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해외 교차상장이 한국기업의 비효율적 자본지출에 미치는 영향: 국내 DR발행 기업을 대상으로
김현도,노지혜 한국국제경영학회 2023 國際經營硏究 Vol.34 No.1
In this study, we consider cross-listing as a business and financial activity that can reduce inefficient capital expenditures. We aim to examine whether inefficient capital expenditures of Korean cross-listed companies have improved after depositary receipts (DR) listing in foreign capital markets. In order to alleviate endogeneity issues associated with DR listing, we implement difference-in-differences(DiD) analysis after selecting Korean firms that have issued DR and firms that haven’t yet. According the main empirical results in this study, cross-listed Korean firms have improved inefficient capital expenditures compared to non-cross-listed firms after the issuance of DRs. In addition, Tobin’s Q and R&D expenditures, which are measures of firm’s future value and efficient investment expenditures, of cross-listed Korean firms increased significantly compared to non-cross-listed firms after DR issuance. However, the profitability, measured by return on assets(ROA) of cross-listed firms decreased compared to non-cross-listed firms, and it implies that there might be some window-dressing issues before cross-listing. Based on our findings, we conclude that more information can be disclosed through cross-listing, thereby alleviating information asymmetry between firms and the market, and corporate governance might be improved in order to meet the more stringent requirements of overseas capital markets. 본 연구에서는 여러가지 경영, 재무활동들 중 해외 교차상장(cross-listing)이 국내기업의 비효율적 자본지출을 개선할 수 있는지 검증하고, 그 영향을 분석하였다. 특히, 해외 교차상장과 관련한 내생성 문제를 해소하기 위해 교차상장을 한 기업(교차상장기업)과 그렇지 않은 기업(비교차상장 기업)을 선정하고 이중차분법(Difference-in-Differences Analysis)을 활용하여 두 그룹의 비효율적 자본지출과 기타 주요 재무지표들을 분석하였다. 주요 실증분석 결과에 따르면 교차상장기업은 교차상장이 된 후 비교차상장기업에 비해 총자본지출과 비효율적 자본지출이 감소하는 것으로 나타났다. 또한, 교차상장기업의 성장성과 효율적 투자지표인 Tobin’s Q와 R&D 투자지출 모두 비교차상장기업 대비 증가하여 교차상장의 긍정적인 효과를 확인할 수 있었다. 반면, 교차상장기업의 수익성은 교차상장 이후 비교차상장기업 대비 하락하였는데 이는 교차상장을 위한 실적 부풀리기 등의 영향으로 해석하였다. 본 연구를 통해 해외 교차상장이 한국기업의 비효율적 자본지출과 여러 재무활동에 유의한 영향을 끼치는 것을 확인할 수 있었다. 즉, 기업의 교차상장은 시장과 투자자들에게 더 많은 정보를 제공하여 대리인문제, 정보불균형 등으로 인한 문제들을 해소시키는 효과가 있으며, 보다 엄격한 해외상장의 요건을 충족시키기 위해 기업지배구조 또한 개선되는 효과가 존재한다고 할 수 있다.
김현도 한국국제경영학회 2023 國際經營硏究 Vol.34 No.4
In this study, I investigate the role of a U.S. CEO’s job security level and long-term incentive compensation on the firm’s corporate social responsibility (CSR) investment under the various financial circumstances. Nowadays, empirical research supports the view that investments in the CSR of a firm have a positive impact on the financial performance of the firm at least in the long run. However, many managers still consider investments in the CSR merely as unnecessary costs and do not invest in the CSR because they are usually evaluated and paid based on their short-term financial performance. As a solution to this kind of agency problem, stock options which cannot be exercised quickly provide managers with better incentives to pursue long-term corporate objectives, instead of short- term ones, but the pursuit of long-term objectives could also be undermined by the risk of the early termination of the term. With the sample of U.S. listed firms from 1992 to 2013, I implement multivariate regression analyses with interaction terms. I find that firms with more protection from short-term managerial turnovers and/or more long-term incentive compensation scheme exhibit better corporate social performance. Moreover, the effects vary with business cycles and a firm’s financial status.
Janthinobacterium sp. 유래 저온 활성 프로테아제 정제
김현도,최종일 한국미생물·생명공학회 2018 한국미생물·생명공학회지 Vol.46 No.2
In this study, purification of cold-adapted protease from Janthinobacterium sp. was investigated. First, using gradient precipitation, protease was confirmed to be deposited in the 30−80% range of ammonium sulfate. Next, DEAE-Sepharose column was used for the binding of the protease under various conditions. The optimal binding condition was found to be pH 8.5 and flow rate of 30 ml/h. Under the optimal condition, the protease was purified with 29% recovery yield. This result can be useful for the purification of other cold-adapted protein.
분노표현 양식과 스트레스 노출이 심박변이도에 미치는 영향
김현도,임명호,김현우,이석범,이경규,김현주,노상철,백기청,Kim, Hyun-Do,Lim, Myung-Ho,Kim, Hyun-Woo,Lee, Seok-Bum,Lee, Kyung-Kyu,Kim, Hyun-Joo,Rho, Sang-Cheol,Paik, Ki-Chung 대한불안의학회 2009 대한불안의학회지 Vol.5 No.1
Objective : Using patterns of change in heart rate variability (HRV), we investigated the effects of stress exposure and type of anger expression on cardiovascular diseases. Methods : Eighty-nine medical students were evaluated by STAXI-K, BDI, BAI, and measured HRV. According to the scores of anger expression questions in STAXI-K, objects are comparted to three groups. Each group is compared with others on the levels of depression, anxiety and HRV. Additionally objects are divided into two groups of functional anger expression group and dysfunctional anger expression group, and each group also divided into two groups, depending on the exposure of stressful situation or not. Members who took part in the stress exposure groups, they've got a serial arithmetic process for five minutes. We surveyed patterns of HRV in 4 each groups and estimated interactions between existence of stressful situation or type of anger expression and HRV. Results : Irrespective of stress manipulation, the dysfunctional anger expression group showed a marked increase in the LF/HF ratio in comparison to the functional anger expression group. Also, under conditions of stress manipulation, the stress exposure group exhibited a relatively increased level of TP. It can't be discriminated any correlations between stress manipulation and type of anger expression. Conclusion : Both of them, exposure to the stressful situation and type of anger expression, have influence on cardiovascular diseases. By controlling anger and way of express that, it is possible to diminish the incidence of cardiovascular diseases.