• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.225-241
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• 2020

Purpose - The purpose of this study was to examine the effect of the ratio of outside directors, especially the ratio of outside directors according to their tenure, on firm value. Design/methodology/approach - This study collected total 3,861 firm-year data about companies listed KRX KOSPI market in Korea. The Pooled Ordinary Least Square Model and Panel Fixed Effects Model were hired in order to analyze the data. Findings - First, it was found that the ratio of outside directors for total sample had no significant effect on firm value, and the estimation coefficient of dummy variable for the average tenure less than 3 years had a significant positive(+) effect on firm value. Second, the ratio of outside directors corresponding to the tenure of less than 3 years had a significant positive(+) effect on the firm value. On the contrary, the ratio of outside directors corresponding to the tenure of 3 years or more had a significant negative(-) effect on firm value. Third, the ratio of outside directors corresponding to the tenure for more than 6 years did not show any significant influence on firm value. Research implications or Originality - First, if other matters are not additionally considered, keeping the tenure of outside directors shortly on average could help to increase firm value. Second, in the case of firms facing the decision to reappoint outside directors for the first time, it is highly likely that the firm value would decrease on average, so careful decisionmaking considering various aspects is required. However, this study does not take into account the legal standards for the appointment of outside directors, diversity of outside directors, and the actual independence of outside directors according to other criteria in the analysis. Therefore, if these factors are considered, there is a possibility that the empirical analysis results of this study may show different patterns.

• Informatization Policy
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• v.29 no.4
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• pp.3-25
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• 2022

The governance structure of public broadcasters is the hottest topic in domestic media policy. This study examines the flow of discussions by period by synthesizing the research literature on the governance structure of domestic public broadcasting since 2000. As a result, active discussion on the governance structure of public broadcasting was confirmed to have appeared following the conservative governments after 2008, derived from the "crisis theory of public broadcasting." In addition, the discussion was conducted centered on the public values of public broadcasting and direction of system improvement, political independence of public broadcasting, composition of the board of directors, and presidential election system. This study suggested that future discussions on the governance structure of public broadcasting should expand the existing discussion of political independence to encompass the values, responsibilities, and systems of public broadcasting that presuppose citizen participation.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.213-233
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• 2021

Purpose - Our study examines the determinant factors of corporate financial fraud and whether the characteristics of outside directors tend to decrease the fraud in China. Design/methodology/approach - The data come from the enforcement actions of the Chinese Securities Regulatory Commission (CSRC). The multiple regression analysis were hired in order to analyze the data. Findings - Firms that have smaller size, higher debt ratio, or lower return of assets are associated with the incidence of fraud. However, the firms that have a high proportion of outside directors on the board or whose outside directors have a high compensation are less likely to engage in fraud. Our results show that outside directors monitor the actions of managers and thus help deter fraudulent acts. On the other hand, fraud is more associated with the local outside directors rather than outside directors who are from other locations. Since local outside directors tend to be more related with managers of firms, they can lose their independence. Research implications or Originality - Our findings have implications for the design of appropriate outside directors systems for China-listed firms. Moreover, our results imply that recruiting outside directors from other regions can improve the expertise and independence of outside directors in China. Our study contributes to provide more useful information about investors' investment decisions or management oversight and regulators' decisions on audit activities by disclosing information relating to the characteristics of outside directors.

• The Korean Journal of Air & Space Law and Policy
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• v.18
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• pp.325-362
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• 2003

In an effort to enhance the independence of and expertise in military aircraft accident investigation, a permanent accident investigation board should be established. Establishing permanent accident investigation board would render the military accident investigation more reliable and would increase its public esteem. Because there is no provision governing the responsibilities of the investigation and cooperation between civil and military authority in case that both civil and military aircraft are involved, it is necessary to fill this gap by enacting appropriate laws. In case of civil aircraft accident investigation involving a military issue, it would be better to allow military authority to be involved in the investigation. For the betterment of investigation, it is also necessary to provide a field investigator an authority to directly collect relevant information. Since the sole purpose of accident investigation is to prevent the recurrence of aircraft accidents, the scope of information disclosure should be limited and the investigation report shall be used for neither criminal procedure nor disciplinary procedure so that the objectivity of the investigation should be ensured.

