• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.12
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• pp.162-169
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• 2016

Using 1795 observations from the 5 year-359 firm panel data collected during the period from 2009 to 2013 in Chinese stock exchanges, this study examines the impact of the controlling shareholders' ownership on R & D expenditure. This empirical study finds that when firms are state-owned, the controlling shareholders' ownership has a U shaped relation with the level of R & D expenses. A non-linear relation is also found when piece-wise regression models are applied. This empirical study also finds that when firms are private-owned, the controlling shareholders' ownership is negatively related to the level of R & D expenses, and no structural changes in the relation are found when piece-wise regression models are applied. These results support the hypothesis that the effects of the controlling shareholders' ownership on R & D expenses may differ depending on the ownership type of the controlling shareholders. This finding suggests that the differences in the controlling shareholders' incentives due to their ownership type should be considered when exploring the relation between the controlling shareholders' ownership and corporate strategic decisions.

• The Journal of the Korea Contents Association
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• v.16 no.1
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• pp.179-189
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• 2016

The aim of this study was to find out the possibilities of humanistic education through text analysis of the picture books of Korean fairy tales dealing with poverty and to discuss the educational implications. For this, the two researchers drew the literal roles of poverty and property in the common narrative structure of seven subject books and discussed the humanistic educational implications. The results are as follows. Firstly, the poverty of a main character was related to good personalities rather than negative personalities such as indolent disposition and formed affirmative values. Secondly, divine existence or animal helpers offered property to the good man in a unrealistic manner so that it emphasized the meaning of reward on their good nature. Thirdly, the bad character of wicked men following the good men was focussed on and their greed for property was the evidence of their wickedness. Most of them were punished because of the wicked motive so that it apparently highlighted the lesson of the good triumphing over the evil by the binary opposition structure. Fourthly, all the fairy tales made the characters treated based on the each personality: punishment or reward. However, the reward was usually property so that the property itself was depicted as a kind of blessings. Based on those findings, some humanistic educational implications were discussed.

• The Journal of the Korea Contents Association
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• v.12 no.9
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• pp.280-292
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• 2012

In general, a venture capital invests in tech startups and helps them improve the corporate transparency through board of directors. With respect to venture capital investment and its impact on the corporate transparency of the newly public firms from 2004 to 2010 in Korea, we have made regression analysis. First, it was found that it was likely to be less transparent, the larger its asset size or the higher its debt ratio was. Second, lower level of ownership-control disparity resulted in higher transparency. Third, a shorter period to IPO and higher growth rate were more prominent in companies with lower degree of transparency. The above findings were not conclusive to prove whether or not venture capital directly increases the transparency level of its portfolio companies, but do insinuate the possibility of a negative impact on the transparency of its investee companies, as early IPO's were associated with less transparency. This is all the more persuasive as it was observed that companies with a lower level of transparency had generally raised more money from venture capitals, and that companies with a higher growth rate and/or higher PBR, have shown to be less transparent.

• Geophysics and Geophysical Exploration
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• v.10 no.4
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• pp.369-376
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• 2007

Electrical resistivity tomography was carried out at seawater intrusion monitoring wells located at watershed in coastal areas. It is difficult to identify the characteristics of resistivity near monitoring well in case of using high signalto-noise ratio array due to the high conductivity condition in coastal aquifer although electrical resistivity survey is well adopted to delineate hydrogeological characteristics with the distribution of electrical resistivity. To improve the quality of electrical resistivity survey for two sites with seawater intrusion monitoring wells, inversion with the results of holeto-surface electrical resistivity tomography using single well was executed. The results of inversion for aquifer near wells were verified with the results of drilling log with the informations of fracture, electrical conductivity logging and normal resistivity logging. The inversion for aquifer near one of two wells was also performed at low and high tide with the same electrodes, respectively. From the inversion result, it is possible to obtain the resistivity images with high resolution and to identify the characteristics of aquifer related to seawater intrusion with tidal fluctuation. From this study, it was demonstrated that the hole-to-surface electrical resistivity tomography method accompanied with drilling log, electrical conductivity logging and normal resistivity logging would be useful to delineate the hydrogeological structures near monitoring wells in coastal areas.

