경영진단의견서의 공시품질과 경영자 예측정보

박하연,이아영 한국회계정책학회 2016 회계와 정책연구 Vol.21 No.2

This study examines the relation between MD&A disclosure quality and the accuracy of management forecasts. We question whether disclosure quality affects management forecasts. This study differs from the prior studies that mainly focused on the relation between management earnings forecasts and the market reaction, or the managers’ disclosure incentives. The result of empirical tests shows that MD&A disclosure quality significantly influences the accuracy of management sales, operating earnings and net income forecasts. When we use the disclosure score comprised of forward-looking contents-related disclosure as proxy of MD&A disclosure quality, firms with high MD&A disclosure quality tend to disclose accurate management forecasts. This study provides empirical result that MD&A disclosure quality is one of the important variables affecting the accuracy of management forecasts. By presenting the empirical evidence that MD&A disclosure can be the path to improve reliability on managers’ voluntary disclosure, we expect that accounting transparency is enhanced by raising awareness of the importance of MD&A disclosure and improving the MD&A disclosure level. 본 연구는 경영자가 제공하는 이익예측정보의 정확성과 경영진단의견서(MD&A:Management Discussion and Analysis, 이하 MD&A)의 공시품질 간의 관련성을 살펴본다. 기존의 선행연구들은 주로 경영자 예측정보에 대한 시장반응, 경영자 예측정보의 공시유인 등을 중점적으로 분석하였지만 본 연구는 경영자 예측정보의 정확성과 MD&A 공시품질간의 관련성에 주목하여 MD&A 공시정보의 유용성을 파악하고자 한다. 실증분석 결과, MD&A 공시품질이 높을수록 매출액, 영업이익 그리고 당기순이익에 대한 경영자의 예측치는 정확한 것으로 나타났다. 또한 미래관련 MD&A 공시품질이 높을수록 매출액, 영업이익 그리고 당기순이익의 경영자 예측치는 정확한 것으로 제시되었다. 본 연구는 MD&A의 공시정보가 경영자 예측치의 신뢰성을 평가할 수 있는 주요한 지표가 될 수 있다는 점에서 MD&A 정보의 유용성을 확인하였다. 본 연구의 결과는 MD&A공시가 경영자의 자발적 공시에 대한 신뢰도를 제고시킬 수 있는 주요 채널이 될 수 있다는 실증적 증거를 제시함으로써, MD&A 공시의 중요성에 대한 기업과 투자자의 인식을 제고하고 현재의 열악한 MD&A 공시수준을 개선하여 궁극적으로 국내기업의 회계투명성 향상에 기여할 것으로 기대한다.

비재무적 정보와 감사수준 : 경영진단의견서(MD&A) 공시품질에 관한 연구

박하연,박청규 한국품질경영학회 2022 품질경영학회지 Vol.50 No.4

Purpose: The purpose of this study is to investigate whether the Management Discussion and Analysis (MD&A) has an impact on auditors' audit efforts. MD&A is a means of disclosure that provides information about a company from the management's perspective in financial reporting. The MD&A is a standardized format of nonfinancial information that can be useful for the stake-holders. The auditors have incentives to utilize the nonfinancial information contained in the MD&A for their decision-making. We posit that the MD&A disclosure quality is associated with the level of audit efforts. Methods: We hand-collect the disclosure data from the Financial Supervisory Service of Korea (the Korean SEC). Results: By employing two measures of audit efforts, we document evidence that the quality of MD&A is associated with both audit hours and audit fees. Conclusion: It implies that the auditors perform intensive audit work for companies with high-quality disclosure of MD&A. The study contributes to the literature by providing the first approach to examine the association between the MD&A disclosure and audit efforts.

