• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.81-111
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• 2013

Along with a general growth in living standards there has been a corresponding increase in the demand for tourism. Cruise based tourism, in particular, has become one of the most dynamic and dramatic growth sectors in the tourism industry over the last 20 years, including in the Northeast Asian region. In line with the growth of passenger numbers, the number of cruise ships and their berth capacities has increased significantly since the late 1970s. Korea, as a peninsular nation, has also experienced a rapid growth in cruise passenger numbers. The national economy has greatly benefited from this as the industry acts as an income generator, creating new jobs and potential investments and in developing local tourism. Ports play an important role in the development of any national cruise industry, providing not only ship berths but supply and bunkering facilities and a gateway to local tourism opportunities. The selection of the optimal cruise port location is an important and complex problem because the decision makers have to consider a large number of criteria which have a significant effect on the economy, environment, human life, and society. This paper investigates those criteria that are significant in developing a successful cruise port by employing a questionnaire survey of major cruise port users - shipping companies and tourism companies. The ports, surveyed in this study are Busan, Incheon, Yeosu and Jeju. All have been identified as important potential cruise ports in the Korean Government's 'The 3rd Port Basic Plan (2011-2020)'.

• Journal of Navigation and Port Research
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• v.45 no.6
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• pp.276-283
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• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Knowledge Management Research
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• v.24 no.2
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• pp.65-85
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• 2023

This paper investigates how TMT's cognitive traits affect R&D investment. Drawing on the attention-based view, we propose that TMT's future orientation and risk preference increase the level of R&D investment. As R&D activities have long-term goal of generating proprietary knowledge, it is important to understand how TMT's attention toward future and risk affect R&D investment. Also, we test the moderating effect of CEO duality on R&D investment. As the CEO plays a leadership role in the TMT, if the CEO's decision-making authority is highly concentrated, the impact of TMT on R&D may decrease. We measure CEO duality and CEO ownership stake as CEO characteristics. Based on a sample of 837 U.S. manufacturing firms, the results show that when TMT has a higher tolerance for risk and higher future orientation, R&D intensity increases. However, when CEO also serves as chairman of board and CEO has higher ownership, TMT's influence on R&D investment weakens. This implies that TMT and CEO has power dynamic that can change based on CEO power supporting status. Overall, it suggests that TMT's attention and CEO power are important factors to improve longer-term knowledge accumulation of firm.

• Journal of the Korean Data and Information Science Society
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• v.26 no.2
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• pp.323-334
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• 2015

he current VaR model based on the J.P. Morgan's RiskMetrics structurally can not reflect the future economic situation. In this study, we propose a One-factor model resulting from the Wiener stochastic process decomposed into a systematic risk factor and an idiosyncratic risk factor. Therefore, we are able to perform a preemptive risk management by means of reflecting the predicted common risk factors in the model. Stocks in the portfolio are satisfied with the independence to each other because the common factors are fixed by the predicted value. Therefore, we can easily determine the investment in each stock to minimize the variance of the portfolio. In addition, the portfolio VaR is decomposed into the sum of the individual VaR. So we can effectively implement the constitution of the portfolio to meet the target maximum losses.

• Management & Information Systems Review
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• v.28 no.4
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• pp.27-44
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• 2009

Economic value of a certain technology is of great interest and importance in a wide variety of investment circumstances. These vary from companies considering investing in R&D projects, to venture capitalists funding start-up companies. However, such valuation is extremely difficult in any case, and the cost of failure can be very high. Many techniques have been proposed to assist managers facing this issue, from traditional discounted cash flow analysis to more recent methods based on real options. In the meantime, the discounted cash flow method has limitations in applying the valuation of technology. At the same time, there have been various solutions to overcome theoretical problems of the method. Real options have been thought as a solution. However, there are another problems in using them in real world. This paper reviews the previous studies on the valuation of technology in several aspects, discusses the practicability of the various methods available, and explore the application of a hybrid model, which aims to make these rather aore the ideas more accessible to practicing managers.

