기업수명주기별 이익조정과 미래경영성과

황인옥(Hwang In-ok),김정교(Kim Jeong-kyo) 한국국제회계학회 2017 국제회계연구 Vol.0 No.74

본 연구에서는 기업을 수명주기단계를 성장기와 성숙기로 구분하고 이익조정을 발생액 이익관리(AEM)와 실물이익조정(REM)으로 분류하여 각각의 수명주기단계별로 이익조정에 차이가 있을 것 이라고 하여 분석하였다. 그리고 발생액 이익관리(AEM)와 실물이익조정(REM)에 의한 이익조정이 차기 경영성과에 미치는 영향을 수명주기단계별로 조사하였다. 첫째, 실증분석을 위하여 성장기단계에서는 실물이익관리(REM)를 통한 이익조정을 적게 하는 반면, 발생액 이익관리(AEM)를 통하여서는 이익조정을 많이 할 것이라고 가설을 설정을 하여 분석하였다. 둘째, 차기경영성과를 분석하기 위하여서는 성장기단계에 있는 기업을 실물이익조정(REM)을 통하여 이익관리를 실시한 의심기업과 그렇지 않은 기업(Non-REM)으로 구분하여 분석하였다. 또한 발생액 이익관리(AEM)를 통한 이익관리를 실시한 의심기업과 그렇지 않은 기업(Non-AEM)으로 분석도하였는데, 분석 결과는 다음과 같다. 첫째, 성장기에 있는 기업들은 성숙기에 있는 기업들에 비해 이익조정에 차이가 있을 것이라고 예측하여 분석 결과, 성장기에서는 실물이익관리(REM)를 통한 이익조정은 적게 하는 것으로 즉, 유의적인 음(-)의 회귀계수를 나타났다. 둘째, 음(-)의 이익보고회피표본과 음(-)의 이익변화표본을 의심기업으로 보고, 또한 이익조정 의심기업들을 구분하기 위하여 성장기에 있는 기업들 중에서 전체를 5분위수로 구분하여 상위 20%에 속하는 기업들의 이익동기를 분석하여 이익조정의심구간(0과 0.01사이)과 이익측정치와 이익변화측 정치의 임계치인 0을 달성하려는 실물이익관리(REM)와 발생액 이익관리(AEM) 의심기업으로 설정하여 회귀분석을 수행할 때, 성장기에서는 실물이익관리(REM) 의심기업들은 그렇지 않은 기업들에 비해 미래경영성과가 낮을 것이라 예측하였는데, 결과적으로 유의적인 음(-)으로 나타나 차기경영성과에 부정적인 영향을 미치는 것으로 나타났다. 이는 차기경영성과가 음(-)으로 나타난 것은 경영자가 단기간에 목적을 달성하기 위한 의도가 기회주의적인 것이라는 것을 의미한다는 연구결과와 같다. 또한 발생액 이익관리(AEM) 의심기업들은 그렇지 않은 기업에 비해 미래경영성과가 낮을 것이라고 예측하였는데, 결과적으로는 비유의적인 음(-)으로 나타나 발생액을 통한 이익관리에서는 차기경영성과에 유의적인 영향을 미치지 않는 것으로 나타났다. This paper studies the extent to which firms exercise earnings management(EM) conditioning on their life cycles and examines their levels of operating performance subsequent to EM. This study takes into account two kinds of earnings management, accrual earnings management(AEM) and real earnings management(REM). This study employs the method developed by Anthony and Ramesh(1992) for life-cycle classification. And, to main consistency with previous studies, EM-suspected firms are defined as the intersection of firms with abnormal accruals, abnormal levels of operating cash flow, production costs, or discretionary expenses and firms with asset-scaled earnings or asset-scaled earnings changes meeting the zero thresholds. The empirical results are as follows. First, firms in the growth stage exhibit less evidence of REM(and AEM) than firms in other stages, consistent with the fact that REM(and AEM) may result in severe economic consequences and consistent with the earning smoothing. Second, with respect to the economic consequences of EM, firms suspected in REM(and AEM) generally perform worse than those that do not, consistent with the opportunistic intention of managers in conducting EM, particularly for firms in the growth stage. Our results indicate that EM-suspected firms in the growth stage have lower Adj-ROA(Adj-CFO) than non-REM firms in any of the subsequent two years. Furthermore, there is little evidence to show that firms in the growth stage that engage in REM have a low Adj-ROA(Adj-CFO) in the subsequent two years than firms in other stages. The results present interesting topics for future research. Existing studies on EM have focused on upward earnings manipulation. Investigating downward earnings manipulation may reveal another aspect of the subsequent economic consequences of REM(and AEM).

