해외동향 : 영국 전자지방정부 추진체계 - 전자지방정부 관련 정부부처를 신설하여 추진

최향미 한국지역정보개발원 (구 자치정보화조합) 2007 지역정보화 Vol.44 No.-

공통감각론: 아리스토텔레스와 칸트

최향미 한국도덕교육학회 2022 道德敎育硏究 Vol.34 No.4

The concept of common sense(koine aisthesis, sensus comunis) has been lighted by various scholars from the Greek era to the present day, with Aristotle as the starting point. Of course, the hope that Aristotle’s concept of common sense would have been passed down to later scholars in its original meaning is impossible to achieve as much as that long time. Nevertheless, as long as the common sense theory is based on Aristotle’s concept of common sense, the discussion of later scholars on common sense cannot be completely new. It is for this reason that Kant’s view of the common sense is of interest. Aristotle’s common sense refers to the ability of the soul to form the internal of an individual as a ‘source’ that establishes a general sense, so-called five senses. Kant's common sense can be interpreted as collective intelligence as having social meaning, at least in Makkreel’s view, but when paying attention to Kant's explanation that ‘it is transcendental as the Idea of judgment’, his common sense can be interpreted as more clearly revealing the a priori for establishing Aristotle's concept of common sense. Kant’s theory of common sense adds a priori to Aristotle’s theory of common sense, and finally completely sheds the empirical veil that had been vaguely hung over Aristotle’s concept of common sense. 공통감각 개념은 희랍 시대의 아리스토텔레스를 출발점으로 하여 현대에 이르기까지 여러 학자들에 의해 조명되어 왔다. 물론 아리스토텔레스의 공통감각 개념이 후대의 학자들에게 그 본래의 의미 그대로 전승되었을 것이라는 소망은 그 긴 시간 만큼이나 이루기 불가능한 것이다. 그럼에도 불구하고 공통감각론이 아리스토텔레스의 공통감각 개념을 그 근원으로 하는 것인 한, 공통감각에 관한 후대의 학자들의 논의는 완전히 새로운 것일 수 없다. 공통감각에 관한 칸트의 논의가 관심의 대상이 되는 것은 바로 이러한 이유에서이다. 아리스토텔레스의 공통감각은 보통의 감각, 이른바 오감을 성립시키는 ‘원천’으로서 개인 안을 이루는 영혼의 능력을 가리킨다. 칸트의 공통감각은, 적어도 맥크릴이 보기에 사회적 의미를 지니는 것으로서 집단적 지성에 해당하는 것으로 해석될 여지가 있지만, ‘판단능력의 이념으로서의 선험적인 것’이라는 칸트의 설명에 주목할 때, 그의 공통감각은 아리스토텔레스의 공통감각 이론이 성립하기 위한 선험적 조건을 보다 분명히 드러내는 것으로 해석될 수 있다. 칸트의 공통감각 이론은 아리스토텔레스의 공통감각 이론에 선험성을 보탬으로써 공통감각 개념에 희미하게 드리워져 있던 경험적 베일을 비로소 완전히 벗어던진 셈이다.

