• Journal of Digital Convergence
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• v.12 no.3
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• pp.149-160
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• 2014

This paper analyses whether change in corporate dividend policy affects the new issue announcement effects. By conducting an event study using 683 new equity announcements data from year 2000 to year 2009, we find firms paying more dividends experience relatively negative announcement effects of seasoned equity offerings comparing with firms paying less dividend. The cross sectional regression analysis results confirm our findings. These results indicate that corporate dividend policy change may interact with forthcoming new equity announcement decision, which may result in a negative signal to the capital markets.

• Journal of Labour Economics
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• v.26 no.3
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• pp.115-147
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• 2003

This paper scrutinizes the robustness of the profit-sharing findings first employing an original panel data on the Employee Welfare Fund over the period from 1992 to 2000. In examining the effects of profit-sharing schemes on labor productivity, it controls for simultaneity among profit-sharing, production factors, and productivity using both the two-stage least squares procedure and the lagged variable method. The empirical results show that an increase in firm's contribution to the Employee Welfare Fund is associated with capital-embodied and disembodied productivity enhancement, which is both statistically and economically highly significant. The empirical results are in contrast with predictions of both agency and transaction cost theories, and they imply that more tax benefits and financial incentives for expansion of the Employee Welfare Fund should be required to get productivity gains.

• Journal of Digital Convergence
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• v.16 no.7
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• pp.199-211
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• 2018

Ever since Korea was geopolitically divided into North and South Korea in the 1940s, South Korea has depended on maritime transportation for global trade and logistics. Now, however, South Korea is preparing to develop a new global route for trans-Eurasia logistics passing through North Korea. Even though there are difficulties to overcome, South Korea expects that a new overland route, shorter than the existing seaways in the Europe-Asia section, will bring more frequent trade with more rapid and cost-effective logistics services in the future. Related to this issue, this study aims to proactively analyze dynamic logistics changes in South Korea when a trans-Korea railway is developed and linked with the trans-China railway and the trans-Siberian railway. This study employed a system dynamics simulation approach to model the logistics system in South Korea. The simulation results indicated that the traffic of the Uiwang inland container depot near the capital area may increase but the traffic of the Port of Busan may decrease. With supplementary research, consequently, follow-up studies on adjusting the traffic capacity in Korea are required to attain successful trans-Eurasia logistics by rail.

• Korea Trade Review
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• v.41 no.3
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• pp.177-198
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• 2016

China has retained economic growth rate of average 9% for more than ten years recently after China introduced capitalistic market economy system in 1979 by Deng Xiaoping. China has attracted foreign direct investment for a long time because it has retained very high economic growth rate, low labor cost, and various policies for foreign investors. This paper tries to analyse the determinants of foreign direct investment inflow after reform-opening of China with empirical analysis methods utilizing each province·city's specific characteristics by using the panel data from 1985 to 2013. For the empirical analysis we use random effect model, fixed effect model, pooled OLS, and random coefficient model. The results by pooled OLS and random coefficient model are presented for the comparison with the main results in the process of research. The research shows the results by fixed effect model are better than those by random effect model after doing Hausman's test. The results shows that GRDP, capital stock, and telecommunication exert a positive relationship with foreign direct investment, while express way variable exerts a negative one. China's education level surprisingly does not attract foreign direct investment even though it is not at a critical level. Therefore, the Chinese government should try to increase national income level as it symbolizes market size; encourage domestic investment; and construct high quality telecommunication infrastructure.

• International Area Studies Review
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• v.15 no.3
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• pp.307-324
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• 2011

The global economic crisis made most of governments to overcome the economic depression as well as the challenging tasks for global warming. It is not easy political vision to harmonize these two rabbits race, and thus it needs to be developed new paradigm for the sustainable development. Unfortunately, the traditional cost-approach based productivity could not resolve this trade-off relation. Therefore, the paper is aimed to develop new approach on the green productivity index with the DEA models in the 1st stage, and then based on these green productivity scores, the paper is analyzed the determinants of these green productivity in the 2nd stage among the G 20 countries. The empirical result shows that the effect of GDP, carbon intensity, and capital and labor intensity toward the green growth is positive on the green productivity, while the level of government efforts is not significant on the green productivity.

