• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.3
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• pp.470-475
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• 2021

This paper analyzed the differences in the relationship between banking service automation and employment by bank ownership type. We found significant differences in the restructuring of the labor force and increasing banking service automation between foreign banks (owned by foreign capital) and local banks. Foreign banks showed the possibilities of reducing the regular labor force through the increase in banking service automation. However, banking service automation in local banks has reduced only the number of irregular employees but increased regular employees. This paper suggests new evidence on the differences between foreign and local banks in banking personnel management with the increase in banking service automation. This paper contributes to the preceding research areas of banking, business, and governance. In addition, this paper provides important insights on banking service automation, employment, and foreign banks for banking managers and policymakers.

• 한국사회정책
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• v.20 no.2
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• pp.69-96
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• 2013

This paper is to critically review the economic reasoning of non-sustainability of welfare state due to its intrinsic incentive problems and to see how the nordic welfare state responds to them. The welfare state as a political design of state to pursue equality has social insurance as its main economic function. It survives market failure of private insurance to contribute to human capital investment and industrial restructuring. The universal tax-financed welfare state, however, has the problem of tragedy of commons such as reduced work incentive and work ethics. But, the existing nordic welfare state overcomes it through employment-focused policy arrangements, maintenance of work ethics and benefits moral, incentive mechanism of wage-compression, public educational investment and its complementation with social security. The Nordic model shows that problems of incentive and moral are not about those of theory and reasoning, but about their reality which policies and institutions could respond to.

• Journal of the Korean Geographical Society
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• v.28 no.3
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• pp.213-226
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• 1993

In Korea, the urban studies of geography have mainly dealt with such a series of research as system of urban place and internal structure of urban area. The existing studies have been carried out with ecological approach. Ecologists, now a days, regard organiation and transfor-mation of the urban space as the process of invasion, succession, and segregation. However it is more proper that cities should be considered not as fragmantary objects, as some ecologists insist, but as synthetic ones in social structure. This research, with adopting a case of the renewasl of central area in Seoul, tried to make it clear that the formation and transition of the city is a product of social structure and examined polical and economic logic which exists in variation of urban space in detail. The results of this study are as follows; Urban renewal of central area is closely related with production and reproduction in capitalist society. In urban center, as business activities had increased since 1973 due to decen-tralization of production process, the necessity of reorganizing the land use in existing central area accordingly increased. The urban renewal program of central area in Seoul was inrroduced under such situation. The urban renewal of central area reflecting the capital logic has changed the central area with six hundred year's tradition. From the urban renewal of central area, not only was the central area, which traditionally had been mixed with various fun-ctions, simplified into the unitary area of busi-ness, but also physical landscape changed. As the land lot in renewal area expanded into regular shape, buildings became larger and taller. The program tremendously raised the price of related area. Aiming at these profits caused by the raised price, a great number of capitalists participated in the program. And as the benefit ratio of the manufacture sector continuously dropped with the economic recession, the pro-gram was carried out much more vigorously. That was because the idle capital accumulated during the recession was invested in property sector and was self-proliferated. The urban renewal raised the land value of central area and drove out the people living in this area. The people moved into the whole parts of the city resulting diffused squatter settlements. And the urban changes in central area were results of the policy of municipal authorities, who supported and systematized the changes lawfully and administratively, as well as reali-zation of capital logic. Due to the renewal policies of central area in Seoul, much more renewals by the only capitalists were carried out than those by the people themselves living in that area. The integration of land ownership in the law of urban renewal shows the reason of that. Moreover, the law allows the third deve-loper to participate in the tasks and admits the land expropriation rights. The municipal autho-rities guaranteed the profitability of the tasks through finacial aid, tax benifit, and relaxation of regulations for construction. As examined above, the changes in the land use of urban space have been led not by the ecological process of development of the city itself, but by the restructuring of capitalism and the intervention of the government authorities.

• KDI Journal of Economic Policy
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• v.13 no.4
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• pp.91-116
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• 1991

