• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• Archives of design research
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• v.16 no.3
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• pp.201-210
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• 2003

The world is preparing another unseen war, that is, the cultural war of digital economy which will dominate the new millenium. As the “contents”, which are composed of various ingredients of media, gain vitality, the developed nations are in preparation of the war with the “cultural industry” weapons. The digital economic experts say that the left out nations will become economic colony in the new millenium age. The most important characteristics of cultural industry is the unity of creativity and culture which is all the more improved on the basis of the culture created upon knowledge. This leads to competition between nations or regions, and to survive one has to develop the industrial structure through cognition of its own cultural value. Furthermore, it is not a short-term development and investment of cultural products but a study on the method to graft the cultural value to the industry itself. The multi-media period does not accept an independent medium, and the contents products are becoming the leading industry since il is proved that they last semi-permanently in the digital world. The victory lies in the quality and quantity of the contents as the high ability and variety of the technology of media advance in accordance to the market principles. Since the culture, science and economy are becoming one complex structure, all nations of the world are trying the evolve a unique design of their on culture on the basis of the global universality. In consequence, we should excavate a uniqueness from our cultural heritage and develop into a korean design which will be recognized in the world market. The value of our cultural property should not only be used as academic and research purposes but should be re-evaluated with modem view, recognized as the core element that decides the quality of life and developed into exclusive designs. The korean designs represent the mould concept of our people which evolves from the mould or shape alphabet of Korea To meet the requirements of the changing world and in preparation of the cultural competitive age, it is never too early to make a data on the korean designs through their analysis and evaluation.

• Journal of Intelligence and Information Systems
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• v.20 no.4
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• pp.141-154
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• 2014

The adoption of International Financial Reporting Standards (IFRS) is the one of important issues in the recent accounting research because the change from local GAAP (Generally Accepted Accounting Principles) to IFRS has a substantial effect on accounting information. Over 100 countries including Australia, China, Canada and the European Union member countries adopt IFRS (International Financial Reporting Standards) for financial reporting purposes, and several more including the United States and Japan are considering the adoption of IFRS (International Financial Reporting Standards). In Korea, 61 firms voluntarily adopted Korean International Financial Reporting Standard (K-IFRS) in 2009 and 2010 and all listed firms mandatorily adopted K-IFRS (Korea-International Financial Reporting Standards) in 2011. The adoption of IFRS is expected to increase financial statement comparability, improve corporate transparency, increase the quality of financial reporting, and hence, provide benefits to investors This study investigates whether recognized accounts receivable discounting (AR discounting) under Korean International Financial Reporting Standard (K-IFRS) is more value relevant than disclosed AR discounting under Korean Generally Accepted Accounting Principles (K-GAAP). Because more rigorous standards are applied to the derecognition of AR discounting under K-IFRS(Korea-International Financial Reporting Standards), most AR discounting is recognized as a short term debt instead of being disclosed as a contingent liability unless all risks and rewards are transferred. In this research, I try to figure out industrial responses to the changes in accounting rules for the treatment of accounts receivable toward more strict standards in the recognition of sales which occurs with the adoption of Korea International Financial Reporting Standard. This study examines whether accounting information is more value-relevant, especially information on accounts receivable discounting (hereinafter, AR discounting) is value-relevant under K-IFRS (Korea-International Financial Reporting Standards). First, note that AR discounting involves the transfer of financial assets. Under Korean Generally Accepted Accounting Principles (K-GAAP), when firms discount AR to banks before the AR maturity, firms conventionally remove AR from the balance-sheet and report losses from AR discounting and disclose and explain the transactions in the footnotes. Under K-IFRS (Korea-International Financial Reporting Standards), however, most firms keep AR and add a short-term debt as same as discounted AR. This process increases the firms' leverage ratio and raises the concern to the firms about investors' reactions to worsening capital structures. Investors may experience the change in perceived risk of the firm. In the study sample, the average of AR discounting is 75.3 billion won (maximum 3.6 trillion won and minimum 18 million won), which is, on average 7.0% of assets (maximum 38.6% and minimum 0.002%), 26.2% of firms' accounts receivable (maximum 92.5% and minimum 0.003%) and 13.5% of total liabilities (maximum 69.5% and minimum 0.004%). After the adoption of K-IFRS (Korea-International Financial Reporting Standards), total liabilities increase by 13%p on average (maximum 103%p and minimum 0.004%p) attributable to AR discounting. The leverage ratio (total liabilities/total assets) increases by an average 2.4%p (maximum 16%p and minimum 0.001%p) and debt-to-equity ratio increases by average 14.6%p (maximum 134%p and minimum 0.006%) attributable to the recognition of AR discounting as a short-term debt. The structure of debts and equities of the companies engaging in factoring transactions are likely to be affected in the changes of accounting rule. I suggest that the changes in accounting provisions subsequent to Korea International Financial Reporting Standard adoption caused significant influence on the structure of firm's asset and liabilities. Due to this changes, the treatment of account receivable discounting have become critical. This paper proposes an intelligent diagnostic system for estimating negative impact on stock value with self-organizing maps and case based reasoning. To validate the usefulness of this proposed model, real data was analyzed. In order to get the significance of this proposed model, several models were compared to the research model. I found out that this proposed model provides satisfactory results with compared models.

