광고정보센터 논문

투자자 심리지수와 투자자의 비합리성에 관한 연구 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

Previous studies in the field of behavioral finance suggest that investors’ irrational behavior induces the difference between stock price and fundamental value. Uninformed investors with cognitive biases tend to make irrational investment decisions, such as herding, overconfidence, and loss aversion, rather than rational investment decisions. To find that mispricing is caused by investors’ irrational behavior, many studies focus on suggesting investor sentiment indicators constructed using surveys, transaction data, and textual data. We systematically review the literature regarding investor sentiment indices depending on the type of data and discuss the limitations of each index. Based on such limitations, we suggest ways to improve the measurement of each sentiment indicator.

사회 또는 건강에의 위협? 코비드19의 프레이밍이 사람들의 돈과 시간의 기부의사에 미치는 영향에 관한 연구 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

As the coronavirus outbreak spreads, the pandemic has affected every region of the world, and its impacts are multi-fold; economic, political, and social. This research investigates how Covid-19 influences individuals’ prosocial intentions and behaviors through a random experiment and analysis of field data from a crowdfunding platform. When Covid-19 is described as a disease impacting society (vs. individual’s health), people perceive its threat more severely. We find that participants’ age moderates this relationship between Covid-19 descriptions and perceived severity. While perceived severity linearly increases with age in the health perspective condition, it does not vary by age in the social perspective condition. More importantly, this increased perception of Covid-19 severity subsequently leads to a higher willingness to help others with money (i.e., donation) but not with time (i.e., volunteering). We use a difference-indifference approach using large data from a loan-based crowdfunding platform, Kiva, and find that projects with society-related words yield higher funding success rates than those with health-related words after Covid-19. Our results suggest that highlighting the social aspect of Covid-19 rather than health-related issues would be a more effective communication strategy for encouraging prosocial behaviors.

양면적 리더십, 포용 인식, 팀 혁신 행동 간의 관계 팀 학습목표지향성의 조절된 매개효과 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

Ambidextrous leadership is characterized with displaying and switching two kinds of leader behaviors, open and closed leader behaviors, flexibly depending on the situation. Despite reported empirical evidence showing the positive impact of ambidextrous leadership on team innovative behavior, few studies have specifically examined the mechanism explaining how ambidextrous leadership increases team innovative behavior. This study attempts to examine perceived inclusion as a mediator and team learning goal orientation as a moderator to better understand its underlying psychological process and boundary condition. We collected survey data from a total of 431 people (85 teams) working in public organizations and created team-level variables by aggregating individual responses into team-level measures. Our analyses confirmed that ambidextrous leadership can enhance team innovative behavior and more importantly, this relationship is mediated by increased team members’ perceived inclusion. In addition, this mediation effect was significantly moderated by team learning goal orientation. Practically, this research suggests that team innovative behavior can be promoted by a leader with an ambidextrous view whose ability to deal with conflicting needs can effectively instill a sense of inclusion among team members and this relationship would be stronger with a team high in learning goal orientation.

혁신지향성이 중소기업의 성과에 미치는 영향: 비즈니스모델혁신과 환경역동성의 역할을 중심으로 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

This study investigates how innovation orientation and business model innovation(BMI) affect the performance of SMEs. Data were collected from SMEs in the U.S. retail industry. The main findings are as follows. First, product/service innovation(PSI), process innovation(PRI), and resource innovation (RSI) fully mediate the effect of innovation orientation on firm performance. Second, PRI and RSI have positive effects on financial performance, whereas PSI and RSI have positive effects on non-financial performance. Third, RSI has significant positive impacts on both financial and non-financial performance. Fourth, in the relationship between each BMI factor and firm performance, the moderating effect of environmental variables was limited. In highly turbulent environments, only PRI has a greater impact on financial performance. Implications for research and practice are discussed.

소비자의 개인주의와 집단주의 성향이 자기희생적 환경 CSR의 영향에 미치는 차별적 효과: 한국인과 미국 백인의 차이를 중심으로 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

Collectivism/Individualism is a key to grasping the differential consumer responses to CSR across generations in contemporary Korea. The study adopts a perspective that individualist/collectivist self-concepts coexist within an individual’s mind. To understand the differential effects of individualist/collectivist self-concepts in CSR settings, 〈Study 1〉 utilized the “Worn Wear Program” of Patagonia and examined the relationships among ‘perceived self-sacrificial CSR’, ‘consumer gratitude’, and ‘consumer admiration’, focusing on moderation effects of individualist/collectivist self-concept between caucasian Americans and Koreans. 〈Study 1〉 discovered that both caucasian Americans and Korean consumers felt admiration to the company that had implemented self-sacrificial environmental CSR, which effect was partially mediated by consumer gratitude. Using Yuhan Kimberly’s environmental CSR, 〈Study 2〉 investigated the relationships among the aforementioned three constructs and consumer moral elevation, revealing that Korean consumers were morally elevated by self-sacrificial CSR, which was partially mediated by consumer gratitude and admiration. Interestingly, comparatively to caucasian Americans, Korean consumers with strong individualist self-concept showed a drastic increase in admiration as corporate sacrifice was highly perceived, which was the opposite tendency among consumers with strong collectivist self-concept. The results shed light on management, society as well as academics. Limitations and future research directions are also discussed.

