• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.9
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• pp.112-119
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• 2016

This study aims to examine propping by the controlling shareholders and the corporate value of Korean firms with agency problems and propping perspectives. Propping refers to a transfer of resources from a higher ownership firm to a lower ownership firm, in order to prevent the latter from going bankrupt. This study used a sample of 4,077 companies listed on the KRX data exchange from 2004 to 2014. We used proxy variables such as long-term supply contracts, asset and business sales, credit facilities, loans, and equity investments to affiliates as wealth transfer instruments of the controlling shareholders. We found that propping occurred by the equity investment of affiliates in Korean firms. Also, we found that the Korean firm's value was decreased by the affiliate equity investment.

• Journal of Distribution Research
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• v.13 no.4
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• pp.71-95
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• 2008

Transaction between industrial suppliers and their buyers in business markets increasingly take place in the form of long-tenn business relationships. These relationships are governed through formal or informal agreements. Dynamic business markets are also forcing B2B marketers to create flexibility in their firms. However, buyers are bound in their rationality and find it impossible to contemplate all possible future contingencies. The more formal and detailed the contracts they conclude, the likelier it becomes that at least one buyer is going to perceive a need to adjust the initial agreement as environmental events unfold. In this case, the actor relies upon industrial supplier's competence. Our study purpose is to examine the consequences of supplier's competence on the industrial customer-supplier long-tenn relationship. Antecedent variables of supplier competence include R&D, flexibility, brand asset, market sensing, and customer support service. We presented a comprehensive constructive model consisting of components of supplier's competence and the antecedent factors. Research hypotheses were developed and data were gathered from respondents who work in the cosmetics industry. The results discussed here represent a first step towards a better understanding of the role of supplier competence in the B-to-B cosmetics industry. Managerial implications and the limitations of this research were also discussed.

• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• Journal of Family Relations
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• v.22 no.3
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• pp.155-183
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• 2017

Objectives: The purpose of this study identified the perceived quality of parent-child relationships and attitudes toward filial duty contracts among young adult children. Also, this study is to examine the effects of sociodemographic characteristics and perceived quality parent-child relationships on the attitudes toward filial duty contracts and the requirement for filial duty contract details. Method: For this study, a survey was conducted with 210 college student children in young adulthood in Seoul and Gyeonggi-do. The questionnaire consisted of the 'Attitudes toward Filial Duty Contracts Scale', the 'Requirement for Filial Duty Contract Details Scale', and the 'Quality of Parent-Child Relationships Scale' with a demographic questionnaire. Specifically, the Attitudes toward Filial Duty Contracts Scale consisted of the support for contract, the intention of contract, and reservation contract amount on young adult children's mind. Data were analyzed by means of descriptive statistics and multiple regression analysis. Results: The major findings of this study are as follows: First, young adult children reported the relationship with mother better than father's and mid levels of support and intention of filial duty contract. They also showed that their reservation contract amount on their mind was about 500 million won. Second, the multiple regression analyses revealed that gender and pride of one's father positively related to their support for filial contract. Also, gender, the pride of one's father, and emotional closeness to one's father significantly affected their intention of filial contract. In addition, among the variables, only monthly family income significantly predicted their reservation contract amount. Finally, the multiple regression analyses revealed that birth order and gender significantly predicted the normative duty contract. Also, the pride of one's father significantly affected the emotional support contract. However, filial duty contract details such as caregiving for sick parents, physical support, and economic support have been found to be meaningless. Conclusions: The findings suggest that preparative education of aging for parents who are considering making the filial duty contracts with their children should include some realistic advice. These pieces of advice include their parent-child relationship and consideration of their own overall asset sizes.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.29 no.5
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• pp.1179-1189
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• 2019

Cyber security evaluation is a series of processes that estimate the level of risk of assets and systems through asset analysis, threat analysis and vulnerability analysis and apply appropriate security measures. In order to prepare for increasing cyber attacks, systematic cyber security evaluation is required. Various indicators for measuring cyber security level such as CWSS and CVSS have been developed, but the quantitative method to apply appropriate security measures according to the risk priority through the standardized security evaluation result is insufficient. It is needed that an Scoring system taking into consideration the characteristics of the target assets, the applied environment, and the impact on the assets. In this paper, we propose a quantitative risk assessment model based on the analysis of existing cyber security scoring system and a method for quantification of assessment factors to apply to the established model. The level of qualitative attribute elements required for cyber security evaluation is expressed as a value through security requirement weight by AHP, threat influence, and vulnerability element applying probability. It is expected that the standardized cyber security evaluation system will be established by supplementing the limitations of the quantitative method of applying the statistical data through the proposed method.

