• Korean System Dynamics Review
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• v.2 no.2
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• pp.25-40
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• 2001

This paper describes the forecast of power plant construction in a competitive korean electricity market. In Korea, KEPCO (Korea Electric Power Corporation, fully controlled by government) was responsible for from the production of the electricity to the sale of electricity to customer. However, the generation part is separated from KEPCO and six generation companies were established for whole sale competition from April 1st, 2001. The generation companies consist of five fossil power companies and one nuclear power company in Korea at present time. Fossil power companies are scheduled to be sold to private companies including foreign investors. Nuclear power company is owned and controlled by government. The competition in generation market will start from 2003. ISO (Independence System Operator will purchase the electricity from the power exchange market. The market price is determined by the SMP(System Marginal Price) which is decided by the balance between demand and supply of electricity in power exchange market. Under this uncertain circumstance, the energy policy planners such as government are interested to the construction of the power plant in the future. These interests are accelerated due to the recent shortage of electricity supply in California. In the competitive market, investors are no longer interested in the investment for the capital intensive, long lead time generating technologies such as nuclear and coal plants. Large unclear and coal plants were no longer the top choices. Instead, investors in the competitive market are interested in smaller, more efficient, cheaper, cleaner technologies such as CCGT(Combined Cycle Gas Turbine). Electricity is treated as commodity in the competitive market. The investors behavior in the commodity market shows that the new investment decision is made when the market price exceeds the sum of capital cost and variable cost of the new facility and the existing facility utilization depends on the marginal cost of the facility. This investors behavior can be applied to the new investments for the power plant. Under these postulations, there is the potential for power plant construction to appear in waves causing alternating periods of over and under supply of electricity like commodity production or real estate production. A computer model was developed to sturdy the possibility that construction will appear in waves of boom and bust in Korean electricity market. This model was constructed using System Dynamics method pioneered by Forrester(MIT, 1961) and explained in recent text by Sternman (Business Dynamics, MIT, 2000) and the recent work by Andrew Ford(Energy Policy, 1999). This model was designed based on the Energy Policy results(Ford, 1999) with parameters for loads and resources in Korea. This Korea Market Model was developed and tested in a small scale project to demonstrate the usefulness of the System Dynamics approach. Korea electricity market is isolated and not allowed to import electricity from outsides. In this model, the base load such as unclear and large coal power plant are assumed to be user specified investment and only CCGT is selected for new investment by investors in the market. This model may be used to learn if government investment in new unclear plants could compensate for the unstable actions of private developers. This model can be used to test the policy focused on the role of unclear investments over time. This model also can be used to test whether the future power plant construction can meet the government targets for the mix of generating resources and to test whether to maintain stable price in the spot market.

• Korean Journal of Construction Engineering and Management
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• v.20 no.3
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• pp.122-133
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• 2019

In the construction industry, bidding competitiveness is the most basic and important competence of the company. Bidding competitiveness comes from competitive advantage, but the strategy of the company to capture bidding competitiveness varies with the characteristics of the project. In particular, overseas construction is where uniqueness of the construction industry and the specificity of international business coexist. This study analyzes the bidding success ratio and the level of bidding difficulty by project characteristics with 12,952 overseas construction bidding cases. Consequently, it was found that the bidding success ratio of Middle East and North Africa (MENA) and civil engineering was the lowest in each group of project characteristics, and therefore the level of bidding difficulty is high, respectively. In addition, it was confirmed that the bidding success ratio of small size or short duration project was relatively high, and the bidding success ratio of both the negotiated bidding in the bidding method group and the private sector in the client type group was respectively high. However, Kruskal-Wallis test in contract type and period shows that there is no statistically significant difference in the bidding success ratio by group.

