Perceptions of the Relationship between Port Security Level, Resilience, Cargo Operational Performance, and Sustainability Performance among Korean Port Operators and Shipping Companies

김찬호,김성기,최상균 한국무역학회 2023 Journal of Korea trade Vol.27 No.3

Purpose – As globalization progresses, complexity also increases, and various factors that threaten port functions are emerging. Accordingly, the demand for port security to prevent the crisis and resilience that quickly recovers its original function after the crisis is also increasing in port operations. However, few studies have examined how to ensure the port security and how the resilience affects operation performance of port and sustainability performance as well. So the study aims to find out how port security affects port resilience and port operational performance, and consequently, this two factors affect socioeconomic and environmental sustainability performance respectively and synthetically. Design/methodology – Confirmatory Factor Analysis (CFA) was first performed to determine the validity of the factors of model and hypothesis test was performed using Structural Equation Model (SEM) to analyze the Port Performance Model, which show the perception logic among port security level, port resilience, operation performance, and sustainability performance. In order to empirically analyze this model, total 264 respondents from port security operators, shipping companies in South Korea were surveyed. Findings – As result of SEM, First, port security level positively affected the resilience (H1) and cargo operational performance (H2) but not in both of the sustainability performances (H3, H4). Second, resilience positively affected only cargo operational performance (H5) and socio-economic sustainability performance (H7). Last, cargo operation performance positively affects the both of sustainability performances (H8, H9). Originality/value – It was confirmed that port security could improve cargo operational performance through ensuring port resilience and eventually increase the socio-economic sustainability. Therefore the study implies that careful integration and management of port security, port resilience, and sustainability are required, along with compromise on sustainable development goals in the social, economic, and environmental area among all stakeholders.

오퍼레이션스 성과와 재무성과 간의 인과관계에 대한 실증분석

김영훈(Younghoon Kim),편제범(Jebum Pyun),김대수(DaeSoo Kim) 한국경영과학회 2015 韓國經營科學會誌 Vol.40 No.1

While many previous studies investigated the effect of operations performance on financial performance, most studies considered only a few performance indicators and ignored the characteristics of industries. Therefore, this study intends to analyze the effect of operations performance on financial performance, by selecting a rather comprehensive operations performance indicators from firms" financial data. In doing so, we used operating efficiency and supply chain performance indicators for operations performance and a firm"s profitability and future value indicators for financial performance. For the analysis, we collected 544 firms" operations and financial performance data belonging to eight key industries from the "Forbes Global 2000". We first analysed the differences in operations and financial performance among high, medium and low supply chain performance groups based on the quantitative criteria of Gartner"s "Supply Chain Top 25" ranking procedure. Then we analysed the effect of operations performance indicators on financial performance for both entire industry and individual industries, using multiple regression. Based on the results, we provided practical insights into key operations performance indicators to focus on and manage in order to improve financial performance.

제조기업 내 서비스화의 가치창출 : 운영성과의 매개효과를 중심으로

이남경,이상준,신호정 한국경영과학회 2020 한국경영과학회지 Vol.45 No.1

In this study, we test the mediation effect of operational performance on the relationship between servitization and firm performance. Although servitization involves organizational and operational changes as an innovation practice, the literature has focused on the direct impact of servitization on firm performance. In the analysis, servitization is classified into four subgroups based on its performance: (1) increase in product and service sales, (2) increase in product sales and decrease in service sales, (3) decrease in product sales and increase in service sales, and (4) decrease in product and service sales. The regression analysis reveals that operational performance mediates the relationship between servitization and firm performance and that the meditating effect depends on the servitization performance and the type of service offering. The operational performance is affected by servitization as long as service sales increase, which is positively associated with firm performance. In addition, product support service more likely contributes to the operational performance than customer support service. This study contributes to the value creation of servitization by examining the role of operational performance and the importance of the relationship between servitized products and the service offering.

