• Journal of Korea Trade
• /
• v.25 no.5
• /
• pp.39-57
• /
• 2021

Purpose - This research uses ocean marine insurance (OMI) statistics, international emails, focus-group interviews, and surveys to fill the gap between the theory of behavioral insurance, particularly status quo bias (SQB), and the practice of OMI in Korea. The contractual forms of OMI, the oldest and most globalized form of commercial insurance, were developed in the UK as the Institute Cargo Clauses in 1906 and revised in 1963, 1982, and 2009. SQB has been academically explored, mostly in health insurance and the financial services sector, but never in OMI. Thanks to the availability of OMI statistics in Korea, we can conduct SQB research here for the first time in this field. Design/methodology - We show the existence of SQB in the OMI of Korea through Korean statistics between 2009 and 2018, email correspondence with experts in the UK, Germany, and Japan, focus-group interviews with Korean OMI underwriters, an in-depth interview with one underwriter, and a survey of 15 OMI insureds (company representatives). Findings - We find that Korean foreign traders rely on the old-type OMI contracts developed in 1963, whereas other industrialized countries use the newest type of OMI contract developed in 2009. With a simple loss ratio analysis during 2009-2018, we show that the behavior of insurers has little to do with rational profit maximization and is instead driven by irrational bias, as they forgo the more profitable contracts provided by the new clauses by keeping the old clauses. The consistent addiction to old types of contracts in the OMI market suggests strong SQB among Korean exporters, importers, bankers, or insurers, which we confirmed in our interviews and survey. Originality/value - This research has significant originality and academic value because it reports new findings with crucial implications for the development of efficient trade practices and policy. First, this research is based on actual statistics that have not been used in previous Korean research on OMI. Second, this research shows that all-risk OMI policies provide more value to insureds, in terms of coverage given premium, than partial coverage policies, which differs from arguments previously made in Korea. Third, this research reveals strong SQB in Korea, where foreign trade plays a pivotal role in economic growth. That bias could be attributable to uninformed traders, informed but idle insurers, or conservative bankers. Fourth, to further develop foreign trade, policy initiatives are needed to review the current practices of OMI contracts and move forward with the new contract forms. All of these findings and arguments are both new and important.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.22 no.1
• /
• pp.275-284
• /
• 2021

Survival analysis was used to analyze whether there is a difference in the effect of leverage on corporate failure according to the firm size. A total of 25,250 (year-company) companies listed on the Korea Stock Exchange and KOSDAQ market from 1999 to 2019 were analyzed. First, the increase in leverage generally acts as a factor that increases the possibility of corporate failure. On the other hand, the increase in the trade payable ratio lowered the possibility of failure of the company. The increase in corporate trade payable was perceived as a factor in reducing the possibility of corporate failure because it was considered the active development of business activities or active use of interest-free debt rather than leading to an increase in corporate risk. Second, a higher leverage ratio and trade payable ratio in large firms lowered the possibility of corporate failure. In the SMEs, all types of leverage increases are a factor that increases corporate failure. Overall, the effect of leverage on corporate failure differs according to the size of the company.

• Journal of Digital Convergence
• /
• v.19 no.2
• /
• pp.93-103
• /
• 2021

S&OP(Sales and Operations Planning) is an ongoing process of periodic planning, reviewing, and evaluation through the involvement of all key stakeholders. Within this process, performance is regularly reviewed and early warning signals are generated, so that the company can react quickly to changing market and operational environment. This paper presents a framework for effective S&OP for fair alignment, accountability, teamwork, visibility, and risk management. This framework focuses on supply chain information governance, level of information sharing through S&OP, role of S&OP as coordination mechanism, APS effectivesness as a planning tool and SCM performance. In addition, a brief case study on the operating characteristics of S&OP at three Korean firms is presented. Implications of the study finding are also provided. It will also make companies that are considering the introduction of S&OP aware of the importance of S&OP, which will provide practical guidelines for the introduction of S&OP.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.3
• /
• pp.1-12
• /
• 2021

In this paper, we study empirically examined the adventurous investments in corporate venture capital (CVC) firms' investment in the U.S. based corporate venture capital industry. Unlike existing studies focusing CVC firm's characteristics related to parent corporates and regarding CVC firm as a vehicle of corporate venturing, we identified CVC firm as an independent learning agent to adapt to dynamic environment and investigate their exploration and exploitation in investments based on organizational learning theory. Specifically, we investigate the market-environmental factors affecting CVC's adventurous investment in different sector rather than previously done. First, we examined competition intensity in CVC industry might be related to CVC firm's explorative investments. Second, CVC firm's investment experiences might affect as an inertia to invest on unexperienced sector. Finally, we investigated risk preference effect on CVC firm's venturing investments. The empirical data analyzed in the study contained a total of 85 U.S. based CVC firms and their 2,306 investments from 1996 until 2017. After conducting a GEE regression analysis and a Logit regression analysis, we found the significance and direction of our independent and moderating variables strongly supported all of our four hypotheses in a highly robust manner.