유형별 기관투자자와 기업의 배당 정책

최향미,김소형 한국국제경영관리학회 2018 국제경영리뷰 Vol.22 No.2

스튜어드십 코드 도입으로 기관투자자의 역할에 대한 재조명이 이루어지는 가운데, 소액주 주를 대신하여 경영진을 모니터링할 수 있는 기관투자자의 영향에 대한 논의가 활발히 진행 되고 있다. 이에 본 연구는 2005-2013년까지 유가증권시장 상장기업들을 대상으로 기업지배구조 내 외부감시주체로 기능하는 기관투자자가 배당에 미치는 영향을 분석하기 위해 5% 이상 대량지분을 가지고 있는 기관투자자를 외국인투자자, 국민연금, 연기금, 기타 기관투자자로 분류하여 각각의 보유지분이 기업의 배당정책에 미치는 영향을 실증분석하고자 하였다. 실증분석 결과, 5% 이상 대량지분을 가진 기관투자자는 배당에 유의한 정(+)의 영향을 보였다. 대량지분 기관투자자를 유형별로 분류하여 실증분석하였을 때 외국인투자자, 국민연금은 배당에 유의한 정(+)의 영향을 보였고, 연기금은 유의한 결과를 보여주지 않았으며, 이들을 제외한 기타 기관투자자는 배당에 유의한 부(-)의 영향을 주는 것으로 나타났다. 본 연구는 대량지분 기관투자자를 유형별로 구분하여 이들이 기업의 경영의사결정에 미치는 영향을 분석함으로써 향후 주주행동주의와 기관투자자의 책임경영이라는 화두에 시사점을 제공할 수 있으리라 기대한다. This study aims to explore the relationships between institutional investors' block ownership over 5% in individual firms and their dividend payout policy in the Korean stock market. Using longitudinal data of 435 firms during 9 years from 2005 to 2013, this study intended to examine the impact of institutional investors’ ownership on payout policy. In doing so, we categorized institutional investors into four different blockholders : foreign blockholders, NPS, pension funds and other domestic institutional blockholders in order to sift out each institutional investors’ impact on firms’ dividend payout policy. Our empirical research found that a positive relation between institutional blockholders’ ownership and dividends payout does exist, which means that institutional blockholders have a positive impact on dividend payout. As a consequence, institutional investors contribute to mitigating agency problems by enhancing dividend payout. Among four different categories of institutional investors, foreign blockholders and NPS respectively enhance dividend payout. whereas the ownership of pension funds does not have any statistically significant relation with dividend payout. The ownership ratio of other domestic institutional investors, however, has a negative relation with dividend payout, suggesting the likelihood of expropriation of controlling shareholders within large business groups. The empirical results are consistent with prior research in that institutional blockholders intend to reduce agency costs by paying out dividends. This study also provides substantial significance of stewardship code by sifting out institutional blockholders’ impact on firms management decision.

거멍국제에너지유한공사 합작투자를 위한 한국전력의 파이낸싱 전략

최향미,설원식 한국국제경영관리학회 2010 국제경영리뷰 Vol.14 No.3

전통적 기간산업으로 과거 자국 정부의 규제와 보호를 받아왔던 전력산업은 최근 시장개방과 글로벌화라는 환경변화를 맞고 있으며, 이에 따라 주요국 발전설비시장에서 글로벌 전력사업자간의 치열한 경쟁이 나타나고 있다. 본 사례는 독점적 지위를 바탕으로 국내시장에 절대적으로 의존하고 있던 한국전력이 전력수요 성장세 둔화와 경쟁체제 도입이라는 환경변화에 따라 새로운 성장동력 확보를 위해 해외직접투자를 추진한 사례를 다룬다. 한국전력이 중국 산서성 정부기관인 산서국제전력집단공사(SIEG) 및 도이치뱅크와의 합작투자로 거멍국제에너지유한공사(格盟國際能源有限公司)를 설립하는 배경과 과정을 살펴보고, 합작투자에 필요한 재원조달을 위해 어떤 대안들을 고려하고 어떤 의사결정을 내렸는가를 분석한다. 본 사례는 에너지 기업이 국내시장 중심의 사업영역을 세계로 확대해 가는 과정에서 필연적으로 겪게 되는 재무전략을 다루었다는 점에서 의의를 가지며, 향후 유사한 성장전략 및 투자전략을 고려하게 될 기업에게 유용한 시사점을 제공할 것이다. The globalization process in electric power industry induces strategic investor as well as financial investors to be in intense competiton for the global M&A market of electric utilities. This case sheds light on the foeign investment of KEPCO as its breakthough in the evolution from domestic monopolistic enterprise to global top utility, where domestic demand is close to saturation and independent power producers enter the domestic market. We examine closely the background and process of establishment of the joint venture “Gemeng International Energy” with SIEG and Deusche bank for generation and resources development project in Shanxi province in China. This case highlights the decision making process in regard with financing strategy for the joint venture investment. The purpose of this paper is to provide readers with understanding of foreign investment as a growth strategy as well as financial methods for implementation and success.

