• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.749-759
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• 2021

We investigate the relationship between ownership control disparity and future firm value in high-technology industries, and whether the effect of ownership control disparity on future firm value is differentiated when high-tech industry firms belong to chaebol groups. Using 11,848 firm-year observations of Korean firms listed on the stock market from 2006 to 2019, we employ univariate analysis and Heckman 2 stage analysis to test our hypotheses. We define high-technology industries as ICT industries based on the Korean Standard Industrial Classification. We measure future firm value using average Tobin's q for the next three years and ownership control disparity using the shareholding ratio of affiliated companies. Our univariate test results show that mean of Tobin's q is higher in ICT firms than non-ICT firms and firms largely owned by affiliates. In multivariate test, we find that the ICT firms with higher ownership control disparity are positively associated with future firm value. However, this association is lessened when firms belong to a chaebol group. Based on our findings, we suggest ownership control disparity has an additional positive effect on future firm in high-technology industries. The negative impact of chaebol groups on the association suggests the possibility of diversification discount in business group.

• Journal of the Korean Operations Research and Management Science Society
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• v.40 no.1
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• pp.57-73
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• 2015

While many previous studies investigated the effect of operations performance on financial performance, most studies considered only a few performance indicators and ignored the characteristics of industries. Therefore, this study intends to analyze the effect of operations performance on financial performance, by selecting a rather comprehensive operations performance indicators from firms' financial data. In doing so, we used operating efficiency and supply chain performance indicators for operations performance and a firm's profitability and future value indicators for financial performance. For the analysis, we collected 544 firms' operations and financial performance data belonging to eight key industries from the 'Forbes Global 2000'. We first analysed the differences in operations and financial performance among high, medium and low supply chain performance groups based on the quantitative criteria of Gartner's 'Supply Chain Top 25' ranking procedure. Then we analysed the effect of operations performance indicators on financial performance for both entire industry and individual industries, using multiple regression. Based on the results, we provided practical insights into key operations performance indicators to focus on and manage in order to improve financial performance.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1033-1039
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• 2020

Vietnam is conducting an export-led growth model and labour-intensive industries contributing majorly to the total export value. In the context of Industry 4.0, the labour-based industries are significantly affected; hence, enhancing productivity is the key measure to maintain these industries. The garment industry contributes significantly to the total export value of Vietnam. Based on meta-frontier framework, the approach of data envelopment analysis is used to measure technical efficiency of Vietnamese garment firms and the global Malmquist TFP index is utilised to identify productivity change and its components including efficiency, technology and technical gaps between different groups of firms. The data of Vietnamese garment firms from 2013 to 2018 collected from the Vietnam General Statistic Office is used in this study. The results show that: (i) The total factor productivity of Vietnamese garment firms growth, technical progress is the main contributor; (ii) The private garment sector is the leading group; (iii) There is a large technological gap among Vietnamese garment sectors. The private and FDI garment firms have experienced a growth in all components of total factor productivity change. Meanwhile, technological progress change is the main reason to constrain the productivity growth of state-owned garment firms.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1996.04a
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• pp.733-736
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• 1996

Neural Network(NN) is known to be suitable for forecasting corporate bankruptcy because of discriminant capability. Bankruptcy prediciton on NN by now has mostly been studied based on financial indices at specific point of time. However, the financial profile of corporates fluctuates within a certain range with the elapse of time. Besides, we need a lot of data of different bankrupt types in order to apply NN for better bankruptcy prediciton. Therefore, we have decided to focus on textiles and clothing industries for bankruptcy prediction with limited data. One part of the collected data was used for training and calibration, and the other was used for verification. The model makes a learning with extended data from financial indices at specific point of time. The trained model has been tested and we could get a high hitting ratio relatively.

• Korean Management Science Review
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• v.14 no.2
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• pp.91-111
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• 1997

Neural Network(NN) is known to be suitable for forecasting corporate bankruptcy because of discriminant capability. Bandkruptcy prediction on NN by now has mostly been studied based on financial indices at specific point of time. However, the financial profile of corporates fluctuates within a certain range with the elapse of time. Besides, we need a lot of data of different bankrupt types in order to apply NN for better bankruptcy prediction. Therefore, We have decided to focus on textile and clothing industries for bankruptcy prediction with limited data. One part of the collected data was used for training and calibration, and the other was used for verification. The model makes a learning with extended data from financial indices at specific point of time. The trained model has been tested and we could get a high hitting ratio relatively.

• Journal of the Korean Operations Research and Management Science Society
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• v.14 no.2
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• pp.91-91
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• 1989

Neural Network(NN) is known to be suitable for forecasting corporate bankruptcy because of discriminant capability. Bandkruptcy prediction on NN by now has mostly been studied based on financial indices at specific point of time. However, the financial profile of corporates fluctuates within a certain range with the elapse of time. Besides, we need a lot of data of different bankrupt types in order to apply NN for better bankruptcy prediction. Therefore, We have decided to focus on textile and clothing industries for bankruptcy prediction with limited data. One part of the collected data was used for training and calibration, and the other was used for verification. The model makes a learning with extended data from financial indices at specific point of time. The trained model has been tested and we could get a high hitting ratio relatively.

