• Journal of International Area Studies (JIAS)
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• v.14 no.3
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• pp.57-80
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• 2010

This study aims at the evaluation of procedural changes and policy outcome caused by the Open Method of Coordination(OMC) on Social Inclusion in the European Union. The policy instruments of the OMC introduced by the Lisbon Council can be divided into two groups: the outcome-oriented New Public Management(NPM) and the process-oriented Directly Deliberative Polyarchy(DDP). By considering the adoption process of the NPM instruments, it can be said that OMC could not be effective due to the vagueness of its objectives, the institutional barriers in decentralized decision-making, and the rejection of benchmarking by the Member States. The intended learning by deliberation and peer review as indicated by the normative DDP, is hard to achieve because they are not so reflexive due to relatively restricted and closed participation. We also cannot find any significant reduction of poverty after the long implementation of the OMC. Considering the higher recognition of poverty problem and expanding NGOs concerned with it, however, we may see some significant impact in the future.

• Journal of Digital Convergence
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• v.10 no.10
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• pp.19-29
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• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.

• 한국사회정책
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• v.25 no.4
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• pp.265-299
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• 2018

The pilot project for type diversification of self-sufficient support center that convert the centre corporation into social cooperative was introduced in 2015. That aimed to increase the number of participants of self-sufficient programmes and to create more jobs for the working poor through expanding the center's autonomy of usage of budget and arrangement of self-sufficient programmes. This study analyzed the organization transmitting processes and changes of the centers took part in the pilot project, then aimed to suggest the improvement schemes to be helpful for reinforcing positive efforts and removing obstacles in the process converting. The results show that converting into social cooperative is a choice for the sustainability of the centers led by surroundings rather than self-initiated plan. There are some positive changes that are increasing the enterprising spirit and obligation of the center staff. Further more, the cooperation with other community organizations is enhanced based on achieving regional recognition, and support of local governments and the opportunity for new businesses are expanded. However, these are very limited in the regions where social economy is undeveloped. Eventually, we should seek the development schemes of the pilot project considering the reduction of the number of participants in self-sufficient programmes and decreasing of their ability to work, even if some positive aspects are revealed.

• Information Systems Review
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• v.11 no.2
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• pp.183-207
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• 2009

In general, the introduction of information technology to domestic small and middle size firms is depending on the governmental supporting policy. However, even under this situation there is also a case that the building up of information technology is initiated by the management of small and middle size firms. An accumulated know-how for information technology and powerful leadership in such firms are considered as success factors. This study attempts to analyze a case for 'THEFACESHOP', in which MIS is successfully built. To achieve corporate goals, the CEO of THEFACESHOP based on the extensive knowledge of information technology drove to build up information system. Also, the board of directors supported him, and employees committed to their organization. Through the strong leadership of the CEO, the information system of THEFACESHOP became sufficient and efficient. And it led the organization and the information system to be competitive. In particular, the systematic approach of THEF ACESHOP reinforcing its competitiveness can be summarized as follows: First, it tried to construct basic information systems as like ERP etc. to increase work-efficiency. Second, it completed CRM related systems for analysis to maximize its customer orientation and marketing effect. Third, the last step can be stated as the building up of operation related CRM systems to improve the responsiveness of target marketing activities and the profitability of its agencies. Such endeavors of THEFACESHOP contributed to increase productivity and performance of the organization. As a result, THEFACESHOP has had its own 'Natural Story' and price competitiveness. For that reason THEFACESHOP became the best of brand-shop cosmetic firms. This success based on the strong leadership and the systematic investment on the information system.

