• Management & Information Systems Review
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• v.30 no.2
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• pp.257-275
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• 2011

The price relationship between the futures market and the underlying spot market has attracted the attention of academics, practitioners, and regulators due to their roles during periods of turbulence in financial markets. The purpose of this paper is to investigate the dynamic of price relationship(or lead-lag relationship) between Korean Treasury Bond futures market and spot market. To examine the nature of the price relationship, descriptive statistics, serial correlation, and cross-correlation are used as a preliminary statistics in the Korean Treasury Bond spot and futures market. Next, following Stoll-Whaley(1990) and Chan(1992), the multiple regression method is used to examine the lead-lag patterns between the two markets. The empirical results are summarized as follows. The mean returns of spot markets and future markets are positive(+) and negative(-) respectively and the standard deviation of both stock and futures returns increase through the sub-periods. For the most periods, there is negative skewness in the both markets. The zero excess kurtosis due to the heavy tails of the distribution are relatively large. The autocorrelations in the spot returns for the sample periods are positive in time lag 1, but the autocorrelations in the future returns shows no significant evidence. The results of the daily cross-correlations between the KTB spot and futures returns indicate that a lead-lag relationship don't exist for price changes of futures and spot markets as a preliminary analysis. Finally, empirical results of regression analysis for both market indicate that there is no evidence that the KTB futures lead the KTB spot market, or the KTB spot market lead the KTB futures market. These results are robust for all sub-periods.

• Management & Information Systems Review
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• v.29 no.4
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• pp.333-357
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• 2010

Purposes of this paper are to investigate whether managers' compensation is sticky as accounting performance(ROA) vary or not and explore further what factors influence the managers' compensation stickiness. To empirically study the stickiness of managers' compensation, we used the financial data from manufacturing firms lised in the Korea Stock Exchange(1,000 firm-year data for 4 years). The results are as follows : First, managers' compensation is sticky with respect to change in accounting performance. That is, the increase in managers' compensation as accounting performance increases is greater than the decrease in managers' compensation in respect to equivalent decrease in accounting performance. Second, the degree of managers' compensation stickiness increases when managers have influence and contribution to firm value. Specifically, the degree of stickiness is positively associated with investment opportunity set, intangible assets' value, uncertainty of firms' operating environment, complexity of organizational hierarchy. But firms' size reversely impacts on the degree of managers' compensation stickiness.

• International Commerce and Information Review
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• v.15 no.3
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• pp.263-287
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• 2013

This study aims to analyse whether outward foreign direct investment(FDI) by Korean manufacturers has a positive or negative effect on the nation's exports and imports. It provides a comprehensive analysis using both micro and macro approaches to overcome the limitations of the previous studies. In its micro-analysis, this study analyzed the impact of the outstanding outward FDI stock and other related factors on net export/import creation using panel data of 589 overseas affiliates of Korean manufacturers during the period of 2006 to 2011. And in the macro-analysis, the study analyzed the impact of outward FDI on exports using panel data of 23 manufacturing sectors during the period of 2000 to 2011. As a result of empirical study, contrary to the results of most previous studies, Korea's export can be negatively affected when it's manufacturing companies increase their outward FDI and localize their overseas businesses.

• Management & Information Systems Review
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• v.17
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• pp.191-214
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• 2005

Recently, most enterprises are having a knowlege management boom. A number of books associated with the knowlege management are being published, countless public seminars are held, and many research councils have been organized studying it formally or informally as if not importing the system is like falling behind a fashion. However, there are not many cases that achieved success by constructing the system of knowledge management. Then, why the knowledge management is not so much effective despite so many voices wanting the change of management system and a lot of public lectures about it? I guess the reason is that most companies do not have concrete methodology. Seeing a result of a survey which reported that with spread of venture boom and successful examples being known widely, the outflow of precious human resources is accelerated and a large number of employees of conglomerates have already resigned or are considering separation from their positions, we can realize that are occurring a change which can be nearly called severance in an occupational view and an organization culture. The preference to a large enterprise or a public institution of labor is low today and the notion about a lifelong job is regarded as past remains. As for this, it could be said that the social atmosphere that pursued the stability of a job has been changed to the practical one that attaches importance to ability and pay. The way of thinking of employees has been changed while established organizations cannot satisfy their desire and this explains why important members of a company are flown out. The reason why superior human resources move to venture businesses is that they can do their likable work and also prove their ability as well as unconventional rewards. Although existing companies are trying to preserve important human resources through performance compensating stock option, temporary patching up of personnel management cannot retard the rushing wind of foundation and the outflow of labor. On the contrary, clumsy import of performance-based reward system not only fails to hire superior labor power but also can bring about a sense of incompatibility and conflicts among the remaining employees. Therefore, this thesis, focusing on how to choose, develop, and maintain the human resources, will suggest a future-aiming human resources management model of Korean enterprises after comparing and analyzing the actual condition of domestic companies and the trends of advanced corportaions.

