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Revisiting the Asian Financial Crisis: Is Building Political Ties with Emerging Political Elites Beneficial during a Crisis?

  • Kyung Hwan Yun;Chenguang Hu
    • Journal of Korea Trade
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    • v.26 no.4
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    • pp.63-82
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    • 2022
  • Purpose - Drawing on relational institutional theory, we explored how demographic similarity between board members of a firm and newly emerged political elites led to firms' increased financial resource acquisition such as leverage ratio and decreased export intensity amidst the Asian financial crisis. We also studied how a firm's leverage ratio and export intensity can further affect firm profitability and financial credit rating. Design/methodology - We revisited and explored a unique, unprecedented crisis that affected most Korean firms: the Asian financial crisis that coincided with a governmental shift from a conservative to a liberal party. We collected demographic information from 432 listed Korean firms' board members and 43 political elites of the Blue House from 1998-2000 to create a demographic similarity measurement. We collected firms' financial information, built panel data, and used ordinary least squares regression to test our theory. Findings - Our results showed that demographic similarity between a firm's directors and newly emerged politicians had a positive association with a firm's leverage ratio but a negative association with a firm's export intensity. A firm's leverage ratio had a negative relationship with firm performance measured by firm profitability and financial credit rating. A firm's export intensity showed a positive effect on firm performance. Originality/value - We highlighted that during an economic crisis that coincided with a governmental shift and change of leading political actors, firms exerted efforts to survey the environment and build new external stakeholder relationships to cope with the changing landscape. We proposed that in an emerging market like Korea where low levels of trust and favoritism are prevalent across society, one of the relational institutional strategies that firms can employ is the selection of directors with similar demographic characteristics to political elites based on factors including birthplace and school affiliations. We examined the efforts of firms to build political networks with newly empowered political elites during a financial crisis, and the consequences of establishing such networks. We highlighted that during a financial crisis, the demographic similarity between a firm's board members and newly emerged politicians can provide firms with access to financial resources but can also result in poor management and reduced effort to enhance its international competitiveness.

Developing Countermeasure Model to Prevent Planned Lawsuit on Apartment Construction Defects (공동주택 하자기획소송에 대한 건설사 사전 대응 모델 개발)

  • Cho, Youngsun;Cha, Heesung;Kim, Kyungrai;Hwang, Youngkyu;Shin, Dongwoo
    • Korean Journal of Construction Engineering and Management
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    • v.15 no.3
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    • pp.74-82
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    • 2014
  • The proportion of apartment housing has been increased to solve the housing problems resulted from rapid growth in urban population and urban economy. With the increase in apartment's proportions and the concern about quality of housing, the contractors have made efforts to satisfy the customers in improving the quality of housing. Despite these efforts, the conflicts between the contractor and the customers are getting serious. Also the disputes and the litigation of defect are increasing because of the contractor's negative treatment and inadequate countermeasure. In this study the defect lawsuits which bring actions against the contractors are collected and analyzed. And then the strategic countermeasures are proposed according to the classifying the type of defect and size. The suggested countermeasure model before the defects are resulted is expected to contribute in developing the contractors strategies to reduce the conflicts against customers.

Effect of Dietary Supplementation of Cu-methionine Chelate and Cu-soy Proteinate on the Performance, Small Intestinal Microflora and Immune Response in Laying Hens (사료내 Cu-methionine Chelate와 Cu-soy Proteinate가 산란계의 생산성, 소장내 미생물 균총 및 면역체계에 미치는 영향)

