• Journal of Navigation and Port Research
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• v.43 no.4
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• pp.264-272
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• 2019

In this study, the rate of return on investment used as a proxy variable for the entity's value and financial structure (liability ratio) is related to positive balance. This is consistent with the Static Tradeoff Theory (STT) that the entity's value and financial structure are related to a positive balance because the capital expense of a debt (tax-saving effects) that is less than its equity cost before it is in financial difficulty. Also, operating profitability (EBITDA/Sales), investment safety, total asset growth, net working capital and depreciation expenses are related to negative (-) with financial structure (liability ratio). This is the result of an analysis consistent with the Pecking Order Theory (POT). Fuel costs, borrowing, total asset turnover, financial costs, and tangible asset ratios have a significant positive relationship with the debt ratio. This is consistent with the agency theory and confirms that excessive chartering expenses, such as the bankrupt H company, are the main factors that pressure the financial structure of Korean ocean carriers.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.147-165
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• 1992

This paper analyzes the macroeconomic effects of elections on the Korean economy and their future ramifications. It measures the shocks to the Korean economy caused by elections by taking the average of sample forecast errors from four major elections held in the 1980s. The seven variables' Bayesian Vector Autoregression Model which includes the Monetary Base, Industrial Production, Consumption, Consumer Price, Exports, and Investment is based on the quarterly time series data starting from 1970 and is updated every quarter before forecasts are made for the next quarter. Because of this updating of coefficients, which reflects in part the rapid structural changes of the Korean economy, this study can capture the shock effect of elections, which is not possible when using election dummies with a fixed coefficient model. In past elections, especially the elections held in the 1980s, $M_2$ did not show any particular movement, but the currency and base money increased during the quarter of the election was held and the increment was partly recalled in the next quarter. The liquidity of interest rates as measured by corporate bond yields fell during the quarter the election and then rose in the following quarter, which is somewhat contrary to the general concern that interest rates will increase during election periods. Manufacturing employment fell in the quarter of the election because workers turned into campaigners. This decline in employment combined with voting holiday produce a sizeable decline in industrial production during the quarter in which elections are held, but production catches up in the next quarter and sometimes more than offsets the disruption caused during the election quarter. The major shocks to price occur in the previous quarter, reflecting the expectational effect and the relaxation of government price control before the election when we simulate the impulse responses of the VAR model, imposing the same shocks that was measured in the past elections for each election to be held in 1992 and assuming that the elections in 1992 will affect the economy in the same manner as in the 1980s elections, 1992 is expected to see a sizeable increase in monetary base due to election and prices increase pressure will be amplified substantially. On the other hand, the consumption increase due to election is expected to be relatively small and the production will not decrease. Despite increased liquidity, a large portion of liquidity in circulation being used as election funds will distort the flow of funds and aggravate the fund shortage causing investments in plant and equipment and construction activities to stagnate. These effects will be greatly amplified if elections for the head of local government are going to be held this year. If mayoral and gubernatorial elections are held after National Assembly elections, their effect on prices and investment will be approximately double what they normally will have been have only congressional and presidential elections been held. Even when mayoral and gubernatorial elections are held at the same time as congressional elections, the elections of local government heads are shown to add substantial effects to the economy for the year. The above results are based on the assumption that this year's elections will shock the economy in the same manner as in past elections. However, elections in consecutive quarters do not give the economy a chance to pause and recuperate from past elections. This year's elections may have greater effects on prices and production than shown in the model's simulations because campaigners' return to industry may be delayed. Therefore, we may not see a rapid recall of money after elections. In view of the surge in the monetary base and price escalation in the periods before and after elections, economic management in 1992 should place its first priority on controlling the monetary aggregate, in particular, stabilizing the growth of the monetary base.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• The Korean Journal of Mycology
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• v.29 no.1
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• pp.15-21
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• 2001

This study was conducted to investigate the immunomodulatory activities of proteoglycan extracted from cultured mycelia of Ganoderma lucidum IY009. The proteoglycan contained two polymer peaks, one was the higher MW peak of 2,000 kD and the other was low peaks of 12kD. To understand the part of strong pharmaceutical activity between two peak, the proteoglycan was separated by ultrafiltration and column chromatography and then examined the various pharmaceutical effects. High molecular weight fraction possesing high content of ${\beta}-linked$ glucan was exhibited high antitumor activity, against sarcoma 180 bearing ICR mouse. And also, anticomplementary activity was highly observed in high molecule fraction than low it fraction. When the raw 264.7 and murine peritoneal macrophage treated with low fraction, high fraction and other stimuli. The activities inducing tumor necrosis factor of the high factions were $2.2{\sim}2.5$ times stronger than that of low fraction.

• Archives of design research
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• v.19 no.2 s.64
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• pp.261-272
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• 2006

As we cannot think of our lives without a nation, it is closely related to almost every part of our daily lives. The role of government is becoming more important in the complex modern society as an essential element of national authority even though the government has indirect and secondary characteristics in its functional performance. Therefore, the government has to be efficient in planning and executing its policies, and it needs to be representative and fair as part of a national authoritative community. In the 21st century when symbolic and cultural importance of images are becoming more important, it is crucial for the government organizations to have an integrated identity design system that can satisfy both of these requirements of the government. However, the C.I.(Corporate Identity) of each Korean administrative branch has been developed separately and sporadically, which resulted in lack of consistency as part of the government. Shape and material of their C.I.s that follow short term design trend and popularity also lack uniqueness which can be distinguished from those of any private corporation. This may show that our government lacks systematic administrative capability, since image of a feature represents its characteristics and reality, and their recognition and evaluation from others become identity of the feature. In this perspective, the purpose of this thesis is to suggest an identity design system that has certain rules and regularity with wide variety of possible alterations for the central administration in Korea. In order to represent this visually, identity design system with both integrity and variety of possible alteration is created based on traditional Korean culture, especially the concept of Umyang-ohaeng and Samjae.

• Archives of design research
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• v.19 no.2 s.64
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• pp.241-250
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• 2006

Hangeul as the Korean unique characters were invented according to some character-making principles and based on scholars' exhaustive researches. While most of the characters in the world evolved naturally, Hangeul was invented based on a precise linguistic analysis of the time, and therefore, it is most scientific and reasonable among various characters throughout the world. Nevertheless, Hangeul typeface designs do not seem to inherit the ideology of scientific and reasonable Hangeul correctly. For the square forms have been used intact due to the influences from the Chinese characters which prevailed during the time. If a single set of square characters should be designed, as much as 11,172 fonts should be designed, which suggests that advantages of Mangeul may not well be used fully; Hangeul was invented to visualize every sound with the combinations of 28 vowels and consonants. Problems of such square fonts began to be identified since 1900's when typewriters were introduced first from the West. Since a typewriter is designed with 28 characters laid out on its keyboard by using such combinations, the letters may be easily combined on it. The so-called the flexibility square-format typeface was born as such. Specially, the three-pairs fonts of these can be combined up to 67 letters including vowels and consonants. The three-pairs fonts system can help to solve the problems arising form the conventional square fonts and inherit the original ideology of Hangeul invention. This study aims to review the history of the three-pairs fonts designs facilitated by mechanic encoding of Hangeul and thereupon, suggest some desirable directions for future Hangeul fonts. Since the flexibility square-format typeface is expected to evolve more and more owing to development of the digital technology, they would serve our age of information in terms of both functions and convenience. Just as Hunminjongum tried to be literally independent from the Chinese characters, so the flexibility square-format typeface designs would serve to recover identity of our Hangeul font designs.