• International Area Studies Review
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• v.16 no.1
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• pp.101-122
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• 2012

This present paper examines stochastic cost functions of Malaysian commercial bank from 1991 to 1997 periods catches the changes un their management structure and technical efficiency. Then we also discuss policy implications for bank integration and competition policy which is the part of current financial reform that reinforces the banking sector. The present paper contributes to the expansion of their study in two respects. Firstly, we have estimated the cost function, availing ourselves of SEA based on a parametric approach. Secondly, our model also includes as a factor the existence of bad debts. According to our results, we observed economies of scale clearly, but economies of scope and technological progress were not observed. Regarding the policy implications, the result of our analysis suggests strongly that the current policy is appropriate.

• Journal of Korea Trade
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• v.24 no.6
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• pp.37-60
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• 2020

Purpose - The purpose of this study is to investigate the direct and indirect impact of innovation space factors on the growth of semiconductor enterprises. Design/methodology - This empirical study uses the financial statements of 83 semiconductor listed companies in 23 provinces from 2004 to 2019 approved by CSRC (2019). A stepwise regression and backward regression are employed in order to examine the role of innovation space to expand technology investment in promoting business growth and uses South Korean Samsung's investment in China as a test case. Findings - Results indicate that innovation space, technology input, geographical area, owner's background, operating years and financing liabilities all contribute to a boost in business growth. Factors such as carbon emission, financial liberalization, government efficiency, technology input, and financing liabilities further influence management growth. Innovation space follows a nonlinear pattern, and this plays a positive role in magnifying the influence of technology on management growth. Additionally, operations of the state-owned companies and expansionary financing enterprises are influenced by the external economy. Regarding the spatial distribution, the Samsung investment in 24 companies in China shows that Samsung focuses on the acquisition of scarce resources for semiconductor production as a component of its investment and innovation strategy. Originality/value - Even though prior research has considered the concepts studied here, this study contributes to empirically evaluate the direct impact of innovation space on business growth, and the indirect impact of innovation space on business growth through technology investment. This study includes an in-depth discussion of the practical effects that innovation space has on China's economy, using a case of South Korean Samsung's investment in China as a test the empirical findings.

• Korean Management Science Review
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• v.11 no.3
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• pp.129-151
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• 1994

This paper focuses on method of setting priorities for telecommunications Standardization in which usually includes prioritization, resource allocation, standardization schedule for each SWA is based on prioritization of SWAs. We mainly used the Analytic Hierarchy Process(AHP) and a modified Delphi technique as a method for planning process. Recently, rapid technology evolution in telecommunications fields increases the necessity of developing more and more new standards. Also increased complexity of technologies makes standards more complicated, more specified and more thick than the past ones. As a result, the number of SWAa(Standardization Work Areas) and SWIs(Standardization Work Iterms) is being increased continuously. Furthermore, rapid telecommunication environment changes such as deregulation, liberalization, privatization, regionalization, and globalization surrounding telecommunications standardization grows increasingly important. To cope with these challenges and to make the more efficient use of the limited standardization resources, i.e., time, financial, personal resources, we will suggest logical and rational approach that is a backbone of strategic plan for telecommunication standardization. The telecommunication standardization planning process involves a MCDM(Multi-Criteria Decision Making) process. The Analytic Hierarchy Process(AHP) is a kind of MCDM approach. Our method is based on a combination of a modified Delphi technique and an application of AHP(spreadsheet model). Analyzed data from Delphi technique is used as inputs to AHP. In addition we also focus on the technique how to combine group judgments and to handle a large number of comparisons.

• Korean Management Science Review
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• v.18 no.1
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• pp.119-133
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• 2001

It is important to find the equilibrium level of real interest rate for it affects real and financial sector of economy. However, it is difficult to find the equilibrium level because like the most macroeconomic model the real interest model has parameter instability problem caused by structural change and it is supported by various theories and definitions. Hence, in order to cover these problems structural change detection model of real interest rate is developed to combine the real interest rate equilibrium model and the procedure to detect structural change points. 3 equations are established to find various effects of other interest-related macroeconomic variables and from each equation, structural changes are found. Those structural change points are consistent with common expectation. Oil Crisis (December, 1987), the starting point of Economic Stabilization Policy (January, 1982), the starting point of capital liberalization (January, 1988), the starting and finishing points of Interest deregulation (January, 1992 and December, 1994), Foreign Exchange Crisis (December, 1977) are detected as important points. From the equation of fisher and real effects, real interest rate level is estimated as 4.09% (October, 1988) and dependent on the underlying model, it is estimated as 0%∼13.56% (October, 1988), so it varies so much. It is expected that this result is connected to the large scale simultaneous equations to detect the parameter instability in real time, so induces the flexible economic policies.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.1-9
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• 2021

This study aimed to investigate the existence of the Feldstein-Horioka (1980) puzzle in international macroeconomics by applying the conditional Autoregressive Distributed Lag (ARDL) model to examine the long-run relationship between national savings and investments in Thailand and China. The input of this study relied on annual national savings and investments as a fraction of GDP during 1980-2019 which was collected from China National Bureau of Statistics (NBS) and Thailand National Economic and Social Development Council (NESDC). Hypothetically, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests were applied to test the stationary properties and to investigate the integration level of selected time series. The empirical results, confirmed by cumulative sum (CUSUM) and cumulative sum square (CUSUMSQ), maintained no serial correlation and structural break problems. The finding of this study suggested that the Feldstein-Horioka puzzle in Thailand did not exist significantly. Thailand's national savings and investments nexus was independent, following the classic economic idea that financial liberalization, or perfect capital mobility, allowed national savings and investments to flow freely to countries with better interest rates. Whereas, a strong significant correlation was found in the case of China during the fixed exchange rate regime switching in 1994 and post WTO participation after 2001-2019.

