• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.71-91
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• 2005

The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.

• Journal of Industrial Convergence
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• v.22 no.2
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• pp.73-83
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• 2024

The purpose of this study is to diagnose various problems arising around social enterprises in the sport field from the perspective of the organization and derive necessary tasks and implications. In order to achieve the purpose of the study, the study was largely divided into three stages, and the results were derived. First, the main status and characteristics of social enterprises in the sport field were examined. The current status was analyzed focusing on aspects such as background and origin, legislation and policy, organizational goals, organizational structure and procedures, and organizational characteristics. Social enterprises in the sport sector were in their early stages, and the government's social enterprise policy goal tended to focus on increasing the number of social enterprises in a short period of time through financial input. In addition, it was found that most individual companies rely on government subsidy support due to insufficient profit generation capacity. In the second stage, we focused on the situational factors that affect the functional performance of social enterprises in the sport field. As a result of reviewing the value, ideology, technology, and history of the organization, which are situational factors, it was derived that when certified as a social enterprise in the sport field and supported by the central government or local governments, political control is strong to some extent and exposure to the market is not severe. In the last third step, tasks and implications were derived to form an appropriate organization for social enterprises in the sport field. After the social enterprise ecosystem in the sport sector has been established to some extent, it is necessary to gradually move from the current "government-type" organization to the "national enterprise" organization. This is true in light of the government's limited financial level, not in the short term, but in order for the organization of social enterprises in the sports sector to survive in the long term.

• Korean Journal of Social Welfare
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• v.37
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• pp.89-118
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• 1999

The goal of this paper is to define the distinguishing characteristics of Korea's National Pension Scheme compared to the National Pension types of other countries and sees if those characteristics are significant enough in order to warrant calling these the "Korean Model". Also, another point to consider is, if this "Korean Model" does indeed exist, whether it is a 'sustainable' model or not. The National Pension Scheme, which was implemented in 1988, is similar to the public pension system formerly used in Japan. The National Pension Scheme broke away from this 'Japanese Model' in 1995 with implementation of the Farmers and Fishermen Pension, and the unique "Korean Model National Pension" was completed in 1998 with revision of the National Pension Law. The characteristics of the Korean National Pension can be defined as being balanced equally on ability and equality, possessing strong intergenerational income redistribution, having a nationally integrated structure, an incomplete funded method financial neutralism of the government and also as being a Monroe-oriented pension system. There are several limits to the sustainable development of this Korean Model National Pension, though. Even though the precondition of "the income determination problem of self-employed persons", which has strong intra-generational income redistribution. in actuality there are still many policy issues to be confronted such as the structure which 'transfers the burden to the future generation', the 'inter-generational inequity' of the incomplete funded system, persons excluded from coverage under the national integrated structure, 'compulsory loaning of the public sector by the National Pension Fund' under the government's principle of finance neutralism, the separate existence of the 'Monroe-oriented National Pension' from other pensions, etc.,. Therefore, it need to reform of NPS once again to sustainable development of KMNP.

• Management & Information Systems Review
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• v.31 no.3
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• pp.223-248
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• 2012

This study analyses support policy and structural change of textile industry in Daegu Kyungbuk region, and suggests major issues for textile industry's innovation. In Daegu Kyungbuk, it was 1999 that a policy, so called Milano Project, in order to promote a textile industry was devised. In 2004, the Regional Industrial Promotion Plan was devised. The plan was born from a view point of establishing a regional innovation system and of promoting the innovative clusters under a knowledge based economy. After then, the Regional Industry Promotion Project or Regional Strategic Industry Promotion Project became a core of regional textile industrial policy. Research results indicated that the first stage Milano project (1999-2003) showed both positive and negative effects. There were no long-term development plan, clear vision and strategy. But, core industrial infrastructure for differentiated product development, such as New product Development Support Center and Dyeing Design Practical Application Center, was constructed. The second stage Daegu Textile Industry Promotion Plan (2004-2008) displayed a significant technological performance and new product sales with the assistance of Kyungbuk province. Also, textile industry revealed positive fruits such as financial structure, productivity, and profitability as a result of strong restructuring. In industrial structure, there was a important change from clothe textile material to industry textile material. Most of textile companies did not showed high capability in CEO's technology innovation intention, entrepreneurship, R&D and human resource competency in compare with other industry. We suggested that Daegu Kyungbuk has to select and concentrate on the high-tech textile material and living textile for sustainable development and competitiveness. We also proposed a confidence and cooperation based innovation network and company oriented innovation cluster.

