RISS 학술연구정보서비스

검색
다국어 입력

http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.

변환된 중국어를 복사하여 사용하시면 됩니다.

예시)
  • 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
  • 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
닫기
    인기검색어 순위 펼치기

    RISS 인기검색어

      검색결과 좁혀 보기

      선택해제
      • 좁혀본 항목 보기순서

        • 원문유무
        • 원문제공처
          펼치기
        • 등재정보
          펼치기
        • 학술지명
          펼치기
        • 주제분류
          펼치기
        • 발행연도
          펼치기
        • 작성언어

      오늘 본 자료

      • 오늘 본 자료가 없습니다.
      더보기
      • 무료
      • 기관 내 무료
      • 유료
      • KCI등재

        자본구조 조정속도에 관한 연구: 기업규모에 따른 이질적 조정속도를 중심으로

        김병기 ( Pyung Kee Kim ) 한국금융공학회 2014 금융공학연구 Vol.13 No.3

        Even if a firm sets up a target leverage ratio to maximize its value, it may be deviated from the target ratio for various reasons when adjustment costs are substantial. On the other hand, the firm tries to revert to its target ratio when deviation costs are large enough. Adjustment costs includes not only explicit transaction costs affected by firm characteristics but also investment frictions, institutional arrangements, macroeconomic conditions, and etc. Since it is difficult to measure both adjustment and deviation costs, recent studies on leverage measure adjustment speeds using partial adjustment models which are adequate to reflect the dynamics of capital structure.The purpose of this study is to test the practical application of dynamic trade-off theory and non trade-off theory such as pecking-order and market timing based on the measurement of adjustment speeds of 387 Korean listed firms in the period of 2000-2014. Specially, we focus on the difference in adjustment speeds between large and small firms because firm size difference provides opportunity to discover the relative significance between adjustment costs and deviation costs. The adjustment speed of small firms is slower than that of large firms when small firms pay more transaction costs in financing. On the contrary, the adjustment speed of small firms is faster when they suffer more by being deviated from the target leverage ratio.Important empirical findings of this study can be summarized as follows. First, the adjustment speed is 0.51 when the book leverage ratio is used and 0.54 when the market leverage ratio is used. Such fast adjustments support the trade-off theory postulating that firms try to maintain the target leverage ratio. Second, the adjustment speed of small firms is faster than that of large firms, which indicates that deviation costs are more important than transaction costs. Third, this paper provides various evidence on the effects of firm characteristics on adjustment speeds classified by firm size. Fourth, various robustness tests increase the credibility of our results. Finally, we show that both the determinants of target leverage and the speeds of adjustment toward the target depend upon the choice of the book leverage ratio and the market leverage ratio.

      • KCI등재

        공급자 관점의 정보시스템 유지보수 비용항목과 조정계수 산정방안

        이병철 ( Byoung Chol Lee ),류성열 ( Sung Yul Rhew ) 한국정보처리학회 2013 정보처리학회 논문지 Vol.2 No.11

        The estimation of maintenance cost of information system so far has been conducted centered on the ordering body, so the problem of provider`s having to cover the cost due to small cost compared to the amount of work is not solved. This study is a base study for estimating the maintenance cost of information system centered on provider, and it deduces cost items of maintenance and suggests adjustment factors for adjusting the gap between the ordering body and provider regarding the maintenance cost. In order to deduce the cost items of maintenance, this study adds the activities of the provider for maintenance to the base study of cost factors regarding the existing maintenance activity, divides, and classifies them into the fixed cost and variable cost. In order to adjust the gap between the ordering body and provider regarding the maintenance cost, this study found the adjustment factors such as the code, utility, and components created by the automatic tool that was not included when estimating the maintenance cost centered on the ordering body. After examining and analyzing K Company`s data of maintenance performance for three years, it confirmed that the gap regarding the adjustment factors was about 13% in case of K Company.

