Earticle

In this study, strategies in developing ports’ hinterlands are suggested as one of the ways to strengthen the port’s competitiveness by utilizing O-D analysis of recent 10 years’ data for ports of Busan, Incheon and Gwangyang. The results of this study are as follows. First, in the analysis of overall trade structure of Korea, 185 trading countries were identified with average volumes of 128,000 TEU. The volumes were increased by about 1.5 times during recent 10 years and three countries, that is, China, USA and Japan, accounted for more than 60% of the total volumes. Second, the results in analyzing each port’s trade structure with trading countries and ports demonstrated that Busan Port has similar trade structure with the Korean overall maritime trade. Besides, Brazil, India, Vietnam and Chile were the trading countries with an average annual growth rate of over 10%. The trade structure of Incheon Port was highly concentrated in China followed by Vietnam. In addition, UAE, India and Columbia were the main trading countries of Gwangyang Port showing annual growth rate of over 10%. Considering the overall results, it is essential to develop and operate each port’ hinterlands specialized in each trading country, region as well as relevant firms.

As coastal passenger transportation is the only means which connects land with on-islander, the importance is very enormous. Therefore, It is needed that we understand the current situation of coastal passenger transportation and the financial state of coastal transportation operator for instructing a way to be positive. First of all, this paper investigate the all-round market status of coastal passenger transportation and then analyze a rate of embarkation for comparing the efficiency of passenger transportation. Furthermore, the financial status of the coastal passenger transportation operators was investigated. Founded on this analysis, we compared with effectiveness and Management Index of the whole country and Jeju and then drew a conclusion and implications.

Human resource management, development and strategy are getting more and more critical in semiconductor industry. A human resource is the most important resource in semiconductor companies as a human resource who has a technical knowledge can lead the company to a global growth. So this study focused on global semiconductor companies named TSMC, Intel, Samsung semiconductor and SK Hynix due to their effort of cherishing a human resource and their global growth through human resource management, development and strategy in semiconductor industry. And this study suggested a theoretical background of human resource management, development and strategy and set a research model and propositions to analyze how human resource management, development and strategy of global semiconductor companies affect their global growth. Finally, this study showed that human resource management, development and strategy of global semiconductor companies influenced on their global growth. Through these human resource management, development and strategy, all the companies could become global semiconductor companies. In addition, there are some implications regarding a human resource strategy which can be helpful to other companies.

Changes in the shipping industry are highly erratic and difficult to grasp. Recently, mergers and acquisitions (M&A) between shipping companies have received much attention due to the long-term recession of the maritime economy. The purpose of this study was to identify trends in studies on M&A between shipping companies using SNA (Social Network Analysis). A total of 69 research papers were collected by utilizing English keywords such as “M&A” and “shipping liner” in Science Direct, Emerald Insight, and Springer. After excluding 29 research papers that had little direct relevance to inter-shipping company M&A, structural analyses of degree centrality, betweenness centrality, and closeness centrality were conducted using UCINET on the 264 keywords that were derived from the remaining 40 research papers. Following this, inter-shipping company M&A research trends both before and after 2010 were identified. From the analyses’ results, we were able to confirm that studies on M&A between shipping companies preceding 2010 focused on cooperation and market sharing, and studies relating to the analysis of the industrial structure as a whole, rather than on specific examinations of M&A activities, were carried out. After 2010, we were able to ascertain that studies were carried out on the M&A method between shipping companies, the uncertain M&A market, and shipping company management. This study presented the changing tendencies of studies on inter-shipping company M&A, which are contingent upon the economy of the entire shipping industry, and has implications in understanding the constantly changing trends of M&A between shipping companies.

Since 2008 small & medium shipbuilding corporations have had the difficulty of obtaining the refund guarantee from commercial banks because small & medium shipbuilding corporations have long suffered from financial distress. In this situation the Korea Trade Insurance Corporation made a decision to help small & medium shipbuilding corporations’ difficulty of receiving the refund guarantee. The Korea Trade Insurance Corporation lets commercial banks issue the refund guarantee to small & medium shipbuilding corporations through the export bond insurance system. The Korea Trade Insurance Corporation makes an export bond insurance contract with a commercial bank. In case that a commercial bank as a guarantor paid a guaranteed amount to a beneficiary under the refund guarantee, the Korea Trade Insurance Corporation should pay an insured amount to the commercial bank. The Korea Supreme Court recently decided a case in respect of an export bond insurance contract. In this case, the Standard Chartered Bank as a plaintiff is an assured under the export bond insurance contract. The Korea Trade Insurance Corporation as a defendant is an insurer. However, the Korea Trade Insurance Corporation did not pay the insured amount to the Standard Chartered Bank on the ground that the assured violated the special terms and conditions of the export bond insurance contract. Finally, the Korea Supreme Court supported a defendant(the Korea Trade Insurance Corporation)' arguments and rejected a plaintiff(Standard Chartered Bank)’ arguments. The Korea Trade Insurance Corporation, therefore, won the case. In conclusion, first, the Korea Supreme Court too easily ignored the role and responsibility of the Korea Trade Insurance Corporation under the export bond insurance system. Second, it is necessary for a commercial bank to manage legal risk in connection with the export bond insurance contract.