자연을 통한 아름다운 인간 치료

황인옥,Hwang, In-Ok 한국사회복지사협회 2005 Social workers Vol.7 No.-

서계(西溪)의 『중용』 분장절(分章節)체계에 관한 연구

황인옥 ( Hwang In-ok ) 충남대학교 유학연구소 2020 유학연구 Vol.53 No.-

This research aims at examining how Seogye (西溪) divided (分節) the main ideas (大旨) of Zhongyong based on Seogye's 20-chapter Zhongyong division system, and investigating the characteristics and meanings of Seogye's system to divide the chapters and sections of Zhongyong. The main texts are Sabyeonrok Zhongyong (『思辨錄中庸』) and Zhongyong Zhangju. Seogye understood Zhongyong as a book explaining the ways of moderation, how to realize it, and the benefits of practicing it. In this research, based on the chapter footnotes of Sabyeonrok Zhongyong, Seogye's Sabyeonrok Zhongyong was divided into five sections. The first section is Chapter 1 (Chapter 1 of Zhangju) and the introduction of Zhongyong, and the second section is from Chapter 2 to Chapter 4 (Chapter 2 to Chapter 11 of Zhangju) explaining the meaning of moderation. The third section is from Chapter 5 to Chapter 9 (Chapter 12 to Chapter 16 of Zhangju) emphasizing self-regulation and the importance of practice, and the fourth section is from Chapter 10 to Chapter 12 (Chapter 17 to Chapter 20 of Zhangju) talking about the fact that many saints had practiced moderation so the virtue of moderation became extreme. The fifth section is from Chapter 13 to Chapter 19 (Chapter 21 to Chapter 32 of Zhangju) explaining the benefits of ‘Junghwawiyuk (everything in harmony)’. Seogye's Zhongyong chapter division system has some characteristics that are not found in other scholars. First, in the process of correcting the deviations of Zhongyong, its differentiation from Neo-Confucianism was clear so it can be said to have an original system. In addition, it interpreted Zhongyong not as metaphysical Neo-Confucianism but as a physical moderation practice theory, and reflected this feature in the chapter and section division system. Lastly, the connection between the meanings of different contexts was regarded as important, and Zhongyong was restructured completely by dividing and connecting chapters. Seogye devoted himself to dividing the chapters and sections of Zhongyong, and the following meanings can be attached to his chapter division system. First, by dismantling the whole Zhongyong and then reorganizing it with coherent logic and showing a consistent chapter and section division system with connection to the contexts, he offered the scholars studying Zhongyong specific methods to study it. Second, by organizing footnotes focusing on practice and dividing sections, he helped recognize Zhongyong as a practical book to put the virtue of moderation into action in daily life rather than as a metaphysical and theoretical book. Third, he structured the chapters in a new way in the atmosphere of those times being inspired by Neo-Confucianism, added proper footnotes, and therefore opened new potential of academic development in the history of Korean Confucian thoughts.

