연구

Research Themes (핵심 연구 분야)

1. Governance & Incentives (지배구조와 보상)

• Focus: CEO 및 임원 보상 구조가 기업 성과에 미치는 영향, 사외이사의 전문성과 이사회 다양성이 의사결정에 미치는 효과 분석.

• Key Question: "효율적인 보상 시스템과 이사회 구성은 어떻게 기업 가치를 높이는가?"

2. ESG (ESG, Esp., Social aspect)

   • Focus: ESG 활동의 회계적 측정 및 성과 연계.

   • Key Question: "ESG활동을 어떻게 측정할 것인가? Social 측면이 기업가치 및 구성원의 만족도에 미치는 영향은?"

3. Public Sector (공공부문)

   • Focus: 공공기관의 경영평가 지표 관리 및 성과 연계.

   • Key Question: "성과평가를 위한 최적의 성과지표 선택은?"

4. Strategic Cost Management & Earnings Quality (전략적 관리회계 및 이익의 질)

• Focus: 비대칭적 원가 행태(Cost Behavior), 경영자의 전략적 의사결정이 재무제표에 미치는 영향.

• Key Question: "원가 정보는 경영자의 전략적 판단을 어떻게 반영하는가?"

Working Papers:

• “Assessing ESG Metric Designs: Implications for ESG Outcomes and CEO Compensation”, with I. Baek, and J. Park

. Introduced in Strategic Finance (https://www.imatoday.org/learn/article/designing-esg-incentives-that-actually-work-a-guide-to-ceo-bonus-structures)

. Under review

• “Incentive System Design When Earnings Congruence is Low”, with K. A. Merchant, and P. Oh

. Preparing for submission

• “Carrot for Reputation, Stick for Discipline: Differential Roles of Subjective Performance Evaluation in Public Sector Financial Management ”, with T. Ko, and Y. Choi

. Preparing for submission

• “The Role of Outside Directors Who Were Formerly Inside Directors: Watchdogs or Lapdogs?”, with J. Park, J. Shin, and S. Cho

. Preparing for data collection

Publications:

1. Governance & Incentives (지배구조와 보상)

• “Dissecting Corporate Tournaments: Multi-Layered Structures and Firm Performance” (with J. Shin, K. Koga, and S. Ahn) Contemporary Accounting Research, 2025, 42(3): 1987-2026.

• “Politically Connected Outside Directors and the Value of Cash Holdings” (with N. Kim, and J. Shin) Finance Research Letters, 2024, 62: 105124.

• “Controlling Shareholders' Value and Corporate Tax Avoidance” (with H. Cho, T. Jung, and Y. Kim) Asia-Pacific Journal of Financial Studies, 2024, 53(1): 35-59.

• “Compensation Consultant Fees and CEO Pay” (with J. Cho, I. Hwang, and J. Shin) Journal of Management Accounting Research, 2020, 32(1): 51-78.

• • “The Effects of Politically Connected Outside Directors on Firm Performance: Evidence from Korean Chaebol Firms” (with S. Oh, J. Shin, and H. Yang) Corporate Governance: An International Review, 2018, 26(1): 23-44.

  • “Determinants and Performance Effects of Executive Pay Multiples: Evidence from Korea” (with J. Shin, S. Kang, and B. Kim) ILR Review, 2015, 68(1): 53-78.

  • “The Effects of Corporate Governance, Competition, and Political Costs on Strategic Executive Pay Disclosure: Evidence from Korea” (with B. Kim, S. Kwon, and J. Shin) Journal of Management Accounting Research, 2014, 26(2): 195-220.

  • “The Effects of Academic Outside Directors on Firm Performance: Evidence from Korean Chaebol Firms” (with J. Shin, K. Kim, and S. Kwon), Korean Management Review, 2017, 46(4): 1097-1124 [in English].

  • “Determinants and Effects of Cost Verification Period in Government Contracts” (with T. Ahn, S. Lee, and D. Kim), Korean Accounting Journal, 2013, 22(5), 29-58 [in Korean]. ("지배주주- 소액주주 간 대리인문제와 사외이사 보상", 회계저널).

  • “The Effect of Agency Problem between Controlling Shareholders and Minority Shareholders on Board and Audit Committee Characteristics” (with D. Kwon, J. Choi, and J. Shin), Korean Accounting Review, 2012, 37(1), 121-155 [in Korean]. ("지배주주- 소액주주 간 대리인문제가 이사회 및 감사위원회 특성에 미치는 영향", 회계학연구).

