• Management & Information Systems Review
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• v.35 no.1
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• pp.287-305
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• 2016

This study confirms that there is a correlation between managers' incentive-compensation system(introduction of the compensation committee) and corporate governance mechanisms (ownership structure, proportion of outside directors, debt ratio, competitive strength), and analyzes whether firm value is affected by corporate governance mechanisms. The purpose of this paper are empirically tested using 318 firm-year data listed on the KRX from 2001 to 2010 and 2SLS(two-stage least square method) were used for the analysis of the hypotheses. The results of empirical tests are as follows. Firstly, there is no correlation between introduction of the compensation committee and corporate governance mechanisms. In addition, the results show that there is a causal relationship between some variables. Secondly, results from the analysis of the impact of corporate governance mechanisms on firm value, only introduction of the compensation committee and foreign investors ownership were analyzed as a positive impact on the firm value. This result means that most domestic firm don't actively used for managers' incentive-compensation system as a useful control device for improving corporate governance.

• Archives of design research
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• v.17 no.2
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• pp.67-76
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• 2004

The main stream of consumption about the products is tend to transfer from low price value with mass production, to the second value of products, such as pleasure, familiarity, humor, and metaphor. This second value is closely connected to a redundancy which are also related to modern science as well as product design. These terms such as matrials, identity, and gravitation, disappeared gradually, and these are substituted with an uncertainty principle, a fortuity, a contradictory concept, entropy etc. In sum this study focuses on the tendency of intelligency issue the recent design trends. This result shows that The 4th Column Thinking and Formation System which is related to an expansion and diversity of design intellectual ideas.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.1
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• pp.417-425
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• 2020

In this paper, value relevance of the level of dependence on separate accounts in non-life-insurance companies is studied. As noted by Shim et al. (2015), the separate accounts of insurance companies consist of contracts with different attributes from the general accounts, so it is likely that firm value will vary depending on the insurer's dependence on the separate accounts. Thus, in this paper, an empirical analysis has been conducted using quarterly financial data and stock price data from domestic listed non-life-insurance companies from 2011 to 2018. The analysis shows that variables representing the level of dependence on separate accounts have a significant negative relevance to firm value. These results may suggest that changes in the proportion of a non-life-insurer's separate accounts may result in a change to its firm value under the same net assets and net income scales in aggregate accounts. This study provides management implications for the operation of separate accounts from the perspective of maximizing firm value. In addition, this study suggests that disclosure system improvement would be necessary to more directly report the operational performance of the separate accounts.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.5
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• pp.226-236
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• 2017

This study was conducted to investigate the relationship between contingencies of self-worth(superiority and others' approval), college adjustment and expectancy for future success and the mediating role of cognitive flexibility in these relationships. For this study, data from 460 college students were analyzed. The results were as follows. Contingencies of self-worth(superiority) were positively associated with college adjustment and expectancy for future success, while contingencies of self-worth(others' approval) were negatively associated with college adjustment and expectancy for future success. Second, the results of structural equation modeling indicated that cognitive flexibility fully mediated the relationship of contingencies of self-worth (superiority and others' approval) with college adjustment and expectancy for future success. Third, even the contingencies of self-worth(other's approval) were negatively associated with cognitive flexibility, and if the latter was high, it influenced college adjustment and expectancy for future success. Finally, the meanings and limitations of this research and implicationsfor counseling strategies and interventions were discussed in detail.

• Management & Information Systems Review
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• v.31 no.4
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• pp.491-516
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• 2012

The KPI of the four perspectives in BSC need to modify because of the change of management environment. In particular, the KPI of the financial perspective needs to modify necessarily. The KPI of financial perspective has been consisted of short-term measures: net profit current year, operating profit, ROE, ROIC, and EVA. But this financial indicators cannot afford to represent essential corporate sustainability management in the change of management environment. So this study suggests CSV(Creating Shared Value) as an additional KPI of financial perspective. And this study investigates whether CSV represents business performance as the additional KPI in BSC adoption firms. To verify a hypothesis, the sample includes listed firms announcing CSR index publicly between 2005 and 2010. The results of this study are summarized as follows. The high CSV firms is higher on the value relevance of firm in comparison with low CSV firms. Moreover, The firm value of BSC adoption firms is lower than otherwise, but it is insignificant. Limitation of Our study is that we have no choice but to use dummy variable. Because it is a material question as CSV measurement. Nevertheless, contribution of our study is to suggest new KPI of BSC perspective to meet management environment.

