• Journal of Digital Convergence
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• v.17 no.9
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• pp.39-46
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• 2019

This study started with the question of whether the percentage of non-aeronautical revenues at Incheon airport was extremely high when compared with other international airports. Although aeronautical revenues for the airport based on the traditional business model have the limits to grow due to various regulations, stakeholders concerned about improving the competitiveness recently have been interested in increasing non-aeronautical revenues. This study deals with the effect of non-aeronautical revenues at international airports on airport charges as the extent of airport privatization get stronger. To examine hypotheses, we collected international data from trustful sources. Finally, we conducted an empirical analysis of 178 airports worldwide. As a result, the higher the percentage of non-aeronautical revenues at international airports, the lower the airport charges were. Besides, the private equity ratio positively moderated the relationship between the percentage of non-aeronautical revenues and airport charges. Privatization of airports may offset the effects of reduced airport charges through increased commercial activity. Graphical display for moderation effect is offered to facilitate comprehension.

• The Korean Journal of Franchise Management
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• v.13 no.4
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• pp.39-48
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• 2022

Purpose: COVID-19 has negatively influenced the financial performance of restaurant firms. Previous literature suggests that the franchising strategy effectively helps restaurant firms recover from difficult business conditions through various methods for expanding business size and enhancing business efficiency. According to risk-sharing theory, restaurant franchisors may minimize operational risks by sharing the risks with their franchisees. For instance, restaurant franchisors could generate more stable cash flow using franchise fees from their franchisees. However, research on the effect of franchise's risk reduction factor on business performance during pandemic is scarce. Thus, this study aims to examine the positive moderating effect of franchising between COVID-19 and restaurants' financial performance. Research design, data, and methodology: Panel data including financial information and franchising status of restaurant firms were collected for analysis. In order to control for unobserved firm-specific factors, generalized least squared estimation in fixed effects model was conducted. Huber-White robust standard errors were used to deal with heteroscedasticity issues. Results: It was found that COVID-19 pandemic has a negative effect on the restaurants' financial performance such as ROA (return on assets), ROE (return on equity), and PM (profit margins), which confirms the findings from existing literature. More importantly, results show that the degree of franchising has a positive moderating effect on the relationship between COVID-19 and financial performance of restaurant firms. This suggests that more active engagement in franchising may decrease negative impacts of COVID-19 on the restaurants' financial performance. Conclusions: The study supports existing literature related to risk-sharing theory, by confirming that pandemics, such as COVID-19, negatively affect financial performance of the restaurants. Furthermore, it was found that franchising strategy can help lessen negative impacts of pandemics on the firm performance. These findings can contribute to the franchise and restaurant management literature by suggesting the role of franchising in reducing business risks, thereby positively affecting financial performance. Moreover, this study offers business managers of franchisors and franchisees insights for utilizing franchising in restaurant risk management. Policymakers may also gain information on aiding restaurant firms during global crisis, such as COVID-19.

• Journal of the Daesoon Academy of Sciences
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• v.24_1
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• pp.255-289
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• 2014

This study's aim is to identify modern and post-modern values and transnationalism embodied in Daesoon Thought and to seek for the new value to overcome irrationality of modern values in this society we live in. Several previous studies discussed about these issues, but most of them studied them on the basis of Korean new religions or Jeungsangyo, or in sociological theory perspective. Therefore, this study focused on Daesoon Thought encompassing ideological perspective as well as historical perspective of Daesoonjinrihoe. As for nationalism, while Eastern learning(Dong-Hak) is prone to ethnocentricity, Daesoon Thought shows trans-ethnic perspective. As for historical perspectivel, Mugeuikdo, a precursor to Daesoonjinrihoe showed non-relationship with any politics as contrasted with other new korean religious movement at that time. As for aspects of modern values, 3 perspectives (political system, social system, abolition of premodern values) were discussed. As for political system perspective, while Eastern learning advocates democratic modernity but accepted monarchy, Jeungsan denied monarchy. And While western political philosophy advocated rationality-based absolute person, Daesoon Thought proposes ideal human who can have political power and do religious indoctrination all together. As for social system perspective, while western humanism is based on all of he people's equity in front of God, Eastern learning on humans are Heaven (人乃天), Daesoon Thought is based on Injon thought(人尊思想) which encompasses spiritual world, human world and all of the universe. Daesoon Thought also proposes abolition of discrimination by gender, social position. As for abolition of premodern values, Daesoon Thought critics pre-modern formalism and advocate acceptance of other nations' culture, pragmatism, and humanism. As presented above, Daesoon Thought has not only modern values but also aspects of post-modernity and transnationalism. In the future, further studies are needed which tackle these issues and search for new values of Daesoon Thought which can overcome limitation of modern values.