• Journal of the Ergonomics Society of Korea
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• v.35 no.3
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• pp.165-173
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• 2016

Objective: The objective of this research is to inquire about safety information from the standpoint of its usefulness to suggest the significance of the Reactive Safety Action Program, which serves to promote aviation safety culture. Background: Safety information plays an important role in operating safety programs. Each organization learns lessons from safety information collected from aviation accidents and incidents. When an accident occurs, it is only through safety investigation and a close inquiry on the cause that we can come up with an appropriate countermeasure which would contribute to preventing the recurrence of the same or similar accident. However, the usefulness of safety information produced from unsatisfactory safety investigation is insufficient. Method: This research analyzed the characteristics of aviation accidents, the differences between safety investigations and legal accident investigations in systematic and operative perspectives, and safety culture as a measure to activate reporting systems (compulsory/voluntary). Results: This research defined the investigation scope and processes of safety investigations and legal accident investigations. It also suggested factors such as just culture based on trust, non-punitiveness, confidentiality, the participation of the entire staff through the use of inclusive reporting base, ensuring the independence of the operating organization as a way to promote safety through reporting systems. Conclusion: The organization's effort is the important aspect in obtaining exact and accurate safety information from accidents/incidents. The separate running of SIB (Safety Investigation Board) and AIB (Accident Investigation Board), the systematization of safety information reporting system, and prescribing (legislating) the composition of related organizations are some representative programs. Application: This research inquired experiences that contributed in promoting aviation safety culture in a reactive perspective, and will serve a role in spreading safety culture by enabling the use of application experiences of the aviation field in other domains.

• Proceedings of the KSR Conference
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• 2008.11b
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• pp.518-523
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• 2008

Using network communication, KTX OBCS is KTX's core device which inspects operation status of various electric equipments and supports driving command, train control, train's maintenance, train crew's driving. Since this device is manufactured as specialized system, being dependent on TGV manufacture specification and France's high speed train operation method, actual technic transfer is difficult. Therefore, there are many difficulties, since most of interface signals are connected with OBCS when function improvement, maintenance, various electric equipments(propulsion control device, auxiliary power supply device, door control device etc.) are replaced with localized ones, which are required in operational view after introduction of KTX. Ergo, this study would like to contribute to function improvement and maintenance's efficiency, furthermore to realize technical independence, escaping from dependency of developed foreign technology in high speed train and electric equipments, through KTX OBCS' function analysis and mutual interface information analysis with peripheral device(driver console, PID system, fault display device, various electric equipments).

• Journal of the Korean Society of Safety
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• v.38 no.2
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• pp.68-80
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• 2023

Cooperation between government agencies is important for disaster management, and a thorough and objective cause investigation is important to prevent the recurrence of similar disasters. In South Korea, individual laws are scattered by ministries according to the disaster type, and most are operated as non-permanent organizations that are employed when disasters occur. Although expertise is recognized for each disaster type, each government agency's operation method is different, so when a large-scale disaster involving multiple ministries occurs, there is a limit to the coordination of roles and integrated management between government agencies. In particular, whenever a large-scale complex disaster occurs, problems arise regarding the independence, professionalism, and fairness of the cause investigation. Therefore, to supplement this, reviewing the management methods and systems of disaster cause investigations in advanced countries is necessary. Thus, in this study, the organization status, manpower, organizational structure, and cause investigation work system of NTSB of the United States, JTSB of Japan, and SHK of Sweden are identified to improve the disaster cause investigation system in Korea and are compared and analyzed with Korea's GDCIG. Additionally, issues and problems for the advancement of Korea's disaster cause investigation system are considered and improvements are suggested.

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.71-103
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• 2009

