• International Area Studies Review
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• v.13 no.1
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• pp.241-263
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• 2009

This paper explores the impacts of ownership structure on performance of listed firms in China using 1994-2002 data. Using a new ownership classification scheme, this paper analyzes the impact of three factors, the ownership identity, equity ownership by the controlling shareholder, and equity ownership by the minority shareholders, on the performance of firms. Panel regression analysis shows that the firms controlled by the government are outperformed by firms controlled by private owners, supporting the hypothesis that the state pursues political objectives such as excess employment rather than profit maximization or the hypothesis that political interference by the Party or government may cause high political costs. Regression results also show that higher equity ownership by the controlling shareholder improves firm performance in private controlled firms and partially in marketized corporate controlled firms. The results also show that higher equity ownership by relatively large shareholders (from top 2 to top 10 shareholders) leads to better performance in marketized corporate controlled firms and partially in private controlled firms.

• Journal of the Korea Society for Simulation
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• v.33 no.1
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• pp.27-34
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• 2024

This study aims to propose an optimal asset allocation that minimizes the risk of insufficient realized replacement rates compared to the OECD average replacement rate. To do this, we set the shortfall risk of replacement rates and calculates an asset allocation plan to minimize this risk based on the period of enrollment, the income level and additional contribution. We consider stocks and deposits as investment assets, using Monte Carlo simulation with a GBM model to generate return distributions for stocks. Our result show that, for individuals with a enrollment period of less than 30 years, participants should invest a minimum of 70-80% of their funds in risky assets to minimize the shortfall risk. However, the proportion of funds that need to be invested in risky assets declines significantly when participants contribute an additional premiums. This effect is particularly pronounced among low-income individuals. Therefore, to achieve OECD average replacement rates, the government needs to incentivize participants to invest more in risky assets, while also providing policies to encourage additional contributions, especially for the low-income population.

• Journal of Labour Economics
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• v.29 no.1
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• pp.129-152
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• 2006

The purpose in this study is to analyze the effect of expected public pension assets (or social security wealth) and retirement incentives on retirement behaviors of two wage earners households. For the purpose of the study, an empirical analysis was conducted. In the empirical step, it was found that the empirical results were significant for men, but not for women namely, statistically asymmetric if behaviors of two couples are interdependent. The cause for the statistically asymmetric results were then determined. The Bivariate Probit model was used for estimation in the first step and the KLIPS(Korean Labor and Income Panel Study) was used as data for estimation. According to the empirical analysis, the results showed statistically significant asymmetry for men, however not for women, in expected public pension assets and other retirement incentives, non-wage assets, age difference, spouse's health status, spouse's monthly wages per hour and aging of their spouse In this study, cause of statistically asymmetric result in asymmetric complementarities of leisure of couples were found, then explained through different methods of comparison from the most recent studies. First, spouse's cross wage elasticity of self leisure demand(retirement) was calculated and determined whether complementarities of leisure of couples is positive or negative. Then, the degree of complementarities of leisure was distinguished in comparison with the relative size of two cross elasticities. Thus, men have relatively strong complementarities of leisure. But for women, it may roughly cancel out due to the substitution effect and the income effect. Therefore, women have relatively weak complementarities of leisure.

• 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.

• Journal of Navigation and Port Research
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• v.39 no.1
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• pp.23-28
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• 2015

This paper is to identify the dynamic phenomenon of the marine pollution management that is connected directly or indirectly by using system dynamics analysis. The method used herein is based on system dynamics analysis that analyzed the sub-systems for marine pollution management. Furthermore designed feedback loop between system elements. And made total casual map of marine pollution management. The main results of the paper are the following : 1. It's necessary to equipments and technology development and law revision for feedback loop slump of initial measures delay in oil spill. 2. It should be come up with partnerships and new business for community corrosion non-proliferation caused by social conflicts. 3. Marine pollution management should be an obligation that must be minimized to include social conflicts in the community and national levels besides oil spill response on-site. This model confirmed the hidden cause of delay by existing response plans, manuals and programs. And oil spill response in broader sense is more important from now on. The result can be useful in the guidance of marine pollution and management.

• Journal of Korean Society of Transportation
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• v.27 no.1
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• pp.73-81
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• 2009

While various factors in passenger and freight demand analysis affect on destination choice, a key factor, in general. is an attractiveness measure by size variable (e.g., population. employment etc) in destination zone. In order to measure the attractiveness, some empirical studies suggested that disaggregate gravity model are more suitable than aggregate gravity model. This study proposes that truck travelers trip diary data among Korean commodity flow data could be used to estimate the behaviors of incorporating trip departure time, activity duration and attractiveness in destination. As a result, the main findings of size and distance variables coincide with the conventional gravity model having a positive effect of population variable and a negative effect of distance variable. Due to disaggregate gravity modeling, the unique findings of this study reports that small trucks are more likely to choose short distance and early morning, morning peak and afternoon peak departure time choice. On the other hand, large trucks are more likely to choose long distance and night time departure time choice.

• Journal of Technology Innovation
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• v.27 no.1
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• pp.1-43
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• 2019

The significance of SMEs (small and medium-sized enterprises) is gradually highlighted as we have entered the age of "New Normal." The South Korean government support these enterprises to boost economic growth and create more jobs. It also releases numerous policies such as national R&D projects and expanding tax incentive services particularly aiming at promoting dramatic investment in R&D and technological innovation. There is a sharp contrast regarding the efficiency of direct or indirect supports for encouraging R&D investment launched by SMEs depending on researchers. However, there has been little attempt to explore the optimal combination of two policy tools. Amid promoting affiliated governmental departments in charge of SMEs policies and constantly growing R&D investment, it is an appropriate time to discuss the medium and long-term direction for the optimal policy mix of direct and indirect supports. In this study, the author obtained 32 relevant studies published earlier in the domestic journals, explored literatures more systematically, and further conducted a meta-analysis. It is dedicated to summarizing relevant controversies and organizes them empirically beyond merely verifying whether policy support stimulates private R&D investment by SMEs. The meta-analysis showed that it would be effective to support as tax for large enterprises, while subsidiary support for SMEs. However, indirect support needs to be progressively increased as direct support primarily accounts for the entire R&D support for South Korean SMEs.

