• 사회경제평론
• /
• no.38
• /
• pp.199-240
• /
• 2012

According to the Post Keynesian endogenous money theory, money is created by the bank deposit which is dependent on the banks' supply of loan. And the demand for loans is dependent on investment by firms. In the money creating process, real value(or investment) and money are connected with banks' credit. In this paper, we investigated Keynes and Post Keynesian endogenous money theory with critical reviews of Hwang (2005). We came to three conclusions. First, Post Keynesian endogenous money theory is based on Keynes' theory. Second, Keynes' endogeneity of money is essentially different from that of Wicksellian. Third, focusing on the differences of the starting point of the arguments not on the conclusions, two Post Keynesian views, namely horizontalists and structuralists are compatible with liquidity preference theory in the Keynes' system.

• Journal of Korea Society of Industrial Information Systems
• /
• v.23 no.6
• /
• pp.125-138
• /
• 2018

Recently, most firms have difficulties in predicting business context due to uncontrollable factors such as natural disasters, terrorism, social and political interests, as well as market factors such as rapid technological change, diversification of customer needs, and intensification of competition with competitors, thereby increasing the importance of risk management. The purpose of this study is to analyze trends of the risk management field concentrating on SCM, which is increasingly interested, and to identify key researches in this field and provide useful academic information. This study collected the information of the articles published in journals using the Scopus database, and analyzed both the network generated by keywords proposed in the articles and the network generated by the information for citations and co-authorship.

• Journal of Korea Society of Industrial Information Systems
• /
• v.24 no.2
• /
• pp.81-92
• /
• 2019

The major objective of the most of enterprises including construction firms is to profit earning. To achieve it, a number of enterprises endeavor and improve themselves to adapt to the change and development on enterprise environment. Therefore, this study carries out CRM activity for the apartment house supplier in order to improve the housing satisfaction of apartment house residents. This study also aims to provide technical information to establish the supply strategy of apartment in Korea and to contribute to the related industry.

• Journal of Distribution Science
• /
• v.21 no.2
• /
• pp.35-43
• /
• 2023

Purpose: As Thailand seeks to become a regional startup hub, Thai startups have been acquiring growth and scalability in the last ten years. Hence, this paper examines influential factors in Thailand's growth of logistics tech startups. The conceptual framework incorporates sensing user needs, sensing technological options, conceptualizing, scaling, and stretching, co-producing, and orchestrating, business strategy, strategic flexibility, and startup growth. Research design, data, and methodology: The quantitative method was applied to distribute the questionnaire to 500 managers and above in logistics tech startups in Thailand. The sampling techniques involve judgmental, convenience, and snowball samplings. Before the data collection, The Item Objective Congruence (IOC) Index and pilot test (n=45) were employed for content validity and reliability. The data were mainly analyzed by Confirmatory Factor Analysis (CFA) and Structural Equation Model (SEM). Results: The findings revealed that sensing technological options, scaling, and stretching, co-producing, and orchestrating, and business strategy significantly influence the growth of startups in Thailand. Nevertheless, sensing user needs, conceptualizing, and strategic flexibility have no significant relationship with startup growth. Conclusions: For Thailand to accelerate its digital economy driven by tech startups, firms must emphasize influential factors to accelerate growth by providing the right tech solutions for people's lives.

• Economic Analysis
• /
• v.26 no.4
• /
• pp.39-64
• /
• 2020

Typical business cycle models have difficulties in explaining key macroeconomic labor market variables, such as employment and unemployment, as they usually consider labor hour choices only. In this paper, we introduce labor market search and matching frictions into a New Keynesian nominal rigidity model and estimate it by Bayesian methods to examine the dynamics of the key labor market variables and business cycles in Korea. The results show that unemployment rates are largely explained by technology shocks, which affect the labor demand side, as well as labor supply shocks. In addition, wage bargaining shocks originating from the bargaining process between firms and workers have non-negligible negative effects on output and employment growth, and careful measures need to be taken to limit their adverse effects.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.7 no.3
• /
• pp.1-16
• /
• 2012

Under the international business circumstance, global supply chain management is considered a vital strategic challenge to small and medium-sized enterprises(SMEs) suffering from deficient resources and capabilities to exploit overseas markets comparing with large corporations. That is because they can expand their business domains into overseas markets by establishing strategic alliances with global supply chain partners. Although a wide range of previous researches have emphasized the cooperative networks in the chain, most are ignoring the importance of developing relational characteristics such as trust and reciprocity with the partners. Besides, verifying the relational factors influencing firms' export performances, some studies proposed different and inconsistent factors. According to the social capital theory, which is the social quality and networks facilitating close cooperation of inter-individual and inter-organization, provides the integrated view to identify the relational characteristics in the aspects of network, trust and reciprocal norm. Meanwhile, a number of researchers shows that global entrepreneurship is the internal and intangible resource necessary to promote SMEs' internationalization. Upon closer examination, however, they cannot explain clearly its influencing mechanism in the inter-firm cooperative relationships. This study is to verify the effect of social capital accumulated within global supply chain on SMEs' qualitative and quantitative export performance. In addition, we shed new light on global entrepreneurship expected to be concerned with the formation of social capital and the enhancement of export performances. For this purpose, the questionnaires, developed through literature review, were collected from 192 Korean SMEs affiliated in Korean Medium Industries Association and Global Chief Executive Officer's Club focusing on their memberships' international business. As a result of multi-regression analysis, the social capital - network, trust and reciprocal norm shared with global supply chain partner - as well as global entrepreneurship - innovativeness, proactiveness and risk-taking - have positive effect on SMEs' export performances. Also global entrepreneurship affects positively social capital which has mediating effect partially in the relationship between global entrepreneurship and performances. These results means that there is a structural process - global entrepreneurship(input), social capital(output), and export performances(outcome). In other words, a firm should consistently invest in and develop the social capital with global supply chain partners in order to achieve common goals, establish strategic collaborations and obtain long-term export performances. Furthermore, it is required to foster the global entrepreneurship in an organization so as to build up the social capital. More detailed practical issues and discussion are made in the conclusion.

