• The Journal of Industrial Distribution & Business
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• v.9 no.7
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• pp.53-59
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• 2018

Purpose - This study examines the effect of control-ownership wedge on stock crash risk. In Korea, controlling shareholders have exclusive control rights compared to their cash flow rights. With increasing disparity, controlling shareholders abuse their power and extract private benefits at the expense of the minority shareholders. Managers who are controlling shareholders of the companies tend not to disclose critical information that would prevent them from pursuing private interests. They accumulate negative information in the firm. When the accumulated bad news crosses a tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock prices. We predict that stock price crash likelihood due to information opaqueness increases as the wedge increases. Research design, data, and methodology - 831 KOSPI-listed firm-year observations are from KisValue database from 2005 to 2011. Control-ownership wedge is measured as the ratio (UCO -UCF)/UCO where UCF(UCO) is the ultimate cash-flow(control) rights of the largest controlling shareholder. Dependent variable CRASH is a dummy variable that equals one if the firm has at least 1 crash week during a year, and zero otherwise. Logistic regression is used to examine the relationship between control-ownership wedge and stock price crash risk. Results - Using a sample of KOSPI-listed firms in KisValue database for the period 2005-2011, we find that stock price crash risk increases as the disparity increases. Specifically, we find that the coefficient of WEDGE is significantly positive, supporting our prediction. The result implies that as controlling shareholders' ownership increases, controlling shareholders tend to withhold bad news. Conclusions - Our results show that agency problems arising from the divergence between control rights and cash flow rights increase the opaqueness of accounting information. Eventually, the accumulated bad news is released all at once, leading to stock price crashes. It could be seen that companies with high control-ownership wedge are likely to experience future stock price crashes. Our study is related to a broader literature that examined the effect of the control-ownership wedge on stock markets. Our findings suggest that the disparity is a meaningful predictor for future stock price crash risk. The results are expected to provide useful implications for firms, regulators, and investors.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.12
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• pp.730-736
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• 2019

The demand for natural gas, which is considered an environmentally friendly energy source, is increasing, and at the same time, the market share of large pipelines for natural gas supply is increasing continuously. On the other hand, the corrosion of such large pipelines reduces the efficiency of natural gas transportation. Therefore, this study aims to establish a strategy for securing the patent rights of related technologies through quantitative analysis of patents on energy-independent high-efficiency corrosion prevention technology for large-scale pipelines for natural gas supply. In this patent technology trend study, Korean, US, Japanese, and European patents filed, published, and registered by June 2018 were analyzed, and a technical classification system and classification criteria were prepared through expert discussion. To use fuel cells as an external power source to prevent the corrosion of natural gas large-scale pipelines, it is believed that rights can be claimed using an energy control system and methods having 1) branch structures of pipeline and facility designs (decompressor/compressor/heat exchanger) and 2) decompression/preheating and pressurization/cooling technology of high pressure natural gas.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.9
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• pp.474-481
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• 2018

The policy-making and technological development of eco-friendly automobiles designed to increase their supply is ongoing, but the internal combustion engine still accounts for approximately 95% of automobiles in use. To meet the stricter emission regulations of internal combustion engines based on fossil fuels, the proportion of after-treatments for vehicles and (ocean going) vessels is increasing continuously. As diesel engines have high power and good fuel economy in addition to less CO2 emissions, their market share is increasing not only in commercial vehicles, but also in passenger cars. Because of the characteristics of the diesel combustion, however, NOx is generated in localized high-temperature combustion regions, and particulates are formed in the zones of diffusion combustion. LNT and urea-SCR catalysts have been developed for the after-treatment of exhaust gas to reduce NOx in diesel vehicles. This study examined the effect of a containing promoter on SCR catalysts to cope with the severe exhaust gas regulation. The de-NOx performance of the Mn-SCR catalyst was the best, and the de-NOx performance was improved as the ion exchange rate between Mn ion and Zeolyst was good and the activation energy was low. The de-NOx performance of the 7Cu-15Ba/78Zeoyst catalyst was 32% at $200^{\circ}C$ and 30% at $500^{\circ}C$, and showed the highest performance. The NOx storage material of BaO loaded as a promoter was well dispersed in the Cu-SCR catalyst and the additional de-NOx performance of BaO was affected by the reduction reaction of the Cu-SCR catalyst. Among the three catalysts, the 7Cu-15Ba/Zeolyst SCR catalyst was resistant to thermal degradation. The same type of CuO due to thermal degradation migrates and agglomerates because BaO reduces the agglomeration of the main catalyst CuO particles.

