간행물

한국기업경영학회(구 한국동림경영학회)> 기업경영연구(구 동림경영연구)

기업경영연구(구 동림경영연구) update

KOREAN CORPORATION MANAGEMENT REVIEW

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수록정보
69권0호(2016) |수록논문 수 : 8
간행물 제목
69권0호(2016년) 수록논문
권호별 수록 논문
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오늘날 팀은 조직성과를 창출하는 가장 기본적인 단위이다. 최근 경기불황이 지속되고 있는 상황에서 팀 스트레스가 증가하고, 효능감은 감소하여 조직성과 감소로 이어질 가능성이 높아지고 있다. 이에 조직 성과 제고를 위해 팀 수준의 긍정심리자본에 대한 관심이 높아지고 있다. 이에 본 연구에서는 긍정심리자본의 주요 변수인 팀 회복탄력성과 팀 효능감을 중심으로 분산 리더십 및 활력관계와 조직시민행동, 팀 몰입 그리고 팀 성과인식간의 관계를 규명하고, 또한 매개효과로서 팀 회복탄력성과 팀 효능감의 효과를 검토하였다. 이를 위해 각 변수들은 설문을 통해 측정하였으며, 보다 정확한 인과관계 진단을 위해 1차(독립, 매개변수), 2차(종속변수) 설문으로 나누어 구성하였다. 독립변수인 분산리더십과 활력관계 측정 시 Social Network 방식을 활용하였으며, 가설검증을 위해 구조방정식을 활용하였다. 분석결과 분산 리더십은 팀 회복탄력성, 활력관계는 팀 효능감을 통해 조직효과성 변수들에 대부분 긍정적영향을 끼친다는 것을 확인하였다. 따라서 저성장기 팀 구성원 모두가 적극적으로 리더십을 발휘하고, 상호 활력관계를 유지할 때 팀 내 긍정심리자본의 증가로 팀 및 조직의 성과 향상을 기대할 수 있을 것이다.


Today, the team is the basic organizational structure of the collaboration that this increase in importance and to create organizational performance. Therefore, it is necessary to study in depth on the Positive Organizational Behavior at the team level such as team resilience and team efficacy. If the team that distributed leadership among members in terms of antecedents of resilience quantitative relationships associated with the business, energetic relationship can be viewed as a qualitative relationship between the level of emotional exchange members. These antecedents and team resilience, the relationship between efficacy and the team want to investigate each. Team resilience and team-efficacy are necessary to look for effects on organizational citizenship behavior and team commitment, team performance. In this study, distributed leadership and energizing relationships are independent variables and the dependent variable is addressed by the organizational/individual-oriented organizational citizenship behavior and team commitment and team performance. We investigate team resilience and team efficacy are mediators of relationship with distributed leadership, energizing relationships and organizational citizenship behavior, team commitment, team performance. It was divided into two survey for an accurate diagnosis about the causality. The primary survey has included distributed leadership and energizing relationships as independent variables and team resilience and team efficacy as mediators. The second survey has included OCBO, OCBI, team commitment and team performance as dependant variables. The survey was distributed in the target administrative staff are engaged in constructing, training, consulting and research company. As a result, distributed leadership was defined the positive influence on the team resilience. And team resilience can be seen that there is a direct impact on the individual-oriented organizational citizenship behavior and team commitment. Second, energizing relationships was defined the positive influence on the team efficacy. And team efficacy can be seen that there is a direct impact on the organizational/individual-oriented organizational citizenship behavior, team commitment and team performance. Third, distributed leadership was found on a defined impact on the individual-oriented organizational citizenship behavior and team commitment is mediated by a team resilience. Fourth, energizing relationships were found on a defined impact on the organizational/individual-oriented organizational citizenship behavior, team commitment and team performance is mediated by a team efficacy.