Market liberalization progressing simultaneously with high and rapidly rising domestic wages has created an adverse business environment for domestic firms. Korean firms are losing their international competitiveness in comparison to firms from LDC(Less Developed Countries) in low-tech industries. In high-tech industries, domestic firms without government protection (which is impossible due to the liberalization policy and the current international status of the Korean economy) are in a disadvantaged position relative to firms from advanced countries. This paper examines the division of roles between the private sector and the government in order to achieve a successful structural adjustment, which has become the impending industrial policy issue caused by high domestic wages, on the one hand, and the opening of domestic markets, on the other. The micro foundation of the economy-wide structural adjustment is actually the restructuring of business portfolios at the firm level. The firm-level business restructuring means that firms in low-value-added businesses or with declining market niches establish new major businesses in higher value-added segments or growing market niches. The adjustment of the business structure at the firm level can only be accomplished by accumulating firm-specific managerial assets necessary to establish a new business structure. This can be done through learning-by-doing in the whole system of management, including research and development, manufacturing, and marketing. Therefore, the voluntary cooperation among the people in the company is essential for making the cost of the learning process lower than that at the competing companies. Hence, firms that attempt to restructure their major businesses need to induce corporate-wide participation through innovations in organization and management, encourage innovative corporate culture, and maintain cooperative labor unions. Policy discussions on structural adjustments usually regard firms as a black box behind a few macro variables. But in reality, firm activities are not flows of materials but relationships among human resources. The growth potential of companies are embodied in the human resources of the firm; the balance of interest among stockholders, managers, and workers of the company' brings the accumulation of the company's core competencies. Therefore, policymakers and economists shoud change their old concept of the firm as a technological black box which produces a marketable commodities. Firms should be regarded as coalitions of interest groups such as stockholders, managers, and workers. Consequently the discussion on the structural adjustment both at the macroeconomic level and the firm level should be based on this new paradigm of understanding firms. The government's role in reducing the cost of structural adjustment and supporting should the creation of new industries emphasize the following: First, government must promote the competition in domestic markets by revising laws related to antitrust policy, bankruptcy, and the promotion of small and medium-sized companies. General consensus on the limitations of government intervention and the merit of deregulation should be sought among policymakers and people in the business world. In the age of internationalization, nation-specific competitive advantages cannot be exclusively in favor of domestic firms. The international competitiveness of a domestic firm derives from the firm-specific core competencies which can be accumulated by internal investment and organization of the firm. Second, government must build up a solid infrastructure of production factors including capital, technology, manpower, and information. Structural adjustment often entails bankruptcies and partial waste of resources. However, it is desirable for the government not to try to sustain marginal businesses, but to support the diversification or restructuring of businesses by assisting in factor creation. Institutional support for venture businesses needs to be improved, especially in the financing system since many investment projects in venture businesses are highly risky, even though they are very promising. The proportion of low-value added production processes and declining industries should be reduced by promoting foreign direct investment and factory automation. Moreover, one cannot over-emphasize the importance of future-oriented labor policies to be based on the new paradigm of understanding firm activities. The old laws and instititutions related to labor unions need to be reformed. Third, government must improve the regimes related to money, banking, and the tax system to change business practices dependent on government protection or undesirable in view of the evolution of the Korean economy as a whole. To prevent rational business decisions from contradicting to the interest of the economy as a whole, government should influence the business environment, not the business itself.

• Journal of Distribution Science
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• v.13 no.9
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• pp.95-101
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• 2015

Purpose - This study provides evidence of the impact of the mandatory adoption of Korean equivalents to International Financial Reporting Standards (K-IFRS) on accounting quality. K-IFRS uses fair value as a basis of measurement and is characterized by principle-based standards. These characteristics can lead to a decrease in conservatism. Therefore, this study aims to examine whether or not there is a change in the level of conservatism before and after the enforcement of K-IFRS (2007~2014). By comparing 2007 through 2008 and 2013 through 2014 (excluding 2009 to 2012), we test "the temporary adjustment phenomenon" and document an overall decline in the degree of conservatism after the adoption of K-IFRS. Research design, data, and methodology - Our sample is comprised of data of all listed Korea Composite Stock Price Index (KOSPI) manufacturing distribution companies in Korea from 2007 to 2014, which yields the pooled sample of 4,412 (panel A) and 1,915 (panel B) firm-year observations for hypotheses 1 and 2. In line with recent literature, we adopt the Givoly and Hayn (2000) model, which recomputes the non-operating accruals, excluding two components that are most likely to capture the effect of restructuring activities: special items and gains or losses from discontinued operations. In addition, we also use these variables: SIZE, LEV, INV_CYCLE, ROA, OWN, and FOR. Results - Our sample period spans 2007 to 2014. This offers evidence on the effect of the mandatory adoption of IFRS on conservatism. Our findings can be summarized as follows. First, in panel A, for mandatory K-IFRS adoption (2011), we do not find any significant evidence of conservatism. We can guess that the "temporary adjustment phenomenon" is the reason that we do not find significant evidence of conservatism. Second, we investigate panel B from 2009 to 2012. We document an overall decline in the degree of conservatism after the adoption of K-IFRS. We can assume that these results are due to "the temporary adjustment phenomenon." Conclusions - This study finds that conservatism significantly decreased after IFRS adoption. In particular, this study makes the initial effort to elucidate "the temporary adjustment phenomenon" to analyze the effect of K-IFRS on conservative accounting. We argue that K-IFRS are conceptually conservative but that inappropriate application of the conservatism principles is likely to prevent financial reporting from reaching the level of conservatism targeted by the IASB. Overall, this paper contributes to the literature on IFRS and can be useful to capital market supervisors who are monitoring the trends of the firms implementing K-IFRS. Additionally, our results inform stakeholders of the potentially negative effect of the greater flexibility permitted by IFRS and/or lack of appropriate enforcement on key dimensions of accounting quality. This has important implications for Korean regulators and standard setters as they review the cost and benefits of IFRS. Our study also sheds light on the importance of the institutional environment in achieving the targeted objectives for improving financial reporting quality.