• Clean Technology
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• v.28 no.2
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• pp.193-200
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• 2022

The term environmental, social and governance (ESG) was first used in the 2003 United Nations Environmental Programme Finance Initiative (UNEP FI). Among the three areas of ESG, environment refers to the impact of companies on the environment. Environmental factors address climate change policies and attempts to reduce emissions, waste and natural resource consumption. Social factors refer to the direction in which a company can improve the social impact of stakeholder includes employees, customers, communities, and governments involved in direct or indirect interaction with the organization itself and the company. Governance factors refer to stakeholders who make major decisions, the composition of the board of directors, their diversity and independence, and the internal policies that set limits and expectations for decision-making. Research related to ESG management is part of corporate social responsibility, sustainability, corporate or financial performance, and social responsibility investment. Through case studies and data-based empirical studies, it was confirmed that ESG management companies had positive results for most of the ESG related fields. Through literature analysis of domestic and international ESG history, introduction background, and management performance, this paper presents theoretical, practical implications by confirming that ESG's introduction and operation strategies are strong competitive strategies that directly affect corporate growth by creating attractive factors.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2013.10a
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• pp.69-70
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• 2013

IPCC (International Panel on Climate Change) reported that the arctic sea-ice extent has been decreased by 2.7% per decades since satellite observations in 1978. The decreased sea-ice extent has gained an international attention due to its economical benefits from the NSR (Northen Sea Route). The NRS - not a clearly defined single route, but a number of alternative routes across the top of Russiahas a 37 % reduction in sailing distance, comparing to the SSR (Southen Sea Route) passing thourgh the Suez Canal. Sailing days are consequently reduced from 30 days to 20 days. Also, it is estimated that the Northen Sea has 20 to 25% of world's oil resources and occupies 40% of the world's fishery production. As Republic of Korea was admitted as an observer to the Arctic Council on May 15, 2013, there has been increasing needs to explore new route in the Northen Sea. In this situation, Korea Institute of Ocean Science & Technology (KIOST) is preparing a plan for the development of Arctic-circle Ocean Environmental Information System to support the ice navigation and resource exploration in the Arctic. We will introduce a conceptual design of a satellite-based ice navigation supporting system for the northern sea route.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.89-120
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• 2010

In this paper, we analyse empirically the relations between ownership structure and cash holdings of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Cash holdings increase as large shareholder's equity holdings increase. Cash holdings increase as the difference between first largest shareholder's and second largest shareholder's equity holdings increase, and cash holdings increase as the ownership concentration increase. Managerial ownership exert a non-linear effects on cash holdings. So to speak, at lower level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders, but at higher level of managerial ownership, the interests of managers and shareholders are aligned, and also at highest level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders. Cash holdings increase larger in owner-controlled firm than in management-controlled firm. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on cash holdings for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.

• Journal of Legislation Research
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• no.53
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• pp.109-147
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• 2017

North Korean defectors had left North Korea often to escape from food shortages in the mid-1990s. Since the 2000s, the reasons of their flee from North Korea have more resulted from their exposure to external information, and a desire for democracy and freedom. However, North Korean defectors living in China are not recognized as refugees and thus subject to various human rights violations including forced repatriation. It needs to be thought that wether North Korean defectors who escape from North Korea are political refugees under international law. If they are not recognized as refugees in their new countries, it is imperative to consider a possible way to protect their human rights under international law. The problem of recognition of the refugee status of a person is a matter of involving the sovereignty of individual countries, however, the Convention Relating to the Status of Refugees should provide protection of their unique rights, as recognizes by the UNHCR, and their status should be treated as a refugees issue in a broad sense. In the future, it is a necessary to establish international solidarity among individual countries, the UN General Assembly, the decisions of the Human Rights Council and support of UNHCR, to anticipate the need for the refugee recognition and the protection of International Human Rights in preparation for possible mass defections and refugees from North Korea.

• Economic Analysis
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• v.26 no.3
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• pp.71-133
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• 2020

