• 산경연구논집
• /
• 제9권6호
• /
• pp.49-55
• /
• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.617-624
• /
• 2021

The purpose of this study is to develop a Technology Acceptance Model (TAM), to determine differences in gender perceptions in adopting non-cash transactions. In this study, the authors provide a measurement of differences in gender perceptions in adopting cashless, which refers to perceived usefulness, perceived ease-of-use, and perceived security. Respondents in this study were students from the millennial generation who are very familiar with the use of technology, especially non-cash transactions. The data collection technique used in this study was a survey, by distributing questionnaires to 260 respondents. The data were processed statistically through Structural Equation Modeling (SEM). The results of this study indicate that for men, ease-of-use of transactions does not increase the use of non-cash transactions. Meanwhile, for women, perceived ease-of-use has a significant and positive effect on the use of non-cash transactions. Furthermore, perceptions of usability and security have a positive and significant impact on using non-cash transactions. It was also found that female students had a positive, but not significant, effect on the use of non-cash transactions. This means that there has been a difference in the perception of gender, between men and women, in responding to the use of non-cash transactions.

• 한국항행학회논문지
• /
• 제12권4호
• /
• pp.357-365
• /
• 2008

방송은 서버와 이동 클라이언트가 무선 채널을 사용하여 효율적으로 상호작용하는 방법이며, 방송 환경은 다양한 응용들로 구체화되고 있다. 방송 환경에서 제안된 대부분의 연구들은 판독 전용 이동 트랜잭션을 주로 다루고 있으나 최근에는 이동 클라이언트에서도 갱신 트랜잭션을 수행하는 응용들이 나타나고 있다. 따라서 이 논문에서는 방송 환경에서 갱신 연산 위주로 구성된 이동 트랜잭션을 위한 동시성 제어 방법을 제안하고자 한다. 낙관적 방법으로 갱신 트랜잭션을 수행하게 되면 충돌로 인해 반복 철회되는 문제가 발생한다. 이 문제를 해결하기 위해서는 충돌 관계에 있는 트랜잭션을 분산 수행해야 하는데, 기존의 연구에서는 불필요한 철회가 발생하였다. 이에 이 논문에서는 트랜잭션을 분산 수행시키되, 초기에 발생하는 불필요한 철회를 방지할 수 있는 방법을 제안하고자 한다. 제안하는 방법은 불필요한 업링크의 사용이 없고, 이동 클라이언트의 자원을 절약할 수 있다.

• 전자공학회논문지CI
• /
• 제40권6호
• /
• pp.22-31
• /
• 2003

데이터베이스 시스템에서 기존의 동시성 제어전략은 통신 중단이 빈번히 발생하는 모바익 컴퓨팅 환경 하에서는 부적절하다. 모바일 컴퓨팅에서는 거래들을 처리하기 위한 시간이 극히 제한적이다. 이러한 시간을 가장 효율적으로 활용하기 위해서는 단기거래위주의 처리가 바람직하다 통신 중단으로 인한 Service Handoff는 특히 단기거래인 경우 모바일 거래들의 성능을 저하시킬 수 있다. 이타적 잠금 기법은 lock/unlock연산 이외에 donate 연산을 사용하기 때문에 단기거래 들에 대해 효율적이다. 모바일 컴퓨팅에서 이타적 잠금 기법을 사용했을 경우 단기거래의 성능은 향상될 수 있다.

• 한국유통학회지:유통연구
• /
• 제1권2호
• /
• pp.9-28
• /
• 1996

Recent research has examined how changing a buyer's purchasing policy can improve the efficiency of buyer-seller transactions for a single product. This paper extends the analysis to consider transactions involving multiple products. We show that under certain conditions, coordinating purchases across products is more efficient for the buyer and the seller than maximizing transctions efficiency for each separate product. In contrast to the single product case, the original prices of the products sometimes can support efficient, coordinated transactions across products. Mechanisms like quantity discounts, which are necessary to enforce efficient transactions for a single product, are therefore not always necessary for efficient, coordinated transactions of multiple products. When such mechanisms are required, we show that product bundling by the seller can be used to maximize transactions efficiency across products.

• 한국전자통신학회논문지
• /
• 제5권4호
• /
• pp.464-470
• /
• 2010

부동산 거래는 본원적으로 인간과 부동산과의 조화 및 관계개선이 요청되는 것이나 거래과정에 따라서 불의의 거래사고가 발생하여 오히려 그 관계가 악화되는 경우가 많다. 우리나라 부동산 거래관행은 부동산 거래와 관련해 체계적인 도움을 받기 매우 어렵고, 부동산을 거래하면서 필수적으로 검토해야 하는 권리관계 역시 세밀하고 정확하게 분석하기에는 한계가 있을 수밖에 없다. 따라서 부동산 거래로 인한 피해예방 및 손해배상제도를 보완하고, 중개거래활동에 있어 현재의 부동산 중개제도의 문제점을 해소하기 위해서 부동산 거래사고의 근본적인 원인중의 하나로 지적되는 공인중개사제도의 질적향상과 전문성을 제고할 것을 제안한다.

