• Management & Information Systems Review
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• v.28 no.2
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• pp.113-134
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• 2009

The purpose of this paper is to investigate the relationship between foreign ownership and firm value. Based on the sample of 3,398 firm-year observations in the period of 2000 to 2007, we find evidence that foreign ownership is positively associated with firm value measured by the market-to-book ratio. In addition, we employ simultaneous equation system where both foreign ownership and firm value are treated as endogenous variables. Simultaneous regression models indicate that the foreign ownership affects firm value, but not vice versa. The positive effects of foreign ownership on firm value result from monitoring and disciplining roles played by foreign investors. Many Korean firms have been run by an owner-manager while monitoring provided by institutional equity holders has been limited. Therefore, Korean firms are expected to suffer from more severe agency costs caused by the conflicts of interest between owner-managers and outside investors. Our empirical results support the notion that foreign investors play an important role in enhancing corporate transparency and improving corporate governance.

• Journal of the Korean Geographical Society
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• v.49 no.6
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• pp.865-883
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• 2014

This study investigated the carbon offset project activities as the activities of producing commodities by a case study on the Korean Clean Development Mechanism(CDM) industry. This study draw the networks of Korean CDM industry by extracting major agents and surrounding agents and by analyzing the characteristics of the linkages. The project participants owning the CDM projects hires CDM consultancies and designated operational entities(DOEs). The technical knowledge for carbon emission reduction made links between project participants and the CDM project operational knowledge made links between project participants and CDM consultancies. Links between project participants and DOEs are affected by social and geographical proximities. The value of the knowledge for CDM industrial activities determined the role of agents and type of linkages. The agents with the irreplaceable knowledge could be a project conducting firms. The agents without it became outsourcing contractors.

• Journal of Technology Innovation
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• v.22 no.2
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• pp.105-129
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• 2014

In order to identify the antecedents of organization's exploration activities, this study focuses on internal factors. There are many theoretical and empirical studies for an organization's exploration activities, while the research on antecedents is limited. This study is aimed at the manufacturing industry in Korea from 1998 to 2012 using data from 15 years of slack, ownership structure, and TMT diversity. The study examined the impact of these firm-specific factors on firm's exploration activities. As a result, a company's exploration activities and slack have positive relationship. Between insider ownership and exploration activities, the hypothesis was not supported. Also, the relationship between TMT diversity and exploration activities was dismissed. Finally, based on the results of this analysis, the contribution of this study, limitations and implications are drawn.

• Journal of Technology Innovation
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• v.22 no.2
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• pp.157-183
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• 2014

This paper examines how the concentration of ownership in firms influences the R&D investment decision and whether the type of a firm's management (i.e, the owner-manager or professional manger) differentiates the relationship between the ownership concentration and R&D investments by using data of Korean pharmaceutical companies between 2004 and 2008. The results show that the share of the largest shareholder and R&D investment have an inverted U-shaped relationship, and whether a CEO is an owner or a professional manager affects the curvature of the inverted U-shaped relationship. Specifically, when a firm's CEO is a professional manager and the share of his stock is small, increase in the CEO's share increases the R&D investment in the larger amount than when a firm's CEO is an owner. This is because the increase in ownership reduces agency cost; However, when the share of his stock is large, the increase in CEO's share decreases R&D investment in the larger amount than when a firm's CEO is an owner. This is because a professional manager gets concerned over excessive risk exposure more than an owner-manager does.

• Journal of the Korean Association of Oral and Maxillofacial Surgeons
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• v.33 no.2
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• pp.109-113
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• 2007

Introduction. In patients with mandibular prognathism, Bilateral Sagittal Split Ramus Osteotomy(BSSRO) combined with orthodontic treatment reduces oral volume and influences tongue and other surrounding tissues. Purpose of this study was to analyze post-operative tongue position and airway dimension, as well as mandibular changes in vertical, horizontal, and angular dimensions. Materials and methods. Height of dorsum of tongue, width of airway, gonial angle and lower facial height of mandibular prognathic patients who visited Kangdong Sacred Heart Hospital from Jan. 2001 to Dec. 2006 were anaylzed via pre-operative and post-operative cephalograms. T-test was used to compare pre-operative and post-operative measurements. Also, correlations among pre-operative measurements of the patients were analyzed. Results and conclusion. A significant correlation was shown between ANS-Xi-PM area and location of dorsum of tongue in pre-operative patients. A significant superior movement of tongue and decrease of airway width was observed in post-operative patients. Also the upper gonial angle decreased significantly.