  • Paik, I.K.;Kim, C.H.;Park, K.W.
    • Korean Journal of Poultry Science
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    • v.35 no.3
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    • pp.303-311
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    • 2008
  • This study was conducted to investigate the effect of dietary supplementation of Cu-methionine chelate(Cu-Met) and Cu-soy proteinate(Cu-SP) on the performance, small intestinal microflora and immune response in laying hens. A total of 960 Hy-line $Brown^{(R)}$ laying hens of 39 wks old were assigned to one of the following 6 dietary treatment: control(C), antibiotic(Avilamycine 6 ppm), Cu-Met 50 and Cu-Met 100(50 and 100 ppm Cu as Cu-methionine chelate), Cu-SP 50 and Cu-SP 100(50 and 100ppm Cu as Cu-soy proteinate). Each treatment was replicated 4 times with forty birds per replication, housed in 2 birds per cages. Forty birds units were arranged according to randomized block design. Feeding trial lasted 6 wks under 16 hours lighting regimen. Hen-day and hen-house egg production of groups treated with Antibiotic and Cu supplements tended to be higher than the control with significant difference (P<0.05) shown between Cu-Me 100 and control. Egg weight was significantly (P<0.05) heavier in antibiotic and Cu-SP treatments than Cu-Met treatments but they were not significantly different from the control. Eggshell strength, egg shell thickness, egg yolk color and Haugh unit were not significantly different among treatments. There were no significant differences in leukocytes and erythrocytes in the chicken blood. But mean corpuscular hemoglobin value(MCH) was significantly (P<0.05) higher in Cu-SP 100 than antibiotic treatment. The concentrations of serum IgG and IgA were not significantly different among treatments. Copper concentration in the liver tended to increase as the level of copper supplementation increased, that of Cu-SP 100 being significantly (P<0.05) higher than those of the control and antibiotic treatment. Concentrations of iron and zinc of the liver were not significantly influenced by treatments. Populations of Cl. perfringens and Lactobacilli in the small intestinal content were significantly (P<0.05) influenced by treatments. Population of Cl. perfringens decreased and that of Lactobacilli increased in the copper supplemented groups. The result of this experiment showed that Cu-Met and Cu-SP are comparable to antibiotic in improving egg production in laying hens. Birds fed diets supplemented with Cu-SP produced heavier eggs than those fed diets with Cu-Met. There were no significant differences in the performances between 50 ppm and 100 ppm copper supplementation as organic forms.

Efficiency of Various Nutritional Sources to Improve Physical Properties of Saline-Sodic Soil

  • Noor-Us-Sabah, Noor-Us-Sabah;Sarwar, Ghulam;Ibrahim, Muhammad;Tahir, Mukkram Ali;Iftikhar, Yasir;Haider, Muhammad Sajjad;Han, Kyung-Hwa;Ha, Sang-Keun;Zhang, Yong-Seon
    • Korean Journal of Soil Science and Fertilizer
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    • v.45 no.1
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    • pp.93-97
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    • 2012
  • This study was conducted to evaluate the efficiency of various inorganic and organic materials to improve physical properties of soil. Saline sodic soil (saturation percentage = 40.36%, $EC_e=5.15dS\;m^{-1}$, $pH_s=8.70$, $SAR=18.84(m\;mol\;L^{-1})^{1/2}$, bulk density =$1.49Mg\;m^{-3}$) was collected, brought to wire house and filled in pots after laboratory analysis for various parameters. Different sources of organic nutrients like farm manure (FM), press mud, compost, poultry manure and sesbania green manure were analyzed for their chemical composition. The experiment comprised of 12 treatments replicated thrice; $T_1$: control (recommended NPK), $T_2:{\frac{1}{2}}$ recommended NPK, $T_3$: FM at 1.5% by soil weight, $T_4$: pressmud at 1.5% by soil weight, $T_5$: compost at 1.5% by soil weight, $T_6$: poultry manure at 1.5% by soil weight, $T_7$: sesbania green manure at 1.5% by soil weight, $T_8:T_2$ + FM at 0.75% by soil weight, $T_9:T_2$ + pressmud at 0.75% by soil weight, $T_{10}:T_2$ + compost at 0.75% by soil weight, $T_{11}:T_2$ + poultry manure at 0.75% by soil weight, $T_{12}:T_2$ + sesbania green manure at 0.75% by soil weight. These treatments were applied using completely randomized (CR) design and appropriate time was given to decompose these organic nutritional sources. Seeds of wheat cultivar Sahar-2006 were sown. After harvesting the wheat, soil samples were collected from each pot and analyzed for various physical properties like bulk density, porosity and saturation percentage. An improvement in physical properties (bulk density, porosity and saturation percentage) of soil was noticed with the application of various organic nutritional sources but role of compost alone ($T_5$) remained prominent.

