• KDI Journal of Economic Policy
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• v.38 no.3
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• pp.17-35
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• 2016

In many advanced countries, most outside directors are executives, active or retired, at other firms; in other words, executives from other companies make executive compensation decisions. This situation may hinder the board of directors (BOD) in their efforts to optimize executive compensation levels objectively. Using a panel data analysis of the S&P 1500 companies, we provide supplemental evidence of whether, and to what extent, the concurrent executive employment of outside directors distorts the executive pay decisions at a given company. An unbiased fixed-effect estimation confirms that a $1.00 increase in CEO pay at outside directors' primary companies results in an approximate increase of $0.22 in CEO pay at the given company. From a policy perspective, this added agency problem - caused by the BOD and not by management - is noted as difficult to control; although a firm may establish board independence, the inherent concurrent employment of directors on a board continues to exist.

• The Korean Journal of Health Service Management
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• v.9 no.4
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• pp.183-196
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• 2015

Objectives : The purpose of this study was to analyze the factors affecting the level of subjective health recovery among injured workers. The aim in this study was to find an efficient worker's compensation service for subjective health recovery among injured workers. Methods : From the 1st panel study of worker's compensation insurance, data for 2,000 injured workers was analyzed with SPSS 22.0 and AMOS 22.0. Results : There was a statistically significant difference in the level of self-perceived health recovery depending on socio-demographic characteristics, disability characteristics and medical care services. Factors such as gender, education level, socio-economic level, disability level, claim duration, and treatment duration appropriacy affected the level of self-perceived health recovery. Conclusions : Worker's compensation services should take into consideration the factors that affect the health recovery of injured workers.

• KDI Journal of Economic Policy
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• v.41 no.2
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• pp.59-79
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• 2019

This study analyzes whether mutual fund distributors are more likely to recommend products with higher sales compensation to maximize their profit. The lists of the 'fund of the month' on their webpages are utilized from April of 2015 to August of 2015. A simple comparative analysis shows that the average sales fees and the average front-end load are significantly higher in the recommended funds among the A share class of domestic equity funds. The results of a regression analysis confirm that funds with high sales compensation levels are more likely to be recommended. This holds true for both domestic equity funds and hybrid bond funds even after controlling for fund age, fund size, and past returns.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.91-101
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• 2019

This paper finds some stylized facts about executive pay in South Korea. Using aggregate data of the listed companies since 2002, we find that 1) the director's remuneration has risen faster than the employee compensation, thus, the pay ratio of executive and employee has escalated from 3.0 to 4.5; 2) the executive compensation for large business group fluctuates more widely than that for small and medium enterprises does, hence the pay ratio for large firms changes widely too; 3) the median pay ratio has not grown monotonically but it rather rises to remain still around year 2011, which is accounted for mostly by small and medium enterprises. New information on executive compensation by compulsory disclosure starting from 2013 made further analysis of CEO compensation attainable. Based on the conventional regression analysis for 2013-2017, we find that 1) the elasticity of CEO pay with respect to firm value is about 0.18; 2) the volatility of stock return is negatively related to CEO pay; 3) contemporaneous stock return is positively associated with the pay; 4) there is insufficient evidence that large business groups pay their CEOs more than small and medium enterprises do. These results are robust under various model specifications.

• Journal of Labour Economics
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• v.39 no.1
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• pp.33-55
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• 2016

This paper examines the role of adverse working environments in the determination of workers' compensation in South Korean. I use the Third Korean Working Conditions Survey(2011), Occupational Safety and Health Research Institute that provide relevant variables in objective and subjective compensation and workers of diverse working environment. I find that risk factors in adverse working environments have a very minor role in the determination of individual wages. In contrast, adverse working environments have significant relationship with the level of compensation satisfaction. In addition, the results show that workers are more likely to receive compensation from psychological risk than physical risk. And women receive much more compensation in the psychological risk. These results provide useful information for improvement of working environments.

