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배당, 현금흐름 및 기업가치의 관계 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

This study analyzed whether the relationship between a company"s cash holdings and firm value differs depending on dividends using KOSPI and KOSDAQ listed firms from 2010 to 2020. I found dividends showed a negative correlation with firm value, and cash holdings showed a positive correlation with firm value. However, in dividend-paying companies, the level of cash holdings has a negative relationship with firm value, and the presence of dividends appears to weaken the relationship between cash holdings and firm value. While demand for dividends has recently been increasing in the Korean capital market, there are implications for capital market investors in that the relationship between a company"s cash holdings and corporate value is changing depending on dividends.

이질적 외국인 투자자의 대량지분취득 공시효과에 관한 재고찰 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

This paper revisits the announcement effect of foreign blockholders’ share acquisitions for 14 years from 2005 to 2018. We classified heterogeneous foreign block shareholders based on criteria such as new acquisitions, investment purposes, tax haven status and legal systems of foreign investors’ origin countries. The empirical results of the event study conducted using 1,471 disclosures, are as follows. We find positive stock returns associated with foreign investors’ block acquisitions before and after the announcement date. The positive stock returns are more pronounced in new acquisitions involving management participation. We also find the interaction effects between new acquisitions and legal systems; specifically, the ownership of foreign blockholders from tax-havens mitigates the positive impact of new acquisitions, while the ownership of foreign investors from common-law countries reinforces the impact. The results demonstrate discriminatory impact of heterogeneous foreign blockholders on firm value, depending on the characteristics of foreign blockholders. This suggests that the Korean stock market is more responsive to initial investments involving management participation by foreign blockholders from common-law countries.

주기적 감사인 지정이 직급별 감사시간에 미치는 영향 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

This study investigates the effect of periodic auditor designation on changes in rank-specific audit hours. Despite the increase in audit fees and audit hours caused by introducing the periodic auditor designation system, previous studies showed that there is no significant effect on the improvement of audit quality. This study confirms the effectiveness of the periodic auditor designation system, as verifying the change in audit hours for partner, senior and associate auditors, respectively. The results of the analysis which compares the changes of audit hours between designated and non-designated firms in 2020 are as follows. First, after implementing the periodic auditor designation, the increase of partner and senior auditor audit hours to designated firms was empirically greater than that of non-designated firms. Second, the auditor of designated firms showed an increase in senior-level audit hours under BIG4 auditor, while the increase in partner-level audit hours was mainly noticeable in small and medium-sized auditors. Finally, specialist auditors have shown a notable increase in senior auditor audit hours for designated firms, whereas for non-specialists, an increase in partners auditor audit hours is more pronounced.

한국 IT기업의 상호변경의 전략적 효과: 상장폐지위기 여부를 중심으로 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

This study analyzes the impact of market reactions to corporate name change strategies on firm value and value sustainability. It also analyzes whether there are differences in the relationship between market reactions and firm value and value sustainability depending on whether the firm can remain listed after the name change. This study first presents the empirical findings and implications of this study as follows: First, there is a positive relationship between market reactions to corporate name change strategies and firm value. And the effect (value persistence) persists over a while. Second, this effect is particularly valid for listed firms. For firms that can remain listed, the market reaction to a name change is significantly and positively related to firm value in the following year, and the effect is persistent over time. For firms in danger of delisting, the relationship is positive when analyzed on a three-year average. These findings suggest that the long-term effect of corporate name changes can positively affect firm value if the market reaction is positive, not only for firms that can continue to be listed but also for firms that are in danger of delisting, which implies that corporate name changes can have different effects on firm value depending on how they are strategically organized.

A Study on the Development of Future Corporate Value Forecasting Classifier Reflecting ESG Information | 2024.04.29

기타 | 경영학연구 (한국경영학회)

Companies above a certain size that operate globally are showing increasing commitment to ESG (environmental, social, and governance) activities. The main goal of this study is to design a model that can predict future corporate value based on ESG score data. To this end, this study compares the predictions of the basic future corporate value prediction model on which previous studies have been based and those of the future corporate value prediction model proposed herein that includes ESG ratings. For a more rigorous analysis that obtains more comprehensive results, the current study presents results using five machine learning methods: CatBoost, Extra Trees, LGBM, Random Forest, and Gradient Boost. These results indicate that models that encompass ESG data consistently outperform models that do not encompass ESG data in terms of predicting future corporate value. This paper is characterized by its use of an interdisciplinary research methodology that uniquely introduces machine learning techniques, which are rarely used for empirical analysis in the financial and accounting fields. This innovative and future-oriented research method is expected to inspire subsequent scholars in these domains and others in which machine learning techniques are not typically used.

정성적 신용평가요소가 신용등급 불일치에 미치는 영향 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

This study investigates how credit rating agency"s qualitative rating adjustments factors(Rating Deviation) in the credit rating process for corporate bond affect the discrepancy in opinions among credit rating agencies(Rating Split). In an empirical analysis using Korean listed companies from 1998 to 2022, our findings can be summarized as follows. First, the absolute value of Rating Deviation exhibits a positive association with the likelihood of Rating Split among multiple credit rating agencies. This suggests that a greater incorporation of qualitative rating adjustments factors in credit rating assessments leads to a higher likelihood of rating disparities among credit rating agencies. Second, the raw value of Rating Deviation is negatively associated with the likelihood of Rating Split, suggesting that the probability of Rating Split increases when a credit rating agency take a conservative approach in their qualitative assessment. This study extends related research by exploring the causes of rating disparities among multiple agencies through the rating mechanism per se, rather than the perspective of information asymmetry.

