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Article
Publication date: 28 February 2018

Sang Ik Seok, Tae Hyun Kim, Hoon Cho and Tae Joong Kim

This paper examines the effect of fund manager replacement on investment performances of mutual funds. In managerial labor market of mutual fund industries with information…

82

Abstract

This paper examines the effect of fund manager replacement on investment performances of mutual funds. In managerial labor market of mutual fund industries with information asymmetry about the type and action of a fund manager, separating compensation may not be achievable due to imperfect evaluation of performances of fund managers. This paper extends contract theory to model the situations where a mutual fund offers pooling compensation contract to a fund manager based on his reputation. Under these environments, the fund manager has an economic incentive to acquire private benefit by manipulating performances and then to turn over to other mutual fund. Fund manager’s replacement is an aspect of adverse selection in the managerial labor market of fund industries. That is, a fund manager with low ability can select and manipulate unsuccessful investment portfolio generating loss to fund while he turns over to hide himself in the reputation under pooling contract mechanism. The empirical analysis of this paper provides the significant evidence that, differently from those of mutual funds of which managers stay in the same mutual funds, the fund performances drop after the fund managers turn over to other mutual funds. These empirical evidences support the theoretical prediction that the fund managers have incentive to manipulate short-term performances to maintain reputation for acquiring favorable compensation contracts.

Details

Journal of Derivatives and Quantitative Studies, vol. 26 no. 1
Type: Research Article
ISSN: 2713-6647

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Available. Open Access. Open Access
Article
Publication date: 31 December 2017

Kwang-Tae Kim, Hwa-Joong Kim and Seong-Hoon Choi

We consider the problem of assigning ship assembly blocks to storage locations at a ship yard while allowing one-way movement of the blocks. The objective is to minimize the…

164

Abstract

We consider the problem of assigning ship assembly blocks to storage locations at a ship yard while allowing one-way movement of the blocks. The objective is to minimize the number of blocks obstructing other blocks’ movements. We show that the integer program in a previous study contains errors in identifying obstructive blocks and therefore, suggest another integer program without the error. Also, we suggest construction heuristics and a tabu search algorithm using properties characterizing optimal solutions of subproblems. Computational experiment results indicate that our heuristics outperform the existing algorithm in terms of solution quality.

Details

Journal of International Logistics and Trade, vol. 15 no. 3
Type: Research Article
ISSN: 1738-2122

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Article
Publication date: 4 March 2019

Yoonsung Nam, Tae-Joong Kim and Wonyong Choi

The purpose of this paper is to investigate the moderating effect of international trade on outside director system in Korean firms. The authors expected that Korean firms highly…

280

Abstract

Purpose

The purpose of this paper is to investigate the moderating effect of international trade on outside director system in Korean firms. The authors expected that Korean firms highly depending on international trade would mitigate the resource provision function of outside director system in order to reduce information asymmetry among global business partners. In addition, the authors tried to find out the functions of outside director system: the control function based on agency theory and resource provision function based on resource dependence theory.

Design/methodology/approach

The authors tested the hypotheses by Poisson regression with 2011 and 2002 Korean-listed manufacturing firms. The dependent variable is the number of excessively appointed outside directors and independent variable is CEO type: family CEO or professional CEO. The moderating variable is the dependency on international trade measured by export proportion out of total sales.

Findings

The authors found that not control but resource provision function was a main role of outside director system in Korean firms. The authors also found negative moderating effect of dependency on international trade, which means that firms highly depending on global market tended to consider outside director system as control function, namely “global standard.”

Originality/value

This paper is the leading study that tries to analyze empirically the relationship between international trade and the function of governance mechanism; outside director system in Korean firms. It also confirms that Korean firms adopted outside director system on the basis of the resource dependence theory.

Available. Open Access. Open Access
Article
Publication date: 30 June 2010

Hwa-Joong Kim, Eun-Kyung Yu, Kwang-Tae Kim and Tae-Seung Kim

Dynamic lot sizing is the problem of determining the quantity and timing of ordering items while satisfying the demand over a finite planning horizon. This paper considers the…

193

Abstract

Dynamic lot sizing is the problem of determining the quantity and timing of ordering items while satisfying the demand over a finite planning horizon. This paper considers the problem with two practical considerations: minimum order size and lost sales. The minimum order size is the minimum amount of items that should be purchased and lost sales involve situations in which sales are lost because items are not on hand or when it becomes more economical to lose the sale rather than making the sale. The objective is to minimize the costs of ordering, item , inventory holding and lost sale over the planning horizon. To solve the problem, we suggest a heuristic algorithm by considering trade-offs between cost factors. Computational experiments on randomly generated test instances show that the algorithm quickly obtains near-optimal solutions.

