본질적⋅재량적 발생액의 질과 정보비대칭의 관계: 재무분석가의 역할을 중심으로

김정모 한국회계학회 2024 회계저널 Vol.33 No.2

본 연구는 회계정보의 질과 정보비대칭 사이의 관계, 이에 대한 재무분석가의 영향을 조사한다. 구체적으로 불량한 본질적⋅재량적 발생액의질이 정보비대칭을 심화하는지, 그리고 재무분석가들이 이를 효과적으로 억제하는지 조사하였다. 2012년부터 2020년까지의 국내 비금융상장사를대상으로 bid-ask 스프레드로 정보비대칭을 측정하고 총발생액, 본질적⋅재량적 발생액의 질로 회계정보의 질을 측정하여 분석한 결과는 다음과같다. 첫째, 불량한 발생액의 질은 정보비대칭을 심화시키며, 본질적 발생액의 질이 이러한 관계를 견인한다. 둘째, 추종 재무분석가의 존재는 불량한 총발생액의 질, 특히 불량한 본질적 발생액의 질로 인한 정보비대칭의 심화를 효과적으로 억제한다. 자기선택편의를 통제한 분석, 대안 종속변수를 사용한 분석, 시장별 분석 결과에서도 유사한 결과가 관찰되었다. 회계정보의 질이 불량할수록 정보비대칭은 심화하며, 이는 재무제표를 이용하는 정보이용자들에게 제약으로 작용한다. 본 연구의 실증분석 결과는 불량한 회계정보의 질로 인한 정보비대칭의 심화를 억제한다는 점에서 재무분석가들은 자본시장에서 정보매개자를 넘어 정보제공자의 역할, 그리고 기업의 외부지배구조 역할을 한다는 점을 제시한다. 또한, 선행연구는 재량적 발생액의 질보다는 본질적 발생액의 질이 불량한 경우 추종 재무분석가가 증가하는 경향을 보고한 바 있다. 이와 관련하여 본 연구는 재무분석가는 불량한 본질적 발생액의 질로 인해 심화하는 정보비대칭을 억제하는 역할을 수행한다는 점을 제시한다. 따라서 본 연구는 정보비대칭과 회계정보의 질의 관계, 그리고 이에 대한 재무분석가의 역할에 대한 선행연구를 자본시장 관점에서 확장한다. This study investigates the relationship between accounting information quality and information asymmetry and the role of financial analysts in the relationship. Specifically, this study tested whether financial analysts effectively suppress information asymmetry arising from the innate and discretionary accruals. Using non-financial Korean listed companies from 2012 to 2020, measuring the information asymmetry by bid-ask spreads, and measuring the accounting information quality as accruals quality, this paper provides the following findings: First, the poor accruals quality intensifies information asymmetry, and in particular, the innate accruals quality drives the relationship. Second, analysts play an important role in suppressing the deepening of information asymmetry due to poor innate accruals quality. This study has the following contributions. The poorer the quality of accruals, the more severe the information asymmetry, which can be a constraint to accounting information users. As analysts alleviate the deterioration of information asymmetry arising from poor accounting information quality, analysts play the role of information providers beyond information intermediaries in the capital market as well as the role of external governance mechanisms. Furthermore, prior studies suggest that the number of following financial analysts increases when the quality of innate accruals is poor. In this regard, this study suggests that analysts mitigate the information asymmetry deterioration due to the poor innate accruals quality. Therefore, this study shed light on the role of financial analysts in accounting information quality and information asymmetry from the capital market perspective.