SNS 결속적 사회자본과 연결적 사회자본이 공개적인 의견표명의지에 미치는 영향 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

Based on the spiral of silence theory and social capital theory, this study suggested the process of SNS users’ public opinion expression on social issues. The motivational factors of willingness to speak out were presented as SNS bonding social capital, SNS bridging social capital, and perceived opinion support. SNS bonding social capital had a positive effect on perceived opinion support, and perceived opinion support positively affected willingness to speak out. However, there is no direct effect SNS bonding social capital to willingness to speak out. SNS bridging social capital did not affect perceived opinion support but directly affected willingness to speak out. This study empirically suggests that the process of expressing opinions varies depending on the type of SNS social capital. Besides, previous studies" limitations linking the existing social capital theory and the spiral of silence theory were identified. The process of public opinion formation was explored in consideration of today"s social media environment.

기술성장상장기업의 기업가치 과대평가 및 최대주주의 지분매각이 주가폭락에 미치는 영향 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

New investors of technology growth listings firm allocate capital towards the potential future market value, despite the modest prospects for success in innovative technologies. Nevertheless, when the lock-up period expires, and major shareholders along with affiliated parties promptly divest their shares, investors tend to develop a pessimistic outlook regarding the prospects of technology success and commercialization. Furthermore, as reported profits fall short of the estimated earnings utilized in the company’s valuation during listing, investors are more inclined to harbor a negative view of its future value. Hence, this study investigates whether the risk of a stock price decline escalates when major shareholders and affiliated parties of technology growth-listed firms divest their holdings post-lock-up period. Additionally, we explore whether this risk intensifies further when estimated earnings are overstated, and major shareholders and affiliated parties sell their shares following the lock-up period. The analytical findings reveal that the risk of a stock price decline increases as major shareholders and affiliated parties of technology growth-listed companies divest their holdings after the lock-up period. Furthermore, it becomes evident that this risk surges even higher when estimated profits are inflated, and major shareholders and affiliated parties dispose of their shares post-lock-up period.

국내 고성장 ICT 서비스기업의 효율성에 관한 연구 | 2024.04.29

기타 | 경영학연구 (한국경영학회)

The purpose of this study is to measure the change in productivity of high-growth ICT service companies before and after being selected as a high-growth company, and to analyze the causes of productivity change. For the purpose of this study, the subject of analysis was high-growth ICT service companies on the Science & Technology Policy Institute(STEPI) high-growth company list, and productivity changes were measured using the DEA-Malmquist model. The analysis period was from 2 years before the high-growth company selection to 2 years after the high-growth company selection based on the year of each company"s high-growth company selection. As a result of the analysis, it was found that the average annual productivity increased during the entire analysis period (t-2~t+2). However, looking at each period, the average annual productivity was found to decrease after(t~t+2) it was selected as a high-growth company. It was confirmed that the reason for the decrease in efficiency after selection as a high-growth company was due to companies that were selected as high-growth companies whose efficiency decreased after selection. It was expected that the results of this study can be used to establish policies related to ICT service companies, to support high-growth companies, and to derive selection criteria guidelines.

지역으로 본 주변효과의 확인 및 검증 | 2024.04.25

기타 | 경영학연구 (한국경영학회)

최근 마케팅 분야에서 많이 진행되는 연구는 행동결정이론연구이며, 행동결정이론의 대표적인 영역이 주변효과연구들이다. 본 연구에서는 주변효과연구들이나 고객의 선택행동을 설명하고자 하는 계량모델들이 가지고 있던 문제점들을 해결하고 추후의 연구를 진작시키기 위한 기초연구를 진행하였다. 행동결정연구들은 주변효과가 존재함과 그 존재원인을 찾고자 했지만, 주변을 모두 보지 못하고 소수의 점들을 가지고 연구를 진행하였다. 따라서 주변이라는 것을 형성하고 있는 지역의 개념이나 효과의 강도를 적절히 연구하지 못하였다. 또 계량모델의 경우에는 모델함수의 선정을 전체 적합도로만 검증되고 모델함수의 특성으로는 제대로 검증하고 있지 못하고 있었다. 본 연구에서는 지역의 개념 하에서 지역 내의 모든 곳에 제품을 위치시켜서 구매가능성과 실제 선택자료를 얻었다. 이때, 제품의 수를 한 개, 두 개, 그리고 세 개인 경우로 나누어 따로 조사 분석해서 제품수가 늘어남에 따라서 변화되는 선택확률을 검증해보았다. 이때 특정 모델을 가정하지 않고, 실제자료를 평활화하여서 공간전체의 선택확률을 추정하였으며, 제품의 숫자에 따른 전체 선호지역들의 선택확률들의 차이를 피셔의 정확검증방법을 통해서 검증하였다. 연구결과를 보면, 경쟁제품의 수가 변하고, 그 위치가 변하게 되면, 선택공간상의 선택확률분포는 변하게 된다. 이때 선택에 미치는 주변제품들 속성간의 trade-off도 변하고, 결과로 나오는 선택확률값들도 변하게 된다. 본 연구의 결과는 기존제품을 고려하여 마케팅담당자들이 신제품을 개발하고, 포지셔닝 전략을 세우는데 활용될 수 있다.