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This paper examines the empirical cross-sectional relationship between cash flow, earnings and market value added for listed firms on the Korea Stock Exchange. It does so because of recent claims that cash flow is a better measures for use by firms in internal planning and control activities than, say earnings. If such is the case then presumably, we would expect that cash flow has a stronger association with market value than, for example, earnings. We conclude that the relationship between cash flow and market value is by no means perfect. Nonetheless, cash flow has a strong association with market value, in conjunction with RD expenditures and opening and closing book value. Also We empirically confirmed that the long-term measures such as the long-term earnings & cash flow types, have a significant impact on MVA. As a consequence, the long-term element of cash flow, earning measures does appear to add explanatory power to equation involving merely earnings, cash flow, RD expenditures and advertisement expenditures. My view, therefore, would be that the evidence presented in the paper provides some support for advocates of the use of cash flow and the long-term measures for planning and control.

Objectives of this study was to investigate the effect of team leader`s role on the organizational performance. 664 questionnaires were collected from manufacturing, financial industries and research institutes in August-September of 2000. Major findings of this study were; First, the team leader`s role was found to influence the organizational performance significantly. The team leader`s role as a team builder was found to influence the job commitment, the job satisfaction and the organizational loyalty of team members. The team leader`s role as a gatekeeper was found to influence the job satisfaction of team members. The team leader`s role as a strategic planner and a champion were found to influence the organizational loyalty of team members. Second, the job satisfaction, the job commitment, and the organizational loyalty were found to be influenced by education, position, length of career and being a manager. Higher level of education was associated with higher level of the job commitment and the organizational loyalty. Managers were found to have a higher level of the job satisfaction, the job commitment and the organizational loyalty than average team members. Contribution of this study was that the empirical results of this study can help team leaders to manage their team organizations by using dynamics between the team leader`s role and the organizational performance found in this study. Limitations of this study were: 1) samples employed in this study were limited in selected regions, 2) variables known to influence the organizational performance were excluded, 3) static research methodology were used.

The mobile Internet is the most important recent development, and mobile activity is only going to increase. In this paper, first, the type and characteristic of the mobile Internet service and the infrastructure to support that service are analyzed. The mobile Internet service consists of the consumer-based mobile Internet service (including communication, information, entertainment and m-commerce services) and the business-oriented mobile Internet service (including mobile groupware and mobile CRM services). The infrastructure to support the mobile Internet service consists of mobile Internet network, mobile Internet device, mobile Internet contents, mobile Internet solution. Next, the number of subscribers and market size of the mobile Internet service are predicted through a diffusion model. In the optimistic case, the number of subscribers is expected to jump from 8,279,000 in 2001 to 28,827,000 in 2005, and the market size is expected to jump from 851 billion won in 2001 to 7,733 billion won in 2005. In the pessimistic case, the number of subscribers is expected to jump from 7,960,000 in 2001 to 22,161,000 in 2005, and the market size is expected to jump from 818 billion won in 2001 to 5,945 billion won in 2005. Finally, the obstacles to the expansion of the mobile Internet service market are analyzed in terms of four infrastructure elements, and the strategies to overcome those obstacles are analyzed. For the continuous expansion of the mobile Internet service market, mobile Internet networks to provide fast and stable services in low cost, convenient mobile Internet devices to provide multimedia services, diverse good mobile Internet contents to satisfy the rapidly changing needs of consumers, and mobile Internet solutions to support other three infrastructure elements should be provided.

This paper discuss the international tax stream due to e-commerce increasingly expanding and our response. Domestic e-commerce is taxable within the existing tax system both on-line and off-line transaction, if e-commerce manager, like traditional business, report the taxable income. E-commerce is likely to have, in general, no problem of taxation because of bank account-transmission that makes tax-source traceable, except for between non-business transactions. Some domestic problems of taxation, not limited to e-commerce but dominant to VAT, can be resolved via several methods such as credit-card system, paying syste, and so on. But international trades are different from domestic ones. OECD is discussing between-international on-line trade issues and our country is required to positively take part in and recognize the issues. Taxation problem concerning e-commerce is the difficulty of capturing transactions technically in case of internet ordering and selling. For that reason, no taxation being dominant internationally, our country needs to impose no tax on on-line transactions from the perspectives of nation`s competitiveness in favor of e-commerce activity. Our VAT system having not established the implementation of consumption place taxation, in case of consumption place differing from operating place, problems take place, which require the concepts of supply place based on specific services. Further, agent paying system should be applied to the business and the individuals with respect to digitalized products imported through e-commerce. In income tax, fixed operating place has an important purport as to taxable income from the importing country`s point of view. International agreement should be made in a way that the taxation right of income-incurring country expands. These solutions are implementable through international agreement among countries. The basis of being leading country has to be made in e-commerce market. At present, the tax policy of making e-commerce active is required from the perspectives of the nation`s competitiveness. Temporary capture of tax-revenue may hinder the development of e-commerce and go against the state`s policy for the age of information, decreasing tax revenue in the long run.

