• Journal of Digital Convergence
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• v.15 no.1
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• pp.77-84
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• 2017

This study investigates the association between financial reporting strategy and the directors' and officers' liability insurance. Since D&O insurance protects officers and directors against the risks of shareholder litigation, it is possible that, because of moral hazard, managers will be more willing to participate in opportunistic financial reporting such as earnings manipulation when they are covered by a generous D&O insurance policy. This paper examines the association between D&O insurance and financial reporting, specifically whether the purchase of D&O insurance affects earnings manipulation. On the other side, the firms engage earnings management are willing to purchase D&O insurance, this study tests whether earnings manipulation affects D&O purchases using listed firms in Korean stock market from 2006 to 2008. This paper finds that firms with higher discretionary accruals are less likely to purchase D&O insurance implies that managers who are participating in earnings manipulation are not willing to purchase D&O insurance. The relation between discretionary accruals and D&O is significantly negative which indicate D&O insurance purchase does not trigger earnings manipulation rather it alleviates opportunistic reporting behavior.

• Journal of the Korea Society of Computer and Information
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• v.8 no.2
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• pp.145-154
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• 2003

Business environment is changing rapidly because of the introduction of the newest Technologies development and the newest management skills. With the development of Information Technology (IT) and the rapid growth of Internet based business, there have been great improvements of business processes and total costs of many firms. Many firms realize that they have to change their organizational structure and managerial skills in order to carry on their corporate goals(growth and development) according to business paradigm shift. The purpose of this dissertation is to watch how consumer product manufacturer(C corporation) could build effective SCM strategies under Electronic Commerce paradigm shift and how it can reform its organizational structure in order to perform its business goat. C corporation has been doing a groat role in logistics and distribution for the last 50 years with logistics know-how in domestic market, however there were many problems such as lack of shared information, demand Paradox, order batch, stock shortage and duplicated processes among vendors and chain members. Most of problems were based on lack of shared information and old business processes.

• Journal of the Korean Operations Research and Management Science Society
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• v.29 no.2
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• pp.97-116
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• 2004

Recently, e portion of on-line stock brokerage has been rapidly increased to be more than 50%, on the basis of contracted money. The usage of wCTS(Web Based Cyber Trading Systems) has now got into the steady state over the initial diffusion stage, which means wCTS has got more-than-half customer base in on-line service. Therefore, brokerage service providers have their competitive strategic focus on customer retention through the enhancement of customer loyalty. This study provides framework and survey results on explanation of wCTS user's loyalty, what and how factors affect wCTS user's loyalty. We adopt the results of early studies on information technology acceptance and diffusion such as TAM(Technology Acceptance Model) and IDT(Innovation Diffusion Theory). We also referred loyalty theory of marketing area and studios on CTS usage. We categorized explanation factors as three groups characteristics of users, characteristics of system, social environment. And we assumed that these three factors could affect the loyalty through two parameters : customer satisfaction and trust to the system. This study firstly shows that the ease of use and usefulness, the major factors of TAM. can also be applied to the loyalty of wCTS with resulting that the usefulness is more important than the ease of use In wCTS. Secondly, it shows that the innovative and risk-sensitive user has the lower degree of loyalty. Thirdly, it shows that the satisfaction and trust impact the loyalty simultaneously, the trust particularly impacts more strongly than the loyalty, due to the characteristics of monetary transaction in wCTS. This study provides meaningful results to the other on-line EC service fields as a first empirical research regarding the loyalty to wCTS which is a typical on-line EC service.

• Proceedings of the Safety Management and Science Conference
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• 2005.05a
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• pp.379-392
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• 2005

The size of state in Korea is like Israel, this country's venture capital is ruled by government. This venture capital's character is below: the concentration on research of venturer affect positively at quality of products. This paper lies with venture capital's risk character & performance. The results show that Korean venture capitals have lager unsystematic risk than systematic risk, which implies they specialize in specific business and/or regional areas instead of diversification. The Sharpe & Jensen measures reveal that the performances of Korean venture capitals are very low relative to even the market portfolio(Kospi) and Kosdaq Venture Index. Contrary to this, Venture firm's performance according to Entrepreneurship will cause to push up stock price.

• Asia Pacific Journal of Business Review
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• v.1 no.2
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• pp.37-62
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• 2017

To analyze the effects of R&D expenditure on the firm value of Korean firms, we classified portfolios based on R&D activity levels. After that, we conducted a time-series analysis to assess excess returns from the portfolios. To carry out such an analysis, an empirical analysis of excess returns in the capital market was performed by using the monthly earning rate of stocks from 2000 to 2013. The purpose of this research is to provide basic data on investment to stakeholders in the capital market by analyzing the effects of R&D on the firm value and to overcome scholarly limitations by offering a new model of analysis. The criteria for classifying the portfolios were based on R&D expenditure levels. The analysis models follow the Fama-French Three-Factor Model and the Carhart Four-Factor Model. The analyses results are as follows. Extrapolating monthly profit rates based on R&D expenditure levels, portfolios with low R&D expenditures showed higher earning rates than those with high R&D expenditures. This suggests that high R&D expenditures did not translate into high earning rates. The investor depreciates the R&D expenditures related profitability and the possibility of success in the market, leading to falls in stock prices and a failure to give a positive effect on the firm value. Our research differs from the previous investigations as we carried out an empirical analysis based on the actual investors' attitudes about R&D expenditures and how these can generate excess earnings. Our research results show that the data related to R&D expenditure are not reflected fully in the market.