• Korea journal of population studies
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• v.28 no.2
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• pp.1-32
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• 2005

The optimum population of a society or country can be defined as 'the population growth path that maximizes the welfare level of the society over the whole generations of both the present and the future, under the paths allowed by its endowments of production factors such as technology, capital and labor'. Thus, the optimum size or growth rate of population depends on: (i) the social welfare function, (ii) the production function, and (iii)demographic economic interrelationship which defines how the national income is disposed into consumption(birth and education of children included) and savings on the one hand and how the demographic and economic change induced thereby, in turn, affect production capacities on the other. The optimum population growth path can, then, be derived in the process of dynamic optimization of (i) under the constraints of (ii) and (iii), which will give us the optimum population growth rate defined as a function of parameters thereof. This paper estimates the optimum population growth rate of Korea by: specifying (i), (ii), and (iii) based on the recent development of economic theories, solving the dynamic optimization problem and inserting empirical estimates in Korea as the parametric values. The result shows that the optimum path of population growth in Korea is around TFR=1.81, which is affected most sensitively, in terms of the size of the partial elasticity around the optimum path, by the cost of children, share of capital income, consumption rate, time preference, population elasticity of utility function, etc. According to a survey implemented as a follow up study, there are quite a significant variations in the perceived cost of children, time preference rate, population elasticity of utility across different socio-economic classes in Korea, which implied that, compared to their counterparts, older generation and more highly educated classes prefer higher growth path for the population of Korea.

• Korea Journal of Hospital Management
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• v.12 no.3
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• pp.47-67
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• 2007

This paper aims at suggesting several ways lo change financial vulnerability and to improve managerial capability of local public hospitals (LPHs) in Korea through the identification of factors affecting profitability. Several findings of the research are as follows: To begin with, LPHs exhibited a statistically significant difference in their profitability from one another, according to tile analyses of their profitable margins from tile general characteristics. It depends on the number of hospitals in the area, the population of the hospital-built area, the number of competing hospitals, the number of staff per 100 beds, the opening of special clinic, the educational function, and the capacity of rooms. However, there was no variable in the managerial characteristics, presenting a significant difference, in contrast with hospitals which have been managed by private companies and made a great amount of profits. Second, according to the analyses of profit differences in behavioral effort-characteristics, a statistically significant difference was revealed upon the basis of the efforts to improve the clinic service, invite special patients, and shorten the period of being hospitalized. Third, the result of analyses about the difference of profitability from medical care and finance is statistically significant in the rate of labor cost, the rate of management cost, bed-occupancy rate, and the period of being hospitalized. Fourth, according to the analyses of the factors influencing the net profit ratio of the entire capital, Adjusted explanatory power(Adjusted $R^2$) was shown up to 65.2%, which is high. To compare the adjusted explanatory power stage by stage, the first stage model applying only two variables such as structural and strategic characteristics exhibited 23.8%, and the second stage model adding financial characteristics showed 51.5%. The explanatory power was much improved up to 65.2% when the third stage model incorporated the outcome of medical care performance. When the return on investment(ROI) was examined by using the multi-variate linear regression analysis at the final model of third stage, it was found that ROI had a positive relationship with the increase rate of patients, labor costs per doctor, and medical care rate of socially protected inpatients. However, it revealed that ROI had a negative relationship with the ratio of labor costs, the number of patients per managerial staff, and occupancy rate of rooms, respectively. The research suggests that in order for LPHs to increase profitability, LPH, should make efforts not only to attract patients to the hospitals without any discrimination of the patients depending on their financial status, but also to develop efficient management methods to reduce labor costs.