• The Korean Journal of Franchise Management
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• v.9 no.2
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• pp.7-16
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• 2018

Purpose - Turnover Intention in the franchise industry is becoming a very important issue. This study examines the structural relationships between organizational justice, emotion, job satisfaction, and turnover intention in the franchise industry. In this model, emotion was classified into two sub-dimensions such as positive and negative emotion. Research design, data, methodology - The sample of this study collected from employees of a food-service franchise company is representative. Copies of the questionnaire along with a cover letter were delivered by a research assistant to the human resources manager or the general manager of the selected food-service franchise firms after they agreed to participate in the study. In order to increase the response rate of the respondents, a small gift was provided to the respondents who completed the questionnaire. A total of 300 questionnaires were distributed and 285 returned responses, 9 responses were not usable due to missing information. Thus, a total of 276 responses were used using structural equation modeling with Smartpls 3.0. Results - The results showed that organizational justice had positive significant effects on positive emotion and job satisfaction. Job satisfaction had negative a significant effect on turnover intention. And negative emotion had positive significant effect on turnover intention. Conclusions - The results of this study provide some implications. If employees feel that the franchise headquarters is fair about the methods and procedures of decision making, resource allocation, information sharing, etc., it means that employees feel better. If the franchise's decision-making processes and methods and results are transparently disclosed and processed in accordance with the internal rules of the company, the employees will be able to fully understand and accept them. The results of this study also show that positive and negative emotions of service-based franchise employees have different effects on job attitude and organizational behavior. In particular, when negative emotions of employees are passed on to others and the results are negative, employees may feel that they are disoriented or wrong. Therefore, the franchise headquarters should try to inspire employees' sense of organizational community, and should pay attention to how to relieve the job stress and the fair distribution of work and rewards.

• Journal of Venture Innovation
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• v.4 no.3
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• pp.141-150
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• 2021

Although management decisions centered on the board of directors and directors must be made in order to effectively promote ESG management, the company's management is not obligated to make decisions considering ESG factors. A Korean corporation(company) is an established organization for commercial or other profit, and the purpose of treating a legal organization as a corporation is to easily handle the legal relationship of a group (corporate's property) and individual property of a group member, but legal person such as rights to "harm public rights" or "defend fraud". Criminal liability for illegal acts of a corporation, but the liability of a corporation (natural person) for illegal acts of a corporation is recognized within a limited range, but the criminal liability of a corporation (natural person) is limited. As the social responsibility of a corporation is great, limiting the responsibility of a corporation-related person (natural person) to civil responsibility will halve its effectiveness if considering the impact on the corporation's national economy. Objective requirements such as the completeness of control, hybridization of property, infringement of creditors' rights, and small-capitalization, and the subjective intention of abusing the company system to avoid legal application to controlling shareholders should be denied. Despite the increasing influence on corporate society, such as large-scale projects and astronomical business profits, corporate officials (natural persons) are forced to be held liable for negligence and intentional liability within a limited range. In such cases, it is necessary to introduce criminal responsibility separately from civil responsibility to legal persons (natural persons) in consideration of the maturity of capitalism in Korean society and the economic status of the world. In Korea, the requirements for recognition of corporate denial are strict, but the United States says that it is sufficient to have control or fraud. Therefore, it is not about civil responsibility, but about criminal responsibility of a legal person (natural person), so if fraud is recognized, it can strengthen the corporate social responsibility.

• Journal of Distribution Science
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• v.8 no.1
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• pp.21-33
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• 2010

The ICT(information & communication technology) led to a dramatic change of floral distribution service, a phase of competition between wholesales and retail stores, and distribution channels in floral industry. It was expected that a role of the intermediaries in this industry would have reduced due to the improvement of transaction process by ICT. However, the ICT made to overcome a regional limit of the floral retail distribution service leading to an increase in sales and enlargement of the stores. And even it made possible to bring out another type of intermediaries such as private associations. This case study focuses on what kinds of efforts the floral wholesale distributors have made to enable a distribution process more smoothly between the wholesale distributors and retail stores through the information system, and what the failure factors in adopting the information system have been. This paper is also to examine how the wholesale distributors have changed themselves to gain dominant positions in distribution channels. As a result of the study, it was found that the intermediaries mostly failed in successfully achieving the distribution channel innovation through the information system because of several main reasons. FLOMARKET Inc. tried to innovate a distribution channel to obtain high quality goods through consolidating a wholesale distribution market in that segregated both floral joint market from free markets. after implementing the information system with consideration of the failure factors, FLOMARKET Inc. was able to minimize goods in stock and make a major purchase of various goods. In addition, it made a possible pre-ordering process and an exact calculation of purchasing goods so they could provide their products with market price in real time, which helped for the company to gain credits from their customers. Also, FLOMARKET Inc. established the information system which well suited to its business stage in order to deal with a rapidly changing distribution environment. It's so obvious that the transaction processing system of FLOMARKET Inc. definitely helped to share information among traders more seamlessly and smoothly in realtime, standardize goods, and make a transaction process clearer. Besides, the transaction information helped the wholesale distributors and retail stores to make more strategic decisions in their business because through the system they enabled to gather the marketing intelligence information more easily and convenient. If we understand that the floral distribution market is characterized by the low IT- based industry, it's worth to examine a case study proving that the information system actually increases the productivity of the transaction process in the floral industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.191-211
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• 2022

