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Article
Publication date: 28 February 2015

Yura Kim, Jeongsun Yun, Hyun Woo Choi and Gyuyoung Hwang

Literature documents that executives' inside debt holdings (debt-based managerial compensation) such as defined-benefit pensions and retirement funds are often unfunded…

Abstract

Literature documents that executives' inside debt holdings (debt-based managerial compensation) such as defined-benefit pensions and retirement funds are often unfunded and unsecured and have long maturities, and thus provide managerial incentives to pursue strategies to avoid the overall firm risk. This study investigates the effect of managerial inside debt compensation relative to equity-based compensation on a firm's dividend payout policy. We find that a inside debt holdings are positively associated with various measures of a firm's dividend payout policy. Additionally, we find empirical evidence in firms with inside debt holdings that the inverse relationship between high default risk measured by KZ index and dividend payout weakens as the portion of inside debt relative to equity-based compensation rises. This finding indicates that the needs for the firm to restrain dividend payouts to equity holders is reduced as the executive's debt-to-equity compensation ratio becomes larger. Overall, the results suggests the mitigating effect of executives' inside debt holdings on the conflicts between bondholders and shareholders can lead to generous payout policy.

Details

Journal of Derivatives and Quantitative Studies, vol. 23 no. 1
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 12 February 2018

Hyun-Woo Joung, Eun-Kyong (Cindy) Choi and James Joseph Taylor

The purpose of this paper is to examine differences of the perceived internal marketing practices (IMP), job satisfaction (JS), organizational commitment (OC) and turnover…

Abstract

Purpose

The purpose of this paper is to examine differences of the perceived internal marketing practices (IMP), job satisfaction (JS), organizational commitment (OC) and turnover intention (TI) between full- and part-time employees and to incorporate employment status as a moderator in the restaurant employee turnover model.

Design/methodology/approach

The target population included current restaurant full- or part-time employees in the USA. The questionnaire was distributed to potential participants through an online survey that the company used to collect nationwide data.

Findings

Full-time employees’ perceptions of the IMP were comparably greater than those of part-time employees, and full-time employees were also more committed to the organization and had less intention to leave than their part-time counterparts. Significant moderating effects of employment status existed in the restaurant employee turnover model.

Research limitations/implications

The current study may not adequately capture the differences between full- and part-time employees by asking respondents to identify their employment status.

Practical implications

IMP should be facilitated at the management level to provide insight and value to their employees, and more attention and effort in the internal marketing and human resource practices for part-time employees are needed to have more satisfied and committed employees, and, in turn, better performance.

Originality/value

The literature on full- and part-time employees was incomplete, and there was minimal research that tested differences between full- and part-time employees in the foodservice industry.

Details

International Journal of Contemporary Hospitality Management, vol. 30 no. 2
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 8 September 2021

Hyeon-Tae Im, Hyun-Su Kang, Hyeon-Goo Kang, Hyo Kyu Kim, Jun Choi, Ki Beom Park, Taeg Woo Lee, Chan Bin Mo and Hyung-Ki Park

The purpose of this paper is to examine the effect of internal pores on the tensile properties of a Co–Cr–Mo alloy fabricated by selective laser melting (SLM).

Abstract

Purpose

The purpose of this paper is to examine the effect of internal pores on the tensile properties of a Co–Cr–Mo alloy fabricated by selective laser melting (SLM).

Design/methodology/approach

The size and volume fraction of pores were controlled through high temperature annealing (HTA) and hot isostatic pressing (HIP).

Findings

After HTA, the size and fraction of pores decreased compared with the as-built SLM sample, and no pores were observed after HIP. Tensile tests of the HTA and HIP samples showed nearly similar tensile deformation behavior. From the results, the authors found that the size of the internal pores formed in the SLM process had little effect on the tensile properties. The as-built SLM sample had less elongation than the HTA and HIP samples, which would not the effect of porosity, but rather the effect of the residual stress and the retained ε phase after the SLM process.

Originality/value

Although pores are a main factor that influence the mechanical properties, the effect of pores on the tensile properties of Co–Cr–Mo alloys fabricated by SLM has not been studied. Therefore, in this study, the effect of pores on the tensile properties of a Co–Cr–Mo alloy fabricated by SLM was studied.

Details

Rapid Prototyping Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2546

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Article
Publication date: 14 June 2018

Paul Tae-Woo Lee, Sung-Woo Lee, Zhi-Hua Hu, Kyoung-Suk Choi, Na Young Hwan Choi and Sung-Ho Shin

The purpose of this paper is to analyze maritime logistics connectivity of ports and shipping networks in the East Sea Economic Rim (ESER) to promote international trade…

Abstract

Purpose

The purpose of this paper is to analyze maritime logistics connectivity of ports and shipping networks in the East Sea Economic Rim (ESER) to promote international trade in the context of China’s Belt and Road Initiative (BRI), considering centrality, primary flow and clustering interaction.