• Journal of Digital Convergence
• /
• v.18 no.12
• /
• pp.243-249
• /
• 2020

This study analyzes the earnings management that can occur in the process of public offering in the process of SMEs reducing cost of capital, risks and seeking opportunities for direct financing. Since a company is subject to strict supervision during the IPO process, it is possible to prevent the phenomenon that the company value evaluated in the market is underestimated, or to perform earnings management in consideration of overestimation. This study attempted to verify the degree of earnings management through discretionary accruals and actual earnings management values that can affect the earnings ratio of the IPO of a company. For this study, total accruals were calculated and analyzed through discretionary accruals, sales, costs, and actual earnings management adjustments from production activities. As a result of the analysis, discretionary accruals, which are the countermeasures for earnings management during the listing process, have a positive(+) relationship in both the stock price return and the sales adjustment value, which can be viewed as a factor that induces high valuation. As a result of this, there may be a risk of adverse selection for the benefit amount, and information asymmetry may exist for public offering stocks. This study can provide useful guidelines for evaluating corporate value to domestic SMEs and investors that do business with Chinese companies as well as China through the current and type of earnings management of Chinese listed companies.

• Journal of Biomedical Engineering Research
• /
• v.42 no.6
• /
• pp.259-267
• /
• 2021

Recently, the market for personal health care and medical devices based on Bluetooth Low Energy(BLE) has grown rapidly. BLE is being used in various medical data communication devices based on low power consumption and universal compatibility. However, since data errors occurring in the transmission of medical data can lead to medical accidents, it is necessary to analyze the causes of errors and study methods to reduce data error. In this paper, the minimum communication speed to be used in medical devices was set to at least 800 byte/sec based on the wireless electrocardiography regulations of the Ministry of Food and Drug Safety. And the data loss rate was tested when data was transmitted at a speed higher than 800 byte/sec. The factors that cause communication data error were classified, and the relationship between each factor and the data error rate was analyzed through experiments. When there were two or more activated peripherals connected to the central, data error occurred due to channel hopping and bottleneck, and the data error rate increased in proportion to the communication distance and the number of activated peripherals. Through this experiment, when the BLE is used in a medical device that intermittently transmits biosignal data, the risk of a medical accident is predicted to be low if the number of peripherals is 3 or less. But, it was determined that BLE would not be suitable for the development of a biosignal measuring device that must be continuously transmitted in real time, such as an electrocardiogram.

• Food Science and Industry
• /
• v.55 no.1
• /
• pp.58-73
• /
• 2022

Due to the recent demand for low-calorie foods, consumers are looking for alternative sweeteners that can control blood sugar, low risk of tooth decay and low calories. Regulations for permitted sweeteners in food vary from every country, and it is important for the government and the food industry to monitor products containing these sweeteners to ensure global compliance. Therefore, rapid, precise, and accurate analysis for food matrices should be applied to quality control, market surveillance, monitoring, and evaluation of food additive intake in the food industry. To analyze sweeteners simultaneously, it is essential to develop an efficient and rapid analytical method and to perform appropriate pretreatment steps such as solvent extraction and purification. This study presented the recent analysis trends about the suitable extraction method for food matrices focusing on non-nutritive sweeteners. Additionally, techniques for multi-compounds analysis using HPLC and LC-MS/MS and non-destructive analysis techniques using FT-IR were comprehensively described.

