• 유통과학연구
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• 제14권11호
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• pp.91-102
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• 2016

Purpose - The objectives of this study are as follows. First, it aims to suggest an analysis model that has integrated the relationship between the two factors and export performance and conduct an empirical analysis of the factors. Second, the study seeks to analyze the mediating effect by setting direct channel governance as a specific activity to connect market orientation, a cultural asset, to export performance. Third, through these analyses, the study intends to apply the relationship between market orientation and direct channel governance that the existing studies have failed to observe comprehensively on SMEs in Korea. Based on these analyses, the study expects to expand the discussion of previous researches by analyzing the mediating effect of direct channel governance. Research design, data, and methodology - This study developed a model that has integrated market orientation, direct channel governance, and export performance. It established 7 hypotheses including the mediating effect of direct channel governance. Market orientation was consisted of customer orientation and competitor orientation, and 4 latent variables were measured by 18 questions. LISREL, an analysis tool of structural equation model, was used for hypothesis test and there were 183 sample for analysis. Results - The analysis results showed that customer orientation has a positive influence on direct channel governance, but competitor orientation did not have a statistically significant effect. On the contrary, export performance showed an opposite result. That is, customer orientation did not have any influence but competitor orientation had a significant influence on export performance. It was also confirmed that there was a significant influence in the relationship between channel governance and export performance. According to the analysis of mediating effect, direct channel governance had a full mediating effect between customer orientation and export performance. Conclusions - The study results demonstrated that it is important to build a direct channel governance on the export SMEs in Korea, especially since the direct channel governance complements the influence of customer orientation that does not directly influence export performance among market orientation activities. This implies that Korean export SMEs must strive to build an effective direct channel governance.

• 한국언론정보학보
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• 제35권
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• pp.7-35
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• 2006

신자유주의적 세계화가 강화되면서 문화시장 개방을 둘러싼 국제사회의 논쟁 역시 강화되고 있다. 시장개방 촉진자들은 문화영역의 생산물 역시 타 상품과 같은 조건에서 다루어져야 한다고 강변한다. 이의 반대자들은 문화란 개인과 공동체의 의식과 정체성에 영향을 주는 것이기에 상품교역에 있어서도 예외성이 인정되어야 한다고 강조한다. 이 같은 문화시장 개방을 둘러싼 국제 관계의 흐름은 국제사회의 의사결정과 관리에 대한 규범 창출의 이론적 틀을 제시하는 '글로벌 거버넌스(Global Governance)'의 중요성을 부각시킨다. 이에 본 논문은 문화시장 개방을 둘러싸고 서로 다른 입장을 취하고 있는 국제규범과 이의 행위자들에 대한 고찰을 글로벌 거버넌스라는 관점을 통해 살펴보고 있다. 구체적으로 문화시장 개방을 촉진하는 WTO, GATT, GATS와 같은 국제협약 및 행위자들을, 그리고 그 반대편에 위치하면서 '문화적 다양성' 논의를 이끌고 있는 국제협약 및 행위자들을 글로벌 거버넌스라는 틀 속에서 검토하고 있다. 이를 통해 본 논문은 문화시장 개방을 둘러싼 논쟁과 충돌은 패권국가의 힘에 기반한 국제질서가 아니라 다양한 국제사회의 행위자들이 참가하는 글로벌 거버넌스의 구축을 통해 그 해결책이 모색되어야 한다는 것을 강조하고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.185-195
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• 2020

This study examines the association between governance quality at country level and stock market performance. Specifically, the study investigates the influence of control of corruption, government effectiveness, political stability and absence of violence, rule of law, regulatory quality, and voice and accountability on all-share index of the stock markets of the six Gulf Cooperation Council (GCC) countries. This study is anchored on two theories - the Efficient Market Hypothesis (EMH) and Institutional Theory. The study employs panel data spanning from 2006 to 2017. The findings show that political stability and absence of violence and rule of law exhibit a significant positive impact on stock market performance, while regulatory quality and voice and accountability have a significant, but negative relationship with stock market performance. The results imply that quality of governance in terms of rule of law and political stability devoid of violence have strong impact on stock market returns. Similarly, improved stock market returns are largely dependent on the efficiency of the institutional environment of market as investors are always wary of the inherent risks associated with the uncertainty of the market. This study has crucial policy implications for the government of the GCC countries and stock market participants.

