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Dean`s Greetings

2022.04.29 Views 79

  The most picturesque season in a year has arrived in Korea University. Many trees boast luscious green leaves and royal azalea blossoms have come into full bloom along with forsythias and azaleas. They have covered the campus with a crimson-like color, the color of the university. Speaking of trees, one thing I would like to talk about is that the 5th of April is Arbor Day in Korea. In the past, Arbor Day was designated as a national holiday and many organizations held tree-planting ceremonies around the country on that day. The purpose of Arbor Day was to create a good natural environment in the ruins of the Korean War as there were not many trees on mountains after the Korean War. Nowadays, there is no need for planting trees because there are many trees planted throughout Korea, and Arbor Day is no longer observed as a national holiday.   KUBS held a tree-planting ceremony on Arbor Day (Apr 5) this year, during which three trees were planted: a plum tree, a scholar tree, and a pine nut tree. The history of Korea University began when it first started teaching Commercial Science in 1905 and plum flowers were used in the emblem of the school. Next, the scholar tree planted in the ceremony has grown from the seed of a scholar tree which was planted in front of the old building site of Bosung College, Korea University’s predecessor. Finally, the pine nut tree is the University Tree of Korea University. These trees were planted around the Business Administration building, and storyboards describing the history of each tree and their special connection to Korea University were installed to help the members of the university share stories related to the university’s history.   When the spring semester began in the first week of March, COVID-19 was still prevalent and there were many concerns about face-to-face classes. Therefore, the semester began with two weeks of online instruction, followed by lectures as they were planned in the initial lecture plans. Now, the situation has been much stabilized after just one and a half months and most of the confusion has been resolved. We believe that we are almost back to “normal” as the number of foreign exchange students which had dropped significantly due to COVID-19 is rising again. Regarding education, we are developing a Debate class at the undergraduate level to train social leaders equipped with characters and competence who will change the world, aimed at fostering critical thinking, cooperation, and integral thinking as well as social imagination. This course is expected to help us foster talented young leaders who have practical abilities for grasping the essence of problems in addition to functional and analytical knowledge, communicating with their own language, and drawing integral solutions. In the case of MBA, approximately 20 percent of existing courses have been newly developed. Mainly, content regarding ESG, business analytics, and entrepreneurship & innovation has been added to a great extent.   In addition, KUBS inaugurated the ESG-AMP program in March for the first time in the Executive Education Center which is the main center for non-degree programs. ESG-AMP has been newly added while the existing AMP program is still ongoing. Even though the enrollment number had dropped by about one third due to the COVID-19 pandemic in the past two years, the number is almost recovering to the pre-pandemic level starting from this semester. In the new ESG-APM program, people related to ESG from large corporations such as Samsung, SK, Kia and LG are enrolled and having active discussions. We plan to continue the ESG-APM program in the future.   Now, it is time to prepare for our next step while observing what the ‘new normal’ would be in the Post-COVID-19 era. As the direction, content and methods of education are fast-changing; we are tasked to keep a close watch on how the situation develops from various perspectives and search for solutions. I hope that everyone will wrap up the semester peacefully and happily.     Sincerely, Johngseok Bae Dean, KUBS

Korea University Tree Planting Events Ends in Success

2022.04.22 Views 76

KUBS held an event to plant trees symbolizing KUBS at 5 pm on April 5 (Tues). KUBS had led business management education in Korea since it started teaching Commercial Science in the Department of Plutology in 1905. It has striven to create new ideas and knowledge which can have an impact on the society and foster social leaders who can change the world, by cultivating historical and artistic values. To this end, the Business School has set the “establishment of historicity” including tree planting as a core task, and took this event as an opportunity to promote the historical awareness and improve pride and a sense of belonging among the members of KU by planting symbolic trees, which is a measure to shift the school’s focus away from external growth to qualitative improvement. The plum tree planted in this event is a symbol of Bosung College, Korea University’s predecessor, and produces plum flowers which were the royal pattern of the Korean Empire. This is closely related to the history of Korea University. Also, another tree symbolizing the university, the Pagoda Tree, is commonly known as the Scholar Tree. Yet, the reason that this year’s tree-planting event is more special is that the seeds of this tree were extracted from the pagoda tree planted in front of the main temple of the Jogyesa Temple (Nurse Tree #78 designated by Seoul), the old site of Bosung College, and then sprouted and grown into a sapling in the Deokso Farm. The final tree symbolizing the university is a nut pine tree, which is the university tree, selected by the Board of Directors of the University Foundation and the Academic Affairs Committee in 1968. Dean Johngseok Bae said, “I hope that this tree-planting event will serve as a means to share identity and develop stories among the member of KU and ultimately to foster communication across all generations.