성호의 경(經)⋅전(傳) 체제 『중용』 해석 연구 -『중용질서(中庸疾書)』를 중심으로-

황인옥 ( Hwang¸ In-ok ) 한국동서철학회 2020 동서철학연구 Vol.0 No.98

This research aims at examining Seongho’s 『Jungyongjilseo (中庸疾書)』 that is divided and interpreted as 『Jungyong』 into the system of Saint writing (經) and a wise man's writing (傳), as well as investigating the meanings and limitations of his interpretation of 『Jungyong』 in the system of Gyeong and Jeon. Seongho interpreted 『Jungyong』 considering Chapter 2 to Chapter 11 of 『Jungyong』 as Saint writing (經) of ‘Confucian Jungyong’, and from Chapter 12 to Chapter 32 as a wise man's writing (傳) of ‘Zisi Jungyong’. Confucian Jungyong is the core content, and Zisi Jungyoung is a part giving additional explanation of Confucian Jungyong. He understood 『Jungyong』 as the scripture making Confucius’s administrative position clear in order to realize Confucius’s Jungyongjido, and interpreted 『Jungyong』 as focusing on this stance. The interpretation of 『Jungyong』 with the Gyeong and Jeon system is Seongho’s original method, and has the following meanings: First, he divided 『Jungyong』 into preface, Confucian Jungyong, Zisi Jungyoung, and postface. He gave his own ingenious opinions in the interpretation of 『Jungyong』, e.g. understanding the first chapter as that which explained the principle of Confucian Jungyong. Second, he set the morality of Jungyong as beginning from the practice of Ohryun (the five moral disciplines), the basis of human relationships, and emphasized a principal agent’s sincere heart (實心, sincerity). Third, he thought that Confucian Jungyong as Gyeong included the contents of the trueness of Jungyong, Confucius’s pity for that Jungyong was not in practice in the reality, the verification of the past when Jungyongjido was performed, and the prospect of the future of Jungyongjido, and he understood Zisi Jungyong as the structure to explain it. Therefore, he stressed the usefulness of 『Jungyong』 by interpreting 『Jungyong』 as the scripture covering not only personal practice of ethics but also administrative meanings. Yet, Seongho’s interpretation of 『Jungyong』 has the following limitations: First, he divided it into Gyeong and Jeon, but he followed Zhuxi’s 33-chapter structure as it was, so failed to overcome the problems in Zhuxi’s chapter division structure. Second, he explained that he thought Confucian Jungyong was from Chapter 2 to Chapter 11 because there were no writings from others, the sentences began with ‘Zhongni says’ or ‘Zi says’, and the sentences had different systems from Chapter 2 to Chapter 11. Yet, Zisi Jungyong also has as many as six chapters beginning with ‘Zi says’, and he didn’t explain how the structures of the sentences were different. Third, he inferred that regarding the first chapter, Zisi pursued the origin worrying that Confucius’s words were brief and difficult. However, he couldn’t offer the accurate grounds or explanations for this. Fourth, he said that 『Jungyong』 was a book focusing on diligence (誠), and dealt with Seong importantly in the latter part of 『Jungyongjilseo』. But, in his interpretation, Seong remains as a supplementary concept additionally explaining Confucius’s Jungyong Ji(knowledge), In(benevolence), and Yong(courage).

문인화를 이용한 야외용 다기세트 및 패키지 개발

황인옥(HWANG In-Ok) 한국디자인학회 2007 디자인학연구 Vol.20 No.6

The tea culture in our country is still regarded as a ceremony for a specific class despite many people's effort to popularize and spread the tea culture. In addition, the current well-being consumer trend solely focused on the physical goodness of the body is connected to the efficacy of many convenient teas, overlooking the spiritual culture behind the culture. The tea drinking population is reaching 5million but the culture is not as developed or invigorating due to complicated formalities and difficulties in preparing tea paraphernalia, this product is developed for the sole purpose of popularizing and spreading tea culture. Applying the style of a painter / literary artist of Gyeonggi-do's southern province, the tea set has gained value as a collector's item and aesthetic appreciation. In addition, convenience has been greatly enhanced due to the teacup's dual structure and well as the teapot's suspension top, enabling adjustment of tea volume when pouring. Also, in order to improve portability, the package uses catalpa and natural dye which also harmonizes traditional beauty with modern practicality.

