• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 2002.11a
• /
• pp.560-565
• /
• 2002

In this paper, we implemented the sign board system that displays user's image, user's sentence, the information from DARC an[1 information based position by GPS module for vehicle. The existing sign board is displaying only user's image and sentence. Or other existing sign board is displaying the information via CDMA network. However, our system is also able to display the user's message like other system and gain the information more cheap by DARC. This system consists of 6 parts. The DARC control part classes the DARC information - news, weather, stock and time. The GPS control part gains moment and item to display with calculating the information of global position, direction, speed and satellite. The LED control part has two buffers to store and handle the image. The buffers help the system display various effected images on LED board. An external memory card includes the location based data, the option file and the displayed data files. The data files are stored by FAT 16 with the folder structure on external memory card. The USB controls the communication with PC. PC programs can control and monitor this system. This system is using G72l voice file format, for casting the information. This system was established at the vehicle and we monitored this system. The system displayed the DARC data , user's data and the location based data on the LED board, successfully.

• Journal of Industrial Convergence
• /
• v.18 no.2
• /
• pp.19-26
• /
• 2020

This study analyzed the status and trend of gender wage gap among listed companies in KOPSI market over the 2000-2017 period. The main results of the study are as follows. First, the gender employment gap index for KOSPI listed companies stood at 39.81 in 2017, with 40 women per 100 men being employed. Although the absolute value of the proportion of female employment remains low, it has not only been higher than 33.74 in 2000 but has also increased steadily in recent years. In terms of the number of years of service, the average number of male employees in 2017 was 9.9 years, compared with 6.9 years for female employees, and the gender tenure gap decreased over the past few years. Finally, The gender wage gap index increased from 60.57 in 2000 to 67.87 in 2017. In addition, there are slight variations in the size of the company or industry, but consistent results have shown that the gender wage gap decreases in recent years. The findings suggest that our society is developing in a way that reduces the gender employment gap and the gender wage gap.

• Journal of Digital Convergence
• /
• v.11 no.11
• /
• pp.191-196
• /
• 2013

The proportion of small and medium sized enterprises based on the number of corporations in China is 99%, the number of employees is 80%, and the proportion of GDP is 60%. These facts show that small and medium sized enterprises have an very significant effect on the economic growth of China. However, most of the researches conducted so far have studied large corporations, thus, there are relatively insufficient researches on the determinant of the capital structure of small and medium sized enterprises. Therefore, the purpose of this paper is to confirm the factors that determine the capital structure of small and medium sized enterprises in China. To achieve this purpose, we performed multiple regression method to 45 small and medium sized manufacturing enterprises listed on the Shenzhen Stock Exchange of China. Results of this study are as follows. First, the growth appeared to have a significant positive effect to the debt ratio in 1% significance level. Second, the profitability appeared to have a significant negative effect to debt ratio in 1% significance level. Third, the firm size appeared to have no effect on the debt ratio. Fourth, the secured value and tax shield effect by non-debt appeared to have a weak positive effect on the debt ratio, however these variables showed statistical insignificant.

• Journal of the Institute of Electronics Engineers of Korea SP
• /
• v.42 no.6
• /
• pp.167-176
• /
• 2005

This paper describes how the state tying model based on the decision tree which is one of Acoustic models used for speech recognition optimizes the model by reducing the number of mixture Gaussians of the output probability distribution. The state tying modeling uses a finite set of questions which is possible to include the phonological knowledge and the likelihood based decision criteria. And the recognition rate can be improved by increasing the number of mixture Gaussians of the output probability distribution. In this paper, we'll reduce the number of mixture Gaussians at the highest point of recognition rate by clustering the Gaussians. Bhattacharyya and Euclidean method will be used for the distance measure needed when clustering. And after calculating the mean and variance between the pair of lowest distance, the new Gaussians are created. The parameters for the new Gaussians are derived from the parameters of the Gaussians from which it is born. Experiments have been performed using the STOCKNAME (1,680) databases. And the test results show that the proposed method using Bhattacharyya distance measure maintains their recognition rate at $97.2\%$ and reduces the ratio of the number of mixture Gaussians by $1.0\%$. And the method using Euclidean distance measure shows that it maintains the recognition rate at $96.9\%$ and reduces the ratio of the number of mixture Gaussians by $1.0\%$. Then the methods can optimize the state tying model.

• Management & Information Systems Review
• /
• v.35 no.1
• /
• pp.287-305
• /
• 2016

This study confirms that there is a correlation between managers' incentive-compensation system(introduction of the compensation committee) and corporate governance mechanisms (ownership structure, proportion of outside directors, debt ratio, competitive strength), and analyzes whether firm value is affected by corporate governance mechanisms. The purpose of this paper are empirically tested using 318 firm-year data listed on the KRX from 2001 to 2010 and 2SLS(two-stage least square method) were used for the analysis of the hypotheses. The results of empirical tests are as follows. Firstly, there is no correlation between introduction of the compensation committee and corporate governance mechanisms. In addition, the results show that there is a causal relationship between some variables. Secondly, results from the analysis of the impact of corporate governance mechanisms on firm value, only introduction of the compensation committee and foreign investors ownership were analyzed as a positive impact on the firm value. This result means that most domestic firm don't actively used for managers' incentive-compensation system as a useful control device for improving corporate governance.

