Does Financial Performance Influence Credit Ratings?: An Analysis of Korean KRX Firms

MALIDAFYDD SIRUS,임형주 대한경영학회 2015 大韓經營學會誌 Vol.28 No.11

Credit rating agencies offer information about default risk. Previous literature suggests that firm’s credit ratings are influenced by various metrics, specifically, numerous risk considerations such as size, leverage and growth. However, there is limited evidence to support the relationship between credit ratings and financial performance. Our research is motivated by this caveat. The purpose of this paper is to discover if financial performance measures can be included as an indicator for default risk since the relation between financial performance and default risk/credit rating is a question left unanswered in a South Korean context. In this paper, we empirically test if financial performance measures can provide additional information about credit ratings and credit rating changes. We perform a battery of tests to establish if the following financial performance measures: EPS, CPS, ROA, ROE, and ROS have any explanatory power in explaining credit ratings levels and credit rating changes. Using a sample from 2002 to 2013, we find that EPS and CPS has a statistically positive relation to credit ratings, suggesting that firms with higher credit ratings have higher levels of EPS and CPS compared to firms with lower credit ratings. Moreover, we find that firms with positive performance measured by EPS and CPS in period t have the potential to experience a credit ratings change in period t+1. However, in South Korea, the majority of firms do not experience a credit ratings change. When we estimate the financial performance of the firms that do not experience a credit ratings change, we find a statistically significant relation between credit rating and financial performance for EPS and CPS. The results suggest that credit ratings for firms with positive financial performance remain stable Finally, we examine the relation between performance in period t and credit ratings increase and decrease in period t+1. The results suggest that the credit ratings of firms with high level of financial performances increase or remain the same. We do not find a relation between financial performance and credit rating decreases; this result may be due to our small sample size. The previous literature has largely ignored the association between credit ratings and performance. Taken together, our results suggests that EPS and CPS can be used as financial performance measures by investors, government agencies and debt issuers as additional information about a firms credit rating levels, and subsequent changes. We contribute to the literature by providing empirical evidence of a relationship between performance metrics and credit ratings, specifically the link between EPS.

The Effect of the Rater's Interpersonal Affect towards the Ratee on the Rater's Cognitive Processing of Performance Appraisal and Rating Accuracy

Yoon, So-Yeon,Lee, Hoon-Koo Korean Social Science Research Council Korean Nati 2001 Korean Social Science Journal Vol.28 No.1

