• 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.

• Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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• 2001.06a
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• pp.1153-1153
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• 2001

Directive 79/373/EEC on the marketing of compound feeding stuffs, provided far a flexible declaration arrangement confined to the indication of the feed materials without stating their quantity and the possibility was retained to declare categories of feed materials instead of declaring the feed materials themselves. However, the BSE (Bovine Spongiform Encephalopathy) and the dioxin crisis have demonstrated the inadequacy of the current provisions and the need of detailed qualitative and quantitative information. On 10 January 2000 the Commission submitted to the Council a proposal for a Directive related to the marketing of compound feeding stuffs and the Council adopted a Common Position (EC N$^{\circ}$/2001) published at the Official Journal of the European Communities of 2. 2. 2001. According to the EC (EC N$^{\circ}$ 6/2001) the feeds material contained in compound feeding stufs intended for animals other than pets must be declared according to their percentage by weight, by descending order of weight and within the following brackets (I :< 30%; II :> 15 to 30%; III :> 5 to 15%; IV : 2% to 5%; V: < 2%). For practical reasons, it shall be allowed that the declarations of feed materials included in the compound feeding stuffs are provided on an ad hoc label or accompanying document. However, documents alone will not be sufficient to restore public confidence on the animal feed industry. The objective of the present work is to obtain calibration equations fur the instanteneous and simultaneous prediction of the chemical composition and the percentage of ingredients of unground compound feeding stuffs. A total of 287 samples of unground compound feeds marketed in Spain were scanned in a FOSS-NIR Systems 6500 monochromator using a rectangular cup with a quartz window (16 $\times$ 3.5 cm). Calibration equations were obtained for the prediction of moisture ($R^2$= 0.84, SECV = 0.54), crude protein ($R^2$= 0.96, SECV = 0.75), fat ($R^2$= 0.86, SECV = 0.54), crude fiber ($R^2$= 0.97, SECV = 0.63) and ashes ($R^2$= 0.86, SECV = 0.83). The sane set of spectroscopic data was used to predict the ingredient composition of the compound feeds. The preliminary results show that NIRS has an excellent ability ($r^2$$\geq$ 0, 9; RPD $\geq$ 3) for the prediction of the percentage of inclusion of alfalfa, sunflower meal, gluten meal, sugar beet pulp, palm meal, poultry meal, total meat meal (meat and bone meal and poultry meal) and whey. Other equations with a good predictive performance ($R^2$$\geq$0, 7; 2$\leq$RPD$\leq$3) were the obtained for the prediction of soya bean meal, corn, molasses, animal fat and lupin meal. The equations obtained for the prediction of other constituents (barley, bran, rice, manioc, meat and bone meal, fish meal, calcium carbonate, ammonium clorure and salt have an accuracy enough to fulfill the requirements layed down by the Common Position (EC Nº 6/2001). NIRS technology should be considered as an essential tool in food Safety Programs.

• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.169-204
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• 2010

This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.2
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• pp.279-292
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• 2018

Unlike the global art market which experienced rapid recovery from the impacts of the Global Financial Crisis in 2008, the Korean art market has not yet fully recovered. The gallery-oriented distribution system, vulnerable primary art market functions, and the market structure centered on a small number of collectors make it difficult for young and medium artists to enter the market and, as a result, deepen the economic polarization of artists. In addition, the high price of art works limits market participation by restricting the general public. This study began with the idea that the interest of the public in the art market as well as their participation in the market are urgent. To this end, we noted that public awareness of art transactions can be a starting point for improving the constitution of the fragile art market, focusing on the 'Artist-centered Art Fair' rather than existing art fairs. To examine the contribution of such an art fair to the popularization of the art market, we analyzed the case of the 'Visual Artist Market (VAM)' project of the Korea Arts Management Service. Results found that the 'Artist-centered Art Fair' focuses on providing opportunities for market entry to young and medium artists rather than on the interests of distributors, and promotes the popularization of the art market by promoting low-priced works to the general public. Also, the 'Artist-centered Art Fair' seems to play a primary role in the public sector to foster solid groups of artists as well as to establish healty distribution networks of Korean Art market. However, in the long run, it is necessary to promote sustainable development of the 'Artist-centered Art Fair' through indirect support, such as the provision of a publicity platform or consumer finance support, rather than direct support.

