• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• Journal of the Korean earth science society
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• v.24 no.3
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• pp.150-159
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• 2003

This study suggests methods of assessing scientific creativity and developing items, which can be achieved when both earth science knowledge and general creativity are applied at the same time. According to the results of this study, the cognitive ability gaps between creativity and scientific creativity were clearly defined by the terms' operational definition. Four factors in the Subcategory Of Scientific Creativity-fluency, flexibility, elaboration, and originality-were selected, and the possibility of developing items out of these factors was discovered. The operational definitions of the four factors were given and the criteria for assessment and scoring were set. The validity, reliability, discrimination, and difficulty, which were the conditions required for the assessment instruments, were verified through three field trials of inputting the assessment instruments for scientific creativity. The assessment instruments were composed of 8 items with 2items for each factor. The average item fitness index obtained was 0.99, Cronbach , the item inter-consistency was 0.79,the inter-rater reliability of each item was 0.78, the inter-rater reliability of each factor was 0.75, the item discrimination power was 0.19, and the item difficulty was 0.00. Because the results were within the permitted limit of the conditions required for assessment instruments, the assessment instruments developed for scientific creativity in this study can be said to be very favorable.

• Journal of the Daesoon Academy of Sciences
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• v.35
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• pp.39-71
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• 2020

Ever since gaining liberation in 1945, Korean society has constantly recalled memories of Japan's invasion and Korea's anti-Japanese movements for an independent state (AMIS). In the process, a small number of new religious groups were also identified as main subjects within AMIS. However, the logic necessary to connect these religious groups with AMIS was still weak. In order to solve this situation academically, the purpose of this article is to illuminate the activities of Mugeukdo (無極道) and Jo Jeongsan (趙鼎山) through the lens of AMIS and to reflect on the issues that will arise when linking the religion with AMIS. Regarding this purpose, this article analyzed the internal and external data collected by Daesoon Jinrihoe (大巡眞理會) about Jo Jeongsan and Mugeukdo's activities linked to AMIS. Later, this paper presents several tasks for future research on this subject matter. Specifically, according to Chapter II, the AMIS of Jo Jeongsan and Mugeukdo were generally centered on resistance at the family level, Jo Jeongsan's order to participate in the March 1st Movement, and Mugeukdo's industrial activities. In Chapter III, I reviewed the contents of Chapter II using Daesoon Jinrihoe's external materials. According to the results of the review, future research is required to discover and cross-check materials related to the AMIS of Jo Jeongsan and Mugeukdo believers. Likewise, further research is needed to highlight the theory of the enthronement of emperor (天子登極說) and the Great Opening of the later world (後天開闢) in terms of AMIS. These efforts can make contributions that increase the credibility of Daesoon Jinrihoe's internal data on the AMIS of Jo Jeongsan and Mugeukdo and expand the periphery of AMIS as it relates to certain religious groups. Subsequently, in Chapter IV, I present three items for reflecting upon the connection between certain religious groups and AMIS. The first is that criteria for establishing the category of AMIS is necessary to determine whether religious activities can be included. Second, reductionist approaches make it difficult to explain the reasons why some of the people who participated in AMIS did so while forming 'new religious movements,' and why these groups have maintained their religious identity even after liberation was achieved in 1945. Third, it is necessary to distinguish between the primary and the secondary dimensions to elaborate on the connection between these religions and AMIS. This means that researchers should be expected to look at whether the activities in question are based on a religious worldview and whether the goal of the activities is the realization of AMIS or the implementation of some aspect of that religious worldview. In the future, considering the mechanisms that make AMIS memorable in Korea, religious groups and religious studies should take greater interest in discovering and accumulating data that facilitates research on these topics. At the same time, effort should be made to find the basis for AMIS within religious worldviews. It can also be made possible through specific interest in further elaboration on the various AMIS-related activities of Jo Jeongsan and Mugeukdo.

