• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.45-73
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• 2007

The empirical results are summarized as follows : First, In relation to effects of ownership structure on firm value, there is the non-linear relationship between major(and foreign) shareholder's holdings and firm value. So the results(the compromise hypothesis) by prior researches(Morck et al. 1988 and so forth) is supported. However Institutional shareholder's holdings do not show the significant results. Second, In relation to effects of outside directors on firm value, equally the results of prior researches(Vafeas 2000, Choi et al. 2004), the higher the ratio of outside directors in the board, the higher firm value. Also there is the non-linear relationship between outside directors ratio and firm value. Furthermore, the higher the possibility of outside directors election in the board, the higher the relationship between ownership structure and firm value. As the economic importance of KOSDAQ is more increase, the researches of KOSDAQ should be more realized.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.4
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• pp.597-615
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• 2016

Since 1997 the United Kingdom has pursued creative industry and creative city development in accordance with the New Labor Party policy, strengthening its cluster policy by assigning creative city policies to traditional manufacturing-oriented regions. Tech City in London, one of the most successful examples of digital clusters, is an area in which diverse ecosystems for venture business integration have been established, as the once barren space began to spontaneously develop. For this region, systematic linkages including universities, private companies, start-ups, and accelerators have been added, along with the UK government's active support system. As a result of this opportunity, the scale of the UK start-up ecosystem has significantly grown, the number of local companies has surged, and brand effect has greatly improved. Tech City is an example of a well-balanced combination of public effort and private governance, based on the region's historical background and its potential for growth. It is an effective coordination of public policy and private active investment, services, research, and education. The market platform for institutional technology and commercialization, and aggressive investment shares in the risk, have lead to its growth as a start-up and an innovative city. Britain's efforts to expand the nationwide cluster for the future-oriented digital economy is most noteworthy.

• Korean journal of communication and information
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• v.81
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• pp.189-224
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• 2017

The case of 'Paik Jong-moon's Taped Conversation,' has presented "an important and serious challenge to the freedom of the press and democracy" in South Korea. Nevertheless, this case has not been reported by the mainstream news media. It has also been forgotten without a proper fact-finding or investigation by regulatory agencies, like The Foundation for Broadcast Culture, The Korea Communications Commission, or The National Assembly. This study aims to examine why the above has happened through in-depth interviews of reporters and TV producers, senior journalists, former and incumbent commissioners of the broadcasting regulatory agencies, and experts of the industry, as well as literature research. Here, I present three answers. First, I found two reasons the mainstream press has ignored this incident. 1) It serves for political interests instead of reporting truth. 2) Public broadcasters' watchdog role has been neutralized. Second, regulatory agencies like The Foundation for Broadcast Culture, The Korea Communications Commission and The National Assembly are ruled by political tribalism. The ruling party's members of the National Assembly and these agencies were reluctant to investigate allegations surrounding Paik Jong-moon, such as illegal dismissals, illegal intervention in programming or production, illegal recruitment and illegal business deals. That's because they considered CEO Paik an ally. Using their majority power, they have rejected the request from opposition-affiliated commissioners or from opposition lawmakers to investigate the allegations. Third, there were no alternative forces within the public broadcasters to unveil the truth. In conclusion, the legal and institutional shake-up of corporate governance is urgently needed for public broadcasters and broadcasting regulatory agencies.

• Journal of Digital Convergence
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• v.18 no.8
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• pp.111-118
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• 2020

This study conducted an empirical analysis of SSE-listed companies to verify the effects of evaluation and disclosure of internal control systems on the agency costs management and controlling shareholders. Agency costs can affect the valuation of accounting information as asymmetry of information in the relationship between a company and its stakeholders, or induce financial costs as an adverse selection. If the firm's agency costs are reasonable, the valuation of the company can also move in a relatively positive direction. In this study, the evaluation information of the internal control system was analyzed through sales management ratio and equity ratio as substitute variables to analyze the relationship between management and agent costs of the controlling shareholders. In addition, independent control ratio, capital balance ratio, and company scale were used as control variables, as a result of the analysis, the evaluation information of internal control was found to be related to the agency costs of managers and governance structure. This study can be conducted to positive factors in evaluating the reliability and corporate value of accounting information according to the evaluation of internal control of SSE-listed companies and helps to understand the financial reporting environment.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.4
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• pp.438-453
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• 2009

