• The Journal of Fisheries Business Administration
• /
• v.46 no.3
• /
• pp.31-49
• /
• 2015

This study examines whether or not the South Korean major fishery product import markets; Frozen Pollock, Frozen Long Arm Octopus, and Frozen Hairtail are integrated. We are utilizing the Multivariate and Bivariate Johansen Co-integration test to see if the law of one price(LOP) holds in each market or not. The empirical results show that even though import prices from different countries affect each other in each South Korean major fishery product import market, there is no evidence of LOP in any fishery product import market, which means that none of the markets are integrated. Based on these results, we could expect that the three major fishery product import markets show monopolistic competition among import countries. we would also see whether or not any country plays the role of a price leader in any of the markets. Based on weak exogeneity test results, we might expect that the United States and Malaysia are price leaders in the South Korean Frozen Pollock Import Market and Frozen Long Arm Octopus Import Market, respectively; however, we need to study more on this in the future.

• The Journal of Fisheries Business Administration
• /
• v.36 no.1 s.67
• /
• pp.103-120
• /
• 2005

This study aims to examine the change of fish market(魚物市場) and inland brokers(客主, kaegju) on Gunsan(群山), (1899-1919). The increasement of productive capacity in the agriculture and the development of exchange economy in the late period of Chosun Dynasty activated the distribution of fishery products. As a result, the inland brokers who participated in the production and distribution of fishes grew largely. They made the basement of fishery modernization by providing the funds for the fisheries and making the national distribution network. But Japanese fishermen began to hold the domestic market as the Japan government supported legislatively and economically after the opening ports of Korea. On the contrary, the distribution of fishery products had the characteristics different from the production of some. The case of Gunsan which opened in 1899 showed these characteristics as Gunsan is a short distance from Kangkyung(江景), one of three biggest markets and was a base of fishery, That is to say, though the fishery merchants from Japan set up 'a fish market'(魚市場), they didn't hold the sales network on Gunsan, Because the inland brokers on Gunsan had a sales network and began the socio-economic movement. It goes without saying that the instability of price, the difficulties of charge and the racial taste difference in fish made the fish sales from Japan confronted with the difficulties. After Japanese Imperialism enforced the Company Law, the Market Regulation, the Chamber of Commerce Law before or after 1910, Korean inland brokers were disprited and Japanese 'fish market' began to grow largely. These phenomena appeared on Gunsan, too. Especially, the opening of a railway was the main factor which strengthened Japanese 'fish market'. After 1915, Japanese 'fish market' on Gunsan defeated the distribution network of inland brokers.

• The Journal of Asian Finance, Economics and Business
• /
• v.6 no.4
• /
• pp.37-43
• /
• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.

• Korea Trade Review
• /
• v.48 no.2
• /
• pp.129-151
• /
• 2023

This study explores whether market share matters for ERPT and also for the effects of FTA on ERPT among exporting countries in the four major fishery import markets - frozen pollock, frozen mackerel, frozen tuna, and frozen spawn in South Korea. In addition, I investigate whether market share matters for price competition among exporting countries. For this, I estimate the export price equation based on the maximum likelihood method by utilizing data on export price in terms of Korean currency, and the cross rate between South Korea and the exporting countries from 2010:M1 to 2019:M12 for the four major fishery import markets. According to the findings, the market share of exporting countries in the import markets matters for the positive effects of FTA on ERPT; however, it is hard to find the relation between the market share of exporting counties and ERPT. In addition, I find little evidence on the effects of market share on price competition structures among exporting countries. I believe that this study helps domestic fishery producers to understand that ERPT, the effect of FTA on ERPT, and price competition structures among exporting countries would be affected by the market share of each exporting country in the major fishery import markets in South Korea. Also, this study would help domestic fishery producers to think about how to deal with the effects of the change in the exchange rate on fishery markets for each FTA partner according to its market share after FTA is effective.

• The Journal of Fisheries Business Administration
• /
• v.17 no.1
• /
• pp.77-106
• /
• 1986

