• Journal of Korea Port Economic Association
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• v.37 no.3
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• pp.35-53
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• 2021

Over the past 20 years, Korea's number of international passengers and freight transportation records has increased by 8.6% per year, respectively. However, despite the development of sea lanes and increased voyages, there have been constant calls for improving the inefficient management of international passenger ports. Hence, this paper presents improvements and further directions for international passenger port management. Focusing on the Incheon International passenger port as a representative case study, the main results show that the most important, urgent, possible measures for improving the port management include (i) the expansion of customs personnel and implementation of a 24-hours customs clearance system in operation, (ii) installation of buffer facilities between the ferry and ferry cargo and establishment of hinterland specialized in car ferry freight in a facility, and (iii) clear standards for cost-bearing subjects and limitation of high cost related to terminal use in institution. These results imply the need for government policy access and investment reflecting stakeholder opinions at various levels, such as operation, facilities, institution, and so forth, for efficient management of international passenger ports.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.157-175
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• 2021

This study categorized 3,214 companies out of the tech firms supported by the Korea Technology Finance Corporation's "technology guarantee scheme" through technology assessment from 2017 to 2019 into Fourth Industrial Revolution-related companies and general SMEs. The impact of the management characteristics of these 1,752 tech firms on the determination of high-growth firms was then empirically analyzed. This study used the OECD(2007) definition to define a "high-growth firm" as "an enterprise with average revenue growth greater than 20% per annum, over a two-year period." As the two sample groups showed non-normal distribution, this study conducted the Mann-Whitney U test, a nonparametric test, to analyze the mean differences and bivariate logistic regression in which the normality assumption is less stringent. The independent variables include fundamental characteristics; a regional dummy; a technological level dummy; and the capabilities of company representatives, human capital, and technological innovation. The corresponding sub-variables are representatives' level of education and experience in the same industry, full-time workers, research personnel, the extent of intellectual property rights, investment in research and development, firm age, total assets, region_metropolitan area, region_central region, technological level_high technology, and technological level_medium technology. As a result, the research hypothesis about representatives' level of experience in the same industry, full-time workers, total assets, and technological level_high technology was supported for the Fourth Industrial Revolution-related companies. For the general SMEs, the research hypothesis about representatives' level of experience in the same industry, research personnel, total assets, and region_metropolitan area was supported.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.693-710
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• 2022

Social interest in occupational safety and health is increasing due to ESG management and the implementation of the Serious Accidents Punishment Act. This study examines the current status of occupational accidents, which is the safety level of energy companies, and the impact of occupational accidents on the management performance (sales per capita, operating profit per capita, operating margin per capita) of energy companies over the period of 2015 to 2021 was empirically analyzed. As a result of the analysis, the level of occupational accidents in the 157 energy companies to be analyzed was lower than the occupational injury accident rate in Korea, but the disease rate was high.As a result of analyzing the impact of occupational accidents on management performance, it is estimated that an increase in the occupational accident rate reduces per capita sales, per capita operating profit, and gross margin rate.Through this study, the vulnerability of energy companies to occupational accidents was confirmed, and the direct and indirect costs of occupational accidents quantified the negative impact on management performance.Referring to the results of this study, energy companies should strengthen their efforts to prevent occupational accidents by increasing investment in safety and health to protect the lives of valuable workers and create sustainable business performance.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.801-824
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• 2022

