• Journal of Distribution Research
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• v.16 no.3
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• pp.33-75
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• 2011

The ownership structure of a franchise system is determined by the franchisor's strategic choice. A close look at the extant theories and perspectives in economics and management such as resource scarcity theory, agency theory, transaction cost analysis, and mixed ownership theory reveals that firms choose their ownership structure for the sake of economic efficiency, profit potentials, the chance of survival, and other strategic concerns. The present study, on the basis of strategic choice perspective, reviews the divergent theories of a franchise system's ownership structure and its determinants, thus providing a theoretical framework for comparing the contradictory arguments along the several critical dimensions. We also developed and tested the conflicting hypotheses regarding key determinants of ownership structure including firm's age, size, transaction-specific investments, uncertainty, and risk-sharing propensity. Using a FDD (Franchise Disclosure Document) data set of 543 Korean franchisors, we found that the years in business, the total number of employees, days of training, the inverse of the years of franchising, and the requirement of royalty payment have positive relationships with the proportion of company-owned outlets to total number of outlets. On the other hand, the proportion of company-owned outlets was found to have negative relationships with the total number of outlets and the extent of geographic dispersion of outlets, but to have no significant relationships with the initial investment required and the inverse of contract length. Based on the findings, we provide several theoretical and managerial implications for studying ownership structure of franchise systems.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.727-736
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• 2020

The purpose of this paper is to examine the relationship power distribution among several blockholders (contestability) and firm performance. We use a sample of 646 firms listed in the security markets of Korea from 2005 to 2007. Using different measures of contestability, we verify advance research literature by examining that, when power dispersion among several blockholders (contestability) increases, firm performance is enhanced. The results show that, when the possibility of a controlling coalition being formed among several blocks increases, the corporate value decreases. We also find that this relationship is even more significant in KOSDAQ. However, the smaller the competition of voting rights among blockholders, the higher the corporate performance in KOSPI. The reason for this seems to be that the two markets are different in terms of ownership and governance. This suggests that the effects of contestability among blockholders on firm performance depend on the type of the stock market. The results of this study expand the existing governance literature by analyzing the relationship between contestability among blockholders and firm performance in emerging markets such as Korea. Our findings contribute to policymakers and investors who are interested in the relationship between contestability of control and firm performance in the Korea stock market.

• Proceedings of the KIEE Conference
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• 2006.07a
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• pp.605-606
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• 2006

CMP(chemical mechanical polishing) process has been attracted as an essential technology of multi-level interconnection. However, the COO(cost of ownership) is very high, because of high consumable cost. Especially, among the consumables, slurry dominates more than 40 %. So, we focused how to reduce the consumption of raw slurry. In this paper, $ZrO_2$,$CeO_2$, and $MnO_2$ abrasives were added de-ionized water (DIW) and pH control as a function of KOH contents. We have investigate the possibility of new abrasive for the oxide CMP application.

• Proceedings of the KIEE Conference
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• 2006.07d
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• pp.2237-2238
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• 2006

CMP(chemical mechanical polishing) process has been attracted as an essential technology of multi-level interconnection. However, the COO(cost of ownership) is very high, because of high consumable cost. Especially, among the consumables, slurry dominates more than 40 %. So, we focused how to reduce the consumption of raw slurry. In this paper, $ZrO_2$, $CeO_2$, and $MnO_2$ abrasives were added de-ionized water (DIW) and pH control as a function of KOH contents. We have investigate the possibility of new abrasive for the oxide CMP application.

• Proceedings of the KIEE Conference
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• 2006.07b
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• pp.1271-1272
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• 2006

CMP(chemical mechanical polishing) process has been attracted as an essential technology of multi-level interconnection. However, the COO(cost of ownership) is very high, because of high consumable cost. Especially, among the consumables, slurry dominates more than 40%. So, we focused how to reduce the consumption of raw slurry. In this paper, $ZrO_2$, $CeO_2$, and $MnO_2$ abrasives were added de-ionized water (DIW) and pH control as a function of KOH contents. We have investigate the possibility of new abrasive for the oxide CMP application.

