Investment In Korea Research Articles

An analysis of the Effects of the FTA on Domestic Foreign Investment In Korea

An analysis of the Effects of the FTA on Domestic Foreign Investment In Korea

The Relationship between Marginal Tax Rates and Corporate Investment in Korea

The Relationship between Marginal Tax Rates and Corporate Investment in Korea

한국투자금융지주 김남구 부회장의 시너지경영

한국의 금융투자기업이 변화된 환경에 적합한 사업구조를 갖추고 고객의 수요에 적합한 상품과 서비스를 제공함으로써 신뢰를 회복할 수 있는 경쟁력을 갖추는데 필요한 요건을 모색하기 위해, 본 연구에서는 한국금융투자업계의 변화를 선도하며 뛰어난 경영성과를 창출하고 있는 한국투자금융지주 김남구 부회장의 시너지경영 사례를 분석하였다. 사례를 분석하기 위해 김남구 부회장 시너지경영의 기초를 전문성과 정도경영에서 파악하고, 이러한 기초 위에 구축한 장기주의경영이라는 토대와 시너지경영의 구체적인 사례에 초점을 맞추었다.BR 한국투자금융지주 김남구 부회장의 시너지경영은 전문성과 정도경영에 기초를 두고 있다. 김남구 부회장은 철저한 현장경험, 학업을 통한 자기계발, 전문가들의 전문성을 활용하기 위한 노력 그리고 방대한 양의 독서와 메모하는 생활습관 등을 통해 업에 대한 전문성을 쌓아왔다. 김남구 부회장은 등기임원으로 직접 경영에 참여하여 책임경영을 실천하고 있으며, 전문경영인과의 신의, 권한위임 그리고 공정한 성과평가와 보상을 바탕으로 오너-전문경영인 파트너십을 구축하였다. 그리고 전문경영인이 주인의식을 갖고 기업가정신을 발휘할 수 있도록 지원 및 협력함으로써, 전문경영인의 전문성이 장 · 단기 성과에 직결될 수 있도록 촉진하였다. 또한 솔선수범하는 도덕적 리더십을 발휘하여 정도경영을 한국투자금융지주의 사풍으로 정착시켰다.BR 한국투자금융지주 김남구 부회장은 전문성과 정도경영이라는 기초위에 장기주의경영이라는 토대를 구축하였다. 김남구 부회장은 열정과 도전정신을 바탕으로 자신만의 스토리를 만들어갈 수 있는 인재를 선발하여 자신과 함께 꿈을 펼칠 파트너로 인정함으로써, 믿고 맡기는 신뢰에 기반한 조직문화를 정착시켰다. 김남구 부회장은 이러한 조직문화를 바탕으로 창출된 조직역량을 통해 고객수익률을 최우선으로 삼는 방향으로 리테일 패러다임을 변화시켰다. 또한 김남구 부회장은 장기적인 관점에서 수익성을 높일 수 있는 가치동인을 발굴하여 지속적으로 투자함으로써, 고객의 만족과 신뢰를 회복하고 주주가치를 극대화시키는 장기주의경영을 실천하고 있다.BR 김남구 부회장은 전문성과 정도경영의 기초위에 장기주의경영이라는 토대를 쌓고 시너지경영을 실행하고 있다. 김남구 부회장은 성공적인 인수합병을 통해 규모의 경제를 확보하고 각 계열사들의 경쟁력을 업계 최고 수준으로 끌어올림으로써, 기존 사업영역의 강점을 바탕으로 새로운 사업영역을 개척하는 전략적 시너지를 추구하고 있다. 또한 김남구 부회장은 지주회사를 중심으로 한 투명한 지배구조를 통해 다양한 사업간 시너지역량을 극대화하고 있다.

The Effects of Stock Option Compensation on R&D Investment in Korea: Exporting vs. Domestic-market Firms

This study investigates the effects of executive stock options and export activities by firms in Korea on their research and development (R&D) investments which are intended to intensify their market competitiveness. We use 63,495 firm-level data of 12,382 firms provided by Microdata Service System (MDSS) of the Korean Bureau of Statistics from 2007 to 2012 using fixed effects panel regression analyses. We find that executive stock options have positive effects on R&D investment, although their effects are either negative or insignificant at best for firms with high-level R&D or exports, and in the manufacturing industry. Moreover, results revealed that exports also have positive effects on R&D investments in general, while the exports of firms in manufacturing, high-level R&D or exports do not affect the R&D investments positively for sustainable growth. The positive effects of executive stock options support the findings of prior studies of Cheng (2004) and Ryan and Wiggins (2002) in general, while negative effects for many types of firms with high-level exports, high R&D activities or in manufacturing industries contradict those of prior studies.

