• Phonetics and Speech Sciences
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• v.11 no.2
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• pp.45-56
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• 2019

This study investigated the interaction between phonological phrase boundary and word frequency variable in Korean speech processing. A word monitoring task was performed to examine the interference caused by the frequency effect of target word depending on whether a phonological phrase is formed within the target word. Frequency of target word (high vs low) and phonological phrase boundary (within target word vs between target words) were applied as between and within subject condition respectively. Our results showed the significant main effect of the phonological phrase boundary and the significant interaction. In the post-hoc analysis, the high-frequency target words were detected significantly faster than the low-frequency target words only in the within phonological phrase boundary condition. Frequency effect in the between phonological phrase boundary condition did not appear. The results indicated that the phonological phrase boundary and word frequency variable played an important role in Korean speech processing. In particular, we discussed the possibility of processing the word frequency at the very early sensory information processing stage based on the interaction of two experimental factors.

• 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.

• 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.

• Knowledge Management Research
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• v.24 no.2
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• pp.65-85
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• 2023

This paper investigates how TMT's cognitive traits affect R&D investment. Drawing on the attention-based view, we propose that TMT's future orientation and risk preference increase the level of R&D investment. As R&D activities have long-term goal of generating proprietary knowledge, it is important to understand how TMT's attention toward future and risk affect R&D investment. Also, we test the moderating effect of CEO duality on R&D investment. As the CEO plays a leadership role in the TMT, if the CEO's decision-making authority is highly concentrated, the impact of TMT on R&D may decrease. We measure CEO duality and CEO ownership stake as CEO characteristics. Based on a sample of 837 U.S. manufacturing firms, the results show that when TMT has a higher tolerance for risk and higher future orientation, R&D intensity increases. However, when CEO also serves as chairman of board and CEO has higher ownership, TMT's influence on R&D investment weakens. This implies that TMT and CEO has power dynamic that can change based on CEO power supporting status. Overall, it suggests that TMT's attention and CEO power are important factors to improve longer-term knowledge accumulation of firm.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.1
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• pp.207-244
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• 2015

Aviation safety is the stage in which the risk of harm to persons or of property damage is reduced to, and maintained at or below, an acceptable level through a continuing process of hazard identification and risk management. Many accidents and incidents have been taking place since 2014, while there had been relatively safer skies before 2014. International civil aviation community has been exerting great efforts to deal with these emerging issues, thus enhancing and ensuring safety throughout the world over the years. The Preamble of the Chicago Convention emphasizes safety and order of international air transport, and so many Articles in the Convention are related to the safety. Furthermore, most of the Annexes to the Convention are International Standards and Recommended Practices pertaining to the safety. In particular, Annex 19, which was promulgated in Nov. 2013, dealing with safety management system. ICAO, as law-making body, has Air Navigation Commission, Council, Assembly to deliberate and make decisions regarding safety issues. It is also implementing USOAP and USAP to supervise safety functions of member States. After MH 370 disappeared in 2014, ICAO is developing Global Tracking System whereby there should be no loophole in tracking the location of aircraft anywhere in world with the information provided by many stakeholders concerned. MH 17 accident drove ICAO to install web-based repository where information relating to the operation in conflict zones is provided and shared. In addition, ICAO has been initiating various solutions to emerging issues such as ebola outbreak and operation under extreme meteorological conditions. Considering the necessity of protection and sharing of safety data and information to enhance safety level, ICAO is now suggesting enhanced provisions to do so, and getting feedback from member States. It has been observed that ICAO has been approaching issues towards problem-solving from four different dimensions. First regarding time, it analyses past experiences and best practices, and make solutions in short, mid and long terms. Second, from space perspective, ICAO covers States, region and the world as a whole. Third, regarding stakeholders it consults with and hear from as many entities as it could, including airlines, airports, community, consumers, manufacturers, air traffic control centers, air navigation service providers, industry and insurers. Last not but least, in terms of regulatory changes, it identifies best practices, guidance materials and provisions which could become standards and recommended practices.

