• Title/Summary/Keyword: 의미구조

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GENERAL STRATIGRAPHY OF KOREA (한반도층서개요(韓半島層序槪要))

  • Chang, Ki Hong
    • Economic and Environmental Geology
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    • v.8 no.2
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    • pp.73-87
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    • 1975
  • Regional unconformities have been used as boundaries of major stratigraphic units in Korea. The term "synthem" has already been propsed for formal unconformity-bounded stratigraphic units of maximum magnitude (ISSC, 1974). The unconformity-based classification of the strata in the cratonic area in Korea comprises in ascending order the Kyerim, $Sangw{\check{o}}n$, $Jos{\check{o}}n$, $Py{\check{o}}ngan$, Daedong, and $Ky{\check{o}}ngsang$ Synthems, and the Cenozoic Erathem. The unconformites separating them from each other are either orogenic or epeirogenic (and vertical tectonic). The sub-$Sangw{\check{o}}n$ unconformity is a non-conformity above the basement complex in Korea. The unconformities between the $Sangw{\check{o}}n$, $Jos{\check{o}}n$, and $Py{\check{o}}ngan$ Synthems are disconformities denoting late Precambrian and Paleozoic crustal quiescence in Korea. The unconformities between the $Py{\check{o}}ngan$, Daedong, and $Ky{\check{o}}ngsang$ Synthems are angular unconformities representing Mesozoic orogenies. The bounding unconformities of the $Ky{\check{o}}ngsang$ Synthem involve non-conformable parts overlying the Jurassic and late Cretaceous granitic rocks.

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Sequence Stratigraphy of the Yeongweol Group (Cambrian-Ordovician), Taebaeksan Basin, Korea: Paleogeographic Implications (전기고생대 태백산분지 영월층군의 순차층서 연구를 통한 고지리적 추론)

  • Kwon, Y.K.
    • Economic and Environmental Geology
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    • v.45 no.3
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    • pp.317-333
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    • 2012
  • The Yeongweol Group is a Lower Paleozoic mixed carbonate-siliciclastic sequence in the Taebaeksan Basin of Korea, and consists of five lithologic formations: Sambangsan, Machari, Wagok, Mungok, and Yeongheung in ascending order. Sequence stratigraphic interpretation of the group indicates that initial flooding in the Yeongweol area of the Taebaeksan Basin resulted in basal siliciclastic-dominated sequences of the Sambangsan Formation during the Middle Cambrian. The accelerated sea-level rise in the late Middle to early Late Cambrian generated a mixed carbonate-siliciclastic slope or deep ramp sequence of shale, grainstone and breccia intercalations, representing the lower part of the Machari Formation. The continued rise of sea level in the Late Cambrian made substantial accommodation space and activated subtidal carbonate factory, forming carbonate-dominated subtidal platform sequence in the middle and upper parts of the Machari Formation. The overlying Wagok Formation might originally be a ramp carbonate sequence of subtidal ribbon carbonates and marls with conglomerates, deposited during the normal rise of relative sea level in the late Late Cambrian. The formation was affected by unstable dolomitization shortly after the deposition during the relative sea-level fall in the latest Cambrian or earliest Ordovician. Subsequently, it was extensively dolomitized under the deep burial diagenetic condition. During the Early Ordovician (Tremadocian), global transgression (viz. Sauk) was continued, and subtidal ramp deposition was sustained in the Yeongweol platform, forming the Mungok Formation. The formation is overlain by the peritidal carbonates of the Yeongheung Formation, and is stacked by cyclic sedimentation during the Early to Middle Ordovician (Arenigian to Caradocian). The lithologic change from subtidal ramp to peritidal facies is preserved at the uppermost part of the Mungok Formation. The transition between Sauk and Tippecanoe sequences is recognized within the middle part of the Yeongheung Formation as a minimum accommodation zone. The global eustatic fall in the earliest Middle Ordovician and the ensuing rise of relative sea level during the Darrwillian to Caradocian produced broadly-prograding peritidal carbonates of shallowing-upward cyclic successions within the Yeongheung Formation. The reconstructed relative sea-level curve of the Yeongweol platform is very similar to that of the Taebaek platform. This reveals that the Yeongweol platform experienced same tectonic movements with the Taebaek platform, and consequently that both platform sequences might be located in a body or somewhere separately in the margin of the North China platform. The significant differences in lithologic and stratigraphic successions imply that the Yeongweol platform was much far from the Taebaek platform and not associated with the Taebaek platform as a single depositional system. The Yeongweol platform was probably located in relatively open shallow marine environments, whereas the Taebaek platform was a part of the restricted embayments. During the late Paleozoic to early Mesozoic amalgamations of the Korean massifs, the Yeongweol platform was probably pushed against the Taebaek platform by the complex movement, forming fragmented platform sequences of the Taebaeksan Basin.