• 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.

• Korea Trade Review
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• v.41 no.2
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• pp.203-229
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• 2016

Korean general trading companies had started their business to benchmark and to adopt the successful new business models of the Japanese ones. Nevertheless, the strategic gaps between Korean and Japanese GTCs, Sogo-Shosha, still exist, including financial profitability and managerial competencies. In this regard, it is academically and practically required to find out the differences between Korean and Japanese GTCs. This study overviews the previous researches and the business cases to understand the features of GTCs and to get recent and meaningful factors which are related with the rebirth of Sogo-Shosha. Thereafter, in-depth interviews with industry experts and scholars and subsequent investigations were also conducted to suggest meaningful implications for both academicians and practitioners with the found factors. This study suggests four fundamental differences between the Korean and Japanese GTCs: ① the origin and growth path, ② business ownership, governance strategies and contracts management, ③ availabilities of investment portfolio and risk management, ④ business operation system and organizational culture. This study suggests meaningful implications for Korean GTCs to apply the experiences and lessons learned from Japanese Sogo-Shosha into their own business.

• Korean Journal of Poultry Science
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• v.7 no.2
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• pp.54-76
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• 1980

A survey was conducted to determine the status of health and productivity of poultry farms in Korea. Area included Was Kyunggido where exist nearly 50% of national poultry population. From this area, 41 layer and 34 broiler farms covering 21 Countries were selected randomly for the survey. When farms were divided in the operation size, 95.1% of layer and 82.3% of broiler farms were classified as business or industrial level while the rest were managed in a small scale as part time job. Generally layer farms had been established much earlier than broiler farms. Geographically 10.7% of layer farms were sited near the housing area such as field foreast and rice field. No farms were located near the seashore. The distance from one farm from the other was very close, being 80% of the farms within the distance of 1km and as many as 28% of the farms within loom. This concentrated poultry farming in a certain area created serious problems for the sanitation and preventive measures, especially in case of outbreak of infectious diseases. Average farm size was 5,016${\times}$3.3㎡ for layers and 1,037${\times}$3.3㎡ for broilers. 89.5% of layer ana 70.6% of broiler farms owned the land for farming while the rest were on lease. In 60% of layer farms welters were employed for farming while in the rest their own labour was used. Majority of farms were equipped poorly for taking necessary practice of hygiene and sanitation. The amount of disinfectant used by farms was considerably low. As many as 97.6% of lave. farms were practised with Newcastle(ND) and fowl pox(F$.$pox) vaccine, whereas only 43.6% and 5.1% of broiler farms were practised with ND and F$.$pox vaccine, respectively. In 17-32.7% of farms ND vaccine was used less than twice until 60 days of age and in only 14.6% of farms adult birds were vaccinated every 4months. Monthly expense for preventive measures was over 200,000W in 32% of farms. Only 4.9-2.7% of vaccine users were soaking advice from veterinarians before practising vaccination, 85% of the users trusted the efficacy of the vaccines. Selection of medicine was generally determined by the farm owner rather than by veterinarans on whom 33.3% of farms were dependant. When diseases outbroke, 49.3% of farms called for veterinary hospital and the rest were handled by their own veterinarians, salesmen or professionals. Approximately 70% of farms were satisfied with the diagnosis made by the veterinarians. Frequency of disease outbreaks varied according to the age and type of birds. The livabilities of layers during the period of brooding, rearing ana adultwere 90.5, 98.9 and 75.2%, respectively while the livalibility of broilers until marketing was 92.2%. In layers, average culling age, was 533.3 day and hen housed eggs were 232.7. Average feed conversion rates of layers and broilers were 3.30 and 2.48, respectively. Those figures were considerably higher than anticipated but still far lower than those in developed countries.