• Korean journal of communication and information
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• v.46
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• pp.108-147
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• 2009

This study explores the news frames on the U. S. beef imports and candlelight vigils covered by the two national dailies such as ChosunIlbo and the Hankyoreh Shinmun; the KwangwonIlbo, a local daily. The news frames extracted based on the models of Iyengar(1987), Semetko & Valkenburg(2000) and other researchers are attribution of responsibility, economic sequences, protest against the authorities, national health and governmental public relations and so on. The result shows that the news reports are consisted of the straight news(75.9%), feature stories(11.7%) and editorials(6.3%). More specifically, there is a comparatively hight ratio of editorials(11.0%) for the ChosunIlbo, feature stories(20.9%) for the Hankyoreh, and the straight news(89.7%) for the KwangwonIlbo. In terms of the news frames stressed by the three dailies, the ChosunIlbo focuses and stresses on the national health(17.8%) and the attribution of responsibilities(10.6%). However, the Hankyoreh have a tendency to stress on the protest against the authorities(31.3%) and attribution of responsibilities(38.4%); the KwangwonIlbo, focuses on the protest against the authorities(38.4%) and the economic sequences(17.9%). Finally, in the case of the main characteristics of the dailies, the governmental public relations frame is found only on the ChosunIlbo that has a comparatively high ratio; the Hankyoreh also has a high ratio of the feature stories on the U. S. beef imports. Even thought the KwangwonIlbo has a high ratio of the economic sequence frame, the ratio of opinion pages, such as editorial and columns, the local newspaper has not spoken up for the potential economic crisis of the local Kwangwon province beef industry, mainly caused by the U. S. import beef.

• Journal of Legislation Research
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• no.44
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• pp.343-386
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• 2013

"Financial ADR" system in South Korea can be represented by so-called "Financial Dispute Resolution System", in which Financial Supervisory Service (FSS) and Financial Dispute Resolution Committee are the principal actors in operation of the system, and this is discussed as an "Administrative Financial ADR System". The system has over 10-year history since it was introduced in around 1999. Nonetheless, it was not until when financial consumer protection began to be highlighted after the 2008 financial crisis that Financial ADR system actually started to draw attention in Korea. This was because interest has been rising in "Alternative Dispute Resolution (ADR)" as an institutional measure to protect financial consumers damaged via financial transactions. However, the current discussion on the domestic Financial ADR system shows an aspect that it is confined to who is to be a principal actor for the operation of Financial ADR institution with main regards to reorganization of supervisory system. This article aims to embody these facts in an institutional model by recognizing them as a problem and analyzing the features of the Financial ADR system, thereby clarifying problems of the system and presenting the direction of improvement. The Korean Financial ADR system can be judged as "administrative model integrated model consensual model quasi-judicial model non-prepositive Internal Dispute Resolution (IDR) model". However, at the same time, it is confronted with a task to overcome the two problems; the system is not equipped with institutional basis for securing its validity in spite of the adopted quasi-judicial effect model; and a burden of operating an integrated ADR system is considerable. From this perspective, the article suggests improvement plans for security of validity in the current system and for expansion of industry-control ADR system, in particular, a system of prepositive IDR model. Amongst them, it suggests further plans for securing the validity of the system as follows; promotion to expand the number of internal persons and to differentiate mediation procedures and effect; a plan to keep a financial institution from filing a lawsuit before an agreement recommendation or a mediation proposal is advised; and a plan to grant suspension of extinctive prescription as well as that of procedures of the lawsuit.

• Journal of Korean Society of Forest Science
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• v.110 no.3
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• pp.322-340
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• 2021

Due to climate change and its consequential spring temperature rise, flowering time of Robinia pseudoacacia has advanced and a simultaneous blooming phenomenon occurred in different regions in South Korea. These changes in flowering time became a major crisis in the domestic beekeeping industry and the demand for accurate prediction of flowering time for R. pseudoacacia is increasing. In this study, we developed and compared performance of four different models predicting flowering time of R. pseudoacacia for the entire country: a Single Model for the country (SM), Modified Single Model (MSM) using correction factors derived from SM, Group Model (GM) estimating parameters for each region, and Local Model (LM) estimating parameters for each site. To achieve this goal, the bloom date data observed at 26 points across the country for the past 12 years (2006-2017) and daily temperature data were used. As a result, bloom dates for the north central region, where spring temperature increase was more than two-fold higher than southern regions, have advanced and the differences compared with the southwest region decreased by 0.7098 days per year (p-value=0.0417). Model comparisons showed MSM and LM performed better than the other models, as shown by 24% and 15% lower RMSE than SM, respectively. Furthermore, validation with 16 additional sites for 4 years revealed co-krigging of LM showed better performance than expansion of MSM for the entire nation (RMSE: p-value=0.0118, Bias: p-value=0.0471). This study improved predictions of bloom dates for R. pseudoacacia and proposed methods for reliable expansion to the entire nation.

