• Journal of Agricultural Extension & Community Development
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• v.21 no.4
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• pp.939-965
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• 2014

Farm succession in the next generation has profound implications for the future structure of the agricultural industry and the procurement of agricultural human resources. Therefore, this study sought to suggest the policy directions for farm succession through investigating the foreign policies and comparing it with Korean policies. The followings were derived from the comparison analysis. First, support is required in establishing master plans for farm succession from operators to successors. Second, it is needed to develop and disseminate effective model for farm succession. Third, an assistance policy for farm households without successors should be initiated. Fourth, the fragmentation of farmland ownership should be counteracted.

• Journal of Venture Innovation
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• v.6 no.3
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• pp.241-263
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• 2023

Recently, the aging of SME managers has emerged as a major issue in business succession. The smooth succession of small and medium-sized enterprises (SMEs), which are the industrial base of Korea, is becoming an important issue for enhancing the vitality of the national economy, such as job creation, beyond mere discussion of inheritance. At this point, this study conducted an empirical analysis on the factors affecting corporate succession intention. As independent variables, corporate Capability consisting of employee competency, marketing competency, and digital competency, human factors such as managers, successors, and third-party stakeholders, and institutional factors such as legislation, taxation, and trust were set. In addition, the effect of adjusting the sales scale was verified. To this end, a survey was conducted targeting representatives who are currently running small and medium-sized enterprises (SMEs). The total number of valid questionnaires was 315. Based on this, an empirical analysis was conducted using the hierarchical regression method. The results of the empirical analysis are as follows. First, marketing competency and digital competency, managerial competency and successor competency, taxation and trust had a significant positive (+) effect on corporate succession intention. However, a significant influence relationship between the third stakeholder, employee competency, and corporate succession intention was not tested. Among the factors that have a significant impact, the size of the influence was in the order of taxation, successor competency, executive competency, trust, marketing competency, and digital competency. Second, the size of sales was found to moderate the relationship between the variables that had a significant effect on corporate succession intention, that is, management competency, successor competency, marketing competency, digital competency, taxation and trust, and corporate succession intention. Based on these research results, academic, practical, and institutional implications for smooth business succession are presented.

• Journal of Venture Innovation
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• v.6 no.1
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• pp.139-159
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• 2023

As the founders of small and medium-sized businesses age, the issue of business succession becomes increasingly important. In this study, we empirically analyzed the impact of various human and institutional factors on corporate succession intentions, including the CEO's competency, the successor's competency, third-party stakeholders, and institutional factors such as legislation, taxation, and trust. We surveyed CEOs who were currently running small and medium-sized enterprises (SMEs), and received a total of 201 valid questionnaires. We then conducted an empirical analysis using the multiple regression analysis method. Our results showed that both the CEO's competency and the successor's competency, which are human factors, had a significant positive impact on corporate succession intention. Institutional factors such as taxation and trust also had a significant positive impact on corporate succession intention. However, third-party stakeholders and legislation did not have a significant effect on corporate succession intention. Among the factors that had a significant impact, the size of the influence was in the order of successor's competency, CEO's competency, taxation, and trust. These research results have both academic and practical implications. By going beyond existing studies that focus solely on human factors, we have revealed that institutional factors such as taxation and trust have a very important impact on corporate succession.

• Journal of Arbitration Studies
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• v.17 no.3
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• pp.101-119
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• 2007

Arbitration is contractual by nature. One cannot be required to submit to arbitration any dispute which he has not agreed to so submit. As commercial transactions become increasingly complex, involving multiple parties and numerous contracts for a single transaction, however, limiting the parties who are subject to arbitration to only those who have signed a contract containing an arbitration clause would frustrate the purpose of such arbitration clause and might lead to injustice among the relevant parties. Therefore, U.S. courts have recognized a number of theories under which non-signatories may be bound to the arbitration agreement of others: (1) incorporation by reference; (2) assumption; (3) agency; (4) veil-piercing/alter ego; and (5) estoppel. Incorporation by reference and veil-piercing theories have already been recognized by Korean courts. Agency theory and estoppel theory are not recognizable under Korean law. However, the same or similar result may be achieved by applying the third party beneficiary theory or assumption by third party theory. Although a couple of Supreme Court cases appear to be at odds with the assumption theory, on the basis of the recent amendments to the Arbitration Act, such court precedents can be and should be reversed.

• Journal of Arbitration Studies
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• v.33 no.1
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• pp.51-76
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• 2023

It is important who is bound by an arbitration agreement and what is the subject of the agreement in resolving disputes through arbitration. However, there are no provisions on them in the Korean Arbitration Act. Where an arbitration agreement is valid, the persons who are bound by the agreement cannot bring the claims which are the subject of the agreement to a court. Therefore, in determining the subjective scope of the effect of an arbitration agreement, we should make allowances for the essential qualities of arbitration to ensure the efficient resolution of disputes on the basis of the parties' agreement, and take caution not to infringe on the rights to be tried in court. Where the rights or legal relationships constituting the dispute that is the subject of the arbitration agreement have been assigned, the effect of the arbitration agreement between the predecessor and the other party should be extend to the successor, when it is agreed to transfer the status under the arbitration agreement to the successor between the three. However, in the absence of such an agreement, it is necessary to weigh the interests between the predecessor, the other party and the successor to determine whether the arbitration agreement has any effect on the successor. Arbitration is a method of resolving disputes based on the agreement of the parties. If it matters whether third parties who are not parties to the arbitration agreement is bound by the arbitration agreement or may invoke it, it should be resolved according to the intentions of the parties. Where the parties to an arbitration agreement have agreed to allow a third party to invoke the arbitration agreement, the effect of the arbitration agreement will extend to the third party. However, even if the parties to the arbitration agreement have not expressly agreed on this, when it is recognized that the parties have sought to resolve the dispute through arbitration even in relation to a third party by exploring the reasonable intentions of the parties, the effect of the arbitration agreement will extend to the third party.