산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

連翹敗毒散加味方이 알러지성 접촉피비염에 미치는 影響 : DNCB 재노출부위의 생쥐 피부손상완화와 비만세포 분포 변화를 중심으로 Based on the mitigation of skin damage and distributive change of mast cell on DNCB re-expasure region of Mice

권오성,김진택,박인식,안상현,이해풍,김호현,강윤호 동국대학교 한의학연구소 1999 東國韓醫學硏究所論文集 Vol.8 No.1

본 실험은 連翹敗毒散加味方이 알러지성 접촉피부염 유발시 발생되는 면역과민반응과 염증반응 저해에 미치는 영향을 조사하기위해 행해진 것으로 2,4-dinitrochlorobenzene(DNCB, 5% DNCB 25㎕로 감작, 7일경과 후 2.5% DNCB 5㎕로 유발) 처리로 알러지성 접촉피부염이 유발된 ICR계 암컷 생쥐에 連翹敗毒散加味方抽出物(0.51g/㎏/day)을 음용투여 한 다음 contact hypersensitivity assay, 피부의 일반적인 구조 그리고 비만세포의 분포 변화를 관찰하였다. Contact hypersensitivity assay의 결과, 連翹敗毒散加味方抽出物 투여군의 ear swelling이 DNCB군에 비해 유의성있게 감소한 것으로 나타났다. 알러지성 접촉피부염 유발 후 관찰되는 피부손상은 48시간에 제일 심한 것으로 관찰되었으나, 連翹敗毒散加味方抽出物 투여군에서는 DNCB군 비해 완화된 결과를 보였다. 連翹敗毒散加味方抽出物 투여군의 진피에서 림프구를 비롯한 염증관여세포의 이주와 혈관생성 그리고 표피내로의 림프구의 침윤 등이 감소되었고, 표피 기저층과 가시층세포에서는 세포질내 액포화와 세포사이 공간 확장도 줄어든 것으로 관찰되었다. 한편 알러지성 접촉피부염 유발 후 분포가 증가한 비만세포는 형태가 주로 세포내 함유물이 분비된 degranulated type로 나타났다. 이에 반해 連翹敗毒散加味方抽出物 투여군는 DNCB군에 비해 출현 비만세포'수가 일부 감소했고, 비만세포의 형태는 granulated t-ype였다. 또한 serotonin 면역조직화학적 염색결과로 連翹敗毒散加味方抽出物 투여군에서 se-rotonin 양성반응성이 높은 granulated type의 비만 세포가 주로 관찰되었다. 이상의 결과로 미루어 連翹敗毒散加味方抽出物은 알러지성 접촉피부염으로 유발된 피부 손상과 염증을 완화시키는 효과가 있는 것으로 사료된다. After allergic contact dermatitis elicitated by Dinitrochlorobenzene(DNCB) treatment, ICR female mice administered Yunkyopaedocksangamibang(YPGM) extract were observed to investigate the effect of YPGM on allergic contact dermatitis. This study investigated that contact hypersensitivity assay, abdominal skin morphologic changes including mast cells. At contact hypersensitivity assay, the right ear swelling in YPGM group were probability decrease than DNCB group. At obsevation of abdominal skin morphologic change, the infilteration of lymhocyte, lymphocyte insertion to epithelium, enlarged capillary, angiogenesis, and damages of epithelium as cytoplasmic vacuolation and enlarge of inter cellular space in YPGM were diminshed than DNCB group. The number of mast cell was increased both DNCB and YPGM group. The shape of mast cell in DNCB group was mainly appeared degranulated type, but granulated type in YPGM group. The number of serotonin positive cell was increased both DNCB and YPGM group. The shape of serotonin positive cell in DNCB group was mainly appeared degranuled type, but granulated type in YPGM group. As results indicated that the YPGM exrtact administration work on the mitigation of skin damages in mouse with allergic contact dermatitis.