      • KCI등재

        하방경직적인 원가행태를 갖는 기업의 조정비용과 재무적 특성

        구정호(Jeong-Ho Koo),박연희(Yeon-Hee Park) 한국관리회계학회 2015 관리회계연구 Vol.15 No.1

        원가의 하방경직성(cost stickiness)과 관련된 연구는 이를 실증적으로 검증한 Andersen et al.(2003)의 연구 이후 활발히 이루어져 왔다. 합리적인 의사결정 관점에서 원가의 하방경직성은 매출 감소에 대해 즉각적으로 잉여자원을 처분하지 않고 보유함으로써 발생하게 된다. 즉, 조정비용은 원가의 하방경직성을 야기 시키는 원인 중 하나이다. 본 연구는 횡단면적으로 하방경직성을 측정한 Andersen et al.(2003)의 모형과 달리 개별기업 수준에서 하방경직성을 측정한 Homburg and Nasev(2008)의 하방경직성을 산출하는 방법을 이용하여 하방경직적인 원가행태를 보이는 기업의 조정비용과 재무적 특성을 분석하였다. 연구결과, 첫째, 자산집중도, 종업원집중도, 매출의 변동성, 원가의 고정성은 양(+)의 값을 보고 하여 하방경직적인 원가행태를 보이는 기업의 조정비용은 높은 것으로 나타났다. 둘째, 하방경직성을 나타내는 기업의 비기대이익, 성장성, 유동비율은 양(+)의 값을 나타내었고, 부채비율은 음(-)의 값을 보여 주요 재무적 특성들을 확인하였다. 셋째, 코스피 기업과 코스닥 기업을 대상으로 평균 차이 검정을 분석한 결과 하방경직성, 조정비용, 재무적 특성은 차이가 있음을 발견하였다. 넷째, 하방경직적인 원가행태를 나타내는 기업의 조정비용과 재무적 특성은 시장에 따라 상이함을 제시하였다. 본 연구는 하방경직성을 나타내는 기업의 조정비용과 재무적 특성을 규명하였다는 점에서 의의가 있을 것이다. 아울러 시장의 성격이 상이한 코스피와 코스닥 기업을 구분하여 비교 분석함으로써 코스닥 시장의 원가행태에 대한 연구 토대를 마련했다는 점에서도 의미가 있다. After reporting the Andersen et al.(2003), the studies of cost stickiness are very active and most of them analyze the factors that affect the cost stickiness. In the reasonable decision perspectives, cost stickiness should happen to keep the unutilized resources instead of selling them promptly as sales go down. In other words, adjustment cost is one of the reasons to make the cost stickiness. This study shows the adjustments costs and financial characteristics of firm showing cost stickiness using the Homburg and Nasev(2008) model. The result of the study, asset intensity, employee intensity, sales volatility, and cost fixity are positive. It means that in showing cost stickiness firm has the high adjustment costs. Second, unexpected earnings, growth, and current ratio are positive, and debt ratio is negative. Hence, we know that showing the cost stickiness firms possess the financial characteristics. Third, this study finds out the difference of cost stickiness, adjustment costs. and financial characteristics between the listed companies in KOSPI and KOSDAQ. Finally, the adjustment costs and financial characteristics are different depending on the market. This study will be meaningful to provide the adjustment costs and financial characteristics of showing cost stickiness firms, and it compares the listed companies in KOSPI and KOSDAQ based on the market peculiarities. It will improve the relevance of management information. Moreover, it implies that only less cost decreasing gives awareness to the importance over the earning’s asymmetry.

      • KCI등재

        環境紛爭調整法에 따른 분쟁해결과 ADR의 일반이론(Ⅱ)

