전북대학교
Sunyok Song, Keukbong Bang, Jungsok Kim
Abstract
This paper is to demonstrate the main factors in which forwarders select a container shipping companies. To accomplish the purpose of the research, this paper established the assumptions about the factors influencing the freight forwarders in their choice of a shipping line based on the previous researches and data related to this subject and conducted the survey targeting the freight forwarders in Korea. The result of proving the assumptions are as follows; First, the freight forwarders consider the cost factor more important than service for the client factor, transportation quality factor and nomination of the owner of goods factor. Second, the nationality of freight forwarders Show the significant differences. It is found that the domestic forwarding company is considered more important than the international forwarding company. Third, the forwarding volume of freight forwarders, the cost factor and transportation quality factor is significant factors in selecting container shipping companies. Fourth, the service routes of freight forwarders, the nomination of the owner of goods factor show the significant differences. In case of MiddfacEast Asia and Africa, the nomination of the owner of goods factor is considered the most important when choosing a shipping company. Fifth, based on the importance of forwarding imported and exported productia and Affreight forwarders, the cost factor, service for client factor, the transportation quality factor and the nomination of the owner of goods factor are not significant factors in selecting container shipping companies. Last, the selecting a shipping company of freight forwarder, the nomination of the owner of goods factor show the significant differences.
Keyword: Container Shipping Lines, Freight Forwarder
Hoyoung Hwang, Jaekwon Yu, Kangsu Lee, Intae Choi
Abstract
This study is designed to examine organizational justice and team effectiveness relation to employment instability of adjustment effect investigation. Collected data were analyzed with spss 12.0 for windows. The statistical techniques used in this study were descriptive analysis, reliability analysis, factor analysis, correlation coefficient and regression analysis. The results of study are summarized as follows: First, Regression analysis of result hypothesis 1, organizational justice(distributive justice, procedural justice) to affect team performance was judged. Second, Regression analysis of result hypothesis 2, procedural justice to affect team commitment was judged, but distributive justice to affect team commitment was not judged. Last, Adjustment effect analysis of results hypothesis 3, organizational justice among team effectiveness is employment stability of the adjustment effect was judged. The practical implications of this study show the following: HR staff, team members work hard for their team, and organizational commitment in order to form a highly organizational and procedural justice in the distributive justice, it is important to come to. And Employment instability, team commitment, or that may affect team performance can be considered.
Keyword: Distributive justice, Progressive justice, Employment instability, Team performance, Team Commitment
Abstract
We investigate the performance of the bidder of the asset to be divested in 2000~2003. The acquisitions increased rapidly following the changing in the dealings payment means under the Commercial Code Revision after the 1990’s. bidder does not have statistically significant CAR. However, when classified by the dealing characteristics, dealing with the acquisitions of allied businesses is a significant and positive 0.82%, but the acquisitions of non-allied businesses is -0.56%. It can be concluded that only dealings of a allied business that brings the cooperation between businesses and effective use of resources on business increase stockholder’s value more than diversification that brings only an increase in manager’s private benefits. On the other hand, we can not find any difference of the post-acquisition performance by dealing type, and even worse than before doing. Furthermore, the banks are the creditors and also the shareholders may also have a lot of information about their customer firms, are expected to have some discipline on events such a large acquisition, but the results did not support. It suggests that monitoring function by the bank have become weak.
Keyword: Divestment, bidder, stock prices, management performance
Abstract
We try to examine on the short term lead-lag relationship between price changes and trading volumes in won/dollar spot and futures markets with Granger causality test and impulse response analysis based on a vector error correction model, The sample period is covered from November 15, 2005 to August 1, 2011. The major results are as follows; First, there is a long-run relationship among the level variables of won/dollar spot and futures markets. Second, according to Granger causality test, we find a bilateral influence between won/dollar futures and spot markets but the impact of futures on spot market is relatively more dominant than that of won/dollar spot on futures market. Third, after the financial crisis, the influence of won/dollar futures on spot market is more greater than before financial crisis. Fourth, we could not find the impact of trading volume of won/dollar futures markets on the price changes of won/dollar futures and spot market. From these empirical results, we infer that won/dollar futures market is more efficient than that of spot market.
Keyword: Won/Dollar futures, spot, price discovery, VECM
An Evidence on the Combined Model for Valuation of Unlisted Company Stock
Abstract
Evaluation of unlisted company stock has a gap with the actual price in the inheritance tax and gift tax laws. and the newly introduced evaluation method to resolve it has not hardly being used due to excessive constraints. we present the modified market power mode and compare the predictive power of the stock prices to existing valuation models. the result is as follows: At first, the difference of actual price and evaluation price of unlisted stock only in Combined PER model. Secondly, Similar PSR model, Combined PSR model, Complementary evaluation model, Similar companies evaluation model, Combined PER model in order of absolute error was less, the evaluation price of unlisted stock is close to the actual price. Thirdly, the difference in the absolute error rate by the company size in all models is not significant. Finally, the difference in the absolute error rate by the deficit is significant in complementary evaluation model, Similar companies evaluation model2, Combined PER model. The result indicates that Similar PSR model and Combined PSR model have an excellent predictive power of the stock prices compare to other models. It interpreted that the sales indicator is relatively high measured variable compared to net income in the relative value of corporate valuation model using the relative value approach method.
Keyword: stock price valuation model, unlisted company stock