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The purpose of this study is to discuss how much the allies of Korean War have affected to the trade volume. It can be discussed several factors when we study about trading tendencies among countries as expressed by “Gravity Model”, which are ‘Physical factors’ and ‘Psychological factors’. Typically the ‘Physical factors’ are ‘Population’, ‘GDP’ and ‘Distance between countries’ etc. And ‘Psychological factors’ are variables such as ‘Religion’, ‘Culture differences’, ‘Race’ etc. Normally we use similar ‘Physical factors’ which are mentioned above but in case of ‘Psychological factors’ are not similar but various. Otherwise we used ‘Ally status’ as ‘Psychological factors’ in this study. In fact that there is no result which used ‘Ally status’ as a ‘Psychological factors’ instead of ‘Religion’, ‘Culture differences’, ‘Race’ etc. By the way, the Korean economy grew so fast, it is called ‘The Miracle of the Han River’. Right after the Korean War, Korea was one of the poorest countries in the region. Korea barely maintained its right of sovereignty because of the poor economic situation. However nowadays Korea began to grow economically due to the supports of Korean War allies. It is very clear that the key growth engines of the Korean economy are the ‘export industries’ with Korean War allies and ‘competitiveness of exports’ to the global market. Due to this fact Korea has now become one of the strongest nations economically nowadays. However the Korean economy is losing the economical growth engine suddenly. Some economic experts say the Korean economy may fall into a deep stagnation sooner or later unless Korea can find effective solutions to regain economical momentum. On this point of view, this research focused on the contribution of the linkages among the Korea War allies in the world trade which have contributed to Korean Economic Growth. So we used the “Gravity Model” as an analyzing tool to explain how the variables of “Gravity Model” contribute to Trade quantities. As the results of this study, we found some of variables affected positive results to the trade quantities such as ‘Population’, ‘GDP’, ‘Ally status’ but other variables like ‘Distance between countries’, resulted negatively. This study has some research limitations, because it showed only statistical results among the Korean War allies. However recently China is currently one of the key countries affecting the Korean economy. Therefore we should continue to identify the contributing factors affecting the Korean economy beyond this study.

We examine the asymmetric information and trading between inside and outside investors in the Korea stock market. We present evidence that domestic individual investors are the liquidity providers of aggregate insider trading in the Korea stock market. Korea stock market is characterized by the larger individual investors’ ownership and frequency of trading than those of the institutional investors. Given the major differences between Korea and other developed stock markets, we find that (1) the insider trading is inversely related to individual trading measured over the same day, unlike U.S. studies that view institutional investors as the liquidity provider of insider trading; (2) compared with other investors, the insiders have different preferences: the insiders demonstrate a preference for stocks with lower total and idiosyncratic volatility and lower trading volume, while individual investors favor lottery-type stocks; (3) stocks with the greatest insider purchasing subsequently outperform those with the greatest insider selling, also there are evidence that insiders’ trades are more profitable than individual and institutional investors’ trades. These inconsistent results with previous U.S. studies could be due to different market position of domestic investors in the Korea stock market by comparison with the U.S. market. Taken together, our results indicate that the proportion and trading behavior of individuals and institutions in the stock market are crucial factors of the liquidity provision of insider trading.

The study examines the relationship between ownership structure of Chinese listed firms and the degree of internationalization using five year longitudinal data of 300 firms during 2009-2013. The study finds that there is U shaped relationship between ownership of controlling shareholders and the degree of firms' internationalization. The degree of firms' internationalization declines, and then increase as ownership by the controlling shareholders rises. The study also show that there is positive relationship between foreign corporate ownership and the degree of firms' internationalization, implying that foreign strategic investors may support focal firms' internationalization by providing the critical resources for them to pursue internationalization such as their business networks overseas and market knowledge and so on. Overall the findings suggest that ownership structure of Chinese listed firms is a structural determinant influencing the degree of firms' internationalization.

This study is aimed to explore enhance logistics networking between Busan port & Russian Far East ports. .This study was analyzed in two ways. First, the last five years, the three main Busan and the Russian Far East port of Vladivostok, Bostochny, Korsakov analyzing container traffic O-D. Second this study was using the combined SWOT-entropy model that consider comprehensively the results of the SWOT analysis through surveys. Results of the study, first, enhanced support services for route expansion to take advantage of the geographical advantage of the Busan port, second, professional manpower training for efficient logistics networking, third, local governments, relevant organizations of the partnership configuration, forth, using the port hinterland cross-investment logistics center construction.

