산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

특발성 혈소판감소성 자반증 환자에서 발생된 그레이브스병 1예

김여주,이규택,김상진,김휘준 순천향의학연구소 2004 Journal of Soonchunhyang Medical Science Vol.10 No.2

The autoimmune nature of idiopathic thrombocytopenic purpura(ITP) and Graves' disease has been well established. In both disease, circulating immunoglobulins are believed to be involved in the pathogenesis and transplacental transfer of both disease is the ultimate proof of the importance of the humoral mechanism involved. Because of the tendency of autoimmune disease to cluster in the same individual or members of the same family, simultaneous incidence of ITP and Graves' disease is to be expected. However, in clinical practice, it has been described only rare. Therefore, we report here the case of a patient suffering sequentially from ITP and Geaves' disease with the literature.

중소기업형 CIM시스템 구축을 위한 생산계획수립 및 실적파악 모듈

최후곤,신완선,장중순,서준성,여명구,안동근,김진봉 成均館大學校 科學技術硏究所 1996 論文集 Vol.47 No.2

This study Focuses on developing several modules involved in an integrated production information system for medium- or small-sized industries. The modules of order management, quality control, production scheduling, and shop management are executed for an example case industry. The potential values of this research includes that the major information modules to collect, analysis, and display production data and shop data for constructing the computer integrated manufacturing system(CIMS) are programmed with various features of medium- or small-sized industries

고정밀 연삭기용 주축시스템 설계

편영식,이건범,박정현,요꼬이 요시유끼,여진욱,안건준,곽철훈 한국공작기계학회 2003 한국생산제조학회지 Vol.12 No.3

Any one of the high precision spindle systems and guide way systems, the high stiffness of structure, the error compensation during assembly, high accuracy control system is inevitable technology for development of high precision machine tools. Especially, among these, design of spindle system is one of the most important technologies leading high precision of machine tool and high quality of manufactured products. A high speed and high precision spindle system which will be used for final machining of ferrule, is designed considering the effect of heat, cutting torque, cutting force, and work-piece materials. The detailed design and analysis process are presented.

In situ Gel Forming Stereocomplex Composed of Four-Arm PEG-PDLA and PEG-PLLA Block Copolymer

Yeo Jin Jun,Kyung Min Park,Yoon Ki Joung,Ki Dong Park,Seung Jin Lee 한국고분자학회 2008 Macromolecular Research Vol.16 No.8

In situ Gel Forming Stereocomplex Composed of Four-Arm PEG-PDLA and PEG-PLLA Block Copolymers

Jun, Yeo-Jin,Park, Kyung-Min,Joung, Yoon-Ki,Park, Ki-Dong,Lee, Seung-Jin The Polymer Society of Korea 2008 Macromolecular Research Vol.16 No.8

Injectable hydrogels are quite promising materials due to their potential to minimize invasive implantation and this provides versatile fitness irrespective of the damaged regions and facilitates the incorporation of bioactive agents or cells. In situ gel formation through stereocomplex formation is a promising candidate for injectable hydrogels. In this paper, a new series of enantiomeric, four-arm, PEG-PLA block copolymers and their stereocomplexed hydrogels were prepared by bulk ring-opening polymerization of D-lactide and L-lactide, respectively, with stannous octoate as a catalyst. The prepared polymers were characterized by $^1H$ nuclear magnetic resonance (NMR) spectroscopy, Fourier-transform infrared (FT IR) spectroscopy, gel permeation chromatography (GPC) and thermal gravitational analysis (TGA), confirming the tailored structure and chain lengths. The swelling and degradation behavior of the hydrogels formed from a selected copolymer series were observed in different concentrations. The degradation rate decreased with increasing polymer content in the solution. The rheological behavior indicated that the prepared hydrogel underwent in situ gelation and had favorable mechanical strength. In addition, its feasibility as an injectable scaffold was evaluated using a media dependence test for cell culture. A Tris solution was more favorable for in situ gel formation than PBS and DMEM solutions were. These results demonstrated the in situ formation of hydrogel through the construction of a stereocomplex with enantiomeric, 4-arm, PEG-PLA copolymers. Overall, enantiomeric, 4-arm, PEG-PLA copolymers are a new species of stereocomplexed hydrogels that are suitable for further research into injectable hydrogels.

