• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.249-280
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• 1993

Recent financial theory views insurance policies as financial instruments that are traded in markets and whose prices reflect the forces of supply and demand. This article analyzes individual's insurance purchasing behavior along with capital market investment activities, which will provide a more realistic look at the tradeoff between insurance and investment in the individual's budget constraint. It is shown that the financial economic concept of insurance cost should reflect the opportunity cost of insurance premium. The author demonstrates the importance of riskless and risky financial assets in reaching an equilibrium insurance premium. In addition, the paper also investigates how the investment income could affect the four established theorems on traditional insurance literature. At the present time in Korea, the price deregulation is being debated as the most important current issue in insurance industry. In view of the results of this paper, insurance companies should recognize investment income in pricing their coverage if insurance prices are deregulated. Otherwise. price competition may force insurance companies to restrict coverage or to leave the market.

• Journal of Environmental Policy
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• v.4 no.2
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• pp.31-55
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• 2005

Dangsan forests and Rural Community Forests(RCF) have been historical assets for the rural communities of more than 40,000 in Korea and they have provided an identity through the cultural heritage. The Dangsan forests and the RCF are parts of a unique cultural landscape in the rural areas as components of stream landscape. In many cases, the Dangsan forests and the RCF are located close to stream corridors. The objective of this study was to understand the function of the Dangsan forests and the RCF on stream water quality and to evaluate its ecological landscape values. Through the consideration of international concensus and domestic government policy for close-to-nature stream, we could find out that Dangsan forests and RCF's have close relationship with the close-to-nature streams. The water quality of the streams close to the Dangsan forests and the RCF are maintained with local culture. It is also compared to the streams located where Dangsan forests and the RCF are absent. Eight study sites were selected. Water samples were collected at three different locations at each study site. Water samples were analyzed for temperature, pH, total P, total N, dissolved oxygen, EC, BOD, COD and SS. Aquatic invertebrates were observed as water quality indicator species. The results showed that the number of aquatic invertebrate species, GPI, DO, EC, BOD, and SS were significantly improved in stream water due to the presence of the Dangsan forests and the RCF. The role of Dangsan forests and the RCF was evident in the conservation of stream landscape and rural culture as well as in maintaining stream water quality. The management schemes of the streams with Dangsan forests and the RCF's are also suggested.

• Asia pacific journal of information systems
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• v.18 no.4
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• pp.57-81
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• 2008

Knowledge is an essential strategic weapon for sustaining competitive advantage and is the key determinant for organizational growth. When knowledge is shared and disseminated throughout the organization, it increases an organization's value by providing the ability to respond to new and unusual situations. The growing importance of knowledge as a critical resource has forced executives to pay attention to their organizational knowledge. Organizations are increasingly undertaking knowledge management initiatives and making significant investments. Knowledge sourcing is considered as the first important step in effective knowledge management. Most firms continue to make an effort to realize the benefits of knowledge management by using various knowledge sources effectively. Appropriate knowledge sourcing strategies enable organizations to create, acquire, and access knowledge in a timely manner by reducing search and transfer costs, which result in better firm performance. In response, the knowledge management literature has devoted substantial attention to the analysis of knowledge sourcing strategies. Many studies have categorized knowledge sourcing strategies into intemal- and external-oriented. Internal-oriented sourcing strategy attempts to increase firm performance by integrating knowledge within the boundary of the firm. On the contrary, external-oriented strategy attempts to bring knowledge in from outside sources via either acquisition or imitation, and then to transfer that knowledge across to the organization. However, the extant literature on knowledge sourcing strategies focuses primarily on large organizations. Although many studies have clearly highlighted major differences between large and small firms and the need to adopt different strategies for different firm sizes, scant attention has been given to analyzing how knowledge sourcing strategies affect firm performance in small firms and what are the differences between small and large firms in the patterns of knowledge sourcing strategies adoption. This study attempts to advance the current literature by examining the impact of knowledge sourcing strategies on small firm performance from a holistic perspective. By drawing on knowledge based theory from organization science and complementarity theory from the economics literature, this paper is motivated by the following questions: (1) what are the adoption patterns of different knowledge sourcing strategies in small firms (i,e., what sourcing strategies should be adopted and which sourcing strategies work well together in small firms)?; and (2) what are the performance implications of these adoption patterns? In order to answer the questions, this study developed three hypotheses. First hypothesis based on knowledge based theory is that internal-oriented knowledge sourcing is positively associated with small firm performance. Second hypothesis developed on the basis of knowledge based theory is that external-oriented knowledge sourcing is positively associated with small firm performance. The third one based on complementarity theory is that pursuing both internal- and external-oriented knowledge sourcing simultaneously is negatively or less positively associated with small firm performance. As a sampling frame, 700 firms were identified from the Annual Corporation Report in Korea. Survey questionnaires were mailed to owners or executives who were most erudite about the firm s knowledge sourcing strategies and performance. A total of 188 companies replied, yielding a response rate of 26.8%. Due to incomplete data, 12 responses were eliminated, leaving 176 responses for the final analysis. Since all independent variables were measured using continuous variables, supermodularity function was used to test the hypotheses based on the cross partial derivative of payoff function. The results indicated no significant impact of internal-oriented sourcing strategies while positive impact of external-oriented sourcing strategy on small firm performance. This intriguing result could be explained on the basis of various resource and capital constraints of small firms. Small firms typically have restricted financial and human resources. They do not have enough assets to always develop knowledge internally. Another possible explanation is competency traps or core rigidities. Building up a knowledge base based on internal knowledge creates core competences, but at the same time, excessive internal focused knowledge exploration leads to behaviors blind to other knowledge. Interestingly, this study found that Internal- and external-oriented knowledge sourcing strategies had a substitutive relationship, which was inconsistent with previous studies that suggested complementary relationship between them. This result might be explained using organizational identification theory. Internal organizational members may perceive external knowledge as a threat, and tend to ignore knowledge from external sources because they prefer to maintain their own knowledge, legitimacy, and homogeneous attitudes. Therefore, integrating knowledge from internal and external sources might not be effective, resulting in failure of improvements of firm performance. Another possible explanation is small firms resource and capital constraints and lack of management expertise and absorptive capacity. Although the integration of different knowledge sources is critical, high levels of knowledge sourcing in many areas are quite expensive and so are often unrealistic for small enterprises. This study provides several implications for research as well as practice. First this study extends the existing knowledge by examining the substitutability (and complementarity) of knowledge sourcing strategies. Most prior studies have tended to investigate the independent effects of these strategies on performance without considering their combined impacts. Furthermore, this study tests complementarity based on the productivity approach that has been considered as a definitive test method for complementarity. Second, this study sheds new light on knowledge management research by identifying the relationship between knowledge sourcing strategies and small firm performance. Most current literature has insisted complementary relationship between knowledge sourcing strategies on the basis of data from large firms. Contrary to the conventional wisdom, this study identifies substitutive relationship between knowledge sourcing strategies using data from small firms. Third, implications for practice highlight that managers of small firms should focus on knowledge sourcing from external-oriented strategies. Moreover, adoption of both sourcing strategies simultaneousiy impedes small firm performance.

• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.1-39
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• 2013

Considering the relationship between state-owned enterprise (SOE) CEOs and political circles, this study examines the performance impacts of CEO's succession type, board chair separation, and industry expertise and finance expertise of CEOs and outside directors. I propose the definition of political independence in SOE CEOs based on the independence in appearance that might affect general people's perception. It means that there are no relationships or circumstances that might affect SOE CEO's judgment, activity, and report. The definition is able to overcome the limitations of the prior research that could not discover the CEOs who were affiliated to political circles because the research just distinguished the CEOs following their pre-jobs. This study focused on the performance impacts of political independence impaired CEO as well as the CEO's impacts on the relationship between the performance and other corporate governance variables. I selected as dependent variables the average return on asset as operating income divided by total assets and the average customer satisfaction rate evaluated by Korean government during the first three years following the year of the events of explanatory variables. My theory and evidence from the various CEO's personal background and financial information from SOEs in Lee Myung-bak Administration and Rho Moo-hyun Administration suggest the following important things. First, the analysis based on whether or not a SOE CEO keeps political independence shows that a political independence impaired CEO made a significantly negative impact on customer satisfaction rate. Second, the separation between a board chair and a CEO in SOEs introduced by Korean Act on Management of Public Institutions made a significantly positive impact on customer satisfaction rate. However, the positive impact of the board chair separation was removed in a political independence impaired CEO's SOE. Third, outside director's industry expertise made a significantly positive impact on return on asset. However, the positive impact of the outside director's industry expertise was removed in a political independence impaired CEO's SOE. Fourth, the comparison between Lee Myung-bak Administration and Roh Moo-hyun Administration on the corporate governance and performance of SOEs shows that the ratio of political independence impaired CEO was significantly higher in Lee Administration and the ratio of outside director's industry expertise and finance expertise were respectively significantly higher in Roh Administration. Based on these results, I suggested a few policy alternatives for CEO's improved political independence and requirements for executive's expertise in SOEs.

