• Korean Business Review
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• v.18 no.2
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• pp.179-196
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• 2005

This study investigates whether the designated firm is affected by the financial characteristics prior to the korea stock exchange designating subject to administrative issues. that is, analyzes financial differences of the designated finn(AIF) from another firm(NAIF) in the same asset-scale and industry for 5 years prior to designating date. For this purpose, financial variables related with scale, profitability, growth nature, liquidity, stability, and active nature are chosen. 113 AIFs and 113 NIAFs are selected from listed stock on the korea stock exchange between 1991 and 1999. As a result, it is found that there are significant difference in all profitability, stability, active nature related financial variables for 5 years prior to each designation date. The difference is more significant as the designating date approaches. But, no significant difference is not found in all growth nature related financial variables for 5 years prior to each designation date. Liquidity related financial variables show significant difference in only the 1st year before designation date. To be short, the financial factors of profitability, liquidity, stability, and active nature have an effect on the designated firms.

• Journal of Technology Innovation
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• v.29 no.3
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• pp.91-119
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• 2021

The importance of industrial policy and innovation policy perspectives on public procurement has recently been highlighted. In particular, there have been discussions and studies on whether public procurement directly affects the growth and innovation of SMEs. As an extension of this study, this study analyzes whether the age of a firm moderating the effect of public procurement on growth among the characteristics of firms participating in public procurement. The analysis data was constructed by matching the financial data of about 1,247 firms designated as excellent products by the Public Procurement Service(PPS) from 2006 to 2017 and the public procurement sales. As a result of analysis through the panel regression model, firms with a greater degree of public procurement showed a higher growth rate, and this relationship was stronger with younger firms. This result not only contributes to the existing academic discussion on the effectiveness of public procurement, but also has significance in the establishment of public procurement policy.

• Journal of the Korean Institute of Rural Architecture
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• v.24 no.1
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• pp.1-8
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• 2022

Among Korea's national folk cultural heritage, eight villages have been designated, and 37 years have passed since Hahoe Village was first designated in 1984. All eight villages have been constantly inhabited by residents from the past to the present, so the cultural value of inferring the lives of our ancestors in the past is very high. However, due to the inconvenience of the settlement environment in existing houses due to changes in the living environment, buildings such as various residential facilities and warehouses have been installed and expanded without permission, losing the original cultural property landscape and building. In addition, complaints and conflicts from residents are accumulating due to the poor living environment in the village. Therefore, this study intends to present guidelines for conservation and maintenance that can embrace changes in resident's housing and living environment, based on the 'maintenance of original form', the grand principle of the Cultural Properties Protection Law about the Jeju Seongeup Village. In particular, the maintenance plan is largely subdivided into legalization, demolition, expansion and reconstruction, and detailed standards for each item and examples applied are proposed. Through this, it aims to become basic data on the starting point of realistic improvement measures for cultural properties and residents to coexist.

• The Journal of the Korea Contents Association
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• v.16 no.10
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• pp.326-337
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• 2016

This research attempts to focus on the role of entrepreneurship and market-orientation on firm performance in perspective of medium and small-sized firms. To accomplish the purposes of this research, 500 entrepreneurs in Kyungnam and Ulsan area has been designated as a research object and finally a total of 182 questionnaires were analyzed by using PLS 2.0. The results from this study are as follows: First of all, the hypothesis regarding the influence of entrepreneurship on firm performance was rejected. Secondly, the hypothesis about the role of market-orientation was accepted. Finally, the effect of entrepreneurship on market-orientation was accepted. We outlined implication for theory and practice and suggested research limitation and future research based on research conclusion.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.9
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• pp.584-595
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• 2020

This study relates to the effect from enforcement of regulations in 2014 against controlling shareholder expropriation in Korean corporations. The relationship change between related party transactions (RPTs) and the corporate values of listed Korean corporations is analyzed for the five-year period before and after enforcement of the regulations (2009-2013 and 2014-2018). Three types of RPTs regarding long-term supply contracts, loans, and credit were adopted for analysis. Following are the results of a regression analysis with panel data that consist of 6,534 firm-year observations. First shown is that the enforcement of regulations affects the relationship between RPTs and corporate value. Specifically, for all corporations, the result implies that the purpose of expropriation is weakened, and the efficiency and transparency of transactions in corporations are enhanced due to enforcement of the regulations. Secondly, the extent to which the regulations exert influence on designated and non-designated corporations differs. Regulation enforcement seems to be more influential on non-designated corporations than on designated ones for the efficiency and transparency of transactions in the long-term contract type of RPT.

