• Korean System Dynamics Review
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• v.8 no.2
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• pp.83-114
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• 2007

The Korean defense industry was brought up in the government policy since 1970's. The important parts of defense industrial technologies have not been developed, and usually introduced from overseas. Moreover, the development of advanced technologies was not actively stimulated or pursued, consequently shaping the current structure of the defense industry which lacks global competitiveness due to the dearth of high technologies necessary for high-technology weapons. This research analyzes the systems of the Korean defense industry through a systems thinking approach in order to understand the whole mechanism and to find ways to improve the defense industry. Finding some leverages is the main purpose of systems thinking, that yields desirable results with a little effort. The three policy leverages are: (1) the policy for timely fielding; (2) the R&D investment for development and production of domestic high-technology weapons; and (3) the policy measures for exports. The research findings will contribute to the invigorating and developing the Korean defense industry by providing policy-makers and acquisition practitioners with systematic understanding and insight into the dynamics of the defense industry for them to make and execute efficient policies taking into account the Korean overall defense industry.

• Korean System Dynamics Review
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• v.11 no.3
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• pp.33-59
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• 2010

South Korea has the defense burdensharing agreement with the United States in reference to the U.S. troops stationed in Korea since 1991, based on Special Measure Agreement(SMA). Due to the growth of Korea's economic power and the U.S. provision of the security environment on Korean penninsula, the U.S. government steadily demanded the rise of contributions to common defense from South Korea and South Korea accepted most of the U.S. requests without proper principles of negotiation concerning the cost sharing. This paper analyzes the systems of the Korea－U.S. cost sharing program through a systems thinking, that yields desirable results with a little effort. The three policy leverages are: 1) the development of negotiation principles; 2) the policy making closely linked with National Defense Reform Basic Plan; 3) the policy making with responsibility burdensharing than cost burdensharing. This paper findings will contribute to the developing the Korea－U.S. cost sharing program by providing policy－makers and policy-practitioners with systematic understanding and insight into the dynamics of the program. Also, this will enable the program to execute more effectively with a concrete formula.

• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.141-159
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• 1993

기업의 자본구조관리는 재무레버리지와 부채의 만기구조에 관한 결정에 달려있다. Modigliani-Miller(MM)이후 기존의 연구는 대부분 재무레버리지효과에 대해서만 분석을 시도하였을 뿐 부채의 만기구조효과에 대한 분석은 미진하였다. 따라서 이 논문은 부채의 만기구조가 보통주의 기대수익률에 미치는 영향을 이론적으로 분석하여 검증가능한 가설을 도출하고, 실증적으로 검증하고자 한다. 이 연구는 MM의 가정과 장단기부채에 관한 가정을 기초로 부채의 만기구조가 짧아지면 보통주의 기대수익률이 상승한다는 가설을 유도한다. 미국기업을 표본으로 한 회귀분석 결과는 주어진 총부채비율하에서 단기부채의 의존도가 보통주의 기대수익률과 양(+)의 상관관계에 있다는 것을 밝혔다. 이러한 부채의 만기구조효과는 기존의 기업규모효과 (size effect)를 통제하여도 그 결과가 변하지 않는 독립된 현상으로 파악되었다.

• The Korean Journal of Financial Management
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• v.10 no.2
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• pp.213-237
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• 1993

본 연구는 시간에 따라 정보비대칭의 정도가 변동할 때의 역선택모형을 이용하여 우리나라 주식시장에서 기업의 유상증자의 시기가 주가에 어떠한 영향을 미치는가를 분석하였다. 먼저 재무제표 등의 내부정보가 일반투자자에게 공시된 직후에는 다른 시점에서 보다 많은 유상증자공시를 확인할 수 있었으며, 유상증자공시 직전에는 다른 기간에서 보다 좋은 내부정보가 공시된다는 사실을 확인하였다. 그리고 유상증자공시에 따른 주가반응에 영향을 미치는 요인을 분석하기 위하여 가격압박가설, 레버리지가설, 정보가설 둥에서 제시한 변수를 이용하여 분석한 결과 유상증자공시일에서는 시장상황과 유상증자공시시기 등이 유의적인 영향을 미친다는 점을 확인하였고, 배정기준일에서는 시장상황, 레버리지변동, 기업자산의 가치에 대한 불확실성 등이 유의적인 영향을 미친다는 점을 확인하였다.

• The Korean Journal of Franchise Management
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• v.6 no.2
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• pp.67-85
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• 2015

This study attempts to measure the performance of franchise brands using the Enterprise Contract Management(ECM) and Franchise Contract Management Leverage(FCML). The data were collected from 14 chicken franchise brands and 16 coffee franchise brands. This research suggests some implications as follows. Chicken franchise brands are confronted with the slow growth, but coffee franchise brands still have the potential growth. According to FCML, as well, it shows that chicken franchise brands should focus on qualitative performance through franchise store management to achieve sustainability, and coffee franchise brands need the managerial strategies to maximize franchisees' sales profit, which leads increasing franchisor's business performance ultimately.

• Journal of Digital Convergence
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• v.16 no.5
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• pp.185-197
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• 2018

The purpose of this study is to analyze the Korean ETF market, which is experiencing a rapid increase in the number of stocks, to identify the degree of investment efficiency and to present investment directions. The methodology and procedure are ETF yield, change trends, correlation and regression analysis of the ETFs traded between 2010 and 2018. As a result, the total return of domestic ETFs was 3.51%, which was lower than the KOSPI growth rate and the return on equity ETFs was 4.03%, which was low. Leverage ETF yields were below 3%, which was low. The return on bond and currency ETFs was less than 1%. The most profitable ETFs were index ETFs, followed by domestic and leveraged ETFs. This study has contributed to establishing considerations when purchasing ETFs from the viewpoint of investors. Future research will present the direction of ETF investment more precisely.