Design/methodology/approach

The paper applies a complex network model, using a big data system consisting of an automated identification system, electronic data interchange and distributive and complex data. Three perspectives, including connectivity in trading ports and regions, centralities in the realm of complex network and potential marketing and regional impacts, and sixteen criteria are considered for this analysis. A visual approach has been also applied to highlight port connectivity and ship flows for the reader’s convenience.

Findings

The paper shows that port connectivity and maritime logistics are enablers to promote Korean international trade in Northeast China through the ESER, and 25 major ports are well connected to promote international trade in the region with visual data of ship flows by ship type and by flag.

Research limitations/implications

Owing to the lack of port management information systems among the countries in the ESER except Korea and Japan, this paper could not capture cargo types and amounts on board. Port connectivity analysis shows links of the ports in the ESER to major ports in southeast Asia along the Twenty-first Century Maritime Silk Road (MSR). These results contribute to drawing policy implications to promote the ESER and provide suggestions for promoting Korean international trade by enhancing maritime logistics connectivity.

Originality/value

Unlike the existing literature showing descriptive and policy-oriented research related to ESER, this paper applied a vigorous method with a big amount of data to analyze port connectivity and ship flows in the ESER, considering China’s BRI affecting the global supply chain system, maritime transportation, and logistics. In addition, the paper shows how the seaports in the ESER are connected along the MSR.

Details

Journal of Korea Trade, vol. 22 no. 3
Type: Research Article
ISSN: 1229-828X

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Article
Publication date: 14 June 2018

Jin-Wook Choi

The purpose of this paper is to examine how corruption has changed over time in South Korea and to explore how the corruption control and prevention efforts of the Korean…

Abstract

Purpose

The purpose of this paper is to examine how corruption has changed over time in South Korea and to explore how the corruption control and prevention efforts of the Korean government have been successful and failed.

Design/methodology/approach

This paper draws on institutional theory to formulate a qualitative analysis to assess the effectiveness of anti-corruption policies and measures, and to identify the strengths and weaknesses of anti-corruption reform efforts in South Korea.

Findings

This paper argues that while the Korean government has been quite successful in building anti-corruption institutions to control low-level petty corruption, it has failed to institutionalize anti-corruption institutions to curb high-level grand corruption.

Originality/value

While many studies have attempted to identify the successful factors of fighting corruption, this paper draws a theoretical distinction between institution-building vs institutionalization to examine the success and failure of corruption control and prevention efforts in South Korea.

Details

Asian Education and Development Studies, vol. 7 no. 3
Type: Research Article
ISSN: 2046-3162

Keywords

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Book part
Publication date: 22 December 2005

Young-Myon Lee and Michael Byungnam Lee

While the origin of Korean Industrial Relations goes back 150 years when the country opened its seaports to foreign countries, it didn’t emerge as a field of study until…

Abstract

While the origin of Korean Industrial Relations goes back 150 years when the country opened its seaports to foreign countries, it didn’t emerge as a field of study until 1950s when academics began to write books and papers on the Korean labor movement, labor laws, and labor economics. In this paper, we sketch this history and describe important events and people that contributed to the development of industrial relations in Korea. Korean industrial relations in the early 20th century were significantly distorted by the 35-year-Japanese colonial rule (1910–1945). After regaining its independence, the U.S. backed, growth-oriented, military-based, authoritarian Korean government followed suit and consistently suppressed organized labor until 1987. Finally, the 1987 Great Labor Offensive allowed the labor movement to flourish in a democratized society. Three groups were especially influential in the field of industrial relations in the early 1960s: labor activists, religious leaders, and university faculty. Since then, numerous scholars have published books and papers on Korean industrial relations, whose perspectives, goals, and processes are still being debated and argued. The Korean Industrial Relations Association (KIRA) was formed on March 25, 1990 and many other academic and practitioner associations have also come into being since then. The future of industrial relations as a field of study in Korea does not seem bright, however. Issues regarding organized labor are losing attention because of a steadily shrinking unionization rate, changing societal attitude toward labor unions, and the enactment of new and improved laws and regulations regarding employment relationships more broadly. Thus, we suggest that emerging issues such as contingent workers, works councils and tripartite partnership, conflict management, and human rights will be addressed by the field of industrial relations in Korea only if this field breaks with its traditional focus on union and union–management relations.

