• Journal of the Korean Geographical Society
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• v.30 no.2
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• pp.146-168
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• 1995

problems involved in defining and identifying it. However, data on ownership of business establishments may be useful and one of the best alternatives for this empirical research because of use of limited information about control This study examines the spatial patterns of external control in the Korean manufacturing activities between 1986 and 1992. Using the data on ownership iinkages of multilocational firms between 15 administrative areas, it was possible to construct a matrix of organizational control in terms of the number of establishments. The control matrix was disaggregated by three types of manufacturing industries according to the capital and labor requirements of production processes used in. On the basis of the disaggregated control matrix, a series of measures were calculated for investigating the magnitude and direction of control as well as the external dependency. In the past decades Korean industrialization development has risen at a rapid pace, deepening integration into the world economy, together with the continuing growth of the large industrial firms. The expanded scale of large firms led to a spatial separation of production from control, Increasing branch plants in the nation. But recent important changes have occurred in the spatial organization of production by technological development, increasing international competition, and changing local labor markets. These changes have forced firms to reorganize their production structures, resulting in changes of the organizational structures in certain industries and regions. In this context the empirical analysis revealed the following principal trends. In general term, the geography of corporate control in Korea is marked by a twofold pattern of concentration and dispersion. The dominance of Seoul as a major command and control center has been evident over the period, though its overall share of allexternally controlled establishments has decreased from 88% to 79%. And the substantial amount of external control from Seoul has concentrated to the Kyongki and Southeast regions which are well-developed industrial areas. But Seoul's corporate ownership links tend to streteh across the country to the less-developed regions, most of which have shown a significant increase of external dependency during the period 1986-1992. At the same time, a geographic dispersion of corporate control is taking place as Kyongki province and Pusan are developing as new increasingly important command and control reaions. Though these two resions contain a number of branch plants controlled from other locations, they may be increasingly attractive as a headquarters location with increasing locally owned establishments. The geographical patterns of external control observable in each of three types of manufacturing industries were examined in order to distinguish the changing spatial structures of organizational control with respect to the characteristics of the production processes. Labor intensive manufacturing with unskilled iabor experienced the strongest external pressure from foreign competition and a lack of low cost labor. The high pressure expected not only to disinte-grate the production process but also led to location of production facilities in areas of cheap labor. The linkages of control between Seoul and the less-developed regions have slightly increased, while the external dependency of the industrialized regions might be reduced from the tendency of organizational disintegration. Capita1 intensive manufacturing operates under high entry and exit barriers due to capital intensity. The need to increase scale economies ied to an even stronger economic and spatial oncentration of control. The strong geographical oncentration of control might be influenced by orporate and organizational scale economies rather than by locational advantages. Other sectors experience with respect to branch plants of multilocational firms. The policy implications of the increase of external dependency in less-developed regions may be negative because of the very share of unskilled workers and lack of autonomy in decision making. The strong growth of the national economy and a scarcity of labor in core areas have been important factors in this regional decentralization of industries to less-developed regions. But the rather gloomy prospects of the economic growth in the near future could prevent the further industrialization of less-developed areas. A major rethinking of regional policy would have to take place towards a need for a regional policy actively favoring indigenous establishments.

• Journal of Technology Innovation
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• v.26 no.1
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• pp.85-105
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• 2018

This study analyzes the economic impacts of Korean R&D expenditure on the industrial structure by technological levels using 2010~2014 Input-Output table data. The industrial structure is reclassified into 4 manufacturing industries by OECD's Technology Intensity Definition. Then, we analyzes the production-inducing and value added-inducing of those industries. As the results of the analysis, it is found that the production-inducing effect by the R&D expenditure has been higher in the middle-high and middle-low technology manufacturing and that the value added-inducing effect has been higher in the middle-high technology manufacturing. On the other hand, the production and value added-inducing effects has been lower in the high-tech manufacturing which is highest in the R&D expenditure. The above results indicate that industrial structure has not been linked with the quality ladder that expresses the enhancement of tech level through R&D expenditure. Based on these results, the policy recommendation implies that R&D expenditure should be concentrated to improve the production- and value-added effects of the high technology manufacturing in order to advance the industrial structure. However, this study has the limitation that the analyses on the dynamic-inducing effects are not carried out due to the lack of fixed capital formation data.

• Management & Information Systems Review
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• v.31 no.4
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• pp.33-56
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• 2012

The purposes of this paper are analysed the relationship between environmental regulation and financial performance in Korea. The financial performance of listed companies and Outside Auditing firms was evaluated by logistic regression. First, R&D investment is proportionally correlated with the ability to comply with environmental regulations. It can be explained increase of investment in R&D causes enhancement of compliance of environmental regulations with development of environmental technology. Second, statistical significance is not observed between financial aspects such as current ratio, debt-to-equity ratio, cash flow, and operating profit margin and the ability to comply with environmental regulations. It indicates high financial performance could not directly lead investment for the ability of that. Third, in terms of structural aspects, firm size and employees have a reliable correlation with compliance with environmental regulations due to high attention of larger firms for PR, and IR, while capital intensity and gravity, and exports do not. Finally, violation of environmental regulations is not affect by the controlling shareholder ownership.

