• Journal of the Korean Society of Clothing and Textiles
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• v.31 no.4 s.163
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• pp.507-518
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• 2007

This study aimed to investigate the competitive advantages of Chinese fashion industry and firms to Korean fashion industry by applying the generalized double-diamond theory. Data collection was done by internet and fax survey. Questionnaires were distributed to the Korean textiles and apparel firms who entered China for production anuor distribution. List of firms were provided by KOFOTI, KOTRA, and Korea Apparel Industry Association. Total 198 questionnaires were distributed, and 77 questionnaires were used for final analysis. The results were follows. Korea's competitiveness scores of double-diamond model were higher in every aspects, such as demand condition, infra/supportive industry, firms's strategy and competition except factor condition. Glottalization score in double diamond model measured by the degree of glottalization which was determined by international diamond factors which make firm's multinational/international activities possible. Chinese fashion industry's globalization score of factor condition was significantly higher than Korea, but for the rest of aspects, Korean fashion industry showed higher scores. Therefore, Korean fashion firms can overcome comparative disadvantage of factor condition by utilizing Chinese fashion industry no matter what type of entry. In addition, considering the growth rate of Chinese fashion industry and its power of influence in the world market, the entry to the global market of the Korean fashion industry can be possible.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.265-279
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• 2023

Purpose - The purpose of this paper is to compare and review behavioral economics models that explain stock price changes after large-scale price shocks in the Korean stock market and to find a suitable model. In this paper, among the theories reviewed, it was confirmed that the anchoring heuristics theory has high explanatory power for stock prices after large-scale stock price fluctuations. Design/methodology/approach - This paper conducts an event study on stock price shocks in which the individual stocks that make up the KOSPI200 index show more than 10% fluctuation on a daily basis. In order to materialize the abstract predictions of heuristics theories in a varifiable form, this paper uses the daily stock price index change as a reference point for availability heuristics, and uses the 52-week highest and lowest price as reference point for anchoring heuristics. Research implications or Originality - As a result of the empirical analysis, the stock price reversals did not consistently appear for changes in the daily index. On the other hand, the stock price drifts consistently appeared around the 52-week highest and the 52-week lowest price. And in the multiple regression analysis that controlled for company-specific and event-specific variables, the results that supported the anchoring heuristics were more evident. These results suggest that it is possible to establish an investment strategy using large-scale price change in Korean stock market.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.

• International Journal of Railway
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• v.1 no.4
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• pp.129-133
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• 2008

Over the last $15{\sim}20$years, many countries have adopted policies of railway privatization to keep up with increasing competition from road and air transport. Although each country and case has its own history, market characteristics, political context as well as administrative process, railway privatizations (including railway restructure, concession etc.) in the west usually are accompanied with the establishment of new regulatory regimes. Therefore, railway governance has been innovating towards an interaction of government, regulator, industry bodies, user groups, trade unions and other interested groups within the regulatory framework. However, it is not the case in China. Although China had seen a partial privatization in some branch lines and is experiencing a much larger-scale privatization by establishing joint-ventures to build and operate high-speed passenger lines and implementing an asset-based securitization program, administrative control still occupies absolutely dominant position in the railway governance in China. Ministry of Railway (MOR) acts as the administrator, operator as well as regulator. There is no national policy that clearly positions railway in the transportation network and clarifies the role of government in railway development. There is also little participation from interested groups in the railway policy making, pricing, service standard or safety matter. Railway in China is solely governed by the mere executive agency. Efficiency-focused economic perspective explanation is far from satisfaction. A wider research perspective from political and social regime is of great potential to better explain and solve the problem. In the west, separation and constrains of power had long been established as a fundamental rule. In addition to internal separation of political power(legislation, execution and jurisdiction), rise of corporation in the 19th century and association revolution in the 20th century greatly fostered the growth of economic and social power. Therefore, political, social and economic organizations cooperate and compete with each other, which leads to a balanced and resonable power structure. While in China, political power, mainly party-controlled administrative power has been keeping a dominated position since the time of plan economy. Although the economic reform promoted the growth of economic power of enterprises, it is still not strong enough to compete with political power. Furthermore, under rigid political control, social organizations usually are affiliated to government, independent social power is still too weak to function. So, duo to the limited and slow reform in political and social regime in China, there is an unbalanced power structure within which political power is dominant, economic power expanding while social power still absent. Totally different power structure in China determines the fundamental institutional environment of her railway privatization and governance. It is expected that the exploration of who act behind railway governance and their acting strength (a power theory) will present us a better picture of railway governance as a relevant transportation mode. The paper first examines the railway governance in China and preliminarily establishes a linkage between railway governance and its fundamental institutional environment, i.e. power structure in a specific country. Secondly, the reason why there is no national policy in China is explored in the view of political power. In China, legislative power is more symbolic while party-controlled administrative power dominates political process and plays a fundamental role in Chinese railway governance. And then, in the part three railway finance reform is analyzed in the view of economic power, esp. the relationship of political power and economic power.