• Journal of Digital Convergence
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• v.16 no.9
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• pp.125-132
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• 2018

Despite the fact that corporate real estate ratio accounts for a considerable proportion of the assets, such researches and studies are lacking and there is not enough such policies to utilize real estate more effectively in Korea. In particular, after IFRS adoption, the owner and manager needs to utilize corporate real estate assets as the assets are revalued. In this study, we analyzed the relationship between corporate governance, corporate real estate holding policies and firm value based on financial data from 2010 to 2016. As a result of regression analysis, this study showed that more Dictatorship Portfolio, the higher proportion of corporate real estate holdings. Next, the higher proportion of corporate real estate holdings, the lower the firm value. This study suggests that corporate real estate is recognized an important factor and should have proper holding ratio. I will continue my research to show that the corporate holding policies are an important asset impact by verifying the mediating effect between corporate governance and firm value in the future.

• Management & Information Systems Review
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• v.37 no.2
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• pp.169-185
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• 2018

Customers are not merely responders but rather active value creators. As a result most researches related to customer value creation behavior focus on customer participation behavior and interaction between service provider and customer. This study set the research model to examine the correlation between customer to customer interaction, brand attachment and customer value creation behavior. For this study, the relationship among social support, C-to-C social interaction, similarity, brand attachment, and customer value creation behavior were modelled and used to validate our hypotheses. A path model was verified with structural equation modeling using dataset from survey. Results of this study are summarized as follows. First, this study show the C-to-C social interaction, such as social support, C-to-C social interaction, similarity have effects on brand attachment. Thus, this was statistically significant although dismissed from hypothesis verification. Second, the structural correlation shows brand attachment has positive effect on customer value creation behavior The findings suggest that managers need to identify and pay attention to positive customer to customer interaction in the service encounter so that it influence customer brand attachment and customer value creation behavior which is the competitive advantages of service brand.

• Management & Information Systems Review
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• v.30 no.3
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• pp.217-239
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• 2011

The paper explores how corporate payout polish depends on managers' stock-option value. Specifically, this paper examine the relationship between managers' stock-option value and the ratio of stock repurchase, and analyze the relationship between price-incentive intensity of managers' stock-option and the ratio of stock repurchase. The hypotheses mentioned above are empirically tested using 137 firms listed on the Korean Exchange(KRX). OLS and Tobit regression method are used to above hypotheses. The results of this paper are as follows: First, as managers' stock option value increases, future the ratio of stock repurchase increase. Second, as the price-incentives intensity of managers' stock option increases, the patio of stock repurchase also increase. Overall, The above results imply that managers with stock option prefer stock repurchase over cash dividends to increase private benefits.

• The Journal of the Korea Contents Association
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• v.15 no.6
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• pp.455-462
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• 2015

This paper examines the effect of corporate social responsosibility(CSR) on the firm value. Based on the argument that CSR would play the role of mitigating conflicts between firms and society, I hypothesized that CSR would enhance the firm value. This study used regression analysis with a data set of 733 from 2009 to 2012 using KEJI(Korean Economic Justice Institute) Index. An Index published by KEJI was used as the measure of CSR performance. The results of this study are summarized as follows: First, there is a significant positive relation between CSR and firm value. Second, in the seven-rating items consist of the KEJI Index, most items have the positive relationship with the firm value. These results suggest that firm with higher CSR activities exhibit better financial performance as measured by Tobin's Q.

• International Area Studies Review
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• v.14 no.3
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• pp.312-338
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• 2010

This paper investigates the value relevance of advertising activity over the period from 2001 to 2009 in the listed Korean stock markets(KOSPI and KOSDAQ). In addition, this paper divide all sample firm into several subsample, based on R&D intensity and export ratio in total sales. The empirical result of this paper shows following two evidence; First, advertising intensity, which proxies for advertising activity, is significantly related to firm value at the 1% level of significance. Second, advertising activity of high R&D intensity and high export ratio sample firms has more significant value relevance than for firms with low R&D intensity and low export ratio. The empirical results suggest that moderation effect of R&D intensity and export ratio are very important factor in determining the value relevance of advertising activity.