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.51-68
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• 2015

Recently, it has been emphasized that 'marine special economic zone' need to be designated and developed. Therefore, the purpose of this paper is to analyse on successful growth factors of 'marine special economic zone'. This study deals with the terms of three connection success factors which are a firm's subjective factors, a industrial environment factors, and a governmental policy factors. According to analysis results of the three successful growth factors, a firm's subjective factors(4.11 score) are scored at the most ones of the three successful growth factors, to be compared with a industrial environment factors(3.89 score). with a government policy factors(3.72 score). Therefore, first of all, it is important to enhance competitiveness of 'marine special economic zone' through as follows, a firm's subjective factors : (1) to procure concentrated market strategy and real market capacity, (2) to promote customer service, (3) to procure speedy satisfaction of customer needs and confidence, (4) to enhance competitiveness through standing in a trio of connection growth model. And, the next, we have to enhance competitiveness of 'marine special economic zone' through considering a industrial environment factors, that is, sustainable growth of marine industry, clustering of marine industry, expansion of infrastructure, etc., and a government policy factors, that is, leading law improvement and policy of leading 'marine special economic zone' designation and development, etc.,

• KDI Journal of Economic Policy
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• v.37 no.sup
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• pp.87-121
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• 2015

To attract more FDI inflows, the Korean government has designated several special economic zones (SEZs), offering various advantages and support to the FDI. There is, however, a shared acknowledgement that those efforts have gained little reward. In this regard, this paper empirically analyzes company-level performances of labor productivity, operating profit ratio, propensity to invest and innovate, etc. and then conducts regression analysis and PSM analysis to see whether these performances are meaningfully different between foreign-invested firm and domestic firm and between foreign-invested firms. The main findings of this paper are as follows. First, in the aspects of labor productivity and operating profit ratio, no empirical evidence was found to support the hypothesis that foreign-invested firm outperforms domestic firm in efficiency and profitability, Second, in the aspects of propensity to invest, foreign-invested firms in foreign investment zones outperformed domestic firms. Third, in the aspect of R&D investment, overall, foreign-invested firms showed a stronger propensity to invest than domestic firms, but there is no empirical evidence that high propensity to invest was driven by the policy on special economic zones. In the aspect of investment in educational training, empirical evidences were found that the role of foreign-invested firms outside the special zones turned out to be the strongest and that among firms inside special zones, it was those in the free economic zone that outperformed domestic firms. Lastly, foreign-invested firms showed a stronger propensity to employ than domestic firms, but there is no empirical evidence that high propensity to employ was driven by the policy on special economic zones.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.157-176
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• 2018