• The Journal of Society for e-Business Studies
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• v.26 no.3
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• pp.55-66
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• 2021

The mobile application (APP) market is growing at an unprecedented speed. Amid such growth, the global platform providers are mandating exclusive in-app payments and charging 30% for platform commission fees. A serious tension has arisen between mobile global platform providers and local content providers. The present study attempts to analyze the domestic mobile game market and in-app payment commission fees. This study estimates the size of the domestic mobile game market and platform commission fees by directly using publicly available financial statements and footnote information of some representative listed mobile game firms. Also, the study analyzes the cost structures of the same sample firms and attempts to draw some implications on sustainable growths of the mobile game ecosystem. We estimated that, in 2019, the domestic mobile game market is around 4.9 trillion Won and the ensuing in-app payment commission fees market was 1.5 trillion Won. High market share firms display a proportional increase in in-app payment commission fees in relation to sales growth. This, in turn, makes the in-app payment commission fees a primary cost item far exceeding employee salaries and R&D expenses. During the same period, low market share firms generated a mere profit or experienced net loss. Analysis of the cost structure reveals that these firms are even more liable to higher in-app payment commission fee cost structure than high market share. Most constituents of the mobile game ecosystem are small business entrepreneurs. By employing a micro-level analysis, the study estimates that, in 2019, a representative median firm generates 530 million Won in sales. At the same time, it spends 190 million Won in employee salaries, 50 Won million in R&D and 190 million Won in in-app payment commission fees, respectively. In the absence of other cost items, these three cost items alone account for 73.8% of sales revenue. The results imply that a sustainable growth of the local mobile game market heavily depends upon the cost structure of such representative median firm, the in-app payment commission fees being the primary cost item of such firm.

• Korean Chemical Engineering Research
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• v.52 no.5
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• pp.603-612
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• 2014

Lots of networks are constructed in a large scale industrial complex. Each network meet their demands through production or transportation of materials which are needed to companies in a network. Network directly produces materials for satisfying demands in a company or purchase form outside due to demand uncertainty, financial factor, and so on. Especially utility network and hydrogen network are typical and major networks in a large scale industrial complex. Many studies have been done mainly with focusing on minimizing the total cost or optimizing the network structure. But, few research tries to make an integrated network model by connecting utility network and hydrogen network In this study, deterministic mixed integer linear programming model is developed for integrating utility network and hydrogen network. Steam Methane Reforming process is necessary for combining two networks. After producing hydrogen from Steam-Methane Reforming process whose raw material is steam vents from utility network, produced hydrogen go into hydrogen network and fulfill own needs. Proposed model can suggest optimized case in integrated network model, optimized blueprint, and calculate optimal total cost. The capability of the proposed model is tested by applying it to Yeosu industrial complex in Korea. Yeosu industrial complex has the one of the biggest petrochemical complex and various papers are based in data of Yeosu industrial complex. From a case study, the integrated network model suggests more optimal conclusions compared with previous results obtained by individually researching utility network and hydrogen network.

• Korean Journal of Social Welfare
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• v.58 no.1
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• pp.115-141
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• 2006

The purpose of this study is to understand the changes from adopting daily two-shift roster in child care institutions. To accomplish this purpose, we collected data mainly from depth interview with managers, child care workers, and children in child care institutions adopting daily two-shift roster, and analysed these data through qualitative case study approach. The results of this study are as follows. First, child care workers take the chance of recreation, their working conditions improved, they were participated in self-development activity, and they could make relationship with persons in social network. But, some participants worried about decrease of responsibility of workers. Second, one hand, possibility of high-quality care for child is increased, on the other hand, possibility of improving attachment relationship between workers and children is decreased. some children is confused by shift. But, most important strength is that partners have complementary parenting roles through discussion about parenting skills. They have developed communication skills by trial and error, and growed with children through sharing. Third, many qualified persons have applied for institution because of improvement of working conditions, thus institutions had the chance of adopting qualified workers. These workers have various abilities and resources, could mobilize resources from community, and could progress various programs and intervene for children. But, institutions had many difficulties in process adopting daily two-shift roster because of unstable financial support and previous structure. Most of participants worried about that local government may cut down a subsidy.