ESG 경영이 기업가치에 미치는 영향:벤처기업을 중심으로

김정모,박유각 한국세무회계학회 2022 세무회계연구 Vol.- No.73

[Purpose]This study investigates whether ESG management adoption and performance affect the corporate value of venture companies. Although there is a consensus on the necessity and importance of ESG management being formed due to the growing interest in ESG, the industry is still skeptical about the economic value of ESG management and the empirical results of the economic value of ESG provided by the academia are mixed. In particular, venture companies appear to be slow to introduce ESG management due to limited resources and technology. Nevertheless, investors’ interest in ESG management can be more beneficial to venture companies as they have higher capital demand compared to other companies. Also, as venture companies are relatively start-ups, the benefits of ESG management such as employee motivation, employee bonding effect, and positive external image are expected to be more beneficial to them. Furthermore, the adoption of ESG management would help venture companies’ corporate governance. Thus, this study investigates whether ESG management adoption and performance are beneficial to venture companies. [Methodology]To achieve the research purpose, this study conducted an empirical analysis using 12,880 company-year observations listed on the KOSPI and KOSDAQ markets from 2013 to 2020. [Findings]The empirical results are summarized as follows. First, we find a positive interaction effect between ESG management adoption and venture company appointment on the firm value in t+1, which supports our prediction that the venture companies’ ESG management adoption would have a positive impact on the firm value via attracting investment, employee motivation, and bonding of employees and securing a positive image. We obtained qualitatively similar results of the analysis using the ordinary least squares method(OLS) with the concurrent dependent variable, the OLS analysis based on the standard errors clustered at the firm level, and 2 SLS analysis which controls endogeneity to ensure robustness. Second, we find a positive interaction effect between the total ESG performance score, the score for each ESG area, and the dummy variable of venture companies on the firm value. These results suggest that not only the adoption of ESG management but also the higher ESG performance has a positive effect on the venture companies’ firm value. [Implications]This study has the following academic and practical contributions. First, this study provides additional empirical evidence for the relationship between ESG and financial performance by focusing on the venture companies which can make the most of ESG management. Second, compared to other companies, it is relatively difficult for venture companies to introduce and operate ESG management. However, the empirical results in this study suggest that when venture companies introduce and operate ESG management well, it has positive effects on the firm value. Such findings provide practical implications that ESG management of venture companies ultimately has a positive effect on the firm value and venture companies can enjoy the positive effects of ESG management more than other companies. Third, the government bodies such as the Ministry of SMEs and Startups, which formulate policies related to venture companies and help them operate, are also encouraging venture companies to manage ESG through various policies. The results of this study have policy implications by providing economic benefits for the drafting and implementation of ESG-related policies and campaigns. [연구목적]비등하는 ESG 경영에 대한 관심에 따라 ESG 경영의 중요성에 대한 공감대가 형성되고 있으나 실무에서는 여전히 ESG 경영이 재무적 성과에 미치는 영향에 대한 의구심이 있으며, 이와 관련한 학계의 실증분석 결과는 혼재되어있다. 벤처기업들의 경우 ESG 경영의 도입이 더딘 것으로 나타나며, 이는 벤처기업의 한정된 물적․인적 자원의 제한이라는 특성 때문으로 풀이된다. ESG 경영에 대한 투자자들의 관심은 자원조달의 필요성이 큰 벤처기업의 투자 유치에 도움을 줄 수 있음을 암시하며 비교적 신생기업인 벤처기업들은 일반기업들에 비해 ESG 경영의 도입으로 얻어지는 직원들의 동기부여, 유대감 향상, 긍정적인 외부 이미지 등의 효익이 상대적으로 더 클 것으로 예상된다. 나아가 ESG 경영의 도입은 일반적으로 열악한 지배구조를 가지는 벤처기업의 지배구조 개선에도 도움이 될 것으로 판단된다. 따라서 본 연구에서는 ESG 경영이 벤처기업의 기업가치에 차별적인 긍정적 영향을 줄 것으로 예상하고 이를 실증적으로 검증한다. [연구방법]연구목적을 달성하기 위해 본 연구는 2013년부터 2020년까지 유가증권시장과 코스닥시장에 상장된 12,880개의 기업-연도 표본을 대상으로 실증분석을 실시한다. [연구결과]연구결과를 요약하면 다음과 같다. 첫째, 차기 기업가치를 종속변수로 하는 시차 모형 분석결과에서 ESG 경영 도입변수와 벤처기업 변수 사이의 상호교차항에서 유의한 양(+)의 회귀계수가 관찰되었다. 이는 ESG 경영 도입의 긍정적인 효과가 기업가치에 긍정적인 영향을 주며, 특히 벤처기업의 가치에 차별적으로 긍정적인 효과를 줄 것이라는 본 연구의 예상을 지지하는 결과이다. 이러한 결과는 시차모형 분석 외에도 동시적 모형분석, 기업별 표준오차를 기반으로 한 분석, 내생성을 통제한 2SLS 분석 결과에서도 동일하게 관찰되어 결과의 강건성을 확보하였다. 둘째, 기업가치에 대한 총 ESG점수, 각 영역별 ESG점수와 벤처기업 변수 사이에서도 유의한 양(+)의 상호작용효과가 관찰되었다. 이러한 결과는 ESG 경영 도입 여부 뿐만아니라 ESG 성과가 높을수록 기업가치에 긍정적인 영향을 미치며, 특히 ESG 경영이 용이하지 않은 벤처기업들의 높은 ESG 경영성과는 향상된 기업가치로 환원되고 있음을 제시한다. [연구의 시사점]첫째, 본 연구는 선행연구에서 제시된 혼재된 ESG와 재무적 성과 사이의 관계에 대해 추가적인 증거를 제시하는 학술적인 시사점을 가진다. 둘째, 벤처기업들이 ESG 경영을 도입하여 효과적으로 운영할 때 기업가치에 차별적인 양(+)의 효과를 나타낸다는 점을 제시한다. 이는 실무적 관점에서도 벤처기업들의 ESG 경영이 기업가치 증대에 긍정적인 영향을 준다는 실무적 시사점을 제공한다. 셋째, 벤처기업 관련 정책을 입안하고, 운영을 돕는 중소기업벤처부와 같은 정부기관에서도 다양한 정책을 통해 벤처기업들의 ESG 경영을 장려하고 있다. 본 연구의 실증분석 결과는 이러한 ESG 관련 정책과 캠페인의 입안과 시행에 경제적인 당위성을 제공함으로써 정책적인 시사점을 가진다.

