• The Journal of the Korea Contents Association
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• v.12 no.4
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• pp.401-406
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• 2012

Shanghai Stock Exchange is the largest stock exchange of emerging markets that there were listed firms 905, listed securities 1,537, listed stocks 949, total number of listed stocks 2 trillion 2000 billion shares. There is more development that is expected to occur in the future. The purpose of this study is to find determinants of capital structure to listed manufacturing firms in Shanghai Stock Exchange using multiple regression. Conclusions of this study are summarized as follows. First, firm size is positively related to debt ratio significantly at 1% significance level.. Second, the profitability is negatively related to debt ratio significantly at 1% significance level. Third, the growth ability is positively related to debt ratio significantly at 1% significance level. fourth, cash flow, the largest shares ownership, negotiable shares ratio are negatively related to debt ratio but they are not significant statistically. The result of this study provides information for investors and can be utilized to improvement of financial structure.

• The Journal of the Korea Contents Association
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• v.12 no.4
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• pp.426-437
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• 2012

The purpose of this study is to investigate the relationship between internal service quality, internal customer satisfaction and management outcome of airport security agents. This study had selected special securities from Incheon airport of October, 2011 for population. Using judgment sampling method, 282 samples were drawn and were used for the final analysis. Questionnaire used in study is composed of total 43 questions and using SPSSWIN 18.0, frequency analysis, factor analysis, reliability analysis, multiple regression analysis and path analysis were performed. Cronbach's ${\alpha}$ value which shows the reliability of the survey came out to be over .686. The conclusion is following: First, internal service quality of airport security agents affects internal customer satisfaction. That is, as corporality, responsiveness and empathy increase, internal supply satisfaction and job satisfaction also increase. Second, internal service quality of airport security agent affects job performance. That is, as corporality, reliability and responsiveness increase, non-financial performance and financial performance also increase. However, when empathy is not activated well, financial performance is decreased. Third, airport security agent…s internal customer satisfaction affects job performance. That is, as activation of internal supply satisfaction increases, nonfinancial performance and financial performance are increased. Fourth, airport special security agent…s inside quality of service exerts direction indirect effect in inside customers satisfaction and management result. That is, inside customers satisfaction is an important variable that mediate inside quality of service and management result.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.107-126
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• 2016

The parties in International Sale of Goods including Korean Firms Should note ; The buyer must pay the price for the goods and take delivery of them as required by the contract and CISG. The obligations mentioned in Article 53 are primary obligations which are to be fulfilled in the normal performance of the contract. The buyer has to take delivery at the respective place within a reasonable period after this communication since he cannot be required to take delivery immediately. Refusing to take delivery in case of delay not constituting a ground for avoiding the contract makes no sense, since this would lead to even later delivery. The buyer's obligation to pay the price includes taking such steps and complying with such formalities as may be required under the contract or any laws and regulations to enable payment to be made. International sales contracts frequently prescribe that the buyer has to act in advance, that is before the seller starts the process of delivery. Such acts may be either advance payments or the procurement of securities for payment as letters of credit guarantees. On the other hand, The seller deliver the goods hand over any documents relating to them and transfer the property in the goods, as required by the contract and CISG. The seller must deliver goods which are of the quantity, quality and description required by the contract and which are contained or packaged in the manner required by the contract. Except where the parties have agreed otherwise, the goods do not conform with the contract unless they are fit for the purposes for which goods of the same description would ordinarily be used are fit for any particular purpose expressly or impliedly made known to the seller at the time of the conclusion of the contract, except where the circumstances show that the buyer did not rely, or that it was unreasonable for him to rely, on the seller's skill and judgement. The buyer may declare the contract avoided if the failure by the seller to perform any of his obligations under the contract or CISG amounts to a fundamental breach of contract. The seller may declare the contract avoided if the failure by the buyer to perform any of his obligations under the contract or CISG amounts to a fundamental breach of contract.