• 한국사회정책
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• v.25 no.1
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• pp.259-286
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• 2018

The purpose of this study is to examine which factors decide welfare exit in the hope building account program that targets low-income families. This study used the matched DB of hope ribbon program and hope building account program which is collected by central self-sufficiency foundation. As a result, the significant factors in welfare exit are main income, health(illness), licensed possession of status, education, marital status, employment and entrepreneurship, in-kind support, professional case management service, and social service. In particular, the participants who received proper social services and case management services in the program have more possibility of welfare exit than the participants who did not. It have implications in that the study found the success factors by connecting hope ribbon program and the hope building account program which has been introduced since 2010 and enlarge the scope of the performance analysis of the hope building account program. In addition, this study provides the suggestions to improve anty-poverty policy and system in the direction of providing work incentives and facilitating welfare exit and securing continuity of the hope building account program and the hope ribbon program. Specifically, this paper can be utilized as objective data in establishing a expansion of the hope building account program and suggesting the important issue for the case management in the filed.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.79-92
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• 2019

This study analyzes the effects of freight transportation income, capital, asset, non-operating expenses, and debt ratio on the debts of inner port freight transportation businesses through the GLS of panel regression analysis and the estimation of fixed effects model. The factors and hypotheses were established through a theoretical background review, and the financial statement and profit and loss data of inner port freight transportation businesses for 10 years from 2006 to 2015 were analyzed. The results showed that assets had positive effects on debts, and negative effects on capital, non-operating expenses, and debt ratio, but no effect on freight transportation income. This result empirically demonstrates the tendency of inner port freight transportation businesses to secure assets by increasing debts, creation of debt reduction leverage effect using non-operating expenses such as interest expenses through bank borrowing, and the adoption of management characteristics and financial operation method to lower the debt ratio by reducing capital more than debts. In future studies, it is necessary to analyze coastal port freight transportation business by industry (oil tankers, cargo ships, and barge ships), and regions such as East, West and South sea.

• Journal of Digital Convergence
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• v.17 no.6
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• pp.193-200
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• 2019

This study analyzes the current status and performance of regional industrial policy in the face of the weakening industrial competitiveness under the global trend of the 4th industrial revolution and suggests the policy direction that regional industrial policy as a new national growth strategy. This study focuses on the suggestion of new regional industrial policy framework under new policy environment based on literature review. We propose a new industrial policy framework that simultaneously pursues equality between regions and efficiency within the region at the same time. As a core policy recommendation, we suggest first, establishing the region-centered industrial policy governance, second, strengthening planning function of local government through human resource development and institutionalized national government consulting, and the third, constructing lifestyle industry-ecosystem based on cultural asset and identity of region, fourth, utilizing Smart City, as a platform for participatory innovation, entrepreneurial and capital attraction, and cultivating new industry based on public procurement and data. Main suggestions of this study would be a new guideline coping with the declining industrial competitiveness and the Fouth Industrial Revolution. Details would be necessary.

• Journal of Digital Convergence
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• v.16 no.12
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• pp.175-183
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• 2018

This study analyzes determinants of bond returns in terms of systematic risk versus idiosyncratic risk by examining relationship among those factors. First we examined the cross-sectional determinants of corporate bond returns with Korean bond market data from 2001 to 2014. This paper uses term factor and default factor for systematic risk, and duration factor and credit rating factor for idiosyncratic risk. The empirical result shows that systematic risk can explain cross-sectional differences of bond returns rather than idiosyncratic risk which is the same result in advanced markets(US or Europe). This result is different from the previous Korean studies which showed that idiosyncratic risk is more important than systematic risk in Korean bond market. The reason for the different result may be the longer sample period which includes the most recent period. It is insisted that Korean bond market is getting more synchronized with the advanced bond market. In conclusion, this empirical result implies that Korean bond portfolio managers should focus on systematic risk, which is contrary to current system in Korean asset management industry.

• Korean Journal of Heritage: History & Science
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• v.42 no.4
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• pp.50-73
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• 2009

Recently old stone walls were designated as registered cultural properties that meant an extension of categories about cultural properties from a spot area to whole area. Moreover given the changing situation of residential pattern, which is due to rapid social change, this designation can be seen as a significant measure to keep as intact as possible traditional landscapes in agricultural and fishing villages. In this paper, I analyze the symbol system and meaning of old stone walls and attempt to pick out the cultural elements which are related to them. These days we have made efforts to various aspects for which make traditional cultural resources into cultural contents. But many studies had done before emphasized aspects for beauty only. Especially existing studies about an old stone wall was mainly focused on architectural interpretation and tourist route. So we need to build a plot around oral research and need a creative approach for sharing with tourists. Cultural contents combine the original form, potential and capabilities with media by detecting original form of culture and finding out the worth and meaning. In this paper examined the probability of using by investigating a stone wall in Sang-hak Village that is related with recovering of places to live in contemporary society and finding cultural contents. I suggest more creative ways to make cultural properties into tourist resources by considering the possibilities of place marketing using storytelling, based on an analysis of data gathered.