• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.1-29
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• 2009

As foreign investors' share holdings in Korean firms have dramatically increased since 1998 following the financial deregulation on the limit of foreign stock investment, the concern over the negative impacts the foreign investors would bring on the firms' financial policy has been growing too. Foreign investors were perceived to require the firms of excessive payments of cash dividends sometimes with threat of hostile takeover trials detering the firm from investing its cash flow in the physical facilities and RandD eroding their potential growth capabilities. We examine the impact of foreign investment on the firms' dividend policy using 234 listed firms' panel data over the sample periods of 1998 to 2005 employing various panel regression methodology. Foreign shareholders are found not to be related or even negatively related to the payout ratio(dividend/net income), but positively and statistically significantly related to the ratio of cash dividends to book of asset, negatively to the dividend yields. Considering the payout ratio is the most appropriate measure for the dividend payment, we can not support the arguments that the foreign investors' holdings have induced the excessive dividend level in Korean firms.

• KDI Journal of Economic Policy
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• v.28 no.1
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• pp.117-144
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• 2006

This study is to analyze the existence of the real buffer effect that reflects the effect of beginning-of-period inventory stocks effect on the demand for fixed investment, and the financial buffer effect indicates the substitution effect between end-of-period inventory stock and the source of financing for fixed investment. I use panel data of 361 Korean listed non-financial firms during 1990-2003. After the crisis, it also observed whether the relationship between inventory stocks and fixed investment has altered or not. I review the theoretical connection between inventory stock and fixed investment through the paper by Bo(2004) and estimate the investment model by the method of GMM-SYS. The results show negative relation between end-of-period inventory stock and fixed investment in the whole period and each period classified, also it confirms that the relation between fixed investment and end-of-period investment is significantly negative. It can be interpreted through two aspects that firms not only use inventory stock as a buffer in response to unexpectedly high demand, but also utilize inventory stock as a source of financing for fixed investment. The results imply that firm's decision-making is much correlated with production-and-inventory stock adjustment, decision-making about fixed investment, and decision-making about financial affairs.

• Korean Business Review
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• v.11
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• pp.277-293
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• 1998

The purpose of this study is to analyse the overall relationship between the advertisement expenses and the two major indicies of business performance, that is, the total amount of sales and the discipline have contrasted the expenses for commercial advertisement with the total amount of sales or with the business performance, respectively, utilizing data on a specific product observed through 3 to 5 years. This study attempts to enlarge the scope of observation and the content of analysis. In order to attain the purpose of this study, the rate of increase in the advertisement expenses is taken as the independent variable and the two major indicies of business performance, the total amount of sales and the resultant interest, as the dependent variables. Business companies or firms which have continually been listed on the board of Korea Stock Exchange for 14 years, from 1982 to 1995, were grouped into four major business categories; 1)Food and beverage industries, 2)Fiber, clothings, and leather industries, 3) Medicine, chemistry, oil, coal, and rubber industries, and 4) Assembled mechanics and metallurgy, machinery, and maintenance industries. Utilizing the KIS-DATA, compiled by Korea Credit Evaluation, Ltd., 30 to 40 samples of business companies or firms were randomly selected from each category. Finally 125 samples were selected and put into regression analyses and follow-up tests by appropriate statistical models, in order to verify if there were any noticeable correlations. The final result obtained through the afore-mentioned research method shows that the amount of advertisement expenses has strong correlations with the amount of sales and the resultant interest. Viewed by business category, in the case of fiber, clothings, and leather industries, the relationship turned out to be significant only with the rate of increase in the total amount of sales, while, in the case of food and beverage industries, the rate of increase in the total amount of sales showed a negatively significant correlations.

