• Journal of Korea Society of Digital Industry and Information Management
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• v.12 no.2
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• pp.73-86
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• 2016

The purpose of this study is to examine a security investment for firms experienced in confidential information leak. Information security is an apparatus for protection of secret information. The competence of information security is a competitiveness to avoid information leakage in changing business environment. The type of information security is divided into administrative security, technical security and physical security. It is necessary to improve the incident correspondence competence through information security investment of the three types. Therefore, the investment of information security is to enhance information-asset protection of firms. To reinforce accident response competence, an organization discussed an establishment, security technology development, expand investment and legal system of the security system. I have studied empirically targeting the only information leak of firms. This data is a technical security competence and technology leakage situation of firms happened in 2010. During recovery of the DDos virus damage on countries, company and individual, the collected data signify a reality of information security. The data also identify a security competence of firms worrying information security management. According to the study, the continuous investment of information security has a high competence of accident correspondence. In addition, the most of security accidents showed a copy and stealing of paper and computer files. Firm on appropriate security investment is an accident correspondence competence higher than no security investment regardless of a large, small and medium-sized, and venture firm. Furthermore, the rational security investment should choose the three security type consideration for firm size.

• Journal of Korea Society of Digital Industry and Information Management
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• v.15 no.4
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• pp.197-212
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• 2019

The purpose of this study is to identify the maturity stages of venture firms through classification analysis, which is widely used as a big data technique. Venture companies should develop a competitive advantage in the market. And the maturity stage of a company can be classified into five stages. I will analyze a difference in the growth stage of venture firms between the survey response and the statistical classification methods. The firm growth level distinguished five stages and was divided into the period of start-up and declines. A classification method of big data uses popularly k-mean cluster analysis, hierarchical cluster analysis, artificial neural network, and decision tree analysis. I used variables that asset increase, capital increase, sales increase, operating profit increase, R&D investment increase, operation period and retirement number. The research results, each big data analysis technique showed a large difference of samples sized in the group. In particular, the decision tree and neural networks' methods were classified as three groups rather than five groups. The groups size of all classification analysis was all different by the big data analysis methods. Furthermore, according to the variables' selection and the sample size may be dissimilar results. Also, each classed group showed a number of competitive differences. The research implication is that an analysts need to interpret statistics through management theory in order to interpret classification of big data results correctly. In addition, the choice of classification analysis should be determined by considering not only management theory but also practical experience. Finally, the growth of venture firms needs to be examined by time-series analysis and closely monitored by individual firms. And, future research will need to include significant variables of the company's maturity stages.

• Journal of the Korea Society of Computer and Information
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• v.12 no.1 s.45
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• pp.219-229
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• 2007

The results of the research in M&A firms in the KOSDAQ market are as follows. First, the effect of the M&A disclosure at the time of disclosure was that the positive (+) cumulative abnormal return (CAR) can be interpreted as an increase in the value of the firm; however, in the long run, firms which used the KOSDAQ index and the control firm, which did not use the index were found to have conflicting results. Second, the findings show that the rise in value of general firms resulting from a M&A were higher that those of venture firms. Third, in testing the performance extrapolation hypothesis, it was shown that the performance of "value" firms (firms with a high B/M ratio but poor performance in the past) was better after a M&A than those of the "glamour" firms and that the performance extrapolation hypothesis was substantiated. Fourth, it can be construed that a size effect in a merger exists. The CAR of the small firms surpasses those of large firms. Fifth, in verifying operating performance, most variables showed a positive (+) value at the time of M&A but showed a negative (-) value after a M&A. These results show that because on the Korean KOSDAQ market, M&A are approached from a financial rather than an economic aspect, it can be inferred that it lowers the firms value.

• Korea Real Estate Review
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• v.27 no.3
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• pp.7-22
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• 2017

Establishing greater reliability in property appraisal is critical because it promotes the public interest. Reliability is composed of competence and ethics. In particular, the ethics of property appraisal has individual and corporational aspects. This study aimed to evaluate how the ethical climate of a firm is affected by the scale of appraisal firms, thereby validating the effect of the 'Large Appraisal Firm System'. Hence, the ethical climate of appraisal firms, an indicator of inherent ethical value recognition, was investigated, divided into recognition of social responsibility and exclusion of self-interest. The study results showed that the ethical management systems of appraisal firms encourage the appraisers of such firms to be conscious of their social responsibility and to exclude self-interest in their work. The degree of such influence, however, differs according to the scale of appraisal firms. Based on these results, further research on the maintenance and operation of the ethical management systems of appraisal firms is required to enhance the reliability of property appraisal.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.233-242
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• 2020

