• The Journal of Economics, Marketing and Management
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• v.11 no.2
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• pp.23-32
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• 2023

Purpose: This study examines the effect of full information disclosure on seller profit when there exists information asymmetry between sellers and buyers, focusing on the risk averseness of buyers. By investigating the interaction between product quality and perceived risk through online sales data, we attempt to figure out the incentive structure of full information disclosure specifically when buyers are risk-averse, so that we can suggest more feasible information disclosure strategy to sellers. Research design, data and methodology: Our empirical model analyzes the sales data of collectible goods from a major online seller using Poisson regression. In our model, we have specifically considered risk-averseness of buyers by estimating the interaction effect between the product quality and perceived risk on seller profit, aiming for a more precise empirical analysis on sellers' incentive structure of full disclosure. Results: Our empirical analysis strongly supports the effect of interaction between product quality and perceived risk, showing that the incentive for full disclosure is much stronger when product quality is higher, and vice versa. Therefore, sellers are strongly encouraged to voluntarily reveal product weaknesses when their product quality is higher than average, while it is more profitable to hide any product defects when quality claim is lower than average. Conclusions: This study supports the related literature by confirming economic incentives for full disclosure, and also supplements and strengthens previous studies by presenting that the effect of interaction between product quality and perceived risk strongly affects seller profit. Our unique finding supports both mandatory disclosure and voluntary disclosure arguments and presents practical implications to marketing managers by suggesting that seller's incentive for revealing weaknesses depends on the level of seller's product quality.

• Knowledge Management Research
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• v.22 no.1
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• pp.309-330
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• 2021

The information security disclosure system (ISDS) has been implemented since 2016 to ensure the protection of stakeholders and the right to know, and to promote voluntary investment in information protection by companies. Regarding the information security disclosure system, there have been studies that urge the implementation of the system, but studies that analyze the contents disclosed after the implementation of the system or suggest improvement directions are few. In this study, the contents of the information security disclosure system that had been announced on the information security industry promotion portal until 2019 were analyzed, the current status was summarized, and the direction of system improvement was suggested. In some cases, companies that disclosed information through the disclosure system increased the number of personnel in charge and obtained certifications related to information security, but did not find any effect on the increase/decrease in investment. The current disclosure system has not been activated because it has difficulty in giving individual companies incentives to disclose. Thus, this study suggests the inclusion of ISDS to information security management system (ISMS), which is currently mandatory for certain companies. In the current disclosure system, it is difficult for the company's stakeholders or customers to check the contents of the disclosure. As a way to do this, a method of including in the contents of the personal information processing policy or the notification of the use of personal information was suggested.

• Journal of The Korean Association of Information Education
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• v.1 no.2
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• pp.57-66
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• 1997

The primary purpose of security mechanisms in a computer systems is to control the access to information. There are two types of access control mechanisms to be used typically. One is discretionary access control(DAC) and another is mandatory access control(MAC). In this study an access control mechanism is introduced for secure access path in security system. The security policy of this access control is that no disclosure of information and no unauthorized modification of information. To make this access control correspond to security policy, we introduce three properties; read, write and create.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.91-101
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• 2019

This paper finds some stylized facts about executive pay in South Korea. Using aggregate data of the listed companies since 2002, we find that 1) the director's remuneration has risen faster than the employee compensation, thus, the pay ratio of executive and employee has escalated from 3.0 to 4.5; 2) the executive compensation for large business group fluctuates more widely than that for small and medium enterprises does, hence the pay ratio for large firms changes widely too; 3) the median pay ratio has not grown monotonically but it rather rises to remain still around year 2011, which is accounted for mostly by small and medium enterprises. New information on executive compensation by compulsory disclosure starting from 2013 made further analysis of CEO compensation attainable. Based on the conventional regression analysis for 2013-2017, we find that 1) the elasticity of CEO pay with respect to firm value is about 0.18; 2) the volatility of stock return is negatively related to CEO pay; 3) contemporaneous stock return is positively associated with the pay; 4) there is insufficient evidence that large business groups pay their CEOs more than small and medium enterprises do. These results are robust under various model specifications.

• Architectural research
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• v.16 no.4
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• pp.139-147
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• 2014

The purpose of this study is to explore institutional frameworks to professionalize housing management in Korea. In particular, this research reviews the evolution of professional housing management and its institutional measures in a social constructionist perspective. The main method employed in the study is content analysis in which historical pathways in institutionalization of professional housing management are examined and a wide array of indices from secondary data are drawn out in relation to various actors. The findings show that a series of institutional measures were taken from 1970s to secure the professionalization of housing management ranging from introduction of housing management bylaws, placement of licensed housing managers, legal requirements of professionally managed housing estates, compulsory operation of long-term reserve funds, formation of residents' association, mandatory establishment of long-range maintenance planning, to standardization of multifamily housing management bylaws. Since the Multifamily Housing Management Ordinance of 1979 amended in 1980s, many institutional measures have been legally enforced and shaped contemporary practices of professional housing management such as an association for housing management companies, qualification of on-site housing management agents, national licensing examination for housing managers, an organization for licensed housing mangers, mandatory registration of housing management companies, disclosure of monthly housing management fees, and formalization of public assessment of housing management. In spite of the distinctive marks in the professionalization of housing management, more proactive and competitive approaches to the international professionalization need to be considered.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.153-161
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• 2023

