기업의 지리적 위치가 배당의사결정에 미치는 영향

남혜정 한국세무학회 2018 세무와 회계저널 Vol.19 No.3

This paper examines the effect of a firm’s location on dividend policy. Prior studies suggest that the geographical location of a firm affects the firm’s business decisions. For example, the firm located in metropolitan areas are more likely to manage its earnings to meet investor’s expectation because most interested parties such as financial analysts, investors, and creditors work the metropolitan areas where close to the firm’s headquarter. The close location between a firm and interested parties influence a firm’s business decisions. Using 18,566 firm-year observations from Korean listed companies over 2001-2015, we find that firms located in Seoul or its surrounding metropolitan area are more likely to have higher dividend yield ratio. This finding is consistent with the alternative variables for a firm’s dividend. We also find that the firms with higher growth are more likely to have a negative relationship between a firm’s location and dividend policy. This implies that the market pressure from interested parties who are closely located influences the dividend policy of a growth firm. This also suggests that the firm characteristics affect the level of market pressure from geographical location. The findings in this study provide an important contribution by extending traditional accounting research to the geographic proximity of firms to market participants. Our results indicate that geography plays a significant role in determining the dividend policy an should provide valuable insights for accounting researcher, practitioners, and regulators. 본 연구는 대도시에 위치한 기업일수록 배당정책이 달라지는지 검증하였다. 기업의 입지에 대한선행연구들은 대도시 또는 기타 지역에 위치하고 있는지에 따라 기업에 대한 감시․감독의 정도또는 시장 압력(market pressure)의 차이가 있으며 이는 기업의 의사결정에 영향을 미칠 수 있음을제시하고 있다. 본 연구는 기업의 지리적 위치가 배당정책에 미치는 영향을 살펴보기 위하여, 2001년부터 2015 년까지 국내 기업들을 대상으로 기업의 본사위치와 배당수익률간의 관계를 검증하였다. 18,566 기업-년의 표본을 이용하여 분석한 결과, 대도시에 입지한 기업일수록 비대도시 지역에 입지한 기업들과 비교하여 배당수익률이 높음을 발견하였다. 이는 대도시에 위치한 기업들에게 감시․감독의 용이성측면보다는 시장압력적 측면이 크게 작용하여 배당정책에도 영향을 미치고 있음을 보여준다. 또한 지리적 위치와 배당정책간의 관계가 기업의 성장성에 따라 달라지는지 분석한 결과, 성장성이 높은 기업들은 대도시에 위치하더라도 배당수익률이 낮음을 발견하였다. 이러한 결과는 이해관계자들과의 지리적 근접성으로 인한 압력과 배당관계가 기업특성에 따라 다르게 작용하고 있으며, 주요 대도시에 입지한 성장하는 기업들은 배당압력에도 불구하고 배당을 감소시키고 있음을보여준다. 요약하면, 본 연구의 결과는 기업의 지리적 위치가 배당정책에 영향을 미치고 있으며, 대도시에위치한 성장기업들은 지리적 근접성으로 인한 배당압력보다는 정보제공의 용이성을 통하여 투자기회에 비중을 두고 있음을 알 수 있다. 우리나라는 고성장시기를 지나 저금리시대를 거치고 있으며, 최근에는 배당수익률이 시중금리를 넘어서고 있다. 어느 때보다 배당에 대한 관심이 높아지고 있는 상황에서 배당의사결정에 영향을 미치는 요인으로 기업의 지리적 위치가 중요함을 제시하였다는 점에서 본 연구의 의의가 있다. 투자자들뿐만 아니라 유관기관에서도 배당정책 및 배당관련세제를 마련하는데 있어 본 연구의 결과가 의미있는 시사점을 제시할 수 있을 것이다.

