• 인터넷정보학회지
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• 제14권3호
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• pp.68-77
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• 2013

This article consists of 3 parts. Part I is multi stakeholder approach on Internet governance system. Part II is analysis of the Korean Internet governance system. In this part, I explain relevant laws in Korea, including Korean Internet Address Resources Act. Part III is my suggestion on Korean Internet governance system using a multi stakeholder approach. First of all, the keyword of the Internet governance system is decision making process: that is, consensus based versus top-down approach. Then who are major players in Internet governance in national level? Government, or Private sectors such as business and civil society. Korean legal system for Internet governance shows a top-down decision making process. Major players are the government (that is, Ministry of Science, ICT and Future Planning) and KISA affiliated with the government. Other players include Internet Address Policy Committee, Korea Internet Governance Alliance, and NGOs. The key statute for Internet governance in Korea is Internet Address Resources Act of 2004. Articles 3 and 5 require the Ministry of Science, ICT and Future Planning to take a proactive role in Internet governance. The government shall consult with the Internet Address Policy Deliberation Committee for Internet governance. Yet this Committee is established under the control of the Ministry of Science, ICT and Future Planning. All members of this Committee are also commissioned or nominated by the Chairman of the Ministry. Meanwhile, there are also non-official organizations, including Sub-committee on Address & Infrastructure of Korea Internet Governance Alliance. I suggest to reform decision making process of Korean Internet governance system based on BOTTOM-UP process for CONSENSUS BASED DECISION. My suggested system includes the following: (1) The government hands over a major role in Internet governance to INDEPENDENT Internet policy organization. And the government participates in such organization as ONE of the players. (2) Nomination of this committee member must be bottom-up process for a genuine multi-stakeholder model including civil society, commercial organization, end-users and experts. (3) The government should establish plan for supporting the private sector's international activity on the long-term basis.

• 아태비즈니스연구
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• 제15권1호
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• pp.33-44
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• 2024

Purpose - The purpose of this study is to empirically investigate the degree of performance inconsistency among the Environmental, Social and Governance ratings. Design/methodology/approach - This study performs regression analysis using the widely used ESG ratings published by the Korea Institute of Corporate Governance and Sustainability. Findings - The results show that firms often do not show consistent performance across the Environmental, Social and Governance aspects, with excellent performance on one aspect but mediocre or poor performance on another. The paper also finds some degree of firm-level persistence in such performance inconsistency, suggesting that the traits of the firm and the industry the firm belongs to might influence whether a firm shows inconsistent performance across the three aspects. Research implications or Originality - This paper highlights the need for researchers and practitioners to understand the underlying behavior of the individual E, S and G ratings, instead of taking them as given, in order to properly design their analyses.

• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.67-79
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.5-16
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• 한국IT서비스학회지
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• 제5권2호
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• pp.93-105
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• 2006

More emphasis has recently been put on the strategic application of IT, the linkage and integration between information system, and business process for value increase of a company's business. Thus, it is high time to redefine the concept of IT governance in order to effectively manage various IT services and assets. However, less attention has been paid to the practical study of domestic firms, compared to in the academic and industrial level. In this study, the current situation of IT governance setup and various factors for future development will be examined by a case study to explore activities, types, and determinants of decision making process that companies are currently conducting regarding IT governance. For the purpose of comparative analysis, two large enterprises were chosen with similar size of sales and high investment rate for IT within the same industry, and in-depth analysis was conducted based on the interviews of the concerned parties and in-house materials, from the perspective of structure, process, and relational mechanism. By the case study on IT governance of company 'A' and 'B', decision making mechanism and factors will be analyzed, which will indicate detailed characteristics of each decision-making field and its components for general application. By doing so, it is expected to be used as reference in building IT governance that fits the environment of a firm in the future.