This study's principal goal is to find the interrelation between transparency & disclosure (TD) and the healthcare sector's firm valuation (FV). The paper uses the market-to-book (MTB) ratio and market capitalization as proxies, where sales measure act as a control variable. Dynamic panel data regression (PD) is the method applied for analyzing data. Data pertains to 10 healthcare companies gathered over five years (2016-2020). Results imply that TD has a negative and significant influence on the FV, where market capitalization acts as a proxy for valuation. This association indicates that a greater degree of TD diminishes FV. TD is also reported to have a negative and insignificant association with MTB. Therefore, TD does not influence FV. The findings of this paper have significant practical implications. Results can help policymakers determine mandatory disclosure levels that are not detrimental to the healthcare sector. Managers and analysts must also analyze the dimensions of disclosure that can negatively impact the firm's valuation and make decisions regarding TD accordingly. This is the first study to assess the influence of TD on the FV of the Indian healthcare sector, which makes it unique. This study is limited to the healthcare sector, which is its shortcoming.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.2
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• pp.113-127
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• 2012

From the end of 1st quarter of 2012, Korean mandatory firms had started releasing financial reports conforming to the K-IFRS(Korean adopted International Financial Reporting Standards). Major characteristics of IFRS, such as 'principles based' features, consolidated reporting, 'fair value' measurement, increased pressure for non-financial disclosures have resulted in brief and various disclosure practices regarding the main body of each statements and vast amount of note description requirements. Meanwhile, a host of previous studies on IFRS disclosures have incorporated regulatory and/or 'compete information' perspectives, mainly focusing on suggesting further enforcement of strengthened requirements and providing guidelines for specific treatments. Thus, as an extension of prior findings and suggestions this study had explored to conduct an integrative approach embracing views of the reporting entities and the users of financial information. In spite of all the state-driven efforts for faithful representation and comparability of corporate financial reports, an overhaul of disclosure practices of fiscal year 2010 and 2011 had revealed numerous cases of insufficiency and discordance in terms of mandatory norms and market expectations. As to the causes of such shortcomings, this study identified several factors from the corporate side and the users of the information; some inherent aspects of IFRS, industry/corporate-specific context, expenditures related to internalizing IFRS system, reduced time frame for presentation. lack of clarity and details to meet the quality of information - understandability, comparability etc. - commonly requested by the user group. In order to improve current disclosure practices, dual approach had been suggested; Firstly, to encourage and facilitate implementation, (1) further segmentation and differentiation of mandates among companies, (2) redefining the scope and depth of note descriptions, (3) diversification and coordination of reporting periods, (4) providing support for equipping disclosure systems and granting incentives for best practices had been discussed. Secondly, as for the hard measures, (5) regularizing active involvement of corporate and user group delegations in the establishment and amendment process of K-IFRS (6) enforcing detailed and standardized disclosure on reporting entities had been recommended.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.10 no.3
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• pp.49-62
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• 2000

Role-Based Access Control(RBAC) has recently received considerable attention as a alternative to traditional discretionary and mandatory access control to apply variant organizations function hierarchy of commercial or govemment. Also RBAC provides a delegation that is one of control principles in organization. In general delegation occurring in real organization is performed by an user giving permissions to another user. But, RBAC cannot implement these user-level delegation correctly. And delegation result in security problem such as destroying separation of duty policy information disclosure due to inappro-priate delegation. Besides security adminsitrator directly deals with that problem. In this thesis we suggests some methods that is created by the user.

• Land and Housing Review
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• v.11 no.4
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• pp.51-65
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• 2020

The purpose of this study was to identify the problems related to the amendment and preservation of the lien system and to suggest a feasible and efficient improvement plan. The Analytic Hierarchy Process (AHP) and descriptive statistical analyses were used in this study. The survey subjects were divided into three groups based on their expertise: "Administrative Experts, Practical Experts, and Financial Institution Experts" and compared to find the results. The results show that 1) the procedural aspect was the most important for the large classification, 2) the supplementary disclosure system was the most important for the legislative aspect, and 3) the supplementation of the abuse of the lien report was the most important for the intermediate classification. Furthermore, the study showed that the most important finding was the reinforcement of punishment for the right of false reporting and illegal acts, followed by the registration order system (the creditor alone application), and the registration system (bond, debtor, joint application). The implications and suggestions of this study are as followed. With regard to the current lien system, illegal acts such as false liens and the misuse of multiple reporting were considered as the biggest problems. In terms of the effective improvement plan of the lien system, the misuse of reporting liens and improvement in the procedural aspects of reporting rights should be given top priority. Therefore, the most important course of action is to strengthen the punishment for false liens, improve the disclosure system and make it mandatory to report rights.

• Journal of the Korean Society of Food Culture
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• v.32 no.1
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• pp.39-51
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• 2017

The purpose of this study was to analyze the current status relating to food packaging and design for status of small and medium food enterprises. A company survey was conducted from June to October, 2015 and targeted 1300 small and medium domestic food enterprises. Finally, a total of 1300 (recovery rate 100%) useable data were selected. Statistical analyses were performed on the data utilizing the SPSS PASW Statistics 18.0 for Windows, such as descriptive statistics and frequency analysis. According to the results, awareness and importance of food labeling were high, but performance of English inscription of product name was relatively low. The most important reason for food labeling was 'providing correct information on food' 910 (72.8%). Accordingly, a system which can provide the latest information by continuously monitoring mandatory disclosure requirements for types of foods in individual countries is needed.