메뉴 건너뛰기




Volumn 48, Issue 2, 2011, Pages 471-486

Agency Perspectives on Corporate Governance of Multinational Enterprises

Author keywords

[No Author keywords available]

Indexed keywords


EID: 79951558921     PISSN: 00222380     EISSN: 14676486     Source Type: Journal    
DOI: 10.1111/j.1467-6486.2010.00921.x     Document Type: Article
Times cited : (158)

References (66)
  • 1
    • 46749095659 scopus 로고    scopus 로고
    • 'An organizational approach to comparative corporate governance: costs, contingencies, and complementarities'
    • Aguilera, R. A., Filatotchev, I., Gospel, H. and Jackson, G. (2008). 'An organizational approach to comparative corporate governance: costs, contingencies, and complementarities'. Organization Science, 19, 475-92.
    • (2008) Organization Science , vol.19 , pp. 475-92
    • Aguilera, R.A.1    Filatotchev, I.2    Gospel, H.3    Jackson, G.4
  • 3
    • 0032330234 scopus 로고    scopus 로고
    • 'Multinational subsidiary development: capability evolution and charter change in foreign owned subsidiary companies'
    • Birkinshaw, J. and Hood, N. (1998). 'Multinational subsidiary development: capability evolution and charter change in foreign owned subsidiary companies'. Academy of Management Review, 23, 773-95.
    • (1998) Academy of Management Review , vol.23 , pp. 773-95
    • Birkinshaw, J.1    Hood, N.2
  • 4
    • 84982559777 scopus 로고
    • 'The board of directors in Sino-Western joint ventures'
    • Bjorkman, I. (1995). 'The board of directors in Sino-Western joint ventures'. Corporate Governance, 3, 156-66.
    • (1995) Corporate Governance , vol.3 , pp. 156-66
    • Bjorkman, I.1
  • 5
    • 52249110645 scopus 로고    scopus 로고
    • 'Who are the active investors? Evidence from venture capital'
    • Bottazzi, L., Da Rin, M. and Hellmann, T. (2008). 'Who are the active investors? Evidence from venture capital'. Journal of Financial Economics, 89, 488-512.
    • (2008) Journal of Financial Economics , vol.89 , pp. 488-512
    • Bottazzi, L.1    Da Rin, M.2    Hellmann, T.3
  • 6
    • 79951564365 scopus 로고    scopus 로고
    • 'The governance of the multinational enterprise: insights from internalisation theory'
    • in press.
    • Buckley, P. J. and Strange, R. (2010). 'The governance of the multinational enterprise: insights from internalisation theory'. Journal of Management Studies, in press.
    • (2010) Journal of Management Studies
    • Buckley, P.J.1    Strange, R.2
  • 7
    • 0035534614 scopus 로고    scopus 로고
    • 'Top management teams, global strategic posture, and the moderating role of uncertainty'
    • Carpenter, M. A. and Fredrickson, J. W. (2001). 'Top management teams, global strategic posture, and the moderating role of uncertainty'. Academy of Management Journal, 44, 533-46.
    • (2001) Academy of Management Journal , vol.44 , pp. 533-46
    • Carpenter, M.A.1    Fredrickson, J.W.2
  • 8
    • 2342602999 scopus 로고    scopus 로고
    • 'The effects of top management team pay and firm internationalization on MNC performance'
    • Carpenter, M. A. and Sanders, W. (2004). 'The effects of top management team pay and firm internationalization on MNC performance'. Journal of Management, 30, 509-28.
    • (2004) Journal of Management , vol.30 , pp. 509-28
    • Carpenter, M.A.1    Sanders, W.2
  • 9
    • 0042829594 scopus 로고    scopus 로고
    • 'The separation of ownership and control in East Asian corporations'
    • Claessens, S., Djankov, S. and Lang, L. (2000). 'The separation of ownership and control in East Asian corporations'. Journal of Financial Economics, 58, 81-112.
