• International Commerce and Information Review
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• v.19 no.1
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• pp.257-278
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• 2017

The paper examines the ownership structure and the firm value of online firms in the world. Data are gathered by using FACTIVA database for firms in the Dow Jones index for the 2014 fiscal year. The Ordinary Least Squares regressions, the Generalized Linear Model, and the model selection criteria are employed to analyze the relationship between the dependent and the independent variables. The paper tests theories such as the convergence of interest theory, the managerial entrenchment theory, and the eclectic theory. The paper finds that the ownership structure has an influence on the firm value depending on the rank of the large shareholders. While the first large shareholders have a negative association with the firm value, the presence of the second and the third large shareholders have a positive influence on the firm value. The paper also finds that the identity of the largest shareholders whether they are insiders or outsiders have an influence on the firm value. The proportion of shareholding by a large shareholder and her identity are variables which predict a firm value.

• Journal of Technology Innovation
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• v.29 no.2
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• pp.1-30
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• 2021

Recent years have witnessed various attempts of firms to acquire new knowledge. Purchasing intellectual property or merger and acquisition (M&A) can be such attempts, but joint venture can also be an effective way internalizing new complementary assets from external partners. However, due to difficulties in the formation and implementation of learning strategies, many joint ventures have failed to acquire necessary knowledge. In this respect, based on contingency theory and dynamic capability, the current research aims to investigate the failure case of knowledge transfer in an international joint venture - KEFICO established by Hyundai motors and BOSCH. Case firm optimized for hardware technology but did not establish a differentiated learning strategy and organizational structure to acquire software skills, which are intellectuals of different natures. Due to this inconsistency, it was not able for KEFICO to absorb new type of knowledge (skills related to engine control system). This study suggests the theoretical framework illustrating the case and provides some important implications for organizational learning.

• Proceedings of the Korea Water Resources Association Conference
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• 2021.06a
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• pp.251-251
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• 2021

최근 기후변화로 인한 집중호우의 영향으로 홍수 시 댐으로의 유입량이 설계 당시보다 증가하여 댐의 안전성 확보가 필요하다(감사원, 2003). 이에 건설교통부(2003)는 기후변화와 댐 노후화에 대비하여 치수능력증대사업을 추진하여 댐의 홍수배제능력을 확보하였고, 환경부(2020)에서는 40년 이상 경과된 댐을 대상으로 스마트 안전관리체계 구축을 통한 선제적 보수보강, 성능개선 및 자산관리로 댐의 장수명화를 목적으로 댐의 국가안전대진단을 추진하고 있다. 이에 본 연구에서는 댐 시설(여수로)의 노후도 평가 시 활용 될 수 있는 여수로 표면손상 원인규명에 대하여 3차원 수치모형(FLOW-3D 및 COMSOL Multiphysics)을 통해 검토하고자 한다. 연구대상 댐은 𐩒𐩒댐으로 지형 및 여수로를 구축하였으며, 계획방류량(200년 빈도) 및 최대방류량(PMF) 조건에서 모의를 수행하였다. 수치모의 계산의 정확도 검토를 위하여 Baffle의 설치를 통하여 시간에 따른 유량의 변화를 설계 값과 비교하였고 오차가 1.0% 이내를 만족하는 것을 확인하였다. 여수로 표면손상의 다양한 원인 중 기존연구(USBR, 2019)를 통하여 공동침식(Cavitation Erosion) 및 수력잭킹(Hydraulic Jacking)에 초점을 두었으며 방류조건 별 공동지수(Cavitation Index)산정을 통하여 공동침식 위험 구간을 확인하였다. 이음부의 균열 및 공동으로 인한 표층부 콘크리트의 탈락현상을 가속화시키는 수력잭킹 검토를 위하여 국부모형을 구축하였고 음압력(Negative Pressure), 정체압력(Stagnation Pressure), 양압력(Uplift Pressure)의 분포를 확인하였다. 최종적으로 COMSOL Multiphysics를 통하여 압력분포에 따른 구조해석을 수행하여 폰 미세스(Von Mises) 등가응력 및 변위를 검토하여 콘크리트의 탈락가능성을 확인하였다. 본 연구는 여수로 공동부 및 균열부에서의 손상메커니즘을 확인할 수 있는 기초적인 연구이지만 향후에는 다양한 지형조건 및 흐름조건에서의 압력분포 분석 및 유체-구조물 상호작용(Fluid-Structure Interaction, FSI)모의를 수행한다면 구조물 노후도 및 잔존수명 평가에 필요한 손상한계함수 도출이 가능할 것으로 기대된다.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.41-72
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• 2003

