• The Korean Journal of Air & Space Law and Policy
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• v.24 no.2
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• pp.69-104
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• 2009

This study is to know the Enhancement of Aviation Safety for Low Cost Carrier in Korea through the long and mid term air safety policy. Especially, the aviation safety authorities of the developed countries in aviation establish action plans under the system plan of central government. Then the countries implement those plans systematically to the related aviation business so that they promote efficient air safety policy implementation. At this time, the Korean government should present the vision about an air safety and systematic strategic plan to cope with the future aviation industry change. Also, it is needed to establish a specific aviation safety action plan. Namely, an air safety master plan and long-term road map must be established. This paper deduces some implications through the abroad cases of aviation safety plan, and then tries to find the applying method of the implications to Korea in the rapidly changing aviation market in the 21st century. It is expected that this paper will help the Korean aviation industry to play a major role in the future. In oder to get suggestions aviation policies of advanced countries with regard to aviation safety, we have looked at the aviation policies of the U.S., the U.K., Australia and Japan, and also LCC's states overseas, LCC's safety policies in Korea, and aviation safety status. Since existing LCCs and new LCCs based in Korea have become the new concept, this new market for LCC has been booming recently. Around Southeast Asia, while there are some LCCs including Air Asia which is supported by the government of Malaysia with emphasis on safety, there are other LCCs, which have failed to achieve confidence in safety and have led to aircraft accidents and financial mismanagement, so we need to verify the safety of overseas LCCs, try to improve domestic LCCs in order to fly international routes and aid international aviation safety. LCCs have been increasing lately thanks to open skies policy and a wide variety of flights.lines. Air Busan, Jin Air, Jeju air, Eastar Air are in service. so the risk of new potential hazards may increase. Therefore it is necessary to take the initiative in aviation markets inside and outside of Korea and the safety management of new LCCs should be taken more seriously than ever before. Among overseas aviation safety policies, we need to implement the FAA's Filght Plan which has a specific Business Plan. I hope this thesis will help improve aviation safety locally and internationally.

• Management & Information Systems Review
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• v.36 no.1
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• pp.233-249
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• 2017

This study investigates the relation of managerial ability and firm performance in case of Chaebol in Korea. We employ non-financing firms at Korean markets for the period 2000-2015. Most important decision is made by the head of Chaebol which increases firm value eventually and he has such a strong dominant power that managers belongs to Chaebol have to follow mother firm's decision directions. So it is expected that managers belongs to Chaebol have to focus on long term performance rather than short term profits, which means they concentrate their managerial ability much on the firm value. Otherwise, managers in which non-Chaebol focus their ability on periodic accounting earnings. Thus, this study examines an empirical analysis on the relation of managerial ability and firm performance and the effect of Chaebol on the relation of managerial ability and firm performance. Empirical results are as follows: First, there exists a statistically significant positive relation between managerial ability and firm performance either short- or long-term. Second, we extend this relationship into Chaebol condition and find that managerial ability of Chaebol positively influences on the firm value which is long-term performance, rather than return on assets which is short-term performance. These results imply that managers belongs to Chaebol much concentrate their ability on long-term value which is differenciated from the case of non-Chaebol samples. Chaebol is an important issue in Korea because it dominates most of Korean local economy so its' impact from small changes on our economy is big enough. Our study examining the relationships between managerial ability of Chaebol and firm performance is meaningful and it is a good signal that they concentrate their ability much on the long-term value rather than short-term profits. We expect that the results of this study will provide the academic and practical references. This study will contribute to the future research in accounting through an analysis of managerial ability which is a new measure, Chaebol, and firm value.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.103-117
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• 2019