• STI Policy Review
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• v.5 no.1
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• pp.98-111
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• 2014

Since Deng Xiaoping's implementation of the "One China, Two Systems" policy, mainland China and the other Chinese regions of Hong Kong and Macau have cooperated in various ways to work towards successfully developing China's overall economy and industries. Particularly, cooperation between Guangdong Province and adjoining Hong Kong have been contributing to China's development, and this study explores their industry conditions including their current two governments policies designed to promote collaboration. The two partners were in a cooperative relationship even before the handover of Hong Kong, beginning with a "front shop, back factory" model built on their respective comparative advantages in labor-intensive industries in the 1980s. This cooperation effectively propelled the Pearl River Delta Region's industrialization process and enabled Hong Kong to transform from a manufacturing industry-based economy to a service industry-based economy. From the early 2000s, Guangdong and Hong Kong diversified their collaboration project from culture to high-tech. Also, both authorities produced several types of policies not only to promote both industries but also to harmonize their two different economic levels and models. As a result, the Guangdong and Hong Kong economies have developed remarkably well during the past two decades and continue to form future plans that carry plenty of optimism. Nonetheless, this study showed discrepancies between engineers and scientists from the two areas in their perception of their technology and science cooperation. Hong Kong experts were more negative in their responses but noted some successes of the collaboration, while Guangdong's group showed overall positive responses. This difference results from an unbalanced role in cooperation. Hong Kong's side responds to cooperation plans and takes on leading roles with more frequency than Guangdong's side in actual cooperation project processes.

• Journal of the Korean Wood Science and Technology
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• v.42 no.5
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• pp.499-509
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• 2014

Wood filler is a porous and anisotropic material having different size, shape, and aspect ratio. The use of wood fillers such as wood particle, wood flour, and wood pulp in wood plastic composites (WPCs) are growing rapidly because these wood fillers give improved strength and stiffness to WPCs. However, the wood fillers have originally poor compatibility with plastic matrix affecting the mechanical properties of WPCs. Therefore, to improve compatibility between wood and plastic, numbers of physical and chemical treatments were investigated. While the various treatments led to improved performances in WPC industries using petroleum-based plastics, full biodegradation is still issues due to increased environmental concerns. Hence, bio-based plastics such as polylactide and polyhydroxybutyrate having biodegradable characteristics are being applied to WPCs, but relatively expensive prices of existing bio-based plastics prevent further uses. As conventional processing methods, extrusion, injection, and compression moldings have been used in WPC industries, but to apply WPCs to engineered or structural places, new processing methods should be developed. As one system, co-extrusion technique was introduced to WPCs and the co-extruded WPCs having core-shell structures make the extended applications of WPCs possible.

• STI Policy Review
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• v.2 no.3
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• pp.1-12
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• 2011

North Korea is now under the pressure of international sanctions due to its nuclear tests, firing of long-range ballistic missiles, the sinking of the ROK naval frigate the Cheonan, and the artillery attack on Yeonpyeong Island that killed four people. To overcome the burden of sanctions North Korea has exerted various efforts to reconstruct its industries. However, it is very unlikely that these reconstruction efforts would produce significant results due to the structural problems of the antiquated infrastructure of North Korean industries. In the future, it is expected that South Korea will have to cooperate with North Korea for the reconstruction of the North Korean economy after the North Korean nuclear issue will be peacefully resolved. South Korean government has to prepare for the reconstruction with careful planning based on analysis of North Korean industries. But, the number of previous studies that have analyzed the technological level of North Korean industries are quite limited. In preparation for the future inter-Korean industrial cooperation, this study tries to analyze the technological level of North Korean industries. The steel industry has been selected as the focus for the main analysis of this study due to the importance of the steel industry as one of key infrastructure industries. Additionally, this study tests the sustainability of the North Korean steel industry by looking into the possibility of whether the North Korean steel industry can sustain or grow while maintaining global competitiveness in the future when the market opens to the world. Such analysis is expected to contribute to the joint prosperity of two Koreas in the short term and the reduction of unification costs in long term.

• Transactions of the KSME C: Technology and Education
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• v.5 no.1
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• pp.53-61
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• 2017

In this review paper, the trend for optical technology is described as the development of mechanical industries in the $21^{st}$ century. Optical technology has been essential in various industries such as mechanical, electronic industries as the convergence technology. Based on the roadmap of optical science and technology, 12 working groups are categorized as the technical point of view and most of them are closely related to mechanical industries. Especially, solid-state lighting, optical metrology and industrial laser processing are important technologies in precision engineering and manufacturing. This paper introduces these optical technologies and their technological issues to look into the development trends and expectation.