• Proceedings of the KOR-KST Conference
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• 1999.10a
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• pp.149-154
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• 1999

• Journal of Korean Society of Transportation
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• v.19 no.3
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• pp.89-100
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• 2001

내부순환로의 진출램프 중 성산, 홍은, 홍제, 길음, 마장 진출램프에서는 램프의 지체가 심각하여, 진출차량의 대기행렬이 내부순환로 본선에까지 이르는 대기행렬 역류현상이 발생하고 있다. 이러한 본선으로의 대기행렬 역류는 본선의 혼잡을 가중시키고 교통사고의 위험도 증가시킨다. 본 논문에서는 이러한 도시고속도로의 진출램프 혼잡을 개선하기 위해 진출램프 제어전략을 개발하였다. 진출램프 제어전략의 목표는 진출램프의 대기차량이 본선으로 역류하지 않도록 하는 것이다. 대기행렬의 역류를 막기 위해서는 진출램프의 차량이 인접한 간선도로로 원활하게 진행하도록 해야 하며, 간선도로와 진출램프의 대기행렬을 제어정책에 따라 관리할 수 있어야 한다. 이를 위해서 진출램프 진출부에 신호를 설치하여 간선도로차량의 흐름을 제어하고, 진출부 하류부 교차로와 연동제어를 하여 진출공간을 확보하였다. 또한, 대기행렬의 관리를 위해서는 대기행렬 관리계수를 정의하고 이 값에 따라 현시를 결정할 수 있는 제어식을 유도하였다. 진출램프 제어전략은 과포화 신호제어 기법을 응용하여 개발하였으며, 그 중 Equity offset과 내부미터링 기법을 연동제어에 응용하였고, Imbalanced split 기법은 대기행렬 관리계수에 따라 현시가 결정되는 제어식의 개발에 응용하였다. 진출램프 제어전략을 평가하기 위하여 진출램프의 혼잡으로 인해 본선으로 대기행렬 역류가 발생하는 내부순환로의 홍은, 홍제 진출램프를 선정하였으며, NETSIM을 통해 진출램프 제어전략의 효과를 분석하였다. 분석결과 진출램프의 혼잡이 크게 개선되며, 운영자의 관리목적에 따라 대기행렬의 관리가 이루어지는 것을 볼 수 있었다. 진출램프 제어전략은 내부순환 도시고속도로뿐만 아니라 진출램프 제어가 필요한 타도시고속도로에서도 적용을 하면 좋은 효과를 얻을 수 있을 것으로 예상된다.

• Korean Journal of Social Welfare Studies
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• v.47 no.4
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• pp.217-254
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• 2016

The purpose of this study is comparing fiscal sustainability of 17 welfare states. Borrowed the concept of fiscal space to Ostry et al(2010) and Ghosh et al(2011), this study measures the fiscal sustainability in welfare states. Using data collected from 20 OECD countries from 1986 to 2013, this study attempts to evaluate the financial sustainability of each country. As a result, it is necessary that the appropriate level of tax burden is secured. Tax revenue is the funded basis for maintaining the welfare state, so increasing tax compliance to offset the negative impact of increasing welfare spending will promote social cohesion. In therms of tax structure, in accordance with the ability to pay principle, it is important to raise the equity between the source of taxation. Reducing the gap between labor and capital tax is required to achieve horizontal equity, It is also useful to utilize the financial base of the welfare state by broadening the tax base though a consumption tax. Improving the vertical equity can also make a positive contribution to the fiscal sustainability of the welfare state.

• Environmental and Resource Economics Review
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• v.29 no.2
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• pp.219-246
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• 2020

From the Phase II (2018~2020) of K-ETS, the offset credit from 'CDM projects that domestic companies and others have carried out in foreign countries' can be used in the K-ETS. As a result, stakeholders in the K-ETS market are actively developing overseas CDM projects, such as the 'high-efficiency cook stove project'. which can secure a large amount of credits while marginal cost is relatively low. This paper develops the investment decision-making model of offset project for the 'high-efficiency cook stove project' using the real option approach. Under the uncertainty of the emission allowance price, the optimal investment threshold (p^⁎) is derived and sensitivity analysis is conducted. As a result, in the standard scenario (PoA-S), the optimal investment threshold is 29,054won/ton, which is lower than the stock price (p^⁎_spot). However, allocation entities are not only economics in the CDM project, but also CDM risk factors such as non-renewable biomass ratio, cook stove replacement ratio, equity ratio with host country, investment period and submission limitation of emission allowance. In addition, offset project developers will be able to derive the optimal investment threshold for each business stage and use it for economic feasibility checks.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.147-158
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• 2021

Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.