Early Clinical Experience in Aortic Valve Replacement Using On-X$^{circledR}$Prosthetic Heart Valve (On-X$^{circledR}$ 기계판막을 이용한 대동맥판 치환술의 조기 임상 경험)

  • 안병희;전준경;류상완;최용선;김병표;홍성범;박종춘;김상형
    • Journal of Chest Surgery
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    • v.36 no.9
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    • pp.651-658
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    • 2003
  • Since the first implanted in September 1997, the use of On-X prosthetic heart valve has been increasing around in the world. This study was designed to assess the feasibility, safety, and the postoperative hemodynamics with this new valve in clinical setting. Material and Method: The current study was carried out on 52 patients undergoing aortic valve replacement with this prosthesis between April 1999 to August 2002 at Chonnam National University Hospital to evaluate the surgical results. 52% of the patients were male and the average age at implant was 50$\pm$13 years. The study followed the guidelines of the AATS/STS. Preoperatively, 32(61.5%) patients were in NYHA functional class III or IV and 2 patients had previous aortic valve surgery. Concomitant cardiac surgery was performed in 71.1%. The implanted valve sizes were 19 mm in 13 patients, 21 mm in 26, 23 mm in 10 and 25 mm in 3, respectively. Mean follow-up was 16.6$\pm$10.5 months (1∼39 months). Echocardiographic assessment was performed pre- and immediate postoperatively, as well as 3, 6, 12 months after surgery, evaluating pressure loss and regression of left ventricular hypertrophy. Result: Mean cardiopulmonary bypass time was 191$\pm$94.7 minutes with an aortic cross-clamp time of 142$\pm$51.7 minutes. There was no early and late mortality, Freedom from adverse events at 1 year in the study were as follows: thromboembolism, 95.6$\pm$6%; bleeding events, 90.2$\pm$4%; paravalvular leakage 92.3$\pm$4%; and overall valve-related morbidity at 1 year was 76.6$\pm$3%. There were no cases of valve thrombosis, prosthetic valve endocarditis and structural or non-structural failure. Left ventricular function at 12 months after surgery (EF=62.7$\pm$9.8%) revealed a statistically significant improvement compared to preoperative investigation (EF=55.8$\pm$15.9%, p=0.006). Left ventricular mass index was 247.3$\pm$122.3 g/$m^2$ on preoperative echocardiographic study, but regressed to 155.5$\pm$58.2 g/$m^2$ at postoperative 1 year (p=0.002). Over the follow-up period a further decrease of peak transvalvular gradients was observed in all patients: 62.5$\pm$38.0 mmHg on preoperative assessment, 18.2$\pm$6.8 mmHg at immediate postoperative period (p < 0.0001), 7.6$\pm$5.09 mmHg (p<0.0001) at 6 month, 18.0$\pm$10.8 mmHg (p<0.0001) at 1 year. Conclusion: The On-X prosthetic heart valve performs satisfactorily in the first 1 year period. Clinical outcome by examining NYHA functional classification revealed especially good results. Effective regression of left ventricular hypertrophy and statistically significant decrease of transvalvular gradient were observed over the first year, but longer-term follow-up of this patient group is needed to establish the expected rates for late valve-related events as well as the long-term clinical efficacy of this valve.

