• 산경연구논집
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• 제10권3호
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• pp.7-16
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• 2019

Purpose - The purpose of this paper is to investigate the determinants of corporate anti-corruption practice disclosure (ACPD) from the perspective of rent-seeking theory. Research design, data, and methodology - Data are hand-collected from corporate social responsibility reports (CSRR) issued by 724 A-share listed firms in China. This paper provides an empirical analysis of the relationship between ownership structure and corporate ACPD as well as its moderating role in the institutional environment. Results - Our findings indicate that rent-seeking is a key factor in influencing corporate ACPD. State-owned enterprises disclose significantly more anti-corruption information than private ones in order to achieve personal promotion of top executives. Monopoly enterprises reported significantly less anti-corruption information than enterprises in competitive industries due to their rent-seeking behavior. The reduction of government intervention and improvement of legal environment are helpful to curb corporate rent-seeking activities and enhance the level of corporate ACPD. Conclusions - Rent-seeking is an important factor in explaining corporate voluntary disclosure in emerging countries. Institutional environment also plays a moderating role in the relationship between ownership structure and corporate voluntary disclosure. Our results are of interest to policy makers, regulators and market participants that are interested in corporate voluntary disclosure and corruption prevention.

• 한국공간정보시스템학회 논문지
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• 제11권2호
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• pp.79-88
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• 2009

실시간으로 입력되는 스트림을 저장하기 위한 메모리의 크기는 동적으로 변한다. 이 데이터 스트림을 처리하는 연속질의는 저장공간의 크기를 동적으로 관리해야 한다. 이를 위해, 저장되는 현재 데이터양에 따라 즉시 페이지 단위로 메모리를 할당 및 해제하는 기본적인 메모리 관리자가 연구되었다. 그러나 이 방법은 데이터 스트림을 저장하기 위해 메모리의 할당 및 해제를 매우 빈번하게 수행하게 된다. 또한 질의가 메모리가 부족할 때 즉시 페이지를 할당하기 때문에, 특정 지연되는 질의가 대량의 페이지를 점유하는 문제를 발생시킬 수 있다. 메모리관리자에서 발생하는 이와 같은 문제에 초점을 맞추어, 본 연구는 할당 및 해제 빈도수를 감소시키고, 질의 별로 최대한 균등하게 페이지를 분배하는 메모리 관리 기법을 제안한다. 본 기법은 질의의 페이지 이용률을 이용하여 할당 및 해제 빈도수를 크게 감소시키고, 질의의 지연 상태에 따른 메모리의 할당을 통하여 특정 질의의 메모리 독점을 방지할 수 있다.

• KDI Journal of Economic Policy
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• 제25권1호
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• pp.55-98
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• 2003

본 연구는 국내 은행산업의 대형화 및 시장집중도 상승에 따른 은행서비스 시장의 경쟁저하 및 독과점화 우려에 대해 실증적인 분석을 시도한 것이다. 실증분석은 1996년 1월부터 2002년 12월까지 84개월 동안의 은행산업 관련자료를 이용한 Bresnahan-Lau 방법, 즉 은행서비스에 대한 수요함수와 공급함수를 추정하는 방법으로 진행되었다. 추정결과는 전체 표본기간 동안에는 국내 은행산업이 완전경쟁 수준의 가격설정행태(pricing behavior)를 보였으며, 시장집중도 상승을 고려하여 표본기간을 구분할 경우 구분시점에 따라 다소 차이는 있으나, 일반적인 우려와는 달리 시장집중도가 상승한 이후에 적어도 현재까지는 경쟁이 저하되지는 않았다는 것을 시사하고 있다.

• 전자공학회논문지
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• 제50권2호
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• pp.11-19
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• 2013

인터넷 서비스 제공자들은 차등화 서비스를 제공하기 위한 정책적인 수단으로, 혹은 일부 악의적인 사용자들로 인한 회선의 독점적 사용을 막기 위한 수단으로 각 사용자의 최대 데이터 전송 속도를 일정 수준 이하로 제한하고 있다. 이 논문에서는 이러한 최대 접속 속도의 제한이 서비스 제공자의 수입과 서비스 가격 결정에 미치는 영향을 분석하고자 한다. 우리는 먼저 최대 접속 속도의 제한을 고려한 현실적인 인터넷의 서비스 품질 모델을 제안하고, 각 사용자에 대한 최대 접속 속도의 제한이 사용자들의 서비스 가입 결정에 어떻게 영향을 미치는 지 분석한다. 또한 그에 따라 변화하는 서비스 제공자의 수입이 안정성을 보장 받기 위한 조건을 유도하여, 수입을 최대화하기 위한 가격 결정 방법을 최적화 문제로 나타낸다.

• 국제지역연구
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• 제13권3호
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• pp.3-27
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• 2009

이 논문은 1996년부터 2006년까지의 은행별 데이터를 이용하여 몽골은행산업의 시장지배력을 검증하였다. 현재까지 은행산업의 경쟁에 대한 연구는 주로 선진국을 대상으로 하여 이루어 졌으며 개발도상국에 대한 연구는 아직 미진한 상태로 남아있다. 특히 이행경제를 경험한 개발도상국인 몽골을 대상으로 한 첫 번째 연구라는 점에서 본 연구의 의의가 있다. 연구 결과에 따르면 몽골은행 시장구조가 완전경쟁 또는 독점적 시장구조라는 가설이 기각이 되었으며 독점적 경쟁구조는 기각할 수 없었다. 이는 몽골 은행산업에서의 시장경쟁이 시장구조변수인 시장집중도가 나타내는 것보다 더 경쟁적임을 시사한다. 신규은행들의 진입과 잠재적 시장진입이 경쟁력 제고에 영향을 미친 것으로 판단된다.