Attracting advanced foreign enterprises into the less-developed regions has gained increasing importance as a regional development strategy in Korea. This study critically examines the foreign-direct investment-led regional development strategy of Wales, United Kingdom. Despite a high FDI inflow in manufacturing, the Welsh regional economy has suffered from specialization in low-skilled assembly with limited R&D activities, insufficient linkage with local domestic suppliers, and violent fluctuation in local employment in response to changes within the global business environment. This tendency shows that the foreign-invested companies have neither locally embedded themselves enough nor created the external agglomeration economies in the region. At the same time, the Welsh local government's excessive dependence on financial incentives packages to induce multinationals, rather than effort to create regional innovative capacity, has resulted in a sizable fiscal loss, an abused local planning process, and subordination of the local government's major administrative decision-making on foreign investors. The Welsh FDI case suggests that an effective FDI attraction policy should include inter-regional cooperation and coordination in the inward investment attraction procedure, a comprehensive land use planning process, and state-level concrete governance on FDI.

• The Korean Journal of Archival Studies
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• no.65
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• pp.397-457
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• 2020

The purpose of this study is to assist in the overall understanding through detailed analysis of the ISO 30301:2019 standard, and to discuss the implications of the standard. To this end, this study first looked at the background of the revision of the ISO 30301 standard, and specifically outlined the process of establishing and revising the management systems for records family of standards by time. This study also looked at the HLS(High Level Structure) of the management system standard applied in the revised edition and the main revisions to the ISO 15489:2016 standard, as well as the emerging concept of 'Records requirements'. This study then compared revisions to the ISO 30301:2019 standard with the HLS of the management system standard and the ISO 30301:2011 standard. In addition, the main features of the revised edition of this standard were identified by analyzing new, enhanced, and changed requirements in the revised edition of ISO 30301. Based on this analysis, the amendments to this standard divided into four categories: expanding the records processes and realizing systematic record management, strengthening leadership and efficient management of the management systems for records, integrating and utilizing full-fledged other management system standards, and realizing flexible records management governance at the business process level.

• The Journal of the Korea Contents Association
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• v.18 no.12
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• pp.456-467
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• 2018

This study analyzed the repeated causes of policy failure focusing on Yangyang International Airport cases. Yangyang International Airport, which opened in 2002, was built with about 360 billion won, but it is considered as a representative example of policy failure of local airports. According to the policy failure theory, the failure factors of Yangyang International Airport are anlyzed by rationalistic, political, and environmental complexity viewpoint. The results are as follows. First, from a rationalist point of view, Yangyang Airport failed to achieve the policy goal of securing passengers and revitalizing local economy, This is due to the pressure of politics and the lack of geographical infrastructure. Second, the failure of the stakeholders to resolve conflicts in the flow of politics can be seen as the conflict between the airline and the airport, and the failure to reconcile conflicts between the government and the airports on the low cost airline permits and subsidies. Third, from the viewpoint of environmental complexity, Yangyang International Airport can be regarded as a failure to adapt to environmental changes such as the opening of nearby expressways and railway lines, and the sharp decline of Chinese tourists. This study sugeests the establishment of an independent organization that can prevent unreasonable business promotion by politics in the case of large scale national projects, the linkage with the surrounding infrastructure and related businesses in the case of transportation facilities such as airports and railways, and institutionalization of cooperative governance for coordinating conflict among stakeholders.

