정석윤 교수

This study aims to evaluate the effect of occupational exposure to noise and organic solvents on hearing loss in the aviation industry. The study population comprised 542 male workers, who worked in avionics jobs in Kimhae, Korea, who kept records of work environment evaluations and medical examinations. The Cumulative Exposure Index (CEI) was constructed to assess the lifetime cumulative exposure of the workers, and pure tone audiometry (PTA) data of the workers from their biannual medical surv

This paper investigates the auditors’ responses to the readability of annual reports, which are important sources of information for auditors in their audit planning and pricing decisions. Using unique audit fee and hour data for Korean listed companies, we find that hard-to-read annual reports are positively associated with audit fees and audit hours. However, no empirical association exists between annual report readability and hourly fee rates. These findings imply that while auditors exert a

ABSTRACT We study manufacturing firms' asymmetric inventory investment in response to sales changes. Focusing on the costs of resource adjustment and stockout that likely differ in sales‐increasing and sales‐decreasing periods, we predict and find that inventory investment declines less during periods with sales decreases than it rises during periods with sales increases. We validate this claim by showing that managers' expectations of future demand and desire to avoid inventory stockouts are im

Abstract This article explores how climate change exposure affects the firms' cost structures. We use Sautner et al.'s (2023) measure of firm‐level climate change exposure based on earnings conference calls of publicly‐listed U.S. companies from 2002 to 2020 to capture both the opportunities and threats brought about by climate change and understand the comprehensive impact of climate change on the firms' cost structure decisions. Prior literature has documented that firms strategically alter th

Purpose The purpose of this study is to examine whether the presence of an audit committee (AC) members with Chief Executive Officer (CEO) experience (supervisory experts) affects the market value of cash holdings. Design/methodology/approach To estimate the marginal value of cash holdings, this study uses the model proposed by Faulkender and Wang (2006). The sample is 2,031 firm-year observations in Korea from 2000 through 2015. Findings The authors find that the presence of supervisory experts

This study explores audit implications of shared leadership in client firms. Analyzing data from 2002 to 2013 of Korean listed companies, we find that auditors spend fewer audit hours and charge lower audit fees for clients with multiple CEOs. Additional tests reveal that the lower audit fees for co-CEO clients are likely attributable to reduced audit effort rather than to reduced hourly rates. We also document that firms with co-CEOs exhibit better-reporting quality than do firms with a solitar

Abstract Using US banks’ quarterly data from 1995 to 2014, this study examines the mechanism by which delayed expected loss recognition (DELR) affects the stock price crash risk of banks. We first show that greater DELR is positively associated with a subsequent crash in stock price. We then find that this association is only present when bank managers have more discretion in concealing bad news, which is proxied by the high proportion of heterogeneous loans. These findings provide policy implic

This article examines the spillover of stock price crash within business groups. Using Korean business group data, we find that the crash risk of a firm is positively associated with the crash risk of other member firms in the same business group. We also find that crashes spread but do not arise simultaneously across firms within a business group. Further analyses reveal that the documented association is stronger in firms with more inter-company transactions and those with lower market-to-book

This study examines the association between abnormal disclosure tone in the Management Discussion and Analysis (MD&A) section of annual reports and analysts’ forecasting behavior. Using analysts’ forecast data of Chinese listed firms from 2008 to 2020, we find that analysts can discern abnormal tone in managers’ disclosures, leading to a downward revision of earnings estimates and an enhancement of forecast accuracy. Moreover, we observe that abnormal tone in the MD&A section attracts analysts’