This paper empirically analyzes the role and functions of the PNU EU Center in Korea, usefulness and effectiveness of its programs, and satisfaction of the EU class according to the students’recognition and understanding about the contribution of Korea-EU FTA, the EU and the EURO. The main results and findings are summarized as below. First, the satisfaction on the EU class opened by EU Center, the usefulness and pride of the establishment of PNU EU Center in PNU and the understanding about the EU exchanged programs are all appreciably highly evaluated. Thus the overall functions and roles of the PNU EU Center established with the EU’s financial support seem to be satisfactory. Second, contingency tables show that students prefer UK, Germany and France as job promising and studying destination countries. Third, the test results of contingency tables show that the higher recognition of the EU, Europe and Euro they have, the higher pride and the higher satisfaction they have. Fourth, the ANOVA tests also show that as Korea-EU FTA’s contributions to Korean economy and the EU’s and EURO’s contributions to world economy are more highly recognized, the usefulness and pride of the PNU EU Center are more highly evaluated.

This study analyzed the mechanism and dynamics of the interaction effects of bureaucrat’s policy idea and trade policy institution on trade negotiations among countries. With the analysis of Korea’s FTA deals with Japan, this research found that trade bureaucrat’s policy idea and state’s trade policy institution are the determinants which have affected the trade deal results. Concerning the case analysis of Korea-Japan FTA negotiation, it was failed to conclude because of Korean trade bureaucrats’ strategic denial of the Japan’s final offer of concessional rate of market liberalization. The deal had become to be in stalemate under the discrepancy of trade bureaucrats’ strategic stance on policy ideas and strategic management of institution. The ideas of bureaucrats of both countries were the same as passive liberalism. However the level of strategic management of institutional slack, which has been exploited by trade bureaucrats of both parties, was quite different at each country. The level of bureaucrats’ strategic management of institution and institutional slack was higher in Korea than in Japan. This means that the governmental politics of the Office of the Minister for Trade (OMT) of Korea against with other competing players was relatively more dominant at the domestic political bargaining process rather than that of Japan. Furthermore, the trade bureaucrats and trade organizations strategically exploited the institutional slack for the benefit of individual and organizational interests by way of governmental politics and organizational behaviors against the rival entities at the domestic political bargaining.

Recently, Arbitration rules have been modified because of the conflict situations between Chinese Arbitration Institutions. We have analyzed the previous studies. However, There was little research on the changes of recent arbitration rules. Therefore, In this study, First, increase the understanding of the modified arbitration rules. Then, After the name change by the conflict between the Arbitration Institution, It was investigated whether valid the previous arbitration agreement. Through examination of these arbitration agreement, It is an object of the present study to investigate the our company considerations. According to the study results, despite the name change, the previous arbitration agreement was confirmed to be effective. Therefore, Our companies can apply for arbitration in accordance with the existing rules, If the dispute is not happening, It is appropriate to change as soon as possible the relevant provisions.

This paper empirically investigates the extent to which increasing participation in global value chains affects accumulation of productive knowledge across products in the Korean manufacturing industries. Using OECD/WTO trade-in-value-added (TiVA) data and 800 different product complexity indexes from 2000 to 2012, this paper finds that participation in the global value chain may increase the accumulation of productive knowledge, and consequently improvement in product complexity increases firm productivity in the Korean manufacturing industries. In particular, a 1-percent increase in product complexity affects firm productivity by 0.52 percent. The results show that the accumulation of product complexity associated with greater participation in global value chains statistically significantly affects firm productivity in Korean manufacturing industries.

To analyze the effect of monetary policy shock on the economy is very important both for implementing the efficient monetary policy and exploring the casual relationship between the money and the income. In general, it is argued that the identification of policy shock plays a important role in estimating the policy effect on the macroeconomy. Up to this point, there are many papers estimating the effect of monetary policy shocks using much variety of identification restrictions in the context of structural vector autoregression. This paper provides a useful framework for reviewing the previous studies, focusing on the identification assumptions. Also, this paper summarize the identification of monetary policy shocks shown in the previous studies. After reviewing the previous works on this subject, this paper shows the following results; First, the papers with successful identification considers the interaction between the demand for and supply of money. Second, the variables reflecting the inflationary pressure are contained in the monetary policy reaction function. Third, it is shown that in the case of small open economy, information on the exchange rate is useful for identification of policy shocks and the block exogeneity restriction is widely adopted.

