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RISS 인기검색어
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- 저자 : Kyung Ryang Ko(고경량) (검색결과 3 건)
- 무료
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- 유료
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The Effect of Pension Fund Activism on the Stock Market and the Role of Media: Evidence from Korea
Kyung Ryang Ko(고경량),Woojin Kim(김우진) 한국증권학회 2020 한국증권학회지 Vol.49 No.4
본 연구는 연기금의 행동주의가 주식 시장에 미치는 영향을 탐구한다. 2019년 주주총회부터 국민연금이 의결권 행사 방향을 사전 공개함에 따라 연기금 행동주의가 주식 시장에 미치는 영향에 대한 사건 연구를 수행 시 교란요인을 통제하고 정확한 결과를 얻을 수 있게 되었다. 2019년 주주총회에서 국민연금이 의결권 행사 방향을 사전 공개한 기업 중, 반대 의사를 표시한 46개 기업을 대상으로 국민연금의 반대 의사 표시가 주가에 미치는 영향을 분석했다. 분석 결과, 주식 시장은 국민연금의 반대 의사 표시에 부정적으로 반응했다. 또한 본 연구는 언론이 연기금 행동주의에 미치는 영향을 알아본다. 주식 시장은 언론에 국민연금의 반대 의사 표시가 많이 보도될수록 긍정적으로 반응하였다. 이는 주주 행동주의의 주주가치 극대화에 언론 보도가 긍정적 영향을 준다는 점을 시사한다. 끝으로 주식시장의 부정적 반응이 국민연금의 반대 의사 표명 여부와 관계없이, 단지 의결권 행사 방향 사전공개 때문인지 확인하기 위해 국민연금이 2019년에 의결권 행사 방향을 사전에 공개했지만 반대하지는 않은 기업을 대상으로 사건 연구를 수행했다. 분석 결과, 시장은 유의미한 반응을 보이지 않았다. 즉, 시장의 부정적 반응은 의결권 행사 방향 사전 공개가 아닌, 반대 의사 표명 때문임을 검증했다. This study examines how the stock market reacts to pension fund activism. Recent changes in the Korea National Pension Service’s (NPS) voting policy present an ideal context to examine the effect of shareholder activism on stock market reactions. Using a sample of 46 firms for which the NPS pre-disclosed to veto agendas of 2019 annual shareholder meetings, this study demonstrates that the stock market reacts negatively to the NPS “vote no” announcements. The results reveal that shareholders pay attention to the negative signal the NPS’s veto announcement delivers. We also find that publicity is positively related to stock market reactions, consistent with the hypothesis that media coverage is an efficient mechanism for pension fund activism. The study further examines whether the negative stock market response is driven not by the NPS’s pre-disclosure to “vote no,” but just by the pre-disclosure. An event study is conducted using a sample of firms for which the NPS disclosed proxy voting decisions ahead of 2019 annual meetings but did not announce to veto. The results do not reveal a significant market response, suggesting that the pre-announcement itself does not affect the stock market reaction.
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CEO International Experience and IPO Success: Focusing on the Cultural Distnaces
Kyung Ryang Ko(고경량),Choelsoon Park(박철순) 한국경영학회 2023 한국경영학회 통합학술발표논문집 Vol.2023 No.8
This paper examines how CEO international experience affects IPO success and how the cultural distance between the countries in which a CEO has experience and the nationality of underwriters moderates the effect of CEO international experience on IPO success. The results show that CEO international experience increases IPO success, and as the cultural distance increases, the positive relationship between the CEO international experience and IPO success is weakened. The paper also studied how the information asymmetry of the IPO firm works as a boundary condition for the effect of CEO international experience on IPO success. As the information asymmetry of the IPO firm increases, the positive relationship between the CEO international experience and IPO success is weakened.
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남형천(Hyoung-Chun Nam ),김경목(Kyeong-Mok Kim),고경량(Kyung-Ryang Ko),서동우(Dong-Woo Seo),정은비(Eun-Bi Jung),태용원(Yong-Won Tae) 대한심장호흡물리치료학회 2015 대한심장호흡물리치료학회지 Vol.3 No.1
Purpose : The purpose of the present study was to examine the effects of breathing exercise on vital capacity in males in their 20s. Methods : In the present study, 18 males in their 20s in K university located in Yeongju, Gyeongbuk participated in the experiment. The subjects were randomly assigned to three exercise groups of 6 subjects each. The exercise programs were power breathing, running machine exercise, and balloon blowing exercise. The exercise programs were implemented for 20 minutes per time, three times per week for three weeks. The subjects’ vital capacity was evaluated before exercise and three weeks after beginning of exercise using quark spiro. Results : When the values were compared in each of the three groups, IRV(Inspiratory Reserve Volume), VE(Expiratory Minute Ventilation), VT(Tidal Volume), and VT/TI (Vt/Ti ratio) showed statistically significant differences between before and after the exercise. (p<0.05)In comparisons among the groups, the power breathing showed significant differences only in EVC(Expiratory Vital Capacity) (p<0.05). The running machine exercise showed significant differences in EVC(Expiratory Vital Capacity) and IRV(Inspiratory Reserve Volume), the balloon blowing exercise showed significant differences only in VT/TI(Vt/Ti ratio)(p<0.05). Conclusion : Based on the results of breathing exercises performed by normal persons, breathing exercises helped vital capacity. Future studies should be conducted with lung disease patients to obtain clinical results.
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