• The Korean Journal of Financial Management
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• v.2 no.1
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.33-61
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• 2009

From the perspective of corporate governance, we examine the acquirers' performance of mergers and acquisitions in KOSDAQ Market. The empirical results of our study show that inside an executive shareholders and outside minor shareholders, affect acquirers' performance in M&A's : the ownership of outside minor shareholders is positively correlated with the performance of acquirers. and, the ownership of insiders, such as that of an executive shareholders, does have significant effect on the performance of M&A's. Since the current literature concludes that the improvement of corporate governance in KOSDAQ Market would enhance the shareholders' wealth, the results of our study implies that outside minor investors, as well as insiders, are playing an important role in the corporate governance.

• Korean Journal of Construction Engineering and Management
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• v.10 no.5
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• pp.135-147
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• 2009

The world has witnessed the dramatic expansion of international construction markets during the last decades, particularly around the developing economies and energy resource-rich countries. However, despite the booming markets, the risks of emerging regions have also increased under the rapidly changing environments confronting the global contractors. Most of all, success in overseas business mainly depends on selecting the right market to enter. Accordingly, the right market selection requires global firms to carefully carry out the scientific market entry decision by evaluating country risks, market prospects, firm's capability, level of competition, and among others. This study aims at developing a market entry model by the use of real option analysis (ROA) and scenario planning, which addresses the corporate strategic flexibility against the uncertainties encompassing the overseas construction markets. Based on the suggested approach, global contractors are expected to make a better decision rather than a typically static approach in pursuing, postponing, or abandoning a prospective market to their capacity with a concurrent consideration of uncertainties as well as its option value.

• KDI Journal of Economic Policy
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• v.35 no.1
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• pp.1-32
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• 2013

Economic sanctions and inducements are types of 'policy instruments' based on 'economic tools' to influence other international actors. Ongoing debates on sanctions and inducements have exposed drawbacks for relying on individual case studies. There are some studies in the literature that attempt theoretical analysis of sanctions and inducements, but they are mostly based on rational choice theory. In reality, however, there exist so many cases that cannot be explained by rational choice theory. These are called anomalies or exceptions. The literature introduces specific variables to interpret these anomalies and thus sacrifice the universality of the theory. From this point of view, prospect theory would present an effective tool to analyze economic sanctions and inducements. It is a behavioral economic theory that tries to model a decisions making process in reality. The theory says that people make decisions based on subjective value of losses and gains from an individual reference point, and that people evaluate these losses and gains using heuristics. Thus prospect theory could offer a different frame which has greater explanatory range without adding new variables. As a result of this study, target's losses of 'back down' towards economic sanctions loom larger when the reference point level increases, therefore, the effectiveness of sanctions decreases. However, target's losses of 'stand firm' towards economic inducements loom larger under the same condition of reference point, therefore, the effectiveness of inducements increases. The findings of the paper suggest meaningful implications to the economic policy towards North Korea.

• Cartoon and Animation Studies
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• s.36
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• pp.619-641
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• 2014

Animation is an important tool to establish the identity of mutually related countries, as cultural contents with the economic value. That is, it is necessary that the Korean animation should extend the previous boundary of exchange, for the status of representative cultural industry in the 21st century global market. Especially, to overcome the regionally prejudiced and unbalanced cultural exchange, the possibility of extension with Czech animation, which has not had an active exchange with Korea, will be considered and the efficient method will be proposed. The Czech Republic is geopolitically located in the center of Europe and its infrastructure like industrial construction, investment environment, human resources is outstanding among Visegrad Group. The Czech Republic has a remarkable cultural border-crossing phenomenon, and as a complex country of cultural and religious characteristics of eastern and western European, it is a powerful nation leading Central Europe. Therefore, the animation exchange of Czech and Korea is valuable in culture and economy of both nations. Through such an animation exchange of both nations, not only Korean animation secures the diversity of exchange but also insignificant cultural exchange after formal establishment of diplomatic relations in 1990, will be revitalized and international firm relationship of both nations will be established. Therefore, as an activation plan or cultural exchange of Korea and the Czech Republic, concrete plan like Stop Motion Animation Workshop is proposed.