Details

Advances in Industrial & Labor Relations
Type: Book
ISBN: 978-0-76231-265-8

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Article
Publication date: 1 February 2004

Kiyoung Kim

This paper, in face of the increasing interconnectivity between local and global, has attempted to retrospect the critical moment of Korean society under Tae‐woo Rho…

Abstract

This paper, in face of the increasing interconnectivity between local and global, has attempted to retrospect the critical moment of Korean society under Tae‐woo Rho (1988–93) regime, in which Korea struggled for fundamental reforms of the earlier centrally controlled state system through economic rationalization and labor flexibilization. During that juncture of Korean history, neo‐liberalization under the influence of Fordian decline was a governing theme behind the Korean economy's policy formation as well as labor agenda. This reliance of government on the neo‐liberal pillar has made an impact on the subsequent leaderships under Young Sam Kim (1993–1998) and Dae Jung Kim (1998‐present). After briefly reviewing the major aspect of Korean economy and labor problems surrounding the financial crisis of East Asia around 1998, the international influence of Fordian decline and neo‐liberalization as a Korean alternative has been discussed.

Details

International Journal of Development Issues, vol. 3 no. 2
Type: Research Article
ISSN: 1446-8956

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Book part
Publication date: 21 July 2011

Jon S.T. Quah

The Hanbo (meaning Korean treasure) scandal or “Hanbogate” occurred on January 23, 1997, with the bankruptcy of Hanbo Iron and Steel Company, the second largest steel…

Abstract

The Hanbo (meaning Korean treasure) scandal or “Hanbogate” occurred on January 23, 1997, with the bankruptcy of Hanbo Iron and Steel Company, the second largest steel company and 14th largest conglomerate in South Korea, as its debt had accumulated to US$5.6 billion. Hanbo's bankruptcy triggered an investigation by the Public Prosecutor's Office that resulted in the imprisonment for 15 years of Hanbo's founder, Chung Tae-Soo, for bribing politicians and bankers to pressure banks to extend hugh bank loans to Hanbo. Nine other persons were also convicted including Chung's son, who was jailed for three years for bribery and embezzlement, and Kim Hyun-Chol, the second son of President Kim Young-Sam, who was sentenced to three years jail and fined US$1.5 million (New York Times, 1997).

Details

Curbing Corruption in Asian Countries: An Impossible Dream?
Type: Book
ISBN: 978-0-85724-819-0

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Article
Publication date: 2 April 2020

Hyun-Woo Lee, Heetae Cho, Emily Lasko, Jun Woo Kim and Woong Kwon

In highlighting brain wave responses of emotional processing, the purpose of this study is to investigate (1) the effect of sport participation involvement on affective…

Abstract

Purpose

In highlighting brain wave responses of emotional processing, the purpose of this study is to investigate (1) the effect of sport participation involvement on affective reaction in viewing photos; and (2) the association between affective reaction and behavioral intentions.

Design/methodology/approach

Using lateralized event-related potentials, the authors examined how brain wave reactions are different based on different sport involvement between two groups where one group had varsity sport experience while the other expressed that they were not fans of the sport.

Findings

Results indicated a significant difference in lateralization between groups. Brain responses were greater in the high involvement group and positively correlated with the intention to attend future games.

Originality/value

The findings in this study elucidate the linkage between one's history of sport involvement and affective brain wave responses. Implications from neurophysiological evidence provide means to further dissect the multifaceted construct of involvement in the field of sport marketing.

Details

International Journal of Sports Marketing and Sponsorship, vol. 21 no. 2
Type: Research Article
ISSN: 1464-6668

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Article
Publication date: 27 November 2020

Sung Gyun Mun, Linda Woo and Kwanglim Seo

This paper aims to understand the effect of food and beverage (F&B) services on the operating performance of luxury hotels and to identify the heterogeneous effects of the…

Abstract

Purpose

This paper aims to understand the effect of food and beverage (F&B) services on the operating performance of luxury hotels and to identify the heterogeneous effects of the luxury hotels’ F&B operation on the business performance between Asia and the USA.

Design/methodology/approach

Operating performance of luxury hotels in Asia (37 hotels), including Japan, Singapore, South Korea and Hong Kong and in the USA (72 hotels), including New York, California, Florida, Illinois and Texas was collected from STR reports. This study applied generalized estimating equations models to reach the conclusions.

Findings

The emphasis on F&B services exhibits a significant positive effect on the operating performance of luxury hotels in Asia. The occupancy rate and gross operating profit per available room of luxury hotels in Asia have improved with the investment in F&B offerings. Therefore, a distinctive F&B offering should be considered as one of the main products and services rather than a supplementary service in Asia. While devotion to F&B services lacks a significant positive effect on luxury hotels in the USA.

Originality/value

This study is the first effort to identify the importance of luxury hotels’ F&B operation for the overall hotel performance in Asia and the USA by focusing on the entire industry’s operating information.

Details

International Journal of Contemporary Hospitality Management, vol. 33 no. 1
Type: Research Article
ISSN: 0959-6119

Keywords

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