글로벌 에너지 위기 대응을 위한 한국전력의 스마트 에너지 전략 - Smart Grid를 중심으로 -

최향미 한국국제경영관리학회 2012 국제경영리뷰 Vol.16 No.1

일본 후쿠시마 발전소 위기, 대규모 광역정전, 화석연료의 고갈, 이산화탄소 배출권 도입 등 글로벌 에너지 위기가 글로벌 에너지 시장의 지형을 바꾸고 있다. 본 연구는 해외 전력시장에 적극적으로 진출함으로써 에너지 수출기업의 위상을 가지고 있는 한국전력이 안정적이고 신뢰성 있는 에너지 수급을 통해 산업 발전의 토대를 마련하고 글로벌 에너지 시장을 선도하는 에너지 기업으로 거듭나기 위한 에너지 전략을 스마트 그리드를 중심으로 제시하고자 한다. 첫째, 풍력, 태양력 등 안전하고 친환경적인 에너지원을 중심으로 에너지원의 다변화를 이루어야 한다. 둘째, 스마트 그리드를 기반으로 한 전력망 신뢰도 향상 및 전력 수요의 조절을 통해 새로운 에너지원을 발굴하는 효과를 이룰 수 있다. 셋째, 국가 에너지 재난 시스템의 체계적 정비를 통해 에너지 위기의 순간에 재난이 확대되는 것을 차단할 수 있어야 한다. 넷째, 스마트 그리드 기술 표준화를 선점함으로써 해외진출의 교두보를 마련하고, 국가별 상황에 맞는 맞춤형 스마트 그리드 수출 패키지 모델을 개발하여 현지화 전략을 수행하여야 한다. 본 연구는 스마트 그리드를 중심으로 글로벌 에너지 Global energy crisis such as Fukushima nuclear crisis, the massive blackout in September 2010 due to unseasonably high temperatures, fossil fuel depletion and certified emission reduction of carbon dioxide is changing the landscape of energy industry. This study aims to explore the global energy crisis and suggest smart energy strategy, in particular, focusing on Smart Grid for KEPCO, which have implemented foreign direct investment to global electric energy market. First, KEPCO should change energy mix policy by renewable energy such as wind power generation and solar energy, where energy sources replacing nuclear power are vague. Second, improving grid reliability and moderating electric power demand based on Smart Grid is indispensible. Building Smart Grid brings about the same effect as building additional power generation plant, and being a first mover in Smart Grid, KEPCO will be able to achieve competitive advantage over competitors in global energy market. Third, the national energy disaster system needs to be maintained in order to secure systematic approach to prevent the spread of disaster in an energy crisis. Forth, Korea has been selected as a leading country in Smart Grid technology in G8 summit in 2009. KEPCO needs to take first-mover advantages by making international technology standardization. In doing so, KEPCO will be able to lead Smart Grid system worldwide by developing customized Smart Grid package depending on market condition with which KEPCO advances into the overseas market. This study explores the new energy strategy of KEPCO and provide strategic implication, in particular, on Smart Grid strategy in order to help overcome global energy crisis and make a step forward as a energy leader in overseas market.

