• Title/Summary/Keyword: Fisheries Finance

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Private Finance under the Port Authority System in Korea (항만공사체제하의 민간자본 활용방식)

  • Ock, Dong-Suk;Jung, Young-Seo;Shin, Jae-Kwang
    • Journal of Korea Port Economic Association
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    • v.23 no.1
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    • pp.19-39
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    • 2007
  • Korean port developments have been mostly made by the central government. With the introduction of the Port Authority system, however, roles and function assignments of the central government in port development have been in change and the Port Authority has to find a solution for inducement of private investment in port development. This paper has examined the current legal system of port developments and then sought the way for inducement of private capital to improve specialty and efficiency of harbor facilities management and development under Port Authority. As the Ministry of Maritime Affairs and fisheries(MMAF) has two types of legal system for inducement of private investment on port developments, the Port Authorities can also have two types of private finance. Private finances by the Port Authorities has some more critical advantages than the one by the central government. It is also required to change the the administrative permissions and concession agreements which MMAF conveyed to private participants in port developments into the concession agreements between Port Authorities and private participants.

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Performance Evaluation and Forecasting Model for Retail Institutions (유통업체의 부실예측모형 개선에 관한 연구)

  • Kim, Jung-Uk
    • Journal of Distribution Science
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    • v.12 no.11
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    • pp.77-83
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    • 2014
  • Purpose - The National Agricultural Cooperative Federation of Korea and National Fisheries Cooperative Federation of Korea have prosecuted both financial and retail businesses. As cooperatives are public institutions and receive government support, their sound management is required by the Financial Supervisory Service in Korea. This is mainly managed by CAEL, which is changed by CAMEL. However, NFFC's business section, managing the finance and retail businesses, is unified and evaluated; the CAEL model has an insufficient classification to evaluate the retail industry. First, there is discrimination power as regards CAEL. Although the retail business sector union can receive a higher rating on a CAEL model, defaults have often been reported. Therefore, a default prediction model is needed to support a CAEL model. As we have the default prediction model using a subdivision of indexes and statistical methods, it can be useful to have a prevention function through the estimation of the retail sector's default probability. Second, separating the difference between the finance and retail business sectors is necessary. Their businesses have different characteristics. Based on various management indexes that have been systematically managed by the National Fisheries Cooperative Federation of Korea, our model predicts retail default, and is better than the CAEL model in its failure prediction because it has various discriminative financial ratios reflecting the retail industry situation. Research design, data, and methodology - The model to predict retail default was presented using logistic analysis. To develop the predictive model, we use the retail financial statements of the NFCF. We consider 93 unions each year from 2006 to 2012 to select confident management indexes. We also adapted the statistical power analysis that is a t-test, logit analysis, AR (accuracy ratio), and AUROC (Area Under Receiver Operating Characteristic) analysis. Finally, through the multivariate logistic model, we show that it is excellent in its discrimination power and higher in its hit ratio for default prediction. We also evaluate its usefulness. Results - The statistical power analysis using the AR (AUROC) method on the short term model shows that the logistic model has excellent discrimination power, with 84.6%. Further, it is higher in its hit ratio for failure (prediction) of total model, at 94%, indicating that it is temporally stable and useful for evaluating the management status of retail institutions. Conclusions - This model is useful for evaluating the management status of retail union institutions. First, subdividing CAEL evaluation is required. The existing CAEL evaluation is underdeveloped, and discrimination power falls. Second, efforts to develop a varied and rational management index are continuously required. An index reflecting retail industry characteristics needs to be developed. However, extending this study will need the following. First, it will require a complementary default model reflecting size differences. Second, in the case of small and medium retail, it will need non-financial information. Therefore, it will be a hybrid default model reflecting financial and non-financial information.

