• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.81-93
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• 2022

Since 2008, China's shipping industry has been in a slump, with shipbuilding orders falling sharply, and high-growth excess capacity has become increasingly apparent, leaving many firms with sharply reduced orders at risk of bankruptcy and shutdown. To ensure the development of the shipbuilding industry and enhance the international competitiveness of the shipbuilding industry, it is necessary to analyze the present situation of the shipbuilding industry and the financial situation of the shipbuilding enterprises. And analyzing the problems faced by enterprises from the perspective of capital structure is very meaningful to the shipbuilders with high capital operation. We are trying to analyze the determinants of capital structure of China's shipbuilding listed companies. 30 listed Chinese shipbuilding and listed companies have been designated as sample companies that can obtain financial statements for 13 consecutive years. They also divided 30 sample companies into shipbuilding, shipbuilding-related manufacturing, and shipbuilding-related transportation. Dependent variable is the debt level of the year, independent variable includes the debt level of the previous year, fixed asset ratio, profitability ratio, depreciation cost ratio and asset size. The regression model of the panel used to analyze determinants is capital structure. The results of the empirical analysis are as follows. First, a fixed-effect model for the entire entity showed that the debt-to-equity ratio and the size of the asset in the previous period had a positive effect on the debt-to-equity ratio in the current period. Second, the impact of the profitability ratio on the debt level in the prior term also supports the capital procurement ranking theory rather than the static counter-conflict theory. Third, it was shown that the ratio of the depreciation of the prior term, which replaces the non-liability tax effect, affects the debt-to-equity ratio in the current period.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.55-73
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• 2024

Unicorn companies are attracting attention around the world as they are recognized for their high corporate value in a short period of time as an innovative business models. Their growth process presents good lessons for the startup ecosystem and have a positive impact on national economic development and job creation. However, previous studies related to unicorn companies are focused on 'event studies' and 'case studies' such as characteristics of founders, environmental factors, business models and success/failure cases of companies already recognized as unicorns rather than a multifaceted approach. The occurrence of unicorn companies and Macroscopic analysis of related factors is lacking. Against this background, this study are considering the characteristics of unicorns examined through previous research and the current status unicorns with a high proportion of technology companies, the purpose was to analyze the impact of the country's technological competitiveness, such as 'technology human resource index', 'R&D index', and 'technology infrastructure index', on the increase in unicorn companies. For statistical analysis, data published by various international organizations, the Bank of Korea, and Statistics Korea from 2017 to 2020 and unicorn company data compiled by CB Insights were used as panel data for 44 countries to be tested by multiple regression analysis. As a result of the study, it was confirmed that the number of science majors had a positive (+) effect on the increase of unicorn companies in the case of technology human resource index, and in the case of R&D index, the total amount of R&D investment had a positive (+) effect on the increase of unicorn companies, while the number of Triad Patents Families and the number of scientific and technological papers published had a negative (-) effect on the increase of unicorn companies. Finally, in the case of technology infrastructure index, it was confirmed that the number of the world's 500th-ranked universities had a positive (+) effect on the increase of unicorn companies. This study is the first to reveal the causal relationship between national technological competitiveness and unicorn company growth based on country-specific and time-series empirical data, which were insufficiently covered in previous studies. and compared to the UN's ranking of the global industrial competitiveness index and the OECD's total R&D investment by country, Korea is considered to have technological and growth potential, while the number of unicorn companies driving growth as leaders of the innovative economy is relatively small, so the research results can be used when establishing policies to discover and foster unicorn companies in the future.