분리공모와 최초공모의 장기성과 비교

김용현 ( Yong-hyeon Kim ),김남곤 ( Nam-gon Kim ) 아시아.유럽미래학회 2017 유라시아연구 Vol.14 No.1

기업분할 형태는 분리설립(spin-offs)과 분리매각(sell-offs) 및 분리공모(equity carve-outs)로 구분할 수 있다. 분리설립은 분리된 자회사 주식을 모회사의 기존주주에게 지분비율에 따라 배분하는 것이고, 분리매각은 현금을 받고 자회사나 사업부문을 제3자에게 완전히 매각하는 것이며, 분리공모는 자회사 주식의 일부분을 제3자에게 공모형태로 매각하는 것을 말한다. 분리공모(ECO)는 자회사 주식을 투자자들에게 공모하는 형식이므로, 자회사 입장에서는 최초공모(IPO)를 실시하는 것이라고 할 수 있다. 본 논문은 우리나라 증권시장을 대상으로 3년이라는 장기간에 걸쳐 ECO 기업과 IPO 기업의 성과를 비교 분석하는데 그 목적이 있다. 이러한 목적을 가진 논문은 국내에서는 없고 해외 연구로는 Prezas 등 (2000)이 거의 유일한데 이 연구는 주식수익률만 분석하였다. 이에 반해 본 논문은 주식수익률 외에 영업성과와 토빈큐을 포함하는 기업성과를 분석할 것이다. 본 연구의 분석기간은 2000년부터 2011년의 12년이고, 연구대상은 90개의 분리공모 기업과 이에 대응되는 789개의 최초공모기업이다. 첫 번째 기업성과의 대용치는 주식수익률로 보유기간 수익률(BHAR)을 이용하였는데, 대응되는 IPO 기업은 non-ECO 기업으로서 주식발행년도에 ECO 기업의 보통주 시장가치의 ±30%에 속하면서 ECO 기업의 시장가치/장부가치 비율과 가장 가까운 기업이다. 두 번째 기업성과의 대용치는 영업성과로 총자산 장부가치 대비 감가상각전 영업이익(EBITDA/TA)을 사용하였는데, 대응되는 IPO 기업은 non-ECO 기업으로서 주식발행년도에 ECO 기업의 총자산 장부가치의 ±30%에 속하면서 ECO 기업의 영업성과와 가장 가까운 기업이다. 세 번째 기업성과의 대용치는 토빈큐((보통주 시장가치+우선주 시장가치+부채 장부가치)/(총자산 장부가치))를 사용하였는데, 대응되는 IPO기업은 non-ECO 기업으로서 주식발행년도에 ECO 기업의 총자산 장부가치의 ±30%에 속하면서 ECO기업의 토빈큐와 가장 가까운 기업이다. 표본기업과 각 경우의 대응기업을 양측 T테스트를 이용하여 평균값을 비교하였고 윌칵슨(Wilcoxon) 순위부호테스트(signed-rank test)를 이용하여 중앙값을 비교한 결과, 표본기업인 ECO와 대응기업인 IPO는 비교대상 측면에서 적절하게 추출되었음을 확인할 수 있었다. 본 연구의 실증결과는 다음과 같다. 첫째로 분리공모(ECO) 후 주식수익률은 장기 저성과를 나타냈는데, 이는 유상증자(SEO)의 해외연구와 국내연구의 장기 저성과 결론과 일치하는 것이다. 최초공모(IPO) 후 주식수익률도 장기 저성과를 나타냈는데, 이 결과 역시 해외연구의 결론 및 국내 다수의 실증결과에 부합하는 것이다. 또한 연구목적인 ECO 기업과 IPO 기업간의 주식수익률을 비교한 결과는 비유의적으로 나타났다. 둘째로 분리공모(ECO) 후 영업성과와 최초공모(IPO) 후 영업성과 모두 장기 고성과를 보였고 하락하는 추세는 아니었다. 이러한 ECO 기업과 IPO 기업의 양(+)의 영업성과는 음(-)의 주식수익률과 상반되는데, 영업성과는 영업이익과 장부가치 등 기업정책의 산물인데 반해, 주식수익률은 기업외부인 증권시장에서 투자자들의 의견이 반영된 결과라고 생각할 수 있다. 다시 말하여 영업성과는 기업내부 경영자의 투자 재무정책과 회계정책 등에 의해 달성할 수 있지만 주식수익률은 경영자의 정책과 상관없이 주식시장에 있는 투자자들의 투자행위가 반영된 결과이므로 다르게 나타날 수 있다. 또한 연구목적인 ECO 기업과 IPO 기업간의 영업성과를 비교한 결과는 통계적으로 차이가 없는 것으로 나타났다. 셋째로, 분리공모(ECO)와 최초공모(IPO) 후 토빈큐 모두 높은 값을 보였으며, ECO 기업과 IPO기업간 토빈큐를 비교한 결과는 비유의적으로 나타났다. 본 실증결과를 요약하면, ECO 기업과 IPO 기업간의 장기 기업성과를 주식수익률과 영업성과 및 토빈큐로 측정하여 비교한 결과 통계적으로 차이가 없었는데, 이는 유일한 기존연구인 미국의 Prezas 등 (2000)의 발행 후 6개월 기간과 1년 기간 동안 주식수익률을 비교한 결과와 일치한다. 본 연구의 한계점으로 기존연구의 부재를 들 수 있다. 예컨대 분리공모(ECO)와 최초공모(IPO)간의 주식수익률을 비교분석한 기존연구는 외국에서만 제한적으로 존재하였지만, 영업성과와 토빈큐를 비교 분석한 논문은 국내외적으로 없는 관계로 본 연구의 실증결과를 일반화하기에 무리가 있을 수 있다. Corporate restructuring activity has alternative mechanisms including spin-offs, sell-offs, and equity carve-outs. Spin-offs are stock dividends based on pro rata that distribute subsidiary firm`s ownership to existing stockholders of the parent firm. A spin-off creates a stand-alone public firm which is administratively and financially independent of the parent firm. Sell-offs are sales of divisions or subsidiary firms to the third party. A sell-off allows the parent to transform illiquid divisions or assets into cash and does not entail equity offerings. Equity carve-outs are public sale of unseasoned equity offerings of the subsidiary, and the offerings generate cash for the parent through a public sale of equity. Whereas spin-offs do not raise external funds and sell-offs do not involve any public securities issuance, equity carve-outs are initial public