• Korean Journal of Comparative Education
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• v.23 no.5
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• pp.53-75
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• 2013

This article explores the impact of mergers on the experiences of students. A case design is used to gain an in-depth understanding of the students in a Korean university that was combined with a two-year college in 2007. Semi-structured interviews of 11 direct entrants, 5 transfer students, and 7 professors were conducted in 2010 for the data collection. The results suggest that mergers do not necessarily ensure the integration of the students involved. Since mergers pose enormous challenges to both transfer students and direct entrants, university leaders need to give careful attention to students' persistence and integration as the campus changes. The results also reveal that students' experience of mergers may be affected by cultural backgrounds as well as the hierarchical structure of higher education. In Korean society, where credentialism prevails, mergers can have different impacts on students who come from initial institutions of differing perceived quality, and thus mergers may incite tension among the students. In light of these concerns, this study's findings highlight the importance of student integration as a key element in mergers.

• Phonetics and Speech Sciences
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• v.13 no.3
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• pp.39-51
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• 2021

Based on spontaneous speech data collected in 2020, this study examined the production and perception of Korean lenis, aspirated, and fortis stops. Unlike the controlled experiments of previous studies, lenis and aspirated stops of males in their 30s were not distinguished by voice onset time (VOT) in spontaneous speech. Perceptual experiments were conducted on young females, the leaders of language change. F0 was found to serve as the primary cue for the perception of lenis stops, and then VOT distinguished the aspirated and fortis stops. The fact that the sounds were always perceived as lenis stops when F0 was low, irrespective of whether VOT was short or long, showed that F0 plays an absolute role in the perception of lenis stops. However, in some cases the aspirated and lenis stops were distinguished only by VOT, which does not happen in production. In terms of sound change, disagreement between production and perception systems occurs when sound change is in progress. In particular, when production change precedes perception change, it indicates that the sound change is in its latter stages. Young females still maintain the previous system in perception because the distinction of lenis and aspirated stops by VOT was valid in their parents' generation. In other words, VOT is still used for perception to communicate with other groups.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.4
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• pp.641-656
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• 2022

This article investigates how Baedal Minjok(BaeMin) has grown to be a dominant mobility platform operator in food delivery sector in South Korea and what roles its brand and branding have played in the process, drawing on the idea of origination. For the purpose, BaeMin is considered as a typical platformized mobility service provider and origination is framed to be an appropriate analytical lens for the business sector. For the origination conception, unlike mainstream neoclassical theory and concepts, is able to deal fairly well with the issues of imperfect competition, imperfect information, and monopolistic brand rent, which are apparent in today's platformized mobility services. Drawing evidence from textual data, empirical analysis pays particular attention to discursive and symbolic dimensions of BaeMin's socio-spatial biography. It is found that national origination underpinning ethnicity comprises an important pillar of BaeMin's brand and branding. Another form of place-based origination is also observed to matter, especially in the varied relation between the mobility service brand's owner and consumers. However, this configuration of BaeMin's brand origination has yet to be fully stabilized, as it has faced with serious challenges including brand vandalism and anti-brand movement especially since its merger to German food delivery platform giant Delivery Hero in 2020. This origination crisis moment appears to be associated with a series of contractions intrinsic to so-called 'platform capitalism'.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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• v.6 no.9
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• pp.221-234
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• 2016

In order to revitalize the regional economy and culture, understanding what cultural resources are about is of prime importance. When considering cultural resources, one ought to appreciate that developing content industries can contribute to the development of the regional economy and the sustainability of the country. Recently, vast amounts of aid and financial resources have been earmarked for the development of the national cultural industries. Each region of our country has enhanced its autonomy in terms of decision-making, thus increasing the resort to cultural and natural resources. However, when industrializing and excavating hidden cultural resources, vitality should be breathed into regional and national economies. Moreover, as an issue of national importance, this could held resolving pressing matters such as the creation of added-value jobs, the merger of industries, basic architecture, societal problems and the revitalization of rural communities, to name but a few. Therefore, so as to develop regions through the revitalization of regional economies and the improvement of infrastructures, it is necessary to encourage cultural industries and the excavation of cultural resources. The present research suggests to upgrade the values of regional and cultural resources so as to revitalize cultural regional resources through concrete policies. This basically implies carrying out a program which aims at diffusing cultural values by resorting to cultural resources as tools of revitalization. Finally, the importance of cultural resources must be reflected in a diversified spectrum of policies aimed at bringing values out of cultural resources. Yet, thorough researches on proposals for a better use of regional resources are still much needed.