In this paper, we aim to examine the characteristics of daily return spillovers of Dow Jones Islamic Market Indices with a focus on China. We use the generalized spillover definition and measurement proposed by Diebold and Yilmaz (2012), and rolling sample analysis. In static full-sample analysis, we find that 57.6% of forecast error variance comes from return spillovers. In time-varying rolling-sample analysis, we come up with striking evidence of divergent behavior in the dynamics of return spillovers. The total return spillovers in our paper does not show similar patterns observed in Diebold and Yilmaz (2012) and Yang and Chang (2014), especially during the reform of difference of stockholders’ rights in China (2005-2007) and the US Credit Crisis (2007-2008). The seemingly decoupling movement of total return index implies that the inclusion of DJIM indices in constructing global portfolios can help significantly increase the diversification benefit.

The United Nations Convention on Contracts for the International Sale of Goods(CISG) provides uniform international sales law. However, the CISG also expressly stipulates that it does not apply some parts with some provisions. Certain issues are too controversial for inclusion in the CISG since the national laws differ. Article 4 of the CISG is one of them. It defines the scope of the CISG as matters of contract formation and the “rights and obligations of the seller and buyer arising from such a contract.”In addition, the exclusions from its scope are not described in detail. Therefore, this paper analyzes the scope of Article 4 of the CISG in order to show which issues are excluded from CISG with the interpretation of the provision and case laws. In conclusion, whether some issues are out of the CISG based on the interpretation of Article 4 or not depends on the agreement of parties concerned. a situation that a national law applies even may be invalid if it does not follow the general principles of CISG. Thus, the parties concerned who are governed by the CISG should fully understand the CISG to avoid unnecessary disputes in international trade.

This paper is an exploratory research on the growth paths and factors of three Korean new ventures that became global hidden champions. Six propositions were drawn from the case analysis on the three growth paths of product diversification, market diversification, and vertical integration of the Korean new ventures. The case companies became global hidden champions through the diversification into related product markets based on their research development management skills, and through the multiple simultaneous exports of specific products to overseas markets from the start-up with export marketing management skills. The maintaining of export and local sale methods with own production management ability also helped with the globalization of business. As new ventures, they faced many difficulties in globalization, including the liability of newness and foreignness, however, they were able to overcome these challenges through the development and improvement of management ability. Despite the hardships that come from a lack of experience knowledge and managerial resources, the diversification into related product markets, the multiple simultaneous export market expansion, and the maintaining of export and local sale methods on the basis of efficient and effective resource management skills allow Korean new ventures to become global hidden champions.

Korea is experiencing a slowdown in economic growth due to its aging population and a low birth rate. To boost economic growth, the country must attract greater Overseas Direct Investment (ODI). As China wields a substantial influence in the global economy, the Korean government has attempted to promote Chinese investment in the Korean market. However, Chinese ODI in Korea, as of 2014, stands at a mere USD 1.18 billion, a fraction of China’s total ODI of USD 116 billion in that year. Therefore, this paper aims to explore some measures to attract Chinese ODI through an analysis of China’s ODI cases, according to investment type. First, we examine the scenario of Chinese investment in the Korean market and Korea’s ODI promotion policies. For a better understanding of the style and characteristics of Chinese ODI, we categorize such ODI cases based on their investment objectives, and conduct a thorough case analysis. Moreover, this paper is significant at both the working level and the policy-making level, in that it suggests appropriate measures based on the analysis of what drives, or deters, Chinese ODI in Korea

In comparison with other nations, the roles of Big Trading Houses (BTHs) become increasingly important in Korea because the country heavily relies on foreign trade. Considering its industrial structure, Korea has no choice but depending on international trade than any other nations. This paper theoretically examines the raison d'etre of BTHs in Korea. As Korea has pursued export-oriented policy since the early 1960s, BTHs have performed important roles to promote national economic growth. Until today, only a few papers investigated BTHs' nature and functions from theoretical viewpoints. This paper, thus, explains the reasons for their existence by adopting the following four theoretical frameworks; 1) a theory of financing advantage of trade credit, 2) a theory of international trade with intermediaries, 3) a theory of transaction cost, and 4) a law of increasing returns to scale.

This study aims to investigate the shared growth of large and small businesses and the economic development and growth on the multinational level. Most of the prior research usually deals with the successful company’s cases or an individual country’s case, which fails to deliver the whole picture and empirically analyze with the comparable objective national level data. Therefore, this research endeavors to study the big picture or the empirical relationship between shared growth and the economic development on the multinational level. To fulfill this objective, 2010 GEM data which is totally 60 countries entrepreneurial data was used for empirical multinational analysis. This study results show that there is not much significant relationship between shared growth and economic development. Instead there is strong significant relationship between shared growth and economic growth. Research implications and limitations are discussed.

