• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.1
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• pp.221-230
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• 2021

In this study, a firm's internationalization level was measured as the ratio of foreign sales to total sales (FSTS) of individual firms. A demonstration was conducted with several control variables that affect the persistence of the firm's profits using the Sloan (1996) model as a proxy for its primary relationship between net profit and the next profit. An empirical analysis of the end-December settlement firms listed on the securities market from 2011 to 2016 was conducted using a fixed-effect model to confirm that the persistence of the firm's internationalization and accounting profits was positive at the 1% significant level, indicating that the persistence of the firm's profits also increased as the level of individual firm's internationalization increased. In addition, the firm size, financial soundness, cash accompanying, growth, and investment ability, consistent with forecasts, represented a statistically significant (+) relationship with globalization. These results suggest that firms can maintain and expand their value stably by securing new overseas markets and promoting growth by implementing internationalization strategies.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.187-197
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• 2020

In this study, how international diversification of domestic companies increases corporate profits and increases the dividend income of paid-in capital investors, who provided the basis for corporate business activities in the process of distributing profits. I tried to find out if it had an effect. An empirical analysis was conducted using a fixed-effect model for companies with settlements at the end of December listed on the domestic securities market from 2011 to 2018. It was confirmed that the higher the level of international diversification of individual companies, the higher the company's dividend payout ratio and dividend yield. This means that companies can steadily expand corporate profits and dividend yield of shareholders by securing new overseas markets through international diversification, it can be seen that a company's international diversification strategy can contribute to the increase of corporate value by increasing the company's dividend payout ratio by increasing dividendable profit.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.133-143
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• 2020

Purpose - This study seeks to summarize the tax changes in stock trading and analyze K-OTC stock trading data in 2017 and 2018 to infer the effects of the application of capital gains taxes by individual investors. Design/methodology/approach - This study analyzes the case of the expansion of the 2018 capital gains tax exemption in the K-OTC market, which exempts capital gains tax on the proceeds from the sale of individual investors of certain stocks under the temporary special law. Findings - In the K-OTC market, the amount of transactions has expanded since the capital gains tax exemption in 2018, but the volume of transactions and transaction turnover have decreased. In particular, the result of lower transaction turnover after the expansion is contrary to expectations. To control the macroscopic effects of the stock market, further analyses the transactions of capital gains tax-exempt stocks and non-exempt stocks. The turnover rate of exemption stocks is higher than that of the non-exempt stocks. In the case of transaction turnover, the two results are not consistent. However, the latter result is more meaningful because the comparison of exempt and non-exempt reduces distortion by macro effects. Research implications or Originality - To mitigate the impact of capital gains taxes on stock market, government authorities need to consider the gradual expansion of the scope of taxation, the application of separate taxation in the introduction of capital gains, the reduction tax rate on transfer income of listed shares, and the reduction tax rate on long-term holdings.

• Knowledge Management Research
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• v.22 no.4
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• pp.87-101
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• 2021

ESG Investment is emerging as a trend and common sense in the financial market. ESG Investment is an investment method that simultaneously pursue social sustainability and investment returns from a long-term perspective by reflecting non-financial factors such as environment, society and governance in addition to corporate financial performance in investment decisions. This study checked how the characteristics of ESG investment have been changed after Covid-19. Afterwards, it was confirmed that Covid-19 actually acted as a negative factor in the securities market by applying VAR model. At the same time, it was demonstrated that ESG indices of the US and Korea outperformed their benchmark in terms of return and risk during the pandemic regime. The result of this study hints that the importance of ESG investment will be unchanged after Covid-19. At the same time, it suggests that managers should avoid passive ESG management and engage in strategic ESG management based on knowledge management.