태반이 피부장벽에 미치는 영향

남혜정,박외숙,김희정,김규석,차재훈,김윤범,Nam, Hae-Jung,Park, Owe-Suk,Kim, Hee-Jeong,Kim, Keoo-Seok,Cha, Jae-Hoon,Kim, Yoon-Bum 대한한방안이비인후피부과학회 2006 한방안이비인후피부과학회지 Vol.19 No.2

Objectives : This experimental study was performed to investigate the effects of the Hominis placenta extracts on skin barrier. Methods : Male hairless mice, average weight 20g, were divided into two groups, intact and treatment group(paired, n=15). Intact group was not applied YB-301(an ointment including Hominis placenta). Treatment group was applied YB-301(an ointment including Hominis placenta) two times a day for 8 days. We observed skin melanin, skin erythema, skin pH, skin humidity, transepidermal water loss. Statistical analysis was performed by using paired sample T-test. Statistical significance was achieved if the probability was less than 5%(p<0.05) or 1%(p <0.01) Results : 1. YB-301(an ointment including Hominis placenta) showed statistically significant effect on skin melamin, skin pH, skin humidity(p<0.05). 2. YB-301(an ointment including Hominis placenta) showed statistically significant inhibitory effect on transepidermal water loss(p<0.01). 3. YB-301(an ointment including Hominis placenta) showed statistically no significant effect on skin erythema(p<0.05). conclusions : YB-301(an ointment including Hominis placenta) was effective m skin melanin, skin pH, skin humidity, transepidermal water loss in our study, so we suggest that Hominis placenta can be used as a ointment ingredient for strengthening the function of skin barrier.

기업의 ESG활동과 배당의사결정에 대한 연구

남혜정,김현정 한국공인회계사회 2021 회계·세무와 감사 연구 Vol.63 No.2

This study empirically examines the relationship between ESG performance and dividend payout decision using ESG ratings that represent the sustainability of the Korean firms’. Specifically, this paper explores the effect of ESG performance on dividend payout policy. As the interest of ESG is growing, the concern on stakeholders capitalism increases. Under the ESG, the firm needs to pay attention to various interested parties, not focus on the stakeholder’s wealth. Therefore, the relationship ESG performance and dividend payout policy is an empirical issue. To test the effect of ESG performance on dividend payout policy, we use 4,753 firm-year samples with E SG g rades among n on-financial i ndustries l isted on t he s ecurities market a nd K OSDAQ market which fiscal year ends in December from 2011 to 2018. We conduct a regression analysis to test the hypothesis. As a result of hypothesis 1 which confirms the relationship between ESG grade indicating E SG p erformance a nd d ividend payout p olicy show a s ignificant p ositive (+) relationship. In a ddition a s a result of the impact of ESG’s individual grade, the environmental grade ‘E’, the social value grade ‘S’ and the governance grade ‘G’, on dividend decision policy and found that each grade also has a significant influence on dividend decision policy. Furthermore, we find through Vuong test that E(environment) grade has a distinctly significant effect on ESG total grade. While prior studies have suggested that E and G grade have additional effects on ESG’s relationship to corporate value(Leem Wook Bin, 2019; Oh, Sang-hui and Lee, Seung-Tae 2019), this study shows that E is a statistically significant factor in dividend decision making. The findings of this study are expected to provide the following contributions: First, it is expected to contribute to the expansion of ESG related research. In recent years, empirical studies on ESG have been conducted but research on domestic companies(South Korea) are minimal. As the interest in sustainability and social responsibility of the enterprise is increasing, it would be meaningful to examines the impact of E SG a ctivities on t he d ecision making. In p articular, d ividend decision-making can be s een as p art of ESG activities in that it allocates corporate performance, but it may be desirable to allocate resources to stakeholder capitalism in terms of social contribution. The results of this study suggest that ESG performance is also affecting dividend policies and that ESG’s consideration is needed to establish future dividend policies and improve the system. Furthermore, the results of this study are expected to provide investors, regulators and policy-makers as well as relevant researchers in academia with beneficial implications for ESG and dividend payout decision. 본 연구는 기업의 지속가능성을 나타내는 ESG 등급을 이용하여 ESG 성과와 배당의사결정과의 관계를 살펴보았다. 2011년부터 2018년까지 유가증권시장 및 코스닥시장에 상장된 12월 결산법인 비금융업 중 ESG 등급이 있는 기업을 대상으로, ESG 성과와 배당의사결정과의 관계를 실증분석하였다. 분석결과 E SG 성과를 나타내는 E SG 등급은 배당의사결정에 유의한 양(+)의 관련성을 가지는 것으로나타났다. 또한 ESG의 개별항목별로 배당의사결정에 미치는 영향을 살펴보았으며, 각 항목들도 유의적인 영향을 미치고 있음을 발견하였다. 이와 함께, Vuong test를 통하여 E(환경)항목이 ESG 통합등급과는 차별적으로 유의적인 영향을 미치고 있음을 파악하였다. 본 연구는 ESG에 대한 사회적 관심이 높아지고 있는 상황에서 기업의 배당의사결정에 ESG 성과가미치는 영향을 실증적으로 분석하였다는 점에서 의의가 있다.