To analyze the effect of monetary policy shock on the economy is very important both for implementing the efficient monetary policy and exploring the casual relationship between the money and the income. In general, it is argued that the identification of policy shock plays a important role in estimating the policy effect on the macroeconomy. Up to this point, there are many papers estimating the effect of monetary policy shocks using much variety of identification restrictions in the context of structural vector autoregression. This paper provides a useful framework for reviewing the previous studies, focusing on the identification assumptions. Also, this paper summarize the identification of monetary policy shocks shown in the previous studies. After reviewing the previous works on this subject, this paper shows the following results; First, the papers with successful identification considers the interaction between the demand for and supply of money. Second, the variables reflecting the inflationary pressure are contained in the monetary policy reaction function. Third, it is shown that in the case of small open economy, information on the exchange rate is useful for identification of policy shocks and the block exogeneity restriction is widely adopted.

Since the 1990s and especially after China's accession to the WTO in 2001, China has become one of the most favored destinations for FDI. There are increasing concerns that China's FDI success has been excessive, thereby crowding out FDI inflows into other developing countries. This study is designed to investigate and answer three key questions. What are the location determinants of FDI inflows into developing countries? How China's emergence as a destination for FDI is affecting the ability of other countries to attract FDI? To answer this question we proposed and tested empirically a modified gravitiy model that includes host country locational determinants, gravity link variable and home country control variable. This paper has offered answers to this question by testing the hypothesis based on the location advantages of the OLI framework explaining FDI. In introducing the problems that author address, I assert the usefulness of modified gravity model. The basic idea underlying the gravity model is that interaction between two area is a function of the concentration of relavant variables in the two areas, and of the distance between them. The biggest advantage of our modified gravity model is to use remoteness instead of the absolute distance as the distance factor. Remoteness takes account of a country's geographic position relative to the rest of the world. In this study, in presenting the specified determinants of the country distribution of FDI inflows from all source countries into developing host countries, we shall therefore classify the determinants as source country variables, host country variables and linkage variables. The empirical study of the distribution of FDI inflows into developing countries by focusing on the host country location factors has demonstrated that, given the ownership the ownership advantages and the internalization advantages of the source countries, the location advantages of host countries are very important in determining the distribution of the magnitude of FDI inflows among developing countries. The main findings are: countries with a larger market size, faster economic growth, higher per capita income, higher quality of human capital, higher level of foreign stock and more liberalized economic regime attracted relatively more FDI inflows. Finally based upon our empirical model, FDI inflows into China are positive and statistically sigmificant to FDI inflows into other developing countries.. Relatively investment creating effect of China FDI inflow on the other asian countries implies that host country should enhance environmental location advantages such as investment incentives and competitive market instead of looking for inward FDI enhancement factor outside host country.

Using 201 survey data, this study investigated the mediating effect of learning competency (such as information sharing and common information understanding) on the link between relationship capital and export performance. The empirical results are generally reported to be partial mediating effect of learning competency, except for the effect of information sharing on the link between relationship capital and multiple export regions. From this study, relationship capital results in learning capital, and export performance can be increased by relationship capital such as credibility obtained from technology network. Therefore, firm managers need to pay an attention on learning competency of their firms to be linked with export performance. And by showing the positive effect of relationship capital on export performance, technology network is a necessary factor to firms with limited resources

This paper examines the dynamic causality on determinants of service export in Korea, China, and Japan using panel unit-root, panel cointegration framework, panel fully modified ordinary least squares (FMOLS) and panel vector error correction model (VECM). Different panel unit root tests reveal that the panel data series are first order integrated processes with unit roots. Since the panel cointegration relationships confirmed using three methods (panel ADF, panel PP, and Panel M-W), this paper proceeds to estimate the FMOLS. The panel FMOLS tests show that the service export has positive relationship with World Industrial Activity (WIA) while Real Effective Exchange Rate (REER) has negative effects. Furthermore, the panel dynamic causality results show strongly evidence of the long- and short-run unidirectional causality from world industrial activity to service export in Korea, China, and Japan.

Myanmar is well known to be rich in natural resources. However, during the last five decades, Myanmar’s economic development has been left behind by junta’s mismanagement. In 2010, military-backed new civilian government decided to make up for the country’s lagging economic development by building SEZs. Of course, through SEZs, governments aspire to develop and diversify exports, support local industry and clusters, create jobs, and pilot new policies. According to empirical research so far, SEZs have contributed to the dramatic success of the export-oriented growth in China and East Asia countries. But, in some countries like India, performances of SEZs have been scratchy and fell short of expectation due to various reasons such as setting up SEZ in wrong locations. In this respect, since the location for SEZ is one of the essential elements of creating SEZs, this study mainly deals with strategic locational choice for building SEZs in Myanmar. It aims to contribute to an improved understanding on choosing strategic location of SEZ as one of the essential factors for creating successful SEZs, especially by paying attention to Myanmar SEZs. Key research questions here are whether the locations of SEZs in Myanmar are effectively chosen to facilitate for economic development and whether they have strategic and relevant characters to attract foreign direct investments. To answer these, this study uses qualitative rather than quantitative analysis by applying an approach of comparative institutions and economic geography.

