• Korea Trade Review
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• v.43 no.3
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• pp.1-26
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• 2018

This study estimates the technical efficiency and total factor productivity(TFP) of and analyzes the relationship between TFP and exports for Korean manufacturing companies from 2000 to 2016. Specially, TFP is decomposed into Technical Change(TC), Technical Efficiency Change (TEC), and Sale Effect(SE), and compared between large and small enterprises. First, in the case of technical efficiency, the Korean economy has been very vulnerable to external shocks, such as the sharp decline following the 2008 financial crisis. The efficiency of the electronics, automobile, and machinery sectors is low and needs to be improved. In addition, the technological efficiency of large enterprises is higher than that of SMEs in most manufacturing sub-sectors except for non-ferrous metals. In the case of TFP, most changes are due to TC, and the effective combination of labor, capital and the effect of scale have little effect, suggesting that improvement of internal structure is urgent. In addition, volatility due to the impact of the financial crisis in 2008 was much larger in SMEs than in large companies, so external economic impacts are more greater for SMEs than large enterprises. The relationship between TFP decomposition factors and exports shows that TC has a positive effect only on exports of SMEs. Therefore, in order to increase exports, in the case of SMEs, R&D support to promote technological development is needed. In the case of large companies, it is necessary to establish differentiated strategies for each export market, competitor company, and item to link efficiency and scale effect of exports.

• Journal of Navigation and Port Research
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• v.39 no.3
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• pp.179-184
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• 2015

The purpose of this study is to provide appropriate methodology to ensure the safety and integrity of the production riser in offshore structure. In order to select integrity estimation methodology for production riser, level I and II Non-destructive Damage Evaluation (NDE) methods that were applied to existing structures are classified and reviewed. Numerical analysis is performed to verify the applicability and capability on damage detection of reviewed methods. As a result, the damage detection methodology using modal strain energy is more sensitive in detection of the damage than other methods. In practice, the number of sensors is limited due to the environmental and financial conditions. The impact on damage detection performance by reducing the number of sensors is systematically investigated through a series of numerical analyses and the results are discussed. The optimal number of sensor for the integrity estimation of production riser is recommended.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• Safety and Health at Work
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• v.1 no.1
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• pp.19-28
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• 2010

Industrial Safety and Health Law (ISH Law) of Japan requires abnormalities identified in evaluations of worker health and working environments are reported to occupational physicians, and employers are advised of measures to ensure appropriate accommodations in working environments and work procedures. Since the 1980s, notions of a risk assessment and occupational safety and health management system were expected to further prevent industrial accidents. In 2005, ISH Law stipulated workplace risk assessment using the wording "employers shall endeavor." Following the amendment, multiple documents and guidelines for risk assessment for different work procedures were developed. They require ISH Laws to be implemented fully and workplaces to plan and execute measures to reduce risks, ranking them from those addressing potential hazards to those requiring workers to wear protective articles. A governmental survey in 2005 found the performance of risk assessment was 20.4% and common reasons for not implementing risk assessments were lack of adequate personnel or knowledge. ISH Law specifies criminal penalties for both individuals and organizations. Moreover, under the Labor Contract Law promulgated in 2007, employers are obliged to make reasonable efforts to ensure employee health for foreseeable and avoidable risks. Therefore, enterprises neglecting even the non-binding provisions of guidelines are likely to suffer significant business impact if judged to be responsible for industrial accidents or occupational disease. To promote risk assessment, we must strengthen technical, financial, and physical support from public-service organizations, encourage the dissemination of good practices to reduce risks, and consider additional employer incentives, including relaxed mandatory regulations.

• Journal of Korean Society of Forest Science
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• v.100 no.4
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• pp.722-732
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• 2011

Firms initiate philanthropic activities to improve social welfare that is beyond the scope of their responsibility towards society. Forestry activities, among other philanthropic areas, simultaneously improve corporate environment and social performance and provide the opportunity to cooperate for a large number of employees. Firms can effectively contribute to forest conservation with their financial and human resources. To encourage participation of more firms, we need to understand how and why firms engage in such activities. This study aims to explore different types of philanthropic forestry activities that these firms undertake. Corporate philanthropic activities can be categorized as donation, in-house project, or collaboration according to the governance type. We analyzed Yuhan-Kimberly's forestry campaign to investigate how and why the firm engaged in each type. We also propose some practical implications for firms, government, and non-profit organizations to invigorate firm's participation in philanthropic forestry activities.

