• Journal of Environmental Policy
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• v.8 no.4
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• pp.75-94
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• 2009

The process of obtaining third-party financing contacts was analyzed via a two-stage game model: a "signaling game" for the first stage,and a "principal-agent model" for the second stage. The two-stage game was solved by a process of backward induction. In the second stage game, the optimal effort level of the energy saving company (ESCO), the optimal compensation scheme of the energy user, and the optimal payoffs for both parties were derived for each subgame. The optimal solutions forthe different subgames were then compared with each other. Our main finding was that if there is some restriction on ESCO's revenue (e.g. a progressive sales tax) that causes ESCO's revenue toincrease at a decreasing rate, then the optimal sharing ratio is uniquely determined at a level of strictly less than one under a linear compensation scheme, i.e. a unique balance exists. Subgames have a unique equilibrium arrived at separately for each situation,. Within this equilibrium, energy users accept energy audit proposals from H-type ESCOs with high levels of technology, but reject proposals from L-type ESCOs with low levels of technology. While L-type ESCOs cannot attain profits in the third-party financing market, H-type ESCOS can pocket the price differential between L-type and H-type audit fees. Accordingly, revenues in an H-type ESCO equilibrium increase not only in line with the technology of the ESCO inquestion, but also faster than in an L-type equilibrium due to more advanced technology. At the same time, energy users receive some positive payoff by allowing ESCOs to perform third-party financing tasks within their existing energy system without incurring any extra costs.

• Journal of Korea Game Society
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• v.9 no.3
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• pp.107-119
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• 2009

Online games belong to a technology-oriented service industry that has emerged from the assimilation of game contents and communication networks in the respective realms of culture technology (CT) and information technology (IT). This study examines the individual acceptance of online games as entertainment-oriented technology based on the belief-attitude-intention paradigm and the underlying hedonic and utilitarian motivations. To measure the latent variables influencing the acceptance process, a structured questionnaire was developed based on the existing Technology Acceptance Model. Research model analysis and hypothesis testing were carried out using a structural equation model. Results indicated that latent variables reflecting hedonic and utilitarian characteristics had a significant influence on user behavior in the acceptance of online games. By uncovering the core factors in! fluencing the acceptance of online games and thereby theoretically verifying the latent variables influencing the acceptance of entertainment-oriented technology, this study provides strategic implications for business models by game companies aimed at attracting a large user base and dominating the market.

• Journal of Korea Port Economic Association
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• v.25 no.4
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• pp.21-44
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• 2009

This study aims to understand the conditions for using logistics outsourcing of Korean enterprises, present existing problems, examine factors affecting utility, and analyze the pattern of logistics outsourcing based on contract term, and to ultimately contribute to enhancing competitiveness of logistics enterprises. Through the literature survey 8 factors were identified as three broad factors of corporate strategy, corporate characteristics, and environment. Factor analysis was conducted on the bases of 155 collected data among 400 distributions for 2 months from April to May in 2008. From the result of analysis, the implication and finding can be summarized into three aspects. Firstly, Korean companies value factors relative to corporate strategies as motivating factors for logistics outsourcing. Secondly, Korean companies consider logistics outsourcing depending on how to handle customers' demands and the severity of competition. Thirdly, it was found that product and organization characteristics are perceived as more important when contract term with logistics business is longer. The implications can be observed into two aspects. Firstly once the logistics outsourcing between manufacturers and logistics companies are determined, it was verified that mutual agreement, particular contracts and periodic communications can increase the outcome. Secondly the logistics outsourcing appeared to be different depending on the level of entering to foreign market and resulted in higher performance as well.

• International Commerce and Information Review
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• v.16 no.2
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• pp.251-278
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• 2014

This research is about global investment for managing the important position, what Korea is doing in World's main market. Considering there are some differences between developed countries' model and developing countries' model in doing direct overseas investment, they target to get political agreement and develop the new invest plan and strategy by understanding changes of Korean manufacturing companies in direct overseas investment between 2007 and 2012 and analyzing the change of yearly investment motivation factors and acturing factors for investment. The result from this result let us know that company should develop their own idea for their competitive advantage by doing direct overseas investment with the existing the on which convinces the competitive advantage for investing overseas. From the analyzing result, even though it is fairly true that raising wage and getting resources, avoiding customs, and developing alternating industries for export had influenced at the beginning, overseas investing companies' policy will be influenced by the results from studying marketing-pursuit type, which emphasizes to manage trade income and outgo, keeping the balance in the black, ensuring raw materials, local producing and manufacturing by using low-wage people for local sale, and situation for changing investing tendency as service industry.

• International Commerce and Information Review
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• v.15 no.1
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• pp.67-93
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• 2013

This research is about global investment for managing the important position, what Korea is doing in World's main market. Considering there are some differences between developed countries' model and developing countries' model in doing direct overseas investment, they target to get political agreement and develop the new invest plan and strategy by understanding changes of Korean manufacturing companies in direct overseas investment between 2004 and 2011 and analyzing the change of yearly investment motivation factors and acturing factors for investment. The result from this result let us know that company should develop their own idea for their competitive advantage by doing direct overseas investment with the existing the on which convinces the competitive advantage for investing overseas. From the analyzing result, even though it is fairly true that raising wage and getting resources, avoiding customs, and developing alternating industries for export had influenced at the beginning, overseas investing companies' policy will be influenced by the results from studying marketing-pursuit type, which emphasizes to manage trade income and outgo, keeping the balance in the black, ensuring raw materials, local producing and manufacturing by using low-wage people for local sale, and situation for changing investing tendency as service industry.