• Strategy21
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• s.31
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• pp.251-293
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• 2013

해적은 공해상 해상안전을 위협 한다는 점에서 '인류공동의 적'으로 규정되어 모든 국가가 이를 규제할 수 있는 보편적 관할권이 행사되는 범죄이다. 한국을 포함한 아시아 지역 국가들은 말라카해협 통항에 관해 깊은 이해관계를 갖고 있어 해적 소탕에 대한 의지가 강한 편이다. 이러한 의지는 2006년 '아시아해적퇴치정보공유센터(ReCAAP ISO)'의 창설에 밑거름이 되었으며, 아시아 지역에서 해적이 출현하면 동 센터를 통해 17개국 회원국으로 즉시 통보되고, 주변국의 해경과 해군이 유기적인 작전을 통해 해적을 효율적으로 퇴치하고 있는 모범사례다. 그러나 2009년 소말리아 내란에 따른 무정부 상태가 지속되면서 소말리아 및 아덴만에서의 해적활동이 극성을 부리기 시작했으며, 선박납치 행위가 급증하자 세계 각국에서 함정과 항공기를 파견하여 해적퇴치 활동을 전개하고 있으나 근절되지 않을 뿐만 아니라 해적의 활동해역이 확대되고 있다. 이러한 배경 하에 시작된 본 연구는 연구결과를 중심으로 다음과 같은 대응 방안을 제시한다. 첫째, 소말리아 해적의 근본원인은 국가의 붕괴에서 비롯된 치안부재와 열악한 경제사정 등 내부적인 요인이 크기 때문에 다국적 해군 활동으로 인한 근본적인 해적퇴치에는 한계가 있다. 따라서 국제적인 차원에서 '지역협력협정'체결은 물론, 소말리아 국가재건을 위한 노력이 함께 이루어지는 종합적인 대책이 필요하다. 그러나 보다 더 근본적인 해결책은 유엔차원에서 빠른 시간 내에 소말리아가 정치적 안정을 유지할 수 있도록 정치적 차원에서의 지원이 필요하며, 해적과 테러리스트가 연계됨으로써 국제문제로 확대되지 않도록 하는 노력도 병행되어야 한다. 둘째, 해적문제는 특정국가에만 해당되는 것이 아니라 초국가적인 문제임을 감안하여 유엔안전보장이사회 결의 제1851호에서 '지역 센터' 설립을 권고하고 있는 것처럼 2006년 아시아 국가들이 설치한 ReCAAP ISO와 같은 형태의 지역국가 간 협력기구 또는 유엔 차원의 해적 전담기구를 설치하여 국제사회 공조 하에 해적에 대처하는 방안을 추진하는 것이 필요하다. 셋째, 최근 발생하고 있는 해적행위는 주로 항구 등 내수, 영해 등 연안국의 관할권이 행사되는 지역에서 발생하고 있어 유엔해양법상의 규정은 이러한 '해적' 퇴치에 더 이상 효율적이지 못하다. 국제사회는 이러한 문제점을 인식하여 국제해사기구 (IMO) 등 국제기구를 통해 영해내의 해적 처벌을 위해 최선의 노력을 기울이고 있다. 향후 궁극적으로는 유엔해양법협약의 개정을 통해 법적인 문제점이 개선되어야 한다. 넷째, 전술적인 측면에서도 지상에 기지를 두고 있는 해적들의 지도부가 그 동안 쌓아 놓은 네트워크를 이용하여 다국적 해군에 대한 정보를 수집하고 대응방안을 강구함으로써 나름대로의 생존전략을 구사할 것으로 예상된다. 특히, 선박을 납치한 후 소말리아 연안으로 이동하면서 해군함정과 대치하는 과정에서 해적들이 살상을 당하는 사례가 증가함에 따라 지금까지는 피랍된 선박의 선원을 단순히 해적활동에 참여시키거나, 항해지원을 위한 목적 등으로만 활용했는데, 앞으로는 해적들의 인명피해를 최소화하기 위해서라도 선원들을 방패막이로 활용할 가능성이 더욱 높아질 것으로 예상된다. 따라서 참가하는 해군함정 또는 부대간 해적들의 활동 관련 정보를 공유하는 등 사전에 정보를 획득하기 위한 협력을 강화해야 한다. 다섯째, 한국군함이 삼호주얼리호를 납치했던 소말리아 해적을 한국까지 대리고 와서 처벌하는 것은 불합리하고, 많은 문제점을 야기할 수 있기 때문에 향후 해적처벌을 위한 국제사법기구의 설치가 요구된다. 회원국 분담금으로 운영되는 유엔에 산하기관을 설치하여 소말리아 인접국에서 해결하도록 적극적인 노력을 경주할 필요가 있다. 마지막으로, 선박회사에서도 자국 선박이 위험구역으로 지정된 해역을 항해할 경우를 대비해서 선박자동식별 시스템 구축을 확대하고, 해적이 선박에 승선했을 경우를 대비해서 안전구역(citadel)을 설치하여 선원의 안전을 확보하는 등의 대책이 필요하다. 본 연구를 통해 해양안보는 어느 특정국가에게만 주어진 것이 아니며, 해적행위도 특정 국가의 선박을 대상으로 하는 것이 아니므로 각국 정부간 공동의 협력과 국제사회의 공조가 반드시 실현될 때 해적의 위협으로부터 선박의 안전과 국제사회의 평화가 실현될 수 있다는 것을 강조하고자 한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Journal of the Korean Institute of Landscape Architecture
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• v.43 no.1
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• pp.108-119
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• 2015