• Management & Information Systems Review
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• v.38 no.3
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• pp.187-210
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• 2019

Companies shall hold social responsibility as a member of the social community. Corporate social responsibility uses corporate resources, yet it plays important roles in reducing social imbalance. Their responsibilities are highly associated with the corporate sustainability. Many earlier studies on the association between corporate social responsibility and corporate sustainability have been attempted. Yet it should be mentioned that they do not show a variety of realities as linearity between dependent variables and independent variables were assumed. Thus, this study aims to analyze Markov blanket, a node of minimum descriptive variables that relieve a rigid assumption among variables and affect corporate sustainability by using Bayesian network. Sensitivity analysis was used to elicit how other variables affect by reflecting the complex reality when real factors are changed. As an important result of this study, the firm's future earnings sustainability is naturally related to operating earnings, and as the corporate governance structure is sound, the firm is able to steadily fulfill its social responsibility. However, the fact that the size of a company is large does not mean that it is in good compliance with corporate laws. This would not be unrelated to the fact that many of today's companies are not complying with the law and are suffering social condemnation. Results from this study will serve as a useful analytic tool when investors and creditors showing interests in corporate sustainability for assessing the value of companies and making investment decisions. Moreover, they can be used as references for relevant agency supervising capital markets to establish or improve appropriate institutions aimed at improving corporate sustainability.

• Industry Promotion Research
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• v.6 no.4
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• pp.69-81
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• 2021

Pakistan is a South Asian auspicious developing country. Based on the corruption perception index report 2020 by transparency international, Pakistan has ranked 124 with total scores of 31 globally and 188 ranks with a score of -2.25 in terms of political stability ranging from 0 (lowest) to 100 (highest). More crucially, the inflow of foreign direct investment toward Pakistan has declined between 2008 and 2019. Though political instability and government corruption have both positive and negative linear relationships with foreign direct investment, we tested the moderating impact of government corruption between political instability and inward foreign direct investment over time. We also tested the relationship between political instability and inward foreign direct investment in different phases of political regimes in the same country. Our results suggested that authoritarian regimes attracted more inward foreign direct investment than that during democratic periods of government. Furthermore, we found that there was low inward foreign direct investment when government corruption was high in the country. However, government corruption weakened the positive relationship between political instability and inward foreign direct investment (FDI).

• International conference on construction engineering and project management
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• 2020.12a
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• pp.267-277
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• 2020

The present research evaluates the public engagement approach in various project stages. Hong Kong had long been criticized as top-down and executive-led jurisdiction by overlooking the importance of cultural heritage and public concerns on public projects. It was suggested to the government to engage public and provide sufficient public consultation. Thereby, the government announced a series of revitalization and conversion measures in Policy Address in 2008. To carry out the measures, there were voices, because of diverse and sometimes conflicting interests, over the effect of revitalization project. On the other hand, studies reveal that there are benefits of revitalization and enhancement of public engagement approach. In pursuit of the subject, the present research aims at studying the Central Market as a case study pilot project. In October 2009, the Policy Address announced that the Central Market be revitalized. Tasked to implement the project, Urban Renewal Authority (URA) continued to adopt the people-oriented approach as the guiding principle in its core business and in heritage preservation and revitalization so as to create a sustainable development. Between government and the public, URA acts as a bridge for communication. As between URA and the public, URA conducted public consultation, set up an ad-hoc committee in January 2016 to be in charge of the project and will continuously inform the government and public with the updates and project progress. The main objectives of the present research are to assess the advantages and challenges in different stages of public engagement approach, to evaluate the engagement system, to give a comprehensive view for participation of stakeholders, and to find out effective strategies to enhance civil engagement. Research was achieved through interviews to key persons in the project, questionnaire that was distributed to community and experts in the field. Case Study of the Central Market was studied and investigated using different sources, such as newspapers, journals, etc, to evaluate the degree of public engagement in the project. Both detailed qualitative methodological approaches of interview, questionnaire, and case study, act as a synergy to demonstrate the research objectives and provide the comprehensive perceptions on the revitalization project. The results show that public participants in revitalized project have generated considerable value enhancements to social-cultural, environmental, political and economic aspect. This study provides valuable insights that the public participation can make positive contribution to sustainability in the city. The findings indicate that no any single system is flawless therefore seeking both public opinions and professional advices are also important as a comprehensive approach to achieve higher sustainability of the building.