• East Asian Economic Review
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• v.17 no.4
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• pp.361-383
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• 2013

We find that institutional quality of an individual country was highly and significantly correlated with its economic performance in the euro area. We argue that governance reforms proposed at present do not suffice to resolving the fundamental problems of the EMU governance system unless disparities of institutional quality in member states are dissolved. Regarding regional integration, East Asia is far behind the Eurozone not only in institutional elements of the governance system but also in institutional quality at the level of individual nations.

• Journal of Information Management
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• v.36 no.1
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• pp.1-32
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• 2005

The scholarly communication crisis is not a journals crisis, but rather a broader crisis in information communications. It is the loss of access to the scholarly research literature, as the rising cost of STM journal subscriptions far out-strip academic library budgets. Now, the open access as alternatives to traditional journal subscription model are emerging for STM scholarly information. There are basically three forms for OA strategies : Open Access Journals(OAJ), Author Self Archiving(ASA), Academic Institutional Repositories(AIR). This paper describes the current trends and analyses potentially serious limitations and obstacles or various issues of the OA strategies, including the notion of scholarly information as a public good, myths of free access, author pay model, holder of copyright, etc.

• Journal of Korea Trade
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• v.26 no.4
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• pp.63-82
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• 2022

Purpose - Drawing on relational institutional theory, we explored how demographic similarity between board members of a firm and newly emerged political elites led to firms' increased financial resource acquisition such as leverage ratio and decreased export intensity amidst the Asian financial crisis. We also studied how a firm's leverage ratio and export intensity can further affect firm profitability and financial credit rating. Design/methodology - We revisited and explored a unique, unprecedented crisis that affected most Korean firms: the Asian financial crisis that coincided with a governmental shift from a conservative to a liberal party. We collected demographic information from 432 listed Korean firms' board members and 43 political elites of the Blue House from 1998-2000 to create a demographic similarity measurement. We collected firms' financial information, built panel data, and used ordinary least squares regression to test our theory. Findings - Our results showed that demographic similarity between a firm's directors and newly emerged politicians had a positive association with a firm's leverage ratio but a negative association with a firm's export intensity. A firm's leverage ratio had a negative relationship with firm performance measured by firm profitability and financial credit rating. A firm's export intensity showed a positive effect on firm performance. Originality/value - We highlighted that during an economic crisis that coincided with a governmental shift and change of leading political actors, firms exerted efforts to survey the environment and build new external stakeholder relationships to cope with the changing landscape. We proposed that in an emerging market like Korea where low levels of trust and favoritism are prevalent across society, one of the relational institutional strategies that firms can employ is the selection of directors with similar demographic characteristics to political elites based on factors including birthplace and school affiliations. We examined the efforts of firms to build political networks with newly empowered political elites during a financial crisis, and the consequences of establishing such networks. We highlighted that during a financial crisis, the demographic similarity between a firm's board members and newly emerged politicians can provide firms with access to financial resources but can also result in poor management and reduced effort to enhance its international competitiveness.

• STI Policy Review
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• v.4 no.1
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• pp.119-134
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• 2013

The Fukushima nuclear incident of 2011 served as an external shock that prompted Japan to reform its nuclear energy sector. The collusive relationship between the regulators within the Japanese government and the regulated power industry, as well as the lack of institutional independence of the regulatory agency, had derailed Japanese efforts to reform the sector for decades. The Fukushima crisis exposed these deeply-entrenched flaws in the system, causing public distrust and anger toward the government and the nuclear power sector. This paper discusses the institutional reform measures the Japanese government introduced in the wake of the Fukushima crisis to recover public confidence and revamp the sector to prevent future disasters. The paper also discusses the challenges the Japanese government faces on its road to a successful implementation of nuclear sector reforms.

• Management & Information Systems Review
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• v.33 no.1
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• pp.83-97
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• 2014

This study examined the effects institutional block ownership on the stock market liquidity in Korean Stock Market. The two measures of institutional block ownership are used. They are the percentage of a stock owned by institutional blockholder and the number of institutional blockholder that own the stock. This study used the Amihud(2002) illiquidity measure to measure stock market liquidity. The results are as fellows. First, this study showed that the number of institutional blockholder is significantly negatively correlated with the Amihud(2002) illiquidity measure in the analysis which is used the whole data. But we found no a consistent results between the number of institutional blockholder and the Amihud(2002) illiquidity measure in the grouped institutional blockholder's number analysis. This indicates that the effects institutional blockholder on market liquidity is not simple. Second, this study showed that the percentage of a stock owned by institutional blockholder are negatively related with Amihud(2002) illiquidity measure, especially revealed statistically significant in the group 3(11.71%~17.38%) and group 4(7.45%~11.65%). This results suggest that the institutional blockholder have positive effect on the market liquidity in the group 3 and 4. Third, the significance of the percentage of institutional block ownership and the number of institutional block ownership in explaining illiquidity are more showed in the term of the global financial crisis(2008) than the before and the after of the global financial crisis.