KCI등재

2CSR 지향성의 척도개발에 관한 연구

저자 : 이근태 ( Lee Keun Tae ) , 장우철 ( Jang Woo Chul ) , 서진희 ( Seo Jin Hui ) , 강기두 ( Kang Gi-du )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 25-46 (22 pages)

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21세기 급격한 경영환경의 변화에 직면하고 있는 기업들에 있어서 CSR 수행은 이제 조직 내에 배태된 (embedded) 문화로 접근하여야 할 필요성이 있다는 점이 제기되고 있다. 이에 본 연구는 CSR(Corporate Social Responsibility)을 조직 문화적 관점에서 접근하기 위하여 해당 두 개념을 연결, 통합하는 새로운 개념인 'CSR지향성'을 연구개념을 제안하고 그 측정 척도개발을 시도하였다. 이를 위하여 선행연구들에서 해당 두 개념과 구성차원들을 확인하였고, 기업경영 현장으로부터 조직문화로서 CSR 즉, 'CSR 지향성`의 정의를 파악함과 동시에 그 구성차원 또한 확인하여 내용타당성을 확보하였다. 그리고 그에 대한 비교, 검토를 통해 새로운 'CSR지향성`의 개념적 정의를 도출하는 것과 함께 그를 구성하는 10개의 구성차원이 파악되었다. 이어서 그 10개의 구성차원을 설명할 수 있는 115개의 문항이 개발되어 데이터 수집이 이루어졌고 반복된 척도 정제 절차를 거쳐 'CSR 지향성`을 적절히 측정할 수 있는 44개의 척도가 최종적으로 개발되었으며, 이는 계량심리학적 속성분석을 통해 타당성과 신뢰성을 지닌 척도임이 입증되었다. 본 연구의 이 같은 개념의 제시와 척도개발은, 향후 보다 성공적인 CSR 수행을 위한 연구의 기초가 될 것이며 기업들에 있어서 효과성 있는 CSR 실천의 지침이 될 수 있으리라 기대한다.


The radical changes in the managerial environment have requested modern organizations to treat the CSR as embedded organizational culture in their implementations of CSR. They have also indicated that doing so would be effective and efficient ways to address the whole issues of CSR. To this regard, the current study attempted to integrate the concepts of CSR and company`s orientation to provide the new research construct(i.e., CSR Orientation). The current study reasoned that there are several overall aspect in CSR and company`s orientation; therefore, it seems to be much more reasonable to have a succinct and parsimony construct per se. In order to identify the construct of CSR orientation, it was necessary to cleary understand the meanings of CSR and organizational culture. To this respect, extensive reviews of extant literature were implemented and specifically, several academic databases(e.g., EBSCO, RISS, KISS etc) were examined and reviewed. In so doing, tentative definition and structures of CSR orientation were proposed; but it has to be subject to be justified. Field interviews, therefore were employed to reflect the ideas and thoughts on CSR orientation from the perspectives of practitioners. In a practice of expert interview, especially, the content validity for CSR orientation was assessed. Above mentioned procedures make possible to identity and suggest the definition and measures of CSR orientation. While the measures of CSR orientation were developed by above mentioned procedure, the current study fully adapt the process for developing the scale proposed by Churchill(1979). Having a concrete definition and identifying the sub-constructs, in fact, fully followed the Churchill`s proposition. In relation to the scale development, 10 sub-constructs and 126 measures of CSR orientation were initially developed; and examples of the constructs(and the numbers of developed measures) were rational(12), economic(10), employee(12), customers(14), social(15), environmental(12), orientation(12), structure(10), system(12) and competency(17). A total of 356 data collected from the employees at the big-sized companies located in Seoul were analyzed by SPSS and LISREL to implement such analyses as correlational analysis, reliability test, exploratory factor analysis, and confirmatory factor analysis. In order to purify and validate the data set, the data collected were randomly divided into two; one is for the data purification and another is for the data verification. The analyses for the 1st data set(n=184) showed that 44 items with 10 sub-construct were retained after several reiterative purification processes. Such psychometric properties as composite reliability, convergent validity, and discriminant validity were also assessed and the results showed that all appear to be reliable and valid. In order to confirm the proposed structure, the 2nd data set(n=172) was also empirically examined. In addition to assess the similar psychometric properties, nomological validity was examined by using this data set. Specifically the relationship between perceived performance and CSR orientation were examined. The results for the nomological validity testing showed that CSR orientation is significantly related with perceived performance so that a certain nomological network is formed. By conceptualizing and developing the measure for CSR orientation, the current study could shed some lights on several implications. Firstly, as indicated earlier, the current study provided the good foundation to consider the CSR as a key organizational culture. Secondly, it give some guidelines to the organizations as to which types of works should be done for being more socially responsible. As the other studies, the current study also appears to have research limitations and further studies are expected to address them. The current study assessed the CSR orientation only from the organizational perspective so that it would be necessary to assess CSR orientation from customer, society, and government. Although the current study examined the nomological validity by assessing the correlation between perceived performance and CSR orientation, it is still a limited approach to fully utilized the developed measures. Therefore, it would be considered to assess the such real data as sales and ROI.

