• Journal of Intelligence and Information Systems
• /
• v.25 no.2
• /
• pp.123-139
• /
• 2019

The Korean NPL market was formed by the government and foreign capital shortly after the 1997 IMF crisis. However, this market is short-lived, as the bad debt has started to increase after the global financial crisis in 2009 due to the real economic recession. NPL has become a major investment in the market in recent years when the domestic capital market's investment capital began to enter the NPL market in earnest. Although the domestic NPL market has received considerable attention due to the overheating of the NPL market in recent years, research on the NPL market has been abrupt since the history of capital market investment in the domestic NPL market is short. In addition, decision-making through more scientific and systematic analysis is required due to the decline in profitability and the price fluctuation due to the fluctuation of the real estate business. In this study, we propose a prediction model that can determine the achievement of the benchmark yield by using the NPL market related data in accordance with the market demand. In order to build the model, we used Korean NPL data from December 2013 to December 2017 for about 4 years. The total number of things data was 2291. As independent variables, only the variables related to the dependent variable were selected for the 11 variables that indicate the characteristics of the real estate. In order to select the variables, one to one t-test and logistic regression stepwise and decision tree were performed. Seven independent variables (purchase year, SPC (Special Purpose Company), municipality, appraisal value, purchase cost, OPB (Outstanding Principle Balance), HP (Holding Period)). The dependent variable is a bivariate variable that indicates whether the benchmark rate is reached. This is because the accuracy of the model predicting the binomial variables is higher than the model predicting the continuous variables, and the accuracy of these models is directly related to the effectiveness of the model. In addition, in the case of a special purpose company, whether or not to purchase the property is the main concern. Therefore, whether or not to achieve a certain level of return is enough to make a decision. For the dependent variable, we constructed and compared the predictive model by calculating the dependent variable by adjusting the numerical value to ascertain whether 12%, which is the standard rate of return used in the industry, is a meaningful reference value. As a result, it was found that the hit ratio average of the predictive model constructed using the dependent variable calculated by the 12% standard rate of return was the best at 64.60%. In order to propose an optimal prediction model based on the determined dependent variables and 7 independent variables, we construct a prediction model by applying the five methodologies of discriminant analysis, logistic regression analysis, decision tree, artificial neural network, and genetic algorithm linear model we tried to compare them. To do this, 10 sets of training data and testing data were extracted using 10 fold validation method. After building the model using this data, the hit ratio of each set was averaged and the performance was compared. As a result, the hit ratio average of prediction models constructed by using discriminant analysis, logistic regression model, decision tree, artificial neural network, and genetic algorithm linear model were 64.40%, 65.12%, 63.54%, 67.40%, and 60.51%, respectively. It was confirmed that the model using the artificial neural network is the best. Through this study, it is proved that it is effective to utilize 7 independent variables and artificial neural network prediction model in the future NPL market. The proposed model predicts that the 12% return of new things will be achieved beforehand, which will help the special purpose companies make investment decisions. Furthermore, we anticipate that the NPL market will be liquidated as the transaction proceeds at an appropriate price.

• Korean small business review
• /
• v.31 no.1
• /
• pp.73-88
• /
• 2009

This study examines the characteristics of 24 Korean hidden champions such as key success factors, core competences, strategic problems, and desirable future directions. The study categorized them into 8 types with Danny Miller's four trajectories and top manager's decision making style(rationality and passion). Danny Miller argued in his book, Icarus paradox, that outstanding firms will extend their orientations until they reach dangerous extremes and their momentum will result in common trajectories of decline. He suggested four very common success types: Craftsmen, Builders, Pioneers, Salesmen. He also suggested common trajectories of decline:Focusing(from Craftsmen to Tinkers), Venturing(from Builders to Imperialists), Inventing(from Pioneers to Escapists), Decoupling(from Salesmen to Drifts). In Korea, successful startups appear to possess three kinds of drive: Technology-drive, Vision-drive, Market-drive. Successful technology-driven firms tend to grow as craftsmen or pioneers. Successful vision-driven and market-driven ones tend to grow as builders and salesmen respectively. Korean top managers or founders seem to have two kinds of decision making style: Passion-based and Rationality-bases. Passion-based(passionate) entrepreneurs are biased towards action or proactiveness in competing and getting things done. Rationality- based ones tend to emphasis the effort devoted to scanning and analysing information to better understand a company's threats, opportunities and options. Consequently this study suggested 4*2 types of Korean hidden champions: (1) passionate craftsmen, (2) rational craftsmen, (3) passionate builders, (4) rational builders, (5) passionate pioneers, (6) rational pioneers, (7) passionate salesmen, (8) rational salesmen. These 8 type firms showed different success stories and appeared to possess different trajectories of decline. These hidden champions have acquired competitive advantage within domestic or globally niche markets in spite of the weak market power and lack of internal resources. They have maintained their sustainable competitiveness by utilizing three types of growth strategy; (1) penetrating into the global market, (2) exploring new service market, (3) occupying the domestic market. According to the types of growth strategy, these firms showed different financial outcomes and possessed different issues for maintaining their competitiveness. This study found that Korean hidden champions were facing serious challenges from the transforming economic structure these days and possessed the decline potential from their success momentum or self-complacence. It argues that they need to take a new growth engine not to decline in the turbulent environment. It also discusses how firms overcome the economic crisis and find a new business area in promising industries for the future. It summarized the recent policy of Korean government called as "Green Growth" and discussed how small firms utilize such benefits and supports from the government. Other implications for firm strategies and governmental policies were discussed.