• Korean journal of communication and information
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• v.40
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• pp.7-44
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• 2007

This study aims to review the socialist news magazines between 1925 and 1936 under the Japanese regime, then to analyze how they published and how they managed the branch. The socialist magazines appeared legally and officially right after the 3 1 movement when the ownership and publishing of newspapers and news magazines was partially allowed. However, there were many obstacles because the permission by the Japanese regime was a result of deceptive cultural policy. The Japanese government more sensitively responded to the socialists' related news stories rather than other types of publications. Due to over-censorship and financial difficulty, the life time of most socialists' news magazines was very short. However, these news magazines did play an important role to disseminate socialism. In doing so, because the news magazines were a part of social movements, the delivery network was also maintained based on social movements.

• Journal of the Korea Society of Computer and Information
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• v.4 no.4
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• pp.244-250
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• 1999

This study aimed to analyze the effect of the change in CP class of a firm on the abnormal yield of its stock price. As a result, it was found that the change in CP class of a firm had an effect on the abnormal yield. That is. the abnormal yield rose when the class of CP rose while it dropped when the class of CP dropped. And it was analyzed that the class of CP in the firm in which its current net gain was great while it dropped in the firm in which the current net gain was small. And it was found that the CP class of the firm with the high debt to equity ratio rose when the CP class of the firm changed, whereas it rose in the firm with the low debt to equity ratio. But it was found that the size of majority shareholders equity rate in a firm, the size of corporate value of the firm, the size of cash flow of the firm and the size of the burden of financial costs of the firm were not related to the abnormal yield of its stock price. This study has its significance in analyzing the effect of the information on the change in CP class of the firm on the capital market. But it has its limitations in the sample firm and the selection of the point in time of disclosure.

• Journal of Korea Port Economic Association
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• v.35 no.4
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• pp.17-30
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• 2019

This study examines the recent business models of domestic logistics companies in Hanoi and Hai Phong, Vietnam, and suggests implications. We introduced business models (coastal shipping, distribution center and ICD transportation, cold chain, border crossing, port development, etc.) that provide logistics services through cooperation with existing logistics companies (shippers, logistics companies, local companies, etc.). If we propose a partnership plan in the short and medium term, short-term projects include warehouse, ICD, trucking business, and it is feasible to not only collaborate with Korean companies that have already entered the market, but to also invest in joint ventures with local companies (up to 51% of local companies). In the long term, we can consider coastal transportation, cross-border transportation, trucking, and investment in new deep sea ports. All of these businesses require local partnerships, so local companies require a 51% stake.

• Journal of Digital Convergence
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• v.15 no.1
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• pp.209-216
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• 2017

The merits and demerits of the chaebol in Korea has been subjected to considerable debate in recent years. In accounting research, many papers have been concentrating on tunneling that be designated as expropriation of minority shareholders by controlling shareholders. Although majority previous paper suggested related-party transaction has a negative effect to firm value, some research on related-party transaction argued it has a positive effect, also. We assume that they can't consider compositive meaning of related-party transaction and result of prior studies are mixed. In this setting, we investigate the relation between earnings management and related-party transaction which be known as strategy for tunneling by considering controlling shareholder's ownership.

• Journal of KIISE
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• v.42 no.12
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• pp.1480-1485
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• 2015

As SSDs are increasingly being used as high-performance storage or caches, attention is increasingly paid to the provision of SSDs with Quality-of-Service for I/O request streams of various applications in server systems. Since most SSDs are using the AHCI controller interface on a SATA bus, it is not possible to provide a differentiated service by distinguishing each I/O stream from others within the SSD. However, since a new SSD interface, the NVME controller interface on a PCI Express bus, has been proposed, it is now possible to recognize each I/O stream and schedule I/O requests within the SSD for differentiated services. This paper proposes Flash Operation Group Scheduling within NVME-based flash storage devices, and demonstrates through QEMU-based simulation that we can achieve a proportional bandwidth share for each I/O stream.