• Asia pacific journal of information systems
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• v.18 no.4
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• pp.27-55
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• 2008

Due to the increasing and intensifying competition in the Internet shopping market, it has been recognized as very important to develop an effective policy and strategy for acquiring loyal customers. For this reason, web site designers need to know if a new Internet shopping mall(ISM) will be accepted. Researchers have been working on identifying factors for explaining and predicting user acceptance of an ISM. Some studies, however, revealed inconsistent findings on the antecedents of user acceptance of a website. Lack of consideration for individual differences in user ability is believed to be one of the key reasons for the mixed findings. The elaboration likelihood model (ELM) and several studies have suggested that individual differences in ability plays an moderating role on the relationship between the antecedents and user acceptance. Despite the critical role of user ability, little research has examined the role of user ability in the Internet shopping mall context. The purpose of this study is to develop a user acceptance model that consider the moderating role of user ability in the context of Internet shopping. This study was initiated to see the ability of the technology acceptance model(TAM) to explain the acceptance of a specific ISM. According to TAM. which is one of the most influential models for explaining user acceptance of IT, an intention to use IT is determined by usefulness and ease of use. Given that interaction between user and website takes place through web interface, the decisions to accept and continue using an ISM depend on these beliefs. However, TAM neglects to consider the fact that many users would not stick to an ISM until they trust it although they may think it useful and easy to use. The importance of trust for user acceptance of ISM has been raised by the relational views. The relational view emphasizes the trust-building process between the user and ISM, and user's trust on the website is a major determinant of user acceptance. The proposed model extends and integrates the TAM and relational views on user acceptance of ISM by incorporating usefulness, ease of use, and trust. User acceptance is defined as a user's intention to reuse a specific ISM. And user ability is introduced into the model as moderating variable. Here, the user ability is defined as a degree of experiences, knowledge and skills regarding Internet shopping sites. The research model proposes that the ease of use, usefulness and trust of ISM are key determinants of user acceptance. In addition, this paper hypothesizes that the effects of the antecedents(i.e., ease of use, usefulness, and trust) on user acceptance may differ among users. In particular, this paper proposes a moderating effect of a user's ability on the relationship between antecedents with user's intention to reuse. The research model with eleven hypotheses was derived and tested through a survey that involved 470 university students. For each research variable, this paper used measurement items recognized for reliability and widely used in previous research. We slightly modified some items proper to the research context. The reliability and validity of the research variables were tested using the Crobnach's alpha and internal consistency reliability (ICR) values, standard factor loadings of the confirmative factor analysis, and average variance extracted (AVE) values. A LISREL method was used to test the suitability of the research model and its relating six hypotheses. Key findings of the results are summarized in the following. First, TAM's two constructs, ease of use and usefulness directly affect user acceptance. In addition, ease of use indirectly influences user acceptance by affecting trust. This implies that users tend to trust a shopping site and visit repeatedly when they perceive a specific ISM easy to use. Accordingly, designing a shopping site that allows users to navigate with heuristic and minimal clicks for finding information and products within the site is important for improving the site's trust and acceptance. Usefulness, however, was not found to influence trust. Second, among the three belief constructs(ease of use, usefulness, and trust), trust was empirically supported as the most important determinants of user acceptance. This implies that users require trustworthiness from an Internet shopping site to be repeat visitors of an ISM. Providing a sense of safety and eliminating the anxiety of online shoppers in relation to privacy, security, delivery, and product returns are critically important conditions for acquiring repeat visitors. Hence, in addition to usefulness and ease of use as in TAM, trust should be a fundamental determinants of user acceptance in the context of internet shopping. Third, the user's ability on using an Internet shopping site played a moderating role. For users with low ability, ease of use was found to be a more important factors in deciding to reuse the shopping mall, whereas usefulness and trust had more effects on users with high ability. Applying the EML theory to these findings, we can suggest that experienced and knowledgeable ISM users tend to elaborate on such usefulness aspects as efficient and effective shopping performance and trust factors as ability, benevolence, integrity, and predictability of a shopping site before they become repeat visitors of the site. In contrast, novice users tend to rely on the low elaborating features, such as the perceived ease of use. The existence of moderating effects suggests the fact that different individuals evaluate an ISM from different perspectives. The expert users are more interested in the outcome of the visit(usefulness) and trustworthiness(trust) than those novice visitors. The latter evaluate the ISM in a more superficial manner focusing on the novelty of the site and on other instrumental beliefs(ease of use). This is consistent with the insights proposed by the Heuristic-Systematic model. According to the Heuristic-Systematic model. a users act on the principle of minimum effort. Thus, the user considers an ISM heuristically, focusing on those aspects that are easy to process and evaluate(ease of use). When the user has sufficient experience and skills, the user will change to systematic processing, where they will evaluate more complex aspects of the site(its usefulness and trustworthiness). This implies that an ISM has to provide a minimum level of ease of use to make it possible for a user to evaluate its usefulness and trustworthiness. Ease of use is a necessary but not sufficient condition for the acceptance and use of an ISM. Overall, the empirical results generally support the proposed model and identify the moderating effect of the effects of user ability. More detailed interpretations and implications of the findings are discussed. The limitations of this study are also discussed to provide directions for future research.