Board Structure, Minority Shareholders Protection and Foreign Block Ownership

최향미,설원식,조영곤 한국전문경영인학회 2011 專門經營人硏究 Vol.14 No.2

Using a panel sample of firms in large business conglomerates during 2005-2009, this study investigates the impact of structural characteristics of the board and the protection of minority shareholders voting rights on foreign block investment. The empirical findings are as follows. First, the proportion of outside directors is not significantly related to foreign block investment, whereas the presence of compensation committee has a significantly positive impact on foreign block investment. This result suggests that foreign investors have a preference for firms with enhanced management accountability and take into account in selecting stocks for their block investment whether a firm has board structure to provide fair performance evaluation and appropriate compensation. Second, adoption of cumulative voting and voting in writing is positively related to foreign block investment when foreign investors are intending management control. However, foreign portfolio investors uninterested in management control are likely to avoid investing in firms with cumulative voting and voting in writing adopted. These different preferences may be explained that foreign shareholders whose investment purpose is to control management prefer cumulative voting and voting in writing in order to facilitate exercising their voting rights and enhancing their influences on management, while foreign portfolio investors recognize that the adoption of shareholder voting rights protection may be a potential cost factor rather than a profit driver. This paper suggests the implication that firm-level corporate governance characteristics such as board structure and shareholder protection has an impact on foreign block investors' decision-making.

위미노믹스와 기업문화: 위미노믹스로 인한 기업문화의 변화는 조직 내 갈등을 유발하는가?

최향미 한국무역연구원 2020 무역연구 Vol.16 No.5

Purpose This study aims to explore the impact of womonomics on corporate culture and internal conflicts by using extended womenomics measures in Korean firms. Design/Methodology/Approach Using the survey data of the Korean Women Manager Panel, this study performed multiple regression and logit regression analyses to verify the impact of womenomics on corporate culture and internal conflicts. To construct womenomics, we used the following variables: CEO gender, female ratios of top management team and board of directors, the ratio of female regular employees, the ratio of female employees with university degree and the ratio of female managers. Findings First, out of six variables to verify the impact of womenomics, CEO gender and female ratio on TMT and BOD do not have a significant impact on corporate culture. However, the study finds that the ratio of female regular employees and the ratio of female managers have a significant impact on corporate culture. Second, womenomics is not related to organizational conflicts, whereas enhanced corporate culture has a negative relationship with organizational conflicts. Research Implications This study provides practical implication in the midst of rapid introduction of womenomics by revisiting the impact of womenomics and the role of corporate culture. This study contributes to the extant literature on womenomics by exploring how womenomics affects corporate culture and organizational conflicts.

선택적 CSR과 외부주주의 감시에 대한 연구

최향미,임병권,안지영 한국무역연구원 2024 무역연구 Vol.20 No.1

Purpose – This study seeks to explore the impact of outside shareholders on CSR, and discuss how outside shareholders interact with corporate ownership structure to affect CSR. Design/Methodology/Approach – Using longitudinal data from 297 publicly listed companies in Korean large business groups, the study examined the direct and interaction effects of outside shareholders and corporate ownership structure on CSR. It focused on the impact of institutional stockholders holding 5% or more of the equity shares and foreign investors on corporate governance. Findings – While institutional investors do not significantly affect CSR, foreign investors have a positive impact and moderate the effects of corporate ownership structure on CSR. They respectively moderate the positive impact of controlling shareholder ownership and the negative impact of control-ownership disparity on CSR. These findings suggest that foreign investors play a role as independent monitors in aligning corporate governance with CSR objectives in large Korean business groups. Research Implications – The findings highlight the possibility of CSR being exploited for private benefits by controlling shareholders without effective corporate governance. This study emphasizes the need for monitoring and balanced oversight in reducing conflicts over CSR, suggesting the importance of outside shareholder engagement in corporate governance. It posits that outside shareholders, particularly foreign investors, are instrumental in fostering responsible corporate governance and CSR practices.

