Journal of Regulation Studies 2021 KCI Impact Factor : 1.61

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pISSN : 1738-7132

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2014, Vol.23, No.1

  • 1.

    Regulation on the Ingredient Labeling of Foods and Cosmetic Products, in order to Protect the Right of Consumer’s Reasonable Choice and Promote the Competition in the Relevant Market of the Products

    Seung Han Oh | 2014, 23(1) | pp.3~60 | number of Cited : 7
    Abstract PDF
    The focus of this article is about the importance of the function of product labels, especially in the ingredient labels of food and cosmetic, on which consumers depend in deciding whether to buy it. In modern economy society, the information in the labeling of a tangible goods and intangible services is critical for consumers to choose the stocks they want to buy. The reason why the consumers more depend on the labeling will be subject to several reasons, such as; 1) the change of the types of goods which have so much functions that the buyers cannot catch the whole real quality of those stocks in an instant, 2) businesses are tend to use the strategy to prevent their consumer from accessing to their rivals. It is the problem of ‘experience goods and credence goods’. Because the consumer sovereignty and social welfare requires guaranteeing consumers’ right of choice and in this context, despite the strong competition policy in Korea, the deceptive labeling could lead consumer to choose inefficient goods unreasonably. As a result, despite the widen scope of consumers’ choice by the competition policy, the consumer sovereignty by allowing consumers to choose products and services reasonably, which they really want, cannot be enlarged. In many Korean administrative law, the stipulations of labeling contents are not enough to guarantee the consumers’ right of choice because the requirement of ingredient in food is quite limited and allows exemption of some food additives, and the requirement of showing all ingredients of cosmetic goods without any classification causes the consumers’ indifference to the indication. For this reason, the current regulations for the labeling contents and methods need to be revised to assure consumer’s right of choice by requiring the labeling contents to be assorted based on the hazard of the contents or any characteristics of the ingredients. For this reason, current inefficient labelling regulations for food and cosmetic goods should remove the limitation of food ingredient information and adopt more efficient methods to show the ingredients of cosmetic products, enabling the consumer to compare the content of a product against the others.
  • 2.

    About Mandatory or Arbitrary Enforcement of Cumulative Voting System

    Yoo, JuSeon | 2014, 23(1) | pp.61~86 | number of Cited : 14
    Abstract PDF
    This paper analyzes the critical review on acceptance of mandatory cumulative voting in Korea. Cumulative voting was introduced in the Commercial Code in 1998. At the time of the introduction of cumulative voting this topic was discussed among many scholars. Some scholars argued to accept cumulative voting mandatorily, and another scholar argued to accept it arbitrarily. After 15 years the mandatory enforcement of cumulative voting are discussed these days. But most of all, the introduction of cumulative voting is limited to 20 countries, including Korea, the United States, Japan, Russia, Taiwan and other countries. Russia, Mexico and Chile have adopted mandatory provisions only. We can not recognize as exemplary countries of cumulative voting system for Russia, Mexico and Chile. Some scholars argue, that cumulative voting will increase rights of minority shareholders at the general meeting of shareholders. However, it is not true because the majority of the minority shareholders are interested in profit on investment. Cumulative voting will degrade the effectiveness of the management seriously. Therefore, it is the best way that the management decides if a company accepts the cumulative voting or not. Considering the fact which happens in the companies, the opinion of commercial revision committee should be withdrawn.
  • 3.

