• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Journal of Service Research and Studies
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• v.10 no.1
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• pp.33-53
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• 2020

The purpose of this study is to empirically examine the causal relationship of CSR activities, customer trust and CCID, customer behavior intention(B.I) in the relationship between CSR activities and customer behavior intention(B.I) in the insurance industry, thereby enable top management of insurance company to take it in their consideration that CSR activity help link to customer behavioral intention by customer trust in them and CCID. To achieve the purpose of the study, the hypothesis was established based on preceding research and theoretical background regarding CSR, trust, CCID, behavioral intention(B.I). And this study conducted AMOS statistical analysis based on effective 526 survey data collected from insurance customers across country through online research company. The result of this empirical study is as follows. First, insurance company's CSR activity has a positive impact on customer's trust and CCID, but it did not have a direct significant effect on the customer's behavioral intention(B.I). Second, both customer's trust and CCID have a positive and significant effect on customer's behavioral intention. Third, we have also found that both Trust and CCID played a mediating role between CSR activity and B,I. Fourth, it was found that authenticity did not moderate the enfluence relationship between CSR activity and Trust, CCID. The result of this study shows that insurance company's active CSR activity increase customer trust, thereby create a sense of unity between the customer and the company, In addition, it shows that when CSR activities are mediated by customer trust and CCID, it could lead to customer behavioral intention(B.I) such as repurchasing and positive word-of-mouth activities. to others. The result of this study will contribute to the future research on CSR literature and the marketing strategy of insurance companies.

• Journal of Service Research and Studies
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• v.9 no.4
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• pp.41-62
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• 2019

In this intangible good-oriented, modern service economy era, we have to first understand the characteristics of the healthcare service in order to enhance the competitiveness of the healthcare industry and achieve continuous growth. In addition, service nature and characteristics should be reinforced so that connections can be made to the organizational job performance. To achieve the aforementioned results, this study analyzes the direct effects service nature and characteristics have on job performance in the healthcare industry and investigates the indirect effects with individual personality as the moderating effect. While conducting this study, a total of 340 healthcare workers were surveyed. Survey data from a total of 315 workers were used for analysis during empirical investigation of the research hypothesis. According to the analysis, it was proven that interactivity and horizontality among service nature and characteristics have a positive (+) effect on job effectiveness. This means that customer needs can be identified at customer touchpoints to quickly and accurately provide customers with the products and services they want, while horizontality among service nature and characteristics have a positive (+) effect on job effectiveness. This means that customer needs can be identified at customer touchpoints to quickly and accurately provide customers with the products and services they want, while horizontal communication enhance from department to department and from colleague to colleague within the organization can be linked to job performance. Also, with regards to the relationship shared between the customer or the patient, the job performance of healthcare workers may also improve if they provide customers with their desired service as an expert at the same level. In a rapidly changing healthcare environment, if the healthcare service nature and characteristics are put into practical use, it will be possible to propel the growth of hospitals and sustain it while investigating the moderating effects of individual personality, a partial moderating effect was observed for self-esteem and growth desire. As the study on service nature and characteristics came about only just recently, there is a needs for futher research. The study focuses on the healthcare service industry and hopefully, it will serve as a base study that can be applied to different service industries as well.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.1
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• pp.73-81
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• 2017

During the 1990s, policy was put in place to create resting spaces in rural areas. This policy was associated with a government project to improve the rural residence environment and it attracted attention to outdoor spaces in rural areas. Many communities have gradually disappeared in rural areas but previous studies suggested that legally protected trees might provide resting and cultural spaces in a given rural community. The rural residential environment can be improved by legally protected trees and by doing so, these resources may then help to sustain many rural communities. Therefore, the creation of resting spaces or mini-parks created around trees that are protected by in rural communities should be considered. The value of trees that are protected by law can differ depending on the status of the trees or the surroundings. Nevertheless, there has not been systemic research regarding legally-protected trees in terms of rural communities. This study aims at evaluating the potential of these trees and at analyzing how these trees can be useful in the creation of community spaces in rural areas. The findings can be helpful in providing foundation data for creating these types of community spaces. Forty legally protected trees in Gimchon City were selected for this study. Nine items were used to evaluate the potential of the trees for creating community spaces. These items could be classified into five factors including accessibility, relation to public facilities, environment and safety, symbolism, and ease for creating community spaces. The potential of the legally protected trees was evaluated by 5-point Likert Scales in a given item. The overall potential was evaluated by the sum of individual item scores. Specifically, trees with over 20 points (max. 25 points) could be considered high potential. According to the empirical findings, the portion of legally protected trees with high potential is five percent (No.7 and No.12 trees). Therefore, the priority is to protect or use the trees for the creation of community spaces that can help make a better residential environment for rural communities.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.1
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• pp.105-116
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• 2017

