• KDI Journal of Economic Policy
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• v.12 no.1
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• pp.31-68
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• 1990

The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.1-11
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• 2014

This article studies the types of financing and the liquidity of small and medium size firms in their early-stage. The sample firms distinguish themselves from the established firms in the second year after foundation in that they rely heavily on external equity financing. However, they use the internal financing the most in the fourth year and do not show distinguishing feature any more. In the mean while, they do not show any serious liquidity problem either in the second year or in the fourth year. The empirical results imply that early-stage lasts rather short after the foundation for successful Korean firms, and that a distinguishing feature of early-stage firm can be found only in financing, not in liquidity. They also allow us to assert that Government-lead financial aid programs should be limited to two- or three-year-old firms and focused on helping their financing investments rather than easing their liquidity problem.

• The Journal of Fisheries Business Administration
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• v.44 no.3
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• pp.85-101
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• 2013

The foundation of any association or organization should include a mission, a vision, and strategic goals. Vision and mission are frequently discussed in academic and practitioner literature and accepted as key items in strategic decisions. But in these days, the words"change and crisis"are what companies are familiar with. They bringing about uncertainty led the companies to search for new strategies in order to specify their directions. In case of making proper direction for some organization, the role of management philosophy is most important. And also identifying, clarifying and communicating the management philosophy is now a major part of the planning process. This study examines the characteristics of management philosophy items which including mission and vision in Korean fisheries business with contents analysis. in order to achieve these purpose, this research analysing the mission, vision and CEO's greeting with the social network analysis(SNA) which is the most dominant technique in contents analysis. The SNA is evaluated that most popular, rigorous and firm methodology for analyzing, examining and revising some concepts or objects in the context of semantics. The findings of social network analysis show that some critical problems are existed. First, most of the fisheries company did not fully announce the mission and vision irrespective of one's size or scale. Second, there is some coverage insufficiency of stakeholders in mission and vision. And cutting edge topics like environmental problem, corporate social responsibility, consumer sovereignty are not included in management philosophy.

• Journal of the Korea Convergence Society
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• v.8 no.1
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• pp.187-193
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• 2017

We examined the effect of Audit Quality on Accounting Policy by using Book-Tax Difference Variability as the proxy of Accounting Information Quality. We used 2,412 sample data from 2010 to 2014. In short, the result of this study's is as followed. Audit Quality have a negative relevance with Book-Tax Difference Variability. Therefore we can support that the firm has a good Audit Quality shows the better Accounting Information Quality according to this study. This study contributes as follow. we can confirm how does Audit Quality affect Accounting Policy by this study's result. We hope that this study can be helped development of capital market and give a good news to investors on firms that has a good Audit Quality

• Proceedings of the Korea Contents Association Conference
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• 2006.11a
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• pp.327-332
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• 2006

Entering legal management, shareholders receive some payment. We call this phenomenon the deviations from absolute priority. This study focuses on incremental effect and determinants of equity to shareholders by wealth transfer from creditors to stockholders in the process of legal management. The main results of this study can by summarized as follows. First, the incremental effect of equity to shareholders is common in the sample of this study. The sample contains 46 non-listed firms that filed for legal management and had confirmed their reorganization plans. Second, the results of the regression model analyzing the determinants of incremental equity to shareholders in legal management show that it is negative related to the solvency(total debt/total asset), firm size, and weight of claims for secured creditors and banks significantly. but corporate reorganization period(from filing to confirmation)are not significant.

• The Korean Journal of Cytopathology
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• v.7 no.2
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• pp.157-162
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• 1996

Fine needle aspiration(FNA) is an effective tool in diagnosing mammary carcinoma. We experienced 7 cases of histologically confirmed mammary mucinous carcinoma among 3,052 aspirated cases of breast from 1992 to 1996 in Asan Medical Center. The average age of the patient was 48(33-64) years. The mean size of the lesions was $1.6(0.7{\sim}3)cm$, and they were palpated as well-defined, firm to hard masses. The cytologic features that may be useful in making a FNA diagnosis of mucinous carcinoma of the breast were analysed. Mucinous background and tumor cell clusters with occasional single cells were observed in all cases. Among them, two cases showed abundant scattered single cells, whereas only few single cells were seen in the other two cases. Tumor cells exhibited mild pleomorphism in four cases and moderate pleomorphism in three cases. Nucleoli tended to be not prominent and are observed in three cases, rarely noted in other three cases and not seen in one. There was microcalcification in four cases(57%). In conclusion, mucinous background and clustered tumor cells showing mild to moderate pleomorphism with characteristic clinical findings allow us to diagnose mucinous carcinoma of the breast.

