• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.319-325
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• 2023

This study investigates the impact of over-investment on the market value of cash holdings. In addition, this paper examines whether the effect of over-investment on the value of cash holdings differs depending on firms' ownership structure. The results show that increase in over-investment reduces the market value of cash holdings. This suggests that investors perceive that over-investment deteriorates future business performance and generates excessive burdens on future cash flows. As a result, they provide negative evaluation on the market value of cash holdings. In addition, the negative impact of over-investment on the market value of cash holdings is more significant for owner manager firms where managers hold a high level of equity. Such empirical results imply that owner manager firms are more likely to use their cash holdings for private interest, therefore, over-investment reduces the cash value to a greater extent. This study provides empirical evidence that the effect of over-investment on the market value of cash holdings varies depending on the characteristics of firms' ownership structure.

• International Area Studies Review
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• v.13 no.1
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• pp.123-143
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• 2009

This paper investigates the determinants of total factor productivity(TFP) growth in Korean logistics industry such as market share, ownership structure, age of firm, firm size and debt ratio. Using financial data on individual firms in Korean logistics industry, we first estimate firm-level TFP growth rate and then, regress the estimated TFP growth rate on individual firms market power and structural characteristics. Our empirical results show that logistics firms market share is negatively correlated with their TFP growth rate. Also, we find that older or larger firms are more likely to have higher TFP growth rate.

• The Journal of the Convergence on Culture Technology
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• v.9 no.5
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• pp.625-633
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• 2023

The global pet culture-related industry is currently experiencing a trend of expansion. Within the pet industry, pet food holds a significant share, occupying a substantial portion. Presently, the domestic pet food market exhibits a high dependency on imported products, underscoring the critical importance of prioritizing the acquisition of intellectual property rights to ensure competitiveness and facilitate technological development within the relevant industry. we have undertaken an assessment of the current status and prospects of domestic pet food patents. Specifically, we have conducted temporal and applicant-specific statistical analyses, as well as IPC technology analyses, to examine the stages of technological advancement, corporate technological development and innovation capabilities, patent application distribution, and the technological landscape of key enterprises and research institutions. The research findings indicate that domestic research activities related to pet food have entered a mature phase, and the trends in patent applications for domestic pet food indicate a notable participation of multinational corporations alongside domestic enterprises.

• Journal of Venture Innovation
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• v.6 no.2
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• pp.21-39
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• 2023

The study investigates the impact of family ownership heterogeneity on the internationalization decisions of family-owned enterprises from ICT sectors in South Korea. The study uses prospect theory to explore the relationship between ownership structure and internationalization. The study finds that as performance improves, the ultimate owner (CEO) is negatively related to internationalization, while other family members are positively related, demonstrating the heterogeneous behavior of family members. The study suggests that the ultimate owner (CEO) tends to avoid risks associated with internationalization, while other family members are willing to take risks. To better understand the various risk behaviors of family firms regarding internationalization, the inherent heterogeneity of family firms, particularly in light of different risk behaviors between the ultimate owner (CEO) and other family members, may explain the inconsistent results in studies on the effect of family ownership on internationalization.

• Journal of the Korea Society of Computer and Information
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• v.29 no.2
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• pp.127-136
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• 2024

This paper presents a novel method for minting hierarchical Non-Fungible Tokens(NFTs) via a parent-child structure. In contrast to existing NFT structures, our proposed model enables an NFT to act as a parent, creating child NFTs and distributing ownership stakes among them. These child NFTs are recursively structured, allowing them to generate their own descendants. The existing structure of NFTs does not inherently allow for fractional ownership. However, our proposed hierarchical model provides a feasible solution to this restriction. By dividing an NFT into multiple child NFTs, each with its own unique identity, we facilitate the detailed division of an asset, thereby making fractional ownership possible. In conclusion, the hierarchical NFT model proposed in this paper offers a promising solution to the challenges of fractional ownership in the digital asset arena. By enabling the detailed division of NFTs through a parent-child structure, we anticipate a future where digital assets can be owned and traded more flexibly and transparently.

