• Journal of Distribution Science
• /
• v.10 no.2
• /
• pp.29-41
• /
• 2012

This paper undertakes a conceptual review of transaction cost to broaden the understanding of the transaction cost analysis (TCA) approach. More than 40 years have passed since Coase's fundamental insight that transaction, coordination, and contracting costs must be considered explicitly in explaining the extent of vertical integration. Coase (1937) forced economists to identify previously neglected constraints on the trading process to foster efficient intrafirm, rather than interfirm, transactions. The transaction cost approach to economic organization study regards transactions as the basic units of analysis and holds that understanding transaction cost economy is central to organizational study. The approach applies to determining efficient boundaries, as between firms and markets, and to internal transaction organization, including employment relations design. TCA, developed principally by Oliver Williamson (1975,1979,1981a) blends institutional economics, organizational theory, and contract law. Further progress in transaction costs research awaits the identification of critical dimensions in which transaction costs differ and an examination of the economizing properties of alternative institutional modes for organizing transactions. The crucial investment distinction is: To what degree are transaction-specific (non-marketable) expenses incurred? Unspecialized items pose few hazards, since buyers can turn toalternative sources, and suppliers can sell output intended for one order to other buyers. Non-marketability problems arise when specific parties' identities have important cost-bearing consequences. Transactions of this kind are labeled idiosyncratic. The summarized results of the review are as follows. First, firms' distribution decisions often prompt examination of the make-or-buy question: Should a marketing activity be performed within the organization by company employees or contracted to an external agent? Second, manufacturers introducing an industrial product to a foreign market face a difficult decision. Should the product be marketed primarily by captive agents (the company sales force and distribution division) or independent intermediaries (outside sales agents and distribution)? Third, the authors develop a theoretical extension to the basic transaction cost model by combining insights from various theories with the TCA approach. Fourth, other such extensions are likely required for the general model to be applied to different channel situations. It is naive to assume the basic model appliesacross markedly different channel contexts without modifications and extensions. Although this study contributes to scholastic research, it is limited by several factors. First, the theoretical perspective of TCA has attracted considerable recent interest in the area of marketing channels. The analysis aims to match the properties of efficient governance structures with the attributes of the transaction. Second, empirical evidence about TCA's basic propositions is sketchy. Apart from Anderson's (1985) study of the vertical integration of the selling function and John's (1984) study of opportunism by franchised dealers, virtually no marketing studies involving the constructs implicated in the analysis have been reported. We hope, therefore, that further research will clarify distinctions between the different aspects of specific assets. Another important line of future research is the integration of efficiency-oriented TCA with organizational approaches that emphasize specific assets' conceptual definition and industry structure. Finally, research of transaction costs, uncertainty, opportunism, and switching costs is critical to future study.

• Journal of the military operations research society of Korea
• /
• v.32 no.1
• /
• pp.73-89
• /
• 2006

In this paper, EVMS procedure for KHP program is presented. Research and development of a defense system as a long lead program has a high probability of cost growth due to the uncertainty and risk. Therefore, meeting schedule, technical performance and preventing excessive cost overrun are the main concerning point to successful research and development program. EVMS(Earned Value Management System) is a program management system using earned value to control cost, schedule and technical performance. In order to control cost and schedule and to meet technical performance requirements of the KHP research and development program, it is necessary for us to adapt EVMS to the program.

• Information Systems Review
• /
• v.26 no.2
• /
• pp.59-81
• /
• 2024

Online consumer reviews provide a variety of information from the customer perspective in terms of satisfaction and dissatisfaction. Negative emotional expression is a potential antecedent of review usefulness, and can also influence potential consumers' attitudes and decisions. In addition, because national culture provides a perspective from which individuals view the world and act, it is highly likely that differences in negative emotional expression will occur depending on culture. This study explores the relationship between national culture and negative emotional expression based on impression management theory and ultimately analyzes the impact on review usefulness. For empirical analysis, 16,076 reviews of 140 hotels located in Seoul were collected and analyzed using the PLS-SEM method. As a result of the analysis, it was found that power distance and masculinity culture dimensions had a positive effect on reviewers' negative emotional expressions, while uncertainty avoidance and long-term orientation had a negative effect. In addition, negative emotional expression was analyzed to have a positive effect on review usefulness even when review ratings were controlled.

