이해관계자 이론과 주주 이론 관점에서의 ESG

정헌용 남서울대학교 출판국 2023 남서울대학교 논문집 Vol.29 No.-

This study examines the recent research on the impact of ESG performance on firm value or financial performance from the perspectives of stakeholder theory and shareholder theory, and analyzes which theory is more appropriate for research in this field. In the analysis of studies conducted before 2015, there was a significant proportion of research indicating a positive impact of ESG performance on firm value or financial performance. However, in recent studies conducted after 2015, there has been a significant increase in the proportion of mixed relationships showing positive or negative relationships depending on the cases. This is believed to be due to the increasing understanding and interest of stakeholders as ESG gains traction. Therefore, it is deemed that future research should analyze the impact of ESG performance on firm value or financial performance from a multidimensional perspective rather than a one-sided analysis in order to derive more meaningful results. Therefore, it is anticipated that future research can generate more meaningful results by analyzing the multidimensional impact of ESG performance on firm value or financial performance. Key Words : ESG, Financial Performance, Stakeholder Theory, Shareholder Theory, Sustainability

미결제약정의 유효성에 관한 연구

정헌용 남서울대학교 2000 남서울대학교 논문집 Vol.6 No.-

This study examines the effectiveness of open interest in KOSPI 200 stock index futures. Generally open interest is used as a proxy for liquidity of stock index futures. This analysis employs daily datas. This study provides empirical evidence on the relations between futures price and open interest. Consident with prior studies, this work not only documents a strong positive relation between contemporaneous volume and volitility, but also finds that a strong positive relation between contemporaneous open interest and volitility. And the evidence indicates that the effectiveness of open interest depends on the period. I hope that these evidence that open interest provides information will stimulate further analysis.

자본적정성 요구가 은행의 수익성에 미치는 영향

정헌용 국제문화기술진흥원 2021 The Journal of the Convergence on Culture Technolo Vol.7 No.1

본 연구는 자본적정성 요구가 우리나라 은행의 수익성에 미치는 영향을 DOLS 모형을 이용하여 분석하였다. 분석 결과, BIS 자본비율이 시중은행과 지방은행에 미치는 영향이 상이하였다. 자본적정성 요구가 시중은행보다는 지 방은행에 더 크고 유의한 부정적 영향을 미치는 것으로 나타났다. 그리고 거시경제변수보다는 은행특성변수들이 은행 의 수익성에 더 유의한 영향을 미치는 것으로 나타났다. 또한 BIS 자본비율이 상승하면 시중은행과 지방은행의 수익 성이 감소하며, 대손충당금 비율이 높은 은행일수록 이러한 관계가 강화되는 것으로 나타났다. 일반적으로 시중은행 의 경우에는 지방은행에 비해 상대적으로 규모도 크고 자본도 상대적으로 충실한 편이이서 자본적정성 요구가 크게 영향을 미치지 않은 것으로 추정된다. 그러나 지방은행의 경우에는 BIS 자본비율 충족을 위해서는 보다 안전한 자산 을 선택할 필요가 있으며, 이러한 안전의 자산의 선택 비중이 증가함에 따라 수익성에 상대적으로 더 큰 부정적 영향 을 미치는 것으로 보여 진다. 따라서 금융당국은 이러한 점을 고려하여 은행의 자본금 규제 정책을 시행하여야 할 것이다. In this paper, we analyzed the impact of capital adequacy requirements on the profitability of Korean banks using DOLS model. As a result of the analysis, the impact of BIS capital ratios on commercial and regional banks was different. Demand for capital adequacy has a greater and more significant negative impact on regional banks than on commercial banks. It was shown that bank characteristic variables rather than macroeconomic variables have a more significant effect on bank profitability. In addition, a rise in the BIS capital ratio reduces the profitability of commercial and regional banks, and the higher the ratio of loan-loss provisions, the stronger the relationship. In the case of commercial banks, it is estimated that the demand for capital adequacy did not have a significant impact as they are relatively large and faithful in capital compared to regional banks. However, in the case of regional banks, safer assets need to be selected to meet the BIS capital ratio, and the increasing propotion of these safe assets seems to have a relatively greater negative impact on profitability. Consequency, the financial authorities should consider this results and implement the bank’s capital regulation policy.

