• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.109-147
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• 2007

According to the perspective of capital structure theory, we analyzed the dynamism of the capital structure determinants by using panel data of 244 KOSDAQ firms based on two-step GMM system methodology suggested by Blundell Bond(1998). This dynamic methodology had not been used to analyse capital structure determinants in Korea. In the dynamic model of capital structure, profit had negative effect on the book leverage and market leverage, which meant supporting pecking order theory. Growth opportunity (MBR) affected negatively to the market leverage. For the determinants of leverage, earnings volatility had significantly positive effect on KOSDAQ 50 firms. KOSDAQ and KOSDAQ 50 firms had the target leverage. The adjustment speed in KOSDAQ firms was 0.4958 on the book leverage, it was faster than in KOSDAQ 50 firm's 0.2863 on the book leverage and the adjustment speeds for the market leverage were 0.7651 for KOSDAQ firms and 0.5643 for KOSDAQ 50 firms. There was difference in adjustment cost between KOSDAQ firms and KOSDAQ 50 firms.

• Korean Journal of Community Nutrition
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• v.10 no.6
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• pp.905-919
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• 2005

This study raised the necessity of developing performance indicators for measuring the management efficiency and effectiveness of school food service, and as a means of helping its implementation, a balanced score card (BSC) approach developed by Norton and Kaplan was adopted. This study established BSC in seven phases through literature: Phase 1 Defining a school food service and the scope of working activities, Phase 2 Establishing the vision of a school food service, Phase 3 Setting strategic goals, Phase 4 Identifying critical success factors (CSFs), Phase 5 Developing Key Performance Indicators (KPIs), Phase 6 Extracting cause and effect relationship, and Phase 7 Completing a preliminary BSC. The preliminary BSC was fumed into a survey, which was administered to food service related people working at the Office of Education and School Food Service including 16 offices,209 dietitians, 48 school administrators both from self-operated and contract-managed, and 9 experts in areas related to school food service. They were asked questions about strategies from 4 different perspectives,12 CSFs, 39 KPls, and the cause and effect relationships among them. As a result, among the CSFs based on 4 different perspectives, all factors other than ' zero sum on profit/loss ' from the financial perspective turned out to be valid. In terms of KPIs, manufacturing cost percentages, casualty loss count/reduction rates, school foodervice participation rates, and sales goal achievement rates were found to be valid from the financial perspective, while student satisfaction index, faculty satisfaction index, leftover ratio, nutrition educational performance count, index of evaluating nutrition education, customer claim count/reduction rate, handling customer claim count/reduction rate, and parent satisfaction index were found to be valid from the customers' perspective. Besides, nutritional requirement sufficient ratio, nutritional management score, food poisoning outbreak count, employee safety accident count, sanitary inspection assessment index, meals per labor hour (productivity index), computerization ratio, operational management index, and purchase management assessment index were also found to be valid from the perspective of internal business processes. From the perspective of innovation and learning, employee turnover ratio/rate of absenteeism, annual education and training count, employee satisfaction index, human resource management assessment index, annual menu-related customer feedback, food service information index for employees and parents/schools were also found to be valid. The significance of this study is to present indices for measuring overall performance of school lunch food service operations without putting any limitation on types of school food service management, and to help correctly assess the contribution of the current types of school food service management to schools and students. (Korean J Community Nutrition 10(6) : $905\∼919$, 2005)

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.

• Journal of Korean Society of Transportation
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• v.26 no.2
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• pp.69-78
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• 2008

Tour traffic takes largely place at certain limited period of time so that it is desirable to adopt some kind of software-typed approaches like the introduction of a new traffic system rather than hardware-typed ones of extension or construction of roads, and which naturally leads to the need of establishing a new tour traffic policy that makes the most profit at the lowest cost. In this research, I studied cognitive characteristics of traffic congestion of tour traffic and non-tour traffic and constructed a transfer traffic-choice behavior model for the introduction of transfer-traffic system and examined its influence factors. As a result, it is revealed that respondents feel much more the cognitive strength of traffic congestion at tourist resorts than they feel usually at non-tourist sites. That means the necessity of the introduction of the policy that enhances access to tourist resorts. In closing, through the transfer-traffic choice behavior model, I identified the fact that the introduction of transfer-traffic system could convert the trend of highly frequent use of passenger cars on tourism season into public transportation use, which shows that relevant policy-makers ultimately need to make a comprehensive policy considering traffic aspect in revitalizing tour resorts.

• Environmental and Resource Economics Review
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• v.29 no.3
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• pp.363-388
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• 2020

The purposes of this study are to not only estimate optimal harvests and efforts using the surplus production methods for Spanish mackerel caught by multiple fishing gears, but provide dynamic optimal fisheries management for these gears using the current value Hamiltonian method. To achieve the above purposes this study uses several models such as Gavaris's general linear model for standardizing fishing efforts, surplus production method for estimating biological and technological coefficients, current value Hamiltonian method for estimating dynamic optimal harvest and efforts, and sensitivity analysis for diagnosing economic influences of these fisheries. As a result, this study showed that Spanish mackerel was overfished by multiple fishing gears based on surplus production method and the current value Hamiltonian method. Also, this study found that when the price and cost proportionally changed, the optimal harvest and fishing effort sensitively responded to the stock level of Spanish mackerel. Next, this study suggested that the multiple fishing gears for Spanish mackerel should reduce unnecessary costs such as operating time or inefficient fuel consumption. Finally, this study provided reasons Spanish mackerel should be included in the TAC system in a view of profit maximization based on sustainable use of the Spanish mackerel.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.2
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• pp.318-328
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• 2018