장유의 「중용장구중유의자삼(中庸章句中有疑者三)」에 대한 정제두의 견해

황인옥 ( Hwang In-ok ) 충남대학교 유학연구소 2024 유학연구 Vol.66 No.-

This study is a study on how Jeong Je-du reflects and interprets the three questions raised by Jang Yu after reading 『Jungyongjang-gu』 in his 「Jongyong-seol」. Jang Yu raised questions about Zhu Xi's interpretation of 『JungYong』 through the article ''Jungyongjanggujungyuuijasam(中庸章句中有疑者三)''. In Jeong Je-du's interpretation of 『JungYong』, this question of Jang Yu is inherited. To summarize it simply, it is as follows. First, Jang Yu raised questions regarding in the first chapter 'Sudojiwigyo(修道之謂敎)', 'develop(修)' is called distributed by saint(聖人) and presenting Etiquette, Music, Punishment, Politics(禮樂刑政), which was classified by saints, as a method of 'teaching (敎)'. In response to this, Jeong Je-du defined the subject of studying and practicing Tao as a human being and presented the goal of reaching the state of sainthood through awareness of the mind. Rather than being a passive human being who just follows what the saints say, it emphasizes active and subjective practice based on the human heart that contains the character of heaven. Therefore, 『JungYong』 becomes a book for studying and practicing Tao(修道之書), and everything presented in 『JungYong』 becomes a way to learn. Second, Jang Yu raised questions about Zhu Xi's application of Bi-eun(費隱) only to chapters 12 to 20. Regarding this, Jeong Je-du said that even though the word Bi-eun appears only in Chapter 12, in terms of meaning, the entire content is Bi-eun. Jeong Je-du interpreted 'bi(費)' as studying and practicing Tao(修道) and 'eun(隱)' as following one's nature(率性), and viewed the gist of the entire 『JungYong』 as follow one's nature and studying and practicing Tao. Therefore, the scope of application of Bi-eun is the entire 『JungYong』. Third, Jang Yu raised questions about the fact that Chapter 5 of 『Jungyongjanggu』 consists of one phrase. Jeong Je-du reorganized the 33-chapter system into 7 chapters and largely divided them into upper and lower chapters. He said that the central points of all seven chapters were following one's nature and studying and practicing Tao. In the upper and lower part system, the upper part is chapters 1 to 3 and explains the principle of things(道體) and is called the Principle(道) of Yong(庸), and the lower part is chapters 4 to 7 and describes JungYong's studies and is called Yong's Study(學). He believed that 『JungYong』 contained the Principle and study methods in equal proportions, and emphasized the importance of learning, that is, the practice of a scholar, by emphasizing the word Yong(庸). Jang Yu raised three questions about 『JungYong』, which Zhu Xi changes over as an explanatory note, and Jeong Je-du inherited Jang Yu's opinion and interpreted 『JungYong』. However, if we analyze these three questions in detail, we ultimately come to one conclusion. That is, 『JungYong』 is a book of teachings, and what was intended to be emphasized in the entire 『JungYong』 is practice based on human awareness. It is hoped that individuals will actively practice the path of JungYong through awareness of the mind. This shows that although Jang Yu and Jeong Je-du accept the study of Zhu Xi to a certain extent, they understand 『JungYong』 based on Yangming Studies(陽明學) from a practical standpoint. They looked at 『JungYong』 from the position of Yangming Studies, which values practicing one's principles and cultivation to emphasize human practice.

훈민정음에 반영된 의리학적 역학사상

황인옥 ( Hwang In-ok ) 충남대학교 유학연구소 2017 유학연구 Vol.40 No.-

Hunminjeongeum that we recognize as characters is literally a character system and also philosophy that in which there is universal reason of all things in the universe. Hunminjeongeum was created in harmony with characters and sounds and it is the only character with reason in Mother Nature on its sound. It can be said that Hunminjeongeum is a sophisticated character on which a phonological system, moral-principle fundamentals and thoughts and Oriental philosophical reasoning are implied. Basic principles in creating Hunminjeongeum characters lie in fundamental theories for Zhouyi study such as Taiji theory, doctrine of the five natural elements of the positive and negative, three-principle theory and Sangsu theory for vocal sounds and combination of initial consonant, syllable nucleus and final consonant. King Sejong applied philosophies in Zhouyi Study and Neo-Confucian theories to Hunminjeongeum. In Hunminjeongeum, the needs of the times when it was created and the creator`s values are reflected, which makes Hunminjeongeum distinctive from other character systems. The creator`s values are shown as emphasis on the role of syllable nucleus. It means the creator highly valued the role of human being in the whole universe and recognized human as a participant in heaven and earth and as active existence that benefits all creation. King Sejong granted every aspect of practicing morality required from human being upon organizing vocal sounds of Hunminjeongeum. He wanted people to be active and independent human beings that fulfill the way of heaven and human morality in harmony with heaven and earth based on five constant virtues given upon human. It can be regarded as emphasis on righteousness philosophy perspective of Zhouyi that considers human`s practical role as important. Feeling pity that people could not express themselves, King Sejong came up with an idea to help people and as a result, Hunminjeongeum was invented that could embrace every sound and reason in the world by combining simple and easy consonants and vowels. It is the product of his love for the people to encourage learning and improve human right and what is greater than Hunminjeongeum creation is that it was invented from the King Sejong`s love of the people who were excluded from using characters. King Sejong wanted to edify people and make Joseon an ideal state where cultural order was well maintained with Hunminjeongeum. Hunminjeongeum is a representative example that applies moral-principle theory of Zhouyi to phonology in order to realize righteousness practice and political ideal.