• Journal of the Korean association of regional geographers
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• v.7 no.4
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• pp.120-145
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• 2001

Environmental risk is one of major risks in contemporary society which is often conceptualized in terms of 'risk society'. The crisis which retains such environmental risk can be characterized by 'technical hazards', rather than natural hazards in traditional societies, because of potentiality of technical control over its generation and managing process. Environmental crisis tends to be recurred due to certain limitations of response of both government and civil society. Moreover, it can be argued that generation of environmental crisis and limitations of its managing process are inherent in problematic structures in contemporary society, especially in its 4 basic elements and their characters; that is, capitalist market economy which promotes increasing profits and decreasing cost; bureaucratic representative politics which has brought about concentration of power and evasion of responsibility, instrumental science and technology which leads to blind belief on scientific knowledge and its uncertainty; and finally individualistic way of life with exclusive and passive response to crisis. This paper aims to consider the generation and managing process of environmental crisis in terms of these 4 basic elements, with comparative studies on empirical cases of the water crisis by Phenol pollution in Taegu in 1991 and the water crisis by parasites contamination in Sydney in 1998.

• Archives of design research
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• v.13 no.1
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• pp.167-178
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• 2000

Today's world has been changing form post-industrial society to information society, and criteria of human value, also, has been changing from physical to intellectual and sensible. Based on this trend, intellectual and sensible value of a product is becoming more important in comsumer's market than physical value. The environment of product design has been rapidly changing. Users and consumers pursuit sensible satisfaction through their lives based on images of products. As the environment in which a product is used has been more important, companies have placed more emphasis on consumers and users, and are trying to satisfy their consumers by developing products with emphasis on their design, as well as to develop human technology. In ever-changing environment, a question is if sensible design can be developed in product design. Companies could upgrade their competitive power and brand image only if they could develope designs which could satisfy consumers through sensible design approach with a base on systematic research on h~man sensibility. In this context, the purpose of this study was to: investigate consumer's evaluations on and preferences for formative images of products according to the types of human sensibility. This research study placed emphasis on quantitative analysis of consumers' emotional needs to find out consumer's evaluations on and preferences for formative images of products. The researcher reviewed related literature on human sensibility and design, as well as G-Kansei and product design. Data were collected through a questionnaire and analyzed through a statistical program, and highly effective design strategy was investigated through analysis of data and interpretation of the results.

• Journal of Energy Engineering
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• v.25 no.3
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• pp.41-50
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• 2016

This study examined the combustion characteristics and emissions, fuel economy, acceleration by selecting the two fuel with octane number difference to investigate the effect on the combustion characteristics and performance of the vehicle according to the octane number. First, a single-cylinder engine was used for the combustion characteristic experiment, Of the fuel, which is distributed on the market by the selection of two different octane fuel it is performed experiments. Single cylinder experiment examined the combustion characteristics that appear when you gradually advancing the ignition timing by the ignition timing and air-fuel ratio control for each fuel and through an output, emissions, pressure, hence examined the correlation between by octane number. In addition through the actual vehicle compared the changes in the fuel octane number difference, through acceleration tests examined the impact of the octane number requirements for high-performance segment. As a result, fuel of high octane number in accordance with the ignition timing the advancing showed a slightly stable combustion characteristics, a slight increase occurred in the acceleration test and power. However, both fuel does not significantly differ from the current mode, simulating the urban and highway fuel efficiency. Therefore, the operating conditions of the vehicle currently being sold on the Effects of high-octane fuel. fuel efficiency was found insufficient.

• Asia pacific journal of information systems
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• v.21 no.2
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• pp.59-87
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• 2011

These days, firms are focusing on the improvement of relationships with business partners. The supply chain integrations are taking critical role in improving the relationships with business partners. In accordance with the development of the IT technology, it became possible for firms not only to integrate inner parts of the organization, but also to integrate the company with other organizations in the supply chain. Therefore, in e-Biz environments, it is imperative for firms to strengthen the core capacity through the supply chain, and to precisely determine the components of the determinants of e-Business integration which impact the firm performance. This study analyzed determinants that have impacts on e-business integration in e-business capacity perspectives in competitive environments. This study based on the premise that the resources and capacities that Grant(1991) and Hart(1995) emphasized do not directly influence the corporate performance. This study focused on the fact that corporate must create core competencies based on these capacities to establish competitive edge. Therefore, this study model analyzed to find out which e-Biz competencies are needed to integrate e-Biz according to competitive environment elements. This study designed to empirically analyze the impact of the e-Biz competencies to the e-Biz integration and to the corporate performance. Independent variables of this study-IT management, partner management, e-Biz knowledge, e-Biz establishment and proliferation, process innovation-are selected based on precedent studies on e-Biz competencies. We selected intermediate variables to verify that e-Biz competencies do not have direct impact on the corporate performance, but have impact on the e-Biz integration, which is intermediate effect. That is to verify that if the components of supply chain improve the integration level using e-Biz competencies, the overall supply chain performances will improve. Dependent variables are selected to verify that e-Biz integration has impacts on corporate performances. This study used factor analysis, path analysis, moderating effect analysis as statistical tests. First, we used exploratory factor analysis and confirmatory factor analysis to analyze reliability and validity. Because e-Biz competencies are presented variously by preceding studies, we used SPSS16.0 to verify if survey questionnaire used by theoretical backgrounds is properly composed. Second, we tested the property of structure model by AMOS. We did path analysis using AMOS16.0 to test structure that is composed of e-Biz competencies and e-Biz integration. Last, we tested moderating effects of measure factors. We analyzed 163 domestic companies to find out many significant suggestive points. First, relationship improvement capacity, e-business knowledge sharing capacity with business partners, and process innovation capacity are adopted as determinants of differentiation and competitive edges against competing firms. Second, e-business knowledge sharing capacity, and process innovation capacity are analyzed as the determinants of e-business integration in the firm which demand fluctuation in the market is high. On the other hand, among the determinants that require capturing ideas on new products, and strengthening the technological power, process innovation capacity are adopted as the determinants. These results provide us the foundation that the determinants that we have analyzed can impact the supply chain integration strategies which take into account the competitive environments.

