• Journal of Korean Society of Industrial and Systems Engineering
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• v.28 no.1
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• pp.105-113
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• 2005

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows. Agency costs are found to be decreasing with the ownership share of controlling shareholders and accounting performance becomes higher. But firm value measured by Tobin's Q ratio becomes lower according as the ownership of the controlling shareholders increases. If agency costs decrease in proportion to controlling shareholder's share, firm value should be higher according to the agency theory by Jensen and Meckling(I976). But the results of the empirical test of this study are inconsistent with Jensen and Meckling's(1976). Therefore the following study on the more useful proxies stand for agency costs should be needed.

• Proceedings of the Korean Society of Computer Information Conference
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• 2022.07a
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• pp.357-360
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• 2022

우리나라는 1997년 IMF 경제위기 이후 기업의 지배구조와 관련한 상법과 증권거래법 등이 수차례에 걸쳐 개정을 통한 정비가 되었다. 기업지배구조에 대한 문제는 우리나라 경우에만 한정되는 것이 아니라 미국을 비롯한 유럽 등 많은 선진국에서 중요한 문제점으로 대두되고 있는 것이 사실이다. 특히 우리나라에서 기업지배구조와 관련하여 많은 문제가 발생되고 있는 것은 지배주주와 경영진의 기업경영에 대한 감독 등이 제대로 이루어지지 않았을 뿐만 아니라 지배주주와 기업 경영진들에게 그에 책임을 제대로 묻지 않았기 때문이다. 그리고 아직도 우리나라 대부분의 기업들에 있어서 오너 경영자의 소유주식 비중이 높은 관계로 의사결정권을 독선적으로 행사하는 등 사실상 경영의 건전성을 확보할 수 없었던 것이다. 따라서 본 연구에서는 이사회가 본연의 기능을 회복하고 바람직한 지배구조를 개선하는데 있어서 걸림돌이 되는 부분을 검토하고 그에 대한 효율적인 개선안을 제시하고자 함이 연구의 목적이다.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.1-39
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• 2003

Using a comprehensive sample of convertible security offerings by Korean firms from 1981 to 1999, we examine the effect of convertible bond issues on firm value. We find that the announcement of convertible bond issues has a positive effect on firm value. However, the announcement of private convertible bond issues by chaebol firms has a significant negative effect on their market values. This result is different from that in Japan, suggesting that the efficiency of the financing decision by Korean chaebol is different from that by Japanese keiretsu. In addition, we find that the announcement effect of private convertible bond issues by chaebol firms has a significant relation with the corporate governance variables such as ownership structure, bank relationship. These results indicate that convertible bond issues can be used as a mechanism for chaebol owner-manager to give rise agency problems at the expense of the wealth of minority shareholders.

• Journal of Family Resource Management and Policy Review
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• v.28 no.1
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• pp.39-53
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• 2024

This study examines how economic factors such as income, parental support, perceived social status, and financial distress are associated with marital intentions among unmarried young adults in their 20's and 30's. Data were collected by an online survey, and a total of 567 people participated nationwide. Results from a hierarchical logistic regression suggest that (1) women's income was associated with their marital intentions, but not men's; (2) perceived social status was associated with marital intentions among both men and women; (3) men's expected parental support for marriage was associated with marital intentions; and (4) when three subfactors of the material values were included in the analysis, among women, it was found that the use of possessions to judge one's own success and that of others was positively associated with their marital intentions, and the belief that possessions and the acquisition of materials lead to happiness and satisfaction was negatively associated with their marital intentions. Further discussion is provided about the interpretation and implications of the results.

• The Journal of the Korea Contents Association
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• v.14 no.11
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• pp.893-904
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• 2014

This study is designed to analyze the status of R&D investment and managerial performance related to the domestic manufacturing. To accomplish the purpose of the study, We have regression analyzed 6,054 companies based on the data of 'Business Activity Survey' disclosed by Statistics Korea. Result of the study are as follows. First, electronics, IT, and auto industry account for 25.6% of the country's manufacturing companies and take up 75.8% of the total R&D funding for the manufacturing industry. Second, R&D funding exercises positive influence on sales and the number of registered patents, which last exerts positive influence on sales.

