• Journal of Distribution Science
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• v.18 no.2
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• pp.99-108
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• 2020

Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts' forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.

• Journal of Labour Economics
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• v.30 no.1
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• pp.31-53
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• 2007

This paper, using the sample of male workers in manufacturing industry from the HCCP (Human Capital Corporate Panel) data, analyzes the effects of trade union on the level and dispersion of wages. One of the advantages of the HCCP data is that it enables a researcher to control the effect of individual firm's 'ability to pay' on wage. All relevant variables controlled, the union effect is estimated to be 5-8%. Yet this figure seriously underestimates the wage advantage enjoyed by union workers, because union sets the "price" for experience low and the price for tenure high and at the same time extends tenure of workers by adopting strong employment protection policy. The paper also analyzes the effects of union on the wage inequality. The results are mixed: overall wage inequality is smaller in union sector while standard deviation is larger when all the personal characteristics are controlled.

• Journal of the military operations research society of Korea
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• v.29 no.1
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• pp.88-111
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• 2003

This paper is to suggest strategic options for improving the export performance of the plant and construction industry. The overall objective of this study is to explore the feasibility of a sustained export performance in the plant and overseas construction industry by an analysis of its international competitiveness and technological competence. The empirical work of this study relates to a chosen sample of Korean and non-Korean firms in the plant and construction industry sector. Primary data was collected through a comprehensive questionnaire survey administered to plant and construction firms in twelve countries, including Korea. The actual number of firms for which full information at a sufficient level of disaggregation was obtained was 62, a response rate of 44.6％. Of these, 42 firms were drawn from Korean plant and construction firms and the remaining 20 firms from 11 other countries. The structure of responding firms by industry shows a total of 29 plant exporters and 33 construction firms. Data analysis was carried out using SPSS statistical technique such as Multiple Regression in order to examine the linear relationship among variables. The findings of the study indicate that export success and failure in plant and construction export markets is determined by firm size and by various qualitative variables. The high export volume (export success) of Plant and construction exporters is more strongly influenced by mutual economic cooperation and number of employees than by sales volume and competent knowledge of the plant and construction markets. It was also found that weak political and diplomatic relation between countries, low sales volume and lack of bid experience have an adverse effect and represent serious barriers to exports.

• Journal of the Korean Home Economics Association
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• v.12 no.2
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• pp.563-580
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• 1974

A Study of the Emotionality of Child and Mother The purpose of this study is primarily to understand the emotional climate of child and mother, which is a significant factor in child study and the home life. A sample was collected from a total of 1,592 of whom 796 are elementary school children with their mothers. Of these 796 children 440 are fom private schools, 190 from public schools in Seoul. The rest are taken from a farming area, 100 kilometers from Seoul. The data was basically obtained through answers to a questionaire distributed in September 1973. In this study, the cross-sectional method, percentage calculation and chi-square test are adapted from factor analysis. With this limited amount of data special attention now, the following conclusions can be drawn from this analysis although special attention should be given in making any kind of generalization about the entire population. 1) Children's emotionality (a) There is a higher percentage of emotionally well-adjusted children as opposed to maladjusted children.(51%>11%) (b) There is no correlation between children's emotionality and the following factors: grade, sex, residential area, school records, and educational level of their mothers. 2) Mother's Emotionality (a) There are more mothers who consider themselves happy than unhappy.(49%>2%) On the other hand a higher percentage of mothers reported feelings of tension and insecurity as compared to those who had feelings of firm security(65%>5%) (b) There is a high correlationshionship between marital adjustment and marital happiness. In other words, the more adjusted, the happier. A high marital happiness has strong influence on the preference of sex, on children's adjustment to their friends, and their present living condition. (c) There is a close relationship between a high marital adjustment and the social development of a child: being fond of fathers, homelife, and the acquaintance with many friends. In the same way, the positive emotionality of a mother in raising her children and their school records are also important. 3) Emotional relationship between a mother and her chid There is a close bond of love and respect between a mother and her child. Moreover, a high frequence of close and open-minded communication exist between them in a family. It is evident that the emotional climate of the mother has a strong and powerful influence on her child.

