• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.4
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• pp.881-893
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• 2007

IT(Information Technology)-based industries have caused a recent digital revolution and the appearance of various types' information service, being largely expanded toward info-communication device company, info-communication service company, software company etc.. Therefore, the needs to evaluate the company value of IT business for M&A or liquidation are growing tremendously. Unlike other industries, however, IT industry has a short lift cycle and so it doesn't have not only a company value-evaluating model for general businesses but the objective one for IT companies yet. So, this thesis analyzes various value-evaluating technique and newly rising ROV. DCF, the change method of company's cash flow including tangible assets into future value, had been applied during the past industrialization economy era and has been persuasively applied to the present. However, the DCF valuation has no option but to make many mistakes because IT companies have more intangible assets than tangible assets. Accordingly, it is ROV, recognized as the new method of evaluating companies' various options normally and quantitatively, that is brought up recently. But the evaluation on the companies' various options is too subjective and theoretical up to now and due to the lack of objective ground and options, it's not possible to be applied to reality. In this thesis, it is found that ROV is more accurate than DCF, comparing DCF and ROV through four examples. As the options applied to ROV are excessively limited, we tried to develop ROV into a new method by deriving five invisible value factors within IT companies. Therefore, on this occasion, we should set up the basic valuation methods on IT companies and should research and develop an effective and various valuation methods suitable to each company like an internet-based company, a S/W developing enterprise, a network-related company among IT companies.

• Journal of the Korean Geographical Society
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• v.28 no.4
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• pp.321-355
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• 1993

This paper focuses on the geographical pattern of financial activities in the Korean urban system during 1975-1990, based on the assumption that financial activities can reveal control points in Korea's urban economy. In terms of spatial evolution of financial insitutions, different locational characteristics are revealed among different types of financial institutions, implying the role of urban hierarchy. Financial resources are highly concentrated in the capital region, Seoul and Kyonggi Province. Both centralization trends into the large metropolitan cities and relative declines of medium and small cities within the Korean urban system, have been experienced over the study period. Financial activities sustain relatively stable hierarchical structure in the urban hierarchy. Regarding the financial flows, dominant flow zones centered on major metropolitan cities are identified, clearly showing a prominant role of Seoul in financial flows in the entire urban system.

• International Journal of Computer Science & Network Security
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• v.21 no.12spc
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• pp.664-674
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• 2021

The relevance of this scientific research is determined by the negative impact of the COVID-19 pandemic on the current trends and dynamics of world tourism development. This article aims to identify patterns of development of the modern tourist market, analysis of problems and prospects of development in the context of the COVID-19 pandemic. Materials and methods. General scientific methods and methods of research are used in the work: analysis, synthesis, comparison, analysis of statistical data. The analysis of the viewpoints of foreign and domestic authors on the research of the international tourist market allowed us to substantiate the actual directions of tourism development due to the influence of negative factors connected with the spread of a new coronavirus infection COVID-19. Economic-statistical, abstract-logical, and economic-mathematical methods of research were used during the process of study and data processing. Results. The analysis of the current state of the tourist market by world regions was carried out. It was found that tourism is one of the most affected sectors from COVID-19, as, by the end of 2020, the total number of tourist arrivals in the world decreased by 74% compared to the same period in 2019. The consequence of this decline was a loss of total global tourism revenues by the end of 2020, which equaled $1.3 trillion. 27% of all destinations are completely closed to international tourism. At the end of 2020, the economy of international tourism has shrunk by about 80%. In 2020 the world traveled 98 million fewer people (-83%) relative to the same period last year. Tourism was hit hardest by the pandemic in the Asia-Pacific region, where travel restrictions are as strict as possible. International arrivals in this region fell by 84% (300 million). The Middle East and Africa recorded declines of 75 and 70 percent. Despite a small and short-lived recovery in the summer of 2020, Europe lost 71% of the tourist flow, with the European continent recording the largest drop in absolute terms compared with 2019, 500 million. In North and South America, foreign arrivals declined. It is revealed that a significant decrease in tourist flows leads to a massive loss of jobs, a sharp decline in foreign exchange earnings and taxes, which limits the ability of states to support the tourism industry. Three possible scenarios of exit of the tourist industry from the crisis, reflecting the most probable changes of monthly tourist flows, are considered. The characteristics of respondents from Ukraine, Germany, and the USA and their attitude to travel depending on gender, age, education level, professional status, and monthly income are presented. About 57% of respondents from Ukraine, Poland, and the United States were planning a tourist trip in 2021. Note that people with higher or secondary education were more willing to plan such a trip. The results of the empirical study confirm that interest in domestic tourism has increased significantly in 2021. The regression model of dependence of the number of domestic tourist trips on the example of Ukraine with time tendency (t) and seasonal variations (Turˆt = 7288,498 - 20,58t - 410,88∑5) it forecast for 2020, which allows stabilizing the process of tourist trips after the pandemic to use this model to forecast for any country. Discussion. We should emphasize the seriousness of the COVID-19 pandemic and the fact that many experts and scientists believe in the long-term recovery of the tourism industry. In our opinion, the governments of the countries need to refocus on domestic tourism and deal with infrastructure development, search for new niches, formats, formation of new package deals in new - domestic - segment (new products' development (tourist routes, exhibitions, sightseeing programs, special rehabilitation programs after COVID) -19 in sanatoriums, etc.); creation of individual offers for different target audiences). Conclusions. Thus, the identified trends are associated with a decrease in the number of tourist flows, the negative impact of the pandemic on employment and income from tourism activities. International tourism needs two to four years before it returns to the level of 2019.