offerings of subsidiary equity. The purpose of this paper is to compare the long-run performance of equity carve-outs relative to matching initial public offerings following the offerings in the Korean stock market. No existing empirical studies except Prezas, Tarimcilar, and Vasudevan (2000) have analyzed the comparison. Moreover, while Prezas et al. (2000) examined the comparison using holding period returns only, this study compares the long-run performance using holding period returns as well as operating performance and Tobin`s Q. The samples consist of 90 equity carve-outs and 789 initial public offering firms. The first proxy of long-run performance is stock returns. The buy-and-hold abnormal returns (BHAR) are defined as the buy-and-hold return of the ECO firms less the return of matching firms. The second proxy of long-run performance is operating performance. We follow the recommendation of Barber and Lyon (1996), who suggest that the ratio of earnings before interest, taxes, depreciation and amortization to total assets (EBITDA/TA) is an adequate proxy of operating performance. The abnormal operating performances are defined as the EBITDA/TA of the ECO firms less that of matching firms. The third proxy of long-run performance is Tobin`s Q. The abnormal Tobin`s Q is defined as the Tobin`s Q of the ECO firms less that of matching firms. The empirical results are as follows. Firstly, the buy-and-hold returns of ECO firms show underperformance during the whole post-issuance years. The results are consistent with previous studies of underperformance during the three to five years subsequent to seasoned equity offerings. The buy-and-hold returns of IPO firms also report underperformance during the three years of post-issue period, which conforms to prior empirical studies. More importantly, the differences of long-run returns between ECO firms and IPO firms are not statistically significant. Secondly, both the operating performance of ECO firms and that of IPO firms show outperformance during the whole post-issuance years. The outperformance of operating performance are not consistent with underperformance of stock returns. The inconsistency could be explained by the fact that operating performance completely depends on firm`s management decisions, while stock returns are dependent upon investors in the stock market. More importantly, the differences of long-run operating performance between ECO firms and IPO firms are not significant. Thirdly, both the Tobin`s Q of ECOs and that of IPOs report outperformance during the whole post-issuance years, and the differences of Tobin`s Q between ECO firms and IPO firms are not statistically significant. In a nutshell, this paper demonstrates that the long-run performances proxied by buy-and-hold returns, operating performance, and Tobin`s Q of the ECO firms are not statistically different from those of the matching IPO firms, which is consistent with the six-months and one-year results of Prezas, Tarimcilar and Vasudevan (2000). However, our findings could be incomplete to generalize, since prior papers comparing the long-run operating performance and Tobin`s Q of ECO with IPO are not existed.