• Asia Marketing Journal
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• v.8 no.3
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• pp.101-121
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• 2006

This case study explores various marketing strategies of Grundfos Pumps Korea Inc. that has become a front-runner in the industrial pump market of Korea as the enterprise that got into the business later. Grundfos Group, a multinational company with its head office in Denmark, has acknowledged diversity of each country and has granted its subsidiary companies with discretionary power so that they can establish marketing strategies suitable for the market they were competing in. Grundfos Pumps Korea has been very successful in its localization and differentiation of marketing strategies. First, Grundfos Pumps Korea achieved the trust of their customers by its high quality and consistent pricing strategies and has expanded its market very successfully with continuous product innovation and new product ideas. Second, it increased its brand awareness and recognition by brand differentiation along with the product differentiation strategy, which is exceptional in industrial market. It has conducted creative marketing activities and strategies to build brand equity and successful customer relationship management.

• Journal of The Korean Society of Integrative Medicine
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• v.11 no.4
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• pp.291-298
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• 2023

Purpose : Although Korea's health insurance system and access to medical care are well established compared to other countries, the rate of non-fulfillment of dental treatment is high. Medical use rates can be affected by economic characteristics, individual heatlh condtions, health concerns, and health behaviors. This study was implemented to investigate the effect of the middle-aged elderly people's family living together on the dental examination rate and to use it as basic data for program development, research, and poicies to promote oral health. Methods : Raw data from the 7th national health and nutrition survey conducted by the Korea centers for disease control and prevention (2016~2018) were used and analyzed using SPSS 21.0 Version (IBM, United States). Results : As a result of the study family types accroding to general characteristics, the more women are (p<.001), the higther the age (p<.001), the lower the hosehold income level (p<.001), the lower the educational background (p<.001), the more people who live in Eup-Myeon (p<.001) It was fouend that the rate of living alone was high. The dental examination rate according to general characteristics was related to age (p<.001), income (p<.001), and educational background (p<.001), and the higher the examination rate was in the same (p<.001), and the higher the family living together (p<.001). Factors influencing whether or not dental treatment was not performed were in the following order: household income (p<.001), age (p=.001), and family type (p=.017). Conclusion : The above results confirmed the relationship between family membership and dental examination rates, and measures such as the development and operation of participatory programs to improve public oral health by resolving medical inequality and enhancing health equity, and it is believed that the development of professional manpower and the operation of education and programs for professionals are necessary.

• The Research Journal of the Costume Culture
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• v.32 no.2
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• pp.164-180
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• 2024

In the context of a globalized society where diversity, equity, and inclusion (DE&I) have emerged as pivotal values, the fashion industry is undergoing scrutiny for its practices related to body DE&I. This study examines the nature of the discourse surrounding body DE&I within the fashion industry, focusing on how such discussions are shaped, disseminated, and manifested in both the industry and broader society. Critical discourse analysis is applied by utilizing, content from the New York Times and leveraging Fairclough's analytical framework encompassing textual, discursive, and social practices. The findings indicate that the New York Times emphasizes diversity, with a significant focus on the shapes and sizes of women's bodies, developing a narrative centered around women's bodies through visible and representative domains. The analysis suggests conflicted discourse, with prevailing critiques against the fashion industry's standardization of beauty and superficial inclusivity efforts. Moreover, the industry's adaptation to social demands for body DE&I is observed as sporadic, often leveraging non-normative bodies as a marketing strategy rather than genuinely embracing diversity. This study highlights the importance of continuous, in-depth discourse and social practices regarding DE&I within the fashion industry, as well as the need for systemic changes and policies that genuinely reflect societal demands for inclusivity. The findings provide a foundation for future investigations into the multifaceted relationship between fashion discourse, DE&I, and social practices, advocating for a more inclusive and critically aware fashion industry.