• Land and Housing Review
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• v.4 no.1
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• pp.43-54
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• 2013

This This paper investigates the variation of the factors to determinate housing price in Seoul metropolitan area after sub-prime financial crisis, in Korea, using a VAR model. The model includes housing price and housing rent (Jeonse) in Seoul metropolitan area from 1999 to 2011, and uses interest rate, real GDP, KOSPI, Producer Price Index and practices to impulse response and variance decomposition analysis to grasp the dynamic relation between a variable of macro economy and and a variable of housing price. Data is classified to 2 groups before and after the 3rd quater of 2008, when sub-prime crisis occurred; one is from the 1st quater of 1999 to the 3rd quater of 2008, and the other is from the 2nd quater of 1999 and the 4th quater of 2011. As a result, comparing before and after sub-prime crisis, housing price is more influenced by its own variation or Jeonse price's variation instead of interest rate and KOSPI. Both before and after sub-prime financial crisis, Jeonse price is also influenced by its own variation and housing price. While after sub-prime financial crisis, influences of Producer Price Index, KOSPI and interest rate were weakened, influence of real GDP is expanded. As housing price and housing rent are more influenced by real economy factors such as GDP, its own variation than before sub-prime financial crisis, the recent trend that the house prices is declined is difficult to be converted, considering domestic economic recession and uncertainty, continued by Europe financial crisis. In the future to activate the housing business, it ia necessary to promote purchasing power rather than relaxation of financial and supply regulation.

• The Journal of the Korea Contents Association
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• v.20 no.1
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• pp.304-316
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• 2020

Laos is rich in natural resources but lacks the capital to develop them. Partly alleviating the shortage is FDI from neighboring countries, especially Thailand. Not only does this contribute to directly increasing GDP by increasing effective demand, it also has an additional GDP increase effect by expanding Laos' production capacity. Laos' exports mostly consist of mineral resources and electricity. This, too, contributes to an increase in GDP by increasing the effective demand. Thailand accounts for more than 40 percent of Laos' exports. This paper tries to confirm the economic impact on Laos in Thailand through a econometric analysis of Laos' GDP, Laos' exports to Thailand and Thailand's FDI to Laos. It turns out that economic ties with Thailand, including exports to Thailand and Thailand's FDI, play a very important role in Laos' economic growth. Laos recently recorded relatively robust economic growth, but its driving force is weak. That's because Laos' growth engines are very limited and have no resilience to external shocks. Moreover, economic growth has not been linked to an increase in employment because the economy is not diversified and growth in the hydroelectric power sector does not lead to growth in other sectors. Given this, Laos needs to actively take advantage of its geographical proximity to Thailand. It is necessary to create a more active environment for the inflow of FDI in Thailand, to foster resource-based and labor-based manufacturing to take advantage of the Thai market.

• The Journal of the Korea Contents Association
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• v.15 no.2
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• pp.151-162
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• 2015

A theme park is a complex space, in which held is a performance & exhibition event created to make visitors feel fun and a deep impression through a certain theme. Recently, local governments are increasingly planning for theme parks with the aim of local economy revitalization. Accordingly, this paper set up a development model for a Korean culture theme park after deducting success factors for creating a successful theme park through the case of Korean culture theme park. To be concrete, this paper deducted the success factors through literature research and case research as follows: Setting of themes having identity and consistency; programs that can give fun and a deep impression; convenient support facilities reflecting customers' needs; differentiated marketing for progress in customer attraction power; location linked with cultural resources around a theme park and a space for communicating a message; privately-initiated project promotion and the main body of operation; target setting consequent on market segmentation, and demand forecast, etc. A theme park cannot be successfully operated to contribute to local economy revitalization until such success factors should be closely linked and harmonized with each other. In addition, in order for a theme park to make a continued growth, it's required that problems occurring at the operational stage should be endlessly improved, and contents strengthening should be continuously done in line with circumstances of the times and viewers' eye level.