• Journal of Distribution Research
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• v.16 no.3
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• pp.33-75
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• 2011

The ownership structure of a franchise system is determined by the franchisor's strategic choice. A close look at the extant theories and perspectives in economics and management such as resource scarcity theory, agency theory, transaction cost analysis, and mixed ownership theory reveals that firms choose their ownership structure for the sake of economic efficiency, profit potentials, the chance of survival, and other strategic concerns. The present study, on the basis of strategic choice perspective, reviews the divergent theories of a franchise system's ownership structure and its determinants, thus providing a theoretical framework for comparing the contradictory arguments along the several critical dimensions. We also developed and tested the conflicting hypotheses regarding key determinants of ownership structure including firm's age, size, transaction-specific investments, uncertainty, and risk-sharing propensity. Using a FDD (Franchise Disclosure Document) data set of 543 Korean franchisors, we found that the years in business, the total number of employees, days of training, the inverse of the years of franchising, and the requirement of royalty payment have positive relationships with the proportion of company-owned outlets to total number of outlets. On the other hand, the proportion of company-owned outlets was found to have negative relationships with the total number of outlets and the extent of geographic dispersion of outlets, but to have no significant relationships with the initial investment required and the inverse of contract length. Based on the findings, we provide several theoretical and managerial implications for studying ownership structure of franchise systems.

• Management & Information Systems Review
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• v.36 no.4
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• pp.53-80
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• 2017

The purpose of this study is to examine the determinants of the number of bank relationships in Korea. Firm-specific determinants considered here include leverage, size, age, return on asset, investment grade, tangibility, liquidity, R&D expenditure. We estimate the effects of these variables, and compare the results with those from previous studies performed for other economies. Concerning the effects of business cycle, we find that the business cycle is an important factor in determining the number of bank relationships. The number of bank relationships varies over the business cycle, and we notice a counter-cyclical behavior, which means the number decreases during economic expansions and increases during contractions. This result can be interpreted as a result of firms' diversification of borrowings into multiple banks in order to reduce the liquidity risk during the recession. In the subsets, however, the number of bank relationships for large firms is stable regardless of the business cycle. Unlisted firms, non-chaebol, and low credit quality firms which have relatively limited access to alternative sources of financing show counter-cyclical behavior. Finally, such phenomena is not observed in the non-competitive credit market, while they show a counter-cyclical behavior in the competitive credit market.

• The Journal of Small Business Innovation
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• v.19 no.3
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• pp.1-16
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• 2016

Korean government had used public 'credit guarantee schemes' (CGS) as a counter-cyclical measure. However, it is still controversial about the effectiveness of policy financing on the SMEs. Criticism on policy financing involves the argument that supporting enterprises hampers competition and innovation of SMEs by increasing their dependence on the government and delays the exit of marginal firms. In this paper, we investigate how to effectively build up the rationale of running public CGSs. At the same time, we propose the ways to coexist of public credit guarantee and market-based private finance system for SMEs. First, CGS, as a counter-cyclical function, must coexist with the private financial system by compensating the market failure caused by pro-cyclical behavior of the private financial market. Second, CGS has the comparative advantages, compared to both the interest rate policy of the central bank and fiscal policy of the government. The credit guarantee is the symptomatic treatment that could revitalize the economy shortly by providing liquidity. Also, knowing that CGS is provided based on the leverage ratio defined by outstanding guarantee divided by capital fund, public 'credit guarantee' (CG) has an advantage that is free from the risk of government deficit. Third, the reason for existence of the CGS should be founded in supporting services for SMEs, available only in a public sector that is difficult to expect from private banks. In this regard, it is desirable to strengthen the publicness of credit guarantee over the support for start-ups, growing companies, the improvement of productivity, increase of exports, a long-term investment in facilities, the employment-creating businesses, and innovative enterprises.