The purpose of this study is to verify the effects of organization characteristics and job characteristics in credit union on personal service quality by the effect of job attitude as intervening variable. And in this case it is verify the moderate role of individual characteristics(sex, education background and careers). Therefore the result of this study will contribute to the research for personal service quality in Korean credit uion. In order to achieve this goal I have examined the documents related to organization and job behavior as well as existing study results concerning the quality of personal service. On the basis of this theoretical observation I established models and hypotheses of research. I carried out at the same time positive analysis with a survey by questionnaire in order to verify the research hypotheses. I proceeded to the survey by questionnaire after confirming relevancy of the research model in preliminary examination. I performed statical disposition and analysis of the samples based on this. Questionnaire method was adopted to collect the empirical data. So the total of 1,298 questionaries were distributed to local credit union in Daegu and Gyongbuk area. But only 431 ones were collected for research data. Various statistical analysis were used to analyze the data. Verification of the research hypotheses is summarized as follows: First, hypothesis I is partially upheld as it was revealed that communication and organization fame of organization characteristics of the credit union of the quality of personal service. Second, verification of the effect of job behavior as parameter revealed that compliant organization commitment was the most effective and internalized organization commitment the most effective and internalized organization commitment and duty also showed effect as parameter. In case of compliant organization commitment perfect parameter effect was found in employment guarantee and fair compensation and compliant organization commitment between organization fame and procedural service indicated perfect parameter effect. In the case of internal immersion in organization and duty only in fair compensation did perfect parameter effect appear. In all other cases partial parameter effect was found to support hypotheses 2-1, 2-2 thus upholding hypothesis 2.

Marine insurance is basically concluded by recognizing the equal legal and economical status of the insurant and the insurer. Lots ofmarine risks according to the MIA made 100 years ago have now become general risks owing to transportation and technology development. At present, cargo is not a main risk, but transportation means are. By a single contract, cargo is sent to the destination. All considered, the insurant`s notice duty of risk change, requiring premium insurance fees when risks are high, lacks something. Some alternatives can be actively proposed. What matters here is insurance regulations. Whether domestic cargo insurance regulations can go valid internationally in reassurance belongs to further research. At first, the following proposal can be made. The current notice duty in marine cargo insurance should be differently understood from that in other kinds of insurance. As the insurer`s responsibility is also heavy, the cargo regulations need to be simplified for easy and clear reference. Among the alternatives are, first, the notice duty by a transporter about risk change after an original report. Also, the insurant can select this item, while additional insurance fees should be practically considered. Second, in order to remove adverse selection and lessen the burden of fees, desired profit can be additionally chosen besides the main contract. Then, only those who want both are given the notice duty. Third, the notice duty can be exempt below the certain amount of insurance fees. Fourth, because marine cargo insurance with loss insurance of a transporter is dually insured, the trader-insurant can be exempt of the reporting duty. Marine cargo insurance based on private autonomy is somewhat improper in terms of risk change when insurance goes user-friendly. In sum, there is an increasing need for modifying diverse theories and regulations about marine cargo insurance because of the safe and rapid means of transportation, the mixed use of vehicles (such as ships, trains, trucks, airplanes, etc.), and efficiency-oriented cargo circulation.

