• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.5
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• pp.85-98
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• 2024

Since special listed companies are listed under relaxed conditions in management performance and market evaluation, if they do not continue to grow after listing, the damage to investors will inevitably increase. In addition, since special listed companies have a smaller company size than general listed companies, CEOs are inevitably more important in establishing corporate strategies. Therefore, this study empirically analyzed the characteristics of CEOs that affect R&D investment and corporate value of special listed companies from the perspective of behavioral finance theory. As a result of verifying the characteristics of CEOs who influence R&D investment through interactions with specially listed companies, it has a positive effect on R&D if the CEO is male, a natural science major, or a former investment company. In addition, the characteristics of CEOs who influence corporate value through interactions with variables of specially listed companies positively affected R&D if the CEO is male and has an academic background. The characteristics of CEOs who influence R&D investment and corporate value through interactions with specially listed companies are different from those of single variables in gender, education, major, and career variables excluding age, indicating that specially listed companies play a role as a control variable that affects R&D investment and corporate value through interaction with CEO characteristics. This study supplemented the limitations of the existing CEO theory and verified that age, gender, education, major, and career, which are CEO characteristics from a behavioral finance perspective, can be explanatory variables that reflect psychological differences in individual abilities. In addition, it is expected to contribute to research on corporate sustainability by providing implications for predicting the characteristics of CEOs who have high influence on R&D investment and corporate value of specially listed companies.

• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.157-173
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• 2024

This study analyzed the connectivity of the dry bulk carrier market before and after COVID-19 to examine the impact of COVID-19 on the global shipping market. Using the Quantile Time Frequency Connectedness methodology, we analyzed the dynamic connectedness of major dry bulk indices: the Capesize Index (BCI), Supramax Index (BSI), Panamax Index (BPI), and Handysize Index (BHSI). The results are as follows. First, the total spillover connectedness of the dry bulk carrier market increased during the entire period and in the short term after the outbreak of COVID-19, while it slightly decreased in the long term. Second, the roles among the indices changed according to market conditions, with COVID-19 causing the BPI to change from a net receiver to a net transmitter in the short term and the BSI in the long term, affecting net spillover connectedness. Third, it was observed that long-term connectivity tended to increase more than short-term connectedness under extreme conditions. Fourth, the phenomenon of strengthened connectedness under extreme market conditions was confirmed. These results provide important insights into understanding short-term market shocks and long-term stability trends, demonstrating that the connectedness among dry bulk carrier markets strengthens in global crisis situations such as COVID-19. This provides a basis for assessing the resilience and vulnerability of the shipping market and offers useful information for investors and policymakers in crisis management and investment strategy formulation.

• Journal of Service Research and Studies
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• v.14 no.3
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• pp.153-171
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• 2024

Recently, domestic universities have become more competitive among universities due to the Fourth Industrial Revolution and the rapid decline of population. As a result, universities are making great efforts to improve university service quality to enhance university competitiveness as they change from supplier-centered thinking to consumer-centered thinking. Despite the increasing importance of university service quality, research on service quality is mainly focused on companies, and research on service quality in the university education environment is insufficient. Therefore, this study aims to examine the influence relationship between university service quality, trust, reputation, and behavior intention. The results of this study are as follows. First, among the service quality of university, tangibility, assurance, and empathy were found to have a positive (+) effect on the trust of the university, but reliability was found to have no significant effect on the trust of the university. Second, among the service quality of university, tangibility, reliability, and empathy were found to have a positive (+) effect on the reputation of the university, but assurance was found to have no significant effect on the reputation of the university. Third, it was found that the trust of the university had a positive (+) effect on the behavior intention. Fourth, it was found that the university's reputation had a positive (+) effect on the behavior intention. Through the above research results, this study aims to derive an effective management plan for university service quality and to present a plan for establishing a differentiated operating strategy for universities that can respond to students' learning needs and changes in the times in the rapidly changing university education environment.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.24 no.5
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• pp.37-45
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• 2024

This study aims to collect and systematize indicators for each stage of digital transformation at the infrastructure level to accurately diagnose the current status of digital transformation in Korea and to serve as a reference for establishing a balanced digital strategy. In order to establish a framework for digital transformation of infrastructure, 19 indicators in three categories(tangible/intangible, data) were identified across three stages of digital transformation: computerization, digitization, and digital transformation, and 19 indicators in three categories were identified to study the changes in digital infrastructure. The main findings are: First, the digital transformation of infrastructure is at a high level, moving from digitization to digital transformation. Second, the scope of digital transformation policies is expanding as digital transformation is triggered, and additional policies on inclusion and social disparities should be prepared. It is also important to improve the regulatory environment, which is relatively undervalued. Third, as data becomes more important, it is important to develop indicators and measurements to strengthen digital competitiveness in terms of data infrastructure. This study is an exploratory study of the existing indicators, which can be used to conduct specialized research on the differences in the level of digital transformation by industry, sector, company size, age, gender, region, and group, and to study indicators for the expansion of digital transformation to social and industrial sectors. The expected effect is to deepen the process of understanding the interaction between each indicator, so that future digital transformation policies can be organized and promoted, and policy outcomes can be predicted and responded to in advance.

