• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.4
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• pp.1-34
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• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.

• Pediatric Gastroenterology, Hepatology & Nutrition
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• v.10 no.2
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• pp.185-192
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• 2007

Purpose: This study was conducted to evaluate the role of adiponectin, leptin, and tumor necrosis factor-${\alpha}$ (TNF-${\alpha}$) in the pathogenesis of non-alcoholic fatty liver disease (NAFLD) in obese children, and to elucidatethe relationship between these adipokines and insulin resistance. Methods: A total of 61 obese children (M : F=42 : 19, mean age 11.2${\pm}$1.3 years) admitted to our facility between March 2004 and June 2005 were included in this study. Patients were divided into three groups based on their NAFLD status obese children without fatty liver (N=23); obese children with simple steatosis (N=20); and obese children with non-alcoholic steatohepatitis (NASH) (N=18). The serum levels of adiponectin, leptin, and TNF-${\alpha}$ were measured, and insulin resistance determined by homeostasis model assessment (HOMA-IR) was calculated to estimate insulin resistance. In addition, the VSR (visceralsubcutaneous fat ratio) was estimated using abdominal computed tomography. Results: There was no difference in serum TNF-${\alpha}$ and leptin levels observed between the 3 groups (22.13${\pm}$6.37 vs. 21.35${\pm}$6.95 vs. 25.17${\pm}$9.30; p=0.342 & 20.29${\pm}$8.57 vs. 16.42${\pm}$6.85 vs. 20.10${\pm}$7.86; p=0.330). However, the serum adiponectin level was significantly lower in children with non-alcoholic steatohepatitis (NASH) than in the other two groups (6.08${\pm}$1.38 in children without steatosis vs. 5.69${\pm}$0.79 in simple steatosis vs. 4.93${\pm}$1.75 in NASH; p=0.026). In addition, the VSR was significantly increased in the NASH group (0.31${\pm}$0.08 vs. 0.32${\pm}$0.11 vs. 0.47${\pm}$0.14; p=0.001), and HOMA-IR revealed a significant difference among the three groups (4.77${\pm}$3.67 vs. 6.89${\pm}$7.05 vs. 10.42${\pm}$6.73; p=0.000). However, there was no significant correlation observed between the adiponectin levels and the HOMA-IR or the VSR (r=-0.117; p=0.450 & r=-0.106; p=0.499). Conclusion: Insulin resistance may affect the development of hepatic steatosis and steatohepatitis in children, and the results of this study suggest that, of several adipokines evaluated, adiponectin is important in the progression of steatosis to steatohepatitis in obese children.

• Environmental and Resource Economics Review
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• v.24 no.3
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• pp.573-605
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• 2015

This study proposed scenarios of tax reform regarding taxation on bituminous coal for power generation since July 2015 and July 2014, estimated its impact on SMP, settlement price, tax revenue from year 2015 to year 2029. These scenarios are compared with those of the standard scenario. To estimate them, the power system simulation was performed based on the government plan, such as demand supply program and the customized model to fit Korea's power system and operation. Imposing a tax on bituminous coal for power generation while maintaining tax neutrality reducing tax rate on LNG, the short-term SMP is lowered than the one of the standard scenario. Because the cost of nuclear power generation is still smaller than costs of other power generation, and the nuclear power generation rarely determines SMPs, the taxation impact on SMP is almost nonexistent. Thus it is difficult to slow down the electrification of energy consumption due to taxation of power plant bituminous coal in the short term, if SMP and settlement price is closely related. However, in the mid or long term, if the capacity of coal power plant is to be big enough, the taxation of power plant bituminous coal will increase SMP. Therefore, if the tax reform is made to impose on power plant bituminous coal in the short term, and if the tax rate on LNG is to be revised after implementing big enough new power plants using bituminous coal, the energy demand would be reduced by increasing electric charges through energy tax reform. Both imposing a tax on power plant bituminous coal and reducing tax rate on LNG increase settlement price, higher than the one of the standard scenario. In the mid or long term, the utilization of LNG complex power plants would be lower due to an expansion of generating plants, and thus, the tax rate on LNG would not affect on settlement price. Unlike to the impact on SMP, the taxation on nuclear power plants has increased settlement price due to the impact of settlement adjustment factor. The net impact of energy taxation will depend upon the level of offset between settlement price decrease by the expansion of energy supply and settlement price increase by imposing a tax on energy. Among taxable items, the tax on nuclear power plants will increase the most of additional tax revenue. Considering tax revenues in accordance with energy tax scenarios, the higher the tax rate on bituminous coal and nuclear power, the bigger the tax revenues.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.99-123
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• 2004

We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.