A Study on the Competition Structure and Effective Factors for Management Performance of the Fisheries Cold-Storage Warehouse Industry (수산물 냉동냉장창고업의 경쟁구조와 경영성과 영향요인에 관한 연구)

  • 장영수;장수호;장홍석
    • The Journal of Fisheries Business Administration
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    • v.30 no.1
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    • pp.119-147
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    • 1999
  • This article is subject to the rationalization of the cold-storage warehouse management, which gives the stabilization of the fishery production and the food life with respect to fisheries industry. In this point of view, the article examines to the structure of the cold-storage warehouse industry from the perspective of the industrial organization. To put it concretely, the article intends to apprehend the state of the structure of the industry and analyze the cold-storage warehouse's management activities. In addition, I try to find know the factors that affect the management performance(profitablity) of the industry through the cross-sectional correlation analysis. Finally, the conclusion of the article can be described as follows : \circled1 On the basis of the cold-storage capacity, there is the tendency that the industry concentrate in the area of Pusan(41.7%). \circled2 By formulating step of development of the industry, it is divided by six types. Type I is designed as raw material-storage warehouse for self-processing. Type IIis the raw material-storage warehouse for self-processing and storage-sale warehouse. Type III is the raw material-storage warehouse for self.distribution. Type IV is the raw material-storage warehouse for self-distribution and storage-sale warehouse. Type V is the net storage-sale warehouse. Type Ⅵ is the physical distribution center warehouse. Although each region has one representative type,6 types exist in all regions. \circled3 The competition structure of the industry has double structure on the basis of cold-storage capacity. \circled4 With respect to the management activity of the cold-storage warehouse, there is no change or even a decrease not increasing or not any change in sales from 1996 to 1997 \circled5 In order to try to induce the amount of shipper's materials, services that a cold-storage warehouse supply with its users include a custody-fee discount, a distribution-process service, a finance service, quality management service and so on. One of the best attractive services is the custody-fee service. \circled6 In the structure and management activity of the industry, the factors that affect management performance (profitablity) are a custody-fee discount, sales ability and capital structure of individual firm. Positive factor is sales ability and capital structure of individual firm. But, The custody-fee discount turns out to be a negative capital structure of individual film.

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How Vulnerable is Indonesia's Financial System Stability to External Shock?

  • Pranata, Nika;Nurzanah, Nurzanah
    • The Journal of Asian Finance, Economics and Business
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    • v.4 no.2
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    • pp.5-17
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    • 2017
  • The main objective of the study is to measure the vulnerability of Indonesia's financial system stability in response to external shocks, including from regional economies namely three biggest Indonesia major trading partners (China, the U.S and Japan) and other external factors (oil price and the federal funds rate). Using Autoregressive Distributed Lag (ARDL) model and Orthogonalized Impulse Response Function (OIRF) with quarterly data over the period Q4 2002 - Q1 2016, results confirm that, 1) oil price response has the largest effect to Indonesia financial stability system and the effect period is the longest compared to others, represented by NPL and IHSG; 2) among those three economies, only China's economic growth has significantly positive effect to Indonesia financial stability system. Based on the findings it is better for the authorities to: 1) Diversify international trade commodities by decreasing share of oil, gas, and mining export and boosting other potential sectors such as manufacture, and fisheries; 2) Ensure the survival of Indonesia large coal exporter companies without neglecting burden of national budget; and 3) Create buffer for demand shock from specific countries by diversifying and increasing share of trading from other countries particularly from ASEAN member states.

The Contribution of Small and Medium-Sized Enterprises in the Economic Growth of the Southeast Region of Vietnam

  • PHAM, Thanh Van;NGUYEN, Van Luan;NGUYEN, Thi Lai;PHAN, Thi Thu
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.9
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    • pp.155-163
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    • 2021
  • This research was conducted to check the impact of factors related to the small and medium-sized enterprises (SME) on the economic growth in the Southeast region of Vietnam, over the years from 1996-2019. This paper applies a combination of FEM, DKSE, GMM, and RIDGE-FEM regression methods to estimate the influence of independent variables on the economic growth of the whole Southeast region with the panel data collected from GSO; and applying the OLS regression model for each province. The study finds that all variables have a statistically significant positive impact on the economic growth of the study area. Accordingly, the importance of the variables is in the following order: (1) the proportion of workers by professional and technical qualification (SMEH), (2) the number of vocational training schools (LnTSCH), and educational level of workers (LnSchool), (3) the number of SME enterprises (LnSME); (4) The average number of years in the schooling of employees in the enterprise (LnSchool); (5) Enterprise capital (LnCAP); and (6) the average number of employees of SME (LnSMER). The research results also show that factors related to the quality of labor resources have a more positive influence on growth than both the labor size and financial capital of SMEs.