• Korean Journal of Social Welfare Studies
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• v.49 no.3
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• pp.5-33
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• 2018

A self-sufficiency service has worked as a typical workfare policy combined with public assistance in Korea since 2000. Despite of its long history, three core pillars in administrating the self-sufficiency service, policy, research, and practice, have respectively understood the meaning of self-sufficiency in terms of their own interests. As a result, the self-sufficiency service has recently faced with its own identity issues by showing failures to its environmental changes. The current situation makes it necessary to reconceptualize the definition of self-sufficiency by exploring its in-depth understanding perceived by service providers. Specifically, we analyzed practical reflections on 35 service providers' experiences which were collected via focus group interviews for two hours. The study findings presented that service providers had two antithetical approaches towards self-sufficiency. While a dominant approach to self-sufficiency has been concentrated on improving clients' economic outcomes such as employment, job retention, the escape from welfare trap, and increasing earnings and assets, the other approach has been extended to empower clients and achieve their well-being and quality of life. Yet, these contrary perspectives have led to suffer from their role confusions and identity crisis between the work-ready process and the employment-oriented outcomes. Specifically, they described self-sufficiency in terms of psychological, social, and integrated aspects. The psychological aspect included a process of developing inner strengths, intensifying job motivation, and coping with barriers of employment. The social aspect meant a path toward social integration through recovering human relationships. The integrated aspect covered more comprehensive support for their recovery of daily life and autonomy to make a decision for their own life. In conclusion, the study findings suggest that self-sufficiency should be more extensively considered as a stepwise process towards work-ready preparations beyond ultimate economic outcomes. Such an extended concept of self-sufficiency could contribute to restructuring the whole practice of self-sufficiency including organizational and program changes in the fields.

• Journal of Family Resource Management and Policy Review
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• v.25 no.1
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• pp.15-34
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• 2021

Purpose : This study aims to identify the influence of individual, parental, workplace, and policy variables on the intention of marriage of unmarried workers. The results of the study can be used as a basis to come up with policy and practical measures to increase these workers' intention of marriage. Methods : Data was collected from 480 participants through a questionnaire. The measuring tools in this study were tested for reliability and validity. In addition, technical statistics, ANOVA, correlation analysis, and hierarchical regression analysis were performed by SPSS 18.0. Results : First, unmarried workers' willingness to marry was higher above the average. Second, significant differences in the unmarried workers' intention of marriage were revealed based on gender, age, level of education, total assets, and debt status. Significant associations were also found with parents' economic levels and the possibility of parental support for housing and marriage expenses. The differences in response based on employment patterns, job satisfaction, and family-friendly organizational culture were also significant. The correlation between policy variables and marriage intentions also showed the necessity of a funded housing policy and a marriage preparation policy. Third, based on the hierarchical regression analysis using personal, parental, and workplace variables to identify the factors affecting unmarried workers' willingness to marry, it is clear that gender, age, and the likelihood of parental support for housing and marriage expenses have a significant impact. A family-friendly organizational culture and funded housing policy were also significant contributors. Conclusion : The study found that the funded housing policy was the most important factor affecting unmarried office workers' willingness to marry. Additionally, the possibility of parental support for housing and marriage expenses and a family-friendly organizational culture at work were found to have an important impact on the improvement of unmarried workers' willingness to marry.

• Korean Journal of Heritage: History & Science
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• v.54 no.4
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• pp.22-35
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• 2021

Recently, as the climate changes rapidly and the prevalence of airborne fine particulate matter increases, the pattern of pollutants in the atmospheric environment is also changing. Therefore, the importance of studying the stability of pigments used in colored cultural properties is emerging. Hoecheong is an inorganic blue glass pigment called smalt; it is made by using cobalt as a coloring element in potash glass, and was widely used in colored cultural assets, such as murals and paintings. In this study, we collected three other hoecheong pigments to analyze their properties. The percentage of Co and K contained are different according to the manufacturer, and the smalt-3 sample has a lower cobalt content (15.1 wt.%) and higher potassium content (29.6 wt.%). After this analysis, colored specimens were prepared. Prepared specimens were exposed to ultra-violet rays, CO₂/NO₂, and NaCl, which are known to have the greatest influence on the stability of pigments. We found that factors affecting the color stability were NO₂ gas, ultra-violet rays, and water-soluble salts (NaCl). Among them, NO₂ has the most severe impact on color change of the pigments. Results of the component analysis showed that the color change depends on the potassium and cobalt content of the hoecheong pigment. Among the specimens, smalt-3 showed the most vulnerability after exposure to NO₂ gas and water-soluble salts. Pigment film stability is affected by watersoluble salts, giving rise not only to color change, but also weakening the physical properties of the film. However, there was no significant change in composition and color after exposure to CO₂ gas. In conclusion, we found that hoecheong pigments underwent color change and increased instability of the coating film when exposed to any of the atmospheric environmental factors used in this study, except for CO₂.