• Journal of the Korean Institute of Gas
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• v.5 no.4 s.16
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• pp.8-20
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• 2001

Neoliberalism became a catch word of a post-cold war era. It began to develop in the middle of welfare state crisis in developed countries. It promoted both a unified world market through mutual penetration of national boundaries in International scene and maximization of efficiency through market competition in domestic scene. Privatization of public corporations is a major policy to pursue market efficiency through deregulation. Two reasons are often adduced to support the cause The socio-economic changes diminished the necessity to establish public corporation on the one hand. On the other hand gross inefficiency has been observed in the management of public corporation. 'Government failure' is an apt expression of the inefficiency. In analysing the experiences of privatization of utility industries of some other countries we found a couple of lessons for a Korean case. First, it is doubtful if privatization, that is a change in the form of ownership, is a necessary condition for achieving market efficiency. Because it is possible to operate a mechanism of market competition while maintaining competition among public corporations and with private actors. Second, the patron-agent dilemma is often cited as a major culprit of an inefficient management of public corporations. But it is without saying that the dilemma is also found in the management of private firms. So, the issue is not the privatization per se but to realize responsible management through discipline and incentives.

• Management & Information Systems Review
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• v.35 no.3
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• pp.155-171
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• 2016

Separation of management with ownership induces the agency problems between CEO and shareholders of Chinese firms. To solve this problem Chinese government has enforced the "stock incentive management law for stock listed companies" since 2006. However, it has not been clear that this law is beneficial to reduce the agency cost and thus to increase the performance of Chinese firms. This study aims to answer this question. It is specifically designed to explore the effects of CEO's stock incentive on the performance of Chinese firms. It also examines the moderating effects of the characteristics of the board of directors on this relationship. Using a multi-year sample (2008-2014), we found that CEO's stock incentive is positively related to firm's performance. We also found that the equity stakes of board members strengthens the positive relations between CEO's equity incentives and firms' performance. On the other hand, contrary to expectations, the independency of the board of directors does not significantly moderate the relationship between CEO's equity incentives and firms' performance. Based on the findings, this study provides valuable implication for theory and practice.

• Information Systems Review
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• v.25 no.1
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• pp.75-91
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• 2023

Thanks to information technologies, sharing economy services offer a new way of consumption. Carsharing appeared as a novel type of service that transformed the conventional way of personal transportation, from owning a vehicle to using an on-demand service. Allowing users to use a vehicle without owning a car, carsharing provides various social benefits such as the reduction of resource allocation inefficiencies and the alleviation of transportation problems. To strengthen such positive aspects of carsharing service, it is essential to understand an individual's service usage pattern and reveal factors that affect users' reuse behavior. This study investigates the factors that have an influence on carsharing reuse of users applying RFMC (Recency, Frequency, Monetary, and Clumpiness) model, the popular model for understanding the reuse likelihood of customers. Using data from a leading carsharing service provider in South Korea, we empirically analyze the effect of RFMC on carsharing reuse behavior. The findings show that recency and monetary values are negatively related to reuse while frequency is positively related to carsharing service reuse. Moreover, the impact of recency and monetary value are more salient whereas the impact of frequency is smaller among users with higher clumpiness. Based on these findings, this study elaborates on theoretical and practical implications.

• Journal of Digital Convergence
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• v.11 no.3
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• pp.23-31
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• 2013

In Korea, middle and small-sized company takes up an absolute majority of all businesses, and most of them are founded as a limited company. Yet, it is a type of business that fits a company of certain size, and its establishment process is complicated due to various reasons such as investor protection. It is also required to have strict organization structure based on the principle of separation of ownership and management. Accordingly, as the principles may undermine entrepreneur's will to start business, there has been dramatic change in legal system on business establishment and management since 2010. The changes include streamlined process at the foundation stage and digitalization of many regulations on business establishment and operation for more convenience in starting business. Also, new business types for small-sized companies were adopted, and freedom to select business name has been enhanced. The issue of non-par value stock has been allowed, and various types of stock have been adopted for more convenient financing, defense against hostile M&A, and easier business succession.

• Korean Business Review
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• v.13
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• pp.89-105
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• 2000

This study explores the general marketing ethics among Koreans and helps us understand bu such as bribery, unfair price increases, and so on. By examining msiness ethics in Korea. Based on a scenario approach, we focus on the ethical problems developed or identified from previous research in the western countries. We find that the people in our sample perceive the relative seriousness of ethics problemsarketing-related ethical issues, first we find the differences in how the young and old recognize business ethics. Specifically the younger generation in Korea shows less ethical reaction in general because they have not developed a long-term perspective. Moreover the older generation shows less ethical attitude towards bribery. Second, we confirm the findings in Zey-Ferrell et al (1991) that all individuals think they are more ethical than others. We also discuss other demographic variables related issues that might affect the business ethics in Korea.