『독서기중용』의 원두(原頭)와 지근(至近)의 일원적 해석

황인옥 ( Hwang In-ok ) 충남대학교 유학연구소 2019 유학연구 Vol.48 No.-

This study reviewed the interpretation of Yunhyu’s Dokseogijungyong (讀書記中庸) that considered Wondu (原頭) and Jigeun (至近) from a monistic point of view. In his view, Wondu refers to the origin of Heaven, in other words, Heaven’s will, while Jigeun indicates the way of living of a noble man who understands the origin of Heaven and cultivates himself, serving and fearing Heaven. Therefore, Wondu becomes the way of Heaven while Jigeun becomes the way of man. According to the interpretation of Yunhyu, Heaven’s will does not exist separately in a lofty world. Heaven’s will is only the place where Wondu is located, which can be materialized only when men realize the way of moderation. Therefore, in his explanation, Wondu and Jigeun are coupled into one, and even if one explains only Jigeun, Wondu is contained in it at all times. Yunhyu thought that Wondu could be accessed only through the practice of Jigeun as Wondu was the foundation of the change of all things. Since he interpreted 『Jungyong』 from a monistic view of Jigeun and Wondu, Heaven, all things and man were organically linked in his interpretation of 『Jungyong』. He argued that Heaven was for man while man was for heaven from the start and that I existed for other people while other people exist for me from the beginning. Therefore, saying that the way of Heaven was not two but one, he considered, as the goal of 『Jungyong』, moving toward the world of Heaven’s will, which was Wondu, through the practice of Jigeun. Inaddition, the practicability and subjectivity of man were emphasized in his interpretation. Heaven could be identified only when it was placed in the middle of mind of noble man who practices. The reason why heaven was important to him was that it could universalize human practices. He thought that Sacheon (事天) could be accomplished only after cultivating the nature given by Heaven (存心養性) and that the state that the world was placed in its right place and all things were cultivated (天地位萬物育) could also be secured through practicing morality. In other words, he understood that heaven would be working separately from man unless the subjective moral practice of man was not taken as the foundation. For him, Jigeun, which was about the matter of human practice, seemed to be far more important than Wondu, which represented heaven. It can be said that Yunhyu’s interpretation of 『Jungyong』 was an attempt to find a way to practice morality in a voluntary and active manner.

『사변록 중용』의 양명학적 양상 고찰 - 『중용』 수장을 중심으로 -

황인옥 ( Hwang In-ok ) 충남대학교 유학연구소 2020 유학연구 Vol.51 No.-

This research aims at examining the Yangmingistic aspects of Seogye's Sabyeonrok Zhong-yong (中庸). Seogye was a scholar with an open view of studies who was interested not only in Confucianism but also in diverse studies including Buddhism and Taoism. He lived at the early stage of the introduction of Yangmingism into Joseon. He also interacted with Yangming scholars, such as Choi Myeong-gil, directly or indirectly, and had a favorable attitude toward Yangmingism. Seogye's interpretation of Zhong-yong showed the aspects of Yangmingism. First, mind worked importantly in the interpretation of Seong (性), Do (道), Kyo (敎). Humans' Seong referred to Cheonli (天理) that the brightness of mind had received, and a person was endowed with it. The nature of Cheonli had become the virtue of Seong and was equipped in one's mind. Therefore, when a person tried to realize Cheonli in one's mind, it became Do and Kyo. Moreover, he didn't acknowledge Mibal (未發) that consideration didn't spring up, and if there was consideration, he called it Yibal (已發). Accordingly, the examination on Kyeku (戒懼) and Sindok (愼獨) became a kind of study. In addition, regarding Junghwa (中和), he considered Jung as the foundation, and Hwa (和) as the function following the basis. As for Chijunghwa (致中和), he understood Chijung (致中) as the essence and Chihwa (致和) as the function, and said that Che (體) and Yong (用) were one and couldn't be separated. Seogye's Yangmingistic interpretation of Zhong-yong had the following meanings. First, he accepted Yangmingism in the Neo-Confucian climate and suggested a new direction for the interpretation of the scriptures, and contributed to the ideological development since then. Second, he rejected a universal and theoretical world view and emphasized humans as the main agents. He also recognized human mind as Simmyeong (心明), and opened a new viewpoint of humans. Third, he classified the properties of humans from those of things, so divided the objective world and the subjective value system. Moreover, he found what humans needed to practice from difficult scriptures, and stressed the power of execution. The investigation into his Yangmingistic opinions in his interpretation of Zhong-yong will be able to contribute to the examination of the academic tendency of the early Yangmingism. Furthermore, it will be of help to the study on Silhak (實學) at the latter half of Joseon.

장생보연지무에 대한 일고찰

황인옥 ( In Ok Hwang ) 대한무용학회 1986 대한무용학회논문집 Vol.8 No.-