• Journal of Korea Trade
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• v.23 no.6
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• pp.1-13
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• 2019

Purpose - This study deals with a strategic plan for meeting the value added criteria effectively, which is one of the methods of determining origin used in preferential trade such as FTA. Automobile products, one of the major Korean export items, were selected to give a practical use against the FTA requirements. Design/methodology - This study is based on the value-added criteria of the Korea-US and Korea-EU FTAs that apply various value-added criteria. The Korea-US FTA adopts the RVC method based on the integration, deduction and net cost methods, while the MC method is employed in the Korea-EU FTA. The methodology used in this work is an extended literature review, analysis of the value-added criteria applied to automobile products under Korea-US and Korea-EU FTA with some secondary statistics. Findings - Based on in - depth analysis of the value - added criteria requirements for automobile products stipulated in the Korea - US FTA and the Korea - EU FTA, two strategic considerations are suggested. First is 'appropriate value-added strategy' and the second is 'strategy of changing production and trade structure'. The second strategy is a bit used in Korea but this is not considered best if the first strategy is ignored or forgotten. The second one is meaningful when this becomes inevitable. Research limitations/implications - This study is primarily designed to assist Korean auto mobile industry players exporting to EU and USA but this may help to auto part or material producers in FTA counter party territories being EU or USA as the preferential tariffs are applied on a inter region basis. A further research other than auto mobiles using other major FTAs might be followed later. Originality/value - There has been so far little research on strategic factors to meet the value-added origin requirements. This study, therefore, is expected to contribute facilitating the decision of FTA origin and to improve the utilization of FTA by allowing exporting companies using value added criterion to more smoothly meet origin requirements. This will also enable the tax authorities to utilize the value-added criterion to validate effectively the origin of imports where preferential tariffs are applied.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Journal of Family Resource Management and Policy Review
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• v.2 no.1
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• pp.15-31
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• 1998

The purpose of study is to understand the home management strategy to cope with rapid changing environments and to verify that how personal value orientation affect home management strategy. The research results are summarized below. First, variables that affect the value orientation of Korean urbanite are sex, area of dwelling, degree of information using and degree of stress recognition in case of material orientation, degree of information using in case of environmental orientation, academic career, sex, degree of information using, degree of stress recognition in cases of fate control orientation, number of children, sex, degree of information using in case of equilibrium orientation, sex, degree of stress recognition in case of present orientation and academic career, degree of stress recognition in case of individualistic orientation. Second, value orientation variables that affect overall home management strategy of Korean urbanite are material orientation, environmental orientation, fate control orientation and individualistic orientation. Third, variables that affect overall home management strategy of Korean urbanite are age, academic career, degree of information using, degree of stress recognition, perception level of living relative to others, environmental orientation and fate control orientation and it is shown that degree of information using is domineering variable.

• Journal of Family Resource Management and Policy Review
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• v.2 no.2
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• pp.1-19
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• 1998

The purpose of study is to understand the home management strategy to cope with rapid changing environments and to verify that how personal value orientation affect home management strategy. The research results are summarized below. First, variables that affect the value orientation of Korean urbanite are sex, area of dwelling, degree of information using and degree of stress recognition in case of material orientation, degree of information using in case of environmental orientation, academic career, sex, degree of information using, degree of stress recognition in cases of fate control orientation, number of children, sex, degree of information using in case of equilibrium orientation, sex, degree of stress recognition in case of present orientation and academic career, degree of stress recognition in case of individualistic orientation. Second, value orientation variables that affect overall home management strategy of Korean urbanite are material orientation, environmental orientation, fate control orientation and individualistic orientation. Third, variables that affect overall home management strategy of Korean urbanite are age, academic career, degree of information using, degree of stress recognition, perception level of living relative to others, environmental orientation and fate control orientation and it is shown that degree of information using is domineering variable.

• The Journal of Information Systems
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• v.20 no.1
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• pp.127-146
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• 2011

Coping with the rapid change of competition in retail industry, retail firms have dreamed various differentiation strategy to obtain their added value and their life. And they have considered CRM strategy that can differentiate with other retail firms in order to develop some new differentiation factors. So we searched new factors that is best for "T store" and found CRM strategy such as the optimization for product portfolio considering private-brand products and the optimization for product display for customer demands. This study is meaningful in that it has suggested a new CRM strategy model, which can manage new various differentiation factors of a retail firms considering its core competence. We verified and altered retail firm's business model using system dynamics. By simulation results, CRM strategy need long time to obtain visible and satisfactory performance of "T store".

