JunGi Park, Seyoon Lee
Abstract
This study aims to empirically analyze the long-term relationships and their degree of influence between Bitcoin, gold, silver, and stock assets, and to estimate long-term equilibrium. Bitcoin's trading price, gold and silver price, and S&P500 index were analyzed on a weekly price basis for about 10 years of time series data from July 2010 to March 2020. This study found that implications were derived through the Granger causality test, VECM estimation, impulse response analysis, and variance decomposition analysis. According to the results, the price of gold and silver and S&P500 could be seen as leading indicators of the Bitcoin price. In particular, in the results of VECM and variance decomposition analysis, the S&P500 index and silver price were analyzed as leading variables with substantially positive influence on the Bitcoin price. Gold was found to have a negative relationship with Bitcoin, and its influence was relatively low.
Keyword: Cryptocurrency, Bitcoin, Gold, Silver, S&P500 index, VECM
Abstract
This paper was intended to examine the socioeconomic impact of COVID-19 especially on consumer expenditure and labor market of COVID-19. This paper first analyzed how household consumption responds to pandemics to investigate the effects of the COVID-19 virus. Initially, spending increased sharply, particularly in retail, credit card spending and food items, followed by a sharp decrease in overall spending. Under the assumption that firms have no incoming revenues and cover only fixed costs, the median survival time across industries ranges within 8 to 19 weeks in many countries. with most of the small firms and traditional service such as retails, restaurant, accommodation. The impact of restrictions on economic activity imposed on the EU 27 & Great Britain on the EU’s labor market was assessed, suggesting that a certain percentage of works could work remotely and more likely to switch to remote work due to the spread of COVID-19. It is necessary to prepare for the new future by systematically establishing and implementing industrial policies on changes in the socio-economic aspects of Corona-19 namely, remote work, remote education, telemedicine, online purchase expansion, and reduction of carbon emissions.
Keyword: COVOD-19, Pandemic, Survial of Firms, Unemployment, Remote Work
Zhang, Linyuan , Dongryong Kang, Jeeyoung Seong
Abstract
Over the last decades, China’s economy has developed rapidly. Facing the ever-increasing competitiveness in the global market, business organizations in China have experienced strong demand for new leadership. Moreover, in the current marketing environment, extra-role behaviors of employees that are not part of their contractual tasks emerge as a necessity for the organization’s survival. This study examines the effect of leader-member exchange (LMX) on organizational citizenship behavior (OCB) and the mediating role of empowerment in the relationship between LMX and OCB. For this study, data were collected from 230 employees who worked in a state-owned enterprise in China. After excluding incomplete and unreliable responses, 203 cases were used for the final analysis. The results of the study are as follows: First, LMX has a positive impact on empowerment. Second, empowerment positively affects OCB for both individuals and the organization. Third, empowerment mediates the relationship between LMX and OCB for individuals, but not for the organization. Theoretical and practical implications of LMX, OCB and empowerment are discussed and future research directions are suggested.
Keyword: Leader-member exchange, Organizational citizenship behavior, Empowerment
SeongHoon Jeon, Jinhwa Chung
Abstract
KFTC found eleven local compound feed manufacturers guilty of collusion and imposed 77.3 billion won on September 2015. The important evidence considered here was ‘apparent conformity’ in that the participating firms changed their prices similarly in terms of extent and timing. This paper addresses the issue of whether the apparent conformity might be regarded as the significant evidence of collusion as KFTC contended. We find that the apparent conformity of price changes at a first glance in terms of extent and timing is well explained by factors other than collusion such drastic changes in common material costs during the accused collusive periods. In fact, in the consequent appeal suits raised by several defendants Seoul High Court determined that KFTC did not prove ‘circumstantial evidence of meeting of minds’ adequately, and furthermore that the existence of ‘apparent conformity’due to collusion was not evident, turning down KFTC’s decision on agreement. This case study sheds a light on cases in which the suspicion of collusion is due to apparent conformity.
Keyword: Collusion, Apparent Conformity, Compound Feed Industry
Heemyung Lee,Minjae Park
Abstract
The purpose of this study is to analyze the impact of managerial leadership characteristics on the performance of the company through three subsidiaries of POSCO Group that played a key role in Korea 's economic growth. Based on the growth of the parent company, the POSCO Group continued to increase its affiliates through mergers and acquisitions and new business ventures. Under this growth-seeking strategy, there have been successful cases, but there have also been failures. This study aims to provide implications for the role of executive officer, especially CFO, through the success and failure of the company pursuing the growth strategy of POSCO Group. In this study, we are considering three subsidiaries of the same size, one of which is a company with a continuous growth model and the other company is managing the worst management crisis with efficient risk management and restructuring. The company that achieved it and the other company that applied for rehabilitation due to continuous reckless M&A, company expansion and risk management failure. A comparison of the three companies that showed such a clear difference shows how the performance of the company has changed dramatically according to the leadership characteristics of the CFO. For the case study, we have presented a research model that can explain the situations that occur during managerial decision making process based on Theory of Planned Behavior (TPB) theory. In addition, through the ABCD model, we analyzed the three affiliates of POSCO Group in terms of agility, benchmarking, convergence, and dedication.
Keyword: Leadership, POSCO, CFO, TPB Theory, ABCD Theory, Manager Characteristics
Hyejung Moon, Kihoon Lee
Abstract
This study examines the energy efficiency change of Korean manufacturing industry from 2000 to 2016 by LMDI decomposition method. In particular, we focused on the change of energy intensity and compared and analyzed energy high-intensive, midium-intensive and low-intensive groups using LMDI multi-level model. As a result, the structural change effect and energy intensity effect contributed to improvement of energy intensity during the analysis period. While the energy efficiency of the low-energy and midium-energy groups was significantly improved, that of the energy high-intensive group was relatively minimal. Therefore, it is recommended that the energy efficiency policy of the manufacturing sector should be focused on the energy-intensive industries. This study shows that the LMDI multi-level model is useful for distinguishing between-group effect and within-group effect and for identifying the relationship between single level model and multi-level model.
Keyword: Manufacturing industry, Energy efficiency, LMDI, Multi-level analysis