In the field of fisheries, there is at the apex Central Federation of Fishery Cooperatives, established under the Fishery Cooperatives Law(1962), It is a multipurpose organization with a membership of 105 cooperatives, 87 regional cooperatives, 15 business-type cooperatives and 3 manufactures' cooperatives. Accordingly, this thesis examines the marketing of fishery cooperatives in Korea, and in particular considers the marketing channel strategy of fisheries products. No company can perform by itself all the activities involved in the production and distribution of its products and services to its final markets. It must work with other firms to get the job done. Thus marketing channel firms of the fisheries products include primarily the fishery cooperatives, the licensed In the field of fisheries, there is at the apex Central Federation of Fishery Cooperatives, established under the Fishery Cooperatives Law (1962). It is a multipurpose organization with a membership of 105 cooperatives, 87 regional cooperatives, 15 business-type cooperatives and 3 manufactures' cooperatives. Accordingly, this thesis examines the marketing of fishery cooperatives in Korea, and in particular considers the marketing channel strategy of fisheries products. No company can perform by itself all the activities involved in the production and distribution of its products and services to its final markets. It must work with other firms to get the job done. Thus marketing channel firms of the fisheries products include primarily the fishery cooperatives, the licensed dealers and the merchant middlemen. The goal of marketing is in matching of segments of supply and demand. Every producer seeks to the link the marketing channel firms that will help it accomplish its objective best. This thesis tries to attempt to improve the present Korean Fishery Cooperatives marketing activities. The purpose of the operation of fishery cooperatives is to guarantee the profits of fisherman as well as the interests of general consumers by eliminating the inordinate profits of middlemen and by narrowing other market margins. Fishery cooperatives marketing activity functions forming a self-helf organization for economic protection of producers themselves, and acting as a market reformational institution through its transaction by group. The following are the characteristics of fishery cooperatives marketing. \circled1 Fishery cooperatives is organized with an economic factor and a personnel factor. \circled2 Fishery cooperatives is non-profit organization. \circled3 The members of fishery cooperatives is independent constitution of economy, but they are closely connected with the cooperative. \circled4 Fishery cooperatives is a mutual aid organization. The objective of an efficient marketing strategy may be well described by the common saying provides the right product at the right time, the right place, and the right price. But it is quite true that the Korean Fishermen's Cooperative can be said to owe its development to the successful implementation of the marketing system. The use of the marketing system has resulted in the following marketing strategy. 1. The direct marketing system. \circled1 The cooperation between the fishery cooperatives and the other cooperative through the collection and delivery center. \circled2 The selling between the fishery cooperatives and the large scale retailers through the process industry. 2. The vertical marketing system. \circled1The fishermen's cooperative to be nominated by wholesaler in the terminal market. \circled2 Contracted vertical marketing system. \circled3 Abolition of selling by double auction in the landing and the terminal market. 3. The physical distribution system. \circled1 The need for adoption of cold chain system to connect production directly to consumption. \circled2 The need for more expansion of landing markets and terminal market facilities. Solutions to the problems of the Korean fishery are made possible through effective functioning of cooperative marketing activities of fishery products. The marketing concept of fishermen's cooperative lies in the satisfaction of consumer needs. According to the marketing concept fishermen's cooperative should try to satisfy customer's needs through a coodinated set of activities that allows the organization to achieve its goal. Providing satisfaction to customers is the major trust of the marketing concept. To do this, a business must find out what will satisfy customers. With this information the cooperative sells to the greatest possible number of customers through the most efficient sales and marketing channels. Economic rationality of fishermen's cooperative marketing lies in reduction of marketing cost and elimination of intermediate institutions. Cooperative marketing and direct marketing are both indispensable marketing factors for a new cooperative organization among the manu ways. The cooperation between the fishermen's cooperative and the others cooperative, and vertical marketing system are the most necessary ones. Propulsion of cooperative marketing system could not be successful without the support of the marketing instituion's help. Consequently, successful cooperative marketing ought to lead to the necessity not only for the improvement of marketing organization, but for the application of a new marketing concept in the fishermen's cooperative.

• The Journal of Fisheries Business Administration
• /
• v.29 no.2
• /
• pp.47-64
• /
• 1998

This paper seeks to find out possibility of introducing market order into Korean fisheries regulatory system. Hayek tells us that market order is equivalent to spontaneous order, while regulations are man-made order created based on incomplete knowledge. He also sees market competition as a discovery procedure of knowledge and information. From this perspective is discussed Korean fisheries regulatory reform-particularly issues of establishing property right on fishery resources. It appears that there is quite a large room for substituting market functions for the regulations regarding fishery resources management, even though fishery resources have a very nature of common pool. Advanced fisheries suggest that successful regulatory reform require a well-prepared strategic plan and check list. In addition, the government should be able to secure sufficient monitoring and surveillance power and to play an important role as a fair supervisor.

• The Journal of Fisheries Business Administration
• /
• v.44 no.2
• /
• pp.1-17
• /
• 2013

We investigate the appropriateness of the fixed 12% discount rate to be used in estimating the amount of compensation for revoking a license for fishery business by the Enforcement Decree of Fisheries Act in Korea. We also suggest the appropriate discount rate fully reflecting the change of market interest rate in the Korean financial market. The capital asset pricing model, or, CAPM is the best known model of risk and return, and is widely used to estimate the expected rate of return for the risky projects. Even though the CAPM implies that the discount rate or the expected rate of return should change as the related market factors do, the discount rate used to estimate compensation for revoking a license for fishery business remains to be the same 12% rate for the last 15 years by law. During this period, however, the yield to maturity for the 5-year government bonds in Korea has dramatically changed from about 12% to less than 3%. In order to provide the fair compensation for the damages against the coastal fisheries and evaluate the intrinsic value of fishery resources in the coastal areas, we suggest that the appropriate discount rate should be determined by the yield to maturity of the government bonds with 5-year maturity, instead of the current fixed 12% interest rate.