The Impact of Cultural Distance on the Performance of Foreign Subsidiaries: Evidence From the Korean Market

This study investigates whether the cultural distance between Korea and the home countries of foreign subsidiaries in Korea affects the subsidiaries’ financial performance. It contributes to the literature on international business in that it sheds light on cultural distance, a well-established but somewhat neglected concept in international business. Unlike most of the previous studies that have used cultural distance as a control or moderating variable, this study uses it as an independent variable in the context of globalization through foreign direct investments in Korea. Focusing on the possible positive side of broad cultural distance, we hypothesize that the performances of foreign subsidiaries are likely to be better when the cultural distance between their home countries and Korea increases. To test our hypothesis, we have conducted an empirical analysis, using data collected from 472 foreign subsidiaries doing business in Korea. The results support our argument that cultural distance has a positive impact on financial performance. This study finds that having cultural similarities with a foreign market does not guarantee success. Instead, it shows that firms can gain opportunities when incorporating in a foreign national market with broad cultural distance.

The Globalization of Korea's Capital Markets and its Legal System

자본시장의 국제화를 통하여 선진자본국가의 반열에 올라선 한국의 자본시장에 대한 법적 규제 즉, 자본시장법의 주요내용을 살펴봄과 더불어 우리나라 자본시장의 법제로부터 시사점을 도출하여 향후 보다 구체적이고 실효성이 있는 개선방향을 제시함으로써 견제와 균형이라는 양축을 중심으로 자본시장 시스템의 안정적 발전에 일조 시키고자 한다. 본 논문의 주요구성은 크게 다섯 개 부분으로 나누어진다. 첫째, 최근 시대적 대세로 떠오르고 있는 통합규제 방식에 대한 이해를 돕고자 우선 자본 시장의 국제화 의의, 국제화 발생요인 및 국제화 발생에 따른 효과를 살펴본다. 그리고 우리나라의 자본시장 국제화의 배경, 발전과정 및 규제체제를 간단히 살펴봄으로써 우리나라의 자본시장법 개편 에서 시사점을 찾아보도록 한다. 둘째, 우리나라에서는 투자대상과 투자자에 대해서 어떠한 성격을 부여하고 있으며, 어떠한 원칙을 적용하는가를 분석한 이후, 유통시장의 국제화에 따른 외국인의 증권 취득에 대해서 법제를 고찰하고자 한다. 그리고 우리나라에서의 증권투자와 관련된 법적 규제의 문제점을 도출하고, 한국 자본시장법이 제시하는 바에 따른 개선방향을 강구하고자 한다. 셋째, 증권의 발행규제와 관련하여, 우선 한국 자본시장법상 공시주의 철학과 발행규제의 원칙을 살펴본 후, 이에 따른 기본이론과 구체적인 규제방식에 대해서 분석한다. 넷째, 한국 자본시장법상 불공정거래에 대한 규제기준, 규제방식 및 규제의 실효성 보장을 살펴본다. 마지막으로, 금융법제의 선진화를 목표로 제정한 우리나라 자본시장법을 모델로 하여 시장원리의 정착을 위해 우리나라의 관련법제가 어떠한 방향으로 나아가야 할 것인지에 대한 구체적인 개선방향들을 제안하고자 한다.The legal regulations on the capital markets of Korea, which are ranked among the advanced capital countries through the internationalization of capital markets In addition to examining the main contents of the Capital Market Law, In the future, it will focus on the double axis of checks and balances by suggesting more concrete and effective improvement directions. And to contribute to the stable development of the capital market system. The main structure of this paper is divided into five parts Divided. First, in order to help the understanding of the integrated regulatory approach which is emerging as the trend of the recent times, The significance of the internationalization of the market, the causes of internationalization, and the effects of internationalization will be examined. And our country by reviewing the background, development process and regulatory framework of capital market internationalization, Let s look at the implications in. Second, in our country, it has some characteristics about investors and investors. And after analyzing the principle of application, it is necessary for the foreigner s securities I would like to consider the legal system for acquisition. And the problem of legal regulation related to securities investment in Korea And to seek the direction of improvement according to the Korean Capital Market Law. Third, securities Regarding the issuance regulation, first of all, after examining the principles of disclosureism and issuance regulation under the Korean Capital Market Law, The basic theories and specific regulatory methods are analyzed. Fourth, under the Korean Capital Market Act, Regulatory standards, regulatory methods, and the effectiveness of regulations will be examined. Finally, aiming at the advancement of financial law In order to establish the market principle based on the Korean capital market law, We will propose specific directions for improvement.