    • (2000) Journal of Financial Economics , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.3
  • 12
    • 34548067178 scopus 로고    scopus 로고
    • 'Does investor identity matter? An empirical examination of investments by venture capital funds and hedge funds in PIPEs'
    • Dai, N. (2007). 'Does investor identity matter? An empirical examination of investments by venture capital funds and hedge funds in PIPEs'. Journal of Corporate Finance, 13, 538-63.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 538-63
    • Dai, N.1
  • 13
    • 22044444497 scopus 로고    scopus 로고
    • 'The effect of institutional investors on the level and mix of CEO compensation'
    • David, P., Kochhar, R. and Levitas, E. (1998). 'The effect of institutional investors on the level and mix of CEO compensation'. Academy of Management Journal, 41, 200-8.
    • (1998) Academy of Management Journal , vol.41 , pp. 200-8
    • David, P.1    Kochhar, R.2    Levitas, E.3
  • 14
    • 84935941592 scopus 로고
    • 'The structure of corporate ownership: causes and consequences'
    • Demsetz, H. and Lehn, K. (1985). 'The structure of corporate ownership: causes and consequences'. Journal of Political Economy, 93, 1155-77.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-77
    • Demsetz, H.1    Lehn, K.2
  • 15
    • 0009953772 scopus 로고    scopus 로고
    • 'Global diversification, industrial diversification, and firm value'
    • Denis, D. J., Denis, D. K. and Yost, K. (2002). 'Global diversification, industrial diversification, and firm value'. Journal of Finance, 57, 1951-79.
    • (2002) Journal of Finance , vol.57 , pp. 1951-79
    • Denis, D.J.1    Denis, D.K.2    Yost, K.3
  • 16
    • 33745472164 scopus 로고    scopus 로고
    • 'Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market'
    • Douma, S., George, R. and Kabir, R. (2006). 'Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market'. Strategic Management Journal, 27, 637-57.
    • (2006) Strategic Management Journal , vol.27 , pp. 637-57
    • Douma, S.1    George, R.2    Kabir, R.3
  • 17
    • 67349130312 scopus 로고    scopus 로고
    • Multinational Enterprises and the Global Economy
    • 2nd edition. Cheltenham: Edward Elgar.
    • Dunning, J. and Lundan, S. (2008). Multinational Enterprises and the Global Economy, 2nd edition. Cheltenham: Edward Elgar.
    • (2008)
    • Dunning, J.1    Lundan, S.2
  • 18
    • 0000172445 scopus 로고
    • 'Separation of ownership and control'
    • Fama, E. and Jensen, M. (1983). 'Separation of ownership and control'. Journal of Law and Economics, 26, 301-26.
    • (1983) Journal of Law and Economics , vol.26 , pp. 301-26
    • Fama, E.1    Jensen, M.2
  • 20
    • 25444482348 scopus 로고    scopus 로고
    • 'Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan'
    • Filatotchev, I., Piesse, J. and Yung-Chih, Lien (2005). 'Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan'. Asia Pacific Journal of Management, 22, 257-83.
    • (2005) Asia Pacific Journal of Management , vol.22 , pp. 257-83
    • Filatotchev, I.1    Piesse, J.2    Yung-Chih, L.3
  • 22
    • 34547341973 scopus 로고    scopus 로고
    • 'FDI by firms from newly industrialized economies in emerging markets: corporate governance, entry mode and location strategies'
    • Filatotchev, I., Strange, R., Piesse, J. and Yung-Chih, L. (2007). 'FDI by firms from newly industrialized economies in emerging markets: corporate governance, entry mode and location strategies'. Journal of International Business Studies, 38, 556-72.
    • (2007) Journal of International Business Studies , vol.38 , pp. 556-72
    • Filatotchev, I.1    Strange, R.2    Piesse, J.3    Yung-Chih, L.4
  • 23
    • 0003789130 scopus 로고    scopus 로고
    • Strategic Leadership: Top Executives and Their Effects on Organizations
    • St Paul, MN: West.
    • Finkelstein, S. and Hambrick, D. C. (1996). Strategic Leadership: Top Executives and Their Effects on Organizations. St Paul, MN: West.
    • (1996)
    • Finkelstein, S.1    Hambrick, D.C.2
  • 24
    • 79951561409 scopus 로고    scopus 로고
    • The Financial Impact of Sovereign Wealth Fund Investments in Listed Companies. Available at: (accessed 19 February 2010).
