• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.518-526
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• 2017

This study analyzed the impact of family firms and their characteristics on how they use debts to analyze the decision-making process of Korean family firms. For analysis, we classified the characteristics of family firms into three categories, through the influence of the relationship between the lack of funds and net debt issuance, which was confirmed as the 'packing order theory' of family firms. There was a total of 4,503 enterprises in the Korean Exchange (KRX). The period of analysis was 10 years, between 2004 and 2014. To summarize, Shyam-Sunder and Myers (1999) validated the packing order theory by presenting a model of family businesses that showed greater applicable to higher packing order theory than a model of non-family businesses. Moreover, the results also confirmed the application of the packing order theory by the family stronger corporate governance and ownership structure. The ownership and governance characteristics of the ruling family has also shown the applicability of higher packing order theory.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.9 no.5
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• pp.1446-1452
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• 2008

Recently many Company are investing time and money in the implementation of the Knowledge Management System (KMS). The scales and methodologies of their investment fur KMS has various appearances according to company-size and also level of understanding about KMS systems. The interest in KMS is increased with the P. Druckers assertion that the economic power shifts to the person who can manage the "Knowledge". But there is also mistrust about ROI of KMS related with the management performances. In this paper The level of Codification and Personalization of Practice Types of KMS will be analyzed in order to make an empirical analysis about the Irrelevance between KMS-Investment and corporate performances. To complete this study, correlation- and average analysis will be performed. As the measurement parameters for the corporate performances, we use the 4 categories, Financial, Customer, Process and Education-Growth Aspect, of BSC (Balanced ScoreCard) concept.

• The Journal of the Korea Contents Association
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• v.18 no.2
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• pp.11-25
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• 2018

This study analyzed how the entrepreneurial orientation of Korean CEO influenced to the performance of companies in entertainment business. The research verified the direct influence that the entrepreneurial orientation of entertainment business affected the companies' performance, and examined the diversity of TMT and the control effect of corporate governance. This study contributed to previous researches in two ways. The first, the study verified the concept of entrepreneurial orientation on entertainment business which was only focused on manufacturing or IT industry although the entrepreneurial orientation received attention as a significant research issue on middle and small venture businesses. Second, the research also verified the characteristics of CEO and executives bringing the concept of TMT's diversity in entertainment companies which were dependent on person's capacity. As a result of the research, the entrepreneurial orientation (innovation, proactiveness, risk-taking) of entertainment entrepreneurs led to a positive effect on financial performance. The research showed that the more TMT was diverse or ownership oriented management, the more broadened the positive effects.

• The Journal of the Korea Contents Association
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• v.17 no.5
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• pp.8-17
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• 2017

Using 1855 observations from 5 years-371 firms panel data during 2010 to 2014 in Chinese stock exchanges, this study examines the impact of managers' ownership on R & D expenditures. The empirical study finds that when firms are state-owned, managers' ownership have negative relation with the level of R & D expenses as well as the likelihood of executing R & D investment, implying that managers are less likely to invest in high risky projects due to managerial ownership's entrenchment effects to pursue private benefits rather than alignment of interest effect as shareholders. The empirical study also finds that when firms are private-owned, managerial ownership are inverse U shaped related to the level of R & D expenses, implying that managers are less likely to invest in high risky projects due to increasing risk aversion resulting from concentration of private wealth at its high level while managers are more likely to invest in high risky projects due to increasing incentives as shareholders at its low level. The results support that the effects of managerial ownership on R & D expenses may be different according to the ownership type of Chinese listed firms.

• International Area Studies Review
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• v.15 no.2
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• pp.3-23
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• 2011

Existing studies have argued that, compared to the 1990s, the Japanese foreign direct investment (FDI) in the 2000s became multi-faceted in terms of investment motivation, ownership structure and entry mode, and diversification strategy. We have conducted a cross-sectional analysis and compared our results with the recent findings. We have found that the Japanese FDI in the mid 2000s became globally focused and regionally diversified. Ownership strategy and entry mode of the Japanese FDI in the Asian countries shows a remarkable shift from joint venture to wholly-owned subsidiary. In contrast, the preference of greenfield investments was observed consistently across regions. It seems that, after the Asian financial crisis, the Japanese firms began to re-optimize global FDI strategy and to regionally differentiate investments.

