• Journal of Labour Economics
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• v.26 no.3
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• pp.115-147
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• 2003

This paper scrutinizes the robustness of the profit-sharing findings first employing an original panel data on the Employee Welfare Fund over the period from 1992 to 2000. In examining the effects of profit-sharing schemes on labor productivity, it controls for simultaneity among profit-sharing, production factors, and productivity using both the two-stage least squares procedure and the lagged variable method. The empirical results show that an increase in firm's contribution to the Employee Welfare Fund is associated with capital-embodied and disembodied productivity enhancement, which is both statistically and economically highly significant. The empirical results are in contrast with predictions of both agency and transaction cost theories, and they imply that more tax benefits and financial incentives for expansion of the Employee Welfare Fund should be required to get productivity gains.

• Journal of the Society of Disaster Information
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• v.11 no.1
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• pp.121-133
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• 2015

A classical commercial insurance, which is used widely as the risk management methods for risk transferring and risk financing, includes the factors of interests, gambling and uncertainty, In 1985 Islamic Fiqc Academy declared that the classical commercial insurance violates the Islamic fundamental principles and beliefs, alteratively recommending a mutual insurance and takaful. A basic principle of takaful is the mutual aid in the Islamic community. On the basis of mutual aid, takaful participants (insurance policyholder) establishes the takaful fund, which is cooperation fund by participant contribution. Takaful fund is separated from shareholders' fund, and the profit and loss of takaful fund are responsible for takaful policyholder. Ownership and operation right of takaful belong to the takaful participants. In takaful, takaful company takes a role of agent or management operator. Comparing to the classical insurance, takaful has the rights of profit dividend, voting of executives, access to accounting books etc. which are additional favors for business company or individuals as takaful participants. Business companies and individuals should consider to use takaful to transfer risk and to enjoy takaful's additional advantages.

• Journal of Korean Society of Rural Planning
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• v.21 no.1
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• pp.77-87
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• 2015

In this study, we try to quantify resident's conflict by rural development project based on previous researches about community capacities required for residents and social networks in rural village for suggesting efficient project model. we analyzed conflict elements in six category such as 'conflict in residents', 'conflict in residents and leaders', 'conflict in leaders', 'conflict in villages', 'conflict in development fund', 'conflict in village by common income project'. These results also analyzed by personal background(age, role, education, income) of respondent in questionary survey. Results show that 'conflict in residents and leaders', 'conflict in leaders', 'conflict in development fund' are perceived differently by age, role, education, and income in 5% significance level. Especially, relatively young age(below 40 years old) expressed clearly about conflict and high scored in item of 'residents and leaders'. Regression model show statistical significance(F=39.807, P=0.000) in influence relation analysis of conflict, network, leadership, and project fund. In this model, network ${\beta}=-0.237$, leadership ${\beta}=-0.375$, project fund ${\beta}=-0.000$ show network and leadership have negative relation to conflict but project fund is difficult to find relation with conflict. In this study, we defined social vulnerability using conflict, network, and leadership and verified the vulnerability of rural village applying regional community capacity in analysis results; vulnerability increased by the size of region and show inverse correlation to future vision of residents.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.9 no.2
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• pp.515-522
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• 2008

This study is to search the determinants which influence on evaluating the silver welfare facilities, of which data for this study were collected from the survey on the evaluation of social welfare facilities which were enforced by the Ministry of Health and Welfare in 2006. As the results, all the factors for the management of those facilities, such as facility and environment, management of organization and human resource, service quality, and community relation, influences significantly on silver welfare facility. Among the factors, the development of service quality should be taken care of, since service quality strongly explains the result of evaluation through the regression analysis. In regard of the fundamental factors, the juridical fund itself has no influence on the evaluation of the institutes, while the patronage fund for the facilities has significant influence on silver welfare facilities except elderly housing. However, the fundamental support from government has negative influence on the facilities for specialized nursing.

• Korea Journal of Hospital Management
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• v.22 no.3
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• pp.74-87
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• 2017

Purposes: The purpose is to establish the direction of healthcare R&D through private nonprofit organization. Methodology: The data is divided into two groups: 12 physicians and pharmacists, and 16 persons including professors related to university donation, non-profit foundation executives. Each group was subjected to two Delphi surveys. To analyze the validity of the opinion, the content validity ratio and the consensus of experts were verified. Findings: Funding should be invested in 'development research' and 'application research'. The factors that hinder the donation culture are 'donation prevention system such as tax imposition system and rebate double penalty system', 'insufficient motivation of fund raising person', and 'lack of fund specializing specialist'. The fund raising strategy should be centered on a small number of large donors or a balance between large and small donors. The fund raising target should be effective to raise funds for corporate and individual donors. It is necessary to clarify the purpose of the social problem to be solved by the campaign strategy for promoting donation, to announce the validity of the trust and transparency of the institution, and to emphasize the social investment by the private sector. Practical Implications: It is necessary to present directions through private nonprofit organizations for the future development of healthcare R&D. The legal and institutional deficiencies of the domestic nonprofit organization fundraising infrastructure should be improved. In order to create a social investment climate, it is necessary to improve the awareness of donations and develop various donation programs for the private sector.

