공정공시가 주식유동성에 미치는 영향에 대한 연구: 중소기업과 대기업 비교

심호식 ( Hoshik Shim ) 한국중소기업학회 2015 기업가정신과 벤처연구 Vol.18 No.3

This paper investigates the impact of disclosure activity on the stock market liquidity under the Regulation Fair Disclosure in Korea. Economic theories generally support that more disclosures reduce the level of information asymmetry, increase stock liquidity, and thus decrease the costs of equity capital. A series of empirical studies examine the impact of disclosure policy, however, they mainly focus on the relationship between disclosure and costs of equity capital, but not on the relationship between disclosure and liquidity especially in Korea. Since the disclosure theory is driven with a joint hypotheses, it is needed to investigate the relationships by stage. Using various measures of market liquidity, this study finds that disclosure activity is positively related with market liquidity. And the comparative analysis shows that both SMEs and large firms have disclosure impacts, but they affect this relation differently. Various sensitivity tests show that the relation is robust. The findings of this paper have an implication that the impact of liquidity and also the impact of information environment (i.e., SMEs vs. large firms) should be considered in examining the relation between disclosure and costs of equity capital.

기업가정신 교육의 변화과정과 교육자들의 역할에 대한 이해

이우진(Woo Jin Lee),심호식(Hoshik Shim) 기업가정신학회 2022 기업가정신연구 Vol.3 No.1

기업가정신의 교육을 확산하고 교육의 질을 높이는데 많은 시간과 노력을 투입하고 있는 교육자들의 기여로 국내 기업가정신 교육은 짧은 시간동안 매우 빠른 확산을 이루어 왔다. 시대적 필요로 기업가정신 교육의 중요성은 누구나 공감하고 있지만, 아직 제도적인 틀이 변하지 않은 우리의 교육현장에서는 기업가정신 교육에 시간과 노력을 투자하며 애쓰고 있는 기업가정신 분야의 교육자들의 헌신으로 기업가정신 분야는 계속적인 발전을 이루어 가고 있다. 본 연구는 기업가정신 교육이 어떻게 변화해 왔는지를 살펴보고, 기업가정신 교육의 커리큘럼과 교육방법 및 교육 대상들에 대한 내용을 정리하여 기업가정신 교육의 큰 틀을 이해하는데 도움이 될 수 있도록 고찰하였다. 그리고, 마지막으로 앞으로 기업가정신의 촉진을 위해서 기업가정신 분야의 교육자들이 해야 할 역할을 제시하였다. Entrepreneurship education has spread very rapidly in a short period of time thanks to the contribution of educators who are putting a lot of time and effort into spreading entrepreneurship education and improving the quality of education. Everyone agrees on the importance of entrepreneurship education due to the needs of the times, but the institutional framework in our educational field has not yet changed. In our education field, the field of entrepreneurship is continuously developing with the dedication of educators in the field of entrepreneurship who are investing time and effort in entrepreneurship education. This study examines how entrepreneurship education has changed in the practical aspect of entrepreneurship education, and summarizes the curriculum, education methods and subjects of entrepreneurship education to understand the broad framework of entrepreneurship education. It is designed to be helpful. And, finally, the role of educators in the field of entrepreneurship to promote entrepreneurship in the future is considered.

언론의 ‘사내유보금’ 용어 오용 및 보도 양태

조현권 ( Hyunkwon Cho ),이준일 ( Joonil Lee ),심호식 ( Hoshik Shim ) 한국회계학회 2020 회계학연구 Vol.45 No.6

