• Asian Journal of Business Environment
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• v.10 no.1
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• pp.45-50
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• 2020

Purpose: This paper examines the theoretical grounds for the disclosure of the Korea Fair Trade Commission. Three central measures of the disclosure are scrutinized: The interconnected status of affiliate companies, the important matters of private affiliates, and the large internal transactions. Contemplating on three measures, respectively, we review the rationale and derive policy implications. Research design, data, and methodology: Collecting the data of violation rates and remedial measures, we analyze the intensity of the disclosure enforcement. These statistics are critically reviewed by the economic literature of mandatory disclosure. Results: Statistics evince that the Korea Fair Trade Commission has enforced the regulatory disclosure quite successfully. Violation rates of the disclosure has declined from the outset. It demonstrates that the Korea Fair Trade Commission has enforced those measures satisfactorily for about a decade. But we cannot ascertain empirically whether the regulatory disclosures are socially and economically beneficial. To evaluate the effect of the regulatory disclosures precisely, we need a further empirical investigation. Conclusions: Despite the lack of policy evaluation, this study suggests complementary measures for current disclosures. First, disclosure of executive compensation in privately held subsidiaries must be introduced. Second, the controlling shareholder/manager should be responsible for information disclosure on foreign subsidiaries.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.637-645
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• 2020

A free-market economic system supported by the progress of the Industrial Revolution 4.0 has given birth to a sharing economy with a disruptive business model. In many ways, this business model is more effective, efficient, and makes it easy for businesses and consumers. However, because disruptive innovation is not asymmetrical with the conventional business that sustains innovation, several regulatory issues arise because it is fundamentally very different and cannot be regulated by standard law. Disruptive innovation may create chaos if it is regulated by norms that are used to regulate conventional business. This research was conducted with a normative method, which examines various theories, principles, laws and regulations to get justification for how the law should govern. The findings of this study are: competition law must be designed pragmatically so that it can keep pace with changes in business models that are rapidly changing. For this reason, it is necessary to shift regulatory authority from the Government to business people to make self-regulation, as a rule, that was born from the agreement of the business actors themselves. Self-regulation is considered more effective in maintaining fair competition, so that the market will be more dynamic, and consumers will be more prosperous.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.281-288
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• 2019

This study examines the relationship between R&D intensity and disclosure. R&D activities are essential in bringing innovation to companies. However, R&D activities are naturally uncertain and increase information asymmetry. Thus, firms with high R&D activities are more likely to have the incentive to communicate the potential of R&D investment to the market through voluntary disclosure and, concurrently, resolve information asymmetry. Meanwhile, incentives to less voluntary disclosure exist because of the proprietary cost and the risk of competitiveness loss. Furthermore, the uncertainties inherent in R&D activities caused the possible decrease in the information accuracy. For the two opposing views, this study investigates the relationship between R&D intensity and disclosure frequency using the Regulation Fair Disclosure data in Korea. Moreover, the relationship between R&D intensity and usefulness of the information disclosed is also examined. Using firm sample listed in the 2011-2016 Korea Stock Market, results show that firms with high R&D intensity make disclosures more frequent. Subsequently, the analysis using forecast sample shows that management forecast error is higher in firms with high R&D intensity. This research contributes to the existing literature by presenting evidence that R&D intensity is a significant factor affecting manager's disclosure behavior and information usefulness.

• Journal of Acupuncture Research
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• v.18 no.4
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• pp.55-67
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• 2001

Objective : This study was performed to evaluate result of thoracolumbar compression fracture patient treated with Hua-Tuo-Jia-Ji-Xue(華佗夾脊穴) acupuncture. Methods : This clinical study was carried out 50 cases with thoracolumbar compression fracture, who had been admitted from January, 2000 to February, 2001, in the department of acupuncture and moxibustion, Hanseo University Oriental Medical Hospital. We divided two groups; A group, without using Hua-Tuo-Jia-Ji-Xue(華佗夾脊穴) acupuncture and the other group is B group, by using Hua-Tuo-Jia-Ji-Xue(華佗夾脊穴) acupuncture. Results : 1. The distribution of sex and age, 78% were female, and 84% were most above there sixties. 2. In the duration of symptom, the largest group was over 4 weeks. 3. In the distribution of cause, the largest group was "lifting heavy object"(32%) and the next was "slip down"(26%). 4. In the distribution of injured level was L1 body the most(19.6%) and T12 body was the next. 5. In the distribution of clinical symptoms on the admission, the largest group was lumbosacral pain(18%). 6. The result of treatment due to the duration of admission, 17case(34%) was the most above "Fair" during the 2~3 weeks. 7. The result of treatment, Good and Fair were the same in 24case(48%). 8. The duration of treatment was longer in high grade of clinical symptom. 9. B group discharged above good state 60% higher than A group.

