• Title/Summary/Keyword: Concentrated Ownership

Search Result 20, Processing Time 0.028 seconds

A Study on the Priority of Residential Choice Element by Middle-size City Residents (중규모 도시 거주자의 주거선택요소 중요도)

  • Cho, Hyun-Ju;Park, Kyoung-Ok
    • Proceeding of Spring/Autumn Annual Conference of KHA
    • /
    • 2003.11a
    • /
    • pp.283-288
    • /
    • 2003
  • This study has analyzed the environmental characteristics of Cheong-Ju city and the priority of residential choice elements by residents. The results of analysis are as follows. 1) The rate of housing supply in Cheong-ju city is low at 80.2%, concentrated on small sized apartments. Furthermore educational and traffic facilities are much insufficient. 2) While residential choice in Chong-ju is heavily characterised by educational surroundings, it is less affected by both economy such as housing prices, the value of investments and accessibility to public transportations, distance to working places. 3) It is affected by residents' general characters like the sell age, life cycle, education level, properties, home ownership, number of room and type of house they want.

  • PDF

Development of Coffee Production and Land Mobility in Dak Lak, Vietnam (베트남 닥락지역의 커피재배와 토지유동성)

  • Kim, Doo-Chul;Hoang, Truong Quang
    • Journal of the Economic Geographical Society of Korea
    • /
    • v.16 no.3
    • /
    • pp.359-371
    • /
    • 2013
  • Vietnam is the second-largest coffee exporter in the world. Most of the coffee areas are concentrated in Dak Lak-a province of commercial agricultural production, making up 32.4% of the total coffee area in Vietnam. At present, coffee is the main income source for the province, with coffee accounting for 85% and 40%(2010) of the export value of the province and of the country, respectively. Although the rapid development of Dak Lak's coffee production significantly benefits the province and its coffee planters socioeconomically, emerging urgent problems such as land dispute among ethic groups need to be addressed. This paper aims to examine how coffee-production development in Dak Lak has affected land mobility. In addition, we consider how these changes have affected the livelihoods of the Kinh-the majority ethnic group in Vietnam-as well as the ethnic minorities. As a result, it is pointed out that the coffee development in Dak Lak creates the individual ownership on land. This ownership is more and more fortified when the encroaching land of the Kinh immigrants happens impetuously defying the customary law of the ethnic minorities.

  • PDF

The Changes of Adjacent Residential Area after the Restoration of Covered Urban Streams (도시복개하천의 복원사업 이후 인접 주거지의 물리적 특성 변화)

  • Kim, Jun-Yeong;Yang, Woo-Hyun
    • Journal of the Korean housing association
    • /
    • v.25 no.6
    • /
    • pp.133-146
    • /
    • 2014
  • This study aims to analyze the changes of adjacent residential area after the restoration of covered urban streams in seoul. The changes of adjacent residential area after restoration were analyzed by changes of land using, urban structure, individual lot of land and architecture to investigate relationship of the urban stream and residential change. The result as follows: the first one is the change of land use and urban structure in adjacent residential area. This change of infrastructure through stream restoration has transformed land use and urban structure in adjacent residential area. Secondly, there is the changes of the individual lot of land. It seemed that new development by combined lots would be concentrated in stream-side blocks. But, the changes of lots such as combining or dividing lots tend to be concentrated in stream-side, main road and main streets. In stream-side, commercial function of land use has changed to residential one which has restored streams landscape by transformation of lots use without changes of ownership-lots. Finally, there is the change of architecture. It turned out new building in adjacent residential area is similar to general development. However, new building in streamside is related to direction of stream. In addition, remodeling and expansion tend to change in commercial buildings on stream-side bridges of corner lots intensively. As a result, it is related to expectation of architectural activation and improvement of sidewalk environment by stream restoration.