• Archives of design research
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• v.17 no.3
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• pp.283-292
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• 2004

Today's fast-paced world is becoming increasingly characterized by technology-facilitated transactions. Growing numbers of customers interact with technology to create service outcomes instead of interacting with a service firm employee. Self-service technologies provide technological interfaces that enable customers to produce a service independent of direct service employee involvement. To investigate on the customer satisfaction with self-technological based product design in Subway. I used the critical incident technique developed by Flanagan(1954) with quantitative measures of attributions. In this research, it results that customers are considered more important the value of technological-function and easy to use than the aspect of automated machine. It is likely that the technological aspect of many self-service options has a unique influence on customer perceptions of self-service encounters. Also, Research has shown that customer's needs are defined as situations in which external environmental factors add a sense of urgency to the transaction and saved time. On the other hand, customers realize that their favorable image of self-technological based product follows as ; first, customers prefer to the simple & modern image on the aspect of product design, secondly, customers prefer to the hitech-functional image to do its job fast in a short time by automated technology on the aspect of functional service, thirdly, customers prefer to the comfortable and sanitary image to be suitable for the underground circumstance.

• International Journal of Quality Innovation
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• v.8 no.1
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• pp.40-75
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• 2007

In the early industrial age which with high intensity of machine and labor, using financial measurement index was good enough to tie in company's mechanization and philosophy of management and been in efficiency. But being comply with "New Economic age," a new economic environment is full of knowledge and information, the enterprise competition had changed from tangible assets, plants to intangible innovation ability of knowledge. As recognizing the new tendency by enterprise, they value gradually the growth and influence from learning. Practice of organization learning not only needs firm structure and be in coordination with both hardware and software, but also needs an affect measurement model to offer enterprise to estimate learning performance. It's a good instrument of financial performance measure mold in the past years, But it's for measuring the past, couldn't formulate enterprise trend to future, hard to estimate investment for future, such as development of products, organization learning, knowledge management etc, as which intangible assets and knowledge ability just the key factors of being win around competition environment in the future. In 1992, Kaplan and Norton brought up Balance Scorecard (BSC) on Harvard Business Review, as an instrument helping enterprise to measure performance, which is being considered to be a most influence management instrument. It added non-financial index such as customer, internal process and learning growth besides traditional financial index, as offering enterprise an index to measure and manage intangible assets and intellectual property. As being aware of organization learning is hard to be ignored in the new economic age, this research is based on learning and growth of BSC, and citing one national material company try to let the most difficult measurement performance of organization learning, to be estimate through BSC, analyze of factor and individual case, to discuss the company how to make the related strategy and vision of organization learning to develop learning and growth of the structure of BSC, subject the matter of out put factors to be discussed, and measure the outcomes as a result of research. The research affect offers (1) the base implement procedure of carrying out BSC; (2) the reference of formulating measurement index while enterprise using BSC to estimate performance of organization learning; (3) the possibility bottleneck maybe forcing while carrying out BSC, to be an improvement or preventive for enterprise.

• Asia pacific journal of information systems
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• v.17 no.3
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• pp.131-146
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• 2007