    • Fotak, V., Bortolotti, B. and Megginson, W. (2008). The Financial Impact of Sovereign Wealth Fund Investments in Listed Companies. Available at: (accessed 19 February 2010).
    • (2008)
    • Fotak, V.1    Bortolotti, B.2    Megginson, W.3
  • 25
    • 14944345168 scopus 로고    scopus 로고
    • 'Ownership and the internationalization of small firms'
    • George, G., Wiklund, J. and Zahra, S. A. (2005). 'Ownership and the internationalization of small firms'. Journal of Management, 31, 210-33.
    • (2005) Journal of Management , vol.31 , pp. 210-33
    • George, G.1    Wiklund, J.2    Zahra, S.A.3
  • 26
    • 33644794021 scopus 로고    scopus 로고
    • 'Global, national and local practices in multi-national corporations: towards a socio-political framework'
    • Geppert, M. and Williams, K. (2006). 'Global, national and local practices in multi-national corporations: towards a socio-political framework'. International Journal of Human Resource Management, 17, 49-69.
    • (2006) International Journal of Human Resource Management , vol.17 , pp. 49-69
    • Geppert, M.1    Williams, K.2
  • 28
    • 84982039708 scopus 로고
    • 'Dimensions of control in UK international joint ventures'
    • Glaister, K. (1995). 'Dimensions of control in UK international joint ventures'. British Journal of Management, 6, 77-96.
    • (1995) British Journal of Management , vol.6 , pp. 77-96
    • Glaister, K.1
  • 29
    • 0038132119 scopus 로고    scopus 로고
    • 'Corporate governance in Sino-foreign joint ventures in the PRC: the view of Chinese directors'
    • Goodall, K. and Warner, M. (2002). 'Corporate governance in Sino-foreign joint ventures in the PRC: the view of Chinese directors'. Journal of General Management, 27, 77-92.
    • (2002) Journal of General Management , vol.27 , pp. 77-92
    • Goodall, K.1    Warner, M.2
  • 30
    • 0000194533 scopus 로고
    • 'Upper echelons: the organization as a reflection of its top managers'
    • Hambrick, D. C. and Mason, P. (1984). 'Upper echelons: the organization as a reflection of its top managers'. Academy of Management Review, 9, 193-206.
    • (1984) Academy of Management Review , vol.9 , pp. 193-206
    • Hambrick, D.C.1    Mason, P.2
  • 31
    • 84989113354 scopus 로고
    • 'Top executive commitment to the status quo: some tests of its determinants'
    • Hambrick, D., Geletkanycz, M. and Fredrickson, J. (1993). 'Top executive commitment to the status quo: some tests of its determinants'. Strategic Management Journal, 14, 401-18.
    • (1993) Strategic Management Journal , vol.14 , pp. 401-18
    • Hambrick, D.1    Geletkanycz, M.2    Fredrickson, J.3
  • 32
    • 0036001872 scopus 로고    scopus 로고
    • 'The principal's other problems: honest incompetence and management contracts'
    • Hendry, J. (2002). 'The principal's other problems: honest incompetence and management contracts'. Academy of Management Review, 27, 98-113.
    • (2002) Academy of Management Review , vol.27 , pp. 98-113
    • Hendry, J.1
  • 33
    • 0031285028 scopus 로고    scopus 로고
    • 'International diversification: effects on innovation and firm performance in product diversified firms'
    • Hitt, M. A., Hoskisson, R. E. and Kim, H. (1997). 'International diversification: effects on innovation and firm performance in product diversified firms'. Academy of Management Journal, 40, 767-98.
    • (1997) Academy of Management Journal , vol.40 , pp. 767-98
    • Hitt, M.A.1    Hoskisson, R.E.2    Kim, H.3
  • 35
    • 0036670792 scopus 로고    scopus 로고
    • 'Conflicting voices: the effects of ownership heterogeneity and internal governance on corporate strategy'
    • Hoskisson, R. E., Hitt, M. A., Johnson, R. A. and Grossman, W. (2002). 'Conflicting voices: the effects of ownership heterogeneity and internal governance on corporate strategy'. Academy of Management Journal, 45, 697-716.