• Korean Journal of Construction Engineering and Management
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• v.20 no.4
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• pp.114-125
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• 2019

Off-Site Construction (OSC) is a new construction method based on factory production. OSC (Off-Site Construction) is a new construction method based on factory production. Researches such as OSC-related design and production standardization, transport methods are actively conducted in the U.S., UK and other parts of the world as this new method has an edge over existing methods in terms of productivity, economy and quality. As the emergence of this new area requires reasonable management, an analysis of the scope of construction project management is required accordingly. Therefore, this research analyzed the study trends and relationships at the CM/PM range's "Operation level" to identify areas of study, relationship between studies and deficiencies in current research. This study carried out a comprehensive literature review of the OSC (CM/PM) research by analyzing 94 papers in Operation level as of September 3, 2018, and the analysis results are as follows. (1) Working stage level researches have been increasing rapidly since 2006. (2) Non-volumetric type is contributing most significantly at work stage level. In the building sector, it has been identified that problems such as residential: living, quality issues, non-residential: economic difficulties, factory: productivity problems have been addressed. (4) The Non-volumetric pre-assembly type dealt with the economic feasibility of residential and non-residential buildings, whereas the modular type was studied in regards to assembly quality. (5) From 2006, project management areas (e.g., quality, human resources, risks) have been expanded. It is expected that this research will help find new areas of research for OSC. If the analysis is carried out to the level of the industrial, corporate and project phases in the future, it is deemed that the overall research flow and area of the OSC industry can be identified.

• (The)Study of the Eastern Classic
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• no.73
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• pp.385-414
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• 2018

In this article, the women as the subject of the family management in the 19th century cataclysm, In particular, I tried to reconstruct the specific life course of a woman who has a status as a jongbu(종부) in the Korean language through the Hangul letter. The Haenam Yoon's the 8th jongbu(종부) Gwangju Lee attempted to find her own unique identity, not the male-centered social order she had learned. Because she had to live a life outside the traditional environment of traditional society because her husband died at the beginning of her marriage. She perceived herself as an independent subject that she had to find and maintain. When Gwangju Lee married and came to the family of Haenam Yun, the economic power of jong-ga(종가) was much inclined. This economic difficulty was caused by the conflict with the slaves and the decrease of tallage(地代) to the change of the slavery system which was the social flow at that time. And uncles of her husband's intervention made the economic situation of the family more difficult. She established her position as a jongbu(종부) and used the right of Adoption option(입후권) of the jongbu(종부) to establish the impoverished family. She chose adoption from distant relatives who were not children of her husband's uncles. Therefore, I was free from her husband uncle's interests. She also believed that it was most important to take control of the economic interests of her family in order to secure her authority as a jongbu(종부). She believed that she had to exercise her economic rights in order to bring slave labor, which is the most important means of sustaining the domestic economy at the time, In the absence of her husband, she established her family in the social upheaval of the nineteenth century, and took her place as a master of a family, not just a family name.

