• Journal of Korea Port Economic Association
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• v.24 no.2
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• pp.43-69
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• 2008

The labor contract Law has been prepared as an important solution for social stability. After long disputes around the orientations of the law, On June 29, 2007, the new Chinese labor contract law is passed. This law reflects the changing labor relations because of economic reforms like restructuring of the state-owned enterprises and so on. This law contains more market-oriented clauses that are supplemented by corporatist scheme supported by trade unions than the first draft. This law emphasize labor's rights and interests to remove prior labor contract problem. So Chines government see this law as standard law to restructure social relationship and also require firms to corporate social responsibility. Therefore, implementation of the new Chinese labor contract law bring about increasing labor cost, infringement of autonomy for human resource management, rigidity of industrial relations. Under these situation, Korean shipping and port logistics companies need to introduce management system of minimized employment, prepare human resource management in response to long-term employment, maintain favor relationship with trade union, and set up counteiplan about risk of a labor dispute.

• Journal of the Korea Convergence Society
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• v.6 no.4
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• pp.139-146
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• 2015

WSN has been utilized in various directions from basic infrastructure of environment composition to business models including corporate inventory, production and distribution management. However, as energy organizations' private information, which should be protected safely, has been integrated with ICT such as WSN to be informatization, it is placed at potential risk of leaking out with ease. Accordingly, it is time to need secure sensor node deployment strategies for stable enterprise business. Establishment of fragmentary security enhancement strategies without considering energy organizations' security status has a great effect on energy organizations' business sustainability in the event of a security accident. However, most of the existing security level evaluation models for diagnosing energy organizations' security use technology-centered measurement methods, and there are very insufficient studies on managerial and environmental factors. Therefore, this study would like to diagnose energy organizations' security and to look into how to accordingly establish strategies for planning secure sensor node deployment strategies.

• Journal of Navigation and Port Research
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• v.40 no.6
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• pp.451-458
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• 2016

Since Modigliani and Miller developed their theory of capital structure in 1958, it has become one of the most debated issues in corporate management. This is because the capital structure decision necessarily affects financial risk and the firm's value. Throughout the research, one of the most concerning problems is determining what factors influence the firm's capital structure. Since Korean shipping firms have been suffering from a long term economic recession, an optimal capital structure has become increasingly critical to survive in the shipping industry. This paper studies panel data on 46 Korean shipping companies since 2000 to find the factors that affect capital structure. The results suggest that a negative relationship arises between firm size, tangible assets, profitability and non-debt tax shields against leverage. Otherwise, it proved that growth opportunity has a positive relationship with the firm's leverage. In the research model during a booming shipping economy, growth opportunity and non-debt tax shield are not associated with firm's capital structure.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.8
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• pp.86-93
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• 2018

This study examines the differences in the determinants of dividend payout across advance disclosure firms and ordinary disclosure firms using firm-level data from firms listed on the Korea Exchange. Results are as follows: First, firm characteristics of advance disclosure firms significantly differ from those of ordinary disclosure firms in all variables except sales growth and operating risk variables. Second, regression results show that the determinants of dividend payout from ordinary disclosure firms are generally similar to results of previous studies. However, determinants of advance disclosure firms contain only few variables such as Tobin's Q, corporate bond yield, and operating cash flows from conventional factors. Third, logistic regression results show that factors affecting the probability of dividend payment substantially differ across advance disclosure firms and ordinary disclosure firms. These results suggest that the motivation and incentive of dividend payout from firms choosing advance disclosure are substantially and systematically different from those of ordinary disclosure firms.

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.444-453
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• 2018

The study addresses the analysis on the financial determinants of corporate research and development (R&D) expenditure in finance. Overall level of R&D spending was estimated as one of the top-tier on a global basis and a majority of the expenditure was invested by large domestic firms in private sector. Consequently, financial factors that influence R&D intensity were empirically tested in the first hypothesis by using conditional quantile regression model for firms listed in KOSPI stock market in the post-era of the global financial turmoil. Firms in the groups of high- and low-R&D intensity were statistically compared to detect financial differences in the second hypothesis which was accompanied by the test of multi-logit model that included firms without R&D outlay. Concerning the results of the hypothesis tests, R&D spending of the prior fiscal year, firm size, business risk and advertising expense overall showed statistically significant impacts to determine the level. As an extended study of [1] that had examined financial factors of R&D intensity at the macro-level, the results of the present study are anticipated to contribute to maximizing shareholders' wealth in advance or emerging capital markets, when applied to find an optimal level of R&D expenditure.