• Korea and Global Affairs
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• v.1 no.2
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• pp.209-242
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• 2017

The purpose of this study is to contribute to enhancing spiritual combat power as the core of intangible combat power in Korean armed forces through analyses and suggestions on Admiral Yi Sun-sin's leadership for four major sweeping victories based upon jointness which effectively integrates tangible and intangible combat power in armed forces to maximize the synergy of fighting power. As our armed forces has improved their military structure in the dimension of hardwares so as to enhance their efficiency, according to the results of analyzing the process to promote the jointness between our armed forces and our allied powers in the dimension of softwares supporting such hardware dimensions, it was necessary to innovate the system for reinforcing future-oriented spiritual combat power as well as all the tasks related to leadership as the core of intangible combat power jointly and harmoniously. In order to derive tasks about the leadership of Korean armed forces in the dimension of softwares which should be combined with military structural reform for strengthening spiritual combat power for national defense, this study selected research questions linked with jointness. That is, (1) what is the core of military leadership in Western advanced countries in the age of jointness? (2) What are the contemporary illuminations or implications of Korean leaderships through Admiral Yi Sun-sin's war history? Then, this study analyzed literature reviews, this author's field interviews in the time of war participation, and leadership war history focusing on Admiral Yi Sun-sin's leadership for four major sweeping victories. According to the results of these analyses, this study extracted (1) the strategic leadership to predict and prepare the future, (2) the leadership of integration to create synergy effects, and (3) the leadership of knowledge to be practiced focusing on combats. In addition, in order to reinforce spiritual combat power based upon jointness, (1) it is necessary to precede in-depth and substantial leadership diagnosis for enhancing jointness. (2) It is necessary to embody national defense reform as well as integration for jointness improvement after scientifically comparing and analyzing the differentiation and integration between the Ministry of National Defense, army-navy-air force leadership centers, and PKO centers. (3) It is necessary to promote the merger and abolition between institutions related to intangibale combat power under the Ministry of National Defense.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.15 no.1
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• pp.38-53
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• 2007

In a seminal judgment of November 2002 (Case C-476/98) relating to the compatibility with Community laws of the 'nationality clause' in the 1996 amending protocol to the 1955 U.S.-German Air Services Agreement, the European Court of Justice(ECJ) decided that the provision constituted a measure of an intrinsically discriminatory nature and was thus contrary to the principle of national treatment established under Art. 52 of the EC Treaty. The Court, rejecting bluntly the German government' submissions relying on public policy grounds(Art. 56, EC Treaty), seemed content to declare and rule that the protocol provision requiring a contracting state party to ensure substantial ownership and effective control by its nationals of its designated airlines had violated the requirement of national treatment reserved for other Community Members under the salient Treaty provision. The German counterclaims against the Commission, although tantalizing not only from the perusal of the judgment but from the perspective of international air law, were nonetheless invariably correct and to the point. For such a clause has been justified to defend the 'fundamental interests of society from a serious threat' that may result from granting operating licenses or necessary technical authorizations to an airline company of a third country. Indeed, the nationality clause has been inserted in most of the liberal bilaterals to allow the parties to enforce their own national laws and regulations governing aviation safety and security. Such a clause is not targeted as a device for discriminating against the nationals of any third State. It simply acts as the minimum legal safeguards against aviation risk empowering a party to take legal control of the designated airlines. Unfortunately, the German call for the review of such a foremost objective and rationale underlying the nationality clause landed on the deaf ears of the Court which appeared quite happy not to take stock of the potential implications and consequences in its absence and of the legality under international law of the 'national treatment' requirement of Community laws. Again, while US law limits foreign shareholders to 24.9% of its airlines, the European Community limits non-EC ownership to 49%, precluding any ownership and effective control by foreign nationals of EC airlines, let alone any foreign takeover and merger. Given this, it appears inconsistent and unreasonable for the EC to demand, $vis-{\grave{a}}-vis$ a non-EC third State, national treatment for all of its Member States. The ECJ's decision was also wrongly premised on the precedence of Community laws over international law, and in particular, international air law. It simply is another form of asserting and enforcing de facto extraterritorial application of Community laws to a non-EC third country. Again, the ruling runs counter to an established rule of international law that a treaty does not, as a matter of principle, create either obligations or rights for a third State. Aside from the legal problems, the 'national treatment' may not be economically justified either, in light of the free-rider problem and resulting externalities or inefficiency. On the strength of international law and economics, therefore, airlines of Community Members other than the designated German and U.S. air carriers are neither eligible for traffic rights, nor entitled to operate between or 'free-ride' on the U.S. and German points. All in all and in all fairness, the European Court's ruling was nothing short of an outright condemnation of established rules and principles of international law and international air law. Nor is the national treatment requirement justified by the economic logic of deregulation or liberalization of aviation markets. Nor has the requirement much to do with fair competition and increased efficiency.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.1-9
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• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.55-92
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• 2010