        김시철 한국환경법학회 2009 環境法 硏究 Vol.31 No.1

        The Environmental Dispute Adjustment System (“EDAS”) stipulated in the Environmental Dispute Adjustment Act (“EDAA”) is a form of Alternative Dispute Resolution (“ADR”) handled by a division of the Administrative Branch. This particular dispute resolution mechanism followed in the EDAS, consists of several controversial aspects, when viewed in the light of various general principles that lies in the core of ADR. Though the main purpose of EDAS, which models after the Japanese Adjustment System for Grievances from Pollution, is to settle civil disputes arising in the environmental areas, when compared, the vast majority of EDAS cases in Korea relate to adjudicatory awards while mediation cases constitute overwhelming dispute resolutions in Japan. This, therefore, has drawn criticism concerning the Korean practice of dispute resolution in the environmental dispute setting, since it runs contrary to the very nature of ADR. Furthermore, in consideration of the general principles of ADR, the provisions of EDAA consist of various fundamental defects. In fact, due to the tendency of ‘under-litigation’ involving environmental disputes, to some extent, this requires a specific mechanism for resolution of such disputes. Under the current system of EDAS, however, the State provides public subsidy to litigants as a matter of fact, which may result in ‘over-litigation’ of disputed cases and actually create a converse effect. Though it may be inevitable to sustain the current system for the time being, for the future, the EDAS should be framed in order to minimize the total cost of resolving disputes. Since the total cost consists of both an ‘operation cost’ and an ‘error cost,’ to reduce the former cost, the latter cost is considered as a necessary trade-off. The EDAS, therefore, must be constructed in a way to minimize the sum of both costs accordingly. Until recently, the successful outcome of a mediation or an adjudicatory award within the EDAS has been considered as a formal consent agreement between the parties concerned, which is greatly similar to that of Japan. Nevertheless, because of the newly enacted statute, EDAA(amended by Act No. 8955 on Mar. 21, 2008, and effective on Sep. 22. 2008), the final outcome of EDAS now has the same effect as a consent judgment of a court. This raises doubts on whether the amendment of the statute can even be upheld as legitimate at all. Under the current Civil Procedure Act in Korea, consent judgments not only have the effect of an execution(enforcement power) but also the effect of a claim preclusion(res judicata). When compared, the Korean consent judgment system is somewhat different from the German system, which only has the effect of execution(enforcement power) but not of claim preclusion. The constitutionality of the statute must also be strictly scrutinized since outcomes of the ADR conducted by the Administrative Branch have the similar effect of a consent judgment. Even from the standpoint of democratic legitimacy, the Korean EDAS is relatively inferior to the Japanese system. Thus, it seems unreasonable to produce the outcomes of EDAS have the similar effect of a consent judgment. Furthermore, in light of the precedents of the Korean Constitutional Court, controversy surrounding the constitutionality of the provisions on the effect of EDAS or Ex Officio Mediation system still remains as an important issue to be considered. The very nature of the ADR must be emphasized that respects the parties’ autonomy involving each dispute, in order to establish a dispute resolution system that is based on sound ADR principles. From another standpoint, the success of EDAS system depends on the extent of reducing the error costs associated with the disputes resolutions. Therefore, in addition to reviewing the empirical research conducted in the U.S. or Japan for guidance in improving the current EDAS system, attempts to narrow the gap between the decisions of the...

      • SCOPUSKCI등재

        식중독의 사회경제적 비용추정: 삶의 질 개념을 적용한 질병비용추정법을 이용하여

        신호성,이수형,김종수,김진숙,한규홍,Shin, Ho-Sung,Lee, Sue-Hyung,Kim, Jong-Soo,Kim, Jin-Suk,Han, Kyu-Hong 대한예방의학회 2010 예방의학회지 Vol.43 No.4

        Objectives: This study estimated the annual socioeconomic costs of food-borne disease in 2008 from a societal perspective and using a cost-of-illness method. Methods: Our model employed a comprehensive set of diagnostic disease codes to define food-borne diseases with using the Korea National Health Insurance (KNHI) reimbursement data. This study classified the food borne illness as three types of symptoms according to the severity of the illness: mild, moderate, severe. In addition to the traditional method of assessing the cost-of-illness, the study included measures to account for the lost quality of life. We estimated the cost of the lost quality of life using quality-adjusted life years and a visual analog scale. The direct cost included medical and medication costs, and the non-medical costs included transportation costs, caregiver's cost and administration costs. The lost productivity costs included lost workdays due to illness and lost earnings due to premature death. Results: The study found the estimated annual socioeconomic costs of food-borne disease in 2008 were 954.9 billion won (735.3 billion won-996.9 billion won). The medical cost was 73.4 -76.8% of the cost, the lost productivity cost was 22.6% and the cost of the lost quality of life was 26.0%. Conclusions: Most of the cost-of-illness studies are known to have underestimated the actual socioeconomic costs of the subjects, and these studies excluded many important social costs, such as the value of pain, suffering and functional disability. The study addressed the uncertainty related to estimating the socioeconomic costs of food-borne disease as well as the updated cost estimates. Our estimates could contribute to develop and evaluate policies for food-borne disease.