노동법상 저성과자 관리방안에 대한 법적 소고

주상철(Ju Sang-Chul),이승길(Lee Seung-Gil) 한국비교노동법학회 2016 노동법논총 Vol.37 No.-

What we had for the problem in operational methods for those under poor performance are related to the fairness of evaluation and reliability. Recently, the government discussed over ‘operational methods for those under poor performance’. So, we have expected this ‘fair personnel guide’ issued by the Labor Ministry could make it possible to provide a reasonable and fair management for those under poor performance, and could use the personnel operation on the focus of job ability and performance. However, this guideline has some problems, as this guideline has no legal bounding in its characteristics and the employer is generally in charge of legal disputes and responsibilities. So, this shortage of legal effect provides more uncertainties in the companies’ labor management. The use of this guideline has been very negative in the views of the labor and management bodies, and so the operational methods to control those under poor performance have continuously been in dispute. Now is the earnest situation necessary to introduce a new operational method for those under poor performance. That is, it is urgently needed to introduce or improve a fair personnel evaluation method. This tool, NCS(National Competency Standards) is strongly recommended for active use. When this operational tool is used suitably, this also matches the government’s policy to activate the personnel operational system focused on job ability and performance. This thesis deals with the problem in operational methods for those under Poor Performance in Terms of Labor Law in the following order: II. Status and Legal basis for those under Poor Performance(Concept, Reasons for dismissal, and types of management) ; III. Justification to control those under poor performance; and IV. Limitations of the Fair Personnel Guideline and Introduction of the NCS(National Competency Standards). In the long run, I hope this study can improve a dual structure of labor market and provide a win-win plan in labor-management relations.

실제 이익조정이 장기 경영성과에 미치는 영향

김지홍 ( Jee Hong Kim ),배지헌 ( Ji Hun Bae ),고재민 ( Jai Min Goh ) 한국회계학회 2009 회계학연구 Vol.34 No.4

Roychowdhury(2006)가 영업현금흐름, 제조원가, 재량적비용 등 영업 활동 전반에 대한 실제 이익조정(Real earnings management) 측정 모형을 제안한 이후, 이를 활용한 후속 연구들이 활발히 이루어지고 있다. 이 모형은 그동안 개별적인 경영 활동만을 대상으로 해왔던 실제 이익조정의 지평을 넓혔다는 중요한 공헌점을 지니고 있지만, 반면 잠재적으로 측정오차가 포함될 수 있다는 문제점 또한 내포하고 있다. 만약 실제 이익조정 측정치가 평균적으로 실제 이익조정이 아닌 경영자의 사적 정보를 반영한다면, 기업의 경영성과는 오히려 개선될 수 있다. 본 연구는 Roychowdhury(2006)의 추정 모형을 통해 도출된 실제 이익조정 측정치가 사후의 장기 경영성과와 어떤 관계가 있는지 살펴보았다. 실증분석 결과는 다음과 같다. 첫째, 실제 이익조정은 장기 영업성과 및 주가성과에 부정적영향을 미치고 있다. 즉 실제 이익조정 기업은 차기뿐만 아니라 그 이후의 영업성과 역시 악화되는 사실을 관찰하였고, 그 정도는 기간이 장기화될수록 더욱 심화되었다. 또한 주식시장에서는 이러한 실제 이익조정이 영업성과에 미치는 부정적 영향을 인지하고 있는 것을 발견하였다. 둘째, 이익조정의 유인에 따라 이익 구간을 나누어 살펴본 분석에서 상향의 이익조정 구간에서는 장기 영업성과가 감소하였고, 반대로 하향의 이익조정 구간에서는 증가하였다. 주가성과의 경우 상향의 이익조정 구간에서만 유의하게 나타나 주식시장이 상향의 실제 이익조정에 대해 부정적으로 인지하고 있음을 알 수 있다. 셋째, 실제 이익조정을 이용한 차익거래에서 초과이익을 얻을 수 있다는 사실을 확인하였다. 이는 주식시장에서 실제 이익조정을 많이 한 기업은 과대평가되어 있고 적게 한 기업은 과소 평가되어 있다는 것을 의미한다. 본 연구는 Roychowdhury(2006)의 실제 이익조정 모형을 개선하였고, 이를 활용하여 실제이익조정이 기업성과에 미치는 장기 영향을 검증하였다는 점에서 의의가 있다. 또한 본 연구 결과는 Roychowdhury(2006)의 실제 이익조정 측정치가 경영자의 사적 정보를 전달하기보다는 평균적으로 이익조정을 반영하고 있다는 실증적 근거를 제공하고 있다. Since Roychowdhury (2006) developed estimation models for real earnings management, such as abnormal cash flow from operation (ACFO), abnormal production cost (APC), and abnormal discretionary expenses (ADE), several researches have been conducted using his estimation models. Although his models have contributed to studies on real earnings management in terms of helping researchers overcome the limitations of previous studies that were only able to capture individual operating activities, these models are still vulnerable to measurement error problems. It is argued that managers tend to relax their credit policy to boost sales and they reduce research and development (R&D) expenses to improve accounting numbers. However, similar to discretionary accruals, managers` activities