A Study on the Priority of Residential Choice Element by Middle-size City Residents (중도시 거주자의 주거선택요소 중요도)

  • Cho Hyun-Ju;Park Kyoung-ok
    • Journal of the Korean housing association
    • /
    • v.16 no.6
    • /
    • pp.55-63
    • /
    • 2005
  • The purpose of study is to suggest the data on what residential choice elements have to be considered to be important when the apartments are planed in middle size cities. This study analyzed the environmental characteristics of Cheong-Ju city and compared the priority of residential choice elements by using AHP(Analytic Hierarchy Process). The results of analysis are as follows. 1) The rate of housing supply in Cheong-Ju city is low at $80.2\%$ and concentrated on small sized apartments. Furthermore, the educational and traffic facilities are very insufficient. 2) While residential choice in Cheong-Ju is heavily characterized by educational surroundings, it is less affected by economic aspects such as housing prices and the value of investments and accessibility to public transportations, distance to working places. 3) It is affected by residents' general characteristics like as sex, age, life cycle, education level, properties, home ownership, number of room and type of house they want. In conclusion, the middle size cities like Cheong-Ju need the large scale residential plans connected with educational considerations, focused on improvement in quality and outdoor space. In addition, it is recommended to make plans to satisfy the diverse needs of consumers.

Board Structure and Likelihood of Financial Distress: An Emerging Asian Market Perspective

  • UD-DIN, Shahab;KHAN, Muhammad Yar;JAVEED, Anam;PHAM, Ha
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.7 no.11
    • /
    • pp.241-250
    • /
    • 2020
  • This study examines the relationship between the attributes of board structure and the likelihood of financial distress for the non-financial sector of an emerging market characterized by concentrated ownership and family-controlled business. The present study utilized panel logistic regression to estimate the relationship between board structure attributes and the likelihood of financial distress. We used Altman Z-Score as a proxy for firm financial distress, as this tool measures the financial distress inversely. The study finds a significant relationship between board size and the likelihood of financial distress. The results show that a one-unit increase in board size would decrease the probability of financial distress by 3.4%. Further, we observe that a greater level of board independence is associated with a lower likelihood of financial distress. A one-unit increase in board independence would decrease the probability of financial distress by 20.4%. We also find a significant positive impact of leverage on the likelihood of financial distress. The present study contributes to the body of literature on board structure attributes and likelihood of financial distress in emerging markets, like Pakistan. Furthermore, the findings would be beneficial for corporate policymakers and investors in formulating corporate financial strategy and predicting business failure.

A Study on the Space Organization of Hwaho-Village, Jeongeup, During the Japanese Colonial Period (일제강점기 정읍 화호마을의 공간구성에 관한 연구)

  • Kim, Seong-Ho;Shin, Byeong-Uk;Kim, Seok-Hee
    • Journal of the Korean Institute of Rural Architecture
    • /
    • v.24 no.4
    • /
    • pp.97-106
    • /
    • 2022
  • During the Japanese colonial period, Japan exploited the entire Korean Peninsula and targeted not only cities but also rural areas. The exploitation of rural area was accelerated with the support of Oriental colonization Company and The countryside was a living scene of direct exploitation. However, most of the research was concentrated in representative port cities such as Kunsan, which transports logistics such as rice and grains. There was insufficient research on how Japanese entered the country, how Korean were plundered, and the rural villages that were the target of exploitation. The contents of hi-exploitation were also historical and historical humanities such as colonial land ownership and farm management, and the spatial structure of the existing traditional villages were insufficiently investigated. Hwaho-ri, Shin Taein-eup, Jeollabuk-do, centered on Yongseo Village, there are many traces of farm houses, hospitals, employee residences, schools, churches, and Oriental colonization Company This study aims to study what changes traditional rural villages have brought by the Japanese colonial rule, centering on Hwaho-ri Village.

The geography of external control in Korean manufacturing industry (한국제조업에서의 외부통제에 관한 공간적 분석)

