• Management & Information Systems Review
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• v.36 no.4
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• pp.1-19
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• 2017

These days, the concept of creating shared value is drawn keen attentions to. This interest comes out of the expectation that Creating Shared Value(CSV) can offer an answer to some social issues by creating societal and economic values on the top of the achievements that existing Corporate Social Responsibility(CSR) has made. However, it is difficult to make a clear distinction between the achievements that the activities of CSR and CSV have made. In this regard, developing a methodology to make an actual proof analysis on the accomplishments of CSV and to verify customer's awareness of and attitude towards the CSV is necessarily required. A company needs to gain a competitive advantage in the marketplace as well as resolve a social issue by innovating value chain. The research has verified the cause and effect relationship between the CSV from the point of view of value chain and the purchase intention aroused by its economic, societal and cultural values through the company image and credibility with actual proof analysis and come up with following results. First, a societal and cultural value resulted in giving positive impact on a company's image, which implies that CSV activities can be the thin end of the wedge through which customers have a good image of the company involved in CSV. Second, a societal value makes a positive influence on the credibility of a company. In this regard, CSV should be recognized not just as a thing that generates a cost, but a way to win-win as well as future development. Third and last, the research results show that both company image and credibility influence on purchase intention. Considering that CSV generates a positive evaluation on a company that will ultimately cause continuous profit-making, the company's ultimate goal of activities, it should be approached from the perspective of making a mid-and-long term strategy.

• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.249-280
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• 1993

Recent financial theory views insurance policies as financial instruments that are traded in markets and whose prices reflect the forces of supply and demand. This article analyzes individual's insurance purchasing behavior along with capital market investment activities, which will provide a more realistic look at the tradeoff between insurance and investment in the individual's budget constraint. It is shown that the financial economic concept of insurance cost should reflect the opportunity cost of insurance premium. The author demonstrates the importance of riskless and risky financial assets in reaching an equilibrium insurance premium. In addition, the paper also investigates how the investment income could affect the four established theorems on traditional insurance literature. At the present time in Korea, the price deregulation is being debated as the most important current issue in insurance industry. In view of the results of this paper, insurance companies should recognize investment income in pricing their coverage if insurance prices are deregulated. Otherwise. price competition may force insurance companies to restrict coverage or to leave the market.

• Economic and Environmental Geology
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• v.53 no.1
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• pp.45-69
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• 2020

In Danyang area, various geological structures as well as various lithology and strata are well developed, which are useful for studying paleo-environment and structural movements, and also typical karst landforms, wethering landforms and river landforms. If geologically and geomorphologically valuable resources are used in terms of geotourim perspective, it is expected that revitalization of regional economy through diversification of attracting factors and employment creation of local people. Danyang has many excellent geological resources for geological field trip, they can greatly contribute to the development of geology such as expanding the base of geology and cultivating successive generations. In this study, we have evaluated newly discovered sites and previously excavated resources based on academical and educational values. By using these geological and geomorphological resources, we suggest three geotrail courses as follows. First, Geo-trail A is mainly focused on geological structures (Route A: Jeong Hwan Route), where we can learn geological deformation and movement through various brittle and ductile deformation structures. Second, Geo-trail B is mainly focused on stratigraphic importance (Route B: Soon-Bok Route), which emphasizes on various rocks, strata and contact relationship. Third, Geo-trail C is mainly focused on geomorphological landforms and landscapes (Route C: Satgat Route), which provide information about different geomorphological landforms and the interaction between different geological agents. In order to operate these geotrail courses efficiently, installation of explanation boards and view points, cultivate local commentators, and visitor centers and experience programs should be properly prepared together.

• Journal of Distribution Science
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• v.10 no.7
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• pp.33-41
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• 2012

