• 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.

• The Journal of the Korea Contents Association
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• v.12 no.9
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• pp.280-292
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• 2012

In general, a venture capital invests in tech startups and helps them improve the corporate transparency through board of directors. With respect to venture capital investment and its impact on the corporate transparency of the newly public firms from 2004 to 2010 in Korea, we have made regression analysis. First, it was found that it was likely to be less transparent, the larger its asset size or the higher its debt ratio was. Second, lower level of ownership-control disparity resulted in higher transparency. Third, a shorter period to IPO and higher growth rate were more prominent in companies with lower degree of transparency. The above findings were not conclusive to prove whether or not venture capital directly increases the transparency level of its portfolio companies, but do insinuate the possibility of a negative impact on the transparency of its investee companies, as early IPO's were associated with less transparency. This is all the more persuasive as it was observed that companies with a lower level of transparency had generally raised more money from venture capitals, and that companies with a higher growth rate and/or higher PBR, have shown to be less transparent.

• 한국방재학회:학술대회논문집
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• 2011.02a
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• pp.153-153
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• 2011

현대 건축은 기능적이고 합리적이었지만 획일적이었던 박스형 건축에서 탈피해 형태와 공간에 있어서 다양한 변화를 시도하고 있다. 특별한 건축물의 실현을 위해 각 나라의 기술력은 급속한 발전을 이루었고, 보다 더 독특한 건축물에 대한 관심은 비정형 건축물에 대한 관심의 증대로 이어지고 있다. 이러한 비정형 건축물에 적합한 구조로써 프리폼(Free-Form) 구조가 있다. 프리폼 구조로 입체골조(Double Layered Structure)를 많이 사용하였으나, 최근 유리로 되어 투명하고 기하학적 모양의 건축물을 추구함에 따라 평면골조(Single Layered Structure)가 증가하고 있는 추세이다. 평면골조는 축력 지배형과 모멘트 지배형으로 분류할 수 있고 프리폼 구조의 구성 요소 중 가장 취약하고 중요한 부분은 노드이다. 본 연구에서는 프리폼 구조 중 가장 큰 관심이 고조되고 있는 평면골조 모멘트 지배형의 노드에 대한 국내외 기술 분석을 통해 향후 연구 방향성을 제시하고자 한다. 입체골조는 하나의 노드에 여러개의 부재가 3차원으로 결합되어야 하기 때문에 다른 골조 시스템에 비해 노드부가 복잡하지만, 건축물의 외관을 유리로 하여 투명하게 하고 비틀리고 구부러진 구조물에 대한 건축적 요구가 많아짐에 따라 평면골조의 인기가 높아지고 있다. 이러한 시대의 흐름에 발맞추어 건물의 구조적, 기하학적 요구를 충족시키기 위해 다양한 노드 시스템이 개발 중이며, 가해지는 하중의 특성에 따라 축력 지배형과 모멘트 지배형으로 구분하여 노드의 양상을 분류할 수 있다. 축력 지배형의 대표적인 시스템은 다이아그리드(Diagrid)이다. 축력 지배형 프리폼 구조의 노드는 전체 구조물의 하중을 축력으로 받아 모두 전달해야 하기 때문에 크기가 크고 가새가 2~4개층에 걸쳐서 설치되기 때문에 중량이다. 모멘트 지배형 노드를 갖는 프리폼 구조의 형태는 대부분 지붕 구조로써 지붕 자체의 하중만을 견디도록 설계된다. 따라서 노드부와 노드에 붙는 부재들이 가볍기 때문에 사람이 들 수 있고 노드의 크기가 작아 시공성이 좋으며 대량 생산이 가능하다는 장점이 있다. 노드의 형태는 힘의 흐름과 쓰임에 따라 다양하다. 평면골조 모멘트 지배형의 노드는 접합방식에 따라 Splice node connection과 End-Face node connection 두 가지로 분류할 수 있다. Splice node connection은 각 부재의 종축으로 노드와 구조부재 사이에 이음재를 두어 연결하고, 연결 형태에 따라 전단력을 전달할 수 있는 1~2개의 접촉면이 생긴다. 전단응력을 받는 볼트로 이음재를 이어 조립하거나 용접으로 접합할 수 있다. 대표 노드로, SBP-1, SBP-2와 POLO-1 등이 있다. End-Face node connection은 각 연결된 부재의 단부와 노드 사이의 연결면은 종축방향의 수직이고, 인장응력을 받는 볼트를 사용하거나 용접에 의해 접합할 수 있다. 대표 노드로 SBP-4, WABI-1, MERO-1(Cylinder), MERO-2(Block), MERO-4(Double Dish) 등이 있다. 본 기술 현황 분석을 통해 현재 개발된 노드를 분류하고 가장 관심이 높은 Single Layer 모멘트 지배형 노드를 비교, 분석하였다. 최근 건물의 경향을 반영한 프리폼 구조를 실현하기 위해서 필수적인 노드의 개발은 국외에서 활발히 연구되고 있지만 그 기술이 개방되어 있지 않다. 국내에서는 동대문 디자인 플라자에 새로운 노드를 적용하고 고려대학교에서 모멘트 지배형 노드를 개발하는 등 발전 가능성을 보이고 있지만 국외 사례들에 비하면 아직 초기 단계라 할 수 있다. 따라서 현장 용접을 지양하고 공장 제작하여 현장에서 조립하며, 프로젝트 별로 상이한 노드를 사용하는 것이 아닌 다양한 요구를 효과적으로 수용하는 구조 효율성을 향상시킨 노드 상세의 개발이 이루어져야 할 것이다.