부채의 만기구조와 투자규모에 관한 한중 비교연구

부채의 만기구조와 투자규모에 관한 한중 비교연구

Assessing venture capital industry growth in Korea

PurposeThe purpose of this paper is to investigate how the venture capital industry evolves in Korea. The paper also compares the venture capital industry growth of Korea with that of the USA.Design/methodology/approachThis paper forecasts the growth of the Korean venture capital industry using the Bass Model. The authors apply the Bass Model to both Korean and US data to compare the model estimates of Korean and US data, and to make use of the US case by taking the “guess by similarity” approach to analyze Korean venture capital industry growth.FindingsThe authors find that the innovative fund inflows in Korea are stronger than those in the USA, while inertial reinvestments are weak. The study forecasts that new investments in Korea grow at a 5-7 percent rate each year for the next five years, and the growth rate slows down over time. Peak investment is predicted around the year 2030.Practical implicationsBased on the forecasted venture capital investment schedule each year, this study derives the fundraising schedule and the implications for Korea fund-of-funds management to match the investment schedule.Originality/valueThe model estimates provide a guideline for forecasting venture capital industry development in countries with brief histories of venture capital, which lack data. The analysis can also be applied to cases when developing countries and emerging financial markets assess the impact of government interventions on venture capital industry growth, especially when they provide fund-of-funds.

The market efficiency of socially responsible investment in Korea

PurposeThis paper aims to analyze the market efficiency of socially responsible investment in Korea. The authors used the daily price of the Dow Jones Sustainability Index Korea between January 2006 and December 2015.Design/methodology/approachTo analyze the unpredictability of the returns, the authors conducted runs tests, such as the Dickey–Fuller test, the Philip–Perron test, the variance ratio test and autocorrelation tests. These tests investigate whether the future price of socially responsible investment in Korea is dependent on its previous price. If the relationship is dependent, this will violate the theory of weak form of efficient market hypothesis which explains that the past price movements and data do not affect stock prices. Therefore, investors cannot gain any abnormal return by extrapolating the historical data.FindingsThe results suggest that the weak form of the efficient market hypothesis is not valid for the Dow Jones Sustainability Index Korea. This implies that the future price of the index is correlated with past prices. Hence, the future movement of socially responsible investment in Korea can be predicted and enables socially responsible investors to gain abnormal returns.Originality/valueThis is the first study to investigate the market efficiency of socially responsible investment in Korea.

Improved Regional Disparities in Neonatal Care by Government-led Policies in Korea.

BackgroundAlthough the number of high-risk neonates has increased in Korea, hospitals were reluctant to open or maintain neonatal intensive care unit (NICU) due to the low medical cost. Consequently, there were regional disparities in facilities, equipment, and neonatal health outcomes. For these reasons, the Korean government began to invest in neonatal care during the last decade. We identified the status of NICUs in Korea and assessed changes after the government-driven policies.MethodsWe surveyed 87 of 89 hospitals that operated NICUs in 2015. The questionnaire assessed the number of NICU beds, admission and mortality rates of very low birthweight infants (VLBWIs), personnel status, equipment and facilities, and available multidisciplinary approach. Current data was compared with the previous studies and changes in the status and function of the nationwide NICU from 2009 and 2011.ResultsDuring the last 7 years, there was an increase of 462 NICU beds, which met the required number estimated by the number of births and covered about 90% of regional VLBWI births. Status of facilities and equipment improved in all regions in Korea but there were still regional differences in multidisciplinary approach and human resources. The difference in odds ratios for mortality of VLBWI between regions decreased compared to 2009.ConclusionThere was improvement in regional disparities of neonatal care and mortality of premature babies with the government investment in Korea. Further supports are required for human resources and referral system.

