• Strategy21
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• s.46
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• pp.239-276
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• 2020

The failure of early economic sanctions aimed at hurting the overall economies of targeted states called for a more sophisticated design of economic sanctions. This paved way for the advent of 'smart sanctions,' which target the supporters of the regime instead of the public mass. Despite controversies over the effectiveness of economic sanctions as a coercive tool to change the behavior of a targeted state, the transformation from 'comprehensive sanctions' to 'smart sanctions' is gaining the status of a legitimate method to impose punishment on states that do not conform to international norms, the nonproliferation of weapons of mass destruction in this particular context of the paper. The five permanent members of the United Nations Security Council proved that it can come to an accord on imposing economic sanctions over adopting resolutions on waging military war with targeted states. The North Korean nuclear issue has been the biggest security threat to countries in the region, even for China out of fear that further developments of nuclear weapons in North Korea might lead to a 'domino-effect,' leading to nuclear proliferation in the Northeast Asia region. Economic sanctions had been adopted by the UNSC as early as 2006 after the first North Korean nuclear test and has continually strengthened sanctions measures at each stage of North Korean weapons development. While dubious of the effectiveness of early sanctions on North Korea, recent sanctions that limit North Korea's exports of coal and imports of oil seem to have an impact on the regime, inducing Kim Jong-un to commit to peaceful talks since 2018. The purpose of this paper is to add a variable to the factors determining the success of economic sanctions on North Korea: preventing North Korea's evasion efforts by conducting illegal transshipments at sea. I first analyze the cause of recent success in the economic sanctions that led Kim Jong-un to engage in talks and add the maritime element to the argument. There are three conditions for the success of the sanctions regime, and they are: (1) smart sanctions, targeting commodities and support groups (elites) vital to regime survival., (2) China's faithful participation in the sanctions regime, and finally, (3) preventing North Korea's maritime evasion efforts.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.29 no.2
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• pp.81-89
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• 2011

The results of tracking the symbolism of plants in the introduction factors of Sokhwa(folk painting) are as the following. 1. The term Sokhwa(俗畵) is not only a type of painting with a strong local customs, but also carries a symbolic meaning and was discovered in "Donggukisanggukjip" of Lee, Gyu-Bo(1268~1241) in the Goryo era as well as the various usage in the "Sok Dongmunseon" in the early Chosun era, "Sasukjaejip" of Gang, Hee-mang(1424~1483), "Ilseongrok(1786)" in the late Chosun era, "Jajeo(自著)" of Yoo, Han-joon(1732~1811), and "Ojuyeonmunjangjeonsango(五洲衍文長箋散稿)" of Lee, Gyu-gyung(1788~?). Especially, according to the Jebyungjoksokhwa allegation〈題屛簇俗畵辯證說〉in the Seohwa of the Insa Edition of Ojuyeonmunjangjeonsango, there is a record that the "people called them Sokhwa." 2. Contemporarily, the Korean Sokhwa underwent the prehistoric age that primitively reflected the natural perspective on agricultural culture, the period of Three States that expressed the philosophy of the eternal spirits and reflected the view on the universe in colored pictures, the Goryo Era that religiously expressed the abstract shapes and supernatural patterns in spacein symbolism, and the Chosun Era that established the traditional Korean identity of natural perspective, aesthetic values and symbolism in a complex integration in the popular culture over time. 3. The materials that were analyzed in 1,009 pieces of Korean Sokhwa showed 35 species of plants, 37 species of animals, 6 types of natural objects and other 5 types with a total of 83 types. 4. The shape aesthetics according to the aesthetic analysis of the plants in Sokhwa reflect the primitive world view of Yin/yang and the Five Elements in the peony paintings and dynamic refinement and biological harmonies in the maehwado; the composition aesthetics show complex multi-perspective composition with a strong noteworthiness in the bookshelf paintings, a strong contrast of colors with reverse perspective drawing in the battlefield paintings, and the symmetric beauty of simple orderly patterns in nature and artificial objects with straight and oblique lines are shown in the leisurely reading paintings. In terms of color aesthetics, the five colors of directions - east, west, south, north and the center - or the five basic colors - red, blue, yellow, white and black - are often utilized in ritual or religious manners or symbolically substitute the relative relationships with natural laws. 5. The introduction methods in the Korean Sokhwa exceed the simple imitation of the natural shapes and have been sublimated to the symbolism that is related to nature based on the colloquial artistic characteristics with the suspicion of the essence in the universe. Therefore, the symbolism of the plants and animals in the Korean Sokhwas is a symbolic recognition system, not a scientific recognition system with a free and unique expression with a complex interaction among religious, philosophical, ecological and ideological aspects, as a identity of the group culture of Koreans where the past and the future coexist in the present. This is why the Koran Sokhwa or the folk paintings can be called a cultural identity and can also be interpreted as a natural and folk meaningful scenic factor that has naturally integrated into our cultural lifestyle. However, the Sokhwa(folk paintings) that had been closely related to our lifestyle drastically lost its meaning and emotions through the transitions over time. As the living lifestyle predominantly became the apartment culture and in the historical situations where the confusion of the identity has deepened, the aesthetic and the symbolic values of the Sokhwa folk paintings have the appropriateness to be transmitted as the symbolic assets that protect our spiritual affluence and establish our identity.