식품위생관련 세균에 대한 가열처리 조건의 최적화

권오진,이보순 한국식품영양학회 1999 韓國食品營養學會誌 Vol.12 No.6

반응표면분석법으로 식품위생관련 세균의 불활성화를 위한 가열처리 조건(온도. 시간)을 최적화하다. 균주의 생육에 대한 반응표면 회귀식의 R^2은 P.aeruginosa가 0.9155(P<0.05). E. coli는 0.8997(P<0.05).S. typhinurium은 0.9690(P<0.01), E. aerogenes는 0.9393(P<0.05) 및 V. parahaemolyticus는 0.7905로 나타났다 가열처리 온도 및 시간에 따라 주의 생육에 유의적인 영향을 미치는 것으로 나타났으며. 생육억제에는 반응온도가 가장 큰 상관관계가 있음을 보여주었다. 각각의 가열처리 조건에 따른 균주의 불활성화를 종합하여 superimposed contour map을 작성한 결과. 55.62∼60℃에서 19.25∼30분간의 처리가 균주으 불활성화 최적조건이었다. Response surface methodology(RSM) was applied to determine the optimum heating conditions(temperature and time) for the inactivation of bacteria associated with food hygiene, Coefficients of determinations(R^2) for the cell growth were 0,9155 (P<0.05) in Pseudomonas aeruginosa, 0.8997(P<0.05) in Escherichia coli, 0.9690 (P<0.01) in Salmonella typhimurium, 0.9393(P<0.05) in Enterobacter aerogenes and 0.7905 in Vibrio parahaemolyticus. The growth of strains was significantly affected by the temperature and time, and reaction to temperature was most closely correlated to the inhibition of growth. On the basis of superimposed contour maps of cell growth, the optimum range of heating conditions were 55.62∼60℃ and 19,25∼30 min.

가구와 가전제품의 재활용에 관한 연구

권오정,김시월,이혜임,이명숙,이진영 한국주거학회 1999 한국주거학회 논문집 Vol.10 No.1

The purposes of this study were: 1) to classify and describe causes of producing wasted furniture and household electric appliances by consumers, 2) to identify the influence of variables on causes of producing wasted furniture and household electric appliances and experience of consumer`s recycling behaviors, and 3) to introduce the ways of activating recycling in wasted furniture and household electric appliances which suggested by consumers. 1,132 housewives living in Seoul, Sungnam, and Choongjoo were used as a final sample of the analysis. Data were collected using a self-administered survey. The result of the study indicated the major variable which affects producing wasted furniture and household electric appliances was the perception of recycling. Also, the level of consumers' recycling behavior in furniture and household electric appliances was very low and age and housing type were the major variables which affect consumers' recycling behavior. Finally, the implications and recommendations for consumers, enterprises, and society were suggested.

호밀 (Secale cereale L.)유식물의 질산환원효소의 활량과 단백질함량에 관한 Cycloheximide의 영향

권오용,이영하,오희목,박흥순,이진철 충남대학교 자연과학연구소 1988 忠南科學硏究誌 Vol.15 No.2

This work was accomplished with 6 day-old rye (Secale cereale L.) seedlings to determine the effect of the antibiotics by cycloheximide on in vivo nitrate reductase activity, protein and RNA content. The nitrate reductase activity by treating 0.1μM and 0.1 mM cycloheximide was lower than that of the control group. The optimum pH for the nitrate reductase of the control group was 7.6 in the range of pH 5.6-8.0, but, in the case of 0.1mM cycloheximide treatment group, the optimum pH was decreased to 6.8 within the weak the acid region. The protein content of shoot and root in the 0.1μM and 0.1 mM cycloheximide treatment groups were respectively found at the 96%, 82% level of that in the control group. In the higher cycloheximide treatment (0.1 mM CH), not only nitrate reductase activity and protein content but also RNA content was greatly decreased. In this fact, it was suggested that the 0.1 mM cycloheximide had affected on the RNA polymerase. On the basis of there results, it was concluded that the decreased nitrate reductase activity by treating cycloheximide occurred primarily according to the decreased nitrate uptake, and the decreased protein and RNA content depended upon the results of the direct and indirect effect of cycloheximide on the protein synthesis.

