• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• Journal of Internet Computing and Services
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• v.15 no.4
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• pp.91-102
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• 2014

The purpose of this research is to perform the consumer typological study of integrated emerging digital advertisement, where IT and advertisement industry were fused, and to propose the theoretical definition about consumer characteristic which is in need for collection of related market subdivision strategy in perspective of business marketing. For this, the Q methodology, the 'subjectivity' research of qualitative perspective, which discovers new theory by interpreting subjective system of thinking, preference, opinion, and recognition of inner side of respondents, was applied and analyzed. Compared to previous quantitative research that pursues hypothesis verification, this Q methodology is not dependent on operational definition proposed by researcher but pursues for analytic study completely reflecting objective testimony of respondents. For this reason, Q study analyzes in-depth the actual consumer type, which can be found at the initial market formation stage of new service, therefore this study is applicable for theorizing the consumer character as a mean of advanced research. This study extracted thirty 'IT integrated digital advertisement type (Q sample)' from thorough literature research and interviews, and eventually discovered a total four consumer types from analyzing each Q sorting research data of 40 respondents (P sample). Moreover, by interpreting subdivided intrinsic characteristic of each group, the four types were named as 'multi-channel digital advertisement pursuit type', 'emotional advertisement pursuit type', 'new media advertisement pursuit type', and Web 2.0 advertisement pursuit type'. The analysis result of this study is being expected for its value of usage as advanced research of academic and industrial research with the emerging digital advertisement industry as a subject, and as basic research in the field of R&D, Marketing program and the field of designing the advertisement creative strategy and related policy.

• Journal of Intelligence and Information Systems
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• v.26 no.2
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• pp.105-129
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• 2020

This study uses corporate data from 2012 to 2018 when K-IFRS was applied in earnest to predict default risks. The data used in the analysis totaled 10,545 rows, consisting of 160 columns including 38 in the statement of financial position, 26 in the statement of comprehensive income, 11 in the statement of cash flows, and 76 in the index of financial ratios. Unlike most previous prior studies used the default event as the basis for learning about default risk, this study calculated default risk using the market capitalization and stock price volatility of each company based on the Merton model. Through this, it was able to solve the problem of data imbalance due to the scarcity of default events, which had been pointed out as the limitation of the existing methodology, and the problem of reflecting the difference in default risk that exists within ordinary companies. Because learning was conducted only by using corporate information available to unlisted companies, default risks of unlisted companies without stock price information can be appropriately derived. Through this, it can provide stable default risk assessment services to unlisted companies that are difficult to determine proper default risk with traditional credit rating models such as small and medium-sized companies and startups. Although there has been an active study of predicting corporate default risks using machine learning recently, model bias issues exist because most studies are making predictions based on a single model. Stable and reliable valuation methodology is required for the calculation of default risk, given that the entity's default risk information is very widely utilized in the market and the sensitivity to the difference in default risk is high. Also, Strict standards are also required for methods of calculation. The credit rating method stipulated by the Financial Services Commission in the Financial Investment Regulations calls for the preparation of evaluation methods, including verification of the adequacy of evaluation methods, in consideration of past statistical data and experiences on credit ratings and changes in future market conditions. This study allowed the reduction of individual models' bias by utilizing stacking ensemble techniques that synthesize various machine learning models. This allows us to capture complex nonlinear relationships between default risk and various corporate information and maximize the advantages of machine learning-based default risk prediction models that take less time to calculate. To calculate forecasts by sub model to be used as input data for the Stacking Ensemble model, training data were divided into seven pieces, and sub-models were trained in a divided set to produce forecasts. To compare the predictive power of the Stacking Ensemble model, Random Forest, MLP, and CNN models were trained with full training data, then the predictive power of each model was verified on the test set. The analysis showed that the Stacking Ensemble model exceeded the predictive power of the Random Forest model, which had the best performance on a single model. Next, to check for statistically significant differences between the Stacking Ensemble model and the forecasts for each individual model, the Pair between the Stacking Ensemble model and each individual model was constructed. Because the results of the Shapiro-wilk normality test also showed that all Pair did not follow normality, Using the nonparametric method wilcoxon rank sum test, we checked whether the two model forecasts that make up the Pair showed statistically significant differences. The analysis showed that the forecasts of the Staging Ensemble model showed statistically significant differences from those of the MLP model and CNN model. In addition, this study can provide a methodology that allows existing credit rating agencies to apply machine learning-based bankruptcy risk prediction methodologies, given that traditional credit rating models can also be reflected as sub-models to calculate the final default probability. Also, the Stacking Ensemble techniques proposed in this study can help design to meet the requirements of the Financial Investment Business Regulations through the combination of various sub-models. We hope that this research will be used as a resource to increase practical use by overcoming and improving the limitations of existing machine learning-based models.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.4
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• pp.153-165
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• 2021

