• Journal of Science and Technology Studies
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• v.19 no.2
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• pp.1-40
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• 2019

Built upon ethnographic method such as participant observation and in-depth interview, this study analyzes the material culture of electronic flower auctions at Yangjae Flower Market. From the viewpoint of Actor-Network Theory(ANT), this research examines how human actors like dealers and auctioneers interact with nonhuman actors such as market devices and these interactions form networks called "agencement." This research is focused on three main objectives: first, to study how the performance of auctions - i.e. the interactions between auctioneers and dealers - change in the wake of new market devices in the auctions; secondly, to look into what changes artifacts bring to the social relationships between auctioneers and dealers; lastly, to analyze the influence of new market devices on auction price in the market. The results of this research are as follows. First, the appearance of new market devices generates changes in the performance of auctions, which means the change of 'agencement' of flower auctions. Direct interactions between auctioneers and dealers turned into indirect interactions through new market devices. Moreover, the changes in the agencement brought changes to the identity of auctioneers and dealers. Secondly, the new agencement caused by the inflow of new market devices formed the trust between the devices and human actors, which gave rise to the trust in electronic auction and in counterpart actors as well. In addition, new market devices lowered direct interactions between auctioneers and dealers and thus made more equal relationships between the two than before. Lastly, market devices like trading screen reduced the leverage of auctioneers by providing dealers with bidding information previously possessed by auctioneers much openly and dealers were able to decide auction prices in more reasonable and dispassionate manner. Economic agency, power, trust, price, and information in the market is material and sensory.

• Korean journal of communication and information
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• v.41
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• pp.181-199
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• 2008

Many studies analyzing local newspapers' crisis overlooked what a dominant determinant was. Local Newspaper promotion policy might not be effective due to lack of such studies. This study divided main determinants into four; centralization of administrative power, potential advertising market, potential subscribers market, and competition within local newspapers. The results regressing above four determinants on local news portion showed that only two determinants - potential advertising market and competition within local newspapers are statistically significant but the direction is opposite; potential ads market is negative but competition is positive. It can be understood that the market with enough ads market for survival of local newspapers drives them to compete national newspapers by lowering local news.

• Journal of Labour Economics
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• v.29 no.1
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• pp.1-39
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• 2006

This paper documents the increase in earnings variability (or earnings risk) during the 1990s in Korea, and investigates whether it can be accounted for by capital market opening. The variances of transitory and permanent innovations in earnings are estimated from repeated cross-section data using a simple econometric framework. The increasing time-series pattern of earnings risk among men follows the increased foreign capital presence reasonably well, but the supporting cross-sectional evidence for a causal relationship between the two is weak. However, foreign direct investment (FDI) is found to have had some non-neutral effects on workers of varying skills in such a way that transitory earnings risk of less-skilled workers relatively increased with FDI. To the extent that transitory innovations are not fully insured, this widening effect of FDI on earnings risk gap may have contributed to widening welfare gap between skilled and unskilled workers in Korea, at least in terms of "risks."

• Economic Analysis
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• v.25 no.1
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• pp.66-122
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• 2019

As the Korean economy grew, employment expanded steadily, with the number of economically active people increasing and the employment-to-population rate also increasing. However, the working age population started to decline in 2017, and the employment of women and young people has been sluggish. The proportion of non-salaried workers in Korea is much higher than in other OECD countries, and is also excessive, considering Korea's income levels. In addition, the proportion of non-regular workers and the proportion of workers employed at small companies are particularly high among salaried workers. In light of these characteristics of Korean employment, the urgent problems facing the employment structure can be summarized by the deepening dual structure of the labor market, the increase in youth unemployment, sluggish female employment figures, and an excessive share of self-employment. Overall, it is seen that labor market duality is the main structural factor of the employment problems in Korea. Therefore, in order to fundamentally address this employment problem, it is necessary to concentrate policy efforts on alleviating labor market duality.

• 한국경영정보학회:학술대회논문집
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• 2007.11a
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• pp.361-366
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• 2007