• Journal of Korea Technology Innovation Society
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• v.17 no.3
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• pp.449-466
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• 2014

There have been various researches on the relationship between a company's R&D investment and the outcome from innovation. However, these studies failed to effectively analyze the decision-making process followed by companies in relation to knowledge production. Especially, in analyzing the patent of companies, the Poisson model has been commonly used, but its limitations have been pointed out. In recent years, many studies have adopted negative binomial models, but they still pose limitations in analyzing the selection process. This paper proposed a hurdle negative binomial model to effectively reflect the company's decision embedded within patent information and conduct an empirical analysis on a survey of businesses' activities. In particular, the study analyzed the selection process of companies in determining the number of patents. As a result of estimation, the presence of over-dispersion was identified. In addition, the Wald-test confirmed that setting up of hurdles was valid, and there was a difference between the results of hurdle models and those of general negative binomial settings.

• Culinary science and hospitality research
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• v.16 no.4
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• pp.15-27
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• 2010

As most companies in the world are much interested in the overseas market as well as in the domestic market, many Korean food service enterprises came to focus on extending their branches to the overseas market. However, lack of business strategies including market research, marketing strategies, localization, etc. has made them continue to fail in market entry. The purpose of this study is to develop entry mode of determinants of Korean food service enterprises, considering their characteristic factors and environment factors in the overseas market. To do this, companies which have a head quarter in Korea and over 2 year business experience in the overseas market were chosen and used for a self-administered questionnaire survey. Statistical processing, including descriptive statistics, logistic regressing analysis, and multi regression analysis using an SPSS/PC 12.0 statistical package were conducted The result is as follows. First, explanation suitability was 85% of the entry mode in the overseas market. Second, as business size was smaller, product differentiation was higher, and CEO's will for success in the overseas market was higher, independent entry mode in the overseas market was likely to he chosen. Lastly, as the uncertainty of demand and trade barrier were lower, and a sociocultural gap was smaller, independent entry mode in the overseas market was likely to be chosen.

• Management & Information Systems Review
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• v.36 no.5
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• pp.1-26
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• 2017

In the meantime, research on corporate informatization focuses on the completeness of information technology itself and its financial effects, so there is insufficient research on whether information technology can support business strategy. It is necessary to verify whether the management strategy implementation of the company can be led through the informatization of the enterprise and the relation between the main mechanism factors and the informatization performance. In this study, what a mechanism factor is applied in the process of result creation of informatization from three mechanism perspectives such as selecting mechanism, learning mechanism and coordinating mechanism with cases of representative domestic IT company and what an importance mechanism factors have been ascertained. This study results in 8 propositions. For a main agent of companies, securement of information capability of organizations has been selected to realize informatization results and investment of informatization has been selected to solve organizational decentralization problems as the most important factor. Additionally, as competition in the industry gets fierce, investment on informatization has been changed to a utility way of implementation of strategies and decision on investment has been made through the official process and information technology. Differentiated company capability has been made based on acquisition of technical knowledge and company information has been expanded to its whole employees through the information system. Also, informatization change management and outside subcontractor management have been acknowledged as an important adjustment factor of company. The first implication of this study is that since case studies on mechanism factors that preceding studies on informatization results did not empirically cover have directly been dealt with based on experiences of executives in charge of business and in charge of informatization, this study can provide practical views about factors that should be mainly managed for informatization results of IT companies. Secondly, since ser-M framework has been applied for IT companies for the first time, this study can academically contribute to companies in other fields about main mechanism factors for result creation of informatization based on deeper understanding and empirical cases.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.

• 정보화사회
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• s.187
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• pp.26-35
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• 2007

'IT거버넌스'가 국내 IT시장의 화두로 떠오르고 있다. 그럼에도 아직까지 일부를 제외하곤 국내 대기업에서 이렇다 할 IT거버넌스 구축 사례를 찾아보기 힘든 것 또한 사실이다. 이는 물론 IT거버넌스의 개념 자체가 워낙 방대해 기업의 전산실무자들이 IT거버넌스를 위한 뚜렷한 로드맵을 내놓는 것이 쉽지 않기 때문이기도 하다. 특히 최근에는 ITSM 이슈 외에 계정관리, 시스템리스크관리, DB보안 등 내부 보안에 대한 것도 중요한 IT거버넌스의 범주에 포함되고 있는 상황이다.기업들의 IT투자 비중이 커질수록 그에 대한 기대도 높아지고 있다. 그러나 기업들의 IT에 대한 기대와 의존도가 높아진 만큼 리스크도 커지고 있다. IT 리스크는 단순한 IT만의 문제가 아니라 기업의 존망을 결정짓는 심각한 리스크 요인으로 작용할 수 있다는 점에서'IT 리스크 관리'는 중요한 기업의 화두로 등장하고 있다.