Under the uncertainties and the consequent turmoils of the IMF financial crisis in Korea, Hyunsung Techno was founded in 1997 on the basis of automobile press molding which is critical for the quality of automobile. Ever since, Hyunsung Techno has grown rapidly based on the domestic market; however, gradually, it had faced a stalemate in terms of the saturation, on the supply side and the growth limit, on the demand side, of the domestic molding market. Accordingly, Hyunsung pushed for a strategy to localize overseas markets and a new acquisition strategy instead of resting on the domestic mold industry's growth, and the success of these strategies enabled it to leap forward into a global company with five companies including affiliates and 70 billion won in sales. The main reason why Hyunsung Techno evolved from a small and medium-sized manufacturing company into a global businesses is due to the success of Boa Constrictor M&A strategy. Its acquisition strategy is not just a successful case of any acquisition, but a rare, maybe the first domestic case of a successful acquisition of a primary supplier by a secondary supplier. Through the success of this strategy, Hyunsung Techno has achieved a continuous growth of businesses, an increase in sales volume, and expansion into new businesses. And on top of that, this achievements is leading it to be a global conglomerate In this study, Hyunsung Techno's success strategy, which is transformed from a small domestic manufacturing company into a global enterprise, was analyzed in detail with its development stages divided into start-up, overseas expansion, acquisitions, and business diversification. Eventually, this case study is meant to offer strategic implications for other small and medium-sized businesses under the current, gloomy economy of low or zero growth of today.

• Management & Information Systems Review
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• v.36 no.4
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• pp.117-127
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• 2017

In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

• Korean Journal of Construction Engineering and Management
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• v.16 no.1
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• pp.3-14
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• 2015

Since the global financial crisis, the Korean domestic construction market has continuously experienced downturns, and the Korean domain construction firms'profitability has been persistently deteriorated. Domestic construction firms have rapidly advanced to overseas markets exclusively for the construction contract packages. However, the profitability for the construction contracts has been lower compared to engineering or project management contracts. One of the critical issues the Korean firms have faced was project management capability across all phases in project execution. Even though several project management capability assessment tools were introduced, most tools were applicable to a wide variety of industry sectors rather than construction industry. Project management capability assessment tool specifically applicable to domestic CM firms was developed through this research, in order to assess project and program management capabilities and improve the competitiveness in overseas market Also, the correlation between project, programs, and the CM infrastructure were identified. The CM firms were divided into two groups according to the size of the business, and both were evaluated at the project and the program level based for the 9 different criteria. The project management capability assessment tool developed for the CM firms can be used for self-assessment to distinguish the strengths and weaknesses of each company at the project and program level. In addition, the current status of each group can be identified by spotting improvement areas for the management capabilities.

• Management & Information Systems Review
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• v.33 no.3
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• pp.129-154
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• 2014

We are making products and services that we didn't easily think or even imagine when young and living using them. Consumer needs become more diversified, markets and technologies are being constantly changed, and corporate global competitiveness is getting intensified. Now, companies that don't change nor create new values cannot survive. The cycle of new products is faster, and therefore corporations should improve previous products continuously or create new values according to such a trend. This era requires 'creativity' for companies to overcome uncertainty and survive. Corporate creativity is not easily activated as financial and physical compensation unlike the work ability or performance. When there is an environment that people with various abilities, experiences and backgrounds can express their opinions freely, it becomes possible. Despite the importance, the studies have focused on creativity education so far instead of the viewpoint of corporate business administration. In addition, most studies have dealt with job characteristics and employees' personality factors rather than the process that is connected to actual performance. In other words, the studies on environmental factors that can lead motivation as situational characteristics of the employee's company in a current non-monetary and non-physical way are very insufficient. Therefore, this study aims to comprehensively examine the process of creating creative performance in the environment inside the company that the employee could approach most closely from the corporate deinstitutional perspective. As the major variables, job characteristics and supervisor's ethical leadership were selected, and the process that is connected to the creative performance was explained by means of motivation necessary to understand creativity of the organization and creative process engagement(CPE). The summary of the verification results is following. First, job characteristics and supervisor's attitude(ethical leadership) had positive effects on intrinsic motivation and creativity process engagement. Second, intrinsic motivation and creativity process engagement had positive effects on creative performance. Third, intrinsic motivation and creativity process engagement had mediated the relationship between job characteristics, supervisor's attitude and intrinsic motivation, creativity process engagement

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.147-169
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• 2015

