• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.1
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• pp.101-108
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• 2013

In this paper, we examine the impact of family ownership mechanism on the firm's debt policy. Our results show that family firms tend to have a lower debt level, compared with non-family firms. Foreign investors are found to lead to a reduction in the firm's debt level through their monitoring incentives for dominating large shareholders. The firm's profitablily is related to a lower level of debt, whereas higher tangible assets and firm size are positively associated with high debt ratios due to the possibility of large collateral assets. Some implications are that foreign investors can reduce the agency costs of dominating large shareholders in family firms through monitoring activities, thus enhancing the efficiency of business decision-makings.

• Journal of the Korea Convergence Society
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• v.11 no.4
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• pp.233-245
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• 2020

This study aims to investigate the relationship between positive psychological capital and entrepreneurial intention among middle-aged and elderly individuals who are interested in starting their own business by focusing on the mediating effect of risk sensitivity and the moderating effect of asset status. To accomplish the study's objective, a questionnaire was administered to approximately 250 middle-aged and elderly people working in Seoul from December 1 to December 31, 2019. Collected data were analyzed using SPSS 26.0. Specifically, frequency analysis and descriptive statistics were conducted, and reliability of the constructs was assessed. Factor analysis was used to measure the goodness of fit of the model developed. Finally, a structural equation model was established, and analysis was conducted on the test of the hypotheses about the mediating, moderating, and adjusting effects using the AMOS statistical package. The results revealed that positive psychological capital had a positive impact on risk sensitivity, and the path analysis of self-efficacy and entrepreneurial intention as well as resilience and entrepreneurial intention showed results of 0.042 and 0.026, respectively, supporting mediating effects. In the causal relationship between positive psychological capital and entrepreneurial intention, asset status acted as a moderator given that the chi square difference between the models was 7.096. Thus, the findings provide implications for comprehensive training programs to boost positive psychological capital and asset status in middle-aged and elderly individuals who are preparing to establish their own business. Further studies are needed to cover broader geographic areas and compare/analyze other variables associated with business startups.

• KIPS Transactions on Software and Data Engineering
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• v.6 no.7
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• pp.337-352
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• 2017

Clone-and-own reuse is an approach to creating new software variants by copying and modifying existing software products. A family of legacy software products developed by clone-and-own reuse often requires high maintenance cost and tends to be error-prone due to patch-ups without refactoring and structural degradation. To overcome these problems, many organizations that have used clone-and-own reuse now want to migrate their legacy products to software product line (SPL) for more systematic reuse and management of software asset. However, with most of existing methods, variation points are embedded directly into design and code rather than modeled and managed separately; variation points are not created ("engineered") systematically based on a variability model. This approach causes the following problems: it is difficult to understand the relationships between variation points, thus it is hard to maintain such code and the asset tends to become error-prone as it evolves. Also, when SPL evolves, design/code assets tend to be modified directly in an ad-hoc manner rather than engineered systematically with appropriate refactoring. To address these problems, we propose a feature-oriented method for extracting a SPL asset from a family of legacy applications. With the approach, we identify and model variation points and their relationships in a feature model separate from implementation, and then extract and manage a SPL asset from legacy applications based on the feature model. We have applied the method to a family of legacy Notepad++ products and demonstrated the feasibility of the method.

• Journal of KIISE:Software and Applications
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• v.34 no.4
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• pp.328-341
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• 2007

When the decision to initiate a software product line has been taken, the first step is the domain analysis describing the variability in the requirements, the second important step is the definition of a domain architecture that captures the overall structure of a series of closely related products. A domain architecture can be a core asset in product line by describing the commonalities and variabilities of the products contained in the software product line. The variabilities, which are identified at each phase of the core assets development, are diverse in the level of abstraction. Therefore, it is important to clearly define, systematically identify, and explicitly represent variability at the architectural level. However, it is difficult to identify and represent the variability which should be considered at the architecture level, because these may be appeared in architecture elements and in architecture configuration. In this paper, we suggest a method of developing domain architecture as a core asset in product line where commonality and variability are explicitly considered. First of all, we will describe a domain architecture metamodel that can explicitly define commonality and variability concepts by extending the Object Management Group's ($OMG^{TM}$ Reusable Asset Specification eRAS) model. Using the domain architecture metamodel, architecture elements are defined and the variations that can be identified at the architecture level are classified into two types in according th abstract level. Additionally, we describe a domain architecture where commonality and variability are explicitly considered on basis of this metamodel.

• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.241-263
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• 2008

Within any income approach, a discount rate is used to convert some projected free cash flow to its presented value. In case of valuing companies, the most frequently used discount rate is the weighted average cost of capital(WACC) at the aggregate level. But technology valuation is different to discounting aggregate corporate cash flow since it is concerned about individual Intellectual property. Therefore, blindly applying standard discount rate such as WACC in technology valuation is unlikely to lead to the right result. The primary focus of this paper is to establish the structure of discount rate for technology valuation and to suggest the method of estimation. To determine an appropriate discount rate for technology valuation, the level of technology risk, market risk and competitive risk should be included in the structure of discount rate. This paper suggests the build-up model which consists of three components as a expansion of the CAPM. It includes (1) a risk-free rate of return, (2) general market risk premium and beta and (3) intellectual property risk premium related to technology risk and specific target market risk. However, there is no specific check list for examining the intellectual property risk until now and no specific method for quantifying its risk into risk premium. This paper developed the 10 element to determine the level of the intellectual property risk and applied estimation function such as linear function, natural log function and exponential function to transform the level of risk into risk premium. The limitation of this paper is that the range of intellectual property risk premium is inferred based on the information of foreign and domestic valuation agency. Finally, this paper explored the development of an intellectual property discount rate for technology valuation and presented the method in order to quantify the intellectual property risk premium.

• Journal of the Korea Society of Computer and Information
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• v.24 no.10
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• pp.129-137
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• 2019

In this paper, we propose the purpose of this study is to examine whether the library's creation shared value activities in China and Korea affect brand quality, social status, and the influence of each variable according to the Chinese and Korean groups. To achieve the purpose of this study, the survey was conducted using questionnaires to users who have used the Big Data Sharing Service in Korean and Chinese libraries. A total of 500 questionnaires were distributed to participants in the study, and 460 of the recovered questionnaire were used in the final analysis, which eliminated unfaithful responses. The data collected through the survey were analyzed as frequency analysis, reliability analysis, confirmed factor analysis, and structured model using statistical programs SPSS22 and AMOS22. The results of the research identified through the empirical analysis of this study are as follows. First, the CSV activities of the library's big data have a significant influence on the brand quality and social status. Second, brand quality and social resistance has a significant positive effect on continuous use intention. Third, the influence of the CSV activities in Korean and Chinese libraries has been found to be partly different. Through the conclusion and discussion section, the theoretical implications of this study, practical implications and in-depth discussions on the limitations of the study and its future direction were presented.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.548-560
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• 2010

This study aims to estimate the payment of farmland reverse mortgage(FRM) and to explore policy considerations about the restructuring of rural area after the initiation of farmland reverse mortgage. Farmland reverse mortgage provides stable monthly income basement for the welfare of rural elderly by liquidating fixed asset such as farmlands which the elderly in rural area owns. The main results of this study can be summarized as follows. First, FRM model based on Housing Equity Conversion Model, which is suggested by Rodda et al (2003), was built. Then, critical factors like farmland value rising rates and interest rates were elaborated, and affordable and proper monthly payment were estimated. 246,982 won, 419,374 won and 757,379 won is given to the borrower at age 65, 75 and 85 respectively with 100,000,000 won value farmland. Second, policy considerations which are necessary for the successful launch of FRM, and restructuring of rural area after launching FRM were discussed. Three policy considerations were proposed. First is about the integrated asset management system for rural elderly people. Second is about the reasonable settlement of corporate farmers system. And third is about the preparations for rural land use planning.

• Journal of Advanced Marine Engineering and Technology
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• v.36 no.8
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• pp.1143-1150
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• 2012

This paper reviewed the general definition and role of salvage duty, and performed competency analysis based on the present state of ROK Navy's and Korean civilian's salvage operation. Also, to enhance the national salvage ability, the salvage system of advanced maritime nations such as America, Great Britain were studied. Putting these information together, it is concluded that for the expansion and development of Korean salvage system, the nationally combined salvage assets must be utilized for civilian salvage operations and internationally recognized diving certification system should be introduced and joint organization of civilian-government-Navy should be established to enable the execution of such plans.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.1-34
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• 2009

We test the effect of corporate cash holdings on firm value by using the KOSPI listed firms over the period between 2002 and 2007 from the agency theories perspective, which has not been the central interest of prior studies. Unlike existing studies, using the manager's ownership ratio or foreign investor's shareholder ratio as a proxy variable for agency costs, we use the individual firm's corporate governance scores by the KCGS to test the effect of agency costs on the value of firm's cash holdings. We find that a firm value is positively related with its cash holdings. We also find that a firm with good corporate governance tends to experience a higher value of its cash holdings, compared with a firm with bad corporate governance. These results are consistent even after controlling for the endogeneity problems between corporate governance and firm value, strongly supporting the agency theory of cash holdings. Therefore, a firm's cash holdings, even from liquidity or precautionary motives, could increase the firm cash value, as long as its managers' interest is shareholders' wealth maximization rather than their private benefits.