• Journal of Digital Convergence
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• v.20 no.4
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• pp.235-245
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• 2022

This study confirmed the effects of leaders' behavioral integrity on organizational members' voice behavior. It verified whether trust in leaders mediates behavioral integrity and voice behavior and ascertained the moderating effect of members' psychological safety on trust in leaders and members' voice behavior through leaders' behavioral integrity. It targeted organizational members in the service industry, including insurance, securities, banks, consulting, and credit card companies, with a questionnaire survey carried out with 424 response copies. The study results confirmed a significant and positive effect of leaders' behavioral integrity on trust in leaders and voice behaviors. Second, trust in leaders was found to mediate between leaders' behavioral integrity and members' voice behavior. Third, members' psychological safety had a moderating effect on trust in leaders and members' voice behavior. When psychological safety was higher than average, there was a moderated mediating effect of psychological safety in the behavioral integrity on voice behavior with trust mediation in leaders. Therefore, this study has significance in that it was determined that trust in leaders and the psychological safety of the members are essential for leaders' behavioral integrity to enhance members' voice behavior.

• The Journal of Society for e-Business Studies
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• v.26 no.4
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• pp.53-79
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• 2021

With the revitalization of non-face-to-face transactions, the difference between the size of branches and transaction costs among securities firms has decreased, and the importance of the stock trading system has increased. In particular, the mobile trading system has become more important due to the increase in the proportion of transactions in the mobile trading system, which is widely used by individual investors, and the increase in the number of individual investors after COVID-19. However, user-centered usability studies are insufficient as usability studies on mobile trading systems are conducted through literature surveys or survey methods. Therefore, in this study, a repertory grid technique that finds user's empirical perception was used to find out user-centered usability attributes. The usability attributes of the mobile trading system from the user's point of view were elicited, and the difference in the usability attributes in terms of frequency and importance between the user group and the developer group was identified.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.213-233
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• 2021

Purpose - Our study examines the determinant factors of corporate financial fraud and whether the characteristics of outside directors tend to decrease the fraud in China. Design/methodology/approach - The data come from the enforcement actions of the Chinese Securities Regulatory Commission (CSRC). The multiple regression analysis were hired in order to analyze the data. Findings - Firms that have smaller size, higher debt ratio, or lower return of assets are associated with the incidence of fraud. However, the firms that have a high proportion of outside directors on the board or whose outside directors have a high compensation are less likely to engage in fraud. Our results show that outside directors monitor the actions of managers and thus help deter fraudulent acts. On the other hand, fraud is more associated with the local outside directors rather than outside directors who are from other locations. Since local outside directors tend to be more related with managers of firms, they can lose their independence. Research implications or Originality - Our findings have implications for the design of appropriate outside directors systems for China-listed firms. Moreover, our results imply that recruiting outside directors from other regions can improve the expertise and independence of outside directors in China. Our study contributes to provide more useful information about investors' investment decisions or management oversight and regulators' decisions on audit activities by disclosing information relating to the characteristics of outside directors.

• Journal of Soil and Groundwater Environment
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• v.27 no.4
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• pp.1-9
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• 2022

This study was conducted to supplement new-normal strategies on management plans of rural groundwater resources in the era of Post COVID-19. Global outbreak of COVID-19 has damaged across all areas including public policy, economics, industrial services, and others without exception, which has resulted in establishing new-normal strategies in order to restore balance and functions as for these areas. The new-normal ones were represented as enhancing preventative management on infectious diseases, expanding non face-to-face services, enhancing protective trades and food securities, and preparing growth policies on public services using the 4^th industrial revolution techniques. In this study, G-WASH_AD (Groundwater supply, sanitation, and hygiene with attraction and digitization) was suggested to be new-normal strategies on rural groundwater resources. The G-WASH_AD was consisted of three detailed action plans: a preventative plan on waterborne-diseases of groundwater (PP), a groundwater-tourism plan with rural heritage (GP), and an application plan of the 4^th industrial revolution techniques to groundwater facilities and its data (P4). The PP can contribute to protect human health from waterborne-diseases and minimize hazardous effects on crop cultivation. The GP accompanied with high-quality groundwater resources is able to strengthen rural tourism, to promote marketing activities on local agricultural products, and to increase household incomes of rural communities. The P4 can reinforce fast, comfortable, and scientific management on groundwater facilities and its data, creating a virtuous cycle between innovative management on groundwater and growth of technology related to it. Results of the G-WASH_AD strategies can encourage a green growth engine in field of rural groundwater management keeping up with Post COVID-19.

