친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향

백재승,이상휘,한명로 한국기업경영학회 2016 기업경영연구 Vol.23 No.1

Numerous studies have shown the effect of corporate governance structure adopted by firms on firm value. In general, there are particularly positive relationships between firm characteristics of good governance and firm value. In this paper, using Korean firms, we investigated information effect of family-owned business on shareholders' wealth. Especially, we examined this relationship directly by (i) the announcement effects of ownership succession and management appointment of family members on shareholder value and (ii) the determinant of firm value change which includes family managerial activity information through comprehensive empirical work. To investigate the goal of the paper, we consider macroeconomic factors as well as financial character such as financial crisis, business group, firm size and leverage which influence firm value changes following family business events. We classify samples of the heir succession and management appointment into two groups depending upon family business type and business group to determine which category is better to increase firm value for the shareholder's wealth maximization. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of the transfer of the family owned business on firm value with a case of an heir succession and management appointment in Emerging market. Family business Korean financial market has good characteristics that are suitable to examine the value of equity of the firms following financial strategy change. In order to test the hypothesis, we use standard event study methodology with market model. The time horizon sets the announcement date as an event date and observes the performance of 20 days prior and after the disclosure date. Financial data are extracted by KIS-value and FN guide date set which are normally used for the study in this field. Our sample consisted of 512 family business events of the firms announced from 2001 to 2014 and publicly listed and traded institutions reported by the KSE. The independent(control) variables used in the paper are firm size, leverage ratio, managerial performance and dividend ratio, ownership structure, financial crisis period dummy, and the dependent variable is the cumulative abnormal return(CAR) which is calculated by market model. As a result, we find that the relationships between the announcement effect of family business event such as ownership succession and new management appointment of family members and short-term stock return have positive effects due to expectation about future firm performance. However, firm value changes following family business activity have different market reaction due to firm characteristics. While firms with good managerial performance(ROA) and higher ownership by controlling shareholder experience larger increases in the value of their equities, firms with bad performance and lower ownership by controlling shareholder reveal negative market responses. In addition, firms with larger asset and smaller debt experience less impact on their firm value which shows significant relationship between financial characteristics and firm value following family business event. To the extent that firm value enhances after corporate governance structure changes due to the increase in expected return on investment, our results are consistent with the view that non-financial characteristics such as management reshuffling and ownership succession can derive a link between corporate system and firm value. These results are consistent with the view that the increase in the expected rate of return due to family owned business is more pronounced as the succession method fits. Our results suggest that the appreciation of financial share prices is attributable for the factors around family business management and ownership succession. 본 연구는 친족 중심의 기업경영행태가 주요한 비중을 차지하고 있는 기업에서 친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향을 조사하였다. 이 때 기업특성변수를 고려하여 시장의 반응을 측정함으로써 재무적 특성과의 관계도 분석에 포함하였다. 이를 위해 2001년부터 2014년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 친족에 대해 지분을 승계하거나 주요 임원으로 임용 또는 승진한 기업을 대상으로 기업가치에 미친 영향을 조사하였다. 이와 함께 자본구조, 소유구조, 위험도, 기업집단 여부 등의 기업 특성 및 글로벌 금융위기와 같은 경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 지분 승계 및 임원 임용은 공시일 주변 기업가치에 긍정적으로 작용한 것으로 조사되었다. 둘째, 자본구조 측면에서 부채비율이 낮거나 소유구조 측면에서 대주주지분율이 높을수록 지분 승계를 실시할 가능성이 높게 나타났고 이는 임원 임용에도 유사하게 적용되었다. 셋째, 공시일 주변 양(+)의 가치 변화에 영향을 미친 개별 변수로서 외국인지분율, 시장가치, 수익성, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 친족이 경영활동에서 중요한 역할을 차지하는 기업에서 친족의 지분 승계 및 임원 임용과 같은 전략이 효과적인 경우 외부적인 평가가 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 지분 승계 등의 기업전략에 있어서 소유구조, 시장가치 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이다. 본 연구의 결과는 국내외적으로 기업활동에 큰 부분을 차지하는 가족기업의 성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안을 연구하는데 유용한 참고자료가 될 수 있다.