With the disappearance of boundaries between online and offline, the O2O(online to offline) platform service is rapidly growing. Unlike general products, freshness is an important decision-making factor for agri-food, and there are many limiting factors for growth as an open market among O2O platforms due to the characteristics of difficult refunds and exchanges compared to other items and new transaction methods. In order to overcome these obstacles, consumer innovation must be considered. The purpose of this study was to investigate the influence of O2O(online to offline) platform characteristics perception on agri-food repurchase intentions. And an empirical survey of the hypothesis is made that innovation will show a moderating effect between agri-food O2O platform characteristics and repurchase intention. And an empirical survey of the hypothesis is made that innovation will show a moderating effect between agri-food O2O platform characteristics and repurchase intention. For this purpose, Using a convenience sampling technique, an online survey was conducted through Google survey from April 1 to April 15, 2021. A total of final analysis data were collected from a total of 270 purchase experienced of agri-food O2O(online to offline) platform. The SPSS program was used for analysis, and multiple regression analysis was used for hypothesis verification. The results showed that Economic, Interaction, and Playfulness had a significant positive effect on agri-food repurchase intend. Also, Interactivity × innovation, playfulness × innovation were found to have a significant positive (+) effect on repurchase intention. The results of this study show that innovation reduces the burden on consumers for new systems and mobile transactions. The results of this study suggest that convenient interface design is important for activating O2O transactions of agri-food. In addition, education and support are needed to strengthen the IT competency of farmers. The results of this study will be able to contribute to the establishment of infrastructure for agri-food open market shopping malls. In future studies, the influence of the O2O platform type on the purchase intention should be studied continuously.

• Management & Information Systems Review
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• v.31 no.1
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• pp.1-21
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• 2012

This study analyzes empirically the effect of the degree of interest in cultural marketing on corporate image and how the corporate images affect on consumers' clothes purchasing behavior through the case of a fashion brand, 'Uniqlo'. For this, Chi-square test and independent sample T-test were used for the verification of differences in frequency and average by general characteristics of respondents. To observe the effects between ration scales, it carried out a multiple regression analysis, and also, using AMOS16.0, it verified the suitability of the route model and estimated the coefficients for each route. From the result of analysis, it was found that degree of consumer's interest in cultural marketing affects on corporate images such as corporate confidence and marketing and the corporate image again is closely related to consumer's clothes purchasing behavior and satisfaction. In other words, the consumers who have greater interest in corporations using cultural marketing or who had participated in various cultural events are more likely to think that 'Uniqlo' is a reliable corporation who actively uses cultural factors in marketing. Likely, it was observed that the positive corporate image of 'Uniqlo' has a large influence on purchase of their products and also, it makes consumers feel as if they are participating in mecenat, thus increasing consumer's satisfaction after purchase. This study has a limitation in generalization of study result because it focused on a case of particular brand. However, it is still helpful for the empirical study for growth and reinvigoration of the market for cultural marketing, and through a case of leading corporation, it provides implications to the corporations who use or do not use cultural marketing.

• Management & Information Systems Review
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• v.33 no.2
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• pp.135-153
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• 2014

Tendencies such as the increasing spread of market globalization, new technological developments, the reduction of product life cycles and aggressive competition, are generating high levels of environmental changes and uncertainty for organizations of all types. these circumstances require rapid responses through adaptation of organizational attitudes and capabilities, which lead to innovative management approaches and organizational methods. Human resource management researchers have struggled to elaborate the underlying mechanism explaining how human resource systems relate to organizational performance after universalistic perspectives were supported by a majority of studies investigating the positive relationship between human resource management system and firm performance. To fill the void, hypotheses in this study predicted human resource flexibility that would mediate the relationship between human resource management system and firm performance. The research model among the variables in this study was as follows: These theoretical models were tested with a sample of 138 firms in Korea. The analysis of data was undertaken by using AMOS. The Summary of the verification results is follows: Firstly, most of human resource management system and human resource flexibility had positive effects on human resource performance Secondly, most of human resource management system and human resource flexibility had positive effects on firm's financial performance Thirdly, human resource flexibility had mediated the relationship between human resource management system and firm performance The results of the present research may be demonstrated that organizations or managers could achieve a high level of management practices that lead to firm performance by enabling human resource to be flexible through high performance human resource management system.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.6
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• pp.129-139
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• 2016

