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조성욱 ( Sung Wook Joh ),김명애 ( Meong Ae Kim ) 한국금융연구원 2010 한국경제의 분석 Vol.16 No.3
This paper evaluates the conflicting arguments over the Ceiling on equity investment between the affiliated firms in large business groups, using various results from existing literature and statistical data. First, statistical data show that the Ceiling has been related to the discrepancy between the cash flow right and the voting right of the controlling shareholder. The Ceiling, however, seems to have not affected the concentration of the wealth in the national economy. Second, statistical data also show the increase of capital expenditure have been financed mainly through retained earnings instead of the capital raised in the stock market or bond market. It contradicts the argument that the Ceiling on the equity investment in the internal capital market has led to the reduction in capital expenditure of the firms in large business groups. Third, we show acquiring the existing shares of member firms does not affect the capital expenditure of the issuer. In the case of acquiring newly issued equities, we also find the issuers raising more fund in the internal capital market tend to have weaker capital structure or lower profitability. It suggests that such transactions are viewed as transferring financial slack of a well performing firm to a poorly performing member firm instead of financing capital expenditure of the issuer. As the issuers are under the influence of the same controlling shareholder, equity investment within large business groups are considered to pursue the private benefit of the controlling shareholder at the expenses of the interest of other shareholders. Fourth, corporate governance has improved in the aspect of the system but the improvement is not enough to restrain corporate insiders` incentive to pursue only their own interest. Equity investment between affiliated firms can lower the investment efficiency of the acquiring firm leading to the reduction of minority shareholders` wealth. This paper suggests that disclosure of equity investment within large business groups should be enhanced to facilitate market monitoring of the corporate decisions on the internal capital market.
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금융산업에서 경쟁과 퇴출압력이 대리인의 인센티브에 미치는 영향
조성욱 ( Sung Wook Joh ),( Lawrence Khoo ),( Ming Ming Chiu ) 한국금융정보학회 2014 금융정보연구 Vol.3 No.1
We study how recent structural changes in market competition in the financial industry affect managerial incentives. Using a one-period model in which managers choose their optimal effort level given incentive contracts, we examine the effects of competition and exit threats on agency problems. We show that weak competition leads managers to exert more effort and thereby improve firm performance, implying that weak competition and exit threats ameliorate agency problems. When exit threat is exogenously determined or too severe, managers may exert less effort. Contrary to Hart``s (1983) model showing how product market competition improves agency problems, our study indicates that exit threats can show different effects in the financial industry.
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김용석(Yongseok Kim),조성욱(Sung Wook Joh) 한국증권학회 2019 한국증권학회지 Vol.48 No.2
이 논문은 2009년 6월부터 2017년 12월까지 한국증권 시장에 신규 상장된 기업이 제출한 증권발행신고서의 텍스트를 머신러닝 기법을 통해 긍정적 또는 부정적으로 분류하는 작업을 수행하였다. 분류된 어조에 대한 분석 결과 증권발행신고서 중 투자위험요소에 있어 부정적인 어조가 많은 회사는 최초 공모희망가액에 대비 최종 공모가격 비율이 높게 설정하는 경향이 나타났다. 이런 결과는 최초 공모희망가액 밴드가 낮게 설정되었음을 시사한다. 한편, 증권발행신고서의 어조와 상장 직후 수익률 간에는 통계적으로 유의한 관계가 나타나지 않는다. 이 논문은 한국 금융시장에서 기업이 제출한 비정형화된 텍스트에 나타난 어조를 최초로 분석했다는 점에서 의미가 있다. 또한, 이 논문은 향후 한국어 텍스트 분석을 시도하는 학자들에게 도움이 되고자 비정형화된 텍스트 분석에 사용한 프로그램을 제시한 점에서 의미가 있다. This paper analyzes the texts in registration statements that IPO firms filed when they issued securities in the Korean stock market during June 2009 to December 2017. We classify tones of texts as positive or negative via machine learning. An IPO firm with more negative tones in the risk factor section of registration statement tends to set its final offer price ratio higher than the initial offer price. However, the tone of the texts is not significantly related to the IPO’s initial returns. This is the first paper to analyze tones of texts in the natural language submitted by companies in the Korean financial market. In addition, this paper provides the program used for the analysis of non-standardized text to help scholars analyze Korean texts in the future.
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