종업원 특성이 회계 보수주의에 미치는 영향: 종업원 근속연수를 중심으로

현지원,권대현 한국경영컨설팅학회 2024 경영컨설팅연구 Vol.24 No.4

본 연구는 종업원의 평균 근속연수가 증가할수록 재무보고 의사결정 과정에서 종업원이 미치는 영향이 커질 것으로 간주하고 종업원의 근속연수와 회계 보수주의의 정도 간 관계에 대해 분석하였다. 분석결과, 종업원의 근속연수와 회계 보수주의의 정도 간에는 음의 관계가 있는 것으로 나타났는데, 이는 종업원이 회계 보수주의를 강화하여 기업의 지속가능성을 향상시키기보다는 보고이익(reported earnings)과 연계된 경제적 혜택을 얻고자 재무제표 상의 이익을 증가시킬 목적으로 회계 보수주의를 약화시킨다는 것으로 해석된다. 이와 함께 종업원 근속연수와 회계 보수주의 간의 음의 관계는 지배구조의 질(quality of governance)이 높은 기업일수록 약하게 나타났는데, 이는 강한(strong) 지배구조를 가진 기업일수록 종업원을 보호하는 체계가 잘 갖추어져 있어서 이러한 기업의 종업원은 자신들의 이익을 위해 회계 보수주의를 약화시킬 유인이 적어짐을 시사한다. 잠재적 누락변수(potential omitted variables)가 주분석결과에 미치는 의한 영향력을 통제한 이후에도 주분석결과는 유지되었다. 본 연구는 종업원의 특성 중 기존 연구에서는 주목하지 않았던 종업원의 근속연수에 초점을 맞추어 기업 재무보고에 미치는 영향을 분석하고 있다는 점에서 의의를 찾을 수 있다. This study conjectures that employees with longer tenure have more capability to affect the decision making process of financial reporting, and investigate the relationship between employee tenure and the degree of accounting conservatism. The analysis shows that employee tenure is negatively associated with the degree of accounting conservatism, suggesting that the longer tenured employees likely weaken accounting conservatism to gain economic benefits linked to reported earnings, instead of enhancing the conservatism to improve the company's sustainability. In addition, we hypothesize and find that the negative association becomes less pronounced in firms with strong governance, which provide a mechanism to protect employees. This association remains robust to a test controlling for potential omitted variable problem. This study highlights the impact of employee tenure on the decision making process of financial reporting, which prior research has not focused on.

저분자 Silk Peptide의 모발 보호효과 및 미세구조 분석

현지원,이광길,여주홍,최태부 한국생물공학회 2008 KSBB Journal Vol.23 No.5

In this study, hair care effects of the hair cosmetics including low molecular weight silk peptide, hydrolysate which is produced from cocoon were investigated. After producing the hair cosmetics including silk peptide which has 300-500 molecular weight, we measured its hair care effects through the various tests; change of the hair weight, hair thickness, absorbance rate and hair moisture value and micro structure analysis. As a result, S.P.T. (Silk peptide Treatment) was effectively penetrated into the hair which has been damaged by chemical treatments, increased the hair weight, thickness and hair moisture value and also recovered the cuticle of the hair. Thus, the treatment of hair with silk peptide hydrolysate would be effective to recover the damaged hair into the normal conditions.

'최저주거기준'에 관한 국내 선행 연구경향 분석

현지원,이연숙,안소미,Hyun, Jiwon,Lee, Yeunsook,Ahn, Somi 한국실내디자인학회 2017 한국실내디자인학회논문집 Vol.26 No.4

The appropriate area for human's most basic living space is an important factor. Therefore, the 'minimum housing standard' is a very important factor to ensure a minimum quality of living space for human life. In Korea, however, the importance of the 'minimum housing standard' has been neglected for about 20 years. Even in Korea, the 'minimum housing standard' has become an nominal existence. In other countries, studies have long been conducted on the minimum housing standards, but studies have shown that studies on the minimum housing standard are not actively occurring in Korea. The purpose of this study is to diagnose the current status of the 'minimum housing standard' in Korea and to explore the direction of future research. The study included a total of 29 researches commissioned by the Korea Academic Research Institute (KCI). To ensure the objectivity and reliability of the analysis, analyzed year of research, field of research, method of research, contents of research. Through this study, it is possible to grasp the tendency of previous studies on 'minimum housing standard' in Korea and it is meaningful to increase the usability of 'minimum housing standard' in residential planning. It is also expected that future research on 'minimum housing standards' will be able to present the direction of the field to be developed.