• Korean Journal of Construction Engineering and Management
• /
• v.16 no.1
• /
• pp.3-14
• /
• 2015

Since the global financial crisis, the Korean domestic construction market has continuously experienced downturns, and the Korean domain construction firms'profitability has been persistently deteriorated. Domestic construction firms have rapidly advanced to overseas markets exclusively for the construction contract packages. However, the profitability for the construction contracts has been lower compared to engineering or project management contracts. One of the critical issues the Korean firms have faced was project management capability across all phases in project execution. Even though several project management capability assessment tools were introduced, most tools were applicable to a wide variety of industry sectors rather than construction industry. Project management capability assessment tool specifically applicable to domestic CM firms was developed through this research, in order to assess project and program management capabilities and improve the competitiveness in overseas market Also, the correlation between project, programs, and the CM infrastructure were identified. The CM firms were divided into two groups according to the size of the business, and both were evaluated at the project and the program level based for the 9 different criteria. The project management capability assessment tool developed for the CM firms can be used for self-assessment to distinguish the strengths and weaknesses of each company at the project and program level. In addition, the current status of each group can be identified by spotting improvement areas for the management capabilities.

• Journal of Popular Narrative
• /
• v.26 no.2
• /
• pp.9-37
• /
• 2020

The present study examines the transnational "Hallyu" (the Korean wave) phenomenon after the 1990s in the context of a solidarity movement of East Asian women. It also focuses on the passion for the world stage given the cultural industry was supported by the government as a "chimney-less factory" during the IMF financial crisis. Over the past twenty years and through Hallyu 1.0, Hallyu 2.0, and Hallyu 3.0, "K-entertainment" has been advocated, as a concept that encompasses K-drama, K-pop, etc. in the cultural industry. Furthermore, everything Korean, through K-culture, is being put at the forefront. However, there is insufficient discussion regarding the actions of the women who led the Korean wave. This paper examines the female fans and girl groups who played leading roles in the rise of popular culture and its transnational prominence within the context of the female agency and female labor involved. The lack of acknowledgment of their roles is linked to the current erasure of the discussion on the female youth. Discussion on "woman" is still limited to the domain of reproduction in the generational discussion that has replaced the existing nation-state or class led discussions in the current era of neoliberalism. However, since The reboot or the popularity of feminism in recent years, the interest in the female narrative, in works such as 'Kim Ji-young, Born 1982' has been expanding beyond East Asia to the rest of the world. Just as Hallyu was created by women in the beginning, there is a new trend in which women across national borders are joining in solidarity. As such, the present study attempts to prove that the female fan, girl group, and female youths must be one meta-narrative through a feminist reading, rather than individuals with separate identities.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.2
• /
• pp.279-292
• /
• 2018

Unlike the global art market which experienced rapid recovery from the impacts of the Global Financial Crisis in 2008, the Korean art market has not yet fully recovered. The gallery-oriented distribution system, vulnerable primary art market functions, and the market structure centered on a small number of collectors make it difficult for young and medium artists to enter the market and, as a result, deepen the economic polarization of artists. In addition, the high price of art works limits market participation by restricting the general public. This study began with the idea that the interest of the public in the art market as well as their participation in the market are urgent. To this end, we noted that public awareness of art transactions can be a starting point for improving the constitution of the fragile art market, focusing on the 'Artist-centered Art Fair' rather than existing art fairs. To examine the contribution of such an art fair to the popularization of the art market, we analyzed the case of the 'Visual Artist Market (VAM)' project of the Korea Arts Management Service. Results found that the 'Artist-centered Art Fair' focuses on providing opportunities for market entry to young and medium artists rather than on the interests of distributors, and promotes the popularization of the art market by promoting low-priced works to the general public. Also, the 'Artist-centered Art Fair' seems to play a primary role in the public sector to foster solid groups of artists as well as to establish healty distribution networks of Korean Art market. However, in the long run, it is necessary to promote sustainable development of the 'Artist-centered Art Fair' through indirect support, such as the provision of a publicity platform or consumer finance support, rather than direct support.