    • (2002) Academy of Management Journal , vol.45 , pp. 697-716
    • Hoskisson, R.E.1    Hitt, M.A.2    Johnson, R.A.3    Grossman, W.4
  • 36
    • 84936016411 scopus 로고
    • 'Performance pay and top management incentives'
    • Jensen, M. C. and Murphy, K. J. (1990). 'Performance pay and top management incentives'. Journal of Political Economy, 98, 225-64.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-64
    • Jensen, M.C.1    Murphy, K.J.2
  • 37
    • 33644813381 scopus 로고    scopus 로고
    • 'Corporate governance, shareholder rights and firm diversification: an empirical analysis'
    • Jiraporn, P., Kim, Y. S., Davidson, W. N. and Singh, M. (2006). 'Corporate governance, shareholder rights and firm diversification: an empirical analysis'. Journal of Banking and Finance, 30, 947-63.
    • (2006) Journal of Banking and Finance , vol.30 , pp. 947-63
    • Jiraporn, P.1    Kim, Y.S.2    Davidson, W.N.3    Singh, M.4
  • 38
    • 84984729624 scopus 로고
    • 'Knowledge of the firm and the evolutionary theory of the multinational corporation'
    • Kogut, B. and Zander, U. (1993). 'Knowledge of the firm and the evolutionary theory of the multinational corporation'. Journal of International Business Studies, 24, 625-45.
    • (1993) Journal of International Business Studies , vol.24 , pp. 625-45
    • Kogut, B.1    Zander, U.2
  • 39
    • 0001536955 scopus 로고    scopus 로고
    • 'The design of coordination and control mechanisms for managing joint venture-parent relationships'
    • Kumar, S. and Seth, A. (1998). 'The design of coordination and control mechanisms for managing joint venture-parent relationships'. Strategic Management Journal, 19, 579-99.
    • (1998) Strategic Management Journal , vol.19 , pp. 579-99
    • Kumar, S.1    Seth, A.2
  • 40
    • 84987589788 scopus 로고
    • 'The effects of international joint ventures on shareholder wealth'
    • Lee, I. and Wyatt, S. (1990). 'The effects of international joint ventures on shareholder wealth'. The Financial Review, 25, 641-9.
    • (1990) The Financial Review , vol.25 , pp. 641-9
    • Lee, I.1    Wyatt, S.2
  • 42
    • 70449494880 scopus 로고    scopus 로고
    • 'The effects of corporate governance and institutional environments on export behaviour in emerging economies: evidence from China'
    • Lu, J., Xu, B. and Liu, X. (2009). 'The effects of corporate governance and institutional environments on export behaviour in emerging economies: evidence from China'. Management International Review, 49, 455-78.
    • (2009) Management International Review , vol.49 , pp. 455-78
    • Lu, J.1    Xu, B.2    Liu, X.3
  • 43
    • 31144446341 scopus 로고    scopus 로고
    • 'How much does ownership really matter? Equity and trust relations in joint venture relationships'
    • Madhok, A. (2006). 'How much does ownership really matter? Equity and trust relations in joint venture relationships'. Journal of International Business Studies, 37, 4-11.
    • (2006) Journal of International Business Studies , vol.37 , pp. 4-11
    • Madhok, A.1
  • 44
    • 0032279629 scopus 로고    scopus 로고
    • 'Performance and survival of joint ventures with non-conventional ownership structures'
    • Makino, S. and Beamish, P. (1998). 'Performance and survival of joint ventures with non-conventional ownership structures'. Journal of International Business Studies, 29, 797-818.
    • (1998) Journal of International Business Studies , vol.29 , pp. 797-818
    • Makino, S.1    Beamish, P.2
  • 45
    • 66049143076 scopus 로고    scopus 로고
    • 'Managing knowledge in foreign entry strategies: a resource-based analysis'
    • Meyer, K., Wright, M. and Pruthi, S. (2009). 'Managing knowledge in foreign entry strategies: a resource-based analysis'. Strategic Management Journal, 30, 557-74.
