• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.1-47
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• 2006

This study investigated the effect of tender-offer on the value of the firms in Korea. For this purpose, the study applied an event study methodology to 55 cases(bidding firm : 26, target firm : 39) of tender-offer and 164 cases(bidding firm : 144, target firm : 20) of merger announcements made between January 1st, 1994 and September 30th 2004. We found the following results. For tender-offer announcements, there was a significant increase in target firm's value while there was no significant change in bidding firm's value. In contrast, for merger announcements, there was a significant increase in bidding firm's value while there was no significant change in target firm's value. In addition, the synergy effect of tender-offer was higher than that of merger. The results support the Berkovitch and Khanna(1991)'s prediction that bidding firms choose tender-offer rather than merger in the presence of higher synergy profit from M&A.

• Korean Journal of Construction Engineering and Management
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• v.10 no.3
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• pp.83-91
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• 2009

Construction industry is a complex industry which should be invested with plenty capital, manpower and resources. Investment factors and inner and outer environmental factors should be managed systemically in terms with risk factors possible to occur. It maximizes the profit to establish construction management by managing risk systemically. While previous studies were executed with risk related to some special progress lively, studies about risk in managing construction company leave much to be desired. Therefore, this study examined risk in the whole construction management, showed the checklist and deduced the quantitative factors through questionnaire analysis from specialists. Also, priority and grade of construction management factors were evaluated by analyzing weight of construction risk factors.

• Management & Information Systems Review
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• v.34 no.2
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• pp.113-130
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• 2015

This study considers the relation between firms' earnings management and credit rating. Unlike preceding papers only focusing earnings management by accrual(thereafter, AM), this paper examines the effect of accrual earnings management(AMs) and real earning management(thereafter, RM) on credit rating. RMs have more negative effects on firms' forward cash flow generation abilities and long term operating performances than AMs. So, RMs are more negative signals for credit analysts than AMs. But credit analysts have much difficulty in seeing through RM, because if credit analysts want to find out RMs, they have to understand firms' internal operating activities, cost structures, receivables collection practices, and review whether profit distortions are due to abnormal change of them. Sample of this study consists of 2,150firm-year data listed companies from 2002 to 2010. Empirical evidence shows that AMs and RMs are negatively related to credit rating. This result implies that credit analysts see through AMs and RMs in interpreting financial informations, that is to say, they discount credit rating in considering level of earnings management that consist of real activity and accrual earning management. This paper also finds that RMs are more negatively related to credit ratings than AMs. This result suggests that credit analysts don't take RMs into account in credit rating process as much as AMs.

• Environmental and Resource Economics Review
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• v.18 no.3
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• pp.523-544
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• 2009

The purpose of this paper is to estimate the impact of foreign direct investment on environmental performance for 27 OECD countries using endogenous environmental policy model. The empirical test shows that with 1% increase in the ratio of inflow stock of foreign direct investment over domestic capital stock, emission on NOx and $CO_2$ will increase by 0.0071%(NOx) and 0.0165%($CO_2$) and 1% increase in the ratio of foreign capital stock induces 0.044%(fixed effect) and 0.047%(random effect) of economic growth. 1% increase of per labor total output increases 2.038%(fixed effect) or 1.890%(random effect) in reinforcement of environmental regulation. However, we could not confirm the Porter's hypothesis that the more strong environmental regulation leads technical innovation. The scale effects (0.0119, 0.0172) are estimated higher than the technical effects (-0.0048, -0.0007) in two pollutants (NOx, $CO_2$). It implies that each country needs to increase pollution abatement and control expenditure more aggressively to protect environment.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.35 no.5
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• pp.1165-1171
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• 2015

Due to the increasing trend of operation and maintenance cost (O&M cost) of infrastructure, the accurate estimation of O&M cost is crucial part to the government. Recent literatures pointed out that gradual climate changes such as average temperature changes, average precipitation changes, and etc. have significant impact on infrastructure O&M cost. This research is intended to develop a long-term O&M cost prediction model of road facilities by considering the impacts of average temperature changes. For this end, the climate change scenarios of Intergovernmental Panel on Climate Change (IPCC)'s $5^{th}$ report are adopted to structure the impact of average temperature changes by using binomial lattice model. The proposed framework is expected to regional government in supporting decisions for road O&M cost.

