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In this paper, we examine the existence of the psychological barriers in three foreign exchange rate, won/dollar, euro/dollar, yen/dollar, and test that the psychological barriers effect to the implied volatilities of the FX options. For each exchange rate, the existence and spots of the psychological barriers are estimated from roughly 10 years data for each currency rate, and GARCH (1, 1) model was applied to observe the momentum effect about the mean and variance of the conditional returns, and the implied volatility of the FX-options for each currency rate near the psychological barriers. Since this effect is more clearly observed on the implied volatility data, this fact supports that psychological barriers affects to the price of the FX-options.

The main objectives of this paper are to measure weather-risks in Korean city-gas industry, whose revenue is strongly correlated with temperature changes, and show how managing weather-related risks using weather derivatives (priced using a utility indifference pricing technique) affects Korean city-gas industry's volatility of cash-flow through computational tests.

Since the fluctuation in temperature is the major risk factor for Korean city-gas providers (who are mostly nongovernmental companies), they can considered as strong potential participants in weather-derivatives' market. Therefore, it is worthwhile to investigate the impact of temperature changes on city-gas demands and the effectiveness of the application of weather-derivatives to city-gas providers' revenue. Our tests indicate that hedging weather-risks using weather derivatives can not only reduce the volatility of cash-flow but also increase cash income for Korean city-gas providers.

This paper investigates the asymmetric volatility between conditional volatility and initial margin using daily market return of TOPIX and Nikkei225 over 1970 to 1990. In prior studies, generally, it has been known that margin is regard as a main discipline to control volatility with respect to a policy tool. Our empirical test provides the following results. First, this paper shows that there is significantly positive relation between return of stock market and margin, implying that as margin increases, also return increases. Thus we conclude that the trade-off of risk and return is found. Second, our result suggests that in normal state, margin affects to conditional volatility negatively and significantly, indicating that margin policy could control the conditional volatility. Third, this paper finds that in recession state, there is little bit evidence of discipline action in controlling volatility. Fourth, our paper also finds that in boom state, there is adversely evidence of margin on conditional volatility. As a result, government has motivation to decrease the volatility in bull market state, whereas it also has motivation to increase the volatility in bear market state. Our paper finds the evidence that the motive for changing the margin is fitted to normal and boom state. Therefore, our result suggests that government has to adjust the change of margin policy adequately to fit the market conditions.

This study aims to suggest directions for innovation-driving paths for sustainable growth through an in-depth case analysis of a successful Internet of Things (IoT) in small- and medium-sized enterprise (SME) in South Korea. IoT is expected to play a significant role in the future industry 4.0 platform. Yet, little is known about how SMEs in the IoT industry (IoT-SMEs hereafter) pursue innovation in alignment with attributes inherent in the IoT.

This study addresses relatively unexplored key research questions on innovation strategies of IoT-SMEs. To do so, we employ an exploratory research methodology, along with an extensive review of the literature in the areas of the IoT, SMEs innovation and sustainable growth strategy. Specifically, we conduct intensive individual interviews to find IoT inherent innovation attributes and a case study to explore the process of linking these attributes to innovation-driving paths.

The analysis results reveal that there exist disruptive and open innovation attributes in the IoT industry that enable IoT-SMEs to enhance their structure and process related capabilities, to create business models for products and services and to collaborate with external parties in marketing to enter the market. We excavate practical insights into driving innovation based on IoT attributes and suggest enabling paths for pursuing innovation and entering overseas markets for IoT-SMEs.

This study investigates an underexplored significant area of research on the relationship between IoT attributes and innovation paths. The findings provide profound theoretical and practical implications. To the best of the author’s knowledge, it is the first attempt to link disruptive and open IoT attributes to innovation paths of IoT-SMEs. The results provide directions for pursuing effective innovation in responding to the IoT market for sustainable growth.

One of the distinctive features in Korea and the U.S. trucking industries is the huge difference in the share of owner-operators. While it is around 10~15 percent in the U.S., 80~90% of drivers operate their own truck in Korea. Different from historical explanations of previous researches, this paper deals with this feature theoretically. We examine what brings the difference in asset ownership structures between the Korean and the U.S. trucking industries. Using an analytic framework, we investigate the determinants of truck ownership and the changes in ownership patterns. The model introduces several parameters related to productivities of drivers’ efforts and contractibility to affect drivers’ decision, and values of these parameters in both countries are discussed qualitatively and found to be consistent with the aforementioned characteristics.

The maritime freight transportation industry has played an important role in the Korean economy. The Korean maritime freight transportation industry is faced with a period of transforming it competitively and efficiently in this global age. This paper, therefore, aims to identify the impact of the maritime freight transportation industry in the Korean national economy. Hence, this paper provides policy-makers with accessible and reliable information regarding the role of the Korean maritime freight transportation industry. This study employs input-output (I-O) analysis to examine the role of the maritime freight transportation industry in the national economy for the period 1995-2003, with specific application to Korea. This study pays particular attention to the maritime freight transportation industry by taking the industry as exogenous variable and then investigates its economic impacts. We identify inter-industry linkage effects in 20 sectors, production-inducing effects, added value-inducing effects, and supply-shortage effects of the maritime freight transportation industry.