• Electronics and Telecommunications Trends
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• v.24 no.2
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• pp.131-141
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• 2009

통신서비스 시장은 유무선 및 통신과 방송서비스의 컨버전스화가 진행됨에 따라 미래 시장에서의 경쟁구도에 관심이 집중되고 있다 최근 영국, 이탈리아 등 유립을 중심으로 지배적 사업자의 병목설비에 대한조직분리의 일환으로 기능분리가 활발하게 논의 및 도입되고 있다. 이 중 이탈리아는 TI에 대한 운영분리 수준의 구조규제를 기능분리 수준으로 강화하였다. 이는 운영분리와 같은 구조적인 조치에도 불구하고 TI의 지배력 유지, 경쟁 사업자들의 지속적 불만 제기 등의 문제가 해결되지 않은데다가 TI의 소유구조 변화에 따른 네트워크의 안정성 및 보안성에 대한 우려에 따른 것으로 해석되고 있다. 이탈리아의 기능분리는 동등접속을 위한 사업부로 Open Access의 설립, 신규 인센티브 제도, 각종 투명성 확보장치, 감독기관의 신설 등의 내용이 포함되어 있으며 근본적인 원칙은 영국의 경우와 유사하다. TI는 기능분리를 통해 규제기관과의 관계 개선, 소매시장 규제완화 등의 효과를 기대하고 있으며 2008년 2월 Open Access를 출범하였다.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.31-62
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• 2010

This paper analyzes empirically how analysts' forecasts affected by ownership structure. This study examine a sample of 1,037~1,629 the analysts' forecasts of firms registered in Korean Stock Exchange in the period from 2000 to 2006. The empirical results are summarized as follows. First, from the analysis, companies which have higher major shareholder's holdings tend to increase earnings forecast errors and earnings forecast accuracy. Meanwhile, companies which have higher institution shareholder's holdings tend to decrease earnings forecast errors and earnings forecast accuracy. This result is in line with the view of previous works that companies with higher major shareholder's holdings look towards more of analysts' optimistic forecasts in order to maintain friendly relations with major shareholders. Because of analysts' private information use from major shareholders, earnings forecast accuracy is higher in high major shareholder's holdings firm than in high institution shareholder's holdings it. Second, this analysis is whether the minimal required selection condition of outside directors, audit committee adoption and audit quality affect the relation between ownership structure and analysts' forecasts. This result is that variables related corporate governance do not affect statically the relation between ownership structure and analysts' forecasts. The meanings of this paper is to suggest the positive relations between ownership structure and analysts' forecasts. After this, if analysts will notice forecasts of more many firms, capital market will be more efficient and this field works are plentiful. Also it will need monitoring systems not to distort market efficiency by analysts' dishonest forecasts.

