• Journal of Distribution Science
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• v.12 no.4
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• pp.85-92
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• 2014

Purpose - This study conducted empirical research on non-financial corporations listed on the stock exchange from 2001 to 2010, focusing on the effects of corporate governance on real earnings management of corporations. In particular, this study examined primarily the impact of the largest shareholder who could use earnings management to pursue his own self-interest, and foreign investors who played a checking role against the largest shareholders. The study also reviewed the relationship between corporate governance and earnings management while also considering corporate growth. Research design, data, and methodology - As for the measurements of real earnings management, abnormal operating cash flow and abnormal production cost were utilized. As for the independent variables, share ratio of the largest shareholder and affiliate person (M) and share ratio of foreign investors (FT) were leveraged. This study excluded those organizations that had changed their fiscal years, those that had not submitted an audit report, corporations under supervision, delisted corporations, corporations that had changed their business type, and so on, from the non-financial corporations out of the publicly traded corporations whose fiscal year ended in December from 2001 to 2010 in addition, KIS values were utilized for the corporate financial data in the study. To verify whether management structure and growth had an impact on real earnings management of a corporation through empirical analysis, a multiple regression analysis model was applied. Result - First, as a result of the analysis, the share ratio (M) of the largest shareholder and affiliate person was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD). When controlling the growth, the share ratio (M) of the largest shareholder and affiliate person was found to have an insignificant correlation with abnormal cash flow from operations(ACF) but a significant correlation with abnormal production cost (APD). Second, foreign ownership (FT) was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD) at the confidence level of 1 percent when not including the growth dummy. When controlling the growth, foreign ownership (FT) was found to have a significant negative correlation with abnormal cash flow from operations (ACF) and with abnormal production cost (APD). Conclusion - The results imply that the largest shareholder is closely related to earnings management through real activities regardless of corporate growth. It is also possible to determine from these results that foreign investors are related to earnings management through real activities when not considering corporate growth, but that they would reduce earnings management in the case of considering the growth. Thus, this study verified along with the existing studies that foreign investors were conducting the control function on controlling shareholders.

• Journal of the Korean association of regional geographers
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• v.2 no.2
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• pp.133-157
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• 1996

Recently, international convention competition has greatly expanded with the globalization and expand of world economy. As the conventions market has grown, so have the number of places and facilities of convention competing for business, and numerous trade show and the related meetings held the several cities toward world city such as the United States, Europeans Countries, Japan, and Singapore. Convention, in general, are defined as an assembly, often periodical, of members or delegates, as a political, social, professional or religious group. Convention center means the place that hold several social, political, economic conferences and meetings, trade show, exhibitions, and events. Convention center are consisted the several facilities such as meeting room, exhibition hall, event hall. Historically, meetings, conventions, and trade show have been serviced primarily by hotel and convention centers. With the expand of world trade and flow in recent, the conventions, expositions, and meetings industry (CEMI), however, is one of the most rapidly growing industries in hospitality and tourism, and CEMI provides import effect on regional economy and regional development including regional tourism industry. This study focuses on the establishment strategies and location analysis of convention center as a agent for regional development in a case of Yosu Peninsular Area (YPA). YPA is one of the major industrial area of our country, and displays the rapid regional urbanization and social change with the construction such as Kwangyang container port facilities, Yulchon industrial complex, and the extension planning of industrial estate related to Kwangyang Iron and Steel Company, and population size of this area will be reached about two million peoples in 2011. This area, particularly, will be functioned as a major container & export port of our country after the completion of Kwangyang container port facilities in 1988. If the planned industrial estate is constructed, the convention center for conference exhibition, information exchange, and resort facilities for exhibition, international communication will be needed. In addition, resort and leisure facilities for conventions' participants need. This area, therefore, has to make the establishment of convention center for regional development in future. Thus, the major strategies and idea for establishment of convention center as follows: first, this area has requirements for resort convention center, because this area will be functioned as a major export port and industrial district in 21 century; second, in the location analysis of convention center site, Sinwol & Woongchon district, Soho district, and Yongju & Hodu district are selected as developing possible sites; third, the convention center of this area has to consist of two functions such as convention facilities and marine resort facilities; fourth, in order to establish convention center, the selection of main group, financial raising strategies, and the organization of propulsion committee for establishment of convention center are required.