• Korean Journal of Labor Studies
• /
• v.24 no.2
• /
• pp.95-136
• /
• 2018

As the number of precariats grows, their poor labor rights and working conditions are becoming issues of major concern all over the world but how to represent their interests is still controversial. Basically, the union is the institutional mechanism for representing the labor rights. However, it is difficult for workplaceand enterprise-based unions to fully represent the labor rights of precarious workers. Recently, so-called community unions have emerged in the United States, the United Kingdom, and Japan as independent organizations representing the rights of non-standard workers. Community unions refer to labor unions which organize precarious workers across firms at the regional level. They are known to be suitable for covering the unemployed, job seekers, indirect employment workers, short-term contract workers, and small-firm workers. In South Korea, since the financial crisis in 1997, a dramatic increase in the number of precariats leads to emergence of new types of trade unions such as the Youth Community Union, the Arbeit Workers' Union, the Artist Social Union and the Korea Musician's Union. They have engaged in various activities to guarantee the labor rights of precariats. Recently, researchers have also tried to identify defining characteristics of these new forms of unionism. To expand research on trade unionism in South Korea, this study compares two different types of community unions: the Youth Community Union and the Arbeit Workers' Union. We believe that this attempt can contribute to the research on the alternative labor movement. For this purpose, this study starts with theoretical discussions on community unions, and compares the Youth Community Union with the Arbeit Workers' Union based on the five characteristics of community unionism: membership and organization structure, the recognition struggle, the type or scope of interest, solidarity with other civic organizations, and the repertoire of resistance strategies. Based on this comparative analysis, this study seeks to foresee the possibility of how community unionism will develop in South Korean in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.6
• /
• pp.57-70
• /
• 2023

The investigation delved into 457 pieces of scholarly work, encompassing articles, published theses, and dissertations from the National Research Foundation of Korea, spanning the period of the 1997 IMF financial crisis up to 2022. The materials were sourced using terms such as 'angel investment', 'angel investor', and 'angel investment attraction'. The initial phase involved filtering out redundant entries from the preliminary collection of 267 works, leaving aside pieces that didn't pertain directly to angel investment as indicated in their abstracts. The next stage of the analysis involved a more rigorous selection process. Out of 43 papers earmarked in the preceding cut, only 32 were chosen. The criteria for this focused on the exclusion of conference presentations, articles that were either not submitted or inconclusive, and those that duplicated content under different titles. The final selection of 32 papers underwent a thorough systematic literature review. These documents, all pertinent to angel investment in South Korea, were scrutinized under five distinct categories: 1) publication year, 2) themes of research, 3) strategies employed in the studies, 4) participants involved in the research, and 5) methods of research utilized. This meticulous process illuminated the existing landscape of angel investment studies within Korea. Moreover, this study pinpointed gaps in the current body of research, offering guidance on future scholarly directions and proposing social scientific theories to further enrich the field of angel investment studies and analysis also seeks to pinpoint which areas require additional exploration to energize the field of angel investment moving forward. Through a comprehensive review of literature, this research intends to validate the establishment of future research trajectories and pinpoint areas that are currently and relatively underexplored in Korea's angel investment research stream. This study revealed that current research on domestic angel investment is concentrated on several areas: 1) the traits of angel investors, 2) the motivations behind angel investing, 3) startup ventures, 4) relevant institutions and policies, and 5) the various forms of angel investments. It was determined that there is a need to broaden the scope of research to aid in enhancing and stimulating the scale of domestic angel investing. This includes research into performance analysis of angel investments and detailed case studies in the field. Furthermore, the study emphasizes the importance of diversifying research efforts. Instead of solely focusing on specific factors like investment types, startups, accelerators, venture capital, and regulatory frameworks, there is a call for research that explores a variety of associated variables. These include aspects related to crowdfunding and return on investment in the context of angel investing, ensuring a more holistic approach to research in this domain. Specifically, there's a clear need for more detailed studies focusing on the relationships with variables that serve as dependent variables influencing the outcomes of angel investments. Moreover, it's essential to invigorate both qualitative and quantitative research that delves into the theoretical framework from multiple perspectives. This involves analyzing the structure of variables that have an impact on angel investments and the decisions surrounding these investments, thereby enriching the theoretical foundation of this field. Finally, we presented the direction of development for future research by confirming that the effect on the completeness of the business plan is high or low depending on the satisfaction of the entrepreneurs in addition to the components.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.6
• /
• pp.1-9
• /
• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

