헬스케어산업의 재무특성과 기업가치 관련성에 관한 연구

오희화(Oh, Hee-Hwa),김한이(Kim, Han-Ie) 한국경영교육학회 2022 경영교육연구 Vol.37 No.5

코스닥시장에서 기업의 ESG 경영이 대리인비용에 미치는 영향에 관한 연구

오희화(Hee-Hwa Oh) 한일경상학회 2024 韓日經商論集 Vol.102 No.-

Purpose: The purpose of this study is to verify the effect of a company’s ESG management on agency costs. For this purpose, the dependent variables used in this study were the asset turnover variable representing the level of effort of the manager, the entertainment cost ratio representing the private consumption of the manager, the sales and management cost ratio, and the surplus cash flow ratio. If the company’s agency cost expenditure is affected by the influence of the company’s ESG management, the importance of the company’s ESG management is proved. Research design, data, and methodology: As a result of the verification, it was confirmed that a company’s ESG management activities had a positive effect on the company’s asset turnover rate. These results indicate that the company’s active ESG management activities contribute to increasing the company’s asset turnover rate by properly controlling the discretion of the manager. Second, some valid results were derived from the result of selecting the entertainment cost ratio as a substitute for agent cost. On the other hand, significant results were not found in the sales cost, management cost, and surplus cash flow model. Results: This research results are as follows. First, service orientation of salespeople was found to have a positive effect on customer’s economic value. Second, it was found that the customer orientation and service orientation of the salespeople had a positive effect on the psychological value, and sales orientation was found to have a negative effect on the psychological value. Third, it was found that economic value and psychological value had a positive effect on customer satisfaction. Implications: In conclusion, it was partially confirmed that the KOSDAQ market is playing a positive role in the company’s management performance by properly controlling agent costs through ESG management activities. These results will serve as a basis for improving the company’s management performance by establishing a mechanism that can reduce agent costs within the company, and it is also believed that it will serve as a basis for policymakers to come up with a plan for the natural establishment of such a control system within the company.

코스닥시장에서 특허권 취득이 기업가치에 미치는 영향에 관한 연구

오희화(Oh, Hee-Hwa) 한국경영교육학회 2023 경영교육연구 Vol.38 No.1

Q방법론을 활용한 대학 창업동아리 창업인식 연구

오희화(Oh Hee Hwa) 한국창업학회 2017 한국창업학회지 Vol.12 No.3

This study find the subjective recognition about foundation for university start-up club using the Q methodology. The Q methodology is a new approach to human behavior research and is a research method that uses psychoanalytic manipulation principles to study human subjectivity in a systematic and rigorous quantitative way by using statistical methods such as correlation coefficient and factor analysis. The result of this study divides the subjective recognition type for university student to start-up into the type of prudent foundation, the type of active foundation and the type of foundation. To make sure that university students’ foundations realized through the foundation club in the school, the supporting program fitted into characteristic type is prepared and then the education curriculum is implemented to establish the development and provision of the efficient education. This paper is expected to serve as a basic source of data to help this fields. 본 연구는 창업동아리 대학생들의 창업에 대한 주관적인 인식유형을 Q방법론을 활용하여 알아보았다. Q방법론은 인간행동 연구에 대한 새로운 접근방법으로 상관계수와 요인분석 등의 통계적인 방법을 활용하여 인간의 주관성(subjectivity)을 체계적이고 엄밀한 수량적 방법으로 연구하는 심리측정학적 조작・원리를 이용하는 연구방법 이다. 연구결과 창업동아리 대학생들의 창업에 대한 인식유형은, ‘창업신중형’, ‘창업적 극형’ 그리고 ‘창업소극형’ 등 크게 3가지 유형으로 구분되었다. 창업동아리를 통한 대학생들의 창업이 실현될 수 있도록 하기 위해서는, 유형별 특성에 부합하는 지원 프로그램을 마련하고 나아가 효율적인 창업교육이 이루어질 수 있는 교육과정의 개발・ 제공 등이 이루어져야 한다. 본 연구는 이를 위한 기초자료로서의 역할을 할 것을 기대해 본다.

유통기업의 현금보유수준이 기업가치에 미치는 영향 : 코스닥시장 상장기업을 중심으로

오희화(Hee-Hwa Oh) 한국무역연구원 2021 무역연구 Vol.17 No.5

Purpose - The Coronavirus disease 2019 crisis has been triggering great economic difficulties to Korean firms. Specifically, distributors have been facing bankruptcy or financial difficulties because of liquidity constraints caused by the government s social distancing policy for quarantine and a sharp drop in overseas travel. The present study aimed to verify whether cash holding level affects firm value when the firm has been suffering from severe financial difficulties. Design/Methodology/Approach - In this study, a total of 1,046 data were selected and analyzed only for distribution-related firms listed on the KOSDAQ market from 2011 to 2020, when international accounting standards have been required for firms. Findings - First, the firm value of a group with a high cash holding level was significantly higher than that of another group with a low cash holding level, thereby indicating that an increase in the level of cash holdings can positively influence firm value in a situation where uncertainty is high. Second, the cash holding level had a positive effect on firm value, thereby indicating that cash holding level can positively influence firm value. Third, export ratio has a positive effect on firm value. Therefore, the export of distributors positively influences firm value. Research Implications - Korean distributors efforts to increase cash holdings may enhance their firm value. In addition, Korean distributors use it as an important tool to secure financial health by maintaining sufficient liquidity.