considered to be real earnings management may deliver their private information (Subramanyam 1996). A manager who is aware that a customer whose operating performance will improve in a later period does not restrain the employee from selling products on credit. In addition, a manager who enhances the efficiency of their R&D process can achieve the same level with a smaller budget. Namely, Roychowdhury`s (2006) metrics may have positive as well as negative meaning. The former is related to private information, whereas the latter is associated with managers` opportunistic earnings management. If Roychowdhury`s (2006) metrics as to real earnings management embrace managers` private information instead of earnings management, it will be related to even an higher operating performance in succeeding period. This study investigates whether Roychowdhury`s (2006) measurement is negatively associated with a firm`s performance. Negative relationship can serve as the evidence that the measurement captures opportunistic earnings management on average. The followings are the empirical results of the study. First, real earnings management has a negative effect on long-term operating performance and stock performance. In other words, current real earnings management impairs not only the very next period`s but also the later period`s performances. We also find that stock price reflects this negative impact of real earnings management on long-term performance. Furthermore, this negative impact is more serious in long-term periods than in short-term periods, consistent with Graham et al. (2005). Unlike accruals-based earnings management, real earnings management distorts managers` operating decisions damaging actual performance. Although discretionary accruals are reversed in next period without a longer effect, the negative impact of real earnings management accelerates with the lapse of time. Second, upward (downward) earnings management has a negative (positive) impact on long-term operating performance. We analyze the differential impact with the direction of real earnings management. We define the earnings management brackets that are suspected to have different earnings management incentives: upward, downward, and unclear. While long-term operating performance decreases with upward real earnings management bracket, it increases with downward real earnings management bracket. Stock price declines only with upward earnings management bracket, showing that investors are more sensitive to bad news. Third, we find that investors can obtain abnormal profit with hedge portfolio based on real earnings management. It implies that firms with larger real earnings management are overvalued because real earnings management brings about mispricing in stock market. This study has some contributions. First, we try to mitigate measurement error problem in Roychowdhury`s (2006) model. In addition to his estimation models, we add the return on asset (ROA) variable to control a firm`s performance like performance-matched discretionary accruals model (Kothari et al. 2005). Although Roychowdhury (2006) included net income as a control variable in the regressions, we cannot control operating performance with his model. It is because the proxy for the real earnings management is independent variable in our analysis. Thus, we eliminate the correlation between real earnings management and firm performance in the estimation stage to minimize the measurement error. Second, we examine the gradual long-term impact of real earnings management on firm`s operating performance with the modified real earnings management model. Our finding suggests that his model contains not managers` private information but opportunistic earnings management on average. Third, we find that upward and downward real earnings management have differential impacts on the long term performance. While upward real earnings management aggravates future performance, it gets better with downward real earnings management. Our detailed analysis furthers the result of earlier studies.