• Journal of Preventive Medicine and Public Health
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• v.28 no.4 s.51
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• pp.795-807
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• 1995

This study was carried out from 1993 to 1994 in the small industries in Incheon. The objectives of this study was in order to estimate the quitting rate, to identify its relating factors and to propose effective quitting management policy in the small industries. The results were as follows ; 1. The quitting rate of 266 study workers was 42.1%(112 workers). 2. Age, working duration, position, marrital status were significant difference between the quitting group and the non - quitting group. In the quitting group, mean age was young, working duration was short, general employees and unmarried workers were many compared with the non - quitting group. 3. In the industry characteristics, total assets, total assets, sales per person, establishment duration and occupational health and safely status were significant difference between the quitting group and the non - quitting group. In the quitting group, total assets, total sales and sales per person were little, establishment duration of company was short and occupational health and safety status were poor compared with the non - quitting group. 4. In the quitting group, worker's response to employer's disposal about health and safety was more passive and the relation to employer with employee was significantly poor compared with the non - quitting group. 5. Multiple logistic regression analysis of quitting against family income per person, working duration, relation to employer with employee, occupational health and safety status in industry, worker's response to employer's disposal about health and safety and sales per person was done. Working duration, occupational health and safety status, worker's response to employer'1 disposal about health and safety were significant explainatory variables for quitting. Above results showed that the quitting rate was high and it was significant difference between the quitting group and non : quitting group according to characteristics of workers and of industries. Especially, it suggested that working duration, occupational health and safety status and worker's response to employer's disposal about health and safety were significant quitting factor. Therefore, it should be reflected in the quitting management and the policy of steady employment.

• Korean Journal of Soil Science and Fertilizer
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• v.43 no.5
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• pp.705-715
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• 2010

The adoption of carbon foot print system is being activated mostly in the developed countries as one of the long-term response towards tightened up regulations and standards on carbon emission in the agricultural sector. The Korean Ministry of Environment excluded the primary agricultural products from the carbon foot print system due to lack of LCI (life cycle inventory) database in agriculture. Therefore, the research on and establishment of LCI database in the agriculture for adoption of carbon foot print system is urgent. Development of LCA (life cycle assessment) methodology for application of LCA to agricultural environment in Korea is also very important. Application of LCA methodology to agricultural environment in Korea is an early stage. Therefore, this study was carried out to find out the effect of lettuce cultivation on agricultural environment by establishing LCA methodology. Data collection of agricultural input and output for establishing LCI was carried out by collecting statistical data and documents on income from agro and livestock products prepared by RDA. LCA methodology for agriculture was reviewed by investigating LCA methodology and LCA applications of foreign countries. Results based on 1 kg of lettuce production showed that inputs including N, P, organic fertilizers, compound fertilizers and crop protectants were the main sources of major emission factor during lettuce cropping process. The amount of inputs considering the amount of active ingredients was required to estimate the actual quantity of the inputs used. Major emissions due to agricultural activities were $N_2O$ (emission to air) and ${NO_3}^-$/${PO_4}^-$ (emission to water) from fertilizers, organic compounds from pesticides and air pollutants from fossil fuel combustion in using agricultural machines. The softwares for LCIA (life cycle impact assessment) and LCA used in Korea are 'PASS' and 'TOTAL' which have been developed by the Ministry of Knowledge Economy and the Ministry of Environment. However, the models used for the softwares are the ones developed in foreign countries. In the future, development of models and optimization of factors for characterization, normalization and weighting suitable to Korean agricultural environment need to be done for more precise LCA analysis in the agricultural area.

• Journal of Korean Society of Forest Science
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• v.70 no.1
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• pp.28-37
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• 1985

