• The Korean Journal of Financial Management
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• v.12 no.1
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• pp.167-186
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• 1995

기업인수합병(M&A) 시장의 활성화에 따라 적대적 공개매수를 방어하기 위한 반인수조치(Antitakeover Techniques)들에 관한 관심도 고조되고 있다. 지금까지 널리 알려져 있는 대표적인 반인수 조치들은 Fair Price Amendment(FPA), Classified Board Amendment(CBA)와 Poison Pills(PP) 등이다. 이들 대표적 세 반인수조치들 중에서 FPA와 CBA 채택의 경우는 주주들의 사전 승인이 요구되는데 반하여 PP는 주주들의 사전 승인없이 채택이 가능한 반인수조치이다. 이처럼 상이한 반인수조치들의 채택은 채택기업의 가치에 상이한 부의 효과를 미치는데, 이 분야의 많은 실증적연구 결과들이 보고되고 있다. 본 연구에서는 표본기업으로 현재까지 상호개별적으로 연구되어 왔던 두가지 반인수조치(FTA, CBA)에 PP와 비채택기업도 포함시키고 있다. 지금까지의 반인수조치 채택에 따른 기업가치에 미치는 부의 효과에 관한 연구결과를 확인해보고, 반인수조치 채택에 관한 경영자의 의사결정과 경영자의 부 사이에 체계적인 관계가 존재하는지를 실증분석하고자 한다. 여기서 경영자의 부는 기업내부자 지분율과 기업내 경영자를 위한 Golden Parachute의 존재 유무로 측정한다. 본 연구에서는 3개의 가설을 설정하였다. 가설1: 만일 경영자가 주주의 이익을 희생하면서 자신의 이익을 위한 반인수조치를 채택한다면, 반인수조치 채택의 공표는 평균적으로 기업가치에 부(-)의 효과를 보일 것이다. 가설2: 경영자의 내부지분율이 낮을때 경영자들은 주주에게 가장 해로운 반인수조치를 선택할 것이다. 가설3: Golden Parachute가 존재하지 않을때 경영자들은 주주에게 가장 해로운 반인수조치를 채택할 것이다. 본 연구의 대상기업들중에서 반인수조치 채택 기업들은 IRRC 1990년도판에서 수집되었고, 대칭표본 기업으로 반인수조치를 채택하지 않은 기업들은 CRSP 파일에서 기업규모, SIC 코드를 대응시켜 선정하였다. 임원, 관계이사들과 친인척을 포함하는 내부자의 지분과 Golden Parachute 존재 여부는 이 연구의 표본기업들의 Proxy Statement에서 수집하였다. 최종 표본기업은 FPA 채택기업, CBA 채택기업, PP채택기업, 그리고 비채택기업으로 4개의 상호 배타적인 기업 그룹으로 구성되었다. 본 연구는 Event Study와 Multinomial Logistic Regession의 두가지 실증분석 방법을 사용하였다. Event Study방법론은 반인수조치 채택 공표시 초과수익률을 조사하기 위해 사용하였다. Multinomial Logistic Regession은 선택된 반인수조치 종류와 설명 변수들(내부자 지분율, Golden Parachute)간에 체계적인 관계가 존재하는지를 검증하기 위해 사용되었다. 반인수조치들을 채택하는 기업들은 반인수조치를 채택하고 있지 않은 기업들에 비해 내부자 지분율이 낮게 나타났으며, 반인수조치 중 PP를 채택한 기업에서 가장 낮은 내부지분율을 보이고 있다. GP 채택을 보면 PP를 선택한 기업의 50%가 GP를 채택하였다. 본 연구에서 반인수조치 채택 발표일 하루 전후의 초과수익률을 조사한 결과는 반인수조치 미채택기업, CBA, FPA 채택기업들의 초과수익률은 통계적으로 의미가 없었으나, PP채택에 따른 초과수익률은 의미 있는 부(-)의 값을 나타냈다. 이와같이 CBA와 FPA채택기업들은 주주의 부를 감소시키지 않았으나 PP채택기업들은 주주의 부를 감소시켰다. 따라서 경영자는 주주의 이익을 희생시키면서 자신의 이익을 위해 PP를 선택하고 있음을 보여 주고 있다. 연구결과는 내부자 지분율의 크기가 경영자와 주주간의 이해를 효과적으로 일치시키고 있음을 제시하고 있다. 즉, 내부자 지분율이 큰 기업일수록 반인수조치를 채택하지 않거나 반인수조치 채택시에 주주의 이익에 반하지 않은 반인수조치를 선택하는 경향이 높다. Golden Parachute이 존재하는 기업은 FPA를 채택하거나 반인수조치를 채택하지 않는 것보다 PP나 CBA를 채택하는 경향이 더 높다. 한편 기업에서의 GP의 존재가 경영자의 가장 해로운 반인수조치 선택을 억제하지 못함을 보여주고 있는데, 이는 GP가 비효과적인 계약메카니즘임을 제기한다. GP가 경영자와 주주간의 이해를 일치시키도록하는 계약이라기 보다는 차라리 기업방어전략이 비효과적일때 경영자 자신의 안전판으로 제공되고 있음을 보여준다. 이 논문의 주요공헌은 기업내부자 지분율의 크기와 GP의 존재가 반인수조치 선택에 체계적인 영향을 미치고 있음을 보여준 것이다. 여기서 사용된 Multinomial Logistic모델은 내부지분을 크기와 GP의 존재가 PP또는 CBA가 채택될 것인지를 예측할 수 있게 한다.

