• Korean journal of communication and information
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• v.46
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• pp.387-419
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• 2009

The concept of strategic group is defined as an aggregate of corporations utilizing similar strategies with similar resources. It becomes a kinds of contact point in the middle of corporation and industry between the industrial organization theory and the strategic management theory. This study tried to apply the strategic group model, which has been a main theory in the management studies, to program providing industry in Korea. This study shed lights upon research problems such as number of strategic groups, differences of strategic variables among the groups, finally differential performances according to strategic groups. 40 commercial broadcasting companies were analyzed to find answers. 9 strategic groups were drawn as a result of cluster analysis. Major variables which contribute to making groups were operating efficiency(4.05), pricing(3.83), size(number of system operator, 3.56), reliance on license revenue(2.58), horizontal integration(number of sister networks, 2.16) in order. An analysis of variance between performance variables has shown statistical significance regarding total net revenue per subscriber, however, insignificances statistically in regards to ratio of operating profit to net sales, cash Abstracts 687 flow ratio. Some studies in the past insisted that history variable played an important role to classifying strategic groups. However, this study found that the history didn't exert significant influence on either the group classification itself or performance.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.1-24
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• 2008

We empirically examined the forecasting abilities of analysts in the Korean stock market with regard to their earnings estimates, and the impacts of their reports on stock prices. Further, we also examine if there is any difference in analysts' forecasting accuracy and stock prices impacts depending upon the geographical distance between analysts and companies they follow. We found the following interesting empirical results. First, analysts have tendency to overestimate sales, operating income, and net income, consistent with the previous literature. Second, the degree of overestimation depends upon the geography of companies. That is, it is smaller for companies headquartered in Seoul than companies in local provinces. Third, analysts' earnings estimates are also more accurate for companies located in Seoul. So, we conjecture that analysts have easier access to the information for the companies. Fourth, when analysts downgrade target prices, companies in Seoul are less negatively affected than those in local provinces. Even when analysts revise downward stock recommendations, stock prices of companies in Seoul go up. Overall, analysts' price impacts are more favorable for Seoul-located companies. Last, but not least, when foreign ownership is higher, investors react less negatively to downward revisions of stock recommendation, but react more negatively to downward revisions of target prices.

• Korean Journal of Construction Engineering and Management
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• v.18 no.3
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• pp.84-94
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• 2017

Recently, domestic construction companies have increasingly engaged in international PPP projects a result of both uncertainties in the domestic construction market and low competitiveness in international EPC project business. These international PPP projects usually require long-term preparations and substantial sales costs, which make it important for decision-makers to select winning-award potential project in early stage of the projects. However, most previous research has analyzed success factors in terms of project development across all stages. Thus, this study investigated 28 success factors of 4 categories in the early stage of 31 international PPP projects. First, results indicate that unsolicited PPP projects require better implementation capabilities and financial conditions compared to solicited PPP projects. Second, implementation capability is important because it is not easy to improve as the project proceeds. Third, commercial conditions are identified as important even if conditions are not fixed in the early stage of PPP projects. Fourth, non-commercial conditions, strategy, and public interest are not found to be meaningful in the early stage of PPP projects because they can vary as the project proceeds. This study helps to improve selection criteria aimed towards more winning-award potential project in the early stage of international PPP projects.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.3
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• pp.47-61
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• 2014

