• Journal of the Korea Convergence Society
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• v.10 no.8
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• pp.217-226
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• 2019

This study examines the effect of the wedge between voting rights and cash flow rights of controlling shareholders on the implied cost of equity. Prior studies posit that controlling shareholder's voting rights exceeding cash flow rights causes expropriating minority shareholders. Using date from 793 group-affiliated Korean firms for 10 years from 2005 to 2016, the result shows that there is a positive and significant relationship between controlling shareholders' wedge and implied cost of equity. This result implies that investors regard the controlling shareholders' wedge as potential agency cost in which they require additional risk premium because controlling shareholders have a strong incentive to pursue their private interests trough tunneling practices.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2014.05a
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• pp.287-290
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• 2014

The Large-scale Agricultural & Livestock Products consists largely of distribution at The nation's of school and military foods. but false information on the Agricultural & Livestock Products in a safe food supply has become a social issue. The food suppliers deliver food resource in a school-large food establishments such as Change to domestic high-quality Livestock products from low-quality foreign Livestock products, Change to eco-friendly agricultural produce from normal agricultural produce, Change to fresh vegetables from contaminated vegetables. In this paper, e-Discovery system applies to the methods and security of incorrect logistics information and evidential data about illegal products of agriculture & livestock, it is necessary as studies about compensation and liability.

• KDI Journal of Economic Policy
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• v.45 no.3
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• pp.49-73
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• 2023

This study examines the usage status of legal services provided by lawyers targeting domestic consumers and investigates empirically how much online platforms that facilitate lawyer search and consultation can increase consumers' utility, and how much the lawyer legal service market will expand through this. To this end, this study applies a discrete choice demand model to the data collected through a conjoint survey to estimate the value of the lawyer search and consultation platform perceived by consumers, and estimates the effectiveness of the platform in expanding the market for lawyer legal services through a simulation method. As a result of the analysis, the relative value that consumers place on finding and consulting a lawyer using the online platform instead of being introduced to a lawyer by an acquaintance or searching for a lawyer offline is estimated to be about 70,414 won. It was found that the existence of lawyer search and consultation platforms could increase the market size of legal services by as little as 18.9% to as much as 70.2%. In particular, the platforms are expected to increase the accessibility of legal services to vulnerable groups.

• The Journal of Society for e-Business Studies
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• v.17 no.1
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• pp.23-38
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• 2012

Massive Multiplayer Online Role Playing Games(MMORPGs) headed by some Korean game companies such as NC Soft, NHN, and Nexon have exploded in recent years. However, it becomes one of the major challenges for the MMORPG developers to design their games to appeal to gamers since only a few MMORPGs succeed whereas they require a huge amount of initial investment. Under this background, our study derives the major elements for designing MMORPG from the literature, and identifies the ones critical to the users' satisfaction and their willingness to pay among the derived elements. Though most previous studies on the design elements of MMORPG have used analytic hierarchy process(AHP), our study adopts artificial neural network(ANN) as the tool for identifying key success factors in designing MMORPG. The results of our study show that the elements of the game contents quality have a bigger effect on the user's satisfaction, whereas the ones of the value-added systems have a bigger effect on the user's willingness to pay. They also show that user interface affects both the user's satisfaction and willingness to pay most. These results imply that the strategies for the development of MMORPG should be aligned with its goal and market penetration strategy. They also imply that the satisfaction and revenue generation from MMORPG cannot be achieved without convenient and easy control environment. It is expected that the new findings of our study would be useful forthe developers or publishers of MMORPGs to build their own business strategies.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Management & Information Systems Review
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• v.36 no.4
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• pp.117-127
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• 2017

In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

• Journal of Global Scholars of Marketing Science
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• v.2
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• pp.17-37
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• 1998

