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비식량자원 기반 혼합 바이오액(impurity sugar)이 함침된 하이브리드석탄의 제조 및 그 연료 특성에 관한 연구
박주형(Ju-Hyoung Park),송규섭(Gyu-Seob Song),이영주(Young-Joo Lee),박세준(Se-Joon Park),남궁훤(Hueon Namkung),이동욱(Dong-Wook Lee),최종원(Jong Won Choi),김정근(Joeng-Geun Kim),송광호(Kwang Ho Song),최영찬(Young-Chan Choi) 대한설비공학회 2017 대한설비공학회 학술발표대회논문집 Vol.2017 No.11
Ju Hyoung Park(박주형),Hyun Young Park(박현정),Ho-Young Lee(이호영) 한국윤리경영학회 2018 한국윤리경영학회 학술대회 발표논문집 Vol.2018 No.2
The purpose of this paper is to examine how Corporate Social Responsibility (CSR) activities and firm value are associated and whether social ties between outside directors and inside directors within the board (social ties) affect the association between CSR activities and firm value. We analyzed a sample of non-financial, December fiscal year-end firms listed in the Korea Stock Exchange market for the period, 2012-2017. We measure the intensity of social ties based on region and school using a density concept of social network analysis. Using the Environment, Social, Governance (ESG) scores from Korea Corporate Governance Service to measure CSR activities, our results suggest that firms can increase firm value through CSR activities on average in Korea. In addition, in firms with strong social ties, the positive association between firm’s CSR activities and firm value is weakened, indicating that the boards with strong social ties are ineffective in monitoring the CSR activities. Although the government has made great efforts to improve corporate governance with a focus on the independence of outside directors, there is a room for firms to improve substantive independence of boards in a society where nepotism is influential.
재무분석가가 경영자 예측공시 이후에 예측치를 발표하는 경향은 IFRS 도입 이후 커졌는가?
박주형 ( Ju Hyoung Park ),고재민 ( Jaimin Goh ),김수인 ( Sooin Kim ) 한국회계학회 2021 회계학연구 Vol.46 No.4
본 연구는 K-IFRS 도입 이후 재무분석가의 경영자 예측치에 대한 활용도가 커졌는지 살펴보기 위해, 경영자 예측 이후 재무분석가의 예측치 발표 경향을 분석한다. K-IFRS 도입으로 주재무제표가 연결재무제표로 변경되고 원칙중심의 회계기준이 도입되고 공정가치 평가가 강화되는 등 회계기준이 변화되었으며, 주석에는 방대한 정보가 공시되기 시작하였다. 이와 같은 회계기준의 변경과 증가된 정보의 양은 재무분석가의 이익예측 활동에 영향을 미쳤을 것으로 예상할 수 있다. 따라서 본 연구는 K-IFRS의 도입으로 인한 정보환경의 변화가 재무분석가의 예측 활동을 어렵게 하여, 상대적으로 정확하고 신뢰성 있는 정보인 경영자 예측치 발표 이후에 재무분석가가 예측치를 발표하는 경향이 커졌는지 분석한다. 2006년부터 2015년까지 유가증권시장에 상장된 기업을 대상으로 분석한 결과, 재무분석가가 경영자 예측공시 이후에 예측치를 발표하는 경향이 K-IFRS 도입 이후 높아졌다는 사실을 발견하였다. 이는 K-IFRS 도입 이후 변화된 정보환경에서 재무분석가의 경영자 예측치에 대한 활용도가 커졌다는 사실을 의미한다. 또한, 이와 같은 결과는 K-IFRS 도입 초기에 강하게 나타나고 K-IFRS 도입 정착기에 완화된다는 사실을 발견하였다. 이는 시간이 지날수록 새로운 회계기준에 대해 재무분석가들이 적응함으로써 경영자 예측치에 대한 활용도가 줄어든 것으로 해석할 수 있다. 본 연구는 K-IFRS의 도입으로 인해 이익예측이 어려워진 정보환경에서, 재무분석가의 정보 원천인 경영자 예측정보의 중요성이 커졌다는 사실을 보여준 데 의의가 있다. We investigate the timing of financial analysts’ earnings forecasts in the pre- and post-IFRS periods. Specifically, we examine whether the likelihood of issuing analysts’ forecasts after the announcement of management forecasts are released increases in the post-IFRS period. Consolidated financial reporting, principle-based accounting standards, fair value accounting, and the increase of information quantity in the notes are key features of IFRS, which are challenging for financial analysts to interpret the financial information. Under these circumstances, prior studies have documented that earnings forecast becomes more difficult. We hypothesize financial analysts utilize management forecasts for their earnings forecast more under IFRS regime because management forecasts are regarded as relatively more accurate and reliable information source. Using firms listed in the Korea Stock Exchange from 2006 to 2015, we find that financial analysts are more likely to release their forecasts after the announcement of management forecasts in post-IFRS period. However, the likelihood of issuing analysts forecasts after the announcement of management forecasts is larger in the early years than in the late years from the IFRS adoption. It can be interpreted that financial analysts adapt themselves to new accounting standards since IFRS was introduced. This study contributes to IFRS-related studies by presenting that the informational value of management forecasts increases for financial analysts’ earnings forecasts under IFRS regime.
