• KDI Journal of Economic Policy
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• v.32 no.1
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• pp.1-26
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• 2010

Securitization was meant to disperse credit risk to those who were better able to bear it. In practice, securitization appears to have concentrated the risks in the financial intermediary sector itself. This paper outlines an accounting framework for the financial system for assessing the impact of securitization on financial stability. If securitization leads to the lengthening of intermediation chains, then risks become concentrated in the intermediary sector with damaging consequences for financial stability. Covered bonds are one form of securitization that do not fall foul of this principle. I discuss the role of countercyclial capital requirements and the Spanish-style statistical provisioning in mitigating the harmful effects of lengthening intermediation chains. For Korea, the stability of funding emerges as a key consideration. Covered bonds may play a role in stabilizing the funding arrangement for banks.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.21-27
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• 2021

The financial sector is one of the most important building blocks of the economy. When this sector efficiently implemented a well-crafted program on banking and financial system to translate financial activities to income-generating activity, economic growth will be realized. Hence, this study analyzed the effect of financial intermediation on economic growth and the existence of cointegrating relationship using time-series data from 1986 to 2015. The influence of financial intermediation in terms of bank credit to bank deposit ratio, private credit, and stock market capitalization and time trend to economic growth was estimated using ordinary least squares (OLS) multiple regression. The results showed that all the financial intermediation indicators and time trend exert significant effect on Gross Domestic Product (GDP) per capita. The positive sign of the time trend indicates that there is an upward trend in GDP per capita averaging approximately 0.06 percent annually. Furthermore, the cointegration test using the Johansen procedure revealed that there is a presence of long-term equilibrium relationship between financial intermediation and time trend and economic growth, and rules out spurious regression results. This study established the idea that financial intermediation in the Philippines has a significant and vital role in stimulating growth in the economy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.205-218
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• 2020

This study aims to analyze the influence of financial inclusion on micro-, small-, and medium-sized enterprises' (MSMEs) performance and examine the mediation role of financial intermediation and access to capital. The object of this study is MSMEs in Malang, Indonesia. The sample consists of 100 MSME actors in Malang City, which is determined using Roscoes theory. The data is collected using Simple Random Sampling method, by distributing questionnaire measured with Likert scales. The hypotheses proposed in this study are examined using Partial Least Square (PLS) model. The results of this study show that financial inclusion influences MSMEs' performance both directly and indirectly through mediation from financial intermediation and access to capital. The direct influence means that the efforts to increase access to financial services, especially access to credit financing for MSMEs, will be able to increase market share, number of workers, sales, as well as profit of the MSMEs. Increased financial inclusion has a major impact on improving MSMEs' performance through financial intermediation compared to access to capital. This means that the increase of financial access for MSMEs followed by an increase in financial intermediation in the form of a financial service approach to MSMEs will improve MSMEs' performance.

• Journal of Distribution Science
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• v.21 no.4
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• pp.69-80
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• 2023

Purpose: In the landscape of global challenges, the adoption of new technologies and the implementation of intellectual capital are seen as the main vehicles to enhance banking operations. Inspired by this issue, our study is to discover the effect of technological investments and intellectual capital on one of the most important dimensions of banking operations, namely deposit intermediation. Research design, data and methodology: To tackle this concern, we utilize the data of 12 banks from 2011 to 2020 in Vietnam, and perform the multivariate regression analysis as well as provide different robustness tests. Results: Our empirical analysis demonstrates that a surge in technological expenditures would foster distribution of deposit intermediation of banks. Also, the blend of technology spending and intellectual capital plays a key role in boosting this function of banks. Conclusions: The study would bring one of new evidence for bank managers and national authorities in Vietnam, where has undergone the completely reform period in banking system. Accordingly, technological innovation and intellectual capital should be taken into consideration when managers and regulators build business strategies and related policies. The findings are also useful for nations bearing a close resemblance to Vietnamese financial system.