• The Journal of the Korea Contents Association
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• v.15 no.4
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• pp.443-453
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• 2015

The purpose of this research is to investigate the influence of institution trust on customer-orientation of hotel practician. Comparison between two types of governance structure demonstrated that the relationship between institution trust and customer-orientation were significantly different each other. As hypothesized, influence of organization trust on customer-orientation was much stronger in privately owned organizations than that of public ownership organizations. In the test of mediating effect of job engagement between two variables were statistically significant Based on the results from SEM model, we can suggest that improvement of institution trust need to be emphasized through the rational introduction of customer-oriented system, establishing priority task system according to individual business criticality, admission and enhance of fault. Empirical evidences from structural equation model support the governance type positively influence the job attitude in service organizations.

• Management & Information Systems Review
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• v.28 no.2
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• pp.113-134
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• 2009

The purpose of this paper is to investigate the relationship between foreign ownership and firm value. Based on the sample of 3,398 firm-year observations in the period of 2000 to 2007, we find evidence that foreign ownership is positively associated with firm value measured by the market-to-book ratio. In addition, we employ simultaneous equation system where both foreign ownership and firm value are treated as endogenous variables. Simultaneous regression models indicate that the foreign ownership affects firm value, but not vice versa. The positive effects of foreign ownership on firm value result from monitoring and disciplining roles played by foreign investors. Many Korean firms have been run by an owner-manager while monitoring provided by institutional equity holders has been limited. Therefore, Korean firms are expected to suffer from more severe agency costs caused by the conflicts of interest between owner-managers and outside investors. Our empirical results support the notion that foreign investors play an important role in enhancing corporate transparency and improving corporate governance.

• Knowledge Management Research
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• v.24 no.3
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• pp.53-71
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• 2023

Environmental, Social, and Governance (ESG) refers to factors that are important for assessing a firm's social and environmental effect, as well as its governance standards. This paper investigates the relationship between ESG-based corporate governance and SDGs strategy implementation by discussing about incorporating ESG issues into corporate operations. It digs into the advantages and disadvantages of aligning corporate governance with the SDGs, demonstrating the potential for delivering long-term value for both firms and society as a whole. In this paper, we investigate ESG-Based Knowledge Management (ESG-KM), a knowledge management system that incorporates sustainability principles. More specifically, the paper investigates how the synergy between ESG-KM and ESG-Based Corporate Governance (ESG-CG) might influence firms' long-term value creation, stakeholder involvement, and sustainable decision-making. Finally, this paper investigates how public organizations might use knowledge management to improve the implementation and effect of ESG-CG principles, resulting in better sustainable outcomes. Public enterprises may support responsible decision-making, increase stakeholder involvement, and achieve long-term performance by linking ESG principles with corporate governance standards. The paper then explores how ESG-KM might help public firms integrate these concepts into their governance structures. The scientific novelty of this paper resides in its thorough investigation, realistic implementation methodologies, and novel combination of ESG principles, corporate governance, and knowledge management. Furthermore, by providing actionable insights and emphasizing the application of these concepts in the context of public enterprises, the paper makes a valuable contribution to the field of management, propelling the discourse on responsible and sustainable business practices in both the private and public sectors.

• Journal of Korea Technology Innovation Society
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• v.9 no.4
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• pp.796-811
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• 2006

This paper aims to develop methodology and indicators to review effective competition in Korean mobile telecommunication market. After examining strengths and weaknesses of other countries' experiences, we proposed several indicators for the assessment of competition. Developed from criteria such as transparency, regulation cost, policy objectives, proposed indicators comprise market structure, behaviour of sellers and consumers, and consumer benefits. These indicators are applied to the Korean mobile market. During the period 2001-2004, 'the competition assessment index' increased steadily, meaning the state of competition was aggravated during this period.

• Journal of Digital Convergence
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• v.10 no.10
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• pp.19-29
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• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.