• Journal of Distribution Science
• /
• v.12 no.10
• /
• pp.85-97
• /
• 2014

Purpose - This study aims to clarify through which process asset specificity and supplier development project (SDP) affect performance. Cooperation, partnership, the level of information exchange, and the importance of information sharing are considered significant variables as mediators related to the process. Finally, the performance formation model of the supply chain through asset specificity and supplier development project would be suggested as being a result of this study. Research design, data, and methodology - Data collection was as follows: questionnaires were distributed to 250 companies that have business ties with H Company. The empirical study to test our hypothesis was based on statistical analysis (using SPSS 19.0 and AMOS 19.0). The hypothesis of this paper is that the asset specificity and supplier development project variables have positive effects on the following variables: mediators such as cooperation and partnership (reliability and dependence); and the cooperation and partnership variables have a positive effect on the following variables: level of information sharing, the importance of information sharing, and level of information sharing; the importance of information sharing has a positive effect on supply chain performance. We tested our hypothesized model utilizing path analysis with latent variables. Results - First, it was found that asset specificity has significant positive effects on cooperation (H1), reliability (H2), and dependability (H3). Second, it was proved that the level of comprehension on the purpose of SDP has positive effects significantly on cooperation (H4), reliability (H5), and dependability (H6). Third, the hypotheses related to cooperation were all significantly accepted. The relationships of cooperation with the level (H7) and importance (H8) of information sharing were significant. Fourth, the hypotheses related to reliability were all significantly accepted. The relationships of reliability with the level (H9) and importance (H10) of information sharing were significant. In terms of dependability, however, the hypotheses were partially accepted. The effect of dependability was significant on the importance of information sharing (H12), but insignificant on the level of information sharing (H11). Finally, the causal relationships from the level of information sharing to SCM performance (H13) and from the importance of information sharing to SCM performance (H14) were both significantly accepted. Conclusion - First, with rapid changes in the business environment, enterprises should acquire the right information to properly implement SCM. For successful SCM, firms should understand the supplier development project. Second, asset specificity and the level of comprehension on SDP have significant effects both on cooperation and partnership (reliability and dependability). Third, mediators such as cooperation, reliability, and dependability significantly affect the level and importance of information sharing. Fourth, the level and importance of information sharing have significant impacts on SCM performance. This paper makes a meaningful contribution to further the understanding of how SDP affects SCM performance. Finally, successful SCM performance is achieved by information sharing through a collaborative environment and partnership (confidence & dependence) rather than by investing only in setting up an information system.

• Korean Journal of Construction Engineering and Management
• /
• v.7 no.5
• /
• pp.115-127
• /
• 2006

Although the Korean government have made a plan of housing market with supply and concentrated on the welfare of the people, there are still a lot of problem in housing market for lack of a long-term vision and consistent policy of the government. The plan of 115% of housing diffusion in 2012 is in progress after its acquisition of 100% in 2002, but there are no changes in the rental housing rate of 43% in 2003. In addition, there are getting worse circumstances in the instability of housing market and the low-income bracket, because of the Korean construction firms' bankruptcy with an increase of unsold hosing and a rapid increase of housing prices. The government have made the strategy of revitalizing the economy and regional development by means of a million public rental housing plan for the low-income bracket and welfare. This paper introduces the basic information of the subjective strategy establishment with the analysis of the reciprocal action of influence factors for public rental housing by system dynamics theory and the effect of public rental housing in housing supply market which has a long-term dynamic form.

• Journal of the Korean Institute of Navigation
• /
• v.4 no.2
• /
• pp.45-79
• /
• 1980

The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.

• Korean Business Review
• /
• v.21 no.1
• /
• pp.91-117
• /
• 2008

Since the late 20th century, due to the globalization of markets and the rapid developments of information and communication technologies, the world has entered into the age of fierce competition. With their abundant low-cost labor, former communist countries such as China, Russia and East Europe and former low-developed countries such as India and Brazil have received foreign investments from major industrial companies. Thus, there are no other alternatives remained for Korea and OECD countries other than moving the industrial economies to the knowledge based innovation systems. In the knowledge based innovation systems, economic developments and employments of regions and nations depend solely on companies situated in their territories. In this article, after reviewing the current state of technological based innovation small firms in korea, we provide a theoretical framework to promote the level of technology based innovation and entrepreneurship. The theoretical framework for analysis and policy suggestions is based on the Schumpeter's value system model that consist of supply factors, demand factors, and supporting institutions. In order to create more innovative small businesses, we insist on the followings. First, more R&D and innovation activities related with promising new technologies should be performed. Second, more R&D funds for technological innovation small companies should be provided from governments. Third, more M&A transactions and technology transactions should be marketed freely and competitively. Fourth, more business incubating services and venture capital services should be provided. Fifth, entrepreneurship and innovation culture should be popular and institutionized among people.