인터넷 쇼핑몰 이용자의 촉각단서 욕구가 의류상품 구매행동에 미치는 영향에 관한 연구 : 구매경험, 지각된 위험의 조절효과 An Moderating Effect of Perceived Risk, Purchased Experience

권소영,이진영,오희선,서용한 한국의류산업학회 2004 한국의류산업학회지 Vol.6 No.5

This study is to explore how consumers' needs for tactile cues affect their purchasing behaviors in the internet shopping mall. Since previous studies about internet shopping malls are mainly performed on the primary factors of perceived risk, there are insufficient studies of tactile cues for apparel products. Emphasis of this study is placed on verifying the following hypothesis; it is expected that consumers' needs for tactile cues affect apparel purchasing behaviors in inter-net shopping. The questionnaire was administered to 20 to 30 year old male and female respondents who are either students or businessmen living in the Busan area. 150 questionnaires were completed and collected for data analysis. The data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient and Linear regression analysis. Data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient, and ANOVA. The results of data analysis are as follows: First, the tactile cues negatively affect purchase intentions of consumers. This shows that apparel internet shoppers who have high desire for tactical cues tend to avoid purchasing products through the internet. Second, the factor analysis of the moderating effect on perceived risks shows that the perceived risks significantly moderate both the tactile cues and purchase intention of consumers. Third, analysis of purchased experience also shows that purchased experiences significantly moderate both the tactile cues and purchase intention.

유아의 기관절개술에서 발관방지를 위해 고안된 기관절개 튜브

권진형,김성운,오천환 순천향의학연구소 2004 Journal of Soonchunhyang Medical Science Vol.10 No.2

Tracheostomy in infants and children is associated with a high rate of accidental decannulation in the early postoperative period. The most common complication in infants and children, which most often results in death, is accidental decannulation. Other authors advocate suturing tracheostomy tubes in place in infants and children under general anesthesia in operating room for avoiding decannulation. The authors designed tracheostomy tube for the prevention of accidental decannulation following tracheostomy in infant, so report with review of literatures.

음향방출을 이용한 저어널 베어링의 조기파손감지(Ⅱ) : Part Ⅱ : Intervention of Foreign Particles in Lubrication 윤활유 이물질 혼입의 영향 및 감시

권오양,윤동진,김경웅,정민화 韓國非破壞檢査學會 1994 한국비파괴검사학회지 Vol.14 No.2

일반적으로 회전기기의 저어널 베어링 부분은 윤활유 공급의 부족이나 윤활층에 이물질이 혼입되면 시스템의 고장이나 가동중단 등의 원인이 되기도 한다. 따라서 베어링 손상에 기인하는 사고와 관련된 안전운전 문제와 유지비용의 절감을 위해 여러가지 파괴 및 비파괴시험법들이 사용되어 왔다. 본 연구에서는 저어널 베어링에서 가장 발생하기 쉬운 윤활층에의 이물질이 혼입에 의해 야기되는 베어링 파손의 조기검출을 위해 음향방출 기술을 적용하였으며, 전보의 연구에 이어 좀더 정량적이고 체계적인 실험을 수행하였다. 실험실용으로 직접 제작한 모의베어링 시스템을 이용하여 여러 형태의 인위적인 이물질 흔입 상태를 만들어 실험하였으며 베어링 손상 및 결함 형태의 해석을 위해 AE rms level, 파형분석, AE 변수 등의 여러 파라메터를 사용하여 분석 고찰하였다. 그 결과 AE rms level의 변화가 이물질 흔입의 영향에 민감함을 보여주었으며 AE변수등 다른 정보들로부터 손상 원일별로 신호형태를 확인할 수 있었다. Journal bearings in the rotating machineries are vulnerable to the contamination or the insufficient supply of lubricating oil, which is likely to be the cause of unexpected shutdown or malfunction of these systems. Various destructive and nondestructive testing methods had been used for the reduction of maintenance cost and the operational safety problems due to the accidents related to bearing damages. In this experimental approach, acoustic emission monitoring in employed to the detection of incipient failure caused by intervention of foreign particles most probable in the journal bearing systems. Experimental schedules for the intervention of foreign particles was composed to be more quantitative and systematic than last study in consideration of minimum oil film thickness and particle size . The experiment was conducted under such designed conditions as inserting alumina particles to the lubrication layer in the simulated journal bearing system. Several parameters such as AE rms level, waveform, AE energy distribution and other AE event parameter are used for analysis and characterization of damage source. The results showed that the history of damage was well correlated with the changes of AE rms level and the types of damage source signal can be verified using other informations such an waveform, distribution of AE parameter etc.