Peritoneal dialysis-related peritonitis due to <i>Halomonas hamiltonii</i> : A first case report

Yeo, Se Hwan,Kwak, Jae Hoon,Kim, Yeo Un,Lee, Jin Suk,Kim, Hyo Jin,Park, Kyoung Hwa,Lee, Jung Sook,Ha, Gyoung Yim,Lee, Jeong Ho,Lee, Jun Yeop,Yoo, Kyung Don Williams & Wilkins Co 2016 Medicine Vol.95 No.47

<P><B>Abstract</B></P><P><B>Introduction:</B></P><P><I>Halomonas hamiltonii</I> is a Gram-negative, halophilic, motile, and nonspore-forming rod bacterium. Although most <I>Halomonas</I> sp. are commonly found in saline environments, it has rarely been implicated as a cause of human infection. Herein, the authors present a case report of continuous ambulatory peritoneal dialysis (CAPD)-related peritonitis attributed to <I>H hamiltonii</I>.</P><P><B>Case presentation:</B></P><P>An 82-year-old male patient who had been receiving CAPD therapy presented to an emergency department with complaints of abdominal pain and cloudy dialysate that had persisted for 2 days. The peritoneal dialysate was compatible with CAPD peritonitis, with white blood cell count of peritoneal effluent of 810/mm<SUP>3</SUP> and neutrophils predominated (60%). Two days after culture on blood agar medium, nonhemolytic pink mucoid colonies showed, with cells showing Gram-negative, nonspore-forming rods with a few longer and larger bacilli than usual were found. We also performed biochemical tests and found negative responses in K/K on the triple sugar iron test and H<SUB>2</SUB>S and equivocal (very weak) response in the motility test, but positive responses to catalase, oxidase, and urease tests. The partial sequence of the 16S rRNA gene of a bacterium detected by peritoneal fluid culture was utilized for a Basic Local Alignment Search Tool search, which revealed that the organism was <I>H hamiltonii</I>. Intraperitoneal antibiotics were administered for 21 days, and the patient was discharged without clinical problems.</P><P><B>Conclusion:</B></P><P>We present here the first case report of CAPD-related peritonitis caused by <I>H hamiltonii</I>, which was identified using molecular biological techniques. Although guidelines do not exist for the treatment of infections caused by this organism, conventional treatment for Gram-negative organisms could be effective.</P>

Highly efficient and stable planar perovskite solar cells with reduced graphene oxide nanosheets as electrode interlayer

Yeo, Jun-Seok,Kang, Rira,Lee, Sehyun,Jeon, Ye-Jin,Myoung, NoSoung,Lee, Chang-Lyoul,Kim, Dong-Yu,Yun, Jin-Mun,Seo, You-Hyun,Kim, Seok-Soon,Na, Seok-In Elsevier 2015 Nano energy Vol.12 No.-

<P><B>Abstract</B></P> <P>We demonstrate a simple solution and room-temperature processed reduced graphene oxide (RGO) as a novel hole-transporting material (HTM) to guarantee highly efficient and highly stable CH<SUB>3</SUB>NH<SUB>3</SUB>PbI<SUB>3</SUB> perovskite solar cells (PeSCs). The effects of RGO HTM are systemically investigated in terms of PeSC efficiency, PeSC stability, morphology of perovskite film, recombination dynamics, and charge-transport through CH<SUB>3</SUB>NH<SUB>3</SUB>PbI<SUB>3</SUB>/HTM interface. The resultant PeSC with a planar configuration of glass/ITO/RGO/CH<SUB>3</SUB>NH<SUB>3</SUB>PbI<SUB>3</SUB>/PC<SUB>61</SUB>BM/bathocuproine (BCP)/Ag exhibits improved device efficiency (maximum PCE of 10.8%) with high reproducibility than those of the reference devices using conventional PEDOT:PSS and GO HTMs. Also, the RGO-based PeSCs show highly desirable device stability in comparison to the PEDOT:PSS PeSCs.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Highly efficient and stable perovskite solar cells are developed using solution and room-temperature processed RGO. </LI> <LI> The resultant PeSC with planar architecture depicts a superior device efficiency (10.8%) to PEDOT:PSS- and GO-based solar cells. </LI> <LI> The use of RGO HTMs with the inherent passivation ability greatly extended the cell-operation time compared to PeSCs with PEDOT:PSS. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>

제3발표장 : 정보처리 및 복합기술 분야 ; 석산의 엽록소함량에 미치는 배양액내 질소형태 및 NaCl의 영향

황진희 ( Jin Hee Hwang ),조규상 ( Kyu Sang Cho ),김유진 ( Yu Jin Kim ),고나은 ( Na Eun Ko ),손여완 ( Yeo Wan Son ),김신정 ( Shin Jung Kim ),정수진 ( Soo Jin Jung ),백준필 ( Jun Pill Baek ),장매희 ( Mae Hee Chiang ) 한국농업기계학회 2013 한국농업기계학회 학술발표논문집 Vol.18 No.1

Hemolytic Uremic Syndrome Associated with Paraquat Intoxication (초)

( Su Jin Lim ),( Eun Jin Bae ),( Kyun Go Hwang ),( Yeo Jin Kang ),( Se Ho Chang ),( Dong Jun Park ) 대한내과학회 2012 대한내과학회 추계학술대회 Vol.2012 No.1