악골 병소의 감별 진단시 골스캔의 임상적 유용성

김정모,김철환,Kim, Jeong-Mo,Kim, Chul-Hwan 대한악안면성형재건외과학회 2007 Maxillofacial Plastic Reconstructive Surgery Vol.29 No.1

Bone scan using radioactive isotope can be more effective than conventional X-ray radiograph for finding jaw lesion because it takes an image of the physiologic change of bone. This study is designed to show how available bone scan is able to diagnose jaw lesion better than simple X-ray and CT, as well as to determine a basis of diagnosis for jaw lesion using bone scan. The 77 patients, visiting the Oral & Maxillofacial Surgery, Department of Dankook University Hospital from January 2002. to August 2005. who were diagnosed histopathologically with postoperative malignant tumor, osteomyelitis, and bone infiltrative benign disease. Preoperative X-ray, CT, bone scan were taken and were compared with histopathologic finding. Also to compare specificty of each lesion in bone scan, bone density was measured to compare. The results were as follows. 1. Among the 25 cases of oral malignant tumor of bony invasion, a positive diagnosis associated with histopathologic evaluation, 22 cases(88%) in bone scan, 14 cases(56%) in CT image, and 10 cases40%) in simple X-ray. 2. Among the 31 cases of osteomyelitis, a positive diagnosis associated with histopathologic evaluation, 30 cases(97%) in bone scan, 23 cases(74%) in CT image, and 19 cases(61%) in simple X-ray. 3. Among the 11cases of bone infiltrative benign disease, a positive diagnosis associated with histopathologic evaluation, 11 cases(100%) in bone scan, 10 cases(91%) in CT image, and 6 cases(55%) in simple X-ray. 4. Measurement of bone density in each group showed no statistical significant difference between malignant tumor and osteomyelitis as well as benign bone disease. But, a statistical significance was seen between osteomyelitis and benign bone disease. From this results, bone scan are more sensitive than simple X-ray and CT image in jaw lesion diagnosis, but specificity shows no significant difference. Therefore, it should be suggested that evaluation of bone scan must be carrying out in reference to final histopathologic diagnosis.

예비 태권도선교사의 소명의식이 진로성숙도에 미치는 영향

김정모 세계태권도문화학회 2019 세계태권도문화학회지 Vol.10 No.4

The purpose of this paper is to statistically analyze the effect of the sense of calling of future Taekwondo missionaries on their career maturity. Using purposive sampling from the non-probability sampling method, 250 university students who wanted to become Taekwondo missionaries were sampled as the subjects of this study. Data processing was performed using SPSS 22.0 ver. for Windows, and the research hypothesis was verified using multiple regression analysis to analyze the relationship between the variables. The results of the analysis are as follows. First, The sense of calling of future Taekwondo missionaries, were found to have a positive (+) effect on the sub-factor ‘involvement’ of career maturity at a level of statistical significance. Second, ‘transcendent summons’ and ‘pro-social orientation’ of future Taekwondo missionaries’ sense of calling were found to have a statistically positive (+) effect on the sub-factor ‘curiosity’ of career maturity. Third, ‘transcendent summons’ of future Taekwondo missionaries’ sense of calling was found to have a statistically positive (+) effect on the sub-factor ‘cooperation’ of career maturity. Fourth, ‘pro-social orientation’ of future Taekwondo missionaries’ sense of calling was found to have a statistically positive (+) effect on the sub-factor ‘assurance’ of career maturity.

A Tail of Two Crises: Financial Crises and Corporate Restructuring – Focusing on the Corporate Lifecycle

김정모 한국회계학회 2023 회계학연구 Vol.48 No.3

The purpose of this study is to obtain insights into corporate response to financial distress in Korea. South Korea experienced Asian Financial Crisis in the late 1990s and Global Financial Crisis in the late 2000s, and the economy fared better during the GFC than during the AFC. By exploiting the country’s unique experience, this study examines whether the corporate responses were different between the periods of AFC and GFC. Moreover, as prior studies suggest that financially distressed firms’ restructuring choices are affected by the corporate lifecycle, this study investigates whether the preference and effectiveness of distressed companies’ restructuring strategies are affected by the lifecycle stages and whether there were differences between the two crisis periods. This study finds that the associations shifted from the AFC period to the GFC period such that distressed firms were more likely to undertake asset strategies and financial strategies to issue new debt and equity during the GFC period relative to the AFC period, while the preference over the managerial strategy reduced as time goes by. Further, this study provides evidence suggesting the existence of corporate lifecycle effect on the distressed firms’ restructuring strategy choice and their effectiveness. The lifecycle effect on the financially distressed firms’ preference and lifecycle effect on the restructuring strategies’ effectiveness is different for each restructuring strategy and each period. The empirical results suggest that corporate response to financial distress may demonstrate an industrial learning effect in coping with circumstances.

