• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.329-342
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• 2021

Purpose - The purpose of this study is to analyze the effect of investment by the National Pension Service, which has a high share as a single fund, on the dividend payout ratio. Design/methodology/approach - This study secured a share through DART of the Financial Supervisory Service and disclosure of the National Pension Service. We also used a fixed-effects model and 2SLS to analyze the data. Findings - First, it was found that there was a possibility of conflicting interests among shareholders concerning the company's dividend payment policy. Second, in the range of 3% to 4.9% of the National Pension Service shareholding, an additional increase in the holding ratio was found to have a positive (+) effect on the dividend rate. Third, after the introduction of the Stewardship Code, it was found that the increase in ownership of the fund had a positive (+) effect on the company's dividend payout ratio, regardless of the share ratio range. Moreover, the relationship between the fund ownership and the dividend payout ratio showed a clear positive relationship when free cash flow was high along investment opportunities were low. Research implications or Originality - First, This study included less than 5% of the share in the analysis. Second, We used the recent changes in fund shareholder activities. Third, We tested an instrumental variable to confirm the relationship between the National Pension Service share and the dividend ratio.

• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.19-36
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• 2022

Purpose - Previous studies tried to find antecedents of innovative behavior. However, research on knowledge hiding behavior, psychological mechanism, and perception of organizational justice has been relatively limited. In this sense, this study has investigated the impact of organizational justice on employees' innovative behavior and explored the factors that affect the above relationship. Especially, this study tested the direct effect of organizational justice on innovative behavior. This study also examines the mediating roles of knowledge hiding behavior in this causal relationship. Moreover, the process of organizational justice to innovative behavior is assumed to be influenced by leadership style. Therefore, we examined the moderating effect of authentic leadership on the relationship between organizational justice and knowledge hiding behavior. Design/methodology/approach - For the empirical test, we collected data via a questionnaire survey of a sample of 252 employees from Korean firms. We conducted a hierarchical regression analysis to test hypotheses. Results - The results of the empirical analysis revealed that organizational justice was positively related to innovative behavior and negatively related to knowledge hiding behavior. The results also showed that knowledge hiding behavior negatively mediated the relationship between organizational justice and innovative behavior. In addition, we found the moderating role of authentic leadership. More importantly, we found that the conditional indirect effect of organizational justice on innovative behavior via knowledge hiding behavior was depending on authentic leadership. Uncovering the relationship between organizational justice and innovative behavior through the mediating role of knowledge hiding behavior and the moderated mediating role of authentic leadership has useful theoretical and practical implications. We also suggest directions for future research by providing several limitations.

• Journal of the Korean Institute of Gas
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• v.27 no.2
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• pp.16-24
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• 2023

ESG (environmental, social, governance) management is being introduced with the goal of sustainable development of the company in risk management, which identifies and judgement various risks that may occur in the industry. In the future, ESG evaluation will be used more as a value judgment tools for corporate sustainability. This ESG evaluation was used to manage the company's accident prevention level. Through morphological analysis of the current ESG evaluation system, it was found that the quantitative 'safety evaluation index' available in ESG was insufficient through analysis of safety evaluation items. In this study, domestic and foreign industrial accident data was analyzed, 'accident contributing factors' that required intensive management were derived, and major safety management items that needed supplementation were selected based on the results. ESG safety evaluation indicators were developed through the process of optimizing the selected items into evaluation factors suitable for 'accident prevention management'.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.73-91
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• 2023

Purpose - The purpose of this study is to re-examine the disclosure effect of stock splits and long-term performance after stock splits using stock split data over the past 10 years, and infer the motivation (signal or opportunism) of stock splits. In addition, we focus on exploring the determinants of the short- and long-term market response to stock splits. Design/methodology/approach - We measure the short-term market response to a stock split and the long-term stock performance after the stock split announcement using the event study method. We analyze whether there is a difference in the long-term and short-term market response to a stock split according to various company characteristics through univariate analysis and regression analysis. Findings - In the case of the entire sample, a statistically significant positive excess return is observed on the stock split announcement date, and the excess return during the 24-month holding period after the stock split do not show a difference from zero. In particular, the difference between short-term and long-term returns on stock splits is larger in companies with a large stock split ratio, small companies, large growth potential, and companies with a combination of financial events after a stock split. Research implications or Originality - The results of this study suggest that at least the signal hypothesis for a stock split does not hold in the Korean stock market. On the other hand, it suggests that there is a possibility that a stock split can be abused by the manager's opportunistic motive, and that this opportunism can be discriminated depending on the size of the stock split, corporate characteristics, and financing plan.

• The Journal of the Korea Contents Association
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• v.22 no.8
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• pp.318-328
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• 2022

The purpose of this study is to analyze the impact of ownership concentration and R&D investment on earnings growth of listed companies in China. For this purpose, this study utilized 14,196 samples from 2,366 Chinese listed companies using the WIND database and conducted empirical analysis by Python. The results of the analysis are as follows. First, the data shows that ownership concentration has a positive (+) impact on revenue growth of Chinese listed firms. Second, ownership concentration has a postive(+) impact on R&D investment of Chinese listed firms. Third, the survey shows that R&D investment has a positive (+) impact on revenue growth of Chinese listed firms. Fourth, the impact of R&D investment on earnings growth of Chinese listed firms has time lag effect. Fifth, R&D investment has a partial mediating effect in ownership concentration and earnings growth of Chinese listed firms. Based on these analytical results, this study proposes measures to promote firms' earnings increase by optimizing ownership concentration and increasing R&D investment in Chinese listed firms.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.26 no.2
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• pp.463-474
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• 2016