• Journal of the Korea Society of Computer and Information
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• v.26 no.1
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• pp.189-199
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• 2021

This study examines the relationship between internal marketing, market orientation, patient satisfaction, and hospital image, and especially focuses on the effect of CEO's role on internal marketing at a local national university hospital. A survey was conducted using the convenient sampling technique and 222 questionnaires excluding unreliable replies were used in the final analysis for the hypothesis testing. SPSS 21.0 was used for the basic analysis of the collected data, and confirmatory factor analysis was performed for reliability and validity using AMOS 21.0. Path analysis was performed for the hypothesis testing. The results of this study are as follows: First, the role of CEO positively affects internal marketing. Second, internal marketing has a positive effect on market orientation, and leadership is the most influential factor of internal marketing. Third, market orientation has a positive effect on patient satisfaction and hospital image, which are non-financial organizational performance. Therefore, internal marketing plays a major role in improving market orientation, patient satisfaction, and hospital image, and it is identified that the activation of internal marketing depends on the support of CEO in hospitals.

• Journal of Digital Convergence
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• v.20 no.5
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• pp.585-592
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• 2022

The purpose of this paper is to examine the relation between executive excesss compensation and credit rating. According to the prior research which show the negative effects of excess compensation on a firm's future performance, this paper expects the negative effect of excess compensation on credit rating. Using a sample of Korean listed non-financial firms from 2014 to 2019, I perform the multivariate regressions analysis of excess compensation on credit rating. I find that excess compensation is negatively related to credit rating when executive compensation exceed expected executive compensation. Moreover, I find that the result is constant when a fim belongs to small-medium business. These results show that credit rating is affected by executive excess compensation and the relation could be different by the type of firm's size. Therefore, this study contributes to the literature by suggesting the possibility that capital market is aware of negative effect of executive excess compensation.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.309-324
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• 2023

Recently, not only has ESG (Environment, Society, Governance) been discussed domestically and internationally intensively, both within companies and at the level of national competitiveness, but also ESG management is seen as a concept that practically implements a new value system for sustainable development of our humankind. As the mandatory disclosure of environmental, social and governance (ESG) is scheduled for 2025, it is a reality that companies are experiencing considerable burdens and difficulties. In recent years, among ESG activities, which are non-financial management performance in the shipping and port industries, environmentally friendly activities are acting as an important indicator for shipping companies. In particular, the National Assembly has enacted laws related to air quality, including ports, and the Ministry of Maritime Affairs and Fisheries is making various support measures and plans to create eco-friendly ports. Accordingly, the purpose of this study is to analyze the current status of ESG reports and suggest related problems and improvement plans for ESG activation.

• Management & Information Systems Review
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• v.33 no.3
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• pp.129-154
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• 2014

We are making products and services that we didn't easily think or even imagine when young and living using them. Consumer needs become more diversified, markets and technologies are being constantly changed, and corporate global competitiveness is getting intensified. Now, companies that don't change nor create new values cannot survive. The cycle of new products is faster, and therefore corporations should improve previous products continuously or create new values according to such a trend. This era requires 'creativity' for companies to overcome uncertainty and survive. Corporate creativity is not easily activated as financial and physical compensation unlike the work ability or performance. When there is an environment that people with various abilities, experiences and backgrounds can express their opinions freely, it becomes possible. Despite the importance, the studies have focused on creativity education so far instead of the viewpoint of corporate business administration. In addition, most studies have dealt with job characteristics and employees' personality factors rather than the process that is connected to actual performance. In other words, the studies on environmental factors that can lead motivation as situational characteristics of the employee's company in a current non-monetary and non-physical way are very insufficient. Therefore, this study aims to comprehensively examine the process of creating creative performance in the environment inside the company that the employee could approach most closely from the corporate deinstitutional perspective. As the major variables, job characteristics and supervisor's ethical leadership were selected, and the process that is connected to the creative performance was explained by means of motivation necessary to understand creativity of the organization and creative process engagement(CPE). The summary of the verification results is following. First, job characteristics and supervisor's attitude(ethical leadership) had positive effects on intrinsic motivation and creativity process engagement. Second, intrinsic motivation and creativity process engagement had positive effects on creative performance. Third, intrinsic motivation and creativity process engagement had mediated the relationship between job characteristics, supervisor's attitude and intrinsic motivation, creativity process engagement

• Journal of Digital Convergence
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• v.19 no.12
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• pp.321-329
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• 2021

A measure of managerial ability was derived using DEA, a measure of management efficiency, and the correlation coefficient between discretionary accrual and non-discretionary accrual, net income and operating cash flow standard deviation was used as a proxy for income smoothing. verified. In addition, the manager's compensation was used by taking the natural logarithm of the cash compensation per manager. The analysis results are summarized as follows. The analysis period for hypothesis testing is from 2004 to 2017, as a result of the hypothesis analysis of the correlation with the level of manager's compensation, it was suggested that the income smoothing behavior decreased the performance-based compensation and increased the performance-controlled compensation. This can be said to be the result of indirectly confirming that additional compensation is differentially paid for income smoothing. This study has a contribution to the study by empirically analyzing whether income smoothing affects the relationship between managerial ability and managerial compensation. However, although a number of previous studies empirically analyzed that there are upper and lower bounds for manager compensation, there is limitations that could not be analyzed for asymmetric compensation due to income smoothing is expected to expand.