• Journal of Intelligence and Information Systems
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• v.27 no.4
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• pp.23-48
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• 2021

The Korean economy has achieved continuous economic growth for the past several decades thanks to the government's export strategy policy. This increase in exports is playing a leading role in driving Korea's economic growth by improving economic efficiency, creating jobs, and promoting technology development. Traditionally, the main factors affecting Korea's exports can be found from two perspectives: economic factors and industrial structural factors. First, economic factors are related to exchange rates and global economic fluctuations. The impact of the exchange rate on Korea's exports depends on the exchange rate level and exchange rate volatility. Global economic fluctuations affect global import demand, which is an absolute factor influencing Korea's exports. Second, industrial structural factors are unique characteristics that occur depending on industries or products, such as slow international division of labor, increased domestic substitution of certain imported goods by China, and changes in overseas production patterns of major export industries. Looking at the most recent studies related to global exchanges, several literatures show the importance of cultural aspects as well as economic and industrial structural factors. Therefore, this study attempted to develop a forecasting model by considering cultural factors along with economic and industrial structural factors in calculating the import volume of each country from Korea. In particular, this study approaches the influence of cultural factors on imports of Korean products from the perspective of PUSH-PULL framework. The PUSH dimension is a perspective that Korea develops and actively promotes its own brand and can be defined as the degree of interest in each country for Korean brands represented by K-POP, K-FOOD, and K-CULTURE. In addition, the PULL dimension is a perspective centered on the cultural and psychological characteristics of the people of each country. This can be defined as how much they are inclined to accept Korean Flow as each country's cultural code represented by the country's governance system, masculinity, risk avoidance, and short-term/long-term orientation. The unique feature of this study is that the proposed final prediction model can be selected based on Design Principles. The design principles we presented are as follows. 1) A model was developed to reflect interest in Korea and cultural characteristics through newly added data sources. 2) It was designed in a practical and convenient way so that the forecast value can be immediately recalled by inputting changes in economic factors, item code and country code. 3) In order to derive theoretically meaningful results, an algorithm was selected that can interpret the relationship between the input and the target variable. This study can suggest meaningful implications from the technical, economic and policy aspects, and is expected to make a meaningful contribution to the export support strategies of small and medium-sized enterprises by using the import forecasting model.

• Korean Association of Arts Management
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• no.51
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• pp.135-166
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• 2019

Recently, the Japan Cultural Agency announced a plan for revitalizing the art market represented by reading museums (advanced art museums) to promote industry through strengthening the sustainability and economics of art museums. Along with these policy announcements, the Japanese cultural system and Bypyeongje are divided into pros and cons, and there has been a heightened opposition, which is now in a state where policy promotion has been temporarily suspended. The opposite reason is that it does not meet the museum's inherent purpose of preservation and lore, and the reason for favoring that commercialism can ruin the art world is that the Japanese art society is other than art museums and museums Also, it consists of non-profit organizations, art festival administration organizations, support staff, volunteers, etc., but because of the high subsidy bias, no real labor costs are paid, which means that it is virtually neglected. Also, there is a vigilance that the art society itself, which reduces its reliance on subsidies in response to social changes, can survive. Seeing that the situation is not much different from Japan, Korea is also actively discussing new establishments of the National Art Bank, performing art appraisal and evaluation functions for revitalizing art works, art loan, art trust, etc. There is. As it is difficult to solve realistic problems with subsidies from the future situation, it is difficult for us to expand investment in culture, and culture and economy are united and linked. You will find a plan to make it operational. In this regard, it is thought that the examination of the cultural and economic agency's strategy, represented by the Japanese advanced art museums, gives us a meaningful suggestion.

• KDI Journal of Economic Policy
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• v.46 no.1
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• pp.91-129
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• 2024

The Bank of Korea, through a legal amendment in 2011 following the financial crisis, was entrusted with the additional responsibility of financial stability beyond its existing mandate of price stability. Since then, concerns have been raised about the prolonged increase in household debt compared to income conditions, which could constrain consumption and growth and increase the possibility of a crisis in the event of negative economic shocks. The current accumulation of financial imbalances suggests a critical period for the government and central bank to be more vigilant, ensuring it does not impede the stable flow of our financial and economic systems. This study examines the applicability of the Integrated Inflation Targeting (IIT) framework proposed by the Bank for International Settlements (BIS) for macro-financial stability in promoting long-term economic stability. Using VAR models, the study reveals a clear increase in risk appetite following interest rate cuts after the financial crisis, leading to a rise in household debt. Additionally, analyzing the central bank's conduct of monetary policy from 2000 to 2021 through DSGE models indicates that the Bank of Korea has operated with a form of IIT, considering both inflation and growth in its policy decisions, with some responsiveness to the increase in household debt. However, the estimation of a high interest rate smoothing coefficient suggests a cautious approach to interest rate adjustments. Furthermore, estimating the optimal interest rate rule to minimize the central bank's loss function reveals that a policy considering inflation, growth, and being mindful of household credit conditions is superior. It suggests that the policy of actively adjusting the benchmark interest rate in response to changes in economic conditions and being attentive to household credit situations when household debt is increasing rapidly compared to income conditions has been analyzed as a desirable policy approach. Based on these findings, we conclude that the integrated inflation targeting framework proposed by the BIS could be considered as an alternative policy system that supports the stable growth of the economy in the medium to long term.

