• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.2
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• pp.699-711
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• 2011

This study is to perform several major analyses to find any differences in the leverage between the pre- and post-period of the currency crisis. Moreover, another aspect is to investigate a financial aspect which has received relatively little attention to the firms and/or industries in the emerging capital markets in comparison to those in the advanced markets. The purpose of this empirical study is to confirm whether or not, it is myth or reality that Korean business conglomerate, chaebol, firms with subsidized financing from government-owned domestic financial institutions in the pre-financial turmoil, may still maintain their higher leverage, even after the crisis. It was found that firms belonging to the chaebol in Korea maintained higher average book-value and market-value based debt ratios, relative to their counterparts not belonging to the chaebol across all of the tested models. There were positive relationships of IND3(=the chemical industry) and Ind5(=the construction industry) to the book-value leverage. This study identified that there were no differences in the explanatory variables included, between the tested models (that is, without and with including the present value of an operating lease) related to each debt ratio. Since the Korean government continue to improve the corporate governance of the domestic firms in terms of accounting transparency and corporate ownership, it would be more efficient, if utilizing this "new" ratio considering an operating lease as an effective measurement of the level of leverage. In terms of the capital structure, it may also be possible for foreign firms to utilize and benefit from the results obtained in this study when operating their new businesses in Korea, given the economic circumstances such as the ongoing progress of the Korea-America FTA or the Korea-China FTA.

• International Area Studies Review
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• v.21 no.4
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• pp.223-245
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• 2017

This study is examined interaction between carbon market with stock market using a multivariate GARCH(DCC) model. Carbon market is EU ETS EUA price, stock market is the iron and cement stock price which has relatively energy intensive and massive carbon emissions sector in the industrial sector. It also analyzed changes in the correlation between the markets through an analysis of correlation coefficients. Moreover, it checked whether there was marketability expansion(or expansion of carbon emissions reduction) through the analysis above. As a result of empirical tests, it showed that the price spillover effect was insignificant. In addition, it represented that there was a weak correlation between the two markets since the volatility spillover effect disappeared in the second phase by an external shock(a financial crisis). Moreover, it was revealed that there were no significant changes although there was a weak upward trend in terms of the correlation between the carbon market and the stock market. This implies that emission rights could not expand marketability to financial market as a commodity(or did not play its natural role of the reduction of carbon emission).

• Journal of the Korea Institute of Information Security & Cryptology
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• v.28 no.3
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• pp.695-706
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• 2018

In recent years, industrial convergence centered on ICBM (internet of things (IoT), cloud, big data, mobile) has been experiencing rapid development in various fields such as agriculture and the financial industry. In order to prepare for cyber threats, one of the biggest problems facing the convergence industry in the future, the development of the industry must proceed in tandem with a framework of information security. In this study, we analyze the details of the current industrial development policy and related information protection policies using cross impact analysis and present policy priorities through the expert questionnaire. The aim of the study was to clarify the priorities and interrelationships within information security policy as a first step in suggesting effective policy direction. As a result, all six information security policy tasks derived from this study belong to key drivers. Considering the importance of policies, policies such as improving the constitution of the security industry and strengthening of support, training of information protection talent, and investing in the information security industry need to be implemented relatively first.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.34 no.1
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• pp.305-316
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• 2014

The current global water market has been reshaped with a few multinational water companies, water-specialized companies, and other non-construction companies such as manufacturing and financial companies. Each has different business objectives along with the value chain of water industry. In this context, a SWOT-ANP model is proposed to prioritize strategic alternatives for a non-construction company in Korea and the result is validated through a comparison with the AHP model and real business strategies of the company examined from the recent news reports. The validation was confirmed that the company's strategies are very much similar to the priority list and the rankings of the strategic alternatives are identical with those from AHP model, while the weights are slightly changed from the weights in AHP result.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.3
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• pp.103-122
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• 2007

