• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.95-131
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• 2012

This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

• Korean Journal of Organic Agriculture
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• v.7 no.1
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• pp.91-103
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• 1998

After the consumption of green vegetable juice by Korean increase rapidly, the ${NO_3}^-$ intake through green vegetable juice have been ignored to consider for the calculation of daily ${NO_3}^-$ intake. It is necessary to collect the basic data on the ${NO_3}^-$ content in green vegetable juice by different sorts, harvesting time and mixing rate of vegetable, manufacturers and storage conditions for the next calculation of daily ${NO_3}^-$ intake for Korean. Followings are the research results from monitoring and laboratory experiment related with ${NO_3}^-$ and vitamine C in green vegetable juice. The ${NO_3}^-$ content of angelica plaant(tomorrow's leaf) and kale were higher in spring than those in summer and autumm. The highest value of ${NO_3}^-$ content in tomorrow's leaf and kale were 4.85 and 2.94 times higher compare to the lowest value. The average ${NO_3}^-$ content in the midribs of tomorrow's leaf and kale were 7.5 and 2.1 times higher than those in leafblades. It indicate the green vegetable juice made from leadblade of tomorrow's leaf and kale might be better compare to those from midrib in terms of ${NO_3}^-$ content. The content of ${NO_3}^-$ and vitamine C as affected by the timecourse after juice making were decreased rapidly compare to those by storage temperature in case of carrot, kale and cucumber juice. It show the positive comelation between the content of ${NO_3}^-$ and vitamine C in carrot, kale and cucumber juice regardless of room temperature(${NO_3}^-$) or cold temperature(${NO_3}^-$). The content of ${NO_3}^-$ and vitamine C of green vegetable juice by P company were the highest among the manufactuers. The lower content of ${NO_3}^-$ and vitamine C of green vegecable juice by TW company and GB company compare to P company is due to dilution with water to produce the juice. The content of ${NO_3}^-$ of green vegetable juice which were available in market showed 143ppm in carrot juice, 506ppm in tomorrow's leaf juice, 669ppm in wild water celery juice, 985ppm in kale juice, whereas the content of vitamine C were 43ppm in carrot juice, 289ppm in wild water celery juice, 353ppm in kale juice and 768ppm in tomorrow's leaf juice. It was calculated that people take 253mg by tomorrow's leaf juice, 335mg by wild water celery juice, 483mg by kale juice if they drink 500ml of green vegetable juice perday, and it suggest to excess 1.16, 1.53 and 2.21 times respectively only by green vegetable juice consumption.