• KDI Journal of Economic Policy
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• v.40 no.2
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• pp.1-21
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• 2018

The private brands (PB) of corporate retailers are booming in Korea. This paper examines the effect of the rise of PB on Korean retail and manufacturing. By utilizing both store-level data and firm-level data, I find that the expansion of PB elevates the profits of corporate retailers but does not significantly affect, and in some cases even reduces, those of subcontracting manufacturers. This occurs not only because sales of national brands (NB) decline due to the launch of similar PBs but also because the imbalance in the bargaining positions of the two parties has caused retail margins to be set high while manufacturers' operating profits are set low. The paper provides policy recommendations for fair contracts and cooperative development between retail and manufacturing companies.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.17 no.11
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• pp.3003-3029
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• 2023

The rapid evolution of the IoT has paved the way for new opportunities in smart city domains, including e-health, smart homes, and precision agriculture. However, this proliferation of services demands effective SLAs between customers and service providers, especially for critical services. Difficulties arise in maintaining the integrity of such agreements, especially in vulnerable wireless environments. This study proposes a novel SLA management model that uses an SDN-Enabled WSN consisting of wireless nodes to interact with smart contracts in a straightforward manner. The proposed model ensures the persistence of network metrics and SLA provisions through smart contracts, eliminating the need for intermediaries to audit payment and compensation procedures. The reliability and verifiability of the data prevents doubts from the contracting parties. To meet the high-performance requirements of the blockchain in the proposed model, low-cost algorithms have been developed for implementing blockchain technology in wireless sensor networks with low-energy and low-capacity nodes. Furthermore, a cryptographic signature control code is generated by wireless nodes using the in-memory private key and the dynamic random key from the smart contract at runtime to prevent tampering with data transmitted over the network. This control code enables the verification of end-to-end data signatures. The efficient generation of dynamic keys at runtime is ensured by the flexible and high-performance infrastructure of the SDN architecture.

• Journal of Arbitration Studies
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• v.16 no.2
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• pp.151-182
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• 2006

The International Institute for the Unification of Private Law (UNIDROIT) established UNIDROIT principles, which could be applicable as international unified rules. The UNIDROIT Principles plays the role of interpreting and complementing CISG and functions as a law applicable to international commercial disputes. As shown by cases of practical application so far, the principles are expected to be applied frequently to international commercial arbitration in the future. In the situation that there is no internationally unified judicature, it is necessary to promote rational dispute resolution and legal stability through arbitration by adopting the UNIDROIT Principles of Lex Mercatoria as a governing law of international commercial contracts. In conclusion, UNIDROIT principles, along with CISG, are expected to playa great role as the applicable law of international commercial contracts and as standards for resolving international commercial disputes.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2015.05a
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• pp.209-210
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• 2015

Since CM policies established in 1996, contracts of CM services are continuously increasing over the past years. As constant improvement of positive awareness about public/private owners and CM capabilities of domestic construction companies, a number of efforts were being made to acquire competitiveness of domestic and overseas CM market. However, there has been lack of quantitative and comprehensive research to investigate CM firms. The purpose of this research is to statistically analyze total of 2,983 CM service contracts over the past 16 years published in KISCON (Knowledge Information System of Construction Industry) in order to examine CM owner type.

• Korean journal of food and cookery science
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• v.20 no.5
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• pp.423-435
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• 2004