• Korea Journal of Hospital Management
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• v.11 no.3
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• pp.1-18
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• 2006

The purpose of this study is to analyze the relationship between intangible asset items and company value by empirical research in the medical industry, which may enhance usefulness of the results of other empirical research on intangible asset and company value. In order to attain the purpose of this study, the stock price is taken as the independent variable and all of intangible asset items reported to a balance sheet except the development expenditures and other development expenditures, and advertisement expenses, ordinary research & development expenditures reported on the income statement are taken as the dependent variables. In the following, I carried out four meaningful results from the analysis. First, research hypothesis 1; Book value of intangible asset reported in balance sheet bears positive relationship with company value shows that development expenditures 1 variable gives positive association in a significant level while a group of \10,000-above-company shows no relationship with company value, the other group of below-\10,000-company supports a consistently significant association. All this considering, we have to keep in mind that lack of prudence may leads to wrong results when we try to analyze. Second, research hypothesis 2; Intangible asset and other intangible asset expenditures reported on the income statement gives positive effect on company value shows that R&D accounts variables give insignificance in a statistical level to all company, including entire group, \10,000-above and below consistently. These results testify that current accounting system is valid. Third, in the case of other intangible asset, it requires further examination of current KAS because statistical results show negatively significant value or insignificant value in a statistical level. That means the more intangible assets, the less company value or nothing. Last, in the case of advertisement expenditure variables of above-\10,000 and entire company shows insignificances in a statistical level consistently while below-\10,000-company shows significant result coherently. We should regard accounting information on the advertisement expenditures of \10,000-below-company with caution. The results of this study provide controversial points whether intangible asset items reported on B/S, excluding development expenditures, should be regarded as asset. To facilitate the utility of accounting information on intangible asset, it seems necessary to regard advertisement expenditures reported on I/S as asset accounts. There are further arguments on the way of dealing with intangible asset under KAS that might be considered.

• Journal of the Korean Association of Geographic Information Studies
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• v.10 no.3
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• pp.49-57
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• 2007

The purpose of this study is to analyze contemporary changes of landcover patterns and landscape structure in order to provide basic data and methods for sustainable management and conservation in Baekdu Daegan region using GIS and landscape indices. According to the results based on the pattern analysis of landcover changes using the change detection matrix between 1975 and 2000, addition on $3.6km^2$ became urbanized areas. Otherwise, $85.7km^2$ of forest area shift into agriculture($72.2km^2$) and grass area($10.1km^2$) for the vegetables in highland condition and stock farm. According to the landscape structure analysis using landscape indices, forest areas were unstable forest structures because of fragmentation. Thus, to improve forest ecosystem, significant amount of forest through a new forest management policy considering local environmental conditions are needed. And, the connectivity of forests in local regions should be considered as well.

• Management & Information Systems Review
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• v.32 no.2
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• pp.21-46
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• 2013

The purpose of this paper is to find impacts of financial activities-financing and investment of Venture Firms during pre-listing periods on the firms' Venture Firm's listing(delisting). The several ratios financial variables relevant to the financing and investment were examined whether there are difference or not between two venture firms groups. The results of study can be summarized as follows. First, the firms of successful group have fewer numbers of equity financing and higher times of premium in issuing stocks than those of failed firms but there is no significant difference in the required time from startup to listing the KOSDAQ. Second, there is no significant difference in the ratio of capital increase in IPO between two groups but additional survey reveals that the successful firms financed equity in IPO by higher numbers of premium than failed firms, which can makes the major shareholder of the successful firms maintain high rayios share of stock. Third, the ratio of working capital investment of the successful firms is significantly higher than that of failed firms, on the other hand the failed firms' ratios of equipment and repayment investment are higher than those of successful firms. Finally, the ratio of R&D investment has no difference between two groups, this result is against the expectation, which is to be further analyzed.