Murals in villages revitalize communities and spaces, and are economically efficient. Central and local governments are therefore actively undertaking Mural Village Projects but there are some issues and concerns about the projects for the provision of uniformed landscapes for the regions that are the result of a short-term completion of projects, and instead of cohesion, cause destruction of place identities. In addition, the problem of sustainable landscape management that is the result of low community involvement can be pointed out because the murals are products of government-led projects. The study covered the context of landscape and space change processes from a critical perspective, and focused on Ihwa-dong Mural Village, which is considered the first mural village in Korea and has begun to undergo drastic changes due to attention received from media. The purposes of this study are as follows. First, the study provides data about difference of place identity perception and landscape preference between residents and tourists in Ihwa-dong Mural Village. Second, this paper evaluates the current Mural Village Projects and finds alternative directions to improve the projects by using these data. This paper analyzed tourist hot spots in Ihwa-dong Mural Village by using SNS analysis, a field study and focus group interviews. The difference of place identity perception and landscape preference was examined among three groups: residents, new residents who are invited by Mural Village Projects, and tourists. This study showed that many tourists are focused on landscape areas that were not intentionally constructed projects. In addition, the locations of preferred landscapes and stores overlapped. Meanwhile, using qualitative data analysis, it was found that residents perceived the area as being an under-privileged location, while the murals, a non-daily landscape, largely affected place identity perception of new residents and tourists. For landscape preference, tourists preferred outdoor rest areas, while new residents and residents preferred less. Additionally, new residents and tourists preferred an area's night view while residents made no mention of this. Related to the direction of the projects, three groups showed their dependence on the government. This empirical study is significant from a participatory design perspective and in analyzing the issues for mural villages' landscapes, which are spreading across the nation and proceeding without criticism in urban regeneration. Implications for urban planners and suggestions for the future projects are given.

• The Journal of the Korea Contents Association
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• v.20 no.1
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• pp.285-303
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• 2020

A military is not an organization that seeks profits, such as a company, or a research institute whose results and outcomes can produce. Therefore, it can be said that the nature of the bureaucracy is stronger than any other organizations, which perform the task centered based on ranks. In addition, as military missions deal with national and operation security which is closed with each other and more conservative compare to other organization. In this circumstance, the role of military organization and leaders is to carry out their duties with the cost of people's lives, and indeed, leades and leadership in military are more important than those of any organizations. However, many researches are lacking or focused on leadership research in a limited field, especially positive field, developmental, constructive leadership research and researches that are not focused on that area are limited. Already in the United States, research on negative leadership has been actively conducted under the direction of the Secretary of US Army Thomas E. White in 2003, how toxic leadership is serving in military organizations and on the battlefield. Now they realize how toxic leadership had impact on missions in military organizations and on the battlefield. The purpose of this study is to collect and analyze qualitative and quantitative data on the negative leadership of military organizations that have not been studied. The aim of this study was to establish a literature study on the scope and behavior of toxic leadership among negative leadership and to build empirical data on toxic leaders of current military organizations, and to create occupations that occur when subordinates work with toxic leaders. This study analyzes changes in satisfaction and organizational cohesion that mediates results and causes. This study will be more urgent and important for groups that prioritize groups and organizations over individuals, and it may provide new directions for the role and impact of military leaders from attempting these studies.

• Journal of Korea Technology Innovation Society
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• v.10 no.4
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• pp.654-686
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• 2007