• Knowledge Management Research
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• v.23 no.1
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• pp.149-164
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• 2022

This paper analyzes the independent financial advisory business that is not yet active in Korea and proposes a plan to activate the independent financial advisory business using fintech technology. A bill was enacted in 2017 for the domestic independent financial advisory business, but it has not been activated much until now for various reasons. Although existing studies have proposed solutions in various ways, there is no clear solution yet. This paper proposes a new method of revitalizing the independent financial advisory business through fintech technology using the trust system that has recently attracted attention. Digital securities fintech technology using blockchain distributed ledger technology presents new possibilities in the real estate and music copyright markets, and related fintech venture companies continue to emerge in Korea. By combining these digital securities fintech technologies and the business process of ETF, a method was derived so that independent financial advisors can have their own financial products. The proposed model is more decentralized than the existing financial product sales structure, and presents the possibility of a protocol economy through a structure close to a private blockchain while complying with the existing financial order. This paper is meaningful in that it presented new solutions to completely different markets from information convergence perspectives on two completely different markets, and we hope that more business solutions will emerge through knowledge management activities that converge various perspectives in the future.

• International Area Studies Review
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• v.15 no.1
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• pp.87-106
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• 2011

Using an event study, this paper investigates stock price reactions on Korean listed firms' convertible bond (CB) issue announcements over the sample period of January 2000 to November 2007. This study finds that on the Korean Security market, the CB issue announcements are associated with an increase in shareholder wealth on the announcement date. An information leakage by insider traders is also observable at preannouncement dates. Unlike the prior studies that indicate a prevailing negative effect on the announcements, this paper shows that domestic CB issue announcements as well as offshore ones yield a positive impact on the stock prices. This presents that in terms of stock price reactions to the CB issue announcements, the two CB issue markets show the positively same effects on shareholder wealth for the post-2000 period. For its drivers, this paper suggests that on the Korean market, firm size have negative relationship with the increase in the wealth incurred by the announcements. By contrast, an issue to maturity, a growth opportunity, and a relative issue size make a positive impact on it.

• Communications for Statistical Applications and Methods
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• v.17 no.2
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• pp.293-308
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• 2010

In this paper, we examine the forecasting KOSPI 200 realized volatility by volatility measurements. The empirical investigation for KOSPI 200 daily returns is done during the period from 3 January 2003 to 29 June 2007. Since Korea Exchange(KRX) will launch VKOSPI futures contract in 2010, forecasting VKOSPI can be an important issue. So we analyze which volatility measurements forecast VKOSPI better. To test this hypothesis, we use 5-minute interval returns to measure realized volatilities. Also, we propose a new methodology that reflects the synchronized bidding and simultaneously takes it account the difference between overnight volatility and intra-daily volatility. The t-test and F-test show that our new realized volatility is not only different from the realized volatility by a conventional method at less than 0.01% significance level, also more stable in summary statistics. We use the correlation analysis, regression analysis, cross validation test to investigate the forecast performance. The empirical result shows that the realized volatility we propose is better than other volatilities, including historical volatility, implied volatility, and convention realized volatility, for forecasting VKOSPI. Also, the regression analysis on the predictive abilities for realized volatility, which is measured by our new methodology and conventional one, shows that VKOSPI is an efficient estimator compared to historical volatility and CRR implied volatility.

• Journal of Chest Surgery
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• v.43 no.4
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• pp.345-355
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• 2010

