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2004, Vol.13, No.1

  • 1.

    A Study on the Deregulation of the Employee Dismissal

    HEE SUNG KIM | 2004, 13(1) | pp.3~44 | number of Cited : 1
    Abstract PDF
    To comply with the era of the digital economy, labour law should be more flexible and support the productivity and competitiveness of the enterprise. Rather than thought of one-sided protection for employees, only labour law that respects the orders of competition and coincides with the orders of the market economy can contribute to job creation and unemployment reduction. Therefore, this new labour law can promote efficiency and equity and at the same time, adjust the relationships between employers: employers and employees; and the employed(insiders) and the unemployed(outsiders). Especially, considering the economic efficiency, uniform and strict regulation of the employee dismissal should be lessened. And from now on, in the standpoint of the corporation, legal principle of the employee dismissal regulation should be changed. In a broad sense, the employment is created by outside of corporation even if there is a limit on the assumption of corporation. The theory of corporate governance as take a serious view of stock holder's interest is a potential of change taken notice of importance in a outside corporation employment.
  • 2.

    Issues and Techniques for Regulatory Impact Analysis

    이성우 | 2004, 13(1) | pp.45~72 | number of Cited : 6
    Abstract PDF
    As a key instrument to reform regulation, regulatory impact analysis(RIA) has been instituted in many OECD countries since 1990s. The experiences and practices of RIA in Korea since 1997 has been evaluated unsatisfactory by many scholars and experts. This research is aimed to suggest a systematic guide for the techniques of RIA. This research presents many methodological issues and huddles in doing RIA. This paper also deals with techniques involved in complex analytical problems.
  • 3.

    Auditor's legal liability:Regulation and deregulation

    Yi, Sang-Don | 2004, 13(1) | pp.73~100 | number of Cited : 3
    Abstract PDF
    This paper suggests that the proceduralistic paradigm of the law allows self-regulation to the legal fields of auditors. The Regulation on Liabilities of CPA(Certified Public Accountants) is provided in Securities and Exchange Act, the law on External Audit of Corporations, the civil code, the CPA Act, and the Regulation on Professional Ethics of CPA. Especially, regulation on the requisite of the Law on External Audit of Corporations is more mitigated than that of the civil law, and the punitive sanction of the former is enforced without causation or Ultra-ratio. In such a condition, what is the best way to regulate the auditors' liability more appropriately? Auditors' legal liability to shareholders and other investors is a significant aspect in auditing. A primary role of auditing in security markets is to reduce potential problems caused by the informational asymmetry. The function of accounting is to provide information to those in the market who place capital at risk-not to guarantee all such risks. Moreover, it is not fair that the auditors burden every risk of loss, because risks should be loss-spreaded. Auditors are only liable when an actual audit failure has in fact caused an injury. Therefore, we must repair the legal doctrines about the liability that has become distorted by the quest for compensation for every loss. The Gap between the under-deterrence and the over-deterrence should be filled up by communicating with others. We must also establish an arbitrary institution dealing with compensation for damages.
  • 4.

    The Optimality of Population Distribution within the Seoul Metropolitan area

    정창무 | 이춘근 | 2004, 13(1) | pp.101~130 | number of Cited : 6
    Abstract PDF
    This paper presents a case study on the optimality of population distribution within the Seoul Metropolitan area from the viewpoint of agglomeration economies and diseconomies. If a benefit and cost function can be derived from ‘urban business firms and households' behaviour, it can be shown that economies and diseconomies of agglomeration are dependent on the distribution of the daytime and nighttime populations, respectively. The natural-logarithm cubic-spline function approach is applied to estimate the costs of congesting functions and the benefits of agglomeration functions. The results show that the benefits of agglomeration is still higher than the costs of congesting in the Seoul Metropolitan area, impling a centripetal tendency towards the Seoul metropolitan area in the future.
  • 5.

    Restructuring of Energy Network Industries: Current Situation and Policy Tasks Ahead

    신정식 | Sung-Ho Choi | 2004, 13(1) | pp.131~166 | number of Cited : 1
    Abstract PDF
    Restructuring of energy industries such as electricity and LNG, one of key features of regulatory reforms, will be a cornerstone for Korea's steady economic growth. Apparently delayed restructuring might harm international credit standing of Korean economy, and confidence and transparency of Korean economic policy. Restructuring of energy sectors, even though it significantly influences industrial competitiveness and national welfare, cannot be successfully achieved only on the economic ground. Political parties and National Assembly should reinforce relevant legislation and the government needs to declare more concrete blueprints to strengthen investor confidence. In order to establish competition mechanism, preparation for vertical separation, inter-fuel competition, separation of distribution sector, and introduction of competition to the importation business of LNG are crucial tasks. For successful privatization, efforts should be made on early selling of generation companies, improvement of corporate governance of energy companies, rationalization of tariff system, and establishment of competition promotion system and regulatory institution.
  • 6.

    A Study on the improvement in the system of outside director

    김성은 | 정기식 | 2004, 13(1) | pp.167~198 | number of Cited : 4
    Abstract PDF
    The outside director system was introduced to overcome the economic crisis of Korea in 1997. The outside directors serve as components of board of directors with expert knowledge, experiences and potential power. But they, with independent position, do not take part in managerial practice. It is necessary to cultivate much more outside directors with expert knowledge and independency to develope the outside director system in korea. It must be considered to make utilize of ex-CEO's professionality and also essential to nominate outside director who experienced in foreign country, advanced in outside director system. The outside director necessarily has full information about the business plan and managerial surroundings for the company to accomplish supervising role effectively. If wants, outside director must be also guaranteed to the right to information to have the other information offered by company. The assignment of role is required among outside directors, small amount stockholders and institution investors. When small amount stockholders excise representative suit right, stockholder suggestion right, a claim for displacement of board-auditor, and institution investors carry out advice and managerial supervision actively, the governance corporate structure of company for us to pursuing will be improved.
  • 7.

    Market Liberalization and Productivity Performance of Korean Petroleum Refining Industry

    박창수 | 박호정 | 2004, 13(1) | pp.199~221 | number of Cited : 2
    Abstract PDF
    The purpose of this paper is to examine indirectly the effect of market liberalization in Korean petroleum and refining industry sector on productivity through the analysis of productivity performance before and after 1997, in which the Korean government had started to carry out deregulation policies in petroleum and refining industry sector. For this purpose, the sample period 1990-2002 has been separated into two periods, namely, 1990-1996 and 1997-2002. In addition, using the firm level data of the petroleum and refining sector, we have estimated the Malmquist productivity index which can be decomposed into two indexes, efficiency change index and technical progress change index. According to the empirical results, during the whole sample period, technical progress rather than efficiency improvement has contributed more to the growth of total factor productivity(TFP). Second, the growth rate of TFP has been increased more after the market liberalization in 1997. Thus, we could argue that we have observed the positive effect of deregulation in petroleum refining sector in Korea. However, we also observed the trend of TFP has been declined in the last two years of the sample period. In the comparison among three groups: non-refining, refining firms listed and refining firms unlisted in the stock market, the productivity performance of non-refining firms shows a relatively stable trend in 1998, right after the financial crisis in 1997. Among the refining firms in the sample, the listed firms show higher productivity gains compared with that of the unlisted firms.