KCI등재

3중소 제조기업들의 제조 빅데이터 기술 활용 욕구와 도입 의도

저자 : 김지대 ( Kim Ji-dae ) , 송영욱 ( Song Young-wook ) , 조완섭 ( Cho Wan-sup )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 47-68 (22 pages)

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본 연구의 목적은 중소 제조기업의 제조 빅데이터 활용욕구가 무엇인지를 파악하고, 그러한 욕구들이 실제적으로 제조 빅데이터 기술의 도입의도에 미치는 영향이 어느 정도인지를 규명하는 것이다. 아울러서 본 연구는 어떠한 특성을 갖는 중소기업들이 제조 빅데이터를 활용하고자 하는 욕구가 큰 지를 파악하는 것이다. 본 연구는 중소 제조기업들의 제조 빅데이터에 대한 잠재적 활용욕구를 파악하기 위해 기존 문헌을 조사하고 3개국내 제조기업들을 인터뷰조사를 실시하였다. 기존 연구와 현장인터뷰에서 본 연구는 제조기업에서 제조 빅데이터 활용욕구로 3가지 차원 - (1) 전통적 생산성과 개선 욕구(원가, 품질, 납기, 유연성), (2) 사회적 책임욕구 (환경보호, 안전), (3) 고객 서비스 지향의 새로운 비즈니스 모델 개발(customer service-oriented new business development) 욕구 -을 발견할 수 있었다. 또한 본 연구는 제조 빅데이터 활용욕구에 긍정적 영향을 끼치는 동인(driving factors)으로 2가지 변수를- (1) 경쟁도, (2) 정보기술 능력 - 기존 문헌에서 찾을 수 있었다. 본 연구는 국내 200개의 중소 제조기업들을 대상으로 설문조사를 실시하였다. 실증분석 결과는 다음과 같다. 첫째, 국내 중소 제조기업들이 제조 빅데이터에 대해 갖고 있는 활용욕구는 원가, 품질, 유연성, 납기와 같은 전통적 생산영역에서 생산성과를 개선하려는 욕구와 환경보호와 안전이라는 사회적 책임영역에서 생산성과를 개선하려는 욕구인 것으로 나타났다. 이들 활용욕구들은 중소 제조기업들이 제조 빅데이터 기술의 도입의도와 깊은 관련이 있는 것으로 나타났다. 그러나 제조 빅데이터 기술을 활용하여 고객 서비스 지향의 새로운 비즈니스모델을 개발하려는 고차원의 요구는 없는 것으로 나타났다. 둘째, 중소 제조기업에서 경쟁도가 높을수록 제조 빅데이터를 이용하여 전통적 생산성과와 사회적 책임 생산성과를 향상시키려는 욕구가 증가하는 것으로 나타났다. 셋째, 경쟁도의 경우와 마찬가지로, 중소 제조기업에서 IT능력이 클수록 제조 빅데이터 기술을 이용하여 전통적 생산성과와 사회적 책임 생산성과를 향상시키려는 욕구가 증가하는 것으로 나타났다.