    • (2009) Strategic Management Journal , vol.30 , pp. 557-74
    • Meyer, K.1    Wright, M.2    Pruthi, S.3
  • 46
    • 8744224174 scopus 로고    scopus 로고
    • 'Choosing constraints as a third solution to agency'
    • Michael, S. and Pearce, J. A. (2004). 'Choosing constraints as a third solution to agency'. Journal of Management Studies, 41, 1171-98.
    • (2004) Journal of Management Studies , vol.41 , pp. 1171-98
    • Michael, S.1    Pearce, J.A.2
  • 47
    • 0000212773 scopus 로고    scopus 로고
    • 'MNE internal capital markets and subsidiary strategic independence'
    • Mudambi, R. (1999). 'MNE internal capital markets and subsidiary strategic independence'. International Business Review, 8, 197-211.
    • (1999) International Business Review , vol.8 , pp. 197-211
    • Mudambi, R.1
  • 48
    • 0004023530 scopus 로고    scopus 로고
    • Business Strategies in Transition Economies
    • Thousand Oaks, CA: Sage.
    • Peng, M. W. (2000). Business Strategies in Transition Economies. Thousand Oaks, CA: Sage.
    • (2000)
    • Peng, M.W.1
  • 49
    • 79951567936 scopus 로고    scopus 로고
    • Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms. Available at: (accessed February 2008).
    • Perkins, S., Morck, R. and Yeung, B. (2008). Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms. Available at: (accessed February 2008).
    • (2008)
    • Perkins, S.1    Morck, R.2    Yeung, B.3
  • 50
    • 33645732684 scopus 로고    scopus 로고
    • 'International joint venture (IJV) directors' contribution to board effectiveness: learning from the literature'
    • Petrovic, J., Kakabadse, A. and Kakabadse, N. (2006). 'International joint venture (IJV) directors' contribution to board effectiveness: learning from the literature'. Management Decision, 44, 346-66.
    • (2006) Management Decision , vol.44 , pp. 346-66
    • Petrovic, J.1    Kakabadse, A.2    Kakabadse, N.3
  • 51
    • 79951568501 scopus 로고    scopus 로고
    • Competitive Strategies: North American Perspectives
    • In Beamish, P. and Killing, J. (Eds), San Fransisco, CA: The New Lexington Press, .
    • Ramanathan, K., Seth, A. and Thomas, H. (1997). 'Explaining joint ventures: alternative theoretical perspectives'. In Beamish, P. and Killing, J. (Eds), Competitive Strategies: North American Perspectives. San Fransisco, CA: The New Lexington Press, 51-85.
    • (1997) 'Explaining joint ventures: alternative theoretical perspectives' , pp. 51-85
    • Ramanathan, K.1    Seth, A.2    Thomas, H.3
  • 52
    • 0002812530 scopus 로고    scopus 로고
    • 'Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures'
    • Reuer, J. J. and Koza, M. P. (2000). 'Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures'. Strategic Management Journal, 21, 81-8.
    • (2000) Strategic Management Journal , vol.21 , pp. 81-8
    • Reuer, J.J.1    Koza, M.P.2
  • 53
  • 54
    • 21144462928 scopus 로고
    • 'Implementing global strategy: characteristics of global subsidiary management'
    • Roth, K. and Morrison, A. (1992). 'Implementing global strategy: characteristics of global subsidiary management'. Journal of International Business Studies, 23, 715-35.
    • (1992) Journal of International Business Studies , vol.23 , pp. 715-35
    • Roth, K.1    Morrison, A.2
  • 55
    • 0032040079 scopus 로고    scopus 로고
    • 'Internationalization and firm governance: the roles of CEO compensation, top team composition and board structure'
    • Sanders, W. and Carpenter, M. (1998). 'Internationalization and firm governance: the roles of CEO compensation, top team composition and board structure'. Academy of Management Journal, 41, 158-78.
    • (1998) Academy of Management Journal , vol.41 , pp. 158-78
    • Sanders, W.1    Carpenter, M.2
  • 56
    • 33744792545 scopus 로고    scopus 로고
    • 'A capabilities perspective on the effects of early internationalization on firm survival and growth'
    • Sapienza, H. J., Autio, E., George, G. and Zahra, S. A. (2006). 'A capabilities perspective on the effects of early internationalization on firm survival and growth'. Academy of Management Review, 31, 914-33.