The Determinants of Nonfinancial Information Disclosure in Management Discussion and Analysis (MD&A)

현지원,안태식,최연식,현정훈 한국회계학회 2014 회계학연구 Vol.39 No.2

The significance of intangible assets in a knowledge-based economy and the decrease in value-relevance of financial information increase the demand for nonfinancial information disclosure. In this regard, we examine the determinants of the nonfinancial information disclosed in the Management Discussion and Analysis (MD&A). Whereas prior studies investigate the level of voluntary dis-closure, we examine the level of nonfinancial information. We conduct a contents- analysis, using a modified computational linguistic program. Using the frequency of nonfinancial information, we find that firms with more intangible assets, higher quality of board monitoring, and larger size disclose more nonfinancial information in MD&A.

재무분석가의 영업현금흐름예측여부와 이익예측 정확성

현지원,김영준,이준일 한국공인회계사회 2016 회계·세무와 감사 연구 Vol.58 No.4

Recently, a significant number of analysts tend to issue operating cash flow forecasts as well as earnings forecasts. This study investigates whether analysts’ issuance of operating cash flow forecasts enhances accuracy of their earnings forecasts. Some argue that, to forecast operating cash flows, analysts should predict components of earnings–cash flows and accruals, and they should have more comprehensive knowledge on firm’s financial statements and the relation of accounts of each financial statement. If this is the case, analysts who issue operating cash flow forecasts would provide more correct earnings forecasts than analysts who do not issue. Call et al.(2009; 2013) document that accuracy of earnings forecast is higher for analysts who issue operating cash flow forecasts than analysts who do not issue. They also argue that operating cash flow forecasts are informative by showing that the stock market reacts to the change in operating cash flow forecasts. Their results support the demand hypothesis that analysts provide operating cash flow forecasts in order to satisfy users’ needs for additional information. On the other hand, analysts might provide operating cash flow forecasts just resulting from a preliminary extension of earnings forecast rather than from an undergoing precise and systematic process. For example, analysts might first forecast earnings and then forecast operating cash flows by just deducting depreciation and amortization from their earnings forecasts. If operating cash flow forecasts just result from an extension of earnings forecasts, earnings forecasts by analysts who issue operating cash flow forecasts cannot be more accurate than earnings forecasts by analysts who do not issue operating cash flow forecasts. Givoly et al.(2009) argue that operating cash flow forecasts are not obtained in sophisticated manners and they are much less accurate than earnings forecasts. They also report that operating cash flow forecasts are just weakly related to stock returns, and repute Call et al.(2009) by arguing that operating cash flows forecast are not informative to investors. The debate on usefulness of cash flow forecasts continues in the literature(Call et al. 2013, Givoly et al. 2013, and Bilinski 2014). We examine whether analysts’ earnings forecasts accompanied by cash flow forecasts are more accurate than those not accompanied by cash flow forecasts. Our sample consists of Korean listed companies which have analyst forecasts data provided by I/B/E/S detail history database during the period of 2004 to 2010. Forty percent of analysts in our sample issues both earnings and cash flow forecasts, while sixty percent of it issues only earnings forecasts. We regress earnings forecasts error on cash flow forecasts issuance dummy variable with other explanatory variables. The coefficient on the cash flow forecasts dummy is not statistically significant from zero. In additional tests, we examine whether analysts who issue operating cash flow forecasts have better understandings on persistence of cash flows and accruals than those who do not issue. A prior study finds that analysts underestimate persistence of both cash flows and accruals. If analysts who issue operating cash flow forecasts have more comprehensive knowledge and undergo more rigorous process in order to forecast earnings and cash flows, they would less underestimate persistence of earnings components, compared to analysts who do not issue operating cash flow forecasts. We find no evidence that analysts who issue operating cash flow forecasts better understand persistence of cash flows and earnings than analysts who do not issue. In robustness tests, we use propensity-score-matching method and find that there are no significant differences in accuracy between analyst earnings forecasts with cash flow forecasts and those without cash flow forecasts. Overall, empirical findings suggest that earnings forecasts accompanied by operating ... 상당수의 재무분석가들은 이익예측치 이외에 추가적으로 영업현금흐름예측치를 제공하고 있다(본 논문의 경우 관측치의 대략 40%). 그러나 영업현금흐름예측치를 제공하는 재무분석가들이 보다 뛰어난 분석가들인지에 대한 연구는 아직 미미한 상황이다. 영업현금흐름을 적절히 예측하기 위해서는 전체 재무제표의 상호관계 및 이익의 구성요소에 대하여 보다 깊게 분석해야 하는 과정을 거쳐야 하므로 영업현금흐름을 예측하는 재무분석가들은 해당 기업에 대해 보다 높은 수준의 분석을 할 것이라고 예상된다. 본 논문은 이익예측치와 더불어 영업현금흐름예측치를 제공하는 재무분석가들의 이익예측치 정확도가 높은지를 실증하였다. 실증분석 결과, 이익예측치만을 제공하는 재무분석가의 이익예측치와 영업현금흐름예측치를 함께 제공하는 재무분석가의 이익예측치의 정확성에 유의한 차이가 없음을 발견하였다. 영업현금흐름예측치를 같이 제공하는 재무분석가가 발생액 및 영업현금흐름의 지속성에 대하여 더 잘 평가하는지에 대한 추가분석에서도 더 우수하다는 결과를 발견하지 못하였다. 위의 결과들은 국내에서 영업현금흐름예측치를 제공하는 재무분석가들의 재무분석방법이 더욱 정교하고 정확하여 이익예측치의 정확성이 높으리라는 예상을 지지하지 못하고 있다.