Studies on the Assumption of the Locations and Formational Characteristics in Yigye-gugok, Mt. Bukhansan (북한산 이계구곡(耳溪九曲)의 위치비정과 집경(集景) 특성)

  • Jung, Woo-Jin;Rho, Jae-Hyun;Lee, Hee-Young
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.35 no.3
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    • pp.41-66
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    • 2017
  • The purpose of this research is to empirically trace the junctures of Yigye-gugok managed by Gwan-am Hong Gyeong-mo, a grandson of Yigye Hong Yang-ho who originally designed Yigye-gugok, while reviewing the features of the forms and patterns of gugok. The results of the research are as follows. 1. Ui-dong was part of the domain of the capital during the Chosun dynasty, which also is located in the city of Seoul as a matter of administrative zone. Likewisely, Yigye-gugok is taken as a special meaning for it was one and only gugok. Starting with Mangyeong Waterfall as the $1^{st}$ gok, Yigye follows through the $2^{nd}$ gok of Jeokchwibyeong Rock, the $3^{rd}$ gok of Chanunbong Peak, the $4^{th}$ gok of Jinuigang Rock, the $5^{th}$ gok of Okkyeongdae Rock, the $6^{th}$ gok of Wolyeongdam Pond, the $7^{th}$ gok of Tagyeongam Rock, the $8^{th}$ gok of Myeongoktan Stream, and the $9^{th}$ gok of Jaeganjeong Pavilion. Of these, Mangyeong Waterfall, Chanunbong Peak, and Okkyeongdae Rock are distinct for their locations in as much as their features, while estimated locations for Jinuigang Rock, Wolyeongdam Pond, Myeongoktan Stream, and Jaeganjeong Pavilion were discovered. However, Jeokchwibyeong Rock and Tagyeongam Rock demonstrated multiple locations in close resemblance to documentary literatures within secretive proximity, whereas geography, scenery, and sighted objects were considered to evaluate the 1st estimated location. Through these endeavored, it was possible to identify the shipping routes and structures for the total distance of 2.1km running from the $1^{st}$ gok to the $9^{th}$ gok, which nears Gwanam's description of 5ri(里), or approximately 1.96km for gugok. 2. Set towards the end of the $18^{th}$ century, Yigye-gugok originated from a series of work shaping the space of Hong Yang-ho's tomb into a space for the family. Comparing Yigye-gugok to other gugoks, numerous differences are apparent from beyond the rather more general format such as adjoining the $8^{th}$ gok while paving through the lower directions from the upper directions of the water. This gives rises to the interpretation such that Yigye-gugok was positioned to separate the doman of the family from those of the other families in power, thereby taking over Ui-dong. Yet, the aspect of the possession of the space lends itself to the determination that the location positioned at the $8^{th}$ gok above Mangyeongpok Waterfall representing Wooyi-dong was a consequence of the centrifugal space creation efforts. 3. While writings and poetic works were manufactured in such large quantities in Yigye-gugok whose products of setters and managers seemed intended towards gugok-do and letters carved on the rocks among others, there is yet a tremendous lack of visual media in the same respect. 'Yigye-gugok Daejacheop' Specimens of Handwriting offers the traces of Gwanam's attempts to engrave gakja at the food of Yigye-gugok. This research was able to ascertain that 'Yigye-gugok Daejacheop' Specimens of Handwriting was a product of Hong Yang-ho's collections maintained under the auspices of the National Central Museum, which are renowned for Song Shi-yeol's penmanship.

A Sasang Theoretical1) Study about the Morph & Image of Sasang Constitutional Medicine (사상의학(四象醫學) 형상관(形象觀)에 대한 사심신물적(事心身物的) 고찰(考察))

  • Kim, Jeong-ho;Song, Jeong-mo
    • Journal of Sasang Constitutional Medicine
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    • v.11 no.1
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    • pp.295-310
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    • 1999
  • Nowadays there are a lot of attempts and approaches in the Study of Oriental Medicine. The Morph&Image is one of them, and its importance is more and more increasing. Likewise, in the Sasang Consitutional Medicine, the Morph&Image is one of the important part too. And it is presented in the ${\ll}$Dorgyi SooseBowon(東醫壽世保元)${\gg}$. But that Discourse shows us only the concept and conclusion of Morph&Image, based on classification of Sasang Constitution, without explaining how it is derived. So the author studied the basic theory parts of ${\ll}$Dorgyi Soose Bowon${\gg}$-those are the , , , and - and wanted to find out the mechanism of Morph&Image concept in the Sasang Constitutional Medicine. The results were as follows. 1. Every portion of human body, can be considered as Morph&Image, in ${\ll}$Dorgyi Soose Bowon${\gg}$ could be explained in the line with the Sasang theory. Morph&Image in ${\ll}$Dorgyi Soose Bowon${\gg}$ contents not only the shape itself but also image, operation, mind condition, nature, emotion and so on. 2. The traditional Oriental Medicine has the Morph&Image categorized by Five elements(五行). And it is used for Oriental medical Diagnosis. But in the Sasang Constitution, Morph&Image is used for Sasang Constitutional classification. 3. The Morph&Image in Sasang could be classified into four groups. Affairs(事)- group(ears, eyes, nose, mouth(耳目鼻口) and so on), object(物)-group(lung, spleen, liver, kidney(肺脾肝腎)and soon), Mind(心)-group(jaw, chest navel, abdomen and so on) and Body(身)-group(head, shoulders, waist hips(頭肩腰臀) and so on) are those. Event and Object groups reflect the congenital conditions of Sasang-Classified human body, and Mind and Body groups reflect mind state, nature, emotion etc..