• The Journal of the Korea institute of electronic communication sciences
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• v.7 no.6
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• pp.1505-1511
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• 2012

This study intends to find out a solution to the problems with living measure system. Korea with great economic growth increase the demand of lands for housing, factories and public facilities. Under this circumstance, public developments have been driven in, loss compensation has changed from property compensation into living compensation. The improvements on practical compensation business is : First, it is necessary to legally stipulate living measure in the Act on Land. Second, beekeeping compensation should be tightened. Third, preferential hiring, job recommendation and vocational training should be offered to residents'. These living measures will promote smoothly public development projects.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.67 no.5
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• pp.611-616
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• 2018

In the cost based pool market in Korea, there is no compensation of reactive power because the fuel cost for reactive power is relatively low compared to that of active power. However, the change of energy paradigm in the future, such as widespread integration of distributed renewable energy source, will prevent the system operator from mandating the reactive power supply without any compensation. Thus, in this study, we propose the reference voltage of the 345 kV transmission system that minimizes the reactive power supply. This is closely related to the economic dispatch of reactive power aiming at minimizing the compensation cost for the reactive power service. In order to verify the effectiveness of the proposed reference voltage, the simulations are performed using the IEEE 14 bus system and the KEPCO real networks. The simulation results show that a voltage lower than the current reference value is recommended to reduce the reactive power supply and also suggest that the current voltage specification for the 345 kV system needs to be reviewed.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2008.05a
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• pp.7-10
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• 2008

As the land price in the downtown area increases, buildings are becoming bigger, deeper and higher. Consequently, the importance of underground construction has increased. Although construction engineers make every effort to complete underground construction without any problem, construction failures like landslides and the collapse of a retaining wall occur because of the uncertainty of the soil conditions as well as the unexpected risks of excavation work. In order to prevent potential excavation accidents, it is essential to understand the causes and impacts of such accidents. However, there are only a few examples of construction failures, which show the economic impact on accidents during excavation because of the sensibility of the information. This paper presents two cases of excavation accidents, which were investigated by construction insurance company. The compensation for the accidents paid by the insurance company was compared with the estimated costs calculated based on the estimation method for excavation accidents proposed by our previous study. The comparison results showed that the estimate calculated by our method was much less than the actual compensation because the estimate solely focused on the construction costs whereas the compensation included other external factors.

• The Korean Journal of Franchise Management
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• v.12 no.2
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• pp.35-49
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• 2021

Purpose: The major objective of this study is to develop a model for the impact of franchisors' Gapjil (verbal·nonverbal Gapjil, abusing bargaining position, refusing transaction, false or exaggerated information, restrictive practices, unfair damage compensation) on franchisee's recontract intention. We also examine the mediating role of economic satisfaction and social satisfaction in the relationship between franchisors' Gapjil and franchisee's contract intention. Research design, data, and methodology: Data were collected from franchisee owners located nationwide in Korea. Out of 256 questionaires distributed, a total of 256 questionnaires were returned. After excluding 10 invalid respondent questionnaires, we coded and analyzed 246 valid questionnaires (effective response rate of 96.09%) using frequency, confirmatory factor analysis, correlations analysis, and structural equation modeling with SPSS 22.O and SmartPLS 3.0. Results: The findings of this study are summarized as follows: First, among the Gapjil of the franchisors, restrictive practices and unfair damage compensation had negative effects on economic and social satisfaction, but verbal and nonverbal Gapjil for economic and social satisfaction was not significant. Second, abusing bargaining positions and false or exaggerated information had negative effects on social satisfaction, but for economic satisfaction, found to be insignificant. Third, economic and social satisfaction had positive effects on the franchisee's recontract intention to the franchisor. Conclusion: The following implications of this study are as follows. First, the construct of Gapjil that occurs between the franchisors and the franchisees was first presented, and the franchisors' Gapjil is divided into interpersonal Gapjil and structural Gapjil. Second, the Gapjil of the franchisors can be an important predictor variable in maintaining and developing a long-term relationship between the franchisors and the franchisees. Third, solving conflict due to the Gapjil problem between franchisors and franchisees can be an important factor for franchisors and franchisees to co-survive and thrive in Korean franchise system. Fourth, this study suggest that managing the Gapjil of the franchisors was a important antecedent factor in maintaining long-term relationship between the franchisors and the franchisees. Therefore, this study will help franchisors formulate effective symbiotic marketing strategies to satisfy relationships with franchisees and consequently enhance long-term orientation.

• The Journal of the Korea Contents Association
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• v.15 no.8
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• pp.313-325
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• 2015

This study aims to address factors affecting economic preparation of the elderly with industrial injury using Andersen model. In addition, it is also to explore differences in accordance with changes in the employment status between regular employees and non-regular employees. The authors analyze Panel Study of Worker's Compensation Insurance(PSWCI)'s 1st wave data in the logistic regression model. The authors found gender and education were related to economic preparation. In addition, earned income, national health insurance and the degree to which pain interferes with daily life and the lives caused by industrial accidents were associated with economic preparation. But national pension was not statistically significant to economic preparation. Based on the findings, the researchers addressed political implications to enhance financial security of injured workers.