• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.63-79
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• 2022

Past studies on the influence of corporate social responsibility (CSR) activities on firms have been inconsistent, highlighting the significance of examining how CSR affects the performance of Malaysian government-linked companies (GLCs). The study aims to investigate the impact of CSR dimensions (economic, legal, ethical, and philanthropic) on firm performance from 2016 to 2020 using a sample of 31 GLCs from the top 100 companies under the Main Board of Bursa Malaysia. A total of 35 GLCs were selected as the study sample size based on the top 100 businesses listed under the board of Bursa Malaysia as of 31 December 2020. The study employed correlation and multiple linear regression models to examine the relationship between CSR dimensions and firm performance. Financial performance is evaluated using accounting-based models of return on assets (ROA) and return on equity (ROE) and market-based models of earnings per share (EPS) and market value (MV). The CSRHub database was employed to collect information on the performance of company CSR dimensions. The findings suggested a significant positive relationship between ethical and philanthropic CSR and firm performance regarding ROE. Thus, GLCs prioritized ethical and philanthropic CSR over other dimensions.

• Informatization Policy
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• v.18 no.4
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• pp.42-58
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• 2011

This paper starts from one question: what are the key factors of the web accessibility policy, which is significant for realizing equity in the web and enhancing human dignity in the information society. To find significant factors for complying with web accessibility, this paper analyzes panel data of 16 Korean local governments (for five years: 2004-2009) according to the research design which is based on the demand and supply balance model and consists of four variables : 'legal and institutional environment (including legal infrastructure)', 'financial foundation (fiscal self-reliance ratio)', 'policy inputs (amount of imformatization budget, employee of information experts)'and 'policy demand (internet usage rate, the number of disabled people and elderly people)'. From the results of this study, this paper can explain the mechanism and impact factors on the web accessibility policy of Korean local governments. Some factors are critical to improve web accessibility: (1) the importance of policy demand, (2) the importance of policy inputs, (3) the importance of legal and institutional environment. Finally, this paper concludes with some suggestions to enhance the web accessibility capacity for Korean local governments: (1) improve awareness on web accessibility, (2) develop a standard and invest R&D on web accessibility, (3) foster experts in web accessibility.

• Korea Trade Review
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• v.43 no.4
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• pp.111-130
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• 2018

In December 2015, the Paris Agreement was adopted to cope with global warming caused by greenhouse gas emission and to prevent the average temperature of the Earth from rising. Renewable energy sources have become important to address environmental problems such as rising sea levels, depletion of forests and fine dust. In order to grow renewable energy, government support is needed. However, excessive government support for the renewable energy industry could pose problems that include undermining fair competition and raising costs. The WTO already has heard cases involving renewable energy subsidies. This article focuses on subsidies and countervailing tariffs as well as examines WTO disputes related to renewable subsidies, and also analyze legal issues that are problematic in granting subsidies for the development of new renewable energy industries. In WTO dispute involving renewable energy subsidies, legal issues are SCM Agreement article 2 Specificity, article 3 (b) import substitution subsidy and GATT article 20. This paper proposes improvement measures such as the reintroduction of article 8 Non-Actionable Subsidies or special provisions on energy subsidy. In addition, it is necessary to clarify the interpretation of Article 3 of the subsidy agreement. However, excessive government subsidies can lead to trade friction, so the WTO rules should be improved in line with the WTO goals of environmental protection, equity in free trade, and sustainable development.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Management & Information Systems Review
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• v.38 no.3
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• pp.151-170
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• 2019

This study deals with the rent-seeking behavior that exist in cultural voucher from the viewpoint of culture and arts management. Art organizations open to consumers, producers and governments of the arts are dependent on the internal and external influence of an open system. Researcher has found rent-seeking in the course of introducing policies and legalization of the cultural voucher business which has been promoted in the direction of democratization of culture or cultural democracy. Cultural voucher business is a legal term. Although the government has increased the budget or tried to change the policies of the cultural voucher business, the implementation of the cultural voucher business has been opposed to the diversity of consumption and equity as the consumption of genre and the concentration of the capital region have increased. These results were structurally related to the process of legalization and rent-seeking behavior in bureaucracy. This study reaffirms that the efficient operation standard of the cultural voucher business is a balance between the choice of the beneficiary, the competition of the supplier, and access to the cultural voucher. And the theory of rent-seeking was applied as a criterion to analyze this balance. Thus, it is suggested that the criteria of evaluation and improvement to check the conservativeness of bureaucrats are needed to establish a legal system applied to the purpose of 'cultural democracy' and 'democratization of culture' ideology and to guarantee individual creativity and autonomy.

• Journal of Arbitration Studies
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• v.11 no.1
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• pp.75-93
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• 2001

The advantages of arbitration such as promptness, economy and flexibility apply to the disputes arising from corporate governance between shareholders and a corporation. The confidentiality of arbitration can be particularly highlighted in the disputes among the members inside corporation. But it appears that the shareholders believe litigation the best way to pursue liabilities of managers of corporation and improve the system of corporate governance. And it is claimed that the current litigation system lacks the implementation of shareholders rights due to structural deficiency and therefore need bring class actions into the system of Korean jurisprudence. The OECD, which afforded the rescue finances to Korea, also recommended shareholder class actions as a way to improve corporate governance. Class actions have merits but even advanced countries consider the changes of existing system or only stay class actions in the stage of discussion. Rather, legal experts urge arbitration to be used more frequently and the Courts also approved the dispute resolutions of the disputes as to corporate governance through arbitration. There is no report in Korea that arbitration was used to resolve the disputes between shareholders and the managers, or between shareholders and corporation, which is listed in the Stock Market. There only are the debates for bring class actions into the judicial system between NGOs and the organizations of corporate managers. But arbitration has greater advantages in resolving the disputes among the members of corporation that any other methods for dispute resolution. Arbitration can interpret flexibly the mandatory provisions of the Statutes of Security and the Code of Commerce to meet the needs of parties involved, which is not possible to the Courts. Arbitration can issue the award to meet the equity of the parties. And arbitration can avoid a resolution of All or Nothing by fully considering the specific situations of Korean corporations(such as family-dominated management) and can issue the award beneficial to all parties of shareholders, managers and corporation. Thus it should be sought to resolve the disputes as to corporate governance through arbitration.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.12
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• pp.587-613
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• 1999