만형자(蔓荊子), 시호(柴胡)의 알레르기성 비염에 대한 효과

남혜정,박외숙,김희정,김규석,차재훈,김윤범,Nam, Hae-Jeong,Park, Owe-Suk,Kim, Hee-Jeong,Kim, Keoo-Seok,Cha, Jae-Hoon,Kim, Yoon-Bum 대한한방안이비인후피부과학회 2006 한방안이비인후피부과학회지 Vol.19 No.2

Background and Objectives : In oriental Medicine, there is a concept that herb works only in it's own specific site called 'Guikyung(歸經)'. If two herbs have same effect and different Guikyung, two herbs would work at different site respectively. so we want to prove that whether Guikyung has significance or not in experimentally. Methods : In order to investigate the effects of Victicis Fructus & Bupleuri Radix on the Allergic rhinitis, BALB/c mouse was used. Control and experimental group 1, 2 were induced allergic rhinitis. Experimental group 1 was administered Victicis Fructus for 28 days and group 2 was administerd Bupleuri Radix for same period. WBC, neutrophil, lymphocyte, monocyte, IL-4 and $IFN-{\gamma}$ were measured and histological examination was performed. The statistical significance was examined by Independent Samples T test. Results : 1. WBC, neuoophil, lymphocyte, monocyte, IL-4 and $IFN-{\gamma}$ showed no statistically significant differences in three groups. 2. Histological examination had no differences in three groups. Conclusion: Victicis Fructus & Bupleuri Radix have no effect on allergic rhinitis and the reason is estimated that Guikymg plays a important roll to determine the effect of herb from the viewpoint of oriental medicine.

인참양영탕(人參養榮湯)이 장기간 고용량 스테로이드 투여 hairless mice의 피부장벽에 미치는 영향

남혜정,김윤범,Nam, Hae-Jeong,Kim, Yoon-Bum 대한한방안이비인후피부과학회 2008 한방안이비인후피부과학회지 Vol.21 No.2

