전북대학교
Junghwan Hyun, Chanjun Park
Abstract
This paper investigates the interdependence between monetary policy and exchange rates in small open economies (SOEs), including South Korea, Thailand, Indonesia and the Philippines, that experienced the Asian financial crisis during the late 1990s. To do so, the paper employ structural VARs with a new identification scheme that permits real exchange rates and short-term interest rates to interact contemporaneously. We find evidence that in responding to interest rate shocks real effective exchange rates quickly rise and, in 2 months after initial shocks, start returning back to its long-run rates in all economies analyzed in the paper. This finding is supported by Dornbusch’s overshooting theory and is also consistent with earlier studies on Norway, Canada, and Sweden, all of which belong to SOEs. Also, interest rates sensitively respond to exchange rate shocks. Putting together, central banks in SOEs are recommended to take the interdependence between interest rates and exchange rates into account in their monetary policy decisions.
Keyword: Monetary Policy, Inflation Targeting, Floating Exchange Rate Regime, East Asia
Abstract
The purpose of this study is to analyze the efficiency of the KOSDAQ market with an emphasis on corporate name changes. The research method conducts case studies using daily data of 508 cases of pure name corporate changes during the entire period (2000. 1. 1 to 2016. 12. 31). To summarize the analysis results, it is shown that corporate name changes in the KOSDAQ market are positively responsive to stock prices. Second, after analyzing the efficiency of the KOSDAQ market for corporate name changes based on listed companies and delisted companies, the KOSDAQ market responds efficiently to the corporate name changes. Third, as a result of analyzing the financial characteristics of listed companies and delisted companies after corporate name changes, the financial figures of listed companies are relatively higher in both the previous year and the following year. In the next year after corporate name changes, listed companies show improvement in all financial figures except for net income, while delisted companies with delisted companies are worse than the previous year. Fourth, according to the regression analysis, the cumulative abnormal returns of listed companies are significantly higher than those of delisted companies. In the year before corporate name changes, it is shown that the smaller the size of the company, the more debt, the higher the return on investment or the more underestimated the market value, the higher the cumulative abnormal return. The implications of this study are to compare and analyze the market responses of corporate name changes based on whether to close the listing or not, thus contributing from the perspective of investors and the company's managers as follows: First, this study differentiates analysis targets by adding listed companies, which are mainly subject to analysis in the preceding study, as well as those that are delisted after corporate name changes. Second, this study compares and analyzes the effects of corporate name changes, focusing on pure name changes, except for cases involving events such as mergers and acquisitions. Also, it is meaningful that nonparametric statistics are also addressed to minimize the limitations of reduced samples. Third, by illuminating the controllable enterprise-specific factors which greatly affect the response of the stock market to corporate name changes, this study provide important guidance for enterprises and investors considering corporate name changes.
Keyword: Corporate Name Changes, event study, financial characteristics, KOSDAQ
Abstract
China has not set detailed rules on the handling of the collective labor disputes. There are two main reasons why China has not stipulated the system in solving the collective labor disputes in detail. One is that China does not recognize the right of workers to strike. The other is that China is based on the type of labor disputes, but according to the number of workers to distinguish between the private labor dispute and collective labor dispute. Besides, the resolution system of the labor disputes of China focuses on power disputes rather than interests disputes. However, with the improvement of the awareness of Chinese workers in safeguarding their rights and the fact that the Chinese government pays more attention to the rights and interests of workers when it is formulating relevant laws, the collective labors disputes are growing rapidly in recent years. This paper analyzes the current situation of collective labor disputes in China and discusses the characteristics of collective labor disputes. In addition, we have also analyzed the different types of settlement system in collective labor dispute and the role of relevant institutions. Through the above analysis, the characteristics and problems of the settlement system of collective labor dispute in China are summarized. That is to say that according to the real-time data and legal provisions, this paper analyses the characteristics of the settlement system of collective labor dispute in China and puts forward some enlightenment. Through these studies, this paper has summarized some matters need attention when dealing with collective labor disputes in Korean enterprises which is invested in China.
Keyword: Labor Disputes, Labor Dispute Settlement System, Collective Labor Disputes, Collective Labor Disputes in China, China's Collective Labor Dispute Resolution System
Abstract
Empowering leadership is attracting attention as a leadership that motivates employees to demonstrate their autonomy in the process of delegated authority. The purpose of this study is to investigate the effects of empowering leadership on the psychological empowerment of organizational members and the moderating effects of leader-member exchange and characteristics of followership. In order to verify the research hypothesis, we conducted a questionnaire survey on semiconductor and display equipment industry and semiconductor packaging companies. We distributed 250 questionnaires and collected 230 questionnaires, analysed 218 questionnaires excluding 12 of them. The results of the study are summarized as follows. First, empowering leadership has a positive effect on psychological empowerment. Second, the leader-member exchange has a moderating effect on the relationship between empowering leadership and psychological empowerment. Third, characteristics of followership also have moderating effects on the relationship between empowering leadership and psychological empowerment. Specifically, the sub-variables of active participation, team spirit, and goal consistency were found to play a moderating role on the relationship between empowering leadership and psychological empowerment, whereas critical thinking had no moderating effect. The importance of this study is to empirically identify the relationship between empowering leadership and psychological empowerment, the relationship between leader-member exchange and characteristics of followership. The implication of this study is to suggest the direction for developing management of organization and followership through comprehensive identification of the relationship between leadership factors that affect psychological empowerment that can be associated with actual empowerment of organizational members, relationship factors between leader and followers, and characteristics of followership.
Keyword: Empowering Leadership, Psychological Empowerment, Leader-Member Exchange, Characteristics of Followership
Younghwan Jeon, Kiju Cheong, Byungryul Bae, SeongDo Cho, SeokYong Rhyu
Abstract
This study examined the effect of the service quality of call center on the re -use intention through mediation of satisfaction and trust and the moderating effect of consumers' motivation to use after improving the Anton model. For this purpose, we collected data for 400 adults with mobile communication and online shopping mall call center experience using the call center and verified the research model through the structural equation model. As a result of the analysis, the quality of approach and the quality of support in call center service quality had a significant effect on satisfaction. Service satisfaction and counselor trust had a direct effect on reuse intention, and trust showed complete mediation effect between interaction and reuse intention. Finally, the motivation to use the call center was found to control the relationship between service satisfaction, re-use intention, and the relation between counselor trust and reuse intention. The result of this study is meaningful in that it provides the theoretical and practical implications useful for the call center related industry.
Keyword: call center, service quality, re use intention, satisfaction, trust, motivation