• Management & Information Systems Review
• /
• v.37 no.3
• /
• pp.27-47
• /
• 2018

In this study, we examine how land use zoning affects the land price controlling other variables such as road-facing condition of the land, land form, land age after its development and land size. We employ geographically weighted regression analysis which reflects spatial dependency as methodology with a data sample of land transaction price data of Jangyu, a new town, in Korea. The results of our empirical analysis show that the respective coefficients of traditional regression and geographically weighted regression are not significantly different. However, after calculating Moran's Index with residuals of both OLS and GWR models, we find that Moran's Index of GWR decreases around 26% compared to that of OLS model, thus improving the problem of spatial autoregression of residuals considerably. Unlike our expectation, though, in both traditional regression and geographically weighted regression where residential exclusive area is used as a reference variable, the dummy variable of the residential land for both housing and shops shows a negative sign. This may be because the residential land for both housing and shops is usually located in the level area while the residential exclusive area is located at the foot of a mountain or on a gentle hill where the residents can have good quality air and scenery. Although the utility of the residential land for both housing and shops is higher than its counterpart's since it has higher floor area ratio, amenity which can be explained as high quality of air and scenery in this study seems to have higher impact in purchase of land for housing. On the other hand, land for neighbourhood living facility seems to be valued higher than any other land zonings used in this research since it has much higher floor area ratio than the two land zonings above and can have a building with up to 5 stories constructed on it. With regard to road-facing condition, land buyers seem to prefer land which faces a medium-width road as expected. Land facing a wide-width road may have some disadvantage in that it can be exposed to noise and exhaust gas from cars and that entrance may not be easy due to the high speed traffic of the road. In contrast, land facing a narrow road can be free of noise or fume from cars and have privacy protected while it has some inconvenience in that entrance may be blocked by cars parked in both sides of the narrow road. Finally, land age variable shows a negative sign, which means that the price of land declines over time. This may be because decline of the land price of Jangyu was bigger than that of other regions in Gimhae where Jangyu, a new town, also belong, during the global financial crisis of 2008.

• Journal of the Economic Geographical Society of Korea
• /
• v.14 no.4
• /
• pp.467-485
• /
• 2011

After Korean War, Korea focused on catching up with the world economy by concentrating on some target industries around the Capital Region and southern coastal cities. Thus, the regional disparity between Capital Region and non-Capital Regions increased drastically. At last, when Korea acquired full-fledged autonomy in 1994 in the Civilian government (1993-1998) and experienced the Asian financial crisis in 1997-1998, local governments were awakened to the notion of region-oriented development, especially for regional industrial development. The purposes of this paper are to introduce regional industrial development policies since 1998 and to suggest some recommendations in terms of how to adjust regional development for industrial policies in the future. In the introducing phase (Kim administration, 1998-2003), four provincial governments requested national funding to raise regional industries that are of strategic importance. At the same time, the central government recognized the need to nurture regional industries to overcome structural weaknesses. As a result, the Roh administration (2003-2008) gave a birth to a systematizing phase. As the ultimate regional policy objective, the balanced national development has been set and the Special Acts, Special Accounts, Committee, and National Plan have been established. Regional Industrial Promotion Project has been carried out very actively during this period. It had a good start albeit idealistic to a certain extent. Therefore, the current government has changed policy paradigm from balanced growth to regional competitiveness along with global paradigm shifts. In order to enhance regional competitiveness, regional development policies have been pursued in more efficient way. Leading Industry Nurturing Projects (LINPs) on Economic Region level, existed Regional Industrial Promotion Projects (RIPPs) on Province level, and Region Specific Industry Projects (RSIPs) on Local Area level have been implemented. Now, it is appropriate to review regional development policies including industrial policies since 1998 and to adjust them for the future sustainable regional development. Because LINPs and RIPPs will be terminated in next two years, the 2nd stage projects are on planning to reduce the redundancies in two projects. In addition, business support program would be reformed from subsiding technology development to building ecological business system. Finally some policy implications are provided in this paper, which is useful to establish the new regional industrial policies for both central and local government.