• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.779-788
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• 2020

Commercial banks play an important role as the main source of funding in the transition process of Vietnam as a market economy. As a result, enhancing the efficiency and productivity of Vietnamese banks can decrease the lending cost for individuals and enterprises. This study is to measure and analyze the productivity change of Vietnamese banking system in different ownership cohorts and sources of this change during the period of restructuring (2011-2019). The Hicks-Moorsteen total factor productivity index is utilised to measure the productivity change and to identify the sources of this change. For an empirical analysis, the data of 28 Vietnamese commercial banks from 2011 to 2018 is collected from their financial statements including balance sheets and income statements. The results show an increase of Vietnamese bank productivity due to the technological progress. While foreign and joint-venture banks are the most advanced cohort, state-owned banks have the lowest rate of productivity growth. The restructuring program negatively impacts scale efficiency and this measure attributes to a decline in the overall efficiency of the banks. We also found that state-owned commercial banks are the most efficient group in the sense that they can achieve the maximal level of revenue from a given amount of expense.

• Management & Information Systems Review
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• v.35 no.2
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• pp.273-284
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• 2016

The objective of this study is to analyze the market efficiency in the futures markets. Although many previous studies have investigated market efficiency between spot and futures prices, that with different maturities has not been studied in the futures markets extensively. For our objective, this paper examines KOSPI200 stock index future market with different maturities. We analyze the dynamic serial relationship of the difference of basis between nearest-month contract and next nearest-month contract using dynamic regression analysis suggested by Kawamoto and Hamori(2011) Using the data from 2000. 1 to 2013. 12, the major empirical findings are as follows: First. the mean and standard deviation of basis of next nearest-month contract is bigger than those of nearest-month contract. Second, the t-period basis of nearest-month contract can be explained by (t-1)period basis of that. Third, the basis spread of t-period and (t-1)period have negative affect on the return of underlying assets. This result is very reasonable because two basis spreads are derived from same underlying assets. Finally, basis information of next nearest-month contract can be used for the prediction of nearest-month contract and spot market return.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.2
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• pp.65-73
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• 2018

The dynamic capabilities of sensing market signals, creating new opportunities and reconfiguring resources and capabilities to new opportunities in a rapidly changing economic environment determines the competitiveness of the enterprise to create added value and survival. This study conceptualized a two-stage performance measurement framework based on the casual model of resource (input)-process-performance (output). We have developed a 'Process capability index' that reflect the dynamic capabilities factors as a key intermediary product linking resource inputs and performance outputs in enterprise performance measurement. The process capability index consists of four elements : manpower (level of human resource), operation productivity, structure and risk management. The DEA (Data Envelopment Analysis) model was applied to the developed performance indicators to analyze the branch office performance of a telecom company. Process capability efficiency (stage 1) uses resource inputs to reach a certain level of process capabilities. In performance result efficiency (stage 2), the process capabilities are used to generate sales revenues and subscribers. The two-stage DEA model derives intermediate output values that optimize the individual stages simultaneously. Some branch offices in the telecom company have focused on process capability efficiency or some other branch offices focused on performance result efficiency. Positioning map using two-stage efficiency decomposition and benchmarking can help identify the sources of inefficiencies and visualize strategic directions for performance optimization. Applications of two-stage DEA in conjunction with the case study that are meaningfully used in performance measurement areas have been scarce. In particular, this paper has the contribution to present a new performance measurement model considering the organization theory, the dynamic capabilities.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.58 no.3
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• pp.437-443
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• 2009

In recent years, electric power systems have been experiencing a rapid change due to the increasing electricity market. For the effective use of power system under the deregulated environment, it is important to make a fast and accurate calculation of the maximum available transfer capability (ATC) from a supply point to a demand point. In this paper, the purpose of this research is to calculate ATC fast and accurately for securing the stability of system and raising the efficiency as a result of anticipating transmission congestion according to transmission open access progressed in the future under the regulated environment of electricity market. In this paper, a study utilized a relation of the potential energy and energy function by which calculated CCT and then utilized a relation of PEBS for transient stability ATC calculation. In this paper, ATC was calculated as RPF and Energy Function method and calculation results of each method was compared. Contingence ranking method decided the weak bus by the Eigenvalues of Jacobian matrix and overloading branches by PI-index. As a result, a study proved the fast and accurate ATC calculation method considering transient stability suggested in this paper. Through the case study using New England 39 bus system, it is confirmed that the proposed method can be used for real time operation and the planning of electric market.