• The Korean Journal of Financial Management
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• v.7 no.1
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• pp.1-20
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• 1990

In most of studies on market efficiency, the stability of risk measures and the normality of residuals unexplained by the pricing model are presumed. This paper re-examines stock splits, taking the possible violation of two assumptions into accounts. The results does not change the previous studies. But, the size of excess returns during the 2-week period before announcements decreases by 43%. The results also support that betas change around announcements and the serial autocorrelation of residuals is caused by events. Based on the results, the existing excess returns are most likely explained as a compensation to old shareholders for unwanted risk increases in their portfolio, or by uses of incorrect betas in testing models. In addition, the model suggested in the paper provides a measure for the speed of adjustment of the market to the new information arrival and the intensity of information contents.

• Journal of Korean Philosophical Society
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• v.146
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• pp.115-135
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• 2018

This article attempts to deal with the problem that science and technology function as a mechanism to oppress and exploit humans rather than to release humans from labor. To explore this subject, it is necessary to consider the difference between the theory of labor value and the theory of 'technology value'. In addition, it is also important to refer to Marx's critical view of the 'capitalist' use of technology. Above all, Marx' concepts of relative surplus value and special surplus value, and his analysis of organic composition of capital are still valid in explaining that development of technology tightens control over workers and intensity of labor, and worsens instability of employment. Reflection of the limitations of capitalist development of technology is also important for realization of its usefulness. Industry 4.0 in Germany therefore deserves to be noticed as a good example because it shows a different way from extreme capitalist exploitation. The model suggests also some points that shouldn't be overlooked, when we try to actualize the tremendous slogan of the current fourth industrial revolution as real innovation and progress in human life. In this matter, the most important point is the possibility of technological development that doesn't oppose workers' interests.

• Journal of Technology Innovation
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• v.22 no.1
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• pp.149-175
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• 2014

This study analyzed the effect of corporate innovation strategies on patent production and ultimately on technological change and new product development of firms in South Korea. The intent was to derive efficient strategies for enhancing technological performance of the firms. For the empirical analysis, three sources of data were combined: four waves of the Human Capital Corporate Panel Survey (HCCP) data collected by the Korea Research Institute for Vocational Education and Training (KRIVET), corporate financial data obtained from the Korea Information Service (KIS), and corporate patent data provided by the Korean Intellectual Property Office (KIPO). The patent production function was estimated by zero-inflated negative binomial (ZINB) regression. The technological performance function was estimated by two-stage regression, taking into account the endogeneity of patent production. An ordered logit model was applied for the second stage regression. Empirical results confirmed the critical role of corporate innovation strategies in patent production and in facilitating technological change and new product development of the firms. In patent production, the firms' R&D investment and human resources were key determinants. Higher R&D intensity led to more patents, yet with decreasing marginal productivity. A larger stock of registered patents also led to a larger flow of new patent production. Firms were more prolific in patent production when they had high-quality personnel, intensely investing in human resource development, and adopting market-leading or fast-follower strategy as compared to stability strategy. In technological performance, the firms' human resources played a key role in accelerating technological change and new product development. R&D intensity expedited new product development of the firm. Firms adopting market-leading or fast-follower strategy were at an advantage than those with stability strategy in technological performance. Firms prolific in patent production were also advanced in terms of technological change and new product development. However, the nexus between patent production and technological performance measures was substantially reduced when controlling for the endogeneity of patent production. These results suggest that firms need to strengthen the linkage between patent production and technological performance, and take strategies that address each firm's capacities and needs.

• Journal of the Korean Geographical Society
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• v.40
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• pp.1-13
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• 1989

The brightness temperature from NOAA AVHRR CH 4 images was examined for the metropolitan Seoul area, the capital city of Korea, to detect the characteristics of the urban heat island for this study. Surface data from 21 meteorological stations were compared with the brightness temperatures Through computer enhancement techniques, more than 20 heat islands could be recognized in South Korea, with 1 km spatii resolution at a scale of 1: 200, 00O(Fig. 3, 4 and 6). The result of the analysis of AVHRR CH 4 images over the metropolitan Seoul area can be summerized as follows (1) The pattern of brightness temperature distribution in the metropolitan Seoul area shows a relatively strong temperature contrast between urban and rural areas. There is some indication of the warm brightness temperature zone characterrizing built-up area including CBD, densely populated residential district and industrial zone. The cool brightness temperature is asociaed with the major hills such as Bukhan-san, Nam-san and Kwanak-san or with the major water bodies such as Han-gang, and reservoirs. Although the influence of the river and reservoirs is obvious in the brightness temperauture, that of small-scaled land use features such as parks in the cities is not features such as parks in the cities is not apperent. (2) One can find a linerar relationshop between the brightenss temperature and air temperature for 10 major cities, where the difference between two variables is larger in big cities. Though the coefficient value is 0.82, one can estimate that factors of the heat islands can not be explained only by the size of the cities. The magnitude of the horizontal brightness temperature differences between urban and rural area is found to be greater than that of horizontal air temperature difference in Korea. (3) Also one can find the high heat island intensity in some smaller cities such as Changwon(won(Tu-r=9.0$^{\circ}$C) and Po-hang(Tu-r==7.1$^{\circ}$~)T. he industrial location quotient of Chang-won is the second in the country and Po-hang the third. (4) A comparision of the enhanced thermal infrared imageries in 1986 and 1989, with the map at a scale of 1:200, 000 for the meotropolitan Seoul area showes the extent of possible urbanization changes. In the last three years, the heat islands have been extended in area. zone characterrizing built-up area including (5) Although the overall data base is small, the data in Fig. 3 suggest that brightness tempeautre could ge utilized for the study on the heat island characteristics. Satellite observations are required to study and monitor the impact of urban heat island on the climate and environment on global scale. This type of remote sensing provides a meams of monitoring the growth of urban and suburban aeas and its impact on the environment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.63-75
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• 2023

This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.