• Clinical and Experimental Pediatrics
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• v.51 no.7
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• pp.671-689
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• 2008

The economic recession of North Korea has been prolonged, the need for humanitarian assistance for the women and children of DPRK has been raised. In March 2006, South Korean government signed MOU with World Health Organization (WHO) to financially support "Improving Women's and Children's Health in DPRK (IWCH)" project. The assistance projects through UNICEF and the non-government organizations of South Korea were also followed. IWCH project consists of three parts; nutrition, disease management, children and maternity care. The first term (2006-2007) of the project leading by WHO was finished, and the second term (2008-2010) is just begun. The projects driven by NGOs have relatively been delayed due to difficulties in negotiating on project contents and places with North Korea. Recently, however, re-modeling processes of an obstetric/gynecology hospital and a children hospital in Nampo were started. Up to recently, South Korean government has played only a limited role in the humanitarian assistance for North Korea. IWCH project is, however, a full-scale initiative driven by government based on a systematic review of need and priorities. A significant amount of budget and relatively long term (five year) project compare to the previous short term and small size programs were expected to make more meaningful achievement. Despite these positive aspects, the project remains a list of unsolved problems a lack of mutual trust, a different decision making process between South and North Korea, a lack of conflict management process, and unpredictability and complexity of international politics. In spite of such kind of political uncertainty, the health care sector will be a leading area in the process of improving relationship between South and North Korea, particularly, humanitarian assistance for women and children will play a crucial role in the process. The successful implementation of IWCH project, therefore, will contribute to provide the reference model in developing the mutually constructive relationship between South and North

• Journal of the Korean Institute of Landscape Architecture
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• v.49 no.5
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• pp.112-124
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• 2021

This study was conducted to examine and analyze local governments, park status, project characteristics, and the implementation in detail for private park special projects across the country as a means of responding to the sunsetting of urban parks. As a result of the analysis, first, the private park special project, was found to be mainly implemented in cities with a population of more than 100,000, so there was a limit to the application on military installations or in local small cities. Therefore, rather than applying the special system collectively, it was judged that institutional flexibility, considering the characteristics and size of local government, was needed. Second, the current special projects by the park creation donation collection method shows monotonous development centered on apartment houses, so it is necessary to diversify the development by introducing a park preservation method that purchases and donates park sites. Third, it was found that the area standard needs to be eased to less than 50,000m² to include parks with high utilization and good accessibility in urban areas of large cities, as the type and area of parks are limited. Fourth, most special projects are mountain parks, which are feared to damage the natural terrain and skyline, so separate ordinances should be established and applied, and development approaches should be made to allow nature and parks to coexist with the setting of detailed building guidelines for each type of facility. The guidelines should include, first, after the nationwide private park special projects are completed, standards for appropriate returns for similar projects should be established, institutional standards such as the recovery of excess profits should be established, and environmental reviews should be conducted. Second, it was found that local governments should institutionalize the composition of private consultations to promote the efficient management of projects through a cooperative system, and third, a roadmap for maintenance after the donation of special parks should be established.