Many angel investors hesitate to invest in early-stage company. Most early-stage company has no sales and only R&D step project or in early approach of market. So it's impossible to evaluate early-stage company quantitatively. Therefore many angel investors depend on CEO's tendency to evaluate company and make decision for investment. The purpose of this study is discover the entrepreneurial characteristics of CEO and the importance level which affect on the angel investors decision making factors for investment. To identify the factors of entrepreneurial characteristics, survey was conducted by Delphi Technique which is involved by 20 experts who is angel investment club members, venture capitalists, CEOs and officers. Three rounds of survey results derived 10 elements of entrepreneurial characteristics for investment decision making factors including reliability, risk sensitivity, passion, perseverance, integrity, leadership, startup experience, organizational management skills, innovation and social networking. In addition, this study derived the importance level of elements of entrepreneurial characteristics based on the AHP(Analytic Hierarchy Process) theory and maintained the logical consistency by pair-wise comparison for each element. As a result of analyzing the importance of entrepreneurial characteristics, the sequence is reliability (18.1%), integrity (15.9%), leadership (11.7%), organizational management skills (10.0%), social networking (9.5%), passion(9.1%), perseverance(8.4%), innovation(8.1%), startup experience(5.3%) and risk sensitivity(3.9%) respectively. The significance of this study is somewhat decrease limit of the uncertainty arising from angel investors and angel investors can help a decision making, by discover factors of entrepreneurial characteristics that can be called the biggest influencing factors among Investor's investment decision-making In early stage companies and compare importance.

• Management & Information Systems Review
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• v.31 no.4
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• pp.261-286
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• 2012

Rumors are widely prevalent in marketplace and It can be problematic and dangerous for the company's reputation and damages their image. Recently, many companies are given trouble by rumors. As getting invigorates the social media, there is high possibility to shape the vicious rumors without any confirmation whether information is true or not. It affects the companies' reputation and trust they have built for long time, also sales drop off. Despite numerous denials, the rumor persisted, keeping occur again and again all the times. Refutation purposes to decrease levels of belief in a rumor. First, establish Study 1 that a variation in identification influences the impact of a rumor on individuals' beliefs. Furthermore, we analyze the effectiveness of a refutation under varying degree of one's level of identification with the rumor object. According to research result, the response pattern of identification and disidentificaion consumers are very different. Disidentifiers, who engaged in systematic processing, believed the rumor less only when the refutation contained strong arguments. Identifiers, processing heuristically, remained unbelieving in the rumor. Study found that identification is an important moderator of consumer response to negative rumors. These defensive processes alleviate the bad influence of that information, and also can reduce the likelihood of attitude degradation.

• Management & Information Systems Review
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• v.30 no.4
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• pp.45-71
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• 2011

This study aims at reviewing the effect of the non-verbal communication of salespersons at service encounter on customers' non-verbal communication and responses. The previous studies overlooked the correlation between salespersons' non-verbal communication and customers' non-verbal communication at service encounter, although non-verbal communication of salespersons has potentialities evoking customers' non-verbal communication and emotional responses in various ways. If it is a salesperson who a customer first encounters within a shop, the non-verbal communication of salesperson affects his/her non-verbal communication and these non-verbal communication affect his/her emotional responses, and these emotional responses affect his/her behavior. This phenomenon is based on the theory of emotional contagion, mimic, and face feedback. Therefore the non-verbal communication such as greetings, postures and eye-contact manners through the personal interactions between salespersons and customers, can be said to be an antecedent variable which affects the positive responses of customer. As a result of the study, the kinesic of salesperson's non-verbal communication was found to affect customers' non-verbal communication, and customers' non-verbal communication affect emotional responses experienced at service encounter, and customers' positive emotion affect customers' behavior responses. This result provides an opportunity which makes one turn eyes on salespersons' non-verbal communication at sales encounter both practically and scientifically, through introducing salespersons' non-verbal communication as an important factor which can enhance customers' positive responses but has been passed over by the previous studies.

• Journal of Korea Port Economic Association
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• v.32 no.2
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• pp.123-135
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• 2016