The purposes of this study were to compare, through a factor analysis, the perceived level of importance of 4 categories of features relating to food service management between salespeople and clients, to establish an effective marketing strategy for successful contracting. To obtain data on the perceived level of importance level of the factors affecting foodservice management contracts, questionnaires were developed using the Delphi technique, which were modified by apilot test. The questionnaires consisted of 4 categories and 19 items on the factors affecting foodservice management contracts, with the importance level of these factors measured on a 5 point-Likert type scale. Between March 12 and April 13 2003, the self-administrative questionnaires were mailed to the 60 salespeople and 280 clients. A total of 50 clients (25%) and 48 salespeople(77%) responded to the questionnaires. As a result, forprivate contracts and in competitive biding, the differences of the perceived importance level between the salespeople and clients of the 3 categories (the appropriateness of foodservice operation plan, sales ability, the conditions and costs of the contract) were significant. For the 5 items relating to private contracts, Field trip, Menu Management Plan, Sanitation and Safety Management, Cost per meal and Food Cost per meal, both the salespeople and clients perceived high levels of importance for all these items. For competitive biding, both the salespeople and clients perceived high levels of importance for the 6 item the Foodservice operation supportive system, Field trip, Menu Management Plan, Renewal plans for interior and environment, Cost per meal and Food Cost per meal.

• Journal of the Korea Institute of Building Construction
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• v.13 no.2
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• pp.112-121
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• 2013

Korean overseas construction has been on the rise, and exceeded the 2011 goal of $50 billion by securing $59.1 billion in orders. However, these orders were heavily concentrated in the Middle East (50%) and plant construction contracts (75%). This study suggests that, to maintain growth in foreign markets, Korea construction companies should enter into the high value-added investment development business and aggressively seek ways to diversify their regions of activity and construction types. To secure the entry of Korean construction companies into lucrative markets and better understand the competitive factors facing Korean construction concerns, a survey of the literature and focus group discussions targeting relevant experts were carried out. From those efforts, a list of 44 competitive factors crucial to entering and competing in the international investment development business was developed. Survey responses were analyzed by applying IPA. The results revealed that while Korean concerns compete well in engineering/technical capabilities, maintaining a cooperative relationship with contractors, and warranty/after sales service capabilities, their ability to obtain business information on the target country, to form private/public cooperative systems, and to build international human networks require immediate improvement.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.800-807
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• 2009

The limited public funds available for infrastructure projects have led governments to consider private entities' participation in long-term contracts for finance, construction, and operation of these projects to share risks and rewards between the public and the private. Because these projects have complicated risk evolutions, diverse contractual forms for each project member to hedge risks involved in a project are necessary. In light of this, Build-Operate-Transfer(BOT) model is considered as effective to accomplish Public Private Partnerships(PPPs) with a characteristic of an ownership-reversion. In BOT projects, the government has used such an incentive system as minimum revenue guarantee(MRG) agreement to attract the private's participation. Although this agreement turns out critical in success of BOT project, there still exist problematic issues in a financial feasibility analysis since the traditional capital budgeting theory, Net Present Value(NPV) analysis, has failed to evaluate the contingent characteristic of MRG agreement. The purpose of this research is to develop real option model based on option pricing theory so as to provide a theoretical framework in valuing MRG agreement in BOT projects. To understand the applicability of the model, the model is applied to the example of the BOT toll road project and the results are compared with that by NPV analysis. Finally, we found that the impact of the MRG agreement is significant on the project value. Hence, the real option model can help the government establish better BOT policies and the developer make appropriate bidding strategies.

• The Journal of Fisheries Business Administration
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• v.18 no.1
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• pp.37-57
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• 1987

