• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.9
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• pp.446-453
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• 2018

This study analyzed the effect of related party transactions on the corporate value of Korean firms using panel data regression analysis. We tested the efficient transaction hypothesis and conflict of interests hypothesis which concern related party transactions. Five types of related party transactions were considered, including long term supply contracts, assets and business transfers, affiliate loans, equity investment, and credit offerings. If related party transactions were conducted for the purpose of enhancing corporate efficiency, results would have a positive effect on firm value. If related party transactions were conducted for the purpose of private profits of the controlling shareholders, the results would show a negative effect on firm value. Results were as follows. Firstly, it is confirmed that affiliate loans, equity investment, and credit offerings had negative effects on firm value. This implies that these types of related party transactions used by controlling shareholders for the purpose of their private profit, which supports the conflict of interests hypothesis. Secondly, it was found that long term supply contracts and assets and business transfers had no effect on firm value.

• Journal of the Korean Chemical Society
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• v.51 no.3
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• pp.279-286
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• 2007

In this study, we investigated the influences of cognitive conflict and situational interest induced by a discrepant event and an alternative hypothesis, attention and state learning strategies on conceptual change. A preconception test was administered to 486 seventh graders. They also completed the questionnaires of cognitive response and situational interest to a discrepant event before/after presenting an alternative hypothesis. After learning the concept of density with a CAI program as conceptual change intervention, the tests of attention, state learning strategies, and conceptual understanding were administered as posttests. Analyses of the results for 197 students having misconceptions about density revealed that post-cognitive conflict was significantly higher than pre-cognitive conflict. However, there was no statistically significant difference between the test scores of pre-situational interest and post-situational interest. Pre-cognitive conflict only exerted a direct effect on post-cognitive conflict, while post-cognitive conflict exerted a direct effect and Journal of the Korean Chemical Society an indirect effect via attention on conceptual understanding. Both pre- and post-situational interests were found to influence on conceptual understanding via attention. Attention had influences positively on deep learning strategy and negatively on surface learning strategy. There was a relatively small effect of state learning strategies on conceptual understanding.

• The Journal of Industrial Distribution & Business
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• v.13 no.2
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• pp.45-57
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• 2022

Purpose: This paper examines whether or not universal banking operating in the asset management business tend to IPO underpricing when they are hosting IPOs in favor of their private interests. Previous studies suggest evidence which indicates that the universal banking operating in the asset management business tend to underestimate offering prices. This paper compares and analyzes the data before and after June 2007 to examine the influence of put-back option on IPO underpricing. Research design, data, and methodology: This paper compares the underwritten prices of IPOs of universal banking with and without asset management business in Korea in order to test such tendency actually exists. Result: We can find that such tendency is not correlated with first-day stock returns but correlated with put-back options. Our paper concludes that the hypothesis that "the universal banking's subsidiary asset management business influences the IPO underpricing" is found to be statistically insignificant. Conclusion: According to our analysis, it cannot be concluded that the interests of operating asset management do not conflict with the ones of underwriting business. However, it is so possible that the asset management companies try to harm the customers' interests, for instances churning and stuffing, it is necessary to scrutinize their behaviors and review the related regulations.