Considerable attention has been paid to smart manufacturing which utilizes manufacturing big data technology. Previous studies on the utilization of manufacturing big data have mainly focused on large corporations or conglomerates. For example, they can quickly develop vaccine through big data or successfully use big data in predicting the situation in which the parts of their product may experience breakdown. However, the small and medium-sized manufacturing companies(SMMCs) are facing difficulties in realizing and predicting their need for utilizing manufacturing big data technology. It is difficult to implement technology of which the usage needs are unclear. For this reason, only 25% of firms are reported to utilize the big data technology. The purpose of this paper is to identify the underlying needs for manufacturing big data in the context of SMMCs and to assess the extent to which those needs are related to the intention to adopt the manufacturing big data technology. Additionally, this study is designed to identify which companies have higher level of usage needs of the manufacturing big data technology. This study comprehensively reviewed previous literature and conducted in-depth interviews with three domestic manufacturing firms in order to understand potential usage needs of SMMCs for the manufacturing big data technology. This study developed the following three big dimensions of manufacturing big data usage need based on the comprehensive review of literature and interview - (1) traditional production needs(cost, quality, flexibility, delivery), (2) social responsibility needs(environmental protection and safety), and (3) customer service-oriented new business development needs. Also, this study suggested the following two driving factors positively influencing the needs - (1) competition and (2) information technology capabilities. This study developed a research model that presents two driving factors → three dimensions of usage needs of manufacturing big data → adoption intention of manufacturing big data technology. Further, this study conducted a survey with 200 SMMCs in order to empirically test the validity of the research model. The empirical test results were summarized as follows. First, the significant usage needs of small and medium-sized manufacturing companies for the manufacturing big data technology include (i) the need to improve production performances in terms of cost, quality, flexibility, and delivery, and (ii) the need to improve social responsibility performances in the areas of environmental protection and safety. These needs were found to be significantly correlated with the intention of SMMCs to adopt the manufacturing big data technology. However, SMMCs do not want to use manufacturing big data to develop a customer service-oriented new business model. Second, competition was correlated with the needs to utilize manufacturing big data to improve both production and social responsibility performances in a positive manner. Third, as in the case of competition, SMMCs with higher level of IT capabilities are likely to have stronger need to use manufacturing big data to increase their production and social responsibility performances. This study has following practical implications. First, the results of this study indicate that the intention of the SMMCs to adopt manufacturing big data technology are related to their needs to improve the performances in traditional production areas and social responsibility areas. These are the perceived purposes of the small and medium-sized companies to introduce the manufacturing big data technology. Therefore, Korean government research institutes or technical consulting firms have to develop appropriate manufacturing big data technologies to meet these purposes. For example, as small and medium-sized manufacturing companies do not introduce manufacturing big data technologies to develop a new business model that is customer service-oriented, the manufacturing big data technology platform must not be overdesigned. Second, this study suggests competition and IT capabilities as the driving factors influencing the needs for utilizing manufacturing big data. Recently, Korean government or Korean government agencies have been trying to promote the widespread adoption of the manufacturing big data technology. Further, they currently carry out policies for selecting companies that are in need of technology support of the manufacturing big data technology. When choosing the companies for such a support, they might prefer to selecting the small and medium-sized manufacturing companies which have the high level of IT capabilities and are faced with fierce competition.

KCI등재

4중ㆍ고령 구직자의 취업 결정요인 분석: 공공고용서비스 취업알선 대상자 50-85세를 중심으로

저자 : 양지윤 ( Yang Ji Youn ) , 고희원 ( Ko Hee Won )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 69-90 (22 pages)

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본 연구에서는 공공 고용서비스를 통해 취업알선을 받은 50세 이상의 중ㆍ고령자를 대상으로 취업여부에 영향을 미치는 요인이 무엇인지 살펴보고, 취업자의 고용형태 결정요인을 함께 규명함으로써, 중ㆍ고령자의 취업활성화를 위한 정책적 지원 및 실천적 방안을 도출하고자 하였다. 이러한 맥락에서 본 연구는 2015년 워크넷데이터 중 공공 취업알선서비스를 경험한 중ㆍ고령자를 대상으로, 인구통계학적 요인(성별, 연령, 거주지, 최종학력, 취약계층 여부)과 구직활동 요인(희망지역, 거주지ㆍ희망근무지역일치 여부, 희망임금, 구직등록목적, 구직등록기관)을 중심으로 중ㆍ고령자의 취업여부, 고용형태에 영향을 미치는 요인을 파악하기 위하여 기술통계분석, 이항 로지스틱 회귀분석을 실시하였다. 분석결과 인구통계학적 요인에서는 성별, 연령, 거주지, 최종학력, 취약계층 여부가 취업여부 및 고용형태에 유의미한 영향을 미치는 것으로 나타났다. 구직활동 요인에서는 구직등록목적, 희망임금, 구직등록기관이 취업여부 및 고용형태에 각각 유의미한 영향을 미치는 것으로 나타났다. 선행연구와 달리 중·고령 구직자 남성의 취업 및 정규직 가능성이 여성보다 낮게 나타났다. 최종학력이 중학교 이하일 때 취업가능성이 높게 나타났으며, 구직등록기관별 취업가능성 및 정규직 가능성에서 유의미한 차이가 있었다. 이러한 결과를 통해 공공고용서비스에서 제공하는 중ㆍ고령자 일자리 중 학력을 요구하지 않는 단순노무직일자리 비율이 높으며, 기관별 구인자 및 구직자의 특성(구직등록목적 등), 알선방식에 차이가 있음을 짐작할수 있었다. 중·고령 구직자를 대상으로 공공 고용서비스를 제공하는 기관 담당자는 지역과의 네트워크 형성 및 인사담당자들과의 교류를 통해 괜찮은 일자리를 적극적으로 발굴·연계하고 유관기관과 면밀한 협조체계를 이루어 중·고령 구직자와 구인자의 현황자료 및 수요를 파악할 필요가 있다. 이를 바탕으로 맞춤형 교육훈련, 상담, 취업알선 서비스를 제공하여 중ㆍ고령자들이 자신의 경험, 전문성 등을 활용하여 일할 수 있도록 취업지원서비스를 제공해야 할 것이다.


