• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.18
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• pp.159-188
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• 2002

International joint ventures are usually formed and managed by domestic companies and foreign investors for the common objectives. They offer an opportunity for each partner to benefit significantly from the comparative advantages of the other. Local partners bring knowledge of the domestic market; familiarity with government bureaucracies and regulations; understanding of local labor markets; and existing manufacturing facilities. Foreign partners can offer advanced process and product technologies, management know-how, and access to export markets. In Korea, joint ventures have been encouraged to usher in foreign investors with foreign currency capital badly needed during the IMF financial crisis. In the meantime, Korean laws and regulations with respect to joint ventures have been largely overhauled to promote foreign direct investment (FDI) both inbound and outbound. They include four types of FDI, i.e., acquisition of foreign stocks, provision of long-term loans, participation in joint operations like resources development, and establishment of foreign offices. From the legal point of view, the formal joint venture agreement must be an offspring of a series of tough negotiations between domestic and foreign partners. They usually stress the long-term relationship with the good will and dedication to each other, and restrict the free transfer of stocks. Both partners are earnestly interested in the ownership and management of the joint venture. So they keep a close eye on the articles of incorporation, changes of business environment, conflict resolution methods, transparency of accounting and other financial matters. When a multinational corporation (MNC) is involved in the joint venture, conflicts over management strategies, marketing and other issues take place more often than not between the MNC and local partners. We have to pay attention to joint ventures, particularly, in China and North Korea. As witnessed in other transition economies, China is eagerly bringing in foreign direct investments for the development of nation's economy. China encourages foreign investors to establish ordinary joint ventures, contractual joint ventures, solely invested foreign capital companies and jointly operated development companies with local partners. In North Korea, however, joint ventures have a different meaning like contractual joint ventures in China, in which North Korean partners have an initiative in the management. Rather, jointly operated companies or simply processing-for-wage companies are recommended in view of the unpredictable legal infrastructure in North Korea.

• The Korean Journal of Health Service Management
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• v.5 no.3
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• pp.13-23
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• 2011

This paper investigated the operating environment for the representative of each agency and the facility workers on the basis of analytical result of recognition changes of the operating environment changes under the operating the long-term care insurance. It was described plans to take positive effect on the operating as follows. The first, on the result of regression analysis, the service administrative range takes the biggest effect on the general recognition of executing the long-term care insurance off and on. The affirmative recognition of the service administrative range had the general recognition on the system be positive effect. But the operator of facility asserts that the care manager's professionalism related quality of service be strengthened. The second, on the result of regression analysis, in the financial accounting administrative it is revealed the more positive recognition it is, the more positive effects it has. From the difference verification of an operation size from operation subject, the small operation size and personal facility recognize the long term care insurance positively. On the other side the facilities where the operation size is big recognize the system negatively. The long-term care facility should rearrange a support program newly and the government needs to promote the donation activity, because it is needed to reduce the financial burden of facilities.

• The Journal of Fisheries Business Administration
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• v.33 no.2
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• pp.99-125
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• 2002

Fisheries cooperative requires dual characteristics in performing its original function. Economic characteristic as an business enterprise and democratic characteristic as cooperative entity need to complete its objectives and survive in the complex rapidly-changing environment. After IMF crisis, fisheries cooperative received enormous government's financial support and credit-business department is perfectly under government's control. Regional fisheries cooperative also faces business failure, therefore pure cooperative movement can't save the fisheries cooperative. Economic characteristic as an business enterprise is more emphasized than democratic characteristic as cooperative entity in recent years. The theory of corporate ownership and governance can be applied to explain the ownership and governance of fisheries cooperative because fisheries cooperative is now similar to an business enterprise. During the IMF crisis the board, the auditors and the minority shareholders in business enterprise were revealed to be powerless against the mighty influence of controlling shareholders. Unconstrained discretion exercised by those controlling shareholders not only led to the firms'insolvency, but also brought down the country's financial system. During the past few years, Korea has experienced many institutional changes regarding its corporate governance structure. The introduction of outside directors, the strengthening of minority shareholders' rights, and enhanced accounting transparency are achieved to improve the efficiency of economic system. Investors, including institutional and individual, also seem to be more aware of governance issues now. Credit-business department of fisheries cooperative is recommended to introduce the institutions same as the case of the corporate governance structure. Fisheries cooperative except economic and credit-business department requires other prescriptions because it is emphasized as democratic cooperative entity. But we should be careful to interpret the ownership and governance structure because they are products of nations, eras and organizations.