외국인직접투자(FDI) 활성화방안에 관한 소고

정헌용,김현석 남서울대학교 2004 남서울대학교 논문집 Vol.10 No.1

In this paper, I looked into the meaning and economic effect of foreign direct investment, and examined the present status of inward-foreign direct investment. I tried to find the cause of depression and also bring forth the activation plan of foreign direct investment in Korea.

금융환경 변화와 은행의 수익구조

정헌용,조경식 남서울대학교 경영연구센타 2003 경영연구 Vol.5 No.-

The purpose of this paper is to identify the present condition of the development for finance in the WTO agreement on financial services and the income structure of Korean banks. International regulations of financial transactions have been introduced, which suould guarantee the access of foreign banks to a domestic marketand give the same qualification having taken by domestic banks on the basis of the principles of publicity and MFN treatment. Korea is needed to have much improvement in financial industry to keep up with the global standard and to assist trade. To cope with such a financial situations, Korean banks should be adapted to the fluctuating financial environment in consideration of business rationlization and efficiency. And Korean banks should restructure the income structure.

Monetary Policy Shocks and Exchange Rate Changes in Korea

정헌용,한명훈 국제문화기술진흥원 2019 International Journal of Advanced Culture Technolo Vol.7 No.1

This paper examines whether the exchange rate respond differently to monetary policy shocks in Koreausing regression model. We find an asymmetric response of the monetary policy shocks to the monetary policyshocks in the context of Korea. Over the whole period sample, we do not find the effect of an actual interestrate on exchange rate. But we find that the estimated coefficient on the expected and unexpected change in thepolicy rate are negative and statistically significant. In the period of monetary policy easing, the estimatedcoefficient on the expected and unexpected change in the policy rate are negative but not statisticallysignificant. In contrast, the period of monetary policy tightening, the estimated coefficient on the expected andunexpected change in the policy rate are negative and statistically significant.

국내 은행산업 수익성의 결정요인

정헌용 한국경영교육학회 2006 상교논총 Vol.43 No.-

한국증권시장에서의 월중효과에 관한 연구

정헌용 남서울대학교 1999 남서울대학교 논문집 Vol.5 No.-

This paper examines inter-month effect for KOSPI from 1980.1-1998.12 In particular I examine the behavior of returns of the month. 1 found that there existed significantly high average returns for eight days after the 22nd trading day within a month. I explored a number of explanations for these results and concluded that they could not be explained when I considered January effect. Especially significant positive eight days' returns are remarkable in bear market. Thus I highlight in this paper the importance of considering the microstructure of financial markets in empirical tests of market anomalies.

비파괴 검사용 초소형 X-선 튜브를 위한 Sharp Copper tip 탄소나노튜브 에미터 제조

정헌용,김현남,이주혁,조성오 대한방사선방어학회 2019 대한방사선방어학회 학술발표회 논문요약집 Vol.2019 No.11

A Comparison of the Effects of Exchange Rate on Trade Balance in Gyeongsangnam-do and Chungcheongnam-do

정헌용 경남대학교 산업경영연구소 2015 지역산업연구 Vol.38 No.4

This study explores the impact of the KRW-USD exchange rate on the trade balance in Gyeongsangnam-do Province and Chungcheongnam-do Province, both of which have the similar trade balance despite the different industrial composition. The empirical results reveal some interesting findings. First, the impact of the exchange rate on the trade balance is positive in the two provinces. Second, some considerable variations have been found not only between the two provinces, but also among sectors in the two provinces. Third, the impacts of the exchange rate on export and import are different. It is assumed that the impact of the exchange rate on the trade balance may vary in accordance with the industrial structures. Fourth, the influence of exchange rate volatility on the trade balance in both provinces has gradually increased since the global financial crisis. Also, the impact of exchange rate volatility on the trade balance in all sectors in the two provinces are significantly negative. While the effect of the exchange rate on the trade balance gradually diminishes, the impact of exchange rate volatility on the trade balance increases.