• Journal of Technology Innovation
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• v.19 no.2
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• pp.25-51
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• 2011

This study examine the firms fund R&D expenditures through cash and cash equivalents under financial distress in order to avoid huge adjustment costs that can be brought after R&D expenditures cut-down. Other study divided the firms' financial condition by only firms' year. This study identifies the firms' financial condition not only by a firm's year but also by firm size and Altman's Z-Score and K-Score. The results show that there are statistically negative relationship between R&D expenditures and cash and cash equivalents when firms are under financial distress. The results are same regardless of criteria of classification of firms' financial condition, which is consistent to the hypothesis. Young and small firms and firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent compared to the other firms. We can find the new evidence when we classify the firm by Z-Score and K-Score of Altman. The firms with high possibility of bankruptcy can not fund for R&D activities from cash, but only the firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent in the condition of financial distress. The evidence suggests that firms fund R&D expenditures by cash and cash equivalent when they are under financial distress. Findings provide an implication on the management of R&D expenditures and liquidity in the firms.

• Journal of Korean Society of Forest Science
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• v.90 no.4
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• pp.573-581
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• 2001

The purposes of this study are to estimate mean willingness to pay (WTP) for preventing forest fires by contingent valuation method (CVM), and to calibrate the variables affecting WTP. The forest fire prevention fund was utilized as a payment vehicle to elicit respondents' willingness to pay (WTP). A total of 500 adults who reside in Seoul Metropolitan area were selected by two-stage cluster sampling and conducted the face-to-face interview. The scenario was designed to meet the requirements for double-bounded dichotomous choice CVM. More than half of the respondents (64.6%) have a willing to pay for the fund. The mean WTP was \4,532. Therefore a total WTP for the population was \34,165,758,000. The calibration of Weibull proportional hazard model showed that education level, environmental conservation intention and negative consciousness about the effect of forest fire were independent variables strongly influencing the WTP.

• Environmental and Resource Economics Review
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• v.24 no.1
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• pp.165-187
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• 2015

In this paper, we tested if the sewage subsidy from Korean Water Management Fund discourage sewage fee increase by Korean local governments, and consequently hinder water quality improvement. To examine this counter-incentive effect of Water manage Fund sewage subsidy, we estimated the effect of sewage subsidy on the ratio of sewage fee revenue to environmental treatment facilities' operation cost of local governments in 2009-12, using two-stage least square estimation. We found that the sewage subsidy has negative effect on the sewage fee revenue to sewage operation cost ratio. But, the statistical significance of this effect was sensitive to model specification. And the size was too small to conclude that the counter-incentive effect was economically significant.

• International Area Studies Review
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• v.16 no.3
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• pp.135-155
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• 2012

The objective of this study was to empirically analyze how Chinese urban residents use mortgage loan in their purchase of houses. For the research purpose, 205 households were surveyed on use of housing finance in Beijing, using prepared questionnaires in advance. The survey result showed that 39.5% of the respondents used mortgage loan in their housing purchase in Beijing. Most of the mortgage loan users got their loans from four state-owned commercial banks. This implies that the government could effectively govern the housing market by managing qualifications and interest rates under the government control. The households who did not use mortgage loan raised the fund mostly from own capital and their parents' money. In general, it was found that the Chinese, besides mortgage loan from commercial banks, rarely depend on outside sources. The dichotomous logistic analysis by logit model showed that socio-economic variables such as age, income, housing price and entry into the housing provident fund had significantly positive effects on the use of mortgage loan in the purchase of housing.

• Spatial Information Research
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• v.18 no.5
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• pp.63-74
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• 2010

The construction of digital geographic information of Non-Urban Area have been needed to build a nationwide information infrastructure for the balanced development of nation to reduce a gap between city and Non-Urban Area due to the emphasis on a large scale digital map (1/1,000) implementation for cities. In this research, we researched the basic long-term blueprint for establishing digital geographic information in non-urban area. From the proposed institutional foundation, we want to build this information for Non-Urban Areas and to make a long-term plan to strengthen the national com petitiveness dealing with the globalization, liberalization, and information based on the digital geographic information in non-urban area. This study suggested 3 alternatives to implement digital geographic information of Non-Urban Area as follow. Firstly central government fund whole cost, secondly central government and local government fund a cost half and half, lastly combining first and second alternative. This study can be a basis on building national information infrastructure, provide core information for national projects and revitalize the use of spatial information for Non-Urban Area.