• World Technopolis Review
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• 제1권3호
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• pp.192-205
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• 2012

Globalization has fuelled the desire for simplicity and flexibility in rules and processes within nations. de Soto (2000) calls for the simplification of rules to enable people to join the formal economy. Friedman (2005) echoes the need for simpler rules, to attract business and capital. Market-based approaches to governing have been adopted in many nations due to globalization. Recent developments demonstrate that such approaches fail. Globalization may lead to impoverishment in the absence of proper forms of governance (Cooney 2000). That is why it has the tendency to become a "race to the bottom." Regulatory measures can be costly, and the costs of doing business are uneven across nations. This unevenness is being used as a comparative advantage. Others call this regulatory competition (Smith-Bozek 2007) or competitive governance (Schachtel and Sahmel 2000), which is similar to the model of Charles Tiebout. Collaborative governance is an approach that governments could use in lieu of the competitive method. Mechanisms that enable stakeholders to exchange information, harmonize activities, share resources, and enhance capacities (Himmelman 2002) are needed. Philippine public policy encourages a shift in modes of realizing labor market governance outcomes from command to collaboration (Sale and Bool 2010B; Sale 2011). Is labor market governance and regional development in the Philippines collaborative? Or is the opposite - competitive governance (Tiebout model) - more evident? What is the dominant approach? This preliminary research tackles these questions by looking at recent data on average and minimum wages, wage differentials, trade union density, collective bargaining coverage, small and bigger enterprises, employment, unemployment and underemployment, inflation, poverty incidence, labor productivity, family income, among others, across regions of the country. The issue is studied in the context of legal origins. Cultural explanations are broached.

• 경영과학
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• 제29권2호
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• pp.167-184
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• 2012

Business diversification is inevitable to survive under the current competitive business environments. The advent of new businesses makes corporate governance more complicated through corporate combinations. Recent introduction of new accounting standard, International Financial Reporting Standards(IFRS), accelerates the need for corporate governance analysis. This study analyses the complex corporate governance system and its relation to the business performance using social network analysis. Corporate inter-governance networks can be visualized easily in a social network diagram. 552 corporate governance data are empirically analysed in the Korean stock market. The changes in In-Degree between networks are positively related with the changes in corporate sales volume. We can find the same results using operating profits as corporate performance proxy. The results show that social network analysis technique can be applied to investments in the stock markets.

• 통상정보연구
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• 제8권1호
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• pp.399-414
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• 2006

Since the inauguration of WTO system has made borderless competition across the countries, many government should try to find out the harmonious policy paradigm for the check and balance between the globalization and localization. The government procurement market has been considered as one of this kinds of difficult tasks for the local small and medium companies. Many governments should lift the paradigm of the government procurement market toward the conditionally open competitive market. The paper is aimed to find out the sustainable governance of the government procurement policies to protect the local companies. Based on the many international cases, including the Chille-Korea FTA, the paper concludes the sustainable governance of the policies should be focused on the equitability and transparency.

• 자원ㆍ환경경제연구
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• 제16권2호
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• pp.379-409
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• 2007