• Journal of Preventive Medicine and Public Health
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• v.31 no.3 s.62
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• pp.490-502
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• 1998

This study purports to find the predictor of hospital bankruptcy in Korea and to examine the predictive power of the discriminant function model of hospital bankruptcy. Data on 17 financial and 4 non-financial indicators of 31 bankrupt and 31 profitable hospitals of 1, 2, and 3 years before bankruptcy were obtained from the hospital performance databank of Korea Institute of Health Services Management. Significant variables were identified through mean comparison of each indicator between bankrupt and profitable hospitals, and the discriminant function model of hospital bankruptcy was developed. The major findings are as follows 1. As for profitability indicators, net worth to total assets, operating profit to total capital, operating profit ratio to gross revenues, normal profit to total assets, normal profit to gross revenues, net profit to total assets were significantly different in mean comparison test in 1, 2, and 3 years before hospital bankruptcy. With regard to liquidity indicators, current ratio and quick ratio were significant in 1 year before bankruptcy. For activity indicators, patients receivable turnover was significant in 2 and 3 years before bankruptcy and added value per adjusted inpatient days was significant in 3 years before bankruptcy. 2. The discriminant function in 1, 2, and 3 years before bankruptcy were; $Z=-0.0166{\times}quick$ ratio-$0.1356{\times}normal$ profit to total assets-$1.545{\times}total$ assets turnrounds in 1 year before bankruptcy, $Z=-0.0119{\times}quick$ ratio-$0.1433{\times}operating$ profit to total assets-$0.0227{\times}value$ added to total assets in 2 years before bankruptcy, and $Z=-0.3533{\times}net$ profit to total assets-$0.1336{\times}patients$ receivables turn-rounds-$0.04301{\times}added$ value per adjusted $patient+0.00119{\times}average$ daily inpatient census in 3 years before bankruptcy. 3. The discriminant function's discriminant power in 1, 2, and 3 years before bankruptcy was 77.42, 79.03, 82.25% respectively.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Knowledge Management Research
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• v.21 no.3
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• pp.45-65
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• 2020

It is desirable to invest in wine that increases its value, but wine investment itself is unfamiliar in Korea. Also, the process itself is unreasonable, and information is often forged, because pricing in the wine market is done by a small number of people. With the right solution, however, the wine market can be a desirable investment destination in that the longer one invests, the higher one can expect. Also, it is expected that the domestic wine consumption market will expand through the steady increase in domestic wine imports. This study presents the consortium block chain framework for revitalizing the wine market and enhancing transparency as the "right solution" of the nation's wine investment market. Blockchain governance can compensate for the shortcomings of the wine market because it guarantees desirable decision-making rights and accountability. Because the data stored in the block chain can be checked by consumers, it reduces the likelihood of counterfeit wine appearing and complements the process of unreasonably priced. In addition, digitization of assets resolves low cash liquidity and saves money and time throughout the supply chain through smart contracts, lowering entry barriers to wine investment. In particular, if the governance of the block chain is composed of 'chateau-distributor-investor' through consortium blockchains, it can create a desirable wine market. The production process is stored in the block chain to secure production costs, set a reasonable launch price, and efficiently operate the distribution system by storing the distribution process in the block chain, and forecast the amount of orders for futures trading. Finally, investors make rational decisions by viewing all of these data. The study presented a new perspective on alternative investment in that ownership can be treated like a share. We also look forward to the simplification of food import procedures and the formation of trust within the wine industry by presenting a framework for wine-owned sales. In future studies, we would like to expand the framework to study the areas to be applied.