• 통상정보연구
• /
• 제12권4호
• /
• pp.405-427
• /
• 2010

This legal study is to compare the Electronic Transactions Act in Thailand(hereinafter 'ETA') with mainly other countries electronic transactions acts, such as UNCITRAL MLEC, UECIC, VETA, UCITA and Korea' Electronic Transactions Act The ETA is consisted of 6 chapters which included preamble and definitions. Each chapter's main point as follows. Preamble is related to the name, time of legal effect, scope and definitions. Chapter 1 is not only general principles of electronic transactions, required restriction in addition to specify the limit of application, documentation, evidential weight in reference to the data message, but also the conditions of offer and acceptance through data message, time and place of dispatch and receipt of data message, certification between origination and addressee. According to media-neutrality and the effectiveness security requirement of data message under the information system, legal certification is related to the exchange's declaration of intention, define about origination-addressee of data message. Chapter 2 is composed to provide expressly about the effectiveness security in electronic signature. Those contents are to compare the MLEC, UECIC and Electronic Transactions Act in Korea. Chapter 3 is related to legal definitions that present legal requirement about service relating electronic transaction which contents accept domestic law, the adequate requirement as eligibility, satisfied matter, self-reliance ratio of finance and other detail standard Chapter 4 is deal with the transaction which are public sector and those application requirements. And also this chapter are composed regulations about direct-indirect purpose of Thailand domestic electronic government.

• 무역상무연구
• /
• 제17권
• /
• pp.129-146
• /
• 2002

The electronic technology development have occurred in the face of existing legal barriers to legal efficacy of computer information goods, and the liberating promise of electronic transactions cannot fully realized unless there is predictability in the legal rules that govern such transactions. This study analyzes some theoretical fundamentals of the Act. First, it proposes that the Act clarify and set forth uniform legal principles applicable to computer information transactions. Secondly, it suggests that if the individual is risk averse, the acceptance set for electronic transactions will be a convex set, and that the application of the Act will make the acceptance set more expanded by lowering the probability of conflicts and by downsizing the risk averness. Thirdly, it also suggest that through the mothod of contingent commodities analysis, the application of the Act by means of its restricted regulations will give more expected utility than the absence of the Act. Fourthly, it derives some implications that the degree of legitimate restriction will be affected by the objective risk inherent to the electronic transactions, and the individual's subjective risk-averseness. Finally, it concludes that harmonization of restriction and protection of individual's rights in electronic transaction process will be a necessary condition for more efficient body of law from the law-economic perspectives.

• 한국정보처리학회논문지
• /
• 제3권6호
• /
• pp.1365-1374
• /
• 1996

분산 환경하에서 전역 트랜잭션의 원자성을 보장하기 위해 보편적으로 사용하는 2단계 완료규약(2PC)의 블록킹 현상을 완화하기 위해 낙관적 2PC를 사용할 수 있다. 낙관적 2PC는 보상 트랜잭션을 사용하여 트랜잭션의 원자성을 의미적으로 보장하게 되지만 보상 트랜잭션의 특성으로 인하여 전역 직렬성(global serializability)을 위 배할 수 있다. 본 논문에서는, 전역 트랜잭션의 상태전이 분석을 통하여 전역 직렬성 을 보장하는 올바른 전역 트랜잭션 관리 규약들을 제안한다. 제안된 규약들은 한 전 역 트랜잭션의 실행을 결정하기 전에 동시에 실행되는 다른 전역 트랜잭션들의 상태 를 검사하여 이 결과에 따라 전역 트랜잭션의 실행을 지연시킴으로써 전역직렬성을 보장한다.

• 통상정보연구
• /
• 제9권3호
• /
• pp.287-304
• /
• 2007

Determination of the time and place of dispatch and receipt of electronic messages is an important element of the operation of many rules of law, particularly the timing of formation of the contract. In this paper, I reviewed interpretation and application of time and place of dispatch and receipt of electronic records in electronic transactions under the UNCITRAL(United Nations Commission on International Trade Law) Model Law on Electronic Commerce, USA Uniform Electronic Transactions Act and Korea Electronic Transactions Act. Time of dispatch and time of receipt are effective when received. The sender has the burden to prove that the electronic record is sent successfully to the information process system of the recipient. Therefore, to safety electronic transactions, the sender needs to request a confirm notice for receipt to the recipient when the electronic record is sent like the provisions of UNCITRAL Model Law on Electronic Commerce and Korea Electronic Transactions Act. By requesting the above, the sender is able to take precautionary measures for damage according to the failure of dispatch and receipt of the electronic records.