable Corporation). Lastly, the size of the firm moderates the effect of PCSR. Especially, in small firms, PCSR is more helpful for increasing firm value. In this study, it is meaningful to verify the effect of PCSR on corporate value and to clarify the mechanism underlying our findings. Moreover, the findings imply that marketing managers can obtain benefits if they concentrate not only on finding good CSR activities but also on publicizing them well. In the position of small - and medium - size companies, they can take competitive advantage from well publicized CSR activities. On the other hand, in large companies, PCSR can be regarded as a competitive necessity.

R&D 투자에 대한 소비자의 인지가 기업가치에 미치는 영향

석준희 ( Seok Junhee ),김병도 ( Kim Byung-do ),고사랑 ( Go Sarang ) 한국소비자학회 2019 소비자학연구 Vol.30 No.1

빠르게 변하는 현대 사회에서 연구개발(Research and Development; R&D)을 등한시하는 기업은 앞날을 보장받기 힘들어졌다. 사회의 변화에 발맞추어 상품과 시스템을 업데이트하지 않는 기업은 조금씩 그러나 분명히 도태될 것이다. 기업은 자사의 수익개선과 지속가능성 제고를 위해서 R&D 투자에 주목해야 하며, 투자를 수행함에 있어서 보다 효과적인 방법을 강구할 필요성이 있다. 본 연구는 R&D 투자와 기업가치의 관계를 실증적으로 탐구함과 동시에 그 관계를 조절하는 제3의 변수를 규명하는데 집중하였다. 특히 R&D 투자가 기업 내부적으로 그 기업의 핵심적인 경쟁력 향상을 도모하는 수단으로 활용되지만, 외부적으로는 그 기업의 이미지를 형성하는 중요한 요소 중 하나로 작용할 개연성이 있다는 점에 착안하여, R&D 투자와 기업가치의 관계에서 소비자 인지의 역할을 조명해보고자 하였다.연구결과를 통해 본 연구는 다음의 네 가지 결과를 도출하였다. 첫째, R&D 투자는 기업가치에 유의미하고 긍정적인 영향을 미친다. 둘째, R&D 투자가 기업가치에 미치는 영향은 소비자의 인지수준에 따라 그 효과가 달라진다. 다시 말해, 소비자의 R&D 투자에 대한 인지수준이 높은 기업일수록 R&D 투자가 기업가치에 미치는 영향력이 더 크다. 셋째, 비용으로 처리된 R&D 투자와 자산으로 처리된 R&D 투자는 모두 기업가치를 유의미하게 증가시킨다. 마지막으로, 비용으로 처리된 R&D 투자는 소비자의 인지수준이 증가하면 기업가치에 미치는 영향력이 더 커지지만, 자산으로 처리된 R&D 투자는 소비자의 인지수준 변화에 따른 영향력의 차이가 없다.본 연구는 R&D 투자가 기업가치에 미치는 영향을 실증적으로 검증하고, R&D 투자의 영향력을 극대화할 수 있는 방안을 살펴봄으로써 기업의 의사결정자에게 다양한 실무적 시사점을 제공하고 있다. In a rapidly changing world, companies that neglect R&D (Research and Development) become difficult to guarantee their sustainability. Generally, R&D investment is well known for a way to improve the core competitiveness of a firm. Especially from the customer’s point of view, R&D investment would be one of the key factors that determine the overall image of the firm. From this perspective, this paper implemented longitudinal data analysis with Korea stock market data to figure out not only the relationship between R&D investment and firm value but also the role of customer awareness in the relationship between R&D investment and firm value.The longitudinal data analysis showed the following three results. First, R&D investment has a significant and positive impact on firm value, which has been proved by a number of other researches. Second, the effect of R&D investment on firm value depends on the level of consumer awareness. In other words, R&D investment and firm value are more positively related for firms with high customer awareness. Third, the impact of R&D investment on firm value depends on how R&D investment is categorized within the accounting system. If R&D investment is categorized as cost in the accounting system, it provides a bigger positive effect on firm value with high customer awareness, however, in the case of R&D investment treated as an intangible asset, there is no significant evidence that customer awareness helps R&D investment to amplify the firm value.These pieces of evidence provide practical implications for corporate decision makers by figuring out the relationship between R&D investment and firm value, and a way to amplify the effect of R&D investment.