“Business and Society” – An introductory class for business management for incoming freshmen.

2022.04.22 Views 76

 KUBS has established a new course, Business and Society, in 2019 to introduce basic theories and various fields of business management to first-year students, to help them grow to be business leaders meeting the educational goals of KUBS, “Business for Society – Inspiring Next Leaders.” This course was designed based on Joseph Wharton’s education philosophy expressed at the start point of modern business management education, “Business education should find solutions to the social problems inherent in our civilization, and its leaders should be community builders and leaders who are responsible for society’s shared needs.” The first half of the course examines the relationship between business and society based on topics such as the philosophical perspective of business, contemplation of leadership, understanding of business ethics, and arguments regarding the reason for the existence of businesses, and seeks to explore why it is important for corporate management to seek not only profits but also social values, and how this can be realized. The second half of the course covers the introduction of 7 sub-majors in business management offered at KUBS based on functional classification (Business Management, Accounting, Finance, MIS, Marketing, LSOM, and International Business) and asks how corporate values and social values can be pursued together within the scope of each sub-major. This course aims to help students understand the importance of pursuing social values in business activities and foster leadership in harmony with the society. In addition, it is expected that the ultimate goal of business management, which is to help humans enjoy common good lives, will be internalized through the understanding of the relationship between each major in business management and the pursuit of social values.

Creation of the ESG-AMP (ESG-Advanced Management Program) Program

2022.04.22 Views 85

As ESG (Environment, Society, Governance) becomes an emerging hot topic recently, major stakeholders of corporations, including customers, investors, credit rating agencies, and governments are demanding a high level of ESG management system from corporations. In consideration of the increasing importance of ESG management and the demand for ESG management education, KUBS has newly established the ESG-Advanced Management Program (ESG-AMP) as of March. Dean Johngseok Bae said, “Relative to a great interest in ESG management, an ESG management education program for CEOs does not actually exist,” and explained, “Our goal is to promote ESG management throughout the Korean society and thereby contribute to the sustainable development of companies, society and the mankind.”     The ESG-AMP course at KUBS is a high-quality 16-week education program offering an original curriculum covering the basic concept of ESG management, latest trends in environment issues, social values, corporate governance, and corporate response measures. In addition, the ESG management status of companies or organizations where students work is analyzed and possible solutions for improvement are examined. Further, KUBS seeks to foster CEOs with practical ESG management capacity through the ESG-AMP program by offering domestic or overseas training opportunities where students visit excellent domestic and abroad ESG management companies and acquire hands-on experience in ESG management.

Managing the Impact of Fitting Room Traffic on Retail Sales: Using Labor to Reduce Phantom Stockouts

2022.04.21 Views 91

Managing the Impact of Fitting Room Traffic on Retail Sales: Using Labor to Reduce Phantom Stockouts   Manufacturing & Service Operations Management, Volume 23, Issue 6, November-December 2021 Hyun Seok (Huck) Lee , Saravanan Kesavan , Vinayak Deshpande    Brick-and-mortar (B&M) retailers must enhance the customer in-store experience to better compete with online retailers. Fitting rooms in B&M stores play a critical role in the customer experience as a venue to experience products and examine alternatives. High traffic in fitting rooms, however, obstructs the customer’s ability to choose a product. In this paper, we (1) examine the impact of fitting room traffic on store performance, (2) identify phantom stockouts as a plausible mechanism for this impact and (3) provide a potential solution and quantify the magnitude of its impact. Specifically, we demonstrate an inverted-U relationship between fitting room traffic and sales using archival data analysis. Our field study reveals that high traffic in fitting rooms exacerbates phantom stockouts, which could contribute to the decline in sales. Finally, through field experiments at two retailers, we show that a timely backend recovery operation through a dedicated fitting room associate reduces phantom stockouts and increases sales by 22.4%–22.7%. Our findings provide the following managerial implications. First, contrary to conventional wisdom that traffic drives sales, we identify that fitting room traffic beyond a certain point can hurt store sales. Second, we find a large magnitude of phantom stockouts in fitting rooms. Finally, we show that dedicated fitting room labor can significantly boost store sales by alleviating phantom stockouts. Our proposed solution was adopted by both retail organizations that we worked with.         (Click the title to view the research paper)  