세무서비스, PB의 만족도 및 PB의 영업성과 간의 관련성

김용열,홍정화 한국세무학회 2016 세무와 회계저널 Vol.17 No.5

The objectives of this study are to determine if tax service provided by domestic financial institution influences on the satisfaction level of PB, to determine if specific types of tax service have any effects on the operation performance of PB, considered the operation performance of PB has difference by tax service, and to examine if the satisfaction level of PB has any moderating effect on the relationship between tax service and the operation performance of PB. In order to attaining the study purpose, It considers the theoretical background and the precedent study through literature analysis by using the questionnaires. The responses are used into the study though statistical analysis. The survey has 30 questions about the specific types of tax service, satisfaction of PB and the operation performance of PB. Also, they are set by Likert 7 points. The results of this study are as follows. First, the results suggest that tax service provided by financial institution has effects on the satisfaction level of PB. Adopting all of counseling service, reporting service, and customer seminar service as particular types of tax service in significant level, tax service provided by financial institution has a positive effect on the satisfaction level of PB. Second, the results indicate that tax service has an effect on the operation performance of PB. It means that a counseling service, reporting service, and customer seminar service as particular types of tax service have a positive effect on infantile assets, customer churn prevention, and customer loyalty as specific types of performance of PB operation. Because various types of tax service which effects on operation performance of PB have differences in degree of influence, the results denote that counseling service has relatively high effect on infantile assets of operation performance, and customer seminar service has the biggest effects on customer churn prevention and customer loyalty while reporting service of tax service has the lowest effect on the operation performance of PB. Third, the results represent that the satisfaction level of PB has mediating effect between tax service provided by financial institution and operation performance of PB. This indicates that counseling service, reporting service, and customer seminar service as types of tax service provided by financial institution have important effects respectively on infantile assets, customer churn prevention, and customer loyalty of the operation performance of PB, and by mediating in the satisfaction level of PB, each tax service has significant effect on infantile assets, customer churn prevention, and customer loyalty as types of performance of PB operation. 본 연구는 급변하는 금융환경 변화에 따라 각 금융권에서 경쟁적으로 시행하고 있는 PB시장에서제공되는 세무서비스가 PB의 영업성과에 미치는 영향을 실제 업무의 당사자인 PB의 입장에서 검증하였으며, PB의 세무서비스 만족도가 PB영업성과 향상에 매개효과를 가지는 검증하였다. 자료수집을 위해 설문조사를 실시하였으며, 대상자는 은행과 증권사에 근무 중인 PB이다. 연구대상자들로부터 회수한 것 중 분석가능한 258부를 대상으로 하였다. 본 연구의 결과를 요약하면 다음과 같다. 첫째, 금융사의 세무서비스는 PB의 만족도에 유의적인 영향을 미치는 것으로 나타났다. 즉, 세무서비스의 구체적인 유형인 상담서비스․신고서비스․고객세미나 모두 PB의 만족도에 긍정적인 영향을 미치는 것으로 나타났다. 둘째, 금융사의 세무서비스는 PB의 영업성과에 영향을 미치는 것으로 나타났다. 즉, 금융권이 제공하는 상담서비스와 신고서비스 및 고객세미나서비스는 PB영업의자산유치성과․고객이탈방지 성과 그리고 고객충성도에 모두 긍정적인 영향을 미치는 것으로 나타났다. PB의 영업성과에 미치는 세무서비스 유형 간에는 다소 영향력 정도에 차이를 보였는데 자산유치 성과에는 상담서비스의 영향력이 상대적으로 큰 반면, 고객이탈방지와 고객충성도에는 고객세미나서비스가 가장 큰 영향력을 미치는 것으로 나타났다. 또한, 신고서비스의 영향력은 상대적으로 가장 낮게 나타났다. 셋째, PB의 만족도는 금융사의 세무서비스와 PB의 영업성과 간에 매개역할을 하는 것으로 나타났다. 즉, 상담서비스․신고서비스․고객세미나는 각각 자산유치성과․고객이탈방지․고객충성도에 유의적인 영향을 미치며, 각각의 세무서비스는 PB의 만족도에 매개되어자산유치성과․고객이탈방지․고객충성도에 유의적인 영향을 미치는 것으로 나타났다. 따라서 세무서비스에 대한 PB의 만족도가 높아질수록 금융권의 세무서비스가 PB의 영업성과에 긍정적인영향은 주는 것으로 분석되었다. 본 연구결과는 금융기관에서 고객유치 및 고객상담시 세무서비스의 중요성을 인식하게 되는 계기를 제공하고, 나아가 세무전문가의 역할을 인식하게 되는데 기여할 것으로 기대된다.