Recently, United Nations found that 38% of global carbon emissions are generated in the building sector, surpassing other industries (32%) and transportation (23%), and ESG is actively used as a way to reduce carbon emissions in the building sector, led by overseas advanced countries. In Korea, as the National Pension Service announced "Consider ESG with more than 50% of investment assets" this year, the move to introduce ESG in the building sector is accelerating, centering on construction companies and asset management companies. However, as the domestic ESG evaluation system is still mainly focused on corporate governance and social responsibility, interest in the environmental sector is lagging behind that of advanced countries. As ESG in the building sector is expected to grow rapidly over the next 10 years, I would like to suggest the following development directions. The first is the expansion of the incentive system. In order for the government to successfully implement policies related to ESG in the building sector, incentive system such as tax reduction and building standards should be expanded further than now in addition to negative systems such as rent restrictions and punishment taxes due to regulatory violations. Second, standardized ESG standards are established. Rather than creating an independent Korean ESG standard that is far from global standards, it is necessary to organize the common parts of global standards and evaluation methods and create and provide guidelines in the form of standard textbooks that can be used equally by all stakeholders. Third, it is an effort to link ESG in the building sector with Digital Transformation(DX). This is because actual energy savings and carbon emission reduction can be realized only when the operation method of the building sector, which is operated mainly by manpower, is digitalized and converted to an intelligent way.

• Journal of Industrial Convergence
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• v.21 no.5
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• pp.1-13
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• 2023

Carbon neutrality is the concept of reducing greenhouse gases emitted by human activities and making actual emissions zero through removal of remaining gases. It is also called "Net-Zero" and "carbon zero". Korea has declared a "2050 Carbon Neutrality policy" to cope with the climate change crisis. Various carbon reduction legislative processes are underway. Since carbon neutrality requires changes in industrial technology, it is important to prepare a system for carbon zero. This paper aims to understand the status and trends of global carbon neutrality technology. Therefore, ROK's web platform "www.naver.com." was selected as the data collection scope. Korean online articles related to carbon neutrality were collected. Carbon neutrality technology trends were analyzed by future signal methodology and Word2Vec algorithm which is a neural network deep learning technology. As a result, technology advancement in the steel and petrochemical sectors, which are carbon over-release industries, was required. Investment feasibility in the electric vehicle sector and technology advancement were on the rise. It seems that the government's support for carbon neutrality and the creation of global technology infrastructure should be supported. In addition, it is urgent to cultivate human resources, and possible to confirm the need to prepare support policies for carbon neutrality.

• The Korean Journal of Franchise Management
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• v.2 no.1
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• pp.1-45
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• 2011

Franchising is one of the most effective strategies in promoting business establishment, creating jobs and accelerating economic growth. Thus, many countries in the world foster franchise business and support the franchise industry by enacting relevant regulations and making development policies. Vietnam deregulated franchise market through making franchise-related laws on June, 2005 and after joining WTO in 2009, Vietnamese government opened up the franchise market by letting foreign investors acquire 100% share on their investment in Vietnam. In addition, Vietnamese consumer's rapidly growing income and increasing liking for western life style make Vietnamese franchise market attractive and profitable. For this reason, many global franchise firms are competing to get the best seats. However, there has been no Korean attempt to profoundly study over Vietnamese franchise market. The purpose of this study would focus on analyzing and evaluating cases of Korean and international firms which successfully entered Vietnamese market and on proposing effective strategies and key success factors. The result of this study indicates that the companies successfully settled down to the Vietnamese market have developed marketing strategies which fit their strengths, and their common key success factors are 1) making the best of first mover advantage, 2) adapting themselves to local tastes and behaviors via systematic and scientific market research, 3) making thorough supervision on safety and hygiene, 4) doing strategy of firstly directly being operated and settled down by franchisor, later being managed by franchisees, 5) benchmarking both successful and failed cases in other countries.

• Management & Information Systems Review
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• v.37 no.2
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• pp.187-207
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• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.