As the value of highly sustainable companies increases, ESG(Environmental, Social, and Governance) has emerged as the biggest topic of discussion for companies around the world. In addition, as domestically, more research is being done on ESG in line with global trends, it is necessary to examine ESG research trends. Accordingly, ESG academic papers that have been published for the past 10 years were collected for each year, and frequency analysis was conducted using text mining techniques regarding key themes and thesis titles. This paper analyzed the number of selected publications by year and the cumulated number of studies through bibliometric analysis. The findings suggested that the number of ESG papers is increasing each year and that academic interest in ESG-related issues continues to abound. Next, according to the results of frequency analysis of the keywords and titles of the research papers, the words- "ESG", "company", "society", "responsibility", "management", "investment", and "sustainability"- were extracted. This analysis identified the research fields and keywords that have been relevant to ESG in the past 10 years. As a result of comparing the major ESG issues presented in recent overseas studies and the common factors of the ESG key keywords presented in this study, it was confirmed that the environment is the focus of recent studies compared to previous studies. Third, it was found that the data used by domestic ESG studies mainly include the KEJI index, the KRX index, and the KCGS ESG evaluation index. After identifying the main research subjects of ESG papers, research found that 8 out of 152 domestic ESG studies were focused on SMEs. Through this study, it was possible to confirm the ESG research trend and increase in research, and future researchers divided the research topics and research keywords and presented basic data for selecting more diverse research topics. Based on both, the arguments of previous ESG studies conducted on SMEs and the results of this study, there is a lack of studies on guidelines for ESG practice and their application to SMEs, and more ESG research regarding SMEs will need to be conducted in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.209-224
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• 2020

This study started from the question of whether the preference of corporate recruitment can be achieved without any difference between the start-up experiencer and the general job seekers. Therefore, the purpose of the study is to identify the factors related to start-ups that affect the preference of job seekers for companies, and to analyze the differences in the factors related to start-ups between general job seekers and job seekers with start-up experience. Third, it is to see the difference in the preference for employment between job seekers with start-up experiences and general job seekers. The independent variables of the research model were entrepreneurship, motivation for start-up (job search), and characteristics of the job seekers (founder). The dependent variables were job preference, and the moderating variables were presented as job seekers' classification (job seekers with start-up experience vs. general job seekers). The subjects of the study were personnel managers of 100 companies with more than 5 years of establishment and 100 new companies with less than 5 years of establishment. The questionnaire was distributed in two types, and 189 respondents, including 101 job seekers with start-up experiences and 88 general job seekers, were finally used for analysis. The results of the study were as follows. First, as a result of multiple regression analysis on both experienced start-up experiencers and general job seekers, only entrepreneurship had an effect on preference for recruitment. Second, the moderating effect of job seekers' classification was found only in the relationship between motivation for start-up and preference for employment. Third, the result of multiple regression analysis based on the start-up experiencers showed that the relationship between the motivation for start-up, the preference for recruitment, the characteristics of founders and the preference for recruitment was statistically significant. On the other hand, the characteristics of the founder and the preference for employment were rejected. Fourth, the results of the study based on general job seekers showed that the motivation for job search decreased the preference for employment. The study did not provide the results of differences in recognition between different industries, traditional enterprises and venture businesses due to the limitation of small examples. There is no clear definition of start-up experiencers either. However, it is meaningful to suggest the implications of what preparations should be made when the start-up experiencers close their start-ups and turn their career into employment and to help them to accurately recognize the importance of entrepreneurship. It also provides the preference of the general job seekers for the company, the preparation for successful employment, and the implications for the direction of the future start-up revitalization.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.39 no.4
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• pp.106-116
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• 2016

