• International Area Studies Review
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• v.14 no.1
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• pp.121-138
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• 2010

This paper investigates the effectiveness of the Bretton Woods II hypothesis, by analysing the relationship between the exchange rates and the U.S. current account against 9 Asian countries for the period of 1999-2008. According to the estimation results, It is found that the Asian currencies' real depreciation significantly have worsened the U.S. current account against the Asian countries. Also, the U.S. current account was significantly affected by GDP and investment of the U.S. and the Asian countries. Thus, It is hard to say that the main driver of the global imbalance is the exchange rates devaluation policies of Asian countries as the Bretton Woods II hypothesis argues. The global imbalance is more likely to be complementally affected by savings glut in the Asian region and the deficiency of net saving in the U.S. Therefore, the global imbalance is expected to adjust when economic conditions besides exchange rates change.

• Korea Trade Review
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• v.41 no.3
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• pp.135-156
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• 2016

This study, with reference to data on economic conditions in Shandong Province, China, looked into trade and investment activities in Korea and major cities of Shandong - Qingdao, Yantai, Weihai and Jinan - and investigated claim cases between the two countries by type. In addition, we investigated the matter empirically by conducting a survey administered to 300 Korean companies investing in Shandong Province and, based on the data, tested hypotheses for inferential analysis. The findings are as follows: i) while hypotheses in which the size of a firm, represented by import and export volume, has a positive relation with the frequency of trade claim filings (H1) and with the financial value of the trade claims (H2) were quoted, company size proved to have a significantly negative relation with the time required to obtain a claim decision, which rejects the third hypothesis (H3) in which the relation was thought to be positive: ii) while products, as represented by the type of business, showed a clearly significant difference with the frequency of trade claim filings (H4) and with methods of preventing and responding to claims (H6), they did not show a significant link to the type of trade claim (H5). This study is a theoretical and empirical overview of Korean companies based in Shandong Province of China, and can be used to address the practical needs of the Korean companies looking to start business in Shandong Province.

• Management & Information Systems Review
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• v.34 no.5
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• pp.277-293
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• 2015

Mutual Savings Banks generally have weaker governance structure than other financial institutions, so the possibility of earnings management by owner-largest or managements of mutual savings banks is higher than other financial institutions. This study examines the relationship between corporate governance and quality of internal control of financial reporting. If the expropriation of minority shareholder hypothesis holds, we predict that the larger block shareholder in mutual savings banks, the weaker the internal control system by more likely the opportunistic earnings management by bank managers. On the other hand, under the convergence of interest hypothesis, we predict that the larger block shareholder in mutual savings banks, the stronger the internal control system by reduction in agency costs as owner-manager's holdings increases, and there a negative relationship is expected between internal control weakness and the holdings of the owner-largest shareholder. We find that mutual savings banks with higher owner-largest shareholder equity has significant positive relations with their internal control of financial reporting material weakness. This result suggests that the greater owner-largest shareholder equity, the more likely the opportunistic earnings management, so that decrease quality of internal control. This paper extends the literature on financial institutions corporate governance to verify whether governance system, especially, owner-largest and quality of internal control has significant positive relations.

• Journal of the Korea Institute of Building Construction
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• v.17 no.5
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• pp.453-463
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• 2017

Due to the increase in the size of buildings and scale, the importance of construction engineering that reflects the constructability from the design stage of the project is increasing. Especially, engineering efforts related to facilities, equipment and construction methods for temporary work at the design stage can significantly contribute to improvement of constructability and project performance. The purpose of this study is to derive construction engineering tasks on temporary work at the design phase of the high-rise building projects. 27 preliminary tasks were firstly investigated through literature review and experts' group interview, and the necessity and importance analysis of each tasks were then performed based on questionnaire survey. Most of the tasks related to plans on structural framework and lifting equipment were analyzed as relatively more important ones. Lastly, 21 engineering tasks, which are classified into 5 factors, were proposed through factor analysis. The factors were determined as 1) structural framework, measurement and circulation, 2) lifting equipment and pumping, 3) space zoning, 4) water supply, 5) temporary facility, electric power supply and lighting. The results of this study can be used as basic data for establishing efficient work process of construction engineering on temporary work at the design phase.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.1-36
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• 2005

In this study, we analyzed determinant factors of leverage ratio and debt maturity for Korean firms in the simultaneous equation system using 2SLS (two stage least square) method under assumption that two variables are jointly determined in the capital structure decision. As a result of the analysis, we found that leverage ratio and debt maturity are positively related. Also, as for determinant factors of debt maturity, agency cost hypothesis, asset maturity matching hypothesis, signalling and liquidity risk hypothesis are all generally supported, and further leverage ratio are significantly positively related with firm size, but negatively related with default risk. However, when we divided samples into groups according to bank debt level and Chaebul affiliation, with contrast to existing study which worked on similar issues with OLS, we found no evidence supporting the argument that the information asymmetry problem is less severe in firms with more bank debt, whereas information asymmetry and financial constraint problems are more severe in non-Chaebul affiliated firms.

• International Commerce and Information Review
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• v.14 no.3
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• pp.185-207
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• 2012

Vietnam is the easternmost country on the Indochina Peninsula in Southeast Asia. Many Korean companies have recently invested their factories to Vietnam from China. This Study measures the entry determinants and outcomes of Vietnam foreign direct investment of the Korea company. This study developed a research model to determinant factor in the Vietnam market entry and collected 98 survey responses from the Korean company to Vietnam investment. In the article analysis, Multiple regression results show that Vietnam investment outcome review are positively affected by "Scale of Investment company", "International Experience of Investment company", "Marketing Skill of Investment company" and "Vietnam's Market Scale", "Vietnam's Market Environment" factors in all a hypothesis. However, the result of this analysis showed that the "Financial management of investment company", and "Organization management of investment company" as independence is not statistically significant. This article suggests that the investment outcome of Vietnam foreign direct investment should take earned of the Korea company in Vietnam market.