      • KCI등재

        Speed of Adjustment and Leverage Deviation - Cost of Equity Nexus: Evidence from Emerging Markets and Crisis

        Akbar Aldino Karpates,Viverita Viverita 사람과세계경영학회 2022 Global Business and Finance Review Vol.27 No.6

        Purpose: This study investigates the impact of leverage deviation on the cost of equity under the specifically mentioned condition in ASEAN-5 considering the global financial crisis and the sensitivity of the cost of equity on leverage deviation. Design/methodology/approach: This study employs the Generalized Least Square (GLS) model and the dynamic panel estimation based on the two-step difference GMM to analyze the data. Findings: The regression analysis found deviated from the target leverage impact unfavorably on the firm's cost of equity. The results also show that the more sensitive the cost of equity is to the leverage deviation from the target, the faster the adjustment. However, firms will adjust their capital structure for a lower cost during the crisis. Additionally, it shows a compelling behavior in the relation between the sensitivity of the cost of equity to leverage deviation on the leverage speed of adjustments. Research limitations/implications: The higher sensitivity of the cost of equity is to the leverage deviation from the target, the faster the adjustment. It implies that the disregard of heterogeneity in SOA will mislead the adjustment period to the target leverage. Originality/value: Using manually collected data, this study provides empirical evidence on the importance of leverage deviation and the sensitivity of the cost of equity and the speed of adjustment to the target debt level to analyze capital structure decision in an enormous leverage usage in ASEAN. Second, this paper presents new evidence of the effect both in normal economic conditions and crisis periods, which is rarely examined in the ASEAN emerging market.

      • KCI등재

        Capital Structure Adjustment in Korean Retail Firms

        이정환,김상수 한국유통과학회 2017 유통과학연구 Vol.15 No.11

        Purpose - Capital structure adjustment costs influence the test of the standard trade-off theory of capital structure. We investigate whether there exist economically significant capital adjustment costs in the Korean retail industry. Research design, data, and methodology - This paper adopts the model of Leary and Roberts(2005) to obtain the hazard rate of capital structure variations. The retail firms traded in the KOSPI and KOSDAQ markets are analyzed from 2000 to 2016. Results - The empirical analysis shows infrequent capital structure adjustments in the Korean retail firms. The duration analysis emphasizes that the fixed adjustment cost plays an important role in the determination of capital structure adjustments for the Korean retail firms. Yet, even after taking account of infrequent capital structure adjustments, the trade off theory only weakly explains the capital structure variations of the Korean retail firms. Conclusions - This paper confirms the existence of capital structure adjustment costs for the Korean retail firms. Our results argue for the significance of fixed adjustment costs in capital structure adjustments. Such emphasis on the fixed cost is inconsistent with the existing studies. The trade off theory does not successfully explain capital structure policy in the Korean retail firms even after considering adjustment costs.