The present study examined the biasing effect of the rater's interpersonal affect towards the ratee on the rater's evaluative information processing and performance evaluation. The study investigated whether the rater's affect towards the ratee bias his/her interpretation of the meaning of the ratee's performance, his/ her retrieval and recognition of the information about the ratee presented to the rater, and his/ her performance appraised, and whether such bias is caused by selective information processing between affect-consistent information and affect-inconsistent information. The results showed that although the rater was presented with the equal number of good and poor performances, having more positive affect towards the ratee than the negative, the rater appraised and interpreted an identical behavior more positively, and retrieved more good performances and less poor performances. The analysis on the differentiated processing of affect-consistent and affect-inconsistent information clearly revealed selective processing of affect-consistent information with rater's positive affect towards ratee. However, when the rater had negative affect towards the ratee, the selective processing of affect-consistent information did not occur. The major functions of human resource management, such as promotion decision, rewards, human resources development and training, are performed on the basis of the performance appraisal(Garroll&Schneider, 1982). Since many decisions having significant influence on the members of the organizations are made by the results of performance appraisal, accurate appraisal is the key to fair treatment and equal opportunities to all employees, and furthermore, directly connected to the effectiveness of the organizations. The 'rating accuracy' refers to the degree to which a rater's evaluation represents the true performance level of the ratee(Caranikas, 1995). It is crucial for any organization to promote rating accuracy or validity in order to improve the quality of performance appraisal, the standard of major decisions (Cardy&Dobbins, 1994). As interests in achieving more valid and accurate appraisal have increased, theorists have become more concerned with factors that determine appraisal accuracy and have focused mainly on development of measures that can minimize rater's error, development of training programs and statistic control technique against rating error, etc. however, it was pointed out that the psychometric approach, treating only the moment of appraisal, is not sufficient to explain appraisal error fully, since a rater's appraisal goes through several stages of cognitive processing before expressed in terms of a rating measure and error may interrupt in the middle of the process ( Landy & Farr, 1980; Landy&Zedeck, 1983; Bernardin&Beatty, 1984). In the early 1980, as a result, the focus of the performance appraisal study moved toward how a rater is led to the appraisal, that is, the cognitive processes of performance appraisal. From the cognitive perspective, the process of performance appraisal is a series of information processing, in which the information observed by a rater, with other previous information that the rater obtained regarding the ratee, is processed cognitively, leading to the final performance appraisal. As the focus of the performance appraisal study transformed from the problems of measuring instruments and rating formats to psychological factors determining the appraisal process, major cognitive models have been developed and experimented with in the research on performance appraisal. However, these appraisal studies focused only on the conscious/controlled process, not on other psychological factors, which can be generated by the interactions between the rater and the ratee. In general, the performance appraisal evaluation performance of a retee is made every 6 months or a year. It is impossible for a rater to process all the information gathered during that period consciously and intentionally for the performance appraisal. In other words, it is necessary to examine both effects of automatic information process as well as controllable information processes in order to understand the process of performance appraisal and to improve the quality of appraisal, since bias at each stage of performance appraisal are caused by both controlled and automatic processing. In addition, as performance appraisal is taken under the situaion where a rater interests with a ratee, profound discussion on the influence of interpersonal factors on performance appraisal as well as the ratings of the actual ability or competency of an employee is needed (Guion, 1983; Borman, White, Pulakos, &Oppler, 1991). Among many other psychological factors, a rater's affect toward a ratee is considered as an important factor that determines the accuracy of appraisal(Judge & Ferris, 1993; McGrath, 1984;Dipboye, 1985) because the affect factor is the important social factor and the effect of the affect is processed automatically(Smith & Lerner, 1986; Engle, 1996). Affect is processed with other information simultaneously because it is processed unconsciously or without extra cognitive efforts (Isen & Diamond, 1989; Srull & Wyer, 1989; Greenwald& Banaji, 1995). Since the bias produced by affect is unconscious, a rater may not realize the affect biasing the performance appraisal through cognitive information process involved. This happens because affective reaction preceding the appraisal is not always controllable and could happen whether we wanted it or not (Zajonc 1980). One important reason to consider a rater's affective reaction in performance appraisal is that the rater may be affected in the way of viewing the ratee, allocating attention to various information, and appraising him/her unconsciously. Finally, affect influences the performance information processes systematically. According to social cognitive research, affect may lead to a bias in the information process, acting as the cognitive filter of social perception(Srull & Wyer, 1989; Izard, 1991). Also, affect may operate to appreciate or depreciate the ratee's performance through both automatic and controlled modes of information processing (Park, Sims, & Motowidld, 1986). In other words, in addition to any intentional bias, the distraction caused by affect also leads to an unintentional bias in the evaluation process. Here, affect needs a clear definition. Affect has various meanings in psychological research, and is used as a general term, including emotion, mood and feeling (Fiske & Taylor, 1984). The emphasis on affect and its influence on performance appraisal emerged from the two different streams of researches - differentiated affect and undifferentiated affect. The former sees