친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향

백재승(Jae Seung Baek),이상휘(Sang Whi Lee),한명로(Myung ro Han) 한국산업경영학회 2016 한국산업경영학회 발표논문집 Vol.2016 No.-

본 연구는 친족 중심의 기업경영행태가 주요한 비중을 차지하고 있는 기업에서 친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향을 조사하였다. 이 때 기업특성변수를 고려하여 시장의 반응을 측정함으로써 재무적 특성과의 관계도 분석에 포함하였다. 이를 위해 2001년부터 2014년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 친족에 대해 지분을 승계하거나 주요 임원으로 임용 또는 승진한 기업을 대상으로 기업가치에 미친 영향을 조사하였다. 이와 함께 자본구조, 소유구조, 위험도, 기업집단 여부 등의 기업 특성 및 글로벌 금융위기와 같은 경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 지분 승계 및 임원 임용은 공시일 주변 기업가치에 긍정적으로 작용한 것으로 조사되었다. 둘째, 자본구조 측면에서 부채비율이 낮거나 소유구조 측면에서 대주주지분율이 높을수록 지분 승계를 실시할 가능성이 높게 나타났고 이는 임원 임용에도 유사하게 적용되었다. 셋째, 공시일 주변 양(+)의 가치 변화에 영향을 미친 개별 변수로서 외국인지분율, 시장가치, 수익성, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 친족이 경영활동에서 중요한 역할을 차지하는 기업에서 친족의 지분승계 및 임원 임용과 같은 전략이 효과적인 경우 외부적인 평가가 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 지분 승계 등의 기업전략에 있어서 소유구조, 시장가치 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이다. 본 연구의 결과는 국내외적으로 기업활동에 큰 부분을 차지하는 가족기업의 성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안을 연구하는데 유용한 참고자료가 될 수 있다. Numerous studies have shown the effect of corporate governance structure adopted by firms on firm value. In general, there are particularly positive relationships between firm characteristics of good governance and firm value. In this paper, using Korean firms, we investigated information effect of family-owned business on shareholders' wealth. Especially, we examined this relationship directly by (i) the announcement effects of ownership succession and management appointment of family members on shareholder value and (ii) the determinant of firm value change which includes family managerial activity information through comprehensive empirical work. To investigate the goal of the paper, we consider macroeconomic factors as well as financial character such as financial crisis, business group, firm size and leverage which influence firm value changes following family business events. We classify samples of the heir succession and management appointment into two groups depending upon family business type and business group to determine which category is better to increase firm value for the shareholder's wealth maximization. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of the transfer of the family owned business on firm value with a case of an heir succession and management appointment in Emerging market. Family business Korean financial market has good characteristics that are suitable to examine the value of equity of the firms following financial strategy change. In order to test the hypothesis, we use standard event study methodology with market model. The time horizon sets the announcement date as an event date and observes the performance of 20 days prior and after the disclosure date. Financial data are extracted by KIS-value and FN guide date set which are normally used for the study in this field. Our sample consisted of 512 family business events of the firms announced from 2001 to 2014 and publicly listed and traded institutions reported by the KSE. The independent(control) variables used in the paper are firm size, leverage ratio, managerial performance and dividend ratio, ownership structure, financial crisis period dummy, and the dependent variable is the cumulative abnormal return(CAR) which is calculated by market model. As a result, we find that the relationships between the announcement effect of family business event such as ownership succession and new management appointment of family members and short-term stock return have positive effects due to expectation about future firm performance. However, firm value changes following family business activity have different market reaction due to firm characteristics. While firms with good managerial performance(ROA) and higher ownership by controlling shareholder experience larger increases in the value of their equities, firms with bad performance and lower ownership by controlling shareholder reveal negative market responses. In addition, firms with larger asset and smaller debt experience less impact on their firm value which shows significant relationship between financial characteristics and firm value following family business event. To the extent that firm value enhances after corporate governance structure changes due to the increase in expected return on investment, our results are consistent with the view that non-financial characteristics such as management reshuffling and ownership succession can derive a link between corporate system and firm value. These results are consistent with the view that the increase in the expected rate of return due to family owned business is more pronounced as the succession method fits. Our results suggest that the appreciation of financial share prices is attributable for the factors around family business management and ownership succession.