The purpose of this paper was to comparatively investigate the efficient building incentives in Korea and foreign countries and to seek strategies to enhance low energy building integrated design market infrastructure in Korea. The structure of incentive policies were composed of four main component: 1) types of financial aids and beneficiaries, 2) energy performance criteria and verification methods, 3) supports for low energy building integrated design, and 4) funding sources for incentive programs. Every overseas incentive program has adopted a design team incentive along with building owners incentive and the range of target buildings have been extended from new construction to remodeling projects. The main system of the program is the performance standard through which projects were investigated and the level of incentive are decided. Initially, the integrated performance has been investigated through simulation methods, but the construction performance evaluation and energy monitoring methods are emerging. In addition, the direct support and educational support for integrated design has been provided to enhance the foundation of relative markets. Financial funding is also a key component of the program and more aggressive funding strategies have been adopted.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.3 no.4
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• pp.59-88
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• 2008

For the success of the DMB market to meet consumers' demands for Ubiquitous Media and strengthen the nation's competitiveness, it's inevitable for us to activate DMB advertising as of main profit source for DMB Media, and to develop various types of DMB advertising which are linked to the profit model. So I'd like to look over the various types of DMB advertising which are suitable for DMB features as one of the efforts to activate DMB advertising. First of all, I've figured out what kinds of advertising are available for new media and which related technologies are required for DMB media. Through this research, I could find out what features of new media such as cable broadcasting, Internet and Mobile have become the source of developing various types of advertising and how to a great part to activate new media advertising markets by making the best use of their media features. This research also shows that DMB advertising has the high potential to be developed in various and effective types and kinds of advertising with its media feature and technological feature. This research observing DMB advertising cases showed that DMB advertising can be divided into 6 types such as forms, purposes, techniques, advertising positions, the use of LBS(Location Based Service), coupons and it could be developed into various kinds of DMB advertising dependent on each type. On the other hands, it would be great to have continual researches and follow-ups for various types of DMB advertising and the verification of the effectiveness for DMB advertising by performing potential DMB advertising.

• Journal of the Korea Computer Industry Society
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• v.5 no.9
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• pp.1101-1110
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• 2004

In the first quarter of 2004, there were about 1 billion 348 million mobile phone users worldwide with a penetration rate of only 29%. Korea ranks among the highest in the use of mobile communication, having over 36 million mobile phone subscribers with a mobile phone penetration rate of 75% as of May 2004. Since the introduction of wireless Internet service in May 1999, the number of subscribers rose to 34.5 million with 95.3% of the total mobile phone subscribers using wireless Internet services in May 2004, largely due to continued investments by telecommunication service providers, improvement of mobile handsets (color and digital camera phones) and implementation of policies on mobile number portability. In the Korean wireless Internet market, there are many user complaints since the service providers are competing with each other through TV commercial sales and phone discounts rather than improving their call quality, services and billing systems. therefore there is a growing need to improve the billing systems through means such as the implementation of reasonable payment plans according to consumer use, development of a wireless Internet billing system that can predict the number of users and establishment of pricing standards for controlled data (head, tail, etc...) as well as menu information by testing the texts. multimedia, video and other types of content provided by the three major mobile communication companies. The purpose of this study is to promote wireless Internet services and protect user rights by proposing a reasonable way to improve the billing systems for wireless Internet services after conducting a comparative analysis of file size and billing data of each of the service providers through a verification test on a packet billing system for wireless Internet services.

• Journal of The Korean Association For Science Education
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• v.30 no.8
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• pp.933-952
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• 2010

This study aims to characterize debate on a socio-scientific issue in the Internet and to provide implications from a postmodernist perspective. This study concentrates on disentanglement of the complex relationship among society, economy, politics and science in an issue and characterization of the given text centering on its originality, the relationship between writer and reader, and the purpose of utterance. Sixty-six most read articles on a web message board were chosen and analyzed as a typical case of a socio-scientific issue in the internet. In them, five scientific disputes were identified: the cause of mad cow disease (MCD), specified risk material and the incubation period, the cause of new variant Creutzfeld-Jakob disease (vCJD), vulnerability of vCJD and the relation of Alzheimer and vCJD in American patients. Each argument is intertwined with social, economic and political problems such as its impact on the domestic beef market, feeding environment of imported cattle and the retaliation against denial of importation. With regard to originality, it is found that the originality of an author is weakened but communal through repetitive quotation of 'Peom', cutting and pasting, and engagement of readers with their comments. Furthermore, in order to close the gap between writer and reader, identity and personal narrative of the writers are often introduced into their writing. In terms of purpose of utterance, these are intended to deliver one's feelings or facilitate human behavior rather than inform through verification of a principle.