• 대한공업교육학회지
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• v.38 no.1
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• pp.259-274
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• 2013

Culture is already deeply imbued in our lives. The furniture has become a way of life and the human became part of the culture. In this study, the aim is to explore the traditional furniture that is projected through the culture as a lifestyle. Therefore, the purpose of this study is to explore the cultural implication in Korean traditional wooden furniture. Specific research questions in this study are as follows; 1) How to reflected house structure culture at traditional woodcraft furniture? 2) How to reflected interior space culture at traditional woodcraft furniture? 3) How to projected life form style culture at traditional woodcraft furniture? 4) How to harmonize between modern life culture and traditional woodcraft furniture? In order to achieve the purpose of this study, the literature of review was used masters of Korea's traditional woodcraft furniture. To collect information of Korean traditional furniture, the furniture was selected representative pieces of Korean Joseon Dynasty and interviewed an important intangible cultural asset somokjang. Based on the explore of Korean traditional furniture, the conclusions of this study are as follows; first, in the viewpoint of house framework culture, most of traditional furniture was made u sing a narrow interior space and was to be placed in close contact with the walls, and was developed as a type of molding on the front of the furniture to pursue beauty. Second, in the viewpoint of ondol culture, traditional furniture was closed to the wall by using low height furniture and furniture legs the structure punghyeol was used to reflect the phenomena of convective heat and humidity. Third, in the viewpoint of life form culture, traditional furniture was made that sat-down at eye level configuration is proportional to its size and height and appropriately been made. And patterns reflect the wishes of most things in nature and to be blessed with longevity origin were used in the decoration of wooden furniture. Finally, in the viewpoint of modern life culture, traditional furniture is simple but not dirty, and splendid but not luxurious. So although traditional wooden furniture are in any room or place, never discouraged by the dignity.

• International Journal of Industrial Entomology and Biomaterials
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• v.20 no.1
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• pp.29-35
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• 2010

To compare the quality of manufactured goods distributed in the domestic markets, 6 isolates of Dongchongxiacao products, namely, 4 Paecilomyces tenuipes specimens (J2P, 901A, 901B, and 901C), 1 Cordyceps militaris specimen (901D), and 1 Cordyceps sinensis specimen (CI-1), were analyzed for their physicochemical properties and sequence-structure relationships. P. tenuipes (J2P), a kind of Dongchongxiacao, was successfully inoculated on silkworms by percutaneous infection of Rural Development AdminstraionNam et al., 1999); fruiting bodies were then formed on the complete surface of the pupa. Since P. tenuipes (J2P) from silkworm larva was also proved to have remarkable pharmacological activities, it has been produced in bulk and has been successfully sold to buyers in the Korean market. Additionally, imitation products such as 901A, 901B, 901C, 901D, and CI-1 were sold simultaneously, resulting in deterioration of product quality. This research focuses on establishing quality standards to discriminate between the original and imitation products circulating in the market. The products obtained for the experiments included J2P, 901A, 901B, 901C, 901D, and CI-1; proximate analysis was performed for these products. The hosts and methods of conidia inoculation for proliferation of mycelia differed among the products. P. tenuipes (J2P) was proliferated in live silkworm larvae, and dead silkworm pupae were used to produce 901A, 901B, and 901C. On the other hand, 901D was produced on hulled rice medium. Quality analysis of C. sinensis revealed that CI-1, which was imported from China, smelled bad and proved to be a counterfeit with the fruiting body glued to the insect by twigs. The results of the proximate analysis of 901A, 901B, 901C, and 901D were similar to those of J2P with respect to the moisture content. Otherwise, J2P contained higher crude protein than 901A, 901B, 901C, and 901D, but contained very low fat. C. militaris (901D) and C. sinensis (CI-1) had low crude protein content-12.79% and 9.78% respectively-as compared to that of J2P, which was 62.38%. In contrast to the crude ash content of 6.4% in J2P, the crude ash content of CI-1 was 18.51% and this specimen was found to contain many impurities. phylogenetic analysis of P. tenuipes revealed that the sequence similarity of J2P, 901B, and 901C was in the range of 92.3~92.7%. Additionally, differences in the sequences were found at the positions 65 bp, 436 bp, 441 bp, 463 bp, etc.