동아시아의 가족가치 비교 척도 개발에 대한 연구

안승재 ( An Seung Jae ),은석 ( Eun Suk ),홍백의 ( Hong Beag Eui ) 한국가족사회복지학회 2018 한국가족복지학 Vol.60 No.-

본 연구는 다양한 가족가치를 포착하여 동아시아 국가 간 비교연구에 적용할 수 있는 척도의 개발을 목적으로 한다. 이를 위해 국내외 문헌을 검토하고 전문가 자문을 거쳐 다양한 가족가치를 포착할 수 있는 예비문항을 만들었다. 조사는 한국, 일본, 중국의 20∼59세 이상 남녀3,000명을 대상으로 이루어졌다. 가족가치척도의 개발을 위하여 문항분석, 탐색적 요인분석, 확인적 요인분석, 신뢰도 분석을 실시하였다. 연구결과 포스트모던 가족가치, 전통적 가족가치, 유교적 가족가치, 도구적 가족가치, 양성평등적 가족가치의 5개요인, 15개 문항이 최종적으로 가족가치척도로 구성되었다. 본 연구에서 개발한 가족가치척도는 선행연구에서 다루는 모든 가족가치를 포괄하지는 못하였지만 가족가치들을 다면적으로 측정하는데 타당한 것으로 분석되었으며, 향후 추가적인 척도 적용 및 검증을 통해 가족가치 비교연구에 있어서 이론적 기여를 할 수 있을 것으로 예상된다. This study aims to develop a scale to capture various components of the family value and apply for comparative study of the family value of East Asian countries. Through literature review and experts consults, 27 preliminary questions of the East Asian family value were developed. A total of 3,000 people of East Asia countries(Korea, China, Japan) aged 20∼59 were responded to the questionnaire. For validating the family scale developed, an explanatory factor analysis, confirmatory factor analysis and reliability analysis were conducted. The results were as follows. Two of the 27 questions were deleted because those questions were found to have high correlation with other questions. Through the exploratory factor analysis 5 factors composed of 15 items -post-modern family value, traditional family value, confucian family value, instrumental family value and gender equality family value- were extracted and confirmed the factors with confirmatory factor analysis and reliability analysis. The results revealed that the family value scale was appropriate for measuring various family values in East Asian countries and would contribute to the development of Asian family theory. However, this scale can not cover all the family values and further studies would be needed to confirm the validity of the family value scale.

가족기업의 경영전략 유형과 기업가치에 대한 실증연구

박준식,최문수 대한경영학회 2022 大韓經營學會誌 Vol.35 No.8

This study categorized family and non-family companies for KOSDAQ-listed companies and empirically analyzed whether family companies have a governance structure that can lead to long-term growth and development of companies. The goals of a company may differ from company to company, but in general, it can be said that the goals of a company are related to the enhancement of its corporate value. Therefore, the criteria for judging the appropriateness of corporate governance should be whether the current corporate governance structure is effective in enhancing corporate value. If the enhancement of corporate value is directly related to the growth of the company and the management strategy of the company is designed to bring about the continued growth of the company, the corporate governance structure should be in a form that can perform this management strategy well. In other words, if the improvement of corporate value is directly related to the management strategy chosen by companies, the corporate governance structure pursuing this management strategy can be said to be an appropriate form. Execution of an aggressive management strategy that can lead to the continuous growth of a company may be characterized by high uncertainty because large amounts of investment are continuously required, while the performance of investment appears in the distant future. In order to implement such an aggressive management strategy, an appropriate corporate governance structure is required. If a professional manager is a CEO, the corporate value can be increased by appropriately utilizing his expertise to carry out management strategies. However, agent problems that may arise for professional managers can make it difficult to implement aggressive management strategies such as R&D, which require long-term investment and are uncertain about future investment outcomes. On the other hand, in the case of a family business in which the family has control over the management, there is almost no agency problem in the implementation of business strategies according to the agency theory. A family business can make faster and more flexible decision-making by responding to the changing environment without any agency problem so they can promptly execute aggressive and competitive business strategies. The results of the empirical analysis are summarized as follows. First, as a result of logistic regression analysis, the type of leading management strategy was an important factor in classifying family companies. This result shows that in the case of family companies, there is a possibility that they will be active in leading management activities that can enhance corporate value because the interests between shareholders and managers are more consistent than in non-family companies. Second, according to the panel analysis, the more prospective the type of management strategy, the higher the corporate value. In particular, the corporate value of family companies pursuing a prospective management strategy was higher than that of companies pursuing all other types of strategies, including non-family companies. These results support the consensus interest hypothesis that family companies have little possibility of agent problems due to consistent interests between shareholders and managers, thus resulting in reduced agent costs and increased corporate value. Therefore, it can be seen that a family company is one of the appropriate corporate governance structures to efficiently achieve the company's final goal of enhancing corporate value through the implementation of a prospective management strategy.