Considering the expenditure size of public institutions centering on public enterprises, about 28% of Korea's GDP in 2007, public institutions have significant influence on the Korean economy. However, still in the new government, there are voices of criticism about the need of constant reform on public enterprises due to their irresponsible management impeding national competitiveness. Especially, political controversy over appointment of executives such as CEOs of public enterprises has caused the distrust of the people. As one of various reform measures for public enterprises, this study analyzes the effect of internal governance structure of public enterprises on their managerial performance, since, regardless of privatization of public enterprises, improving the governance structure of public enterprises is a matter of great importance. There are only a few prior researches focusing on the governance structure and managerial performance of public enterprises compared to those of private enterprises. Most of prior researches studied the relationship between parachuting employment of CEO and managerial performance, and concluded that parachuting produces negative effect on managerial performance. However, different from the results of such researches, recent studies suggest that there is no relationship between employment type of CEOs and managerial performance in public enterprises. This study is distinguished from prior researches in view of following. First, prior researches focused on the relationship between employment type of public enterprises' CEOs and managerial performance. However, in addition to this, this study analyzes the relationship of internal auditors and managerial performance. Second, unlike prior researches studying the relationship between employment type of public corporations' CEOs and managerial performance with an emphasis on parachuting employment, this study researches impact of employment type as well as expertise of CEOs and internal auditors on managerial performance. Third, prior researchers mainly used non-financial indicators from various samples. However, this study eliminated subjectivity of researchers by analyzing public enterprises designated by the government and their financial statements, which were externally audited and inspected. In this study, regression analysis is applied in analyzing the relationship of independence and expertise of public enterprises' CEOs and internal auditors and managerial performance in the same year. Financial information from 2003 to 2007 of 24 public enterprises, which are designated by the government, and their personnel information from the board of directors are used as samples. Independence of CEOs is identified by dividing CEOs into persons from the same public enterprise and persons from other organization, and independence of internal auditors is determined by classifying them into two groups, people from academic field, economic world, and civic groups, and people from political community, government ministries, and military. Also, expertise of CEOs and internal auditors is divided into business expertise and financial expertise. As control variables, this study applied foundation year, asset size, government subsidies as a proportion to corporate earnings, and dummy variables by year. Analysis showed that there is significantly positive relationship between independence and financial expertise of internal auditors and managerial performance. In addition, although business expertise and financial expertise of CEOs were not statistically significant, they have positive relationship with managerial performance. However, unlike a general idea, independence of CEOs is not statistically significant, but it is negatively related to managerial performance. Contrary to general concerns, it seems that the impact of independence of public enterprises' CEOs on managerial performance has slightly decreased. Instead, it explains that expertise of public enterprises' CEOs and internal auditors plays more important role in managerial performance rather than their independence. Meanwhile, there are limitations in this study as follows. First, in contrast to private enterprises, public enterprises simultaneously pursue publicness and entrepreneurship. However, this study focuses on entrepreneurship, excluding considerations on publicness of public enterprises. Second, public enterprises in this study are limited to those in the central government. Accordingly, it should be carefully considered when the result of this study is applied to public enterprises in local governments. Finally, this study excludes factors related to transparency and democracy issues which are raised in appointment process of executives of public enterprises, as it may cause the issue of subjectivity of researchers.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.73-84
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• 2020

The paper investigates the effect of the factors on the disclosure of sustainable development information of enterprises. The research sample includes 120 manufacturing companies listed on Vietnam stock market in 2019. This research uses ordinary least squares (OLS) to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show that five variables have a statistically significant positive effect on disclosure of sustainable development information of manufacturing companies, including firm size (SIZE), independence of board of directors (BOD), foreign ownership (FRO), return on equity (ROE), and financial leverage (LEV). The results indicate that state ownership (STO) has a statistically significant negative effect on disclosure of sustainable development information of manufacturing companies listed on Vietnam stock market. Besides, the research results also show there is a large difference in the disclosure of sustainable development information between listed companies in Vietnam, those of other emerging economies in the region, and the companies in developed markets. Therefore, this paper provides a new insight to managers and related parties on how to improve the firm's sustainability disclosure to bring benefit for the firm itself and the stakeholders by reasonable decisions about the factors that affect disclosure of sustainable development information.

• Journal of Korean Academy of Nursing
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• v.40 no.3
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• pp.411-422
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• 2010

Purpose: In the present study, an analysis of the life of adolescents with complex congenital heart disease (CHD) was done using grounded theory. Consideration was given to the socio-cultural context of Korea. Methods: After approval from the institutional review board of Y hospital, 12 patients ranging in age from 14 to 35 were recruited. Data were gathered using in-depth interviews. Theoretical sampling was performed until the concepts were saturated. Results: The results confirmed the life of adolescents with complex CHD as a 'journey to finding uniqueness of oneself as a person with CHD'. The life consisted of 3 stages. In the crisis stage, participants had a feeling of threat to self-existence, and made an effort to be the same as others. In the self-recognition stage, participants who had sufficient role-performance built self-esteem while those who did not fell into self-accusation. In the self-establishment stage, participants who reached sufficiency in independence and knowledge planned the future, whereas those who did not conformed to the realities of life. Conclusion: The results of present study provide help in understanding the experiences of adolescents with CHD and provide a basis for developing nursing intervention strategies for these patients.