• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.06a
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• pp.239-241
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• 2022

세계 물류시장은 지속적으로 성장하고 있으며, 글로벌 해운·물류기업은 M&A를 통해 시장지배력 및 글로벌 네트워크를 확장하고 있다. 한편 우리나라는 물류산업에서의 글로벌 선도기업 부재, 물류 네트워크 열악 등으로 인해 고품질 SCM 서비스 지원이 불가능한 상황이다. 따라서 해운·물류기업의 해외진출 확대 및 국제 경쟁력 강화를 위해 M&A 관련 연구가 활발하게 진행되어야 한다. 이에 본 연구는 M&A 성공 및 확대를 위한 M&A 효과분석 연구를 실시하고자 한다.

• 해운
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• no.2 s.48
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• pp.13-17
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• 2008

인구 470만명의 중소국가인 노르웨이는 오랜 세월동안 해운강국의 위치를 고수하고 있다. 아울러 노르웨이는 해운선진국으로서 여타 국가들이 벤치마킹의 대상이 되곤 한다. 노르웨이가 오래 전부터 해운강국으로 확고한 뿌리를 내릴 수 있었던 것은 아마도 바이킹의 후손으로서 해양지향적인 국민성에 있지 않을까 생각된다. 이 뿐만이 아닐 것이다. 사실상 노르웨이 외항해운산업의 대표적인 강점은 해운연관 산업에 국제경쟁력을 갖춘 유수의 기업들이 두텁게 포진하고 있다. 다음은 한국선주협회가 노르웨이 해운산업의 강점을 조사분석한 것이다.

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.37-49
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• 2015

According to outstanding maritime economists from domestic and overseas, shipping lines or ships' enlargement reduce fixed costs, and assist realization of scale of economy of shipping. On the contrary, recent Korean liquidity crisis on the shipping lines (SL) has been focused on the leading companies such as Hanjin Shipping (HJS), Korealines, and STX Pan Ocean. In this respect, this study aims to review Korean SLs' strategies and suggest the optimal solution between the specialization and enlargement. For these purposes, this research adopts slack based measure data envelopment analysis (SBM-DEA) model as a research methodology. As for decision making units (DMUs), SLs which have increased the vessel numbers and belonged to top tier group in year 2013, are selected. The results are comprised with two aspects. Firstly, HJS, KMTC, Korea LNG Trading (KLT), EUKOR, and Sinokor Tanker show the most efficient in regard to constant return to scale (CRS) model. Secondly, HJS, KMTC, KLT, Daerim, Chungang, Sinnokor Tanker, and EUKOR are the most efficient companies in terms of variable return to scale (VRS) model. Lastly, these results could be affected to the management philosophy and can answer the following question. Which is the most optimized SL?s management decision making, enlargement or specialization?

• Journal of Navigation and Port Research
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• v.41 no.4
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• pp.235-242
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• 2017

Earnings management is defined as an intentional act during the financial reporting process or a manager's choice of accounting policies to avoid earnings decreases or obtain some private gains. Shipping firms have a highly debt-intensive capital structure and a significant motivation in earnings management to avoid failure of a Debt Covenant. From this point of views, this paper tries to determine the relationship between the capital structure and discretionary accruals estimated using the re-modified Jones model (1995). The sample used to test the research models is made up of 87 Korean shipping firms during the period from 2007 to 2015. A histogram analysis, t-test and FGLS confirm the possibility of using earnings management, and it proved that Korean shipping firms manage their earnings to avoid financial loss. An analysis of the relationship between the capital structure and earning managements, shows it is difficult to support the Debt Covenant, shown as a negative relationship between the debt ratio and debt maturity as shipping firms' capital structure and discretionary accruals as earning management variable. An additional analysis presents a negative relationship between previous debt maturity and discretionary accruals, and the possibility of earning management in a highly increased debt ration group.

• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.19-38
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• 2013

This paper explores the relationship between shipping firm's investment and debt-ratio characteristics. Using a panel of 41 shipping firms from 2006 to 2011, this study finds evidence that debt/asset ratio and leverage are negatively associated with firm's investment activities. This relationship shows that volume of debt and capital structure are critical decision factor on firm's investment and capital financing. In terms of financial expenses to sales, positive relationship is existed with firm's investment finding that financing cost is important to investment. The previous study of the firm's investment in other sector also shows a negative relationship with debit ratio. This study is also interested in the extent to which the firm's investment is affected by firm size because there is general agreement that smaller firms have less access to external capital markets. As results, smaller companies group have more positive relationship with factors related to financing cost such as financial expenses to sales and tax. On the other hand, bigger companies group shows the evidence that firm investment is positive relationship with asset size. The analysis corresponding to economic fluctuation shows that debit ratio is more sensitive to firm's investment during a recession. On the other hand, financial expenses to sales is more related to firm's investment during an economic boom.

• Journal of Navigation and Port Research
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• v.27 no.5
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• pp.557-562
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• 2003

As competition between companies increases in the international market, a stronger Management Information System that can support all areas of the business is needed According to this trend, more and more companies are introducing Enterprise Resource Planning(ERP) to construct a Management Information System In this study, ERP module composition direction suitable for shipping companies were proposed through theoretical review and case studies.

• Journal of Korea Port Economic Association
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• v.28 no.1
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• pp.179-201
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• 2012

Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2017.11a
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• pp.136-137
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• 2017

4차 산업혁명시대가 도래함에 따라 해운항만기업에서 4차 산업혁명을 주도하는 ICT를 활용하기 위한 노력이 다양하게 전개되고 있다. 특히 해운항만물류분야에서는 IoT센서가 만들어내는 다양한 데이터를 분석하여 도출된 인사이트를 기반으로 업무효율성을 높이고자 빅데이터분석 기법을 적용하기 시작하고 있다. 본 연구에서는 해운항만기업들 중 빅데이터분석을 도입해서 활용하고 있거나, 빅데이터를 업무에 활용하기 위해 도입의도를 가지고 있는 기업의 종사자들을 대상으로 어떤 요인들이 빅데이터 사용의도를 높여주는 지에 대하여 실증분석.

• Journal of Korea Port Economic Association
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• v.28 no.3
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• pp.91-110
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• 2012

In the modern management literature, knowledge has been recognized as a new strategic resource enabling a firm to create its competitiveness. Shipping companies under fierce competitive structure need to pay attentions to the utility of knowledge management. A shipping firm may develop its unique service capability by classifying, sharing, and transferring the data, information and knowledge obtained from both inside and outside its global service network. The current study attempts to analyze influential relationships between liner shipping firms' knowledge management and service capabilities. In order to achieve this goal, this study designed a knowledge chain model measuring shipping companies' knowledge management levels and tested its validity and reliability based on a total of 80 replied questionnaires from national and foreign liners. The empirical result presents that supportive and primary activities composing a knowledge chain could exert significant positive influences on the enforcement of shipping service capabilities. This research shows that the utility of knowledge management is adoptable in the maritime industry, and recommends that shipping firms should recognize strategic importance of knowledge and actively pursue knowledge management at an entire firm level.

• 해운
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• s.97
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• pp.11-24
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• 2013

저조한 해운시황과 고유가가 지속되고 이들 변수의 변동성이 커지면서 두 변수가 해운업체의 영업수익성에 미치는 영향도 커지고 있다. 금융위기 이후 급감한 해운 수요는 유럽 재정위기가 겹치며 쉽사리 증가하지 못하고 있는 반면, 호황기에 발주된 선박들이 대거 인도되어 선복량 공급은 꾸준히 증가하면서 선복량 수급 불균형이 시황 회복의 발목을 잡고 있다. 또한, 해운 운임과 유가의 변동성 확대는 해운시황 침체와 함께 불확실성을 증대시켰고, 그에 따라 해운업체 영업실적의 불확실성도 확대되었다. 뿐만 아니라 이들 변수의 움직임에 의해 영업수익성이 좌우되는 모습을 보이고 있다. 이에 해운 운임 및 연료유 가격과 해운업체 영업수익성의 상관관계를 분석적 관점에서 살며보고 이를 바탕으로 2013년 해운업체의 실적에 대해 전망해 보는 동시에 유동성 상황을 점검해 보았다. 다음은 한국기업평가에서 발표한 "해운업계 실적 전망과 유동성 점검"의 주요 내용을 요약 정리한 것이다.