• Journal of Distribution Research
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• v.17 no.1
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• pp.65-86
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• 2012

The $20^{th}$ century was the era of manufacturer brands which built higher brand equity for consumers. Consumers moved from generic products of inconsistent quality produced by local factories in the $19^{th}$ century to branded products from global manufacturers and manufacturer brands reached consumers through distributors and retailers. Retailers were relatively small compared to their largest suppliers. However, sometime in the 1970s, things began to slowly change as retailers started to develop their own national chains and began international expansion, and consolidation of the retail industry from mom-and-pop stores to global players was well under way (Kumar and Steenkamp 2007, p.2) In South Korea, since the middle of the 1990s, the bulking up of retailers that started then has changed the balance of power between manufacturers and retailers. Retailer private labels, generally referred to as own labels, store brands, distributors own private-label, home brand or own label brand have also been performing strongly in every single local market (Bushman 1993; De Wulf et al. 2005). Private labels now account for one out of every five items sold every day in U.S. supermarkets, drug chains, and mass merchandisers (Kumar and Steenkamp 2007), and the market share in Western Europe is even larger (Euromonitor 2007). In the UK, grocery market share of private labels grew from 39% of sales in 2008 to 41% in 2010 (Marian 2010). Planet Retail (2007, p.1) recently concluded that "[PLs] are set for accelerated growth, with the majority of the world's leading grocers increasing their own label penetration." Private labels have gained wide attention both in the academic literature and popular business press and there is a glowing academic research to the perspective of manufacturers and retailers. Empirical research on private labels has mainly studies the factors explaining private labels market shares across product categories and/or retail chains (Dahr and Hoch 1997; Hoch and Banerji, 1993), factors influencing the private labels proneness of consumers (Baltas and Doyle 1998; Burton et al. 1998; Richardson et al. 1996) and factors how to react brand manufacturers towards PLs (Dunne and Narasimhan 1999; Hoch 1996; Quelch and Harding 1996; Verhoef et al. 2000). Nevertheless, empirical research on factors influencing the production in terms of a manufacturer-retailer is rather anecdotal than theory-based. The objective of this paper is to bridge the gap in these two types of research and explore the factors which influence on manufacturer's private label production based on two competing theories: S-C-P (Structure - Conduct - Performance) paradigm and resource-based theory. In order to do so, the authors used in-depth interview with marketing managers, reviewed retail press and research and presents the conceptual framework that integrates the major determinants of private labels production. From a manufacturer's perspective, supplying private labels often starts on a strategic basis. When a manufacturer engages in private labels, the manufacturer does not have to spend on advertising, retailer promotions or maintain a dedicated sales force. Moreover, if a manufacturer has weak marketing capabilities, the manufacturer can make use of retailer's marketing capability to produce private labels and lessen its marketing cost and increases its profit margin. Figure 1. is the theoretical framework based on a strategic market management perspective, integrated concept of both S-C-P paradigm and resource-based theory. The model includes one mediate variable, marketing capabilities, and the other moderate variable, competitive intensity. Manufacturer's national brand reputation, firm's marketing investment, and product portfolio, which are hypothesized to positively affected manufacturer's marketing capabilities. Then, marketing capabilities has negatively effected on private label production. Moderating effects of competitive intensity are hypothesized on the relationship between marketing capabilities and private label production. To verify the proposed research model and hypotheses, data were collected from 192 manufacturers (212 responses) who are producing private labels in South Korea. Cronbach's alpha test, explanatory / comfirmatory factor analysis, and correlation analysis were employed to validate hypotheses. The following results were drawing using structural equation modeling and all hypotheses are supported. Findings indicate that manufacturer's private label production is strongly related to its marketing capabilities. Consumer marketing capabilities, in turn, is directly connected with the 3 strategic factors (e.g., marketing investment, manufacturer's national brand reputation, and product portfolio). It is moderated by competitive intensity between marketing capabilities and private label production. In conclusion, this research may be the first study to investigate the reasons manufacturers engage in private labels based on two competing theoretic views, S-C-P paradigm and resource-based theory. The private label phenomenon has received growing attention by marketing scholars. In many industries, private labels represent formidable competition to manufacturer brands and manufacturers have a dilemma with selling to as well as competing with their retailers. The current study suggests key factors when manufacturers consider engaging in private label production.