• Journal of Global Scholars of Marketing Science
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• v.17 no.3
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• pp.39-59
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• 2007

The international involvement of a firm has been described as a gradual development process "a process in which the enterprise gradually increases its international involvement in many studies. This process evolves in the interplay between the development of knowledge about foreign markets and operations on one hand and increasing commitment of resources to foreign markets on the other." On the basis of Uppsala internationalization model, many studies strengthen strong theoretical and empirical support. According to the predictions of the classic stages theory, the internationalization process of firms have been recognized and characterized gradual evolution to foreign markets, so called stage theory: indirect & direct export, strategic alliance and foreign direct investment. However, termed "international new ventures" (McDougall, Shane, and Oviatt 1994), "born globals" (Knight 1997; Knight and Cavusgil 1996; Madsen and Servais 1997), "instant internationals" (Preece, Miles, and Baetz 1999), or "global startups" (Oviatt and McDougall 1994) have been used and come into spotlight in internationalization study of technology intensity venture companies. Recent researches focused on venture company have suggested the phenomenons of 'born global' firms as a contradiction to the stages theory. Especially the article by Oviatt and McDougall threw the spotlight on international entrepreneurs, on international new ventures, and on their importance in the globalising world economy. Since venture companies have, by definition. lack of economies of scale, lack of resources (financial and knowledge), and aversion to risk taking, they have a difficulty in expanding their market to abroad and pursue internalization gradually and step by step. However many venture companies have pursued 'Born Global Strategy', which is different from process strategy, because corporate's environment has been rapidly changing to globalization. The existing studies investigate that (1) why the ventures enter into overseas market in those early stage, even in infancy, (2) what make the different international strategy among ventures and the born global strategy is better to the infant ventures. However, as for venture's performance(growth and profitability), the existing results do not correspond each other. They also, don't include marketing strategy (differentiation, low price, market breadth and market pioneer) that is important factors in studying of BGV's performance. In this paper I aim to delineate the appearance of international new ventures and the phenomenons of venture companies' internationalization strategy. In order to verify research problems, I develop a resource-based model and marketing strategies for analyzing the effects of the born global venture firms. In this paper, I suggested 3 research problems. First, do the korean venture companies take some advantages in the aspects of corporate's performances (growth, profitability and overall market performances) when they pursue internationalization from inception? Second, do the korean BGV have firm specific assets (foreign experiences, foreign orientation, organizational absorptive capacity)? Third, What are the marketing strategies of korean BGV and is it different from others? Under these problems, I test then (1) whether the BGV that a firm started its internationalization activity almost from inception, has more intangible resources(foreign experience of corporate members, foreign orientation, technological competences and absorptive capacity) than any other venture firms(Non_BGV) and (2) also whether the BGV's marketing strategies-differentiation, low price, market diversification and preemption strategy are different from Non_BGV. Above all, the main purpose of this research is that results achieved by BGV are indeed better than those obtained by Non_BGV firms with respect to firm's growth rate and efficiency. To do this research, I surveyed venture companies located in Seoul and Deajeon in Korea during November to December, 2005. I gather the data from 200 venture companies and then selected 84 samples, which have been founded during 1999${\sim}$2000. To compare BGV's characteristics with those of Non_BGV, I also had to classify BGV by export intensity over 50% among five or six aged venture firms. Many other researches tried to classify BGV and Non_BGV, but there were various criterion as many as researchers studied on this topic. Some of them use time gap, which is time difference of establishment and it's first internationalization experience and others use export intensity, ration of export sales amount divided by total sales amount. Although using a mixed criterion of prior research in my case, I do think this kinds of criterion is subjective and arbitrary rather than objective, so I do mention my research has some critical limitation in the classification of BGV and Non_BGV. The first purpose of research is the test of difference of performance between BGV and Non_BGV. As a result of t-test, the research show that there are statistically efficient difference not only in the growth rate (sales growth rate compared to competitors and 3 years averaged sales growth rate) but also in general market performance of BGV. But in case of profitability performance, the hypothesis that is BGV is more profit (return on investment(ROI) compared to competitors and 3 years averaged ROI) than Non-BGV was not supported. From these results, this paper concludes that BGV grows rapidly and gets a high market performance (in aspect of market share and customer loyalty) but there is no profitability difference between BGV and Non_BGV. The second result is that BGV have more absorptive capacity especially, knowledge competence, and entrepreneur's international experience than Non_BGV. And this paper also found BGV search for product differentiation, exemption strategy and market diversification strategy while Non_BGV search for low price strategy. These results have never been dealt with other existing studies. This research has some limitations. First limitation is concerned about the definition of BGV, as I mentioned above. Conceptually speaking, BGV is defined as company pursue internationalization from inception, but in empirical study, it's very difficult to classify between BGV and Non_BGV. I tried to classify on the basis of time difference and export intensity, this criterions are so subjective and arbitrary that the results are not robust if the criterion were changed. Second limitation is concerned about sample used in this research. I surveyed venture companies just located in Seoul and Daejeon and also use only 84 samples which more or less provoke sample bias problem and generalization of results. I think the more following studies that focus on ventures located in other region, the better to verify the results of this paper.