MTO (Make to Order) is a manufacturing process in which manufacturing starts only after a customer's order is received. Manufacturing after receiving customer's orders means to start a pull-type supply chain operation because manufacturing is performed when demand is confirmed, i.e. being pulled by demand (The opposite business model is to manufacture products for stock MTS (Make to Stock), which is push-type production). There are also BTO (Build to Order) and ATO (Assemble To Order) in which assembly starts according to demand. Lean manufacturing by MTO is very efficient system. Nevertheless, the process industry, generally, which has a high fixed cost burden due to large-scale investment is suitable for mass production of small pieces or 'mass customization' defined recently. The process industry produces large quantities at one time because of the lack of manufacturing flexibility due to long time for model change or job change, and high loss during line-down (shutdown). As a result, it has a lot of inventory and costs are increased. In order to reduce the cost due to the characteristics of the process industry, which has a high fixed cost per hour, it operates a stock production system in which it is made and sold regardless of the order of the customer. Therefore, in a business environment where the external environment changes greatly, the inventory is not sold and it becomes obsolete. As a result, the company's costs increase, profits fall, and it make more difficult to survive in the competition. Based on the customer's order, we have built a new method for order system to meet the characteristics of the process industry by producing it as a high-profitable model. The design elements are designed by deriving the functions to satisfy the Y by collecting the internal and external VOC (voice of customer), and the design elements are verified through the conversion function. And the Y is satisfied through the pilot test verified and supplemented. By operating this make to order system, we have reduced bad inventories, lowered costs, and improved lead time in terms of delivery competitiveness. Make to order system in the process industry is effective for the display glass industry, for example, B and C groups which are non-flagship models, have confirmed that the line is down when there is no order, and A group which is flagship model, have confirmed stock production when there is no order.

• International Commerce and Information Review
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• v.18 no.3
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• pp.181-201
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• 2016

In this study, transaction cost approach was applied to analysis on direct export determinants of SMEs by using key attributes of transactions, asset specificity, environmental uncertainty, frequency and marketing capability, with a parameter of opportunism. Typical Transaction Cost Analysis theory explains that when transaction cost with business channels(whether it is for buy or sell) increase, the firms integrate the channels. So it is a choice made by firms regarding direct versus indirect channels. The theory was extended to a model of choice of institutional form of direct or indirect export by a norm of opportunism in this empirical study. The survey result showed that lower level of asset specificity and marketing capability or higher level of environmental uncertainty were likely to expose indirect exporters to higher level of opportunism of direct exporter. And we also saw that indirect exporters were likely to choose direct export chanel when opportunism of exporters was higher. From the standpoint of theory, we can say that the basic propositions of the Transaction Cost Analysis, except the attribute of frequency, are supported. This study result could provide a profiling of target business areas and firms for government's policy on direct export promotion of SMEs.

• The Journal of Industrial Distribution & Business
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• v.2 no.1
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• pp.23-28
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• 2011

In recent years Mag-Geol-Li is becoming popular again and the consumption layer of Mag-Geol-Li is definitely younger. Nowadays, Mag-Geol-Li is the main traditional alcohol and without consideration of ages and genders whoever can enjoy Mag-Geol-Li. Producers should ensure fair price of goods and improve production facilities to maximize products to meet the needs of consumers who will buy. In the studies I discuss about the ways to improve the distribution of Mag-Geol-Li, the theories about Mag-Geol-Li, Social backgrounds and effects of Mag-Geol-Li why it is becoming popular and improvement of the distribution structure of Mag-Geol-Li and impact of big Mag-Geol-Li company in Mag-Geol-Li industry. Lately, people can enjoy Mag-Geol-Li without burden because of low alcohol. It is gaining a good response by consumers because Mag-Geol-Li contains lactobacillus, yeasts and dietary fiber, also it is well balanced with nutritional aspects. There are not only huge factory to produce Mag-Geol-Li but also most are still cottage industry. Therefore, quality management does not work well because the majority of Mag-Geol-Li is small businesses. In spite of there are a lot of ways to improve the distribution structure and problems of Mag-Geol-Li, but none provide any improvement that make consumer awareness about the main cause of the problem is inaccurate. The ultimate goal of improving the distribution structure of Mag-Geol-Li is activating the market, the improvement of production facilities and safe for consumers with affordable price and good quality product. As mentioned above, to improve and change the logistics systems and hygiene, government support is required and Mag-Geol-Li companies should be recognized the distribution system as a major problem.