• Journal of Digital Convergence
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• v.11 no.7
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• pp.59-66
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• 2013

Insurance has been preferential treatment than other financial products for risk ensure as a original function in tax law. However, the recent insurance products is being released in a variety of ways combined with investment and savings, as well as risk ensure. In addition, as the insurer's sales approach including to tax avoidance, tax saving strategies, tax policy associated with the tax-free savings-type insurance has been criticized. The government amended Article 25 of the Enforcement Decree of the Income Tax Act 2013 in order to prevent tax avoidance and equity among other financial instruments, but there are still many problems exist. this study looks for the validity of the tax policies of savings-type insurance In terms of the Enforcement Decree of the Income Tax Act as amended in 2013, and derived for ways to improve.

• Management & Information Systems Review
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• v.35 no.4
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• pp.21-36
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• 2016

This Research focuses on the financial performance change analysis when the CEO has been changed as the consequence of the Korean Agricultural Co-op members voting. The CEO turnover is the critical event for every cooperatives because it may result in the uncertainty of management, even if top management change has a possibility to improve the management performance. To verify the CEO turnover effect for Korean Co-op financial performance, we utilized nationwide net income change data for each year before and after 2009 in this research. As a result of this effort, we find that the financially worse performance just before Co-op member voting has an positive effect on the CEO turnover. Secondary, we find a positively volatile change of net income after CEO turnover has been occurred. Specialized Executives Director system of Korean agricultural Co-ops has not the significantly positive meaning about the net income change.

• Journal of the Korea Institute of Building Construction
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• v.21 no.2
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• pp.149-156
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• 2021

This study empirically verified whether aggressive order intake affect occurrence of defects of Korean construction companies. In order to compensate for the shortage of construction costs due to aggressive low-cost orders of contractors, self-response measures such as design changes are followed, and construction defects may be induced in this process. It aims to verify relevance between aggressive order intake and defect in construction empirically using financial accounting data. As a result, it was confirmed that an abnormal increase in order volume and a deterioration in profitability such as operating margin due to aggressive order taking behavior leads to a decrease in construction quality and occurrence of defects. In addition, it was also confirmed that low construction ability and intentional changes in construction design or contract conditions after construction commences were a direct causes of defects. The results of this study can serve as an opportunity to come up with measures to prevent defects by confirming the relationship between defects in construction and deterioration of profitability due to aggressive low-cost order takings.

• Asia-Pacific Journal of Business
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• v.11 no.3
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• pp.63-77
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• 2020

Purpose - The purpose of this study is to examine the effects of personal characteristics, loan characteristics, and interest rate characteristics of 2,653 borrowers on the delinquency possibility. In doing so, this study applies both multiple regression and logistic regression models to the data of credit unions in the city of Daegu. Design/Methodology/Approach - The major results of multiple regression analysis using SPSS are as follows. Findings - As for the results of testing the significance of the regression coefficients, it has been found that among the personal characteristics variables membership, credit rating, credit rating changes, and LTV have significant positive (+) effects on the delinquency possibility. Also it has been shown that among the loan characteristics variables loan amount, loan balance, total debt amount, collateral type, collateral amount, and repayment method have significant positive (+) effects on the delinquency possibility. Furthermore it has been found that among the interest rate characteristics variables both overdue interest rate and interest rate spread have positive (+) effects on the delinquency possibility. However, it has been shown that among the personal characteristics variables equity and membership do not have significant effects on the delinquency possibility, and that normal interest rate among the interest rate characteristics variables also do not have a significant effect on the delinquency possibility. Research Implications - By systematically analyzing the variables affecting delinquency possibility based on the results of this study, credit unions might get positive help in improving the system of managing receivables. Furthermore, the results of this study could be extended and applied to other types of financial institutions, so that financial institutions in general will also get some help to systematically manage the delinquency possibility.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.44 no.2
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• pp.102-114
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• 2021