To estimate and analyze an interested science and technology level in any case requires three basic informations: (1) relative positions of our technology level, (2) other relevant technology level of the world best country holding the state of the art technology, and (3) its theoretical or practical maximum level within a certain period of time. Further, additional information from analyzing its respective rate of technology changes is necessary. It seems that most previous empirical or case studies on technology level have not considered third and fourth informations seriously, and thus critically have missed important findings from a dynamic point of view on the matter. A dynamic approach considering types of development processes and paths as well as current position needs an application of a concept of technology development stages and respective growth curves. This paper proposes a new method of approach and application by implementing relatively simple types of the growth curve(S-curve) such as logistic and Comports curves and applying estimation results of these curves to ten core technologies of the growth engines for the next future generation in Korea. The study implies that Korean science and technology level in general clearly gets higher as it approaches to a recent time of period, but relative technology gap from the world best in terms of catching-up period does not get better or narrower in case of at least part of the concerned technologies such as bio new drugs and human organs, and intelligence robots. The possibility does exist that some of our concerned technologies shooting for the next future generation may not come to the world highest level in the near future. The purpose of this study is to propose possibilities of catching-up, if any, by estimating its relevant type of growth pattern by way of measuring and analyzing technology level and by analyzing the technology development process through a position analysis. At this stage this study tries to introduce a new theoretical approach of estimating technology level and its application to existing case study results(data) from Korea Institute of Science and Technology Planning and Evaluation(KISTEP) and Korea Institute of Industrial Technology Evaluation and Planing(ITEP), for years of 2004 and 2006 respectively. The study has some limitations in terms of accuracy of measuring(estimating) a relevant growth curve to a particular technology, feasibility of applying estimated results, accessing and analyzing panel experts opinions. Hence, it is recommended that further study would follow soon enough to verify practical applicability and possible expansion of the study results.

• Journal of the Korean Society of Food Science and Nutrition
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• v.34 no.5
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• pp.667-673
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• 2005

The purposes of this study were 1) to analyze the preference of leadership style among ${\lceil}$Transformational leadership$\rfloor$ and ${\lceil}$Service leadership$\rfloor$, 2) to examine the differences of the job satisfaction between the high level of service leadership group and low level of the service leadership group and 3) to testify the hypothesis that the service leadership and its 4 elements (belief, attitude, ability, insight) affect the job satisfaction. The questionnaires were developed to measure the service leadership, the preference of leadership style (transfer-mational leadership and service leadership) and Job satisfaction. The surveys were distributed to 120 managers and employees in the family restaurant in Korea, and 104 questionnaires were responded (response rate: $86.7\%$). The SPSS 12.0 package program was used to conduct the descriptive analysis, correlation analysis, t-test and multiple regression analysis. The result of leadership style preference showed the followers preferred the service leadership $(75.0\%)$ to the transformational leadership $(25.0\%)$. Comparing the job satisfaction of high level of service leadership group and that of low level of service leadership group, the job satisfaction of high level of service leadership group was significantly (p<0.001) higher than that of low level of service leadership group (high level of service leadership group: 4.03, low service leadership group: 3.27, measured on a 5-point likert scale). All three factors of job satisfaction (human factor, service system and company image) in high level of leadership group were significantly (p<0.001) higher than those of lower level of service leadership group. The result of multiple regression analysis presented that the service leadership and it's 4 elements (concept, mind, skill, insight) have significant (p=0.000) effects on the job satisfaction. As a conclusion, we examined theoretical framework of service leadership model and testified the applicability in the field of family restaurants. But the service leadership was the new conceptual theory, so there should be the more empirical studies on managers and employees in the service industry.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.225-270
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• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.

• Management & Information Systems Review
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• v.36 no.3
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• pp.167-184
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• 2017

In this study, we investigated the effect of offline banking trust on smart banking trust. As influencing factors of smart banking trust, this study compared offline banking trust, smart banking's system quality, and information quality. For the empirical study, 186 questionnaire data were collected from smart banking users and the data were analyzed using Smart-PLS 2.0. As results, it was verified that there is trust transfer in FinTech service, by the significant effect of offline banking trust on smart banking trust. And it was proved that the effect of offline banking trust on smart banking trust is lower than that of smart banking itself. The contribution of this study can be seen in both academic and industrial aspects. First, it is the contribution of the academic aspect. Previous studies on banking were focused on either offline banking or smart banking. But this study, focus on the relationship between offline banking and online banking, proved that offline banking trust affects smart banking trust. Next, it is the industrial contribution. This study showed that offline banking characteristics of traditional commercial banks affect the trust of emerging smart banking service. This means that the emerging FinTech companies are not advantageous in the competition of trust building compared to traditional commercial banks. Unlike traditional commercial banks, the emerging FinTech is innovating the convenience of customers by arming them with new technologies such as mobile Internet, social network, cloud technology, and big data. However, these FinTech strengths alone can not guarantee sufficient trust needed for financial transactions, because banking customers do not change a habit or an inertia that they already have during using traditional banks. Therefore, emerging FinTech companies should strive to create destructive value that reflects the connection with various Internet services and the strength of online interaction such as social services, which have an advantage over customer contacts. And emerging FinTech companies should strive to build service trust, focused on young people with low resistance to new services.