affect as affective value of a specific target and defines it as an individuals affective reaction to a specific person or stimulus (Fiske, 1982; Zajonc, 1980). The differentiated affect to a specific person is called interpersonal affect (Park & Sims, 1989), measured in terms of liking and disliking of a person (Trost, Kinicki, & Prussia, 1989). The latter views affect as a mood state such as happiness and sadness, but not as the reaction to the specific targets (Clark & Isen, 1982; Fiske, 1981). The differentiated and undifferentiated affect is different in the way and the extent of which affection the processing of performance information. In general, interpersonal affect, the differentiated affect, persists over time, while mood, the undifferentiated affect, is short-lived (Clark& Isen, 1982). Because performance appraisal targets a particular stimulus person, the differentiated affect, the rater's like or dislike towards the person is expected to play a more crucial role in the process of performance appraisal than the undifferentiated affect, the mood state not associated with a particular person ( Cardy & Dobbins, 1994; Varma, DeNisi, & Peters,1996). It was already found that the interpersonal affect biased the result of performance appraisal in many laboratory studies using various measurements and manipulations and field studies. Also, the recent study by Lefkowitz and Battista (1995) showed that a managers liking to his subordinate had a significant influence in performance appraisal and that it intensified over time. The study evidences the necessity to acknowledge and control systematic effect of interpersonal affect on performance appraisal. If interpersonal affect is the factor having a significant biasing effect on performance appraisal, the effect of interpersonal affect should be controlled. In order to do that, the process of how the effect of interpersonal affect is produced should be identified. However, studies that have dealt with these problems are very scarce. The robust result obtained in the field of interpersonal affect is that when the ratees have a similar level of performance, a liked ratee receives a higher rating than that of a disliked ratee (cardy,1987; Williams, 1986; Park & Sims, 1989 ; Davis & Steiner, 1993 ; Robbins & DeNisi, 1994). Then, does interpersonal affect have an effect only on performance ratings? Or does it also affect the cognitive mechanism that is interpreting and encoding performance information, the memory of it and evaluation of the importance of discrete performance information? If in and evaluation of the importance of discrete performance information as the well as rating depend on a rater's affect to a ratee, is it due to discriminative processing of affect-consistent/inconsistent information? Studies on schematic cognitive processing reveal that the occurrence of biased processing of schema-consistent information can be identified by testing the occurrence of a selective processing of schema-consistent information and of any bias in the interpretation of information presented (Bodenhausen, 1988). The former indicates a phenomenon that the information consistent to the activated categories is integrated more often to the rater's representation by memorizing and playing more attention to the information. The latter means an underestimation of the informative meaning of inconsistent information to performance appraisal by interpreting presented information as a consistent information with the activated category or by biasing the interpretation. The interpretation of information is related with encoding information, the stage that observed information forms a representation, including the decision of whether to accept and store observed information as meaningful or to ignore it. Accordingly, a ratee's behavior may or may not be accepted as the reference of performance appraisal, dependent on how a rater interprets the ratee's behavior she/he observed. Also, the more easily a performance is recalled, the more important the effect it has on the final performance appraisal, for a rater makes a judgment based on the performance recalled, not on all the performances exhibited. If selective processing of affect-consistent information occurred due to the interpersonal affect, in the situation where a rater is given the equal number of good and poor performances of a ratee, he would recall and report to have observed or recognized more information consistent to his/her affect than an inconsistent one. Affect-inconsistent information would be recalled wrongly or show lower frequencies in recall. If interpersonal affect biased the interpretation of information presenter, when interpreting the level of performance result connoted in the information, affect-inconsistent information would be underestimated or re-interpreted to the direction of affect-consistency. Even with an identical level of performance, a rater could appraise quite differently according to his/her affect toward the ratees who manifested the behavior. For example, the behavior of a favored subordinate can be appraised as excellent, while that of the unfavorable as ordinary. If interpersonal affect had influence not only on appraisal but also on information processing for performance appraisal, it is necessary to investigate which cognitive process involved is influenced more by affect. In other words, is the information interpreted in a way that is consistent with the direction of a rater's affect when information is collected and encoded? Or, is affect-consistent information recalled more even though all the information is interpreted accurately? The investigation on the above questions gives the solution on which cognitive process should be targeted to reduce the bias effect of interpersonal affect. This study examined the effect of a rater's interpersonal affect to a ratee on information processing of performance and appraisal accuracy. More specifically, first, it examined whether interpersonal affect systemically biased the information processing of performance, or the appraisal was biased to affect-consistent direction at the time of appraisal. Second, it tried to find out that of interpersonal affect biased a series of cognitive mechanism involved in the information processing and the bias were caused by differentiated processing of affect-consistent/inconsistent information. Third, it investigated the mechanisms which interpersonal affect gives the stronger influence among several cognitive mechanisms involved in information processing. Lastly, it examined that whether the rater's positive/negative affect toward the ratee influenced the pattern of differentiated processing of affect-consistent information. The hypotheses of the study are as follows.