Impact of Publicizing Corporate Social Responsibility on Firm Value

Junhee Seok(석준희),Youseok Lee(이유석),Byung-Do Kim(김병도) 대한경영학회 2018 대한경영학회 학술발표대회 발표논문집 Vol.2018 No.1

다사건 시계열 자료 분석을 위한 베이지안 기반의 통계적 접근의 응용

석준희(Junhee Seok),강영선(Yeong Seon Kang) 한국경영과학회 2014 한국경영과학회지 Vol.39 No.4

Times to multiple events (TMEs) are a major data type in large-scale business and medical data. Despite its importance, the analysis of TME data has not been well studied because of the analysis difficulty from censoring of observation. To address this difficulty, we have developed a Bayesian-based multivariate survival analysis method, which can successfully estimate the joint probability density of survival times. In this work, we extended this method for the analysis of precedence, dependency and causality among multiple events. We applied this method to the electronic health records of 2,111 patients in a children’s hospital in the US and the proposed analysis successfully shows the relation between times to two types of hospital visits for different medical issues. The overall result implies the usefulness of the multivariate survival analysis method in large-scale big data in a variety of areas including marketing, human resources, and e-commerce. Lastly, we suggest our future research directions based multivariate survival analysis method.

기업의 ESG역량과 기업가치의 관계에 대한 연구: 소비자 인지의 조절효과를 중심으로

김양희(Yanghee Kim),석준희(Junhee Seok),김병도(Byungdo Kim) 한국경영학회 2021 經營學硏究 Vol.50 No.6

Given that consumers’ awareness of a company’s positive ESG activities can help improve the image and value of such a company, it raises the need for research that examines the role of consumer awareness in the relationship between ESG competency and firm value. This study examines the relationship between ESG competency and firm value by looking at the customer’s awareness. The analysis showed the following two results. First, among ESG competencies, the environment and social evaluations had significantly positive effects on firm value, while the governance structure evaluation had no significant effect. In other words, a company’s environmental and social competence, excluding that of corporate governance, is valuable information in enhancing its firm value to the stakeholders. Second, the effect of ESG competency on corporate value highly depends on the level of consumer awareness. In other words, the higher the level of consumers’ awareness of ESG competency, the more significant the effect of ESG competency on the firm value. This study provides a variety of practical implications to corporate decision-makers by empirically verifying the effect of a company’s ESG competency on its firm value and looking at ways to maximize such effect.

입력 종목 수에 따른 LSTM 주식 가격 예측 모델 성능 비교

배지윤(JiYoon Bae),석준희(JunHee Seok) 한국통신학회 2018 한국통신학회 학술대회논문집 Vol.2018 No.1

Adam 최적화 방식의 차등 보팅을 통한 앙상블 분류 모델에 관한 연구

태동현(Donghyun Tae),석준희(Junhee Seok) 한국통신학회 2021 한국통신학회 학술대회논문집 Vol.2021 No.2

앙상블 모델은 여러 모델을 통합하여 분산도를 줄이고 정확도를 높이는 방식 중 하나이다. 본 논문에서는 앙상블 방식중 하나인 차등 보팅 방식에서 각 모델의 가중치를 경사 하강법 중 하나인 adam 최적화 방법을 통해 조정하는 방식을 제시한다. 본 눈문에서는 이 방법론을 시뮬레이션 연구에 적용하여 다른 모델과의 성능을 비교하였고 그 결과를 제시했다.

LSTM 구조를 활용한 채권 데이터의 예측에 관한 연구

심규대(Sim Ghu Dae),석준희(Junhee Seok) 한국통신학회 2018 한국통신학회 학술대회논문집 Vol.2018 No.1

공통 데이터 모델(CDM)을 위한 비정형 · 반정형 의료문서 데이터의 정형화

최선호(Sunho Choi),김유중(Yoojoong Kim),석준희(Junhee Seok) 한국정보과학회 2019 한국정보과학회 학술발표논문집 Vol.2019 No.12