• Clean Technology
• /
• v.29 no.2
• /
• pp.151-159
• /
• 2023

The realization of carbon neutrality requires cooperation from various stakeholders and the utilization of a governance system. The criteria for participating members are crucial for the successful operation of governance, and it is especially necessary for experts who can provide scientific advice for policy implementation to share a framework for successful consensus. In this study, governance model theory and model structure, governance common success factors by case, and the application of governance cases in the climate and environmental sector of Seoul, were investigated and analyzed to derive common success factors in order to present the activity standards of the science and technology experts participating in governance. The study of the model theory suggested that the model structure is commonly composed of a basic condition-process-result structure, and it was confirmed that common success factors can be derived at the process stage which is the activity period of members. Through the case study of common success factors, overlapping factors were found to be reliability, accountability, transparency, networks, and related factors. The validity of the common success factors was verified using the analysis results of satisfaction survey data from Seoul Governance Committee participants. The results confirmed that reliability was the most valuable factor followed by networks, transparency, and responsibility, and it was found that the related factors were appropriately derived. The findings of this study are expected to be used as an activity factor for science and technology experts to increase the acceptability and effectiveness of carbon-neutral policies in the future.

• Journal of Industrial Convergence
• /
• v.19 no.5
• /
• pp.13-19
• /
• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• Informatization Policy
• /
• v.29 no.4
• /
• pp.3-25
• /
• 2022

The governance structure of public broadcasters is the hottest topic in domestic media policy. This study examines the flow of discussions by period by synthesizing the research literature on the governance structure of domestic public broadcasting since 2000. As a result, active discussion on the governance structure of public broadcasting was confirmed to have appeared following the conservative governments after 2008, derived from the "crisis theory of public broadcasting." In addition, the discussion was conducted centered on the public values of public broadcasting and direction of system improvement, political independence of public broadcasting, composition of the board of directors, and presidential election system. This study suggested that future discussions on the governance structure of public broadcasting should expand the existing discussion of political independence to encompass the values, responsibilities, and systems of public broadcasting that presuppose citizen participation.

• The Journal of Industrial Distribution & Business
• /
• v.10 no.1
• /
• pp.51-58
• /
• 2019

Purpose - Manufacturers in uncertain environments need to depend on governance mechanisms to reduce the inherent risk in these environments. However, few studies have examined which governance mechanisms a given manufacturers will develop in uncertain environments for managing the relationships with its vertical partner. This study explores how different governance mechanisms function under uncertain environmental circumstances. We also try to investigate the contextual effect of interfirm benevolence as moderator. Research design, data, and methodology - This research provide the conceptual framework of interfirm benevolence on which this research's propositions are predicted. The theoretical background for environmental uncertainty, governance mechanisms and interfirm benevolence will be discussed. Results - The expected results are as follows. Manufacturers in an uncertain environments rely on different governance mechanisms under conditions of high and low interfirm benevolence. In terms of role of interfirm benevolence, interfirm benevolence provides a better understanding of how governance mechanisms can develop in an uncertain supply markets. Conclusions - This research suggests several theoretical and practical implications between channel partners, particularly, this research offers that interfirm benevolence is a crucial competitive factor under environmental uncertainty situation. In future studies, it is necessary to investigate the effect of each governance mechanism structure on performance in an uncertain environment and various level of interfirm benevolence.

• Journal of Navigation and Port Research
• /
• v.36 no.3
• /
• pp.233-243
• /
• 2012

The purpose of this study was to confirm that the formation and influencing factors of ocean governance in Busan. Recently it has been observed that the concept of ocean governance increasingly popular in the field of maritime administration, as the concept helps us understand more comprehensively the new or emerging roles of the government and other stakeholders(private enterprise, citizen, etc) in a rapidly changing environments. Therefore, this study aims to investigate the status of ocean governance and draw alternatives in applying appropriate ocean governance structure of maritime administration in Busan. The result of this study shows that ocean governance level in Busan was not high in some factors such as participation, cooperation, collective decision making. This is caused by the lack of a ocean governance structure. Based on these significant research findings, theoretical and practical implications were discussed.

• Journal of Contemporary Eastern Asia
• /
• v.18 no.1
• /
• pp.153-174
• /
• 2019

South Korea's energy policy has been historically established through an energy production structure that relies on thermal and nuclear power generation in relation to a centralized 'Hard Energy System'. However, climate change issues are forcing the transition to renewable energy, and it is crucial for local governments to enable this. This study analyses Seoul city's local energy governance, which is known as One Less Nuclear Power Plant Initiative, by applying the collaborative governance framework inspired by Ansell and Gash (2008) and the Reflexivity framework of Confucianism. It is considered that the local energy governance model of Seoul city can be used as a model by other local governments, and it will eventually lead to a decentralized energy system in this era of energy transition.

• The Journal of Asian Finance, Economics and Business
• /
• v.3 no.4
• /
• pp.5-16
• /
• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
• /
• v.3 no.4
• /
• pp.67-79
• /
• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
• /
• v.6 no.3
• /
• pp.67-79
• /
• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

• Journal of Information Technology Applications and Management
• /
• v.19 no.1
• /
• pp.61-83
• /
• 2012

PMO has gained much interest as an approach to lowering project failure rates. PMO implementation is, however, not an easy endeavor. Many studies have reported that a significant number of PMOs were seen as contributing little to project performance. Local organizations are more likely to be exposed to the failure risk as they tend to heavily depend upon outsourced PMO services. We believe that it is essential for ordering organizations to collaborate with the PMO service firm to come up with a proper PMO governance prior to its implementation. This study is to empirically investigate the effects of PMO governance upon PMO performance and the effects of ordering organization's project readiness upon PMO governance. The study result shows that a proper organizational structure and a properly defined role and responsibility may enhance the PMO performance. And, a correct awareness about PMO and a project management capability were found to be contributing to the appropriateness of PMO governance.