• Journal of Korean Society of Forest Science
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• v.67 no.1
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• pp.17-27
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• 1984

The Yangsan Forest Management Station (YFMS) of Korean German Forest Management Project (KGFMP), working with the 6 legal villages of Uljugun, Kyongnam, led the forest owners in the area to organize the Forest Management Cooperative (FMC) voluntairily for improvement of private forest management and fostered it as a model from May 1975 to Apr. 1984. YFMS sent out FMC a forest manager as a forestry expert carrying out the leading extension program at the equal position with forest owners and gave FMC financial, administrative and technical assitances. During the 6 years from 1977 to 1982, 4 FMC were founded and are being operated democratically. 228 forest owners have taken the membership of their own free will and the forestland of the members covers 2,567 ha equivalent to 57% of the total private forest in the area. During the period the total area of the planting and tending is 4,185 ha, this means that a member executed 3.1 ha of forest operations per year in average, showing the high willingness on forest operations. In addition the joint works have resulted in the joint properties equivalent to 27 million Won and it will be an important foundation for operation of FMC which is a forest owners's cooperative organization for improvement of private forest management in this area. The total expenditure spent for the fostering of FMC amounted to 497,587 thousand Won and 58% of them were charged from KGFMP funds, 27% from the forest owners and 15% from public funds. The expenditure for investment was 273,104 thousand Won and 59% of the sum were appropriated as subsidies at the national level. The forest owners charged 43% of that and this means that each member invested approximately 100 thousand Won to his forestland per year in average. For the extension program 169,503 thousand Won were spent and it can be explained that 5,885 Won were spent per ha a year. The organization of FMC operated autonomously in a democratic way and the horizontal and leading extension system, which aspects the human rights, were very much effective in fostering the cooperative organization of forest owners for improvement of private forest management.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.3
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• pp.80-91
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• 2017

This study identifies factors of Hanbok-trippers - a term for people who dress in Hanbok(Korean traditional costume) while going on a trip - who converge on Gyeongbokgung Palace by determining the characteristics of class, places to visit and preferred places. This study interprets the voluntary hobby activities of Hanbok-trippers from a viewpoint of a landscape prosumer and the meaning of the urban landscape. As a result of in-depth interviews, on-site survey, and observation surveys focused on Hanbok-trippers, there were various levels of participants. They are classified into three groups - leading group, entry group, temporary-experience group - according to their cognitions, types of Hanbok use, activities, etc. The leading group and entry group are a voluntary hobbyist class due to the ongoing tendencies of their participation. There are differences in the purpose and factors of visiting Gyeongbokgung Palace as a place for a Hanbok-trip. The leading group visited Gyeongbokgung Palace for cultural activities, regular get-together, public relations, and as a gathering place to go neighboring destinations. In this case, the main factors of the visit are the traditional landscape, convenient transportation, chances for traditional culture exhibitions and events in Gyeongbokgung Palace and its neighborhood. The entry group visits Gyeongbokgung Palace because of its traditional landscape and cultural activities nearby. The traditional landscape and many Hanbok-trippers are main factors of visiting Gyeongbokgung Palace for the Temporary-experience group. This study found that Gyeongbokgung Palace has a new sense of place of 'Introductory course of Hanbok-trip', 'Hanbok Playground' because temporary-experience group visits there to experience a Hanbok-trip for the first time. Hanbok-trippers consume places and landscape in actual places offline, producing a new landscape at the same time, and has the characteristics of a 'landscape prosumer' by producing landscape images online through their own personal or social media. Their colorful and voluntary movements contribute to the dynamism of the urban landscape and can become a new cultural asset for the city. The voluntary hobbyist class can be considered a new type of participants in bottom-up planning such as urban regeneration and place marketing. This study has significance in that it conceptualized the 'landscape prosumer' through the voluntary hobbyist class of Hanbok-trippers with the concept of the 'prosumer' that has been studied only in the consumer studies and marketing fields, and has identified the significance of the urban landscape.

