• The Journal of Industrial Distribution & Business
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• v.9 no.1
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• pp.9-23
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• 2018

Purpose - The purpose of this paper is to investigate the potential benefits or detriments of team management on fund performance in the mutual fund market. An additional purpose of this study is to examine the optimal number of managers in a fund industry for superior performance. Research design, data, and methodology - This paper investigates the effect of managerial structure on fund performance in the Korean active mutual fund market between 2001 and 2008. For this, we analyze two risk-adjusted performances measures- the capital asset pricing model (CAPM) and the three-factor model of Fama & French (1993). Results - First, we found that single-managed funds exhibited superior performance. Second major finding was that as the number of managers in a fund increases, the fund performance deteriorates. Finally, the results reveal that the sharpest performance drop occurs when team size increases from a 5-person team to a 6-person team. Conclusions - The results suggest that the management structure can be a source of competitive advantage for fund performance. As considering fund performance is the outcome of managers' decision-making, this study contributes to not only the financial literature but also the literature in other areas, such as management and general business.

• Journal of the Korean institute of surface engineering
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• v.53 no.6
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• pp.312-321
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• 2020

Morphology of porous cobalt electro-deposits was systematically investigated as functions of cobalt precursors in the plating bath and applied cathodic current density with a special focus on cobalt nano-rod formation. It was proved that the concentration of cobalt precursor plays little effect on the morphology of cobalt electro-deposits at relatively low plating current density while it significantly affects the morphology with increasing plating current density. Such a dependence was discussed in terms of the kinetics of two competitive reactions of cobalt reduction and hydrogen evolution. Cobalt nano-rod structure was created at specific ranges of cobalt precursor content and applied cathodic current density, and its diameter and length varied with plating time without notable formation of side branches which is usually found during dendrite formation. Specifically, the nano-rod length was preferentially increased in relative short plating time (<15 s), resulting in higher aspect ratio of nano-rod with plating time. Whereas, both the nano-rod length and diameter were increased nearly at the same level in a prolonged plating time, making the aspect ratio unchanged. From the analysis of crystal structure, it was confirmed that the cobalt nano-rod preferentially grew in the form of single crystal on a dense poly-crystalline cobalt thin film initially formed on the substrate.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.133-142
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• 2022

This study examines the relationship between debt maturity structure and bankruptcy risk. There are various studies of leverage's effect on bankruptcy risk. Debt maturity, however, has not received the attention it deserves, especially in emerging markets with a high degree of information asymmetry. Using Vietnamese listed company data and various estimations, we find that leverage is positively associated with the likelihood of default. Importantly, short-term leverage shows a significantly positive effect on bankruptcy risk, while long-term leverage does not show significant results. The findings highlight that rollover risk firms are exposed to when using short-term debt increases bankruptcy risk. Meanwhile, firms do not cope with this risk in case of long-term debt adoption. High information asymmetry in emerging markets may be the main reason for the difference. The result is robust for subsamples of firms in different financial conditions, in concentrated and competitive industries, as well as for manufacturing and non-manufacturing companies. We also find that firms in a better financial situation and concentrated industries experience a higher short-term leverage effect than their counterparts. We, however, do not find a significant difference in the impact between manufacturing and non-manufacturing companies. This paper is among the first to examine the relation between debt maturity and bankruptcy risk in Vietnam.

• Journal of Korea Port Economic Association
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• v.33 no.3
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• pp.91-104
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• 2017

This paper examines the export structure of Gwangyang Port and evaluates its comparative advantage from 2005 to 2016 using the Comparative Advantage by Countries (CAC) index. It is found that: (i) Gwangyang Port has a comparative advantage in HS 39 and HS 28, an unstable comparative advantage in HS 29 but a comparative disadvantage in HS 72; and (ii) 4 items have the common features of losing their comparative advantage. Constant market share analysis allows one to evaluate why the exports of one region may grow faster than world exports. This consists of the commodity composition effect, the scale effect, and the competitive effect. Constant market share analysis shows that the commodity composition effect influences exports negatively while the scale effect does exports positively. Shift-share analysis can help evaluate the change in a region's performance relative to the nation over a given period of time. The result indicates that HS 28 has not only favorable industrial mix effect but high competitive share effect, while HS 29 has unfavorable industrial mix effect as well as low competitive share effect. This paper also reveals that industrial mix effect of HS 39 is positive but its competitive share effect is negative, whereas the former is negative but the latter is positive in case of HS 29.

• Journal of Digital Contents Society
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• v.11 no.3
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• pp.315-322
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• 2010

This study focused on mobile trend in diffusion of smart phone. Presently, it has been evolved from digital nomad to smart nomad. Smart nomad era is based on digital technology with mobility and being smart. Smart nomad that is made up high-end device and intellectual content has changed structure of industry and life style. Smart phone is a core key in smart nomad era. In 2010 smart phone has been distributed about 2.5 hundreds million which is 20% of whole mobile phone sales and the volume of smart phone sales will be getting bigger and bigger in near future. Although, there are various reasons for success of smart phone market, this research focused 4 reasons: first, development of mobile device, second, evolution of mobile content distribution, third, support of government system, fourth, success of Docomo i-mode and Apple i phone. Smart phone will grow up more rapidly. Smart phone eco-system will be more competitive in the world. In Korea, smart phone eco-system also will be very competitive. For success in the middle of this competitive environment, Korea should lead the competitive phase with development of ability of creation software and content, construction of various partnership and evolution of next generation technology and service.