• Journal of the Architectural Institute of Korea Planning & Design
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• v.34 no.1
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• pp.95-102
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• 2018

Public spaces in the cities are social and economic resources to maintain sustainable urban revitalization. As an importance of public spaces is getting increased, many cities focus on public space management and introduce their own management system. NYC Plaza Program is one of the public space management systems in USA and it was designed in order to transform underused roads and streets into pedestrian public spaces throughout the New York City. Plaza management system works with private organizations' participation as NYC Department of Transportation empowers selected private organizations to the right of management and assists their efforts. In this study, we focused on how the plazas are managed by private sectors and seek to find out characteristics of types of management methods based on landuse(residential, commercial and openspace) status around plazas. We analyzed 61 plazas that generated by NYC Plaza Program with three major conditions of management system including organization, fund and activities. There are three major findings from the analysis. 1)In most residential surrounded plazas, resident-initiative organizations manage small scaled fund and activities meanwhile public agencies support their management. 2)BID is a dominant tool in the commercial surrounded plazas. BID provides with secured fund, mid-sized activities and a broad network with commercial facilities. 3)Openspace-surrounded types are usually using supports of exiting organizations and fund system.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.25 no.2
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• pp.178-186
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• 2021

COVID-19 occurred in China in December 2019 and spread to the world. Untact culture becoming commonplace due to the spread of COVID-19, is accelerating digital transformation across society. The government is increasing government fund to overcome national crisis situations such as COVID-19. In order to efficiently execute these government funds, the government and policy financial institutions need to come up with two measures. One is to establish a transparent government fund execution process, and the other is to secure the objectivity of the review process. In this paper, to solve this problem, we designed the execution process of government funds from the government to end users with Consortium Blockchain, and designed a machine learning algorithm for internal review of policy financial institutions. The research data proposed in this paper will be helpful in setting the future government policy direction for government fund execution.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.329-342
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• 2021

Purpose - The purpose of this study is to analyze the effect of investment by the National Pension Service, which has a high share as a single fund, on the dividend payout ratio. Design/methodology/approach - This study secured a share through DART of the Financial Supervisory Service and disclosure of the National Pension Service. We also used a fixed-effects model and 2SLS to analyze the data. Findings - First, it was found that there was a possibility of conflicting interests among shareholders concerning the company's dividend payment policy. Second, in the range of 3% to 4.9% of the National Pension Service shareholding, an additional increase in the holding ratio was found to have a positive (+) effect on the dividend rate. Third, after the introduction of the Stewardship Code, it was found that the increase in ownership of the fund had a positive (+) effect on the company's dividend payout ratio, regardless of the share ratio range. Moreover, the relationship between the fund ownership and the dividend payout ratio showed a clear positive relationship when free cash flow was high along investment opportunities were low. Research implications or Originality - First, This study included less than 5% of the share in the analysis. Second, We used the recent changes in fund shareholder activities. Third, We tested an instrumental variable to confirm the relationship between the National Pension Service share and the dividend ratio.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.29-43
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• 2022

This study measures the realized rate of return of venture capital(VC) fund at the level of investment agreement(as opposed to fund level returns reported by most of the relevant studies). It also measures the stock price return of the VC's portfolio firms (unlisted start-ups) at firm level(as opposed to fund returns) and its variance for the first time using unique data of the VC funds held by the Korean Venture Capital Association. Results of the analysis confirm that VC fund returns exceed individual stock price returns. Additionally, it is confirmed that VC portfolio firms exhibit a positive relationship between risk and return measured by total risk. Finally, we find that stock price returns at firm level are lower than that implied by the associated levels of risk. Consequently, this may make individual investors hesitate to directly buy unlisted startups' stocks even when investment in individual startup companies guarantees high risk-high returns relationship.

• KCID journal
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• v.21 no.1
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• pp.17-31
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• 2014

Excessive emission of greenhouse gases from fossil fuels usage has become a major cause of climate change. As an alternative to reduce the greenhouse gas emission, renewable energy has been highlighted around the world and UK government also established the Climate Change Act 2008 and policies for response the climate change. Those of them has been supporting many practical actions for reducing greenhouse gas emission and community energy projects is representative program to supporting security of energy supply and helping the country to reduce its carbon footprint. Rural Community Energy Fund (RCEF) which is one of community energy projects supports rural communities to develop renewable energy projects which provide economic and social benefits to the community. The review of UK's renewable energy policies and action plan can be useful to promote in Korea policies for becoming low-carbon society.