• Korean journal of communication and information
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• v.78
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• pp.177-205
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• 2016

This study set out to investigate the reality of local press and changes to the occupational identity of reporters through the job mobility of reporters at local newspapers. The study examined what reasons the reporters had when they retired from one of three paper newspapers in Daejeon, where they moved to, and how their career mobility was. Some of them remained in the field of journalism including paper newspapers of the same kind and Internet newspapers, and others moved to various areas including politics, administration, academy, economy, and culture and art. The biggest number of them said they left their old paper newspapers because of poor wages and welfare benefits and absence of future visions. Their decision of leaving their old paper newspapers was also influenced by restructuring, restrictions to coverage and reporting, and great workload. Before the IMF foreign currency crisis in 1997, the press labor market was a typical internal labor market with the practitioners joining a newspaper in open recruitment and climbing up the promotion ladder from a common reporter through Deputy Head and Head of a department to Director of a bureau. The emergence of new media and the financial difficulties of newspaper corporations were currently making the internal labor market worse. Reporters made active use of social capital such as regionalism, alumni ties, and news beats rather than changing jobs by increasing their professionalism through self-development, thus causing side effects including the weakened supervision and criticism functions of local newspapers and damaging their occupational identity as reporters.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.4
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• pp.421-437
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• 2009

China has transformed her strategies for economic development from exogenous development founded on foreign capitals to endogenous development based on enhancing technology innovation capabilities since 2000. More specifically, Chinese business activities have coupled with new institutional settings which enable them to facilitate advanced technology and management methods. As a result, the characteristics of the spatial economy in China are likely to transfer from export-led developmental space to technology-oriented developmental space. In this context, this paper aims to identify the characteristics of technology-oriented space by investigating intra-, inter- and extra-firms relations of Korean FDI firms in Shanghai, China. In terms of intra-firm relations, Korean FDI firms adopted strategies for maximizing business efficiency and effectiveness by transforming their personal networks into formal networks. In terms of inter-firm relations, the distinction of Korean FDI firms' networks has been found in accordance with firm size, industrial sectors, ways of investment etc. Finally, Korean FDI firms has formal networks resulted from institutional involvement, as well as informal (personal) networks based on guanxi (inter-personal relations) in extra-firm relations. Therefore, two types of processes affecting the networks and institutional legacies of the Soviet system can be identified. First is the interaction of institutions and restructuring of pre-existing networks. Second is the insulated institutions and endurance of preexisting networks. And these two governance types have created regional economies which are embedded and over-embedded.

• Journal of the Korean Data and Information Science Society
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• v.23 no.2
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• pp.257-269
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• 2012

Global crisis expedites the change in the environment of industry and puts small size enterprises in danger of mass bankruptcy. Because of this, domestic small size enterprises is an urgent need of restructuring. Based on the small business data registered in the Credit Guarantee Fund, we estimated the survival probability in the context of the survival analysis. We also analyzed the survival time which are distinguished depending on the types of business in the small business. Financial variables were also conducted using COX regression analysis of small businesses by types of business. In terms of types of business wholesale and retail trade industry and services were relatively high in the survival probability than light, heavy, and the construction industries. Especially the construction industry showed the lowest survival probability. In addition, we found that construction industry, the bigger BIS (bank of international settlements capital ratio) and current ratio are, the smaller default-rate is. But the bigger borrowing bond is, the bigger default-rate is. In the light industry, the bigger BIS and ROA (return on assets) are, the smaller a default-rate is. In the wholesale and retail trade industry, the bigger bis and current ratio are, the smaller a default-rate is. In the heavy industry, the bigger BIS, ROA, current ratio are, the smaller default-rate is. Finally, in the services industry, the bigger current ratio is, the smaller a default-rate is.