• Journal of Environmental Health Sciences
• /
• v.48 no.5
• /
• pp.282-289
• /
• 2022

Background: Airborne fungi are ubiquitous in the air and exposure to an airborne fungus can be a significant risk factor. The composition of fungi has been potentially important for human health, especially for respiratory diseases like asthma and atopic dermatitis. Therefore, we attempted to ascertain what kind of airborne fungi affect human health at a nationwide level. Objectives: This study was carried out to provide information on indoor fungi distribution at multi-use facilities throughout South Korea. Methods: We classified our data by region and public facility after collection, cultivation, and identification via the sequencing of the ITS (internal transcribed spacer) region. We investigated whether or not the proliferation of HaCaT cells was affected by the identified airborne fungi. Results: In our data, the most isolated airborne fungi by region were Penicillium spp (Seoul, Daegu), Periconia sp (Gyeonggi-do), Iprex sp (Gangwon-do), Phanerochaete sp (Busan), Bjerkandera sp (Gwangju), and Aspergillus sp (Jeju-do). In the public facilities, the most detected fungi were Cladosporium sp (public transport), Penicillium sp (apartment house, retail market, financial institution, karaoke room), Bjerokandera sp (underground parking lot, public toilet, medical institution), Periconia sp (retail store), and Fusarium sp (general restaurant). Next, we selected twenty airborne fungi to examine their cytotoxicity and proliferation of human skin cells. In this experiment, the proliferation of the cells was influenced by most of the identified fungi. In case of the cytotoxicity test, most genera except for Rhodotorula sp and Moesziomyces sp showed cytotoxicity in HaCaT cells. Conclusions: The distribution of mold in the indoor air in multi-use facilities in South Korea differs from region to region, and this is an indicator that should be considered in future health impact studies. In addition, as a result of culturing about 20 types of bacteria dominant in indoor air, it was found that most (90%) inhibit the growth of skin cells, which can be harmful to health. An in-depth study of the health effects of floating fungi is needed.

• Resources Recycling
• /
• v.31 no.4
• /
• pp.3-11
• /
• 2022

Owing to the increasing demand for electric vehicles (EVs), appropriate management of their waste batteries is required urgently for scrapped vehicles or for addressing battery aging. With respect to technological developments, data-driven diagnosis of waste EV batteries and management technologies have drawn increasing attention. Moreover, robot-based automatic dismantling technologies, which are seemingly interesting, require industrial verifications and linkages with future battery-related database systems. Among these, it is critical to develop and disseminate various advanced battery diagnosis and assessment techniques to improve the efficiency and safety/environment of the recirculation of waste batteries. Incorporation of lithium-related chemical substances in the public pollutant release and transfer register (PRTR) database as well as in-depth risk assessment of gas emissions in waste EV battery combustion and their relevant fire safety are some of the necessary steps. Further research and development thus are needed for optimizing the lifecycle management of waste batteries from various aspects related to data-based diagnosis/classification/disassembly processes as well as reuse/recycling and final disposal. The idea here is that the data should contribute to clean design and manufacturing to reduce the environmental burden and facilitate reuse/recycling in future production of EV batteries. Such optimization should also consider the future technological and market trends.

• The Korean Society of Law and Medicine
• /
• v.22 no.4
• /
• pp.159-184
• /
• 2021

The significance of the enactment of the 「Act On The Safety Of And Support For Advanced Regenerative Medicine And Advanced Biological Products」 is to break away from the regulation of the Pharmaceutical Affairs Act and expand patient treatment opportunities through a medical technology approach to regenerative medicine, which is essentially a medical practice called 'transplantation'. However, more than a year after the law was enacted, clinical study has not been activated, with not a single high-risk study approved by the Ministry of Food and Drug Safety being approved. The reason is that despite the legal purpose of expanding patient treatment opportunities, the data requirements for clinical study approval are set in connection with drug development despite the insufficient legal basis, making it difficult for many researchers to meet the data requirements. Prior to the enactment of the Act, submitted data for clinical study on cell therapy products within the Pharmaceutical Affairs Act were cosiderably exempted from quality and non-clinical test data, but with the enforcement of the Advanced Regenerative Bio Act, quality and non-clinical test data are required in accordance with pharmaceuticals when applying for approval of a clinical study plan. To rectify this, when considering the identity of clinical study on advanced regenerative medicine to expand treatment opportunities, recognize that there are limitations in connection with drug development. And it is necessary to preserve the identity of clinical study on advanced regenerative medicine, and on the other hand, in the case of drug product approval, clinical study results should be utilized while specifying usage requirements. Therefore, with the power of the market and the voluntary motive of the clinical researcher, it is necessary to prepare the necessary data by themselves rather than the basic requirements for clinical study approval.