• Journal of Distribution Science
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• v.13 no.3
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.7071-7077
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• 2015

In recently, the demand of cover-glass is increased because smart phone, tablet pc, and electrical device has become widely used. The display of mobile device is enlarged, so it is necessary to have a high strength against the external force such as contact or falling. In fabrication process of cover-glass, a grinding process is very important process to obtain high strength of glass. Conventional grinding process using a grinding wheel is caused such as a scratch, chipping, notch, and micro-crack on a surface. In this paper, polishing system using a abrasive film was developed for a grinding of mobile cover-glass. To evaluate structural stability of the designed system, finite element model of the polishing system is generated, and multi-body dynamic analysis of abrasive film polishing machine is proposed. As a result of the analysis, stress and displacement analysis of abrasive film polishing system are performed, and using laser displacement sensor, structural stability of abrasive film polishing system is confirmed by measuring displacement.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.12
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• pp.730-736
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• 2019

The demand for natural gas, which is considered an environmentally friendly energy source, is increasing, and at the same time, the market share of large pipelines for natural gas supply is increasing continuously. On the other hand, the corrosion of such large pipelines reduces the efficiency of natural gas transportation. Therefore, this study aims to establish a strategy for securing the patent rights of related technologies through quantitative analysis of patents on energy-independent high-efficiency corrosion prevention technology for large-scale pipelines for natural gas supply. In this patent technology trend study, Korean, US, Japanese, and European patents filed, published, and registered by June 2018 were analyzed, and a technical classification system and classification criteria were prepared through expert discussion. To use fuel cells as an external power source to prevent the corrosion of natural gas large-scale pipelines, it is believed that rights can be claimed using an energy control system and methods having 1) branch structures of pipeline and facility designs (decompressor/compressor/heat exchanger) and 2) decompression/preheating and pressurization/cooling technology of high pressure natural gas.

• Journal of Distribution Science
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• v.13 no.10
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• pp.123-133
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• 2015

Purpose - The Korean government has devised intermodal transportation policies and granted subsidies to shippers and logistics companies that made a conversion of transportation means through the policies. This provides support by expanding the complex uniform railroad transportation and overhauling the deteriorated railroad facilities. As for 2013, however, the freight transportation percentage of railroad was 4.5% in tons and 8.5% in ton kilometers. Meanwhile, since the 1990s, developed countries such as the U.S. and Europe have been trying to expand intermodal freight transport with a legal and institutional support to build a logistics system corresponding with social and economic environmental changes. In this study, I set out to examine the effects of the intermodal freight transport policies in the EU and the U.S., and to explore the direction of setting up a rail intermodal transport system in South Korea. Research design, data, and methodology - The paper used a qualitative research methodology through the literature review. First, was an overview of Intermodal transportation in the EU, U.S. and UN. Second, it describes the development of transport in Europe and the U.S. with particular emphasis on intermodal freight transport. Third, it explores the direction of setting up a intermodal freight transport in South Korea. The last section contains concluding remarks. Results - As for the EU, it has been promoting integration between transport and intermodal logistics network designs while utilizing ITS or ICT and supports for rail freight intermodal by giving reduction to a facilities fee or subsidizing for rail freight in order to minimize the cost of external due to freight transport. On the other hand, as for the U.S., it has been made up of an industrial-led operating project and has been promoting it to improve accessibility between intermodal hubs and cargo terminals through intermodal corridor program, and an intermodal cargo hub access corridor projects, etc. Moreover, it has tried to construct intermodal transport system using ITS or ICT and to remove Barrier. As a result, in these countries, the proportion of intermodal freight transport is going to be the second significant transport compared with rail and maritime transport. An Effective rail intermodal transport system is needed in South Korea, as seen in the case of these countries. In order to achieve this object, the following points are required to establish radical infrastructure policy; diversify investment financing measures taken under public-private partnerships, legal responsibilities, improvement of utilization of existing facilities to connect the railway terminal and truck terminal, and enhancement service competitiveness through providing cargo tracking and security information that combines the ITS and ICT. Conclusions - This study will be used as a basis for policy and support for intermodal freight transport in South Korea. In the future, it is also necessary to examine from the perspective of the shipper companies using the rail intermodal transport, ie, recognition of shipper, needed institutional supports, and transportation demand forecasting and cost-effective analysis of the railway infrastructure systems improvement.