• Journal of the Korean Geographical Society
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• v.28 no.3
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• pp.247-267
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• 1993

According to developing international economy since the World War II, the increase and competition of the national business is so empha-sized tht both the interest and the necessity about marine transportation playing the impor-thant role of international transportation are increased. Today, the container transportation, as called the innovation of marine transport has been prevailed since the 1970's. The purpose of this paper is to grasp the spatial structure of the hinterlands and forelands, its object is export container cargo at Pusan Export Port, as known for the transportation node of modern containerlization. In this study, for the purpose of grasping the relation between hinterlands and forelands of Korean export container cargo, first, I researched the transition of carloading about container cargo, the bistribution channel of cargo, the change of the items of container and the carlo-adings about transport route, secondly, I used the cluster analysis so as to group hinterlands according to the items of goods and forelands. The object of the analysis is container cargo of Choyang Line, Hanjin Shipping and Hyundai Merchant Marine of National Frag Carriers. The source materials used in this study are Trucking Data of Hanjin Co., Container Ren-tal Data of Samik Transport Co. and Transpor-ting Present Condition Tables of Hyundai Mer-chant Marine. 1. There are two kinds of the transport classi-fied by its form: FCL and LCL. In Pusan Con-tainer Export, a lot of textile goods, clothings and furniture, compound, electric goods, and so on are dealed with but the rate of occupation of the transport is getting lower while that of occupation of equipment, papers and agricultu-ral, mineral and livestock industry higher. 2. In 1990, the transports of container cargo in Korea consist of 7 services and round-the world lines. We can list North America lines, East-South Asian lines, Japan lines and Inter European lines, in order of the quantity of tran-sport form the largest to the smaller. We can have another list that Japan lines, North Ame-rica lines and East-South lines in order of the rate participation of national flag carriers, be-cacuse Korean foreign trade lay disproportionate emphasis on East-South Asian lines. Japan lines among them is the biggest import-export market. Since the rationlization policy of marine tran-sport in 1984, each of national flag carriers have its own lines. Hanjin Shipping predominates over North America lines, Choyang Line over New Zealand, Inter European and Austria lines and Hyundai Merchant Marine over Center-South America lines, in terms of the volume of transport. And small-to-medium sized shippers are prevailing in lines which are adjacent to Korea, Such as Japan lines and East-South Asian lines. 3. In relation to hinterlands and forelands of Choyang Line, the light industry goods, electric goods and machinary produced in Seoul and Pusan are exported to the major ports in Europe and Japan, the same produces in Suwon, Ulsan, Kumi are exported to European Ports, and those in Incheon and Kwangju Austrian and Japanese ports, and those in the rest regions to the major port in Japan. 4. In relation to hinterlands and forelands of Hanjin Shipping, the light industry goods pro-ducing in Seoul and Pusan, the electric goods and machinary in Incheon and Pyeongteck, are exported to New York and Los Angeles. Electric goods and machinary Masan, Anyang, Cheona, Cheongju and Incheon, Electric goods machinary and light industry goods in Kwangju and non mental goods in Pohang, are exported New York, Los Angeles and Oakland. 5. In relation to hinterlands and forelands of Hyundai Merchant Marine, the region of Seoul, Pusan and Incheon closely related with the main ports in U.S.A. The rest regions with Montreal. The hinterlands of export container cargo can be classified by its export items into three kinds: the large city, industrial city and the rest city. Choyang Line's forelands are European lines, Japan lines and Austria lines, and Hanjin Shipping's forelands are North America lines, and Hyundai Merchant Marine's forelands are North America lines and Japan line. 3 National flag carriers' major forelands are determined by the size of port and the shipper's convenient use of the port terminal.

• Journal of Agricultural Extension & Community Development
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• v.21 no.4
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• pp.1125-1147
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• 2014

This study was conducted to develop the health evaluation indicator of pond wetland in order to enhance the quality of eco-experience in rural area. The methods for development of evaluation indicator were consisted of 3 stages; 1st, the precedent assessment protocol was applied to 10 pond wetlands in farm villages, and eco-experience expert survey was conducted to selection the evaluation item and criteria at 2nd and 3rd stages. In the results of applying the precedent assessment protocol, we found out two problems; 1) the evaluation result of value determination and conservation value were too simple, and 2) the score by evaluation items were nearly the same, because evaluation criteria in not precisely for application in rural area. These results were reflected to expert survey. According to the 1st survey results, they suggested that 4 items should be maintained, and 3 items should be deleted, and 2 items should be modified among a total of 9 times. Therefore, it was modified into the evaluation protocol having a total of 8 items. According to the 2nd survey results, the selected evaluation items were generally proper. With regard to items for assessing the health condition of pond wetland, we selected a total of 8 items; (1) Connectivity to forest, (2) Connectivity between water body and wetland connection, (3) Number of Vegetation, (4) Surround land use, (5) Interspersion of Vegetation, (6) Crossing Structure, (7) Wetland size, and (8) Outlet structure. In addition, it was suggested that accessibility, visibility, and trash were need for utilization of pond wetland as a place for eco-experience. It is expected that the selected evaluation indicator can help to utilize the pond wetland as an eco-experience space in rural area, and maintain the pond wetland as a space for conservation of biodiversity.

