• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.95-131
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• 2012

This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

• Venture DIGEST
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• s.109
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• pp.38-39
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• 2007

이른바 주주행동주의(shareholder activism)의 바람이 날로 거세지고 있다. 주주행동주의란, 과거 주주들이 배당금이나 시세차익에만 주력하던 태도에서 벗어나 적극적으로 기업지배구조에 영향력을 행사하면서 그들의 이익을 추구하는 경향을 말한다. 주주들은 경영성과나 임원선임 등 지배구조뿐만 아니라 기업의 사회적 책임을 요구하는 움직임도 보이고 있다. 이러한 경향은 우리 주식시장에서 외국인 투자비율이 높아지면서 더욱 뚜렷해지고 있다. 외국인 투자자들은 상당수가 국제 투자자본으로서, 그들은 투자수익을 극대화하는 방안의 하나로서 주주행동주의를 활용하고 있다. 주주들의 이러한 경향은 앞으로도 더욱 강화될 것으로 보인다. 주주들은 지배구조 개선이나 경영권 교체에 대한 영향력 행사를 통해 기업가치를 높일 수 있다는 것을 직접 체험한 것이다. 따라서 본 호에서는 주주행동주의의 법적인 구현이라고 할 수 있는 소액주주의 권리들에 대해 살펴보기로 한다.

• Proceedings of the KIPE Conference
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• 2011.07a
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• pp.186-187
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• 2011

3상 PWM 컨버터에서 LCL필터 필름 커패시터는 Self-healing 메커니즘에 의해 열화가 진행되며, 이는 시스템의 필터성능과 역률 저하로 이어진다. 따라서 계통측 커패시터의 고장을 판단하고 교체시기를 결정하는 것이 필요하다. 본 논문에서는 정전용량의 80%에 해당하는 공진주파수를 한 주기 동안 주입하였을 때 나타나는 응답의 변화를 통해 커패시터의 열화고장진단 알고리즘을 제안하였다.

• Journal of Korean Historical Folklife
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• no.44
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• pp.145-176
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• 2014

This study analyzed official duties and personnel practices of Hyangcheong(鄕廳), administrative organization in which sajok(士族) participate this office, and Jakcheong(作廳), hyangree(鄕吏)'s office, of Anbyeon of Hamgyeong Province in the 19th century. Although there have beeen somewhat of case study of Gyeongsang, Honam, etc., study on Hamgyeong Province has been almost nonexistent because of the limitation of materials. Hence, this paper specifically examined Hyangcheong and Jakcheong's official duties and personnel practices through an article of 'a list of Hyangcheong and Jakcheong's officials' of Anbyeon, newly found, which is in the possession of this writer. Especially, this study virtually traced individual ststus and family by analyzing Hyangcheong and Jakcheong's 40-official duties and a list of 330-ofiicial duties for sixs years. And then by comparing it against Jokbo(族譜), I have grasped 19-Famlily of them. Executives of Hyangcheong could be grasped as they were status of Yangban(兩班), but members of Jakcheong were hardly identified because they were status of hyangree, thus most of them were not enscrolled in Jokbo. Hyangcheong and Jakcheong's official duties could be found by compare it with other area in Ehubgi(邑誌) Hamgyeong Province. the features of officiak duties are as in the following. On general administrative organization, Sajok's Hayngcheong, Jakcheong as general administrative organization and Jangcheong(將廳) as police work existed. As Pyeongando and Hamgyeongdo were border areas, Jangcheong was independent and led other institutions. However, in Anbyeon, Hojang(戶長) of Hayngcheong and Jakcheong divided dudies and commanded. Hojang'role was higher than any other areas, Because Hojang is in charge of Jangcheong's functions. Jakcheong was centrally operated by Hojang, Eebang(吏房), and Hyeongbang(刑房), so-called 'Samgonghyeong(三公兄)', Whereas Anbyeon was operated by Hojang, Eebang, Chunchong(千摠). In the general areas, While Juasu(座首) Byeolgam(別監), Executive of Hyangcheong, manages each warehouse(倉) where the nation's tax revenues are kept, In Anbyeon besides Joasu, Hyangso(鄕所). The principle of Hyangcheong and Jakcheong's personnel practices was one-period, but there were many consecutive terms, every other year terms, or tranference into other area. Police work was assumed by specific persons because it was relatively specialized job, However in case of Ghamsaek(監色) of each warehouse(倉), Hyangso(鄕所) of Hyangcheong or Hojang of Jakcheong had held plural offices, and was solely responsible it. On the overall features of its operation, Hyangcheong held plural offices, but rotation was made only within Hyangcheong. On the other hand, in the case of Jakcheong, Hojang, Eebang, and even Buriebang circulated their positions, but the other Hyangree rotated each Saek(色) and Guamguan of each warehouse(倉). This writer confirmed that unlike Gyeongsang and Hamgyeong, Hyangcheoung or duties of Hyangree were not handed from generation to generation by several families and, many families shared their work by circulating positions.

• Korean Journal of Psychosomatic Medicine
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• v.14 no.1
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• pp.62-66
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• 2006

Introduction: Unexpected serious and lethal drug interactions can be occurred by polypharmacy for treatment-resistant psychiatric disorders. We report a case who has suspected upper gastrointestinal bleeding after the combination of clozapine and buspirone. Case : A 69-year-old woman with DSM-IV schizophrenia who was admitted to our hospital had no previous medical problems. Findings on physical exam, laboratory values, EEG, and a magnetic reso-nance imaging scans were no abnormality, except for slightly low level of hemoglobin at admission. Because of aggravating anxiety symptom, a trial of buspirone was begun from 15mg, in addition to olanzapine 30mg. And then olanzapine was switched to clozapine due to her treatment-refractory his-tory and poor response on this admission. Moreover, At the admission 11 weeks later, after 4 weeks of starting buspirone and clozapine, she was placed on a regimen of clozapine 300mg and buspirone 60mg. At this point, she started to complaint nonspecific abdominal pain for 4 days and then hematemesis, melena and hypotension were developed suddenly with negative findings in gastroduodenoscopy. After stopping all medication, the suspected upper gastrointestinal bleeding was subsided. After the regimen was switched back to clozapine only, psychotic symptoms were improved without the recurrence of the adverse events. Conclusion : We concluded that the upper gastrointestinal bleeding in this case was attributed to the drug interaction with clozapine and buspirone, although the definite mechanism is not clear. The clini-cians should be very cautious to prescribe the combination of clozapine and buspirone due to a possible lethal adverse effect.