Recently, the ways in which individual communities own and manage parks have been both discussed and realized in America and England. Some benefits of these asset transfers are that local governments can reduce the financial cost of management as well as improve the service of the parks. In addition, communities can develop these parks as unique assets. Ultimately, this is a new understanding of parks as community commons. This study examines the policy of park asset transfers to communities in England. These transfers, which involve reallocating land and building management and/or ownership from the public sector to a community group, are part of a policy agenda known as "Big Society", which aims to create a "small government" within a "big society". The agenda is pursued by both the English Conservative and Unionist Party governments. Eight case studies of community park asset transfers in England were examined in this study, under three categories-transfer process, partnership among stakeholders, and financial structure-and synthesized along three issues-financial contribution, level of public transparency, and closeness of the relationship between park and community. In some cases, new community groups were created specifically to receive park assets, while in other communities, existing groups became the park trustees. For most parks, community groups raise park maintenance funding through diverse methods; however, these groups are often not entirely financially independent from local government. Thus, many park trustees have already created, or are planning to create, other assets from which parks can benefit. Second, some efforts for public transparency include trusts that are registered as charities, of which their public nature is admitted officially. These trusts resolve important decisions through boards of trustees, in an effort to promote income-generating business while not excluding users. Ultimately, a close relationship between park and community empowers the community to participate in managing and maintaining the park; in turn, the park's capacities are improved. Current struggles include the many limits involved in communities accepting ownership and management of a park, and a lack of local government experience regarding public-private management and maintenance of a public asset. This study, however, details interesting policy implications for Korean community involvement as well as diverse financial methods to facilitate park management.

• Journal of Intelligence and Information Systems
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• v.29 no.3
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• pp.287-316
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• 2023