• Journal of the Institute of Electronics Engineers of Korea SP
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• v.47 no.1
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• pp.62-72
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• 2010

PM OLED is used in many applications as one of the display for the next generation. The most essential problems are the power dissipation and the short life time in applying PM OLED into a commercial application. Many efforts are made in developing the panel and in improving the circuit for expanding the current market wider. The life time in PM OLED is expanded by lessening the power dissipation of the circuit for the magnitude of the driving current is lowered. It is possible to minimize the power dissipation from improving the driving technology. The classical technology, Row-to-Row driving, is that row is selected one by one while applying the column current input individually. The multi-line driving is a new technology which is to select multiple rows simultaneously while applying the column current as a whole. However, the solution of the multi-line driving is NP-complete problem. The efficiency is dependant on the sort of picture and the driving condition. This paper presents the new efficient multi-line driving which is that the multiple lines are selected by applying column current together after grouping the simultaneous driving group applying the gnew efficient muthe coi-line dr coefficient. Bengrouping the several rows which has the higher coi-line dr coefficient, the more efficient driving is realized to present the high quality image and to lessen the power dissipation and to stretch the life time in the PM OLED.

• Strategy21
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• s.41
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• pp.174-207
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• 2017

Human history shows diverse strategies for survival and prosperity. This study introduces the concept of the expansion of wealth as a key to explain choice and behavior of political entities. American scholar, -Bruce Bueno de Mesquita-, offers theoretical grounds for this concept in that the cores of selectorate theory is settled. The political entity consists of two groups, -the winning coalition that has power to replace leader and non-winning coalition that has not. Leaders implement policies serving for the welfare of winning coalition in return for their loyalty. Both internal problems caused by demographic changes and external ones of climate changes, epidemic disease, or invasion compel leader and winning coalition to adopt policies of expansion that they believe may lead to the acquisition of wealth needed to counter those problems. The process starts by occupying one spot where other entities reside and then connecting it to its own. The line between spots functions as a foothold to form a new line to other spots. By repeating this process, a space is created in which new laws and orders are instated. In the early stage of expansion, war is hardly avoidable. Once finished successfully, the political circumstance tilts to encourage economic activities in order to generate national revenues to strengthen political power of winning coalition. However, as scale of economic activities grows, so does political power of civic classes in production and trade. To gain financial support required to run the political entity, delegation of power or bestowing autonomy to non-winning coalition is inevitable. Thus, expansion is not the ultimate solution, only to prolong the political survival if succeed. Maritime power came to attractive option when overland expansion had become obstructed. It offered much greater advantages in terms of political risks and financial burdens in exploring new regions of precious commodities than overland expansion. Each political entity around world have been, for the first time in human history, connected by maritime means since 15th century. It is worthy of noting that land conditions propelled people out to sea. Political and economic situations created opportunities to exploit geographical position in pursuit of wealth. In the 21st century, we witness the operation of international winning coalition that presides over the rules of expansion. Competing for market is synonymous to the expansion in this era, the cause and aim of it has not been changed though. Energy and dollars are key factors of expansion since the end of the 2nd world war. No matter what the forms and conditions change, naval power is still the most relevant means for expansion as it retains unique characters of maneuver, flexibility, continuity, display and projection of power. The strategy for using naval power should be in line with two different approaches for expansion: Approaches to the international winning coalition by making contribution to world order, and approaches to the non-international winning coalition by enhancing military diplomatic activities. The former will serve our share of winning coalition while the latter will open chances to acquire further prosperity.