Contributions of Public Investment to Economic Growth and Productivity

Whereas a large variety of previous studies show mixed results regarding the relationship between public investment and economic outcome, several studies have been conducted on related issues in Korea. The present study deals with the effect of public investment in Korea on economic growth and productivity. Using administrative data, it exploits three different methodologies: the total factor productivity approach, production function approach, and stochastic frontier production function approach. The results of this study show that public investment has a statistically significant effect on economic growth. However, it contributes little to enhance productivity. It is explained that there exists inefficiency of production in the Korean economy. These findings indicate that public investment has played a central role in the direct input factor and not in indirect role in Korea. Thus, it is necessary for public investment policies to concentrate on enhancing the efficiency of the Korean economy.

Investment Treaties and the Protection of Intellectual Property Rights: Analysis on Korea's Investment Treaties

Investment Treaties and the Protection of Intellectual Property Rights: Analysis on Korea's Investment Treaties

A Study on Factors Affecting Foreign direct Investment in Korea -Focused on Hofstede's Culture Dimensions and CPI Index-

A Study on Factors Affecting Foreign direct Investment in Korea -Focused on Hofstede's Culture Dimensions and CPI Index-

What Determines the Efficiency of R&D Investments in Korea?

What Determines the Efficiency of R&D Investments in Korea?

Quantile Dependence between Foreign Exchange Market and Stock Market: The Case of Korea

(ProQuest: ... denotes formulae omitted.)I. INTRODUCTIONThe interaction between stock market and currency market has been the subject of a long-drawn academic debate with inconclusive results. There are two competing hypotheses to explain these macroeconomic variables; traditional and portfolio approaches. The traditional approach, suggested by Dornbusch et al. (1980) is that exchange rate movements lead change in stock prices since the stock prices represent firm's values denominated in foreign currency. In contrast to traditional theory, portfolio approach, first discussed by Branson et al. (1977) postulates that changes in stock prices may have an influence on exchange rate via portfolio adjustments.Even though the theoretical explanations have attempted to show causal relation between stock market and exchange rate market, the empirical findings are rather mixed for the causal direction. Furthermore, the empirical results of causal relation between two financial markets have been varied by countries and time periods. Table 1 reports the summary of previous empirical studies.Abdalla and Murinde (1997) find the supportive evidences in favor of traditional approach using a country's monthly exchange rates. The studies show that there is uni-directional causality from exchange rate to stock return in India, Korea and Pakistan. Similarly, Wu (2000) shows Singapore-dollar exchange rates Granger stock prices. In contrast, Ajayi et al. (1998) find significant linkage between two financial markets by indicating uni-directional causality from the stock market to the currency market for advanced countries including Canada, France, Germany, Italy, Japan, U.K, and U.S from 1985 to 1991. Hatemi-J and Irandoust (2002) confirm that stock market tends to lead exchange rates in favor of the portfolio approach for Sweden. In a similar vein, Pan et al. (2007) find out there is unidirectional causal relationship from stock price to exchange rate for Korea and Singapore before Asian financial crisis.On the other hand, some of the studies have found bi-directional causality between two financial markets (Ajayi and Mougoue, 1996). In this regard, Pan et al. (2007) also provide evidences to indicate bi-directional causal relationship for Hong Kong before the Asian financial crisis. Granger et al. (2000) investigate causality based on Granger causality tests for nine Asian countries during the Asian financial crisis then obtain fairly differing results by country. They show that exchange rate market tends to lead the stock market in Japan and Thailand, which support traditional approach whereas stock market takes the lead in Taiwan. Furthermore, bi-directional relation is discovered for Korea, Malaysia and the Philippines. In Singapore, there exists no such causal relation.The ratio of foreign investors in Korean stock market has been high as shown in Table 3. It has been mostly more than thirty percent since 2001 and it reached its peak 40.1% in 2004. In other words, the foreign investment in Korea is a major component in Korean financial market. There have been numerous studies to investigate the relation between two financial markets, however, the existing literature is inconclusive on the relation between stock market and exchange rate.Korean stock market can be affected by the change in exchange rate of Korean Won via the traditional approach (Abdalla and Murinde, 1997; Kang and Yoon, 2012) while it also can affect the foreign exchange market via the portfolio approach (Lee and Ahn, 2010). On the other hand, Lee (2007) and Granger et al. (2000) provide bi-directional interaction between exchange rates and stock prices in Korea. In addition, Pan et al. (2007) find out that the results are in line with the traditional approach during Asian crisis, while they agree with the portfolio approach before Asian crisis in Korea. Therefore, examining the detailed relationship between foreign exchange market and stock market in Korea is appropriate to study the interaction between two markets and moreover it is very important for investors and policy makers in Korea. …