• Journal of the Geological Society of Korea
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• v.54 no.5
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• pp.489-499
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• 2018

A series of geological events such as the formation of the Antarctic continental ice sheets, the changes in ocean circulation and a mass extinction after the onset of Oligocene has been studied as major concerns by various researches. However, paleoclimatic and paleoceanographic changes during the most period of Oligocene since the Eocene-Oligocene transition (EOT) still remains unclear. Especially, although the late Oligocene warming (LOW) has been assessed as the largest period in the paleoceanographic changes, the detailed understanding on the changed components is very low. The purpose of this study is the reconstruction of the paleoceanographic history during the late Oligocene using core sediments from IODP Expedition 342 Site U1406 performed in J-Anomaly Ridge in North Atlantic. Because North Atlantic deep water (NADW) has flowed southward through the study area since the early Oligocene, this area has been considered to an important location for studies on the changes of NADW. The core sediment analyzed in this study were deposited from about 26.0 to 26.5 Ma as evidenced by both of onboard and shore-based paleomagnetic data, and this is corresponded to the earliest period of LOW. The sediment profile can be divided into three Units (Unit 1, 2 & 3) based on the changes in both of total number and test size of Oridorsalis umbonatus as well as grain size data of clastic sediments. Unit 2 represents largest values in these three data. Because the total number, test size of O. umbonatus and grain size can be proxy records on the oxygen concentration and circulation intensity of deep water, we interpreted that Unit 2 had been deposited during the period of relatively strengthened NADW. Previous Cibicidoides spp. stable isotope results from the low latitude region of the North Atlantic also support our interpretation that is the intensified formation of NADW during the identical period. In conclusion, our results present a new evidence for the previous ideas that the causes on LOW are directly related to the changes in NADW.

• Journal of Service Research and Studies
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• v.13 no.1
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• pp.48-62
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• 2023

As seen in the recent K-pop craze, the size and influence of the Korean music industry is growing even bigger. At least 6,000 songs are released a year in the Korean music market, but not many can be said to have been successful. Many studies and attempts are being made to identify the factors that make the hit music. Commercial factors such as media exposure and promotion as well as the quality of music play an important role in the commercial success of music. Recently, there have been many marketing campaigns using Internet memes in the pop music industry, and Internet memes are activities or trends that spread in various forms, such as images and videos, as cultural units that spread among people. Depending on the Internet environment and the characteristics of digital communication, contents are expanded and reproduced in the form of various memes, which causes a greater response to consumers. Previously, the phenomenon of Internet memes has occurred naturally, but artists who are aware of the marketing effects have recently used it as an element of marketing. In this paper, the mediated effect of Internet memes in relation to the success factors of popular music was analyzed, and a prediction model reflecting them was proposed. As a result of the analysis, the factors with the mediated effect of 'cover effect' and 'challenge effect' were the same. Among the internal success factors, there were mediated effects in "Singer Recognition," the genres of "POP, Dance, Ballad, Trot and Electronica," and among the external success factors, mediated effects in "Planning Company Capacity," "The Number of Music Broadcasting Programs," and "The Number of News Articles." Predictive models reflecting cover effects and challenge effects showed F1-score at 0.6889 and 0.7692, respectively. This study is meaningful in that it has collected and analyzed actual chart data and presented commercial directions that can be used in practice, and found that there are many success factors of popular music and the mediating effects of Internet memes.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.149-169
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• 2020