• Korean journal of applied entomology
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• v.58 no.2
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• pp.143-149
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• 2019

This study was conducted to examine the attractiveness of yellow sticky trap (YST) for insect pests by the angle of inclination of the trap surface. In strawberry farms with high bed system, YSTs were installed to attract insect pests in vertical direction with one surface, horizontal direction with upper and under surface, and angle of $45^{\circ}$ with upper and lower sticky surface. Thrips (Frankliniella occidentalis in dominance) and Sciaridae (Bradysia agrestis in dominance) species were more attracted on upper surface of $45^{\circ}$ angle trap, vertical surface and upper surface of horizontal trap than on lower surface of $45^{\circ}$ angle trap or horizontal trap. Cicadellidae (Empoasca vitis in dominance) species were caught more on vertical surface and upper surface of $45^{\circ}$ angle trap than on other traps. There were no specific trend in capture of aphid (Aphis gossypii in dominance) and white fly (Trialeurodes packardi in dominance) species among traps, probably because of a low density of the pest species.

• KDI Journal of Economic Policy
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• v.36 no.4
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• pp.33-69
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• 2014

We investigate determinants of fund investment flows using Korean equity investment funds. Unlike previous studies which analyzed net-flows (inflow minus outflow), we analyze fund investment inflows and outflows separately that should properly reflect investors' fund selection and redemption decision. We find similar effects of past return, fund age on net-flows to existing studies based on US market data. The analysis of determinants of inflows shows that inflows are related to past return, fund age and sales fee as net-flows. In contrast, outflows are found to behave quite differently from inflows. Apparently, asymmetry exists between fund investment inflows and outflows at the Korean fund selection market. Specifically, high past returns increase fund investment inflows while increase, rather than decrease, fund outflows. Moreover, 'convexity' is detected both in inflows and outflows: higher past returns accelerate outflows as well as inflows. Effects of sales fee also differ between inflows and outflows. In the 'affiliated' fund sample, sales fee is negatively related to inflows while positively related to outflows. In the 'unaffiliated' fund sample, sales fee is positively related to inflows, but no significant relationship exists with outflows. Empirical findings of this paper imply that the rational investor's fund selection view cannot provide a consistent explanation of the Korean fund selection market. In particular, the positive and convex relationship between past returns and fund outflows is inconsistent with the rational investor view. The fact that investor's fund investment appears to display 'disposition effect', which has been reported by studies of individual investors' stock investment behaviour suggests that the behavioral finance view should be a part of explanation for the Korean fund selection market. In addition, the strikingly different patterns between the 'affiliated' funds and the 'unaffiliated' funds, imply that brokers' incentive structure is another prevailing factor for fund investment flows.

• Proceedings of the Plant Resources Society of Korea Conference
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• 2020.12a
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• pp.75-75
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• 2020

여주(Momordica charantia L.)는 인도 동부와 남중국 등 열대 아시아 지역이 원산지로, 열대 및 아열대를 비롯하여 온대 지역까지 널리 재배되며, 열매를 식용으로 하여 주로 채소로 재배되고 있는데, 쓴맛 때문에 '쓴오이' 라고도 부르지만 당뇨와 고혈압 등 성인병과 장 기능 개선 성분을 함유하고 있다고 알려지는 등 건강기능성 작물로 국내에서도 전국적으로 재배가 되고 있어서, 국내 재배현황과 재배농가의 실태를 조사하여 재배 애로사항 및 발전과제를 도출코져 하였다. 여주의 국내 재배는 2012년 재배면적이 10ha에서 빠르게 증가하여 2017년 606농가 107.9ha로 정점을 이루고, 점차 감소하여 2019년 232농가 59.9ha에서 재배 하였으며, 2019년 재배면적이 많았던 시군은 함양, 강진, 양주, 천안 등 이었다. 여주의 재배작형은 보통재배(육묘후 노지재배) 농가가 가장 많고, 노지재배(직파), 반촉성재배(조숙재배), 촉성재배 형태의 농가가 있는데, 보통재배(육묘후 노지재배)는 3월 하순~4월 상순에 파종 및 육묘한 후 5월상순 노지에 정식하여, 6월 하순부터 가을에 서리가 내리기 전까지 수확한다. 농가의 재배품종은 일본 등 외국도입종의 종자를 종자회사로 부터 구입하여 재배하고 있으며, 재식방법, 시비관리, 줄기유인 등 표준재배법이 정립되지 못하여 농가별로 다양한 방법으로 재배하고 있는 실정이다. 수확은 열매가 완전히 익기전에 생여주 상태에서 수확하고 있으며, 일반 재배농가는 생여주 판매가 10~20%, 건여주 판매가 80~90% 비율이며, 생여주로 100% 건조업체에 판매하기도 하고, 건여주로 100% 건조하여 판매하는 농가도 있다. 국내재배 안전성 향상을 위하여 필요시 되는 기술개발 과제는 용도별 품종육성 및 종자생산 보급, 고품질 여주 생산을 위한 재배관리 기술, 지역별 생산 여주과실의 성분 품질관리 및 건조 가공기술, 여주의 건강기능성 식품 지정 고시 방안 등으로 전문기관에서의 연구개발이 필요하다.