• KDI Journal of Economic Policy
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• v.27 no.2
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• pp.205-237
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• 2005

This paper analyzes a mechanism through which product market competition affects allocation of the managerial efforts. There are two types of firms, incumbents and entrants. Each incumbent firm delegates its control to a manager and cannot observe the manager's total effort. The managers of incumbent firms allocate their effort to two different activities: cost reduction (productive effort) and rent protection (unproductive effort). An increase in competition, measured by the number of incumbent firms, has two effects: an "output effect" which decreases the managerial incentive for productive effort, and an "effort substitution effect" that makes managers exert more productive effort and less unproductive effort. This paper identifies the conditions under which product market competition lowers the cost of providing incentives for productive effort and hence, to the conclusion that increased competition leads to increased efficiency.

• Journal of the Korean Vacuum Society
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• v.17 no.3
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• pp.211-214
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• 2008

GaN-based light-emitting diodes (LEDs) of a 405 nm wavelength have been fabricated on a sapphire substrate by metal organic chemical vapor deposition (MOCVD). In order to reflect the photons, which are generated in the InGaN active region and emitted to the backside, to the front surface, a reflection layer was deposited onto the back of the substrate. Aluminum was used as the reflection layer and Al was deposited on the sample followed by Ti evaporation for firm adhesion of the reflection layer to the substrate. The light extraction efficiency was enhanced 52 % by adoption of the Ti-Al reflection layer.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.315-320
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• 2013

The aim of this study is to compare efficiency and Total Factor Productivity(TFP) between Korean and Japanese construction firms in Korea and Japan over the period of 2005-2011. The results of this study are as follows. Efficiency scores of Korean construction firms are 0.797, and Japanese construction firms are 0.921. Second, annual total factor productivity growth of Korean construction firms is 0.5% and technical progress do much for TFP decrease. However Japanese construction firms marked annual increasing of 2.5% of TFP. Third, technical progress contributed in TFP increase of construction firms in Korea. Korean construction firms, however, relatively lagged behind Japanese construction firms in technical progress. Therefore, Korean construction firms need strategies to achieve technical advances including adopting new technology or process innovation to maintain competitiveness, survive, and develop in the future competition with Japan.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.103-138
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• 2009

In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.11-18
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• 2020

This paper analyzes factors affecting enterprise's financial risk listed on the Vietnam stock market. The panel data of research sample includes 524 non-financial listed enterprises on the Vietnam stock market for a period of eleven years, from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, financial risk is measured by the Alexander Bathory model. Debt structure, Solvency, Profitability, Operational ability, Capital structure are independent variables in the study. Firm Size, firm age, growth rate are control variables. The model results show that in order to prevent and limit financial risk for enterprises listed on the Vietnam Stock Market, attention should be paid to variables reflecting Liability structure ratio, Quick Ratio, Return on Assets, Total asset turnover, Accounts receivable turnover, Net assets ratio and Fixed assets ratio. The empirical results show that there are differences in the impact of these factors on the financial risk in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to improve the efficiency of financial risk management in enterprises.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.7
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• pp.4177-4183
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• 2014

This study estimated and decomposed the productivity changes into technological change and efficiency change components for the photonics industry and examined ways of imporving the productive efficiency. Unlike most previous studies, this study employed a non-oriented Malmquist productivity index, which is a non-radial method and deals directly with the input surpluses and output shortfalls. The empirical results show that the productivity of the photonics industry has increased. The main reason for this is the increase in technical efficiency. In addition, there was a statistically significant difference in the productivity changes according to the firm's geographic location and participation in government support programs. These findings suggest that the government's regional strategic industry promotion policy has contributed to improvements in the productive efficiency of photonics industry. The approach presented in this study could be used as a practical reference guide to help enhance the competitiveness of the photonics industry.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3003-3014
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• 2018

This paper investigates whether the value relevance of unbilled revenue in the construction company is differentiated according to the degree of company's operational efficiency. Unbilled revenue is an item that appears in the assets of the statement of financial position based on the IFRS. It is an item that has a nature of accounts receivable, but it is calculated based on subjective judgment of management. In this paper, we hypothesized that the value relevance of unbilled revenue will be differentiated according to operational efficiency of the construction company. The results of hypothesis test are as follows. First, unbilled revenue has a significant relationship with firm's value, which is consistent with previous research results. Second, the value relevance of unbilled revenue is higher in companies with high operational efficiency. In conclusion, this paper is different from previous researches in that this paper presents not only that unbilled revenue has a value relevance but also provides evidence that it can be differentiated according to the degree of operational efficiency.