반도체 기업의 스마트팩토리 기술적 요인이 운영성과에 미치는 영향에 관한 연구 : CEO리더십과 IT전문인력의 매개효과 중심으로

이정련(Jeong Ryun Lee),이창원(Chang Won Lee) 대한경영학회 2021 大韓經營學會誌 Vol.34 No.11

4차 산업혁명이 이끄는 디지털 전환, 초연결성, 초지능화는 제조환경에 변화를 촉발하며, 특히, 고품질의 개인화된 제품 수요 증대로 인한, 제품의 다양성 및 복잡성 증대, 리드타임 단축은 기존의 대량 생산방식에서 개인맞춤형 생산방식으로 변화를 이끌고 있다. 이러한 초경쟁시대의 시장의 요구사항에 대응하기 위해 스마트제조 생산방식 체계로의 전환이 추진 중이며, 4차 산업혁명의 핵심 요소로 고부가가치 기반의 산업혁신 및 미래 제조경쟁력 창출의 중요한 개념으로 스마트팩토리에 대한 관심이 커지고 있다. 그러나 이와 관련한 실증연구는 부재한 상황에 있다. 이에 본 연구는 스마트팩토리 구축을 위한 핵심 기술적 요인(센서네트워크 기술, 플랫폼 기술, 제조정보시스템, 지능형 자동화)이 운영성과에 미치는 영향과 CEO리더십과 IT전문인력이 기술적 요인과 운영성과 간에 매개효과가 있는지 검증하는데 목적이 있다. 국내 반도체 기업을 대상으로 유효설문지 115부를 활용하여 SPSS 23.0과 구조방정식 모델인 SmartPLS 3.0을 활용하여 검정하였다. 본 연구의 결과는 첫째, 기술적 요인(센서네트워크 기술, 플랫폼 기술, 제조정보시스템, 지능형 자동화)의 모든 요인이 운영성과에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 스마트팩토리의 기술적 요인과 운영성과 간의 관계에 있어 CEO리더십과 IT전문인력이 매개효과를 나타냈으며, 특히, 지능형 자동화와 운영성과 간에 CEO리더십은 완전매개효과를 나타내는 것으로 확인되었다. 본 연구결과는 스마트팩토리 도입에 따른 운영성과에 미치는 영향을 실증분석한 연구로써 이론적 및 실무적 의의가 크다. 반도체 기업 대상으로 특정 산업군에 관한 실증분석 결과를 도출하였다는 점에서 연구의 차별성이 있다. 많은 기업이 스마트팩토리 도입의 필요성은 공감하나 과도한 투자 비용 등 다양한 제약사항으로 적극적인 도입을 추진하지 못하고 있다. 그러나, 본 연구의 결과를 통해 스마트팩토리 구축을 검토하는 기업들의 전략적인 의사결정에 참고가 될 수 있기를 기대한다. Digital transformation, hyper-connectivity, and super-intelligence led by the 4th industrial revolution have triggered changes in the manufacturing environment. In particular, the increase in product diversity, complexity and short lead times due to the increase in demand for high-quality, personalized products are leading the change from the existing mass production method to the personalized production method. In order to respond to the market requirements in this hyper-competitive era, the transition to a smart manufacturing production system is being promoted. As a key element of the 4th industry, the smart factory is an important concept of high value-added industrial innovation and is a key technology of future manufacturing competitiveness. However, few studies have been explored empirically in this perspective. Therefore, the purpose of this study is to verify the effect of technological factors(sensor network technology, platform technology, manufacturing information system, and intelligent automation) on operational performance, and the mediating effect of CEO leadership and IT expert. In order to examine the hypothesis of this study, a survey was conducted on semiconductor companies as research subjects. Using valid 115 samples, SPSS 23.0 and SmartPLS 3.0 were used as research methods for hypothesis test. The results of this study showed that sensor network technology, platform technology, manufacturing information system, and intelligent automation as technological factor all had a significant positive (+) effect on operational performance. In addition, it was confirmed that CEO leadership and IT expert had a mediating effect in the relationship between the technological factors and operational performance. The IT expert showed a partial mediating effect between sensor network technology and operational performance, and also between platform technology and operational performance. The CEO leadership showed a partial mediating effect between the platform technology and operational performance, and also manufacturing information system and operational performance. In particular, it was confirmed that CEO leadership had a full mediating effect between intelligent automation and operational performance. Since empirical studies on the success factors and operational performance of smart factory introduction are very insignificant, the significance of this study is to empirically derive the effect of smart factory establishment on operational performance for semiconductor manufacturing companies. Although many companies agree on the need of smart factory adoption, they are unable to actively adopt it due to various restrictions including excessive investment costs. However, through the results of this study, it is judged that it can be a reference for decision-making for establishment of strategic and efficient manufacturing operations for companies considering smart factory adoption.

기업 내부의 고용관계 : 고성과작업시스템과 운영성과 간 관계: 다수준분석을 통한 종업원성과의 매개역할을 중심으로

전인 ( In Jun ),오선희 ( Sun Hui Oh ),안성익 ( Seong Ik Ahn ) 한국산업노동학회 2013 산업노동연구 Vol.19 No.1

본 연구는 자원기반관점을 기초로 고성과작업시스템-종업원성과-운영성과 간 관계를 실증적으로 검증하고자 하였다. 조직수준의 고성과작업시스템과 개인수준의 종업원 태도 간 실증분석을 위해 위계적 선형모형(hierarchical linear modeling)을 활용한 다수준분석을 실시하여 인과관계의 정확성을 높였다. 이를 위해, 제3차 인적자원기업패널(HCCP: Human Capital Corporate Panel) 데이터 가운데 316개 기업과 7,872명(팀장 923명 포함)의 응답자를 대상으로, 고성과작업시스템이 개인수준인 종업원성과에 미치는 영향을 확인하였다. 이후, 분석수준을 일치시키기 위해 개인수준(종업원성과)과 팀수준(운영성과)의 패널자료를 조직수준으로 집산(aggregation)하여 타당화 검증을 실시하고, 조직수준에서 매개효과를 검증하였다. 그 결과, 고성과작업시스템은 종업원성과(직무만족, 조직몰입, 신뢰)와 운영성과에 각각 유의한 영향을 미치는 것으로 나타났다. 종업원성과 개별변수의 매개효과 검증에서는 직무만족과 신뢰가 고성과작업시스템과 운영성과 간 관계를 매개하는 것으로 나타났다. 결론에는 연구의 결과, 이론적 시사점 및 한계점을 제시하고 있다. This study aims to examine the intermediary roles of employee performance between high performance work system (HPWS) and its operational performance on the resource based view. Taking into account the unit of analysis, this study used a hierarchical linear modeling analysis in order to test rigorously the association between HPWS at the organisational level and employee performance at the individual level. For this empirical test, Human Capital Corporate Panel (HCCP) data including 316 firms and 7,872 respondents (including 923 team leaders) were used. To meet the unit of analysis and test the mediation effect, data at the individual and team level were aggregated into the organisational level. The empirical results show that HPWS have a positive impact on operational performance as well as employee performance such as job satisfaction, organisational commitment and organisational trust. Regarding the mediation effect, job satisfaction and organisational trust mediate between HPWS and operational performance. Theoretical implications are discussed in conclusion.