Recently, the role of IT service providers has been enlarged from managing a single function or system to reconstructing entire information management processes in new ways to contribute to shareholder value across the enterprise. This movement toward extensive and complex outsourcing agreements has been driven by the assumption that outsourcing information technology functions is a reliable approach to maximizing resource productivity. Hiring external IT service providers to manage part or all of its information-related services helps a firm focus on its core business and provides better services to its clients, thus obtaining sustainable competitive advantage. This practice of focusing on the strategic aspect of outsourcing is referred to as strategic sourcing where the focus is capability sourcing, not procurement. Given the importance of the strategic outsourcing, however, to our knowledge, there is little empirical research on the relationship between the strategic outsourcing orientation and outsourcing performance. Moreover, there is little research on the factor that makes the strategic outsourcing effective. This study is designed to investigate the relationship between strategic IT outsourcing orientation and IT outsourcing performance and the process through which strategic IT outsourcing orientation influences outsourcing performance, Based on the framework of strategic orientation-performance and core competence based management, this study first identifies core competency orientation as a proper strategic orientation pertinent to IT outsourcing and IT outsourcing process management capability as the mediator to affect IT outsourcing performance. The proposed research model is then tested with a sample of 200 firms. The findings of this study may contribute to the literature in two ways. First, it draws on the strategic orientation - performance framework in developing its research model so that it can provide a new perspective to the well studied phenomena. This perspective allows practitioners and researchers to look at outsourcing from an angle that emphasizes the strategic decision making to outsource its IT functions. Second, by separating the concept of strategic orientation and outsourcing process management capability, this study provides practices with insight into how the strategic orientation can work effectively to achieve an expected result. In addition, the current study provides a basis for future studies that examine the factors affecting IT outsourcing performance with more controllable factors such as IT outsourcing process management capability rather than external hard-to-control factors including trust and relationship management. This study investigates the major factors that determine IT outsourcing success. Based on strategic orientation and core competency theories, we develop the proposed research model to investigate the relationship between core competency orientation and IT outsourcing performance and the mediating role of IT outsourcing process management capability on IT outsourcing performance. The model consists of two independent variables (core-competency-orientation and IT outsourcing process management capability), and two dependent variables (outsourced task complexity and IT outsourcing performance). Comprehensive data collection was conducted through an outsourcing association. The survey data were analyzed using a structural analysis method. IT outsourcing process management capability was found to mediate the effect of core competency orientation on both outsourced task complexity and IT outsourcing performance. Further analysis and findings are discussed.

• Journal of Communication Design
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• v.57
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• pp.44-53
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• 2016

Expected consumer's consumption propensity affected by advertisement using media facade and how this advertisement can affect consumer response and advertising effectiveness will be examined practically. This research showed TV advertisement and media facade advertisement to each participants of research in order to evaluate consumer response and effectiveness of media facade advertisement and took a survey. Research result, positive response was observed that consumer who were exposed of media facade advertisement showed more positive cognition/emotional response than TV advertisement. And effectiveness of media facade is more than standard. However, product attitude was not statistically positive. Therefore, it can be said that media facade advertisement does not affect positively on product attitude, but it is effective on purchase intention. Next, consumer who is exposed of media facade advertisement showed little low correlation on cognition response and product attitude, but showed positive correlation on cognition response, purchase intention, emotional response and product attitude. Accordingly, more positive consumer's cognition and emotional response is, the higher advertisement effect can be observed. Last, positive result were not presented in consumer's consumption propensity in regards to rational/emotional response. This means that it is invalid to state that consumer response differs for consumer propensity. Through result of experiment, a statement that media facade is a new media that has various possibility as advertisement mediator had been proved. Especially, as it shows that positive effect exists regardless of consumer's consumption propensity, use of media facade as marketing means is reasonable for firm in order to increase satisfaction of consumer and brand value.

• The Journal of the Korea Contents Association
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• v.19 no.10
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• pp.364-371
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• 2019

The World Health Organization (WHO) announced the 11th International Classification System (ICD-11), which classifies game addiction as a disease in 2018. Sin stocks are defined as the companies that have negative addictive properties and are taxed on social costs. If a game disorder is listed in the disease classification system in Korea, it is highly likely that Korean game companies may be considered as sin stocks that causes negative addictive properties and social costs such as the game addiction and the game addiction tax. This suggests that game companies could be newly included in the scope of sin stocks in Korea. In this study, we examine the effect of the inclusion of game companies in the scope of sin stocks on the job preferences of game companies. We found that there is a high level of opposition to the opinion of the listing sin stocks of game companies, and a high degree of addiction and gambling was suggested as the cause of the game companies being classified as sin stocks. We also found that firm value and job preference would be decrease if a game company was classified as sin stocks. The study is meaningful in that it suggests that game companies can be perceived negatively as sin stocks due to the disease code of game disorder, which has recently emerged as a social issue. Also, this study will contribute to the academia and market participants by reporting statistically the effect of the classification of sin stocks in game companies on job preferences for game companies.