• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.183-204
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• 2004

This paper introduces an observable connection structure between stocks in Korean stock market and investigates the formation principles of the observed connection structure between stocks in economic views. Several recent studies have been attempting to explain that the connection structure between stocks is organized by Power-Law distribution, this implies that most stocks have a few links, but only a few stocks have very large number of links. Therefore, we want to investigate the reason about why the connection structure between stocks exhibited by Mantegna's approach is Power-Law distribution. As a result we found that the number of connection between stocks is determined by market factors and specific firm factors among many other factors. In addition, if a stock is more affected by common factors(market) than specific firm factors, the stock has large number of links with other stocks, otherwise more affected by specific firm factors, the stock has a few links.

• Journal of the Economic Geographical Society of Korea
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• v.15 no.2
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• pp.292-303
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• 2012

The main purpose of this study is to analyze R&D networks and spatial implications in Qingdao consumer electronics industry agglomeration in China. The characteristics of R&D networks in Qindao consumer electronic industry are as follows. There is a cluster central around large enterprises led by the government and their subcontracting enterprises. However, the degree of collaborative networks in intra-firm, inter-firm, firm-research institutes(including university lab.) is relatively low. Therefore, Large enterprises in Qingdao has stimulated research collaborations with firms and research institutes located in other regions rather than within region. It is likely to show that R&D networks of consumer electronics industry has not been stimulated in Qingdao. Therefore, collaborative R&D networks among firms, research institutes and governments should be stimulated to build regional innovation systems central around consumer electronics industry in Qingdao.

• Journal of the Economic Geographical Society of Korea
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• v.8 no.2
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• pp.217-236
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• 2005

This paper aims to analysis the production linkage relationships between large firm and its subcontracting firms, especially focus on the spatial network and collaboration network. For the purpose of it, the division of semiconductor in Samsung Electronics and its most important subcontracting firms are picked up for the case study. The empirical study show that the location distribution pattern of Samsung Electronic's subcontracting firms is concentrated very highly on the Kyeong-Ki Province and Chung-Nam Province in Korea, which is the location sites of Samsung Electronic's key plants as well as the best environment for business in Korea. And the major subcontracting firms seems to be in the hierarchic and vertical relationship with Samsung Electronics rather than horizontal and good collaboration network in this case.

• Journal of Korea Trade
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• v.25 no.1
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• Asia-Pacific Journal of Business
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• v.14 no.2
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• pp.1-15
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• 2023

Purpose - This study investigates whether the inventory levels of Korean manufacturing firms increased or decreased from 2000 to 2019. We also explore the relationship between inventory levels and firm performance. Design/methodology/approach - We use panel data on KOSPI-listed firms in the manufacturing industry. We measure days in inventory as a proxy for inventory levels, and firm performance is measured by return on assets, return on sales, and EBITDA ratio. The panel data regression method is employed in our analysis. Findings - We find that days in inventory of Korean manufacturing firms significantly increased from 2000 to 2019, especially for raw materials and finished goods inventory. In addition, while days in inventory of large- and medium-sized firms were less than those of small-sized firms, the change in days in inventory of large- and medium-sized firms was positively significant over time. Moreover, the increase in days in inventory was more prevalent among industries related to foods, clothes, chemicals, and transportation. Finally, we show that the days in inventory are negatively related to firm performance. Research implications or Originality - While the Korean manufacturing industry has enormously grown over the last 20 years and managing inventory is critical in the manufacturing industry, our findings counter-intuitively show that the days in inventory of the Korean manufacturing industry had been gradually increased. We speculate that the increase in days in inventory is due to the Korean manufacturing firms' heavy reliance on global supply chains.

• Journal of Labour Economics
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• v.38 no.1
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• pp.31-65
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• 2015

This paper examines why older wage workers leave their jobs and what determine the hazard of retirement. Major results are as follows. First, aged workers leaving their jobs because of formal mandatory retirement are relatively few in number and largely males employed in large establishments. Second, a higher hourly wage is associated with a greater retirement hazard, especially among male employees of large firms. Third, informal mandatory retirement puts a strong pressure towards retirement among older female workers. Fourth, poor health is the primary reason for retirement among older workers, especially for females and small-firm employees. Finally, reasonable hours and greater flexibility of work tend to lower retirement hazard. We discuss some implications of the results for old-age labor market policies.

• Journal of Korean Institute of Industrial Engineers
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• v.25 no.1
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• pp.67-74
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• 1999

Market share is one of the most important measures in the valuation of prospering firm. It plays a role of composite indicator for the competitiveness of firm. So, the understanding of the underlying process of market share is inevitable factor for the econometricians and the business engager. Lately, the Korean Economy has been placed in the control of IMF. This shock will cause a lot of influence over the domestic economy. The idea that the information about the past shock-response experience will do us good for dealing with this kind of economic shocks is not new. Among numerous markets, we pay attention to the durable goods market, especially automobile market. The automobile market has large repercussion effect over the domestic economy on the issue of both national employment and technology integration. We divided the Korean automobile market into three segments: small, medium, and large-sized car, while each proportion of these segments has been changing slowly. We propose a Bayesian approach to detect and forecast structural changes in time series of the market shares in the domestic automobile market, especially for level shifts and drift changes, and compare the empirical results with other existing approaches.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.7
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• pp.2930-2936
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• 2012

This paper examines the effects of corporate ownership structure variables on stock returns. The dependent variables identified in this paper include the equity ratio of large shareholders, institutional investors and foreign investors, and the control variables are firm size, book-to-market ratio, and earning-to-price ratio and leverage. This paper finds that the results of regressions say that institutional investors and foreign investors, firm size, book-to-market ratio and earning-to-price ratio can explain the differences in stock returns using panel data.

• Journal of Labour Economics
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• v.31 no.3
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• pp.47-74
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• 2008

Following two pioneering works, Medoff and Abraham(QJE 1980; JHR 1981) and Flabbi and Ichino(LE 2001) which use performance rating of personnel data as individual worker's productivity, this study replicates their analysis using a Korean large firm's personnel data(2000, male white collar workers). According to their methods through Mincerian earnings function, and multinomial logit model that links the distribution of wages and performance ratings, we find that seniority wages appeare continuously even if individual worker's productivity is controlled. Therefore we conclude that incentive or deferred compensation theory is more suitable than human capital theory.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.231-240
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• 2019

The paper aims to investigate the relationship between firm size and organizational actions on adopting social media for corporate reputation management. The sample group of 198 companies is selected with a simple random sample method from the New York Stock Exchange (NYSE) listings: Sixty nine companies were from the Fortune 500 listings, seventy one companies from the NYSE midsize capitalization and fifty eight companies from the NYSE small capitalization listings. This study employs cross tabulations and Chi-square analysis, and the Kruskal-Wallis that enables the comparison of three samples that are independent. The results of the study show that (1) large firms have more social media ownership than small firms, (2) large firms respond to social media posts at a greater frequency and quickly than small firms, and (3) firm size is less likely associated with response styles to social media for online reputation management. The results show that reply time and response styles of organizations to social media customers in the 2015 survey has no significant change compared to that of 2011. There appears to be a pervasive lack strategic framework as most firms in the study were found not to be adequately monitoring or leveraging social media communication for their reputation management.