Background: Extracellular and intracellular pH ($pH_o$ and $pH_i$), which can be changed in various pathological conditions such as hypoxia, affects vascular contractility. To elucidate the mechanism to alter vascular contractility by pH, the effects of pH on reactivity to vasocontracting agents, intracellular $Ca^{2+}$ influx, and $Ca^{2+}$ sensitivity in vascular smooth muscle were examined. Material and Method: Isometric contractions in rat superior mesenteric arteries (SMA) were observed. Intracellular $Ca^{2+}$ concentration ($[Ca^{2+}]_i$) was recorded by microfluorometer using Fura-2/acetoxylmethyl ester in muscle cells. $pH_o$ was increased from 7.4 to 7.8 or decreased to 6.9 or 6.4. $pH_i$ was decreased by applying $NH_4^+$ or propionic acid or modulated by changing $pH_o$ after increasing membrane permeability using $\beta$-escin. Result: Decreases in $pH_o$ from 7.4 to 6.9 or 6.4 shifted concentration-response curve by norepinephrine (NE) or serotonin (SE) to the right and significantly increased half maximal effective concentration (EC50) to NE or SE. Increase in $pH_o$ from 7.4 to 7.8 shifted concentration-response curve by norepinephrine (NE) or serotonin (SE) to the left and significantly reduced EC50 to NE or SE. NE increased $[Ca^{2+}]_i$ in cultured smooth muscle cells from SMA and the increased $[Ca^{2+}]_i$ was reduced by decreases in $pH_o$. NE-induced contraction was inhibited by $NH_4^+$, whereas the resting tension was increased by $NH_4^+$ or propionic acid. When the cell membrane of SMA was permeabilized using ${\beta}$-escin, SMA was contracted by increasing extracellular $Ca^{2+}$ concentration from 0 to $10{\mu}M$ and the magnitude of contraction was decreased by a decrease in $pH_o$ and vice versa. Conclusion: From these results, it can be concluded that a decrease in $pH_o$ might inhibit vascular contraction by reducing the reactivity of vascular smooth muscle to vasoactive agents, $Ca^{2+}$ influx and the sensitivity of vascular smooth muscle to $Ca^{2+}$.

• (The)Study of the Eastern Classic
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• no.36
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• pp.7-30
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• 2009

Confucius said, "at fifteen, I had my mine bent on learning, At thirty, I stood firm, At forty, I had no doubt, At fifty I knew the decrees of Heaven, At sixty, my ear was an obedient organ for the reception of truth, At seventy, I could follow what my heart desired, without transgressing what was right." This dissertation's aim is to articulate the ideas and methodology of 'learning to become a sage' based upon his saying. Confucius believe in reality of the human mind & it's nature. What Heaven has conferred is called the human nature. An accordance with this human nature is called path of human duty. Confucius's concept of human path is realization of humanness. Confucian's Human relationship is none other than conscientiousness and altruism. This Rule is expressed in the confucian version of reciprocity: "What you do not wish for yourself, do not do to others." Confucian principles of reciprocity imply is equal to Kantian Categorical imperative. This principles imply universalizability and equal consideration.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.1-41
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• 2005

In the literature, much research has been focused on the relationships between financial policies and corporate valuation, including the effects that internal equity and capital structure have on corporate value, as well as how capital structures, investments and dividends relate to one another. However, comprehensive studies considering three facets of financial policies, namely capital structures, investments, and internal equity altogether, are scant. This study follows 361 companies listed on the Korean Stock Exchange, excluding financial institutions, from 1996 to 2002. Using 3SLS methods, an empirical analysis was conducted of the relationships among capital structures, investments, dividends, and internal equity and the results are summarized. Capital structures were found to be negatively related with investments, while investments were mainly related to dividends. Dividends were positively related with internal equity, simultaneously affecting capital structures. We were not able to find any clear evidence of a direct relationship between internal equity and capital structures; however they seemed to be indirectly related. Thus, there seems to be mutual relationships between financial policies and internal equity.

• Journal of Korean Society of Forest Science
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• v.63 no.1
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• pp.9-11
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• 1984

This study was carried out to compare the seed germination and seedling growth of Fraxinus mandshurica growing in natural forests of the interior of Korea. Three stimulation methods were used for germination and the seedlings were planted with various densities. The results obtained were summarized as follows: 1) It was suggested that the 80 seedlings per square meter were proper densities for their growth at a nursery bed. 2) Among the three stimulation methods, 19.9% of germination was shown by the moisture storage, 2.3% by cold and warm stratification, and 0.4% by cold stratification. 3) The 8.1% of the total seedlings showed secondary height growth.