• Korean Journal of Social Welfare Studies
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• v.48 no.3
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• pp.145-169
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• 2017

Female plays an important role in new welfare policies as emerging new social risks including care needs resulted from increasing female employment participation and changes in family structures. Whereas the effects of work and life reconciliation policies on female employment are well established, less is known for the role of production regime as an important institution on gender wage gap. This study examines the questions in what way and to what extent production regimes and work and family reconciliation policies influence gender wage gap in advanced capitalism countries using the Luxembourg Income Study (LIS). The coordinated market economies (CMEs), presented as higher firm-specific skills, are associated with lower income rank for female workers than male workers, hence larger degree of gender wage gap. Longer parental leave weeks and higher childcare expenditures are associated with less degree of gender wage gap. This research highlights the importance of production regimes in understanding gender wage gap and potential interaction between production regimes and work and life reconciliation policies on gender wage gap.

• 한국사회정책
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• v.23 no.1
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• pp.179-202
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• 2016

This study analyses the effects of the major educational policies, focusing on the private tutoring prohibition policy(PTPP), on the intergenerational class mobility(ICM) by using Korea Labor and Income Panel Study(KLIPS) 1st-12th surveys. Because private tutoring(shadow education) can be effective for academic achievement of children of above middle classes that spend most private tutoring expenditure and have more information on education, the private tutoring prohibition policy can increase the intergenerational mobility. This study confirms this possibility. Even when the overlapping effect of the middle school equalization polity is controlled for, there is still high effect of the PTPP. We think that we still need to examine the level of intergenerational mobility with PTPP cohort with that of later cohorts in the future. We also emphasize the compositive effect of the several consistent policies such as middle school and high school equalization polices and the PTPP and length and continuity of the policies for the higher mobility.

• Journal of Korea Technology Innovation Society
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• v.20 no.2
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• pp.368-386
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• 2017

The purpose of this study is to present the technology value model based on profit approach and IITP practical guide for Ethernet network technology, which is the core technology of autonomous vehicles and connected cars in the hyper-connected industry. In-vehicle network, Ethernet technology, Ethernet port count, port pricing, and application data for technology assessment are sources of global market research organizations. The data on the company's COGS (Cost of Goods Sold), operating capital requirement, capital expenditure, and income statement data are used by the Bank of Korea's Business Analysis Report. According to the results of the study, the product market size was estimated to be US $470.3 billion and the technology market size was $52.1 billion over the seven years of economic life cycle of technology. The market value of the technology was estimated to be $260 million reflecting the possibility of entry into the market. In the case of the corporate management analysis report, the average value of the IITP and the top 25% were $0.7 million and $40.2 million, respectively. -27.8 million, and -73.6 million dollars respectively. This implies that government support for policy support is needed when conducting corporate R&D with high cost-to-sales ratio. The results of this study can be used as a reference for the evaluation of technology demand based ICT R&D technology in the industrial internet market in the fourth industrial revolution era.

• International Area Studies Review
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• v.22 no.2
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• pp.121-138
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• 2018

This study aims to suggest effective management performances of nonprofit arts organizations among competitive environment. To examine the factors which affect the performance of nonprofit performing arts organizations such as external environment, cultural capital, orchestra characters and government grants, this study analyzed the data of 990 tax forms of the US Internal Revenue Service(IRS) of the top 73 symphony orchestras and government sources in USA. Independent variables are measured as sponsorship amount which is the biggest part of orchestras' income, and ticket sales which is profit of inherent business purpose. As a result, the performance of the orchestra is affected positively by the income and influenced by the orchestras' characteristics including age, size, and conductor. Also government grants to the orchestras are essential for organizations to sustain their business. But, there are two different sides on these effects that small to medium groups are influenced by crowding in effect and bigger groups are more likely conducted by business overview. Lastly, cultural capital is no significant relationships to orchestras' management performances. This scope of the study is limited to American symphony orchestras; however, this study is significant in that empirical analysis on nonprofit performing arts organizations from an economic view point and contribute on other nonprofit arts organizations to develop their strategic plan for sustainable business.

• Journal of Korean Society of Transportation
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• v.28 no.2
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• pp.65-75
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• 2010

When the cost-benefit analysis is applied for social discount rate(SDR), the choice of SDR to be used in analysis is critical. One of the important issues when public investment project evaluate what is the SDR theory, so there have studied about SDR and no exact answer it so far. In this study, there are three of SDR theories that be estimated social time preference rate, social investment returns and the weighted average method from 1990s, 2000 to 2003 and 2004 to 2008.. First, social time preference method computes consumer's interest rate and the model of Pearce and Ulph(1999). Second, social investment returns method computes private returns of capital. Third, the weighted average method computes the model of Squire, L., Herman G. van der Tak(1975) and private consumption expense and the private investment expense. SDR is estimated in the rage between 2.4% and 3.9% from 2004 to 2008. It is not appropriate that the interest rate was unstable. But it is consider for social equity from present to future generations. Considering this things, downward need to the value of current SDR 5.5%.