The purpose of this study is to analyse the state of the energy industry and to determine the efficiency of its functioning on the basis of energy conservation principle and application of innovative technologies aimed at improving the ecological modernisation of agricultural sectors of Kazakhstan. The research methodology is based on an integrated approach of financial and economic evaluation of the effectiveness of the investment project, based on calculation of elasticity, total costs and profitability, as well as on comparative, graphical and system analysis. The current stage is characterised by widely spread restructuring processes of electric power industry in many countries through introduction of new technical installations of energy facilities and increased government regulation in order to enhance the competitive advantage of electricity market. Electric power industry features a considerable value of creating areas. For example, by providing scientific and technical progress, it crucially affects not only the development but also the territorial organisation of productive forces, first of all the industry. In modern life, more than 90% of electricity and heat is obtained by Kazakhstan's economy by consuming non-renewable energy resources: different types of coal, oil shale, oil, natural gas and peat. Therefore, it is significant to ensure energy security, as the country faces a rapid fall back to mono-gas structure of fuel and energy balance. However, energy resources in Kazakhstan are spread very unevenly. Its main supplies are concentrated in northern and central parts of the republic, and the majority of consumers of electrical power live in the southern and western areas of the country. However, energy plays an important role in the economy of industrial production and to a large extent determines the level of competitive advantage, which is a promising condition for implementation of energy-saving and environmentally friendly technologies. In these circumstances, issues of modernisation and reforms of this sector in Kazakhstan gain more and more importance, which can be seen in the example of economically sustainable solutions of a large local monopoly company, significant savings in capital investment and efficiency of implementation of an investment project. A major disadvantage of development of electricity distribution companies is the prevalence of very high moral and physical amortisation of equipment, reaching almost 70-80%, which significantly increases the operating costs. For example, while an investment of 12 billion tenge was planned in 2009 in this branch, in 2012 it is planned to invest more than 17 billion. Obviously, despite the absolute increase, the rate of investment is still quite low, as the total demand in this area is at least more than 250 billion tenge. In addition, industrial infrastructure, including the objects of Kazakhstan electric power industry, have a tangible adverse impact on the environment. Thus, since there is a large number of various power projects that are sources of electromagnetic radiation, the environment is deteriorated. Hence, there is a need to optimise the efficiency of the organisation and management of production activities of energy companies, to create and implement new technologies, to ensure safe production and provide solutions to various environmental aspects. These are key strategic factors to ensure success of the modern energy sector of Kazakhstan. The contribution of authors in developing the scope of this subject is explained by the fact that there was not enough research in the energy sector, especially in the view of ecological modernisation. This work differs from similar works in Kazakhstan in the way that the proposed method of investment project calculation takes into account the time factor, which compares the current and future value of profit from the implementation of innovative equipment that helps to bring it to actual practise. The feasibility of writing this article lies in the need of forming a public policy in the industrial sector, including optimising the structure of energy disbursing rate, which complies with the terms of future modernised development of the domestic energy sector.

• Economic and Environmental Geology
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• v.49 no.2
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• pp.105-120
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• 2016

Most of riverside in Korea, in case of application of water curtain cultivation (WCC) technique, has been inveterately suffering from the gradual drawdown of groundwater level and related shortage of water resources during the WCC peak time. We believe that the water resources issue in these riverside areas can be effectively solved when the interaction between groundwater and nearby surface water is well understood. To investigate the connection between stream and ground water, and the influence of stream water on the nearby aquifer, this study examined the water temperature and oxygen and hydrogen stable isotopic compositions. The study area is well-known strawberry field applying the WCC technique in Sangdae-ri, Gadeok-myon, Cheongju City, and the sampling was done from February 2012 through June 2014 for stream and ground water. Some groundwater wells near stream showed big temporal variations in water temperature, and their oxygen and hydrogen stable isotopes showed similar compositions to those of adjacent stream water. This indicates that the influence of stream water is highly reflected in the stable isotopic composition of groundwater. Four cross-sectional lines from stream to hillside were established in the study area to determine the spatial differences in water quality of wells. At the late stage of WCC in February to March, groundwater of wells in line with short cross-sectional length showed the narrow range of isotopic compositions; however, those in the long cross-sectional line showed a wide compositional range. It was shown that the influence of the stream water at the late WCC stage have reached to the distance of 160 to 165 m from stream line, which is equivalent to the whole length and one-third point in each short and long cross-sectional line, respectively. Therefore, the wide compositional range in the long cross-sectional lines was not only due to the influence of stream water, but apparently resulted from the change of relative impact of each groundwater supplying from two or more aquifers. In view of stable isotopic compositions, there seems to be three different aquifers in this study area, which is competing for dominance of water quality in wells at each period of WCC.