• Journal of Korean Institute of Industrial Engineers
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• v.37 no.4
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• pp.367-381
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• 2011

Reducing waste for the efficiency of production is becoming more important because of the rapidly changing market circumstances and the rising material and oil prices. The dispatching also has to consider the characteristic of production circumstance for the efficiency. The production circumstance has the non-identical parallel machines with rework rate since machines have different capabilities and deterioration levels in the real manufacturing field. This paper proposes a dispatching method, FTLR (Flow Time Loss Index with Rework Rate) for production efficiency. The goal of FTLR is to minimize flow time based on such production environments. FTLR predicts the flow time with rework rate. After assessing dominant position of expected flow time per each machine, FTLR performs dispatching to minimize flow time. Experiments compare various dispatch methods for evaluating FTLR with mean flow time, mean tardiness and max tardiness in queue.

• Asia Marketing Journal
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• v.15 no.1
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• pp.57-81
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• 2013

The purpose of this paper is to seek ways to improve the competitiveness of Korea's fashion industry by utilizing the source of competitiveness of Japan's fashion industry, which represents the world's leading countries in terms of fashion, so that Korea can better enter the global fashion market. The study shall first compare the competitiveness of the Japanese and Korean fashion industries by utilizing the generalized double diamond model; second, provide an understanding of what the Japanese fashion industry can offer to Korean fashion industry and companies - that is, understand what the Japanese fashion industry's competitive edge is; and third, study the kind of global competitiveness that Korea's fashion industry must achieve. To adopt a generalized double diamond model to compare the competitiveness of the Korean and Japanese fashion industries, we selected 31 sub-variables to act as determinants of the model. That is, we extracted 31sub-variables by doing research of literature to analyze national competitiveness of the fashion industries. To measure these 31 sub-variables, secondary data was gathered. We collected data related to each sub-variable from various sources of Korea and Japan. And to calculate the competitiveness index, we took three steps with reference to previous studies. We found that status of the fashion industry of the two countries as it stands. That is, Japan is an advanced country of which fashion industry is domestic market-oriented while Korea is a small open economy that mainly focuses on the foreign market. Out of 31 proxy variables, Korea's fashion industry shows higher measurements relating to production and export than Japan, but Japan's fashion industry reports higher measurements than Korea in the fields of R&D, design and brand power, the rate of value added, the efficiency of companies and globalization. In order for Korea's fashion industry to achieve competitiveness in the global market, it should pursue the following development direction. First, it is very difficult for Korea to follow the footsteps of the U.S. and Japanese fashion industries that are able to take advantage of economies of scale, because Korea is smaller than those countries. Therefore, in the case of small economies such as Singapore, strengthening of international activities will practically improve domestic determinants that Korea should improve its domestic diamond by enhancing the current competitiveness of its international diamond. In other words, Korea needs to further endeavor to develop and expand global resources and markets as well as improve its competitiveness in terms of R&D, design and brand power, the rate of value-added, and the efficiency of companies. As the Korean fashion industry shows relatively advanced level of information technology and the fashion education system, it has considerable potential to grow. Korea is expected to have a huge growth potential since it has relatively higher level of information technology, fashion education system and activities than those of Japan in both the domestic diamond and international diamond. In particular, a better environment is laid out before Korea to gain competitiveness in the fashion industry due to the recently growing influence of the Korean Wave that Korea is expected to grow as a leader in the Asian market as well as in the global market.

• Journal of Distribution Science
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• v.13 no.4
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• pp.45-53
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• 2015

Purpose - Online shopping enables consumers to conveniently purchase products irrespective of the time and place. As a result, several online shopping companies have emerged to cater to this growing market and, therefore, the competition among them has become increasingly intense. This paper evaluates the comparative efficiency of online shopping companies for a multi-year period (2009-2013), in order to help online shopping managers identify major drivers for enhancing management efficiency and the subsequent competitiveness. Research design, data, and methodology - The researchers collected the data from 2009 to 2013 from the distribution yearbook. This paper analyzes the marketability (sales figures), profitability (business profits), and management conditions (net profits) of domestic online shopping enterprises by incorporating information on human resources (number of employees) and material resources (total assets and capital). Therefore, the number of employees, total assets, and capital are selected as input variables, and sales figures, business profits, and net profits as the output variables. In this study, Data Envelopment Analysis (DEA) was used to measure the comparative efficiency of domestic online shopping companies. In addition, the Malmquist Productivity Index was used to evaluate the trend of change of Decision Making Units' (DMUs') efficiency for a multi-year period. Results - First, as of 2013, Interpark (2.415) was found to be the most efficient online shopping enterprise, followed by Aladdin Communications (2.117), Hyundai Home shopping (1.867), Home&Shopping (1.176), NS Home shopping (1.170), Commerce Planet (1.126), CJ O Shopping (1.105), Ebay Korea (1.088), and GS Home Shopping (1.051). Second, this study recognizes how the management efficiency has changed for the period 2009-2013. Third, the lesser the capital and employees, the more are the net profits, and the better is the management efficiency of domestic online shopping companies. Lastly, the productivity of such companies is influenced by endogenous factors rather than exogenous factors such as shifts in business environment and technological advances. Conclusions - DHC Korea influenced various distribution channels to reach customers through the Internet. Consequently, this helped in increasing the awareness about its products, in addition to an increase in sales. These achievements can be attributed to the characteristics of online shopping companies. Although it is easy for these companies to suggest goods for one-off purchases, they however have difficulties in retaining customers. Overcoming this challenge can be one of the ways to benchmark a successful case of an efficient company. For example, an online shopping company can attract customers by developing a corresponding mobile application as a convenient way to shop online. Additionally, they can satisfy customers by quick delivery of purchased products, which is possible by building an effective logistics network. Our study indicates that the productivity of an online shopping company was influenced by endogenous factors driven by improvements in managerial practices rather than exogenous factors. Accordingly, online shopping companies should adopt strategies to improve their operational efficiency rather than sales volume-oriented management.