• 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.

• Radiation Oncology Journal
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• v.17 no.2
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• pp.172-178
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• 1999

Purpose : To measure the basic structural characteristics of radiation oncology facilities in Korea during 1997 and to compare personnel, equipments and patient loads between Korea and developed countries. Methods and Materials : Mail serveys we conducted in 1998 and data on treatment machines, personnel and peformed new patients were collected. Responses were obtained from the 100 percent of facilities. The consensus data of the whole country were summarized using Microsoft Excel program. Results: In Korea during 1997, 42 facilities delivered megavoltage radiation theraphy with 71 treatment machines, 100 radiation oncologists, 26 medical physicist, 205 technologists and 19,773 new patients. Eighty nine percent of facilities in Korea had linear accelators at least 6 MeV maximum photon energy. Ninety five percent of facilities had simulators while five percent of facilities had no simulator, Ninety one percent of facilities had computer planning systems and eighty three percent of facilities reported that they had a written quality assurance program. Thirty six percent of facilities had only one radiation oncologist and thirty eight percent of facilities had no medical physicists. The median of the distribution of annual patients load of a facility, patients load per a machine, patients load per a radiation oncologist, patients load per a therapist and therapists per a machine in Korea were 348 patients per a year, 263 patients per a machine, 171 patients per a radiation oncologist, 81 patients per a therapist, and 3 therapists per a machine respectively. Conclusions : The whole scale of the radiation oncology departments in Korea was smaller than Japan and USA in population ratio regard. In case of hardware level like linear accelerators, simulators and computer planning systems, there was no big differences between Korea and USA. The patients loads of radiation oncologists and therapists had no significant differences as compared with USA. However, it was desirable to consider the part time system in USA because there were a lot of hospitals which did not employ medical physicists.

• Journal of Korean Society of Forest Science
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• v.36 no.1
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• pp.38-46
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• 1977

The purpose of this study are to analyze economic and psychological factors associated with the forest protection of the mountain people, and to explain the forms of the forest management by ownership classes, especially with forest in the production structure of the mountain villages, particulary from Aprial 1st to 20th in 1975. And the basis of the data for this study is to have been obtained by the sample of 462 households, in Jeonbuk province, which were selected by the method of Yandom sampling. In order to determine what relations there are between the forest ownership classes are independent and each of the selected economic and psychological factors, the chi-squre test was used. The findings may be summarized as follows; 1. The area per household forest land of the mountain villages farm families with forest was 1.4ha and are middle classes with the cultivated area, and manage their forest in favor of the forest fuel and the byproducts, which we call "Earn Ownership Management Form". As it is acomplished by the agricultural surplus labor, we can't expect the positive forest investments. 2. The expectation of the proceeds of forest investments seems to be high but 30% of them doubtful. And the mountain villages farm families with above 3ha forest area expect their forest investments to be positive and in future they have hope in the economic management from. 3. The mountainous mountain fram families reply to a small sums of capital and the control of after the fact on account of the negative factors of forest investment. But rural mountain villages farm famillies assist on spending too much money for the control and nexious insects damage. 4. The reason about illegal cut away was mainly their fuels problem and then most of moumtain farm villages was used to forest fuel in their fuel. But 57% of mountainous mountain villages farm families not having forest area, and 66% of them get their fual on the self-supply, and 66.9% of them get from public and nationat forest and other's forest. That is one of the big problems of the forest protection. 5. Above 66% of mountain people think that forest law is severe and 50% of mountainous mountain villages farm families think if usual. Especially ones not having forest area but taking advantage of forest among them think so. 6. Rural mountain villages farm families have comparatively positive attitude for protecting forest, but mountainous mountain villages farm families negative. Classes with above 3ha forest area have more outlook of forest protection. And the more such classes are, the better they can protect forest. 7. There are problem about operation and education of the forest law on the mountainous mountain villages farm families.