• Journal of Global Scholars of Marketing Science
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• v.13
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• pp.71-88
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• 2004

Although the factors that affect the width of latitude of price acceptance is well documented, the attempt to develop a practice-oriented methodology to calibrate the region of price insensitivity (i.e., a latitude of price acceptance) for a given individual brand has been relatively rare. The researcher aims to try to full this gap by developing a conjoint analysis-based procedure that can be applied to many industries. Furthermore, we examine the difference in the latitude of price acceptance between on- and off-line transaction in stock industry in Korea. The conjoint analysis-based procedure was applied to measure the disaggregate price response curve for individual stock investment both on- and off line transaction channel. The curves from the samples enable us to estimate the individual choice probabilities corresponding to applied price points. Using t-test the differences in mean choice probabilities between the list price and another price point were tested, through which we can get the latitude of price acceptance for a given brand in stock market. These procedures were tested in on- and off-line stock market in South Korea. The results showed that investors on off-line channel have wider latitudes of price acceptance than the investors on on-line transaction system.

• The KIPS Transactions:PartC
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• v.12C no.7 s.103
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• pp.949-958
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• 2005

In the paper we study key agreement schemes when a party needs to establish a session key with each of several parties, thus having multiple session keys. This situation can be represented by a graph, tailed a key graph, where a vertex represents a party and an edge represents a relation between two parties sharing a session key. graphs to establish all session keys corresponding to all edges in a key graph simultaneously in a single session. A key agreement protocol of a key graph is a natural extension of a two-party key agreement protocol. We propose a new key exchange model for key graphs which is an extension of a two-party key exchange model. using the so-called randomness re-use technique which re-uses random values to make session keys for different sessions, we suggest two efficient key agreement protocols for key graphs based on the decisional Diffie-Hellman assumption, and prove their securities in the key exchange model of key graphs. Our first scheme requires only a single round and provides key independence. Our second scheme requires two rounds and provides forward secrecy. Both are proven secure In the standard model. The suggested protocols are the first pairwise key agreement protocols and more efficient than a simple scheme which uses a two-party key exchange for each necessary key. Suppose that a user makes a session key with n other users, respectively. The simple scheme's computational cost and the length of the transmitted messages are increased by a factor of n. The suggested protocols's computational cost also depends on n, but the length of the transmitted messages are constant.

• Management & Information Systems Review
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• v.37 no.2
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• pp.259-281
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• 2018

Advocates of mandatory IFRS adoption claim that IFRS increase financial statement comparability, which in turn leads to greater cross-border investment(Securities and Exchange Commision, 2008). The notion is that improved financial statement comparability reduces the information acquisition costs of global investors and thereby increase their investment in foreign firms. The purpose of this study is to examine this assertion by examining whether the K-IFRS adoption rusults in improved comparability that leads to increased investment by foreign investment. We also examined whether the relation between comparability and foreign investment has strengthen after adoption of K-IFRS. To achieve the purpose of our study, we measure Korean firms comparability using stock price model, stock return model and cash flow from operation model by Barth et al.(2012). We use both foreign ownership in the end of year and average during the year for dependent variables were to reduce bias. We test our hypothesis using 1,817 firm-year observation of KOSPI firms during the period of our analysis, 2011-2015. Consistent with our hypothesis, we find K-IFRS adoption results in a greater increase in foreign investment in firms with high comparability firms. This result indicate that the adoption of K-IFRS intends to achieve the international accounting convergence as stated in the roadmap and to reduce the Korea Discount.

• The Journal of Information Systems
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• v.27 no.1
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• pp.193-224
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• 2018

Purpose Targeting Korean companies listed on Korean securities markets (i.e., KOSPI and KOSDAQ markets), this study aims to shed lights the effects of personal information security breaches on stock prices of information security companies. Interestingly, this study is, to the best of our knowledge, the first to examine the information transfer effect on personal information security breaches of companies. Design / Methodology /Approach To examine the information transfer effect of personal information security breaches, our study employs the event study commonly used in financial studies. To this end, we investigate a variety of events of personal information security breaches of companies listed on the KOPSI stock market and the KOSDAQ market. We collect the total samples of one hundred and twelve with forty seven of events of personal information security breaches by thirty companies and sixty five of information security companies. Findings The principal findings from the empirical study are as follows. First, for companies of personal information security breaches, our event study presents the significantly negative AAR (averaged abnormal return) value on the event day at the 5 % level and the highly significant negative CAAR(cumulative averaged abnormal return) value on the event day and the day after the event day at the 1 % level. The results suggest that personal information breaches significantly contribute to an decrease in value of the information breached companies. The cross sectional regressions in this study estimate the significantly negative coefficient for the ME/BE variable, the proxy for a growth opportunity at the 5 % level. This suggests a reverse relation between the growth opportunity of companies and their value. As for the various samples of the information security companies categorized by physical security, network and system security, security application software, code authentication, system integration, we find the significantly positive AAR on the day after the event day at the 5% level, only for the network and system security-companies. This addresses that the information transfer effect followed by personal information breaches is uniquely observable for companies categorized into network and system companies. The regressions for the network and system companies estimate the significantly positive coefficient for the NS dummy variable (i.e., the dummy of the network and system security companies) at the standard level. This allows us to identify appropriate times needed to make the information transfer effect realized from personal information breached companies to information security companies.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.71-89
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• 2005