Millennial Transformational Leadership on Organizational Performance in Indonesia Fishery Startup

  • WANASIDA, Albert Surya;BERNARTO, Innocentius;SUDIBJO, Niko;PRAMONO, Rudy
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.2
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    • pp.555-562
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    • 2021
  • This study aims to understand the effect of millennial transformational leadership (MTL) on organizational performance in Indonesian Fishery startups. The population of this study included select fishery startups in Indonesia based on the data released by the Ministry of Marine Affairs and Fisheries of the Republic of Indonesia and Digital Fishery Network. This study used the statistical method of PLS-SEM to analyze the data. The findings show that the MTL has no direct positive relationship with organizational performance; MTL has a direct positive relationship with organizational agility; MTL has a direct positive relationship with IT capability; IT capability has a direct positive relationship with organizational agility; organizational agility has a direct positive relationship with organizational performance in fishery startups in Indonesia during this pandemic era. It is suggested that future researches use covariance-based-structural equation modeling which is able to test the research model's feasibility. Roles of mediating variables in addition to the main variables-for example, organizational agility as a mediating variable on the relationship between MTL and organizational performance - are also suggested to be examined. In spite of the limitations, the model developed is still interesting to investigate and is expected to enhance the literature on transformational leadership.

A Study on the Development of Educational Programs for LNG Bunkering in Consideration of the Safety System

  • Han, Se-Hyun;Yun, Yong-Sup;Kim, Jong-Su;Lee, Young-Chan
    • Journal of the Korean Society of Marine Environment & Safety
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    • v.22 no.3
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    • pp.268-277
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    • 2016
  • This paper aims at presenting bunkering educational programs for LNG fueled ship taking into consideration existing similar education programs and safety systems at the international level in order to enhance both seafarers' and vessels' safety. Heavy fuel oil has typically been used as fuel of ship propulsion. The competitiveness of the fuel oil is recently getting weak in terms of cost and environmental aspects. Liquefied natural gas is introduced for ship propulsion in the maritime field as a new energy source replacing heavy fuel oil. In order to prepare for installation and operation of LNG fueled propulsion ship on board, International Maritime Organization has discussed this subject for about 10 years. As a result of the discussion on such ships in IMO, the International Code of Safety for Ships Using Gases or Other Low-Flash-Point Fuels entered into force on the year 2015. International organizations and several countries therefore drives actively entire researches and other businesses with a view to providing equipment and system of LNG bunkering. The systems are divided into ship-to-ship transfer, terminal / pipeline-to-ship transfer and truck-to-ship transfer. By adopting transfer system of LNG bunkering, many human resources will be needed in these areas on scene as well as on managing, operating, trading, finance, design of LNG bunkering industries. LNG bunkering is just in the beginning stage. Hence, this paper reviews and proposes professional educational programs of LNG bunkering in consideration of technical aspects of the safety system of LNG bunkering based on the types of bunkering systems.

The Impacts of Korea-China FTA on the Major Industries in Daegu-Gyeongbuk Region (한·중 FTA가 대구·경북 지역 주요 산업에 미치는 영향 분석)

