• 통상정보연구
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• 제3권2호
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• pp.261-280
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• 2001

From the IMF(International Monetary fund) crisis, the management conditions of the trading company which run business in world market, has rapidly changed. In particular, the trading conglomerate's competitive power have declined. This study, addressing such changes, intend to analyze what factors are that have generated this changes in trading conglomerate's environment. The study specifically takes it into account that the differences between Korea trading company and Japan's. This research was confirmed by data and field survey in two country. The results of research are summarized as follow. The Korean trading company are inferior to the Japanese trading company in total volume(Korea: 24.1, Japan 100), the benefit volume(Korea: 8.7, Japan 100), the stability of turnover(Korea: 36.6, Japan 100), the network power in foreign country(Korea: 19.2, Japan 100), the power of e-business(Korea: 17.0, Japan 100). But the debt ratio of Korea company is significantly lower than that of Japan's(Korea: 160.4%, Japan 940.5%). In conclusion, providing that the Korean trading company want to be a world-class champion in trading field, they have to introduce the new management strategies which means the high-profit base trading, the long term investment and the internet business.

• 유통과학연구
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• 제15권5호
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• pp.29-38
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• 2017

Purpose - Prior theories predict a negative correlation between stock liquidity and dividend payout propensity. We test this hypothesis by examining the sample Korean retail firms. Research design, data, and methodology - We construct four different types of stock liquidity measures and investigate how these stock liquidity variables affect dividend payout propensity by employing the logit regression model. The retail firms listed in the KOSPI and KOSDAQ markets are analyzed from 1990 to 2015. Results - Our estimation results support the liquidity hypothesis if we adopt the stock turnover rate as the stock liquidity measure, particularly for the retail firms listed in the KOSPI markets and for non-conglomerate firms. Yet, our estimation results adopting the illiquidity measure of Amihud (2002), the proportion of non-trading day, and the volume of trading do not support the liquidity hypothesis. Conclusions - Our findings provide mixed results for the validity of stock liquidity hypothesis, which enriches the existing literature. In terms of turnover rate, the stock liquidity hypothesis holds robustly. Yet, we are not able to find any empirical evidence supporting the hypothesis if we use the other three measures of stock liquidity.

• 통상정보연구
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• 제13권3호
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• pp.543-564
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• 2011

기업경영에 있어 전략적 의사결정과 기업성과는 독립적이지 않고 상호 밀접한 관계가 있다. 본 연구는 한국 5대 무역기업집단 (Big Five Trading Conglomerates)의 전략적 의사결정과 기업성과간의 상관관계를 실증적으로 고찰 하였다. 비록 외환위기 이후 한국기업체들의 전반적 경영변화에 대한 많은 연구가 있었지만 전략적 의사결정을 주제로 한 주목할 만한 연구는 없었다. 연구결과 첫째, 한국 5대 무역기업집단의 의사결정 과정에는, 예전과 비교 해 봤을 때, 주목할 만한 변화가 없었다. 둘째, 의사결정과정에서 최고경영진의 과도한 개업은 기업성과를 방해 하지 않는 것으로 나타났다. 위를 바탕으로 볼 때 한국 무역기업집단 내에서 의사결정권한이 지금도 일부 최고경영진에 집중되어 있음을 시사하며, 이는 조직 전반에 걸쳐 내재된 오랜 유교적 전통과 문화 때문인 것으로 판단된다. 셋째, 그러나 의사결정과정에 있어 이사회의 권한이 점점 더 중요해짐을 알 수 있었다. 마지막으로, 의사결정권자들은 자신들의 정치적 위치나 권력을 개인적 목적을 위해 오용 및 남용하지 않는 것으로 나타났다.