This study analyses the effects of capital account liberalization on major macroeconomic variables in Korea with a VECM(Vector Error Correction Model). The empirical results found in this study are as follows. Firstly, after capital account liberalization in Korea, the capital inflows and the difference between domestic and foreign interest rates exert the important effects on the process of the determination of Won/Dollar exchange rate. Secondly, the influence of the international interest rate and the real monetary supply over the interest rate in Korea increases after capital account liberalization in Korea. Thirdly, as the capital market is opened, the influence of the real sector falls, but that of capital inflows rises on the determination of the stock price. Finally, the current account in Korea deteriorates as the portfolio investment inflows increase. And the following economic policy lessons can be drawn from the empirical results in this paper. Firstly, Some of the risks associated with capital inflows can be mitigated through the careful sequencing of appropriate polices. In this regard, as macro-economic policies, sterilization policy can be used in the early stages of the inflow period and the fiscal policy can be employed in the long term. And as micro-economic policies, direct controls over capital account or price control policy can be used in the short term to prevent the rapid capital inflow/outflow caused by capital account liberalization. Secondly in order to overcome the adverse macroeconomic effects of capital inflows, several associated policy measures should be taken. And finally, most of all the prerequisite for the successful capital account liberalization is to maintain the stability of the basic economic conditions. As for Korea, therefore, it is key point presently how to maintain the stabilizing level of foreign reserve and to accomplish the tightening fiscal policies.

The main purpose of this paper was to investigate the current status and problems of internet electronic commerce at the domestic travel companies in Korea. To accomplish the purpose of this paper efficiently and effectively, first of all, theoretical background of cyber travel companies and previous researches was reviewed briefly. Second, research methodology was discussed with the following topics: (1) a research model, (2) ranges of data collection: data collection period and methods, (3) evaluation factors of internet electronic commerce (4) data analysis methods Third, the current status of domestic cyber travel companies was discussed with following topics: (1) information of products provided (2) customer management (3) customer services (4) on-line sales activities (5) security and certificate authority (6) customer protections and other additional services (7) future directions Finally, this paper was summarized and future research areas were suggested briefly.

본 연구는 기업의 경영성과를 평가하는 방법으로서 자기자본의 기회비용을 고려한 EVA(economic value added : 경제적 부가가치)에 의한 방법을 실제 기업의 과거 경영데이타에 적용, 손익계서상의 이익에 의한 평가결과와 비교함으로써 EVA에 의한 방법이 기업 경영실태 흐름에 대한 예측력이 더 있는지 여부를 규명해 보고자 한다. 연구를 위해 S그룹 계열사증 상위 5개사를 대상으로 10년간의 재무데이타와 주가자료를 이용하여 투하자본과 자본비용, 세후순영업이익 및 EVA를 구하였다. 경영성과를 EPS와 EVA 및 주당 EVA로 나타낸 값의 추이를 비교해 보면 80년대 중반에 비해 90년대 들어 EPS는 큰 변화가 없는데 반해 EVA는 陰(-)의 폭이 확대되어 경영성과가 부진함을 보여주었다. 이는 EVA가 EPS보다 경영의 흐름을 선행적으로 나타냄을 증명한다 하겠다. 또한 EVA가 EPS를 포함한 여타 경영성과지표보다 상관성이 높다는 것이 본 연구에서 실증되었다. 따라서 우리나라 기업이 量爲主經營에서 質爲主經營으로 경영의 패러다임을 바꾸어 가기 위해서는 종래의 회계적이익 중심의 성과평가를 EVA중심의 평가로 바꾸어 나아가야 하겠다.

Recently Korean banks are endeavoring to find ways of effective management for credit evaluation, thus to maintain the soundness of their capital. Korean conglomerate companies and medium & small companies were bankrupt in chain, and as a result the weak credit was increased. Therefore, Korean banks came to focus on reinforcing the measurements of examining and managing the credits of the conglomerate companies and medium & small companies. In comparison with the banks in advanced countries, Korean banks show such weaknesses as they do not have effective distinction between offices of managing credit, and what`s worse, they do not have well-established measures against the credit in danger. Accordingly, Korean banks should work off the ineffective decision-making practices and the existing loan practices based on security. They need to develop new management systems of emphasizing the credit management potentials. In addition to developing new credit evaluation processes for effective credit management, they will have to adopt the credit management systems from advanced countries for measuring the credit of the business companies. They will also have to develop data base for the loan customers and renovate the data for the bankruptcy ratio. They will have to further consider establishing relevant politics for loan interest rate, maximum loan amount, loan portfolio, and others against credit in danger. Korean banks need basically re-engineering the loan processes and the existing decision-making practices.