• Journal of Korea Society of Industrial Information Systems
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• v.29 no.2
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• pp.133-151
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• 2024

The purpose of this study is to analyze the core values of Donghwa Pharmaceutical, which has been in the pharmaceutical industry in South Korea for 126 years, and examine the core competencies that have consistently enabled it to maintain a competitive advantage. When applying the VRIO Framework, various general pharmaceuticals, including Donghwa Pharmaceutical's 'Hwalmyeongsoo,' which has maintained the top position in the liquid digestive medicine market for 126 years, are identified as powerful resources (Value) that generate 'sustained competitive advantage.' The principles of ethical management based on the Donghwa spirit, the long-standing principles of trust and belief, and the entrepreneurial spirit possess rarity. Having won four Guinness World Records and holding numerous new drug patents, Donghwa Pharmaceutical has consistently secured the top position in the digestive medicine category of the Korean Industrial Brand Power for 19 consecutive years. The company has been designated as a 'Golden Brand,' and its products have high levels of awareness, making them highly difficult to imitate. Lastly, the organization is structured to efficiently utilize resources such as a transparent hierarchical system, fair personnel management, diverse training programs, and high employee welfare and salaries. This study systematically analyzes the core values of Donghwa Pharmaceutical from a managerial perspective and proposes directions for the company to evolve into a long-lasting enterprise. The research outcomes will provide valuable insights for formulating long-term management strategies.

• Journal of Distribution Science
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• v.13 no.9
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• pp.95-101
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• 2015

Purpose - This study provides evidence of the impact of the mandatory adoption of Korean equivalents to International Financial Reporting Standards (K-IFRS) on accounting quality. K-IFRS uses fair value as a basis of measurement and is characterized by principle-based standards. These characteristics can lead to a decrease in conservatism. Therefore, this study aims to examine whether or not there is a change in the level of conservatism before and after the enforcement of K-IFRS (2007~2014). By comparing 2007 through 2008 and 2013 through 2014 (excluding 2009 to 2012), we test "the temporary adjustment phenomenon" and document an overall decline in the degree of conservatism after the adoption of K-IFRS. Research design, data, and methodology - Our sample is comprised of data of all listed Korea Composite Stock Price Index (KOSPI) manufacturing distribution companies in Korea from 2007 to 2014, which yields the pooled sample of 4,412 (panel A) and 1,915 (panel B) firm-year observations for hypotheses 1 and 2. In line with recent literature, we adopt the Givoly and Hayn (2000) model, which recomputes the non-operating accruals, excluding two components that are most likely to capture the effect of restructuring activities: special items and gains or losses from discontinued operations. In addition, we also use these variables: SIZE, LEV, INV_CYCLE, ROA, OWN, and FOR. Results - Our sample period spans 2007 to 2014. This offers evidence on the effect of the mandatory adoption of IFRS on conservatism. Our findings can be summarized as follows. First, in panel A, for mandatory K-IFRS adoption (2011), we do not find any significant evidence of conservatism. We can guess that the "temporary adjustment phenomenon" is the reason that we do not find significant evidence of conservatism. Second, we investigate panel B from 2009 to 2012. We document an overall decline in the degree of conservatism after the adoption of K-IFRS. We can assume that these results are due to "the temporary adjustment phenomenon." Conclusions - This study finds that conservatism significantly decreased after IFRS adoption. In particular, this study makes the initial effort to elucidate "the temporary adjustment phenomenon" to analyze the effect of K-IFRS on conservative accounting. We argue that K-IFRS are conceptually conservative but that inappropriate application of the conservatism principles is likely to prevent financial reporting from reaching the level of conservatism targeted by the IASB. Overall, this paper contributes to the literature on IFRS and can be useful to capital market supervisors who are monitoring the trends of the firms implementing K-IFRS. Additionally, our results inform stakeholders of the potentially negative effect of the greater flexibility permitted by IFRS and/or lack of appropriate enforcement on key dimensions of accounting quality. This has important implications for Korean regulators and standard setters as they review the cost and benefits of IFRS. Our study also sheds light on the importance of the institutional environment in achieving the targeted objectives for improving financial reporting quality.

• Journal of Mushroom
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• v.11 no.4
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• pp.287-291
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• 2013

This study was carried out to improve standardization of agricultural products and investigate quality changes during storage at different treatments. The standardization does much to improve merchantable quality, distribution efficiency and fair dealings by shipping of the standard agricultural products. Therefore, modification of these standards is required to fit farmhouse situations. Average pileus diameter and thickness of A grades was 38.9 mm and 4.5 mm at shelf culture and 22.2 mm and 3.9 mm at bottle culture. Average stipe length of A grades was 49.6 mm at shelf culture and 66.7 mm at bottle culture, and stipes thick was the highest in A grades of shelf culture. The diameter of pileus of Pleurotus ostreatus stored for 14 days at $4^{\circ}C$ and $10^{\circ}C$ showed no significant difference. but the thickness of pileus decreased rapidly after 7 days. L-value and hardness of stipes and pileus were higher at shelf culture than bottle culture.