• 유통과학연구
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• 제21권6호
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• pp.21-29
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• 2023

Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out. Results: The monopoly of holding companies' listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value. Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.

• 한국산업정보학회논문지
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• 제23권6호
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• pp.59-66
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• 2018

본 논문에서는 오픈소스 프로젝트를 표방하는 디지털 아마추어 무선용 저속 음성 코덱인 Codec 2와 900MHz FSK 트랜시버를 이용하여 PTT(Push to talk) 양방향 무전기를 구현하고, 장거리 음성통신이 가능한지 여부를 실험했다. 일반 디지털 무전기의 경우, 성능 면에서 업계 표준으로 인정되고 있는 AMBE+2 코덱을 사용하는데, 가격이 고가이며 기술의 독점성을 가지고 있다. 주파수 측면에서 보면 400MHz 대역을 사용하는 경우, DMR 12.5kHz, DPMR 6.25kHz의 협대역을 사용하기 때문에 데이터 전송률이 낮다. 900MHz 대역은 대역폭을 확장할 수 있어서 데이터 전송 측면에서도 장점이 있다. 음질 및 통달 거리에 대한 필드 테스트를 진행한 결과, 약 500m 내에서 통신이 이루어지는 것을 확인할 수 있었다. 본 논문에서는 음성통신에 대한 검토가 이루어졌지만, 간단한 이미지와 같은 데이터 전송에 대한 검토가 추가된다면, 이 솔루션이 저가형 IOT 생활 무전기로서 다양한 분야에 활용할 수 있을 것으로 판단된다.

• Journal of Korea Trade
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• 제25권1호
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• Journal of Korea Trade
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• 제27권1호
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• pp.79-100
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• 2023

Purpose - The purpose of this study is to analyze the market power of the Korea Container Shipping Market (Intra Asia, Korea-Europe, and Korea-U.S.) to verify the existence of collusion empirically, and to answer whether the joint actions of liner market participants in Korea have formed market dominance for each route. Precisely, it will be verified through the Lerner index as to whether the regional market of Asia is a monopoly, oligopoly, or perfect competition. Design/methodology - This study used a Lerner index adjusted with elasticity presented in the New Imperial Organization (NEIO) studies. NEIO refers to a series of empirical studies that estimate parameters to judge market power from industrial data. This study uses B-L empirical models by Bresnahan (1982) and Lau (1982). In addition, NEIO research data statistically contain self-regression and stability problems as price and time series data. A dynamic model following Steen and Salvanes' Error Correction Model was used to solve this problem. Findings - The empirical results are as follows. First, λ, representing market power, is nearly zero in all three markets. Second, the Korean shipping market shows low demand elasticity on average. Nevertheless, the markup is low, a characteristic that is difficult to see in other industries. Third, the Korean shipping market generally remains close to perfect competition from 2014 to 2022, but extreme market power appears in a specific period, such as COVID-19. Fourth, there was no market power in the Intra Asia market from 2008 to 2014. Originality/value - Doubts about perfect competition in the liner market continued, but there were few empirical cases. This paper confirmed that the Korea liner market is a perfect competition market. This paper is the first to implement dynamics using ECM and recursive regression to demonstrate market power in the Korean liner market by dividing the shipping market into Deep Sea and Intra Asia separately. It is also the first to prove the most controversial problems in the current shipping industry numerically and academically.

• 유통과학연구
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• 제14권10호
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• pp.47-57
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• 2016

Purpose - This study's purpose is to investigate the market structure of the Korean duty free shop industry that has received recent attention from researchers and practitioners. By raising the question of whether or not the Korean duty free shop industry is unequivocally monopolistic, a wider viewpoint is provided. The study seeks to offer insights and managerial implications for marketers and policy makers who are in charge of regulating major Korean duty free shops. Research design, data, and methodology - The authors use secondary data from various sources, including Korea Customs Service and the Moodie Report, to investigate the structure of the duty free shop industry of Korea. Based on several theories, they present various criteria and statistical evidence such as K-firm concentration ratio, HHI, consumer substitutability, excess profit, and marketing costs. Results - In terms of consumer substitutability, it is difficult to confirm whether or not the Korean duty free shop industry is monopolistic. Notwithstanding monopoly characteristics in terms of market share, neither the company Lotte nor Shilla appear to have market dominating power. It is not easy for either of them to control prices or to achieve a much lower operational profit ratio due to a dominant bargaining power. Moreover, the license is not an economic rent. In this situation, it is not easy for these companies to obtain an excessive profit. Conclusions - Considering that most global duty free shops are trying to go upscale to improve bargaining power, it does not seem likely that rigid regulations are needed in the industry. Even though the Korean duty free industry ostensibly has a monopolistic structure, government and policy-makers should look beyond the surface. They should take global and other reasonable criteria into consideration when they establish or change regulation policies. Thorough understanding and appropriate support are needed for the Korean duty free shop industry. Additionally, duty free shops should position themselves as global companies struggling against unlimited international competition, rather than Korean domestic companies. At the same time, they need to give customers appropriate information about the benefits they provide.