• Korean Journal of Construction Engineering and Management
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• v.14 no.2
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• pp.141-149
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• 2013

This paper presents a scheduling technique that reflects various constraints in remodeling project of inhabited condition. The remodeling project of inhabited condition is required more detailed planning and control due to claims by noise, vibration, dust, smells, limited lift capacity, and limited temporary stock area. Because of the constraints, complexity in scheduling is increased and earlier completion is required to reduce the possibility of safety and environment accidents. Especially, in case of inhabited condition, the scheduling should be linked day-time/night-time/weekend work. This paper proposes a structured scheduling technique to incorporate those constraints in remodeling of inhabited condition. This scheduling technique considers not only remodeling process but also dismantling, newly-construction, and residents movement. Process expression method using MS-Project also presented to keep connectivity with existing scheduling system.

• Journal of Digital Convergence
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• v.16 no.7
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• pp.259-265
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• 2018

Compartment models, a type of mathematical model, have been widely applied to characterize the changes in a dynamic system with sequential events or processes, such as the spread of an epidemic disease. A compartment model comprises compartments, and the relations between compartments are depicted as boxes and arrows. This principle is similar to that of the system dynamics (SD) approach to constructing a simulation model with stocks and flows. In addition, both models are structured using differential equations. With this mutual and translatable principle, this study, in terms of SD, translates a reference SEIR model, which was developed in a recent study to characterize the transmission of the Middle East respiratory syndrome (MERS) in South Korea. Compared to the replicated result of the reference SEIR model (Model 1), the translated SEIR model (Model 2) demonstrates the same simulation result (error=0). The results of this study provide insight into the application of SD relative to constructing an epidemic compartment model using schematization and differential equations. The translated SD artifact can be used as a reference model for other epidemic diseases.

• Management & Information Systems Review
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• v.31 no.4
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• pp.539-557
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• 2012

This study purposes to analyze how the level of diversification affects cost stickiness behavior. Specifically, we document that cost stickiness behavior is bigger in case of firm with a high level of related diversification. The purpose mentioned above are empirically tested using 1,508 firm-year data listed on Korea Stock Exchange from 2000 to 2009 and regression analysis methods were used for the analysis of the research hypotheses. The following are the results of this study : First, the increase in SG&A(selling, general and administrative costs) as sales increases is greater than the decrease in SG&A in respect to the equivalent decrease in sales. Second, cost stickiness behavior is bigger in case of firm with a high level of diversification. Also, cost stickiness behavior is bigger as the level of related diversification increase. These results imply that the level of diversification effects on the cost stickiness behavior.

• Management & Information Systems Review
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• v.35 no.4
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• pp.213-227
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• 2016

This study examines the effects of managerial ability on information asymmetry. We use analyst forecast errors as a proxy for information asymmetry, because analysts are referred to as efficient users using firm-level data. The sample consists of 2,246 non-banking firm-years listed in Korea Stock Exchange(KOSPI) during the period 2000 to 2013. We measure managerial ability using DEA(Data Envelopment Analysis) following Demerjian et al.(2012). Using those measures, we examines the effects of managerial ability on analysts' earnings forecast errors and analysts' earnings forecast bias. The results of this study are as follows. First, we find that managerial ability are positively associated with analysts' earnings forecast accuracy. Second, we show that the firms with higher managerial ability tend to have lower the optimistic errors in analysts' earnings forecasts. This study could be useful for outside stakeholders to understand the importance of managerial ability.

• International Journal of Railway
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• v.1 no.3
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• pp.83-88
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• 2008

Since the 1990's the fleet of the Dutch Railways showed a dramatic decrease in wheel tyre life. This lifetime reduction led to an unacceptable increase in life cycle costs. Therefore Lloyd's Register Rail has proposed to NedTrain to investigate the possibilities of improving the wheel tyre life. Three improvements were determined as most promising and relatively easy to achieve: - Profile optimisation for Rolling Contact Fatigue (RCF) reduction - a new wheel profile has been developed with a better resistance against rolling contact fatigue of the wheel tread. The profile has been implemented on single deck intercity trains and shows an increase in wheel tyre life of 30%. - Selection of improved wheel tyre materials - combining information from literature and experiences of manufacturers five alternative wheel tyre materials have been selected and are now being tested in practice. - Optimisation of the maintenance strategy - an alternative, preventative maintenance regime has been developed. With this Scraping regime, during short term maintenance every wheel is reprofiled. Higher mileages are reached and savings on life cycle costs up to 50% and more have been achieved. Unplanned maintenance goes down with $30{\sim}60%$. The results from field tests, using a reference group for comparison, and preliminary results after implementation show that the increase in wheel tyre life that is achieved with this project is significant. The results will continue to be monitored using the asset management tool 'Wheel Watch', that was specially developed for this project and is also described in this paper.