• Proceedings of the KIEE Conference
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• 2006.07c
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• pp.1731-1732
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• 2006

CMP(chemical mechanical polishing) process has been attracted as an essential technology of multi-level interconnection. However, the COO(cost of ownership) is very high, because of high consumable cost. Especially, among the consumables, slurry dominates more than 40 %. So, we focused how to reduce the consumption of raw slurry. In this paper, $ZrO_2$, $CeO_2$, and $MnO_2$ abrasives were added de-ionized water (DIW) and pH control as a function of KOH contents. We have investigate the possibility of new abrasive for the oxide CMP application.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.3-36
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• 1992

"Corporate control by owners" characterizes the current structure of ownership, control and management of big business groups in Korea. It has become an ever more serious obstacle for the Korean economy to end its distinctive "personal capitalism" and to transform the current system into people's capitalism. The current issue, the deconcentration of ownership, through the course of heated debates should be treated from an integrated perspective. That is, the debate should center on the concentration of economic power and it effects on national economy, instead of sticking to the issue of ownership-control issue per se. This paper, by referring to the historical experiences and development paths which advanced countries have already traveled, analyzes the respective aspects of the concentration issue in a rather descriptive and taxonomist manner - market concentration, business diversification, ownership concentration, integrated management of conglomerates, i.e., managing in groups' unit, and the roles of financial institutions. The government policies against the concentration of economic power have so far focused on the size of big business groups and their diversification activities. The two major policy measures are restrictions on cross-ownership and excess capital investment by big business groups, and controls on their credit deals. This paper strongly suggests that the government should change its current priorities in targeting its policies against concentration. The government should reduce the regulations on size and diversification, and focus its policies on substantial dispersion of corporate ownership. The efficacy of government intervention in the management and control of business enterprises seems quite dubious and even anachronistic given the extent of maturity of Korean firms. Therefore, it should be noted that the current regulation-oriented stance taken by the government against the management style of big business groups should be suppressed, as it has assumed some a priori and typical pattern in advance in directing big business groups, such as independent and specialized management in respective firms' unit. This paper, also, raises the need for introducing new regulations on inter-sectoral diversifications between finance, industry and the press.

• Proceedings of the Korean Institute of Electrical and Electronic Material Engineers Conference
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• 2003.07a
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• pp.50-53
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• 2003

CMP (chemical mechanical polishing) process remained to solve several problems in deep sub-micron integrated circuit manufacturing process. especially consumables (polishing pad, backing film, slurry, pad conditioner), one of the most important components in the CMP system is the slurry. Among the composition of slurries (buffer solution, bulk solution, abrasive particle, oxidizer, inhibitor, suspension, antifoaming agent, dispersion agent), the abrasive particles are important in determining polish rate and planarization ability of a CMP process. However, the cost of abrasives is still very high. So, in order to reduce the high COO (cost of ownership) and COC (cost of consumables) in this paper, we have collected the silica abrasive powders by filtering after subsequent CMP process for the purpose of abrasive particle recycling. And then, we have studied the possibility of recycle of reused silica abrasive through the analysis of particle size and hardness. Also, we annealed the collected abrasive powders to promote the mechanical strength of reduced abrasion force. Finally, we compared the CMP characteristics between self-developed KOH-based silica abrasive slurry and original slurry. As our experimental results, we obtained the comparable removal rate and good planarity with commercial products. Consequently, we can expect the saving of high cost slurry.