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.65-88
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• 2008

Since the implementation of economic reforms in 1978, the Chinese economy grows rapidly at an average annul growth rate of 9% over the post two decades. Franchising has been widely recognized as an important source of entrepreneurial activity. Trust is important in that it facilitates relational exchanges by permits partners to transcend short-run inequities or risks to concentrate on long-term profits or gains. In the relationship between the franchisors and franchisees, trust has been described as an important source of competitive advantage. However, little research has been done on the factors affecting trust in Chinese franchisor-franchisee relationships. The purpose of this study is to investigate what factors affect the trust in the franchise system in China, and to provide guidelines and insights to franchisors which enter Chinese market. In this study, according to Morgan and Hunt (1994), trust is defined as the extending when one party has confidence in an exchange partner's reliability and integrity. We offered a conceptual model of the empirical study. The model shows that the factors affecting the trust include franchisor's supports, communication, satisfaction with previous outcome and conflict. We also suggested the franchisor's supports and communication like to enhance the franchisee's satisfaction with previous outcome, and the franchisor's supports, communication and he franchisee's satisfaction with previous outcome tend to decrease conflict. Before the formal study, a pretest involving exploratory interviews with owners from three franchisees was conducted to make sure the questionnaire was relevant and clear to the respondents. The data were collected using trained interviewers to carry out personal interviews with the aid of an unidentified, muti-page, structured questionnaire. The respondents comprised of owners, managers, and owner managers of franchisee-owned food service franchises located in Beijing, China. Even though a total of 256 potential franchises were initially contacted, the finally usable sample consisted of 125 respondents. As expected, the sampling method was successful in soliciting respondents with waried personal and firm characteristics. Self-administrated questionnaires were used for all measures. And established scales were used to measure the latent constructs in this study. The measures tapped the franchisees' perceptions of the relationship with the referent franchisor. Five-point Likert-type scales ranging from "strongly disagree" (=1) to "strongly agree" (=7) were used throughout the constructs (trust, eight items; support, five items; communication, four items; satisfaction, six items; conflict, three items). The reliability measurements traditionally employed, such as the Cronbach's alpha, were used. All the reliabilities were greater than.80. The proposed measurement model was estimated using SPSS 12.0 and AMOS 5.0 analysis package. We conducted A series of exploratory factor analyses and confirmatory factor analyses to assess the convergent validity, discriminant validity, and reliability. The results indicate reasonable overall fits between the model and the observed data. The overall fit of measurement model were $X^2$= 159.699, p=0.004, d.f. = 116, GFI =.879, NFI =.898, CFI =.969, IFI =.970, TLI =.959, RMR =.058. The results demonstrated that the data reasonably fitted the model. We also examined construct reliability and reliability and average variance extracted (AVE). The construct reliability of each construct was greater than.80 and the AVE of each construct was greater than.50. According to the analysis of Structure Equation Modeling (SEM), the results of path model indicated an adequate fit of the model: $X^2$= 142.126, p = 0.044, d.f. = 115, GFI =.892, NFI =.909, CFI =.981, IFI =.981, TLI =.974, RMR =.057. As hypothesized, the results showed that it is strategically important to establish trust in a franchise system, and the franchisor's supports, communication and satisfaction with previous outcome tend to reinforce franchisee's trust. The results also showed trust seems to decrease as the experience of conflict episodes increases. And we also noticed that franchisor's supports and communication tend to enhance the franchisee's satisfaction with previous outcome, and communication tend to decrease conflict. If the trust between the franchisor and franchisee can be established in a franchise system, franchising offers many benefits and reduces many costs. To manage a mutual trust of relationship with their franchisees, franchisor's should provide support effectively to their franchisees. Effective assistant services have direct effect on franchisees' satisfaction with previous outcome and trust in franchisor. Especially, franchise sales process, orientation, and training in the start-up period are key elements for success of the franchise system. Franchisor's support is an accumulated separate satisfaction evaluation with different kind of service provided by the franchisor. And providing support definitely can improve the trustworthy image of the franchisor. In the franchise system, conflicts of interests and exertions of different power sources are very common. The experience of conflict episodes seems to negatively relate to trust. Therefore, it is important to reduce the negative side of the relationship conflicts. Communication actually plays a broader role in reducing conflict and establish mutual trust in franchisor-franchisee relationship. And effective communication between franchisors and franchisees can improve franchisees' satisfaction toward the franchise system. As the diversification of Chinese markets, both franchisors and franchisees must keep the relevant, timely, and reliable communication. And it is very important to improve the quality of communication. Satisfaction with precious outcomes seems to positively relate to trust. Franchisors and franchisees that are highly satisfied with the previous outcomes that flow from their relationship will perceive their partner as advancing their goal achievement. Therefore, it is necessary for both franchisor and their franchisees to make the welfare of partner with effort. Little literature has focused on what factors affect the trust between franchisors and their franchisees in China. This study developed the hypotheses regarding the factors affecting trust in the transaction relationship. The results of data analysis supported the hypotheses strongly. There are certain limitations in this study. First, we may point out that some other factors missed in this study could be significantly important. Second, the context of this study, food service industry, limits its potential generalizability for all franchise systems. More studies in different categories of franchise system are needed to broaden its generalizability. Third, the model was tested empirically in a sample in Beijing, more empirical tests of the proposed model in other Chinese areas are needed. Finally, the analysis in this study was solely based on the perception of franchisees and the opinions of franchisors were not included.