• Journal of Radiation Protection and Research
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• v.38 no.3
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• pp.149-156
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• 2013

Recent domestic use of radiations has increased in the number of institutions and companies as well as operating as an investment, a variety of facilities and safety management are becoming increasingly complex. Despite the increase of radiation workers and facilities, the number of RSOs (Radiation Safety Officers) has not increased with a growing domestic radiation industry. The radiation safety management work (radiation workers management, radiation sources management, facilities management etc.) has been managed by insufficient number of the RSOs. These problems could be directly or indirectly related to causes of the radiation accidents. In this paper, we designed the Process Mapping of radiation safety management work for an efficient safety management of the radiation facilities and protection of radiation accidents. To develop the Process Mapping, we analyzed the radiation safety requirements of management issues and the individual procedures. Based on the Process Mapping, the work procedures for an appropriate radiation safety management of each institution can be configured clearly. Through this procedures, the safety risk factors in radiation facilities can be reduced, and the radiation safety management system will be improved. Depending on your needs, the Process Mapping could be modified and could be used for an efficient radiation safety management.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.12
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• pp.17-25
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• 2017

Owing to recent climate change, the scale of rainfall tends to increase gradually and the risk of flooding has increased. Therefore, the importance of improving the levee management and disaster response is increasing. Levee management in Korea is carried out at the level of damage recovery after the occurrence of damage. Therefore, it is necessary to develop a technology for predicting and managing the levee safety with proactive river management. In this study, a method to estimate the safety against erosion and overflow was suggested. A map of levee safety that can be used as basic data is presented by displaying the levee safety on the map. The levee erosion safety was calculated as the ratio of the internal and external force for each shore type. The levee overflow safety was calculated as the ratio of the maximum conveyance and design flood. The maximum conveyance was a discharge when the level of the river was equal to the level of the levee crown. The levee safety was classified into 5 grades: very safe, safe, normal, dangerous, and very dangerous. As a research area from downstream of Nam River Dam to Nakdong River Junction, the levee safety against erosion and overflow was estimated for all levees and all cross-sections of the river. The levee safety was displayed on a map using GIS. Through the levee safety map as a result of this study, the levee safety can be observed intuitively. Using the levee safety map, a maintenance plan for a river can be easy to build. This levee safety map can be used to help determine the priority of investment for efficient budget used.

• Economic and Environmental Geology
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• v.41 no.6
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• pp.773-795
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• 2008

The major import minerals of South Korea are copper ore, lead-zinc ore, iron ore, manganese ore and molybdenum ore. Oversea resources development of South Korea have 92 projects in 14 nations of Asia, 29 projects in 10 nations of America and Europe, and 14 projects in 9 nations of Middle Asia and Africa. But, most projects of them are found in Australia, China, Mongolia and Indonesia. The most projects of the Australia, China and Indonesia are interested in coal and a little projects of them have manganese, iron, lead-zinc, nickel, copper, gold, molybdenum, rare earth elements and uranium. The most projects of the Mongolia are interested in gold and rare earth elements. Representative ore deposits models of metal resources are Orogenic lode deposits, Volcanogenic massive sulphide deposits, Porphyry deposits, Sedimentary exhalative deposits, Mississippi valley type deposits, Iron oxide copper-gold deposits and Magmatic nickel-copper-platinum group element deposits based on global distribution, reverses and grades of their deposits models. If oversea mineral resources will be examined the mineral reserves, mineral mine production and ore deposits models of nations and then survey and investigate of mineral resources, we may be maintained ore body of high grade at survey area and decrease the investment risk.

• Cartoon and Animation Studies
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• s.48
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• pp.249-269
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• 2017

Promotion and marketing, which are essential to lower the investment risk and maximize commercial profit in the video game market. Game developers and publishers set up public relations strategies to encourage potential consumers' needs. Considering characteristics of video game, the trailer, which is the animated image advertisement material, could occupy a key position in its promotion and marketing plan. Cinematic spectacles and attractive narratives are essential ingredients for game trailers, which are usually produced in 3D animation. Dead Island is an open world first person shooters (FPS) game released in 2011. When launched, it grabbed a great attention with a trailer, awarded the Golden Lion Prize for the best internet film at the Cannes Lions International Festival of Creativity. The game was a commercial success and several spin-offs were producted. In 2014, its publisher, Deep Silver showed the official trailer of Dead Island 2 at Electronic Entertainment Expo, the world's largest game show. Dead Island 2 was scheduled to be released in 2016, but has been now delayed until 2018. This study compares and analyzes two trailers of Dead Island 1 and Dead Island 2. We examine the narrative structure of the trailer for the sequel promotion of a successful game. The differences between the two could be useful for building a promotion strategy of other game series.