• KDI Journal of Economic Policy
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• v.16 no.4
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• pp.81-119
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• 1994

은행과 고객기업의 장기적인 결속관계(結束關係)는 부작용이 없는 것은 아니지만 효율적인 정보관리(情報管理) 및 감시(監視), 도산위기시의 구제노력(救濟努力)등을 통해 기업의 자본조달비용(資本調達費用)을 낮추고 투자(投資)를 촉진하는 효과를 기대할 수 있다. 우리나라에서는 여신관리(與信管理), 정책금융(政策金融)등 지나친 금융규제(金融規制)로 인하여 은행-기업간 자생적(自生的) 협조적(協調的)인 결속관계를 발전시켜 오지 못하였는바, 이를 시정함과 동시에 회수가능한 은행부실채권(銀行不實債權)의 주식전환(株式轉換), 주주협의회(株主協議會)의 운영 등도 검토해 볼 수 있을 것이다. 은행-기업간 주식상호보유(株式相互保有)를 통한 결속관계의 유도는 현재로서는 문제가 많지만, 중장기적으로 금융자율화(金融自律化), 산업부문에서의 대내외경쟁(對內外競爭)의 심화, 기업소유분산(企業所有分散) 등이 진전되는 상황에서는 부작용(副作用)이 크게 완화될 수 있을 것이다. 향후에 예상되는 기업환경(企業環境)의 변화를 감안할 때 은행-기업관계는 기업의 규모(規模)나 신용도(信用度)에 따라 상이한 모습을 보일 전망이다. 은행차입의존(銀行借入依存)이 크게 낮아질 초우량기업(超優良企業)은 국제금융 증권관련업무 등을 위주로 몇 개의 은행과 동시에 경쟁적(競爭的)인 관계를 유지해 가는 반면, 신용이 양호(良好)한 대기업(大企業)과 유망중견기업(有望中堅企業)은 은행과의 전통적(傳統的)인 결속관계(結束關係)를 가장 긴밀히 발전시켜 갈 것이다. 은행은 중소기업(中小企業)과도 고객관계를 심화시켜 갈 것이나, 이를 기업의 회계(會計) 등 경영투명성(經營透明性)의 결여(缺如)는 장기적인 결속관계를 형성해 가는 데 제약(制約)으로 남을 것이다.

• Korean Business Review
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• v.11
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• pp.195-216
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• 1998

Ownership of an asset can be identified with the right to exercise "residual control" where the contract is silent about decision rights, or with the right to receive any "residual returns" that remain after contractual. obligations are fulfilled. Although the concept of "ownership" seems reasonably clear in many of the cases, the concepts of residual control and the residual returns that define ownership are actually quite elusive. For large corporations, there is really no single individual who owns both the residual returns and the residual control. Despite the limited qualifications, ownership is clearly. the most common and effective meas to motivate people to create, maintain, and improve the value of assets. In this paper, we try to clarify the relationships among financial structure, ownership, and corporate control with the concept of ownership defined as the residual control and the residual returns, Financial securities are not just claims to part of a firm's net income. They give the security holder certain rights. A careful matching of rights of control and returns can create incentives that increase total value of the firms. In the corporate firms, managers, lenders, and shareholders have different interests. And the financial structure affects how different those interests are and what decisions management will make. Managers are, in general, better informed than investors about the firm's prospects. The financial decisions by managers may affect investors' beliefs and, therefore, the price of shares and the value of the firm.