Environmental problems such as global climate change, depletion, ocean and air pollution, and resource degradation-compounded by an expanding world population-respect no border and threaten the health, prosperity and jobs of all mankind. Our efforts to promote democracy, free trade, and stability in the world will fall short unless people have a livable environment. We have an enormous stake in the management of the world's resources. By increasing demand for timber, natural gas, coal and consumer's goods have destroyed the grounds for living. Greenhouse gas emissions anywhere in the world have threatened coastal communities, and then changed the Earth's climate system. The burning of coal, oil, and other fossil fuels is increasing substantially the concentration of heat-trapping gasses such as carbon dioxide, methane, and nitrous oxide in our air. The earth's temperature and sea levels are rising as a result. Since 1972 there has been a marked growth in the number and scope of environmental treaties. In particular, after the 1992 Rio Conference, international legal instruments became more concentrated on addressing environment within the context of sustainable development and incorporated a number of new concepts and innovative approaches. A preliminary analysis of recent conventions and in particular those associated with the Rio Conference indicates various ideas, concepts and principles which have come to the fore including sustainable development, equity, common concern of humankind, common but differentiated responsibilities and global partnership. However, international trade also has an environmental impact which must be minimized or countered. Positive measures are to be preferred to achieve environmental goals, but where trade provisions are necessary, they should be appropriately used within environmental conventions to facilitate the reduction and limitation of the negative impacts of trade and to enhance the complementarity of the multilateral trade regime with the imperatives of environmental protection, in the interests of environmental protection and sustainable development generally. The international community has to recognize and endorse this need to achieve complementarity between trade and environment issues.

• Journal of Agricultural Extension & Community Development
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• v.21 no.1
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• pp.1-34
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• 2014

In urban as well as rural areas, there is a vigorous movement to establish cooperatives which are based on the Framework Act On Cooperatives. Eight months after the enforcement of the law, more than 600 cooperatives reported their articles of association to the competent Mayor/Governor in rural areas. Considering the population distribution in urban and rural areas, this is not a small number. Though recently established rural cooperatives are acting throughout diverse business sectors, cooperatives in agricultural sector, which engage in agricultural production, processing and sales, occupy the largest portion of all the rural cooperatives. There are two types of juridical person that are allowed to engage in the agricultural production, processing and sales by the laws. They are Farm Association and Agricultural Business Corporation. Now in rural Korea, farmers tend to establish cooperatives by the Framwork Act On Cooperatives which are in the same business sector with Farm Association or Agricultural Business Corporation. There are many needs to improve legislation regarding cooperatives. Above all, the laws about Farm Association and Agricultural Business Corporation are in urgent need of improvement for the emerging rural cooperatives to be treated fairly.

• Journal of Korea Society of Digital Industry and Information Management
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• v.17 no.3
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• pp.105-119
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• 2021

The purpose of this study is to examine the organizational politics, resistance change, turnover intention, and organizational commitment of organizational members during mergers and acquisitions. Recently, many companies are interested in mergers and acquisitions for business diversification and market extension. A merger is a legal consolidation of two entities into one, whereas an acquisition occurs when one entity takes ownership of another entity's stock, equity interests, or assets. This research model establishes a structural equation model. This model is set in a causal relationship between manager's organizational politics, peer organizational politics, and change resistance and the change resistance has a causal relationship of turnover and tissue immersion. In particular, this study will test different of organizational politics by position. Research results, the organizational politics of managers and colleagues have shown increasing change resistance. The change resistance has resulted in a reduction of organizational commitment and an increase of turnover intention. Next, the position analysis showed that top management level, middle management level, and working-level officials showed different organizational politics. The working-level officials are influenced by their manager politics and are influenced in organizational commitment and turnover intention by change resistance. The middle manager level is influenced by the organizational politics of bosses and colleagues, and organizational commitment is weakened by change resistance. The CEO level is not affected by organizational politics in the company, but the turnover intention is strengthened and the organizational commitment is weakened by the change resistance. This study has contributed to further updating the theory of organizational politics based on mergers and acquisitions. As a practical implication, we suggest an organizational integration strategy for a new organization.

• Journal of the Society of Disaster Information
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• v.18 no.3
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• pp.470-477
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• 2022

Purpose: As the Act on Punishment of Serious Accidents came into effect in January 2022, it is becoming a big social issue in the labor and management circles. The purpose of this law is to analyze problems and suggest improvement plans so that the purpose of protecting lives and bodies by preventing major accidents can be met. Method: The main contents of the relevant law were identified, and the current application status of the currently enforced law and problems by law were analyzed. Result: Currently, more than 50 accidents have occurred and they have been classified as serious accidents, and no punishment has been imposed under the relevant laws. There are four major problems: 1) the issue of equity in the applied workplace, 2) the lack of clarity in some legal provisions, 3) the issue of entrusting the obligation to secure safety and health to private organizations, and 4) the issue of excessive punishment regulations. was analyzed as. Conclusion: As the law is in the early stages of enforcement, there are trials and errors, but revisions are necessary through the efforts of the labor and management circles to meet the establishment and purpose of the law.