The Relationship Between Firm Value and Ownership of Family Firms: A Case Study in Indonesia

Lintang VENUSITA,Dian AGUSTIA 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.4

The purpose of this research is to examine the effect of family share ownership on the value of family companies and differences in the value of the firm - a family firm managed by family members and a family firm managed by non-family members. This research is also related to agency problems, namely share ownership and professional management can increase company value. This research uses the firm value as the dependent variable that is measured using Tobin’s Q. Meanwhile the independent variable in this research is family ownership, and firm size is the control variable. The purposive sampling method was used to determine the sample for this research. The object of this research is 78 family companies listing on the Indonesian Stock Exchange in 2017. The hypothesis is tested by using multiple linear regression analysis which meets the analysis requirements test or classic assumption test. The results show that majority family ownership does not affect the value of the firm and there is no difference in the firm value of family firm led by family members and the firm value of family firm managed by non-family members.

한국, 일본, 영국 기혼여성근로자의 일과 가족 양립 관련 가치관에 대한 비교연구

손영미,박정열,전은선 한국문화및사회문제심리학회 2015 한국심리학회지: 문화 및 사회문제 Vol.21 No.2

The purpose of this study was to identify work-family balance values(work-family centrality, marriage value, child-care value, work value etc) in Korea, Japan and U. K.. Moreover, This article investigated the attitudinal generational gap in each countries. Participants were 311 Korean, 324 Japanese and 322 English married working women, who were in the thirties fifties. The major findings of this study were as follows. Compared to Japan and U. K., Korean married working women were more work-centered and likely to seek for extrinsic work value as well as intrinsic work value. While they were highly thought that a woman should work despite of her marriage, it was also strongly concerned if their work negatively affected family life, they should be better to quit their job. These results showed that conservative-liberal values were coexisted in Korean participants. Secondly, U. K. participants were more centered on the family-oriented value and thought that women were not necessary to work in work-family conflict, in comparison to Korean and Japanese. As a result of cluster analysis, they were a lot distributed in ‘woman’s family care oriented group’ which was weigh on woman’s role as a family care giver as well as ‘family value oriented group’. Thirdly, Japan participants not only were less family-centered but also less work-centered. In the similar vein, they were less motivated and oriented to all of intrinsic and extrinsic work values compared with participants in Koran and U. K. On the other hand, Japanese participants, in sharp contrast to Korean, had a liberal viewpoint in work-family related values, such as woman’s work, career break caused by work-family conflict, and family values. We were trying to interpret these results in consideration of socio-economic-politic as well as psychological aspects. 본 연구는 한국과 일본, 영국의 기혼여성근로자를 대상으로 일과 가정의 양립 관련 가치관(일-가족지향성, 맞벌이태도-경력단절태도, 결혼 및 자녀필요성, 일의 가치 등)에 차이가 있는지 살펴보는 것을 목적으로 수행되었다. 또한 이들 가치관에 대한 세대 간 차이를 발견하고, 한국, 일본, 영국 기혼여성근로자의 주된 가치관 유형을 탐색하는 것을 목적으로 하였다. 이를 위해 한국 311명, 일본 324명, 영국 322명의 자료가 분석되었으며, 그 결과는 다음과 같다. 첫째, 한국이 일본과 영국에 비해 일지향적이며, 일에 있어서 외재적 가치와 내재적 가치가 모두 높은 경향을 보였다. 또한 여성이 일을 해야 한다고 생각하는 경향성이 높으나, 일과 가정의 갈등상황에서 여성이 일을 그만두어야 한다고 생각하는 경향성도 높은 것으로 드러나, 여성의 일-가정에 대한 이중적 가치관을 보여주었다. 둘째, 영국은 삶의 중심을 가족에 두는 경향이 강하였으며, 여성이 반드시 일을 할 필요가 없다고 생각하는 경향이 높았다. 군집분석결과, 영국은 여성이 가정의 주책임을 맡아야 한다고 생각하는 경향이 강한 ‘여성-가족돌봄가치지향’집단과 가족가치를 중요하게 여기는 ‘가족가치지향’집단에 많이 분포되는 경향을 보였다. 셋째, 일본은 한국과 영국 중 가족지향성이 가장 낮고, 일지향성도 낮으며, 일에 대해서 내재적 가치와 외재적 가치를 지향하는 정도가 모두 낮은 것으로 드러났다. 군집분석결과, 일본 조사대상자의 경우 가장 높은 비율이 ‘가치관약화집단’에 포함되고 있어, 가족의 영역에서도 일의 영역에서도 동기와 만족감을 느끼지 못하는 소진된 경향이 높은 것으로 판단된다. 한편 일본은 맞벌이 태도와 경력단절태도, 결혼 및 자녀필요성이 일관되게 진보적인 성향을 보이고 있어 한국과는 구별된다. 이 같은 결과를 한국, 일본, 영국의 사회경제정책 및 심리적 측면을 고려하여 해석하였다.

