• 한국중재학회지:중재연구
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• 제25권1호
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• pp.65-86
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• 2015

Under current international investment law clear criteria to determine standards of indirect expropriation are absent. Arbitral tribunals determine on a case-by-case whether an indirect expropriation has occurred by conducting a fact-based inquiry. However, three common determination standards can be inferred by analyzing prior arbitration cases. The appropriate analytical framework that can be applied to determine whether a state's measure constitutes an indirect expropriation is as follows. i) the degree of economic invasion of the state's action into the foreign investor's property rights and durability of the period, ii) interference with the foreign investor's distinct and reasonable investment-backed expectations, and iii) the nature, purpose and character of the state's measure. Therefore, it is necessary to fully acknowledge and to utilize strategically this determination standard. However, derived standards cannot be applied to all disputes en masse. So, it is desirable to exclude ambiguity and to clearly define the determination standard of indirect expropriation in investment agreements, since arbitral tribunals can apply different determination standards on a case-by-case basis. And, based on the discussions until now, more developed standards and direction in response to demand should be established through consistent analysis and review of precedents related to indirect expropriation. Lastly, This study is expected to be a useful guideline to prepare a necessary countermeasure to prevent dispute related to indirect expropriation beforehand or in case of dispute occurrence.

• 한국경제지리학회지
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• 제6권1호
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• pp.211-231
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• 2003

본 연구에서는 외환위기 이후 부동산 간접투자제도의 도입 현황을 살펴보고, 부동산 간접투자시장의 성장 전망과 정책과제를 모색하였다. 외환위기 이후 구조조정 과정에서 정부는 부실채권을 조기에 처리하고 자산 디플레이션을 완화하기 위한 방편으로 다양한 부동산 간접투자제도들을 도입하였는데, 여기에는 부동산투자회사(REITs), 계약형 부동산투자신탁, ABS, CRC 등이 있다. 도입 초기의 부동산 간접투자시장 규모는 미진한 것으로 나타났다. 여기에는 부동산 간접투자제도에 대한 규제가 많고 완결성이 떨어지는 등 제도적 요인과 우량 물건의 부족, 전문가 및 관련 인프라의 부족과 같은 시장환경적 요인을 들 수 있다. 그러나 장기적으로는 부동산 간접투자시장의 활성화 잠재력은 충분히 있는 것으로 보인다. 부동산 간접투자제도가 부동산산업의 투명성과 전문성을 높이는 등 부동산시장과 금융시장에 미치는 긍정적인 영향을 감안할 때 부동산간접투자제도에 대한 정책적인 지원이 필요한 것으로 판단된다. 이를 위해 첫째로, 현재의 부동산 간접투자와 관련된 유사 제도들을 통합, 조정하여, 완결된 형태의 부동산 간접투자제도를 도입할 필요가 있으며, 둘째로, 부동산 간접투자제도를 부동산산업의 선진화와 연계시킬 수 있도록 하는 새로운 제도적 장치의 마련해야 하며, 셋째로, 부동산 투자생태계 조성의 관점에서 부동산 간접투자시장과 여타 부동산시장, 구조조정시장, 금융시장과의 연계를 밀접히 하는 방안을 모색할 필요가 있다.

• 한국중재학회지:중재연구
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• 제24권1호
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• pp.25-44
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• 2014

Conflict between transnational environmental issues and foreign investment in capital-importing states can be commonly found. Actually, several investor-state dispute arbitration cases like Bilcon v. Canada, S.D. Myers v. Canada, and Metalclad v. Mexico concerned environmental matters. States are worried about their measures for securing the environment might be deemed to go against international investment agreements and foreign investors also are anxious because of excessive regulations. Against this backdrop, stakeholders attempt to strike a balance between securing foreign investment and preserving the environment. This article argues that the investment chapter of the Korea-US FTA tries to solve environment-investment collision in investor-state disputes. Before analyzing the provisions of the investment chapter most relevant to environmental issues, this article points out the most typical types of environmental clauses included in international investment agreements. The investment chapter of the Korea-US FTA has provisions which effectively prevent measures from becoming useless when those measures are legitimate measures relevant to environmental matters. This does not mean that the Korea-US FTA completely solves the conflict between environmental issues and the protection of foreign investment, but still it paves the way for a prudent solution which would hash out this thorny problem.