• Journal of Intelligence and Information Systems
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• v.20 no.1
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• pp.149-161
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• 2014

The export of domestic public services to overseas markets contains many potential obstacles, stemming from different export procedures, the target services, and socio-economic environments. In order to alleviate these problems, the business incubation platform as an open business ecosystem can be a powerful instrument to support the decisions taken by participants and stakeholders. In this paper, we propose an ontology model and its implementation processes for the business incubation platform with an open and pervasive architecture to support public service exports. For the conceptual model of platform ontology, export case studies are used for requirements analysis. The conceptual model shows the basic structure, with vocabulary and its meaning, the relationship between ontologies, and key attributes. For the implementation and test of the ontology model, the logical structure is edited using Prot$\acute{e}$g$\acute{e}$ editor. The core engine of the business incubation platform is the simulator module, where the various contexts of export businesses should be captured, defined, and shared with other modules through ontologies. It is well-known that an ontology, with which concepts and their relationships are represented using a shared vocabulary, is an efficient and effective tool for organizing meta-information to develop structural frameworks in a particular domain. The proposed model consists of five ontologies derived from a requirements survey of major stakeholders and their operational scenarios: service, requirements, environment, enterprise, and county. The service ontology contains several components that can find and categorize public services through a case analysis of the public service export. Key attributes of the service ontology are composed of categories including objective, requirements, activity, and service. The objective category, which has sub-attributes including operational body (organization) and user, acts as a reference to search and classify public services. The requirements category relates to the functional needs at a particular phase of system (service) design or operation. Sub-attributes of requirements are user, application, platform, architecture, and social overhead. The activity category represents business processes during the operation and maintenance phase. The activity category also has sub-attributes including facility, software, and project unit. The service category, with sub-attributes such as target, time, and place, acts as a reference to sort and classify the public services. The requirements ontology is derived from the basic and common components of public services and target countries. The key attributes of the requirements ontology are business, technology, and constraints. Business requirements represent the needs of processes and activities for public service export; technology represents the technological requirements for the operation of public services; and constraints represent the business law, regulations, or cultural characteristics of the target country. The environment ontology is derived from case studies of target countries for public service operation. Key attributes of the environment ontology are user, requirements, and activity. A user includes stakeholders in public services, from citizens to operators and managers; the requirements attribute represents the managerial and physical needs during operation; the activity attribute represents business processes in detail. The enterprise ontology is introduced from a previous study, and its attributes are activity, organization, strategy, marketing, and time. The country ontology is derived from the demographic and geopolitical analysis of the target country, and its key attributes are economy, social infrastructure, law, regulation, customs, population, location, and development strategies. The priority list for target services for a certain country and/or the priority list for target countries for a certain public services are generated by a matching algorithm. These lists are used as input seeds to simulate the consortium partners, and government's policies and programs. In the simulation, the environmental differences between Korea and the target country can be customized through a gap analysis and work-flow optimization process. When the process gap between Korea and the target country is too large for a single corporation to cover, a consortium is considered an alternative choice, and various alternatives are derived from the capability index of enterprises. For financial packages, a mix of various foreign aid funds can be simulated during this stage. It is expected that the proposed ontology model and the business incubation platform can be used by various participants in the public service export market. It could be especially beneficial to small and medium businesses that have relatively fewer resources and experience with public service export. We also expect that the open and pervasive service architecture in a digital business ecosystem will help stakeholders find new opportunities through information sharing and collaboration on business processes.