• Journal of Information Management
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• v.33 no.3
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• pp.87-104
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• 2002

With China Market and strengthening of an international and political position of China, we need to promote exchange and cooperation with China for the supplement of economic vitality and for contriving the contribution of the flow of growth. The necessity of salient traits is needed such as sharing information, training a specialist, network between China Specialists, system establishment of China information DB and sharing China information. Accordingly, KIEP makes the most of limited special manpower and information, and developed China Specialist Forum Website : CSF which will make a stepping stone of systematic, synthetic exchange and cooperation with China. KIEP presented a development direction, comparing and analyzing promptly easy to get the information China Specialists want here, CSF made for mutual exchange of science, trade and the other issue, Taiwan website "a commercial business intelligence network of China and Taiwan", and Singapore "IE Singapore".

• Journal of Ship and Ocean Technology
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• v.12 no.3
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• pp.36-54
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• 2008

A jet stream applied tangential to a curved surface in fluid increases lift force by strengthening circulation around the surface and this phenomenon is known as the Coanda effect. Many experimental and numerical studies have been performed on the Coanda effect and the results found to be useful in various fields of aerodynamics. Recently, preliminary studies on Coanda control surface are in progress to look for practical application in marine hydrodynamics since various control surfaces are used to control behaviors of ships and offshore structures. In the present study, the performance of a Coanda control surface with different geometries of the jet injection nozzle was surveyed to assess applicability to ship rudders. A numerical simulation was carried out to study flow characteristics around a section of a horn type rudder subjected to a tangential jet stream. The RANS equations, discretized by a cell-centered finite volume method were used for this computation after verification by comparing to the experimental data available. Special attentions have been given to the sensitivity of the lift performance of a Coanda rudder to the location of the slit (outlet) and intake of the gap between the horn and rudder surface at the various angles of attack. It is found that the location of the water intake is important in enhancing the lift because the gap functions as a conduit of nozzle generating a jet sheet on the rudder surface.

• International Journal of High-Rise Buildings
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• v.8 no.2
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• pp.107-116
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• 2019

The use of computational fluid dynamics (CFD) is becoming an increasingly popular means to model wind flows in and around buildings. The first published application of CFD to both indoor and outdoor building airflows was in the 1970's. Since then, CFD usage has expanded to include different aspects of building design. Wind tunnel testing (WTT) on buildings for wind loads goes back as far as 1908. Gustave Eiffel built a pair of wind tunnels in 1908 and 1912. Using these he published wind loads on an aircraft hangar in 1919 as cited in Hoerner (1965 - page 74). The second of these wind tunnels is still in use today for tests including building design ($Damljanovi{\acute{c}}$, 2012). The Empire State Building was tested in 1933 in smooth flow - see Baskaran (1993). The World Trade Center Twin Towers in New York City were wind tunnel tested in the mid-sixties for both wind loads, at Colorado State University (CSU) and the [US] National Physical Laboratory (NPL), as well as pedestrian level winds (PLW) at the University of Western Ontario (UWO) - Baskaran (1993). Since then, the understanding of the planetary boundary layer, recognition of the structures of turbulent wakes, instrumentation, methodologies and analysis have been continuously refined. There is a drive to replace WTT with computational methods, with the rationale that CFD is quicker, less expensive and gives more information and control to the architects. However, there is little information available to building owners and architects on the limitations of CFD for flows around buildings and communities. Hence building owners, developers, engineers and architects are not aware of the risks they incur by using CFD for different studies, traditionally conducted using wind tunnels. This paper will explain what needs to happen for CFD to replace wind tunnels. Ultimately, we anticipate the reader will come to the same conclusion that we have drawn: both WTT and CFD will continue to play important roles in building and infrastructure design. The most pressing challenge for the design and engineering community is to understand the strengths and limitations of each tool so that they can leverage and exploit the benefits that each offers while adhering to our moral and professional obligation to hold paramount the safety, health, and welfare of the public.