중소기업간 협력 활동은 사업의 전체 혹은 일정 부분에 대하여 분업이나 협업의 관계를 맺는 공동사업의 형태로 나타난다. 기업간 연결의 강도에 따라 기업들간에 형성되는 분업과 협업의 관계를 시장형, 중간조직형, 위계조직형으로 구분할 때, 중소기업간 공동사업은 중간조직형에 속하는 일종의 기업간 네트워크라고 볼 수 있다. 물론 네트워크형의 협력관계를 추진하는 방식도 업무제휴, 지분제휴, 합작투자, 컨소시엄 등으로 다양하다. 그러나 완전한 자본적 통합에 따른 위계적 조직과는 달리 참여기업들이 독립성을 유지하면서, 네트워크 밖의 기업에 대해 경쟁우위를 확보하기 위해 형성한다는 공통점을 가지고 있다. 기업간 협력관계를 통해 참여 기업들이 얻을 수 있는 혜택에 관한 기존연구들은 크게 두 가지로 나누어 볼 수 있다. 하나는 기업의 생산함수를 중심으로 그 이점을 파악하는 것이고 다른 하나는 관계의 종류에 따라 기업간 거래관계를 관리하는 소위 거래비용의 효율성을 중심으로 혜택을 파악하는 접근방법이다. 전자의 접근방법을 따를 때, 기업간 협력의 근본 유인은 규모의 경제(혹은 비경제), 범위의 경제, 집적의 경제, 구도의 경제 등이 협력관계에서 발생하는 혜택의 근본 원천이다. 기술과 제도의 발전, 시장과 경쟁환경의 변화에 따른 기업간 협력의 필요성은 갈수록 증대되고 있다. 소비자들의 요구는 매우 개성화 다양화되고 종합화되는 추세이다. 더불어 기술개발의 비용이 큰 폭으로 증가하고 있으며, 경쟁의 격화로 기술 및 제품의 진부화도 급속도로 이루어지고 있다. 세계화 상품고도화 서비스산업화 정보화 등으로 특징지워지는 새로운 경쟁환경 아래에서 장기적으로 기업의 경쟁력을 향상시키기 위해서는 시장중심적인 관점에서 형성된 기업간 전략적 연계를 바탕으로, 정보의 집적을 통해 다양한 생산성 향상 혹은 관계효율성 향상의 경제를 추구하는 것이 필연적 전제 조건이 되었다. 기업간 경쟁보다는 최종제품의 생산과 판매를 위해 형성된 기업네트워크간의 경쟁이 중시되는 시대인 것이다. 동서간(東西間) 중소기업(中小企業)의 협력(協力)을 새삼스럽게 논의하는 것은 다분히 정치적이라는 느낌을 준다. 경제적인 관점에서 실익이 있음에도 불구하고 동서간 중소기업의 협력이 이루어지지 못하고 있다면, 그 이유는 기업정보의 수집과 유통상의 문제이거나 문화나 기업관행에 대한 잘못된 선입관에서 비롯된 관계 관리비용 계산상의 문제일 것이다. 현실적으로 이 가능성은 매우 낮다. 산업의 발전 정도나 연관성에 있어서 동서축보다는 남북축을 따라 기업간 협력이 이루어질 수 밖에 없는 우리나라의 현재 상황이 동서간보다는 남북간 경제교류를 유도하고 있는 것이다. 동서간 중서기업 협력체제의 구축에 대한 논의가 본질적으로 정치적 관심에서 비롯되었다는 전제 하에, 구축의 방안을 논의하고자 한다. 경제적으로도 타당하면서 정치적으로 관심을 유발할 수 있는 협력체제 구축방안으로, 기업간 네트워크의 조직 주체로서 최근에 논의되고 있는 새로운 형태의 마케팅회사를 동서간에 공동으로 설립할 것을 제안한다. 영구 지속적 공동사업관계보다는 프로젝트별 공동사업을 전제로 기업들 사이의 효과적인 네트워크를 형성함으로써 일종의 가상적 기업을 결성할 필요가 있다. 이러한 기업간 네트워크 형성의 실행주체가 될 수 있는 새로운 마케팅 전문기업의 형태로는 공동회사(空洞會社)(hollow company), 종합상사(綜合商社)(General Trading Company), 거래형 마케팅회사(Marketing Exchange Company), 변환형 마케팅회사(Marketing Coalition Company) 등을 들 수 있다. 양 지역에서는 소비자환경과 기술환경의 특성 및 양 지역의 경제에 대한 파급효과를 고려하여 가장 적합한 마케팅회사의 유형은 선택하여 육성하고, 이를 중심으로 강력한 양 지역 및 다른 지역에 입지한 기업간의 네트워크를 구축하여야 한다. 마케팅회사를 설립하고 완전한 마케팅 서비스를 제공할 수 있도록 육성하기 위해서는 많은 투자가 필요하다. 마케팅회사의 핵심기능 분야인 금융부문, 정보부문, 영업조직 등은 모두 막대한 투자를 필요로하는 기능영역이다. 정보부문은 기술의 발전과 범세계적인 정보관련기관과의 제휴를 통해 독자적인 구축이 어느 정도 가능하나, 영업조직의 구축을 위해서는 기존업체와의 연대가 필수적인 것으로 판단된다. 지속적으로 효과적인 기업간 네트워크를 형성하고 유지하기 위해서는 또한 기업간 관계를 관리하는 방식과 제도 및 수단에 대한 연구가 필요하다. 양 지역 산 학 관의 공동노력을 통해서 새로운 경제 환경에 가장 적합한 기업 형태로 제시된 바 있는 마케팅 전문회사 중심의 기업간 네트워크를 성공적으로 구축한다면, 양 지역 및 국가 경제의 지속적인 동력원이 될 수 있을 것이다