"The Urban Renewal New Deal project", one of the government's major national projects, is about developing underdeveloped areas by investing 50 trillion won in 100 locations on the first year and 500 over the next four years. This project is drawing keen attention from the media and local governments. However, the project model which fails to reflect the original characteristics of the area as it divides project area into five categories: "Our Neighborhood Restoration, Housing Maintenance Support Type, General Neighborhood Type, Central Urban Type, and Economic Base Type," According to keywords for successful urban regeneration in Korea, "resident participation," "regional specialization," "ministerial cooperation" and "public-private cooperation", when local governments propose urban regeneration projects to the government, they can see that it is most important to accurately understand the characteristics of the city and push ahead with the projects in a way that suits the characteristics of the city with the help of local residents and private companies. In addition, considering the gentrification problem, which is one of the side effects of urban regeneration projects, it is important to select and implement urban regeneration types suitable for the characteristics of the area. In order to supplement the limitations of the 'Urban Regeneration New Deal Project' methodology, this study aims to propose a system that recommends urban regeneration types suitable for urban regeneration sites by utilizing various machine learning algorithms, referring to the urban regeneration types of the '2025 Seoul Metropolitan Government Urban Regeneration Strategy Plan' promoted based on regional characteristics. There are four types of urban regeneration in Seoul: "Low-use Low-Level Development, Abandonment, Deteriorated Housing, and Specialization of Historical and Cultural Resources" (Shon and Park, 2017). In order to identify regional characteristics, approximately 100,000 text data were collected for 22 regions where the project was carried out for a total of four types of urban regeneration. Using the collected data, we drew key keywords for each region according to the type of urban regeneration and conducted topic modeling to explore whether there were differences between types. As a result, it was confirmed that a number of topics related to real estate and economy appeared in old residential areas, and in the case of declining and underdeveloped areas, topics reflecting the characteristics of areas where industrial activities were active in the past appeared. In the case of the historical and cultural resource area, since it is an area that contains traces of the past, many keywords related to the government appeared. Therefore, it was possible to confirm political topics and cultural topics resulting from various events. Finally, in the case of low-use and under-developed areas, many topics on real estate and accessibility are emerging, so accessibility is good. It mainly had the characteristics of a region where development is planned or is likely to be developed. Furthermore, a model was implemented that proposes urban regeneration types tailored to regional characteristics for regions other than Seoul. Machine learning technology was used to implement the model, and training data and test data were randomly extracted at an 8:2 ratio and used. In order to compare the performance between various models, the input variables are set in two ways: Count Vector and TF-IDF Vector, and as Classifier, there are 5 types of SVM (Support Vector Machine), Decision Tree, Random Forest, Logistic Regression, and Gradient Boosting. By applying it, performance comparison for a total of 10 models was conducted. The model with the highest performance was the Gradient Boosting method using TF-IDF Vector input data, and the accuracy was 97%. Therefore, the recommendation system proposed in this study is expected to recommend urban regeneration types based on the regional characteristics of new business sites in the process of carrying out urban regeneration projects."

• Journal of Intelligence and Information Systems
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• v.25 no.4
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• pp.1-33
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• 2019

The small and medium sized enterprises (hereinafter SMEs) are already at a competitive disadvantaged when compared to large companies with more abundant resources. Manufacturing SMEs not only need a lot of information needed for new product development for sustainable growth and survival, but also seek networking to overcome the limitations of resources, but they are faced with limitations due to their size limitations. In a new era in which connectivity increases the complexity and uncertainty of the business environment, SMEs are increasingly urged to find information and solve networking problems. In order to solve these problems, the government funded research institutes plays an important role and duty to solve the information asymmetry problem of SMEs. The purpose of this study is to identify the differentiating characteristics of SMEs that utilize the public information support infrastructure provided by SMEs to enhance the innovation capacity of SMEs, and how they contribute to corporate performance. We argue that we need an infrastructure for providing information support to SMEs as part of this effort to strengthen of the role of government funded institutions; in this study, we specifically identify the target of such a policy and furthermore empirically demonstrate the effects of such policy-based efforts. Our goal is to help establish the strategies for building the information supporting infrastructure. To achieve this purpose, we first classified the characteristics of SMEs that have been found to utilize the information supporting infrastructure provided by government funded institutions. This allows us to verify whether selection bias appears in the analyzed group, which helps us clarify the interpretative limits of our study results. Next, we performed mediator and moderator effect analysis for multiple variables to analyze the process through which the use of information supporting infrastructure led to an improvement in external networking capabilities and resulted in enhancing product competitiveness. This analysis helps identify the key factors we should focus on when offering indirect support to SMEs through the information supporting infrastructure, which in turn helps us more efficiently manage research related to SME supporting policies implemented by government funded institutions. The results of this study showed the following. First, SMEs that used the information supporting infrastructure were found to have a significant difference in size in comparison to domestic R&D SMEs, but on the other hand, there was no significant difference in the cluster analysis that considered various variables. Based on these findings, we confirmed that SMEs that use the information supporting infrastructure are superior in size, and had a relatively higher distribution of companies that transact to a greater degree with large companies, when compared to the SMEs composing the general group of SMEs. Also, we found that companies that already receive support from the information infrastructure have a high concentration of companies that need collaboration with government funded institution. Secondly, among the SMEs that use the information supporting infrastructure, we found that increasing external networking capabilities contributed to enhancing product competitiveness, and while this was no the effect of direct assistance, we also found that indirect contributions were made by increasing the open marketing capabilities: in other words, this was the result of an indirect-only mediator effect. Also, the number of times the company received additional support in this process through mentoring related to information utilization was found to have a mediated moderator effect on improving external networking capabilities and in turn strengthening product competitiveness. The results of this study provide several insights that will help establish policies. KISTI's information support infrastructure may lead to the conclusion that marketing is already well underway, but it intentionally supports groups that enable to achieve good performance. As a result, the government should provide clear priorities whether to support the companies in the underdevelopment or to aid better performance. Through our research, we have identified how public information infrastructure contributes to product competitiveness. Here, we can draw some policy implications. First, the public information support infrastructure should have the capability to enhance the ability to interact with or to find the expert that provides required information. Second, if the utilization of public information support (online) infrastructure is effective, it is not necessary to continuously provide informational mentoring, which is a parallel offline support. Rather, offline support such as mentoring should be used as an appropriate device for abnormal symptom monitoring. Third, it is required that SMEs should improve their ability to utilize, because the effect of enhancing networking capacity through public information support infrastructure and enhancing product competitiveness through such infrastructure appears in most types of companies rather than in specific SMEs.