• 무역상무연구
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• 제47권
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• pp.3-24
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• 2010

The contours of the definition of an indirect expropriation are not precisely drawn. In some recent ICSID decision, tribunals have interpreted the concept of indirect expropriation narrowly and have preferred to find a violation of the standard of fair and equitable treatment. Thus, I analyzed the three Requirements of Indirect Expropriation basis of ICSID Cases as below. First, the effect of measure upon the economic benefit value as well as upon the control over the investment will be the key question when it comes to deciding whether an indirect expropriation has taken place. Whenever this effect is substantial and lasts for a significant period of time, it will be assumed prima facie that a taking of the property has occurred. Second, legitimate play a key role in the interpretation of the fair and equitable treatment standard. But they also found entry into the law governing indirect expropriation. Finally, the duration of a government measure affecting the interests of a foreign investor is important for the assessment of whether an expropriation has occurred.

• 무역상무연구
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• 제66권
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• pp.149-170
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• 2015

State's compensation obligation accompanied in case of indirect expropriation of foreign investor's investment asset has been established definite principle under international investment law. But the concrete and unified application criterion regarding valuation methods for measuring compensation have not been established yet. The World Bank investment guideline is adopting the Hull's Formula, which is understood as the full compensation standard with prompt adequate effective compensation and Fair Market Value method. It is a general principle that compensation should be equal to the fair market value of investment asset just before indirect expropriation date. However, there is a problem of the valuation method of fair market value of investment asset. In general, discounted cash flow, liquidation value, replacement value, book value, etc. can be the applicable standards. Arbitral tribunals determine compensation by adopting proper valuation method on a case-by-case basis according to the discretion based on the arbitration parties' experts' review on the presented opinion and by considering fact relevance of the issued dispute. This compensation includes also interest, recently it tends to award according to compound interest rather than simple interest. Beginning of the period to generate interest is the next day of the indirect expropriation occurrence date. And it should be considered that interest until the payment of compensation is also included. In addition, it should be considered that mental damages is available only when there's a basis to prove this or special case. Therefore, this study suggests to review of precedents related to indirect expropriation and concretely specify compensation valuation standard and method of indirect expropriation on investment agreements through enough consultation beforehand.

• 통상정보연구
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• 제14권3호
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• pp.185-207
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• 2012

베트남은 풍부한 노동력과 성장 잠재력으로 한국 기업들의 투자대상국으로 관심이 높으며, 2011년 9월 현재 약 239억 달러를 투자하고 있어 최대 투자국으로 부상하고 있다. 또한 한국의 대 베트남 투자 패턴도 노동집약적 산업형태에서 고부가가치 형태로 전환하고 있다. 본 연구는 베트남의 직접투자에 따른 경쟁력 결정요인에 따른 투자성과를 분석하여 한국 투자기업의 경쟁력을 확보하는데 있다. 특히, 베트남 투자기업의 대내적인 요인인 기업규모, 마케팅기술, 재무관리, 국제경험, 조직관리 등과 현지 베트남 시장요인인 현지시장규모와 시장환경 등의 요인이 베트남 투자성과에 어떠한 영향을 미치고 있는가를 분석한다. 본 연구결과를 보면 "투자기업의 규모", "투자기업의 국제경험", "투자기업의 마케팅 기술", "현지국의 시장규모", 그리고 "현지국의 시장환경"이 한국기업의 투자성과에 유의한 정(+)의 영향을 미치고 있다. 그러나 "투자기업의 조직관리"와 "투자기업의 재무관리"는 베트남 투자성과에 유의한 영향을 미치지 않아, 가설이 기각되었다. 투자성과에 유의한 영향을 미치지 않았다고 해서 투자기업의 결정요인으로 중요하지 않은 요인은 아니라는 것이다. 그렇기 때문에 한국기업은 베트남에 지속적으로 투자를 하고 있다.