한국의 에너지 부문은, 정부가 정책과정을 독점하는 가운데 명령과 통제 메커니즘에 입각하여 시장과 시민사회를 규율하는 행정국가형의 관료제 거버넌스가 현저한 부문의 하나였다. 이러한 거버넌스 체제 아래 정부는, 공기업을 통하여 에너지를 직접 공급하는 한편, 광범위한 공적 규제들을 활용하여 시장행동을 규제하였다. 그러나 한국 에너지 부문의 거버넌스 체제는, 1993~2002년 기간 중에 정부의 신자유주의적 개혁이 추진되면서 '시장주의 거버넌스'로 전환되는 변화과정을 걸었다. 이러한 시장주의적 개혁은 신자유주의 이념에 기반하는 것으로서, 정부와 명령-통제 메커니즘에 비하여 시장과 경쟁 메커니즘이 사회적 문제의 해결에 보다 도움이 된다는 인식에 기초한다. 이러한 패러다임 아래 정부는, 에너지 공기업의 구조개편과 규제의 완화를 통하여 정부의 몸집과 영향력을 줄이기 위한 개혁을 추구하였다. 또한 2003년에 출범한 현 정부 아래서는, 그간의 정책과정에서 소외되었던 시민사회를 중심으로 에너지정책과정의 폐쇄성과 이에 따른 정책실패의 가능성에 대한 비판이 거세지면서, '참여주의 거버넌스'를 지향하는 개혁이 추진되고 있다. 이러한 거버넌스 레짐의 전환은, 개방적인 상호작용과정은 자기조직성을 가지며 따라서 참여적 정책과정이 사회적 문제의 해결과 갈등의 해소에 보다 효과적으로 기여한다는 인식에 기초한다.

• 융합경영연구
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• 제7권3호
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• pp.43-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to management decisions by corporate governance in the Korean stock market. In the paper, dividends and investments were imployed as management decisions and major stockholders' shares and foreign investors' shares were used as corporate governance. Research design, data, and Methodolog - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed insignificance to dividends, positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Whereas foreign investors favor firms to increase dividends but they decrease investments only in financially constrained firms. Conclusion - This paper documented evidence that financial constrained firms use dividends for their investment and foreign investors decrease investments under financial constraints. But for dividends decisions, foreign investors give significant positive impacts irrespective of financial constraints.

• 한국유기농업학회지
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• 제14권2호
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• pp.159-177
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• 2006

Governance systems are basically an autonomous cooperation type among the government, civil society and market, also a new paradigm for efficient and democratic administration of policies. The governance mainly consists of the central operating body, institutions, operating principles and so on. The constituents are the nation(government), civil society(NGO) and market(firm). Institutional conditions are a legitimate base, financial stability and independency. And as a operating principle, governance systems have common goals and issues from a national and social point of view. This governance has been recently emerged due to financial risk of government, diffusion of new liberalism going with the globalization, localization-decentralization, and development of civil society and information-oriented society. We have to grope fur the framework of participatory agri- policy confronting globalization and localization as well as developing our agriculture and rural village. This agri-policy governance should be theoretically focused on policy network or self-organizing network or multi-lateral governance (MLG) based on NPM. Also, it is proper to have connection of nation-central type and civil society-central type. And it is necessary to have a MLG type with local governance corresponding to localization and decentralization. Governance should have the type whose participants have authority and responsibility as well. Basic directions of environmentally friendly agri-policy governance are as follows : first, its purposes are constructing the democratic and efficient framework of participatory environmentally friendly agri-policy based on consensus of all the related groups, embodying environmentally friendly agri-policy adjusted to local field, raising farmer's real interest, and improving their position. Second, its form should have a council or an agreement system, not an advisory or a consultation organ. Thus, public sector(eg. government) and voluntary sector(eg. farmers' organization) jointly execute agricultural policy and are responsible together. Environmentally friendly agri-policy governance is mainly made up of farmers' organization, cooperative and civil society(NGO). And secondary bodies are agribusinesses and academic groups. Government interacts with the main bodies on administrative execution. And environmentally friendly agri-policy governance has MLG type with a central unit, province and county units. Environmentally friendly agri-policy governance has several main functions such as agri-policy partnership, speaking for farmer's rights and interests, investigation and research on domestic and foreign agricultural streams, and etc. Especially, local unit will play roles in activation for regional agriculture, consulting on technique and management, education and training services, services entrusted by government, and so on.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.149-158
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• 2020

The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.