    • (2006) Academy of Management Review , vol.31 , pp. 914-33
    • Sapienza, H.J.1    Autio, E.2    George, G.3    Zahra, S.A.4
  • 57
    • 0001026456 scopus 로고    scopus 로고
    • 'A survey of corporate governance'
    • Shleifer, A. and Vishny, R. (1997). 'A survey of corporate governance'. Journal of Finance, 52, 737-83.
    • (1997) Journal of Finance , vol.52 , pp. 737-83
    • Shleifer, A.1    Vishny, R.2
  • 59
    • 71949126021 scopus 로고    scopus 로고
    • 'The geography of hedge funds'
    • Teo, M. (2009). 'The geography of hedge funds'. Review of Financial Studies, 22, 3531-61.
    • (2009) Review of Financial Studies , vol.22 , pp. 3531-61
    • Teo, M.1
  • 60
    • 84881088780 scopus 로고    scopus 로고
    • 'Technological competence and international diversification: the role of managerial incentives'
    • in press.
    • Tihanyi, L., Hoskisson, R. E., Johnson, R. A. and Wan, W. P. (2010). 'Technological competence and international diversification: the role of managerial incentives'. Management International Review, in press.
    • (2010) Management International Review
    • Tihanyi, L.1    Hoskisson, R.E.2    Johnson, R.A.3    Wan, W.P.4
  • 61
    • 84977702527 scopus 로고
    • 'Corporate finance and corporate governance'
    • Williamson, O. (1988). 'Corporate finance and corporate governance'. Journal of Finance, 43, 567-91.
    • (1988) Journal of Finance , vol.43 , pp. 567-91
    • Williamson, O.1
  • 62
    • 0038895695 scopus 로고    scopus 로고
    • 'The theory of the firm as governance structure: from choice to contract'
    • Williamson, O. E. (2002). 'The theory of the firm as governance structure: from choice to contract'. Journal of Economic Perspectives, 16, 171-95.
    • (2002) Journal of Economic Perspectives , vol.16 , pp. 171-95
    • Williamson, O.E.1
  • 63
    • 13444280362 scopus 로고    scopus 로고
    • 'Strategy research in emerging economies: challenging the conventional wisdom'
    • Wright, M., Filatotchev, I., Hoskisson, R. and Peng, M. (2005). 'Strategy research in emerging economies: challenging the conventional wisdom'. Journal of Management Studies, 42, 1-34.
    • (2005) Journal of Management Studies , vol.42 , pp. 1-34
    • Wright, M.1    Filatotchev, I.2    Hoskisson, R.3    Peng, M.4
  • 64
    • 79951562151 scopus 로고
    • 'Bargaining power, management control and performance in international joint ventures'
    • Yan, A. and Gray, B. (1994). 'Bargaining power, management control and performance in international joint ventures'. Academy of Management Journal, 42, 7-24.
    • (1994) Academy of Management Journal , vol.42 , pp. 7-24
    • Yan, A.1    Gray, B.2
  • 65
    • 0035343227 scopus 로고    scopus 로고
    • 'Antecedents and effects of parent control in international joint ventures'
    • Yan, A. and Gray, B. (2001). 'Antecedents and effects of parent control in international joint ventures'. Journal of Management Studies, 38, 393-416.
    • (2001) Journal of Management Studies , vol.38 , pp. 393-416
    • Yan, A.1    Gray, B.2
  • 66
    • 0034340997 scopus 로고    scopus 로고
    • 'International expansion by new venture firms: international diversity, mode of market entry, technological learning, and performance'
    • Zahra, S. A., Ireland, D. R. and Hitt, M. (2000). 'International expansion by new venture firms: international diversity, mode of market entry, technological learning, and performance'. Academy of Management Journal, 43, 925-50.
    • (2000) Academy of Management Journal , vol.43 , pp. 925-50
    • Zahra, S.A.1    Ireland, D.R.2    Hitt, M.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.