• New & Renewable Energy
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• v.18 no.2
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• pp.60-72
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• 2022

The environmental, social, and governance (ESG) score is gaining recognition as important nonfinancial investment criteria. With climate change emerging as a global issue, energy companies must pay attention to the ESG impact on corporate performance. In this study, the ESG impact on the performance of energy companies was analyzed based on 23 companies selected from the S&P 500. The panel corrected standard error methodology was used. The Refinitiv ESG score was the independent variable, and financial performance metrics, such as Tobin's Q, return on assets, and return on equity, were the dependent variables. It was found that the ESG score is positively associated with long-term corporate value but not with short-term profitability in the electricity utility industry. Among the subcategories of ESG, the environmental and social scores also showed positive correlations with long-term corporate value. A direct incentive policy is recommended that can offset expenses for ESG activities to reduce carbon emission in the energy sector.

• Journal of Venture Innovation
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• v.7 no.2
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• pp.125-141
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• 2024

This study is conducted to review issues related to the use of the Simple Agreement for Future Equity(SAFE), which has been introduced as one of the venture investment methods in Korea since 2020, and to suggest policy implications for facilitating the utilization of this investment method. With the recent rapid decline in venture investment, private venture investment associations little use the SAFE in recent years. However, after adopting the SAFE, Korean's SAFE have been utilized mainly by policy financial institutions, and it is evaluated that the system has been revitalized to some extent, with some private venture investment associations also utilizing the SAFE. The results of comparing the SAFE with other equity investment contracts, the additional risk rate related to the failure of follow-up investment is estimated to be approximately 1.8%p. This shows that the additional risk is not greater than the advantages of the SAFE. In other words, it can be judged at a level where it is possible to offset advantages of the SAFE that investors must bear with the additional risks, which shows that there are less burden in terms of using the SAFE. In light of the fact that the venture investment ecosystem can become more active as various venture investment methods are developed and utilized, it is necessary to actively utilize the SAFE method to support start-up companies.

• Journal of Digital Convergence
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• v.17 no.9
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• pp.39-46
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• 2019

This study started with the question of whether the percentage of non-aeronautical revenues at Incheon airport was extremely high when compared with other international airports. Although aeronautical revenues for the airport based on the traditional business model have the limits to grow due to various regulations, stakeholders concerned about improving the competitiveness recently have been interested in increasing non-aeronautical revenues. This study deals with the effect of non-aeronautical revenues at international airports on airport charges as the extent of airport privatization get stronger. To examine hypotheses, we collected international data from trustful sources. Finally, we conducted an empirical analysis of 178 airports worldwide. As a result, the higher the percentage of non-aeronautical revenues at international airports, the lower the airport charges were. Besides, the private equity ratio positively moderated the relationship between the percentage of non-aeronautical revenues and airport charges. Privatization of airports may offset the effects of reduced airport charges through increased commercial activity. Graphical display for moderation effect is offered to facilitate comprehension.

• Management & Information Systems Review
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• v.36 no.3
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• pp.255-268
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• 2017

This study examines whether firms with tax avoidance of Corporate Social Responsibility(CSR) performance is tempered by the extent firms engage in CEO turnovers. Considering the increasing interest in CSR activities of the firm to secure sustainable growth of national economy, this paper investigates the benefit and cost of CSR activities by combining the agency theory using the firm level data. Prior studies document that investors positively value tax avoidance. The rationale for this finding is that tax avoidance provides cash savings that can be used by firm managers to generate future shareholder wealth. Prior studies also show that investors' valuations are sensitive to the risk of future negative tax outcomes. Assuming that many types of CSR performances are low risk, low yielding uses of firm resources, we posit that higher levels of CSR performance may signal to investors that cash generated via tax avoidance has not been fully used to generate a return sufficient to offset the risk associated with aggressive tax planning strategies. Consistent with this argument, we predict and find that the positive association between CSR performance and tax avoidance is significantly weakened when firms have higher positive levels of CEO turnovers. Further, we predict and find that 'philanthropic' types of CSR activities in particular are associated with investor discounting of tax avoidance. We interpret our results as suggesting the equity market views CSR activities to be ostensibly funded through cash savings generated via tax avoidance.