• 한국경영정보학회:학술대회논문집
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• 2007.06a
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• pp.378-381
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• 2007

Traditional intermediaries refer to service providers such as travel agents, real estate brokers, job agencies and insurance agents which matching services for buyers and suppliers in a traditional market. The introduction of Electronic commerce resulted in the automation of many tasks provided by intermediaries and seemed to eliminate the role of many traditional intermediaries, which is called disintermediation. However, depending on their market power, traditional intermediaries either will be disintermediated or fill new roles by providing added value and assistance, which is called reintermediation. According to the research of Alina M. Chircu et al. there are three conditions for reintermediation for traditional intermediaries. Three conditions are weak appropriability of EC innovations, ownership of co-specialized assets for both market intermediation and EC innovations and economies of scale. Besides these three reintermediation conditions, we hypothesize that leveraging BPO can be a suitable strategy for traditional intermediaries to be transformed into reintermediaries. Business Process Outsourcing (BPO) is the leveraging of technology or specialist process vendors to provide and manage an organization's critical and/or non-critical enterprise processes and applications. This paper will investigate the relationship between above reintermediation conditions including BPO and reintermediation.

• Journal of the Korean Operations Research and Management Science Society
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• v.35 no.3
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• pp.1-24
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• 2010

As the Internet is explosively growing and the market is rapidly globalized, many entrepreneurs have been given an impetus to take on the function of the intermediation between providers and customers. Organizations performing the mediating roles in the cyberspace are termed 'cybermediary' and often called 'Openmarket' as a kind of transactional cybermediary in Korea. Despite sustainable growth of Openmarket, customer complaints and damages are increasing because of absence of recovery standards after a service failure. Therefore, it is important that a service provider converts dissatisfied customers to advocates for the growth of the Openmarket. This study aims to examine the role of recovery of the service failures for the Openmarket by proposing a relationship between complaint handling and continuance based on the equity theory. From the empirical results, we found that interactional equity had significant effects on both overall service satisfaction and recovery satisfaction, while procedural equity significantly influenced only recovery satisfaction. Recovery satisfaction also had an impact on overall service satisfaction and each satisfaction factor was positively related to continuance intention.

• Journal of Korean Medical classics
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• v.27 no.2
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• pp.49-67
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• 2014

Subject : The Association between Extraordinary Organs(奇恒之腑) and Eight Extra Meridians(奇經 八脈). Objectives : This study research some special aspects of Extraordinary Organs and Eight Extra Meridians which differentiated from ordinary Organs and Meridians, and the association between Extraordinary Organs and Eight Extra Meridians. Methods : First, researched classification standard and physiological characteristics of Extraordinary Organs through studying various chapters of HuangdiNeijing. Second, researched The Association between Extraordinary Organs and Eight Extra Meridians through studying on the origin of Eight Extra Meridians in HuangdiNeijing. Third, from accompanying researching the subject of Cheon-gye(天癸) and human body shape, draw synthetic hypothesis on the relationship among ordinary Meridians and Organs, muscles and skins of body shape, Extraordinary Organs and Eight Extra Meridians. Results & Conclusions : The following conclusions could be drawn. 1. Extraordinary Organs afford background for shaping human body. This is same as the properties of the earth which afford background for shaping all creations. The physiological characteristics of Extraordinary Organs is intermediation and regulation between Ki(氣) of Five Viscera & six Bowels and shape of muscles & skins in human body. 2. The origin of Eight Extra Meridians could be found in HuangdiNeijing. The collateral Meridians of the Uterus and Epiglottis Meridian are specifically formulated to supplying for the Uterus or Epiglottis. From this we can draw The Association between Extraordinary Organs and Eight Extra Meridians, that is Eight Extra Meridians are specifically formulated to supplying for Extraordinary Organs. 3. The Cheon-gye(天癸) is doing significant function in Eight Extra Meridians supplying for Extraordinary Organs. Cheon-gye concerned to growth, secondary sexual characters, generative function, aging process. Theses are all concerned with the changing of human body shape. Cheon-gye urge to change the body shape with following the human life cycle. 4. Human body has vertical symmetry because preserve its shape from the gravitational force. Eight Extra Meridians place at the middle or flank axis of human body, thus do physiological function that assistant human body have vertical symmetry shape. The purpose of shaping vertical symmetry is securing space what the inner Twelve Regular Meridians and Five Viscera & six Bowels create there own physical changes. On the other hand the inner changes need deviation between left and right because of mobility and circulation of force. But human body change the shape in the process of growth, reproduction, aging. Eight Extra Meridians play role at time of these processing, thus they deeply concerned to human's life cycle and reproduction. 5. Eight Extra Meridians and Extraordinary Organs were named 'Extra' because of some special aspects which differentiated from ordinary Meridians and Organs. All they play role to have vertical symmetry shape of human body and maintain the shape, thus they deeply concerned to the change of human life cycle. These shaping maintaining and the change of human life cycle are very special aspects of human body. So they needed to differently cognize separate to the ordinary changes of Five Viscera & six Bowels and Twelve Meridians at inner space.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.1-12
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• 2015