• Journal of Intelligence and Information Systems
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• v.27 no.4
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• pp.73-95
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• 2021

This study uses Node2vec graph embedding method and Light GBM link prediction to explore undeveloped export candidate countries in Korea's food and beverage industry. Node2vec is the method that improves the limit of the structural equivalence representation of the network, which is known to be relatively weak compared to the existing link prediction method based on the number of common neighbors of the network. Therefore, the method is known to show excellent performance in both community detection and structural equivalence of the network. The vector value obtained by embedding the network in this way operates under the condition of a constant length from an arbitrarily designated starting point node. Therefore, it has the advantage that it is easy to apply the sequence of nodes as an input value to the model for downstream tasks such as Logistic Regression, Support Vector Machine, and Random Forest. Based on these features of the Node2vec graph embedding method, this study applied the above method to the international trade information of the Korean food and beverage industry. Through this, we intend to contribute to creating the effect of extensive margin diversification in Korea in the global value chain relationship of the industry. The optimal predictive model derived from the results of this study recorded a precision of 0.95 and a recall of 0.79, and an F1 score of 0.86, showing excellent performance. This performance was shown to be superior to that of the binary classifier based on Logistic Regression set as the baseline model. In the baseline model, a precision of 0.95 and a recall of 0.73 were recorded, and an F1 score of 0.83 was recorded. In addition, the light GBM-based optimal prediction model derived from this study showed superior performance than the link prediction model of previous studies, which is set as a benchmarking model in this study. The predictive model of the previous study recorded only a recall rate of 0.75, but the proposed model of this study showed better performance which recall rate is 0.79. The difference in the performance of the prediction results between benchmarking model and this study model is due to the model learning strategy. In this study, groups were classified by the trade value scale, and prediction models were trained differently for these groups. Specific methods are (1) a method of randomly masking and learning a model for all trades without setting specific conditions for trade value, (2) arbitrarily masking a part of the trades with an average trade value or higher and using the model method, and (3) a method of arbitrarily masking some of the trades with the top 25% or higher trade value and learning the model. As a result of the experiment, it was confirmed that the performance of the model trained by randomly masking some of the trades with the above-average trade value in this method was the best and appeared stably. It was found that most of the results of potential export candidates for Korea derived through the above model appeared appropriate through additional investigation. Combining the above, this study could suggest the practical utility of the link prediction method applying Node2vec and Light GBM. In addition, useful implications could be derived for weight update strategies that can perform better link prediction while training the model. On the other hand, this study also has policy utility because it is applied to trade transactions that have not been performed much in the research related to link prediction based on graph embedding. The results of this study support a rapid response to changes in the global value chain such as the recent US-China trade conflict or Japan's export regulations, and I think that it has sufficient usefulness as a tool for policy decision-making.

• Journal of Agricultural Extension & Community Development
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• v.20 no.4
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• pp.1045-1078
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• 2013

The purpose of the present study is to improve the effectiveness of Korea's ODA projects on agricultural technology transfer to Africa. This study investigates agricultural extension system of African countries and provides a direction of the systematic strategies of the Korean ODAs on agricultural technology. This study pays particular attention on Africanization of agricultural technology transfer of the Korean ODA strategies. Unlike the previous studies focusing mainly on micro level investigation on the ODA strategy development, the present study incorporates the agricultural technology dissemination system of Ethiopia and Uganda in a macro perspective to develop a desirable form of the ODA strategy. The findings illustrate that the technology dissemination systems of the case countries have different characteristics depending on the function and organization of extension agency. And their functional capability and role segmentation by the extension agency are differently configured, too. In case of Ethiopia, top-down structure for the agricultural extension system has been built. Farmers' group and field agent of the information delivery system has expanded their participation into the system. However, we also find that the system of Ethiopia still lacks effective use of its existing technology, since it puts more emphasis on management aspects than improvement of agricultural productivity for farmers. On the other hand, even though Uganda has established participatory extension system that encompasses the entire agencies of the extension system, government efforts to enhance the extension system are still concentrated on expanding research functions rather than technical dissemination. The results imply that promoting and strengthening localization of the ODA strategy has to be developed to make localization policy of the Korean ODA. The present study concludes with some specific policy implications for necessary conditions of the agricultural development in African countries.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.95-115
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• 2019

