• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.1-9
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• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

• Journal of Korea Trade
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• v.23 no.6
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• pp.145-158
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• 2019

Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms' stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors' expectations were higher with new partners and new alliances than with old partners. Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value - This study analyzed partner volatility on relevant companies' stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.5
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• pp.2108-2114
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• 2011

I examine propping within chaebolgroups, using changes of bond rating events made by corporate credit evaluation institutions. Much studies related to the internal capital market and tunneling have enhanced our understanding of the important function of chaebolgroups in emerging market, but relatively little is known about propping within affiliated firms. In a common sense, propping implies capital reallocation within affiliated firms to save a financially troubled affiliate. In event study on announcement the changes of corporate bond rating, I found most positive numbers in chaebolgroup's CAR. Particularly when lower change than higher change, decrease ratio of CAR is higher positively in chaebolgroups, which relatively shows that there is more propping effects in chaebolgroups than non-chaebolgroups. In multi-regression analysis, after strengthen restriction of internal mutual investment, propping effects are decreased positively in chaebolgroups than non-chaebolgroups when credit rating adjust lower, which implies there was more propping in chaebolgroups.

• Journal of Digital Convergence
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• v.13 no.9
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• pp.409-418
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• 2015

This study was performed to develop and evaluate the effects of Team-Based Learning(TBL) on cardiac problem in adult nursing. The study measured problem-solving ability, critical thinking disposition, academic achievement and, class satisfaction for learning outcomes of course. Pretest-posttest design with nonequivalent control group was utilized to analyze the effects of TBL. Experimental group and control group each consisting of 52, 54 participants was picked from the junior students. The experimental group was given the TBL for 6 hours and control group was given a lecture and case-based announcement class. In results, significant improvements were found in problem-solving ability(F=5.92, p=.017), and class satisfaction(F=5.80, p=.018). Critical thinking disposition and academic achievement of experimental group were improved than those of control group, but there were not statistically significant difference.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.9
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• pp.5836-5842
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• 2015

We examine the effect of Corporate Social Responsibility activities on the value of corporations through the supply contracts with customers, one of important stakeholders. The analyses using KEJI index and supply contract announcements show that the likelihood of involving in a supply contract is lower and the announcement return is lower when CSR performance is higher. However, this negative effect of CSR is different across the level of CSR performance. The negative effects of CSR do not exist in the firms with highest level of CSR performance while most of the negative effects are concentrated in the firms with mediocre performance in CSR. These results indicate that market recognizes not best CSR activities but mediocre CSR activities as sacrifice of shareholder value.

• The Journal of Sustainable Design and Educational Environment Research
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• v.20 no.2
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• pp.22-30
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• 2021

According to the OECD's interim report on Korean education analysis held in 2020, the presenter, Andreas Schleicher, director of education for the OECD, said, "Korean students show a lot of fear, anxiety and nervousness about failure", referring to how Korean students feel anxious even if their test scores are good. It is a simple example, but as mentioned in a recent education announcement, it is a common sight among Korean students, and it is easily experienced while receiving education. As Korea has a high level of interest and enthusiasm for nurturing human resources, various methods must be considered and studied, and solutions to current problems, improvements, and directions for development is encouraged to be presented. This paper considered the methods for innovation of a learning space to improve the quality of school education, and systematically analyzed and organized the effects and impacts of providing a green environment among the methods and means. It is hoped that this study can serve as a small solution and play its role in solving the social problems of complex aspects of students presented previously.

• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.219-247
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• 1997

우리나라에서는 그 동안 유상증자(有償增資)시 주주배정(株主配定)(right offer)방식에 의하고 기업공개시의 발행가격도 일률적으로 산정(算定)되어 증권인수(證券引受)에 따른 인수기관(引受機關)(underwriter)의 역할이 제한되어 왔으나 앞으로는 증권발행방식이 다양화되어 발행가격의 결정을 포함한 인수기관의 역할이 강조될 것이다. 대부분 총액인수(總額引受)(firm commitment underwriting)방식을 택하는 미국자본시장에서 인수기관을 선정하고 발행조건들을 결정하는 방법에는 투자은행과의 협의(協議)(negotiation)에 의하는 방식과 비공개경쟁입찰(非公開競爭入札)(sealed bidding)에 의하는 방식이 있는데 많은 기업들은 상대적으로 비용이 많이 드는 협의발행을 선택한다. 본 연구에서는 이에 대한 가설들을 뉴욕증권거래소나 아메리칸증권거래소에서 거래되는 공익기업의 신주발행자료를 통해 실증 검정했다. 인수 스프레드(underwriting spread)는 발행금액에 관계없이 협의발행(協議發行)이 경쟁발행(競爭發行)보다 평균적으로 1.16% 높았으며 발행비용(發行費用)도 협의발행이 유의적인 수준에서 0.341% 정도 높았다. 비대칭정보하에서 신호균형(信號均衡)(signaling equilibrium)으로 설명할 수 없지만 협의발행에 의한 통합균형(統合均衡)(pooling equilibrium)의 가능성은 배제하지 못했다. 주식발행 발표일(發表日)(announcement date)을 전후해 인수방식에 따른 주가변동의 차이를 분석한 결과 대리인가설(代理人假說)은 부분적으로 지지했다. 발행일(發行日)(offering date)을 전후한 주가변동에 의하면 인수기관의 사전매각노력(事前賣却努力)이 협의발행하에서 더 높았으나 발행일 직후의 주가회복은 보이지 않아 인수방식에 따른 가격안정화(價格安定化) 노력의 차이는 없었다. 발행기업들간의 주가차별화의 정도를 분석한 결과 협의발행에서 인회활동(認淮活動) (certification effects)을 더 잘 할 수 있다는 사실을 지지하지 못했다.