The purpose of this study was to examine the influential factors upon middle aged and elderly job seeker`s employment and then present political and practical strategies for the activation of middle aged and elderly`s employment. For this, data of middle aged and elderly job seeker`s in 50-85 years of age who experienced job referral service from public institutes was collected from Worknet. In order to examine the influential factors upon middle aged and elderly job seeker`s employment, descriptive statistical analysis and binary logit analysis were carried out. Demographic factors, such as gender, age, residence, education level, whether within or without vulnerable social group and factors of job hunting activity, such as preferred region, match of region, goal of job-seeking registration, wage expectation, institute of job-seeking registration were used for independent variables. Study findings are as follows: demographic features of the influential factors upon middle aged and elderly job seeker`s employment were gender, age, residence, education level and whether belong to vulnerable social group. Factors of job hunting activity which have significant effect were goal of job-seeking registration, wage expectation, institute of job-seeking registration. Unlike preceding research, the possibility of employment and permanent position was higher for middle aged and elderly job seeker`s who were female than male. Education level of under middle school makes the possibility of employment higher. There were different effects of institute of job-seeking registration on the possibility of employment and permanent position. Based on study findings, political and practical strategies for the activation of middle aged and elderly job seeker`s employment are presented as follows: It is necessary to find out practical needs of companies and job seekers through cooperation with related public institutes and networking with local companies. Based on that, it is necessary to offer the service including training, counseling and job referral service to middle aged and elderly job seekers so that they can use their experience and competence.

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5자동차 대리점 영업사원의 기회주의에 대한 통제메커니즘 연구

저자 : 정연승 ( Yeon-sung Jung ) , 노원희 ( Wonhee Noh )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 91-108 (18 pages)

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조직구성원에 대한 감시, 감독, 평가, 보상절차 등을 의미하는 통제메커니즘에 대한 연구들은 전통적으로 다루어져 왔던 두 가지 공식적 통제메커니즘, 즉 결과통제와 행동통제뿐만 아니라 최근에는 비공식 통제메커니즘으로서 클랜통제에 대한 관심도 높아지고 있다. 이러한 메커니즘에 대한 다양한 연구가 이루어져 왔지만, 자동차 유통채널에서 통제 메커니즘이 어떻게 성과로 연결되는지에 대한 연구는 매우 부족한 실정이다. 이에 본 연구는 국내 자동차 유통채널 중 대리점의 영업직원에 대한 적절한 통제가 직원들의 적극적·소극적 기회주의를 감소시킴으로서 조직의 성과를 높이는 메커니즘을 검증해 보고자 한다. 실증분석을 위해 국내 최대 자동차 메이커인 현대자동차와 기아자동차의 대리점 점장을 대상으로 연구를 진행한 결과, 결과통제는 적극적 기회주의를 증대시킨 반면, 행동통제는 적극적 기회주의와 소극적 기회주의 모두를 감소시켰고, 클랜통제는 적극적 기회주의만을 감소시킨 것으로 나타났다. 그리고 대리점의 경우에는 소극적 기회주의만이 협력에 부정적인 영향을 미치는 것으로 나타났다.


This study is conducted to examine the effects of control mechanism on the salesperson`s opportunism in the Korean Automobile distribution channel. The control mechanism is divided into three components respectivelyoutcome control, behavior control and clan control, and opportunism is composed with two different types- active opportunism and passive opportunism. For dependent variable of this study, coordination is analyzed. The purpose of this study is to examine how different effect of the three control mechanism of the two opportunism. And finally the effect of two opportunism on the coordination is figured out. For the purpose of the empirical testing, we managed to obtain the list of dealer channel from 16 regional headquarters of Hyundai motor company and 13 regional headquarters of Kia motor company. We were able to collect total 314 data. The analysis utilizing structural equation model indicated that outcome control has positive influence on active opportunism, and behavior control has negative influence on active opportunism and passive opportunism both. Clan control has negative influence on active opportunism. Only passive opportunism has negative influence coordination.