The purpose of this research is to develop a detection model for companies designated as administrative issue in KOSDAQ market using financial data. Administration issue designates the companies with high potential for delisting, which gives them time to overcome the reasons for the delisting under certain restrictions of the Korean stock market. It acts as an alarm to inform investors and market participants of which companies are likely to be delisted and warns them to make safe investments. Despite this importance, there are relatively few studies on administration issues prediction model in comparison with the lots of studies on bankruptcy prediction model. Therefore, this study develops and verifies the detection model of the companies designated as administrative issue using financial data of KOSDAQ companies. In this study, logistic regression and decision tree are proposed as the data mining models for detecting administrative issues. According to the results of the analysis, the logistic regression model predicted the companies designated as administrative issue using three variables - ROE(Earnings before tax), Cash flows/Shareholder's equity, and Asset turnover ratio, and its overall accuracy was 86% for the validation dataset. The decision tree (Classification and Regression Trees, CART) model applied the classification rules using Cash flows/Total assets and ROA(Net income), and the overall accuracy reached 87%. Implications of the financial indictors selected in our logistic regression and decision tree models are as follows. First, ROE(Earnings before tax) in the logistic detection model shows the profit and loss of the business segment that will continue without including the revenue and expenses of the discontinued business. Therefore, the weakening of the variable means that the competitiveness of the core business is weakened. If a large part of the profits is generated from one-off profit, it is very likely that the deterioration of business management is further intensified. As the ROE of a KOSDAQ company decreases significantly, it is highly likely that the company can be delisted. Second, cash flows to shareholder's equity represents that the firm's ability to generate cash flow under the condition that the financial condition of the subsidiary company is excluded. In other words, the weakening of the management capacity of the parent company, excluding the subsidiary's competence, can be a main reason for the increase of the possibility of administrative issue designation. Third, low asset turnover ratio means that current assets and non-current assets are ineffectively used by corporation, or that asset investment by corporation is excessive. If the asset turnover ratio of a KOSDAQ-listed company decreases, it is necessary to examine in detail corporate activities from various perspectives such as weakening sales or increasing or decreasing inventories of company. Cash flow / total assets, a variable selected by the decision tree detection model, is a key indicator of the company's cash condition and its ability to generate cash from operating activities. Cash flow indicates whether a firm can perform its main activities(maintaining its operating ability, repaying debts, paying dividends and making new investments) without relying on external financial resources. Therefore, if the index of the variable is negative(-), it indicates the possibility that a company has serious problems in business activities. If the cash flow from operating activities of a specific company is smaller than the net profit, it means that the net profit has not been cashed, indicating that there is a serious problem in managing the trade receivables and inventory assets of the company. Therefore, it can be understood that as the cash flows / total assets decrease, the probability of administrative issue designation and the probability of delisting are increased. In summary, the logistic regression-based detection model in this study was found to be affected by the company's financial activities including ROE(Earnings before tax). However, decision tree-based detection model predicts the designation based on the cash flows of the company.

• Journal of the Society of Naval Architects of Korea
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• v.46 no.3
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• pp.325-334
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• 2009

Generally, functional design of FPSO has been done by the engineering firm designated by ship owner. Main equipment such as topside facility is imported from abroad. But sometimes, OFE (Owner Furnished Equipment) does not satisfy the PND (Product Need Date) of each production stage because the delivery date of OFE is not scheduled to satisfy the PND. And sometimes many loose items and equipment are complex from engineering which does not consider pre-outfitting. Main objective of this study is process improvements by maximizing pre-outfitting rate in the stage of equipping STP (Submerged Turret Production), one of main equipment on FPSO. In this study, we analyzed the factors which obstructed pre-equipping STP using the past records of FPSO projects.

• Asian-Australasian Journal of Animal Sciences
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• v.13 no.1
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• pp.77-85
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• 2000

To investigate the practical assessing method of pork quality, 302 carcasses were selected randomly to represent commercial conditions and were probed at 24 hr postmortem (PM) by Danish Meat Quality Marbling (MQM), Hennessy Grading Probe (HGP), Sensoptic Resistance Probe (SRP) and NWK pH-K21 meter (NpH). Also, filter paper wetness (FPW), lightness (L*), ultimate pH (pHu), subjective color (SC), firmness/wetness (SF) and marbling scores (SM) were recorded. Each carcass was categorized as either PSE (pale, soft and exudative), RSE (Reddish-pink, soft and exudative), RFN (reddish-pink, firm and non-exudative) or DFD (dark, firm and dry). When discriminant analysis was used to sort carcasses into four quality groups the highest proportion of correct classes was 65% by HGP, 60% by MQM, 52% by NpH and 32% by SRP. When independent variables were combined to sort carcasses into groups the success was only 67%. When RSE and RFN groups were merged so that there were only three groups (PSE, RSE+RFN, DFD) differentiating by color MQM was able to sort the same set of data into the new set of three groups with 80% accuracy. The proportions of correct classifications for HGP, NpH and SRP were 75%, 61% and 35% respectively. There was a decline in predication accuracy when only two groups, exudative (PSE and RES) and non exudative (RFN and DFD) were sorted. However, when two groups designated PSE and non-PSE (RSE, RFN and DFD) were sorted then the proportion of correct classification by MQM, HGP, SRP and NpH were 87%, 81%, 71% and 66% respectively. Combinations of variables only increased the prediction accuracy by 1 or 2% over prediction by MQM alone. When the data was sorted into three marbling groups based on SM this was not well predicted by any of the probe measurements. The best prediction accuracy was 72% by a combination of MQM and NpH.