• 한국벤처창업학회:학술대회논문집
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• 2018.11a
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• pp.165-175
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• 2018

Since the 1997 financial crisis, large scale unemployment and poverty have become serious, and public and social job creation projects have been carried out. However, with the limitations of low-wage and short-term jobs, the need for long-term and high quality jobs gradually began to attract attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased. And also it is interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance, and we analyzed empirically by using social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise is measured by the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise is measured by total number of workers and the employment rate of the vulnerable social groups. The characteristics of the social enterprise include the CEO characteristics (gender, age, experience in operating the social enterprise), the firm size, and the elapsed time of the authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance have a statistically significant positive relationship with firm size, organizational form, government subsidies and capital adequacy ratio. And it is found that the social performance have a statistically significant negative relationship with CEO age, credit debt dependence. Second, as a result of analysis for the effect on social performance, we foumd that total number of workers have a significant positive relationships with CEO gender, CEO age, and firm size, government subsidies, while total number of workers have a significant negative relationship with certification type and industry dummy. On the other hand, the employment rate of the vulnerable social groups have a siginificant positive relationship with CEO gender and certification type and It have not statistically significant relationship with the government subsidies and the firm size.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.61-72
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• 2019

Since the financial crisis in 1997, large scale unemployment and poverty have become serious, but there has been a surge in public and social job creation projects. However, with the limitations of low-wage and short-term jobs, the need for long-term, high quality jobs gradually began to garner attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased; more specifically, scholars are interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance. In particular, we empirically analyzed social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise was measured using the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise was measured by the total number of workers and the employment rate of vulnerable social groups. The characteristics of the social enterprise included CEO characteristics (gender, age, experience in operating the social enterprise), firm size, and the elapsed time of authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance has a statistically significant, positive relationship with firm size, organizational form, government subsidies, and capital adequacy ratio. And we found that the social performance has a statistically significant, negative relationship with CEO age and credit debt dependence. Second, as a result of analysis for the effect on social performance, we found that the total number of workers had a significant, positive relationship with CEO gender and CEO age, as well as firm size, government subsidies; whereas the total number of workers had a significant, negative relationship with certification type and industry dummy. Comparatively, the employment rate of the vulnerable social groups had a significant, positive relationship with CEO gender and certification type, but there was no statistically significant relationship with the government subsidies or firm size.

• International Area Studies Review
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• v.22 no.3
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• pp.3-27
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• 2018

This paper analyzes Cuba's market-oriented reforms to alleviate essential problems with socialist countries such as soft budget constraints and incentive problems. It also discuss about effectiveness of industrial policy as a development strategy. The soft budget constraints and incentive problems resulted in the collapse of Soviet bloc and COMECON in early 1990s. After the collapse, Cuban economy suffered a steep dive, and national income tumbling down rapidly. Cuban faced serious shortages of food, gasoline, and other basic necessities of life. To halt and partially reverse economic downturn and dire austerity in the 1990's, the Cuban government made some partial reforms to the inherited Soviet system of cental planningand faced severe shortage in food, energy, and daily necessities. In response to the economic crisis. Cuba introduced economic reforms and implemented industrial policy as a development strategy as long as Cuba maintained a strong socialist country. Cuban government established the economic free zone law and attempted to induce foreign direct investment by implementing export-led industrial policy. Fiedel Castro approved the Law No. 165 "Free Zones and Industrial Parks", in 1996. However, Cuba's ESZ strategy seems to have failed because of the U.S. sanctions, but also because of Cuba's own policies, which do not allow foreign investors to hire workers directly and impose a high implicit tax on wages. By limiting advanced techniques of personnel and organization management, indirect employment can result in lowering work efforts and productivity of workers, and aggravating production efficiency in the ESZs. Another reason to fail comes from the double wage structure due to the double monetary-exchange rate system. Most of the high non-wage costs result from the double exchange rate system. Due to Cuba's imbalanced industry and production structures, concentrated labor force, and urbanization and centralization of agriculture production, the industrial transformation development model suggested by Lewis has not been successful unlike other Asian agriculture-led development model. Cuba has to overcome many difficulties in implementing industrial policy as a development strategy.