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The Effect of Active Senior's Career Orientation and Educational Entrepreneurship Satisfaction on Entrepreneurship Intention and Entrepreneurship Preparation Behavior (액티브 시니어의 경력지향성과 창업교육 만족이 창업의지와 창업준비행동에 미치는 영향)

  • Park, Joungbum;Yang, Youngseok;Kim, Myungseuk
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.1
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    • pp.285-301
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    • 2020
  • Looking at the problem of aging in the nation from a demographic perspective, it is not a problem of the overall population, but of the structure of the population. It is the baby boomer and post-baby boomers, the largest population in the country. Baby boomers were born between 1955 and 1963, and currently have a population of 7001,333, which is 13.6 percent (as of 2015). The Post-Baby Boomer generation was born between 1964 and 1974, with a total population of 9,567,171, accounting for 18.8 percent of the total population. In particular, baby boomers and post-baby boomers (32.4% of the total population) have begun to retire or will retire soon. The average life expectancy continues to increase due to the development of medical technology, and the falling birth rate of newborns and the declining population of the production population are darkening the domestic economy. In a policy proposal aimed at easing the nation's falling economic growth rate, women's participation rate is as high as Sweden and men's efforts to increase it as high as Japan's, while the elderly rate is desirable to maintain Korea's high level. This is because the expansion of the elderly generation's participation in economic activities could ease a sharp drop in economic growth and reduce the burden of supporting the elderly population. The study, based on this social problem awareness and problem solving plan, looks at the relationship between career orientation and satisfaction in start-up education based on the diverse career base of active seniors, and also suggests the importance of customized start-up education on the diversity of active seniors by clarifying the relationship between them, and suggests the desirable direction of senior start-up policy design, funding, and start-up education. Based on the theoretical background, the concept of five factors was defined: active senior, career-oriented, satisfaction level of start-up education, willingness to start a business, and the concept definition of an active senior, which is particularly key to the baby boomers in their 50s and 60s, is generally regarded as a source of consumption or welfare benefits, but in this study, the concept of active start-up is reflected in the domestic start-up market by young people in their 40s, 50s and 60s. As a result of a hypothesis test. Hypothesis 1 and Hypothesis 5: Career orientation has been verified to affect the willingness to start a business and the behavior of preparation for a start-up. Hypothesis 3: The willingness to start a business has been verified as having an effect between startup preparation actions. Hypothesis 4: The satisfaction level of start-up education has been verified to affect start-up preparation behavior. However, hypothesis 2: The satisfaction level of education for start-ups does not affect the willingness to start a business. Such results can be inferred that satisfaction in start-up education does not have a direct effect on the will to start a business and increases the will to start a business through the influence of personal career orientation.

Dry etching of polycarbonate using O2/SF6, O2/N2 and O2/CH4 plasmas (O2/SF6, O2/N2와 O2/CH4 플라즈마를 이용한 폴리카보네이트 건식 식각)