최고경영자 재임기간 초기의 인건비 하방경직성

현지원 한국재무관리학회 2025 재무관리연구 Vol.42 No.1

본 연구는 인건비 하방경직성과 최고경영자 재임기간과의 관계를 연구하였다. 구체적으로, 최고경영자 재임기간 초기 인력조정 의사결정이 임기 후반부와 어떻게 달라지는지 연구하였다. 2001년부터 2020년까지 기간의 한국 유가증권시장과 코스닥시장 상장 비금융 기업을 대상으로 분석을 진행한 결과, 재임기간 초기 2년 동안의 인건비 하방경직성이 그 이후 기간보다 더 강함을 관찰하였다. 이러한 현상은 소유경영자 기업, 연구개발비 비중이 높은 기업에서 관찰되었다. 즉, 최고경영자는 임기 초기 매출액 감소 시에 인력감축을 임기 후반보다 덜 하고, 이러한 현상은 임기 초기 높은 이익을 보고해야 할 유인이 상대적으로 낮은 소유경영자와, 인적자원에 대한 중요도가 높은 기업에서 나타남을 의미한다. 본 연구는 한국 공시제도의 독특한 자료인 인건비와 직원수 자료를 이용하여, 최고경영자의 임기 초기 인력조정 의사결정 살펴보았다는 점에서 의의가 있다. This paper examines the relation between labor cost stickiness and CEO tenure. More specifically, this paper investigates how labor adjustment in early years of CEO service is different from that in later years of CEO service. Using Korean non-financial companies listed in Korea stock market (i.e., KOSPI and KOSDAQ), this paper finds the stronger labor cost stickiness in first two years of CEO service than in later years. In subsample analysis, this finding is observed in subsmples of owner CEO and R&D intensive firms. These findings imply that CEOs does not reduce employees in the early stages of their tenure when sales decline, compared to later in their tenure. This phenomenon is particularly evident among owner CEOs, who have relatively lower incentives to report high earnings early in their tenure, and in companies where human resources are considered more critical. This paper contribute to literature by showing labor adjustment decisions of early-tenure CEOs utilizing unique data from the Korean disclosure system.

헤어아이론 발열판 소재에 따른 모발의 변화 및 손상도 평가

현지원 한국미용학회 2024 한국미용학회지 Vol.30 No.5

This study investigates the effects of ceramic and polymer heating plates on the surface and structure of hair. To evaluate the degree of hair damage caused by the iron and polymer heating plate materials, hair moisture content and the degree of hair fading were measured using Thermo Gravimetric Analysis (TGA) and a colorimeter, respectively. Additionally, a Scanning Electron Microscope (SEM) was used to analyze the change in the microstructure of the hair. As a result, hair treated using a polymer iron contained significantly higher moisture than hair treated using a ceramic iron. The colorimeter analysis showed that ceramic irons caused fading and damage to hair color, whereas polymer irons did not. Lastly, hair treated with a ceramic flat iron had extensive surface scratches and cuticle melting from the SEM analysis, unlike hair treated with a polymer iron, which preserves superior hair shape and cuticle integrity.