• Journal of the Korea Convergence Society
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• v.6 no.4
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• pp.127-132
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• 2015

This study attempts to empirically investigate if relative momentum strategy is effective in the Korean stock market. The sample of the study is comprised of companies which are traded in both Kospi and Kosdaq stock markets in Korea for the period between 2001~2014. The study observes that the momentum strategy buying past winner stocks and selling past loser stocks is negatively correlated with the value strategy buying value stocks with high book to market ratio and selling glamour stocks with low book to market ratio. And each strategy is alternatively effective from period to period. The study demonstrates that the momentum strategy is effective when both strategies which are negatively correlated are treated as one system by estimating Fama and French's[1] 3 factor regression model.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.18 no.1
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• pp.1-12
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• 2015

Beginning of the human ecology in 1920s, the efforts for applying the environmental values to a policy have been embodied by the enactments of international agreement and relevant laws. The government has been struggling to adopt the environmental values for the policy by enacting the relevant laws and establishing the environmental value evaluation information (environmental conservation value assessment map, eco-natural map, biotope map). In spite of the efforts to apply the environmental value assessment information for the habitat potential of wildlife, the application is being challenged by the discrepancy in methods and criteria. Thus this study intends to measure the potential of wildlife habitat and apply it to the spatial value classification for the application plan of wildlife habitat potential in policy. Maxent was used for the habitat potential and the land types were classified depending on the surface and land use pattern of cadastral map. As a result, the policy matrix including conservation strategy(CS), restoration strategy(RS), practical use strategy(PS) and development strategy(DS) has been deduced as CS $13.05km^2$(2.38%), RS $1.64km^2$(0.30%), PS $162.42km^2$(29.57%) and DS $8.56km^2$(1.56%). CS was emerged mostly on forest valleys and farmlands, and RS was appeared in the road area near the conservation strategy areas. Boryung downtown and Daecheon Beach were the center of DS, while the forest and farmlands were presented as PS. It is significant that this study suggest the new approaching method by comparing the wildlife habitat potential with the land type. Since this study evaluated the environmental value by one species of leopard cat (Prionailurusbengalensis) with Maxent model, it is necessary to apply the habitat potential measuring method for various target species as further research.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.83-90
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• 2019

The purpose of this study is to test the effect of business strategy on valuation error. Business strategy includes managerial decision making and managerial tendency. In previous research, there is a negative relationship between business strategy and accounting quality. In this study, we try to confirm whether strategy tendencies affected valuation errors. In order to confirm empirically between business strategy and overvaluation, we use 8,117 firms that between 2006 and 2017 and listed in KSE and KOSDAQ. We calculated business strategy which is introduced by Bentley, Omer, and Sharp (2013). We also used the overvaluation method introduced in Rhodes-Kropf, Robinson, and Viswanathan (2005). The results show that the more the leading business strategy is, the greater the value error becomes. In the case of dividing into leading and defensive companies, the lead firms showed a significant positive correlation with the valuation errors, while the defensive firms showed the negative relationship with overvaluation. This study examined the business strategy and the overvaluation. we confirmed whether the management strategy deepens the evaluation error caused by the firm characteristics. The results are meaningful that we extended the study on the quality of financial reporting of leading strategic firms.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.563-573
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• 2020

This research examined the effect of KHD Leadership toward Sustainable Shareholder Value and mediated by IT & Business Strategy Alignement and Integrated Supply Chain Management. Therefore, with this research, it is expected to be able to develop the KHD Leadership in State-owned enterprises' (SOEs) Indonesian. The population in this study were all echelon 1, 2, and 3 employees in the PT Pupuk Kalimantan Timur, PT Pupuk Petrokimia Gresik, PT Pupuk Sriwidjaja Palembang, PT Pupuk Kujang Cikampek, PT Pupuk Iskandar Muda, as many as N = 1002 people. The appropriate sampling technique used is Proportional Stratified Random Sampling (n=300 employees). The statistical analysis used is SEM-WarpPLS method. IT & Business Strategy Alignement and Integrated Supply Chain Management significant and positive on Sustainable Shareholder Value. IT & Business Strategy Alignment and IT Integrated Suppy Chain Management is a mediating variable between the influence of KHD Leadership on Sustainable Shareholder Value. Novelty in this research is the development of Ki Hadjar Dewantara Leadership as the development of the concept of Javanese leadership that grows inherent in Indonesian society, especially Javanese society and is believed to be applicable in business and industrial organizations in Indonesia, of course it can also be implemented in Pupuk Indonesia Holding Company.

• Korean Institute of Interior Design Journal
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• v.16 no.2 s.61
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• pp.331-338
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• 2007

In the aspects of the globalization and localization, it is crucial to determine 'Urban selling point', which explains how to make an image: in order to acquire city identity based on the cultural and historical understanding for the Positive city image. The Purpose of this study is to investigate the possible role of the public space as a tool of the city marketing strategy, as well as to realize the cultural city identity through the design of the public space by studying cases which promote the value of life for both of the city and the citizens. Two methodologies are utilized for this study; First, he value in realizing cultural identity is examined through the city identity related to the city marketing and theoretical review of city amenity; second, the several domestic and international cases of cultural planning in culture-accumulated public space are selected and analyzed to map out new strategies from the perspective of place strategy, cultural strategy, and marketing strategy. The results from this study are as follows; first, the culture-accumulated public space through the formation of culture has its own characterized meaning, which has the significant value for the city representative image; second, when planning the culture-accumulated public space, it is important to select not only the appropriate image strategy but the adequate type of the public space for the city planning.