• Information Systems Review
• /
• v.17 no.1
• /
• pp.117-140
• /
• 2015

Cloud Computing has drawn attention as one of 10 IT strategic technology trends and has various advantages such as cost reduction and enhancing business flexibility. However, corporations hesitate to adopt the service because of unexpected risks. Especially compared to large firm, medium and small ones use public cloud that security risk is high. Meanwhile, real option strategy has drawn attention as the method to hedge uncertainty in IT projects. Therefore, in this study causal relationships among technical, security, relational, and economic risks of cloud service will be investigated. Eventually, this study investigates how those risks influence the intention to choose the real option about the cloud service. For this study, five hypotheses is drawn, and a survey is conducted about the medium and small firms which are currently using cloud service to examine hypotheses. Since the study is at organizational level, 287 questionnaire replies are recalculated to 120 firms. For statistical analysis, Smart PLS and SPSS Statistics18 are used. As a result, technical risk of cloud service has significantly positive influence on security risk. Second, security risk and relational risk of cloud service has significantly positive influence on economic risk. Third, economic risk of cloud service has significantly positive influence on the intention to purchase the delay option or abandon option. Based on this result, this research discussed practical and academic implications and the limitations.

• Journal of the Korean association of regional geographers
• /
• v.7 no.4
• /
• pp.120-145
• /
• 2001

Environmental risk is one of major risks in contemporary society which is often conceptualized in terms of 'risk society'. The crisis which retains such environmental risk can be characterized by 'technical hazards', rather than natural hazards in traditional societies, because of potentiality of technical control over its generation and managing process. Environmental crisis tends to be recurred due to certain limitations of response of both government and civil society. Moreover, it can be argued that generation of environmental crisis and limitations of its managing process are inherent in problematic structures in contemporary society, especially in its 4 basic elements and their characters; that is, capitalist market economy which promotes increasing profits and decreasing cost; bureaucratic representative politics which has brought about concentration of power and evasion of responsibility, instrumental science and technology which leads to blind belief on scientific knowledge and its uncertainty; and finally individualistic way of life with exclusive and passive response to crisis. This paper aims to consider the generation and managing process of environmental crisis in terms of these 4 basic elements, with comparative studies on empirical cases of the water crisis by Phenol pollution in Taegu in 1991 and the water crisis by parasites contamination in Sydney in 1998.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.25 no.5
• /
• pp.550-559
• /
• 2019

The sinking of the M/V SEWOL in April 2014 was not a mere marine accident, but a marine catastrophe. This grim case developed into a social tragedy that impinged the national sentiment and communal integrity. It is imperative that thorough provisions and measures be outlined at the national level with regard to massive marine accidents, oil pollution, and natural disasters that might critically affect government affairs. Pivoting on "The Black Swan Theory," a concept of improperly rationalizing a national crisis based on uncertainties, this research assesses a variety of response strategies that minimize the national economic and social damage caused by a large-scale marine disaster. Along with the effort of minimizing any potential defects in each protective barrier, the "Black Swan Detection System of the Marine Disaster" needs to be incorporated to prevent cases wherein such defects lead to an actual crisis. Maritime safety must be systematically unified under a supervisory organization, and a structure for maritime crisis on-scene command and cooperation must likewise be established in order that every force on the scene of a marine disaster may act effectively and consistently under the direction of an on-scene commander.

• The Journal of the Korea Contents Association
• /
• v.12 no.3
• /
• pp.285-294
• /
• 2012

Under conditions of increasing environmental uncertainty, firms' risk management become important. This study examines the impact of foreign currency derivative usage on firm value using 3,004 Korean non-financial firms from 2002 to 2007. The results showed that there was no significant relationship between foreign currency derivative usage and firm value for the whole period and from 2002 to 2004 when exchange rate was relatively less volatile. But form 2005 to 2007 when exchange rate was volatile, foreign currency derivative usage gave significant negative impact on firm value, whereas when contract value was used, the relatinship was significantly positive. These results might be come from the characteristics of contract value and fair value of foreign currency derivatives. increased firm value when contract value was used as foreign currency derivative usage measure. But when fair value was used, there was no significance. For control variables, major shareholders ownership and foreign blockholders ownership was positively related with firm value.

