• The Journal of Industrial Distribution & Business
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• v.7 no.1
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• pp.19-25
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• 2016

Purpose - The purpose of this paper is to aim to stress the importance of doing business environment in South Korean economy. The theoretical justification is based on neo-institutional theories and new business management including Porter's Model as main justifications of state intervention due to the market failures to promote a competitive environment of doing business. Research design, data and methodology - The methods to be taken is to provide a comparative performance analysis, and offer in terms of doing business and economic freedom sub-index complemented by Korean reforms diagnostics. Results - The main results underlined the key factors explain the success of business environment in South Korea such as: a simplified registration procedures, a target tax incentives, the removal of business barriers, the improvement of legislative and regulatory framework, target reforms, property right and technical norms, good governance and the quality of institution, a role of a well-functioning legal framework, a strong competition framework, and the transparency of regulation, etc. Conclusion - A competitive environment of doing business is based on the target national strategies, appropriate reforms responding to national needs and good governance system.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1991.10a
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• pp.199-199
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• 1991

• Journal of Korean Society for Quality Management
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• v.38 no.1
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• pp.20-33
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• 2010

This study investigates the relationships of total quality management (TQM), organizational learning (OL) activities and business performance and examines the partial mediation effect of OL activities on business performance in Korean industrial manufacturing setting. Main target sample firms were all manufacturing companies listed in the Korea Composite Stock Price Index (KOSPI) and 206 firms participated. This study theoretically develops a conceptual model with 3 hypotheses regarding how TQM practices influence OL activities and how the OL activities partially mediate between the TQM practices and business performance. To examine these hypotheses, Structural Equation Modeling (SEM) was employed and an alternative model which includes a path between errors of leadership factor and OL construct was developed. The findings are TQM practices cannot directly influence business performance but indirectly impact business performance through OL activities. This study found that OL activities playa role as firms' critical competency to improve business performance.

• Journal of Technology Innovation
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• v.20 no.3
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• pp.29-55
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• 2012

In order to successfully adopt and implement the Balanced Scorecard(BSC), firms need to respond adequately to the rapid changes of today's business environment and consider the growing importance of non financial factors in the business activities such as intangible assets(R&D expenditure, patent, goodwill, etc.). Our primary focus throughout this paper is on developing Key Performance Index(KPI) of BSC for R&D expenditure activities. In this study, we have developed and named PEI(Patent Efficiency Index),which is the KPI for R&D expenditure by focusing on the efficiency of a patent that is the output from the R&D expenditures. Secondarily, we have attempted to address the solution for the current problems of the traditional R&D performance measurement by using our developed PEI and examine the usefulness and effectiveness of the newly developed our PEI. According to the empirical test results, we find that the PEI is positively associated with ROA and Tobin's Q, respectively and show that our developed PEI is more effective and accurate than the traditional R&D performance measurement as a business performance measurement. Furthermore, these findings proves that we can measure and evaluate how efficiently the firms perform the R&D activities and shows that the PEI can be a critical index for evaluating firm's business performance related to the R&D expenditures.

• The Journal of Fisheries Business Administration
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• v.43 no.2
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• pp.95-106
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• 2012

This study analyzed the changes in productivity growth of 291 regional fisheries cooperatives area from 2001 to 2010 selected as target. The productivity growth analysis of operating offices calculates Global-Malmquist productivity index. Input variables are number of the persons and the nettable area, output variables are deposit, loans and earnings. To improve the homogeneity of industry, the operating conditions were considered. Global Malmquist index of Operating offices was reduced between 2001~2010. The cause of increase and decrease of productivity are divided by efficiency change(EC) and best-practice change(BPC). Operating offices with increased productivity existed between 2001~2002 and between 2002~2003 and between 2006~2007. There were operating offices with increased productivity by EC. Global Malmquist index of Operating offices with locations was highest relatively in metropolitan. Operating offices with increased productivity existed between 2003~2004 and between 2007~2008 and between 2008~2009 in all locations. There were operating offices with decreased productivity by BPC.

• Journal of Korean Society for Quality Management
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• v.41 no.3
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• pp.327-335
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• 2013

Purpose: The purpose of this study is to suggest the modified 'Korean Standard-Quality Excellence Index' model and analyze the improvement effect with survey data by comparing the properness between current and suggested model result. Methods: The collected data through the survey were analyzed using paired t-test and unbalanced ANOVA method for testing the consistency of two customer satisfaction evaluating categories and comparing the current model to suggested model for confirming the improvement of performance. Results: The statistical analysis result shows that adjusted model using prior information improves the consistency between two customer satisfaction in case of short life-cycle product. Also long life-cycle product case, the result shows difference gap decreasing with same direction. Conclusion: Considering statistical model for QEI reflecting the characteristic of product group such as life cycle seems to be meaningful. Since index may be compared yearly base for checking the trend, careful approaching without big change should be considered for application.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.4
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• pp.202-211
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• 2014

Pairs trading is a type of arbitrage investment strategy that buys an underpriced security and simultaneously sells an overpriced security. Since the 1980s, investors have recognized pairs trading as a promising arbitrage strategy that pursues absolute returns rather than relative profits. Thus, individual and institutional traders, as well as hedge fund traders in the financial markets, have an interest in developing a pairs trading strategy. This study proposes pairs trading rules (PTRs) created from a price ratio between securities (i.e., stock index futures) using rough set analysis. The price ratio involves calculating the closing price of one security and dividing it by the closing price of another security and generating Buy or Sell signals according to whether the ratio is increasing or decreasing. In this empirical study, we generate PTRs through rough set analysis applied to various technical indicators derived from the price ratio between KOSPI 200 and S&P 500 index futures. The proposed trading rules for pairs trading indicate high profits in the futures market.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.363-370
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• 2021

This study aims to revisit the issues and misconceptions about financial inclusion (FI) indices. For indices construction, this study uses two approaches: one approach following the methodology of Sarma (2008) which is based on UNDP methodology, while the other is the Dynamic Factor Model (DFM)-based index of Stock and Watson (2002) and Rehman et al. (2021). The data of 18 economies of Asia from 1997 till 2017 is used for indices construction and analysis. The authors constructed macro and micro-level financial inclusion indices based on the different types of financial inclusion indicators. Second, the authors have critically evaluated two different approaches, and the results show that Sarma (2008)-based index show financial inclusion's level, while DFM-based index reveal fluctuation in the current year's financial inclusion level due to the prior variations. For measuring the level of financial inclusion, the Sarma (2008) index is effective, while for forecasting the level of financial inclusion, the DFM approach is more appropriate. Furthermore, the micro and macro aspects of financial inclusion should be reflected in separate indices for better understanding and in-depth insights.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.19-29
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• 2021

This study aims to measure financial inclusion and examine its impact on income inequality in a panel of 18 Asian countries over the period 1997-2017. Two alternative approaches for developing financial inclusion index are used: one approach following the methodology of Sarma (2008), while the other is the Dynamic Factor Model (DFM)-based index. The impact of individual indicators and index of financial inclusion on inequality in income is analyzed. The Generalized Method of Moment (GMM) approach is used for empirical analysis. The results indicate that micro-level financial inclusion has a weak negative and statistically significant impact on income inequality. Macro-level index and all individual indicators of financial inclusion do not affect income inequality in the selected sample of economies. The income inequality issues have different natures and cannot be fixed by financial inclusion only. It needs holistic structural reforms to enable fair distribution of income and make an equitable financial system. Financial inclusion is a relatively less important intervention tool regarding fixing the issue of income inequality. This is one of the first studies that used the DFM method for financial inclusion indices construction.