• Journal of the Architectural Institute of Korea Planning & Design
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• v.36 no.2
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• pp.25-32
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• 2020

The purpose of this study is to estimate the economic value of architectural aesthetic using the contingent valuation method and to analyze the value-giving characteristics. The site survey was conducted based on the scenario of Dong-daemun Design Plaza, which is recognized as a work of outstanding architectural aesthetic. Based on 307 opinions collected, the main results are as follows: First, it could be confirmed that the higher the level of architectural aesthetic, the higher the payment amount was. The result of estimating the value of the architectural aesthetic on the basis of the fixed amount levy showed that the average payment amount was 8,859 won per person. The average payment amount was 13,014 won per person when the rejector of payment was excluded. The value of architectural aesthetic was about 13.72% of total construction cost. Second, free riding, which occurs mainly in the measurement of the value of public goods or environmental goods, appeared. This tendency is stronger in the elderly than in the younger, and in the differential amount levy than in the fixed amount levy. Third, the extreme subjectivity of architectural aesthetic value could be confirmed. While there are a lot of extreme denials of payments such as 0 won, the high-income was willing to pay a substantial amount. Fourth, it was confirmed that income factors was partly involved in the measured value.

• Journal of The Korean Association For Science Education
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• v.35 no.2
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• pp.333-342
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• 2015

This study analyzes the verbal interaction patterns used in a social network activity analysis that appeared in a science inquiry activity of 31 small groups of science-gifted students consisting of 5 members each. The results of this study are as follows: The interaction patterns showed eight types. The most prevalent interaction pattern, type 1, is triangle-shaped, interacting with 3 members out of 5 without a central member. Type 2 is wye form, interacting with 4 members and with one alienated member. Type 3 is diamond-shaped, interacting with 4 members. Type 4 is ray form, interacting with 5 around a central member. Type 5 has an alienated member and interacts with 4 members around the central member. Type 6 is triangle-branched, 4 members linked to the central member. Type 7 is wye form linked all around the central member. Type 8 is wye form with a more complex link than type 7. These can be classified in two. One is the participation-type where the rest of the 4 members are linked to the central member. The other is the alienation-type where a member/members is/are alienated without a central member. The participation-type appeared in 9 groups (29%), type 4, type 6, type 7, and type 8. The alienation-type showed in 22 groups (71%), type 1, type 2, type 3, and type 5. On the basis of this study, we propose that the best number of members in a group is three. It helps prevent a free-riding effect or isolation of members. Also, we deem it more fruitful if there is a member playing a central role in a group.

• Journal of Distribution Science
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• v.13 no.12
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• pp.65-71
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• 2015

Purpose - Domestic cooperatives tend to increase during the establishment of cooperatives and gradually through the basic law of social needs. However, only cooperatives' qualitative grow this secured without blessings, and their quantitative growth through government support is questionable. The purpose of this study is to analyze the agricultural cooperatives established through the Distribution System Cooperatives Basic Law, which was enacted in January 2012. Subsequently, establishing agricultural cooperatives was done briskly. However, cooperatives established rapidly after the founding of the Basic Law encountered problems. Research design, data, and methodology - To assess the performance of selected agricultural cooperatives, data were analyzed using the methodological Analytic Hierarchy Process (AHP) approach. The AHP is a set of systematic procedures to hierarchically analyze the elements of any problem. Using a survey on expertise, a series of comparative determinations of each pair is performed to evaluate the relative strengths and the strengths of the impact between elements within the hierarchy. A survey was conducted on 10 small agricultural cooperatives using AHP analysis for the examination. The purpose of such research and analysis is to recommend a direction for future policies aimed at small agricultural cooperatives. Result - This study applied three types of policy evaluation criterion, including market expansions, organizations, and cooperative projects, and 12 types of small agricultural cooperative policy measures. Market expansion policies for agricultural cooperatives are classified into four categories: school meals, direct transactions, shopping malls, and wholesale markets. Organizational policies for agricultural cooperatives are classified into four types: existing sales channel management, education, preventing free riding, and enlarging members. Cooperative project policies in agricultural cooperatives are classified into four policy areas: cooperation between cooperatives, community contribution, joint businesses, and government links. In this paper, the growth priority in agricultural cooperative policies is analyzed by applying policy evaluation criteria on the basis of a survey on expertise. The priorities of the policy program are also analyzed using a decision analytic hierarchy process. The results indicate that market expansion is the most important policy evaluation criterion therefore, improving direct transactions, school meals, management of existing sales channels, and shopping malls are crucial policy measures. In contrast, the cooperation of cooperatives, expansion of union members, and cooperation with the government were found to have low priority. Conclusions - Agricultural cooperatives should develop plans as follows. Small agricultural cooperatives need to secure school meals and direct transactions for market expansion, restructure marketing strategies to manage existing sales channels, and, finally, increase education and training for sustainable organizational development. This study has the following limitations. Because the subject of the investigation is a new cooperative, determining its sustainable growth is difficult. Therefore, through analysis and a continuous study of cooperatives, future research is expected to show that modifying the direction of agriculture cooperatives is necessary.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.1-12
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• 2022

This paper examines the influence of the portion of lead investors and investors' status on the investment performance of venture syndication. According to existing literature, multiple investors in VC syndicates can positively impact investment performance by investing both tangible and intangible resources in target companies based on market influence or high visibility. On the other hand, the presence of multiple leaders can cause conflicts in formulating and implementing investment strategy or free-riding problems or increase entry barriers for potential investors, lowering additional investment from existing investors. Therefore, we hypothesize that the relationship between proportion of lead investors and investment performance is inverted-U shape. Moreover, we predict that the status of VCs in the syndication will moderate the relationship between proportion of lead investors and investment performance since high-status actors are less likely to cooperate with or yield power to others. We tested these hypotheses using 24,677 VC syndicated investment data from 1991 to 2005 and found solid supports for the hypotheses. The findings suggest that firms need to consider relationship-based power dynamics among investors within a syndication and design effective role setting and coordination systems.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.817-838
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• 2005

