Earticle

This paper investigates arbitrage opportunities and market efficiency by examining the put-call parity (hereafter PCP) in KOSPI 200 options market. The sample period is from January 2, 2001 to December 30, 2008. Interestingly, put premiums tend to be overvalued. Mispricing of OTM is larger than that of ITM or ATM. Overall, PCP does not hold in KOSPI 200 options market. It implies inefficiency of KOSPI 200 options market so that it is possible to make arbitrage profits by exploiting the violation of PCP. Finally, we regress the model to find an evidence on the relationship between the arbitrage profit and the underlying features such as maturity and moneyness. The maturity and moneyness positively affect the arbitrage profit in full and sub-sample periods.

The purpose of this study is to identify mediating variables such as corporate image and corporate reputation in that CSR(Corporate Social Responsibility) activities affect performance variables(brand attitude, purchase intention). According to the result of this research, CSR activities affected corporate image and corporate reputation positively. Also, corporate image formed in that way affected the brand attitude and purchase intention positively. Corporate reputation affected only the brand attitude positively while the brand attitude affected purchase intention positively. As a result, it was found that corporate image and corporate reputation were the mediating variables in that CSR activities influenced performance variables. The result of this paper is expected to play a crucial role in resolving the results of the previous studies dealing with CSR activities and corporate performance confusedly.

This study aims to understand roles of collective identity between transformational leadership and creative behavior, collective identity - a new key figure differs from the one represented as the origin of creative behavior. 649 samples of office workers and managers from five different enterprises were selected for this study. According to the study results, the transformational leadership through the collective identity positively influences creative behaviors of group-members. A theoretical implications of this study are the transformational leadership strengthens creative behavior when it focuses collective identity. Moreover, this study practically suggests that via an approach of collective identity, 'a sense of belonging to groups by mirroring self-identification' fulfills the groups' demands amid the room for changing oneself. The resolution of this study appears to be limited as it is cross-sectional; thus, the longitudinal study with a gap of time is needed for a rigid confirmation of relevant hypothesis.

During the last decades corporations proved that they cause environmental and social problems but they also solve the problems. The recent global movements towards sustainable development facilitate applicable principles to corporations. These include the UN Global Compact, the OECD Guidelines for Multinational Enterprises, and the GRI sustainability reporting guidelines. By establishing the Korea Business Council for Sustainable Development (KBCSD), the Korean industries positively responded to such global movements for sustainable development. More importantly, the model of corporate sustainability management (CSM) and the CSM rating model are designed to facilitate CSM activities in Korean industries. The model has seven key areas for corporate sustainability management in Korea and the rating model has two folds: strategic and functional sustainability. In order to evaluate corporate sustainability management, four areas are identified and categorized as (i) vision & strategy (ii) economic value (iii) social value and (iv) environmental value. The empirical study is conducted in the Korean tobacco industry. Although the two companies (A and B) in tobacco industry are not largely differentiated in sub-dimensions of economic, social and environmental values, the B company showed higher scores than the A company in general. The most interesting result is in the dimension of vision and strategy. Depending upon the level of commitment on vision and strategy of corporate sustainability, overall operational sustainability can differ. To obtain validity, further applications to other industries and developing industry weights are considered for future directions.

DEA have been used to evaluate the performances of decision making units (DMUs). And in most models of DEA, the best performers have efficient status denoted by unity(100%). But we can find that usually plural DMUs have this efficient status. Super-efficiency models make it possible to discriminate between these efficient DMUs and rank them. The rationality for these measures is to minimize a sort of weighted distance from an efficient DMU to the production possibility set excluding the DMU. Therefore, the super-efficient scores can be greater than 1, and the DMU with the highest score is the best performer compared with other DMUs. When specialized in input/output orientation, super-efficiency measure based input/output slacks(Super-SBM) can be directly compared with Super-CCR radial expansion/reduction of input/output. This study applied these two models to measure super-efficiency scores of 13 commercial banks and ranked them.

This study investigates the influence of two reciprocal variable, perceived organizational support (POS) and leader-member exchange (LMX) quality, on the career commitment in organization and intention to turnover. It also examines whether career commitment is a significant correlate of turnover intention. Relationships among the constructs are tested using survey result from 192 employees working in five corporations of the financial sector in South Korea. Structural equation modeling (SEM) shows that perceived organizational support is a key predictor in career commitment and turnover intention whereas leader-member exchange quality is not. Results also indicates career commitment is unrelated to turnover intention. Based on these findings, the implications and limitations of the study are discussed.

This paper attempts to analyze total factor productivity(TFP) growth for Korea's financial and business services industries using a stochastic frontier production approach and to compare the results with the major industrialized countries. In the financial services industry, TFP has increased steadily, but the contribution of technical progress to productivity growth was very lower than those of other countries. TFP in the business services industry has declined remarkably, due to relatively low technical progress and scale effect. Based on the results, to promote Korea's productivity continuously, we should expand institutional infra-structure for allowing sufficient technical progress as well as supply of human resources. And in case of the business services industry, policies to improve the effect of scale of economy and to expand competition-based market's atmosphere should be considered.

This paper empirically examines the effects of R&D investment decision and productivity on export shares for Korea's listed and non-listed manufacturing companies over the period from 2000 to 2008. In estimating the structural models for both export shares and R&D investment decision, it controls for simultaneity and inconsistency caused by distributional problems of exports by employing the Full Information Maximum Likelihood Estimation procedure. Empirical results suggest that for all firms, export shares are positively associated with R&D investment decision, implying that the higher the probability of R&D investment is, the higher the export share is. The estimated coefficients of R&D investment decision for small and medium sized firms are found to be significantly larger than those for large firms. This implies that government R&D subsidy would have a stronger effect on exports for small and medium sized firms, rather than for larger firms.