• Journal of the Korean Institute of Landscape Architecture
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• v.32 no.5
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• pp.102-118
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• 2004

The purpose of this study was to propose an ecological management plan by the comprehensive analysis of biotope structures on Namsan Urban Natural Park in Seoul. Classified by actual vegetation, structure of layer and vegetation damage, biotope structures were composed of forest area, compact management area, herb area, cultivated area and non-ecology(urban) area. Succession had seened to stop in the Native forest. Artifical forest was divided into two types. The first, upper layer, was too dense to accommodate lower layer plants, the other case was the appearance of Quercus spp. and the first stage plants of succession following the declination of the upper layer plants. The soil pH of Nam-san Urban Park was 4.21∼4.51, which meant the soil was becoming acid. As the result of acidity, leaching of available nutrition(K/sup +/, NH₄/sup +/, Ca/sup ++/ etc.) was immediately influenced by the natural ecosystem, influence of acid rain was disturbed to becoming organic matter which was use to plants. In the case of a biotope structure management plan, the urban area was prohibited to spread outside. Cultivated and herb area was regenerated to natural forest. In the forest area, the compact management area was maintained with its present condition, and then it is desirable to make a preservation area and to plant shrubs. Planted Pinus densiflora Community was needed to eliminate competitive species of canopy layer, and plant shrubs. Management of deciduous broad-leaved Comm. was maintained in its present conditionand it is desirable to raise the diversity of the understory and shrub layer. The management of the artifical forest seems to be suitable for Q. spp. community. The care of naturalized plants prevents the expansion and restores the structure of wild plants. The soil management was a marked restoration soil ecosystem in order to prevent soil acid and drying.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.431-444
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• 2023

Purpose - This study applies the traditional Structure-Conduct-Performance (SCP) model from industrial organization theory to investigate the relationship between market structure and performance in China's banking industry. Design/methodology/approach - For analysis, financial data from the People's Bank of China's "China Financial Stability Report" and financial reports of 6 state-owned banks and 11 joint-stock banks for the period 2010 to 2021 were collected to create a balanced panel dataset. The study employs panel fixed-effects regression analysis to assess the impact of changes in market structure and ownership structure on performance variables including return on asset, profitability, costs, and non-performing loan ratios. Findings - Empirical findings highlight significant differences in the effects of market structure between state-owned and joint-stock banks. Notably, increased market competition positively correlates with higher profits for state-owned banks and with lower costs for joint-stock banks. Research implications or Originality - State-owned banks demonstrate larger scale and stability, yet they struggle to respond effectively to market shifts. Conversely, joint-stock banks face challenges in raising profitability against competitive pressures. Additionally, the study emphasizes the importance for Chinese banks to strengthen risk management due to the increase of non-performing loans with competition. The results provide insights into reform policies for Chinese banks regarding the involvement of private sector in the context of market liberalization process in China.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.26 no.12C
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• pp.280-291
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• 2001

LL (Leased Line service) is a facility-based service as a traditional business data service, but new competition services, such as FR (Frame Relay), VPN (Virtual Private Network), and ATM (Asynchronous Transfer Mode), are value-added services. Because of different service classifications, it is hard to gather necessary data for the service providers to plan their market strategies and regulations and policies are also applied asymmetrically to each service provider. Therefore an appropriate market classification is required for the business data services. After various methods of market classification are reviewed, the Hendry model is selected in this paper to analyze substitution-degree among brands or among services. Since the structure of virtual competitions is required for the Hendry model to be applied to data service market, the market is analyzed first by the well-known Porter's model. By the analysis of Porter's model, two virtual competition structures are set up - one is for the competitions among leased line service providers, and the other is for the competitions among business data services such as LL, FR, VPN and ATM. After the Hendry model is applied to each competition structure, it is confirmed that 7 LL service providers do not compete directly, but 2 sub-markets exist for the LL service provisions. However, it is shown that 4 business data services compete directly. Using the Switching Probability Matrix from Hendry model, future market shares of LL service providers and market shares of business data services are forecasted. These empirical results are helpful for service providers to set competitive strategies with the minimization of cannibalization effect and they can easily and efficiently predict their market demands.

• Proceedings of the KSR Conference
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• 2011.10a
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• pp.2456-2463
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• 2011

Conventional railways are less competitive than other land transportation means in term of speed, and thus users preference and transportation share for rail system are relatively lower than others. For example, most of the conventional lines except the Seoul~Busan corridor run at an average speed of 70 km/h or less, which imposes certain constraints on roles and functions as the trunk lines. In this regard, the speed of the conventional lines should be improved up to 200 km/h to gain competitiveness, promote balanced regional development and lead the era of low carbon green growth. As track system is one of the most important elements for the speed-up, it is critical to come up with optimum technical solutions. Improvement of ballast track structure with efficient track installation can provide structural stability for higher speed and ensure operational safety with lower maintenance efforts. Thus, this study focuses on consequences followed by the speed-up including increase of load imposed on the track and impacts on track components, and provide solutions for track maintenance by analyzing impact on the track structure by speed. Also, it compares ballast and concrete tracks under designing and construction and considers how to meet needs for passengers comfort and environmental requirements as a strategic approach.

• Korean Business Review
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• v.20 no.1
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• pp.19-32
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• 2007

As business environments rapidly changing and becoming more competitive, manager begin to realize the needs of the network organization structure reflecting the newly emerging internet environments. This paper, therefore, attempt to provide managers with a framework that can be used to design an effective network structure. The framework described here shows three important characteristics of network organizations: First, staffs need to be knowledge workers, rather than rule follower. Second, managers need to emphasize the empowerment, rather than exercising hierarchical power and control. In order for managers to support the design of network organizations they need to implement information systems that can integrate staffs, tasks, and information technologies.