In order to estimate breast-height form factors of Pinus thunbergii and Cryptomeria japonica, 8 models based on tree age, diameter at breast height and tree height were suggested and evaluated. It was the following equations that turned out to be most fit for estimating them; for Pinus thunbergii, $F=0.553-4.567\;1/A+71.409\;1/A^2$ ($R^2=0.928$), based on tree age, ($6.727^{**}$) ($14.100^{**}$) $F=0.356+1.774\;1/D-0.770\;1/D^2$ ($R^2=0.944$), based on diameter at breast height, ($15.102^{**}$) ($2.908^{**}$) $F=0.316+1.546\;1/H+0.397\;1/H^2$ ($R^2=0.941$), based on tree height, ($8.380^{**}$) ($3.896^{**}$) for Cryptomeria japonica, $F=0.400+2.348\;1/A+17.053\;1/A^2$ ($R^2=0.889$), based on tree age, ($3.501^{**}$) ($3.298^{**}$) $F=0.353+2.118\;1/D-1.462\;1/D^2$ ($R^2=0.923$), based on diameter at breast height, ($14.873^{**}$) ($3.545^{**}$) $F=0.403+0.427\;1/H+2.843\;1/H^2$ ($R^2=0.887$), based on tree height. ($3.254^{**}$) ($5.742^{**}$) The above estimated breast-height form factors proved to be overestimated for young trees and small diameter trees, and to be underestimated for old trees and large diameter trees, in comparison to generally accepted figure in Korea, that is, the form factor of 0.45.

• Asia pacific journal of information systems
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• v.20 no.3
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• pp.115-137
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• 2010

Information technology (IT) outsourcing, the use of a third-party vendor to provide IT services, started in the late 1980s and early 1990s in Korea, and has increased rapidly since 2000. Recently, firms have increased their efforts to capture greater value from IT outsourcing. To date, there have been a large number of studies on IT outsourcing. Most prior studies on IT outsourcing have focused on outsourcing practices and decisions, and little attention has been paid to objectively measuring the value of IT outsourcing. In addition, studies that examined the performance of IT outsourcing have mainly relied on anecdotal evidence or practitioners' perceptions. Our study examines the contribution of IT outsourcing to economic growth in Korean industries over the 1990 to 2007 period, using a production function framework and a panel data set for 54 industries constructed from input-output tables, fixed-capital formation tables, and employment tables. Based on the framework and estimation procedures that Han, Kauffman and Nault (2010) used to examine the economic impact of IT outsourcing in U.S. industries, we evaluate the impact of IT outsourcing on output and productivity in Korean industries. Because IT outsourcing started to grow at a significantly more rapid pace in 2000, we compare the impact of IT outsourcing in pre- and post-2000 periods. Our industry-level panel data cover a large proportion of Korean economy-54 out of 58 Korean industries. This allows us greater opportunity to assess the impacts of IT outsourcing on objective performance measures, such as output and productivity. Using IT outsourcing and IT capital as our primary independent variables, we employ an extended Cobb-Douglas production function in which both variables are treated as factor inputs. We also derive and estimate a labor productivity equation to assess the impact of our IT variables on labor productivity. We use data from seven years (1990, 1993, 2000, 2003, 2005, 2006, and 2007) for which both input-output tables and fixed-capital formation tables are available. Combining the input-output tables and fixed-capital formation tables resulted in 54 industries. IT outsourcing is measured as the value of computer-related services purchased by each industry in a given year. All the variables have been converted to 2000 Korean Won using GDP deflators. To calculate labor hours, we use the average work hours for each sector provided by the OECD. To effectively control for heteroskedasticity and autocorrelation present in our dataset, we use the feasible generalized least squares (FGLS) procedures. Because the AR1 process may be industry-specific (i.e., panel-specific), we consider both common AR1 and panel-specific AR1 (PSAR1) processes in our estimations. We also include year dummies to control for year-specific effects common across industries, and sector dummies (as defined in the GDP deflator) to control for time-invariant sector-specific effects. Based on the full sample of 378 observations, we find that a 1% increase in IT outsourcing is associated with a 0.012~0.014% increase in gross output and a 1% increase in IT capital is associated with a 0.024~0.027% increase in gross output. To compare the contribution of IT outsourcing relative to that of IT capital, we examined gross marginal product (GMP). The average GMP of IT outsourcing was 6.423, which is substantially greater than that of IT capital at 2.093. This indicates that on average if an industry invests KRW 1 millon, it can increase its output by KRW 6.4 million. In terms of the contribution to labor productivity, we find that a 1% increase in IT outsourcing is associated with a 0.009~0.01% increase in labor productivity while a 1% increase in IT capital is associated with a 0.024~0.025% increase in labor productivity. Overall, our results indicate that IT outsourcing has made positive and economically meaningful contributions to output and productivity in Korean industries over the 1990 to 2007 period. The average GMP of IT outsourcing we report about Korean industries is 1.44 times greater than that in U.S. industries reported in Han et al. (2010). Further, we find that the contribution of IT outsourcing has been significantly greater in the 2000~2007 period during which the growth of IT outsourcing accelerated. Our study provides implication for policymakers and managers. First, our results suggest that Korean industries can capture further benefits by increasing investments in IT outsourcing. Second, our analyses and results provide a basis for managers to assess the impact of investments in IT outsourcing and IT capital in an objective and quantitative manner. Building on our study, future research should examine the impact of IT outsourcing at a more detailed industry level and the firm level.