As IT environment has changed, paths of information security in financial environment which is based on IT have become more diverse and damage caused by information leakage has been more serious. Among security incidents, personal information leakage incident is liable to give the greatest damage. Personal information leakage incident is more serious than any other types of information leakage incidents in that it may lead to secondary damage. The purpose of this study is to find how much personal information leakage incident influences corporate value by analyzing 21 cases of personal information leakage incident for the last 15 years 1,899 listing firm through case research method and inferring investors' response of to personal information leakage incident surveying a change in transaction before and after personal information leakage incident. This study made a quantitative analysis of what influence personal information leakage incident has on outcome of investment by types of investors by classifying types of investors into foreign investors, private investors and institutional investors. This study is significant in that it helps improve awareness of importance of personal information security by providing data that personal information leakage incident can have a significant influence on outcome of investment as well as corporate value in Korea stock market.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.7
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• pp.334-341
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• 2016

In this paper, the study of a waveguide aperture-coupled feed-structured antenna has been conducted for the purpose of applying it to a wireless back-haul system sufficient for high-capacity gigabits-per-second data rates. For this study, a $32{\times}32$ waveguide slot sub-array antenna with a corporate-feed structure was designed and produced. Also, this antenna is used at 57 GHz to 66 GHz in the V-band. The construction of the antenna is a laminated form with radiating parts (outer groove and slot, cavity), a coupled aperture, and feeds in each. The antenna was designed with HFSS, which is based on 3D-FEM, produced with aluminum processed by a precision-controlled milling machine, and assembled after a silver-plating process. The measurement result from analysis of the characteristics of the antenna shows that return loss is less than -12 dB, VSWR < 2.0, and a wide bandwidth ranges up to 16%. An overall first side lobe level is less than -12.3 dB, and a 3 dB beam width is narrow at about $1.85^{\circ}$. Also, antenna gain is 38.5 dBi, offering high efficiency exceeding 90%.

• Journal of Digital Convergence
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• v.16 no.6
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• pp.163-173
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• 2018

The purpose of this study is to find the role of intellectual property belief between brand concepts (Symbolic vs. Functional) and brand extension. For this purpose, three parent brands (Rolex vs. Casio, Prada vs. Coach, Benz vs. Toyota) and three extension products (bracelets, shoes, vehicles) were selected as stimulants through focus group interviews and pre-tests. 296 sample data across the country were collected and the final analysis was conducted with 290 respondents except for the inappropriate respondents by SPSS 21.0. The results of this study confirm that the trademark meditates the relationship between belief brand concepts and brand extension and thinking style of consumers meditated-moderates between belief brand concepts and brand extension. The results of this study are based on implication that intellectual property belief induce consumers positive reactions on brand extension and that the acquisition and utilization of IPRs bring corporate's continuous growth and enhance the corporate brand value.

• Journal of Digital Convergence
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• v.17 no.1
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• pp.159-168
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• 2019

The purpose of this study is to propose a strategy for creating an advertisement for Corporate Social Responsibility(CSR) based on the strategy of selecting an advertisement model in order to efficiently execute the advertisement of CSR. Data were analyzed by regression analysis. The results of this study are as follows: First, it is found that the value-relevance factors of the model are important regardless of the theme of CSR. In the economic field, the reliability of the model is important. But, the attractiveness of the model was more important in the environmental field. Second, it is effective to select a model with high value-relevance when selecting CSR advertising model. But, in the case of an expert, it is effective to select not only value addition, but also attractive and reliable models. Third, when producing CSR ads using emotional messages, it is important to consider the value and reliability of the advertising model. But, it is important to select the model considering the importance of the value and attractiveness of the advertisement model when producing the CSR advertisement using the informational message. It was found that it is very important to select a model that has a high relevance to the image of the social responsibility subject and the advertisement model when producing the social responsibility advertisement.

• 한국노년학
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• v.30 no.1
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• pp.93-108
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• 2010

This study conducted a secondary analysis by using original data of performed by Korea Institute for Health and Social Affairs to determine factors affecting health-related quality of life for the elderly aged over 65 years living in Korea. The survey was conducted in 2005 and it evaluated totally 34,152 cases. Among them 3074 cases investigating the elderly aged over 65 years were selected for this study and finally 2036 cases were included in it by excluding cases with no answer or a wrong answer. The results were as follows. In the illness days, the average of the whole subjects was 11.05 days and it was longer when subjects were female and older, had lower educational background and lower family income, did not have spouses and jobs and were covered by medical aid as medical security. In the years of activity restriction, the average of the total subjects was 3.48 years and it was increased when they were older, had lower educational background and lower family income, did not have spouses, lived in detached houses and were covered by medical aid as medical security. Subjective health condition of the total subjects was 2.64 points out of 5 points in average. The scores were higher when subjects were male, younger, had better educational background, spouses, jobs and more family income, lived in multi-family living houses and were covered by corporate insurance as medical security. The average of total quality of life of the subjects was 2.61 points out of 3 points and it was found to be higher when subjects were male, younger, had better educational background, spouses, jobs and more family income and were covered by corporate insurance as medical security. It was decreased with higher illness days, higher years of activity restriction and lower subjective health condition. For the effects of the factors related to quality of life, subjective health condition showed the largest influence.