• Proceedings of the CALSEC Conference
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• 2001.08a
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• pp.449-455
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• 2001

SCM(물류) 관리자의 역할 경영자와 주주를 위한 SCM(물류) BPR Master Plan을 통한 Innovation SCM 총비용 추적 및 관리 Visibility 향상을 통한 고객 만족지수 향상 및 수요 창출 지속적인 SCM 비용 감소를 위한 방안 고정 자산 투자 감소 재고 자산 비용 물류 Outsourcing 증대 SCM비용감소 vs 고객 만족 Process(S/W) vs H/W 통합 SCM 정보 시스템 구축(Big Picture) Best of Breed Solution Roadmap Analyst Critical Decision Supporter(중략)

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.81-90
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• 2020

We examine the effects of the complexity of tax-related information on the issuance of analyst's pre-tax income forecast and its value relevance. If analysts respond adequately to the needs of investors, they are more likely to provide a pre-tax income forecast. The provision of a pre-tax income forecast may indicate analysts' confidence in assessing the quality of earnings. Thus, investors, in turn, would be more confident in the analysts' pre-tax income forecasts if analysts provide both pre-tax and earnings forecasts than only the latter. Using a sample of Korean listed companies for 2005-2014, we find that analysts are likely to provide an implicit tax forecast when the volatility of the effective tax rate is low and the book-tax differences are small. We also find that when analysts provide pre-tax and after tax income forecasts, the value relevance for unexpected earnings increases. These results indicate that analysts are likely to be interested in corporate tax information and the complexity of tax-related information affects the availability of implicit tax forecasts. Furthermore, this study provides empirical evidence that when analysts provide both pre-tax and after tax income forecasts, investors have more confidence in analysts' earnings forecasts, which results in greater investors' responses.

• Journal of Korean Society for Quality Management
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• v.46 no.4
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• pp.821-842
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• 2018

Purpose: To derive key requirements and key technologies for weapon system acquisition business by using Qualify Function Deployment (QFD), and to reduce business cost by setting the target performance and key expense of weapon system. Methods: We propose a QFD methodology that can induce rational decision-making by translating analyst's subjective opinions into quantitative values when analyzing requirements at the initial stage of weapon system development project. Based on QFD methodology, QFD application model combining house of quality, value engineering, and analogy cost estimating technique is presented. Results: It was possible to analyze the specific requirements necessary for the development of the weapon system, to solve the communication problem of the participants, to set clear development direction and target. Conclusion: By applying the QFD application model at the early stage of the weapon system acquisition project, it is possible to reduce the business cost by establishing clear development direction and goal through the procedural analysis process.

• Journal of Distribution Science
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• v.21 no.6
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• pp.21-29
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• 2023

Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out. Results: The monopoly of holding companies' listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value. Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.

• Journal of Distribution Science
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• v.21 no.4
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• pp.91-101
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• 2023

Purpose: Research on the valuation of the e-commerce distribution companies is necessary because the traditional valuation methodology cannot be easily applied. Considering the valuation and initial public offering (IPO) of Coupang, Korea's leading e-commerce company, this study contributes to the literature by examining various valuation methods applicable to corporate valuation in the e-commerce industry and provides their implications. Research design, data and methodology: This case study investigates research, analyst reports, news articles, and magazines to review the valuation methods for companies in the e-commerce industry and analyzes the case of the Coupang IPO. Results: A valuation method that considers growth potential, which is important for companies in the e-commerce industry, is used for IPOs. This led to Coupang's successful IPO on the New York Stock Exchange despite its accumulated losses. However, the continued price decline since listing suggests that Coupang's valuation should have considered more factors. Conclusions: This study provides guidelines for the valuation of companies in the e-commerce industry, which eventually improves the overall industry. Moreover, this study provides directions for improving the valuation methods for e-commerce firms.

• Journal of the Korea Convergence Society
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• v.10 no.9
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• pp.199-207
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• 2019

This study aims to analyze the profitability of Robo-Advisors portfolio combined with the analysts' forecasts on the Korean stock prices. Sample stocks are 8 blue-chips and sample period is from 2003 to 2019. Robo-Advisor portfolio was suggested using the Black-Litterman model combined with the analysts' forecasts and its profitability was analyzed. Empirical result showed the suggested Robo-Advisor algorithm produced 1% annual excess return more than that of the benchmark. The study documented that the analysts' forecasts had an economic value when applied in the Robo-Advisor portfolio despite the prevalent blames from investors. The profitability on small or medium-sized stocks will need to be analyzed in the Robo-Advisor context because their information is relatively less known to investors and as such is expected to be strongly influenced by the analysts' forecasts.

• Korean Journal of Community Nutrition
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• v.12 no.2
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• pp.178-188
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• 2007

This study was performed to suggest a new efficiency measurement indicator is necessary for evaluating management efficiency of food service operations in contract-managed foodservice companies, to distinguish efficient food service providers and inefficient ones by measuring comparative efficiency among food service operations, and to provide guidance for effective management through showing benchmarking targets for improving inefficient food service providers. The subjects of this study were the 93 B&I foodservice Operations of a domestic contract food service company. The analysis was conducted using CCR model in DEA model. A software, 'Frontier analyst', was used for the analysis. Based on the results derived from comparison of efficiency evaluation classified by providers with use of DEA, it was possible to identify efficient food providers and inefficient providers, and subsequently provide benchmarking guidelines for improvement of the inefficient groups. In analyzing the differences between the results of DEA efficiency evaluation by detailed operation status of food service providers, there was significant difference of efficiency outcomes in terms of contract types, while there was no significant difference in terms of business condition.

• Information Systems Review
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• v.10 no.1
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• pp.1-20
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• 2008

One of the major applications of CRM systems is to integrate and automate selling processes. CRM systems provide sales people with tools and data sources they need to reengineer their selling processes. In the industry where sales are traditionally based on personal relationships and the use of the CRM systems is voluntary, the installation of technical solutions does not guarantee Selling Process Reengineering (SPR). The objective of this study is to investigate (1) organizational factors that influence CRM use by sales personnel; and (2) the mediation effect of CRM system use on SPR success when system use and process reengineering are voluntary rather than institutional. Understanding the determinants of voluntary CRM system use and SPR success provide valuable guidance for managers. Managers can benefit from this study by focusing on improving the factors that affect voluntary CRM system use and SPR success.

• Journal of Korean Society for Quality Management
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• v.37 no.4
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• pp.61-70
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• 2009

This paper introduces quantitative tools for evaluating the relative efficiency of Career & Counseling Jobs in universities. As tools, it uses Data Envelopment Analysis (DEA) developed by Charnes and Cooper. It finally selects 29 DMUs which are listed on the Ministry Of Education, Science And Technology(http://academyinfo.go.kr). We measures the technical efficiency of each DMU with the use of DEA-CRS, rather then DEA-VRS because DEA-CRS not only compares relative efficiencies but also implicitly considers economies of scale based on the assumption of linearity. We run a linear programming model Frontier Analyst Program for the estimation of the relative efficiencies of each DMU. The model also indicates the precise amount of inefficiencies for each input, which mean how much inputs are wasted for a given output and how much the university is inefficiently operated. This analysis helps to give guideline for the organization to construct a futureoriented operational strategy and also to show clear picture of contents of mismanagement for the past. The details of mismanagement are to be identified, analysed and finally corrected.