• Journal of the Korean association of regional geographers
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• v.2 no.1
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• pp.115-131
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• 1996

Tourism is multi-faceted phenomenon which involves movement to stay in destinations outside the normal place of residence. Thus, tourism is a composite phenomenon which incorporates the diversity of variables and relationships to be found in the tourist travel process. Tourism-behaviors are of major economic and social significance. With the growth of mass-tourism, the government departments of tourism is to provide many tourist facilities, to develop travel destination and tourism resources. At same time, the growth of mass-tourism has prompted perceptive travellers to raise many questions concerning the many travel destination and the tourism resources of encouraging further tourism demand. Most of tourism have a mental in their minds about various objects. This allowed him to choose tourism destination as a important rules. In tourism geography, behavioral approach to wildness, tourism resources and places has risen since 1960's. The tourist profile can be viewed under two major categories: the tourist social-economic and behavioral characteristic. Particulary, the motivations, attitude, need, values and preference of travel destinations are of crucial importance in contributing to their desion-making process. In this view, this paper is emprical study investigated travel patterns and behavioral characteristic of tourists and potential tourist in East Chonnam. The purpose of this paper is to show the spatial preference and tourism behavior of travel destinations. For this study, we are undertaken the questionary method employed by recreation geographers in order to collect research data for the East Chonnam-citizens functioned as a major tourist demand. The East Chonnam Province have many tourist-places including national park, provincial park, and local tourist-places. Thus, citizen of the East Chonnam evaluate many tourist-places very high, but evaluate the facilities of tourist place very low. The high ranks of preferences to travel destinations among tourist-places are Hyangilam, Geomoon island, Odongis land, Songkwang temple. The major travel destinations occurred the temporary travel trip are Odong island, Sunam temple, Songkwang temple. Heungkook temple, Hyangilam which are the type of mountainous in located inland. The relationship between the degree of preference and tourism behavior of travel trip for the travel destinations does not correlate each other. The result of analysis about the degree of seasonal preferences presented spatial differences according to characteristics of tourist-places. The typical travel destination are divided into seasons : Odong island. Mt. Backwoon, Goemoon island of spring, Goemoon island, Sungbul valley, Banggukpo beach of summer, Songkwang temple, Mt. Pal young of fall. The future of tourism will be rapidly grow with increase of personal mobility and leisure time, chang of tourism behavior. Thus, it is imperative that planning and development for tour-root, facilities of tourist-places should be implemented to increase tourism demand.

• Economic and Environmental Geology
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• v.19 no.3
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• pp.199-218
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• 1986

Arsenopyrite in arsenic and polymetallic ores from calcic Fe-W skarn deposit of the Ulsan mine, Republic of Korea, has been investigated by means of electron microprobe analysis and X-ray diffractometry. As a result, it is revealed that the Ulsan arsenopyrite may be classified into the following three species with different generation on the basis of its mode of occurrence, chronological order during polymetallic mineralization and chemical composition; arsenopyrites I, II and III. 1) Arsenopyrite I-(Ni, Co)-bearing species belonging to the oldest generation, which has crystallized together with (Ni, Co)-arsenides and -sulpharsenides in the early stage of polymetallic mineralization. In rare cases, it contains a negligible amount of antimony. It occurs usually as discrete grains with irregular outline, showing rarely subhedral form, and is diffused in skarn zone. The maximum contents of nickel and cobalt are 10.04 Ni and 2.45 Co (in weight percent). Occasionally, it shows compositional zoning with narrow rim of lower (Ni+Co) content. 2) Arsenopyrite II-arsenian species, in which (Ni+Co) content is almost negligible, may occur widely in arsenic ores, and its crystallization has followed that of arsenopyrite I. It usually shows subhedral to euhedral form and is closely associated with $l{\ddot{o}}llingite$, bismuth, bismuthinite, chalcopyrite, sphalerite, bismuthian tennantite, etc. It is worthy of note that arsenopyrite II occasionally contains particles consisting of both bismuth and bismuthinite. 3) Arsenopyrite III-(Ni, Co)-free, S-excess and As-deficient species is close to the stoichiometric composition, FeAsS. It occurs in late hydrothermal veins, which cut clearly the Fe-W ore pipe and the surrounding skarn zone. It shows euhedral to subhedral form, being extremely coarse-grained, and is closely associated with pyrite, "primary" monoclinic pyrrhotite, galena, sphalerite, etc. Among three species of the Ulsan arsenopyrite, arsenopyrite I does not serve as a geothermometer, because (Ni+Co) content always exceeds 1 weight percent. In spite of the absence of Fe-S minerals as sulphur-buffer assemblage, the presence of $Bi(l)-Bi_2S_3$ sulphur-buffer enables arsenopyrite II to apply successfully to the estimation of either temperature and sulphur fugacity, the results are, $T=460{\sim}470^{\circ}C$, and log $f(S_2)=-7.4{\sim}7.0$. With reference to arsenopyrite III, only arsenopyrite coexisting with pyrite and "primary" monoclinic pyrrhotite may serve to restrict the range of both temperature and sulphur fugacity, $T=320{\sim}440^{\circ}C$, log $f(S_2)=-9.0{\sim}7.0$. These temperature data are consistent with those obtained by fluid inclusion geothermometry on late grandite garnet somewhat earlier than arsenopyrite II. At the beginning of this paper, the geological environments of the ore formation at Ulsan are considered from regional and local geologic settings, and physicochemical conditions are suspected, in particular the formation pressure (lithostatic pressure) is assumed to be 0.5kb (50MPa). The present study on arsenopyrite geothermometry, however, does not bring about any contradictions against the above premises. Thus, the following genetical view on the Ulsan ore deposit previously advocated by two of the present authors (Choi and Imai) becomes more evident; the ore deposit was formed at shallow depth and relatively high-temperature with steep geothermal gradient-xenothermal conditions.