• Cross-Cultural Studies
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• v.50
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• pp.395-424
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• 2018

The purpose of this paper is to examine the current situation and background of the Russian consumer music market, where digital music sources are making great strides in the noted recent years. In addition, music storage technology, media and change are considered together in this report. Moreover, Russia is the 12th largest music market in the world. The Russian music industry is following the recent trend of the global music industry, where the digital music market is growing rapidly on many different levels. The explosive growth of the digital sound sources in Russia's music industry is attributed to the explosive increase in available consumer downloads, streaming sound source service, and the increase in the number of digital sound sources using mobile technologies due to the development of the Internet. In particular, the sales of the available and accessible streaming sound sources are expected to grow explosively by the year 2020, which is expected to account for more than 85% of total digital music sales. In other words, the spread of smartphones and the resulting changes in the lifestyle of the Russians have created these changes for the global consumer of music. In other words, the time has come for anyone to easily access music and listen to music without a separate audio or digital player. And the fact that the Russian government's strong policy on the eradication of illegal copying of music is becoming an effective deterrent, as is also the factor that led to the increase of the share of the digital sound source to increase sales in Russia. Today, the Russian music industry is leading this change through the age and process of simply adapting to the digital age. Music is the most important element of cultural assets, and it is the beneficial content, which drives the overall growth of the digital economy. In addition, if the following five improvements(First, strengthen the consciousness of the Russian people about copyright protection; Second, utilizing the Big Data Internet resources in the digital music industry; Third, to improve the monopoly situation of digital music distributors; Fourth, distribution of fair music revenues; and Fifth, revitalization of a re-investment in the current Russian music industry) are effective and productive, Russia's role and position in the world music market is likely to expand.

• Korean Journal of Heritage: History & Science
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• v.48 no.3
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• pp.186-203
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• 2015

This article attempts to examine both the outcome and future task of the art history research on Central Eurasia, better known under the name of "Silk Road". The term Central Eurasia encompasses Xinjiang Uygur, Tibet, Mongolia, former Soviet Republics, the northwest region of India, Iran and Turkey. The article analyzes the 30-year history of the region's art history research and further presents a desirable direction that the study should move towards. Though short in its research period, the ROK's art history study on Central Eurasia has shown eye-catching achievement in several areas such as the northwest region of India and the Xinjiang Uygur, Dunhwang of China. Two factors allowed for this accomplishment. First was the actual improvement of the work environment, where the scholars were finally able to travel to Central Eurasia and explore the historic sites for themselves since 1990. More important was the 'arena of study' for the next-generation scholars made possible by institutions like The Korean Association for Central Asian Studies and the Center for Central Eurasian Studies. Slowly but consistently, the two academic societies induced scholars' attention towards the field and fostered new experts. Circumstances changed, marking 2012 as the starting point. International academic forums held by the government branches surged in number. The intention behind it was to link the ROK with the Silk Road and ultimately to obtain the "Eurasia initiative". As of now, the public has shown heightened interest in the issue. The academia is subsequently riding on this second "wave of interest" following the first wave in the 1980s. However, increased popularity comes with some negative consequences, and this art history research on Central Eurasia is no exception. There are criticisms regarding the objectivity of recent academic forums. Some argue that the aim of the forums are sternly set most of the times, prohibiting the presenters to voice their own perspectives. Still, this heated attention will definitely play its role as a stepping stone for further development. The academia should commit to fostering rising researchers who will systemically and professionally study the field. This is imperative in order for the Korean culture to successfully communicate with the world and take itself to a new level. Without completing this task, the ROK's art history research on Central Eurasia is likely to remain idle.

• Korean Journal of Heritage: History & Science
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• v.51 no.4
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• pp.146-169
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• 2018

Artificial or natural artifacts, which have historical, artistic, academic or scenic value as national, ethnic or global assets, are designated as "cultural heritages" under the Act on the Protection of Cultural Heritage. Cultural heritages can be divided into tangible cultural heritages, intangible cultural heritages, and monument and folklore heritages. In addition, depending on the object of designation, a cultural heritage can be designated either as a city or a provincial cultural heritage or a cultural heritage material, by a city mayor or provincial governor, and as a state-designated heritage by the administrator of the Cultural heritage Administration. The regular survey is a part of the policy for the preservation and management of state-designated heritages, which requires that surveys be undertaken every three to five years for the preservation, repair and maintenance of cultural heritages. It was stipulated in the Act on the Protection of Cultural Heritage in 2006, and since then has substantially contributed to the preservation and management of state-designated heritages based on the identification of damage to cultural heritages and the application of appropriate treatment measures. However, some parts of the guidelines on the regular survey, legislated in 2006, occasionally give rise to confusion in managing the regular survey system of state-designated movable cultural heritages, and need to be modified to facilitate the systematic management and improvement of the regular survey system. This study attempts to analyze the structure and operation of the regular survey system of state-designated movable cultural heritages, and proposes plans for improving the way of specifying each department which leads, manages and executes the regular survey, the process of entrusting the survey, and its guidelines and forms. I hope that these plans concerning the regular survey of state-designated movable cultural heritages will contribute to improving the quality and management of the system.