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경영자의 자기과신 성향과 배당성향의 관계 : 재벌기업을 중심으로
황규영,김응길 한국금융정보학회 2018 금융정보연구 Vol.7 No.1
This paper investigates the association between CEO overconfidence and dividend payout policy in Korea. Prior studies examined whether individual executive traits affect corporate dividend payout (Deschmukh 2013), not yet whether CEO overconfidence causes low dividend payout in Korea. The tests are done on a sample over 2002 to 2015 from KOSPI listed firms in Korea. The first measure of overconfidence is based on net purchases of the firm’s stocks by the CEO since overconfident CEOs will tend to buy more of their firms’ shares relative to other CEOs. Another measure of overconfidence is from the timing of stock option exercise. Overconfident CEO would believe that firm value will increase and thus choose to defer exercise and hold stock options. There are three main results. First, all dividend payout measures are negatively related to each of the two CEO overconfidence measures. Second, the relation between overconfidence and corporate dividend payout weakens for the firms belonging to large business groups (Chaebols). Third, This paper demonstrates that as control-ownership disparity (wedge) of business group becomes larger, CEO overconfidence is mitigated. Additionally, the relation between overconfidence and dividend payout weakens for the firms with stronger governance such as outside directors, or foreign ownership. 본 연구는 Deschmukh(2013)을 확장하여 경영자의 과신성향이 기업의 배당정책에 미치는 영향을 국내 재벌기업을 중심으로 확장한다. 2002년부터 2015년까지 국내의 유가증권 상장기업을 대상으로 자사주 순매수 비율과스톡옵션의 내재가치 비율을 기초로 경영자의 과신성향을 측정했다. 주요결과는 다음과 같다. 과신성향이 있는 경영자는 과감한 투자를 위해 배당을 소극적으로 결정하여 여유자금을 확보하려 할 것이다. 국내 유가증권 상장기업을 대상으로 실증한 결과, 과신성향이 있는 경영자의경우 배당에 소극적인 것으로 나타났다. 하지만 재벌기업의 경우 내부자금을 운용할 수 있으며 기업 집단차원의의사결정이 존재할 수 있으므로, 개별기업 경영자의 과신성향이 억제되어 배당성향에 차별적인 영향을 줄수 있다. 실증결과, 재벌기업에서 경영자의 과신성향과 배당정책 사이의 음(-)의 관계는 감소하는 것으로나타났다. 한편 본 연구는 기업집단 차원의 소유·지배 괴리도를 활용하여 소유·지배 괴리도가 클수록 경영자의과신성향 배당성향에 미치는 음(-)의 영향이 완화됨을 실증했다. 이것은 기업집단 중에서도 소유·지배 괴리도가강할 경우 개별기업 경영자의 과신 성향이 대주주에 의해 통제되는 경향이 있음을 의미하는 결과라 할 수있다. 추가적으로 사외이사 및 외국인주주 지분율로 측정한 기업지배구조가 양호한 기업일수록 경영자의 과신성향이배당정책에 미치는 음(-)의 효과가 줄어드는 것을 실증하였다. 이것은 대표적인 인지적 편의인 경영자의 과신성향이 양호한 기업지배구조를 통해 관리·감독되어 그 성향이 완화됨을 의미한다.
맥락간섭 효과가 초보자 골프 퍼팅기술 향상에 미치는 영향에 관한 운동역학적 분석
황규영 한국스포츠리서치 2004 한국 스포츠 리서치 Vol.15 No.6
The purpose of this study was to investigate if different practice schedules with different degrees of contextual interference (CI) influenced the participants' immediate and long-term putting performance and examine if performance changes were associated with concomitant changes in specific kinematic parameters. Twelve college students were randomly assigned to either a blocked or random practice schedule, On Day One each participant practiced putting to three targets (1 m, 2 m, and 4 m distance) for a total of 108 trials (36 trials to each target). On Day Two 30 trials of retention (10 trials to each target) and 10 transfer trials (3 m distance) were performed. To obtain a kinematic description of the putting action, an OPTOTRAKTM 3020 camera system recorded the 3D movement of the putter. Random practice participants exhibited poorer putting performance during acquisition compared to their blocked practice counterparts but showed superior performance in retention and transfer tests. While the blocked practice participants had significantly lower variability in the amplitude in the g-dimension for both backswing and downswing and impact velocity during practice, the random practice participants showed significantly lower variability in the amplitude of the x-dimension for the downswing and impact velocity during the retention and transfer phases.
황규영,정혜민,박대원 한국공업화학회 2015 한국공업화학회 연구논문 초록집 Vol.2015 No.1
Zeolitic imidazolate frameworks (ZIF) are nowadays acclaimed porous framework materials for CO<sub>2</sub> adsorption. In here, a highly porous zeolitic imidazolate framework (ZIF-22) with LTA topology was synthesized by solvothermal and microwave methods using Zn(NO<sub>3</sub>)<sub>2</sub>.4H<sub>2</sub>O and 5-azabenzimidazolate linker. The synthesized ZIF-22 was characterized using XRD and SEM techniques and were examined for its catalytic abilities for the cycloaddition of CO<sub>2</sub> to propylene oxide (PO) yielding propylene carbonate under solvent free and co-catalyst free moderate reaction conditions. The LTA structured ZIF-22 possess two bigger cages, alpha and beta which allowed the diffusion of reactant molecules easier. The mechanism of catalysis is thought to involve the Lewis acidic metal centers (Zn) and the N atom in the 5<sup>th</sup> position of the 5-azabenzimidazole linker acting synergistically. The influence of reaction parameters have also been studied along with reusability studies. Through this study, we aimed at exploring the possibility of tuning ZIF materials as a bridge between CO<sub>2</sub> adsorption and transformation into value added products.