  • Joo, Y.W.;Park, Y.H.;Noh, H.S.;Kim, J.K.;Lee, S.H.;Cho, G.S.;Song, H.J.;Jeon, M.H.;Lee, J.W.
    • Journal of the Korean Vacuum Society
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    • v.17 no.1
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    • pp.16-22
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    • 2008
  • We studied plasma etching of polycarbonate in $O_2/SF_6$, $O_2/N_2$ and $O_2/CH_4$. A capacitively coupled plasma system was employed for the research. For patterning, we used a photolithography method with UV exposure after coating a photoresist on the polycarbonate. Main variables in the experiment were the mixing ratio of $O_2$ and other gases, and RF chuck power. Especially, we used only a mechanical pump for in order to operate the system. The chamber pressure was fixed at 100 mTorr. All of surface profilometry, atomic force microscopy and scanning electron microscopy were used for characterization of the etched polycarbonate samples. According to the results, $O_2/SF_6$ plasmas gave the higher etch rate of the polycarbonate than pure $O_2$ and $SF_6$ plasmas. For example, with maintaining 100W RF chuck power and 100 mTorr chamber pressure, 20 sccm $O_2$ plasma provided about $0.4{\mu}m$/min of polycarbonate etch rate and 20 sccm $SF_6$ produced only $0.2{\mu}m$/min. However, the mixed plasma of 60 % $O_2$ and 40 % $SF_6$ gas flow rate generated about $0.56{\mu}m$ with even low -DC bias induced compared to that of $O_2$. More addition of $SF_6$ to the mixture reduced etch of polycarbonate. The surface roughness of etched polycarbonate was roughed about 3 times worse measured by atomic force microscopy. However examination with scanning electron microscopy indicated that the surface was comparable to that of photoresist. Increase of RF chuck power raised -DC bias on the chuck and etch rate of polycarbonate almost linearly. The etch selectivity of polycarbonate to photoresist was about 1:1. The meaning of these results was that the simple capacitively coupled plasma system can be used to make a microstructure on polymer with $O_2/SF_6$ plasmas. This result can be applied to plasma processing of other polymers.

The Role of the Soft Law for Space Debris Mitigation in International Law (국제법상 우주폐기물감축 연성법의 역할에 관한 연구)

  • Kim, Han-Taek
    • The Korean Journal of Air & Space Law and Policy
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    • v.30 no.2
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    • pp.469-497
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    • 2015
  • In 2009 Iridium 33, a satellite owned by the American Iridium Communications Inc. and Kosmos-2251, a satellite owned by the Russian Space Forces, collided at a speed of 42,120 km/h and an altitude of 789 kilometers above the Taymyr Peninsula in Siberia. NASA estimated that the satellite collision had created approximately 1,000 pieces of debris larger than 10 centimeters, in addition to many smaller ones. By July 2011, the U.S. Space Surveillance Network(SSN) had catalogued over 2,000 large debris fragments. On January 11, 2007 China conducted a test on its anti-satellite missile. A Chinese weather satellite, the FY-1C polar orbit satellite, was destroyed by the missile that was launched using a multistage solid-fuel. The test was unprecedented for having created a record amount of debris. At least 2,317 pieces of trackable size (i.e. of golf ball size or larger) and an estimated 150,000 particles were generated as a result. As far as the Space Treaties such as 1967 Outer Space Treaty, 1968 Rescue Agreement, 1972 Liability Convention, 1975 Registration Convention and 1979 Moon Agreement are concerned, few provisions addressing the space environment and debris in space can be found. In the early years of space exploration dating back to the late 1950s, the focus of international law was on the establishment of a basic set of rules on the activities undertaken by various states in outer space.. Consequently environmental issues, including those of space debris, did not receive the priority they deserve when international space law was originally drafted. As shown in the case of the 1978 "Cosmos 954 Incident" between Canada and USSR, the two parties settled it by the memorandum between two nations not by the Space Treaties to which they are parties. In 1994 the 66th conference of International Law Association(ILA) adopted "International Instrument on the Protection of the Environment from Damage Caused by Space Debris". The Inter-Agency Space Debris Coordination Committee(IADC) issued some guidelines for the space debris which were the basis of "the UN Space Debris Mitigation Guidelines" which had been approved by the Committee on the Peaceful Uses of Outer Space(COPUOS) in its 527th meeting. On December 21 2007 this guideline was approved by UNGA Resolution 62/217. The EU has proposed an "International Code of Conduct for Outer Space Activities" as a transparency and confidence-building measure. It was only in 2010 that the Scientific and Technical Subcommittee began considering as an agenda item the long-term sustainability of outer space. A Working Group on the Long-term Sustainability of Outer Space Activities was established, the objectives of which include identifying areas of concern for the long-term sustainability of outer space activities, proposing measures that could enhance sustainability, and producing voluntary guidelines to reduce risks to long-term sustainability. By this effort "Guidelines on the Long-term Sustainability of Outer Space Activities" are being under consideration. In the case of "Declaration of Legal Principles Governing the Activities of States in the Exp1oration and Use of Outer Space" adopted by UNGA Resolution 1962(XVIII), December 13 1963, the 9 principles proclaimed in that Declaration, although all of them incorporated in the Space Treaties, could be regarded as customary international law binding all states considering the time and opinio juris by the responses of the world. Although the soft law such as resolutions, guidelines are not binding law, there are some provisions which have a fundamentally norm-creating character and customary international law. In November 12 1974 UN General Assembly recalled through a Resolution 3232(XXIX) "Review of the role of International Court of Justice" that the development of international law may be reflected, inter alia, by the declarations and resolutions of the General Assembly which may to that extend be taken into consideration by the judgements of the International Court of Justice. We are expecting COPUOS which gave birth 5 Space Treaties that it could give us binding space debris mitigation measures to be implemented based on space debris mitigation soft law in the near future.