Global value changes continued to expand until the late 2000s. On the other hand, regional value chains have formed around major regional hubs due to the expansion of domestic demand in emerging economies, such as China, and strengthened trade protectionism since the global financial crisis. Such changes lead to the reorganisation of value chains, focusing on domestic markets (reshoring) or neighbouring countries (nearshoring). In particular, the importance of supply chain risk management has been highlighted following disruptions to the supply network due to the COVID-19 outbreak in December 2019. In this regard, major countries such as the USA and the EU are rapidly shifting to regional value chains for stable and sustainable production, rather than primarily aiming for production efficiency targeted at reducing costs. Industries in particular are more exposed to such supply chain risks under the existing structure and it now has become extremely important for businesses to take reaction to such risks. This is especially important for major industries in a country such as automobile or semiconductor manufacturing industries in South Korea. The aim of this study, therefore, is to establish the basis for the simultaneous growth of ports and linked industries by examining the existing structure of the global value chain for the automotive industry, which has a strong presence in South Korea’s domestic economy. In this regard, this research carries out a supply chain analysis focusing on the imports and exports of automotive parts. It also analyses the current structural risks and suggests risk management measures to secure a stable supply chain.

The weapon system of The Navy is the small quantity producing system on multiple kinds. It is consisted of various equipment and the subordinate parts of those which can repair the damaged part. The operating procedure concerning warship's repair parts managed under these systems is as follows. Firstly, if demand of repair parts occurs from warship which is the operating unit of weapon, then the Fleet(the repair & supply support battalion) is in charge of dealing with these requests. If certain request from warship is beyond the battalion's capability, it is delivered directly to the Logistic Command. In short, the repair and supply support system of repair parts can be described as the multi-level support system. The various theoretical researches on inventory management of Navy's repair parts and simulation study that reflects reality in detail have been carried out simultaneously. However, the majority of existing research has been conducted on aircraft and tank's repairable items, in that, the studies is woefully deficient in the area concerning Navy's inventory management. For that reason, this paper firstly constructs the model of consumable items that is frequently damaged reflecting characteristics of navy's repair parts inventory management using ARENA simulation. After that, this paper is trying to propose methodology to analyze optimal inventory level of each supply unit through OptQuest, the optimization program of ARENA simulation.

Considering the relevance of understanding what influences environmentally sustainable consumer choices, the present study aims to examine and synthesize the key determinants factors from literature and outline a new conceptual framework for explaining green purchasing behaviors (GPBs).

A bibliometric analysis was conducted on 161 articles extracted from Web of Science and Scopus databases, which were systematically evaluated and reviewed, and represent the current GPB knowledge base. Content analysis, science mapping and bibliometric analysis techniques were applied to uncover the major theories and constructs from the state-of-the-art.

The evolving debate between altruistic and self-interest consumer motivations reveals challenges for rational-based theories, as most empirical applications are not focused on buying behaviors, but instead either on pro-environmental (non-buying) activities or on buying intentions. From the subset of leading contributions and emerging topics, nine thematic clusters are unveiled in this investigation, which were combined to create the new PSICHE framework with the purpose of predicting GPB: (P)roduct-related factors, (S)ocial influences, (I)ndividual factors, (C)oncerns about the environment, (H)abits and (E)motions.

By uncovering the multiple intervening factors in GPB decision processes, this study will assist practitioners and academics to move forward on how to foster more sustainable consumer behaviors.

The present study provides readers a summary of an unprecedentedly broad collection of papers, from which the key themes are categorized, the domain's intellectual structure is captured and an actionable framework for enhancing the understanding GPB is proposed. Four new thrust areas and a set of future research questions are included.

Catastrophic supply chain disruptions can significantly damage the operational and financial performance of firms. While a growing body of literature on supply network structures has studied what influences supply networks' vulnerability to supply chain disruptions and capability to recover from them, it remains unclear how supply network structures change after major supply chain disruptions. We aim to provide an understanding of how these changes occur.

Using a natural experiment approach and supply network data from Factset, this study investigates how firms' supply network structures change after experiencing the catastrophic supply chain disruptions caused by the 2011 Tohoku earthquake and tsunami in Japan. We capture post-earthquake supply network changes using the measures of degree centrality and ego network density.

The results of the analysis suggest that compared to unaffected firms, the affected firms experience changes in their supply network structures tending toward lower complexity measured by in-degree centrality, out-degree centrality and ego network density.

This study contributes to social network theory and the complex adaptive supply network literature by providing empirical evidence of structural changes in supply networks after catastrophic supply chain disruptions. A managerial contribution is made by providing a reflection on why these changes might be occurring and alert firms to the challenges of managing complexity in their supply networks.