• Journal of Korean Society of Forest Science
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• v.67 no.1
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• pp.17-27
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• 1984

The Yangsan Forest Management Station (YFMS) of Korean German Forest Management Project (KGFMP), working with the 6 legal villages of Uljugun, Kyongnam, led the forest owners in the area to organize the Forest Management Cooperative (FMC) voluntairily for improvement of private forest management and fostered it as a model from May 1975 to Apr. 1984. YFMS sent out FMC a forest manager as a forestry expert carrying out the leading extension program at the equal position with forest owners and gave FMC financial, administrative and technical assitances. During the 6 years from 1977 to 1982, 4 FMC were founded and are being operated democratically. 228 forest owners have taken the membership of their own free will and the forestland of the members covers 2,567 ha equivalent to 57% of the total private forest in the area. During the period the total area of the planting and tending is 4,185 ha, this means that a member executed 3.1 ha of forest operations per year in average, showing the high willingness on forest operations. In addition the joint works have resulted in the joint properties equivalent to 27 million Won and it will be an important foundation for operation of FMC which is a forest owners's cooperative organization for improvement of private forest management in this area. The total expenditure spent for the fostering of FMC amounted to 497,587 thousand Won and 58% of them were charged from KGFMP funds, 27% from the forest owners and 15% from public funds. The expenditure for investment was 273,104 thousand Won and 59% of the sum were appropriated as subsidies at the national level. The forest owners charged 43% of that and this means that each member invested approximately 100 thousand Won to his forestland per year in average. For the extension program 169,503 thousand Won were spent and it can be explained that 5,885 Won were spent per ha a year. The organization of FMC operated autonomously in a democratic way and the horizontal and leading extension system, which aspects the human rights, were very much effective in fostering the cooperative organization of forest owners for improvement of private forest management.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• The Journal of Small Business Innovation
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• v.19 no.2
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• pp.1-15
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• 2016

Entrepreneurs usually require financing for starting their businesses. Their primary source may be personal savings, family and friends' funds, or loans from banks and other financial institutions. Immigrant and native entrepreneurs may differ in their sources of financing, and their differences in sources may depend on their societal context. The research questions are, how does an entrepreneur's migration status -immigrant versus native-influence primary source of financing, and how is this influence moderated by wealth of the country? Data are a sample of 14,369 immigrant and native owner-managers of starting businesses in 29 countries, surveyed in the Global Entrepreneurship Monitor, and analyzed by hierarchical mixed models. Analyses reveal that immigrant and native entrepreneurs similarly frequently have their personal savings and family as the primary source of funding. Native entrepreneurs, more often than immigrant entrepreneurs, have banks and other financial institutions as the primary source of funding. Immigrants, more often than native entrepreneurs, have friends and yet other sources as the primary source of funding. These effects of migration status upon source of financing, however, are moderated by the national context, in that wealth of the country boosts the immigrants' use of friends and other sources of financing.

• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.163-199
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• 2007

This paper studies the stock market in which there are two types of investor, institutional and individual, whose information gathering and processing abilities are different. The institutional investor manages large funds and has powerful information sources. Whereas, the individual investor trades with a small amount of money and an information disadvantage. The model assumes that the institutional investor is more experienced and able to acquire relevant information earlier than the individual investor. On these assumptions, this paper shows a price continuation in the short run and a price reversal in the long run. The price continuation, or momentum, in the short run can be explained as follows. The early-informed institutional investor trades a stock, and as a result the stock price changes. Then the late-informed individual investor trades the same stock, and the stock price continues to move in the same direction in the short run. The reason for the price reversal in the long run is that since the individual investor has inferior information on the fundamental value of the stock, he tends to overreact to new information. So the stock price changes over its fundamental value initially and then regresses toward its fundamental value. In sum, both the price continuation and the price reversal are caused by the overreaction of the individual investor. The essay illustrates how these phenomena are stronger in the case where the proportion of the individual investor is higher. It also shows how the stock price goes up when the institutional investor buys a stock, while it goes down when the individual investor buys one.

• The Journal of the Korea Contents Association
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• v.14 no.6
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• pp.417-427
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• 2014

This study was investigated on the basis of the role of housing cooperatives in sustainable regional business networks(SLEN) in regeneration of residential aged area where the urban poor live. For the analysis, input elements of human capital, social capital, financial capital and ecological capital were examine. For the process, the organization's structure, sustainable business and social networks, and for the result, the stability and community characteristics of the living and the payment possibility of housing construction cost were examined. Through this study, what kinds of issues can be from the housing coop's project in terms of sustainability, and what is the most important factor in order to overcome former mentioned issues were intended to find. For analysis literatures were reviewed and the in-depth interviews and survey were conducted with site visits. The result of this study finds that housing coop have community characteristics through active participation of residents during the regeneration process but the land, as financial and ecological capitals, and housing construction funds were poor. This was investigated that it makes groundless the sustainability of the project and the possibility of the payment. In order to overcome, land concession, inexpensive lental and active funning for housing construction to housing coop is required because housing coop is aiming to supply of social housing for low-income and vulnerable groups.