Innovation clusters developed or evolved around a specific region IS the key element of national innovation system and determine national competitiveness. Recognizing the importance of innovation clusters, Korean government has made "Daedeok Special R&D Zone" in 2005. This paper examines the success factors of famous Cluster in advanced countries and China, and proposes the strategy for regional development in Daejeon through boosting Daedeok Innovation Cluster. Although 30.5% of government R&D investment is being concentrated in Daedeok along with 10% of the country's doctorate degree holders, it is lack of increasing revenue by linking corporate R&D with a creative and challenging entrepreneur spirit. The core of the innovation cluster is the integration and mutual networking of the main participants. This paper suggests strategies for developing as a world class innovation cluster, global networking and clustering, venture ecosystem formation, commercialization the knowledge by interacting with market. It also explains the necessity of regional integration for cluster to cluster linkages in the East Asia Region.

• Journal of Digital Convergence
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• v.15 no.8
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• pp.183-193
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• 2017

Digital accredited certificates issued under the Digital Signature Act provide essential functionalities for online service, so certificates are used for various services such as online banking, e-government. However, certificates can be stolen by hackers and users need to install separate software to use certificates. Recently FIDO, which aims to solve the problems of password-based authentication and the lack of interoperability between authentication methods, is used for biometric authentication and TrustZone, hardware-based secure environment, is used for safe smartphone usage. In this paper, the new service method is suggested which uses FIDO-based biometric authentication and stores certificates in TrustZone. This method can not only improve security and convenience but also be easily applied to the service because it uses built-in functionalities of new smartphones such as biometric sensors and TrustZone. It is expected that people can use certificates in a safe and convenient way with this method.

• Proceedings of the Korea Society for Energy Engineering kosee Conference
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• 2007.11a
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• pp.288-293
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• 2007

미국 911 테러 발생 이후로, 국가 기반시설(예: 송/배전 전력망, 석유/가스 파이프라인, 원자력 발전소, 정보통신 시설, 교통 시설, 금융 시설, 매스미디어 시설 등)에 대한 테러리스트의 사보타지 리스크를 관리하는 도전문제에 정부 차원이나, 기업 차원에서 국내외적으로 뜨거운 이목이 집중되고 있다. 그 가운데 에너지 시스템, 특히 원자력 발전소의 물리적 보안은 국가 안보 차원에서 매우 중대한 이슈가 되고 있다. 이는 사보타지로 인한 이러한 시스템의 파손이 국민, 작업자, 또는 외부 환경에 방사성물질 누출과 같은 중대한 결말을 초래할 수 있기 때문이다. 원전과 같은 복잡 시스템에서 설계 기준 위협이 초래할 수 있는 이러한 결말은 그 시스템의 특정 핵심 표적(예: 부품, 구역, 자산, 행위, 인원)의 방호를 통해 효과적으로 방어될 수 있다. 다시 말하면, 표적 인식에서는 어떻게 방어할 것인가에 앞서서 무엇을 방어할 것인가를 다루려는 것이다. 이 연구의 주요 목적은 여태까지 개발된 다양한 표적 인식 기법의 개발 추세를 소개하고 향후 전망을 제시하는 데에 있다. 이를 통해 표적 인식 기법의 수월성, 신뢰성, 및 경제성을 제고할 수 있으리라 본다. 표적 인식 기술의 활용성 측면에서 볼 때, 표적 인식은 하드웨어 적이거나 소프트웨어적인 방호 시스템의 설계에 필수적이므로, 신뢰성 높은 표적 인식은 다음과 같은 긍정적인 파급 효과를 줄일 수 있다: 1) 사보타지 리스크 감소에 직간접적으로 기여할 수 있다; 2) 제한적인 보안 재원을 효율적으로 할당할 수 있다; 3) 보안 대응군대의 훈련 시나리오를 개발할 수 있다; 4) 발전소 규제요건인 안전조치 계획을 비용이나 보안 측면에서 향상시켜 국민 안심(public easiness)을 도모할 수 있다. 향후에는 보다 더 광의적인 복잡 시스템 사이에서 상호 연계적인 사보타지에 대한 표적 인식의 기법들이 점검될 필요성이 있다고 본다.