The purpose of this study is to examine the effect of company characteristics and individual characteristics perceived by employees of small businesses on job satisfaction and especially to seek activation of the organization by extending from previous studies to examine the intermediary role of company innovation and applying management measures focusing on the environment of changing global society where CEOs of small businesses cause job satisfaction of organizational members and present the direction for the improvement of management and institutional development. This study was carried out for about 2 months targeting employees of small businesses and the results of empirical analysis are as follows: First, company characteristics and individual characteristics perceived by employees of small businesses turned out to have a positive (+)effect on job satisfaction but the hypothesis that job stress affects job satisfaction was not significant. Second, of the effects of company characteristics and individual characteristics perceived by employees of small businesses on company innovation, organization flexibility and CEO's leadership, company communication and degree of cooperation between departments, individuals, challenge of individuals perceived individual characteristics were found to affect company innovation but the hypothesis that job stress affects it was not significant. Third, company innovation was found to have a positive (+)effect on job satisfaction and fourth, in the intermediary effect verification of company innovation between company characteristics and individual characteristics perceived by employees and job satisfaction, organization flexibility and communication, collaboration turned out to perform partial intermediation and CEO's leadership to perform full intermediation and individual challenge performance to perform full intermediation and the intermediary effect of job stress was not proven. These results are company characteristics and individual characteristics that is the perception of the independent variables in SME employees is not only a direct relationship with job satisfaction, suggesting that also has an indirect effect is mediated depending on the innovation of the company. Therefore, it can be seen that even for the innovation performance of enterprises is important to increase the job satisfaction of employees of SMEs. In particular, the conductivity of the leadership and individual parameters so completely over the innovativeness of the company is the result of job satisfaction itgetda can be said that the innovation efforts of the organization is effective at the same time be pursued.

• Proceedings of the Korea Contents Association Conference
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• 2009.05a
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• pp.341-347
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• 2009

In this research, the object is to analysis the impact of the four dimensions of on-line game attributes, challenge, social interaction, entertainment and actuality, on customer satisfaction and loyalty. At the same time as mediating factors of relationship between customer satisfaction and customer loyalty, switching barriers, such as switching cost and attractiveness of alternatives are also analyzed. The results show that the challenge, social interaction, entertainment have significant effect on customer satisfaction. Customer satisfaction also effects customer loyalty. Another important result is, switching cost and attractiveness of alternatives take an intermediation role between customer satisfaction and customer loyalty.

• Archives of design research
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• v.17 no.4
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• pp.327-336
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• 2004

The cultural production of meanings is becoming more and laden with the intricacies of signs and symbols in our times. The idea of 'character' is important as an intermediation for information and an essential characteristic of "the object" experienced through the sence of sight. Character is symbolicin its form but also in its iconic markings. Motion Picture Animation makes Character not just an expression of an image but visual communication that expands the action of meaning piled up, sign upon sign. The analysis of 'character' suggests that motion picture animated characters could play an important role as a cultural mode leading to new styles not merely as an aesthetic mechanism. The study there with analyzed animated character systematically to discem where the sign phenomena shows up in social conventions under the semiotic rigor of Peirce's concepts of icon, index, and symbol.