This study examined the educational productivity of level-based Math and English moving classes on the academic achievement of the middle school students based on the nationwide achievement test results and data from responses of students, teachers and principals to various questionnaires. 2003' Math achievement scores of 5876 students from 172 schools and 2004' English achievement scores of 6293 students from 177 schools were regressed on the various indicators of students' motivational and learning-related factors, teacher characteristics and students' background variables including level-based moving class factor. The results shows that the final optimal models for the Math and English achievement-related data did not include level-based moving class factor as a significant predictor, which means level-based Math and English moving classes are far from exerting any significant direct effects on increasing the students' overall achievement level. Level-based Math and English moving classes, however, was shown to have indirect effects on the achievement scores. That is, the significance and magnitude of the effects each predictor has on achievement varies according to the fact whether the students take Math and English classes fit to their achievement level or not. And this suggests that when the school provides level-based moving classes it is more likely to reduce the achievement gaps between urban and rural areas, students given private education and those not, and the classes operated by enthusiastic teachers and those not.

This study examined the impact of government R&D expenditure on total factor productivity(TFP), for the government R&D projects in which private companies participated. The impact on TFP was analyzed for the whole industry, manufacturing industry, service industry, and 11 sub-manufacturing industries. The empirical results show that the government R&D expenditure contributes to the increase in total factor productivity on non-metallic mineral products, basic metal products, fabricated metal products except machinery and furniture, and electronic and electrical equipment. This implies that government R&D expenditure contributes to the growth of Motor vehicles and parts, Ship building and repairing, Primary iron and steel products, Electronic components and accessories, Semiconductors and related devices, and Display panel industries.

This study was designed to analyse the efficiency of regional R&D investment in Korea by employing DEA(Data Envelopment Analysis) Model. The government budget for Science and Technology, National R&D investment for region and numbers of regional R&D researcher are the input-variables of the analysis, whereas the output-variable is GRDP. The result shows that the Technical Efficiency - both of Pure Technical and Scale one - has been declining ever since 2003; this means that regional R&D investment is not proportional to GRDP. We also have tried a comparative analysis among regional R&D investment efficiency with the data of 2008 and the average value during 2003∼2008 as well. Results of the analysis show that in 2008, Seoul, Gwangju, Gangwon, Chungnam, Jeonnam and Jeju are efficient in the first data set, while Seoul, Gwangju, Daejeon, Chungnam, Jeonnam and Jeju are efficient in the second data set. Jeonnam, Seoul and Chungnam are reference (bench-marking) regions based on BCC model in the first data set, and Jeonnam, Seoul and Gwangju are alternatives in the second data set.

This study investigates the relationship between firm size and productivity in the Korean securities industry for the period 2000-2006. We estimate, using a mathematical programming technique, the Malmquist productivity index and decompose the index into two different components, efficiency change and frontier change. The results shows that on average large size firms have exhibited relatively lower level of productivity index than small size firms during the sample period and the increase in asset has not enhanced productivity. Other important findings are as follows; First, the Malmquist productivity indices have been greater than one for the entire period. The industry has increased its productivity about 6.4% per year. Second, productivity change has contributed to productivity more than efficiency change. Third, the productivity has been positively affected by return on assets, cyber trading, dealer and underwriting business. Overall the securities industry has over-invested during the period. The findings suggest that individual security firms may be able to improve productivity by choosing differential strategies depending upon scale and output combinations.

우리는 비모수추정법을 이용하여 지난 16년간(1990-2005) 한국 기업의 생산성 분포의 변 화를 추정한다. 각 특정 연도의 정태적 효율성 지수는 DEA방법을 이용하여 측정하고, 연도간 의 동태적 효율성은 3가지 (효율성, 기술발전, 자본축적)로 분할하여 추정한다. 더구나 Kernel 기반 추정치를 통하여 확률분포를 분석하고 노동생산성의 분포 변화를 통하여 극화현상을 분석한다. 주요 결과로는 (1) 한국 경제의 효율지수는 1999년을 제외하고 지속적으로 감소하 는 추세를 보인다. (2) 한국의 지난 16년간의 노동생산성 증대는 주로 기술의 발전과 자본의 축적이라는 두 가지 쌍끌이 축을 통해 이루어진 것이다. (3) 노동생산성의 극화현상은 외환위 기 이전에는 효율성 격차로 인함이었고, 외환위기 이후에는 기술의 격차로 심화되었다.

We use a nonparametric approach to analyze the changes in the productivity distribution of the Korean companies for 16 years (1990-2005). The static efficiency indexes in the given years are measured by data envelopment analysis and dynamic indexes between years through tripartite decomposition (efficiency, technology and capital). Moreover, we analyze the kernel-based estimate of a density function and polarization phenomenon on the distribution changes of the labor productivity. Therefore, we find that (i) the efficiency index shows the decreasing trend all years except in 1999. (ii) Total changes of labor productivity for 16 years (1990-2005) mainly result from the effects of the pair pulling of technological progress and capital accumulation. (iii) The main variables from which the polarization of labor productivity has make worse are the efficiency in the prior to financial crisis and the technological change in the post.