한개의 산소다리를 가진 몰리브덴(V)착물의 산소고리화반응(I). : 아세톤 수용매에서 용매물과 〔Mo_2O_3(bipy)_2(NCS)_4〕의 반응 Reaction of 〔Mo_2O_3(bipy)_2(NCS)_4〕 with Solvent Water in Aqueous Acetone Mixture

吳相牛,權鎭基,金昌洙 慶北大學校 物理化學硏究所 1986 硏究論文集 Vol.7 No.-

아세톤수용액에서 한개의 산소가 다리로된 이핵몰리브덴(V)착물인 〔Mo_2O_3(bipy)_2(NCS)_4〕는 이옥소다리이핵몰리브덴(V)착물인 〔Mo_2O_4(bipy)_2(NCS)_2〕를 생성한다. 〔Mo_2O_3(bipy)_2(NCS)_4〕에서 〔Mo_2O_4(bipy)_2(NCS)_2〕로 바꾸어 지는 속도는 분광광도법으로 측정하였다. 용매 물과 이옥소다리이핵몰리브덴(V)착물의 생성속도는 속도법칙, 속도=k〔Mo_2O_3(bipy)_2(NCS)_4〕〔H_2O〕에 따른다. 이옥소다리착물의 생성반응메카니즘에 대해서 논의된다. 관찰된 음의 활성화부피는 착물이용매분자를 전이상태에서 강하게 당길 것으로 보인다. Monoxo-bridged binuclear molybdenum(V) complex, 〔Mo_2O_3(bipy)_2(NCS)_4〕 in aqueous acetone mixture produces the corresponding dioxo-bridged binuclear molybdenum(V) complex, 〔Mo_2O_4(bipy)_2(NCS)_2〕. The rate of conversion of 〔Mo_2O_3(bipy)_2(NCS)_4〕to 〔Mo_2O_4(bipy)_2(NCS)_2〕 has been measured by spectrophotometric method. The rate of formation of dioxobridged binuclear molybdenum(V) complexes with solvent water follows the rate law, rate=k〔Mo_2O_3(bipy)_2(NCS)_4〕〔H_2O〕. The reaction mechanism for the formation of dioxo-bridged complex is discussed. The observed negative volume of activation shows that the complex is strongly attracted to the solvent molecules at transition state.

핸드스프링 몸펴 앞공중1회 비틀기 동작의 운동학적 분석

권오석,윤양진,서국웅 한국운동역학회 2001 한국운동역학회지 Vol.11 No.3

The purpose of this study was to determine the mechanical factors that govern success in the performance of handspring salto forward stretched with 1/1 turn. The subjects were two all-around gymnasts who registering sophomore in college. By means of three-dimensional film analysis, it was to analyze the sequence of duration phase, angle change of the body joint, and body of the center gravity during performance of handspring. The findings of this study were following as: 1. The sequence of duration phase indicated that Sub.1 has more stride than Sub.2 in the first interval and the shoulder joint has greatly extended, in which the linear movement at take off is transferred into the rotation movement with supporting on the ground. 2. In the several states, sub.1 has more flexor on the elbow of the left on the center of rotation, more twisted on the shoulder joint far from the axis of rotation than sub.2, in which resulted in constant twisting momentum. 3. Body center gravity showed to be low until supporting hands on the ground with taking steps. It was therefore to generate greatly the initial force of handspring based on the rotation of hands. In the fourth, upper extremities is bending forward and lower extremities is extending backward. These results were therefore of interest to determine the magnitude of flight in the air with support of greatly rotation. Of all the variables analyzed, the large stride, high rotation of vertical velocity based on axis of hands, and bending upper extremities forward, are important determinant for successful results.