• Korean small business review
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• v.43 no.2
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• pp.59-86
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• 2021

The platform concept has been used for business operations in various forms: product platforms, transaction platforms and industry platforms. All these platforms have common characteristics of having 'core' that is reused frequently and 'peripherals' that are less reusable and changed often. Companies use platforms to enable efficient development and creation of product family, transactions and innovation. These platforms provide new opportunities for many small and medium-sized companies (SMEs) by bringing changes to traditional industrial structures focused on the products rather than platforms. The service robotics industry in South Korea is mainly composed of technology-intensive SMEs due to its small market size. Although these SMEs succeed in developing technologies, they have difficulties creating and expanding markets to sell products. Thus, this study addresses the characteristics and problems of the South Korean service robotics industry and analyses how ROBOPRINT, one of the SMEs in the service robotics industry, successfully creates and continuously expands the service robot market by adopting platform concept. The results indicate that ROBOPRINT has been applying two types of platforms: product and transaction platforms. First, ROBOPRINT created art robots that were apartment mural service robots. Rather than selling art robots, the company developed various robots such as painting robots, building exterior wall-cleaning robots by reusing the core technology of the robots. The company also developed various robots according to the buyers request. In addition, the company used the robots to directly provide apartment mural services for customers. This mural service has been extended into various areas, not only in apartments but also in soundproof walls, underground passages, and retaining walls. Besides, ROBOPRINT added new services continuously by developing technologies such as virtual reality. Second, ROBOPRINT mediated mural service buyers and mural designers. This platform reduced buyers' workload, which necessitates requesting mural services to ROBOPRINT and searching for mural designers. For designers, this opened up new opportunities to participate in the mural business. The platform attracted both mural buyers and designers who were scattered before. Finally, ROBOPRINT seeks to expand the platform's scope to outside company. To share internally reused ROBOPRINT's technology with other companies, the company participated in Daegu city's 'New Technology Platform Industry'. Furthermore, ROBOPRINT is trying to share the service platform by leasing robots to other companies. This allows external agents to develop technologies and provide services by reusing resources from ROBOPRINT. This study contributes to existing theories by showing that SMEs continuously create and expand markets by building various platforms. Moreover, it provides useful implications for practitioners by describing the firm's specific platform-building strategy.

• Korean journal of food and cookery science
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• v.23 no.5
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• pp.650-663
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• 2007

The purpose of this study was to identify the sanitation management items of school foodservice suppliers that require improvement, by assessing their sanitation practices with food commodities. Our field assessment was performed using a total of 20 vendors supplying agricultural products, meat products, seafoods and processed products; all were located in the Seoul and Gyeonggi areas. The assessment tool for sanitation management was composed of 93 checklist items and was used to evaluate seven different categories; the facility and environment, management of the facility and equipment, food materials management, process control, water management, personal hygiene management, and laboratory instrument management. A score of two was given for "satisfactory", one for "fair", and zero for "unsatisfactory". The overall average supplier score was 1.7/2.0 (85.8%). The score of the seafood vendors was highest at 1.9 (95.4%), while the lowest score of 1.3 (65.7%) occurred with the processed product suppliers. Among the sanitation management categories, water management was scored at 2.0, while inspection management was lowest at 1.4. The subcategories indicating needed improvements for the processed product suppliers were raw materials, storage, transport and recall. For the agricultural product suppliers it was preparation management. furthermore, one item within the laboratory instrument management category was unsatisfactory for both the agricultural and processed product suppliers. In conclusion, these results can be used to develop sanitation management procedures for suppliers, as well as by administration agencies to evaluate and guide those suppliers.

• Journal of the Korean Geographical Society
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• v.28 no.4
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• pp.379-391
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• 1993

Present-day world economy is characterized by : technology nationalism, economic regionalism, market protectionism, multinational corporations, efc. All nations are striving for intensifying national economic rivalry and seeking after their own interests above everything else. Many regions of the world are also forming trading blocs, which could negatively affect nonmember states. The ultimate way to meet these difficulties is to establish production facilities in the countries imposing trade regulations. However, as the existing models of direct forrign investment (DFI) do not account for the particular nature of Korean firm's DFI activities, a new point of departure is imperative. It is because of this that Korean firms have only limited firm-specific advantages, the basic precondition of extant DFI theories, compared with their developed counterparts.