• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• The Journal of Art Theory & Practice
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• no.8
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• pp.123-144
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• 2009

The history of art during the first half of the last decade was founded the discussion with highly impressive and confident. The art might establish its unique area based on self recognition at that era. The self-confidence of modern art may be possible on enlightenment, which is the firm relationship for knowledge and reality. However the faith of modernism which shows rational tendency, objective, and the existence of universal knowledge has been drastically doubted and criticized thereafter. A internal ideological system which had leaded the modern art was exhausted. Postmodernism revolved to the dramatic openness leaning against the deoedipalizational confession. According to the dissipation of the vitality of modern art postmodern art has been evolved and then various phenomena which follow the trends has been emerged. The avant-garde and resisteive attribute of modern art was diluted fast due to the influx of popular culture. As time goes it can be attracted by spectacle taste than metaphysical peculiarity. It has to inevitably justified the drift of light and quick themes, contents, and images. Such as these phenomena realistically shows fact that postmodern art had been failed to open a new chapter of consilience which intermediates beauty and usual communication to overcome the solipsism of modernism. A trial to pursuit the opened esthetics conceived more 'heroic' 'Star-Subject' than before by dismantling the modern 'Hero-Subject'. Postmodernism has been recorded as a regression of art, which is the technology of profound spirit that mitigates antagonism and confrontation and mediates mutual encountering of human being. Prevailing of postmodern freedom had been accompanied by popularity, osetentation consumption, marketing, gambling level exitement, mixtures of desires with price fluctuations. We witness 'self-confinement' and 'lasting absence of exit' phenomena in postmodernism ideology and practice. We have to deal postmodernism as an 'ideology which closes the discussion for the future' in the context of 'absence of way' at this point. We are going to investigate how postmodern ideology and practice takes part in the prospection beyond thereafter through discussion. We also pay attention to the 'absence of prospection' as a internal problem in itself nevertheless mention the three merge points such as tradition or memory, earthy thought, the self who confrontation others as the clue of prospecting thought which is allowing coming over postmodern absence.

• Journal of the Korean GEO-environmental Society
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• v.16 no.10
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• pp.15-22
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• 2015

In this study, to evaluate the long-term behavior characteristics and the loss of prestress force, the long-term measurement of the tensile anchors in the actual construction was performed and the results were analyzed comparing with the existing estimation. As the reinforcement member used for the purpose of slope stability or uplift-resisting of the permanent structure, etc, the permanent anchor should maintain the functions during the performance period of the structure differently from the temporary anchor. However, as the time passes by, since the relaxation and the creep of the anchor occur constantly, the management for the loss of tensile force is essential to perform the functions stably. So far, the loss of the tensile force has been estimated according to the reduction of the prestress using elasticity theory and using the relaxation value according to the type of tension member and the test using the long-term measurement is limited. Therefore, in this study, the site condition and the ground were investigated for the tensile anchor in the actual construction and the long-term measurement results more than 500 days was analyzed by installing the loadcell, inclinometer and the groundwater level gauge. In addition, the long-term behavior characteristics were evaluated by comparing the disposition of the measured earth retaining wall and the tension force loss of the anchor with the existing interpretation results. In the evaluation results, the most of the tension force loss occurs within 90 days and the loss was measured less than the estimated values.

• Management & Information Systems Review
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• v.38 no.1
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• pp.1-21
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• 2019

This study focuses on (1) the relationship between the network intensity of top managers and the R&D investment of Korean firms, and (2) the moderating effects of the type (related-division vs. unrelated-division) and system (physical division vs. spin-offs) of corporate division on this relationship. The sample of this study was all type and/or system of corporate division implemented by Korean firms during 18-years (1999-2016) study periods. The results of multiple regression analyses as follow. First, as was expected in hypothesis 1 the network intensity of top managers has a strong positive linear relation with the R&D investment of Korean firms. Second, regarding the moderating effect of division type the results show that related-divisions significantly intensify the positive relationship of the network intensity of top managers with the R&D of Korean firms although unrelated-divisions did not. Third, in the analysis of moderating effect of corporate division system the results present the stronger positive moderating effect of spin-offs rather than physical divisions. The findings of the study implies that strong network intensity of top managers can be beneficial to long-term decision such as R&D investment of Korean firms. They accords to network theory that emphasize the importance of strong network effect among top managers based on their trust. The findings also implies that researchers and practitioners should consider organizational-level factors such as organizational structure, culture, corporate governance, etc as well as individual-level factors such as the characteristics and relationships of organizational members when making the decision for firm.

