• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• The Korean Journal of Archival Studies
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• no.34
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• pp.221-250
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• 2012

This paper introduces the characteristics of the records and archives management of Korea from Joseon dynasty to now. This paper also explains historical background of making the records and archives management in Joseon dynasty. This paper introduces the process of establishment of modern records management system by adopting records management system and public administration of USA after liberation in 1945. The Joseon bureaucrats established systematic methodologies for managing and arranging the records. Jeseon dynasty managed its records systematically since it was a bureaucratic regime. It is also noticeable that the famous Joseonwangjosilrok(Annals of Joseon dynasty) came out of the power struggles for the control of the national affairs between the king and the nobility during the time of establishment of the dynasty. Another noticeable feature of the records tradition in Joseon dynasty was that the nobility recorded their experience and allowed future generations use and refer their experiences and examples when they performed similar business. The records of Joseon period are the historical records which recorded contemporary incidents and the compilers expected the future historians evaluate the incidents they recorded. In 1894, the reformation policy of Gaboh governments changed society into modernity. The policy of Gaboh governments prescribed archive management process through 'Regulation(命令頒布式)'. They revised the form of official documents entirely. They changed a name of an era from Chinese to unique style of Korean, and changed original Chinese into Korean or Korean-Chinese together. Also, instead of a blank sheet of paper they used printed paper to print the name of each office. Korea was liberated from Japanese Imperialism in 1945 and the government of Republic of Korea was established in 1948. In 1950s Republic of Korea used the records management system of the Government-General of Joseon without any alteration. In the late of 1950's Republic of Korea constructed the new records management system by adopting records management system and public administration of USA. However, understanding of records management was scarce, so records and archives management was not accomplished. Consequently, many important records like presidential archives were deserted or destroyed. A period that made the biggest difference on National Records Management System was from 1999 when was enacted. Especially, it was the period of President Roh's five-year tenure called Participation Government (2003-2008). The first distinctive characteristic of Participation Government's records management is that it implemented governance actively. Another remarkable feature is a nomination of records management specialists at public institutions. The Participation Government also legislated (completely revised) . It led to a beginning of developing records management in Republic of Korea.

• Journal of Intelligence and Information Systems
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• v.27 no.4
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• pp.23-48
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• 2021

The Korean economy has achieved continuous economic growth for the past several decades thanks to the government's export strategy policy. This increase in exports is playing a leading role in driving Korea's economic growth by improving economic efficiency, creating jobs, and promoting technology development. Traditionally, the main factors affecting Korea's exports can be found from two perspectives: economic factors and industrial structural factors. First, economic factors are related to exchange rates and global economic fluctuations. The impact of the exchange rate on Korea's exports depends on the exchange rate level and exchange rate volatility. Global economic fluctuations affect global import demand, which is an absolute factor influencing Korea's exports. Second, industrial structural factors are unique characteristics that occur depending on industries or products, such as slow international division of labor, increased domestic substitution of certain imported goods by China, and changes in overseas production patterns of major export industries. Looking at the most recent studies related to global exchanges, several literatures show the importance of cultural aspects as well as economic and industrial structural factors. Therefore, this study attempted to develop a forecasting model by considering cultural factors along with economic and industrial structural factors in calculating the import volume of each country from Korea. In particular, this study approaches the influence of cultural factors on imports of Korean products from the perspective of PUSH-PULL framework. The PUSH dimension is a perspective that Korea develops and actively promotes its own brand and can be defined as the degree of interest in each country for Korean brands represented by K-POP, K-FOOD, and K-CULTURE. In addition, the PULL dimension is a perspective centered on the cultural and psychological characteristics of the people of each country. This can be defined as how much they are inclined to accept Korean Flow as each country's cultural code represented by the country's governance system, masculinity, risk avoidance, and short-term/long-term orientation. The unique feature of this study is that the proposed final prediction model can be selected based on Design Principles. The design principles we presented are as follows. 1) A model was developed to reflect interest in Korea and cultural characteristics through newly added data sources. 2) It was designed in a practical and convenient way so that the forecast value can be immediately recalled by inputting changes in economic factors, item code and country code. 3) In order to derive theoretically meaningful results, an algorithm was selected that can interpret the relationship between the input and the target variable. This study can suggest meaningful implications from the technical, economic and policy aspects, and is expected to make a meaningful contribution to the export support strategies of small and medium-sized enterprises by using the import forecasting model.