• Korean Journal of Culture and Social Issue
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• v.18 no.4
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• pp.505-532
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• 2012

The purpose of this study was to examine the relationship among the growth period wounds, inferiority complex and personality disorder of teenaged students, which affected their mental health. The subjects in this study were 2,110 secondary students. After a survey was conducted, the collected data were analyzed. Whether there would be any differences among the adolescents in those factors were analyzed, and multiple regression analysis and path analysis were carried out. As a result, there were relatively more significant problems with the growth period wounds, inferiority complex, personality disorder and mental health of the students who were girls, who were high schoolers, whose household economy was more vulnerable and whose academic standing was lower. The growth period wound that exerted the largest significant influence on inferiority complex was happiness, followed by wound of security and wound of recognition, and the growth period wound that had the greatest significant impact on personality disorder was happiness, followed by wound of security, wound of confidence, wound of love and wound of equity. The growth period wound that exercised the biggest influence on mental health was happiness, followed by wound of security, wound of confidence, wound of love and wound of equity. As for the influence of the variables related to mental health, the indirect effects of the growth period wounds through personality disorder and inferiority complex were greater than their direct effects. The findings of the study suggest that growth period wounds are likely to lead to inferiority complex and personality disorder and ultimately to the injury of mental health, and indicate the importance of healthy family environments and of educational environments in the growth period.and mental health was analyzed, there was a statistically significant positive(+) correlation among all the variables. Third, the wound factors related to happiness and stability were identified as the factors that affected inferiority complex among the growth period wound factors. Personality disorder was found to be under the influence of the wound factors related to happiness, stability, love, confidence and a sense of equality in the growth period, and mental health was found to be affected by the wound factors related to happiness, stability, confidence, love and a sense of equality. Fourth, the growth period wounds had a direct impact on mental health, and inferiority complex played a significant mediating role at that time. Every subfactor of personality disorder also produced significant mediating effects except the wound factor of pride. The above-mentioned findings suggest that every possible effort should be made to let secondary students get hurt less to promote their mental health and resolve their mental health problems, and that professional counseling intervention and institutional assistance are required to help them to remove their inferiority complex and personality disorder.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• KDI Journal of Economic Policy
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• v.36 no.4
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• pp.33-69
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• 2014

We investigate determinants of fund investment flows using Korean equity investment funds. Unlike previous studies which analyzed net-flows (inflow minus outflow), we analyze fund investment inflows and outflows separately that should properly reflect investors' fund selection and redemption decision. We find similar effects of past return, fund age on net-flows to existing studies based on US market data. The analysis of determinants of inflows shows that inflows are related to past return, fund age and sales fee as net-flows. In contrast, outflows are found to behave quite differently from inflows. Apparently, asymmetry exists between fund investment inflows and outflows at the Korean fund selection market. Specifically, high past returns increase fund investment inflows while increase, rather than decrease, fund outflows. Moreover, 'convexity' is detected both in inflows and outflows: higher past returns accelerate outflows as well as inflows. Effects of sales fee also differ between inflows and outflows. In the 'affiliated' fund sample, sales fee is negatively related to inflows while positively related to outflows. In the 'unaffiliated' fund sample, sales fee is positively related to inflows, but no significant relationship exists with outflows. Empirical findings of this paper imply that the rational investor's fund selection view cannot provide a consistent explanation of the Korean fund selection market. In particular, the positive and convex relationship between past returns and fund outflows is inconsistent with the rational investor view. The fact that investor's fund investment appears to display 'disposition effect', which has been reported by studies of individual investors' stock investment behaviour suggests that the behavioral finance view should be a part of explanation for the Korean fund selection market. In addition, the strikingly different patterns between the 'affiliated' funds and the 'unaffiliated' funds, imply that brokers' incentive structure is another prevailing factor for fund investment flows.

• Korean Business Review
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• v.19 no.1
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• pp.157-174
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• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.