We posit that employee ownership through defined contribution (DC) plans results in managerial entrenchment, and then examine the effect of the enactment of the Pension Protection Act of 2006 on the relation between the employee ownership and firm performance. By conducting Ordinary Least Square regression with the data from Form 5500 over the period of 1999-2014, we find that firms with large employee ownership increase their firm value measured by Tobin's Q after the adoption of the Act. These findings suggest that the adoption of the Act has been effective to mitigate the negative effect of managerial entrenchment by decreasing the employee ownership and reinforcing the fiduciary duty of plan trustees. Given the fact that we test the effects of the diversification rule on employee ownership using firm performance, further research could aim to examine the effects of the rule on employee ownership using stock return or market reaction.

• The Journal of the Korea Contents Association
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• v.16 no.8
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• pp.387-394
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• 2016

The volatility in the stock market responds differently to information types. That is, the asymmetric volatility exists in the stock market which responds more to unexpected negative returns due to bad news than unexpected positive returns due to good news. This paper examines the asymmetric response of the volatility of KOSPI, large-cap, middle-cap, and small-cap indices returns which is announced in Korea exchange (KRX) by using the MA-GJR model and the MA-EGARCH model. According to empirical analyses, it shows that the asymmetric response of volatility exists in all indices regardless of volatility estimation models and the degree of the asymmetric volatility response of the small-cap index returns is greater than that of the large-cap index returns. Moreover, this results also observed robustly during the period of both before and after the global financial crisis.

• Korean journal of communication and information
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• v.78
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• pp.141-176
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• 2016

This study investigates changes of market structure from 2001 to 2015 in the Korean daily newspaper industry using concentration and mobility measures. The main empirical results are as follows. First, the industry's total asset shows a U-shaped trend, despite the downward trend of the industry's total sales revenue. Second, the market concentration, measured in terms of assets, shows the trend of an inverted-U shape. The relatively small firms, measured in terms of assets, have on average gained in market share while the relatively large firm have lost. Third, market concentration, measured in terms of sales revenues, shows a U-shaped trend. the relatively small firms, measured in terms of sales revenues, have on average gained in market share while the relatively large firm have lost. My central argument has been that it is desirable to supplement traditional concentration measures with mobility statistics and trend analyses in investigating and regulating market structure.

• IE interfaces
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• v.16 no.3
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• pp.362-374
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• 2003

The major objective of this paper is to empirically examine the effect of process maturity on the performance of industrial R&D projects. Process maturity, a fundamental concept of the Capability Maturity Model developed by Software Engineering Institute, represents the essential of Total Quality Management (TQM). Based on literature, our research model constructs process maturity in terms of structured process, goal setting and controlling, metrics, and process learning; and links it to the R&D performance that consists of technical, commercial and managerial successes. The model also includes firm size as a moderator of different effects that process maturity may have across firms. Measures for process maturity are based on the best practices identified in literature. Data are obtained from 77 successful R&D projects carried out by Korean manufacturing firms. Multiple regression and t-test are used to test proposed hypotheses. Findings are as follows. (1) In the R&D process, process maturity partially contributes to the performance of R&D projects. More specifically, goal setting and controlling-related practices drive both technical and commercial successes, while process learning-related practices drive commercial success. In contrast, traditionally emphasized elements such as structured process or metrics are found not to be significant. (2) The degree of process maturity is significantly higher in large firms. (3) Process maturity impacts on commercial success in the case of large firms, whereas it does on technical success in the case of small firms. The results imply that the TQM principles are partially associated with R&D performance, and the nature of benefit from high maturity could vary according to firm size.

• Journal of Distribution Science
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• v.14 no.12
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• pp.129-139
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• 2016

Purpose - This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO's own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology - We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to 2013. Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results - We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms' cash holdings. Conclusions - This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.9
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• pp.5829-5835
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• 2015

This paper investigates the impact of corporate governance structure on the firm's debt costs under different governance environments. We find that after the 2008 banking crisis, family firms with controlling shareholders benefit from lower debt cost through the strong control rights of dominating large shareholders, compared with the firms with diversified minority-shareholders. Foreign investors are related statistically to the higher cost of debt. Before the 2008 banking crisis, cash flows and growth potentials are positively associated with the firm's cost of debt.