패밀리레스토랑의 욕구체계 기반 고객가치가 고객만족, 행동의도에미치는 영향: 4x4 매트릭스 욕구체계를 중심으로

김기수,심재현 한국유통과학회 2013 유통과학연구 Vol.11 No.12

Purpose- A pre-study on service quality-based customer value is conducted with the path structure (perceived value of service quality customer satisfaction behavior intention) based →→ on the hierarchical model of service quality including interaction and outcome quality, physical environment quality and the SERVQUAL model of process quality, namely, reliability, responsiveness, assurance, empathy, and tangibles. In addition,customer value in the service industry is studied by dividing into the two-way structure of utilitarian and emotional values. This study classifies customer values of family restaurants through the customer value model based on the 4x4 matrix needs system of Jeon and Kim (2009). It illustrates the path structure of customer value customer satisfaction behavior intention target →→ -ing college students in order to generalize the customer value system of family restaurants. Research design, data, and methodology- This study established seven hypotheses based on the relationship between each type of customer value (food quality, convenience, social,emotional, interior quality, service encounter, and purchasing)and customer satisfaction, and the relationship between customer satisfaction and behavior intention. The study data were collected from students in the Department of Business and Tourism at Kimpo University. In all,294 survey papers were returned of the 300 distributed: 253pieces were used in the final analysis excluding 41 with insufficient and less effective answers. For statistical analysis, the statistics software package SPSS 15.0 was used. Results- The results of the analysis are as follows: first, the customer values of family restaurants are classified by seven customer values: goods quality value, emotional value, convenience value, social value, purchasing value, service encounter value, and inner quality value. Second, emotional value, purchasing value, service encounter value, and inner quality value had positive impact on customer satisfaction. In particular, purchasing value through being included in functional value was not classified in the previous study; however, this study could classify and generalize this value in a new way. Finally, customer satisfaction had a positive impact on behavior intention. This showed that college students had behavior intention re – -purchase intention and word-of-mouth because they could be content with the food items on the menu and the service provided by employees. Conclusions - The main points based on the above-mentioned results are as follows. This study with college students as study subjects could be classified into four dimensions, namely, generic value, usage value, purchasing value, and physical value and seven sub-dimensions on customer values of family restaurants based on a 4x4 matrix needs system. Then,to confirm its generalization, the path structure of customer value customer satisfaction behavior intention was verified. While →→ existing pre-studies used simplified values by classifying restaurant values largely as utilitarian value and hedonic value, this study classified various forms of customer value, and that customer value especially could be expanded by adding purchasing value. As a result, it is shown that marketers need to diversify their customer services because this study proved that customer values can be classified in various ways based on customer needs.