중학교 자유학기제 관련 연구동향 분석

최향미,김하정,원효헌 한국수산해양교육학회 2020 水産海洋敎育硏究 Vol.32 No.1

The purpose of this study is to analyze the research trend related to Free Semester System more accurately using the content analysis method. To achieve the purpose, 172 articles were selected for analysis. The results of this study are as follows: First, the studies for free semester system are steadily increasing from 2013 to 2018. Second, studies related to the free semester system have been published in various journals, but there is a lack of continuous research. Third, there was a high proportion of subjects that could be handled in free semester activities and gymnasium subjects but the studies related to subjects such as Korean, English, and Mathematics are very insufficient in general. Forth, activity programs related career exploration hold a majority, while research on field experience and club programs is hardly found. Fifth, The research on program R&D and application was most actively conducted, and it is steadily researched in the order of quantitative research, literature research, and qualitative research. Sixth, compared to student-related studies, fewer articles were published for teachers and parents. Seventh, although the researches on the curriculum and teaching methods are the most conducted, there is a lack of research on performance regarding student evaluation, and research on actual condition analysis related to student evaluation showed the least. The results of this study will provide implications for future research direction about free semester System or free school year.

기업의 소유구조와 선택적 CSR에 대한 연구

최향미,안지영,임병권 충남대학교 경영경제연구소 2024 경영경제연구 Vol.46 No.1

기업의 사회적 책임 활동은 기업을 둘러싼 이해관계자 사이의 갈등 해결 관점에서 등장하였으나, 건전한 지배구조가 부재한 기업에서 CSR은 주주 간 갈등을 유발할 수 있다. 본 연구는 기업의 소유지배구조에 따라 지배주주가 사익 추구 과정의 일환으로 CSR을 선별적으로 수행할 가능성에 주목하고 이를 분석한다. 이를 위해 본 연구는 총 67개 대규모 기업집단소속 297개 기업을 대상으로 지배주주 지분율, 총수 2세 지분율, 지배주주 일가의 지분율, 그리고 소유지배괴리도를 활용하여 기업의 소유구조가 CSR에 어떠한 영향을 미치는지 검증하였다. 실증분석 결과, 기업집단 소속 기업의 지배주주 지분율이 높을수록 기업은 CSR을 적극적으로 수행하였고, 총수 2세 지분율이 높을수록 CSR은 약화되었다. 또한 소유지배괴리도가높을수록 CSR은 약화되는 것으로 나타났다. 소유구조의 영향은 CSR 뿐 아니라 환경, 사회적 책임, 기업지배구조를 모두 포함한 ESG를 대상으로 하였을 때 역시 일관되게 나타났다. 본 결과는 기업집단 내 지배주주가 CSR을 통해 선량한 시민(“a good citizen”)으로서의비금전적 효용을 추구하는 한편, 총수 2세 지분율이 높거나, 계열사를 통한 지배력이 높은경우 CSR은 오히려 위축됨을 실증하였다. 이는 기업집단 내 비금전적 효용에 대한 자원 배분이 선택적으로 이루어지고 있으며, 기업집단 내 비금전적 효용에 대한 터널링이 나타날 가능성이 있음을 시사한다. While corporate social responsibility has emerged to resolve conflicts among diverse stakeholders, CSR activities may lead to shareholder conflicts in the absence of sound corporate governance. This study seeks to explore the possibility for controlling shareholders to take advantage of CSR activities from the perspective of agency theory. It is likely that controlling shareholders of Korean large business groups selectively undertake CSR activities, depending on the firms’ ownership and governance structure. Using longitudinal data from 297 firms in Korean large business groups, the study analyzes the impact of ownership variables such as controlling shareholders’ ownership, second generations’ ownership, ownership of controlling shareholders and their relatives, and control-ownership disparity on CSR activities. The study found that controlling shareholders’ ownership was positively related to CSR activities. The ownership of second generations and control-ownership disparity, however, was negatively related to CSR activities. The impact of ownership structure also remained consistent with ESG activities. Controlling shareholders pursue the non-pecuniary benefits of "being a good citizen" through CSR activities of the firms with high ownership, while firms with high second-generation shareholdings and firms with high control through affiliates are less likely to engage in CSR activities, implying the possibility of tunneling non-pecuniary benefits within Korean large business groups.