• Journal of radiological science and technology
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• v.16 no.1
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• pp.89-94
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• 1993

However, technical advances in ultrasono imaging have had a remarkable impact on the study of biliary system oral cholecystography is a contrast of the gallbladder which is very frequently performed even with the application of Extra Shock Wave Lithotripsy(ESWL) in clinical use. Oral GB requires a stringent preparation if it is to be fully successful and a considerable amount of time to complete all its procedures and its objects of the radiographs. 1) to obtain a firm diagnosis of the presence of gallstones. 2) to essess function of the gallbladder that is, its ability to concentrate and store bile. After a times sequence of X-ray exposures taken in various positions to show the gallbladder to be satisfactorily filled, the patient is given a fatty meal, for instances two eggs or a cup of milk. The gallbladder which is drained by the cystic duct stores and concentrates the bile and is stimulated to contrast and excrete the bile by hormone "cholecystokinin" secreted in the intestinal mucosa. To evaluate the effect of the fatty meal which caused the gallbladder to constrict and empty, and by so doing the contrast medium passes through the cystic and bile ducts which are shown in radiographs exposed from 15-30 minutes after the variety practice of fattymeal, such as soft-boiled 2 eggs, raw 2 eggs, 100g of peanuts, and 200ml of milk. If the concentration of the opaque medium in the gallbladder is adequate, then not only the size, shape and position of the gallbladder will be shown from firms taken at intervals, the rate of concentration of the opaque medium and of the emptying of gallbladder has been measured and analyzed.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.436-440
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• 2008

Evaluating the work process of the organization is necessary to improve efficiency and make high quality of results. As size of construction projects are bigger, it is also applied to design firm. By applying efficient process, design team can reduce rework and waste. To make systematic process and keep a continuous progress, process evaluation is required. On this study, CMMI(Capability Maturity Model Integration) concept is benchmarked. Originally CMMI is suggested to evaluating capability of work process of Soft Ware developing organization by SEI(Software Engineering Institute). From CMMI system, direction of making evaluating method of design project performing team is drove. After worked out the evaluation method of capability maturity of process in design team, it could contribute making progress in the design process and satisfying client.

• Journal of Labour Economics
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• v.29 no.1
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• pp.75-98
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• 2006

This study shows a theoretical model, based on transaction cost theory, for the choice of alternative work arrangement, Suppose that standard labor contract (permanent and full-time) is a typical labor contract of within-organization transaction and alternative labor contracts of variety are in the spectrum between market and within-organization transaction, the type and size of the market transaction cost for a specific labor would determine the appropriate labor contract. Firm-specificity and level of skill, scope and uncertainty of tasks, and duration of contract are the major determinants of transaction cost which, in turn, determines the type of labor contract. This theoretical model implies that there will be occupational segregation between standard and alternative work arrangements and that the legal regulations for protecting employment and wage of non-standard workers might not be so effective as expected.

• The Journal of the Korea Contents Association
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• v.17 no.3
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• pp.578-588
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• 2017

The purpose of this paper was to prove the January Effect and Efficiency of the KOSPI Market, and then suggest as a result. KOSPI data was divided into two of section, Before and After IMF Financial Crisis, and this paper utilized Market Capitalization of common stock to conduct a study. As the main findings of this result, in KOSPI 1st section(Before IMF Financial Crisis), this paper proved the January Effect and Size Effect for Small-capital stock. On the other hand, in KOSPI $2nd-{\alpha}$ & ${\beta}$ section(After IMF Financial Crisis), this paper couldn't prove the January Effect. And then, this paper couldn't prove the Efficient Market hypothesis in KOSPI 1st with January Effect, however, proved the weak efficient market in KOSPI 2nd(${\alpha}$ & ${\beta}$) without January Effect. Finally, this paper deducted implications and limitation as the results.