      • KCI등재후보

        미국 반덤핑 조사에서 원가 미만 판매 테스트의 공정성 연구 - 원가와 내수 판매가격 간 공정한 비교 -

        송은엽,이지은 무역구제학회 2022 무역구제연구 Vol.0 No.66

        As the dumping margin is calculated through the comparison between the export price and the normal value, the fair comparison between the two prices is the most essential factor in calculating the reasonable dumping margin. Accordingly, the WTO Anti-Dumping Agreement and the U.S. Customs Act specifically stipulate the definition and factors of the like product and the two prices are compared based on the product characteristic value of CONNUM in consideration of factors that may affect sales price and cost. If the factors to be considered are not fully reflected in CONNUM, the level of trade adjustment may be applied to solve the problem of distortion of fairness. However, in the case of a sales-below-cost test, there is no legal provision to provide a fair comparison, and the U.S. Department of Commerce’s guideline to report only one weighted average cost per CONNUM limits the possibility of various costs depending on production facilities, regions, etc. within the same CONNUM. Therefore, this study discussed a fair comparison between export prices and normal values and reviewed the definition of normal values and production costs subject to sales-below-cost tests. Also, upon analysis of the case related to cost adjustment, this study proposed the limitations of fair comparison between normal value and production cost and the need for cost adjustment. 덤핑마진은 수출가격과 정상가격 간의 비교를 통해 산출되므로 두 가격간의 공정한 비교는 정확한 덤핑마진 산정에 있어 가장 기본이 된다. 이에 WTO반덤핑협정 및 미국 관세법 등에서 수출가격의 비교대상이 되는 동종물품의 정의 및 고려 요소에 대해 구체적으로 명시하고 있으며, 판매가격과 원가에 영향을 미칠 수 있는 요인들을 고려하여 CONNUM이라는 제품 특성치를 기준으로 두 가격을 비교하도록 규정하고 있다. 고려해야 하는 요인들을 CONNUM에 온전히 반영하지 못한 경우, 공정성이 왜곡되는 문제를 해결하기 위해 수출시장과 내수시장의 거래단계 간의 차이를 조정하는 장치가 마련되어있다. 그러나 정상가격과 생산원가를 비교하는 원가 미만 판매 테스트의 경우, 공정한 비교가 이루어질 수 있도록 규정하는 법률 조항이 없을 뿐만 아니라 CONNUM 한 개당 한 개의 가중평균 원가만을 보고하도록 하는 미 상무부의 규정은 동일한 CONNUM 내에서도 생산설비, 지역 등에 따라 다양한 원가가 존재할 수 있는 가능성을 제한함에 따라 정상가격과 생산원가 간의 공정한 비교가 이루어지지 못하고 있다. 이에 본 연구는 수출가격과 정상가격 간의 공정한 비교에 대해 논의하고 원가 미만 판매 테스트의 대상이 되는 정상가격과 생산원가의 정의에 대해 검토하였다. 이후 원가조정과 관련한 사례를 통해 정상가격과 생산원가 간의 공정한 비교가 이루어지지 못하는 한계점과 원가 조정의 필요성에 대해 제언하였다.

      • KCI등재

        Transforaminal Endoscopic Thoracic Discectomy Is More Cost-Effective T han Microdiscectomy for Symptomatic Disc Herniations

        Junseok Bae,Pratyush Shahi,Sang-Ho Lee,Han-Joong Keum,Ju-Wan Seok,Yong-Soo Choi,Jin-Sung Kim 대한척추신경외과학회 2025 Neurospine Vol.22 No.1

        Objective: To analyze costs and cost-effectiveness of transforaminal endoscopic thoracic discectomy (TETD) for the treatment of symptomatic thoracic disc herniation (TDH) and compare it with open microdiscectomy (MD). Methods: This retrospective cohort study included patients who underwent TETD or MD for symptomatic TDH and had a minimum follow-up of 1 year. Cost analysis included di rect costs (primary and secondary hospital costs), indirect costs (lost wages due to work ab sence), total costs (direct + indirect), and cost-effectiveness (cost per quality-adjusted life year [QALY] and incremental cost-effectiveness ratio [ICER]). Clinical outcomes included patient-reported outcome measures (Oswestry Disability Index [ODI], 36-item Short Form health survey [SF-36]), QALY gained, and reoperation and readmission rates at 1 year. TETD and MD groups were compared for outcome measures. Results: A total of 111 patients (57 TETD, 54 MD) were included. The direct ($6,270 TETD vs. $7,410 MD, p<0.01), indirect costs ($1,250 TETD vs. $1,450 MD, p<0.01), total costs ($7,520 TETD vs. $8,860 MD, p <0.01), and cost per QALY ($31,333 TETD vs. $44,300 MD, p <0.01) were significantly lower for TETD compared to MD. ICER of TETD was found to be -$33,500. At 1 year, TETD group showed significantly greater improve ment in ODI (46% vs. 36%, p < 0.01) and SF-36 (64% vs. 53%, p < 0.01) and significantly greater QALY gained (0.24 vs. 0.2, p < 0.01) compared to MD group. No significant differ ence was found in reoperation and readmission rates. Conclusion: TETD demonstrated significantly better clinical outcomes, lower overall costs, and better cost-effectiveness than MD in appropriately selected patients of symptomatic TDH.