• Journal of the Korean Institute of Gas
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• v.2 no.3
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• pp.18-24
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• 1998

This paper attempts to improve domestic natural gas pricing system, thereby optimizing social welfare. This is done by deriving theoretical frameworks of natural gas pricing, which make use of both Ramsey component pricing rule and Efficient component pricing rule based on the theory of marginal cost. Allocative efficiency and social welfare between gas prices derived from the three pricing mechanism, present Cost-based pricing, Ramsey component pricing rule and Efficient component pricing rule, are analysed and compared in the case study. For the city gas, allocative efficiency of Cost-based pricing is higher than that of Ramsey component pricing rule and Efficient component pricing rule. In contrast, for the natural gas consumed for power generation, allocative efficiency of Cost-based pricing is lower than the other two pricing systems. It also turns out that social welfare is improved by the prices driven from Ramsey component pricing rule and Efficient component pricing rule rather than present Cost-based pricing.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.161-168
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• 2019

The purpose of this study analyze consumer usage characteristics and product development guide of electronic pen based on TAM theory(Davies, 1989). Research methods apply contents analysis(qualitative research) and Activity/Inactivity analysis of main consumer participation. Research results are as follows. Active consumer indicated 30-49 age, male, office job and research fellow. And they suggested stable power supply system, App connected pen function extension, add the modified pen function, advanced data recognition of pen, advanced take note ability and stable grip feeling of pen, selected line width, synchronization improvement with other smart device and charging function. These result indicated the importance product improvement diffusion factor of early market to main market. The future research of electric pen focused on different product strategy between electric pen and smart device connected electric pen.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.27
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• pp.183-213
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• 2005

This study is achieving overseas investment to be kept and manages important position in business scope because Korean Company achieves business in major market in world and goes forward. under proposition that development(foreign direct investment) previous engagement can not but differ with advanced nation enterprise's model in over sea direct investment achievement. Grasp ramification(pattern change substance) of overseas direct investment since the 1990 to korean manufacture Firm(enterprise). Seek political consultation by analyzing change of factor and investment decision factor by year in dimension by industry investment winter season by year affecting in oversea direct investment and was attained in purpose to verify existent theory's explanation power connected with investment previous engagement. This is that can develop and procure competitive advantage of enterprise peculiarity by making overseas direct investment adversely with existent theory that can make foreign country direct investment though there is high position of enterprise characteristic's competitive advantage and move of knowledge and information is important in korean firm's overseas direct investment in globalization roadbed in at least own field through change and renovation establish experiment model under proposition that should grope more active previous engagement than advanced nation enterprise and arranged subject of study if it is korean's firm that wish to become universal guidance enterprise. and examine trend of direct investment and actual conditions invested first in the foreign countries as examples by investment department, by investment industry inside of investment scale etc..., establish korean firm's invest area selection and decision and investment very important person and effect analysis Circumstance-model that is based in strategic adaptedness by year. Circumstance-variable have influenced how in overseas direct investment and decision and what variable will be considered first in over sea direct investment did Empirical analysis in here after