• Land and Housing Review
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• v.11 no.2
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• pp.33-46
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• 2020

As the fastest growing office transaction volume in Korea, there's been a need for development of indicators to accurately diagnose the office capital market. The purpose of this paper is experimentally calculate to the office price index for effective benchmark indices in Seoul. The quantitative methodology used a Case-Shiller Repeat Sales Model (1991), based on actual multiple office transaction dataset with over minimum 1,653 ㎡ from Q3 1999 to 4Q 2019 in the case of 1,536 buildings within Seoul Metropolitan. In addition, the collected historical data and spatial statistical analysis tools were treated with the SAS 9.4 and ArcGIS 10.7 programs. The main empirical results of research are briefly summarized as follows; First, Seoul office price index was estimated to be 344.3 point (2001.1Q=100.0P) at the end of 2019, and has more than tripled over the past two decades. it means that the sales price of office per 3.3 ㎡ has consistently risen more than 12% every year since 2000, which is far above the indices for apartment housing index, announced by the MOLIT (2009). Second, between quarterly and annual office price index for the two-step estimation of the MIT Real Estate Research Center (MIT/CRE), T, L, AL variables have statistically significant coefficient (Beta) all of the mode l (p<0.01). Third, it was possible to produce a more stable office price index against the basic index by using the Moore-Penrose's pseoudo inverse technique at low transaction frequency. Fourth, as an lagging indicators, the office price index is closely related to key macroeconomic indicators, such as GDP(+), KOSPI(+), interest rates (5-year KTB, -). This facts indicate that long-term office investment tends to outperform other financial assets owing to high return and low risk pattern. In conclusion, these findings are practically meaningful to presenting an new office price index that increases accuracy and then attempting to preliminary applications for the case of Seoul. Moreover, it can provide sincerely useful benchmark about investing an office and predicting changes of the sales price among market participants (e.g. policy maker, investor, landlord, tenant, user) in the future.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.480-488
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• 2016

As the subprime mortgage crisis spread globally, it depressed not only the financial market, but also the construction business in Korea. In fact, according to CERIK, the BSI of the construction businesses plunged from 80 points in December 2006 to 14.6 points in November 2008, and the extent of the depression in the housing sector was particularly serious. In this respect, this paper analyzes the influence of the financial market fluctuation on the housing market before and after the Global Financial Crisis using VECM. The periods from January 2000 to December 2007 and January 2008 to October 2015, before and after the financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, when the economy is good, the Gangnam housing market is an attractive one for investment. However, when it is depressed, the Gangnam housing market changes in response to the macroeconomic fluctuations. Second, the Gangbuk and Gangnam housing markets showed different responses to fluctuations in the financial market. Third, when the economy is bad, the effect of low interest rates is limited, due to the housing market risk.

• Macromolecular Research
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• v.11 no.4
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• pp.207-223
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• 2003

For last five years, we are developing the novel local drug delivery devices using biodegradable polymers, especially polylactide (PLA) and poly(D,L-lactide-co-glycolide) (PLGA) due to its relatively good biocompatibility, easily controlled biodegradability, good processability and only FDA approved synthetic degradable polymers. The relationship between various kinds of drug [water soluble small molecule drugs: gentamicin sulfate (GS), fentanyl citrate (FC), BCNU, azidothymidine (AZT), pamidronate (ADP), $1,25(OH)_2$ vitamin $D_3$, water insoluble small molecule drugs: fentanyl, ipriflavone (IP) and nifedipine, and water soluble large peptide molecule drug: nerve growth factor (NGF), and Japanese encephalitis virus (JEV)], different types of geometrical devices [microspheres (MSs), microcapsule, nanoparticle, wafers, pellet, beads, multiple-layered beads, implants, fiber, scaffolds, and films], and pharmacological activity are proposed and discussed for the application of pharmaceutics and tissue engineering. Also, local drug delivery devices proposed in this work are introduced in view of preparation method, drug release behavior, biocompatibility, pharmacological effect, and animal studies. In conclusion, we can control the drug release profiles varying with the preparation, formulation and geometrical parameters. Moreover, any types of drug were successfully applicable to achieve linear sustained release from short period ($1{\sim}3$ days) to long period (over 2 months). It is very important to design a suitable formulation for the wanting period of bioactive molecules loaded in biodegradable polymers for the local delivery of drug. The drug release is affected by many factors such as hydrophilicity of drug, electric charge of drug, drug loading amount, polymer molecular weight, the monomer composition, the size of implants, the applied fabrication techniques, and so on. It is well known that the commercialization of new drug needs a lot of cost of money (average: over 10 million US dollar per one drug) and time (average: above 9 years) whereas the development of DDS and high effective generic drug might be need relatively low investment with a short time period. Also, one core technology of DDS can be applicable to many drugs for the market needs. From these reasons, the DDS research on potent generic drugs might be suitable for less risk and high return.