• Journal of Digital Convergence
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• v.12 no.10
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• pp.121-134
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• 2014

This study investigated the stock market reaction to the announcement of conversion to holding company and its influence on the market value and corporate governance before and after the event. Generally, it is known that the conversion to holding company strengthens corporate governance because of diversification effects. Accordingly, it is expected that holding companies have a significantly positive influence on the short and long term stock value and improve firm performance. The results are as follows. First, companies have significantly positive short-term abnormal returns for a day. It confirms the stock market reaction hypothesis. Second, it is found that corporate governance is improved in two ways, protection of stock holders' right and distribution of corporate income in the year after converting to holding companies. However, the degree of business concentration appears to be decreased but the result is statistically insignificant after the conversion. Third, there is no significant positive relation between market performance and both protection of stock holders' right and distribution of corporate income. Thus, the results do not adequately support the hypothesis between corporate transparency and market performance.

• Environmental and Resource Economics Review
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• v.33 no.2
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• pp.179-201
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• 2024

In introducing emissions trading schemes, many countries start with a high level of free allocation to reduce the sudden cost burden on companies and increase acceptance of the policy. The free allocation is then gradually reduced, considering the risks of carbon leakage. This aligns with the "polluter pays" principle and is often considered one of the elements of an advanced emissions trading scheme. In this context, this study uses a simple emissions trading market model to show that decreasing the free allocation rate may not be desirable if the emissions market is not perfectly competitive. In particular, by identifying the existence of a free allocation rate at which the cost inefficiency is minimized, this study demonstrates that having a low level of free allocation does not necessarily imply the improvement of the emissions trading scheme.

• Digital Contents
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• no.8 s.111
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• pp.90-95
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• 2002

2000년부터 시작된 '닷컴 기업의 몰락'으로 전 세계 인터넷 기업들은 큰 타격을 입었다. 수많은 기업들이 만성 적자에 시달리거나 도산해야 했으며 여전히 많은 업체들은 '살아남기'에 급급한 상황이다. AOL, 야후, MSN 등 해외 주요 포탈들과 다음, 야후코리아, 네이버 등 국내 포탈들 역시 갑작스런 광고수익의 급감으로 적지 않은 심리적, 재정적 어려움을 겪어야 했다. 하지만 이들은 그동안 쌓아왔던 시장지배력과 기술력, 기획력 등을 바탕으로 새로운 수익기반 마련에 나섰고 이들의 노력은 올해 상반기부터 하나 둘 결실을 맺고 있다. 이 글은 정보통신정책연구원(KISDI) 정보통신산업연구실의 권남훈 팀장이 지난해 말 발표한 '인터넷 포탈 비즈니스의 진화과정 및 경쟁구도'라는 연구보고서를 토대로 작성됐으며, 이글에 나타난 수치는 최근 자료로 대체됐다.

• Journal of Industrial Convergence
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• v.19 no.5
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• pp.13-19
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• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• Journal of Digital Convergence
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• v.10 no.5
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• pp.207-213
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• 2012

ICT industry in Korea was constituted an industry in early 1980's and has been growing more and more since then. In the process of this growth, most of the large ICT companies in Chaebeols has been absorbing in undemocratic economic behaviors. As a result, the sales and the profit of Cheabeols and large companies has been increasing by geometrical progression, but most of small and medium cooperative companies of these big corporations have been eking a scanty existence. And many of them had gone belly up. This article will propose the digital economic democratization as an alternative to overcome the present undemocratic economic situation in the digital economic field and to develop the healthy ICT industry, and to preliminarily study the concept, elements and meaning of the digital economic democratization.

• Proceedings of the Korean DIstribution Association Conference
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• 2007.11a
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• pp.95-108
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• 2007

본 연구는 수직적 유통거래 관계에서 거래의 불공정성을 발생시키는 선행요인과 결과요인에 관한 모형을 겁증하고자 하였다. 이를 위하여 기존 연구를 바탕으로 거래의 불공정성의 개념을 도입하고, 실증적으로 검증하여 향후 거래의 불공정성 연구에 응용될 수 있는 기반을 마련하고자 하였다. 또한 시장지배력이론과 거래비용이론을 적용시킴으로서 거래의 불공정성에 대한 보다 폭넓은 이해를 위해 노력하였다. 이러한 연구목적 달성을 위하여 문헌연구를 통해 가설을 도출하였으며, 국내 소비재 제조기업 표본 258를 대상으로 실증분석을 하였다. 제조업체의 브랜드 자산이 높을수록, 거래의 불공정성은 감소하는 것으로 나타났으며, 제조업체와 유통업체간의 상대적 의존성이 높을수록 거래의 불공정성은 증가할 것이라고 결과가 도출되었고, 마케팅협력정도가 높을수록 거래의 불공정성은 감소할 것이라고 나타났다. 거래의 불공정성이 증가할수록 관계지속기대감은 감소할 것이며, 거래의 불공정성이 증가할수록 신뢰는 감소할 것이라는 결과가 도출되었다. 연구결과를 기반으로 본 연구는 이론적 시사점, 실무적 시사점, 연구의 한계점 그리고 미래 연구방향에 대하여 논의하였다.