• Journal of Navigation and Port Research
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• v.40 no.3
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• pp.121-128
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• 2016

The present study aimed to derive decision factors for residency in the hinterland of Incheon New Port that is undergoing the development of port hinterlands and changes in leasing methods considered from the perspective of companies and analyze the priorities of determinants for residency through Fuzzy-AHP in order to present a direction to activate companies entries into the hinterland of Incheon New Port. When the comprehensive rankings of determinants for residency in the hinterland of Incheon New Port, rent levels among cost factors took the highest ranking with a value of 10.2% followed by the throughput of the port among market factors with a value of 8.2%, the scale of the market on the background with a value of 7.3%,, reduction in inland transport costs among cost factors with a value of 7.1%, connectivity to inland transportation networks among locational factors with a value of 6.7%, and designation as a free trade zone and the scale with a value of 6.4%. When seen from the viewpoint of companies to determine whether to move into the hinterland of Incheon New Port, the rent level should be provided to be more attractive compared to the hinterlands of ports in other regions. In addition, inland transportation costs which are a matter of the most serious concern of shippers in the capital region should be reduced and sea routes that can directly connect Incheon New Port to US ports and European ports should be opened.

• Asian-Australasian Journal of Animal Sciences
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• v.11 no.5
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• pp.597-607
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• 1998

Processing is generally employed to alter the physical and chemical properties of feeds used in pig diets, using hammer/roller mills, pellet mills and extruders/expanders. The reported optimum particle sizes of corn are approximately $500{\mu}m$, $500-700{\mu}m$, $400-600{\mu}m$, for nursery, growing-finishing, and breeder pigs respectively. Optimum particle size of grains are affected by diet complexity. There was a trend towards reducing particle size in order to increase ADG in pigs fed a simple diet, though such was not the case for pigs fed a complex diet. Uniformity of particle size also affects the nutritional values of swine feeds. Uniform particle sizes would consistently give greater nutrient digestibilities. In terms of pellet quality, it is reported that a higher incidence of fmes in pelleted feeds has a direct correlation with poorer feed conversion ratio in pigs. Particle and pellet sizes are also very important for pelleting in terms of grinding, digestibility, stomach ulceration and pellet durability. A particle size of $600{\mu}m$, or slightly less, seemed optimal for com in fmishing pigs, and the 5/32 in. diameter pellets supported the best efficiencies of gain during nursery and finishing phases. Extruder and/or expander processes would allow the feed industry an increased flexibility to utilize a wider spectrum of feed ingredients, and improve pellet quality of finished feeds. It would appear that extruded or expanded diets containing highly digestible ingredients have little effect on the growth performance of pigs, and the feeding values of the feeds over pelleted diets were not improved as pigs grew. The extruder or expander is much more effective than a pelletizer in salmonella control. Gastric ulcerations and/or keratinizations were consistently reported in pigs fed mash and processed diets containing finely ground grains, whereas carcass quality was not affected by diet processing methods such as pelleting, extruding or expanding. In corn- or sorghum-based diets, the electrical energy consumption is 4-5 times higher in the expanding than in the pelleting process. But the expander's processing cost was half of that shown by an extruder. Finally, the decision of which feed processing technology to adopt would depend on the processing cost, and any potential improvement in growth performance and digestibilities of nutrients should offset the increased operating and capital costs related to the extruder/expander technology over mash or pelleting processes in pigs.

• The Journal of the Korea Contents Association
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• v.20 no.7
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• pp.404-416
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• 2020

Flooding is an unavoidable natural disaster for the city. Flood disasters seriously undermine the city's economy, safety, and sustained development. In the course of development and construction of waterfront space in the same city, the construction of basic disaster prevention facilities cannot be avoided completely even if huge amounts of capital are invested to reduce the economic damage of flooding. The cost of rebuilding the city after the disaster is much higher than the cost of building disaster prevention facilities. In recent years, the theory of elasticity in urban reconstruction and so on has been a subject of city problem solving, creating widespread discussion and attention in academia. In other words, how to transform the concept of elasticity into practice based on theoretical and empirical factors is a real problem facing urban disaster. Through theoretical literature on the waterfront (space) buffer zone of a city (flood-weak area) and the case study of the city's practice, this paper tries to clarify the element of 5R, the theory of elastomeric fire prevention, and present detailed measures accordingly. In addition, the following two problems are addressed while emphasizing the feasibility of implementing the urban waterfront (space) plan of the elastomeric element around the urban water buffer zone. First, the means of disaster prevention planning are used to mitigate conflicts between individual utility of urban waterfront and disaster prevention functions in waterfront buffer zones, and second, the waterfront buffer zone can respond to flood-causing problems in terms of disaster prevention as much as possible through the elastic disaster prevention plan.