KCI등재

6한국 기업의 위기대응력에 관한 연구: 비금융기업을 중심으로

저자 : 양철원 ( Yang Cheol-won ) , 김동옥 ( Kim Dong-ok )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 109-131 (23 pages)

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본 연구는 금융위기 기간의 주식수익률을 이용하여 한국 기업들이 위기경험으로부터 학습효과를 얻어 위기대응력을 제고하였는지, 아니면 위기경험에도 불구하고 위험문화나 영업방식을 유지하였는지를 검증하였다. 선행위기 기간의 주식수익률은 후행위기 기간의 주식수익률에 대한 예측력을 보유하여 위험문화가설의 타당성을 확인하였다. 위기수익률 간의 양의 상관관계는 대주주가 존재하는 기업의 경우 유의하게 약해지고, 업력에 따른 차이는 발견하지 못하였다. 기업특성변수를 사용하여 금융위기 기간 저조한 주가수익률을 야기한 요인을 살펴본 결과, 수익성(총자산수익률)이 낮고 재무적 불안정성(차입금의존도)이 높은 기업은 지속적으로 저조한 위기수익률을 시현하였다. 1997년 금융위기 기간 중 외국인 투자자의 매도거래가 많았던 기업일수록 더욱 심각한 주가하락을 경험하였으며, 이는 자본자유화 이후 외국인 투자자의 거래 행태가 국내 주식시장에 미치는 영향이 증대되었음을 의미한다. 일반적으로 주식수익률에 영향을 준다고 알려진 베타, 시장가치 및 장부가대시가비율은 위기기간에는 설명력이 제한되거나 상이한 영향력을 갖는다는 점을 확인하였다.


Are some firms have something unique to make them prone to perform poorly during crises? The purpose of this study is to answer the above question. In this paper, we show that a firm`s stock return during the preceding crisis (stock return during the 1997 crisis, 1997 crisis return) has predictive power to the posterior crisis return (stock return during the 2008 crisis, 2008 crisis return). Analyses in this paper are related to those presented in the previous literatures (Fahlenbrach et al., 2012; Kim & Yang, 2013; and Kim, 2014). This paper analyzes whether Korean non-financial firms raised the confrontational ability or didn`t change risk culture (or business model) after crisis experience. To this end, we test the two hypotheses through regression analysis. The main explanatory variable is 1997 crisis return, and the dependent variable is 2008 crisis return. Risk culture hypothesis refers to the situation that firms with poor performance during the preceding crisis would also perform poorly during the posterior crisis. Difficulty to change risk culture or business model that make firms sensitive to crises is the basis of an argument to this hypothesis. Learning hypothesis refers to the situation that firms with low stock return in 1997 would perform well in 2008 through crisis learning. Firms could change its risk culture or business model after crisis experience to raise the confrontational ability to the crisis. Our empirical findings are as follows. First, 2008 crisis return is positively associated with 1997 crisis return. This positive association is outstanding among firms which performed poorly during the 2008 crisis. This result lead us to conclude that the risk culture hypothesis is more appropriate for Korean non-financial firms than the learning hypothesis. Second, the above mentioned predictive power is weakened among firms with major shareholder. Major shareholder refers to the shareholder with ratio of share more than 2% in KOSPI (Korea Composite Stock Price Index) and 4% in KOSDAQ (Korea Securities Dealers Automated Quotations), or market capitalization more than 5 billion Korean won in KOSPI and 4 billion Korean won in KOSDAQ according to the Korean tax law. Corporate age - relating to the concept of organizational learning, organizational life cycle, and organizational inertia - is regarded to favor the risk culture hypothesis. But we can`t find any significant difference according to the corporate age. Third, we examine the effects of firm characteristics and foreign investors` trading trend on the predictability of poor performers during the crisis period by probit analysis. Firms with higher borrowing to asset ratio and low turnover ratio of total liability and net worth had poor performance during the both crises. These results are consistent with the previous literatures which insist funding fragility is the main weakness during the crisis period. Kim and Yang (2013) found borrowing to asset ratio is the key factor that makes crisis return of Korean financial institutions low. High net sales growth rate had negative effect to the crisis return only in 1997. And firms with low foreign investors` net purchase ratio had poor performance during the 1997 crisis. This result is in line with the arguments that capital decontrol may be the cause of financial crisis. Forth, these results are robust to the change of the calculation method and period of the crisis return. We found statistically significant positive coefficient of regression as ever from the robustness check with two newly calculated main explanatory variables. Overall, the findings are consistent with the risk culture hypothesis. It means that some firms has vulnerability to the crisis. And this fragility would come from the difficulty in the change of the risk culture or the business model of them. Previous study with the sample of Korean financial institutions is in favor with the learning hypothesis (Kim & Yang, 2013; and Kim, 2014). It may be a big difference between financial institutions and non-financial firms in organizational learning after crisis experience, and of the persistence in the risk culture or the business model. This is considered from the dissimilarity of corporate governance. It is because the existence of major shareholder has significant effect to the firm`s behavior after crisis experience. Our study is the first analysis over the Korean non-financial firms` behavior after crisis experience. This paper contributes to the literature on the financial crisis, the crisis return, and also on, in part, the organizational learning and the capital decontrol.