• Korean Journal of Labor Studies
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• v.17 no.1
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• pp.297-323
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• 2011

Part-time jobs in Sweden are highly feminized yet are in fair conditions in terms of job security, earnings, and collective representation. Three points are considered to be important to understand why part-time work in Sweden carries such positive characteristics. First, the part-time work in Sweden is widely spread not as a result of employers' need for labor flexibilization but as means to enhance the work-life balance, a value pursued within a broader social policy package to change the breadwinner model. Second, discrimination against part-time workers is restrained in Sweden because the boundary between part-time and full-time is not conspicuous. Most of part-time jobs are occupied by regular workers who exert the right to part-time work, hence may go back to the full-time status any time. Third, the regulation on overtime work of part-time workers as well as full-time workers is strong. It is largely agreed among researchers that part-time work contributed greatly to an increase of female employment rate in Sweden. Since the 1970s, the increased availability of part-time jobs induced married women who used to be economically inactive to the labor market and maintained them to be economically active throughout the child rearing period. From the gender perspective, one may still raise issues regarding part-time work in Sweden such as persistent feminization and strong occupational sex segregation. However, the observed trend shows that the part-time work in Sweden has functioned more as a stepping stone to the full-time work for women than as a women's trap.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Journal of Mushroom
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• v.11 no.1
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• pp.41-45
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• 2013

This study was carried out to improve standardization of agricultural products and investigate quality changes during preservation at various treatments. The standardization does much to improve merchantable quality, distribution efficiency and fair dealings by shipping of the standard agricultural products. Mushrooms notified as the standard are five; Pleurotus ostreatus, Pleurotus eryngii, Flammulina velutipes, Agaricus bisporus and Ganoderma lucidum. But many farmers are suffering from strict standards. Therefore, modification of these standards is required to fit farmhouse situations. Fruit-body weight of A, B and C grades of the marketed Agaricus bisporus was 19.3g, 12.2g and 10.4, respectively. Average pileus diameter of A grades was 43.3mm but B and C grades did not show significant difference. Average stipe length of A, B and C grades was 9.8mm, 13.1mm and 11.6mm, and stipes thick was the highest in A grades. The weight loss rate of stipe cutting of Agaricus bisporus was 12.6% in harvested mushrooms and the rate of stipe cutting length was 60.8%. The diameter of Agaricus bisporus stored for 5 days was 3.5~4.5cm but decreased rapidly in 15 days. The weight loss rate of the high temperature samples lowered rapidly than that of the low temperature samples. Conversely, the L value of the low temperature samples was higher than that of the high temperature samples.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.2
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• pp.113-127
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• 2012

From the end of 1st quarter of 2012, Korean mandatory firms had started releasing financial reports conforming to the K-IFRS(Korean adopted International Financial Reporting Standards). Major characteristics of IFRS, such as 'principles based' features, consolidated reporting, 'fair value' measurement, increased pressure for non-financial disclosures have resulted in brief and various disclosure practices regarding the main body of each statements and vast amount of note description requirements. Meanwhile, a host of previous studies on IFRS disclosures have incorporated regulatory and/or 'compete information' perspectives, mainly focusing on suggesting further enforcement of strengthened requirements and providing guidelines for specific treatments. Thus, as an extension of prior findings and suggestions this study had explored to conduct an integrative approach embracing views of the reporting entities and the users of financial information. In spite of all the state-driven efforts for faithful representation and comparability of corporate financial reports, an overhaul of disclosure practices of fiscal year 2010 and 2011 had revealed numerous cases of insufficiency and discordance in terms of mandatory norms and market expectations. As to the causes of such shortcomings, this study identified several factors from the corporate side and the users of the information; some inherent aspects of IFRS, industry/corporate-specific context, expenditures related to internalizing IFRS system, reduced time frame for presentation. lack of clarity and details to meet the quality of information - understandability, comparability etc. - commonly requested by the user group. In order to improve current disclosure practices, dual approach had been suggested; Firstly, to encourage and facilitate implementation, (1) further segmentation and differentiation of mandates among companies, (2) redefining the scope and depth of note descriptions, (3) diversification and coordination of reporting periods, (4) providing support for equipping disclosure systems and granting incentives for best practices had been discussed. Secondly, as for the hard measures, (5) regularizing active involvement of corporate and user group delegations in the establishment and amendment process of K-IFRS (6) enforcing detailed and standardized disclosure on reporting entities had been recommended.