2. ESG (ESG, esp., Social Aspect)

3. Public Sector (공공부문)

   • “The Effect of Performance Measure Comparability and Discriminability on Measure Discontinuance” (with T. Ahn, Y. Choi, and B. Kim) European Accounting Review, 2025, 34(3): 1117-1145.

   • “Suggestions on “Mid-to-Long-Term Financial Management Plan” of Korean Public Institutions: Based on a Survey Analysis” (with T. Ko and Y. Choi) Korean Governmental Accounting Review, 2024, 22(3): 1-24 [in Korean]. ("공공기관 중장기재무관리계획의 운영 현황분석 및 개선을 위한 제언: 실무담당자 대상 설문조사를 중심으로", 정부회계연구).

   • “Performance Targets and Ex Post Incentive Plan Adjustments” (with M. Matějka, P. Oh, and T. Ahn) Contemporary Accounting Research, 2022, 39(2): 863-892.

   • Suggestions for Note Disclosure on Contingent Liabilities in Government’s Financial Statements: Comparative Approach Using Advanced Countries’ Cases” (with Y. Choi, and J. Lee), Korean Accounting Journal, 2023, 32(5): 37-75 [in Korean]. ("국가재무제표의 우발부채 주석공시 개선을 위한 정책제언: 해외 주요국가 사례분석을 중심으로", 회계저널).

   • Which is more Effective in Debt Management of Public Corporations, Operating Income or Operating Cashflow?” (with Y. Choi), Korean Accounting Journal, 2022, 31(1): 167-194 [in Korean]. ("공기업 부채관리에 효과적인 회계정보의 속성에 관한 연구: 공기업 경영평가의 계량지표를 중심으로", 회계저널).

   • “Application of Consolidation Accounting for Government’s Investments in Public Corporations: A Case Study” (with Y. Choi, and D. Park), Korean Accounting Journal, 2022, 31(1): 195-223 [in Korean]. ("국가가 소유한 공기업출자금의 연결회계 적용 및 효과 분석 사례", 회계저널).

   • “The Effect of Prior Performance Information on Leniency in Subjective Performance Evaluation” (single authored), Korean Governmental Accounting Review, 2021, 19(1): 167-218 [in English].

   • “The Effect of Agency Problem between Controlling Shareholders and Minority Shareholders on Compensation of Outside Directors” (with I. Hwang, J. Shin, and B. Kim), Korean Accounting Journal, 2013, 22(3), 1-29 [in Korean]. ("정부계약 원가검증 기간의 결정요인 및 성과", 회계저널).

   • “A Study on Health Insurance Expenditure Elasticity of Conversion Factor” (with Y. Choi, H. Jung, and M. Kim), Korean Journal of Health Economics and Policy, 2012, 18(1), 25-47 [in Korean] ("건강보험 행위료의 환산지수 탄력성에 관한 연구", 보건경제와 정책연구).

4. Strategic Cost Management & Earnings Quality (전략적 관리회계 및 이익의 질)

• • “National Culture and Revenue-Expense Matching” (with S. Han, H. Sunwoo, and S. Oh) Journal of International Financial Management & Accounting, 2023, 34(3): 414-444.

  • “Deleveraging and Decline in Revenue-Expense Matching over Time” (with H. Cho) Journal of Business Finance and Accounting, 2018, 45:1031-1050.

• • “Analyses on the Effect of K-IFRS 1115 on Telecommunication Companies’ Financial Reporting” (with H. Cho), Korean Accounting Journal, 2021, 30(5): 191-221 [in Korean]. ("K-IFRS 제1115호 수익인식기준이 통신사업자의 재무보고에 미치는 영향", 회계저널).

  • “Distorted Cost Allocation: An Encouragement or Discouragement?” (with M. Koo, I. Hwang, and T. Ahn), Seoul Journal of Business, 2020, 26(2): 89-119 [in English].

  • “The Determinants of Nonfinancial Information Disclosure in Management Discussion and Analysis (MD&A)” (with T. Ahn, Y. Choi, and J. Hyeon), Korean Accounting Review, 2014, 39(2): 179-219 [in English]. 

  • “The Changes in Matching between Revenue with Expense: The Effect of Financial Structures” (with T. Ahn, S. Oh, and H. Cho), Korean Accounting Review, 2014, 39(1), 43-76 [in Korean]. ("수익비용대응의 변화: 재무구조의 영향에 대한 분석", 회계학연구).

  • “The Effect of IFRS on Revenue Recognition in Telecommunication Industry” (with T. Ahn, and B. Kim), Korean Accounting Journal, 2011, 20(2), 349-372 [in Korean]. ("IFRS 도입에 따른 통신 산업 수익인식기준 변화", 회계저널).