• Proceedings of the Korean Institute of Electrical and Electronic Material Engineers Conference
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• 2003.05c
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• pp.145-148
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• 2003

Recently, the recycle of CMP (chemical mechanical polishing) slurries have been positively considered in order to reduce the high COO (cost of ownership) and COC (cost of consumables) in CMP process. Among the composition of slurries (buffer solution, bulk solution, abrasive particle, oxidizer, inhibitor, suspension, antifoaming agent, dispersion agent), the abrasive particles are one of the most important components. Especially, the abrasive particles of slurry are needed in order to achieve a good removal rate. However, the cost of abrasives, is still very high. In this paper, we have collected the silica abrasive powders by filtering after subsequent CMP process for the purpose of abrasive particle recycling. And then, we have studied the possibility of recycle of reused silica abrasive through the analysis of particle size and hardness. Also, we annealed the collected abrasive powders to promote the mechanical strength of reduced abrasion force. Finally, we compared the CMP characteristics between self-developed KOH-based silica abrasive slurry and original slury, As our experimental results, we obtained the comparable removal rate and good planarity with commercial products. Consequently, we can expect the saving of high cost slurry.

• Journal of the Korean Geographical Society
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• v.30 no.2
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• pp.146-168
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• 1995

problems involved in defining and identifying it. However, data on ownership of business establishments may be useful and one of the best alternatives for this empirical research because of use of limited information about control This study examines the spatial patterns of external control in the Korean manufacturing activities between 1986 and 1992. Using the data on ownership iinkages of multilocational firms between 15 administrative areas, it was possible to construct a matrix of organizational control in terms of the number of establishments. The control matrix was disaggregated by three types of manufacturing industries according to the capital and labor requirements of production processes used in. On the basis of the disaggregated control matrix, a series of measures were calculated for investigating the magnitude and direction of control as well as the external dependency. In the past decades Korean industrialization development has risen at a rapid pace, deepening integration into the world economy, together with the continuing growth of the large industrial firms. The expanded scale of large firms led to a spatial separation of production from control, Increasing branch plants in the nation. But recent important changes have occurred in the spatial organization of production by technological development, increasing international competition, and changing local labor markets. These changes have forced firms to reorganize their production structures, resulting in changes of the organizational structures in certain industries and regions. In this context the empirical analysis revealed the following principal trends. In general term, the geography of corporate control in Korea is marked by a twofold pattern of concentration and dispersion. The dominance of Seoul as a major command and control center has been evident over the period, though its overall share of allexternally controlled establishments has decreased from 88% to 79%. And the substantial amount of external control from Seoul has concentrated to the Kyongki and Southeast regions which are well-developed industrial areas. But Seoul's corporate ownership links tend to streteh across the country to the less-developed regions, most of which have shown a significant increase of external dependency during the period 1986-1992. At the same time, a geographic dispersion of corporate control is taking place as Kyongki province and Pusan are developing as new increasingly important command and control reaions. Though these two resions contain a number of branch plants controlled from other locations, they may be increasingly attractive as a headquarters location with increasing locally owned establishments. The geographical patterns of external control observable in each of three types of manufacturing industries were examined in order to distinguish the changing spatial structures of organizational control with respect to the characteristics of the production processes. Labor intensive manufacturing with unskilled iabor experienced the strongest external pressure from foreign competition and a lack of low cost labor. The high pressure expected not only to disinte-grate the production process but also led to location of production facilities in areas of cheap labor. The linkages of control between Seoul and the less-developed regions have slightly increased, while the external dependency of the industrialized regions might be reduced from the tendency of organizational disintegration. Capita1 intensive manufacturing operates under high entry and exit barriers due to capital intensity. The need to increase scale economies ied to an even stronger economic and spatial oncentration of control. The strong geographical oncentration of control might be influenced by orporate and organizational scale economies rather than by locational advantages. Other sectors experience with respect to branch plants of multilocational firms. The policy implications of the increase of external dependency in less-developed regions may be negative because of the very share of unskilled workers and lack of autonomy in decision making. The strong growth of the national economy and a scarcity of labor in core areas have been important factors in this regional decentralization of industries to less-developed regions. But the rather gloomy prospects of the economic growth in the near future could prevent the further industrialization of less-developed areas. A major rethinking of regional policy would have to take place towards a need for a regional policy actively favoring indigenous establishments.