정보시스템 아웃소싱(이후 아웃소싱으로 기술) 시장이 성장하고 있는 현실 속에서 기업에서는 아웃소싱을 통하여 많은 편익을 얻을 것으로 기대하고 있다. 이에 아웃소싱에 대한 기존 연구는 아웃소싱의 관리형태를 계약으로 대표되는 공식적인 관리와 신뢰로 대표되는 비공식적인 관리로 분류하고 이것이 아웃소싱 현장에서 어떤 성과를 가져오는가를 평가하였다. 하지만 아직까지 아웃소싱 결과에 만족하는 기업은 그리 많지 않은 실정이다. 본 연구는 기존 연구와 달리, 첫째, 통합적 관점에서 서비스 사용자의 아웃소싱 관리메커니즘 전개가 어떤 요인의 영향을 받는가를 알아보고, 둘째, 이렇게 전개된 아웃소싱 관리메커니즘의 정도가 아웃소싱 성과에 어떤 영향을 주는가를 검증해보고자 하였다. 특히 아웃소싱 관리메커니즘과 아웃소싱 성과의 관계에 있어 관계관리강도의 매개역할에 대하여 중점적으로 살펴보았다. 연구결과, 계약준비능력, 관계관리능력 등의 두 요인이 아웃소싱 관리메커니즘에 양(+)의 영향을 준다는 점을 실증적으로 검증하였다. 둘째, 아웃소싱 관리메커니즘과 아웃소싱 성과 둘 간의 관계를 관계관리강도가 매개하는 것을 확인하였다. 도출 결과를 중심으로 아웃소싱 관리에 대한 실무적인 시사점과 향후 연구방향을 논의하였다.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.85-107
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• 2007

In this study, I analyzed determinant factors of mutual fund return. The samples was distributed into three types according to the ratio of included stocks in funds. The proxies of mutual funds were set up three ways(returns of fund). As a result of the analysis, I found that growth positively affect to fund return, abnormal return and adjusted abnormal return in all samples. While, according to three types of sample, expected and unexpected fund cash flows had differently effect on fund return. Inferentially, it seemed that the ratio of included stocks in fund was the cause of that. But price pressure hypothesis are not supported. In conclusion, it was not found the possibility of stock market disturbance in this analysis.

• International Area Studies Review
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• v.21 no.2
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• pp.143-169
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• 2017

This paper empirically examines how capital structure inertia varies across industries and there is different in industries, and whether this fact is explained by product market competition using non-financial firms listed in KOSP market over periods of 1981 to 2015. In empirical test, I find that firms with more competition environment tend to have inertia behavior in making decision of capital structure. This implies that it is explained by debt discipline effect and it is substitution for product market competitions. Also I find that manager tends to take action actively making decision of capital structure when product market competition is low. Also I show that they use debt to constraint the free cash flow. As a result, I conclude that Korean non-financial firms do not have more strong inertia behavior in capital structure rather than U.S. firms. Second, using OLS estimation, inertia effect disappears while there is strong inertia effect in relationship between inertia and product market competition. This result suggests that transaction cost is not key factor in explaining inertia behavior of capital structure.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.5
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• pp.75-89
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• 2021

Currently, small business owners are facing a situation where it is difficult to run their business in the existing way due to the spread of digital technology and the prolonged COVID-19. As a necessary competency for them, this study focused on digital literacy and examined the relationship between digital literacy and individual and market characteristics, business performance of small business owners. The specific research purpose is to examine the effect of entrepreneurial characteristics, which are individual factors, and market characteristics, which are environmental factors, on business performance and the mediating effect of digital literacy. In previous studies, various factors explaining the business performance of small business owners were reviewed, and innovation and self-determination, which are entrepreneurial characteristics of small business owners, and market competition and growth were derived as independent variables, and financial and non-financial performance were set as dependent variables. The hypothesis was established as digital literacy was expected to play a role in mediating the relationship between independent and dependent variables. For empirical research, a survey was conducted on small business owners across the country, and the analysis results are summarized as follows. It was found that the innovation and self-determination of small business owners had a positive (+) significant effect on financial and non-financial performance. In addition, it was confirmed that the degree of competition in the market had no significant effect on financial and non-financial performance, and that the growth of the market had a significant positive (+) effect on financial and non-financial performance. In the case of the mediating effect of digital literacy, it was confirmed that innovation had a partial mediating effect on non-financial performance, and digital literacy had a complete mediating effect on the effect of market competition on financial and non-financial performance. Finally, it was confirmed that digital literacy has a partial mediating effect on the effect of market growth on non-financial performance. Looking at the results, it can be seen that the entrepreneurial characteristics of small business owners, which correspond to innovation and self-determination, directly act as a factor to increase business performance, and market characteristics indirectly increase digital literacy to achieve results. Based on the above research results, the implications and limitations of the study and future research directions were presented together.