• Proceedings of the Korean Society of Organic Agriculture Conference
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• 2009.12a
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• pp.281-281
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• 2009

Although national and regional environmentally friend agriculture (EFA) and food development programmes such as the Life-Food Development Plan (LFDP) have been established in Korea, some policy measures in these programmes seem to be unsuitable for Korean organic farming development. Policy measures tend to support external input purchases of organic fertilizers rather than market development actions such as providing consumer information, research, education, training and statistical data collection. The development of an organic action plan (OAP) for Korea is therefore considered essential for the sustainable future of organic farming in Korea. The purposes of OAP are 1) to define and set the clear goals/targets for the organic sector development, 2) to integrate various organic stakeholders and public institutions in partnership, 3)to focus on specific issues with tailored measures and 4) to integrate and develop different policy measures (Stolze, 2005). Most EU member state countries have developed their own OAPs and each reflects its own priorities with regard to organic sector development. This study compares and contrasts the Welsh, England and EU OAP with the Korean Jeonnam Life-Food Development Plan (LFDP) in order to facilitate the development of the organic food and farming sector in Korea. Early action plan, for example, the first Welsh OAP(1999) focused support on developing the supply of organic products whereas later action plans (e.g. England OAPs in 2002 and 2004 and the second Welsh OAP in 2005) focussed more on developing consumer demands for organic products. The EU OAP (2004) also aims at market support related to consumer demand and then organic farming production for its environmental and other social benefits. OAPs not only provide specific issue-solving tools but also perform a role as providing a focus for organic sector development as a whole. The Korean LFDP provides issue-solving tools but plays no regulatory role such as policy development, harmonizing various policy measures and conflicting factors and providing evaluation tools for further development. A national-level OAP could also facilitate international trade of organic products. To achieve better harmonized and sustainable approaches for the Korean organic industry, National- as well as regional- regulatory policy systems are urgently required in the form of an Organic Action Plan.

• The Korean Society of Law and Medicine
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• v.21 no.1
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• pp.33-67
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• 2020

The hospitals that are owned by non-medical personnel result when non-medical personnel with resources conspire with newly graduated medical doctors who cannot afford the enormous amount of capital required at the beginning of the establishment of a medical institution. Such hospitals, though they may have met the external requirements as medical institutions, disrupt the medical market as it should be centered by medical personnels, In addition, such hospitals are causing a huge social problem as it is illegally receiving and reducing various benefits such as medical care benefits and subsidies from the government, resulting in a significant financial leak in the national health insurance. The illegality of the opening of a non-medical personnel hospital is so high that it nullifies the contractual arrangement for the establishment, imposes criminal penalties on all persons involved in the establishment under the Korean Medical Law, and imposes administrative sanctions on medical personnel. In case the hospital was aware of the illegality of its opening, but had applied to receive medical care benefits from the National Health Insurance Act and the Medical Care Act, such actions will result in the return of the benefits under the National Health Insurance Act and the Medical Care Assistance Act, subject to the penalty for the crime of fraud, and aggravated punishment for specific economic crimes based on the amount of gain, as well as civil liability for torts. In this study, we will examine the current status of the regulations on the non-medical personnel hospital and present the basis for future legislative directions by looking at the legal regulations and the attitude of the precedents.