• Management & Information Systems Review
• /
• v.33 no.4
• /
• pp.21-38
• /
• 2014

This study investigates whether and how a firm's cost of equity is influenced by the extent of a firms's name change. Even though corporate name change doesn't give any benefit to investors, it can be a signaling about firm's future valuation. And also, if that signaling has high credibility, it can be decrease information cost and the firm's cost of equity. on the contrary to this, if corporate name change is kind of break with the past and corporate image laundering, it is bad signaling to investors. So it can be increase information risk and the firm's cost of equity. Using yearly cross-sectional regressions of the cost of equity on our proxies for corporate name change, size, beta, market-to-book ratio and other innate risk factor over the 2005-2010, we find that the cost of capital is positively associated with corporate name change after controlling for all other factors. This result implies that corporate name change increase information risk of the business, and thus increase information asymmetries between managers and outside investors with respect to a firm's true future value. This increases information risk, and creates an adverse selection problem, on the part of outside investors. Rational investors therefore demand a premium for bearing this corporate name change-related information risk, which in turn leads us to observe a positive relation between the intensity of corporate name change and the cost of equity.

• Management & Information Systems Review
• /
• v.35 no.4
• /
• pp.123-140
• /
• 2016

This study investigates whether tax subsidy is associated with the information effect of future earnings (Future Earnings Response Coefficient, hereafter 'FERC'). Prior studies related with tax subsidy suggest that high- tax subsidy is associated with high-Conservatism. And high-tax subsidy is associated with low-information asymmetry. The hypothesis is tested by using sample firms listed on the Korean Stock Exchange from the year of 2002 to the year of 2009 inclusively. We followed methodology of Tucker and Zarowin (2006). We find that the regression coefficient for tax $subsidy{\times}X_{t3}$ shows a significant positive sign. Also, we performed additional test after controlling for variables related with FERC. The regression coefficient for tax $subsidy{\times}X_{t3}$ is consistent with main results. This result means that the changes in the current stock price of higher-tax subsidy contain more information about their future earnings than the changes in the stock price of lower-abnormal audit hours. The evidence suggests that investors positively understand high-tax subsidy.

• The Korean Journal of Financial Management
• /
• v.26 no.2
• /
• pp.33-61
• /
• 2009

From the perspective of corporate governance, we examine the acquirers' performance of mergers and acquisitions in KOSDAQ Market. The empirical results of our study show that inside an executive shareholders and outside minor shareholders, affect acquirers' performance in M&A's : the ownership of outside minor shareholders is positively correlated with the performance of acquirers. and, the ownership of insiders, such as that of an executive shareholders, does have significant effect on the performance of M&A's. Since the current literature concludes that the improvement of corporate governance in KOSDAQ Market would enhance the shareholders' wealth, the results of our study implies that outside minor investors, as well as insiders, are playing an important role in the corporate governance.

• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.31-62
• /
• 2010

This paper analyzes empirically how analysts' forecasts affected by ownership structure. This study examine a sample of 1,037~1,629 the analysts' forecasts of firms registered in Korean Stock Exchange in the period from 2000 to 2006. The empirical results are summarized as follows. First, from the analysis, companies which have higher major shareholder's holdings tend to increase earnings forecast errors and earnings forecast accuracy. Meanwhile, companies which have higher institution shareholder's holdings tend to decrease earnings forecast errors and earnings forecast accuracy. This result is in line with the view of previous works that companies with higher major shareholder's holdings look towards more of analysts' optimistic forecasts in order to maintain friendly relations with major shareholders. Because of analysts' private information use from major shareholders, earnings forecast accuracy is higher in high major shareholder's holdings firm than in high institution shareholder's holdings it. Second, this analysis is whether the minimal required selection condition of outside directors, audit committee adoption and audit quality affect the relation between ownership structure and analysts' forecasts. This result is that variables related corporate governance do not affect statically the relation between ownership structure and analysts' forecasts. The meanings of this paper is to suggest the positive relations between ownership structure and analysts' forecasts. After this, if analysts will notice forecasts of more many firms, capital market will be more efficient and this field works are plentiful. Also it will need monitoring systems not to distort market efficiency by analysts' dishonest forecasts.

• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.89-120
• /
• 2010

In this paper, we analyse empirically the relations between ownership structure and cash holdings of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Cash holdings increase as large shareholder's equity holdings increase. Cash holdings increase as the difference between first largest shareholder's and second largest shareholder's equity holdings increase, and cash holdings increase as the ownership concentration increase. Managerial ownership exert a non-linear effects on cash holdings. So to speak, at lower level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders, but at higher level of managerial ownership, the interests of managers and shareholders are aligned, and also at highest level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders. Cash holdings increase larger in owner-controlled firm than in management-controlled firm. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on cash holdings for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.