• Electronics and Telecommunications Trends
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• v.36 no.1
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• pp.54-63
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• 2021

Since the recent COVID-19 pandemic, countries have been strengthening trade protection for their security, and the importance of securing strategic materials, such as food, is drawing attention. In addition to the cultural aspects, the global preference for food produced in Korea is increasing because of the Korean Wave. Thus, the Korean food industry can be developed into a high-value-added export food industry. Currently, Korea has a low self-sufficiency rate for foodstuffs apart from rice. Korea also suffers from problems arising from population decline, aging, rapid climate change, and various animal and plant diseases. It is necessary to develop technologies that can overcome the production structures highly dependent on the outside world of food and foster them into export-type system industries. The global agricultural industry-related technologies are actively being modified via data accumulation, e.g., environmental data, production information, and distribution and consumption information in climate and production facilities, and by actively expanding the introduction of the latest information and communication technologies such as big data and artificial intelligence. However, long-term research and investment should precede the field of living organisms. Compared to other industries, it is necessary to overcome poor production and labor environment investment efficiency in the food industry with respect to the production cost, equipment postmanagement, development tailored to the eye level of field workers, and service models suitable for production facilities of various sizes. This paper discusses the flow of domestic and international technologies that form the core issues of the site centered on the 4th Industrial Revolution in the field of agriculture, livestock, and fisheries. It also explains the environmental awareness production technologies centered on sustainable intelligence platforms that link climate change responses, optimization of energy costs, and mass production for unmanned production, distribution, and consumption using the unstructured data obtained based on detection and growth measurement data.

• The Korean Journal of Air & Space Law and Policy
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• v.22 no.2
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• pp.109-133
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• 2007

The legal labyrinth through which we have just walked is one in which even a highly proficient lawyer could easily become lost. Warsaw Convention's original objective of uniformity of private international aviation liability law has been eroded as the world community ha attempted again to address perceived problems. Efforts to create simplicity and certainty of recovery actually may have created less of both. In any particular case, the issue of which international convention, intercarrier agreement or national law to apply will likely be inconsistent with other decisions. The law has evolved faster for some nations, and slower for others. Under the Warsaw Convention of 1929, strict liability is imposed on the air carrier for damage, loss, or destruction of cargo, luggage, or goods sustained either: (1) during carriage in air, which is comprised of the period during which cargo is 'in charge of the carrier (a) within an aerodrome, (b) on board the aircraft, or (c) in any place if the aircraft lands outside an aerodrome; or (2) as a result of delay. By 2007, 151 nations had ratified the original Warsaw Convention, 136 nations had ratified the Hague Protocol, 84 had ratified the Guadalajara Protocol, and 53 nations had ratified Montreal Protocol No.4, all of which have entered into force. In November 2003, the Montreal Convention of 1999 entered into force. Several airlines have embraced the Montreal Agreement or the IATA Intercarrier Agreements. Only seven nations had ratified the moribund Guatemala City Protocol. Meanwhile, the highly influential U.S. Second Circuit has rendered an opinion that no treaty on the subject was in force at all unless both affected nations had ratified the identical convention, leaving some cases to fall between the cracks into the arena of common law. Moreover, in the United States, a surface transportation movement prior or subsequent to the air movement may, depending upon the facts, be subject to Warsaw, or to common law. At present, International private air law regime can be described as a "situation of utter chaos" in which "even legal advisers and judges are confused." The net result of this barnacle-like layering of international and domestic rules, standards, agreements, and criteria in the elimination of legal simplicity and the substitution in its stead of complexity and commercial uncertainty, which manifestly can not inure to the efficient and economical flow of world trade. All this makes a strong case for universal ratification of the Montreal Convention, which will supersede the Warsaw Convention and its various reformulations. Now that the Montreal Convention has entered into force, the insurance community may press the airlines to embrace it, which in turn may encourage the world's governments to ratify it. Under the Montreal Convention, the common law defence is available to the carrier even when it was not the sole cause of the loss or damage, again making way for the application of comparative fault principle. Hopefully, the recent entry into force of the Montreal Convention of 1999 will re-establish the international legal uniformity the Warsaw Convention of 1929 sought to achieve, though far a transitional period at least, the courts of different nations will be applying different legal regimes.