• Korean journal of communication and information
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• v.80
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• pp.115-142
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• 2016

This study aims to reveal the content of and logic behind a recent negative public sentiment toward female idols with the example of a debate over songstress IU's fourth album that was released late last year. While previous studies on fandom have focused on the identification process towards entertainers and making community, a recent phenomenon of "anti-fandom" or "malicious comments" implies that more research is needed on negative emotions such as hostility or schadenfreude (feelings of pleasure from others' misfortunes). Schadenfreude is a social sentiment that originated in modern liberalism, which features contradictions between public equality and private ownership, and that has been intensified in neoliberalism, which features a maximization of this contradiction centering on a meritocracy. Celebrities in Korea often become the targets of schadenfreude, which is associated with the suspicion that they gain popularity not from their abilities but from "just being popular." It should also be noted that this kind of schadenfreude operates differently between male and female entertainers. Specifically, the acquisition of money and fame by modern women whose presence used to be located in the private possessions of males is considered to be due to their unjustified use of sexuality. This is also the background of the recent online misogyny culture in Korea. In this context, IU, who had been successful at building a differentiated image of "sister-like idol artist," became a valid target. Although accusing IU of utilizing pedophilia reflects a stalemate that a current politics of sexual violence faces, it rather damages the name of an individual than attracts public attention to the structural causes of childsexualabuse. This is why I see the way that pedophilia was used in the debate over IU as a schadenfreude. Consequently, the term pedophilia here contributes to an expansion of the entertainment economy that is sustained by rises and falls of the celebrities' stock prices.

• Journal of Korea Society of Industrial Information Systems
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• v.17 no.2
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• pp.81-94
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• 2012

On December 11, 2001, China joined the WTO and became one of the member countries and the Chinese financial markets had to be open in 5 years. So, the Chinese government transformed national commercial banks into joint-stock banks. The purpose of this paper is to investigate the validity of this decision by the Chinese government. In order to measure the efficiency of banks, the directional distance function (DDF) methodology is used, which analyzes whether a bad output exists in the outputs. In the empirical analysis, the number of staffs, the fixed assets, and the equity capital are used as inputs, while the loans and the non-performing loans ratio are used as a good output and a bad output, respectively. The non-performing loans ratio is included in output since it could affect the efficiency of banks. If it isn't considered in the analysis, a distortion might occur in analyzing the efficiency of banks. The results show that the efficiency of the major commercial banks was improved, and that the efficiency of joint-stocks banks was higher for 2002-2003 while the efficiency of national commercial banks was higher for 2004-2006. It was due mainly to the foreign exchanges reserve funds injected into national commercial banks by the Chinese Ministry of Finance, and as a result bad assets were eliminated.

• Management & Information Systems Review
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• v.34 no.2
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• pp.193-206
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• 2015

The purposes of this paper are to investigate the impact of managers' agency problem on asymmetrical behavior of SG&C and to examines whether or not the corporate governance mechanisms can have any moderating effects on Asymmetrical behavior of SG&C. To test empirically the above mentioned purposes, we gathered firm-year data of manufacturing firms from 2007 to 2012 and the sample firms are listed on the Korean Stock Exchange. The findings of this research are summarized as follows: Firstly, for those firms whose agency problems are high, the stickiness of SG&A increases as sales variation. The results imply that managers are not willing to reduce their perquisite consumption in proportion with sales reduction. Secondly, we investigate how corporate governance mechanisms influence the cost stickiness behaviors of SG&A for those firms whose agency problem are high(above the median value of free cash flow used as a proxy of agency problem). The results are that as the effectiveness of corporate governance mechanisms improve the cost stickiness of SG&A mitigation except for the insider ownership. These results show that agency problem has impact on the asymmetrical behavior of SG&A. And effective governance mechanisms have moderate effects on the reducing stickiness behavior of SG&A caused by agency problem.