There is a widespread misconception in Korea that the term “internal reserve amount” refers to cash that companies accumulate by limiting their investments and recruitment. This paper investigates the history of how the media has misunderstood this term. While the term “internal reserve amount” first appeared in a 1933 article, the last fifteen years have seen it become widely (misused and) misunderstood. In this study, we collect news articles printed between 2010 and 2019 and find that the progressive media had published significantly more articles mentioning “internal reserve amount” than the conservative media. The difference in misuse rates, however, is not significant. For a large-scale analysis, we examine the articles containing the term and apply K-Means clustering (machine learning methodology) to classify them into two groups. We find that the difference in the use of sensationalistic words is statistically significant between the two media groups, indicating systematic differences in the use of sensationalistic words by press. We further find that the number of sensationalized feelings among readers and the use of offensive language in the comment sections are higher for groups with more sensationalistic words. Such differences in reader reactions imply that words used in press articles may stimulate social conflicts concerning the “internal reserve amount”. Overall, as the first study for the media coverage of “internal reserve amount” using machine learning technology, this study shows that the misuse of words by media may increase social conflict surrounding business environment.

노동조합이 채권신용등급에 미치는 영향에 대한 연구

박진하 ( Jin Ha Park ),정형록 ( Hyung Rok Jung ),심호식 ( Hoshik Shim ) 한국회계학회 2015 회계저널 Vol.24 No.5

This study examines the impact of labor union``s activity on the credit rating. Credit rating shows redemption possibility of principal and interest until maturity. So, future cash flow forecast is important for credit rating. The influence factors of future cash flow is various. But, because the best information source of firm``s financial position and performance is financial statement, prior studies investigate the relation between the quality of financial reporting or disclosure quality and credit rating. Prior studies commonly reported that credit rating is positively related to the quality of financial reporting or disclosure quality because these firms figure out useful information about future cash flow. According to the rating agencies`` evaluation method, rating agencies consider various influence factors of future cash flow and consider both financial statement information and non-financial information like industry analysis, operation analysis, and management analysis in evaluating firms`` credit rating. This study extends the existing literature by investigating the impact of the activities of labor union which is one of major stakeholder on firm``s credit rating. Also this study extends the existing literature focused on financial information by investigating the impact of non-financial information. According to the negative impact of labor union on return on asset, asset volatilities, default threshold and cash flow which is main factors of Merton model, Chen et al.(2011) reported positive relation between labor union``s bargaining power and bond yield spread. However, Chen et al.(2012) reported that labor union``s bargaining power is negatively related with bond yield spread. Unlike prior studies focused on bond yield spread, this study focuses on credit rating. We investigate rating agencies consider labor-management relations to credit rating. Our study is one of the first to investigate the relation between labor union and cost of debt capital in Korea. Specifically, we expect that labor union which is determinants of firm``s performance and management decision making influences credit risk. From a negative perspective, if labor union exists, cash flow uncertainty increases because of demand for higher wages, strike. And to negotiate from a position of strength, labor union deteriorates financial reporting quality, increase information asymmetry, and financial leverage. Then credit risk is increased. From a positive perspective, labor union improves firm``s performance, financial reporting quality, disclosure quality, and prevents risky investment decision making by integrative negotiation. Then credit risk is reduced. So our first hypothesis is that credit rating differs between with labor union and without labor union. Second hypothesis is whether bargaining power of labor union impacts credit rating. Our study``s credit rating is the average of bond ratings received by three credit rating agencies(Korea Investors Service, NICE, and Korea Ratings 3rating agencies). And empirical results support our hypotheses. First, the credit rating is significantly poor for firms with labor union. Second, unions`` bargaining power is negatively related with firms`` credit rating. Next, we examine whether each credit agency evaluates the impact of labor union differently, using individual credit rating data of three credit agencies for a given bond of a firm. Our results show that all three credit agencies assign a lower rating for firms with a labor union. However, we do not find consistent results for the relation between credit rating and labor unions`` bargaining power. In summary, all three rating agencies considers labor-management relations in credit rating. But each credit agency evaluates the impact of labor union differently. The results remain robust after we control for accounting information quality and governance structure. The results provide an evidence that the presence of labor union and its bargaining power substantially affect firm``s business circumstances and therefore labor-management relations are related with firms`` credit risk.