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7주식유동성이 배당정책에 미치는 효과

저자 : 김진우 ( Kim Jin-woo )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 133-157 (25 pages)

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본 연구에서는 1982년부터 2010년까지 유가증권시장에 상장된 885개 비금융기업을 대상으로 주식유동성이 배당정책에 미치는 효과를 분석하였다. 현금배당을 지급하였으면 1의 값을 가지는 더미변수를 종속변수로 한횡단면 로지스틱 회귀분석을 실시한 결과, 거래회전율로 측정한 유동성변수가 모든 기간에 걸쳐 유의한 음의 계수값을 가지고, 거래회전율이 ±1 표준편차가 변할 때 배당지급확률은 45% 정도의 변동을 보여서 주식유동성이 낮은 기업일수록 배당지급 가능성이 증가한다는 배당의 유동성가설을 지지하는 결과를 얻었다. 이러한 결과는 최근으로 올수록 그 유의성이 더 증대되고 있으며, 기업규모, 수익성, 투자기회, 부채비율과 같은 기업특성변수들을 통제한 상황에서도 일관되게 지지되는 것으로 나타났다. 주식유동성의 미래 배당지급확률에 대한 예측력을 실제 배당지급기업 비율과 비교한 결과에서는 기업특성변수만을 이용하여 예측한 배당지급확률에 비해 유동성변수를 추가하여 예측한 배당지급확률이 5.48% ~ 9.38% 정도 유의하게 낮은 예측오차를 가져서 주식유동성이 중요한 배당결정요인임을 재확인하였다. 이상과 같은 본 연구의 결과는 기업특성변수들 이외에 유동성과 같은 주식시장 관련 변수도 기업의 배당정책에 영향을 미친다는 것을 보여주고 있다.


This study investigates the effect of stock liquidity on the firm`s dividend policy in Korean stock market. Especially, I examine whether the dividend liquidity hypothesis that a firm with lower stock liquidity tend to have higher possibility for cash dividend payments is also significantly supported in Korean stock market using financial statements data and stock market data of 885 non-financial firms listed in KOSPI during 1982 ~ 2010. Firstly, I do the cross-sectional logistic regression analysis using dummy variable as a dependent variable, which have a value of one when the firm pays cash dividends to investigate that stock liquidity actually has a explanatory power to dividend decision. As a result, I find that stock liquidity variable measured by turnover ratio have significantly negative coefficients in all regression models. This result means the dividend liquidity hypothesis is also significantly supported in Korean stock market. The probability of dividend payments changes about 45% when stock liquidity variable changes as much as one standard deviation. These results are more significant after 2000 and are supported consistently when the firm-specific characteristic variables such like firm size, profitability, investment opportunity, book-to-market ratio are controlled. Secondly, I estimate the probability of future dividend payments and compare it with actual dividend payment ratio(= # of dividend-paying firms / # of total firm in a year). The probabilities of future dividend payment estimated by cross-sectional logistic regression model using only firm specific characteristics as a explanatory variable show about 23.62% of prediction errors, on average, with actual dividend payment ratio, whereas, the prediction errors of cross-sectional logistic regression model including stock liquidity variable additionally are significantly lower than former`s error about 5.48% ~ 9.38%. So, I reconfirm that the stock liquidity is important determinant for Korean firms` dividend policy. In subsample analysis, I find that the stock liquidity can increase the power to predict future dividend payments of firms with high stock liquidity and lower probability of dividend payments. I also find that the stock liquidity has the highest explanatory power for dividend policy of firms which have continuously paid cash dividends during past 5 years.