• Journal of Korea Society of Digital Industry and Information Management
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• v.4 no.4
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• pp.113-125
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• 2008

This paper investigates the spillover effects(co-movements) between korean and U.S stock market by KOSPI and DJIA Index. Especially it compare to the pre- and post period of U.S. financial crisis resulted from sub-prime mortgage loan. The main results are as follows. First, the spillover effects of DJIA(U.S. market) to KOSPI(Korean market) are strong. This result accord with the former researches on this subject. Second, spillover effects are more strong after U.S. financial crisis. A possible reason for this phenomenon is a trend which the major investors such as foreign and institutional investors in domestic stock market have more attention to U.S. stock market. Third, the spillover effects appear in the opposite direction, that is KOSPI(Korean Stock Market) to DJIA(U.S. Stock Market). It seems to be the results of asian stock market's growing infIuences to European and U.S Markets.

• Radiation Oncology Journal
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• v.38 no.2
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• pp.93-98
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• 2020

Purpose: Due to COVID 19 pandemic, the treatment of cancer patients has become a dilemma for every oncologist. Cancer patients are at an increased risk of immunosuppression and have a higher risk to acquire any infection. There are individual experiences from some centers regarding the management of cancer patients during such a crisis. So we have developed our institutional strategy to balance between COVID and cancer management. Materials and Methods: Radiation Oncology departmental meeting was held to prepare a consensus document on Radiotherapy schedules and department functioning during this pandemic. Results: Strategies were taken in form of following areas were steps need to be taken to decrease risk of infection, categorise treatment on the basis of priority, radiotherapy schedules modification, academic meetings and management of COVID positive patient/personnel in Radiation Oncology department. Conclusion: We hope to strike the balance in overcoming both the battles and emerge as winners. Stringent long term follow up will be done for assessing the response or any unforeseen treatment related sequelae.

• The Korean Journal of Health Service Management
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• v.9 no.3
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• pp.247-254
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• 2015

Objectives : The aim of this study was to analyze the influence of foreign and institutional investors in the pharmaceutical industry on R&D investments. Methods : The empirical analysis was done for the years 2009 to 2013 which examined the period after the influence of the financial crisis. Financial statements and comments in general and internal transactions were extracted from the TS-2000 of the Korea Listed Company Association. STATA 12.0 was used as the statistical package for the panel analysis. Results : The results show that the shareholding ratio of foreigner investors turned out to have a statistically significant influence on R&D investment. No statistical significance was found in the shareholding ratio of institutional investors. Conclusions : The findings of this study, which indicate that a higher shareholding ratio of foreigner investors leads to greater R&D investment, indicate that foreign investors directly or indirectly impose pressure on a manager to make R&D investments for the long-term.

• KDI Journal of Economic Policy
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• v.42 no.4
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• pp.59-90
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• 2020

U.S. monetary policy has been claimed to generate global spillover and to destabilize other small open economies. We analyze the effects of certain identified U.S. monetary shocks on gross capital flows in the Korean economy using the local projection method. Consistent with previous results on other small open economies, we initially confirm that U.S. interest rate hikes are dynamically correlated with foreign outflows and residents' inflows. That is, not only are they correlated with withdrawals by foreigners but they are also correlated with those by domestic (Korean) investors. The results are mostly driven by portfolio flows. Second, however, the marginal response to a U.S. monetary policy shock is, on average, subdued if we focus on the sample periods after the Global financial crisis of 2007-2008 (henceforth, global financial crisis). We conjecture a possible reason behind the change, an institutional change related to financial friction. If the degree of pledgeability of the value of net worth increases, the marginal responses by both investors would drop with a U.S. monetary policy shock, consistent with our findings.

• Journal of the Korea Society of Computer and Information
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• v.19 no.3
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• pp.163-170
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• 2014

Cyberspace is closely related with one another, transcending the spacetime throughout the world, and is already located in the most important area of our lives. However, if the organizational cyber terror happens like the national paralysis crisis of major information network such as the previous 1.25 the Internet crisis, the possibility of cyber crisis highly damaging our whole society such as the leakage of the national secrecy and advanced technology is increasing. But we haven't set up the institutional procedure systematically performing the national cyber security management affairs yet. So, in case of cyber crisis, this is highly likely to damage the aspects of national and personal level. On this point, this study looks into the examples of legislation related to our cyber security, and suggests the implication on the revision direction of national cyber security management regulations through relative examination about the examples of legislation in major countries.