• Journal of the Korea Convergence Society
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• v.10 no.11
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• pp.345-352
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• 2019

This paper examines the opportunistic behavior of corporate insiders and analyzes the relationship between equity change and the possibility of delisting. The findings are summarized as follows. First, the larger the stake reduction of insider, the greater the negative excess return after announcement. In the delisting firm group, there is a significant decrease in equity and statistically significant results in the difference test between the comparative groups. The logistic regression analysis showed that the regression coefficient of equity change was negatively statistically significant, indicating a significant correlation between insider share change and the possibility of delisting. These findings are expected not only to provide useful information for investors, but also to be evidence of capital market information asymmetry.

• International Area Studies Review
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• v.14 no.1
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• pp.99-119
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• 2010

This study explores the natural gas market and the oil market in the U.S. and the European oil market. It focuses on two kinds of analyses; one is to confirm whether there is the predictive power between spot and futures within homogeneous commodity market(or inter-heterogeneous commodity market) through Granger-causality test in terms of the return rate and the volatility. The other is to examine the spot price stabilizing effect of futures price through regression analysis. When it comes to the predictive power of inter-commodity market, there was a conflicting aspect between the return rate of spot and futures. Overall, however, its statistical significance was low. With respect to the volatility, we found that the natural gas market has little influence on the oil market unlike the predictive power of oil market on natural gas market. Concerning the return rate of the predictive power within homogeneous commodity market, we found that the return rate of spot has the predictive power on futures only in the European market. In addition, we identified that there is feedback between spot and futures in the all commodity markets regarding volatility. As a result of the spot price stabilizing effect analysis of futures price, futures volatility increased the spot volatility.

• International Area Studies Review
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• v.21 no.4
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• pp.223-245
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• 2017

This study is examined interaction between carbon market with stock market using a multivariate GARCH(DCC) model. Carbon market is EU ETS EUA price, stock market is the iron and cement stock price which has relatively energy intensive and massive carbon emissions sector in the industrial sector. It also analyzed changes in the correlation between the markets through an analysis of correlation coefficients. Moreover, it checked whether there was marketability expansion(or expansion of carbon emissions reduction) through the analysis above. As a result of empirical tests, it showed that the price spillover effect was insignificant. In addition, it represented that there was a weak correlation between the two markets since the volatility spillover effect disappeared in the second phase by an external shock(a financial crisis). Moreover, it was revealed that there were no significant changes although there was a weak upward trend in terms of the correlation between the carbon market and the stock market. This implies that emission rights could not expand marketability to financial market as a commodity(or did not play its natural role of the reduction of carbon emission).

• Journal of Distribution Research
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• v.7 no.2
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• pp.69-87
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• 2003

Using a framework of the relational exchanges in relationship marketing, this study analyzed success factors of domestic CATV home shopping market which has rapidly grown recently. In order to carry out this analysis, the current status of domestic CATV home shopping market and the operational strategies of relationship marketing by the concerning enterprises were examined. More specifically, the exchange partners that have exchange relationship with domestic CATV home shopping companies were classified into the end-users, manufacturing companies, logistics and parcel delivery companies, SO companies, and other related industries, and then the operational strategies of relationship marketing for each partner were analyzed.

• Vending industry
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• v.5 no.2 s.14
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• pp.32-40
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• 2005

한마디로 ‘토네이도’같은 위력이라 하겠다. 거침없는 임대 미니 커피자판기의 일대 광풍이 자판기산업의 지축을 뒤흔들고 있다고 할 만큼 거세다. 거부할 수 없는 임대 미니 커피자판기의 대세 앞에 기존 자판기 판매시장은 맥을 못 추고 있다 할 만큼 부진을 보이고 있다. 임대시장의 그 막강한 위력은 이제 제어할 수 있는 단계를 지났다. 판매시장과는 상호보완적인 관계에 있는 이 시장은 이미 시장니즈에 의해 자연적으로 굴러가는 성숙기 단계에 접어들었다. 싫든 좋든 판매시장과 임대시장으로 양분된 현실 앞에 기존 판매시장의 새로운 생존전략 강구와 분발이 절실히 요구되고 있다. 금호 기획특집에서는 단기간 안에 무차별적인 확산을 한 임대 미니커피자판기 시장 현황을 집중 조명하는 시간을 마련했다.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

• The Optical Journal
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• s.104
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• pp.23-25
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• 2006

