This paper examines the valuation impacts of outside independent directors in Korea, where a regulation requiring outside directors was instituted after the Asian financial crisis. In contrast to studies of U.S. firms, the effects of independent directors on firm performance are strongly positive. Foreigners also have positive impacts. The effects of indigenous institutions such as chaebol or family control are insignificant or negative. This implies that the effect of outsiders depends on board composition as well as the nature of the market in which the firm operates.

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House prices, Bank lending, Price run-up in housing markets, Korean housing markets,

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The purpose of this study is to explore how to effectively prevent risks in the Marine Silk Road. This paper establishes a hierarchical theoretical framework by using the interpretive structural modeling (ISM) and explores an application system for intelligent prevention. The fuzzy set theory is also used to screen out the unnecessary attributes, and a decision-making and trial evaluation laboratory (DEMATEL) is proposed to manage the complex interrelationships among the aspects and attributes. Finally, we suggest an applicable risk-prevention system for the Marine Silk Road. Our results: (1) the solution to international political and trade risks is the most critical for the risk prevention; (2) the solution to marine meteorological risks relies mainly on the improvement of ocean information sharing mechanism driven by big data which needs international cooperation in terms of information and technology; (3) the solution to marine energy and environmental risks also requires active international cooperation; (4) the application system should be built based on three levels, including the international level, the government level, and the company level. This theoretical hierarchical framework aims to guide the countries alongside the road to effectively prevent the risks on the Marine Silk Road, promote the sustainable development of the Marine Silk Road, and develop the transnational economies and cultures.