Automation of Information Extraction from IFC-BIM for Indoor Air Quality Certification (IFC-BIM을 활용한 실내공기질 인증 요구정보 생성 자동화)

  • Hong, Simheee;Yeo, Changjae;Yu, Jungho
    • Korean Journal of Construction Engineering and Management
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    • v.18 no.3
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    • pp.63-73
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    • 2017
  • In contemporary society, it is increasingly common to spend more time indoors. As such, there is a continually growing desire to build comfortable and safe indoor environments. Along with this trend, however, there are some serious indoor-environment challenges, such as the quality of indoor air and Sick House Syndrome. To address these concerns the government implements various systems to supervise and manage indoor environments. For example, green building certification is now compulsory for public buildings. There are three categories of green building certification related to indoor air in Korea: Health-Friendly Housing Construction Standards, Green Standard for Energy & Environmental Design(G-SEED), and Indoor Air Certification. The first two types of certification, Health-Friendly Housing Construction Standards and G-SEED, evaluate data in a drawing plan. In comparison, the Indoor Air Certification evaluates measured data. The certification using data from a drawing requires a considerable amount of time compared to other work. A 2D tool needs to be employed to measure the area manually. Thus, this study proposes an automatic assessment process using a Building Information Modeling(BIM) model based on 3D data. This process, using open source Industry Foundation Classes(IFC), exports data for the certification system, and extracts the data to create an Excel sheet for the certification. This is expected to improve the work process and reduce the workload associated with evaluating indoor air conditions.

Nexus based Quality Inspection Support Model for Defect Prevention of Architectural Finishing Works (하자예방정보 넥서스 기반 건축마감공사 품질점검 지원 모델)

  • Lee, Hye-Rin;Cho, Dong-Hyun;Park, Sang-Hun;Koo, Kyo-Jin
    • Korean Journal of Construction Engineering and Management
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    • v.18 no.5
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    • pp.59-67
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    • 2017
  • At the completion of the construction, various finishing processes are concentrated. This imposes a burden on the on-site manager and imposes on experience based quality control, thereby causing deviations in the quality of construction depending on supervisor or worker's individual competence. In addition, the information related to quality control is frequently scattered in various types of documents such as specifications and drawings, and checkpoints are frequently omitted. It is necessary to provide a tool that can effectively provide the practitioner before or during the inspection work by systematically storing the information related to the defect prevention and linking them in a mutually referential state. This paper proposes an quality inspection support model that can systematically store necessary information on activity or room basis for the quality check of the apartment house finishing work. Establish a defect prevention information base and a information nexus by linking specifications, design standards, checklists, regulations, defect cases, and drawings to the finishing process and the rooms. Based on this, information registration and search interface are presented. It can contribute to securing a certain level of construction quality or more by suggesting a frame that can be utilized by linking various defects prevention information with the focus on closing activity and room.

Trend Analysis of Barrier-free Academic Research using Text Mining and CONCOR (텍스트 마이닝과 CONCOR을 활용한 배리어 프리 학술연구 동향 분석)

  • Jeong-Ki Lee;Ki-Hyok Youn
    • Journal of Internet of Things and Convergence
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    • v.9 no.2
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    • pp.19-31
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    • 2023
  • The importance of barrier free is being highlighted worldwide. This study attempted to identify barrier-free research trends using text mining. Through this, it was intended to help with research and policies to create a barrier free environment. The analysis data is 227 papers published in domestic academic journals from 1996 when barrier free research began to 2022. The researcher converted the title, keywords, and abstract of an academic thesis into text, and then analyzed the pattern of the thesis and the meaning of the data. The summary of the research results is as follows. First, barrier-free research began to increase after 2009, with an annual average of 17.1 papers being published. This is related to the implementation guidelines for the barrier-free certification system that took effect on July 15, 2008. Second, results of barrier-free text mining i) As a result of word frequency analysis of top keywords, important keywords such as barrier free, disabled, design, universal design, access, elderly, certification, improvement, evaluation, and space, facility, and environment were searched. ii) As a result of TD-IDF analysis, the main keywords were universal design, design, certification, house, access, elderly, installation, disabled, park, evaluation, architecture, and space. iii) As a result of N-Ggam analysis, barrier free+certification, barrier free+design, barrier free+barrier free, elderly+disabled, disabled+elderly, disabled+convenience facilities, the disabled+the elderly, society+the elderly, convenience facilities+installation, certification+evaluation index, physical+environment, life+quality, etc. appeared in a related language. Third, as a result of the CONCOR analysis, cluster 1 was barrier-free issues and challenges, cluster 2 was universal design and space utilization, cluster 3 was Improving Accessibility for the Disabled, and cluster 4 was barrier free certification and evaluation. Based on the analysis results, this study presented policy implications for vitalizing barrier-free research and establishing a desirable barrier free environment.