The purposes of this paper are to build theoretical and empirically testable model to identify determining factors of ownership structure, and to analyze this model empirically using th Korea Stock Exchange panel data, and to test the impact of opening the stock market on the determinants of ownership structure. The determining factors of ownership structure identified in this paper include debt ratio, dividend, asset characteristics, profitability, growth business risk, size, institutional investors and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about $9\sim11%$ of the cross sectional variance in the equity ratio of large shareholders. The reasons that this model has too explanatory power are that some variables were measured with errors, and that there were some omitted variables in tested model. The regression results on the model variables ar generally in line with predictions. But the coefficient estimates on size is never significant. And it appears that the exogenous variable which explains opening the stock market has positive effect on the determinants of ownership structure.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.141-176
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• 2008

This study provides an analysis of ex post efficient outcome, which can be said an objective of distressed restructurings, using the stock return of listed companies. The findings of this study are as follows: First, upon completing the distressed restructurings, reorganization and workout cases showed positive announcement effects, which was statistically significant. Also, composition cases displayed a positive value, but it was not statistically significant. Second, with respect to post-restructuring long-run stock performance, reorganization and composition showed underperformance after completion. However, workout cases showed overperformance after the completion. Third, multiple regression analysis to find factors affecting post-restructuring long-run stock performance suggests that higher asset decrease(ASSETCH), shareholder concentration (OWNCEN), largest shareholders' stake(OWN) have more positive impacts on long-run performance. However, change of the largest shareholder(OWNERCH) has negative impacts on long-run performance. Finally, change of the largest shareholder is a negative factor in the performance of the distressed restructurings. Therefore, this study implies that if M&A is used as a way of early completing the distressed restructurings, prudent judgment is required on whether a firm can recover its competitiveness and is likely to be economically viable again.

• Journal of Digital Convergence
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• v.13 no.2
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• pp.105-113
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• 2015

If the watchdog role of good corporate governance, corporate executives and reduce agency costs and information asymmetries. Corporate governance score higher because enterprise internal control systems and financial reporting system is well equipped with the company management is enabled and corporate performance is higher because the high financial credit rating. Under these assumptions and hypotheses set up this study corporate governance (CGI) has been studied demonstrated how the financial impact on the credit rating (CFR). Findings,

relevant corporate governance (CGI) and financial credit rating was found to significantly affect the positive (+), Regression coefficient code is expected code of positive (+), the value

indicated by the value of all positive. The results of corporate governance (CGI) has showed excellent results, such as the more predictable will increase the credit score financial rating. The results of this study will have more CGI-credit financial rating the greater good. This study might be expected to provide a useful guide that corporate social responsibility, the company with a good governance and oversight systems enable to to get a higher credit rating in practice and research.

• The Journal of the Korea Contents Association
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• v.13 no.11
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• pp.829-844
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• 2013

This study performed comprehensive tests on the four hypotheses on the capital structures for the firms listed in the KOSPI during the period from 2006 to 2011. It may be of concern to find any financial profiles on firms' leverage across the book- and market-value bases since there was relatively little attention drawn to any financial changing profile of the leverage surrounding the period of the pre-and the post-global financial crises. The findings of this study may also be compared with those of the previous related literature, by which it may be expected to enhance the robustness and consistency of the results across the different classifications on capital markets. It was found that three explanatory variables such as PFT, SIZE, and RISK, were found to be the statistically significant attributes on leverage during the tested period. Moreover, the outcome by the Fisher Exact test showed that a firm belonging to each corresponding industry may possess its reversion tendency towards the industry mean and median leverage ratios.