The purpose of this research is to examine X-efficiency of Korean local credit unions in 2001 by employing the stochastic frontier approach. This study uses the intermediation approach in order to define outputs and inputs of the credit unions. We define the outputs as the amounts of loans, and securities. The inputs are labor, deposit and physical capital. The price of labor is estimated by dividing the total wages by the number of employees. The price of deposit equals total interest divided by total deposit, and the price of physical capital is also computed to divide the total sales and administrative expenses by the physical capital. By the result of this study, the average efficiency score is 0.81. This fact indicates that credit unions can reduce their inputs by 19% for the given outputs. If results are arranged into quartiles based on the efficiency, inefficiency of top 25% credit unions is below 9%, and half of them is over 17%. In addition, e result shows that the efficiency is significantly influenced by region and size even if credit unions in Seoul and Daegu showed little difference in efficiency by size. Generally, medium size credit unions are more efficient than large size.

• Journal of Distribution Science
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• v.11 no.4
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• pp.81-88
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• 2013

Purpose - This paper analyzes the influence of the RMB internationalization on the KRW/dollar exchange rate using an autoregressive distributed lag model. Comparing the parameter estimators from the sample period before and after the global financial crisis, we found that the RMB/dollar exchange rate has increasingly become more influential on the KRW/dollar exchange rate. Moreover, for the past several years, the Chinese government has actively utilized the financial service FTA negotiation as a measure for the RMB internationalization. This paper simultaneously considers RMB internationalization and financial service negotiations in the Korean-Chinese FTA. The purpose of this paper is to explicitly suggest a direction for the financial service negotiations in the Korean-Chinese FTA considering the effects of RMB internationalization. Research design, data, and methodology - The research plan of this paper has two parts. First, for an empirical study, this paper uses the daily exchange rate of the U.S. dollar against the currencies of the ASEAN5, Taiwan,and Korea. By using an autoregressive distributed lag model, this paper studies the influence of the change in the RMB/dollar exchange rate on changes in the local currency/dollar exchange rate in seven economies neighboring China. Our sample periods are 06/2005 - 07/2008 and 06/2010 -02/2013. During these periods, China was under the multi-currency basket system. We exempted the period of 08/2008 - 05/2010 from the analysis because there was nearly no RMB/dollar exchange rate fluctuation during those months. Second, after analyzing the recent financial service liberalizations and deregulations in China, we recommend a direction for the financial service negotiations in the Korean-Chinese FTA. In the past several years,the main Chinese financial policy agenda has surrounded the RMB internationalization. Therefore, it is crucial to understand this in the search for strategies for the financial service negotiations in the Korean-Chinese FTA. This paper employs an existing literature survey and examines the FTA protocols in its research methodology. Results and Conclusions - After the global financial crisis, the Chinese government wanted to break away from the dollar influence and pursued independent RMB internationalization in order to continue the growth and stability of its economy. Hence, every neighboring economy of China has been strategically impacted by RMB internationalization. Nevertheless, there is little empirical study on the influence of RMB internationalization on the KRW/dollar exchange rate. This paper is one of the few studies to analyze this problem comprehensively. By using a relatively simple estimation model, we can confirm that the coefficient of the RMB/dollar exchange rate has become more significant, except in the case of Indonesia. Although Korea is not under the multi-currency basket system but under the weakly controlled floating exchange rate system, its coefficient appears as large as that of the ASEAN5. This is the basis of the currency cooperation that has grown from the expansion of trade between the two countries. These empirical results suggest that the Korean government should specifically consider the RMB internationalization in the Korean-Chinese FTA negotiations.

• Journal of Distribution Science
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• v.11 no.10
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• pp.55-62
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• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.