• Journal of Distribution Science
• /
• v.10 no.2
• /
• pp.29-41
• /
• 2012

This paper undertakes a conceptual review of transaction cost to broaden the understanding of the transaction cost analysis (TCA) approach. More than 40 years have passed since Coase's fundamental insight that transaction, coordination, and contracting costs must be considered explicitly in explaining the extent of vertical integration. Coase (1937) forced economists to identify previously neglected constraints on the trading process to foster efficient intrafirm, rather than interfirm, transactions. The transaction cost approach to economic organization study regards transactions as the basic units of analysis and holds that understanding transaction cost economy is central to organizational study. The approach applies to determining efficient boundaries, as between firms and markets, and to internal transaction organization, including employment relations design. TCA, developed principally by Oliver Williamson (1975,1979,1981a) blends institutional economics, organizational theory, and contract law. Further progress in transaction costs research awaits the identification of critical dimensions in which transaction costs differ and an examination of the economizing properties of alternative institutional modes for organizing transactions. The crucial investment distinction is: To what degree are transaction-specific (non-marketable) expenses incurred? Unspecialized items pose few hazards, since buyers can turn toalternative sources, and suppliers can sell output intended for one order to other buyers. Non-marketability problems arise when specific parties' identities have important cost-bearing consequences. Transactions of this kind are labeled idiosyncratic. The summarized results of the review are as follows. First, firms' distribution decisions often prompt examination of the make-or-buy question: Should a marketing activity be performed within the organization by company employees or contracted to an external agent? Second, manufacturers introducing an industrial product to a foreign market face a difficult decision. Should the product be marketed primarily by captive agents (the company sales force and distribution division) or independent intermediaries (outside sales agents and distribution)? Third, the authors develop a theoretical extension to the basic transaction cost model by combining insights from various theories with the TCA approach. Fourth, other such extensions are likely required for the general model to be applied to different channel situations. It is naive to assume the basic model appliesacross markedly different channel contexts without modifications and extensions. Although this study contributes to scholastic research, it is limited by several factors. First, the theoretical perspective of TCA has attracted considerable recent interest in the area of marketing channels. The analysis aims to match the properties of efficient governance structures with the attributes of the transaction. Second, empirical evidence about TCA's basic propositions is sketchy. Apart from Anderson's (1985) study of the vertical integration of the selling function and John's (1984) study of opportunism by franchised dealers, virtually no marketing studies involving the constructs implicated in the analysis have been reported. We hope, therefore, that further research will clarify distinctions between the different aspects of specific assets. Another important line of future research is the integration of efficiency-oriented TCA with organizational approaches that emphasize specific assets' conceptual definition and industry structure. Finally, research of transaction costs, uncertainty, opportunism, and switching costs is critical to future study.

• The Journal of Society for e-Business Studies
• /
• v.20 no.2
• /
• pp.27-36
• /
• 2015

Current leakage of industrial technologies with revealing state secret against nation is gradually increasing and scope of the spill is diversified from technology-oriented leakage to new economic security sector like information and communication, electrical and electronic, defense industry, illegal export of strategic material, economic order disturbance by foreign country, infringement of intellectual property, etc. So the spill damage can affect not only leaked company but also national interests and entire domestic industry. According to statistics from National Industrial Security Center of National Intelligence Service, a major cause of technology leakage is not only by external things about hacking and malignant code, but internal leakage of former and current employees account for about 80%. And technology leakage due to temptation of money and personal interests followed by technology leakage of subcontractor is steadily increased. Most studies in the field of security have tended to focus on measuring security capability of company in order to prevent leakage core assets or developing measurement Indicators for management rather than security activities of the company members that is most important. Therefore, this study analyzes the effect of most underlying security education in security activities on security capabilities of enterprise. As a result, it indicates that security education have a positive(+) correlation with security capabilities.

• Journal of Distribution Science
• /
• v.13 no.3
• /
• pp.69-77
• /
• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• The KIPS Transactions:PartD
• /
• v.17D no.1
• /
• pp.25-40
• /
• 2010

Service-Oriented Architecture (SOA) is a development paradigm for reusing services as an independent reuse unit. A service delivers a cohesive functionality through its external interface. Since services have unique characteristics which are not typically presented in conventional development approaches, there is a demand for effective approaches to developing services. Most of the current SOA methodologies presenta process where services are designed and developed from the requirements rather than reusing existing assets, which demands high cost and effort. Hence, a desirable approach is to be able to develop services by migrating from their existing legacy systems such as object-oriented system. A difficulty in this migration is that objects in object-oriented systems reveal characteristics which differ considerably from those of services. That is, objects are designed without considering commonalities among several consumers. In this paper, we first define mapping relationships between key artifacts in object-oriented system and those in SOA services. By these relationships and considering commonalities among several applications in a domain, we propose three systematic methods to migrate from object-oriented system to SOA services. Each method consists of a list of input and output artifacts and detailed guidelines which are performed in order. Through these methods, service developers can easily develop services with less effort.