In terms of labor market accomplishments, such as income, size of the company, and the matching quality between one's job and college major (specialization), a very large discrepancy is observed between the graduates from colleges located in Seoul and those outside Seoul. But, when the department average score of the Scholastic Aptitude Test (SAT) at the time of college entrance is controlled for, the discrepancy is found to be reduced to a considerable degree. In the case of wage gap, at least two third can be explained by the SAT score gap. The remaining wage gap seems to reflect the characteristics of workplace. In other words, graduates with high SAT scores enter colleges located in Seoul and thus tend to find better jobs leading to earning differences. This result that confirms the importance of aptitude test scores suggests that in the labor market, one of the major reasons behind a lower accomplishment of the graduate from local colleges is due to a lower competitiveness of local colleges in attracting the brightest students. But, this should not be viewed as only an internal problem of local colleges. This is because the growth of local economies tends to haul the advancement of local colleges in that area rather than being the other way around. The agglomeration effect in Seoul where headquarters of large corporations and financial institutions gather is the factor that has elevated the status of colleges located in Seoul since this provides highly preferred job choices of graduates. When the competitiveness of college is significantly influenced by exogenous factors, such as the vicinity to Seoul, the effort being made by colleges alone would not be enough to improve the situation. However, the central government, too, is not in the position to carry out countermeasure policies for such problems. The regional development strategy boosted through supportive policies for local colleges, such as financial support, is not based on the persuasive and empirical grounds. It is true that college education is universal and that the government''s intervention in assisting local colleges to secure basic conditions, such as tenure faculty and adequate facilities is necessary. However, the way of intervention should not be a support-only type. In order to improve the efficiency and effect of financial support, restructuring programs, including the merger and integration of insolvent colleges, should be underway prior to providing support. In addition, when the policy is focused on education recipients-local college students, and not on education providers-local colleges, the importance of regional gap in compulsory education (elementary and junior high schools) turns out to be much important as the gap between metropolitan area colleges and local colleges. Considering the educational gap before college entrance shown from the discrepancies of aptitude test scores among different regions, the imbalance between regions in terms of human resources is apparently derived from compulsory education, and not from college education. Therefore, there is a need to double the policy efforts to reduce the educational gap among different regions. In addition, given the current situation where it is difficult to find appropriate ex post facto policy measures to solve the problem of income gap between the graduates from metropolitan colleges and local colleges, it can be said that improving the environment for compulsory education in local areas is a growing necessity for bridging the educational gap among different regions.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.191-208
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• 2018

This paper focuses on the integration aspect of operators to determine an improvement strategy for the operating system to enhance competitiveness of Busan Port. This Study proposes the following alternatives: valuation standards for the integration of operators, the road map for the integration period, the scope and role setting of integrated operators' participation of Busan Port Authority(BPA), and the separation and linkage North Port and the New Port operators. First, the valuation standards for operator integration should be based on international standards. Additionally quantitative factors such as financial situation, business performance and participating companies' profitability, and the qualitative factors such as management ability, technology, and labor relations should be considered. Second, the timing of North Port's operator integration should be prioritized in the short term in conjunction with the commencement of its phase 2-4, 2-5, and 2-6. The integration of New Port operators should provide a road map for a relatively long-term perspective. Third, the participation of BPA' integrated operators should be considered in terms of publicity as a policy coordinator between terminals and by pursuing the profitability of entering into overseas business by fostering Korean global terminal operators. The scope and role of participation ensures that the experience and technology of the terminal operation business is maximized. Fourth, because physically intergrating the North Port' operator into a single corporate form is difficult, initially establishing a special purpose company to maximize the effect of the integrated operation is necessary. Then, the operators decided to convert to a holding company given the termination of the lease term contract with the State or BPA, and ultimately proposed a merger into a single corporation.