Does Financial Performance Influence Credit Ratings?

Dafydd Mali(다피드 말리),Hyoungjoo Lim(임형주) 대한경영학회 2015 大韓經營學會誌 Vol.28 No.11

직원 이직률과 기업성과의 관계: 고성과자 이직률의 조절효과

권기욱 대한경영학회 2019 大韓經營學會誌 Vol.32 No.2

Scholars have investigated the relationship between employee turnover rate and firm performance, building upon theoretical perspectives such as social capital theory, human capital theory, cost-benefit approach, and learning curve theory. Extant studies argue that this relationship is either linear negative, attenuated negative, or inverted U-shape. Accumulating evidence show that the relationship between employee turnover rate and firm performance is not yet conclusive, although the relationship is in general negatively related. A few recent studies examined either the mediation mechanism through which employee turnover influence firm performance or the role of contextual variables that could influence the relationship between employee turnover rate and firm performance relationship. As results, the existing research help us better understanding how the relationship is related and what variables could influence this relationship. However, there are a few limitations on this relationship. In particular, although the majority of studies have argued the moderating roles of high performer turnover rate in this relationship, no studies have explicitly examined its effect. This study investigates the moderation effects of high performer turnover rate on the relationship between overall employee turnover rate and firm performance at the firm level. This study, at first, conducts literature survey on the diverse theoretical perspectives on the relationship between overall employee turnover rate and firm performance. Second, this study explores three different perspectives on this relationship(linear negative, attenuated negative, inverted U-shape) and develops hypotheses on the moderating roles of high performer turnover rate. Utilizing a hierarchical ordinary least square regression method, this study tests research hypotheses using the data collected by a research institute in South Korea. The results of this study show that overall employee turnover and firm performance relationship is linear negative and this negative relationship is moderated by high performer turnover rate. Figure 1. below graphically illustrates the moderation effects of high performer turnover rate in a way that the negative relationship between overall employee turnover rate and firm performance is stronger when a high performer turnover rate is high. The current results of this study provide theoretical implications and contribute to better understanding the complicated relationship on the relationship between employee turnover rate and firm performance. In addition, this study offers practical implications to managers who have striven to create values by strategically managing employee retention and turnover. 기업의 지속적인 성장과 발전을 위해 인적자원관리의 중요성이 점증하고 있으며, 이에 따라 직원이직률과기업성과의 관계에 대한 관심이 증가하고 있다. 현재까지의 연구들은, 첫째 직원이직률과 기업성과의 직접적인관계와 관련되어 다양한 이론을 바탕으로 부정적인 선형관계, 역-U자형 관계, 점진적인 부정적 관계를 따른다는 다양한 주장을 하고 있다. 둘째, 몇몇 연구들은 직원의 이직률과 기업성과의 관계를 조절할 수 있는 조직상황변수들에 대하여 살펴보았으며, 고성과 작업시스템의 활용과 인적자본에 대한 투자 등이 조절변수의 역할을수행한다는 것을 발견하였다. 셋째, 몇몇 연구들은 직원의 이직률과 기업성과의 관계에 있어 이직률의 양(quantity)도 중요하지만 이직한 직원의 질(quality)이 중요한 영향을 미친다는 것을 주장하고 있다. 현재까지의연구들은 직원의 이직률과 기업성과의 관계를 이해하는데 유용한 정보를 제공하고 있다. 하지만, 지속적으로중요성이 제기되고 있는 이직한 직원의 질이 직원의 이직률과 기업성과의 관계에 어떠한 영향을 미치는지에대해서는 연구가 부족한 상황이다. 본 연구는 기업수준에서 전체직원의 자발적 이직률과 기업성과의 관계에 있어 고성과자의 자발적 이직률의조절효과를 살펴보고자 하였다. 이를 위하여 본 연구는 첫째, 직원의 자발적 이직률과 기업성과의 관계와관련된 연구에 있어 다양한 이론적 관점과 실증연구를 고찰하고자 하였다. 둘째, 전체직원의 이직률과 기업성과의 관계와 관련된 3가지 관점인 부정적 선형관계, 점진적 부정적 관계, 역 U자형 관계를 살펴보고 전체직원의이직률과 기업성과의 관계에 있어 고성과자 이직률의 조절역할을 살펴보았다. 본 연구의 실증적 가설검정결과는 전체직원의 이직률과 기업성과의 간계는 부정적 선형관계를 따르며 이러한 부정적 선형관계는 고성과자의 이직률에 의해 조절된다는 것을 보여준다. 본 연구의 결과를 바탕으로 직원이직률과 기업성과의 관계와관련된 이론적 시사점을 제공하고자 하였다. 본 연구는 직원이직률과 기업성과의 관계와 관련된 복잡성과이러한 관계를 보다 잘 이해하는데 공헌한다. 또한, 본 연구는 직원이직률의 효과적인 관리를 통해 지속적인가치창출을 위해 노력하는 기업에 실무적인 시사점을 제공한다.