A Study on the Importance and Application of 3D Printing Technology for Street Furniture Manufacturing (거리 가구 제작을 위한 3D 프린팅 기술 중요도 도출 및 적용 방안에 관한 연구)

  • Lee, Sung Ho;Lee, Tae Hee;Lim, Hyun Su
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.21 no.4
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    • pp.509-517
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    • 2020
  • This study evaluated the importance of technical characteristics in manufacturing street furniture using 3D printing technology to suggest the direction of development of high priority 3D printing technology. The importance was analyzed by the QFD, quantified by scores and the priority of the items was summarized. As a result, the 'output size', 'shrinkage of material', and 'output angle' were derived as technical elements that should be prioritized in development and research. For verification, the design of atypical street furniture was made into a large 3D printed output and the development direction was suggested by applying the technical elements of priority during the manufacturing process. Street furniture should be designed based on functionality and stability, as well as economic efficiency, productivity, and aesthetics. Therefore, the 'output size' ensured stability by minimizing the division of parts, and the 'contractability of materials' satisfied the aesthetic and productivity by minimizing the error of form. Finally, the 'output angle' was verified by improving the quality of the output and selecting an angle with efficient and structural stability through various output angles.

Recent Progress in Air-Conditioning and Refrigeration Research : A Review of Papers Published in the Korean Journal of Air-Conditioning and Refrigeration Engineering in 2015 (설비공학회 분야의 최근 연구 동향 : 2015년 학회지 논문에 대한 종합적 고찰)

  • Lee, Dae-Young;Kim, Sa Ryang;Kim, Hyun-Jung;Kim, Dong-Seon;Park, Jun-Seok;Ihm, Pyeong Chan
    • Korean Journal of Air-Conditioning and Refrigeration Engineering
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    • v.28 no.6
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    • pp.256-268
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    • 2016
  • This article reviews the papers published in the Korean Journal of Air-Conditioning and Refrigeration Engineering during 2015. It is intended to understand the status of current research in the areas of heating, cooling, ventilation, sanitation, and indoor environments of buildings and plant facilities. Conclusions are as follows. (1) The research works on the thermal and fluid engineering were carried out in the areas of flow, heat and mass transfer, cooling and heating, and air-conditioning, the renewable energy system and the flow inside building rooms. Research issues dealing with air-conditioning machines and fire and exhausting smoke were reduced. CFD seems to be spreading to more research areas. (2) Research works on heat transfer area were carried out in the categories of heat transfer characteristics, pool boiling and condensing heat transfer and industrial heat exchangers. Researches on heat transfer characteristics included the economic analysis of GHG emission, micro channel heat exchanger, effect of rib angle on thermal performance, the airside performance of fin-and-tube heat exchangers, theoretical analysis of a rotary heat exchanger, heat exchanger in a cryogenic environment, the performance of a cross-flow-type, indirect evaporative cooler made of paper/plastic film. In the area of pool boiling and condensing, the bubble jet loop heat pipe was studied. In the area of industrial heat exchangers, researches were performed on fin-tube heat exchanger, KSTAR PFC and vacuum vessel at baking phase, the performance of small-sized dehumidification rotor, design of gas-injection port of an asymmetric scroll compressor, effect of slot discharge-angle change on exhaust efficiency of range hood system with air curtain. (3) In the field of refrigeration, various studies were carried in the categories of refrigeration cycle, alternative refrigeration/energy system, system control. In the refrigeration cycle category, a cold-climate heat pump system, $CO_2$ cascade systems, ejector cycles and a PCM-based continuous heating system were investigated. In the alternative refrigeration/energy system category, a polymer adsorption heat pump, an alcohol absorption heat pump and a desiccant-based hybrid refrigeration system were investigated. In the system control category, turbo-refrigerator capacity controls and an absorption chiller fault diagnostics were investigated. (4) In building mechanical system research fields, eighteen studies were reported for achieving effective design of the mechanical systems, and also for maximizing the energy efficiency of buildings. The topics of the studies included energy performance, HVAC system, ventilation, and renewable energies, piping in the buildings. Proposed designs, performance tests using numerical methods and experiments provide useful information and key data which can improve the energy efficiency of the buildings. (5) The field of architectural environment was mostly focused on indoor environment and building energy. The main researches of indoor environment were related to the user and location awareness technology applied dimming lighting control system, the lighting performance evaluation for light-shelves, the improvement evaluation of air quality through analysis of ventilation efficiency and the evaluation of airtightness of sliding and LS window systems. The subjects of building energy were worked on the energy saving estimation of existing buildings, the developing model to predict heating energy usage in domestic city area and the performance evaluation of cooling applied with economizer control. The studies were also performed related to the experimental measurement of weight variation and thermal conductivity in polyurethane foam, the development of flame spread prevention system for sandwich panels, the utilization of heat from waste-incineration facility in large-scale horticultural facilities.