In the context of today's business environment, not only is the nation or company's credit rating considered very important in our recent society, but it is also becoming important in international transactions. Likewise, at this point of time when the importance and reliability of credit evaluation are becoming important at home and abroad, this study analyzes financial ratios related to corporate profitability, safety, activity, financial growth, and profit growth to study the impact of financial indicators on enterprise value and corporate taxes on credit evaluation. To proceed with this, the financial ratio of 465 companies of KOSPI securities listed in 2017 was calculated and the impact of enterprise value and corporate taxes on credit evaluation was analyzed. Especially, this further study tried to derive a reliable and consistent conclusion by analyzing the financial data of KOSPI securities listed companies for eight years from 2011, which is the first year of K-IFRS introduction, to 2018. Research has shown that the significance levels among variables that show the profitability, safety, activity, financial growth, and profit growth of each financial ratio were significant at the 99% level, except for the profit growth. Validation of the research hypothesis found that while the profitability of KOSPI-listed companies significantly affects corporate value and income tax, indicators such as safety ratio and growth ratio do not significantly affect corporate value and income tax. Activity ratio resulted in significant effects on the value of enterprise value but not significant impacts on income taxes. In addition, it was found that the enterprise value has a significant effect on the company's credit and corporate income taxes, and that corporate income taxes also have a significant effect on the corporate credit evaluation, and this also shows that there is a mediating function of corporate tax. And as a result of further study, when looking at the financial ratio for eight years from 2011 to 2018, it was found that two variables, KARA and LTAX, are significant at a 1% significant level to KISC, whereas LEVE variables is not significant to KISC. The limitation of this study is that credit rating score and financial score cannot be said to be reliable indicators that investors in the capital market can normally obtain, compared to ranking criteria for corporate bonds or corporate bills directly related to capital procurement costs of enterprise. Above all, it is necessary to develop credit rating score and financial score reflecting financial indicators such as business cash flow or net assets market value and non-financial indicators such as industry growth potential or production efficiency.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.35-63
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• 1991

Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.

• Information Systems Review
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• v.7 no.2
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• pp.229-255
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• 2005

The Korea Development Bank promoted a total outsourcing for IT operation in 1999 for the first time in the banking industry. The Korea Development Bank became the center of public attention because the most banks were unwilling to take an outsourcing with external sources for the reason of financial operation accidents, securities, and threats of strikes. After the introduction of the total IT outsourcing, the Korea Development Bank has continuously diagnosed the problems of the IT outsourcing and adopted various proper complements for the enhancement of the IT outsourcing. As the result of the enhancement, the IT outsourcing of the Korea Development Bank marched into the joint liability operation period after going through the outsourcing operation period and the co-operation period. The joint liability operation which is the most leading outsourcing system which is adopted by the Korea Development Bank for the first time in the banking industry. Through the joint liability operation, the Korea Development Bank could accept the most up-to-date IT, concentrate internal manpower on the core capability, and secure flexibility of manpower. Also, the bank changed the relationship between the bank and the external sources from the one-sided relationship between a producers and a consumer to the joint liability relationship on which both sides are responsible for the operation, and could integrate the internal capacity with the professional know-how of the external IT outsourcing company. In this paper, we testified the soundness and validity for the worries of banks about the total IT outsourcing with external sources. And, we arranged the advantages and outcomes of the total IT outsourcing with external sources compared to the IT outsourcing with internal sources. Moreover, we expect that we can improve the closed financial IT outsourcing industry structure and raise the world competitive power of domestic IT outsourcing companies by correcting wrong ideas on the IT outsourcing with external sources.

• Proceedings of the Korea Society of Information Technology Applications Conference
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• 2007.05a
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• pp.300-320
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• 2007