Equilibrium supply chain structures in the presence of asymmetric manufacturer capabilities in servi

2022.04.14 Views 107

Equilibrium supply chain structures in the presence of asymmetric manufacturer capabilities in service efficacy and provision   JOURNAL OF THE OPERATIONAL RESEARCH SOCIETY, 73(2), 394-416, 2022   Hwan Chung, Dae-Yong Ahn, and Weon Sang Yoo   This study examines the role of service in shaping an equilibrium supply chain structure to show if and when a mixed supply chain structure of one integrated supply chain and one decentralized supply chain becomes an equilibrium outcome. Our game theoretic model incorporates asymmetric manufacturer capabilities in service efficacy and provision, where service efficacy refers to the effectiveness of generating a higher demand for a given service level and service provision the cost-efficiency in producing service. The results show that a mixed supply chain structure emerges as a Nash equilibrium outcome only if two products are moderately substitutable and one manufacturer is superior to the other in service provision with the former downward integrating and the latter decentralizing. Under this scenario, the superior manufacturer raises its profits by investing in service provision capabilities, widening the gap with its opponent, and furthermore, the superior manufacturer compensates for a less differentiated product if it is capable of providing service far more cheaply than its opponent.       (Click the title to view the research paper)

!2021 Startup Express Winter Season

2021.12.20 Views 137

  "2021 Startup Express Winter Season" event was successfully held in December 3rd at Supex Hall, LG-Posco Building, Korea University Business School. 2021 Startup Express Winter Season was hosted by KUBS Startup Institute (Station), supervised by Seung Myeong Ho Enterprenuership Education and sponsored by Iljin Group, Dongwha Group, Happynarae and the Social Value Committee of SK SUPEX Pursuit Council. Startup Express Winter Season is a contest where participants get an opportunity to propose creative business ideas based on entrepreneurship skills along with innovative skills and build startup teams with excellent business feasibility.      A total of 30 teams participated in the competition where only 11 teams were selected through tough evaluation process. Those selected teams were given an open platform to present and demonstrate their business ideas in front of the jury. After the evaluation based on the business strategy & dependability, business model and problem definability, three teams were awarded with various titles. “OurTube” team won the Seung Myung Ho Entrepreneurship Award, “Hatchery” team won the Iljin Startup Incubator Award and “Fruiting” team won the SK Social Award.     These winning teams will be provided with a well-equipped space at Iljin Center for Startup Incubation as well the operating expenses to conveniently operate their business. Each team will also be provided with continuous startup related education along with networking and consultation opportunities with senior entrepreneurs, industry experts and venture capitalists.

!What’s unique about KUBS ESG Research Center?

2021.12.20 Views 160

  Korea University Business School (hereafter KUBS) has recently established Environmental, Social and Governance (hereafter ESG) Research Center aiming to conduct a rigorous research on the related field as well as provide support to establish a curriculum that helps students to understand practical ways for organizations to practice sustainable and transparent corporate management while protecting the environment.   KUBS ESG Research Center will conduct research in five different areas: i) ESG Regulation, ii) ESG Financing, iii) ESG-themed M&A, iv) ESG Innovation and v) ESG Reporting. For instance, organizations will need to study strategies to respond to ESG regulations and their impact on corporate investment or financing. It is also necessary to study ESG-themed M&A or innovative measures to incorporate new technologies into ESG activities. Furthermore, research on how companies communicate these ESG activities with various stakeholders through sustainability management report is also very essential. Along with conducting ESG Research in these five areas, the ESG Research Center will also continue doing rigorous research on ESG management evaluation indicators, discover cases of outstanding ESG activities and accumulate data to deliver information that can be used for ESG management.   Corporate ESG activities are emerging issues in which not only organizations but also various stakeholders surrounding them are intertwined, and investors, customers, credit rating agencies and the government, who are key stakeholders of the company, are strongly demanding that companies should have a high level of ESG management system. In this situation, specific measures should be implied to help companies establish management strategies from an ESG perspective as well as communicate information fairly and objectively with stakeholders about ESG performance, and these social demands are mainly focused on business administration targeting companies and related stakeholders.   In order to respond to these social needs, KUBS ESG research center will work efficiently to enhance corporate sustainability and corporate value through research and education on desirable ESG management systems, while further promoting corporate ESG activities. KUBS ESG Research Center is expected to generate innovative research results through preemptive research activities, aiming to be able to grow into the one of the prestigious research institutions in the ESG field and will greatly contribute to the improvement of the research performance.