• The Korean Journal of Applied Statistics
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• v.29 no.7
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• pp.1213-1229
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• 2016

Cho and Shin (2016) recently demonstrated that an integrated HAR model has a forecast advantage over the HAR model of Corsi (2009). Recalling that realized volatilities of financial assets have asymmetries, we add a leverage term to the integrated HAR model, yielding the LIHAR model. Out-of-sample forecast comparisons show superiority of the LIHAR model over the HAR and IHAR models. The comparison was made for all the 20 realized volatilities in the Oxford-Man Realized Library focusing specially on the DJIA, the S&P 500, the Russell 2000, and the KOSPI. Analysis of the realized volatility data sets reveal apparent long-memory and asymmetry. The LIHAR model takes advantage of the long-memory and asymmetry and produces better forecasts than the HAR, IHAR, LHAR models.

• Korean System Dynamics Review
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• v.10 no.1
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• pp.77-95
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• 2009

The ever-increasing government budget constraints have led to a continued decline in the increase rate for defense spending, and the government's 5-year National Fiscal Management Plan has served to reinforce the verification and validation procedures for the Force Improvement Programs (FIP) budget requirements and performance. Additionally, as large programs are controlled in accordance with the Total Program Cost Management Guidelines, timely and credible feasibility study and performance measurement need to be conducted. Due to these internal and external circumstances, needs have surged for feasibility and economic effectiveness study for big ticket projects in the FIP sector, with an increasing number of studies conducted by external research institutes. However, questions have been raised regarding the credibility and thoroughness of the program analyses performed by these research institutes due to various restrictions. This paper analyzes and identifies the structural limitations and problems using a systems thinking approach, and examines the systemic characteristics of the program analysis system. It also presents policy intervention recommendations based on the theory of systems thinking, a method to regularize and reinforce the program analysis system. Policy interventions recommended to ensure alignment of the external studies to the clear analysis objectives and resolve the bottlenecks in the external analysis include training those in charge of external study commissioning for a short term intervention, and increasing the number of research institutes and consulting agencies utilizing analysis and evaluation experts who transition to the private sector from the military for a long term intervention. additionally presented are strategies and policy alternatives to best utilize these policy interventions. They will contribute to the stable funding of Force Improvement Programs and efficient utilization of defense budget.

• Convergence Security Journal
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• v.13 no.4
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• pp.77-83
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• 2013

As the network composed of numerous sensor nodes, sensor network conducts the function of sensing the surrounding information by sensor and of the sensed information. The concept of the battlefield is also changing to one that includes not only physical spaces but all areas including the networks of the nation's key industries and military facilities, energy facilities, transportation, and communication networks. In light of the changing warfare in terms of how it is conducted and what form it takes, the Korea military has to seek ways to effectively respond to threats of cyber warfare. In the past, although partial strategies on cyber warfare were studied, no research was done through the overall system flow. In this paper, key variables related to cyber warfare security are classified into personnel, management, and technology. A simple model and an extended model are suggested for each area, and based on the technology area of the extended model, formal methods are used to verify the validity and a detailed response strategy is suggested according to the identified leverage.

• The Korean Journal of Financial Management
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• v.16 no.2
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• pp.91-118
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• 1999

본(本) 연구(硏究)는 기업(企業)의 소유구조(所有構造)와 기업가치(企業價値) 사이의 관계를 분석하여 횡단면(橫斷面) 요인(要因)과 시계열(時系列) 요인(要因)을 결합하는 이론적(理論的) 모형(模型)을 제시하며, 또한 제시된 모형(模型)을 한국증권시장(韓國證券市場)의 자료(資料)를 이용하여 실증적(實證的)으로 분석하여 절충가설이 우리나라 기업에 적용될 수 있는지를 검토하였다. 본(本) 연구(硏究)에서는 기업가치(企業價値)를 나타내는 대용변수(代用變數)로 시장가치 대 장부가치비율을, 독립변수(獨立變數)로는 대주주 1인 지분율을 그리고 통제변수(統制變數)로는 광고비 정도, 기업규모, 재무레버리지, 30대 재벌 비재벌의 가변수(假變數)를 사용하였다. 실증분석 결과 본(本) 연구(硏究)에서 제시된 모형이 상당한 의미를 가지나, 모형(模型)의 설명력(說明力)은 비교적 낮아 본(本) 연구(硏究)에서 제시된 설명변수(說明變數)들이 자본구조(資本構造)의 변동(變動)을 8%정도 설명하고 있다. 또한 본(本) 연구(硏究)에서 제시된 독립변수 대주주 1인의 지분율과 이를 제곱한 것은 통계적으로 의미가 있는 변수가 되고 있다. 이는 대주주 1인의 지분율과 기업가치(企業價値) 사이에는 곡선관계(曲線關係)가 존재한다는 절충가설(折衷假說)을 지지하는 강력한 증거이다. 그리고 본(本) 연구(硏究)에서 제시된 통제변수(統制變數)인 광고비 정도, 기업규모, 재무레버리지 그리고 30대 재벌 비재벌 가변수(假變數) 등은 기업가치(機業價値)를 결정하는 통계적인 의미를 갖는 변수로 밝혀졌으며 회귀계수(回歸係數)의 부호도 기대하였던 바와 일치하고 있다.