• Management & Information Systems Review
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• v.36 no.4
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• pp.21-32
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• 2017

Motivated by the recent cases of negligent social responsibility as manifested by foreign luxury fashion brands in Korea, this study investigates whether agency costs depend on the sustainability of different types of corporate governance. Agency costs refer either to vertical costs arising from the relationship between stockholders and managers, or to horizontal costs associated with the potential conflicts between majority and minority stockholders. The firms with luxury fashion brand could spend large sums of money on maintenance of magnificent brand image, thereby increasing the agency cost. On the contrary, the firms may hold down wasteful spending to report a gaudily financial achievement. This results in mitigation of the agency cost. Agency costs are measured by the value of the principal component. First, three ratios are constructed: asset turnover, operating expense to sales, and earnings before interest, tax, and depreciation. Then, the scores of each of these ratios for individual firms in the sample are differenced from the ratios for the benchmark firm of S-OIL. S-OIL was designated as the best superior governance model firm for 2013 by CGS. We perform regression analysis of each agency cost index, luxury fashion brand dummy and a set of control variables. The regression results indicate that the agency costs of the firms with luxury fashion brand exceed those of control group in the fashion industry in the part of operating expenses, but the agency cost falls short of those of control group in the part of EBITD, thus the aggregate agency costs are not differential of those of the control group. In sensitivity test, the results are same that the agency cost of the firms are higher than those of the matching control group with PSM(propensity matching method). These results are corroborated by an additional analysis comparing the group of the companies with the best brands with the control group. The results raise doubts about the effectiveness of management of the firms with luxury fashion brand. This study has a limitation that the research has performed only for 2013 and this paper suggests that there is room for improvement in the current research methodology.

• Journal of Distribution Research
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• v.12 no.4
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• pp.49-77
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• 2007

The purpose of this study is to examine a relationship between the headquarters and the sales offices of a car manufacturing company by comparing their channel types. It examines how the level of communication and commitment of sales offices on their headquarters differently affects some mediating effects between participation and relationship performance. It also tries to find out what kind of mechanisms are needed in order to improve the relationship. Through the data analysis of a total of 200 sales offices which are directly managed stores and agency stores by a domestic car manufacturing company, the following conclusions were reached: Participation, one of the variables in bureaucratic structuring, influences all dimensions of communication. Also, it has found that communication dimensions influence commitment dimensions differently by the type of channels, and commitment dimensions influence relationship performance by the type of channels. Recently, import car makers are accelerating their moves in the domestic market, and the importance of a customer-oriented retail innovation and a relationship management in an auto manufacturing industry is increasing. This study will give an useful suggestion on how to improve a long term relationship of distributors through an enhancement of communication and commitment.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.9
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• pp.5810-5818
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• 2015

The dissertation presents the portfolio construction method using the score sheet so that general investors can utilize it easily. This study draws the significant variables to contribute the enterprise value and suggests the combined models by applying the single methodology, which private investors can easily utilize. The results of the research can be classified into 2 areas. Firstly, the significantly affecting variables were selected for analyzing the enterprise value. The variables and the method for the enterprise value analysis were studied from the existing researches to choose the optimal variables. The variables were identified by using AHP method and the structure equation method from the investigation of the previous researches. And the critical variables were added extracted from the common denominator of variables which the 3 grue investors used for their investment. The final variables identified are dividend yield, PER, PBR, PCR, EV/EBITDA, ROE, net income, sales growth rate, net current asset, debt ratio, current ratio, rate of operating profits, ratio of operating profit to net sales, ratio of net income to net sales, net profit to total assets, EPS growth rate, inventory turnover ratio, and receivables turnover. Second, the new methodologies for forecasting enterprise value modifying the existing methods were developed. The result of the Logistic regression analysis for forecasting showed that the equation could not be suitable as the accuracy with 91.98%.

• The Journal of the Convergence on Culture Technology
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• v.7 no.1
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• pp.291-299
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• 2021

In 2019, SUV sales surpassed sedans in the domestic sales market with phenomenal domestic sales. The strength of SUVs around the world is expected to continue in the future. South Korea's K-company aggressively launched small SUVs in the SUV market. Its simple lineup is recognized as a brand image, not as a SUV. It is time to evaluate this. Therefore, it influences the purchasing decisions of potential customers and buyers of small SUVs through the evaluation of design images of small SUVs in Korea. Rather than the functional properties of the SUV model, it is purchased by emotional characteristics, brand symbolism, and image. Subconsciousness of the purchasing psychology of the end consumer was used by metaphor extraction techniques. Customers wanted to study the evaluation of small SUV design images that fit their needs. We wanted to see if consumers who intend to purchase or purchase small SUVs in Korea had a connection with the image of design of small SUVs in Korea. The conclusion of the study was extracted through ZMET, a metaphor extraction technique, with the latent consciousness of the primary ambiguous message from the consumer's feeling and representation of the image. Therefore, based on the results of this study, we hope that the images presented in SUVs in the future will be used as a design guide in the development of small SUVs to influence customer thinking and behavior.

• The Journal of the Convergence on Culture Technology
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• v.7 no.1
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• pp.140-144
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• 2021

We humans try to pursue a better living environment along with the development of modern civilization. In particular, it is a reality that a lot of efforts are being made to improve food, clothing, and shelter. Among them, the concept of housing serves as a major function to improve the quality of life. However, the government's excessive tax rate regulation policy surrounding the sale of such houses is actually inducing annual or monthly rent expenses. Furthermore, it is a reality that even home sales are not being handled smoothly. In general, the cost of owning a house (apartment, etc.) can be divided into acquisition and possession. In addition, a lot of taxes are borne by long-term housing. Subsequently, due to the increase in the transfer tax rate due to the sale of houses, the disposal of property rights is not free. This serves as a limiting factor for market principles. If the tax rate for the transfer of multi-homed people is raised, it can cause a phenomenon that encourages yearly or monthly rent. This is a part where it seems necessary to reduce the transfer tax rate according to the multi-year retention period. If you hold it for 20 years after acquisition, you have paid a lot of taxes and returned your profits. For that reason, you should not impose a transfer tax for trading. The application of the tax-free principle for houses held for more than 20 years will respond to market principles in the future and will function effectively in annual or monthly rent policies.