• Journal of Korea Port Economic Association
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• v.28 no.3
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• pp.235-257
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• 2012

Recently the role of ports has been changed to satisfy flexibly needs of demands in global economy. A new concept for ports is not just a place for international trade but an important nodal point in logistics chain. The changing environment like this trend creates a high degree of uncertainty and leaves port managers confused with the question how to respond effectively to dynamic market. The latest studies provide that the port must have a good hinterland to achieve competitive advantages in a logistics chain. Korean Government announced "The Master Development Plan for Port Logistics Parks in Korea" in 2006. This contains the plan of hinterland construction of Busan New Port to achieve the status of logistics hub in Asian market. Previous studies rely solely on traditional DCF(discounted cash flow) analysis for investment of hinterland. However DCF method does not include irreversibility, uncertainty and the choice of timing for investment project. This thesis introduces a ROPM(real options pricing model) which overcomes the limitations of traditional valuation methods. The option valuations in this study utilize the Black-Scholes model, the binomial model and the MonteCarlo simulation to value investment opportunity of a port hinterland. In this thesis, an attempt is made to modify the NPV criterion by incorporating the real options approach, and its application is demonstrated in a hinterland construction investment plan. This research has conducted an empirical analysis by calculating economic value of the investment for a hinterland of Busan New Port.

• Clean Technology
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• v.26 no.3
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• pp.228-236
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• 2020

Korea has an economy based on manufacturing industrial fields, which produce high amounts of hazardous wastes, in spite of few landfill candidates, and a significant concern for fine airborne particulates; therefore, traditional waste management is difficult to apply in this country. Moreover, waste collection and accumulation have recently been intensified by the waste import prohibitions or regulations in developing nations, the universalization of delivery services in Korea, and the global COVID-19 crisis. This study thus presents a domestic waste management strategy that aims to address the recent issues on waste. The contents of the strategy as the main results of the study include the (1) improvement of the compatibility of the classification codes between the domestic hazardous waste and the international ones such as those of the Basel Convention; (2) consideration of the mixed hazard indices to represent toxicity from low-content components such as rare earth metals often contained in electrical and electronic equipment waste; (3) management application based on risks throughout the life cycles of waste; (4) establishment of detailed material flow information of waste by integrating the Albaro system, Pollutant Release and Transfer Register (PRTR) system, and online trade databases; (5) real-time monitoring and prediction of the waste movement or discharge using positional sensors and geographic information systems, among others; and (6) selection and implementation of optimal treatment or recycling practices through Life Cycle Assessment (LCA) and clean technologies.

• Management & Information Systems Review
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• v.28 no.3
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• pp.1-23
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• 2009

Prior bankruptcy studies have established that bankrupt firm's pre-filing financial ratios are different from those of healthy firms or of randomly selected going concerns. However, they may not be sufficiently different from the financial ratios of other firms in financial distress to allow the development of a ratio-based model that predicts bankruptcy with reasonable accuracy. As the result, in the multiple discriminant model, independent variables divided firms into bankrupt firms and healthy firms are retained earnings to total asset, receivable turnover, net income to sales, financial expenses, inventory turnover, owner's equity to total asset, cash flow to current liability, and current asset to current liability. Moreover four variables Retained earnings to total asset, net income to sales, total asset turnover, owner's equity to total asset indicate that these valuables classify bankrupt firms and distress firms. On the other hand, Owner's Equity to borrowed capital, Ordinary income to Net Sales, Operating Income to Total Asset, Total Asset Turnover and Inventory Turnover are selected to predict bankruptcy possibility in the Logistic regression model.