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This paper examines the pricing efficiency and productivity of the KOSPI 200 options and KOSPI 200 futures markets in Korea. This study analyzes the lower boundary conditions for KOSPI 200 options derived from KOSPI 200 futures prices, and examines arbitrage opportunities in the KOSPI 200 options and KOSPI 200 futures markets. Lower boundary conditions tests are performed for both KOSPI 200 call and put options, and ex－post and exante arbitrage profits are examined. This study's results reveal that there were some violations of lower boundary conditions for KOSPI 200 options, and arbitrage opportunities existed not only for securities companies which are members of KRX(Korea Exchange) but also for non－member investors in the KOSPI 200 options and KOSPI 200 futures markets. The results of this study suggest that KOSPI 200 options and KOSPI 200 futures markets were inefficient to some degree in terms of relative pricing during the period under study.

In this paper, the pattern of productivity change in Korean banking industry is examined by using the empirical data over the period of 1995～2000. In order to measure productivity change in an individual bank between two periods t and t+1, the Malmquist productivity index can be used. Malmquist productivity index is decomposed into two component measures namely, efficiency change and technical change. To compute Malmquist productivity index, data envelopment analysis is used. DEA generates an efficiency score for each bank, relative to a reference technology based on the sample of efficient banks. The number of banks in Korea declined from 26 to 17 during the period of financial restructuring. Total productivity indexes were consistently increased over the period with the exception of 1999.

본 연구는 363명의 보험사 영업인력을 대상으로 성과와 연계된 보상시스템에 대한 구성원의 지각과 스트레스 및 생산적 태도를 중심으로 한 성과변수들과의 연관성을 실증적으로 분석하였다. 통계분석을 위해 SPSS와 AMOS가 활용되었다. 실증분석 결과를 요약하면 다음과 같다. 첫째, 본 연구에서는 스트레스의 원천으로 성과와 연계된 보상시스템을 개인적 차원, 제도적 차원 그리고 상사관계의 3가지로 구별하였다. 둘째, 역량 및 직무적성을 중심으로 한 개인적 특성은 모두 스트레스를 낮추는 변수이며, 보상제도의 특성 중에서 절차공정성은 스트레스를 낮추는 반면 급여탄력성은 스트레스를 높이는 것으로 나타났다. 분배공정성은 아무런 영향력이 없는 것으로 나타났다. 또한 성과지향적 상사는 스트레스를 높이는 것으로 분석되었다. 셋째, 스트레스는 고객지향성과 직무만족을 저하시키며, 이직의도를 높이고 있음을 확인하였다.

This research is aimed to reveal the relationships between performance based reward systems, stress and productive attitudes. For this purpose, 363 salesmen in the insurance industry completed the questionnaires and SPSS and Amos were employed. The findings are: Firstly, ability, job aptitude, and procedural justice decrease stress while pay risk and performance oriented leader increase stress. Secondly, stress decrease customer orientation and job satisfaction while it increases intention to leave. Discussions and implications of these results are include.

This study examines an evolutionary path of two rival norms about pay strategies in Korea. This study specifically investigates the transition from K－norm to U－norm, K－norm represents seniority－based pay norms and U－norm represents the performance－based pay norms. The underlying theoretical rationale was based on the stag－hunt game(a typical coordination game), which accepts two Nash equilibria(both stag－hunting and hare－hunting). The stag－hunt game is just to say that it is best to hunt stag if the other player hunts stag, and it is best to hunt hare if the other player hunts hare. One is called as payoff dominant norm and the other is as risk dominant norm. This study also extended the stag－hunt game framework toward the "evolutionary game theory" to fully investigate the evolutionary path of pay strategies adoption by Korean firms. The 169 large firms were selected and analyzed. Simulations of evolutionary games exhibited the important role of imitation networks in diffusing the U－norms in Korean industry. The coexistence can be interpreted as the result of both firms' risk free propensity in dynamic environments and institutional path－dependence. The theoretical and practical implications are discussed.

The 21st century is the era of infinite competition. In the world of growing competition, companies need to obtain competitive advantages as an important factor for their survival and growth. With rapidly growing competition in the corporate management, it's impossible to obtain competitive advantages just by reducing costs or improving quality.To obtain competitive advantages for the company, several innovative management techniques have been introduced. Six Sigma is one of them.Six Sigma is the business process which designs, manages ordinary corporate activities and improves profitability of the company through minimizing waste of resources and maximizing customer satisfaction at the same time.The purpose of this study is to empirically analyze the effect of the key success factors of Six Sigma Management on business performance of domestic enterprises. And, to offer base manure enforcing our business competitive power by inducing them to implement Six Sigma Management.This study has been conducted using the data collected from 93 manufacturing companies implementing Six Sigma Management.By analyses of the questionnaires, empirical results shows that the implementation of Six Sigma Management has positive effect on both non-financial and financial performance.Therefore, one can conclude with confidence that many companies in Korea will be able to dramatically improve their competitiveness if they implement Six Sigma Management based on the key success factors presented in this study.

This study developed the measurement scale for brand attachment and tested the empirical analysis on the performance of brand community, which has been a great concern of marketing these days and mainly conducted theoretically. As performance variables, I selected the brand attachment, which indicates the productivity of on-line community such as the effectiveness of marketing productivity, customer satisfaction, and customer loyalty.In empirical analysis, I divided sample into two groups - brand community members and non-members - and tested how brand community impacts on brand attachment, using ANCOVA and MANCOVA. Empirical results show that brand attachment is a one-dimension construct consisting of three components-care with company, care with other user, love- in a community group. It is also found that using the brand community can increase brand attachment. Finally, I discussed contributions and Limitations of this study.

In this paper, We discuss successful management innovation activities through showing various techniques and examples of management innovation. Based on LG. Phillips Displays Components, We analyzed correlations between management innovation activities and financial productivity. Evidence demonstrates the following. First, in financial productivity analysis through profit index, the ratio of net profit to net sales, the ratio of operating profit to net sales, and return on asset all were increased, which affects financial returns positively. Through this result, we can infer management innovation activities make sales and management go efficiently. Second, in financial productivity analysis through safety index, the current ratio and the quick ratio consistently decreased, this affects capacity for short term repayment negatively. However, in 2002, it still shows a higher figure than the average of the manufacture industry. We infer business innovation activities affect capacity for short term repayment. On the other hand, debt ratio is higher than the average of the manufacture industry. This means, through an efficient management of debt ratio, safety of financial structure is needed. Third, in financial productivity analysis through growth index, it shows less a negative growth than the average of manufacture industry both in 2003 and 2004. Growth rate of the total assets consistently increases, which shows how long the investment activity lasts. Forth, in financial productivity analysis through activity index, total assets turnover, receivable turnover both consistently increase. It shows that business innovation activities helped corporate assets be used efficiently. The limits of this paper are as follows. We analyzed business innovation activities only with respect for the financial ratio. We couldn't quantify it with a non－financial ratio. We need to analyze the correlations between management innovation activities and financial productivity, and also non－financial productivity.