This article discussed the characteristics of several Pareto-optimal incentive contracts between owner and labor, more specifically, four situations: reporting output jointly observable by labor ana owner; reporting both output and effort; incorporating other endogenous elements (like capital) that affect the production process and Pareto-optimal fee schedules; and ascertaining the effects of private pre-decision information private- decision information, and per-contact informational asymmetries. Also presented were several extensions of the basic contractual model, and the different components of agency costs associated with labor-owner contractual relations. In a single-period model, the agency problem exists because the uncertainty prevents the owner from using the cash flow to determine unambiguously the labor's action. Holmstrom(1979) suggests that "when the same situation repeats itself over time, the effects of uncertainty tend to be reduced and dystunctional behavior is more accurately revealed, thus alleviating the problem of moral hazard. " Under these conditions, if the labor selects the first-best level of effect in each period, the cash flow will be independent and identically distributed over time. As the number of periods increases, the variance of the labows average output, if he selects the first-best level of effort in each period, gets smaller. Note that for this diversification effect to occur, it is necessary that the owner evaluate the labor's effort over the entire history of his employment, rather than evaluate each period's performance separately. Radner(1980) and Rubinstein and Yaari(1980) consider the extreme case in which there are an infinite number of observations. They show that the owner can eventually detect and systematic shirking on the part of the labor by comparing the labor's average output with what would be expected if the labor had been selecting the first-best level of effort in each period. In a dynamic model with incentive problems we have demonstrated that the labor's second-period compensation will depend on his first-period performance. This allows the owner to diversify away some of the uncertainty surrounding the labor's actions. In addition, this allows the owner to smooth the labor's income over time by spreading the risk of the first-period outcome over both periods. At least some unexplored avenves in this area invite future accounting research: situations where owner has different incompatible objectives and negotiates a contract with labor; circumstances in which owner deals with multiple objectives and negotiates contracts with several labors simultaneously; the value of costly accounting information systems and communication in establishing, Pareto-optimal incentive contracts, and the value and effects of inside information, Thorough theoretical or empirical research on each of these topics not only would increase our knowledge about the role and significance of accounting information but could also provide explanations of the inherent differences among various organizations and in their economic behavior. behavior.

• Journal of Arbitration Studies
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• v.25 no.4
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• pp.77-95
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• 2015

CISG provides a uniform framework for contracts of sale of goods between parties whose places of business are in different States. In 2004 South Korea became the 63th State around world to adopt CISG. Starting next year CISG goes into effect as the law that governs the contracts for international sale of goods, in respect of which CISG displaces the existing domestic civil and commercial codes of Korea. By its provision Article 1(a), CISG applies directly between Contracting States without reference to private international law. As South Korea's biggest trade partners including China, the U.S. and Japan are also parties to CISG, the number of such direct applications continuously increases. Now it is estimated, though roughly, that CISG governs about two-thirds of Korea's import and export trade of goods. The private survey of the author shows that up to now in South Korea there are 39 court cases decided by the first instance courts, 29 cases by the appellate court and six cases by the Supreme Court of South Korea. In nearly all these cases, CISG applied directly. Furthermore, currently CISG is, in several respects, influencing upon the revision of Korean civil code which is designed to modernize it: The revised draft published in 2013 adopts the rules on the revocation of offers provided in articles 15 and 16, the rule on the termination of offers provided in article 17 and the rule on the time that an acceptance takes its effect provided in article 18 of CISG. More importantly, in accordance with the rules taken by CISG, the revision draft no longer requires the existence of fault or negligence on behalf of the breaching party in order for the aggrieved party to void the contract, and the revised draft denies the right of avoidance for trivial, not fundamental, breaches of contract.

• International Commerce and Information Review
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• v.8 no.3
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• pp.193-206
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• 2006

The United States demands that the Korean Government include in the WTO GPA the privately invested projects of the BOT contract. Controversy surrounding BOT contract will continue. As of result of opening up of private investment market including BOT contracts, inflow of foreign capital will be expanded, and it will provide an opportunity for rectifying any unreasonable policies or regulations. With active penetration of foreign companies, there is a possibility for deepening of competition in the private investment market, and if a foreign administrative company is selected, possibility of assigning high value works such as design to foreign companies leaving labor intensive work such as construction to domestic companies exists, and also, difficulties resulting from agreement between the employer and the foreign administrative company exists. Large-scale construction companies must put forth their efficiency and creativity, and through revolutionary constructions by private sectors, reduction in construction cost should be made possible, and must also increase efficiency in maintenance, repair, and management of the facility. On the other hand, in order for Korean construction companies of BOT businesses to be able to enter the foreign BOT industry, the government needs to conduct studies in information and policies of various nations.