    The Regulation and Inovations of Privacy Act

    Jonggu Jeong | 2014, 23(1) | pp.87~108 | number of Cited : 1
    Abstract PDF
    In Korea, the arguement of privacy now proceeding is sometimes so specific or so general, they can't suggest the substantial solution. To these phenomena, Strahileviz proposes the answer that personal information is not the part to be purely protected or used, but the part to be considered winner and loser of the regulations and protections. He divides the effects of protection and use into winner and loser. And he insists that we access the problem of privacy with these positive frameworks for well considering the meaning of distributive implications. When we see the problem of privacy with these positive frameworks, the best results can be produced. We can be out of misunderstanding that protection only is the best solution. To the proposal about positive assessment, Allen requestions about positive theory by using normative approach. In this thesis, we will overview positive theory of Strahilevitz and normative approach of Allen. Basis on these arguments, we will study the representative privacy issue about the collection and use of behavioral information. Positive theory and normative approach can be the requirement for solving matters of privacy. In the near future, these arguements will be frequently used by suggesting important implications for installing and implementing privacy policy. By doing so we can get the idea to change regulation into innovation.
  • 4.

    Toward Improving Cartel Regulation: Market Failures and Collusion Illegality

    Sungbok Lee , Lee Seungjin | 2014, 23(1) | pp.109~130 | number of Cited : 1
    Abstract PDF
    This study proposes reasonal criteria on cartel illegality by investigating the relationship between market failures and firms' collusive behaviors in an oligopoly with negative externalities. A collective price or/and quantity fixing in a market can be ruled as illegal per se by Korean cartel regulators. The study shows that the agreement of limiting competition can improve social welfare in cases that there is excess competition due to multiple market failures. Therefore, cartel illegality should be judged based on the effects on social welfare rather than on the characteristics of limiting competition. Though, the collective agreement of limiting competition could be judged as illegal if it is too much to attain the social optimality.
  • 5.

    Board Diversity and Firm Performance

    Oona Cha , JUNG, TAEHUN | 2014, 23(1) | pp.131~164 | number of Cited : 8
    Abstract PDF
    This study investigates the effect of board diversity on firm performance in Korean manufacturing firms. Board diversity is defined in terms of the composition of directors’ age, university, and academic major and six diversity indices are adopted for this analysis. First, it is found that increase in board size does not lead to increase in board diversity. This finding shows that the positive relationship between board size and board diversity that previous papers have asserted does not apply to Korean firms. Second, diversity in directors’ academic majors is found to affect firm performance negatively; however, diversity in terms of age and university are not found to affect firm performance.
  • 6.

    Impact Analysis of Introducing Emissions Trading Scheme in Korea by Manufacturing Sector

    Sunhwa Lee , Sanghyun Hwang , Youn Seol | 2014, 23(1) | pp.163~186 | number of Cited : 1
    Abstract PDF
    This paper estimates the sales effects from implementation of emissions trading scheme on the Korean manufacturing sector. Under no free allocation scenario, sales reduction ranges between 0.75% and 2.64%, which amounts to KRW 8.4~29.6 trillion. Cement and iron & steel industries may suffer more than 5% decline in sales even under the most modest scenario. By taking account of the nature of emission and sales effects by sector, complementary measures are suggested to minimize the weakening of industrial competitiveness and carbon leakage. The most common measure is to allow a certain ratio of free allocation to the sectors significantly exposed to carbon leakage. Comparison of legislations and bills in the EU, Australia, and the U.S. is made to consider detailed factors regarding the selection of industry at risk of carbon leakage, which leads to coming up with the way best suited to Korea.
  • 7.

    The Substitutability between Korean Gambling Industries and Restructuring of the Regulation on Total Sales

    Lee, Yeon-ho , Chanil Park , Kim, Sang-Mi and 1 other persons | 2014, 23(1) | pp.189~213 | number of Cited : 8
    Abstract PDF
    This study examines the substitutability/complementarity between the six legal gambling industries by estimating each industry's sales. It turns out that if the sales of the industries with lower gambling addiction(lottery, sports toto) are to expand, then the sales of highly addictive gambling industries(casino, horse racing, cycle racing, etc.) are significantly reduced. On the other hands, the sales of highly addictive industries tend to increase the sales of other highly addictive gambling industries. Thus, the regulation policy on total sales of gambling industry should be restructured so as to raise the composition of the gambling industries with lower addiction and reduce that of highly addictive industries.