As Taiwan, America and Korea are major countries when it comes to semiconductor industry, so this study conducted a research about a resource, a diversification background, a diversification method and a type for Taiwanese, American and Korean semiconductor companies. And this study showed the following results. Firstly, TSMC diversified into U.S. with a joint foundry factory in order to expand the market share by responding to the needs of fabless customer in U.S. And it was a related international diversification. Secondly, Qualcomm diversified into a new market with CDMA technology, and it was a horizontally related diversification. Thirdly, Samsung semiconductor diversified from memory business to foundry business which was a horizontally related diversification. Fourthly, Intel diversified from DRAM to microprocessor product which was a horizontally related diversification. And all the companies were very successful in the result of their diversification. Also, except international diversification of TSMC, there are quite similarities in the diversification method and the type of those semiconductor companies, but each company is quite different in the resource as well as the background of diversification. Lastly, this study suggested some implications for semiconductor company which are very helpful for their diversification business.

본고는 한국과 ASEAN 간 물동량의 결정요인을 시계열기법과 패널기법으로 분석하였다. 시계열분석 결과, 단위근이 존재하고 불안정적인 변수들 간의 선형관계 존재하는 것으로 나타났다. 이에 장기균형식 추정방법인 FMOLS, DOLS, CCR를 이용하여 장기균형관계를 분석한 결과 BDI와동북아시아 경기의 1% 상승 또는 호조는 각각 물동량을 2.942%-3.155%와 0.182%-0.269% 증가시키는 것으로, 원화의 실질실효환율 1% 상승은 물동량을 1.003%-1.027% 감소시키는 것으로 나타났다. 또한 패널분석 결과 패널변수들은 수준 불안정적이고, 불안정적인 패널변수들 간에는일정한 관계가 존재하는 것으로 나타났다. 이에 패널 장기균형식 추정방법인 패널 FMOLS와 패널 DOLS기법을 적용한 결과, 해운경기, 동북아시아 경기, 실질실효환율은 시계열 분석 방법과유사한 결과를 보여주었다. 그리고 한·ASEAN FTA와 글로벌 금융위기 더미변수를 포함시킨결과 두 변수 모두 통계적으로 유의하며 FTA변수가 글로벌 금융위기 변수보다 더 큰 영향을미치는 것으로 나타났다. 또한 패널 VECM 추정 결과, BDI와 환율, 환율과 경기, 경기와 환율간에 쌍방적인 동태적 인과관계가 존재하며, BDI는 물동량에 일방적인 영향을 주는 것으로 분석되었다.

This study analyzes the determinants and dynamic causality of seaborne trading volume between Korea and ASEAN countries. The seaborne trading volume depends on factors such as the industrial activity in Korea, China, and Japan (NEAIP), the real effective exchange rates of Korea won (KREER), and the shipping market cycle (SMC). In this respect, the time-series estimation results of fully modified OLS (FMOLS), dynamic OLS (DOLS), and canoncial cointegration regression (CCR) models show that 1% increase in NEAIP and SMC increases the Korea-ASEAN seaborne trading volume by 2.942-3.155% and 0.182-0.269%, respectively. Moreover, 1% increase in KREER decreases the trading volume by 1.003-1.027%. With regard to the results of the augmented panel model, the dummy variables of Korea-ASEAN FTA (KAFTA) and global financial crisis (GFC) variables are found to be statistically significant. In addition, the findings in panel dynamic causality indicates that short-run bidirectional causality running from SMC to KREER, from KREER to NEAIP, from NEAIP to SMC, while SMC unilaterally affects the seaborne trading volume. Consequently, Korea’s policies should center on expanding trade with ASEAN countries, preparing for the volatility in BDI, monitoring China, Japan, ASEAN’s industrial activity and exchange rate fluctuations.

The purpose of this study is to investigate the dynamic change and stability of comparative advantage of Korean industries and to apply the results to Korea-China-Japan FTA using the 2004-2013 data on SITC classification. Thus, we analyze revealed comparative advantage, market comparative advantage, trade specialization index, and Kernel Estimation of Density Function estimation based on Balassa index. Then, we apply the indexes measured to Korea-China-Japan FTA. The results are as follows. First, the number of Korea industries with continuous and stable comparative advantage is smaller than that of China and Japan. Second, the comparative advantage indexes of Korea industries have decreased over time. Third, the comparative advantage indexes of Korea industries including China and Japan industries have a stable trend and no large volatility. This results imply that there is high probability of China with more comparative advantage industries taking the initiative on Korea-China-Japan FTA and holding present comparative advantage pattern among three nations due to stability of comparative advantage.

With the variety of FTAs, Korean FTAs require an analysis of country interrelationships. Although an FTA is signed with a trading partner, in reality it is not signing an FTA with a single country. In this study, we present the correlation of FTA strategy through an analysis of the origin of criteria in the Automotive Supply Industry in Gangwon Province as follows: First, it should consider supply lines imported parts/materials. Second, roll-up criteria and intermediate goods provisions based on the value added value criteria. Third, the cumulative provision strategy of parts and materials is needed.