• Journal of Technology Innovation
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• v.28 no.2
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• pp.1-36
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• 2020

While the policy intervention of each country for the promotion of renewable energy is strengthened, Korea introduced Feed-in Tariff (FIT) in 2002 to directly support the development of renewable energy. But in 2012, the shift of policy instrument that from FIT to Renewable Portfolio Standard (RPS) is occurred. This is a unique background that is currently found only in Korea, and new answers that focus on the outcomes of the shift of policy instruments are needed in addition to the existing discussion of comparison of FIT and RPS. Therefore, this study analyzed the change of policy efficiency after the shift to RPS using Data Envelopment Analysis(DEA) and Malmquist Index. In the result of analysis, a difference in the improvement of policy efficiency after in shift to RPS is found among each renewable energy source. This result is because renewable energy companies voluntarily entered the market only for energy sources that have secured technology or price competitiveness, and this indicates that the performance of renewable energy after the RPS shift has been concentrated on specific energy sources. As a result of this study, considering that the goal of renewable energy policy is to expand distribution and to drive growth engines, multi-faceted analysis is required in consideration of technology and market in selecting policy instruments.

• The Journal of the Korea Contents Association
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• v.13 no.7
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• pp.432-439
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• 2013

In this study, we evaluate the volatility of housing prices by using literature review and empirical analysis and furthermore we suggest how to improve. In order to diagnose housing market, the KB Bank's House Price Index, Real estate 114;s materials were compared. In addition, to examine the volatility, GARCH (Generalized Autoregressive Conditional Heteroskedasticity) and EGARCH (Exponential GARCH) model are used. By analysis of this research, we found the volatility of housing price also was reduced in the medium and the large houses since 1998, while the volatility of small housing price relatively was large. We proved that the price change rate of small housing was higher than the medium's. On the order hand, the supply of small apartments fell down sharply. The short-term oriented policy should be avoided, and the efficiency and credibility of policy should be increased. Furthermore, the long-term policy system should be established. and rental market's improvement is necessary for stabilization of housing market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.49-62
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• 2018

The purpose of this study is to develop an assessment index for the selection of promising start-ups, which will enhance the efficiency of program that support start-ups. In order to develop assessment models for selecting start-ups, three major research steps were conducted. First, this study attempted to theoretically redefine the assessment index from the perspective of the Balanced Scorecard (BSC) through a literature review. Second, major assessment index were derived using Delphi technique for experts in start-up areas. Third, weights were derived by applying AHP technique to calculate the importance of each index. The results of this study are summarized as follows. First, this study attempted to apply the assessment model for selecting start-ups from the Balanced Scorecard (BSC) view through the previous study review. Second, the final major questions were derived with sufficient opinions collected and structured survey of leading start-up experts in areas related to research subjects and elicited the most representative questions. Third, the results of applying the weights of the main selected assessment index, commercialization viewpoint is the most priority, followed by market view, technology development viewpoint, and organizational capability viewpoint. In the middle section, th ability to make products in the commercialization viewpoint, market competitiveness in the market, product discrimination capacity in the technology development perspective, and the ability of the entrepreneur in the organizational capacity perspective were important. Overall important items were found to be in the order of the capabilities of entrepreneurs, market competitiveness, product fire capability, and product discrimination. The importance of small items was highest priority for comparative excellence of competing products, and the degree of marketability, capacity of entrepreneurship, ability to raise capital, desire for entrepreneurship, and passion were shown. The results of this study presented a conceptual alternative to the preceding study on the development of existing selection assessment indexes. And it provides meaningful and important implications as an attempt to develop more sophisticated indicators by overcoming the limitations of empirical research on only some of the evaluation metrics.