• Journal of the Korean Geographical Society
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• v.28 no.4
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• pp.321-355
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• 1993

This paper focuses on the geographical pattern of financial activities in the Korean urban system during 1975-1990, based on the assumption that financial activities can reveal control points in Korea's urban economy. In terms of spatial evolution of financial insitutions, different locational characteristics are revealed among different types of financial institutions, implying the role of urban hierarchy. Financial resources are highly concentrated in the capital region, Seoul and Kyonggi Province. Both centralization trends into the large metropolitan cities and relative declines of medium and small cities within the Korean urban system, have been experienced over the study period. Financial activities sustain relatively stable hierarchical structure in the urban hierarchy. Regarding the financial flows, dominant flow zones centered on major metropolitan cities are identified, clearly showing a prominant role of Seoul in financial flows in the entire urban system.

• Journal of the Korean Society for Precision Engineering
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• v.4 no.4
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• pp.1-5
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• 1987

어떤 산업이든 기계공업이 관여되지 않는 분야가 없듯이 공작기게가 관여되지 않는 기계공업은 생각할 수 없다. 이와같이 공작기계는 <기계를 만드는 기계> 라는 점에서 모든 산업분야의 근간을 형성하고 있으므로 공작기계의 품질과 성능은 곧 한나라의 기술수준을 가늠하는 척도로서 대표된다고 하여도 과언은 아 니다. 오늘날 선진국들은 수요자가 요구하는 다양한 초정밀공작기계까지도 만들고 있다. 크게는 우주개발에 서 항공기, 선박 및 자동차생산을 위시하여 건설장비, 전자 및 광학, 정밀화학, 각종 시험기기 등 공작기계의 손이 미치지 않은 곳이 없다. 이렇게 공작기계는 전산업에 걸쳐 크게 영향을 주고 있으며, 특히 최근의 산업 화 추세가 점차 자동화, 무인화, 초정밀첨단산업으로 비약함에 따라 공작기계의 역할은 더욱더 중요시되고 있 다. 우리나라 공작기계공업은 1960 년대의 이전 극히 영세한 중소기업중심의 보수공작기계부품 생산형태에서 1960 년대 후반부터 일부 범용기종의 생산이 시작되었으나 보다 본격화한 것은 1973 년 정부의 중화학공업육성 시책에 따라 대기업의 대거 참여로 공작기계제조업은 시설, 자산, 경영면에서 대형화 하였고, 동시에 선진국의 최신기술과 시설을 적기에 도입하므로써 품질향상, 신제품개발, 수출참여 등 공작기계공업 발전에 일대 전기를 마련하였다. 특히 '85 년에 들어서면서부터 3 저의 여파로 국내 자동차산업의 호황, 전자, 기계 및 관련수요 산업의 설비투자와 시설개체에 힘입어 공작기계생산도 활발하기 시작하여 그 어느때보다 생산기반혁신을 위한 구조적 대응책이 절실해지고 있다. 따라서 공작기계공업의 당면과제는 지속적인 기술개발과 품질향상으로 국산 화율을 제고시켜야 함은 물론, 이를 양산화하여 명실공히 선도산업으로서의 위치를 굳히고, 적어도 기계류의 수입국에서 기계류의 수출국으로 기치를 든 탈바꿈을 할때 비로소 불균형이 없는 흑자시대는 도래할 것이다.

• Journal of Pharmaceutical Investigation
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• v.5 no.3
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• pp.50-57
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• 1975

Bismuthsubgallate is a compound of indefinite composition containing bismuth and gallic acid. Because its structure was indefinite, many papers have been reported for it. But these are different one another and the relationship between the physical properties, structure and manufacturing condition has not been yet reported. In this experiment, bismuthsubgallate was prepared from bismuthsubgallate and gallic acid in an acetic medium at $65^{\circ}$, and dried at four different temperatures $30^{\circ}\;65^{\circ}\;105^{\circ}\;and\;155^{\circ}$. And some of the other relative bismuth organic compounds were prepared. To each product. elemental analysis, IR spectra and DTA, TGA curves were determined. These results revealed the followings; l. The structure of bismuthsubgallate is comfirmed as a complex form of gallomonohydroxo-bismutic acid monohydrate and its yellow colour dependent upon complex anion in the structure. 2. According to the drying temperature, the hydrate content of bismuthsubgallate is quite different: dihydrate at room temperature, mono-hydrate at. $65^{\circ}$, anhydrous at $105^{\circ}$ and decomposed partial1y oganic substance of the structure above $155^{\circ}$.