Objective : The side effect of prolonged use of topical corticosteroids to skin is well-known. Moreover, resent studies have shown that prolonged use of systemic corticosteroids also negatively impacts skin barrier function. Corticosteroids have a major role in the practical management of many variable conditions. So, it is important to find the drug or the method which could protect the skin from the damage caused by corticosteroids. At former study, we investigated that Insamyangyoung-tang has some effect on skin barrier function of DNCB induced contact dermatitis hairless mice. So, this study was performed to research the effect of Insamyangyoung-tang on the TEWL with high dose steroid injected hairless mice. Method : Hairless mice were divided into 4 groups ; Control group, Group A, Group B and Group C. All groups were injected triamcinolone O.4mg for 10 times. Control group was medicated distilled water during the experimental period. Group A was medicated distilled water for 5 days before the $1^{st}$ injection day, and then medicated Insamyangyoung-tang extract during the experimental period. Group B was medicated Insamyangyoung-tang extract for 5 days before the $1^{st}$ injection day, and then medicated distilled water during the experimental period. Group C was medicated Insamyangyoung-tang extract for 5 days before the $1^{st}$ injection day, and then medicated Insamyangyoung-tang extract during the experimental period. TEWL of each group was measured for 5 times. After the $10^{th}$ injection, the tissue sample was made and the damage of epithelial cell was examined. Statistical significance was set at p<0.05 by using non parametric methods and repeated-anova.. Results : Group C showed significant effect on TEWL change of hairless mice evoked by triamcinolone injection. Group A and Group B also showed some effect, but there was no statistical significance.

頭痛이 主訴인 소아 부비동염 환자의 치험 1例

남혜정,김윤범,Nam, Hae-jeong,Kim, Yoon-bum 대한한방안이비인후피부과학회 2003 한방안이비인후피부과학회지 Vol.16 No.1

Paranasal sinusitis has many different kinds of symptoms ; rhinorrea, cough. post nasal drip. headache, etc. In some cases, patients, mostly adults, had no symptom except headache. We treated a 8-year-old child who only complained headache without any other symptoms related in nasal disease. Her symptoms ; headache, nausea, vomiting and general weakness, showed typical type of disease which were due to phlegm. So we diagnosed her headache as a " Headache due to phlegm". Interestingly, her PNS images were diagnosed as bilateral maxillary sinusitis. After one and a half month treatment with herb-med and Aroma oil, the patient got free from all symptoms and her PNS images showed no abnormality.

Improved open-circuit voltage of dye-sensitized solar cells by the modification of TiO2 surface

남혜정,이경진,신동원,이상주,김대환,한윤수 한국공업화학회 2015 한국공업화학회 연구논문 초록집 Vol.2015 No.0

Dyed TiO2 surface was treated with zinc sulfate, and the resulting electrodes were applied to the photoelectrodes of dye-sensitized solar cells (DSSCs). The modification of TiO2 surface resulted in about 48mV enhancement in open-circuit voltage of DSSC, compared to that of the reference device with bare TiO2/FTO. Electrochemical impedance spectroscopy, dark current and open circuit voltage decay measurements revealed that incorporation of zinc sulfate on TiO2 surface led to a longer electron lifetime by the suppression of charge recombination between injected electrons and electrolytes, resulting in an increase in open circuit voltage.

Effects of lead ions incorporated on TiO2 surface on the adsorption of N719 dyes and the performance of dye-sensitized solar cells

남혜정,신동원,성혜경,이경진,이민호,조성일,한윤수 한국공업화학회 2016 한국공업화학회 연구논문 초록집 Vol.2016 No.0

Lead ions were incorporated on the surfaces of TiO2 electrodes by soaking the electrodes into an aqueous Pb(NO3)2 solution, and then N719 dyes were adsorbed on the surfaces of TiO2 electrodes. The resulting electrodes were applied to the photoelectrodes of dye-sensitized solar cells(DSSCs). By the incorporation lead ions, the open-circuit voltage of DSSC was improved, whereas the short-circuit current was decreased. It was revealed that incorporation of lead ions induced a significant increase in dye content adsorbed on TiO2 surface. It is believed that a large amount of dyes on TiO2 surface reduces the interfacial charge recombination and promotes dye aggregation, which lead to the increase in the open-circuit voltage and the decrease in the short-circuit current.

토론 요약

남혜정 역사교육연구소 2012 역사와교육 Vol.- No.6

(서평)국민 만들기-근대 국가와 학교, 그리고 교사『학교사로 읽는 일본근현대사』

남혜정 한국역사교육학회 2013 역사교육연구 Vol.- No.18