• The Journal of the Korea Contents Association
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• v.19 no.5
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• pp.64-73
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• 2019

This study analyzed the efficiency by using the DEA model to evaluate the competitiveness of specialty construction firms. The target of the analysis is 300 firms with continuous data from 2010 to 2017 as listed and externally listed firms. Significant analysis results are as follows. First, the efficiency of specialty construction firms is lower than that of general construction industry. Second, efficiency by type was highest in facilities construction and dismantling work. This shows that the relevant industries such as reinforced concrete works and scaffolding and demolition work are relatively efficient in specialty construction industry. Third, the efficiency of specialty construction industry is affected by economic fluctuations. When the construction industry is in the expansion phase, the efficiency value is high and the efficiency value is low in the down phase. Finally, in the scale profitability analysis, specialty construction industry was most analyzed by DRS. This means that it is effective to scale down for the efficiency of the firm.

• Journal of the Korean Society of Clothing and Textiles
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• v.21 no.1
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• pp.19-34
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• 1997

The goals of this study are to suggest the guidance for automated clothing manufacture by analysis the technology of the automated manufacturing facilities and to propose how improve the efficiency of the production planning and management for automated clothing manufacture In this study, the research about the automated clothing manufacturing machines and the analysis about the modules and functions of apparel information systems were performed. In order to understand the factory automation of the larger clothing firms, the case study method was used. The case study samples were 3 clothing firms. The results and suggestions are as follows: 1. An information technology for automated clothing manufacture has enabled the computer integrated manufacturing system to connect production planning and management part with each work station on the factory floor. 2. The apparel information system to integrate and manage manufacturing informations from each workstation and the apparel CAD system are used in the department of production planning. At the cutting room, there are automated manufacturing machines like an automatic spreading system and an automatic cutting system. Sewing room has the computer controlled unit production system and semi-automated sewing machines. In addition, in the finishing room, an automatic packing machine and a press system are used and besides a warehousing system has been developed. Considering these available technology, for better product efficiency, it is necessary to consider and utilize the specific character of these automatic manufacturing machines and computer system whether they proper to each product style. 3. Most of the clothing manufacturers are in the stage of semi-automated manufacture. In order to improve the manufacturing environment, it is needed to gradual procedure of manufacturing automation with considering the firm's financial condition, existing facilities and staffs operating machines. The case study sample firms are in the high degree of manufacturing automation. They can accomplish the flexible manufacturing system to link the information system with each work station menufacturing system by computerized control. For the case of the firm having already used the computer integrated manufacturing and managing system, it is necessary that the function to deal with drawing information is added to the retaining module of the apparel system.

• International Commerce and Information Review
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• v.16 no.3
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• pp.97-119
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• 2014

This study measures the efficiency of intellectual capital of Korea's banks, financial investment companies, and insurance companies using the Value Added Intellectual Coefficient (VAICTM) model, which was developed by A. Pulic and investigates into the relationship of each of VAIC's elements - efficiency of human, structural, and material capital -with business performance of the institution. we found, first, average VAIC and human capital efficiency(HCE) of Korean financial institutions during 2001 - 2012 were highest among banks, followed by insurance companies and securities firm. Secondly, in general, banks in advanced countries tend to have higher HCE and VAIC compared with the banks of developing countries. Thirdly, Korean financial institutions' HCE and VAIC are lower than those of Australia and even Taiwan and Thailand and have been on the decrease in recent years. This suggests that Korean financial institutions should enhance VAIC and HCE to build-up the international competitiveness.