Recent Progress in Air-Conditioning and Refrigeration Research : A Review of Papers Published in the Korean Journal of Air-Conditioning and Refrigeration Engineering in 2016 (설비공학 분야의 최근 연구 동향 : 2016년 학회지 논문에 대한 종합적 고찰)

  • Lee, Dae-Young;Kim, Sa Ryang;Kim, Hyun-Jung;Kim, Dong-Seon;Park, Jun-Seok;Ihm, Pyeong Chan
    • Korean Journal of Air-Conditioning and Refrigeration Engineering
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    • v.29 no.6
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    • pp.327-340
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    • 2017
  • This article reviews the papers published in the Korean Journal of Air-Conditioning and Refrigeration Engineering during 2016. It is intended to understand the status of current research in the areas of heating, cooling, ventilation, sanitation, and indoor environments of buildings and plant facilities. Conclusions are as follows. (1) The research works on the thermal and fluid engineering have been reviewed as groups of flow, heat and mass transfer, the reduction of pollutant exhaust gas, cooling and heating, the renewable energy system and the flow around buildings. CFD schemes were used more for all research areas. (2) Research works on heat transfer area have been reviewed in the categories of heat transfer characteristics, pool boiling and condensing heat transfer and industrial heat exchangers. Researches on heat transfer characteristics included the results of the long-term performance variation of the plate-type enthalpy exchange element made of paper, design optimization of an extruded-type cooling structure for reducing the weight of LED street lights, and hot plate welding of thermoplastic elastomer packing. In the area of pool boiling and condensing, the heat transfer characteristics of a finned-tube heat exchanger in a PCM (phase change material) thermal energy storage system, influence of flow boiling heat transfer on fouling phenomenon in nanofluids, and PCM at the simultaneous charging and discharging condition were studied. In the area of industrial heat exchangers, one-dimensional flow network model and porous-media model, and R245fa in a plate-shell heat exchanger were studied. (3) Various studies were published in the categories of refrigeration cycle, alternative refrigeration/energy system, system control. In the refrigeration cycle category, subjects include mobile cold storage heat exchanger, compressor reliability, indirect refrigeration system with $CO_2$ as secondary fluid, heat pump for fuel-cell vehicle, heat recovery from hybrid drier and heat exchangers with two-port and flat tubes. In the alternative refrigeration/energy system category, subjects include membrane module for dehumidification refrigeration, desiccant-assisted low-temperature drying, regenerative evaporative cooler and ejector-assisted multi-stage evaporation. In the system control category, subjects include multi-refrigeration system control, emergency cooling of data center and variable-speed compressor control. (4) In building mechanical system research fields, fifteenth studies were reported for achieving effective design of the mechanical systems, and also for maximizing the energy efficiency of buildings. The topics of the studies included energy performance, HVAC system, ventilation, renewable energies, etc. Proposed designs, performance tests using numerical methods and experiments provide useful information and key data which could be help for improving the energy efficiency of the buildings. (5) The field of architectural environment was mostly focused on indoor environment and building energy. The main researches of indoor environment were related to the analyses of indoor thermal environments controlled by portable cooler, the effects of outdoor wind pressure in airflow at high-rise buildings, window air tightness related to the filling piece shapes, stack effect in core type's office building and the development of a movable drawer-type light shelf with adjustable depth of the reflector. The subjects of building energy were worked on the energy consumption analysis in office building, the prediction of exit air temperature of horizontal geothermal heat exchanger, LS-SVM based modeling of hot water supply load for district heating system, the energy saving effect of ERV system using night purge control method and the effect of strengthened insulation level to the building heating and cooling load.