정보기술의 발달과 함께 소프트웨어 제품은 모든 산업에 필수요소가 되었고, 품질과 평가에 대한 관심도 점차 증가되고 있다. 하지만 일부 산업에서는 소프트웨어 품질 평가에 대한 사용자들의 만병 통치적 기대, 품질 표준의 부족, 측정을 위한 양질의 데이터 부족, 소프트웨어 분석과 디자인에 대한 공학적 한계로 소프트웨어 품질 평가에 대해 많은 문제점이 지적되고 있다. 국내에서도 의료산업 관련 정보시스템의 오류 및 사용자들의 운영 미숙은 매년 많은 금액의 사회적 비용을 증가시켰고, 병원정보시스템의 품질에 대한 관심을 초래하였다. 특히, 산업적 특성이 강한 병원정보시스템은 성공적 구축을 위해 사용자 중심의 소프트웨어 디자인과 다양한 전문가들의 지식 통합이 필요하며, 정보시스템 품질 측정으로 연구자들과 개발자들의 시스템 설계 혼란을 감소시키는 방법론이 필요하다는 연구들이 등장하고 있다. 대부분의 병원정보시스템이 단편적인 업무처리 위주로 개발 운영되고 있고, 장기적 경영전략이나 임상연구를 위한 분석적 정보처리 기능들은 결여되어 있다. 또한 소프트웨어 재설계나 추가적 개발 에 활용될 수 있는 객관적 품질 기준이 부족하고, 사용자들의 요구사항에 대해 소프트웨어 설계에 있어서 효율적으로 반영되지 못하고 있다. 이에 본 연구는 최근 발표된 병원정보시스템 품질 평가에 대한 연구 경향을 종합하고, 품질 평가에 대 해 효율적으로 활용되고 있는 사용성(Usability)을 기준으로 병원산업의 특수성을 포함한 품질 평가 방법과 품질척도를 제안하고자 한다. 국제표준기구(ISO:International Standards Organization)에서는 품질 특성을 기능성, 신뢰성, 사용성, 효율성, 유지 보수성과 이식성의 특성을 제시하고 있다. 특히 Folmer & Bosch(2004)가 정리한 ISO9126에서는 품질의 특성을 배움의 용이성, 운영의 용이성, 이해성과 매력성으로 분류하였고, ISO9241-11는 효과성, 효율성과 만족성으로 분류하였다. 또한 Shackel(1991)은 배움의 용이성(배움과 시간, 기억력), 효과성(오류, 직무시간), 유연성과 마음가짐으로 분류하고 있다(Shackel, 1991). Nielsen(1997)은 배움의 용이성, 기억의 용이성, 오류, 효율성, 만족성으로 분류하고 있고(Nielsen, 1997), Shneiderman(1998)는 효과성(직무시간, 배움의 시간), 효율성(기억의 지속시간, 오류), 만족도를 품질의 특성으로 분류하였다. 이와 같은 소프트웨어의 품질은 소프트웨어 계획, 개발, 성장과 쇠퇴의 모든 과정에 적용되며, 환경적 변화에 따라 사용자들의 정보욕구를 적절하게 반영하여 만족도를 높이 는 것이라고 요약할 수 있다. 그러나 현재까지 소프트웨어 품질 평가에 대한 연구들 은 보편적인 평가 항목들을 대상으로 측정하여 일반적인 품질기준을 제시하고 있고, 유사한 측정 내용들이 중복되어 있다. 이러한 경향은 산업별 특수성이 강한 소프트웨어에 대해서는 정확한 품질측정이 어려웠고, 품질측정에 대한 신뢰성을 떨어뜨리는 계기가 되었다. 이러한 한계를 극복하고자 나타난 방법론이 최종사용자들의 요구사항을 얼마나 적절하게 시스템에 반영했는지에 대한 사용성(Usability) 측정이다. 사용성에 대한 정의는 사용자들이 실질적으로 일하는 장소에서 직접 사용자들의 시스템 운용실태를 파악하여 문제점을 개선하는 것으로 요약할 수 있다. ISO9124-11에서는 사용성을 "어떤 제품이 구체적인 사용자들에 의해 구체적인 목적을 달성하기 위한 구체적인 사용의 맥락에서 효율성, 효과성을 만족함으로 사용될 수 있는 정도"로 정의하고 있다. 지난 10년간 병원정보시스템 평가에 대한 문헌들을 고찰한 결과 품질 측정의 효과는 정보화에 대한 동기유발과 의료품질을 높이는 게기가 되었으며, 질병에 대한 예방효과도 높은 것으로 조사되었다. 그러나 평가에 대한 인식의 문제, 평가 방법의 신뢰성 부족, 평가 지침과 부분적 평가에 따른 인증의 어려움 평가 결과에 대한 확산과 단편적 연구의 한계 등으로 연구결과에 대한 신뢰도와 활용도는 낮은 것으로 조사되었고, HIS에 대한 연구 빈도와 범위 가 매우 미약하였다. 특히, 품질속성은 같은 용어이지만 연구자에 따라 전혀 다른 측정 내용을 제시하고 있어 효율적인 품질 지표를 제시하는데 많은 혼란을 초래하고 있다. 이러한 품질 평가의 경향은 시스템 설계 및 개발자들에게 필요한 사용자들의 구체적이고 독특한 욕구나 병원정보시스템 환경의 특수성 파악에 한계를 보였으며, 평가 범위도 부분적으로 이루어져 전사적 시스템 설계 및 개발에 중요한 자료를 제공하지 못하고 있다. 이러한 문제점과 한계를 극복하고자 ISO와 같은 품질 표준 속성과 컨텍스트(Context)를 중심으로 사용자에 의한 평가 척도의 설정은 구체적이고 실용적이며 신뢰성 있는 평가 방법이 될 것이다.