초등 4학년 자녀를 둔 어머니의 자녀교육정보채널, 양육역량과 학부모역할 스트레스의 관계: 어머니 취업 여부에 따른 차이

박하연,김대웅,이강이 한국아동학회 2022 한국아동학회 학술발표논문집 Vol.2022 No.4

학령기 여아의 성숙시기가 내재화 문제행동에 미치는 영향: 신체적 자아상과 어머니 일상적 스트레스의 매개효과

박하연,은선민,박유경,이강이 육아정책연구소 2022 육아정책연구 Vol.16 No.2

이 연구는 학령기 여아의 성숙시기가 신체적 자아상과 어머니 일상적 스트레스를 매개로 내재화 문제행동에 미치는 영향을 살펴보고자 하였다. 한국아동패널 12차 자료를 사용하여 초등학교 5학년 여아와 어머니 549쌍을 분석대상으로 하였다. 주요 결과는 다음과 같다. 첫째, 규범성숙 여아 보다 조기성숙 여아의 신체적 자아상이 낮았으며, 어머니 일상적 스트레스가 높았다. 둘째, 여아의 성숙시기는 내재화 문제행동에 간접효과만을 가졌다. 셋째, 여아의 성숙시기와 내재화 문제행동의 관계에서 신체적 자아상 및 어머니 스트레스의 매개효과가 유의하였다. 내재화 문제행동을 예방하기 위해 아동이 자신의 신체를 긍정적으로 인식하도록 지원하는 방안과 어머니의 스트레스를 경감시키기 위한 노력이 효과적일 수 있음을 시사한다. This study examined the effect of pubertal timing on internalizing problems among teenage girls, and verified the role of body image and maternal stress as potential mediators. Accordingly, 549 pairs of Grade 5 girls and their mothers were selected as participants from 12th year data of the Panel Study on Korean Children (PSKC). The participants were categorized into two groups according to pubertal timing: early-maturing and normal maturing. The major findings of the study are : First, body image and maternal stress showed a statistically significant difference between the two groups. Compared to normally-maturing girls, early-maturing girls displayed worse body image and higher levels of maternal stress. Second, the calculated model fit indices of the structural equation model analysis were reasonable. Interestingly, girls’ pubertal timing had only a significant indirect effect on internalizing problems. Third, the mediating effects of body image and maternal stress were statistically significant. Our results highlight the importance of understanding the vulnerability of early-maturing girls. The findings also suggest that efforts to support early-maturing girls to develop positive body image and encourage their mothers to manage daily stress would be an effective way to prevent girls from internalizing problems.

사회 속의 감상적 내면: А. 라디셰프의「일주일간의 일기」를 중심으로

박하연,서광진 중앙대학교 외국학연구소 2019 외국학연구 Vol.- No.48

This paper aims to explore the nature of personal emotion in Radishchev’s Diary of One Week. In Diary, the narrator’s concerns on inner world rather than on the outer world are presented not via a single voice but within a dialogue between two voices: the voice of emotion and the voice of reason. By analyzing the double narrating voices, we argue that the key to understanding Radishchev’s texts lies not on the conflict between the Enlightenment and sentimentalism, but on the relationship between the individual and the social. For Radishchev, emotion could serve both negative and positive roles, as it could threaten one’s being itself and simultaneously, form the basis for social bonds. Thus, we suggest that the exalted pathos in Diary shows the world view of the author, which highlights the social and civil nature of human.

인도 부인-외 1편

박하연 문예운동사 2002 문예운동 Vol.- No.74

1920년대 중반 문학의 위기와 새로운 형식의 탐색

박하연 한국노어노문학회 2018 한국노어노문학회 학술대회 발표집 Vol.2018 No.10

공기업 임원보수 및 임원-종업원의 보수격차가 기업성과에 미치는 영향

박하연,이다솜 한국경영컨설팅학회 2023 경영컨설팅연구 Vol.23 No.6

This study sought to study the impact of public enterprise compensation systems on the management performance of public enterprise. Specifically, we sought to analyze whether there were differences in management performance depending on the compensation level of public enterprise executives and the wage gap between executives and employees. To conduct the analysis, public institutions covering the period from 2018 to 2021 were selected as samples. In addition, data was collected using Alio (www.alio.go.kr), a public institution management information disclosure system, and reports published by the Ministry of Strategy and Finance, and based on this, a regression analysis was conducted on the relationship between compensation of public enterprise employees and organizational management performance. As a result of the analysis, the compensation level of public enterprise executives was found to have a positive (+) effect on organizational performance, and the executive-employee wage gap also showed a significant positive (+) relationship. Companies with higher levels of executive compensation and larger disparities in executive-employee compensation show better management performance. The results of this study suggest that this can serve as an incentive to increase the effort put into work by organization members. Although previous research on executive compensation has mainly focused on private companies, this study has a contribution point in that it conducted an empirical analysis on public companies. Verification of public enterprise compensation systems is considered timely in the management evaluation system and management efficiency process of public institutions.