• Korean Journal of Social Welfare
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• v.50
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• pp.87-108
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• 2002

According to Neo-liberalism, the privatization of social security systems is pivotal for a country's economic growth and the wellbeing of its people, because such systems hinder the full operation of the market, eventually leading the national economy to collapse. The Chilean case of pension privatization is often cited as a good evidence for the Neo-liberal argument. Neo-liberalists say that Chile has experienced a rapid economic growth and retirees have enjoyed a much more pension payment since the national pension system was successfully privatized in 1981. The primary purpose of this article is to provide a critical review on the results of the Chilean pension privatization reform implemented in 1981. This study is intended to give an objective understanding of the reform because the existing evaluations, particularly those from the neo-liberalism, over-emphasize the bright sides of the reform. for this purpose, this article will pay a particular attention to the change in the level of pension payment after the reform. The conclusion of this study is that, contrary to the argument of Neo-liberalism, the pension reform has lowered the level of pension payment and, compared to the old public pension, has made the lives of ordinary retirees less secure. Reorganization of the social security system is more desirable than privatization as a remedy for the current problems of the welfare state.

• Journal of Convergence for Information Technology
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• v.7 no.6
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• pp.259-265
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• 2017

This study reviewed the existing studies in order to set up a strategy that can achieve the trust and business performance of the franchisers, who are actually operating franchised business, breaking from the research trend centered around franchise headquarters and added the factors of the franchise headquarters' strategy for expanding franchises, including word-of-mouth communication and advertising & publicity and added the exercise of recruitment agency outsourcing, flagship store, recently utilized often as preceding variables to verify the causal relation between the trust of the franchiser and the business performance of the franchise. The implications of this study, it can be concluded that the government authority for the attraction of healthy franchises can continuously attract franchises and enter the market can continuously attract franchises by increasing the trust of the franchises, and powerfully investing and managing them for the effort through word-of-mouth marketing. It is expected that this study will be helpful in the establishment of a business strategy for forming a continuous relationship as well as the franchise head office's strategy for the recruitment of new franchises.

• Korean Journal of Construction Engineering and Management
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• v.10 no.6
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• pp.146-153
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• 2009

The year 2008 was a hard year for Korea's construction companies. The real estate downturn resulted in halting new construction and stopping existing work, and inflation of global oil prices caused price hikes in rebar and concrete materials. As a solution to reducing the budget, the newly appointed government announced plans to increase low cost bid contracts from 10 billion to 30 billion won. When such economical and political factors negatively impact the construction market, projects based on low cost contracts are the hardest hit. Many problems already inherent in low cost bid contracts become accentuated. Consequently, this provides an opportune time to actually study and analyze the issues in these projects. This paper introduces the findings made from investigating four projects struggling to make ends meet in the year 2008. Results show that flow of cash (i.e., liquidity), or lack thereof, was the root cause which in turn was hampered by failed mechanisms for design changes, material inflation. Attributing cash flow risk to the bottom of the production structure (i.e., small business subcontractors) was also a problem within the industry. Contractors need a better way to prepare against material price fluctuations, and owners need to assist in expediting payment during times of extreme downturn.

• Environmental and Resource Economics Review
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• v.18 no.4
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• pp.587-635
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• 2009

The purpose of this study is to develop the Global Dynamic Computable General Equilibrium Model (Global CGE Model) in order to produce an economic impact analysis, including prospective obligations for the Post-2012 regime. This model explores the impact of an international emissions trading market and macroeconomic variables such as GNP, consumption, investment, imports and exports, in accordance with potential increased obligations on the Republic of Korea. Distinguishing it from existing studies, this Global CGE Model divides the global community into major economic groups, and in the capacity of the analyzed global model, reflecting the principle nations' macroeconomic indicators through the theoretical approach of endogenous growth theory. Policies such as an emissions trading scheme and carbon tax are reflected in the model. Also, in particular, the model reflects exogenous technological advances. According to this analysis, the stronger the greenhouse gas reductions, the greater the adverse effects on the economy; among macroeconomic indicators that appear, a significant decline is realized in the balance of trade, along with a significant decrease in investment and consumption. Energy dependence, in particular, plays a large role-varying in degree by industry type-, as greenhouse gas reductions would have a greater impact on energy-intensive industries. Furthermore, if Korea, currently recognized as a developing country, is given the obligation to reduce greenhouse gas emissions, competing countries such as China and other developing countries will be given an advantage.

• Environmental and Resource Economics Review
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• v.27 no.3
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• pp.495-520
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• 2018

Because of structural changes in the international oil market and the economy, it is widely recognized that the impact of oil shocks on the economy has weaken since the mid-1980s. This study tries to examine the validity of the recent perception about the relationship between oils shocks and the economy, estimating the time-varying effects of oil shocks on the Korean economy. The results show that the dynamic effects of oil shocks normalized to a one standard deviation has been relatively constant, in contrast to the recent perception and a number of existing studies. In addition, because the shape of impulse response functions at each point in time spanning from 1984:II to 2017:IV has not been changed significantly, it seems that the propagation mechanism of oil shocks also has not been substantially altered. These findings indicate that even though structural changes of the economy, such as the reduction in the share of oil consumption and the spread of high-efficiency energy technologies, have been rapidly progressed, it is not still enough to offset the negative effects of oil shocks. Rather, it seems that the recent perception about the shrinking effects of oil shocks is mainly due to the assumptions that do not reflect changes in the size of oil shocks. In particular, this problem appears more pronounced in the case of the typical a one standard deviation increase oil shock under homoskedasticity assumption, which is widely adopted in the most VAR analyses. Therefore, in estimating the effects of oil shocks on the economy, it is important to specify the correct model and normalization method, to reflect changes in the size of oil shocks.