• 정보관리연구
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• 제43권3호
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• pp.117-137
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• 2012

한국의 전자정부 구축 현황을 살펴보고 전자정부를 통하여 거버넌스의 향상에 기여할 수 있는 방안에 대해 고찰해 보았다. 한국의 전자정부는 구현 수준에 있어 국제적 평가에서 상위권에 위치하는 것을 확인할 수 있었으나 전자정부 발전의 최종단계인 통합처리의 관점에서는 지속적인 개선 노력이 필요한 상황으로 평가되었다. 한국의 전자정부가 거버넌스의 향상에 어느 정도 기여하고 있는가를 평가하기 위해 공급자와 이용자의 관점에서 전자정부의 활용도를 평가하였으며 거버넌스와 관련된 기능의 제공 및 활용이라는 정성적인 관점에서 활용도를 평가해 보았다. 한국의 전자정부 활용도는 정량적인 관점에서 상당한 수준에 도달해 있으나 거버넌스의 향상에 기여할 수 있는 이용목적이라는 정성적인 관점에서는 여전히 개선의 여지가 있는 것으로 평가되었다. 위와 같은 평가에 기반하여 전자정부를 통한 거버넌스 향상을 위해 필요한 고려사항들을 제시하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.41-51
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• 2020

A series of corporate failures and financial crises have raised attention to organizational governance issues, especially for financial institutions. In the banking system, corporate governance further plays a unique role because of the uniqueness of the banking organizations. Therefore, this study aims to examine the effect of corporate governance disclosure on bank performance by building a corporate governance disclosure index (CGDI) for 10 Islamic banks operating in Iran, Saudi Arabia and Malaysia. The data used in this study are secondary data taken from annual reports and sourced from the official websites of each banks include Iran Exchange, Stock Market Quotes and Financial News, and Bursa Malaysia. This study uses content analysis of the annual bank report within five years (2014-2018). The results show that Islamic banks comply with 72.4% of the attributes discussed in the CGDI. The most frequently reported and disclosed elements are board structure and audit committee. The regression results provide evidence that Islamic banks with a higher level of corporate governance disclosure reported high operating performance measured by ROA. In contrast to the expectation, the financial performance of ROE and Tobins'q are not significantly related to the disclosure of sharia bank governance.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.185-195
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• 2020

This study examines the association between governance quality at country level and stock market performance. Specifically, the study investigates the influence of control of corruption, government effectiveness, political stability and absence of violence, rule of law, regulatory quality, and voice and accountability on all-share index of the stock markets of the six Gulf Cooperation Council (GCC) countries. This study is anchored on two theories - the Efficient Market Hypothesis (EMH) and Institutional Theory. The study employs panel data spanning from 2006 to 2017. The findings show that political stability and absence of violence and rule of law exhibit a significant positive impact on stock market performance, while regulatory quality and voice and accountability have a significant, but negative relationship with stock market performance. The results imply that quality of governance in terms of rule of law and political stability devoid of violence have strong impact on stock market returns. Similarly, improved stock market returns are largely dependent on the efficiency of the institutional environment of market as investors are always wary of the inherent risks associated with the uncertainty of the market. This study has crucial policy implications for the government of the GCC countries and stock market participants.

• 유통과학연구
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• 제14권12호
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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.

• 디지털융복합연구
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• 제16권6호
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• pp.205-212
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• 2018

본 연구에서는 국가 전략적 차원에서 보안 거버넌스를 효율화시키기 위한 새로운 개념의 정보보안 거버넌스 모델 설계 방법을 제안한다. 이를 위해 우리의 운영 경험을 진단하고, 새로운 모델 설계 방법을 도출하였다. 그동안 국가 정보보안 활동은 지식 전달 위주로 인식되었고 활동의 동기 부여와 실행력 확보가 취약하였다. 결과적으로 보안 사각 지대가 늘어나고 대형 보안 사고가 빈발하여 해결이 필요한 과제로 대두되었다. 국가 사이버보안 거버넌스는 국가 리더의 책임하에 상단의 정책에서 하단의 실행까지 총체적으로 시스템화되어야 한다. 본 연구는 이같은 접근 방법에 기반하여 한국형 보안 거버넌스 모델의 종합 프레임워크를 제시하고 이를 비전, 목표, 과정, 수행 등 4개의 아키텍처 설계로 구체화시킴으로써 국가 거버넌스 모델 설계의 기반을 도출하였다. 라이프 사이클 흐름상의 문제점 진단, 환경변화에 기초한 보안 정책, 모든 주체의 참여가 반영되는 새로운 틀에 대하여는 계속적인 연구가 필요하다.