• Journal of the Economic Geographical Society of Korea
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• v.1 no.1
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• pp.151-172
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• 1998

Over the past two decades, the process of globalization of multinational corporations has increased at a rapid rate. One manifestation of this process is the establishment of corporate head offices in a variety of international centers to administer and coordinate, the day-to-day operations in the host countries. In establishing a subsidiary overseas a firm creates a direct link between the operations of the domestic corporate center and the foreign host center This paper investigates elements of stability and change in the international linkage patterns among domestic parent corporations and host subsidiaries over the past several decades. In particular, it seeks answers to a number of question related to stability and change in linkages among foreign centers of control and those Canadian centers selected to administer the subsidiary operations from 1970 to 1991 over the four primary sectors, namely, resources, manufacturing, services, and finance. By confirming the core stability and dispersed linkages hypotheses, the papar offers some generalizations with respect to the location and stability of subsidiary headquarters centers in Canada and their respective subsector specialties. Finally, it addresses further research avenues fer the quaternary place study.

• Journal of Korea Port Economic Association
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• v.26 no.4
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• pp.188-206
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• 2010

Data Envelopment Analysis(DEA) is an operations research-based method for measuring the performance efficiency of decision units that are characterized by multiple inputs and outputs. DEA has been applied successfully as a performance evaluation tool in many fields. However, it has not been extensively applied in the shipbuilding industry. This paper applied the input-oriented DEA model, and Malmquist indices to the 7 shipbuilding firms to measure the efficiency and productivity changes during the period of 2004 to 2009. The Malmquist indices will be decomposed into three components such as pure efficiency change, scale efficiency change, and technical change. The empirical results show the following findings. First, the DEA findings indicate that main source of inefficiency is scale rather than pure technical. Second, the Malmquist indices show that an overall decrease in productivity.

• Journal of Service Research and Studies
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• v.10 no.4
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• pp.1-19
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• 2020

It is very important to explore new management theories that are better in line with the modern service economy era in order to cement the foundation of the service industry in this rapidly changing business environment. This study examined the relationship between service essentials and job performance by service industry, and verified and discussed in depth whether there is difference between service essentials and job performance by demographic characteristics. The results of this study are as follows: First, an analysis of the effect of service essentials on job performance found the interaction, horizontality and harmony of service essentials had positive effects on performance, but the relationship didn't. Next, an analysis of the effect of service essentials on job performance by representative service industry showed that in the transportation industry, interaction and harmony had positive effects on performance, but relationship and horizontality didn't affect performance. In the financial and insurance industries, horizontality and interaction had positive effects on performance, but harmony and relationship didn't affect performance. Accommodation and food industries, interaction, horizontality and harmony had positive effects on performance, but relationship didn't affect performance. In the medical and health industries, interaction and horizontality had positive effects on performance, but relationship and harmony didn't affect performance. In terms of demographic characteristics, in the financial and insurance industries, interaction and harmony showed a significant difference by age, but only horizontality showed a difference by the number of years of service. In the accommodation and food industries, only horizontality showed a difference depending on the number of years of service. In the medical and health industries, relationship, horizontality and harmony showed a difference depending on the number of years of service, but only horizontality showed a significant difference by marital status. In the future, comparative national studies are needed for all industrial groups.

• Journal of Korea Entertainment Industry Association
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• v.15 no.3
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• pp.231-241
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• 2021