As global energy crisis and the COVID-19 pandemic have emerged as social issues, there is a growing demand for companies to move away from profit-centric business models and embrace sustainable management that balances environmental, social, and governance (ESG) factors. ESG activities of companies vary across industries, and industry-specific weights are applied in ESG evaluations. Therefore, it is important to develop strategic management approaches that reflect the characteristics of each industry and the importance of each ESG factor. Additionally, with the stance of strengthened focus on ESG disclosures, specific guidelines are needed to identify and report on sustainable management activities of domestic companies. To understand corporate sustainability strategies, analyzing ESG reports and news articles by industry can help identify strategic characteristics in specific industries. However, each company has its own unique strategies and report structures, making it difficult to grasp detailed trends or action items. In our study, we analyzed ESG reports (2019-2021) and news articles (2019-2022) of six companies in the 'Finance,' 'Manufacturing,' and 'IT' sectors to examine the sustainability strategies of leading domestic ESG companies. Text mining techniques such as keyword frequency analysis and topic modeling were applied to identify industry-specific, ESG element-specific management strategies and issues. The analysis revealed that in the 'Finance' sector, customer-centric management strategies and efforts to promote an inclusive culture within and outside the company were prominent. Strategies addressing climate change, such as carbon neutrality and expanding green finance, were also emphasized. In the 'Manufacturing' sector, the focus was on creating sustainable communities through occupational health and safety issues, sustainable supply chain management, low-carbon technology development, and eco-friendly investments to achieve carbon neutrality. In the 'IT' sector, there was a tendency to focus on technological innovation and digital responsibility to enhance social value through technology. Furthermore, the key issues identified in the ESG factors were as follows: under the 'Environmental' element, issues such as greenhouse gas and carbon emission management, industry-specific eco-friendly activities, and green partnerships were identified. Under the 'Social' element, key issues included social contribution activities through stakeholder engagement, supporting the growth and coexistence of members and partner companies, and enhancing customer value through stable service provision. Under the 'Governance' element, key issues were identified as strengthening board independence through the appointment of outside directors, risk management and communication for sustainable growth, and establishing transparent governance structures. The exploration of the relationship between ESG disclosures in reports and ESG issues in news articles revealed that the sustainability strategies disclosed in reports were aligned with the issues related to ESG disclosed in news articles. However, there was a tendency to strengthen ESG activities for prevention and improvement after negative media coverage that could have a negative impact on corporate image. Additionally, environmental issues were mentioned more frequently in news articles compared to ESG reports, with environmental-related keywords being emphasized in the 'Finance' sector in the reports. Thus, ESG reports and news articles shared some similarities in content due to the sharing of information sources. However, the impact of media coverage influenced the emphasis on specific sustainability strategies, and the extent of mentioning environmental issues varied across documents. Based on our study, the following contributions were derived. From a practical perspective, companies need to consider their characteristics and establish sustainability strategies that align with their capabilities and situations. From an academic perspective, unlike previous studies on ESG strategies, we present a subdivided methodology through analysis considering the industry-specific characteristics of companies.

• Journal of Venture Innovation
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• v.4 no.3
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• pp.141-150
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• 2021

Although management decisions centered on the board of directors and directors must be made in order to effectively promote ESG management, the company's management is not obligated to make decisions considering ESG factors. A Korean corporation(company) is an established organization for commercial or other profit, and the purpose of treating a legal organization as a corporation is to easily handle the legal relationship of a group (corporate's property) and individual property of a group member, but legal person such as rights to "harm public rights" or "defend fraud". Criminal liability for illegal acts of a corporation, but the liability of a corporation (natural person) for illegal acts of a corporation is recognized within a limited range, but the criminal liability of a corporation (natural person) is limited. As the social responsibility of a corporation is great, limiting the responsibility of a corporation-related person (natural person) to civil responsibility will halve its effectiveness if considering the impact on the corporation's national economy. Objective requirements such as the completeness of control, hybridization of property, infringement of creditors' rights, and small-capitalization, and the subjective intention of abusing the company system to avoid legal application to controlling shareholders should be denied. Despite the increasing influence on corporate society, such as large-scale projects and astronomical business profits, corporate officials (natural persons) are forced to be held liable for negligence and intentional liability within a limited range. In such cases, it is necessary to introduce criminal responsibility separately from civil responsibility to legal persons (natural persons) in consideration of the maturity of capitalism in Korean society and the economic status of the world. In Korea, the requirements for recognition of corporate denial are strict, but the United States says that it is sufficient to have control or fraud. Therefore, it is not about civil responsibility, but about criminal responsibility of a legal person (natural person), so if fraud is recognized, it can strengthen the corporate social responsibility.