기업의 ESG 환경등급과 재무성과에 관한 연구

조인영 한국로고스경영학회 2023 로고스경영연구 Vol.21 No.2

This study analyzed the effect of a company’s ESG environmental rating on its financial performance. In addition, the purpose is to compare the financial performance of companies whose ESG environmental ratings have risen and declined compared to the previous year, and to compare and verify the financial performance of companies with excellent ESG environmental ratings and companies with poor ESG environmental ratings. 280 companies whose ESG environmental ratings and financial performance can be measured from 2020 to 2022 were analyzed. The ESG of this study is measured by the ESG environment rating announced annually by the Korea ESG Standards Agency, and the financial performance uses Tobin’s Q and ROE, and data are collected using the Financial Supervisory Service Electronic Disclosure System and the Korea Exchange. The results of this study are summarized as follows. First, it was confirmed that there is no difference in the financial performance of companies whose ESG environmental ratings increased compared to the previous year and those whose grades declined. Second, there was a difference in Tobin’s Q and ROE between companies with excellent ESG environmental ratings and those with poor environmental ratings. Third, ESG environment rating and ROE showed a positive (+) correlation. Finally, it was statistically verified that the ESG environmental rating had a positive effect on the company’s ROE. In addition, it was analyzed that the total asset turnover ratio, debt ratio, sales growth rate, and ESG environmental rating have an effect on the company’s ROE in the order. This study is significant in that it empirically verified that a company’s ESG environmental rating has a positive effect on its financial performance. 본 연구는 기업의 ESG 환경등급이 재무성과에 미치는 영향과 ESG 환경등급이 전년도 대비 상승한 기업과 하락한 기업의 재무성과를 비교하고 ESG 환경등급이 우수한 기업과 부실한 기업의 재무성과를 비교 검증하는 것이 목적이다. 2020년부터 2022년까지의 ESG 환경등급과 재무성과를 측정할 수 있는 280개 기업을 대상으로 분석하였다. 본 연구의 ESG는 한국ESG기준원에서 매년 공시하는 ESG 환경등급으로 측정하며, 재무성과는 토빈의 Q와 ROE를 사용하고, 금융감독원전자공시시스템과 한국거래소를 이용하여 자료를 수집하였다. 본 연구의 결과를 요약하면 다음과 같다. 첫째, ESG 환경등급이 전년도 대비 상승한 기업과 하락한 기업의 재무성과에는 차이가 없는 것을 확인하였다. 둘째, ESG 환경등급이 우수한 기업과 환경등급이 부실한 기업의 토빈의 Q와 ROE에는 차이가 나타났다. 셋째, ESG 환경등급과 ROE는 양(+)의 상관관계을 보였다. 마지막으로 ESG 환경등급이 기업의 ROE에 긍정적인(positive) 영향을 주고 있음이 통계적으로 검증되었다. 아울러 총자산회전율, 부채비율, 매출액증가율, ESG 환경등급 순서로 기업의 ROE에 영향을 미치는 것으로 분석되었다. 본 연구는 기업의 ESG 환경등급이 재무성과에 긍정적인(positive) 영향을 미치고 있음을 실증적으로 검정하였다는 의의가 있다.

