• Journal of Distribution Science
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• v.11 no.9
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• pp.25-29
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• 2013

Purpose - This study aimed to examine how the integration of IT systems was applied in the merger and acquisition (M&A) process in a Korean retail industry, based on the conceptual framework of a combination of related, existing literature. Research design, data, methodology - We employed the case study method, which involved literature reviews and interviews. We conducted a documentary survey and interviews regarding the M&A case for company A. Results - Company A had an integration strategy and plan with IT expertise before it began integrating both IT systems in D-Day. The IT integration of both systems was completed efficiently and effectively. Company A utilized not just one but all integration options, which was done in stages and according to situation. Conclusions - Companies should develop an integration strategy and have a clear integration plan with IT expertise in order to achieve successful integration. Companies trying to integrate IT systems during an M&A process can utilize all integration options in consideration of their business context and IT system conditions.

• Phonetics and Speech Sciences
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• v.12 no.4
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• pp.9-17
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• 2020

Changes in the first language (L1) sound system as a result of acquiring a second language (L2) (i.e., phonetic drift) have received considerable attention from a variety of speakers, settings, and environments. Less attention has been given to phonetic drift in adult speakers' L2 learning as their length of residence in America (LOR) increases. This study examines the effects of LOR on voice onset time (VOT) in L1 Korean stops. Three different groups of Korean adult learners of L2 English were compared to assess how malleable their L1 representations are in terms of LOR and whether there is any relationship between L1 change and L2 acquisition. The results showed that the effect of LOR was linguistically unimportant in the production of Korean stops. However, VOT merger as evidence of sound change in Korean stops were robust in the speech production of most of the female speakers across the groups. The results suggest that L2 English may not be the primary cause of L1 sound change. For generalizability, further study is necessary to see whether other acoustic cues show a similar pattern.

• Journal of Technology Innovation
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• v.10 no.2
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• pp.107-129
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• 2002

Expansion and enhancement of information and communication infrastructure can create a market closer to an ideal type for a perfect competition, utilizing a cyber space in the network (with the expanded usage of Internet and e-commerce) and it could be a market of a monopolistic form. The government can take one of the two approaches responding to this monopolization of the digital market. First, the government maintains laissez-faire policy since the monopoly cannot be maintained over a long period of time due to an increasing in the production, decrease in the price, profit resulting from this and rapid technology evolution. Second, the government can actively interrupt the monopolization of the digital market. Monopolization in a digital market can lead to a market failure. Unstable market structure and too much frequent merger and acquisition contribute to making the digital market very dynamic. Information goods exchanged in the digital market have the features of very low marginal cost required to copy the original product whereas its initial fixed cost is very high. This explains why the information products are not priced based on the existing marginal price determination principles and why companies producing them have various product sales strategies (price/product differentiation strategy, and other sales strategies).

• Journal of the Korean Institute of Navigation
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• v.20 no.2
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• pp.33-50
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• 1996

The routes of coastal passenger ships are important in the light of both economic and social view point. Islands around the Korean peninsular can be actually dominated by linking them with land by the ships. The service quality of the route is not high enough to satisfy habitants in the islands. The income of the service-users is increasing so that they expect better service in terms of ship's speed and cabin. The reality is not, however, good to motivate ship-owners to replace aged ships with new and large ones. The situation is caused by low passenger-fare and inefficient management. Therefore the fare should be raised and the fare system should be innovated. And the number of passenger ship companies should be reduced from 42 to 20 by merger and acquisition.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2013.10a
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• pp.261-262
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• 2013

In this paper, we subject to MA area to identifying improve the performance of equipment and prices down. When we replace the equipment, the cost savings available area, servers, storage, the As-is vs To-be of software compared to the cost. Thus, based decision-making is utilized.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.6
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• pp.49-63
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• 2017

The purpose of this study is to analyze the effects of the collective characteristics of SMEs on M&A activity on the disclosure effect of mergers and long-term business performance after mergers. From 2000 to 2012, we examine 717 cases of small and medium-sized enterprises (SMEs) using multiple regression analysis and difference analysis. The results of this study are as follows. First, it is confirmed that the effect on the merger announcement effect is the same as the previous study on the Korean capital market listed companies except for the effect of diversification, listing effect, and cross-border effect. In addition, we have found that firms with higher performance in the past have higher excess returns in the disclosure effect of mergers and acquisitions. Second, unlike the previous studies that non-related mergers have a positive effect on long-term operating performance, for the characteristics of SMEs with lower market competitiveness than that of average listed companies, SMEs merging with same industry group companies have a positive effect on long-term operating performance. This study provides a new perspective on the merger and acquisition of SMEs by examining the effects of M&A announcement and long-term performance.