• Management & Information Systems Review
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• v.37 no.2
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• pp.283-297
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• 2018

This research focuses on the perceived marketplace influence(PMI: A belief that recognizes the effect that an individual's actions will have on the behavior of other consumers in the market and thus drives them to act on fair trade consumption) of consumers who may act as a more fundamental explanatory alternative to the gap in attitudes and behaviors of fair trade products. The purpose of this study is to investigate the relationship between consumer's self - determination psychological needs (autonomy, competence, relevance), influence (personal influence, market influence), and the assets of fair trade products. As a result of the empirical analysis, it was found that among the major psychological needs related to self-determination, the variables other than competence and the perceived influence relations of consumers can be directly formed, and the perceived consumer effectiveness(PCE) has a positive influence on perceived marketplace influence(PMI). It is also found that the perceived influence of consumers(PCE, PMI) has an influence on the consumers' perceived equity of Fair Trade products. The results of this study will provide an opportunity to theoretically explain the gap between consumers' attitudes and behaviors of Fair Trade products, which is a part of ethical consumption, and provide important implications for the establishment of marketing strategies.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.103-138
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• 2009

In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 2007.04a
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• pp.341-344
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• 2007

본 논문에서는 계층적 공정 경쟁 개념을 병렬 유전자 알고리즘에 적용하여 계층적 공정 경쟁 기반 병렬유전자 알고리즘 (Hierarchical Fair Competition Genetic Algorithm: HFCGA)을 구현하였을 뿐만 아니라 실수코딩 유전자 알고리즘(Real-Coded Genetic Algorithm: RCGA)에서 좋은 성능을 갖는 산술교배(Arithmetic crossover), 수정된 단순교배(modified simple crossover) 그리고 UNDX(unimodal normal distribution crossover)등의 다양한 교배연산자들을 적용, 분석함으로써 개선된 병렬 유전자 알고리즘을 제안하였다. UNDX연산자는 다수의 부모(multiple parents)를 이용하여 부모들의 기하학적 중심(geometric center)에 근접하게 정규분포를 이루며 생성된다. 본 논문은 UNDX를 이용한 HFCGA모델을 구현하고 함수파라미터 최적화 문제에 많이 쓰이는 함수들에 적용시킴으로써 그 성능의 우수성을 증명 한다.

• Asian Journal of Business Environment
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• v.5 no.3
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• pp.17-21
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• 2015

Purpose - This paper compares current requirements for depreciation accounting from the Financial Accounting Standards Board in America for equity securities and all debt securities with determinable fair value, and disclosure requirements related to the fair value of securities below registered cost with the requirements of the international Financial Reporting Standards Board and accounting standards committee. Research design, data, and methodology - Mini-review statements are examined relating to depreciation of investments in America and the Financial Accounting Standards depreciation of investments in Iran that meet the requirements of international reporting standards and the Iranian Accounting Standards Committee. Results - Accounting rules for depreciation of investments in securities requires a good deal of judgment. In particular, devaluation decisions during the recession and market crisis were controversial, although even with no clear guidelines on devaluation, sometimes such decisions were simple. Conclusions -Companies can choose from formal policies applied uniformly and documentations of interest to provide a summary of the principles and conclusions obtained through disclosure, enabling market participants to assess the entity's conclusions reasonably, thereby easing investor and market worries.

• The Journal of the Convergence on Culture Technology
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• v.6 no.2
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• pp.217-222
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• 2020

The concept and discussion of copyright should reflect changes in using environments of digital properties and developments of technology. Further discussions are required about protection, transfer and usage of copyright for user created contents or digital activities. Digital archives should clarify the ranges of permitted usage or guides to quotation. One should not be biased toward regulating digital copying, but consider the value of diverse transformation of digital properties. This will trigger tension between private and public usage, or sharing of digital fabrications, which leads to the necessity of discussions on policy level. The interpretation of copyright is limited to protecting the copyright owner's right, but it should be suggested to widen the range to permitting fair use. The extended fair use of digital contents and by clarifying specific rules will activate creation and distribution of digital contents and contribute to more productive usage of innovation.

• Journal of Distribution Science
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• v.17 no.4
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• pp.5-16
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• 2019

Purpose - This study examines whether price cartel firms perform downward earnings management to avoid or minimize penalty surcharges levied by the Korea Fair Trade Commission and analyzes such earnings management in distribution industry. Research design, data, and methodology - We use 247 firms from 64 price cartel cases in the period of 2011-2016, and collect data from 3 years before to 3 years after the start of price cartel. Earnings management is measured by discretionary accruals. Three discretionary accrual estimation models are employed; modified Jones model, ROA adjusted modified Jones model and CFO-adjusted modified Jones model. For pre- and post-cartel periods, one year, two year, and three year windows are used. Additional empirical analyses are performed for distribution industry sub-sample of 25 cartel firms. Result - The regression results show that cartel firms' discretionary accruals are significantly lower in the period after the start of price cartel than before. And discretionary accruals are lower in cartel firms than in non-cartel firms during the cartel period. Cartel firms in distribution industry also show the earnings management similar to those in other industries. Conclusions - These two findings lead to the conjecture that managers of cartel firms manage their earnings downward. This behavior is indistinguishable between firms in distribution industry and other industries.