A Empirical Study on the Moderating Effect of Influencing Factors over R&D Output Commercialization in ICT Industry

Objectives: Up to now, many studies on commercialization of R&D output (Research and Development output)(technology) have been conducted. The present study tried to identify the influencing factors in ICT industry and analyzed the relationship of those factors. Methods/Statistical Analysis: To answer two research questions, this study was carried out with the researchers in the research institutes of ICT private firms, which take 75% of total R&D investment in Korea: first, “Is there a hierarchical structure among influencing factors over the success or failure in commercialization of R&D output?” and second, “Do internal and external factors of a company affect the success of commercialization of R&D output?”. Findings: The results of this research demonstrated (i) that internal and external factors of a company play moderating role between business feasibility of R&D output and the success of commercialization and (ii) that external factors of a company have a greater moderating effect than internal factors of a company. Improvements/Applications:When the internal and external factors of a company were sub-divided, it was found that the ability to use technology,supporting system for commercialization, financial status but executives will and interest among the internal factors of a company and macro-economic situations and government’s policy support but legal/institutional arrangement among the external factors of a company affect the success/failure of commercialization of R&D output.

A study of Cooperation plan between China ‘College-graduate as village official’ and Korea Investment Company in China

A study of Cooperation plan between China ‘College-graduate as village official’ and Korea Investment Company in China

When flexibility meets familialism: Two tales of gendered labour markets in Spain and South Korea

Korea and Spain share crucial labour market and welfare state characteristics that converge to produce similar outcomes: strongly dualized labour markets, weak social protection, and features that are archetypical of familialist states. Labour market flexibility in both countries has recently increased through unusually high levels of temporary employment. Yet, when we analyse female labour force participation, we observe a significant divergence: Korean women interrupt their participation in the labour market when they are of childbearing age, while Spanish women do not. Furthermore, the level of education of women in Spain matters for their career prospects, but in Korea, it does not. In this article, we explore the causes of this divergence by analysing (1) structural characteristics of the labour market, (2) policies that facilitate the reconciliation of work and family and (3) gender equality politics. We argue that the combination of these three factors have different impacts on the career choices of women in Spain and Korea. Some aspects of working culture – long working hours in particular – the unavailability to women of good quality jobs and a high gender pay gap contribute towards labour market interruption of highly educated women in Korea when they have children. Policy developments have been important in the two countries, but high levels of childcare investment in Korea have not improved female employment prospects. Furthermore, we observe greater political commitment to gender equality in Spain than in Korea. Fundamental changes in the Spanish political culture, which were the result of a combination of domestic and supranational dynamics, played a major role in the political endorsement of gender equality and a rejection of familialistic policies and practices.

The Effects of Corporate R&D Activities on Outward FDI and Foreign Investment in Korea

The Effects of Corporate R&D Activities on Outward FDI and Foreign Investment in Korea

Institutional basis for research boom: From catch-up development to advanced economy

Historical best practice emphasizes that the decision for large-scale R&D investment is important to catch-up growth. It is desirable in most developing countries to establish coherence between technological forecasting and science, technology, and innovation policies. This study demonstrates that national foresight has disadvantages in implementing such policies because of insufficient monetized information with discriminant power for investment. To compensate for such disadvantages, a logic model is indispensable, and can be achieved by subsequent foresight at the time of each decision rather than by one-time national foresight. The example of the Korean government emphasizes that decision-making involving consecutive value-based technological forecasting can act as an institutional framework to progress from catch-up development to being an advanced economy. Despite a tradition against aggressive R&D investment in Korea, quantitative ex-ante evaluations with a feasible value chain have given the financial authorities' confidence. This is what has made Korea's research boom possible. If developing or transition countries plan to achieve catch-up growth by expanding R&D investment, the institutional cases in this study will be an important reference.