2008, Vol.15, No.2

Policy Response to the Social Exclusion of Unskilled Migrant Workers

Kim, Soon Yang , 이지영 , 남경선 | 2008, 15(2) | pp.1~30 | number of Cited : 22

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Discussion and Issue on East AsianEconomic Integration

kyoungsik Min | 2008, 15(2) | pp.31~51 | number of Cited : 5

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China's Security Strategy to America Postin cold war

이원봉 | 2008, 15(2) | pp.53~78 | number of Cited : 0

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Shareholding structure and Firm Value

김남곤 | 2008, 15(2) | pp.79~95 | number of Cited : 1

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The Korean economy has experienced many changes in corporate governance since the IMF crisis, therefore the crisis brought an enormous change to Korean firms. Coporate governance deals with the rights and responsibilities of a controlling shareholder, company’s management and various stakeholders. Corporate governance affects market confidence as well as firm value. Therefore good corporate governance is essential to firm value. Both the legal protection of investors and some form of concentrated ownership are essential elements of a good corporate governance system. Legal protection and large investors are complementary in an effective corporate governance system. The most enthusiastic assessments of American corporate governance system come from those who put greater emphasis on the role of legal protection than on that of large investors. In contrast, advocates of the German and Japanese corporate governance system point to the benefits of permanent long term investors relative to those of takeovers. This paper, from the perspective of firm value, analyzes the effect of the shareholding matrix after the IMF crisis. This paper employs two proxies of firm value, Tobin’s Q and EV/EBITDA, and study whether firm valuation varies with corporate governance. The primary findings are summarized in the following way. Using a sample of non‐financial firms listed on th Korea Stock Exchange over the 2000~2005 period, the test results indicates that the firm valuation depends critically on Cashflow Rights Ratio. Specifically, this paper finds a significant and positive correlation between Tobin’s q or industry‐adjusted EV/EBITDA and high Cashflow Rights Ratio. Taken togher, these results suggest that the successful corporate governance systems rely on some combination of concentrated ownership and legal protection of investors, therefore good corporate governance is essential to increase the firm value.

Chinese Nationalism expressed aroundBeijing Olympic

LIM KYOO SEOB | 2008, 15(2) | pp.97~118 | number of Cited : 5

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Analysis of Turnout of Korean Past Elections (1987-2006)

Kyungtae Kang | 2008, 15(2) | pp.119~140 | number of Cited : 7

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Civil Society, Democracy, and Social Capital: Focusing on South Korea and the Philippines

Song Kyong Jae | 2008, 15(2) | pp.141~162 | number of Cited : 8

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A study on the phase of Korean as a international language and its possibility as a Lingua Franca

Sungwoon Chun | 2008, 15(2) | pp.163~178 | number of Cited : 5

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The Break Down of the New Order Regime and Democratization in Indonesia

Seung-Gook Ahn | 2008, 15(2) | pp.179~192 | number of Cited : 2

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Old Debates and Modern Physics A New Look at Explanatory/Constitutive Theories and Foundational/Anti-foundational Theories

Yang Chun Hee | 2008, 15(2) | pp.193~215 | number of Cited : 1

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Science·Technology and the Political Paradigm of Civil Society: A Search for an Alternative Possibility of the Science Shops in Korea

정복철 , Hyuk Sang Sohn | 2008, 15(2) | pp.217~235 | number of Cited : 8

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External Intervention and Democratisation in Myanmar: A Policy Evaluation

Chun, Kwang Ho | 2008, 15(2) | pp.237~268 | number of Cited : 2

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This paper will analyse how and to what extend have international initiatives to foster democratic change in Myanmar failed? The method adopted will be to analyse the policy of different actors of the international scene toward Myanmar. Several methods for promoting democracy exist. Apart from being persuasive or coercive, methods to promote democracy can be of three types: political, economic or military. Sanctions comprise essentially economic sanctions and they can be conceptualised as a means of exerting what is called coercive diplomacy. In 2003, as a consequence of the Depayin incident, the US decided to strengthen its sanction policy toward Myanmar. Regarding the goal of a change of regime or any democracychange of behavior from he military Junta, no significant results can be seen. The USpolicy of sanctions toward Myanmar suffers several shortcomings. The credibility of US sanctions is especially undermined by the attitude of ASEAN countries which oppose sanctions and are tenants of a policy of constructive engagement. There is no clear consensus among international actors about how to act toward Myanmar and this clearly impacts on US sanctions. The first EU Common Position adopted on Myanmar dates from 1996, It encompasses measures of arm embargo, suspension of defence cooperation, suspension of bilateral aid other than strictly humanitarian one, visa ban on members of the military regime, members of the government, senior military and security officers and members of their families and a suspension of highgovernmental visits to Myanmar. A general fallacy of the EU policy toward Myanmar is that it lacks a profound analysis of the special context within which the country finds itself. The EU policy is characterized by an underestimation of the transitional challenges that Myanmar needs to confront. In 1993, Myanmarsignaled for the first time its interest in becoming a member of ASEAN. The policy of ASEAN toward Myanmar has been characterized as one of constructive engagement. ASEAN support for Myanmar caused strain in relations with ASEAN western partners. It is indeed credible that Myanmar does not wish to be an embarrassment for ASEAN. What are therefore, some hints of policy options that might reveal more effective toward Myanmar? The international community desperately needs a coherent Myanmar policy. Assistance is central in building the conditions necessary for a sustainable democratic government.

Comparative Analysis of Anti-bullying Policies in the state of New South Wales, Australia and Kyunggi Province, South Korea

김장대 | 2008, 15(2) | pp.269~293 | number of Cited : 4

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Journal of Asia-Pacific Studies 2023 KCI Impact Factor : 0.61

2008, Vol.15, No.2