This study uses Data Envelopment Analysis(DEA) to investigate the management efficiency of Korean shipping companies based on business administration costs such as corporate entertainment, advertisement, and labor costs. We analyze shipping enterprises listed on the Korean stock market of the period of 2010-2014. Corporate entertainment, advertisement and labor costs are used as input variables and sales and net income are used as output variables. We use technical efficiency, pure technical efficiency, scale efficiency and returns to scale to propose a plan to improve the efficiency of inefficiency decision-making units (DMUs). The results of the efficiency analysis show that six of the DMUs in the technical efficiency of CCR model and eight of the DMUs in the pure technical efficiency of BCC model are in efficient state. In terms of return to scale, six of the DMUs(24% of all DMUs) show increasing returns to scale, while 13 DMUs(52% of all DMUs) showdecreasing returns to scale. Because multiple efficient state for DMUs exist in the technical efficiency analysis, we conduct a super efficiency analysis. The results show that the efficient state of the twomost efficient DMUs are 1.314 and 1.243, respectively. This implies that these DMUs could maintain their current levels of the efficiency if they increase the amount spent on advertisements, corporate entertainment and labor costs by 31.4% and 24.3%. respectively. We conclude this study by providing the efficiency states of each DMU and target for improving the inefficiencies in each case.

• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.104-111
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• 2014

Due to the structure of advanced installment sales of houses which is a construction industrial structure unique to Korea and the Project Financing (PF) project structure that includes construction companies' debt guarantee agreements, the changes in accounting methods resulting from the introduction of K-IFRSs are expected to act in a direction to deteriorate construction businesses' financial statements. Therefore, K-IFRSs are an important issue that can seriously affect the entire domestic construction industry and construction businesses are conceiving strategies to respond to the introduction of K-IFRSs. From this viewpoint, this study was intended to empirically analyze the effect of the introduction of K-IFRSs on construction businesses utilizing financial data applied with the K-IFRSs recently announced. In the analysis, the EDFs were calculated by business using the existing accounting standards GAAP and using K-IFRSs and the results were compared with each other. The results of the analysis indicated that most construction businesses were adversely affected by the introduction of K-IFRSs. It is also considered that businesses with relatively good financial statements under the existing accounting standards GAAP would be affected more by the introduction of K-IFRSs than other businesses. In addition, the introduction of K-IFRSs is expected to have larger effects on large construction businesses that have been providing debt guarantees for PF projects than on small or medium sized construction businesses.

• Korean Journal of Construction Engineering and Management
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• v.9 no.4
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• pp.173-181
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• 2008

Last decade, Korea's export scale has resulted in remarkably increasing tendency, and the Korean construction firms(KCFs)' activities on the global markets also have been revitalized. Therefore, this paper analyze a correlation between changes in the oversee market conditions and firms' competitiveness focused on plant business. The aim of this paper is to analyze the internal competency change of the KCFs on the global markets in the past 5 years and to find gap of internal competencies between KCFs and outstanding foreign firms. From a survey analysis this paper found that the external impacts on the global markets(changes of exchange rates, raw materials prices, supply-demand conditions, etc.) have highly influenced the sales amount of the KCFs. But the impacts to change the operating profit have been analyzed as not important. So it is necessary to reinforce the KCF's internal competencies rater than expecting an improvement of the external conditions. Also, the KCFs should strengthen the design engineering as a core competency.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.4
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• pp.135-142
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• 2017

This study employs an analytical mathematical model to estimate the optimal debt ratio of Korean agricultural corporations, more sensitive to the government debt ratio policy compared to other industries, and the estimation of the optimal debt ratio based on objective data. The analytical model utilizes the equation for ROE, with the debt ratio as an independent variable, and related parameters include ROS, TAT, and NFCL. Regarding the NFCL, the optimal debt ratio standard is defined as the debt ratio that maximizes the ROE by analytical procedures such as adding an equation concerning the debt ratio and a linearity relationship to the analytical model, and from these equations, a quadratic equation with the debt ratio as an independent variable describes the ROE. This methodemploys fourteen years of corporate data. Results show that 138% of debt ratio is the optimal debt ratio to increase the ROE of the corporations, which implies that the existing debt ratio of Korean agricultural corporations is higher than optimal. Consequently, it is required for authorities to change future debt ratio policies in view that the purpose of debt ratio management is to maintain safety and increase profitability.Management should emphasize characteristics of the specific industry rather than standardized judgements based on numerical indexes.