• Economic and Environmental Geology
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• v.44 no.4
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• pp.313-320
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• 2011

The Taebaegsan Mineralized District is the most prospective region for the useful mineral commodities such as a coal, non-metallic, metallic mineral in South Korea. From a general point of view, Cambro- Ordovician limestone formations, Myobong slate and Pungchon (Daegi) limestone, are the most fertilizable formations in the Taebaegsan Mineralized District. The geology around Weondong mine area consists mainly of Carboniferous-Triassic formations and Cambro-Ordovician formations intruded by rhyolite/quartz porphyry. The great overthrusted fault of N40~$50^{\circ}E$ direction, so called Weondong overthrust fault, is observed in the central part of the mine area and the NS fault system cuts the overthrusted fault. By postulating from the favorable geological and structural condition around Weondong area, the possibility of deep seated hidden ore bodies is expected. In 2010, on the basis of the results of LOTEM and CSAMT survey, the cross-hole survey was performed for the investigation of the hidden polymetallic ore body in the deep parts of the Weondong mine area and the grade of the newly-discovered orebody is as follows; (1) The cut-off grade for lead-zinc 3%; an weighted average grade 5.50% (2.7 m), (2) The cutoff grade for copper 0.1%; an weighted average grade 0.91% (14.65 m), (3) The cut-off grade for iron 30%; an weighted average grade 38.18% (3.3 m), (4) $WO_3$ for each cut-off grade(0.01%, 0.05%, 0.1%); an weighted average grade 0.29 wt. % (8.8 m), 1.15 wt. % (2.1 m), 1.97 wt. % (1.2 m), (5) $MoS_2$ for each cut-off grade(0.01%, 0.1%); an weighted average grade 0.15 wt. % (6.3S m), 0.28 wt. % (3.15 m), (6) $Ta_2O_5$ for each cut-off grade (0.01%, 0.1%); an weighted average grade 0.13% (19.S m), 1.11% (1.8 m), (7) $Nb_2O_5$ for each cut-offgrade (0.01%, 0.1%); an weighted average grade 0.06% 11.5 m), 0.15% (3.0 m).

• International Commerce and Information Review
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• v.13 no.4
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• pp.177-201
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• 2011

Myanmar had fallen behind other southeast asian nations since Burmese way to Socialism settled down. However, historically second election in Myanmar hold in 2011 and dramatic changes in areas such as Special Economic Zone announcement, the very huge inflows of foreign direct investment in a year of 2009, the infrastructure building projects, a permit of the right to strike for Labour Organization in Myanmar etc. Particularly, Foreign investments and trade with neighbouring countries are actively growing and also with Korea. But investments of Korea in Myanmar relatively are not diversity, with limited sectors such as mining and sewing manufacturing. In this point of view, this paper is trying to make implications for strategies of entry and investments of Korea in Myanmar by using previous papers related to Myanmar economies, trade and foreign investments with updated statistical data. The implications for Korea is that recently Myanmar economy is in its early stages of development. Although it can occur huge demand of railway, road, communications and constructions related to social infrastructures essentially needed for development of a country, these sectors relatively need huge investments. On the other hands, textile and sewing industry relatively need smaller investments in which investors can utilize low labour cost and a position for export to third countries. But those firms which set up for those purpose in Myanmar might have trouble creating domestic markets in future. Moreover, due to demand which occur in the early stage of growth in Myanmar, trade volume tend to increase and trading is also possible to invest but Myanmar still have lots of problems with infrastructure such as road and logistics and we need to make pre-survey for the costs and benefits of our products Finally, Myanmar government is trying to promote and encourage some of industries such as export-oriented industry, import substitution industry and labour-intensive industry. It can also means they will accumulate capital which can be sources for Myanmar economic growth.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.