• 무역상무연구
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• 제36권
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• pp.87-109
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• 2007

This Comment explores the ICSID case of CMS Gas Transmission Company v. Argentine Republic, awarded on May 12, 2005. The Part II of this Comment first describes the relevant facts of the case including the some background for readers' understanding and the Part III summaries the claimant's requests and the decisions rendered by the Arbitral Tribunal in the Award. At Part IV, the Comment addresses the issue of determinating laws applicable to the merits of dispute in case that the parties of the case have not chosen a governing law, and at Part V, takes a close look into three main issues of (i) the indirect expropriation of the investment, (ii) the breach of fair and equitable treatment and (iii) the protections under umbrella clauses. In this CMS case, we see first that while the Tribunal affirmed that any indirect expropriation can occur from incidental interference depriving the foreign investor of the use or reasonable-to-be-expected economic benefit even if not necessarily to the obvious benefit of the host State, the Tribunal denied the occurrence of indirect expropriation in this case by holding that the Government of Argentina has not breached the standard of protection laid down in the Treaty. Secondly, however, regarding the issue of fair and equitable treatment, we see that the Tribunal, finding Argentina's breach of obligations, affirmed that the foreign investor can expect the host State to act in a consistent manner, free from ambiguity and totally transparently in its relations with the foreign investor, which can give the foreign investor certain degree of foreseeability. Thirdly and finally, we see that, on base of the effect of the umbrella clause, the Tribunal recognized the obligation of the host State undertaken not to freeze the tariff regime or subject it to price controls and not to alter the basic rules governing contracts between the foreign investor and the host State without the first's written consent. However, the protection under the umbrella clause is available only when there is a specific breach of rights and obligations under BIT or a violation of contract rights protected under BIT.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.413-421
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• 2020

This study aims to develop a research framework to investigate the factors affecting organizational commitment among employees who are working in Foreign Direct Investment (FDI) enterprises in Vietnam. The authors designed an online survey distributed to employees in FDI enterprises, collecting the data from 312 employees. All scales in this study are adopted from previous studies; tools employed include Cronbach's Alpha, Exploratory Factor Analysis, and Confirmatory Factor Analysis (CFA) to examine the internal consistency, reliability, dimensionality, and validity of each variable. Then, the structural equation modelling (SEM) was utilized in order to estimate path correlations between variables. Results indicate that the leadership style has the strongest effect on organizational commitment, followed by job satisfaction and working performance. Moreover, working performance and job satisfaction are also influenced by leadership style. However, there is no statistical evidence to show that job satisfaction has an impact on working performance. In addition, bootstrapping method is used to show the indirect effect of variables; results reveal that leadership style, though, does not have indirect effect on working performance via job satisfaction, but it indirectly affects organizational commitment throughout working performance. In other words, the study finds that working performance mediates the link between leadership style and organizational commitment.

• 통상정보연구
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• 제9권2호
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• pp.399-422
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• 2007

Like in other trade negotiations covering comprehensive sectors, it is reported that KOREA-US FTA tried so-called 'package deal' at the last minutes, when telecom services sector was positioned at the forefront and expected to partly play a role in buffering US' market-opening pressure on other sectors. Before everything else, Korean negotiators had to enhance the value of foreign ownership deregulation in telecom services sector as a leverage in the course of KOREA-US FTA negotiations. In addition, since foreign ownership change, if any, is highly sensitive issue either politically or policy-wise, it seems very difficult to find a breakthrough. Focusing on foreign ownership regulation in telecom services sector, this paper seeks how Korea has developed its strategic reasoning for negotiations and evaluates the outcomes of KOREA-US FTA negotiations.

• 부동산연구
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• 제27권1호
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• pp.45-57
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• 2017

본 연구에서는 물류부동산의 가격결정에 영향을 미치는 요인에 대하여 헤도닉 가격 모형을 이용하여 분석하였다. 연구의 분석을 위하여, 2006년부터 2015년까지 10년간 경기도지역에서 거래된 물류센터의 실거래 사례를 전수 조사하였다. 또한 매매가격 형성요인으로 건물특성, 경제특성, 투자특성 및 시간특성을 설정하였고, 헤도닉 가격 모형을 활용하여 다중회귀분석을 실시하였다. 분석결과, 첫째, 규모의 경제에 대한 선호도 경향으로 인하여 대형면적의 매매가격이 높게 형성되었고, 둘째, 간접투자의 경우에 더욱 적극적인 투자성향으로 인하여 직접투자의 경우보다 매매가격이 상대적으로 높게 나타났으며, 셋째, 물류센터의 투자에 대한 다양한 노하우를 보유한 외국인투자자가 매매가격을 주도하고 있는 것으로 판단된다. 본 연구를 통하여 물류센터에 대한 투자의사 결정의 판단기준을 제시하고자 한다.