• KDI Journal of Economic Policy
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• v.17 no.1
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• pp.51-79
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• 1995

본 연구는 겸업은행(兼業銀行)과 전업은행(專業銀行)의 장단점에 대한 논의 중에서 충분히 취급되지 못한 문제라 볼 수 있는 은행(銀行)의 산업자본참여(産業資本參與)와 경제성장(經濟成長)간의 관계를 역사적으로 조명하고 이를 이론적인 모형과 실증분석을 통해 살펴본다. 역사적으로 보았을 때 겸업은행제도, 특히 그 제도의 핵심인 은행(銀行)의 산업(産業)에 대한 자본참여(資本參與)는 산업자금조달(産業資金調達)을 용이하게 만듦으로써 일찍이 산업혁명을 일으켰던 영국에 비해 후진국이었던 독일(獨逸)이나 일본(日本)을 선진국으로 발돋움하게 만들었던 중요한 금융혁신(金融革新)이다. 본 연구의 모형에서는 은행의 대출시장과 경쟁적으로 작용하는 잘 발달된 자본시장(資本市場)이 있기 전까지는 은행(銀行)에 의한 산업기업(産業企業)의 주식보유(株式保有)가 은행의 이익을 기업의 이익과 동일시 하도록 함으로써 기업의 투자(投資) 및 성장(成長)을 높인다는 것을 보인다. 그러나 모형(模型)의 이러한 효과는 자본시장이 발달하여 대출시장과 자본시장에서 기업이 자금조달에 무차별하게 되면 소멸된다. 한편 은행의 산업기업주식보유와 반대로 기업(企業)이 은행(銀行)의 주식(株式)을 보유할 수도 있는데, 본 모형에 따르면 이는 기업의 투자 및 성장에 영향을 미치지 못하는 것으로 나타난다. 이러한 결과를 실증분석을 통해 살펴보면 자본시장(資本市場)의 발달(發達)이 비교적 뒤떨어졌다고 판단되는 대륙형(大陸型) 금융제도를 갖고 있는 나라의 경우 은행의 기업주식보유는 성장에 정(正)의 효과를 주는 반면, 영미형(英美型) 금융제도를 갖고 있는 나라의 경우 이러한 효과는 발견되지 않는 것으로 나타나 모형의 결론을 지지한다.

• The Korean Journal of Financial Studies
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• v.8 no.1
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• pp.157-188
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• 2002

본 연구는 우리나라 IPO시장에서 나타나고 있는 초과수익률의 원인을 밝히고자 최근 벤처금융의 중심으로 급부상하고 있는 KOSDAQ시장의 공모 IPO를 대상으로 실증분석을 시도하였다. 연구결과 상장일 표본전체 IPO의 초과수익률(AR1)이 9.91%로 나타났으며, 벤처캐피탈투자 IPO는 5.13%, 비투자 IPO는 13.29%로 나타났다. 상한가의 행진이 종료된 날을 기준으로 한 표본전체 IPO의 초과수익률(AR2)은 30.97%, 벤처캐피탈 투자기업 IPO는 24.34%, 비투자기업 IPO는 34.67%로 나타났다. 초과수익률의 원인을 분석하기 위한 8개의 변수 중 IPO의 수요증감 척도인 KOSDAQ 지수는 초과수익률(AR)과는 양(+)의 관계로, 벤처캐피탈리스트들의 능력 및 가치책정의 행태를 엿볼 수 있는 변수인 본질가치와 공모가액의 차이는 음(-)의 관계로, 사업규모나 자본조달의 크기를 엿볼 수 있는 공모금액의 크기는 양(+)의 관계로 1% 유의수준에서 유의한 것으로 나타났다. 그러나 여타 변수들은 통계적으로 유의성을 확보하지는 못하였으나 초과수익률의 원인이론으로 '신호이론'과 '투기적 거품가설'에 의한 설명이 가능하였으며 분석결과를 다음과 같이 정리할 수 있었다. 첫째, IPO 본질가치에 대한 신뢰와 IPO의 발행규모에 대한 신뢰수준이 통계적으로 유의한 결과로 나타났는바 이러한 결과는 기업가치와 벤처 또는 사업의 계속적 수행 등에 대한 신호역할을 수행하고 있다고 할 수 있으며 상장초기 초과수익률은 주로 이러한 신호역할에 의한 수요집중으로 발생된 결과인 것으로 사료되었다. 둘째, 노련한 벤처캐피탈회사로 선정된 KTB의 투자기업들은 상장 후 4주간의 거래에 있어 AR 평균이 음(-)으로 여타 벤처캐피탈이 투자된 기업보다 손실 폭이 더욱 켰음에도 불구하고 상장일 초과수익률 AR2가 매우 높게 나타나 우리나라 IPO시장에 있어 과민반응(fads) 현상이 존재하고 있는 것으로 분석되었다. 셋째, 벤처캐피탈 투자 IPO의 초과수익률이 상대적으로 낮아 벤처캐피탈 투자여부가 IPO의 저가발행 수준을 축소하고 있어 벤처캐피탈리스트의 제 3자 보증역할이 어느 정도는 수행되고 있는 것으로 분석되었다.