열펌 시술방법에 의한 모발표면의 형태학적 변화 분석

현지원 한국미용학회 2023 한국미용학회지 Vol.29 No.2

Frequent chemical treatments, such as dyeing and permanent waving, as well as the widespread use of heat-based hair styling devices, like flat irons and curling irons, can cause significant damage to hair fibers, leading to various adverse effects, such as dryness, breakage, split ends, and frizziness. Recently, there has been a trend towards using direct heat perms because they are time-saving, shorter in duration, and less complicated. However, as the damage to hair caused by direct perms increases, this study compares and analyzes the degree of damage to hair fibers caused by both direct heat perms and softening heat perms. Moreover, by comparing, analyzing, and evaluating the morphological changes to the hair surface and cross-section after each type of perm treatment based on hair condition, this study aims to objectively understand the effects of heat perms on hair and provide basic data for further research in this field.

Allocating Weights to Subjective Measures Relative to Objective Measures

현지원 한국관리회계학회 2025 관리회계연구 Vol.25 No.1

[Purpose] This paper examines how the weights assigned to subjective measures relative to objective measures are determined. Subjective measures are incorporated into performance evaluations to complement objective measures. Thus, the relative weights assigned to subjective measures may be greater when objective measures fail to adequately capture agents’ contributions to an organization. [Methodology] I use the performance evaluation results of 63 Korean SOEs from 2011 to 2013 and conduct an empirical analysis at the task-year level. [Findings] The empirical findings show that the relative weights assigned to subjective measures are greater in long-term-oriented tasks than in short-term-oriented tasks. Long-term-oriented tasks require agents to exhibit comprehensive and adaptive behavior that objective measures cannot fully capture. Therefore, the weights assigned to subjective measures relative to objective measures increase with a task’s long-term orientation. In addition, this paper finds that the relative weights assigned to subjective measures increase as the number of objective measures decreases. A greater number of objective measures provides more information about the multidimensional actions of agents. Thus, this finding implies that greater relative weights are placed on subjective measures when the use of objective measures cannot provide sufficient information about an agent’s true contribution. [Implications] Overall, this paper provides evidence that the relative weights assigned to subjective measures are determined in a manner that enhances the effectiveness of the performance evaluation system.

이사회 다양성과 판매관리비 하방경직성:연령 다양성을 중심으로

현지원 한국세무학회 2025 세무와 회계저널 Vol.26 No.2

본 연구는 이사회 다양성이 판매관리비 하방경직성에 미치는 영향을 연령 다양성을 중심으로 연구한다. 즉, 다양한 연령으로 이루어진 이사회가 판매관리비 하방경직성을 완화시키는지 또는 강화시키는지 연구한다. 2001년부터 2023년까지 한국 유가증권시장과 코스닥시장에 상장된 비금융 기업을 대상으로, Blau Index와 Shannon Index를 활용해 이사회의 연령 다양성을 측정하여 실증분석을 수행하였다. 실증분석 결과, 이사회의 연령 다양성이 높을수록 판매관리비 하방경직성이 완화되었다. 특히, 잉여현금흐름이 많은 기업에서 이사회 연령 다양성의 효과가 명확하게 나타났는데, 이는 연령 다양성이 높은 이사회가 경영진의 대리인 문제를 잘 통제한 결과 판매관리비 하방경직성이 완화되었음을 의미한다. 또한, 이사회 규모와 독립성, 발생액 이익조정을 통제한 후에도, 성향매칭점수(PSM) 접근법을 사용한 후에도, 이사회 연령 다양성과 판매관리비 하방경직성의 음(-)의 관계는 그대로유지되었다. 본 연구는 이사회 다양성 연구를 확장하여, 연령 다양성을 살펴보고, 다양한 연령으로 이루어진이사회가 경영진에 대한 감시․통제 기능을 잘 수행함을 실증적으로 보였다는 점에서 공헌점이 있다. This paper investigates the impact of board age diversity on SG&A cost stickiness. Specifically, we examine whether boards composed of directors from diverse age groups increase or decrease SG&A stickiness. We conduct an empirical analysis using non-financial firms listed on the Korea Exchange and KOSDAQ from 2001 to 2023. Board age diversity is measured using the Blau Index and the Shannon Index. Our findings reveal that greater age diversity on the board is associated with lower SG&A stickiness. This effect is particularly pronounced in firms with high levels of free cash flow, suggesting that age-diverse boards are more effective in mitigating agency problems, which in turn reduces SG&A stickiness. The negative relationship between board age diversity and SG&A stickiness remains robust after controlling for board size, board independence, and accrual -based earnings management, and also holds when using the Propensity Score Matching (PSM) approach. This study contributes to the literature on board diversity by focusing on age as a key dimension and provides empirical evidence that age-diverse boards perform better in monitoring and controlling management.