Our society has been changed so rapidly and we have achieved industrialization and democratization swiftly. On our Economic growth and democratization, it is appraised that Christian Thought and western Capitalism thoughts have been one of the important factors. John Calvin, well known Reformer and thinker of Protestant, as M. Weber assessed, contributed greatly to the progress of Capitalism. He was a Religion Reformer as M. Luther and especially a thinker and man of deed, who affected large areas of human life such as Religion, Economy, Society and Politics. Calvin understood Economy is the main issue of theology and Economic activities can be a position which may restore the correct relationship of God and Man. This Paper aimed to survey, synthesize and systemize the Economy and Management thought of J. Calvin. On these changing current society, it surveyed if His thoughts that has long history, can be applicable or not and Where and How it may. Calvin's Thought not only on his age caused important changes and Reformation but now suggests critical milestones. His Thoughts of Love, Justice, and Fairness based on the Bible have been evaluated as the universal truth and important criteria. Until nowadays his Philosophy has composed critical Principles of decision making rules of Economy and Management and National policies. Especially today, when economy has been more emphasized as a center of our lives, His Thought suggests momentous directions on various Human Life such as Justice and Fairness, deepening of gap between poor and rich, expansion of conflicts among social classes, employment and wages, freedom of markets and its balance, and public good of land use. Reviewing Calvin's Economy and Management thoughts as meaningful basis on the our and world Economy which became worse caused by world monetary crisis and Europe financial crisis that aroused by world Economy globalization and expansion of neo-liberalism, this Paper suggested some future directions. And for the practical sectors, Distribution and Logistics, it proposed some issues and Directions, considering the impacts of His thoughts on the Industries. Nevertheless it can deliver some contributions, as a literature research, it reveals some limitations that it may contain lacking of practical investigations and cases on economy and management fields. In the future, more detailed and deeper research on the practical and situations of economy and management shall be needed.

• Journal of the Korean Geographical Society
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• v.29 no.3
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• pp.297-317
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• 1994

This study demonstrates the changes in the spatial organization of Korea by the construction of Seoul-Pusan railroad. This Seoul-Pusan line, which is the most important one in Korea was constructed in 1905. The original plan of the line was selected to cross the main traditional roads to control the entire Korean peninsular and to mobilize the Korean commercial potentials. It was the line to exploit the staples and to expand the Japanese market in Korea. In accordance with the contracts between Japan and Korean government, Korean government had to supply the lands for railroad, office, and service facilities. That was one of the important reasons that Korean government had been broken down. The main findings of this study are as follows: 1. The Seoul-Pusan railroad line was constructed Japanese colonial policy which emphasized three main purposes; the first was to reorganize the economic space and to collapse the traditional Korean markets for Japanese ruling, and the second was to find out the military supply routes, and the third was to search for the transcontinental line for China and Siberia. As the results, the old Korean pedestrian routes, which were the Eastern, the mid, the westren, and the Samnam route lost their functions. 2. Japanese requested for Korean government usually ten times of wider space for the site of stations than the needed one. The land was expropriated, and constructed the new centers aparted from the original Korean towns. In this process Japanese got the most developmental and windfall profits. The newly constructed centers were for Japanese immigration and the town service facilities which would be used to control the Korean financial market. At last, they easily converted the Korean spatial economy into Japanese colonial one, which made to reinforce the sphere of Seoul-Pusan line. 3. Japanese planned the stations as the central points in Korea. So the railroad stations were located apart from the centers of towns, to avoid the Korean resistances, and to maximize their profits. The mean distance from staiton to 'the town center is about 1km while the Japanese case is 0.6km. 4. The pattern of present Korean railroads is not the 'X type'. Because the Honam line is not the trunk one. So, we could call the Korean railroad pattern as the 'Ip(Chinese character 入) type' . The operational effects of Seoul-Pusan line brought out the concentration of the national economy to this line as Japanese planned. And the polorization had occurred between this line and the other parts of Korea. For twenty years (1910-1930), the transported freights were increased about 5 times. In 1930, the total freight of Seoul-Pusan line became 2, 010, 444 metric tons. If we examine this process, the underconstructing Seoul-Pusan express electric railroad should avoid adjacent this line to reduce the regional and ecological imbalance. 5. The forms of centers on the Seoul-Pusan line were classified into six types in relation to station, town center, and built-up area; the compact (integrated) type, the elongated one, the splited (independent) one, the absorbed one, the consolidated one, and the declined one. All types of these towns might be developed in accordance with the centrality, railroad function, and the other transportational functions. 6. The Seoul-Pusan line plays the most important role among Korean railroads but the ratio of passenger and freight become lower because the effiects of other inaugurated railoads the different transportation modes such as trucks and cars would be got more merits in competition. 7. The results of cluster analyses on the cities of railroad stations showed the rudimentary urban systems in 1910 and 1930. In 1930, the cities were classified into three groups; the group of small cites, the intermediate (developing) city-group, and the special city-group. In 1930s the spatial organization and urban system of Korea were similar to the present ones. We call appreciate that these were the effects of the Seoul-Pusan line.