• Journal of Convergence for Information Technology
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• v.12 no.4
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• pp.103-110
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• 2022

Online transactions are more familiar in various fields due to the development of the ICT and the increase in trading platforms. In particular, the amount of transactions is increasing due to the increase in used transaction platforms and users, and reliability is very important due to the nature of used transactions. Among them, the used car market is very active because automobiles are operated over a long period of time. However, used car transactions are a representative market to which information asymmetry is applied. In this paper presents a DID-based transaction model that guarantees reliability to solve problems with false advertisements and false sales in used car transactions. In the used car transaction model, sellers only register data issued by the issuing agency to prevent false sales at the time of initial sales registration. It is authenticated with DID Auth in the issuance process, it is safe from attacks such as sniping and middleman attacks. In the presented transaction model, integrity is verified with VP's Proof item to increase reliability and solve information asymmetry. Also, through direct transactions between buyers and sellers, there is no third-party intervention, which has the effect of reducing fees.

• The Journal of the Convergence on Culture Technology
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• v.9 no.1
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• pp.361-372
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• 2023

In this study, three luxury fashion start-up platforms, Balaan, Trenbe, and Must-it, were selected as research subjects. The purpose of this study is to compare and analyze the marketing mix strategies of each of the three online sites. The results of our study are as follows. First of all, the product strategies of the three luxury platform companies are characterized by the composition of products from high-end brands to SPA brands, and product composition such as kids, home living, Used goods and art in addition to women's and men's wear. In addition, the pricing strategies of luxury platforms show price differences depending on the luxury platform even for the same product. It is shown as a structure that directly determines margin. Therefore, in order to secure an edge in price competitiveness, each platform provided discount coupons and savings that are not available in offline stores such as department stores, providing opportunities to purchase luxury goods at a lower price than offline stores.Lastly, the sales promotion strategies of the three luxury platform companies was used include price discount promotions such as price discounts, discount coupons, and regular sales, and value-added sales such as membership registration/review points, events, product information, delivery services, social contribution activities, and SNS utilization.

• Journal of the Korea Society of Computer and Information
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• v.21 no.10
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• pp.175-182
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• 2016

In the 21st century knowledge and information society, Electronic Contracts made with the intention of electronic computer information networks are emerging as a new legal problem which can not be solved in the conventional legal system governing contracts. In other words, the indicator's decision determines the effect and formation of the contracts in the face-to-face or written contracts but electronic decision through computer information network is established the working process of electronic signals-electronic contracts are not only difficult to separate the decision-making process but questioned to be solved by the theory of the general legal action. Ministry of Transportation is scheduled to introduce real estate sales and lease contract using a variety of electronic devices such as computer, tablet PC, smart phones and so on without a paper contract. This system is conducted to global expansion of Seoul in demonstration zone on May 8, 2016 and will be implemented nationwide in the second half of 2017. Electronics contract Real estate has some benefits because made by linking electronic contract system and the electronic registration system - the economic effects discounts on various kinds of fees, the prevention from real estate fraud beforehand and the solution to the complexity of the process the seller and the buyer visits The Real estate agency. However, it has some problem- the disorder in the real estate contract market, the occurrence of the real estate agency accident and the author of the electronic real estate contracts have limited only to realtor. In this paper, I suggest the activation plan to search for establishment and effect of electronic contracts and declaration of intention in electronic depending on the Electronic Contract Real Estate system.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.5
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• pp.485-491
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• 2019

In this paper, we present a process and case of RAM analysis using Field-Data of the ground weapon system in operation in the army. In order to perform RAM analysis in filed-Data, we propose data collection, data refining and calibration, and RAM analysis process. RAM analysis was performed with the RAM verification and evaluation system developed by Defense Agency for Technology and Quality. We enhance the objectivity and reliability in result of data, which contains a variety of conditions; operation and maintenance concept of domestic ground weapon system, relevant regulation and after-sales service data of developer. Results are compared 2015, 2018 and development RAM value. We prove results of RAM analysis through discussion experts. Studies show that proposed method can effectively apply database from setting to evaluation RAM value in various ground weapon system.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.149-182
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• 2007

This study examines the determinants of the long-run stock price performance of the firms that granted stock options between 1997 and 2002. We divide the sample into the firms run by the owner and those run by the professional manager. If the primary reason for granting stock options is reduction of the agency costs between the manager and shareholders, the effect of stock options is likely to be more pronounced in the firms run by the professional manager. We find that the long-run abnormal returns of the firms run by the professional manager are negatively associated with the shareholdings by the manager and the book-to-market value and are positively associated with the earnings growth and the size of the outstanding stock options. In contrast, the long-run abnormal returns of the firms run by the owner are negatively associated with the cash flows rate and the sales growth rate and are positively associated with the firm size. This is consistent with the argument that the agency costs arising from the conflicts between the manager and shareholders are an important determinant of the post-stock option granting long-run stock price performance only in the firms run by the professional manager. The results also suggest that stock options in the firms run by the owner are likely to be used for the purposes such as additional compensation, a signaling device, a means that reduce the agency costs within firms.