The aim of the research is to understand the relationship strategic orientation, new product development(NPD) and export performance of the component SMEs in Korea. In addition, this research seeks to investigate the role of open innovation as moderating effects. Based on the literature review, the strategic orientation was divided into the market orientation and technological orientation. This research established 6 hypotheses by including the moderating effects of the open innovation on the 167 sample. For the empirical analysis, the study used PLS(partial least square) model. The empirical analysis showed that there was a positive relationship between the technological orientation and NPD. Besides, NPD had a positive effect on the export performance. In the result of moderating effects, the open innovation had a significant moderating effect only between NPD and export performance.

The study examines the relationship between foreign ownership of Chinese listed firms and the likelihood and extent of corporate philanthropic giving, using five year longitudinal data of 300 firms during 2009-2013. The study finds that there is negative relationship between foreign ownership and the likelihood of corporate donation, suggesting that foreign investors may play disciplinary roles in monitoring incumbent managers of focal firms where they have financial stakes. The study also show that there is negative relationship between foreign ownership and the extent of corporate philanthropic giving, implying that foreign investors may exert monitoring services to focal firms where they have financial stakes, which may lead to reduction in incumbent managers' private consumption on corporate donation. Overall the findings suggest that foreign investors in Chinese listed firms exercise active monitoring role, which help to mitigate the agency problems arising in the decision of corporate donation.

As Chinese luxury consumption is rapidly expanding and dominant in global luxury market, it becomes very critical to understand Chinese consumers' luxury consumption pattern. Under this circumstance, this study empirically tested the impacts of Chinese consumers’ perceived service quality of luxury store and perceived values of luxury on luxury purchasing intention. The result of this study is as follows. First of all, Chinese consumer’ perceived service quality towards luxury stores has a positive impact on perceived values of luxury and luxury purchasing intention. However, Chinese consumer’ perceived values of luxury has partial impact on luxury purchasing intention. From the results, to promote Chinese consumers' luxury consumption, marketers must improve the service quality of luxury store and social perceived value of luxury.

The objective of this study is to examine the relationship of SNS marketing activities, e-WOM(e-Word of Mouth), and purchasing intention of SNS users in Korea and Mongolia. To achieve this objective, this study reviews the literatures about SNS marketing activities and e-WOM. This study suggests that SNS marketing activities(brand affiliation, opportunity seeking, conversation, and entertainment) is positively related to e-WOM and e-WOM have a positive relationship with purchasing intention of SNS users. To validate this hypothesis, the survey questionnaire was developed by reviews of existing literatures and experts opinions. The data used in this study was collected from Korean and Mongolian students of university and graduate school. The results are as follow. First, we empirically found that brand affiliation and entertainment have an effect on e-WOM in Korean SNS users and conversation is positively related to e-WOM in Mongolian SNS users. Second, e-WOM has a positive effect on purchasing intention of Korean and Mongolian SNS users.

This study analyse the enlargement of personal scope in relation between an arbitral tribunal and the court under international transport contract with the English maritime cases. The reason for litigation rules permitting the consolidation of many different claims into one proceeding is clear; it is a question of resources and not of the will of the parties. However, the same is not true in arbitration. Public policy concerns about efficient use or allocation of resources do not apply in arbitration. If the parties want to conserve their resources, they can still do so, as arbitration is a voluntary method of dispute resolution based on the will of the parties. The reason for permitting consolidation in arbitration has to be justifiable within the framework of arbitration, not litigation. From time to time arbitrators will encounter problems in dealing with multi-party situations. Neither English law nor the law in force in most other jurisdictions provides an arbitral tribunal or the Court with a general power to ensure that, in a multi-party situation, two or more arbitrations will be considered by the same tribunal either at the same hearing or at immediately succeeding hearings to avoid the danger of inconsistent awards. In a chain contract (for example the chartering and sub-chartering of a ship), if one party in the chain makes a claim against its contractual partner, the latter will seek to pass on liability to a third, who could be its supplier in a sale of goods case or the head charterer in a charterparty case. With the expansion of arbitration as a dispute resolution mechanism came the pursuit of extension of arbitration agreements to ‘third parties’, attempts to enlarge the personal or substantive scope of agreements to arbitrate as well as discussions and examination of the interrelation of arbitration agreements with contract law and theories of consents. The personal scope of the arbitration agreement extends to its parties, and in certain limited circumstances, it may also extend to third parties.