• The Journal of Fisheries Business Administration
• /
• v.44 no.1
• /
• pp.59-70
• /
• 2013

The purpose of this paper is to integrate various models of price formation and let the data choose the most proper model. After the data choose the proper model, one can analyze the price formation process and demand structures for fishery resources under the restriction of Korean fisheries regulations. This study suggests the integrated model including quasi-linear price formation model, Translog price formation model, AIDS price formation model and Lewbel price formation model as level variables. It also suggests another integrated model including AIDS price formation model, Rotterdam price formation model, Latinen-Theil price formation model and Neves price formation model as difference variables. The empirical results show that the AIDS price formation model is the most preferred in both level and difference variables of fishery resources. The estimated parameters show that all sample species have (-) sign of price flexibilities, thus following the law of demand. The scale flexibilities of all species are estimated as (-) sign, thus being adapted to the theory. The contribution and results are summarized as follows. First, the integrated model of fishery market demand has been developed and the data can choose the proper model without arbitrary choice of the researcher. Second, the fishery market demand structure could be analyzed in a way different from the ordinary demand analysis, which is based upon price flexibility and scale flexibility. Third, the integrated model for fishery resources can be used easily when catching restrictions are imposed by policies.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.37
• /
• pp.161-185
• /
• 2008

In 2006, the share of fisheries distribution in Busan amounted to 1.9 million ton, which was 41 percent of the whole country. In details, coastal fishery 334 thousand ton(14% of the whole country), deep sea fishery 452 thousand ton(82%), import fishery 964 thousand ton(70%), export fishery 157 thousand ton(43%) were distributed in Busan region, respectively. According to distribution share, import(50%), deep sea fishery(24%), coastal fishery(18%), export(8%) are main category of fisheries distribution in Busan. After the institutional changes in 1997, that is, from monopoly to the competitive systems are implemented, the share of sales volume through a home trust market decreased gradually since 2000. Especially, the share of direct sales in farming fisheries sector amounted to 73.8 percent of total production volume, 80.7 percent of production value in 2005. Furthermore, the share of fisheries sale through e-commerce is increasing owing to the growth of IT and competitive price of its products. and the sale share of large discount store is also on the 10% more increase. Hereafter these structure changes of fisheries distribution in Busan will be more intensified. Therefore, after reflecting the change in distribution policy of Busan Fisheries, the directions of distribution policy should be established, as follows. $\cdot$ Distribution policy to prepare for increasing of non-trust market sales $\cdot$ Fisheries distribution policy to prepare for increasing of direct transaction like e-commerce $\cdot$ Distribution policy to prepare for increasing of sales ratio in large discount store $\cdot$ Distribution policy for making up sound purchasing circumstance of Fisheries $\cdot$ Distribution policy for reducing the fisheries distribution cost $\cdot$ Distribution policy to prepare for increasing of direct carrying the deep sea fisheries and import fisheries to Seoul and $Inch'{\breve{o}}n$ section $\cdot$ Distribution policy for implementing the information system for managing fisheries transaction $\cdot$ Distribution policy for advancing the export & import management of fisheries $\cdot$ Distribution policy for establishing transaction principle reflecting the peculiarity in fishery distribution(to enacting independent fishery law)

• The Journal of Fisheries Business Administration
• /
• v.51 no.4
• /
• pp.137-146
• /
• 2020

In this study, the differences of institutional development processes of fishery products wholesale markets were compared between Korea and Japan in order to suggest improvement direction of trading system in Korea. The wholesale markets have shrunk while wholesale and distribution has been becoming larger in size in both countries. A summary of differences in the wholesale market trading systems between Korea and Japan is as follows: first, middle wholesalers play pivotal roles in wholesale transaction in Korea, and wholesale corporations take such roles in Japan. Second, most wholesale corporations take charge of listing in Korea whereas such corporations are in charge of buying in Japan. Third, Korea has high proportion of auction for transactions, in contrast to Japan with high proportion of relative transactions. Forth, Korea maintains more sales within the wholesale markers and has more small and medium customers than Japan. Finally, Korea investigates inside causes to find solutions for the decreased competitive power of the wholesale market, whereas Japan copes with the problem by searching for outside customers. To seek solutions for the decreased competitiveness of Korean fishery products wholesale markets, middle wholesalers' consignment should be limitedly allowed, and improvement direction of wholesale corporations should be investigated in the future study.