• Management & Information Systems Review
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• v.37 no.1
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• pp.41-53
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• 2018

This study validates the trading rules based market anomalies and technical analysis in the Korean stock market. For the analysis, we built decile portfolios on the basis of corporate characteristics factors that clearly demonstrate specific patterns of stock returns including the firm size, book-to-market equity, and accruals. This portfolio was used to develop a portfolio based on the moving average trading strategy which was used for popular technical analysis tools, and then that was evaluated using the Sharpe ratio. We also created a zero-cost portfolio to identify the profitability and success rate of the moving average trading strategy. We lastly sought to ensure a more robust evaluation by calculating the Sortino ratio of the portfolio based on the moving average trading strategy with various lags. Key findings from this validation are as follows. First, a smaller firm size, a higher book-to-market equity, and lower accruals led to larger average returns. Second, the risk-adjusted performance of the moving average trading strategy was the highest in terms of the firm size, followed by book-to-market equity and accruals. Third, the returns of the zero-cost portfolios all had a positive value, with its overall success rate hovering over 68.8%, demonstrating the successfulness of the moving average trading strategy. Fourth, various evaluations revealed the economic usefulness of our trading strategy that used market anomalies and technical analysis.

• Journal of the Korean Geographical Society
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• v.42 no.4
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• pp.560-581
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• 2007

The purpose of this paper is to present a conceptual framework and a stage of development of trust building and to study the factors affecting on the trust building in economics space. Conceptual framework on trust building in economics space is combined of in the three approaches. The macro(structural and institutional) approach includes normative and regulative factors(laws, norms), and positionality in social and economic systems(beliefs, political ideologies, institutions). The meso(intersubjective) approach contains the personal fronts(expressive factors, social cues, significant symbols) and settings(physical space, intermediary such as technologies & knowledges). The micro(subjective) approach comprises the willingness(internalization of value) and calculation(risk and uncertainties analysis) of economic actors. According to sustainable cooperation among economic actors, trust building to the macro(structural and institutional) level, the meso(intersubjective) level, and the micro(subjective) level develop by stages. The factors such as long-term and repeated interaction, information sharing and reciprocity, interdependence and asset specificity, uncertainty, proximity, and culture & norm of corporate and formal institution are determinants on the trust building across economic actors in economic space.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.81-111
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• 2007

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Using an agency framework, we examine the relation between ownership structure and capital structure during post-IMF period. We used the balanced panel data for 378 korean listed companies during the 1999-2005. The panel data sets consist of time-series observation on each of 378 cross-sectional units. The results indicate a non-linear U-shaped relation between the level of managerial share ownership and leverage with the relation reaching a minimum at 58.48 per cent of management share ownership. As managerial share ownership increase from a low level, managers have incentive to reduce the debt level for decreasing the financial risk, resulting in a lower lever of debt. However, when corporate managers hold a significant proportion of a firm's shares, managers have incentive to increase the debt level for leverage effects, resulting in a higher lever of debt.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.4
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• pp.87-100
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• 2012

This study is to determine the key factors of internal situational characteristics, affecting the motivation and performance for overseas expansion of Korean venture business in global markets and to investigate the moderating effect of them on the relationship between entrepreneurship and overseas expansion. To meet the research purpose, by reviewing previous researches, we categorized internal factors into four situational factors of firm size with sales growth, firm age with main product's life cycle, overseas experience and organizational structure and into three entrepreneurship sub-categories of innovativeness, pro-activeness and risk-taking. As result of the statistical analysis of 289 small and medium-sized enterprises with Korean Venture Certificate, it is verified that the motivation for globalization has been influenced by firm size, entrepreneurship, and overseas experience. On the other hand, all factors excepting firm size have positive effects on globalization performance overseas. And, it also verified that there are positive moderating effects of internal situational factors on the relationship of entrepreneurship and the performance of globalization, wheres overseas experience only plays positive moderating effects on the relationship between entrepreneurship and the motivation of globalization. On the basis of these results, we discussed and suggested practical and political issues and implications in order to vitalize globalization of Korean SMEs in the conclusion.

• Journal of Service Research and Studies
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• v.7 no.3
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• pp.71-91
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• 2017

The purpose of this study is to suggest directions for enhancing competitiveness of corporate management by examining how individual creativity and organizational members' value innovation culture perception affect innovation behavior and knowledge sharing, and how innovation behavior and knowledge sharing affect organizational innovation performance and management outcomes In order to achieve these research objectives, the measurement variables of each variable were extracted through previous research and 423 valid samples were analyzed using SPSS 22.0 statistical package program and LISREL 9.1 to verify a hypothesis. As a result of this study, it was found that the creative thinking skills of the individual creativity, the meaningful tasks of the value innovation culture recognition, and the risk - taking culture have a significant influence on the innovation behavior. Only the meaningful tasks of organizational members' value innovation culture perception affect knowledge sharing. Innovation behavior has a significant effect on knowledge sharing and innovation performance, but not on business outcome. In addition, knowledge sharing has no significant effect on innovation performance but has a significant effect on business performance. Finally, we confirmed that innovation performance has a significant effect on management outcome.