Details

Journal of International Logistics and Trade, vol. 8 no. 1
Type: Research Article
ISSN: 1738-2122

Keywords

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Article
Publication date: 1 February 2004

Kiyoung Kim

This paper, in face of the increasing interconnectivity between local and global, has attempted to retrospect the critical moment of Korean society under Tae‐woo Rho (1988–93…

176

Abstract

This paper, in face of the increasing interconnectivity between local and global, has attempted to retrospect the critical moment of Korean society under Tae‐woo Rho (1988–93) regime, in which Korea struggled for fundamental reforms of the earlier centrally controlled state system through economic rationalization and labor flexibilization. During that juncture of Korean history, neo‐liberalization under the influence of Fordian decline was a governing theme behind the Korean economy's policy formation as well as labor agenda. This reliance of government on the neo‐liberal pillar has made an impact on the subsequent leaderships under Young Sam Kim (1993–1998) and Dae Jung Kim (1998‐present). After briefly reviewing the major aspect of Korean economy and labor problems surrounding the financial crisis of East Asia around 1998, the international influence of Fordian decline and neo‐liberalization as a Korean alternative has been discussed.

Details

International Journal of Development Issues, vol. 3 no. 2
Type: Research Article
ISSN: 1446-8956

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Book part
Publication date: 9 May 2022

Tobin Im

Abstract

Details

Transformation of Korean Politics and Administration: A 30 Year Retrospective
Type: Book
ISBN: 978-1-80382-116-0

Available. Content available
Book part
Publication date: 16 October 2017

Abstract

Details

The Experience of Democracy and Bureaucracy in South Korea
Type: Book
ISBN: 978-1-78714-471-2

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Book part
Publication date: 21 July 2011

Jon S.T. Quah

The Hanbo (meaning Korean treasure) scandal or “Hanbogate” occurred on January 23, 1997, with the bankruptcy of Hanbo Iron and Steel Company, the second largest steel company and…

Abstract

The Hanbo (meaning Korean treasure) scandal or “Hanbogate” occurred on January 23, 1997, with the bankruptcy of Hanbo Iron and Steel Company, the second largest steel company and 14th largest conglomerate in South Korea, as its debt had accumulated to US$5.6 billion. Hanbo's bankruptcy triggered an investigation by the Public Prosecutor's Office that resulted in the imprisonment for 15 years of Hanbo's founder, Chung Tae-Soo, for bribing politicians and bankers to pressure banks to extend hugh bank loans to Hanbo. Nine other persons were also convicted including Chung's son, who was jailed for three years for bribery and embezzlement, and Kim Hyun-Chol, the second son of President Kim Young-Sam, who was sentenced to three years jail and fined US$1.5 million (New York Times, 1997).

Details

Curbing Corruption in Asian Countries: An Impossible Dream?
Type: Book
ISBN: 978-0-85724-819-0

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Article
Publication date: 12 March 2019

Dong-Hun Kim and Sunwoo Paek

The purpose of this paper is to examine how political/authoritarian regionalism affects foreign direct investment (FDI) in sub-national states in South Korea.

363

Abstract

Purpose

The purpose of this paper is to examine how political/authoritarian regionalism affects foreign direct investment (FDI) in sub-national states in South Korea.

Design/methodology/approach

This paper employs statistical analysis to examine the relationship between regionalism and FDI, along with historical description of regionalism in South Korea.

Findings

The analyses suggest that not only authoritarian regionalism influence foreign investment to the region but also political regionalism matters. Sub-national states with higher authoritarian regionalism receive less foreign investment while sub-national states with high political regionalism, which imply political stability, receive more FDI than others.

Originality/value

The paper examined how local politics influence foreign investments in South Korea, and suggests stronger decentralization will positively influence FDI in the future.

Details

Asian Education and Development Studies, vol. 8 no. 3
Type: Research Article
ISSN: 2046-3162

Keywords

Abstract

Details

Organized Labor and Civil Society for Multiculturalism: A Solidarity Success Story from South Korea
Type: Book
ISBN: 978-1-83982-388-6

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