• Proceedings of the Technology Innovation Conference
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• 1996.12a
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• pp.196-238
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• 1996

Because global innovation-based competition is increasing and the amount of R&D expenditures becomes severely large, it is more likely that mergers and collaborative ventures tend to affect adversely to R&D competition Against this trend, enforcing agency of advanced countries including U.S.A are reassessing certain aspects of competition policy toward mergers and acquisition to ensure that procompetitive, efficiency-enhancing transactions are permitted. The role of competition policy is developing and appropriating new technology and protects the risks involved in the licensing contract of technologies. The role of intellectual property rights is also contrived to promote technological innovation and to increase consumer welfare. That is to say, dynamic efficiency of intellectual property rights includes (l) increase in social welfare and (2) promotion of growth by improvement of quality through invention and commercialization of new product as well as enhanced productive efficiency thorough appropriating new process. Because intellectual property rights are licensed to make use of complementary inputs, the rule of reason approach seems proper when applying antitrust law. To analyze the "Antitrust Guidelines for the Licensing and Acquisition of Intellectual Property"by DOJ and FTC in U.S.A, the author surveyed pros and cons on innovation market approach. This approach will only be used in a narrow range of situations when the evidence is solid, concentration numbers are extremely high, and the agencies can predict with a high degree of certainty that the merger will likely lead either to a slowing in the pace of innovation or the loss of an alternative research track that is likely to lead to a product beneficial to consumers. The author introduces the studies on licensing contract of intellectual property rights and competition polices on behalf of potential inquirers. Also the author invites the interdisciplinary researchers to analyze further with a model on the aspects of the "Notice 1995-10 for Types and Criteria on Unfair Transaction Behavior in International Contracts" by Fair Trade Committee of Korea.

• The Journal of Information Systems
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• v.17 no.2
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• pp.137-154
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• 2008

Customer Relationship Management (CRM) is indispensable for companies in recent business environment, in which the customers are recognized as more valuable asset to increase the earning power of enterprise. For gaining competitive advantage, most companies want to maintain existing customer relationships and generate more profits with customers through long-term relationships. In this study, we developed the models which are designed to select CRM systems in financial institution, which is one of competitive sectors and undergoes rapid changes due to M&A(Merger and acquisition), innovation and reengineering in Korea. The selection model of CRM systems for financial institution was developed utilizing the Analytic Hierarchy Process (AHP) and the expert's knowledge were built up of three groups; researcher group, developer group, and user group. We found that there are significant deferences for the weights of criteria in our selection model according to the kind of experts. This study provides helpful guidance on how to assign appropriate weights to each criteria in selection models when financial institution introduce the CRM systems.

• Journal of Distribution Science
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• v.13 no.10
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• pp.65-72
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• 2015

Purpose - A rapidly changing business environment places great demands on small and medium-sized enterprises (SMEs). These SMEs need to find strategic alternatives for continued growth and, ultimately, survival. Thus, mergers and acquisitions (M&A) are deemed an acceptable solution. Research to date has dealt with M&A in major organizations and focused on post merger integration (PMI). Our study focuses on SMEs, as they are relatively new and unknown to the public. Therefore, this study highlights successful M&A and decision making for SMEs through a case study analysis. Research design, data, and methodology - For this study, we examined an M&A case between company S, which produces cell phone parts, and company P, which produces SSD cases. We reviewed theories and previous studies in M&A literature. We comprehensively examined the decision-making procedure at each M&A stage, describing the situation of the buying company and the selling company from the period of the M&A announcement through deal completion. In addition, we conducted interviews with both companies. The data regarding this case study were collected through interviews with managers of both companies who actively participated in the M&A process. When necessary, we asked them about additional relevant information during the interviews. Results - The result of the M&A between company S and company P was deemed acceptable with the exception of the long negotiation period. However, company S was not able to prepare for PMI after the acquisition due to a controversy over acquisition values. Moreover, the employees of the newly formed company, especially those who came from company P, complained about the M&A and attempted to leave. Thus, implications for successful M&As of SMEs are as follows: First, the procedural compliance of the M&A is needed. Second, support is needed from the CEO for the working group, rather than excessive intervention during due diligence. Third, the right, talented members of the organization should be part of the process of the M&A. Fourth, the use of various types of outside expert or business consultants is needed. Fifth, the strategic intervention by Human Resource managers is required. Last, sharing M&A information among employees is important as information dissemination will help employees be more receptive to such a change. However, this study has several limitations as a single case study; more varied SME M&A case studies are needed in order to generalize the results of the study. Conclusions - Most of the research dealing with M&As has focused on major companies and PMI and neglected SMEs. Thus, our study focuses on SMEs and the decision-making procedures for M&A. This study has significantly contributed to the literature in this area and has provided practical information around the implications of sound decision-making during M&As. Specifically, the results of the study contribute to the need for research on M&A among SMEs, which to date has often been neglected as a topic of choice.