!KUBS-KB Small and Medium Enterprise Management Academy for SME Employees

2021.12.20 Views 156

  Korea University Business School hereafter KUBS) have commenced KUBS-KB Small and Medium Enterprise Management Academy (hereafter K-SMA) with the support of Kookmin Bank (hereafter KB Bank), one of the largest commercial banks of South Korea. K-SMA is a program introduced after signing a MOU between KUBS and KB Bank in October 2021. The mutual purpose of the MOU is to promote and strengthen social contribution by nurturing small & medium-sized business in management & innovation as well as practice ESG management.   K-SMA Program is structured to provide lectures with no tuition costs to the executives of small and medium enterprises in order to help them prepare for post corona era. This year’s lecture series, the very first lecture series after the agreement, was run for eight weeks, for the total of sixteen hours into four different modules starting from late October to early December. The lecture series covered essential topics for SME employees such as Value Creation from Organizational Management, Leadership diversity & Inclusion, Three Misunderstandings in Strategies, New Business Strategies & Destructive Innovations, Digital Marketing, Customer-centered Marketing, Financial Decision Making and How to read Financial Statements. This year’s program was volunteered by eight faculty members, Professor Tai Gyu Kim, Professor Jae UK Chun, Professor Eonsoo Kim, Professor Hicheon Kim, Professor Sang Yong Kim, Professor Janghyuk Lee, Professor Joon Ho Hwang and Professor Kwan hee Yoo. They provided the most cutting-edge instructions to the SME employees according to the MOU agreement.   K-SMA program is planned to be carried out once in every year to provide effective education related to business administration for need based SME employees. KUBS and KB will work in cooperation to introduce various such programs in other social sectors as well in the near future.

!Alleviating Drug Shortages: The Role of Mandated Reporting Induced Operational Transparency

2021.12.20 Views 195

  Alleviating Drug Shortages: The Role of Mandated Reporting Induced Operational Transparency Management Science, Volume 67, Issue 4, April 2021   Hyun Seok (Huck) Lee, Korea University Business School Junghee Lee, Mendoza College of Business, University of Notre Dame Hyoduk Shin, Rady School of Management, University of California San Diego Vish Krishnan, Rady School of Management, University of California San Diego   The ongoing shortage of pharmaceutical drugs critically threatens public health. With increasing industry consolidation, operational disruptions at a firm can lead to a nationwide shortage of life-saving drugs. In 2012, the U.S. Food and Drug Administration mandated all manufacturers to report any manufacturing interruption that can potentially cause shortages. The goal of the mandate was to mitigate drug shortages by enhancing operational transparency in the pharmaceutical industry. Subsequently, other countries such as Canada have also begun mandating reporting of interruptions to alleviate drug shortages. We leverage the policy changes in the United States and Canada to understand the impact of mandated reporting induced operational transparency on alleviating the extent of drug shortages. Using the data on time-to-recovery for individual drug-shortage incident and annual-days-of-shortage for each drug, we find that the new policy alleviates drug shortages, but its effectiveness is contingent upon the prevailing level of competition in the product category. Although the intervention is not as impactful under a monopoly, the mandate is most effective under a duopoly, and its impact wanes as competition intensifies. In the absence of the mandate-induced transparency, competition does not necessarily alleviate shortages, but with the regulation, competition can relieve drug shortages. Our results potentially offer healthcare providers and policymakers the impetus to alleviate drug shortages by mandating interruption reporting and improving operational transparency.     (Click the title and/or name to view the research paper and/or the profile)  
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