This study intended to present strategies and implications for attracting new students and customized education to university officials through research on the participation of workers' academic aspirations in university education. Thus, variables were derived by analyzing prior data, and causal settings between variables and questionnaires were developed. Subject to the survey, 331 workers interested in participating in university education were collected through interpersonal interviews. The collected data were dataized, and reliability and feasibility verification and frequency analysis were conducted. Finally, we validate the fit of the structural equation model and the causal relationship for each concept. Therefore, the results of the validation show the following implications. First, university officials should be motivated by a mentor and mentee system with experienced people who have switched to a suitable vocational group through university education. It will also be necessary to develop and disseminate programs so that they can continue to develop themselves for the future. To this end, it will be necessary to help them understand their aptitude and strengths through consultation with experts. Second, university officials should strengthen public relations so that prospective students can know the cases and information of the job transformation of the admitted workers through recommendations. It will also be necessary to develop university education programs that can self-develop, accept various ideas through "public contest", and provide accurate information about university education to workers through re-processing. Third, university officials should provide workers with a program that allows them to catch two rabbits: job transformation and self-improvement through university education. In other words, it is necessary to stimulate the motivation of workers by providing various information such as visiting advanced overseas companies, obtaining various certificates, moving between departments of blue-collar and white-collar, and transfer opportunities. Fourth, university officials should actively promote university education programs related to this by participating in university education and receiving systematic education and the flow of social environment. Finally, university officials will need to consult and promote workers so that they can self-develop when they participate in college education, and they will have to figure out what they need for self-development through demand surveys and analysis.

• Journal of Intelligence and Information Systems
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• v.24 no.2
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• pp.195-220
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• 2018

In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.

• KDI Journal of Economic Policy
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• v.13 no.4
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• pp.91-116
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• 1991

Market liberalization progressing simultaneously with high and rapidly rising domestic wages has created an adverse business environment for domestic firms. Korean firms are losing their international competitiveness in comparison to firms from LDC(Less Developed Countries) in low-tech industries. In high-tech industries, domestic firms without government protection (which is impossible due to the liberalization policy and the current international status of the Korean economy) are in a disadvantaged position relative to firms from advanced countries. This paper examines the division of roles between the private sector and the government in order to achieve a successful structural adjustment, which has become the impending industrial policy issue caused by high domestic wages, on the one hand, and the opening of domestic markets, on the other. The micro foundation of the economy-wide structural adjustment is actually the restructuring of business portfolios at the firm level. The firm-level business restructuring means that firms in low-value-added businesses or with declining market niches establish new major businesses in higher value-added segments or growing market niches. The adjustment of the business structure at the firm level can only be accomplished by accumulating firm-specific managerial assets necessary to establish a new business structure. This can be done through learning-by-doing in the whole system of management, including research and development, manufacturing, and marketing. Therefore, the voluntary cooperation among the people in the company is essential for making the cost of the learning process lower than that at the competing companies. Hence, firms that attempt to restructure their major businesses need to induce corporate-wide participation through innovations in organization and management, encourage innovative corporate culture, and maintain cooperative labor unions. Policy discussions on structural adjustments usually regard firms as a black box behind a few macro variables. But in reality, firm activities are not flows of materials but relationships among human resources. The growth potential of companies are embodied in the human resources of the firm; the balance of interest among stockholders, managers, and workers of the company' brings the accumulation of the company's core competencies. Therefore, policymakers and economists shoud change their old concept of the firm as a technological black box which produces a marketable commodities. Firms should be regarded as coalitions of interest groups such as stockholders, managers, and workers. Consequently the discussion on the structural adjustment both at the macroeconomic level and the firm level should be based on this new paradigm of understanding firms. The government's role in reducing the cost of structural adjustment and supporting should the creation of new industries emphasize the following: First, government must promote the competition in domestic markets by revising laws related to antitrust policy, bankruptcy, and the promotion of small and medium-sized companies. General consensus on the limitations of government intervention and the merit of deregulation should be sought among policymakers and people in the business world. In the age of internationalization, nation-specific competitive advantages cannot be exclusively in favor of domestic firms. The international competitiveness of a domestic firm derives from the firm-specific core competencies which can be accumulated by internal investment and organization of the firm. Second, government must build up a solid infrastructure of production factors including capital, technology, manpower, and information. Structural adjustment often entails bankruptcies and partial waste of resources. However, it is desirable for the government not to try to sustain marginal businesses, but to support the diversification or restructuring of businesses by assisting in factor creation. Institutional support for venture businesses needs to be improved, especially in the financing system since many investment projects in venture businesses are highly risky, even though they are very promising. The proportion of low-value added production processes and declining industries should be reduced by promoting foreign direct investment and factory automation. Moreover, one cannot over-emphasize the importance of future-oriented labor policies to be based on the new paradigm of understanding firm activities. The old laws and instititutions related to labor unions need to be reformed. Third, government must improve the regimes related to money, banking, and the tax system to change business practices dependent on government protection or undesirable in view of the evolution of the Korean economy as a whole. To prevent rational business decisions from contradicting to the interest of the economy as a whole, government should influence the business environment, not the business itself.