  • Yeo, Taek-Dong;Jeong, Gun Woo
    • International Commerce and Information Review
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    • v.17 no.1
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    • pp.309-337
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    • 2015
  • Recently, Korea had virtually reached an FTA deal with China on November 10, 2014 after the 14 rounds of negotiation during past two and half years. The two countries agreed to the FTA's 22 chapters, including products, services, investment, e-commerce, finance, communication, and other trade issues, but rice and several sensitive agricultural and fisheries products were excluded from the deal. Korea and China will remove their import tariffs on more than 90 percent of all products and more than 85 percent of imports by value within 20 years once the FTA is implemented. This paper intends to analyze the impacts of Korea-China FTA on the major industries in Daegu-Gyeongbuk region. Considering the statistics on the bilateral trade between China and Daegu-Gyeongbuk region, import tariff rates of the two countries, trade specialization indices of the major industries, and the package of Korea-China FTA deal, this study investigated the sectoral effects of Korea-China FTA on the four main industries, textiles, electrical-electronics, machinery and auto parts, and steel and iron industries in that region.

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Foreign Entry Strategies for Korean Fishery Firms (한국수산업의 해외진출전략에 관한 연구)

  • 김회천
    • The Journal of Fisheries Business Administration
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    • v.15 no.1
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    • pp.131-153
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    • 1984
  • Fishery resources are still abundant compared with other resources and the possibility of exploitation is probably great. The Korean fishery industry has grown remarkably since 1957, and Korea is ranked as one of the major fishery countries. Its of fishery products reached the 9th in the world and the value of exports was 5th in 1982. But recently a growth rate has slowed down, due to the enlargement of territorial seas by the declaration of the 200 mile, Exclusive Economic Zone, the tendency to develop fishery resources strate-gically in international bargaining, the change in function of the international organizations, the expansion of regulated waters, the illegal arrest of our fishing boats, the rapid rise in oil prices, and the fall in fish prices, the development of fishery resources as a symbol of nationalism, the fishing boats decreptitude, the rise of crew wages, regulations on fishing methods, fish species, fishing season, size of fish, and mesh size, fishing quotas and the demand of excessive fishing royalties. Besides the the obligation of coastal countries, employing crews of their host countries is also an example of the change in the international environment which causes the aggravation of foreign profit of fishing firms. To ameliorate the situation, our Korean fishery firms must prepare efficient plans and study systematically to internationalize themselves because such existing methods as conventional fishing entry and licence fishing entry are likely to be unable to cope with international environmental change. Thus, after the systematic analysis of the problem, some new combined alternatives might be proposed. These are some of the new schemes to support this plan showing the orientation of our national policy: 1. Most of the coastal states, to cope with rapid international environmental change and to survive in the new era of ocean order, have rationalized their higher governmental structure concerning the fishery industries. And the coastal countries which are the objectives of our expecting entry, demand excessive economic and technical aid, limit the number of fishing boats’entry and the use of our foreign fishing bases, and regulate the membership of the international fishery commissions. Especially, most of the coastal or island countries are recently independent states, which are poorer in national budget, depend largely on fishing royalties and licence entry fees as their main resources of national finance. 2. Alternatives to our entry to deep sea fishing, as internationalization strategies, are by direct foreign investment method. About 30 firms have already invested approximately US $ 8 million in 9 coastal countries. Areas of investment comprise the southern part of the Atlantic Ocean, the Moroccan sea and five other sea areas. Trawling, tuna purse seining and five other fields are covered by the investment. Joint-venture is the most prominent method of this direct investment. If we consider the number of entry firms, the host countries, the number of seas available and the size of investment, this method of cooperation is perhaps insufficient so far. Our fishery firms suffer from a weakness in international competitive ability, an insufficiency of information, of short funds, incompetency in the market, the unfriendliness of host coastal countries, the incapability of partners in joint-ventures and the political instability of the host countries. To enlarge our foreign fishing grounds, we are to actively adopt the direct investment entry method and to diversity our collaboraboration with partner countries. Consequently, besides proper fishing, we might utilize forward integration strategies, including the processing fied. a. The enterprise emigration method is likely to be successful in Argentina. It includes the development of Argentinian fishing grounds which are still not exploited in spite of abundant resources. Besides, Arentina could also be developed as a base for the exploitation of the krill resources and for further entries into collaboration with other Latin American countries. b. The co-business contract fishing method works in American territorial seas where American fishermen sell their fishery products to our factory ships at sea. This method contributes greatly to obtaining more fishing quotas and in innovation bottom fishing operation. Therefore we may apply this method to other countres to diffuse our foreign fishing entry. c. The new fishing ground development method was begun in 1957 by tuna long-line experimental fishing in the Indian Ocean. It has five fields, trawling, skipjack pole fishing and shrimp trawling, and so on. Recently, Korean fisheries were successful in the development of the Antarctic Ocean krill and tuna purse seining. 3. The acceleration of the internationalization of deep sea fishing; a. Intense information exchange activities and commission participation are likely to be continues as our contributions to the international fishery organizations. We should try to enter international fishery commissions in which we are not so far participating. And we have to reform adequately to meet the changes of the function of the international commissions. With our partner countries, we ought to conclude bilateral fishery agreements, thus enlarging our collaboration. b. Our government should offer economic and technical aids to host countries to facilitate our firms’fishery entry and activities. c. To accelerate technical innovation, our fishery firms must invest greater amount in technical innovation, at the same time be more discriminatory in importing exogeneous fishery technologies. As for fishing methods; expanded use of multi-purpose fishing boats and introduction of automation should be encuraged to prevent seasonal fluctuations in fishery outputs. d. The government should increases financial and tax aid to Korean firms in order to elevate already weak financial structure of Korean fishery firms. e. Finally, the government ought to revise foreign exchange regulations being applied to deep sea fishery firms. Furthermore, dutes levied on foreign purchaed equipments and supplies used by our deep sea fishing boats thould be reduced or exempted. when the fish caught by Korean partner of joint-venture firms is sold at the home port, pusan, import duty should be exempted.