• Journal of the Economic Geographical Society of Korea
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• v.8 no.1
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• pp.31-50
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• 2005

The purpose of this study is to analyse the role of the inter-regional knowledge network in the knowledge based economic development of regions, using regional data collected over the IMF financial crisis between 1996 and 2001. In particular, the major questions about the inter-regional knowledge network in terms of regional innovation are as follows. First, how can be distinguished the inter-regional knowledge networks among the regions? Secondly, what is the relationship between the real object economy and the inter-regional knowledge network? To answer rho questions listed above, the social network analysis is used to examine the association between the intra-regional knowledge linkage structure and the change of the real object economy. For the empirical analyses, regional labour data for 16 Metropolitan Areas(Si) and Provinces(Do) from 1996 to 2001 are used. The findings of the study suggest that there is a significant positive relationship between the concentration of the inter-regional knowledge linkage and a rate of economic growth of the real object economy and that there is a negative correlation between the density and the standard deviation of the inter-regional knowledge linkage and the rate.

• Journal of Agricultural Extension & Community Development
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• v.2 no.2
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• pp.205-227
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• 1995

The objectives of this study were to 1) classify the cooperative farmers' organizations in Korea according to the development level and institutional aspects through the exploration of its' conceptual and institutional basis, 2) analyze the farmers' needs for organization, 3) identify the problems and situation of organizations, and 4) formulate an effective management model for each cooperative farmers' organization. The study was carried out through a review of literature and using available statistical data collected from various sources and empirical survey. Major findings of the study were: 1) the cooperative farmers' organizations could be classified into four types : crop units, farming cooperative corporation, trust farming companies and joint-stock agri-business. 2) a lot of members of the organization feel that the information is insufficient, the opportunity to suggest their own ideas is hardly given, and the members are not satisfied with the cooperation among the members, 3) the members who have higher level of schooling education showed a higher participation level in the organization, 4) most of members did not recognize the organization they participated in, 5) participation of the organization's members and concerned institutions is an important factor to promote problem solving and better communication within the organization, 6) any type of continuing education for the members is needed to facilitate the transfer of a new agricultural and organizational technology, 7) research and development(R & D) is one of the most important factors of the development of organizations, 8) most organizations are deficient in professional management skills(financial, personal, accounts, etc.), 9) the trust farming companies have difficulties in managing the firm on account of the characteristics of agriculture(especially seasonal), the dispersed trust lands, and the need for more alternative work in the winter season, and 10) in the case of agri-businesses, their organizations are more specialized in marketing and have more structured systems of management. Based on the results of the study the following recommendations were made for further improvement and development of agricultural cooperative organizations : (1) More governmental support should be given to education for improvement of the organizational structure. And more deliberate and differentiated governmental support should be provided for the organizations to be viably managed. (2) For more efficient communication between the members and the organization, more opportunities for discussion are needed. (3) The more research should be committed to this kind of work in order to get more analytic data and strategic plans of cooperative organizations.

• Weed & Turfgrass Science
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• v.2 no.1
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• pp.95-99
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• 2013

To investigate the actual condition of production and management of sod, a questionnaire was ask to 57 farmers in major cultivated areas of turf sod in Korea in 2010 and 2011. The results of the turfgrass management situation analysis showed a mixed farming where the ratio of the principal work and the side work progress similarly, and for the landholding type depending on the management scale, the rental ratio was high for a scale over 0.5 ha. Sod production farmers has high-profile in new varieties of turfgrass, integrated management of the fertilization and soil or disease and insect pest however the future of the turfgrass industry does not seem optimistic due to the problems such as market stability or scarcity of worker. Obtaining of information on culture methods depended neighbor's experience (81.8%). Concerning the varieties preference analysis, the 32.1% of farmer answered that the reproductive rate was a key factor for the new variety. Sod production farmers want to receive financial support (28.1%), improvement of distribution structure of sod (26.6%), and spread of good variety turfgrass (23.4%).