The Effects of Firm Size and Measurement Characteristics on Performance Score

Tae-Sik Ahn(안태식),Ji-Yeon Lee(이지연),Jin-Ha Park(박진하) 한국관리회계학회 2011 관리회계연구 Vol.11 No.2

많은 선행연구들은 성과에 있어 기업규모효과가 존재함을 보여주었는데 규모가 큰 기업은 작은 기업에 비해 추가적으로 자원, 능력을 투입할 여력과 목표 달성을 위한 축적된 경험과 지식, 별도의 프로세스, 인력을 갖추고 있을 가능성이 높은 것을 근거로 제시하고 있다. 본 연구는 이에 더하여 평가자와 피평가자의 인센티브에 의해 발생한 평가자의 오류가 기업규모효과를 발생시킬 수 있다는 증거를 제시한다. 지표 특성상 주관적 지표는 평가자의 주관적인 판단에 의존하기 때문에 객관적 지표에 비해 선호도, 불공정한 평가 등의 평가자 오류에 영향을 받을 가능성이 높기 때문이다. 연구 결과는 첫째, 피평가기관의 기업규모효과가 존재하며, 둘째, 그 효과가 주관적 지표에서 더 큰 것을 보고하였다. 이는 평가자의 오류에 기인한 기업규모효과가 평가점수에 영향을 미칠 수 있음을 보여주며, 또한 피평가자 역시 평가자의 이러한 인센티브 및 평가 오류를 인지하고 있다면, 실제 성과를 높이는 노력보다는 평가를 잘 받기 위해 더 많은 노력을 기울일 가능성이 있음을 시사한다. 본 논문의 결과는 평가지표를 디자인할 때 평가자 및 피평가자의 인센티브에 의해 평가결과가 왜곡되지 않도록 주의해야 함을 실증적으로 보여준다는 점에서 의의를 갖는다. This study examines the effects of firm size and measurement characteristics on performance score. Most of previous studies support that large firm have better performance score because large firms have additional resources and capabilities, more knowledge or experiences, and specific process established. This paper adds on prior studies suggesting that rater bias such as raters’ subjective judgements, unfair evaluation, and favoritism can be an another reason for the firm size effect on performance score. Because of insufficient information gathering and limited time, raters may not see firm performance from a completely objective point of view but evaluate it depending on performance report that ratees prepare. Arguably, larger firm is more capable of preparing reports and communicating with raters. In order to disentangle rater bias from true firm performance, we first examine the existence of firm size effect on performance score. Then, we further examine whether this firm size effect is higher in subjective measures than in objective measures because subjective measure is more prone to individual judgement. We find that firm size is significantly and positively associated with its performance score and size effect is significantly higher in subjective measures compared to that in objective measures. Our findings suggest that rater bias produces firm size effect on performance score. That is, performance evaluation results can be distorted to be of great advantage to large firm who exert more effort on activities to get better rating other than to improve actual performance. In order to provide fair evaluation to ratees, designers of performance metrics should understand raters’ and ratees’ incentive in performance evaluation system.

The Effects of Firm Size and Measurement Characteristics on Performance Score

안태식,박진하,이지연 한국관리회계학회 2011 관리회계연구 Vol.11 No.2

This study examines the effects of firm size and measurement characteristics on performance score. Most of previous studies support that large firm have better performance score because large firms have additional resources and capabilities,more knowledge or experiences, and specific process established. This paper adds on prior studies suggesting that rater bias such as raters' subjective judgements, unfair evaluation, and favoritism can be an another reason for the firm size effect on performance score. Because of insufficient information gathering and limited time,raters may not see firm performance from a completely objective point of view but evaluate it depending on performance report that ratees prepare. Arguably, larger firm is more capable of preparing reports and communicating with raters. In order to disentangle rater bias from true firm performance, we first examine the existence of firm size effect on performance score. Then, we further examine whether this firm size effect is higher in subjective measures than in objective measures because subjective measure is more prone to individual judgement. We find that firm size is significantly and positively associated with its performance score and size effect is significantly higher in subjective measures compared to that in objective measures. Our findings suggest that rater bias produces firm size effect on performance score. That is, performance evaluation results can be distorted to be of great advantage to large firm who exert more effort on activities to get better rating other than to improve actual performance. In order to provide fair evaluation to ratees, designers of performance metrics should understand raters' and ratees' incentive in performance evaluation system.