• 한국산학경영학회:학술대회논문집
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• 2004.11a
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• pp.101-123
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• 2004

This study examines empirically the significant changes in tax payments when the consolidated tax return is introduced in the future. We estimate the consolidated tax payments under the eight cases which are classified as such : whether only 100% ownership subsidiaries should be included or 80% and over, whether all subsidiaries should be included or only subsidiaries with loss, and whether unrealized profits from intercompany transactions should be excluded or not. After estimating the consolidated tax payments, we test the difference between the consolidated tax payments and the sum of the individual tax payments of the subsidiaries. The results of the test show that the consolidated tax payments are significantly less than the sum of the individual tax payments of the subsidiaries. We interpret that the inclusion of the losses of the subsidiaries in the consolidated tax base makes the tax payment decrease. Based on our analysis about 3.8 billion Won per each parent company would decrease due to the introduction of the consolidated tax return. And we find that under the mandatory consolidated tax return system the significant difference between the consolidated and individual tax payment exists except that the only 100% ownership subsidiaries are included and unrealized profits from intercompany transactions are not excluded. However, when the parent companies have the discretion to select the consolidated subsidiaries, the consolidated tax payments are significantly less than the sum of the individual tax payments of the subsidiaries regardless of the ownership percentage, inclusion of the loss of the subsidiaries and exclusion of the unrealized profits.

• Korean journal of communication and information
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• v.43
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• pp.173-208
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• 2008

This study analyses the business performance according to the business diversification of Korean mass media enterprises from year 2003 to 2006. The conclusions drawn which could be divided into five main parts are the followings: First, newspaper companies pursue unrelated diversification in various industrial areas, in order to gain maximum profit while broadcasting companies exert themselves to provide better service by diversifying the major contents. Second, overall the interviewed companies display a constant decline in profit gained from their major business area thus establishing strategies to broaden their focus on diversification of any sort. Third, the researcher completed group analysis in regard of diversification measure resulting in division of three groups. The group which had the most immense diversification range gained the highest ROE, the lowest ROE volatility, and lesser probability of risk taking. The analysis adresses the companies broadening their business areas by researching and focusing on diversification are relatively stable in terms of the profit they gain. Fourth, the middle level group in terms of sales scale, debts, enterprise history, major share rate and high ROE group carry out diversification progressively. The sales scale affects positively to diversification, while the major share rate affects negatively to diversification. Fifth, in accordance to the research, diversification overall contributes to obtainance of successful outcome. Since there was not an immense amount of studies to be referred in the media area, the researcher interviewed and did panel discussion with numerous strategists and managers who are in charge of diversification of media companies. However, collection of only 4 years of data limits the research to be considered to be a generalized study, and does not reflect time gap between business diversification and business performance. Development is required in future studies to be established regarding the media companies' specificity different to other industries, classified the media companies into media types, and consider the time gap in the diversification activities and business performance.

• Journal of Korean Medical classics
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• v.19 no.4
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• pp.12-26
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• 2006