최저한세 납부 대상 기업의 자기자본비용 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

This study analyzes effects of alternative minimum tax (AMT) on firm’s cost of equity capital. Investigating a sample of public firms for 2011-2020, we find that firms paying AMT have a higher cost of equity capital. We also find that the cost of equity capital is higher when the firms paying AMT are non-small and medium-sized enterprises (SMEs). This study contributes to expanding the literature by empirically analyzing how tax regulation affects the capital market. Firms’ behavior motivated by tax regulation could affect the cost of equity capital which is the basis of the firms’ real economic decisions. Thus, the results suggest that tax policymakers make tax regulation more sophisticated.

비동일방법편의(Uncommon Method Bias)의 원인과 해결방안 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

Common method bias(CMB) occurs when the measurement of all variables within a conceptual framework is done with a single i.e. common method. The importance of overcoming CMB as a key way to increase the quality of research has been recognized by most scholars, that it is often treated as a basic condition to be fulfilled in doing an empirical study. Thus, the use of uncommon methods became a fad to overcome CMB. By recognizing that uncommon method also has problems, this paper describes uncommon method bias(UMB) thoroughly: What it is, why it happens, and finally the six ways to overcome it. Furthermore, 1,529 empirical papers published in past 14 years (2008~2021) in three prominent Korea journals were analyzed in detail to see to what extent they recognized the issue of CMB and/or UMB, and how they tried to overcome them. Unlike growing recognition and effort to overcome CMB, none of the 1,529 papers has mentioned anything about UMB, not to mention any efforts to overcome it.

사립대학 회계감리에 따른 감사보수 및 감사시간의 관계 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

This study is to investigate audit fee and hour of private universities in order to measure the effectiveness of audit review. After audit review, there is a possibility that the auditors who audited the private universities and universities will be disadvantaged, which will put pressure on the auditing work. Therefore, audit review is highly likely to change the behavior of private universities and auditors. In this study, we examine ① audit fee and hour of audit reviewed universities(AR), ② audit fee and hour of AR after review, ③ the difference of audit fee and hour between AR and non-AR. As a result, AR target year"s audit fee and hour is lower than non-AR, significantly. And AR"s audit fee after review is significant higher, but not significant relative to non-AR. Additionally, AR"s audit hour after review is significant lower than non-AR. This study has the contribution in that it investigated AR"s audit fee and hour about the effectiveness of audit review in private universities. In addition, this study suggests the Standard audit hour policy for effectiveness of the private university audit review, that is, increase the accounting transparency of private universities and improve audit quality.

리더 감정노동의 확장: 척도 개정 및 매개효과 연구 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

This research aimed to investigate the effect of the perceived leader’s intention by the employees through an in-depth analysis on the scale of leader’s emotional labor. First, a survey was conducted in on 496 Korean employees to explore factors of leader’s emotional labor. The data demonstrated that the factors of surface acting was separated by the employees’ perception of leaders’ bad faith faking) and contextual appropriateness(suppression). It also confirmed that each factor correlated differently with the employees’ work outcomes. Secondly, another survey was conducted on 445 employees and the four factors of leader’s emotional labor were reconfirmed. Lastly, follow-up survey was performed selecting 224 employees who participated in the previous survey. We analyzed the mediating effect of perceived leadership on the relationship between sub-types of leader’s emotional labor perceived by the employees and their work attitude. Resultantly, we found that positive surface acting of leaders’ appropriateness and negative surface acting of leaders’ bad faith had different effects on work engagement via leader-member exchange quality. Also this research suggested theoretical and practical implications of the relationship between emotional labor and emotional display leadership hinting the directions of future research.

소셜 벤처의 공식 영역과 비공식 영역 간 균형 잡기: 세대단위 개념을 중심으로 | 2023.03.08

기타 | 경영학연구 (한국경영학회)

This study investigates how social ventures deal with the tensions between economic values driven by firm growth and social values they originally implement. Given that the formal sphere (e.g. structure, authority, and rules) is inter-related with the informal sphere (e.g. culture, social interactions, and values), we conduct an in-depth case study of a Korean social venture to specify the co-evolution process of these distinctive spheres in a generational approach. The generational approach views that new employees create their own cultural boundaries vis-?-vis those of incumbents within the organization by collectively mobilizing what they understand regarding their work. In response to this generational differentiation, these generations takes distinctive actions to embrace what the organization eventually pursues, including value reinforcement, re-practicing, and sub-culturing. Our findings provide the understandings of what aspect hybrid organizations consider upon firm growth.