경영자특성과 인적자원관리가 성과에 미치는 효과

전순영 한국기업경영학회 2012 기업경영연구 Vol.19 No.2

This study conducts an empirical analysis for the direct effect of management's factors and the mediating effect of HRM practices to organizational performance using business data in the cases of small-sized business firms. Model was set by structural equations models (SEM) using AMOS (Analysis of Moment Structure) 18 and PASW (Predictive Analytics Soft Ware) Statistics 18 package program using business data for the 414 small-sized firms. Thus this research was designed to analyze how exogenous variables such as management's traits factors affect endogenous variables such as the HRM practices and performance, which is composed to turnover rate and sale per person of start-up firms. Many research studies focused on how management’s traits affect their organization’s performance have been conducted. The following hypotheses are developed based upon the previous research and the books on organizational performance including job satisfaction and organizational commitment. Data were extracted from objective one, and empirical analysis was conducted via AMOS. The hypotheses on the influence of management's traits and HRM practices to organizational performances are as follows:Hypothesis 1. Management’s leadership traits factors affect HRM practices. Hypothesis 2. HRM practices have an effect on organizational performance. Hypothesis 3. Management’s trust factors exert influence on organizational performance and financial performance. Hypothesis 4. Turnover rate have a negative influence to sales per person. The conclusion from the analysis through setting up a hypothesis is as follows: First, this study confirms that management’s leadership variable out of management’s traits factors has a direct influence on the HRM practices, especially recruitment, training development, performance evaluation, reward management, and career development. Therefore, management’s leadership variable was adopted as the variable influencing on the HRM practices. As a result of the empirical analysis, the effect on the management’s leadership traits to HRM practices was at the level of .4.456, 3.282, 8.577, 4.771, and 3.889, which it showed significant effect at the significance level of 0.001%. Second, as a result of the study of the effect on the organizational performance by the HRM practices of start-up firms, it is partly significant that HRM practices, recruitment, training development, reward management, and career development has a direct influence on the turnover rate. Third, management’s trust variable out of management’s traits factors doesn’t have a direct influence on the turnover rate and sale per person because of checklist excluding stakeholder’s one. As a result of the empirical analysis, the effect on the management’s trust variable to the turnover rate was the C.R. value of 1.601, which it showed non-significant effect. The other effect on the management's trust variable to the sale per person was the C.R. valuel of 0.383, which it showed non-significant effect also. Fourth, organizational performance, which is measured by turnover rate have a negative influence to financial performance which is measured by sales per person. As a consequence of the empirical analysis, the effect on the organizational performance to financial performance was at the level of -.2111, which it showed significant effect at the significance level of 0.001%. It has the mediating effect of HRM practices on the relationship between management's leadership and turnover rate. And it also has the mediating effect of management’s trust on the relationship between turnover rate and sale per person. 연구의 목적은 중소기업을 대상으로 조직성과에 미치는 경영자의 특성 및 인적자원관리 개별활동의 직접적 효과, 간접적 효과 행태를 분석하는 것이다. 본 연구의 표본기업은 지방 중소기업 414개사를 대상으로 하였으며 수집된 자료는 구조방정식 모형을 활용하여, AMOS(Analysis of Moment Structure) 18과 PASW(Predictive Analytics Soft Ware) Statistics 18 패키지 프로그램을 이용하여 통계처리 하였다. 이상에서 논의된 내용을 종합하면 다음과 같다. 중소기업에서의 경영자의 리더십은 충원, 교육 훈련, 성과평가, 보상 및 유지, 경력개발의 다섯 가지 인적자원관리 개별활동 모두에 영향을 미치고 있는 것으로 나타났다. 이들 개별활동중 성과평가를 제외한 나머지 네 가지의 활동은 이직률에 부(-)의 영향을 미치고 이직률은 1인당 매출액에 부(-)의 영향을 미친다. 한편 경영자의 신뢰성은 이직률이나 1인당 매출액에 유의적인 영향을 미치지 않는 것으로 나타났는데, 이는 신뢰성을 구성하는 평가항목 체크리스트가 내부적인 이해관계자에 대한 항목은 1개인반면 외부 이해관계자에 대한 항목이 3개가 되는 것과 연관이 있어 보인다. 경영자의 리더십은 이직률에 직접 영향을 미치는 직접효과와 인적자원관리 개별활동을 경유하는 간접효과가 발생하게 되며, 경영자의 신뢰성은 1인당 매출액에 대한 직접효과와 이직률을 거치는 간접효과를 보여준다