기업 인수합병의 장기성과

강효석 ( Hyo Suk Kang ),김성표 ( Sung Pyo Kim ) 한국금융학회 2009 금융연구 Vol.23 No.4

본 연구는 2000년부터 2006년까지 유가증권시장과 코스닥시장에서 실시된 221건의 일반인수합병을 대상으로 인수합병 완료 후 2~3년간 인수기업의 주식성과와 영업성과를 실증분석 하였다. 합병 전 영업성과가 저조한 인수기업일수록 합병 후 장기초과영업성과는 벤치마크보다 우수하여 인수합병의 긍정적 효과를 확인할 수 있었다. 또한 사업다각화 여부와 피인수기업의 상대적 규모는 장기영업성과에 유의적인 영향을 미쳤다. 그러나 평균적으로 인수기업의 공시일 주가반응이 양(+)인데 반해 인수 후 장기주식성과는 비유의적인 음(-)이었다. 또한 장기주식성과는 다각화 여부, 소규모합병 여부, 피인수기업의 상장여부 등과는 비유의적이었지만 공시일 주가반응과는 유의적인 음(-)의 관계로 측정되어 장기주식수익률의 반전현상이 인수합병 시장에도 나타났다. This paper examines a large sample of M&As conducted since the financial crisis in late 1990s in order to investigate the post merger performance of acquiring firms in Korea. We try to get the sufficient sample size by including ``acquisition of business`` and ``acquisition of stock``, as well as ‘merger`` in our sample M&A firms. However, we exclude from our sample the backdoor listings that are fundamentally different from ordinary M&As in order to enhance the sample homogeneity. Most of existing empirical studies fail to distinguish backdoor listings from ordinary M&As in sample selection. In our preliminary analysis, the announcement returns and post- acquisition performance of backdoor listings are significantly different from those of ordinary M&As. The final sample consists of 221 ordinary M&As announced and completed by non-financial companies listed in the Korea Exchange (KRX) from January 2000 to December 2006. Given well-known controversies concerning the long-run performance which tends to be affected by the model specification and the choice of benchmarks, we use various test methods to assure the validity of long-run performance. We measure the acquirer`s long-run stock performance (CARs, BHARs) and operating performance (AROCFs; abnormal return on operating cash flow) as well as short-run announcement returns. We also conduct our analysis both in a univariate setting and in a multivariate framework in which we control for other factors that may affect the post-acquisition performance. Our major findings are as follows. First, with all significant positive announcement returns, long-run stock performance on average is not significantly different from zero in the two years following the acquisition. But the acquirer`s long-run operating performance significantly outperforms the benchmark. That is, the acquirer with relatively poor AROCF over the two years before the acquisition shows significant improvement in AROCF over the two years after the acquisition. Second, contrary to announcement returns, acquiring shareholders in affiliated mergers and large business group earn significantly higher long-run abnormal returns compared to their counterparts. However, we find no significant difference in long-run performance among M&A methods, despite significantly higher announcement returns to acquisitions of business. Futhermore, there are no significant differences in long-run stock performance whether the acquisition is a diversifying or small-scale one or not, and whether the target firm is listed or not. Third, acquiring firms in diversifying mergers and unlisted targets show significantly higher long-run operating performance than those of nondiversifying mergers and listed targets. The relative firm size of the target is positively related with the acquirer`s operating performance. Lastly, long-run stock performance tends to move opposite to announcement returns, which may imply a manifestation of ``long-term return reversals`` in the merger and acquisition market. We also find the possibility of announcement returns to reflect the market expectation on long-run operating performance of acquiring firms.