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A Study on the Expansion of Arbitration's Area of Coverage in Korea (한국중재의 영역확대 방안에 관한연구)

  • Kim, Suk-Chul
    • Journal of Arbitration Studies
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    • v.20 no.3
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    • pp.47-69
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    • 2010
  • From the review of Korean arbitration systems with the comparison of those of other countries, we can summarize some issues to be tackled as follows: First, Korean arbitration system started with the purpose of export promotion. This may be the main reason that various domestic disputes have not been resolved by arbitration. Second, the Korean Arbitration Law applies to private disputes. The Law's arbitration scope is wider than that of China and France, but narrower than that of the U.S.A. that encompasses a variety of disputes in the filed of consumer, labor, medical services, patents, etc. Third, active judges or public officials in Korea can not be arbitrator and there is no arbitration court. However, if chief judge allows the necessity, court's judges in the UK can be arbitrator with the mutual agreement of the parties and also arbitration system is operated in the court. Fourth, the Korean Commercial Arbitration Board(KCAB), the only representative institution for arbitration in Korea, is under the Ministry of Knowledge Economy(MKE). This makes it difficult for the KCAB to handle other disputes related to the Ministry of Health and Welfare, the Ministry of Strategy and Finance, the Ministry for Food, Agriculture, Forestry and Fisheries, the Ministry of Employment and Labor, etc. Fifth, as mentioned, the KCAB is the unique institution for arbitration by the Law in Korea, while other countries allow have a diversity of arbitration agencies such as maritime arbitration organization, consumer arbitration institution, arbitration court, etc. Therefore, we suggest some ideas to expand the arbitration's area of coverage in Korea as follows: First, there should be more active policies that promote various domestic disputes to be settled by the arbitration system. Second, it is quite needed to expand the scope of arbitration to cover many disputes in the fields of consumer, labor, medical service, advertising, fair trade, etc. Third, there should be discussions to allow court judges as arbitrator and to introduce the arbitration court. Fourth, the KCAB should strengthen its status and roles as general arbitration organization to overcome the limited scope of commercial disputes. For this, there should be the strong support and coordination among the MKE and other government agencies. Fifth, to reduce the burden of the court's complicated and expensive procedures, more efficient disputes resolution systems should be established on the basis of the parties' free will. Each central government agency should streamline the legal barriers to allow industrial organizations under its control to establish their own or joint arbitration system with the KCAB.

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