• Journal of Venture Innovation
• /
• v.7 no.1
• /
• pp.201-223
• /
• 2024

This study undertook an empirical analysis to examine the impact of various factors on entrepreneurial intention among young people, with a particular focus on the role of startup mentoring. Employing a survey distributed nationwide, data from 250 valid respondents were subjected to structural equation modeling to investigate these dynamics. The analysis uncovered that workplace stress, subjective norms, and perceived behavioral control positively influence the entrepreneurial intentions of youth. Meanwhile, technological constraints negatively affected these intentions. The study did not explore the potential effects of future uncertainty and the burden of failure. Significantly, it was found that startup mentoring plays a crucial role in mitigating the negative impacts that may deter young individuals from pursuing entrepreneurship. Mentoring was instrumental in reducing negative influences, thereby fostering a more conducive environment for entrepreneurial ambition. By integrating the Push-Pull-Mooring (PPM) and Theory of Planned Behavior (TPB) models, this research not only validates these frameworks within the context of youth entrepreneurship but also underscores the essential function of startup mentoring in enhancing entrepreneurial intentions. The insights from this study highlight the importance of mentoring programs in nurturing the entrepreneurial spirit among the youth, suggesting that targeted mentoring support can play a pivotal role in overcoming barriers to entrepreneurship.

• Korean Journal of Culture and Social Issue
• /
• v.21 no.4
• /
• pp.617-647
• /
• 2015

The purposes of this study was to develop a valid scale measuring organization-related anxiety and to use this scale to examine the relation of organizational anxiety to demographic variables, job satisfaction and organizational committment. A series of studies were conducted to develop a scale for organizational anxiety. Initially, the 97 items were adopted by expert ratings. A exploratory factor analysis with a sample of 435 workers yielded a preliminary version of organizational anxiety scale with 28 items. Subsequently, a confirmatory factor analysis was conducted with a sample of 566 workers, leaving 20 items. The final version of the organizational anxiety scale consisted of 4 sub-factors: perception of future uncertainty, perception of locus of control, interpersonal anxiety, and perception of alternatives. In this study, the examined demographic characteristics included sex, age, type of occupation, type of industry, occupational position, monthly income and educational level. Organizational effectiveness was composed of job satisfaction and organizational commitment. As mediators, organizational culture, life satisfaction, self efficacy, and social support were explored. The negative relationship was observed between organizational anxiety and organizational effectiveness. The results showed the significant differences in organizational anxiety by demographic characteristics. The mediators were explored for the relationship between organizational anxiety and job satisfaction and between organizational anxiety and organizational commitment. The negative relationship between organizational anxiety and job satisfaction was mediated by the group culture, the developmental culture, the rational culture, life satisfaction, self-efficacy, and social support. Individuals with the higher level of these mediators reported greater job satisfaction even if they experienced organizational anxiety. The partial mediation effect of the group culture, the developmental culture, the rational culture, life satisfaction, and social support was observed on the negative relationship between organizational anxiety and organizational commitment. These results implies that job satisfaction and organizational commitment can be improved with the interventions on organizational cultures, self-efficacy, and social support despite the presence of organizational anxiety. Based on these results, the implication and limitations of this study and the directions for future research discussed.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2007.11a
• /
• pp.68-74
• /
• 2007

Critical Chain Project Management(CCPM) is a new project management system paradigm which maintains the advantages of PERT/CPM and improves the shortcomings of it. In CCPM the task durations are determined as 50% time estimates, ie average time discarding the their contingency. CCPM determines the critical chain the constraint of a projects considering the logical precedence relationship and resource conflict resolution. Project buffer is located at the end of critical chain to absorb the variations of critical chain. The size of project buffer is usually calculated as the half of the sum of critical chain length. Also feeding buffer is inserted after each non-critical chain which feeding into the critical chain to prevent the time delay of critical chain from uncertainties of non-critical chains. Resource buffer can be utilized to improve the availability of resources of critical chain. Buffer management is a project execution and control mechanism. Buffers are classified into 3 zones. They are OK zone, Watch and Plan zone and Expediting zone. If the project status is within Watch and Plan zone, contingency plan is established. And if it changes into Expediting zone, the preplanned contingency plan are executed to recover the time delay. In CCPM the workers are asked to work with relay runner work mechanism that they work fast if possible and report their completion to project manager for the succeeding task to start as soon as possible. The task durations are not considered as the promised time schedule. The multi-tasking is prohibited.