• Radiation Oncology Journal
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• v.23 no.2
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• pp.61-70
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• 2005

Purpose: Uterine cervix cancer is one of the most prevalent women cancer in Korea. We analysed published papers in Korea with comparing Patterns of Care Study (PCS) articles of United States and Japan for the purpose of developing and processing Korean PCS. Materials and Methods: We searched PCS related foreign-produced papers in the PCS homepage (212 articles and abstracts) and from the Pub Med to find Structure and Process of the PCS. To compare their study with Korean papers, we used the internet site 'Korean Pub Med' to search 99 articles regarding uterine cervix cancer and radiation therapy. We analysed Korean paper by comparing them with selected PCS papers regarding Structure, Process and Outcome and compared their items between the period of before 1980's and 1990's. Results: Evaluable papers were 28 from United States, 10 from the Japan and 73 from the Korea which treated cervix PCS items. PCS papers for United States and Japan commonly stratified into $3\~4$ categories on the bases of the scales characteristics of the facilities, numbers of the patients, doctors, Researchers restricted eligible patients strictly. For the process of the study, they analysed factors regarding pretreatment staging in chronological order, treatment related factors, factors in addition to FIGO staging and treatment machine. Papers in United States dealt with racial characteristics, socioeconomic characteristics of the patients, tumor size (6), and bilaterality of parametrial or pelvic side wail invasion (5), whereas papers from Japan treated of the tumor markers. The common trend in the process of staging work-up was decreased use of lymphangiogram, barium enema and increased use of CT and MRI over the times. The recent subject from the Korean papers dealt with concurrent chemoradiotherapy (9 papers), treatment duration (4), tumor markers (B) and unconventional fractionation. Conclusion: By comparing papers among 3 nations, we collected items for Korean uterine cervix cancer PCS. By consensus meeting and close communication, survey items for cervix cancer PCS were developed to measure structure, process and outcome of the radiation treatment of the cervix cancer. Subsequent future research will focus on the use of brachytherapy and its impact on outcome including complications. These finding and future PCS studies will direct the development of educational programs aimed at correcting identified deficits in care.