The purpose of this study was to investigate the differences in the characteristics of the aesthetic salon operation and job satisfaction according to important considerations in opening aesthetic salons as well as to provide basic data for improving the operation of the salons. Toward this aim, a questionnaire survey was conducted for owners of small aesthetic salons across South Korea from January-March, 2016. Results were as follows: Among those who identified means of transportation and parking convenience as key considerations in launching aesthetic salon businesses, length of service, length of business operation, monthly fixed revenue and proportion of the highest profit were highest. Job satisfaction (F=3.223, p<.05) was highest (M=4.11) among those that responded 'floating population' as a primary component in launching aesthetic salon businesses, and lowest among owners who mentioned 'cost of investment' (M=3.41). Specifically, job mobility (F=2.960, p<.05) was the highest among respondents who selected means of transportation and parking convenience (M=3.95) as key criteria in launching aesthetic salon business. For the stable operation of an aesthetic salon, a location with high floating population, good transportation, parking convenience, high levels of customer access, and job satisfaction are critical factors. In addition, future studies should examine marketing strategies by operating characteristics.

• Journal of Distribution Research
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• v.16 no.3
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• pp.33-75
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• 2011

The ownership structure of a franchise system is determined by the franchisor's strategic choice. A close look at the extant theories and perspectives in economics and management such as resource scarcity theory, agency theory, transaction cost analysis, and mixed ownership theory reveals that firms choose their ownership structure for the sake of economic efficiency, profit potentials, the chance of survival, and other strategic concerns. The present study, on the basis of strategic choice perspective, reviews the divergent theories of a franchise system's ownership structure and its determinants, thus providing a theoretical framework for comparing the contradictory arguments along the several critical dimensions. We also developed and tested the conflicting hypotheses regarding key determinants of ownership structure including firm's age, size, transaction-specific investments, uncertainty, and risk-sharing propensity. Using a FDD (Franchise Disclosure Document) data set of 543 Korean franchisors, we found that the years in business, the total number of employees, days of training, the inverse of the years of franchising, and the requirement of royalty payment have positive relationships with the proportion of company-owned outlets to total number of outlets. On the other hand, the proportion of company-owned outlets was found to have negative relationships with the total number of outlets and the extent of geographic dispersion of outlets, but to have no significant relationships with the initial investment required and the inverse of contract length. Based on the findings, we provide several theoretical and managerial implications for studying ownership structure of franchise systems.

• Journal of the Korea Convergence Society
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• v.9 no.6
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• pp.163-173
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• 2018

This study aims to diagnose and analyze the business model of domestic e-sports industry and draw its implications. In-depth interviews with business executives of the e-sports teams, the e-sports media, the e-sports stadium and the game companies was had to identify the cost and revenue of each e-sports industry. The results was that the revenue of the e-sports team, stadium and game company mainly consisted of the sponsorship of the parent company. And main revenue of e-sports media was advertising, subscription fees and copyright income, whereas their expenses was the production costs. Especially the purpose of sponsorship of the game companies was not the profit of e-sports, but the promotion of the parent company game. Result implies the necessity of the development of revenue sources, executing the admission ticket charge in stadium and the development of new sponsorship. This study is expected to contribute to opening the new area of the business model of the e-sports industry that was not nearly so far treated, and consequently the development of the e-sports industry in Korea.

• Journal of the Korea Convergence Society
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• v.11 no.7
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• pp.207-216
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• 2020

The purpose of this study is to analyze the factors contributing to the wage inequality between employment of persons with disabilities. Among the raw data provided by the Korea Employment Development institute for persons with disabilities, 3,546 cases were studied, excluding cases in which major variables were missing, in the 『2018 survey on the employment status of the disabled in business』. Data analysis was conducted using SPSS 25 and STATA 14 to analyze wage inequality among employment companies for persons with disabilities. Data analysis was conducted using SPSS 25 and STATA 14 to analyze wage inequality in employment companies for persons with disabilities. The study found that factors contributing to the wage inequality in employment companies for the disabled include 'minimum level of education'12.63%, 'asset level'6.37%, 'level of work required'4.87%, 'ratio of female employment'3.30%, 'sales profit'2.33%, 'education training for employees'1.19%, 'labor union membership rate'0.67%, 'work type'0.42%, 'average working hours'0.41%, 'recognition of work level of disabled people'0.34%, 'recognition that employment of disabled people is helpful to companies'0.23%, 'positive recognition of work cost of disabled people'0.17%. Based on these results, this study proposed access at the level of employment business for the disabled, social level, and worker level for the disabled.

• Management & Information Systems Review
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• v.34 no.2
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• pp.113-130
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• 2015

This study considers the relation between firms' earnings management and credit rating. Unlike preceding papers only focusing earnings management by accrual(thereafter, AM), this paper examines the effect of accrual earnings management(AMs) and real earning management(thereafter, RM) on credit rating. RMs have more negative effects on firms' forward cash flow generation abilities and long term operating performances than AMs. So, RMs are more negative signals for credit analysts than AMs. But credit analysts have much difficulty in seeing through RM, because if credit analysts want to find out RMs, they have to understand firms' internal operating activities, cost structures, receivables collection practices, and review whether profit distortions are due to abnormal change of them. Sample of this study consists of 2,150firm-year data listed companies from 2002 to 2010. Empirical evidence shows that AMs and RMs are negatively related to credit rating. This result implies that credit analysts see through AMs and RMs in interpreting financial informations, that is to say, they discount credit rating in considering level of earnings management that consist of real activity and accrual earning management. This paper also finds that RMs are more negatively related to credit ratings than AMs. This result suggests that credit analysts don't take RMs into account in credit rating process as much as AMs.