• Journal of Distribution Science
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• v.10 no.7
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• pp.33-41
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• 2012

The purpose of this study is to analyse the state of the energy industry and to determine the efficiency of its functioning on the basis of energy conservation principle and application of innovative technologies aimed at improving the ecological modernisation of agricultural sectors of Kazakhstan. The research methodology is based on an integrated approach of financial and economic evaluation of the effectiveness of the investment project, based on calculation of elasticity, total costs and profitability, as well as on comparative, graphical and system analysis. The current stage is characterised by widely spread restructuring processes of electric power industry in many countries through introduction of new technical installations of energy facilities and increased government regulation in order to enhance the competitive advantage of electricity market. Electric power industry features a considerable value of creating areas. For example, by providing scientific and technical progress, it crucially affects not only the development but also the territorial organisation of productive forces, first of all the industry. In modern life, more than 90% of electricity and heat is obtained by Kazakhstan's economy by consuming non-renewable energy resources: different types of coal, oil shale, oil, natural gas and peat. Therefore, it is significant to ensure energy security, as the country faces a rapid fall back to mono-gas structure of fuel and energy balance. However, energy resources in Kazakhstan are spread very unevenly. Its main supplies are concentrated in northern and central parts of the republic, and the majority of consumers of electrical power live in the southern and western areas of the country. However, energy plays an important role in the economy of industrial production and to a large extent determines the level of competitive advantage, which is a promising condition for implementation of energy-saving and environmentally friendly technologies. In these circumstances, issues of modernisation and reforms of this sector in Kazakhstan gain more and more importance, which can be seen in the example of economically sustainable solutions of a large local monopoly company, significant savings in capital investment and efficiency of implementation of an investment project. A major disadvantage of development of electricity distribution companies is the prevalence of very high moral and physical amortisation of equipment, reaching almost 70-80%, which significantly increases the operating costs. For example, while an investment of 12 billion tenge was planned in 2009 in this branch, in 2012 it is planned to invest more than 17 billion. Obviously, despite the absolute increase, the rate of investment is still quite low, as the total demand in this area is at least more than 250 billion tenge. In addition, industrial infrastructure, including the objects of Kazakhstan electric power industry, have a tangible adverse impact on the environment. Thus, since there is a large number of various power projects that are sources of electromagnetic radiation, the environment is deteriorated. Hence, there is a need to optimise the efficiency of the organisation and management of production activities of energy companies, to create and implement new technologies, to ensure safe production and provide solutions to various environmental aspects. These are key strategic factors to ensure success of the modern energy sector of Kazakhstan. The contribution of authors in developing the scope of this subject is explained by the fact that there was not enough research in the energy sector, especially in the view of ecological modernisation. This work differs from similar works in Kazakhstan in the way that the proposed method of investment project calculation takes into account the time factor, which compares the current and future value of profit from the implementation of innovative equipment that helps to bring it to actual practise. The feasibility of writing this article lies in the need of forming a public policy in the industrial sector, including optimising the structure of energy disbursing rate, which complies with the terms of future modernised development of the domestic energy sector.

• Maritime Security
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• v.4 no.1
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• pp.1-56
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• 2022

Why has India become a key actor in the maritime-configured Indo-Pacific region? There are some external factors, but for India, its geo-strategic frontier encompassing its geopolitical and maritime interests is expanding rapidly beyond its territorial space across both the Indian and Pacific oceans amidst an increasingly arduous geopolitical and security environment. India must, therefore, acquire the ability to influence events within this strategic arena using all facets of national power, including maritime-military power. Lately, therefore, New Delhi has invested much intellectual capital to review its maritime-security strategy. India's new strategy is premised on the concept of holistic security involving the 'softer' aspects of maritime-security, and a rekindling of maritime consciousness in India, a nation that has traditionally been beset by 'sea-blindness'. The strategy adopts a region-wide, inclusive, and a more proactive approach than hitherto, as is evident in its title 'Ensuring Secure Seas: Indian Maritime Security Strategy'. While it deals with the growing concern of new non-traditional threats in the Indian littoral and the need for military deterrence and preparedness, it also addresses the imperatives for India to seek a favorable and rules-based benign environment in its immediate and extended maritime periphery, including through multi-vectored strategic partnerships dictated by its enduring principle of strategic autonomy. For a more profound and comprehensive understanding of India's maritime-security strategy, this paper examines the key unstated and implicit factors that underpin the strategy. These include India's historical and cultural evolution as a nation; its strategic geography; its geopolitical and security perceptions; and the political directions to its security forces. The paper deals specifically with India's response to maritime threats ranging from natural disasters, crime and state-sponsored terrorism to those posed by Pakistan and China, as well as the Indian Navy's envisaged security role East of the Malacca Straits. It also analyzes the aspects of organizational restructuring and force planning of India's maritime-security forces.