In this paper, the resource adequacy as well as the optimum fuel mix is obtained by the following procedures. First, the regulation body, the government agency, determine the reliability index as well as the optimum portfolio of the fuel mix during the planning horizon. Here, the resources with the characteristics of public goods such as demand-side management, renewable resources are assigned in advance. Also, the optimum portfolio is determined by reflecting the economics, environmental characteristics, public acceptance, regional supply and demand, etc. Second, the government announces the required amount of each fuel-type new resources during the planning horizon and the market participants bid to the government based on their own estimated fixed cost. Here, the government announces the winners of the each auction by plant type and the guaranteed fixed cost is determined by the marginal auction price by plant type. Third, the energy market is run and the surplus of each plant except their cost (guaranteed fixed cost and operating cost) is withdrew by the regulatory body. Here, to induce the generators to reduce their operating cost some incentives for each generator is given based on their performance. The performance is determined by the mechanism of the performance-based regulation (PBR). Here the free-riding performance should be subtracted to guarantee the transparent competition. Although the suggested mechanism looks like very regulated one, it provides two mechanism of the competition. That is, one is in the resource construction auction and the other is in the energy spot market. Also the advantages of the proposed method are it guarantee the proper resource adequacy as well as the desired fuel mix. However, this mechanism should be sustained during the transient period of the deregulation only. Therefore, generation resource planning procedure and market mechanisms are suggested to minimize possible stranded costs.

• Journal of Distribution Research
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• v.17 no.1
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• pp.37-63
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• 2012

In franchise business, exclusive sales territory (sometimes EST in table) protection is a very important issue from an economic, social and political point of view. It affects the growth and survival of both franchisor and franchisee and often raises issues of social and political conflicts. When franchisee is not familiar with related laws and regulations, franchisor has high chance to utilize it. Exclusive sales territory protection by the manufacturer and distributors (wholesalers or retailers) means sales area restriction by which only certain distributors have right to sell products or services. The distributor, who has been granted exclusive sales territories, can protect its own territory, whereas he may be prohibited from entering in other regions. Even though exclusive sales territory is a quite critical problem in franchise business, there is not much rigorous research about the reason, results, evaluation, and future direction based on empirical data. This paper tries to address this problem not only from logical and nomological validity, but from empirical validation. While we purse an empirical analysis, we take into account the difficulties of real data collection and statistical analysis techniques. We use a set of disclosure document data collected by Korea Fair Trade Commission, instead of conventional survey method which is usually criticized for its measurement error. Existing theories about exclusive sales territory can be summarized into two groups as shown in the table below. The first one is about the effectiveness of exclusive sales territory from both franchisor and franchisee point of view. In fact, output of exclusive sales territory can be positive for franchisors but negative for franchisees. Also, it can be positive in terms of sales but negative in terms of profit. Therefore, variables and viewpoints should be set properly. The other one is about the motive or reason why exclusive sales territory is protected. The reasons can be classified into four groups - industry characteristics, franchise systems characteristics, capability to maintain exclusive sales territory, and strategic decision. Within four groups of reasons, there are more specific variables and theories as below. Based on these theories, we develop nine hypotheses which are briefly shown in the last table below with the results. In order to validate the hypothesis, data is collected from government (FTC) homepage which is open source. The sample consists of 1,896 franchisors and it contains about three year operation data, from 2006 to 2008. Within the samples, 627 have exclusive sales territory protection policy and the one with exclusive sales territory policy is not evenly distributed over 19 representative industries. Additional data are also collected from another government agency homepage, like Statistics Korea. Also, we combine data from various secondary sources to create meaningful variables as shown in the table below. All variables are dichotomized by mean or median split if they are not inherently dichotomized by its definition, since each hypothesis is composed by multiple variables and there is no solid statistical technique to incorporate all these conditions to test the hypotheses. This paper uses a simple chi-square test because hypotheses and theories are built upon quite specific conditions such as industry type, economic condition, company history and various strategic purposes. It is almost impossible to find all those samples to satisfy them and it can't be manipulated in experimental settings. However, more advanced statistical techniques are very good on clean data without exogenous variables, but not good with real complex data. The chi-square test is applied in a way that samples are grouped into four with two criteria, whether they use exclusive sales territory protection or not, and whether they satisfy conditions of each hypothesis. So the proportion of sample franchisors which satisfy conditions and protect exclusive sales territory, does significantly exceed the proportion of samples that satisfy condition and do not protect. In fact, chi-square test is equivalent with the Poisson regression which allows more flexible application. As results, only three hypotheses are accepted. When attitude toward the risk is high so loyalty fee is determined according to sales performance, EST protection makes poor results as expected. And when franchisor protects EST in order to recruit franchisee easily, EST protection makes better results. Also, when EST protection is to improve the efficiency of franchise system as a whole, it shows better performances. High efficiency is achieved as EST prohibits the free riding of franchisee who exploits other's marketing efforts, and it encourages proper investments and distributes franchisee into multiple regions evenly. Other hypotheses are not supported in the results of significance testing. Exclusive sales territory should be protected from proper motives and administered for mutual benefits. Legal restrictions driven by the government agency like FTC could be misused and cause mis-understandings. So there need more careful monitoring on real practices and more rigorous studies by both academicians and practitioners.