주가급락위험 기업의 MD&A 품질에 대한 연구

박하연,윤선주 경남대학교 산업경영연구소 2022 지역산업연구 Vol.45 No.2

This study intends to analyze what kind of disclosure attitudes managers of companies that have plunged in stock prices exhibit to alleviate information asymmetry. For the analysis, the relationship between the stock price plunge and the MD&A disclosure quality was confirmed by using the Management Discussion and Analysis (MD&A) on the management's disclosure behavior for alleviating information asymmetry. A stock price crash refers to a event in which the manager uses information asymmetry to conceal negative information within the company and then reaches a threshold, causing a sharp drop in the stock price in the market. Such a sharp drop in stock price causes loss of reputation, risk of lawsuits by investors, and high capital raising costs, and managers have the motivation to improve the quality of information in response. However, according to previous studies, it can be seen that managers who experienced a sharp drop in stock prices do not show any movement to improve information quality. MD&A is a disclosure in which the manager provides additional information to the market through explanatory explanations of the company's financial information. Therefore, in this study, the quality of MD&A disclosure of companies with sharp declines in stock prices was examined. As a result, it was confirmed that the coefficient of stock price crash and MD&A disclosure quality had a significant negative (-) value. This means that the managers of companies that have plunged in stock prices are not making efforts to alleviate the information asymmetry gap, but rather are providing MD&A information at a low level. This can be interpreted as the manager's opportunistic concealment of corporate information. It can be said that this study focused on the MD&A disclosure quality differently from previous studies related to disclosure factors that caused the stock price plunge. Since MD&A disclosure has a characteristic that includes the discretionary judgment of managers, this study is meaningful in that it shows the disclosure attitude of managers of companies whose stock prices have plummeted and the usefulness of MD&A disclosure information to the capital market. 본 연구는 주가급락을 경험한 기업의 경영자가 시장과 기업 사이의 정보비대칭을 완화하기 위해서 어떠한 공시활동을 하는지 확인하고자 하였다. 이를 위해 정보 불균형 완화를 위한 경영자의 공시 행동을 경영진단의견서(MD&A)를 이용하여 주가급락과 MD&A 공시품질사이의 관련성을 확인하였다. 주가급락은 정보비대칭을 이용하여 경영자가 부정적 정보를 기업 내에 은폐하고 있다가 임계치에 도달하게 되어 시장에서 주가가 급격하게 하락하는 현상을 의미한다. 이러한 주가급락은 명예손실, 투자자에 의한 소송 위험, 높은 자본조달 비용 등을 야기하며 경영자는 이에 반응하여 정보의 질을 개선할 동기를 가진다. 하지만 선행된 연구에 의하면 주가급락을 경험한 경영자가 정보 품질을 개선하려는 움직임을 보이지 않는다는 것을 알 수 있다. MD&A는 기업의 재무정보를 경영자가 해설적인 설명을 통해 시장에 추가적인 정보를 제공하는 공시이다. 이에 본 연구에서는 주가급락기업의 MD&A 공시 품질을 확인하고자 하였다. 그 결과 주가급락과 MD&A 공시품질의 계수값이 유의한 음(-)의 값을 갖는 것으로 확인되었다. 이는 주가급락 기업의 경영자는 정보 불균형 격차를 완화하려는 노력을 하는 것이 아니라 오히려 MD&A 정보를 낮은 수준으로 제공하고 있음을 의미하며, 기업의 정보를 기회주의적으로 은폐하고 있다고 해석할 수 있다. 본 연구는 MD&A 공시품질에 주목함으로써 주가급락의 원인이 되는 공시적 요인들과 관련한 선행연구와는 차별성을 가졌다고 할 수 있다. MD&A 공시는 경영자의 재량적인 판단이 포함된 특성이 있기 때문에 본 연구의 결과는 자본시장에서 주가급락기업 경영자의 공시태도 뿐만 아니라 MD&A 공시정보의 유용성을 보여주는 점에서 의의가 있다.

풋사과 분말 첨가 알룰로스 증편의 품질 특성

박하연,진소연 한국식품조리과학회 2023 한국식품조리과학회지 Vol.39 No.5

Purpose: Unripe apples have a higher organic acid and polyphenol content than ripe apples, but a significant amount of unripe apples are discarded during the apple harvest. In this study, we investigated the potential of utilizing unripe apples as a food ingredient. Methods: Unripe apple powder (0%, 1.5%, 3%, 4.5%, 6%) was added to Allulose Jeungpyun (a traditional Korean rice cake) and evaluated for quality characteristics, antioxidant activity, and acceptability. Results: Increasing the amount of unripe apple powder decreased the pH, lowered brightness, hardness, chewiness, and gumminess, and increased the sugar content, moisture content, cohesiveness, and antioxidant activity. Sensory evaluation showed that the allulose Jeungpyun sample with 4.5% unripe apple powder was the most palatable. Conclusion: The addition of unripe apple powder to allulose Jeungpyun could improve its palatability and functionality. Thus, unripe apple powder showed promise as an additive for a variety of foods.