• Korean Journal of Ecology and Environment
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• v.49 no.3
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• pp.236-243
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• 2016

It was a case study to use as a basic data for efficient the preservation and management of subalpine coniferous forest in national parks. It is based on inhabitation condition of 210 individuals of Abies koreana Wilson that was found through local investigation in the sub-alpine zone of Jirisan National Park and Songnisan National Park. It analyzed the effect of the geographical location and topographical features, which are the basics of location environment, on the growth of A. koreana. The variables related to the growth of A. koreana are tree height and diameter at breast height. Topographical features include geographical longitude, altitude above sea level, slope of the mountains, aspect that describes the direction in which a slope faces and topographical wetness index. Topographical features were extracted through GIS spatial analysis. It used canonical correlation analysis to estimate whether the two variables groups have related to each other and how much they are related, if any, and estimated the effect of the geographical and topographical features on the growth structure of A. koreana using multiple regression analysis. The tree height and diameter at breast height that represent the growth structure of A. koreana show greater relation to geographical latitude distribution than topographical feature and the geographical and topographical factors show greater relation to diameter at breast height than tree height. The growth structure's variable and geographical and topographical variable of A. koreana have meaningful relation and the result shows that geographical and topographical variables explain 18.1% of the growth structure. The variables that affect the diameter at breast height of A. koreana are geographical latitude, topographical wetness index, aspect and altitude, which are put in order of statistical significance. The higher the latitude is, the smaller the diameter at breast height. Depending on the topographical feature, it becomes bigger. The variable that affects the tree height is topographical wetness index, which was the only meaningful variable. Overall, the tree height and diameter at breast height that are related to the growth structure of A. koreana are affected by geographical and topographical feature. It showed that the geographical feature affected it the most. Especially the effect of water among the topographical features is expected to be bigger than the other topographical factors. Based on the result, it is expected that geographical and topographical feature is an important factor for the growth structure of A. koreana. Even though it considered only the geographical and topographical features and used spatial analysis data produced by GIS, the research results will be useful for investigating and researching the growth environment of coniferous forest inhabiting in sub-alpine zone of national parks and are expected to be used as basic data for establishing measures to efficiently manage and preserve evergreen needleaf tree such as A. koreana.

• International Commerce and Information Review
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• v.13 no.4
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• pp.485-516
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• 2011

Republic of Korea is small nation that is comprised of 0.7% of the world population and occupying just 0.07% of the world territory. Despite this, Republic of Korea once again proved herself to be as the world's major economic powerhouse by becoming the world's 7th largest exporter in 2010. However, the reality is that Republic of Korea is still significantly concerned about the volatile economic nature and anxiety that is spread across the globe since the global depression that began at the end of 2008 and the financial crisis that has been threatening the Euro-Zone recently. This has resulted in the nation reaching the limitation in significant economic growth and limited creation of jobs within the nation and due to such circumstances, the nation is becoming more aware of the fact that she needs to pay more attention on the service sector and service exports if she was to see a more positive economic outlook in the upcoming future. This research is aimed to analyse the cost that is associated with the service export sector, by examining a number of enterprises in relation to the MICE(Meeting Incentives Convention Exhibition) industry which certainly has both direct and indirect influences on the service exports of the nation Further, the prime goal of the research is to encourage the SMEs of Korea, who have substandard experience associated to foreign exports, to intensify and increase service exports and also the goal extends to the degree to suggest appropriate assistance measures to aid these enterprises to achieve such goals. This research is fundamentally designed and based on the literature research associated with the MICE industry and also, this research is premeditated through the analysis of the case of exports to Vietnam. As the result of research, it has been found out that SMEs in the MICE industry and those of in service export sector are reluctant or even feel insecure to attempt any kind of export of their services mainly due to; the lack of foreign market information and also the lack of experience associated with service exports. Furthermore, it has also been revealed that the difficulty to estimate the validity and profitability of service the export is a significant factor withholding those enterprises from attempting any service export to the foreign markets. Henceforth, in order to aid and stimulate service export to the foreign markets by these SMEs (including those in association with the MICE industry), it is imperative to prepare an one-stop service export assistance program which would provide the information associated with marketing, law and legislation, taxation system and financial area in regard to the global markets.