Characteristics of Everyday Movement Represented in Steve Paxton's Works: Focused on Satisfyin' Lover, Bound, Contact at 10th & 2nd- (스티브 팩스톤(Steve Paxton)의 작품에서 나타난 일상적 움직임의 특성에 관한 연구: , , 를 중심으로)

  • KIM, Hyunhee
    • Trans-
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    • v.3
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    • pp.109-135
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    • 2017
  • The purpose of this thesis is to analyze characteristics of everyday movement showed in performances of Steve Paxton. A work of art has been realized as a special object enjoyed by high class people as high culture for a long time. Therefore, a gap between everyday life and art has been greatly existed, and the emergence of everyday elements in a work of art means that public awareness involving social change is changed. The postmodernism as the period when a boundary between art and everyday life is uncertain was a postwar society after the Second World War and a social situation that rapidly changes into a capitalistic society. Changes in this time made scholars gain access academically concepts related to everyday life, and affected artists as the spirit of the times of pluralistic postmodernism refusing totality. At the same period of the time, modern dance also faced a turning point as post-modern dance. After the Second World War, modern dance started to be evaluated as it reaches the limit, and at this juncture, headed by dancers including the Judson Dance Theatre. Acting as a dancer in a dance company of Merce Cunningham, Steve Paxton, one of founders of the Judson Dance Theatre, had a critical mind of the conditions of dance company with the social structure and the process that movement is made. This thinking is showed in early performances as an at tempt to realize everyday motion it self in performances. His early activity represented by a walking motion attracted attention as a simple motion that excludes all artful elements of existing dance performances and is possible to conduct by a person who is not a dancer. Although starting the use of everyday movement is regarded as an open characteristic of post-modern dance, advanced researches on this were rare, so this study started. In addition, studies related to Steve Paxton are skewed towards Contact Improvisation that he rose as an active practician. As the use of ordinary movement before he focused on Contact Improvisation, this study examines other attempts including Contact Improvisation as attempts after the beginning of his performances. Therefore, the study analyzes Satisfyin' Lover, Contact at 10th & 2nd and Bound that are performances of Steve Paxton, and based on this, draws everyday characteristics. In addition, related books, academic essays, dance articles and reviews are consulted to consider a concept related to everyday life and understand dance historical movement of post-modern dance. Paxton attracted attention because of his activity starting at critical approach of movement of existing modern dance. As walking of performers who are not dancers, a walking motion showed in Satisfyin' Lover gave esthetic meaning to everyday movement. After that, he was affected by Eastern ideas, so developed Contact Improvisation making a motion through energy of the natural laws. In addition, he had everyday things on his performances, and used a method to deliver various images by using mundane movement and impromptu gestures originating from relaxed body. Everyday movement of his performances represents change in awareness of performances of the art of dancing that are traditionally maintained including change of dance genre of an area. His activity with unprecedented attempt and experimentation should be highly evaluated as efforts to overcome the limit of modern dance.

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Performance of Korean State-owned Enterprises Following Executive Turnover and Executive Resignation During the Term of Office (공기업의 임원교체와 중도퇴임이 경영성과에 미치는 영향)

  • Yu, Seungwon;Kim, Suhee
    • KDI Journal of Economic Policy
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    • v.34 no.3
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    • pp.95-131
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    • 2012
  • This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

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