• Journal of Fisheries and Marine Sciences Education
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• v.6 no.2
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• pp.143-160
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• 1994

I have investigated questionaire concerning to the view of worth and construction of consciousness as to boarding system collegian who will employed in fisheries and maritime industries. The results were as follows; It appeared 38.9% that most collegian had a firm subjectivity about enrolled motive, selection of department, they had selected department according to the neighborhood recommendation, own squired score rather than the adaption and prospection, also it was appeared 55% that they had not satisfied with attending to their college, accordingly, the effectiveness of education were demolished in such aspects. It was appeared 74.3% that the education of fisheries and maritime college were divided into theory and practice pertinently also, 77.1% that modulate both technical education and human like education but as a general rule, the education of ocean going liscensed officer was appeared 7.1% only so that, the reformation of the curriculum and contents of education would be needed. As to the relation between professors and collegian, it was appeared 38.4% that well understanding professor, 18.1% that well teaching professor, 13.3% that they having humanlish relation with professor, 30.6% that they will benefit to vocational selection. consequently, the professor have to brings up the harmony on dint of education and industries. The things which collegian think to be worth were 43.6%, intercourse of friend 30.3%, circle activity. 6.6% listening lecture, also, the leisure activity after school were 74.7% with friends. 16.4% alone. consequently, the professor has to guide of leisure activity after lesson. most collegian has a good relationship with their parent(91.6%) but the respond with bad relationship was 8.4%. The most serious agony which collegian think about is vocational problems (48.9%), the other sex problem(22.5%). The objects consult with agony was aquaintance(54.9%). The parent(5.1%), professors(2.3%), the collegian who did not consult with agony was 20.9%. The parents and the professor is not object consult with their agony. so that, the professors has to strengthen the education according to the human nature. As to job after graduation of such college, collegian who wish to be taken job on the fisheries and maritime industry were 50.5%, on the contrary, the collegian who wish to be taken a job no relation with his major subjects was 29.1% especially, the collegian who want to be embarked was 26.3% (fisheries 23.3%, maritime 30.5%). so that, we must adopt the counter plan for the globalization and effective investment on the fisheries and maritime college.

• Management & Information Systems Review
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• v.37 no.3
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• pp.115-130
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• 2018

The purpose of this study is to clarify the relationship between organizational characteristics and information systems characteristics or job satisfaction, attempts to examine the regulatory effects brought about by the adjustment of social capital theory. So far, The results of this study are based on the analysis of individual models from the perspectives of each functional organization such as HR, organization, finance, operation, and MIS. Therefore, this paper attempted a comprehensive analysis of factors affecting job satisfaction and firm performance by presenting an integrated research model of organizational perspectives in addition to the approach of MIS perspective. The characteristics of information system were promptness, CEO support, and compensation. And the organizational characteristics were multiple regression analysis using innovation, trust, and preferential factors. The analysis data is based on sixth data from the HCCP of Korea Productivity Center. According to the analysis results, all the variables had a significant influence on satisfaction, especially CEO support and trust. The analysis of the moderating effect between innovation and job satisfaction was moderated by vision sharing. Only the logistic regression analysis of the satisfaction with the average salary of the members among the demographic variables was statistically significant. Therefore, this study can be concluded that the overall satisfaction level will be improved by recognizing appropriate compensation as sufficient compensation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.69-82
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• 2015

This Research is based on the theory of the prior researches that have demonstrated a positive impact of the entrepreneurship and competitive advantages on business performance. And the purpose of this research which approaches in the viewpoint of combining a entrepreneurial attribute including two factors(entrepreneurship and commercialization capabilities) and the differentiated competitive advantage as a role of core competence is to examine how the combined competence affects the business performance. In order to achieve this purpose, we conduct a survey for CEO of 250 small firms which belong to the start-up phase and are located in the 6 administrative region with the assistance of Small & Medium Business Administration representatives and analyze empirically the survey data by utilizing statistical program(Spss 18.0). As the results, we conclude that the entrepreneurial attributes of small firms' CEO and DFCA have a positive impact on business performance respectively and the entrepreneurship, one of the two entrepreneurial factors, has a positive impact on choosing DFCA. Also we report that DFCA plays a mediating role with regards to relationship between entrepreneurial attributes and business performance. Therefore, this research suggests the followings: First, the CEO of start-up business should focus on building a differential competitive advantage which is the basis for creating competitiveness from the initial point. Secondly, he should make a alignment for core competencies, in order to reach the stable growth phase in the shortest period, through which the entrepreneurial attributes is to be inherent as a discriminatory competitive competence. Third, he should promote to establish a business strategy based on strengthening of entrepreneurship and discriminatory competitive as a growth strategy during start-up phase.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.1-26
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• 2020