• Journal of Navigation and Port Research
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• v.28 no.8
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• pp.687-697
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• 2004

This paper is aimed to guide ocean-going companies to reasonable decisions and to increase the competitiveness of Korean shipping industry by clarifying the determinants of political costs of ocean-going companies, which only depend for the enormous amount of money to introduce the operating fixed assets, or the vessels, upon the supporting policy from the government or the loan from the related financial institutions. As independent variables of the political costs, 5 elements were settled such as company size(sales, total assets and market share), debit ratio, capital concentration ratio, profitability(operating profit) and marine risk(sales fluctuation). To verify the relations and the effect level between dependent variables and political costs, the Multiple Regression Analysis Model was applied The result of the analysis shows significantly positive relations between size variables and political cost of shipping industry. Moreover, debt ratio and profitability were proved significant related with political costs of shipping industry.

• Journal of Digital Convergence
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• v.8 no.2
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• pp.177-188
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• 2010

This paper is aimed to examine an empirical analysis of the differences among success factors that contribute to high performance of the organizations that adopted Six Sigma according to company size. Furthermore, the research focused on empirically analyzing whether these factors affect marketing performance or not, from the provider's point of view. For this purpose, a survey was conducted among conglomerates, and small and mid-sized companies which are located in the Gumi Industrial Complex that implemented Six Sigma. The following are facts that were found by empirically analyzing the results. Therefore, it is empirically proven that there are quality performance differences according to company size. marketing performance differences from the provider's point of view. the theoretical proposed model, identified the operational definitions and 9 hypotheses were established, there were executed the survey of 250 employees in companies implementing six sigma.

• The Korean Journal of Financial Studies
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• v.11 no.1
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• pp.243-273
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• 2005

본 연구는 국내기업의 자사주매입결정에 영향을 미치는 매입동기와 매입동기들의 상호관련성, 시간에 따른 매입동기의 변화를 분석하였다. 분석에 이용된 자료는 1994년 1월에서 2002년 12월까지 자사주매입을 실시한 기업의 실제 매입규모이며, t검정과 토빗모형의 추정을 통해 다음과 같은 사실들을 발견할 수 있었다. 첫째, 정보비대칭의 지표인 기업규모변수는 대부분의 기간에서 자사주매입결정에 양(+)의 영향을 미치는 것으로 나타났다. 이것은 정보비대칭수준이 낮을 것으로 예상되는 대기업이 자사주매입에 적극적이라는 것을 의미한다. 또한, 잠재적 저평가의 지표인 시장가치대장부가치변수는 연도별로 양(+)과 음(-)의 계수가 혼재되어 있어 일관성 있는 결과를 도출할 수 없었다. 이러한 결과는 자사주매입이 저평가를 시장에 신호하기 위한 것이라는 저평가가설을 기각하는 것으로 볼 수 있다. 둘째, 기업의 지불수준을 측정하는 지표인 여유현금흐름변수들은 대부분의 기간에서 자사주매입결정에 양(+)의 영향을 미쳤으며, 추정된 회귀계수들의 비교를 가능하게 하는 부분효과평균도 상대적으로 높게 나타났다. 이러한 결과는 기업의 여유현금흐름증가가 자사주매입결정에 강한 영향력을 미치는 요인이라는 것을 의미한다. 셋째, 기업의 레버리지수준을 측정하는 변수도 대부분의 기간에서 자사주매입결정에 음(-)의 영향을 미치는 것으로 나타났다. 이것은 자사주매입이 기업의 자본구조를 변경하기 위한 동기에서 결정된다는 것으로 해석될 수 있다.

• Proceedings of the Korea Water Resources Association Conference
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• 2018.05a
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• pp.433-433
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• 2018

한국은 지진에 대한 관심이 낮았으나, 2016년 09월 12일 경상북도 경주에서 가장 큰 규모인 5.8의 지진이 발생하였으며, 강력한 지진이 발생할 수 있다는 경고가 이어지고 있다. 지진과 관련된 정확한 원인 분석과 정량적인 평가가 체계적으로 이루어지지 않고 있어, 규모와 빈도, 위험지역 분석 등 정밀한 평가와 예방대책을 마련해야 한다. 정량적인 지진 발생 분석을 위해 본 연구에서는 지진 발생과 지하수와 같은 수문기상학적인 인자에 의해 영향을 받는다는 가설을 세우고 지하수의 변동 패턴과 지진의 발생 패턴의 유사점을 추정하였다. 이를 위해 지진자료의 통계적인 특성을 분석하였다. 그리고 지질특성이나 지각 판 운동 외에도 수문순환이 영향을 미치는지 확인하기 위해 육지와 바다에서 발생한 지진으로 구분하여 지진발생횟수와 에너지를 분석하였다. 분석결과, 육지와 바다로 구분했을 때 바다에서 더 많은 지진이 일어났다. 또한 Wilcoxon rank-sum test 비모수 추정기법을 통하여 분석한 결과 서로 다른 성질을 보여 따로 분석하였다. 그 결과, 동해와 남해, 서해와 동해가 같은 성질을 보이는 것으로 분석되었다. 그리고 육지는 8월부터 이듬해 7월까지 지진발생의 한 주기를 이룰 가능성을 보였다. 그러나 바다는 육지와 정반대로 2월부터 7월까지 많은 지진 에너지가 발생하고 있으며, 1월까지는 에너지 수준이 상대적으로 낮은 것으로 분석되었다. 이와 같이 지하수가 육지에서 바다까지 유동하는 시간으로 인해 6개월의 시간지연이 발생하는 것으로 판단된다.