• Journal of the Korean Institute of Landscape Architecture
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• v.47 no.6
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• pp.115-128
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• 2019

Huam-dong is a representative area from the Japanese colonial period and is the space where most Japanese-style buildings remain in Seoul. Interest in modern cultural heritage continues to increase, including the registration of cultural properties in 2001, building assets in 2015, and the registration of cultural property units in 2018. As the debate continues over the necessity of preserving cultural heritage that reminds us of the Japanese colonial, there is a need for research to grasp the perceptions of stakeholders along with the perceived value of such spaces. This study identified the subjective perception types of the stakeholders concerned with the Japanese-style building group in Huam-dong, analyzed characteristics by types, and debated the issues. For this purpose, Q methodology, which is a statistical technique for measuring human self-subjectivity and extracting common human perspectives, was used. A literature study on the values of Huam-dong and modern cultural heritage was conducted, and a Q questionnaire based on five aspects of modern cultural heritage values (historical, architectural, sociocultural, landscape, and economic) was applied. The results of the study depicted three types of cognition and showed different attitudes toward the Japanese building group. This study found a conflict comparing the perceptional differences between the types of cognition. This study is meaningful in that it provides an in-depth approach to the perspectives of the stakeholders concerned with the Japanese-style buildings clustered in central Seoul. It is also meant to present a theoretical framework that can be applied to the use area as sustainable cultural heritage through the establishment of preservation and utilization of Japanese-style areas and conflict resolution.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Journal of the Economic Geographical Society of Korea
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• v.9 no.1
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• pp.23-38
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• 2006

This study attempts to investigate the spatial characteristics of cultural economies of Bukchon in Seoul, where abundant cultural assets exist. This area has been the administrative-political core locale since 14C, therefore, a lot of traditional- and contemporary-cultural facilities are remains, This area possessed unique place characteristics by coexisting traditional and modern cultures, and thus attracted to culture demanders. Recently many economic activities have increased in this area, and most of them are related with the cultural elements of the region, In particular creative retail shops, which produce goods by flexible-specialized production system, have been agglomerated in this area, The goods are designed, produced, and sold at the shop place. Most of them are uniquely designed hand made products, and produced a few amount. The economic value of these products related with the cultural environment of Bukchon. These creative shops emerged at the front of Samcheongdong street in the beginning, and then have diffused into the inside of Samcheongdong street and Hwagae street. The shops have very unique exteriors related with traditional houses in this area, and located on roadsides where are not many passerby. Most owners of the retail stores are highly educated and studied design, and produce goods by themselves at the shops. The reason that they opened their shops in Bukchon is directly related with the unique cultural environment of this area. They hope that more unique and artistic stores join this area so that developed this area as culture and fashion combined area.

• Management & Information Systems Review
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• v.37 no.2
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• pp.187-207
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• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.

• Journal of Animal Environmental Science
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• v.17 no.sup
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• pp.61-68
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• 2011

To assess the total cost with all stages of facilities, the feasibility of Life Cycle Cost (LCC) analysis was examined in this study to estimate the livestock manure treatment system and optimal decision making process. For the economic evaluation, the plant/equipment investment and annual operation cost of four Public Livestock Recycling Facilities, whose treatment capacity is 100 ton piggery manure per day, was compared. The initial cost was in the range of 2,699 million won to 3,202 million won, where T and E methods were highest and lowest, respectively. The annual operation cost was in the level of 378 million to 498 million won, which decreased in the following order : T method > J method > E method > B method. For the LCC analysis, 4.7% of interest rate, 3.13% of inflation rate, and 1.52% of net discount rate was considered by the data received from Bank of Korea and Statics Korea in the period of 2000 to 2009. Also, for the calculation of present value factor, the durable years of civil engineering & construction, machinery and electric instrument was 30 years, 10 years and 15 years, respectively. Based on these consideration, operation cost was in the range of 17,570 won/ton to 20,661 won/ton, and E method (17,570 won/ton) was economical and B method (20,661 won/ton) was non-economical. Though initial cost of T method was higher than that of B method, LCC analysis of T method was lower than that of T method due to the lower operation cost. Therefore, LCC analysis, which considers both initial cost and operation cost, is more reasonable evaluation method than either initial cost or annual operation cost. For the change of LCC analysis according to the uncertainty, the sensitivity analysis was carried out using fluctuation magnitude of discount rate in the period of 2000 to 2009. As a result, LCC analysis evaluated by discount rate was stable for the uncertain factors since the cost leadership did not change even though the sensitivity analysis varied. In summary, the economic evaluation using LCC analysis could be an efficient reference to choose the suitable livestock manure treatment plants. Furthermore, standardization of statement calculation for the actual cost analysis should be conducted and more detailed study is necessary to validate this summary. Therefore, the application of comprehensive technology evaluation, which considers LCC analysis, should contribute in obtaining objectivity and enhancing reliability for the 'Evaluation of Livestock Manure Treatment System and its Technology'.