• Journal of the Korea Society of Computer and Information
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• v.20 no.5
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• pp.123-131
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• 2015

Bright development of information communication is caused by usabilities and another case to our society. That is, the surveillance which is unlimited to electronic equipment is becoming a transfiguration to a possible society, and there is case that was able to lay in another disasters if manage early error. Be what is living on at traps of surveillance through the Smart phones which a door of domicile is built, and the plane western part chaps, and we who live on in these societies are installed to several places, and closed-circuit cameras (CCTV-Closed Circuit Television) and individual use. On one hand, while the asset value which was special of enterprise for marketing to enterprise became while a collection was easily stored development of information communication and individual information, the early body which would collect illegally was increased, and affair actually very occurred related to this. An investigation agency is endeavored to be considered the digital trace that inquiry is happened by commission act to the how small extent which can take aim at a duty successful of the inquiry whether you can detect in this information society in order to look this up. Therefore, procedures to be essential now became while investigating affair that confiscation search regarding employment trace of a computer or the telephone which delinquent used was procedural, and decisive element became that dividing did success or failure of inquiry whether you can collect the act and deed which was these electronic enemy. By the way, at this time a lot of, in the investigation agencies the case which is performed comprehensively blooms attachment while rummaging, and attachment is trend apprehension to infringe discretion own arbitrary information rising. Therefore, a lot of nation is letting you come into being until language called exile 'cyber' while anxiety is exposed about comprehensive confiscation search of the former information which an investigation agency does. Will review whether or not there is to have to set up confiscation search ambit of electronic information at this respect how.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.30 no.2
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• pp.101-109
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• 2012

Traditional village forests in Jeju Island represent unique cultural landscape with a history of more than several hundred years as a national cultural asset in Korea. In this paper, the characteristics and meaning of traditional village forests in Jeju Island was compared with the Dangsan and Bibo forests at inland. There are 368 Oreums, parasitic volcano, and 391 shrines of Dang(Divine place) in Jeju. Life, culture and tradition of rural villages are all connected with the Dang and Oreum in Jeju. It has been found from this study that the village in Jeju were established as a cultural landscape on the surface of natural landscape. The features of traditional villages focused on the Dang and Oreum in Jeju Island were similar to the Dangsan and Bibo forestsat inland villages. The Oreum represents mountain and the Pojedan forest is newly found in Sangmyung-ri. The seashore areas are covered by vaocanic rocks in Jeju and large scale windbreaks are hardly found. The stone tower at Sinheung-ri built for blocking sand movement represents Bibo forest. The special attribute of the Dang in Jeju is that it is close to real life and believers are still remain. In 2009, the Jeju Chilmeoridang Yeongdeunggut ritual was nominated as an Intangible Cultural Heritage of Humanity by UNESCO. The shrine of Dang, however, has been degraded fast by construction of seashore road and Jeju Olle trail path. As for the world cultural heritage discussed at international conferences, it is important that there is sustainability on the right to enjoy cultural heritage. Integrated efforts from local residents, local governments and national government are needed to set up a management scheme for the Dang culture. Rural villages in Jeju with the Dang and Oreum are expected to get an international attention as to have traditional cultural landscapes of Korea.

• Management & Information Systems Review
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• v.35 no.1
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• pp.51-68
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• 2016

In this paper, we aim to analyze the effect of accounting policy change subsequent to the adoption of K-IFRS in Korea, whereby the firms are required to recognize impairment losses on goodwill on a periodic basis rather than to amortize over a specific period. As a principle-based accounting standard, the K-IFRS expands the scope of fair value measurement with a view to enhance the relevance and timeliness of accounting information. In the same vein, intangibles with indefinite useful life, of which goodwill is an example, are subject to regulatory impairment tests at least once a year. Related literature on the impact of mandatory change in goodwill policy document that impairment recognition is more likely to be practiced opportunistically, mainly because managers have a greater discretion to conduct the tests under K-IFRS. However, existing literature examined the frequency and/or magnitude of the goodwill impairment before versus after the K-IFRS adoption, failing to notice the impairment symptoms at individual firm level. Borrowing the definition of impairment symptoms suggested by Ramanna and Watts(2012), this study performs a series of tests to determine whether the goodwill impairment recognition achieves the goal of communicating timelier information under the K-IFRS regime. Using 947 firm-year observations from domestic companies listed in KRX and KOSDAQ markets from 2008 to 2011, we document overall delays in recognizing impairment losses on goodwill after the adoption of K-IFRS relative to prior period, based on logistic and OLS regression analyses. The results are qualitatively similar in robustness tests, which use alternative proxy for goodwill impairment symptom. Afore-mentioned results indicate that managers are likely to take advantage of the increased discretion to recognize the impairment losses on goodwill rather than to provide timelier information on impairment, inconsistent with the goal of regulatory authority, which is in line with the improvement of timeliness and relevance of accounting information in conjunction with the full implementation of K-IFRS. This study contributes to the extant literature on goodwill impairment from a methodological viewpoint. We believe that the method employed in this paper potentially diminishes the bias inherent in researches relying on ex post impairment recognition, by conducting tests based on ex ante impairment symptoms, which allows direct examination of the timeliness changes between before and after K-IFRS adoption.