• Journal of Intelligence and Information Systems
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• v.27 no.1
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• pp.191-207
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• 2021

Up to this day, mobile communications have evolved rapidly over the decades, mainly focusing on speed-up to meet the growing data demands of 2G to 5G. And with the start of the 5G era, efforts are being made to provide such various services to customers, as IoT, V2X, robots, artificial intelligence, augmented virtual reality, and smart cities, which are expected to change the environment of our lives and industries as a whole. In a bid to provide those services, on top of high speed data, reduced latency and reliability are critical for real-time services. Thus, 5G has paved the way for service delivery through maximum speed of 20Gbps, a delay of 1ms, and a connecting device of 106/㎢ In particular, in intelligent traffic control systems and services using various vehicle-based Vehicle to X (V2X), such as traffic control, in addition to high-speed data speed, reduction of delay and reliability for real-time services are very important. 5G communication uses high frequencies of 3.5Ghz and 28Ghz. These high-frequency waves can go with high-speed thanks to their straightness while their short wavelength and small diffraction angle limit their reach to distance and prevent them from penetrating walls, causing restrictions on their use indoors. Therefore, under existing networks it's difficult to overcome these constraints. The underlying centralized SDN also has a limited capability in offering delay-sensitive services because communication with many nodes creates overload in its processing. Basically, SDN, which means a structure that separates signals from the control plane from packets in the data plane, requires control of the delay-related tree structure available in the event of an emergency during autonomous driving. In these scenarios, the network architecture that handles in-vehicle information is a major variable of delay. Since SDNs in general centralized structures are difficult to meet the desired delay level, studies on the optimal size of SDNs for information processing should be conducted. Thus, SDNs need to be separated on a certain scale and construct a new type of network, which can efficiently respond to dynamically changing traffic and provide high-quality, flexible services. Moreover, the structure of these networks is closely related to ultra-low latency, high confidence, and hyper-connectivity and should be based on a new form of split SDN rather than an existing centralized SDN structure, even in the case of the worst condition. And in these SDN structural networks, where automobiles pass through small 5G cells very quickly, the information change cycle, round trip delay (RTD), and the data processing time of SDN are highly correlated with the delay. Of these, RDT is not a significant factor because it has sufficient speed and less than 1 ms of delay, but the information change cycle and data processing time of SDN are factors that greatly affect the delay. Especially, in an emergency of self-driving environment linked to an ITS(Intelligent Traffic System) that requires low latency and high reliability, information should be transmitted and processed very quickly. That is a case in point where delay plays a very sensitive role. In this paper, we study the SDN architecture in emergencies during autonomous driving and conduct analysis through simulation of the correlation with the cell layer in which the vehicle should request relevant information according to the information flow. For simulation: As the Data Rate of 5G is high enough, we can assume the information for neighbor vehicle support to the car without errors. Furthermore, we assumed 5G small cells within 50 ~ 250 m in cell radius, and the maximum speed of the vehicle was considered as a 30km ~ 200 km/hour in order to examine the network architecture to minimize the delay.

• Journal of the Korean Association of Geographic Information Studies
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• v.12 no.1
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• pp.64-72
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• 2009

The method to generate a digital elevation model(DEM) from contour lines causes a problem in which the low relief landform cannot be clearly presented due to the fact that it is significantly influenced by the expression of micro landform elements according to the interval of contours. Thus, this study attempts to develop a landcover burning method that recovers the micro relief landform of the DEM, which applies buffering and map algebra methods by inputting the elevation information to the landcover. In the recovering process of the micro landform, the DEM was recovered using the buffering method and elevation information through the map algebra for the landcover element for the micro landform among the primary DEM generation, making landcover map, and landcover elements. The recovering of the micro landform was applied based on stream landforms. The recovering of landforms using the buffering method was performed for the bar, which is a polygonal element, and wetland according to the properties of concave/convex through generating contours with a uniform interval in which the elevation information applied to the recovered landform. In the case of the linear elements, such as bank, road, waterway, and tributary, the landform can be recovered by using the elevation information through applying a map algebra function. Because the polygonal elements, such as stream channel, river terrace, and artificial objects (farmlands) are determined as a flat property, these are recovered by inputting constant elevation values. The results of this study were compared and analyzed for the degree of landform expression between the original DEM and the recovered DEM. In the results of the analysis, the DEM produced by using the conventional method showed few expressions in micro landform elements. The method developed in this study well described wetland, bar, landform around rivers, farmland, bank, river terrace, and artificial objects. It can be expected that the results of this study contribute to the classification and analysis of micro landforms, plain and the ecology and environment study that requires the recovering of micro landforms around streams and rivers.