• Journal of Intelligence and Information Systems
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• v.25 no.1
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• pp.63-83
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• 2019

Investors prefer to look for trading points based on the graph shown in the chart rather than complex analysis, such as corporate intrinsic value analysis and technical auxiliary index analysis. However, the pattern analysis technique is difficult and computerized less than the needs of users. In recent years, there have been many cases of studying stock price patterns using various machine learning techniques including neural networks in the field of artificial intelligence(AI). In particular, the development of IT technology has made it easier to analyze a huge number of chart data to find patterns that can predict stock prices. Although short-term forecasting power of prices has increased in terms of performance so far, long-term forecasting power is limited and is used in short-term trading rather than long-term investment. Other studies have focused on mechanically and accurately identifying patterns that were not recognized by past technology, but it can be vulnerable in practical areas because it is a separate matter whether the patterns found are suitable for trading. When they find a meaningful pattern, they find a point that matches the pattern. They then measure their performance after n days, assuming that they have bought at that point in time. Since this approach is to calculate virtual revenues, there can be many disparities with reality. The existing research method tries to find a pattern with stock price prediction power, but this study proposes to define the patterns first and to trade when the pattern with high success probability appears. The M & W wave pattern published by Merrill(1980) is simple because we can distinguish it by five turning points. Despite the report that some patterns have price predictability, there were no performance reports used in the actual market. The simplicity of a pattern consisting of five turning points has the advantage of reducing the cost of increasing pattern recognition accuracy. In this study, 16 patterns of up conversion and 16 patterns of down conversion are reclassified into ten groups so that they can be easily implemented by the system. Only one pattern with high success rate per group is selected for trading. Patterns that had a high probability of success in the past are likely to succeed in the future. So we trade when such a pattern occurs. It is a real situation because it is measured assuming that both the buy and sell have been executed. We tested three ways to calculate the turning point. The first method, the minimum change rate zig-zag method, removes price movements below a certain percentage and calculates the vertex. In the second method, high-low line zig-zag, the high price that meets the n-day high price line is calculated at the peak price, and the low price that meets the n-day low price line is calculated at the valley price. In the third method, the swing wave method, the high price in the center higher than n high prices on the left and right is calculated as the peak price. If the central low price is lower than the n low price on the left and right, it is calculated as valley price. The swing wave method was superior to the other methods in the test results. It is interpreted that the transaction after checking the completion of the pattern is more effective than the transaction in the unfinished state of the pattern. Genetic algorithms(GA) were the most suitable solution, although it was virtually impossible to find patterns with high success rates because the number of cases was too large in this simulation. We also performed the simulation using the Walk-forward Analysis(WFA) method, which tests the test section and the application section separately. So we were able to respond appropriately to market changes. In this study, we optimize the stock portfolio because there is a risk of over-optimized if we implement the variable optimality for each individual stock. Therefore, we selected the number of constituent stocks as 20 to increase the effect of diversified investment while avoiding optimization. We tested the KOSPI market by dividing it into six categories. In the results, the portfolio of small cap stock was the most successful and the high vol stock portfolio was the second best. This shows that patterns need to have some price volatility in order for patterns to be shaped, but volatility is not the best.