The term 'Unicorns' in the corporate ecosystem was firstly introduced by Aileen Lee in 2013. It has been actively discussed in South Korea particularly to compare the level of the 'start-up ecosystem' from a global perspective. Accordingly, the Korean government has recently set a policy goal 'to nurture 20 Korean unicorn companies by 2022'. While the phenomenon of 'Unicorn Club Company' has been brought to the level of policy objectives and spread more widely to the public, existing academic research to understand its substantial and underlying implications has been insufficient. First, in this study, the characteristics of 479 'Unicorn Club' companies in 2019 were analyzed in-depth. Previous research has focused on the general status and trend by analyzing the number of unicorn companies by country and industry classifications. However, this study conducted a qualitative exploratory analysis by investigating descriptive statistics about unicorn companies, including their investors, while providing case studies. Also, cluster analysis, ANOVA, and multi-level regression were employed for quantitative exploration. The characteristics of individual companies were examined based on the "ERIS Model (Entrepreneur - Industry(Market) - Resource - Strategy Model)". Secondly, factors influencing its valuations were examined in connection with the previously analyzed characteristic variables and investor characteristics. Finally, based on these, the future direction of the "Unicorn Phenomenon" from the perspective of "Enterprise Ecosystem" and productively using it from the perspective of the public policy is suggested.

• Asia pacific journal of information systems
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• v.17 no.4
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• pp.113-132
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• 2007

Price rigidity involves prices that do not change with the regularity predicted by standard economic theory. It is of long-standing interest for firms, industries and the economy as a whole. However, due to the difficulty of measuring price rigidity and price adjustments directly, only a few studies have attempted to provide empirical evidence for explanatory theories from Economics and Marketing. This paper proposes and validates a research model to examine different theories of price rigidity and to predict what variables can explain the observed empirical regularities and variations in price adjustment patterns of Internet-based retailers. I specify and test a model using more than 3 million daily observations on 385 books, 118 DVDs and 154 CDs, sold by 22 Internet-based retailers that were collected over a 676-day period from March 2003 to February 2005. I obtained a number of interesting findings from the estimation of our logit model. First, quality seems to play a role-I find that both price levels as proxies for store quality, and information on the quality of a product consumers have, affect online price rigidity. Second, greater competition(i.e., less industry concentration) leads to less price rigidity(i.e., more price changes) on the Internet. I also find that Internet-based sellers more frequently change the prices of popular products, and the sellers with broader product coverage change prices less frequently, which seem due to economic forces faced by these Internet-based sellers. To the best of my knowledge, this research is the first to empirically assess price rigidity patterns for multiple industries in Internet-based retailing, and attempt to explain the variation in these patterns. I found that price changes are more likely to be driven by quality, competitive and economic considerations. These results speak to both the IS and economics literatures. To the IS literature these results suggest we take economic considerations into account in more sophisticated ways. The existence and variation in price rigidity argue that simplistic assumptions about frictionless and completely flexible digital prices do not capture the richness of pricing behavior on the Internet. The quality, competitive and economic forces identified in this model suggest promising directions for future theoretical and empirical work on their role in these technologically changing markets. To the economics literature these results offer new evidence on the sources of price rigidity, which can then be incorporated into the development of models of pricing at the firm, industry and even macro-economic level of analysis. It also suggests that there is much to be learned through interdisciplinary research between the IS, economics and related business disciplines.

• The Journal of the Korea Contents Association
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• v.11 no.1
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• pp.357-370
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• 2011

Using strategy group theory, this thesis reviewed the status of program providers analysis and the performances it has made so far, and sought measures to improve its limitations. The constraint of program providers analysis based on existing concept of strategy group is that the strategy group was derived from the statistics, and therefore only applied the characteristics of program provider's channels to the analysis, on account of which a systematic and sophisticated classification as well as generalization of strategy or strategy group were hard to obtain. Moreover, the PP strategy variables used to be selected at the firm level and business level, and in relation with resource and competition scope. In future, more appropriate procedure should be followed to obtain objectivity in selecting variables to avoid controversy over intentionality. The measures in this thesis to improve the study of PP strategy group can be summarized as follows: firstly analysis of variables for strategy group classification should be made to single out key variables which are to be classification criteria. Secondly, variables are to be cross-checked by industry experts to increase generalizability. Thirdly, proxy variables should be sublated, and strategy group model which enables the reflection of subsistent properties of PP industry, and the cognitive perception of the executives(CEO) needs to be established. Fourthly, the concepts of mobility barrier and isolating mechanism should be applied to the classification criteria of strategy group to reveal the gap of performance between different strategy groups. Lastly, chronicle study on PP strategy group should be done to perceive the dynamic changes of PP strategy group.