• The Magazine of the Society of Air-Conditioning and Refrigerating Engineers of Korea
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• v.29 no.1
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• pp.35-47
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• 2000

최근 정부의 공기업 경영혁신계획에 따라서 민영화와 경영혁신 대상 공기업이 확장되었다. 이에 따라서, 한국지역 난방공사(이하 '한난')는 1차 민영화 대상 공기업으로서 단계적 민영화를 위하여 안양 및 부천 사업소를 한국전력공사(이하 '한전')의 열병합발전소와 통합매각하여 2001년 51%이상 지분을 매각함으로써 민영화를 완료하도록 추진방안이 수립된 상태이다. 이렇듯 가시화된 정부의 에너지산업에 대한 경쟁 촉진 및 규제완화는 정부주도의 하향식 계획을 지양하고 에너지 구성(energy mix)을 시장에서 결정되게 하자는 것이다. 이는 관련업체간에 해당에너지의 사업주체에 대한 경쟁이 아니라 개별기업이 다양한 에너지사업을 운영하면서 한 기업의 최적 에너지 구성을 시장원리에 따라서 자체적으로 결정한다는 것이 핵심사항이다. 따라서, 현재 한난과 에너지관리공단이 운영 및 소유주체로 되어 있는 국내 집단에너지사업은 정부방안에 능동적으로 대처하고, 특히 에너지산업 변화에서 제기능을 담당할 수 있도록 합리적이고 효율적인 발전계획 및 민영화 방안을 수립할 필요가 있다. 본고에서는 현재 추진중인 국내 에너지 산업 구조개편에 따른 집단에너지사업의 발전방향을 정책적인 측면에서 제시하고자 한다. 논의의 대상은 국내 집단에너지 사업으로, 공업단지 집단에너지사업을 제외한 지역냉난방 사업을 중심으로 하여 전력 및 가스사업고의 연계방안 등이 주요 사항이다.

• International Area Studies Review
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• v.13 no.3
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• pp.551-581
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• 2009

This case study explores the stock sale, the resulting governance structures, and the airport management and development in Beijing Capital International Airport and Shanghai International Airport at Pudong. It is imperative for Incheon International Airport Corporation (IIAC) to change the management paradigm to survive in the changing environment and to become hubs in the relevant regions. And IIAC needs to search for the new ownership and governance structure to cope with the internal and external demands for innovation. In this study, along with the recent trends of the global airport industry, we suggest the implications for the IIAC's major decisions, especially, for the stock sale, the resulting governance structure, and the airport development and management. It is suggested that Korean government retain the majority control in the process of privatization to keep IIAC as a government-owned enterprise to provide the public goods to the citizen. Furthermore, to maximize the value of stock sale, IIAC needs to decide strategically the time and speed in the hybrid form of stock selling using trade sale and IPOs.

• Proceedings of the CALSEC Conference
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• 1999.07a
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• pp.133-146
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• 1999

지식경제사회에서 국가의 경쟁력은 국가의 잠재적 지식자원을 어떻게 유형화하고 부가가치화하느냐에 따라 결정된다. 국가의 지식자원을 각 개별 경제주체가 소유한 지식자원의 총체적 개념으로 정의할 때 이 개별 주체들의 지식자원을 공유하도록 유도하고 공유된 지식을 활용하여 부가가치화 하도록 하는 것이 국가의 지식경쟁력 강화와 직결되는 정부의 역할일 것이다. 이에 본 연구는 개별 경제주체가 소유하고 있는 지식을 국가적 차원에서 공유토록 유도하고 그것을 활용하여 경쟁력을 강화토록 하는 산업지식유통시스템 모형을 제안한다. 정부의 정책적 배려와 지원하에 본 연구의 제안이 현실화된다면, 산업지식유통 시스템은 산업수준의 지식유통 활성화를 통하여 기업의 지식기반 경영능력의 향상에 기여하고 선진국과의 지식네트워크를 통한 선진 지식의 도입 활성화에 기여함으로써 지식경쟁력 강화를 통한 국가 경쟁력 향상에 이바지 할 것이다.