환율변동이 기업수익성에 미치는 영향 및 대응전략

안순권(Soon Kwon Ahn) 한국경제연구원 2007 한국경제연구원 연구보고서 Vol.2007-08 No.-

  This paper investigates the effect of exchange rate fluctuations on the Korean manufacturing firm’s performance in the period of 1989~2006 using totally 6,801 firms, which include not only the listed firms, but the registered and audited firms.<BR>  The empirical study shows the operation performances of manufacturing firms deteriorate according to the appreciation of Korean Won/US dollar exchange rates, but improve according to the appreciation of Japanese Yen/US dollar exchange rates. These results correspond with the theories and the experiences as well as with the results of existing empirical studies that manufacturing firms take advantage of the depreciation of Korean Won and the appreciation of Japanese Yen.<BR>  The extent of influences of exchange rate fluctuations on the Korean manufacturing firm’s performance have weakened for not only Won/US dollar, but for Yen/US dollar since 2002, when Korean Won continued to appreciate thereafter.<BR>  The effects of exchange rate fluctuations on the firm’s performance depend on the characteristics of firms as follows. First, the export oriented firms performances appear to be more sensitive to the exchange rate fluctuations than the domestic market oriented firms. Second, the exchange rate fluctuations have more influence on the small-medium firms than on the large firms. Therefore, it is necessary for the small-medium firms to strengthen the exchange rate management system, as well as to improve the quality of export goods with product differentiation. Third, the low productivity firms performances appear to be more sensitive to the exchange rate fluctuations than the high productivity firms. Therefore, Korean firms are required to continue to reduce cost by means of restructuring and raising the efficiency of the management, as well as by stabilizing the labor-management relations. Finally, the exchange rate fluctuations have more effect on the high R&D ratio firms than on the low R&D ratio firms. This unexpected result implies that although the rise of R&D ratio may alleviate the exchange rate sensitivity, it means that Korean firms have not overcome the fragilities of responding sensitively to the exchange rate fluctuations yet, due to the technical gap with the U.S. and Japanese firms. Therefore it is necessary for Korean firms to enhance the quality competitiveness of export goods by producing high-technology goods.

The effects of outdoor air supply rate on work performance during 8‐h work period

Park, J. S.,Yoon, C. H. Blackwell Publishing Ltd 2011 Indoor air Vol.21 No.4

<P><B>Abstract </B> The purpose of this study is to evaluate the effect of ventilation rate on work performance and perceived air quality through short‐term laboratory experiments. The experiment was designed to simulate office work, and a laboratory space was modified using new finish materials to become a typical office space. High levels of volatile organic compounds (VOCs) were found in the exposure chamber, most probably originating from the new finishing materials that were present. Twenty‐four subjects were divided into six groups that were randomly exposed to the three ventilation rates, 5, 10, and 20 l/s per person. The subjects performed work tasks three separate times for each ventilation rate over an 8‐h exposure period. The work performance of the subjects logarithmically improved with increased ventilation rates, which was similar to the previous research findings. Statistical significance was found for addition task, text‐typing task, and memorization task. Increased work performance in this experiment was slightly lower than the results of previous short‐term laboratory experiments, yet remained higher than results of previous long‐term field experiments. However, it was difficult to directly compare the results of this experiment with those of previous experiments, because of the higher concentration of VOC present in the office rooms and the learning effect associated with the repeated tasks.</P><P><B>Practical Implications</B></P><P>The results of this experiment show that ventilation had positive impacts on perceived air quality and work performance for the subjects tested. Work performance logarithmically increased by approximately 2.5–5% as ventilation rates were increased from 5 to 20 l/s per person. The positive effect of ventilation rate on work performance was shown to be limited at the low ventilation rate. The positive effects on work performance were at lower ventilation rates. The learning effect in repeated work performance tasks could increase the uncertainty of the work performance analysis in 8‐h exposure period.</P>