• Journal of the Korean Society for Library and Information Science
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• v.12
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• pp.165-200
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• 1985

We have come to the time when we no longer ask why we computerize, but we need to concentrate on how to effectively accomplish the task. Application of computers has been very active in many fields in Korea during the last few years. And yet libraries are rather slow in taking adventage of computers most likely due to the lack of adequate funds and proper understanding of administrators, but also it seems that the majority of librarians are not quite prepared to adopt it. The purpose of this paper is to study the various aspects of computerization of library work, mainly for library administrators and librarians; although they need not understand the electronical and technical aspects of computers, but they should prepare themselves enough at least to be able to make proper requests to computer specialists in relation to what they want to accomplish with computers in order to improve the work of the library. In preparing this paper, not only successful cases of computer application which had been carried out in many libraries of advanced countries have been studied, but also various reasons for failure have been reviewed in order not to make the same mistakes. The paper covers those areas of library work where computers can be applied, such as feasibility, cost effectiveness, planning, implementation and some other aspects of computerization. As a conclusion, two viewpoints need to be discussed. First, each library should work cooperatively with other libraies instead of trying to develop its own computer programs, since we cannot affort to waste financial and technical resources as well as time. Computer applicable library work can be divided and assumed by certain libraries with responsibility to develop turn-key systems applicable to Korean university libraries. In order to carry out this task, there should be complete financial assistance from government, and in turn those libraries shouldf be required to offer assistance to any other interested libaries in Korea. Secondly, library school curriculum should offer such courses where future librarians can learn decision making, business administration and independent thinking in addition to traditional courses. Future librarians as well as those who are already in the profession should prepare themselves to meet the challenge of the professional requirements in order to meet the ever increasing and diverse needs for good quality service generated from the library users.

• The Journal of the Convergence on Culture Technology
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• v.4 no.1
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• pp.193-200
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• 2018

This study is an experiential case study of cybercrime fraud that combines pharming and voice phishing in April 2017. Research on victims who have actually suffered in the study of crime or disaster is a very useful field in establishing crime prevention measures. This study is significant in that Korea is relatively poor in this kind of research. I got cyber fraud as a consequence of my loss of reasonable judgment due to mental confusion when a companion dog who was raised for 8 years was in a very dangerous situation with cystitis. Fortunately, I received all the damages in a quick report, but the period was eight months. It took too much time to get back all the damages, so I had to suffer another pain. Based on my experience, I suggest damage prevention measures. First, when a certain condition and a certain amount are transferred, the transaction is automatically stopped or a more strict confirmation procedure is added. Secondly, trafficking means to arrest the perpetrator without any harm to the victim is sought. Third, the victims of crime should be promptly reimbursed for damages or a system for lending their living funds to zero or lower interest rate.

• Management & Information Systems Review
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• v.7
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• pp.401-426
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• 2001

The form of company divides private and coporate companies. In general. private company has direct connection with owner's fortunes. On the contrary, cooperate company is established by a group of people who invest capital funds on their company and has an independent character. In the case of private company, their are many merits that owner can obtain all the benefits without divisions. However, the owner can mix up the control of accounting between public and private matters. As a result confusing, it is difficult to estimate financial situation of company and is limited to fund supply. Futhermore, owner has unlimited liabilities with law credit as a social cognition. Especially, the government tries to induce conversion of private company into cooperation one on the basis of benefits of tax and so on. In those situations, the purpose of this thesis is to study the management benefits with the conversion of private company into cooperate one focucing on the related tax reduction effect. To do this, I have reviewed all of the related textual achievements and tested the real significancy of tax reduction effect of conversion empirically. Finally, I have concluded that the conversion of private company into coporate one has many benefits including significant tax reduction effect. In other side, I have considered and reviewed many difficulties related conversion privated company into cooperate one and suggested some improvements as results. This thesis is comprises 5 chapters as follows; The first chapter explains purposes and methodologies and extents of this study. The second chapter deals the theoretical basis of conversion of private company into cooperate one and cooperates diverse benefits and types and processes of conversion. The preceding research achievements are also reviewed in this chapter. The third chapter deals empirical testing on the real tax reduction effect of the conversion. The analysis is proceeded through t-test of difference of tax between pre and after conversion. The result is presented so positively that I can conclude that cooperate conversion of private company has real benefit of tax reduction. The forth chapter deals the difficulties and improvements related with conversion. They are considered and reviewed at various aspects such as practical, financial and tax aspect. In fifth chapter, I summarise all of the significant points of this study and have conclusions in various aspects at last. In final point, this study is not enough in sample numbers and sample collecting area for empirical testing of significant tax reduction effect of cooperate conversion and research of more foreign achievements. Those are remained as continuing future studies.

• Journal of the Korea Institute of Building Construction
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• v.18 no.3
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• pp.285-294
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• 2018

Due to the low interest rates of banks according to the breakdown economy after the global financial crisis in 2008 As a substitute for financial products, the investment demand has been increased for rentable investment funds such as commercial building and officetel. However, the problems such as oversupply, decrease of a rental profit and negative perception of development projects have been occurred. One of the primary problems is the existing deterministic method of project feasibility analysis. Therefore, the objective of this study is to develop feasibility model by applying system dynamics method in residential officetel. To achieve the objective, first, the previous studies are investigated. Second, the causal loop diagram is structured based on the collected data. Third, the feasibility model is developed through the causal loop diagram. Fourth, the effectiveness is validated and compared to collected actual data. The proposed model can be helpful whether or not conduct execution of an officetel development project to the decision makers.