• Proceedings of the Safety Management and Science Conference
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• 2005.11a
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• pp.569-579
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• 2005

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. 'But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1995.04a
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• pp.847-864
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• 1995

In this paper we present an integrated methodology for strategic planning in telecommunications standardization. Especially this paper focuses on the method of setting priorities for telecommunications SWAs(Standardization Work Areas) and related SWls(Standardization Work Items). To make a strategic plan for telecommunications standardization in which usually includes prioritization, resource allocation, standardization schedule for each SWA is based on prioritization of SWAs. Our methodology integrated various existing methods including the Analytic Hierarchy Process(AHP) and a modified Delphi technique. Recently, rapid technology evolution in telecommunications fields increases the necessity of developing more and more new standards. Also increased complexity of those technologies makes standards more complicated, more specified and more thick than the past ones. As a result, the number of SWAs and SWIs are being increased constantly. Furthermore, rapid telecommunication environment changes such as deregulation, liberalization, privatization, regionalization, and globalization surrounding standardization bring about new challenges and opportunities. Due to all these trends, strategic planning for telecommunications standardization grows more and more important. To cope with these challenges and also to make the more efficient use of the limited standardization resources including time, financial, human resources, we suggest more logical and rational approach that will be a backbone of strategic plan for telecommunications standardization. The telecommunications standardization planning process involves a MCDM(Multi-Criteria Decision Making) process. The Analytic Hierarchy Process(AHP) is a kind of MCDM approaches. Our method is based on a combination of a modified Delphi technique and an application of AHP(Liberator's spreadsheet model). Analyzed data from Delphi technique is used as inputs to ABP. In addition, we also focus on the technique how to combine group judgments and to handle a large number of comparisons. We present analyzed results including Pilot and Full Scale Survey according to the proposed process. The result of this study will be useful input for telecommunications standardization policy making and practical implementation.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.21 no.48
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• pp.133-144
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• 1998

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale corporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• Spatial Information Research
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• v.5 no.1
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• pp.11-26
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• 1997

The purpose of this study is to analyze the locational characteristics of bank branch offices in Kangnam-Gu, Seoul by using Geographic Information System. The number of bank branch offices have sharply increased due to financial liberalization, while the scale of them is getting smaller. The procedure of this research has four steps. First, the spatial distribution of bank branch offices in Seoul is analyzed by the places and time. Second, the spatial variations of bank offices in dong districts of Seoul is explained by factor analysis and multiple regression analysis. Third, the location-allocation model which is embedded within network module in Arc/Info is applied in order to find out optimal location of bank offices in Kangnam-Gu. Finally, the grid module is used in creating the potential surface map for locational sites of new bank branch offices The factors to affect the location of the bank offices contain mainly economic variables including local tax, collUl1ercial area, total establismnent and total employment. The actual locational pattern of bank offices is similar to the idealized locational pattern proposed by the function of min-distance in location-allocation models. In conclusion, this study shows that spatial analysis functions may potentially be improved using GIS technologies. However in order to analyze the location of bank offices more precisely, it should be found out the way to collect more appropriate data, construct computerized base maps, and investigate consumer behaviour and behavioural characteristics of bank themselves..

• Journal of environmental and Sanitary engineering
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• v.7 no.2
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• pp.129-140
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• 1992

Rats and Cockroaches are the most problematic pests of our living environment, Rats generally fall under three categories, namely, the Norway rats, the roof rats and the mouses, Among these three types, the roof rats are increasing rapidly in number and their habitats are spreading quickly in the city area, where as the Norway rats are decreasing both in number and habitat. There are numerous damages that these pests create in our society, The rat induce damages to computers and other information processing equipments, sometimes cause light-out, and other financial losses and other sanitary problems. The cockroaches, apart from inducing serious sanitary problems, is an insect that creates insectophobia. decently, it has been revealed that cockroaches are also the main carriers of allergic diseases. Among the pesticides employed against rats in Korea, Beta - fluoro acetate(1080) was initially used after the National Liberalization. Later, the Korean government imported anticoagulant rodenticide for its control. This was followed by a brief, unsuccessful utilization of Zinc Phosphide. Since the begin of 1980s, with the advent of pest control companies, first generation anticoagulant rodenticide were developed in Korea and recently followed by a widespread use of pesticide that utilizes second generation anticoagulant material, the "Brodifacoum" . Among insecticides employed against cockroaches, "Fenitrothion" "Dusban" "DDVP" "Diazinon" and others have been used. They were gradually being replaced by the use of synthesised pyrethroid insecticides until recently. Today there is a wide spread use of bait poisons, the "hydramethylnon" Nevertheless, full prevention and control can not be realized with the sole use of the pesticides. In the future, hygine and proofing, combined with affective pest management, must be incorporated in order to bring about more satisfactory and fruitful preventive measures.