• Journal of Korea Technology Innovation Society
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• v.21 no.1
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• pp.420-453
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• 2018

In the growth of the government's investment in national R&D project and the abuse of research expense, an effective control and management mechanism is strongly demanded. However, an excessive regulation might hinder the R&D performance, which also endangers the underlying objective of R&D policy. Especially, an excessive regulation on the R&D expenditure may damage the SMEs (Small and Medium sized Enterprises) where securing an adequate level of R&D funding is vital. This study investigates the R&D funding and R&D performance of SMEs participating in the national R&D project by using fixed effect panel model. As a result, this paper reveals the effectiveness of 'Government R&D subsidy'. However, that of 'private R&D fund' is not supported strongly. Also, this paper empirically demonstrates the efficiency of both 'Government R&D subsidy' and 'Private R&D fund' as the R&D costs are spent discretionarily (as the degree of 'Indirect Cost Ratio' increases). Especially, the effectiveness of 'Private R&D fund' can be moderated by 'Indirect Cost Ratio'. On the basis of the conclusions, this paper draws an implication that can increase R&D performance of SMEs through the interactions of manifold administrative values (i.e. effectiveness, efficiency and responsibility).

• Journal of Environmental Policy
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• v.14 no.2
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• pp.49-72
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• 2015

Forests in the upstream contributed to improve the quality of water resources for the residents downstream. However, upon structural examination of how the Han River Watershed Management Fund was spent, it became apparent that the fund was not spent toward forest management in the upstream. An additional budget must be allocated if the Watershed Management Committee is to contribute to the management of the upstream forests with such awareness. Therefore, the aim of the study was to assess the willingness to pay and to calculate of budget for forest management in the upstream for water quality improvement. Three hundred surveys on watershed beneficiaries were conducted using biased sampling method. The result was analyzed with conditional logit model and mixed logit model. Forest management, a target variable, was found to have statistical significance. Based on this result, the size of the expected budget was estimated to be minimum 20,526 million won to maximum 20,928 million won.

• Journal of the Korean Society for Library and Information Science
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• v.31 no.4
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• pp.113-137
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• 1997

Bylaw Is essential to assuring continuity and preventing disagreements and misunderstanding. But library bylaws of the wide-area self-governing cities in Korea are complicated In structure and violated the law according to administrative authorities. Therefore, the purpose of this paper is to suggest an integrated bylaw model including goal of bylaw operations of library : the library director officers : branch libraries : substructure, use rules : assigned materials promotion committee of library promotion fund ; amendment procedures, etc.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.76-94
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• 2008

This paper investigates performance of the Markowitz's portfolio selection model with applications to Korean stock market. We choose Samsung-Group-Funds and KOSPI index for performance comparison with the Markowitz's portfolio selection model. For the most recent one and a half year period between March 2007 and September 2008, KOSPI index almost remains the same with only 0.1% change, Samsung-Group-Funds shows 20.54% return, and Markowitz's model, which is composed of the same 17 Samsung group stocks, reaches 52% return. We perform sensitivity analysis on the duration of financial data and the period of portfolio change in order to maximize the return of portfolio. In conclusion, according to our empirical research results with Samsung-Group-Funds, investment by Markowitz's model, which periodically changes portfolio by using nonlinear programming with only financial data, outperforms investment by the fund manager who possesses rich experiences on stock trading and actively changes portfolio based on minute-by-minute market news and business information.

• Information Systems Review
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• v.8 no.3
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• pp.81-103
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• 2006

Given the increasing of adoption of use of Mobile Wireless Technology(MWT), this study aims at investigating the key influencing determinants of individuals' MWT adoption and use. Based on the Technology Acceptance Model(TAM), the research model proposed new constructs and casual relations, Perceived Safety(PS), Perceived Costs(PC), Company's Willingness to Fund(CWF), and Experience(E) as a moderator. The model was tested using Structural Equation Modeling(SEM) using AMOS 5.0 analysis on the sample collected from 387 MBA and Executive MBA students of several domestic and foreign universities. The results show that not only the variables, except Perceived Usefulness, in the original TAM model, but also new variables in the research model had a significant influence on other variables. The implications of the findings suggest a new theoretical framework for future IS/IT research and offers suggestions that the developers of MWT should consider regarding the technology