The Bank of Korea began its operation on June 12, 1950, with the Bank of Korea Act established a month or so earlier. Thus was first introduced to Korea modern central banking in the real sense of the word. The Bloomfield Mission, consisting of A. Bloomfield and J. Jensen of the Federal Reserve Bank of New York, spent about six months drafting a bill, which finally became the Bank of Korea Act. Little has been known yet about the process leading to the creation of the Mission and the historical context surrounding it, except that F. Tamagna of the Federal Reserve Board made in his capacity of the ECA's representative the offer of technical assistance to the Korean government. This paper attempts to dig deeper into relevant historical records and literature to fill these gaps. As it happened, the confrontation between the US and the USSR was accelerating towards the end of 1940s. The paper's new findings include that the Bloomfield Mission was, together with the ECA Mission to Korea, a product of the then US foreign policy (Cold War policy) and that the former Mission's technical assistance was conceived and provided all along as part of the inflation stabilization program pursued by the latter Mission. The Bloomfield Mission was after all a historical necessity. Next, the paper examines the changes added to the bill during its journey to becoming the Bank of Korea Act enacted in May 1950, presenting a review of the Act. The paper further evaluates the Act in terms of legal persistence, finding that the revised Act currently in force still substantially resembles the Act enacted 70 years ago from now. Finally in order is a brief discussion on those factors which seem to have contributed much to such persistence and thus apparent excellence of the Act enacted.

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.71-103
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• 2009

Considering the expenditure size of public institutions centering on public enterprises, about 28% of Korea's GDP in 2007, public institutions have significant influence on the Korean economy. However, still in the new government, there are voices of criticism about the need of constant reform on public enterprises due to their irresponsible management impeding national competitiveness. Especially, political controversy over appointment of executives such as CEOs of public enterprises has caused the distrust of the people. As one of various reform measures for public enterprises, this study analyzes the effect of internal governance structure of public enterprises on their managerial performance, since, regardless of privatization of public enterprises, improving the governance structure of public enterprises is a matter of great importance. There are only a few prior researches focusing on the governance structure and managerial performance of public enterprises compared to those of private enterprises. Most of prior researches studied the relationship between parachuting employment of CEO and managerial performance, and concluded that parachuting produces negative effect on managerial performance. However, different from the results of such researches, recent studies suggest that there is no relationship between employment type of CEOs and managerial performance in public enterprises. This study is distinguished from prior researches in view of following. First, prior researches focused on the relationship between employment type of public enterprises' CEOs and managerial performance. However, in addition to this, this study analyzes the relationship of internal auditors and managerial performance. Second, unlike prior researches studying the relationship between employment type of public corporations' CEOs and managerial performance with an emphasis on parachuting employment, this study researches impact of employment type as well as expertise of CEOs and internal auditors on managerial performance. Third, prior researchers mainly used non-financial indicators from various samples. However, this study eliminated subjectivity of researchers by analyzing public enterprises designated by the government and their financial statements, which were externally audited and inspected. In this study, regression analysis is applied in analyzing the relationship of independence and expertise of public enterprises' CEOs and internal auditors and managerial performance in the same year. Financial information from 2003 to 2007 of 24 public enterprises, which are designated by the government, and their personnel information from the board of directors are used as samples. Independence of CEOs is identified by dividing CEOs into persons from the same public enterprise and persons from other organization, and independence of internal auditors is determined by classifying them into two groups, people from academic field, economic world, and civic groups, and people from political community, government ministries, and military. Also, expertise of CEOs and internal auditors is divided into business expertise and financial expertise. As control variables, this study applied foundation year, asset size, government subsidies as a proportion to corporate earnings, and dummy variables by year. Analysis showed that there is significantly positive relationship between independence and financial expertise of internal auditors and managerial performance. In addition, although business expertise and financial expertise of CEOs were not statistically significant, they have positive relationship with managerial performance. However, unlike a general idea, independence of CEOs is not statistically significant, but it is negatively related to managerial performance. Contrary to general concerns, it seems that the impact of independence of public enterprises' CEOs on managerial performance has slightly decreased. Instead, it explains that expertise of public enterprises' CEOs and internal auditors plays more important role in managerial performance rather than their independence. Meanwhile, there are limitations in this study as follows. First, in contrast to private enterprises, public enterprises simultaneously pursue publicness and entrepreneurship. However, this study focuses on entrepreneurship, excluding considerations on publicness of public enterprises. Second, public enterprises in this study are limited to those in the central government. Accordingly, it should be carefully considered when the result of this study is applied to public enterprises in local governments. Finally, this study excludes factors related to transparency and democracy issues which are raised in appointment process of executives of public enterprises, as it may cause the issue of subjectivity of researchers.