• Convergence Security Journal
• /
• v.21 no.2
• /
• pp.11-18
• /
• 2021

To protect tangible and intangible assets, most of the companies are conducting information protection monitoring by using various security equipment in the IT service network. As the security equipment that needs to be protected increases in the process of upgrading and expanding the service network, it is difficult to monitor the possible exposure to the attack for the entire service network. As a countermeasure to this, various studies have been conducted to detect external attacks and illegal communication of equipment, but studies on effective monitoring of the open service ports and construction of illegal communication monitoring system for large-scale service networks are insufficient. In this study, we propose a framework that can monitor information leakage and illegal communication attempts in a wide range of service networks without large-scale investment by analyzing 'Netflow statistical information' of backbone network equipment, which is the gateway to the entire data flow of the IT service network. By using machine learning algorithms to the Netfllow data, we could obtain the high classification accuracy of 94% in identifying whether the Telnet service port of operating equipment is open or not, and we could track the illegal communication of the damaged equipment by using the illegal communication history of the damaged equipment.

• Korean Journal of Heritage: History & Science
• /
• v.56 no.1
• /
• pp.118-130
• /
• 2023

Decay or large cavities inside trees are the main causes of trees overturning and broken branches, and structurally weakened trees are more vulnerable to strong winds and heavy snowfall. Recently, as strong winds and typhoons increase due to climate change, the damage to human life and property due to trees overturning continues to increase, and cultural assets are in a similar situation. In particular, old big trees are structurally vulnerable to external shocks such as strong winds and heavy snowfall. This study was aimed at providing a scientific basis for preventive protection measures by conducting a structural stability diagnosis of seven retusa fringe trees designated as natural monuments. For the structural stability diagnosis, tree risk assessment and internal tree defect measurements were performed. As a result of the tree risk assessment, the Retusa Fringe Trees in Sinjeon-ri, Yangsan and Gwangyangeupsu had the highest risk of broken branches due to weak branch attachment strength. As a result of the diagnosis of internal defects of cross sections of measured trees, there were suspected cavities or severe decay in all except two trees of the population of Retusa Fringe Trees in Pyeongji-ri. Natural disasters due to climate change are increasing, and the scale is getting larger, so it is very important to preemptively manage large old trees through scientific structural safety diagnosis to manage trees that are vulnerable to environmental changes.

• Korean small business review
• /
• v.40 no.3
• /
• pp.1-24
• /
• 2018

The purpose of this study is verifying with corporate financial data that the required investment amount flow shows a similar pattern as times passed, in new product development by start-up company. In the previous paper, the same authors proposed the required investment amount flow as a 'New Product Investment Curve (NPIC)'. In this study, we have studied further in various types of companies. The samples used are accounting data of 462 companies selected from 5,873 Korean companies which were finished external audit in 2015. The results of this study are as follows; The average investment period was 3 years for the listed companies, while 6 years for the unlisted companies. The investment payback period was 6 years for listed companies, while 17 years for unlisted companies. The investment payback period of the company supported by big affiliate company (We call 'greenhouse company') was 14~15 years, while 17 years for real venture companies. When we divide all companies into 4 groups in terms of R&D cost and variable cost ratio, NPIC explanatory power of 'high R&D and high variable cost ratio group (Automobile Assembly Business) is best. Among the eight investment cost indexes proposed to estimate the investment amount, the 'cash 1' (operating cash flow+fixed asset excluding land & building+intangible asset, deferred asset change)/year-end total assets) turned out to be the most effective index to estimate the investment flow patterns. The conclusion is that NPIC explanatory power is somewhat reduced when we estimate all companies together. However, if we estimate the sample companies by characteristics such as listed, unlisted, greenhouse, and venture company, the proposed NPIC was verified to be effective by showing the required investment amount pattern.

• Journal of Korean Society of Environmental Engineers
• /
• v.27 no.1
• /
• pp.101-108
• /
• 2005

Because the stone cultural properties located outdoors, they have been altered and deteriorated in external appearance due to environmental factors such as acid rain, extreme change in temperature, and salts. Damage to stone cultural properties is accelerated particularly due to recent industrial development and environmental pollution. An experimental study was conducted to evaluate the effect of environmental contaminants on the weathering of granite. And as part of the developing of conservation method, $TiO_2$ catalyst was prepared and tested. When fresh granite was dipped into the salt and acid solutions, dissolution rate of eight minerals (Si, Mg, Ca, Na, K, Fe, Mn, Al) are abruptly increased at initial stage of reaction and then increased steadily until 100 cycles. After salt and acid solution experiments, the mineral compositions of the granite surface were lower then that of the fresh granite and density of the weathered granite was steadily decreased from $2.60\;g/cm^3$ to $2.56\;g/cm^3$, but Poissions ratio and absorption ratio were slightly increased. It was expected at stone cultural assets could be weathered by salts and acid rain. In the case of $TiO_2$ was coated to the granite, the dissolution rate of minerals and absorption ratio of $TiO_2$ coated granite were decreased. Therefore, the $TiO_2$ coating method tested in this study considered to be a viable method to assist in the conservation of stone cultural properties from environmental contaminants.