대학생들의 가족가치관

박인숙,이정애 충남대학교 간호과학연구소 2003 충남대 간호학술지 Vol.6 No.1

Purpose: When family values of university students studying investigation family values of university students grasp and achieves family nursing to nursing subject persons, tried to help in promotion of family comprehension Method : Two instruments were used to measure family value. The modified form of general family value scale was 18 items with a 5 point of Likert response format( Cronbach's alpha= .86) and Patient circumstance family value scale was consisted of 18 items with a 5 point of Likert response format( Cronbach's alpha= .77). The subjects of this study were 512 undergraduate students, living in Daejeon, Chungnam, or Jeonbuk, during the period from May to June , 2002. Data used for analysis were 480 except insincere response. Result : General family values were(or value was) the highest, 'It's essential to hold the ceremony to respect their forefathers(3.93)', and 'It's not impossible for man to have extramarital relationship(1.64) was the lowest. Patient circumstance family values were the (or) value was the highest. 'The parents need to talk to each other more often to overcome difficulties(4.66)' and 'The parents can have conflicts in decision making when their parents is sick(3.32) were the lowest. The General family value was significantly different by current resident, grand-parents' visit degree, age and sex. Patient circumstance family values was significantly different by parents' survival, grand-parents' visit degree and residence.

A Study on the Influence of Family Affection Interaction Behavior on Experience Value in Family Tourism

왕월,심재연,김형호 한국융합학회 2019 한국융합학회논문지 Vol.10 No.12

Family tourism has become the mainstream demand of the tourism market, and it is also an effective way to obtain happiness. This paper takes family tourists as the research object, takes the family tourism family affection interaction behavior and the experience value relationship as the link, Empirically tests the family tourism "interaction behavior-social support-experience value" conceptual model and the relationship hypothesis. The results showed that interaction of family affection had a positive and significant effect on the functional, cognitive and emotional experience value of family tourists. Family interaction in family tourism has a significant positive impact on social support. Social support has significant positive effects on functional, cognitive, emotional and overall experiential values. This conclusion expands the theoretical and empirical research on the relationship between interaction behavior and experience value, and provides a basis for understanding the interaction behavior and experience value of family love from the perspective of tourism experience essence.

한국 기독교 문화권 가족의 스트레스와 적응연구:A Test of Causal Model

이현경 한국상담학회 2008 상담학연구 Vol.9 No.1

The purpose of this study was to explore the causal relationships among four family therapeutic factors (family stressor, family value, family support, and family perception) and the family adjustment variable in Korean Christian families. The Korean subjects were 223 family members in this study. The the causal relationship among five family factors were examined using the Causal Model. The finding of this study indicated that the family stressor showed a positive relationship with family value and family resource. The finding was consistent with previous research, and as hypothesized, a positive total effect of family stressor on family value (.67); family value on family perception (.84); family perception on family adjustment (.71); and family value on family adjustment (.79) were significant. In conclusion, the finding had the important results that the family perception factor in stress situations was the major determinant of the family adjustment. The families who had more stable family values tended to have better family adjustment., and the factor of Christian family value in this study was very significant. 본 연구는 한국기독교 가족들의 네 개의 가족치료 요인들(가족 스트레스 원, 기독교가족가치관, 가족자원, 가족지각)과 가족적응 변인 간의 인과관계에 대한 연구를 목적으로 하였다. 이 연구의 연구 참여자로 223명의 한국 기독가족들이 참가하였다. 그리고 다섯 가지 가족요인간의 인과관계를 알기위해 Causal Mode이 사용되었다. 본 연구는 가족스트레스 요인은 가족가치관과 가족 자원에 긍정적으로 영향을 주는 것으로 결론되었다. 연구의 발견들은 과거의 스트레스 연구들을 지지하고 있으며 연구의 가설과 같이 가족가치관(FV)에 관한 가족 스트레스 원(FS)의 전 효과(total effects, .67), 가족지각 (FP)에 관한 기독교 가치관의 전 효과(total effects, .84)와 가족적응 (FA)에 대한 가족의 지각(FP)의 전 효과(total effects, .71), 그리고 가족적응 (FA)에 대한 기독교가족가치관(FV)의 전 효과(total effects, 79)는 유의미했다. 결론적으로 이연구의 중요한 결과는 스트레스 상황 안에서 가족지각은 가족의 적응을 하는데 중요한 결정적인 요인이 된다. 안정된 가족 가치관이 있는 가족일수록 가족의 적응이 순조롭게 이루어지며 이 연구에서 기독교 가족가치관은 또한 중요한 요인으로 결론되었다.