• Korean Journal of Social Welfare
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• v.39
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• pp.74-102
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• 1999

The integrated global economic system have intensed Liberalization, dereguration, privatization. National states were subordinated in global economic system. To save social costs and to encourage the national competition power, the globalized market tends to reduce the domestic social expention. Truely anxious things are not the defectiveness of capitalism itself but neo-liberal measures of each national states. So neo-liberal globalization beat welfare states. Welfare and growth, accumulation and justice are inter-conflict elements, and these confliction is well explained in context of globalization. Stratigies of growth pursuing economic benefits subordinate social policy in economic policy. Globalization did not always reduce the power of national state, but each national states purposely reduce the power of state and state participations. Thus Globalization can be overcome and must be overcome, eventually, the history of social welfare in korea differ frome that of European states. Their's social welfare retrenchment have based on the excessly expeneded welfare provision, but the frame of social welfare in korea is not yet established in history. Fundamentally historic experiences between European and korean social welfare are different. So "the third way" in korea must be in carefull approaches and the social welfare policy in korea must purchase "anti-market policy" and the equal distribution.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.213-226
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• 2005

Adverse selection is a heavily scrutinized subject within the financial intermediary industry. Consensus is reached regarding its effect on the loan interest rate. Despite the similar features of financial service offered by the credit card, we still have controversy regarding credit card interest rate on how is adverse selection incurred with the change of interest rate. Thus, this paper explores how does the adverse selection, if ever, take place and affect the credit card interest rate. Information asymmetry regarding the credit card users' type represented by the default probability is assumed. The users are assumed to be rational in that they want to minimize the per unit dollar expense associated with the commercial transaction and financing between the two typical payment methods, cash and credit card. Suppliers, i.e. credit card companies, would like to maximize their profit and would be better off with more pervasive use of credit cards over the cash. Then we could show that the increasing credit card interest rate is subject to the adverse selection, sharing the same tenet with that of the bank loan interest rate proposed by Stiglitz and Weiss. Hence the current theory predicts that credit card market also suffers from adverse selection with increasing interest rate.

• The Journal of Fisheries Business Administration
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• v.16 no.1
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• pp.31-54
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• 1985

The mutual credit of Fisheries Cooperatives is reciprocal financing bring overs and shorts to settlement themselves by filling each other's needs among feeble fishermen economically. The spread of mutual credit through Fisheries Cooperatives reduces private loan dependence and private loan interest rate at fishery village, and that fills up policy financing being restricted by working scale. And seeing movement side of Fisheries Cooperatives, it has done an under board to settle self-supporting foundation of primary fisheries cooperatives early. The mutual credit deposit shows about 53 times increase past an interval of a ten years. This increase rate is an epoch-making record being unparalleled in other banking facilities except Fisheries Cooperatives. Then being unparalleled increase rate, time and savings deposits increase has been contributed a great deal than demand deposits. Thinking important function factors as mutual credit growth, we can classify interior and exterior factors. The exterior factor is income of fishery household in some measure, interior factors are the high deposits interest rate and the enlargement of facilities organization. As these, they have been in a better factors, also have been a restriction factors. The restriction factors are conflict cancellation between mutual credit and them bring into existence a village vault, mutual savings and finance companies, private finance. For the sake of continuance growth rate in mutual credit as past, we should eliminate restricted factors in growth. On the other hand the better factors in growth should be act upon affirmation side continually. Consequently under circumstances not to an amicable settlement bring the fisheries fund demand as policy financing, we should do continuous and sound development of fisheries financing by means of putting in good order of fisheries cooperatives mutual credit. Surveying a problem from these viewpoints, when we study more deep and a full into a subject about growth project of mutual credit, we think to expect continuous growth in mutual credit of Fisheries Cooperatives.