• Journal of Global Scholars of Marketing Science
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• v.17 no.3
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• pp.1-19
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• 2007

1. Purpose Rural tourism is made by individuals with different characteristics, needs and wants. It is important to have information on the characteristics and preferences of the consumers of the different types of existing rural accommodation. The stud aims to identify the determinants of consumer preference by type of accommodations. 2. Methodology 2.1 Sample Data were collected from 1000 people by telephone survey with three-stage stratified random sampling in seven metropolitan areas in Korea. Respondents were chosen by sampling internal on telephone book published in 2006. We surveyed from four to ten-thirty 0'clock afternoon so as to systematic sampling considering respondents' life cycle. 2.2 Two-step cluster Analysis Our study is accomplished through the use of a two-step cluster method to classify the accommodation in a reduced number of groups, so that each group constitutes a type. This method had been suggested as appropriate in clustering large data sets with mixed attributes. The method is based on a distance measure that enables data with both continuous and categorical attributes to be clustered. This is derived from a probabilistic model in which the distance between two clusters in equivalent to the decrease in log-likelihood function as a result of merging. 2.3 Multinomial Logit Analysis The estimation of a Multionmial Logit model determines the characteristics of tourist who is most likely to opt for each type of accommodation. The Multinomial Logit model constitutes an appropriate framework to explore and explain choice process where the choice set consists of more than two alternatives. Due to its ease and quick estimation of parameters, the Multinomial Logit model has been used for many empirical studies of choice in tourism. 3. Findings The auto-clustering algorithm indicated that a five-cluster solution was the best model, because it minimized the BIC value and the change in them between adjacent numbers of clusters. The accommodation establishments can be classified into five types: Traditional House, Typical Farmhouse, Farmstay house for group Tour, Log Cabin for Family, and Log Cabin for Individuals. Group 1 (Traditional House) includes mainly the large accommodation establishments, i.e. those with ondoll style room providing meals and one shower room on family tourist, of original construction style house. Group 2 (Typical Farmhouse) encompasses accommodation establishments of Ondoll rooms and each bathroom providing meals. It includes, in other words, the tourist accommodations Known as "rural houses." Group 3 (Farmstay House for Group) has accommodation establishments of Ondoll rooms not providing meals and self cooking facilities, large room size over five persons. Group 4 (Log Cabin for Family) includes mainly the popular accommodation establishments, i.e. those with Ondoll style room with on shower room on family tourist, of western styled log house. While the accommodations in this group are not defined as regards type of construction, the group does include all the original Korean style construction, Finally, group 5 (Log Cabin for Individuals)includes those accommodations that are bedroom western styled wooden house with each bathroom. First Multinomial Logit model is estimated including all the explicative variables considered and taking accommodation group 2 as base alternative. The results show that the variables and the estimated values of the parameters for the model giving the probability of each of the five different types of accommodation available in rural tourism village in Korea, according to the socio-economic and trip related characteristics of the individuals. An initial observation of the analysis reveals that none of variables income, the number of journey, distance, and residential style of house is explicative in the choice of rural accommodation. The age and accompany variables are significant for accommodation establishment of group 1. The education and rural residential experience variables are significant for accommodation establishment of groups 4 and 5. The expenditure and marital status variables are significant for accommodation establishment of group 4. The gender and occupation variable are significant for accommodation establishment of group 3. The loyalty variable is significant for accommodation establishment of groups 3 and 4. The study indicates that significant differences exist among the individuals who choose each type of accommodation at a destination. From this investigation is evident that several profiles of tourists can be attracted by a rural destination according to the types of existing accommodations at this destination. Besides, the tourist profiles may be used as the basis for investment policy and promotion for each type of accommodation, making use in each case of the variables that indicate a greater likelihood of influencing the tourist choice of accommodation.