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8조직간 시민행동이 관계품질과 가맹점 및 가맹본부의 성과에 미치는 영향

저자 : 이민호 ( Lee Minho )

발행기관 : 한국기업경영학회(구 한국동림경영학회) 간행물 : 기업경영연구(구 동림경영연구) 69권 0호 발행 연도 : 2016 페이지 : pp. 159-175 (17 pages)

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프랜차이즈시스템에서 가맹점과 가맹본부는 독립된 자본을 가진 개별기업이지만 하나의 확장된 기업의 내부관계로 인식할 수 있다. 가맹점과 가맹본부 간 상호신뢰와 조직을 위하는 자발적 참여는 시스템의 생산성을 향상시킨다. 본 연구의 목적은 조직내 개인차원이 아닌 조직간 시민행동이 관계품질, 가맹점과 가맹본부의 성과에 미치는 영향을 분석하였다. 조직간 시민행동과 가맹본부성과와의 관계를 검토하기 위해 관계품질과 가맹점성과를 매개변수로 이용하였다. 가맹점주를 대상으로 하여 설문을 실시하였으며, 구조방정식모형을 이용하여 분석하였다. 연구결과, 조직간 시민행동이 관계품질과 가맹점성과에 직접적으로 영향을 미치는 것으로 나타났다. 반면, 조직간 시민행동이 가맹본부성과에는 직접적인 영향을 미치지 않는 것으로 나타났다. 또한 관계품질도 가맹본부성과에 직접적으로 영향을 미치지 않는 것으로 나타났다. 하지만 가맹점성과가 가맹본부성과에 직접적으로 영향을 미치는 것으로 나타나 조직간 시민행동과 관계품질이 가맹점성과를 매개로 간접적으로 영향을 미친다는 것을 확인하였다. 본 연구결과에서 가맹점주의 가맹본부의 발전을 위한 이타적 행동과 자발적 참여가 상호간의 신뢰를 향상시키고 만족하게 하여 가맹점 성과를 향상시킨다는 것을 확인할 수 있었다. 그리고 향상된 가맹점의 성과를 통해 재계약이 증가하면서 가맹본부의 성과도 향상된다는 것을 확인할 수 있었다.


Franchise system is composed by franchisor and franchisee. The franchisor`s success depends on the success of franchisee. the relationship between franchisor and franchisee affects performance. Also, the inter-organizational citizenship behavior may play a role in improving relationship between franchisor and franchisee. Hence, we focuses inter-organizational citizenship behavior as a critical driver of relationship quality. Organizational citizenship behavior is defined as an individual behavior that is discretionary, not directly or explicitly recognized by formal reward systems and that in the aggregate promotes the effective functioning of the organization(Organ, 1988). Autry et al.(2008) suggested that the application of organizational citizenship behavior concepts and findings to inter-organizational citizenship behavior situations is relevant as well as theoretically and practically useful. We use concept that Autry et al.(2008) extend the extant organizational citizenship behavior concepts into the inter-organizational citizenship behavior context. Organizational citizenship behavior is related to organizational performance. This study analyzed the effect of inter-organizational citizenship behavior on relationship quality and performance of franchisee and franchisor. We used performance of franchisee as mediated variable to investigate the relationship among: inter-organizational citizenship; relationship quality and performance of franchisor. We conducted a questionnaire survey for franchisee and analyzed based on tested structure equation modelling with 303 franchisee. As a results, we identified the direct effect of inter-organizational citizenship behavior on relationship quality and performance of franchisee. On the other hand, inter-organizational citizenship behavior and relationship quality have little effect on performance of franchisor. However, performance of franchisee has the direct effect on the performance of franchisor which proves indirect impact on inter-organizational citizenship behavior and relationship quality. This study demonstrates franchisee`s inter-organizational citizenship behavior such as altruistic behaviors directly impact on the performance of franchisor. However, of inter-organizational citizenship behavior only impact on the performance of franchisee only based on the trust and satisfaction among franchisee and franchisor.

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