      • KCI등재

        원가관리실무의 효율성 평가

        정문종(Moon Jong Chung) 한국관리회계학회 2009 관리회계연구 Vol.9 No.2

        시장수요는 기업의 생산요소 계획수립 및 조달과 사용 결정에 있어서 중요한 요소다. 본 연구의 목표는 기업의 원가관리실무가 시장수요 감소와 같은 중요한 운영환경의 변화에 효율적으로 적응하여 진행되는가를 평가하는 것이다. 특히 시장수요의 감소를 초래한 외환위기(IMF 사태) 이전과 이후의 원가하방경직성 비교를 통해 이에 대한 실증적 결과를 제시했다. 원가의 하방경직성은 생산요소 축소조정에 따른 원가절감효과와 그 기회비용 등을 합리적으로 고려한 경영자의 능동적인 원가관리에 따라 나타나는 현상이다. 본 연구에서 보인 외환위기를 전후한 하방경직성 양태 차이는 IMF 이후의 변화한 상황에 적절히 적응하려는 기업들의 원가관리 노력을 반영하는 실증결과로 해석될 수 있다. 구체적으로 보면, 재료비의 경우에 IMF 이전에는 하방경직성이 존재했으나, IMF 이후에는 하방경직성 완화시기를 거쳐 매출감소 기업의 경우에는 원가절감을 위한 적정한 노력을 통해 역하방경직성을 보여주었고, 이는 재료비 관리의 효율성 개선성과로 해석된다. 노무비의 경우에는 IMF 이전은 물론 IMF이후초기에도 하방경직성을 보였으나, 매출감소 기업들이 효율적으로 인력을 조정하는데 시간이 소요되었다는 해석과 일관되는 결과로서 하방경직성의 해소가 IMF이후후기에 들어서야 가능했다. 경비는 간접비로서의 속성상 이후기에도 계속 하방경직성을 보이지만, 이전기에 비해 이후기에는 매출변화율 대비 원가감소율이 보다 높아져서, 경비의 하방경직성도 완화된 것으로 해석될 수 있다. 총제조비와 제품제조비의 경우에도 IMF 이전에는 유의적인 하방경직성을 보였으나, 재료비, 노무비 그리고 경비 등 항목들의 원가관리 성과가 이후기에 개선됨에 따라, 이후초기부터 하방경직성을 보이지 않게 되었으며, 제품제조비는 이후후기에 들어서는 역하방경직성을 보일 정도로 그 원가성과가 개선되었다. 요약하면, IMF사태를 거치면서 기업들의 원가하방경직성이 완화 또는 해소되었고, 특히 재료비 등의 항목에서는 역하방경직성을 보였다. 이는 기업들의 원가관리실무가 시장 변화에 맞추어 효율적으로 진행된다는 주장을 지지하는 실증결과라고 할 수 있다. The objective of this study is to evaluate whether companies manage their costs efficiently in response to changes in their operating environment, particularly in market demand changes. An empirical evidence on the efficacy of companies’ cost management practices is shown by comparing the sticky cost behaviors of the pre and the post IMF periods. The post IMF period caused by the foreign currency crisis resulted in a drastic reduction in market demand which is a major factor in companies’ production input planning and procurement decisions. Trading off between cost reduction from and opportunity cost of production capacity reduction in periods of demand decreases typically results in sticky cost behaviors. The empirical results of sticky cost behavior pattern changes over the pre and post periods can be viewed as consistent with companies’ deliberate and efficient efforts to adapt to the demand changes in the post IMF periods. More specifically, material costs showed stickiness in the pre period. In the earlier part of the post period, however, the stickiness decreased, and then it changed to reverse stickiness in the later part, which indicates successful material costs reduction in companies experiencing sales decreases. Stickiness of labor costs which persisted from the pre to the earlier part of the post period disappeared in the later part of the post period, which implies labor force adjustments in response to sales decreases took quite a time to realize. Stickiness of overheads persisted through all the periods. But the degree of the overhead stickiness is lower in the post period implying a better management of indirect costs. Total manufacturing costs (TMC) and cost of goods manufactured (CGM) initially showed stickiness in the pre period. As the cost management performance of material costs, labor costs and overheads improved over the periods, the stickiness of TMC and CGM disappeared in the post period. CGM showed even reverse stickiness in the later part of the post period. In sum, the current study shows empirical evidence that companies improved their cost management performance in terms of reduction in or even reversal of cost stickiness as they were responding efficiently to reduced market demand levels after the IMF crisis.

      연관 검색어 추천

      이 검색어로 많이 본 자료

      활용도 높은 자료

      해외이동버튼