• Korean Journal of Social Welfare
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• v.59 no.2
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• pp.5-38
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• 2007

This study attempts to develop a theory on the evolving process of wealthy major donors' sharing lives in Korea through a grounded theory approach. To conduct this study, the researchers have in-depth interviews with 11 exemplary wealthy major donors who have more than one million US dollars in his or her own asset and donate more than ten thousand US dollars annually. In data analysis, this study identifies 161 concepts on the evolving process of wealthy major donors' sharing lives; and the concepts are categorized with 33 sub-categories and 14 categories. In the paradigm model on the evolving process of wealthy major donors' sharing lives, it is identified that the central phenomenon, 'practicing sharing lives as noblesse oblige', is related with the causal conditions such as 'learning through memories and observation', 'realizing my duties', and 'emphasizing'; and the central phenomenon is related with the contingent conditions such as 'being sensitive to external evaluation', 'having limited information on giving', 'distrusting donation related environments'. The action/interactional sequences such as 'utilizing relationships' and 'strengthening active participation' are accomplished by moderating conditions such as 'having internal and external supports' and 'guiding by firm conviction'. It reveals that as a result, wealthy major donors enjoy the feeling of becoming a ideal and true wealthy person, establish sharing lives as firm and major parts of overall lives, and experience strong desires for better future and society. In this study, 'generous sharing that shares personal heritages and social benefits' is analyzed as a core category; it shows that sharing of wealthy major donors is related to the characteristics of generosity practice based on moral self-benefiting rather than complete altruistic characteristics or self-sacrificial characteristics. The process analysis reveals that it has the following stages: first, initial giving by exposure to causes or requests; second, routine practice of giving; third, evolution of practice of giving with gradual expansion in quantities and qualities; and fourth, living with giving. In the process, the following four types are identified: devoted wealthy donors for sharing, wealthy donors practicing sharing in daily life, wealthy donors practicing sharing with learning on external stimulus, and wealthy donors practicing sharing on empathy. Finally, this study discusses both meanings of identifying and developing a theory on the evolving process of wealthy major donors' sharing lives and implications of the research results in cultivating and developing potential wealthy major donors in Korea.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• Journal of the Korean Society of Food Science and Nutrition
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• v.31 no.6
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• pp.1142-1149
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• 2002

This study was designed to standardize recipe and analyze the nutrients of Aguyjjim (stewed angler), a kind of native local foods in Busan. The results of this study are summarized as follows. The form of angler and its way to catch for a bait were recorded in Jasanobo, but the recipe was not written. While angler was used as manure or feed once, it was boomed for Aguyjjim since 80's, accredited as high-quality fish and protein-rich food. The standard recipe of Aguyjjim was prepared (through 3 times experimental cooking), being based on the recipe of cookbooks and restaurants. Then standard recipe was subjected to sensory evaluation. All sensory properties (appearance, smell, texture etc.) of Aguyiiim were evaluated as “like slight S, moderately”in hedonic scale. Energy per 100 g of the Aguyjjim was 89 kcal. It contained protein (10.7 g), fat (1.3 g), fiber (2.6 g), Ca (45 mg), Fe (1.3 mg) and so on. Amino acid is mainly comprised glutamic acid and aspartic acid. Free amino acid contents such as asparagine, glutamic acid, taurine were high. Fatty acid primarily consisted of unsaturated fatty acid like oleic acid, linoleic acid. Traditional foods are based on that of local foods. However, there has been little study looking into the recipes and nutritional value of local foods. Aiming at development of traditional food, the present study offered the standard cuisine of Aguyiiim that is a kind of local foods in Busan. In addition, it presented the composition of nutrients, amino acids and fatty acids. This data would be helpful for houses, restaurants and food service facilities to revive the local foods.