패키징 기술과 3차원 실장

김정모,정재필,김숙환,박재현,Kim Jung-Mo,Jung Jae-Pil,Kim Sook-Hwan,Park Jai-Hyun 대한용접접합학회 2005 대한용접·접합학회지 Vol.23 No.2

발효 , 세포배양 , 생물공정 동물 세포 반응기에서의 초미세 통기법이 산소 전달 속도와 세포 생존율에 미치는 영향

김정모,장건희,최춘순,김정희 한국미생물생명공학회 2001 한국미생물·생명공학회지 Vol.29 No.4

N/A

巫俗의 心理治療的 효과

김정모 동아인문학회 2006 동아인문학 Vol.10 No.-

Shamanism is a traditional religion that played important roles for bliss ceremony of a nation in primitive society. Although it's power of influence is reduced after development of technology, Shamanism have still functions in various aspects such as religious ceremony, a communal festival and a therapy for individual disorders. especially, therapeutic effects of Shamanism is found in ceremony called 'gut'. it was continuously reported that 'gut' has an positive influence on psychophysiological and psychological disorders. But therapeutic mechanism of Shamanism is unknown, it is helpful to understand, what aspects of 'gut' has therapeutic effects. So, the purpose of this study is to examine therapeutic effects of Shamanism in the light of psychotherapy. Results from documentation and articles about Shamanism have shown that individual factors of 'mudang', a priest of Shamanism, were comparable with therapist factors in psychotherapy. These include identity as 'mudang', intention to helping others, and self-actualizing. Another factors from 'gut' were catharsis, understanding, and empathy which is considered as therapeutic effects of psychotherapy. It was concluded that effects of Shamanism are similar to them of psychotherapy. But factors from Shamanism are unstable which bring about short-term therapeutic effects. It was discussed that the systematic training for mudang are essential to foster therapeutic effects of Shamanism.

행동-상태 경향성의 신뢰도와 타당도 연구

김정모,황경렬 한국재활과학회 2002 難聽과 言語障碍 Vol.25 No.2

기업의 환경성과와 경제성과의 관계: 기업 가시성(visibility)의 조절효과를 중심으로

김정모 한국국제회계학회 2022 국제회계연구 Vol.- No.101

[Purpose]While there is a growing interest in ESG, previous studies that analyzed the relationship between environmental performance(ENP) which is a key element of ESG, and economic performance (ECP), provide mixed empirical evidence. I conjecture that the difficulty of corporate stakeholders to recognize the firms’ high ENP resulted in mixed results, while previous studies largely ignored the role of corporate visibility. Hence, I tested whether the visibility of a company has the moderating effect of ENP on the ECP. [Methodology]Using domestic listed firm-year observations from 2013 to 2020 as a sample, this study conducted an empirical analysis. ENP was measured using KCGS’s environmental grade as well as KEJI’s environmental protection satisfaction, and corporate visibility is measured using advertising intensities(ADV). Additionally, regression analyses considering time-lag as well as endogeneity were conducted to assure the robustness of regression results. [Findings]Regression results indicate that there is a positive and statistically significant interaction effect between ENP and visibility on ECP. In particular, I obtained consistent results when the ECP is measured by Tobin’s Q, ENP is measured by either KCGS’s or KEJI’s values, and corporate visibility is measured by either the dummy variable of quintile ADV by year and industry or ADV per se. In addition, I obtained consistent results using the time-lag model and using the 2 SLS model that controls endogeneity, and for samples in the first and second half of the testing period. [Implications]Regression results suggest that in order for a company’s ENP to convert to ECP, an adequate level of corporate visibility is necessary. First, this study has academic implications by providing empirical evidence on the moderating effect of corporate visibility, which has not received much attention in previous studies that provide mixed empirical results between ENP and ECP. Second, while ESG officers in the practice show low expectations on the economic benefits of ESG, the results in this study provide practical implication that corporate publicity has the effect of leading ENP to ECP. Third, this study provides policy implications that corporate environmental investment can be encouraged if policies that can help promote companies in addition to environmental sanctions policies are enacted.