이사회의 지연과 학연에 기초한 사회적 연결 관계가 내부자거래를 위한 경영자의 이익조정에 미치는 영향
박주형(Ju-Hyoung Park),이호영(Ho-Young Lee),신해명(Hae-Myung Shin) 한국경영학회 2016 經營學硏究 Vol.45 No.5
According to prior literatures, insiders manage earnings downward before they buy shares of their firm and they manage earnings upward before they intend to sell their owns because of benefit from increasing or delaying stock prices(Kim et al. 2010). Corporate governance characteristics, such as foreign investors’ ownership, institutional investors, and established audit committees, effectively mitigate manager’s opportunist earnings management before insider trading(Lee and Hwang 2013). Many prior research states that independent board can effectively monitor and control manager’s earnings management or insider trading. However, there is some doubt about independence of board because blood relation, regionalism and school relation are considered to be very influential in Korea. Therefore, this study examines whether real independence of board mitigates insiders’ opportunist earnings management before engaging in insider trading. Our sample consists of 2,150 firm-years over the 2009-2012 period. The findings of the study are as follows: First, there is a positive association between social tie within board member and insider trading. Similarly, real independent outside directors who have no tie such as regionalism, high school, university effectively control and monitor insider trading. Also, there is a positive association between social tie and manager’s earnings management before engaging in insider trading, especially high school tie and outside directors with no tie mitigate manager’s opportunistic behavior. These findings suggest that the higher social tie, the stronger bond within board and then these social ties attenuate monitoring of board. When there are high school alumni among directors, boards are more likely to make managers engage in insider trading and opportunist earnings management related insider trading. Given the age range of board members, there is a stronger emotional bond with high school than other ties possibly because they entered high school through competitive entrance examination. The reason why high school tie is the strongest is that high school is relatively small, compared with university and they share the same cultural and generational characteristics of the area where the high school is located in. Most prior studies investigated the relationship between independence of board measured by outside director ratio on the commercial law and manager’s opportunistic behaviors. In comparison, this study collected individual characteristics associated with region and schools and made a score of social tie within board members. We then identified the effect of social tie and real independent outside directors on insider trading and earnings management. Our results provide evidence that many firms appoint outside directors who have tie associated with region, high school, university and graduate school although regulation authorities force independence of board. These dependent boards may connive manager’s opportunistic behavior. This paper shows that real independent outside directors can mitigate insider trading and earnings management before engaging in insider trading. The results of this study suggest that the improvement of board independence is important to ensure the transparency and justice to vitalize capital market.
교육의 형평성에 기초한 칠레의 학교선택정책과 Voucher 체제 분석
박주형(Park, Ju Hyoung),정성수(Jung, Sung Soo) 韓國比較敎育學會 2011 比較敎育硏究 Vol.21 No.4
전 세계적으로 학교를 개선하기 위한 교육개혁 수단으로 시장지향적 정책인 학교선택권이 활발하게 논의, 실현되고 있다. 이제까지의 학교선택제 연구는 오랜 역사를 지닌 미국을 중심으로 이루어져 왔으며 헌장학교가 관심을 받아왔지만 학교선택제는 교육비지불보증제, 개방형등록제 등 다양한 형태로 여러 나라에서 시행되고 있다. 본 연구는 오랫동안 교육비지불보증제를 실시한 칠레의 사례를 통해 그 효과를 분석하고 시사점을 제시하고자 한다. 이를 위해 학교선택론의 이론적 근거와 교육비지불보증제에 관한 이론적 논의 및 시행현황을 살펴보고, Levin(2002)의 교육선택론 분석틀을 통해 칠레의 교육비지불보증제를 분석하였다. 특히, 교육형평성을 그 중심에 놓고 분석을 진행하였다. 주요 분석결과를 살펴보면, 칠레의 국가차원의 학교선택제는 교육의 기회, 과정, 결과 등의 측면에서 교육의 형평성을 전혀 실현하지 못하고 있으며, 효율성과 사회적 결속 등도 달성하고 있지 못하고 있는 것으로 나타났다. 이를 통한 시사점으로는 첫째, 특정한 정책목표 달성 여부뿐만 아니라 다양한 교육적 가치를 고려할 필요가 있고, 둘째, 제도운영상 나타날 수 있는 여러 가지 문제점들에 대한 보완책을 마련하여야 하며, 셋째, 선택과 집중에 의한 재정 지원을 통해 정책의 목표 및 효과의 극대화를 달성할 필요가 있음을 제시하였다. Globally, as an education reform strategy, school choice based on market approach has been actively debated and implemented. In Korea, as Seoul metropolitan office of education recently implemented school choice, school choice debate has been increased. Until now, school choice research has focused on analyzing the effect of charter schools in American cases because of long history. However, school choice programs have been implemented in many countries and in various types of school choice such as vouchers and open enrollment. The purpose of this study is to analyze voucher program in Chile that has been nationally operated for over three decades. After that, it aims to suggest some implications to Korea. For this purpose, theoretical bases of school choice and voucher program have been examined. Then, through Levin’s(2002) lenses, this study analyzes the effects of voucher program in Chile especially focusing equity issue. Major findings from the study are as follows. First, the voucher program in Chile is neither accomplishing equity nor freedom of choice, productivity efficiency, and social cohesion. The implications for Chile situation are as follows. Firstly, school choice program should not deepen the gap among schools and students. Secondly, funding for all students should not be allowed. Thirdly, the program need to consider multiple value important in education.