• International Commerce and Information Review
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• v.14 no.4
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• pp.61-88
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• 2012

Korea exported the passenger cars(HS 8703) such as key export item 41billion dollars in 2011. But the Korea's representative enterprises which bound forward in the global markets, have a tough time in the Japanese markets alone, and especially, they hardly sell key items such as automobiles. Japan is the third largest automobile market sold annually 5 millions, despite its long-term depression. At this time of point, analyzing the competition structure of the automobile market and proposing the strategies of the Korean enterprises's export to Japan would be a great academic contribution. This study analyzed the Japanese automobile market by the method of upper enterprises' Concentration Ratio($CR_k$) based on J. S. Bain's SCP paradigm and the literature study on the characteristics of the Japanese market by Itami Hiroyuki. As a result, in the Japanese automobile market, it is very likely that there exist market dominating enterprises, but at the same time, the movement of change also could be grasped between Japanese car makers. Accordingly, the cross-leveraging distribution strategy, brand strategy and Japan specification(designed for Japan) development strategy of the Korean enterprises' export to Japan which can respond to the change of the Japanese automobile markets were proposed.

• Korean Business Review
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• v.19 no.2
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• pp.183-206
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• 2006

Recently, the notion of "increasing returns" has been popular not only in academia but also in industries. This notion has been drawn from prior research on network effects, which showed that the market evolution would lock in to a dominant technology. However, the long history of technological change has rarely shown the possibility of lock-in to an inferior technology. How could the market with network effects make transition between incompatible technologies regimes by escaping the lock-in? This paper analyzes the effectiveness of R&D and technological choice to investigate the sources of the dynamic capabilities in the presence of network effects and uncertain technological progress. Why does the market sometimes work against a radical technology, and why, at other times, does the market operate in favor of it? This study is to address this question by modeling the situation of two competing technologies in the presence of network effects. The numerical analysis indicates that the evolution strategy of compatibility is more likely to increase the chance of firm growth when a majority of customers are not power users or when demand for an old technology has been escalated. But when there are a substantial number of power users or when a new technology emerges before such an escalation of demand, the revolution strategy of compelling performance is more likely to be effective. The result suggests a potential mechanism for overcoming the lock-in problem. When the market exhibits some inertia to an obsolete technology, which is reinforced by the increasing customer value with respect to backward compatibility, the survival of a new technology depends on power users. When many power users are cultivated by firms' technological efforts regarding the new technology, the market is less likely to lock into an obsolete technology. Indeed, in the workstation market, where power users characterize much of the demand, innovators like Sun successfully switched to the RISC architecture.

• 월간 기계설비
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• s.245
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• pp.82-83
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• 2010

올 초만 해도 자재 시장에 큰 소용돌이가 있을 것이라는 견해가 지배적이었다. 결과는 찻잔 속의 태풍으로 그쳤다. 침체된 건설 경기에 돌파구가 생기지 않은 탓이다. 오히려 부도 여파와 줄어든 수요 때문에 자재 시장은 이전 투구의 양상까지 보이고 있다. 단기적으로 큰 변화가 없다고 전제할 때 당분간은 기업 경쟁력 강화 특히 구매력 강화에 더욱 힘써야 하겠다. 즉 회사의 구매 경쟁력 요소 중 강점은 더욱 부각시켜 단가 인하의 토대로 만들고 약점은 최소화하여 단가 인상을 막아야겠다. 연말 결산의 의미에서 회사의 구매 경쟁력 수준 파악에 필요한 요소들을 점검해 보고 그에 따른 경쟁력 강화 전략도 함께 살펴보겠다.

• Fiber Technology and Industry
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• v.8 no.2
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• pp.128-140
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• 2004

젊은이들이 시장을 지배하는 시대는 끝났다. 빠른 속도로 성장하며 영향력을 확대하는 새로운 인구집단이 등장하고 있다. 미래학자 피터 드러커의 말이다. 실버 세대는 태풍의 눈처럼 겉으로 드러나지는 않지만 조용히, 그 위력을 키워나가고 있다. 현대 의학의 발달로 평균수명이 연장되면서 노인인구가 증가하고, 일생의 주기 중에서도 노년기가 길어지고 있다. 실버세대가 경제적 자립을 하면서 노년층이 거대한 소비 세력으로 자리 잡고, 소비 트렌드를 좌우하는 소비주체로 분류되고 있다. 노인의 의ㆍ식ㆍ주 생활과 관련된 노인복지에 대해 관심이 고조됨에 따라 선진 기업들은 전략적 시장개척을 위한 다양한 기술 개발과 실버산업에 적극 투자하고 있다. (중략)