• Korean Journal of Construction Engineering and Management
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• v.18 no.6
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• pp.65-77
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• 2017

Recently, many Korean major construction companies are suffering from profit loss mainly due to a direct impact from delays in their overseas projects. In general, changes are inevitable in a large-scale project, and most of changes are directly linked to construction delay. Therefore, in the event that an extension of time is necessary due to a change, the contractor must manage the delay based on the condition of the contract to effectively manage risks from delay to the completion date. Thus it is important to understand delay protocol defined in the condition of the contract early in the project, but there have been few or no study to propose methodology or tool to support this effort. This paper presents a review on the project planning and controling practices of major Korean construction companies along with the issues on delay claims and disputes in mega-international projects and suggests a tool to assess delay risk in the condition of the contract. To propose a delay risk assessment model for international construction projects, major standard conditions of contract have been reviewed including FIDIC Red Book(1999), PSSCOC(2014) and SIA 9th Edition(2010). To reflect recent trend of major international owners, standard conditions which they are utilizing for their projects also have been reviewed including those of ARAMCO and QP. The model provides a categories of risks to be reviewed on the condition of the contract along with standard level of the risk which is common in the international standard form of the contracts. This study also performed a case study on an actual international project to confirm the effectiveness of proposed model to identify and respond to a delay risk of a project.

• The KIPS Transactions:PartD
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• v.10D no.7
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• pp.1149-1154
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• 2003

Due to various requirements for the user access control to large databases in the hospitals and the banks, database security has been emphasized. There are many security models for database systems using wide variety of policy-based access control methods. However, they are not functionally enough to meet the requirements for the complicated and various types of access control. In this paper, we propose a database security system that can individually control user access to data groups of various sites and is suitable for the situation where the user's access privilege to arbitrary data is changed frequently. Data group(s) in different sixes d is defined by the table name(s), attribute(s) and/or record key(s), and the access privilege is defined by security levels, roles and polices. The proposed system operates in two phases. The first phase is composed of a modified MAC (Mandatory Access Control) model and RBAC (Role-Based Access Control) model. A user can access any data that has lower or equal security levels, and that is accessible by the roles to which the user is assigned. All types of access mode are controlled in this phase. In the second phase, a modified DAC(Discretionary Access Control) model is applied to re-control the 'read' mode by filtering out the non-accessible data from the result obtained at the first phase. For this purpose, we also defined the user group s that can be characterized by security levels, roles or any partition of users. The policies represented in the form of Block(s, d, r) were also defined and used to control access to any data or data group(s) that is not permitted in 'read ' mode. With this proposed security system, more complicated 'read' access to various data sizes for individual users can be flexibly controlled, while other access mode can be controlled as usual. An implementation example for a database system that manages specimen and clinical information is presented.