유하간(劉河間), 주단계적학설전파이후(朱丹溪的학說전播以后), 인위명대모사의가용약적시후편중고한(因위明代某些의家用葯的時候偏重苦寒), 소이도치료상비위이극벌진양적폐두(所以도致了상脾胃而克伐眞陽的弊두). 종이위료교정착오(종而위了교正착오), 형성료주장온보적온보학파(形成了主張溫보的溫보學派). 설기(설己), 손일규(孫一圭), 張景岳等溫보학파강조주재생명적비위(張景岳等溫보學派强凋主宰生命的脾胃), 신명양기(腎命陽氣), 재변증론치방면입족우선(在辨證論治方面立足于先), 후천(後天), 중시비여신(重視脾與腎), 선용료감온적약물(善用了甘溫的藥物). 저대우교정착오기착극대적작용(저대于교正錯오起着極大的作用), 동시논증(同時논증), 이론전개상비위여신명이주제공탁료(理론展개上脾胃여腎命以主제공托了), 우기후자가심료명문학설적연구(尤其后者加深了命門학설的硏究). 장경악활동적명대시이주자학위국책적(張景岳活동的明代是以朱子學위國策的), 구비사변성적철(具비思辨性的哲) 학배영상(학背영上), 추상(推想)"리(理)"이발휘의(而발휘의) 학이론(학理론). 우시저시기의가문입족우(于是저시期의家門立足于) "황제내경(黃帝內經)" 여연기론진행료기초이론화임상연구(여연氣論진行了基초理론和임床硏究), 경악통과편찬(景岳通과編찬) "내경(內經)"이저작(而著作)"류경(類經)"등(等), 근거자기적임상실험(根据自己的임床실험), 제출료온보학설(提出了溫보학설). 타쟁론적초점시자기제출적(他爭론的焦点是自己提出的)"음부족론(음不足론)". 침대전현적쟁론상(침대前현的爭론上), 경악이하간여범계위대상경(岳以河間여凡溪위대象). "경악전서(景岳全書)" 지운(之云): "양자유하간출(襄自劉河間出), 이서화입론(以署火立論), 전용한량벌차양기(專用寒凉伐此陽氣), 기해이심(其害已甚), 뢰동원선생비위지화필수온양(賴東垣先生脾胃之火必須溫養), 연상미능진척일편지류(然尙未能盡斥一偏之謬), 이단계복출(而丹溪復出), 우입음허화동지론(又立陰虛火動之論) ...... 한량지폐우복성행(寒凉之弊又復盛行), 부선수기해자기거이불반(夫先受其害者旣去而不返), 후습이용자유미이불오(後習而用者猶迷而不悟)", 지분료하간여단계시(指분了河間여丹溪是)"헌기지마(軒岐之魔)". 저사주장현출독특적유해저(些主장현出독特的유解), 이대후대학설발전적봉헌(以대后代학설발展的奉헌). 경악침대단계적"양상유여(景岳침대丹溪的)"양상유여(陽常有餘), 음상부족(陰常不足)", "기유여변시화(氣有餘便是火)", 설성(설成)"양비유여(陽非有餘), 진양부족(眞陽不足)", "기부족변시한(氣不足便是寒)", "상화부시사화(相火不是邪火)", 대단계학설견지료비판적입장(대丹溪학설堅持了批判的立장). 단계제출(丹溪提出)"양음설(養陰說)"이수립음허화왕적병기이론(而수立陰虛火旺的病機理론), 타적(他的)'양유여음부족론(陽有餘陰不足論)'상(上), '음(陰)'주요지생식물질(主要指生殖物질), "양(陽)"지정욕(指情欲). 가시중심사상시강조생리적양생(可是中心思想是强조生理的양생), 몰수립실제(沒수立실제)'음허화왕(陰虛火旺)'적병기(的病機). 취시장경악실재완성료저사병기(就是張景岳실在完成了저些病機). 경악재(景岳在) "진음론(眞陰論)" '장형질설성진양적상(將形질설成眞陽的象), 이명문위기(以命문위其)', 용(用)"개부족(皆不足)"해석질병(解석질病), 이익화(以益火) 장수이론위치법(장水理론위治法). 이차제조좌우귀환(而且制造左右歸丸) 음이귀납료치료방법(飮以귀納了治료方法), 발휘진음(발휘眞陰), 진양학설이구조유계통적이론(眞陽學說而구造有系統的理론). 저양위의가적쟁론핵심리유상화론(저兩位의家的爭론核心里有相火論), 논자상교연구타문적이론이보고기결과(논者相교硏究他문的理론而보告其結果).

• Proceedings of the KSR Conference
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• 2011.10a
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• pp.1681-1698
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• 2011

According to the demands of the times, Inchon international airport railroad opened up step by step but It is situation that much government subsidies are paid because It does not competitive power with road traffic by decline of schedule speed. Inchon international airport railroad users will convert by other transportation and minimize damage their time as travel time is prolonged. Therefore, need high speedization of airport railroad, this may act big role competitive power security as well as airport railroad activation with another public transportation. Thus, this paper suggests that a high speedization possibility section in the sections of airport railroad and train speed elevation effect analysis by roadbed, railroad, system improvement and the most efficient operation intervals analyzing each vehicles (AREX (120km/h), KTX (230km/h), EMU(Electric Multiple Unit, 180km/h) train running pattern.

• Journal of Digital Convergence
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• v.10 no.10
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• pp.19-29
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• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.