NDF (No Defect Found) is a phenomenon in which defects have been found in the manufacturing, operation and use of a product or facility, but phenomenon of defects is not reproduced in the subsequent investigation system or the cause of the defects cannot be identified. Recently, with the development of the fourth industrial revolution, convergence of hardware and software technologies in various fields is spreading to products such as aircraft, home appliances, and mobile devices, and the number of parts is increasing due to functional convergence. The application of such convergence technologies and the increase in the number of parts are major factors that lead to an increase in NDF phenomena. NDF phenomena have a significant negative impact on cost, reliability, and reliability for both manufacturers, service providers and operators. On the other hand, due to the nature of NDF phenomena such as difficult and intermittent cause identification and ambiguity in judgment, it is common to underestimate the cost of NDF or fail to take appropriate countermeasures in corporate management. Therefore, in this paper, we propose a methodology for estimating NDF costs by the PAF model which is a quality cost analysis model and ABC (Activity Based Costing) technique. The methodology of this study suggests a detailed procedure and the concept to accurately estimate the NDF costs, using ABC analysis, accounting system information, and IT system data. In addition case studies have validated the methodology. We think this could be a valid methodology to refer to when estimating the cost of other parts. And, it is meaningful to provide important judgment information in the decision-making process based on quality management and ultimately reduce NDF costs by visualizing them separately by major variable factors.

• Asia-Pacific Journal of Business
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• v.10 no.4
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• pp.205-221
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• 2019

The purpose of this research is to investigate the effect of cash holdings on firm value in export companies. To investigate this effect, we analyzed 5,386 samples drawn from export companies listed in the KOSDAQ from 2011 to 2018. During this period, the International Financial reporting Standards have been employed. The research results are as follows. First, the results of a T-test showed that the level of the firm value of export companies with high levels of cash holdings is significantly higher than that of those with low levels of cash holdings. In addition, the level of the firm value of export companies with higher levels of cash holdings than in the previous year is higher than the level might otherwise be. Furthermore, the effects of cash holdings on firm value are similar to those on return on asset. These results suggested that export companies have little used a way of increasing their debt levels in order to increase cash holdings. Second, the results of a multivariate regression analysis presented that the cash holdings of export companies in listed the KOSDAQ significantly influence their firm value. Moreover, a higher level of cash holdings than in the previous year significantly affect firm value. These results proposed that making higher cash holdings than in the previous year might be useful in enhancing firm value. We found that export companies efforts to increase cash holdings positively influence changes in firm value. We also found that Korean export companies maintain their financial stability by obtaining sufficient liquidity specifically in a high uncertainty era like the recent time. We finally firmed an effort to maintain cash holdings as a reasonable choice for export companies.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.29-38
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• 2022

The enormous sway of COVID-19 on the international financial market has been felt across the globe. The financial markets of Bangladesh have also been similarly affected by the global epidemic and experienced a significant increase in volatility. To scrutinise the connection between COVID-19 and the Dhaka Stock Exchange (DSE) indices' return and instability, this study uses data of the DSE from February 2014 to September 2021. A comparative examination of the return and instability of the stock indices of the DSE has also been done considering the outbreak of the current COVID-19 situation. After using the GJR-GARCH (1,1) model, this review uncovers that the outbreak of COVID-19 has a statistically positive noteworthy association with the DSE stock indices' instability, which increases the market's volatility. Traders' fear and the rising frequency of COVID-19 reported patients could cause this. Besides, according to this study, COVID-19 shows a substantial positive linkage with stock market returns that increases the market's return. An appealing valuation, lower interest rates in the banking channel, economic rebound following the closure to prevent coronavirus transmission, improved remittance inflows, and a return of export revenues could all have contributed to this outcome. In addition, the findings also reveal that all market indices are in a mean-reverting phase.