프린터 시장은 삼성과 HP가 전체 시장의 60% 이상 과점상태를 보이고 있지만 후발업체들이 추격을 강화하는 가운데, 전체 시장은 소폭의 성장과 함께 가격하락세를 보이고 있다. 지난해 프린터 시장은 잉크젯에서 컬러 레이저로, 프린터 단품에서 복합기로의 변화를 거듭했다. 지금까지 프린터 시장을 주도해왔던 잉크젯 단품 제품은 지난해 정점을 찍으면서 앞으로 점차 수요가 감소하고 이 자리를 컬러 레이저와 복합기가 차지할 것으로 보인다.이런 전망에 확신을 실어주듯 지난해 컬러레이저 시장은 성장성이 높은 시장으로 떠오르며 시장경쟁이 가장 치열했다. 또한 향후에는 컬러 레이저 제품이 급속도로 성장할 것으로 전망되며, 복사기 및 프린터 업체들이 공통으로 기업용 솔루션 관련 시장을 본격 공략하며 치열한 경쟁관계를 형성할 것으로 보인다.

• Culinary science and hospitality research
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• v.20 no.4
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• pp.266-279
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• 2014

The purposes of the study are to segment the American family restaurant market based on relational benefits and to compare each group's demographics, dining characteristics, relationship quality(consumer identification, switching costs, satisfaction, commitment), and relational outcomes(positive word-of-mouth intentions and share of purchases). 510 responses were collected from American family restaurant customers and analyzed using frequency analysis, EFA, reliability test, cluster analysis, MANOVA, discriminant analysis, chi-square test, and ANOVA. The results of the study found three different types of relational benefits: confidence, special treatment, and social benefits. The results of cluster analysis identified three market segments, namely, high relational benefits consumers, medium relational benefits consumers, and low relational benefits consumers. The three groups were different in terms of age(p<0.05) and level of education(p<0.05). In addition, high relational benefits consumers showed a higher level of relationship frequency(p<0.001), relationship quality(p<0.001), and relational outcomes(p<0.001), followed by medium and low relational benefits consumers. Overall, the results indicated that family restaurants need to deliver excellent relational benefits to customers in order to achieve desired relationship quality and relational outcomes. Managerial implications were provided.

• Journal of Korean Society of Transportation
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• v.26 no.5
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• pp.143-152
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• 2008

Road freight transport industry in Korea contains many and complicate problems such as over supply of the vehicle caused by rapid policy changes, illegal multilevel transactions, poor truck drivers working environment, lack of road freight transport related statistics and so on. Korean government has developed various logistics industrial policy trying to solve these problems in various ways. However the relationship among the problems and action plans has been more and more entangled since the part of suggested policies have made another perverted problems. These complex structure of the toad freight transport industry in Korea makes difficult to identify and to solve the problems. Causal map method helps to give a clean picture to understand the complex industry at a fiance. This study contributes for visualization of the causal relationships among the existing problems and related policy issues in the road freight transport industry in Korea by causal map. This study could be helpful to develop the actual road freight transport industrial policies including the illogical multilevel and unfair transaction in Korea.

• Journal of Korea Technology Innovation Society
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• v.20 no.1
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• pp.239-270
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• 2017

This paper examines the relationship between ownership structure and the intensity of R&D expenditures of a firm by analyzing the panel data composed of 553 manufacturing firms in KSE(Korea Stock Exchange) and KOSDAQ listed firms for the period of 2007-2014. The major findings are as follows; (1) Regarding the relationship between CEO stockholding and R&D intensity, we find the inverted-U shape relationship in KOSDAQ firms, consistent with the theoretical discussion and empirical studies on U.S. firms. The result suggests that management stockholding reduces agency problem at the R&D margin. On the contrary, the insignificant result in KSE firms seems to be due to the scant stockholding of most 'non-owner' CEOs. (2) Regarding the relationship between the largest shareholder's portion and R&D intensity, KSE firms exhibit negatively significant relationship, suggesting the existence of serious agency problem between the largest shareholder and the minor shareholders. This agency problem seems to be alleviated in KOSDAQ firms mainly because the founders with technology expertise are still in charge of the business. (3) Foreign investors seem to fail in effectively encouraging R&D expenditures in either KSE or KOSDAQ listed firms. This study contributes to the existing literature by showing for the first time that ownership structure affects R&D activities in different ways between KSE and KOSDAQ firms.