  • ;Beck, Yeong-Ki
    • Journal of the Korean Geographical Society
    • /
    • v.30 no.2
    • /
    • pp.146-168
    • /
    • 1995
  • problems involved in defining and identifying it. However, data on ownership of business establishments may be useful and one of the best alternatives for this empirical research because of use of limited information about control This study examines the spatial patterns of external control in the Korean manufacturing activities between 1986 and 1992. Using the data on ownership iinkages of multilocational firms between 15 administrative areas, it was possible to construct a matrix of organizational control in terms of the number of establishments. The control matrix was disaggregated by three types of manufacturing industries according to the capital and labor requirements of production processes used in. On the basis of the disaggregated control matrix, a series of measures were calculated for investigating the magnitude and direction of control as well as the external dependency. In the past decades Korean industrialization development has risen at a rapid pace, deepening integration into the world economy, together with the continuing growth of the large industrial firms. The expanded scale of large firms led to a spatial separation of production from control, Increasing branch plants in the nation. But recent important changes have occurred in the spatial organization of production by technological development, increasing international competition, and changing local labor markets. These changes have forced firms to reorganize their production structures, resulting in changes of the organizational structures in certain industries and regions. In this context the empirical analysis revealed the following principal trends. In general term, the geography of corporate control in Korea is marked by a twofold pattern of concentration and dispersion. The dominance of Seoul as a major command and control center has been evident over the period, though its overall share of allexternally controlled establishments has decreased from 88% to 79%. And the substantial amount of external control from Seoul has concentrated to the Kyongki and Southeast regions which are well-developed industrial areas. But Seoul's corporate ownership links tend to streteh across the country to the less-developed regions, most of which have shown a significant increase of external dependency during the period 1986-1992. At the same time, a geographic dispersion of corporate control is taking place as Kyongki province and Pusan are developing as new increasingly important command and control reaions. Though these two resions contain a number of branch plants controlled from other locations, they may be increasingly attractive as a headquarters location with increasing locally owned establishments. The geographical patterns of external control observable in each of three types of manufacturing industries were examined in order to distinguish the changing spatial structures of organizational control with respect to the characteristics of the production processes. Labor intensive manufacturing with unskilled iabor experienced the strongest external pressure from foreign competition and a lack of low cost labor. The high pressure expected not only to disinte-grate the production process but also led to location of production facilities in areas of cheap labor. The linkages of control between Seoul and the less-developed regions have slightly increased, while the external dependency of the industrialized regions might be reduced from the tendency of organizational disintegration. Capita1 intensive manufacturing operates under high entry and exit barriers due to capital intensity. The need to increase scale economies ied to an even stronger economic and spatial oncentration of control. The strong geographical oncentration of control might be influenced by orporate and organizational scale economies rather than by locational advantages. Other sectors experience with respect to branch plants of multilocational firms. The policy implications of the increase of external dependency in less-developed regions may be negative because of the very share of unskilled workers and lack of autonomy in decision making. The strong growth of the national economy and a scarcity of labor in core areas have been important factors in this regional decentralization of industries to less-developed regions. But the rather gloomy prospects of the economic growth in the near future could prevent the further industrialization of less-developed areas. A major rethinking of regional policy would have to take place towards a need for a regional policy actively favoring indigenous establishments.

  • PDF

The Effects of TMT's Cognitive Traits and CEO Factors on R&D Investment (최고경영진의 인지적 특성과 최고경영자 특성이 R&D투자에 미치는 영향)

  • Hyejin Cho;Gahye Hong
    • Knowledge Management Research
    • /
    • v.24 no.2
    • /
    • pp.65-85
    • /
    • 2023
  • This paper investigates how TMT's cognitive traits affect R&D investment. Drawing on the attention-based view, we propose that TMT's future orientation and risk preference increase the level of R&D investment. As R&D activities have long-term goal of generating proprietary knowledge, it is important to understand how TMT's attention toward future and risk affect R&D investment. Also, we test the moderating effect of CEO duality on R&D investment. As the CEO plays a leadership role in the TMT, if the CEO's decision-making authority is highly concentrated, the impact of TMT on R&D may decrease. We measure CEO duality and CEO ownership stake as CEO characteristics. Based on a sample of 837 U.S. manufacturing firms, the results show that when TMT has a higher tolerance for risk and higher future orientation, R&D intensity increases. However, when CEO also serves as chairman of board and CEO has higher ownership, TMT's influence on R&D investment weakens. This implies that TMT and CEO has power dynamic that can change based on CEO power supporting status. Overall, it suggests that TMT's attention and CEO power are important factors to improve longer-term knowledge accumulation of firm.

The Concentration of Economic Power in Korea (경제력집중(經濟力集中) : 기본시각(基本視角)과 정책방향(政策方向))

  • Lee, Kyu-uck
    • KDI Journal of Economic Policy
    • /
    • v.12 no.1
    • /
    • pp.31-68
    • /
    • 1990
  • The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

  • PDF

The Effect of Related Party Transactions on Crash Risk (특수관계자 거래가 주가급락에 미치는 영향)

  • Ryu, Hae-Young
    • The Journal of Industrial Distribution & Business
    • /
    • v.9 no.6
    • /
    • pp.49-55
    • /
    • 2018
  • Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.