• Fashion & Textile Research Journal
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• v.21 no.2
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• pp.141-150
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• 2019

Online recommendation services help people search for an appropriate product among a huge assortment in stores that also minimize consumers' choice overload. People with a need for uniqueness are likely to prefer this online recommendation service based on individual needs and tastes. This study verifies the effect of consumers' choice overload and similarity avoidance in consumers' evaluation towards an online recommendation service with a focus on innovativeness and use comparability. Two-hundred consumers participated in this study and data were collected through an online survey firm. A mock retailer's webpage was created and showed six types of sneakers, which was presented as a result of product recommendation based on consumers' personal information. Data was analyzed using confirmatory factor analysis (CFA), analysis of variance (ANOVA), and regression analysis. The results show that people with a high similarity avoidance perceive an online recommendation service as an innovative and compatible service. They also perceive a high level of use compatibility for an online recommendation service, especially when it is difficult to choose a product under choice overload. Innovativeness and use compatibility of an online recommendation service increase behavioral intention. The results of this study can contribute to strategies to start online recommendation services from online retailers' websites that identify circumstances in which consumers can adopt innovative services in a positive manner.

• Journal of Regulation Studies
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• v.27 no.1
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• pp.63-91
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• 2018

This paper attempts to explore the impact of technological regulation on technological innovation and performance of Small and Medium Enterprises(SMEs) by analysing a survey data of 286 Korean SMEs. The 3-step mediated regression analysis results reveal that the perceived regulatory burden is negatively associated with SMEs' R&D investment and innovation of product and process. Moreover, the level of regulatory burden may affect the objective and subjective performance of SMEs. The results suggest that regulatory policies for reducing regulatory burden need to be designed and implemented in order to enhance technological innovation and performance of SMEs.

• Journal of Agricultural Extension & Community Development
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• v.2 no.2
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• pp.205-227
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• 1995

The objectives of this study were to 1) classify the cooperative farmers' organizations in Korea according to the development level and institutional aspects through the exploration of its' conceptual and institutional basis, 2) analyze the farmers' needs for organization, 3) identify the problems and situation of organizations, and 4) formulate an effective management model for each cooperative farmers' organization. The study was carried out through a review of literature and using available statistical data collected from various sources and empirical survey. Major findings of the study were: 1) the cooperative farmers' organizations could be classified into four types : crop units, farming cooperative corporation, trust farming companies and joint-stock agri-business. 2) a lot of members of the organization feel that the information is insufficient, the opportunity to suggest their own ideas is hardly given, and the members are not satisfied with the cooperation among the members, 3) the members who have higher level of schooling education showed a higher participation level in the organization, 4) most of members did not recognize the organization they participated in, 5) participation of the organization's members and concerned institutions is an important factor to promote problem solving and better communication within the organization, 6) any type of continuing education for the members is needed to facilitate the transfer of a new agricultural and organizational technology, 7) research and development(R & D) is one of the most important factors of the development of organizations, 8) most organizations are deficient in professional management skills(financial, personal, accounts, etc.), 9) the trust farming companies have difficulties in managing the firm on account of the characteristics of agriculture(especially seasonal), the dispersed trust lands, and the need for more alternative work in the winter season, and 10) in the case of agri-businesses, their organizations are more specialized in marketing and have more structured systems of management. Based on the results of the study the following recommendations were made for further improvement and development of agricultural cooperative organizations : (1) More governmental support should be given to education for improvement of the organizational structure. And more deliberate and differentiated governmental support should be provided for the organizations to be viably managed. (2) For more efficient communication between the members and the organization, more opportunities for discussion are needed. (3) The more research should be committed to this kind of work in order to get more analytic data and strategic plans of cooperative organizations.

• Journal of Labour Economics
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• v.29 no.3
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• pp.1-23
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• 2006

This study investigates the effects of inward foreign direct investment on local workers' wages by focusing on U.S. manufacturing industries for the period from 1987 to 1992. Contrary to public perception that foreign ownership is positively associated with higher wages, previous studies show mixed results. Since most of the previous studies used industry or firm level average wages, they can not control for the impact of individual characteristics on wages. I use two different approaches to control individual characteristics and to implement estimation in this study: (1) One-step estimation with industry-state level of inward foreign direct investments by using individual level data, and (2) Two-step industry characteristic regression approach. The higher presence of foreign firms is associated with higher local wages after workers' observable characteristics are controlled for in the first approach. This effect, however, disappears once workers' industry affiliations and regions are controlled for in cross-section analysis. In a panel data analysis, I did not find any statistically significant positive association between inward FDI activities and industry wage premiums within industry. Further, inward FDI activities appeared to be negatively associated with worker's industry wage premium for workers with more than high school education.

• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• Asia pacific journal of information systems
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• v.22 no.3
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• pp.75-97
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• 2012

Knowledge residing in the heads of employees has always been regarded as one of the most critical resources within a firm. However, many tries to facilitate knowledge transfer among employees has been unsuccessful because of the motivational and cognitive problems between the knowledge source and the recipient. Social capital, which is defined as "the sum of the actual and potential resources embedded within, available through, derived from the network of relationships possessed by an individual or social unit [Nahapiet and Ghoshal, 1998]," is suggested to resolve these motivational and cognitive problems of knowledge transfer. In Social capital theory, there are two research streams. One insists that social capital strengthens group solidarity and brings up cooperative behaviors among group members, such as voluntary help to colleagues. Therefore, social capital can motivate an expert to transfer his/her knowledge to a colleague in need without any direct reward. The other stream insists that social capital provides an access to various resources that the owner of social capital doesn't possess directly. In knowledge transfer context, an employee with social capital can access and learn much knowledge from his/her colleagues. Therefore, social capital provides benefits to both the knowledge source and the recipient in different ways. However, prior research on knowledge transfer and social capital is mostly limited to either of the research stream of social capital and covered only the knowledge source's or the knowledge recipient's perspective. Social network theory which focuses on the structural dimension of social capital provides clear explanation about the in-depth mechanisms of social capital's two different benefits. 'Strong tie' builds up identification, trust, and emotional attachment between the knowledge source and the recipient; therefore, it motivates the knowledge source to transfer his/her knowledge to the recipient. On the other hand, 'weak tie' easily expands to 'diverse' knowledge sources because it does not take much effort to manage. Therefore, the real value of 'weak tie' comes from the 'diverse network structure,' not the 'weak tie' itself. It implies that the two different perspectives on strength of ties can co-exist. For example, an extroverted employee can manage many 'strong' ties with 'various' colleagues. In this regards, the individual-level structure of one's relationships as well as the dyadic-level relationship should be considered together to provide a holistic view of social capital. In addition, interaction effect between individual-level characteristics and dyadic-level characteristics can be examined, too. Based on these arguments, this study has following research questions. (1) How does the social capital of the knowledge source and the recipient influence knowledge transfer respectively? (2) How does the strength of ties between the knowledge source and the recipient influence knowledge transfer? (3) How does the social capital of the knowledge source and the recipient influence the effect of the strength of ties between the knowledge source and the recipient on knowledge transfer? Based on Social capital theory and Social network theory, a multi-level research model is developed to consider both the individual-level social capital of the knowledge source and the recipient and the dyadic-level strength of relationship between the knowledge source and the recipient. 'Cross-classified random effect model,' one of the multi-level analysis methods, is adopted to analyze the survey responses from 337 R&D employees. The results of analysis provide several findings. First, among three dimensions of the knowledge source's social capital, network centrality (i.e., structural dimension) shows the significant direct effect on knowledge transfer. On the other hand, the knowledge recipient's network centrality is not influential. Instead, it strengthens the influence of the strength of ties between the knowledge source and the recipient on knowledge transfer. It means that the knowledge source's network centrality does not directly increase knowledge transfer. Instead, by providing access to various knowledge sources, the network centrality provides only the context where the strong tie between the knowledge source and the recipient leads to effective knowledge transfer. In short, network centrality has indirect effect on knowledge transfer from the knowledge recipient's perspective, while it has direct effect from the knowledge source's perspective. This is the most important contribution of this research. In addition, contrary to the research hypothesis, company tenure of the knowledge recipient negatively influences knowledge transfer. It means that experienced employees do not look for new knowledge and stick to their own knowledge. This is also an interesting result. One of the possible reasons is the hierarchical culture of Korea, such as a fear of losing face in front of subordinates. In a research methodology perspective, multi-level analysis adopted in this study seems to be very promising in management research area which has a multi-level data structure, such as employee-team-department-company. In addition, social network analysis is also a promising research approach with an exploding availability of online social network data.