• Korean Journal of Heritage: History & Science
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• v.53 no.2
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• pp.254-269
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• 2020

The purpose of this study is to propose guidance for wall renewal that is appropriate for an ancient city wall through application of advanced research and theories in wall design. It is a streetscape improvement project which forms part of the "Ancient City Image Finding Project". Study methods consist of advanced research classification, wall design theory contemplation, and analysis of the significance of designated ancient city areas and the "Ancient City Image Finding Project" status. Based on these methods, case study candidates were selected, case status and problems were identified, and improvement proposals were analyzed by comparing various features. Advanced wall research was classified into six categories including analysis of wall characteristics; wall design principle applications; wall structure, color, shape, and application; modern reinterpretation; palace walls; and house, temple, and village walls. The wall is an element of the streetscape improvement component of the "Ancient City Image Finding Project", with the characteristic of providing preceding experience in visual and cognitive awareness than interior structure. Case candidates for ancient city wall improvement are based on the composition distribution of the special conservation district in each ancient city as well as the conservation promotion district. Ultimately, the surrounding village of Gongju-si Geumseong-Dong Songsanri-gil, adjacent to the Royal Tomb of King Muryeong, was selected as the candidate. The "Ancient City Image Finding Project" of the surrounding village of Gongju-si Geumseong-Dong Songsanri-gil began with new Hanok construction. However, wall maintenance did not begin concurrently with that new Hanok construction. Support and maintenance took place afterwards as an exterior maintenance project for roadside structures. If the Hanok and wall were evaluated and constructed at the same time, the wall would have been built in unison with the size and design of the Hanok. The layout of the main building and wall of the Hanok is deemed to be a structure that is closed tightly because of its spatial proximity and tall height. Songsan-ri-gil's wall design should create a calm, subtle, and peaceful atmosphere with shapes, colors, and materials that express ancient city characteristics, but it is in an awkward position due to its sharpness and narrowness. The cause of the problem at Gongju-si Geumseong-dong Songsanri-gil, the case candidate, is that it is lacking significantly in terms of the aesthetic factors that traditional walls should possess. First, aesthetic consciousness seems to have disappeared during the selection and application process of the wall's natural materials. Second, the level of completion in design and harmony is absent. Maintenance guidance after analyzing the cause of problems in ancient city wall maintenance at Gongju-si Geumseong-dong Songsanri-gil, the subject area of research, is as follows: First, the Hanok design and layout of the wall and main gate should be reviewed simultaneously. Second, the one-sided use of natural stone wall in the Hanok wall design should be reexamined. Third, a permanent system to coordinate the opinions of citizens and experts during the planning and design phases should be employed. Fourth and finally, the Hanok's individuality shall be collectivized and its value as a cultural asset representing the identity of the community shall be increased.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.28 no.2
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• pp.67-74
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• 2010

Law-protected trees are our precious asset as natural resources with history and tradition and natural heritage which should be protected and maintained well to bequeath next generation. Law-protected trees have not only thremmatologic and genetic meaning but also environmental and emotional meaning for their value to be high. This study investigated location, vitality, wrapping condition of root area and status of maintenance of the trees to figure out their growth environment and status of maintenance in a small-middle city through survey on those of law-protected trees in Je-cheon. There showed 300 more year old trees in Je-cheon mostly and the number of trees located in flat fields was the highest. For location type, village, hill and road types were presented in the order and for degree of development, land for building was found most frequently. The average electric resistance of the formative layer was measured to be $8.4k{\Omega}$ and four trees showed bark separation. Most law-protected trees underwent tree surgery, and complete bareness of root area was observed in a tree. The root area of two trees was covered with concrete. pH of soil was recorded to be 5.0~8.4 with its average of 7.1 and electric conductivity(EC) was less than 0.5 dS/m. For status of maintenance rearing facilities were placed for 16 trees out of totally 48 ones and stone fence was done for three ones. Tree surgery was conducted for 33 trees to prevent and to treat decomposed parts of holes. Direction boards were installed for 23 trees. Based on these results, measures to manage systematically law-protected trees in Jecheon could be suggested as follows. First, a sufficient space for growth of low part of trees should be secured. Second, a voluntary management should be induced by advertising them to residents in a community. Third, rearing facilities and direction boards of law-protected trees should be placed and related education should be conducted. Fourth, through operation of the department for law-protected trees consisting of related professions and cooperation among related departments the trees should be maintained continuously.