• 한국해양학회지
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• v.30 no.5
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• pp.390-402
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• 1995

Bimonthly sampling was carried out over the period February 1983 to April 1985 at two stations in Kwang-yang Bay, Korea, in order to study the temporal changes of benthic ploychaete communities. In addition, an important focus of the study was the large-scale reclamation and dredging operations that were taking place for industrial purposes during the study period. The muddy station, located on the main channel, showed high mud content (94%), whereas the sandy station, situated on the north channel of Myodo, demonstrated mud content of 42%. At the muddy station, the number of species and individuals were highest in the early sampling stage, but markedly declined in October 1983, and then gradually increased as in the early state. At the sandy station, the number of species highly oscillated during the entire period. The density was affected by the pectinated Lagis bocki showing particulary high density in February 1983 and 1984. However, the high density in the winter time did not occur in February 1985. The analysis of similarities and clusterings between communities were carried out to evaluate temporal changes in community structure. Significant changes occurred during the study period in the community structures at both stations, but each maintained different patterns of species dominance over time. At the muddy station, this transitionary phase was found in October 1983 but in December 1984 at the sandy station. Comparisons with earlier communities suggest that faunal changes in the dominant species composition occurred from Lumbrineris longifolia to Heteromastus filiformis over this time period. The colonization of this opportunistic pioneer, H, filiformis, seems to manifest environmental disturbances in this bay area.

• 대한공업교육학회지
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• v.36 no.1
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• pp.149-166
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• 2011

The purpose of this study was to develop a creative problem-solving competition program in order to provide an opportunity for junior high schoolers to solve problems on the basis of technological hands-on activities by deploying their creative problem-solving skills and to foster their cooperative and challenging spirits by tackling the given problems in group. Relevant literature and competition programs were analyzed to develop a junior high school competition program for creative problem solving on the basis of technological hands-on activities. This study was implemented in three stages: preparing, developing and applying. In the preparation stage, the content structure of technology and the fields of corresponding hands-on activities were investigated, and creativity theories were analyzed. Besides, domestic and foreign creativity-related competition programs were checked. In the development stage, an overview of the nature, object, question making and evaluation of a competition program for creative problem solving on the basis of technological hands-on activities was presented, and a program was developed, which consisted of three stages: planning, operating and evaluating. In the application stage, every student in a selected junior high school participated in the competition program. The findings of the study were as follows: First, the competition program developed in this study intended to offer a chance for every junior high schooler to solve problems on the basis of technological hands-on activities to display their creative problem-solving skills. Second, the program was designed to include planning, operating and evaluation stages, after the nature and object of the competition program and in which way question making and evaluation should be fulfilled were determined. Third, the competition program dealt with five areas according to the content structure of technology: manufacturing technology, construction technology, transportation technology, communication technology and biotechnology. And questions for each area and student worksheets were developed. Fourth, the program was utilized in a junior high school to give an example.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.14 no.2
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• pp.102-117
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• 2009

This study was carried out to investigate the extent to which benthic environment of Ulsan Bay was disturbed by organic materials and trace metals from the megacity and industrial complex. Field survey for benthic environment and macroinvertebrate community was seasonally conducted from February to November 2006 at nine stations covering the inside and outside of the bay. TOC was on average 1.7% while four (As, Cu, Pb, Zn) out of seven trace metals measured exceeded the Effects Range Low (ERL) in most of the stations. Total number of species sampled was 199 and mean density was 4,578 ind./$m^2$, both of which were greatly dominated by the polychaetes. Dominant species were Aphelochaeta monilaris (22.6%), Ruditapes philippinarum (17.1%), Magelona japonica (12.2%), Lumbrineris longifolia (9.9%) and their distribution was ruled by the difference in the benthic environmental condition of each station. From the multivariate analyses, four stational groups were identified: northern part of the bay, middle and lower part of the bay, the intersection of Taewha River and Gosa stream and outside of the bay. As a result, the community heterogeneity of inner bay was much more greater than that of outer bay. SIMPER analysis showed that four groups were represented by R. philippinarum-Capitella capitata, A. monilaris-Balanoglossus carnosus, Sinocorophium sinensis-Cyathura higoensis and M. japonica-Ampharete arctica, respectively. Spatio-temporal changes of macroinvertebrate communities in Ulsan Bay were closely related to those of depth, mean grain size and organic content, and Zn was also a meaningful factor in that context.