• Journal of Information Technology Services
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• v.17 no.1
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• pp.33-45
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• 2018

Recently, many South Korean firms have suffered financial losses and damaged corporate images from the data breaches. Accordingly, a firm should manage their IT assets securely through an information security investment. However, the difficulty of measuring the return on an information security investment is one of the critical obstacles for firms in making such investment decisions. There have been a number of studies on the effect of IT investment so far, but there are few researches on information security investment. In this paper, based on a sample of 76 investment announcements of firms whose stocks are publicly traded in the South Korea's stock market between 2001 and 2017, we examines the market reaction to information security investment by using event study methodology. The results of the main effects indicate that self-developed is significantly related to cumulative average abnormal returns (CAARs), while no significant effect was observed for discloser, investment characteristics and firm characteristics. In addition, we find that the market reacts more favorably to the news announced by the subject of investment than the vendor, in case of investments with commercial exploitation. One of main contributions in our study is that it has revealed the factors affecting the market reaction to announcement of information security investment. It is also expected that, in practice, corporate executives will be able to help make an information security investment decision.

• Journal of Korean Academy of Nursing
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• v.34 no.8
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• pp.1427-1433
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• 2004

Purpose. The elderly with UI experienced urine leakage for a long time. The prevalence of UI has increased and it makes costly. Particularly, the elderly were reluctant to visit a hospital or a clinic for the reasons of modesty and poverty. To solve this problem, incontinence intervention programs should be provided at the elderly welfare center. The purpose of this research was to develop Incontinence Intervention Program for the Elderly Women (IIPE) and evaluate in its effect. Methods. The study design was quasi-experimental with pre and post-test. The study was performed for ten weeks at one elderly welfare center, Seoul, Korea. The subjects were gathered through an official announcement and informed consent was obtained. IIPE, in this study, was consisted of diagnosis, education, exercise and evaluation. The study variables were PFM exercise adherence, pelvic muscle strength, Continence self-efficacy, geriatric depression and incontinence stress. The effects of the IIPE on PFM exercise adherence, pelvic muscle strength, Continence self-efficacy, geriatric depression and incontinence stress were also evaluated. Results. The mean age of the subjects was 75.2 years. The average attendance was 6.2 times. The IIPE improved PFM exercise adherence, intra-vaginal contraction power and CSE significantly. But it was not significant in incontinence stress and geriatric depression. Other important results were that the two-finger test and urine stream interruption were more useful for elderly women with rigid vaginas in teaching and evaluating. Conclusion. The Findings suggest that IIPE is effective to the community-residing elderly. Further investigation is needed on a long-term basis with control group.

• Journal of Korean Society for Quality Management
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• v.42 no.1
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• pp.43-61
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• 2014

Purpose: This study identifies preventive measures for VOC management by analyzing the causes and effects of factors that contribute to high risk service failure using FMEA on KORAIL VOC data. Methods: Two research methods were used. First, a Risk Priority Number (RPN) was assigned to each KORAIL VOC based on Failure Mode and Effect Analysis (FMEA). Second, multiple regression analysis was run with RPN factors that include severity, occurrence, and detection as the independent variables and customer dissatisfaction as the dependent variable. Results: Multiple regression analysis showed that RPN factors including severity, occurrence, and detection had significantly positive relationship with customer dissatisfaction. Based on these results, an FMEA was performed on VOC categories with high RPN for railroad stations including platform, ticketing, ticket verification, parking, and escalator, and VOC categories with high RPN for trains including entrance doors, cafes, air quality, announcement, and ticket verification. Conclusion: This study has practical implications to service failure management. A priority order using FMEA was established for the list of customer dissatisfactions that should be addressed to actively manage service failure, and strategies for tackling this priority list are offered.