• Asia Marketing Journal
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• v.9 no.3
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• pp.233-255
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• 2007

본 사례는 외환위기 및 대우 그룹 해체로 인해 존폐의 위기에 처했던 대우증권이 선도업체 위상을 탈환하기까지의 재건 과정에서 실행했던 마케팅 전략 및 영업활동을 분석하고 있다. 이를 통해 경영위기를 효과적으로 극복하고 새롭게 도약하기 위해 활용 가능한 마케팅 및 영업 전략의 일례를 소개하고자 한다. 끝으로 대우증권의 향후 마케팅 과제와 관련된 토의 주제가 제시된다. 국내 증권업계 선두주자였던 대우증권은 1999년 '대우 사태'로 인해 한때 업계 5위까지 추락하고 1조 2,000억원의 적자를 기록하였으며 신용등급은 투자부적격 단계인 CCC+까지 하락하는 등 위기를 맞이하게 되었다. 대우증권이 회생과 재도약을 위해 채택한 마케팅 전략은 '선택과 집중'이었다. 즉, 최대 수익원이자 경쟁력이 있는 사업 분야인 위탁매매(brokerage)에 역량을 우선 집중하여 안정적으로 수익 기반을 다진 뒤 이를 바탕으로 IB(Investment Bank)와 자산 관리(Wealth Management) 등 여타 분야에서의 역량도 점진적으로 강화하는 전략이다. 전략의 실행 방향은 높은 효율성 확보 및 자원의 확충을 통해 시장 지배력과 수익성을 창출하는 것이었다. 전략적 공감대, 오프라인 영업 강화, 현장 및 고객 중시를 위한 기업 자원의 확충 배치를 바탕으로 영업 프로세스, 영업 인프라, 영업 관리, 고객 서비스, 영업 문화의 혁신을 실행한 결과, 대우증권은 증권명가의 옛 명성과 위치를 성공적으로 탈환하게 되었다. 대우증권은 2004년 위탁매매 영업 부문에서 1위 위상을 되찾은 이래 전 사업 분야에서 성장을 지속하였다. 2006년 증권업종 시가총액 1위를 회복하는 등 각종 경영지표는 큰 폭으로 개선되었고, 신용등급은 AA-로 상향 조정되었다. 나아가 자본시장통합법 시대에 걸맞는 선도 글로벌 투자은행으로서 진화한다는 계획을 추진하고 있다.

• Journal of the Korea Society of Computer and Information
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• v.29 no.7
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• pp.117-128
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• 2024

In this paper, we propose a process for deriving priority tasks using the legal design technique in a situation where there is high uncertainty in the market and legal system regarding the commercialization of security tokens based on blockchain and distributed ledger technology. To issue and distribute securities tokens, we conducted a legal design workshop with participants who applied for innovative financial services (financial regulatory sandbox). During the workshop, participants harmonized their interests and deliberated on readiness, considering both legal and technical factors. The aim was to ascertain the feasibility of identifying prioritized objectives for future endeavors. The legal design technique facilitates consensus-building among stakeholders in an uncertain environment by confirming and adjusting differing perspectives and disagreements based on mutual understanding. The key stages include the empathetic process called "Family Therapy," the "N whys" for problem definition, and the speculative scenario design for problem-solving. This approach distinguishes itself from user-centered design thinking. Given the diverse stakeholders involved, effective facilitation by the facilitator is crucial during the legal design workshop preparation and execution.