• Korean Journal of Social Welfare
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• v.58 no.2
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• pp.273-302
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• 2006

The introduction of cash payments for care is a distinct trend that characterizes changes in care policies since the 1990s. Recently, many developed countries have newly introduced or extended cash payments for care that allow care users to be able to plan themselves for their cares instead of receiving direct care services from the state. Cash payments for care can be said to be one of the alternative policies by which user choices are extended, and it becomes possible to establish demand-cantered care delivery systems more economically and effectively, hence addressing the issue of the financial limitations and rigid systems that are common in modern welfare states, which make it difficult to response to various needs. However, the design and administration of cash for care vary across different countries. Such variations of cash for care policies influence on the combination of consumerism (based on liberal market values intrinsic in the care market) and citizenship based on social solidarity. Those variations eventually produce impacts on the balance of responsibilities and the roles of families, the state and market regarding care in other words, balancing of welfare pluralism. This paper has attempted to find general meanings and particularity of cash for care polices in modem welfare states by means of looking at the characteristics of cash for care policies of four different countries (Netherlands, France, Germany and Italy) and their impacts on their care market. If the four countries are ranked by the degree that they emphasize citizenship in light with social rights, the Netherlands, France, Germany and Italy could be placed in due order. From an economic point of view and in terms of cost containment, those countries will be placed in an inverse order, It is apparent that in the course of planting cash for care policies in the existing social systems involving different socio-cultural conditions and labour markets, sometimes more emphasis is placed on the citizenship of care users, family carers and care providers than on cost containment issue, and sometimes vice versa. Behind this lies the process of different social valuation on what care is about; who can better deliver care; who should be responsible for care; how responsibilities should be shared and so on.

• Korean small business review
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• v.31 no.1
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• pp.73-88
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• 2009

This study examines the characteristics of 24 Korean hidden champions such as key success factors, core competences, strategic problems, and desirable future directions. The study categorized them into 8 types with Danny Miller's four trajectories and top manager's decision making style(rationality and passion). Danny Miller argued in his book, Icarus paradox, that outstanding firms will extend their orientations until they reach dangerous extremes and their momentum will result in common trajectories of decline. He suggested four very common success types: Craftsmen, Builders, Pioneers, Salesmen. He also suggested common trajectories of decline:Focusing(from Craftsmen to Tinkers), Venturing(from Builders to Imperialists), Inventing(from Pioneers to Escapists), Decoupling(from Salesmen to Drifts). In Korea, successful startups appear to possess three kinds of drive: Technology-drive, Vision-drive, Market-drive. Successful technology-driven firms tend to grow as craftsmen or pioneers. Successful vision-driven and market-driven ones tend to grow as builders and salesmen respectively. Korean top managers or founders seem to have two kinds of decision making style: Passion-based and Rationality-bases. Passion-based(passionate) entrepreneurs are biased towards action or proactiveness in competing and getting things done. Rationality- based ones tend to emphasis the effort devoted to scanning and analysing information to better understand a company's threats, opportunities and options. Consequently this study suggested 4*2 types of Korean hidden champions: (1) passionate craftsmen, (2) rational craftsmen, (3) passionate builders, (4) rational builders, (5) passionate pioneers, (6) rational pioneers, (7) passionate salesmen, (8) rational salesmen. These 8 type firms showed different success stories and appeared to possess different trajectories of decline. These hidden champions have acquired competitive advantage within domestic or globally niche markets in spite of the weak market power and lack of internal resources. They have maintained their sustainable competitiveness by utilizing three types of growth strategy; (1) penetrating into the global market, (2) exploring new service market, (3) occupying the domestic market. According to the types of growth strategy, these firms showed different financial outcomes and possessed different issues for maintaining their competitiveness. This study found that Korean hidden champions were facing serious challenges from the transforming economic structure these days and possessed the decline potential from their success momentum or self-complacence. It argues that they need to take a new growth engine not to decline in the turbulent environment. It also discusses how firms overcome the economic crisis and find a new business area in promising industries for the future. It summarized the recent policy of Korean government called as "Green Growth" and discussed how small firms utilize such benefits and supports from the government. Other implications for firm strategies and governmental policies were discussed.