수출기업의 자원과 다각화가 초과 수익에 미치는 영향 : 합작투자의 조절 효과를 중심으로

오희화(Hee-Hwa Oh) 한국무역연구원 2021 무역연구 Vol.17 No.6

Purpose This paper was written to provide an understanding of the effects of internal resources and diversification strategies on abnormal return in exporters. In addition, the moderating effects of joint investment on the relationship between each of the diversification strategies and abnormal return were investigated. Design/Methodology/Approach Based critically on the resource-based theory of firm, this paper reviewed a theoretical framework for abnormal return, internal resources, diversification strategies, and joint investment. This paper also developed an empirically testable model explaining and predicting the relationships among abnormal return, internal resources, diversification strategies, and joint investment. Findings In an exporter, a marketing resource leads positively to product diversification and has an impact on abnormal return. Moreover, in an exporter, an innovation resource has an impact on product and international diversification strategies and thereby abnormal return. With respect to joint investment, this paper found that there is a significant relationship between joint venture membership and abnormal return. Furthermore, joint investment positively moderates the relationship between product and international diversification and abnormal return. Research Implications This paper emphasized the importance of internal resources and diversification strategies on abnormal return in exporters and highlighted the role of joint investment for exporters to create additional value.

코스닥시장에서 국제다각화 기업의 소유구조가 대리인 비용에 미치는 영향

오희화(Hee-Hwa Oh) 강원대학교 경영경제연구소 2020 Asia-Pacific Journal of Business Vol.11 No.4

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity s free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm s performance by properly controlling agency costs that may be incurred by the management.

유통기업의 판매비와 관리비 지출이 기업가치와 경영성과에 미치는 영향

오희화 ( Hee-hwa Oh ),임종옥 ( Jong-ok Lim ) 한국유통경영학회 2021 유통경영학회지 Vol.24 No.6

Purpose: The study attempted to examine the effects of selling, general and administrative expenses on firm value and performance in the distribution industry, specifically at this point of time of the Coronavirus-19 (COVID-19) pandemic Research design, data, and methodology: The sample to verify the effects was obtained from retailers listed on the securities market for ten years from 2011 to 2020, when the international financial reporting standards were required in Korea. A total of 911 retailers that met the sample selection criteria were empirically analyzed. One dependent variable is firm value obtained by dividing the final market capitalization of common and preferred stocks by the carrying amount of total assets. Another dependent variable is return on asset computed by dividing the net income on the statement of comprehensive income by the carrying amount of total assets. Results: The results of the analysis show that selling, general and administrative expenses have a positive effect on enhancing firm value. In addition, Second, selling, general and administrative expenses have a positive effect on enhancing performance. Implications: Even in the difficult situation of COVID-19, it was found that selling, general and administrative expenses were an important factor in improving firm value and performance in the distribution industry. We would recommend future research to subdivide the relationship between firm value and performance by sub-accounting selling, general and administrative expenses.

분기재무제표에서 기업소유구조와 의무검토 여부가 이익조정에 미치는 영향에 관한 연구

오희화(Oh Hee-hwa),안상봉(An Sang-bong) 한국국제회계학회 2015 국제회계연구 Vol.0 No.61

독해력 증진 프로그램 효과에 대한 메타분석

이효진,오희화,최경호,Lee, Hyo-Jin,Oh, Hee-Hwa,Choi, Kyoung-Ho 한국데이터정보과학회 2012 한국데이터정보과학회지 Vol.23 No.3

본 연구의 목적은 메타분석법을 이용하여 독해력 증진 프로그램의 효과를 분석하는 것이다. 이를 위해 2001년부터 2011년까지 연구된 독해력 관련 연구 70편을 종합한 효과크기를 산출하였으며, 이를 토대로 다음과 같은 연구결과를 얻었다. 첫째, 독해력 증진 프로그램 효과에 대한 평균 효과크기는 0.763으로 큰 편이었다. 둘째, 초등학교의 효과크기가 1.030으로 가장 큰 가운데, 학교 급간에는 통계적으로 유의한 차이가 있었다. 셋째, 학술지의 평균 효과크기가 1.250으로 학위논문의 평균 효과크기인 0.700 보다 통계적으로 유의하게 더 큰 것으로 나타났다. 넷째, 효과 측정방법에 대해서는 읽기방법의 효과크기가 더 컸으며, 다섯째, 적용언어에 대해서는 한국어가 영어보다 유의적으로 더 큰 것으로 나타났다. 본 연구를 수행하는 과정에서 미발표된 연구결과물을 포함시키지 못한 점은 본 연구의 한계이다. 그러나 메타분석을 활용하여 독해력 증진 프로그램의 효과에 대한 통합적인 결과를 도출하려는 시도는 나름대로 의의를 갖는다고 하겠다. The purpose of this study is to examine the effect of reading development program on reading comprehension using meta-analysis method. The authors synthesized 70 studies regarding reading comprehension conducted during 2001 through 2011. The analyses revealed that 1) the average effect size of the reading development program yielded.763, which is regarded considerably large, 2) the effect size of elementary school group was the biggest, 1.030. There were statistically significant differences amongst school levels, 3) the average effect size of published journal articles was 1.250, which is statistically significantly larger than that of dissertation's.700, 4) regarding the methods to measure the effect of reading comprehension, the effect size of reading method was larger, and 5) the effect size of Korean reading development program was statistically larger than that of English reading development program. This study has limitation as it didn't include unpublished manuscripts, conference presentations, and the like, however this study is meaningful in terms that it tried to draw integrated conclusion about the effect of reading development programs using meta-analysis.