• Journal of the Korea institute for structural maintenance and inspection
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• v.14 no.6
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• pp.153-161
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• 2010

Numerous past studies have shown that safety and serviceability of many concrete infrastructures and buildings built in 1970's have far less strength capacities than their original intended design capacities, thereby requiring repair and strengthening. Currently, aged concrete structures are being repaired using various methods developed in the past. Unfortunately, these methods do not consider the specific conditions that these members are under, but they merely attach repairing materials on the external surface for random strength improvements. Therefore, in order to improve repair and strengthening methods by considering composite behavior between repairing material and structural member, enhanced construction methodologies are needed. Also, the enhanced repairing and strengthening methods must be able to be implemented on structural members constructed using high performance concrete to meet the present construction demand of building mammoth structures. Therefore, in this study, a repairing and strengthening method for retrofitting high strength concrete (HSC) columns that can effectively improve column performance is developed. A square HSC column's cross-sectional shape is converted to an octagonal shape by attaching precast members on the surface of the column. Then, the octagonal column surface is surface wrapped using Carbon Fiber Sheets (CFS). The method allows maximum usage of confinement effect from externally jacketing CFS to improve strength and ductility of repaired HSC columns. The research results are discussed in detail.

• Journal of Veterinary Clinics
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• v.27 no.1
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• pp.62-65
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• 2010

Arowana (Scleropages formosus) is the most valuable group of ornamental fishes and very much in demand in the ornamental fish trade and commands high price ranging from hundreds to thousands of dollars per fish. In this paper, we described a case of mortality of arowana from a private aquarium in Korea. A bacterial pathogen from fish organs (brain, kidney, liver) was cultured, identified and confirmed using Vitek System 2, API 20E test, multiplex PCR and 16S rRNA gene sequencing. The morphological and biochemical properties of the bacterium isolated from the brain, kidney and liver of the fish were similar to Aeromonas sobria. Positive amplification products using the multiplex PCR assay for detection of A. sobria were obtained from these organs. The 16S rRNA gene of the isolates from fish was identical and exhibited 100% sequence similarity with A. sobria (AY987762.1) strain available from GenBank. This bacterium contained hemolysin gene, a virulence factor that plays an important role in outbreaks of disease and is pathogenic to humans as well as in fish. Although this opportunistic bacterium was isolated from a fish without any external symptoms, this pathogen may act as a reservoir and enhance chances of zoonosis to human such as during handling.

• Journal of Service Research and Studies
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• v.9 no.1
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• pp.17-31
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• 2019

This study empirically analyzed the effect of service nature of dental clinic on job satisfaction and job commitment. In recent years, the demand for medical services has been increasing in the dental clinics. As the dental clinics are faced with various competition situations through new establishment and expansion, the importance of job satisfaction and job involvement is more emphasized. The service nature of dental hospitals is known to be influenced by job satisfaction and job commitment. These two factors are important factors for securing the competitiveness of dental hospitals as well as the functions of hospitals required for survival and development of dental hospitals In this study, we analyzed the effects of labor - management relations and high-involvement work organization on the organizational satisfaction and organizational commitment affecting service nature of dental hospital. As a result of the analysis, it was found that the service nature based organization has a full mediating effect which is not established without labor relations and participatory work organization in the process of affecting job commitment. Therefore, unlike previous studies which focus on incentives or external rewards to increase job satisfaction of employees, this study concluded that internal support system reflecting service nature factors should be strengthened. Job satisfaction and job commitment, which are variables in this study, are expected to be the basis for improving competitiveness of dental hospitals. Future research should be extended to small and medium dental hospitals and dental clinics. It is also necessary to study various organizations in order to strengthen the competitiveness of the service organization by fostering the nature of service such as relationship and interactivity at the organizational level.

• Journal of Service Research and Studies
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• v.7 no.2
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• pp.1-16
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• 2017

The service that has been recognized as both a non-productive activity and auxiliary activity of manufacturing have become the driving force of the customers' demand with the 'service' itself. The service base is expanding and evolving rapidly. It is important to look at changes in service concepts to understand service systems. Because the service system itself has a cyclic nature based on the concept of service, it can help in the study and the "how" of service by looking at changing the system according to the evolution of the service concept. The ability to organize and utilize relationships is considered to be an important factor for managers in the service economy era. However, the attention of corporate is focused on their internal capabilities and they are familiar with external resources (knowledge and competence of customers). In this case study for each type of service, we analyzed the activities of interacting service providers-consumers in service relationship, and constructed a new service system model emphasizing intangible value and long-term outcome. This study is worth re-examining the role of customers in today's service economy era and actively utilizing a new service model for business performance.