• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.51-79
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• 1990

Research on technical efficiency, an important dimension of market performance, had received little attention until recently by most industrial organization empiricists, the reason being that traditional microeconomic theory simply assumed away any form of inefficiency in production. Recently, however, an increasing number of research efforts have been conducted to answer questions such as: To what extent do technical ineffciencies exist in the production activities of firms and plants? What are the factors accounting for the level of inefficiency found and those explaining the interindustry difference in technical inefficiency? Are there any significant international differences in the levels of technical efficiency and, if so, how can we reconcile these results with the observed pattern of international trade, etc? As the first in a series of studies on the technical efficiency of Korea's manufacturing industries, this paper attempts to answer some of these questions. Since the estimation of technical efficiency requires the use of plant-level data for each of the five-digit KSIC industries available from the Census of Manufactures, one may consture the findings of this paper as empirical evidence of technical efficiency in Korea's manufacturing industries at the most disaggregated level. We start by clarifying the relationship among the various concepts of efficiency-allocative effciency, factor-price efficiency, technical efficiency, Leibenstein's X-efficiency, and scale efficiency. It then becomes clear that unless certain ceteris paribus assumptions are satisfied, our estimates of technical inefficiency are in fact related to factor price inefficiency as well. The empirical model employed is, what is called, a stochastic frontier production function which divides the stochastic term into two different components-one with a symmetric distribution for pure white noise and the other for technical inefficiency with an asymmetric distribution. A translog production function is assumed for the functional relationship between inputs and output, and was estimated by the corrected ordinary least squares method. The second and third sample moments of the regression residuals are then used to yield estimates of four different types of measures for technical (in) efficiency. The entire range of manufacturing industries can be divided into two groups, depending on whether or not the distribution of estimated regression residuals allows a successful estimation of technical efficiency. The regression equation employing value added as the dependent variable gives a greater number of "successful" industries than the one using gross output. The correlation among estimates of the different measures of efficiency appears to be high, while the estimates of efficiency based on different regression equations seem almost uncorrelated. Thus, in the subsequent analysis of the determinants of interindustry variations in technical efficiency, the choice of the regression equation in the previous stage will affect the outcome significantly.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.62 no.4
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• pp.333-345
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• 2017

The potato tuber is known as a rich source of essential nutrients, used throughout the world. Although potato-breeding programs share some priorities, the major objective is to increase the genetic potential for yield through breeding or to eliminate hazards that reduce yield. Glycoalkaloids, which are considered a serious hazard to human health, accumulate naturally in potatoes during growth, harvesting, transportation, and storage. Here, we used the AMMI (additive main effects and multiplicative interaction) and GGE (Genotype main effect and genotype by environment interaction) biplot model, to evaluate tuber yield stability and glycoalkaloid content in six potato cultivars across three locations during 2012/2013. The environment on tuber yield had the greatest effect and accounted for 33.0% of the total sum squares; genotypes accounted for 3.8% and $G{\times}E$ interaction accounted for 11.1% which is the nest highest contribution. Conversely, the genotype on glycoalkaloid had the greatest effect and accounted for 82.4% of the total sum squares), whereas environment and $G{\times}E$ effects on this trait accounted for only 0.4% and 3.7%, respectively. Furthermore, potato genotype 'Superior', which covers most of the cultivated area, exhibited high yield performance with stability. 'Goun', which showed lower glycoalkaloid content, was the most suitable and desirable genotype. Results showed that, while tuber yield was more affected by the environment, glycoalkaloid content was more dependent on genotype. Further, the use of the AMMI and GGE biplot model generated more interactive visuals, facilitated the identification of superior genotypes, and suggested decisions on a variety of recommendations for specific environments.

• Korean Journal of Agricultural and Forest Meteorology
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• v.11 no.4
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• pp.162-173
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• 2009

Information on the expected geographical shift of suitable zones for growing crops under future climate is a starting point of adaptation planning in agriculture and is attracting much concern from policy makers as well as researchers. Few practical schemes have been developed, however, because of the difficulty in implementing the site-selection concept at an analytical level. In this study, we suggest site-selection criteria for quality Fuji apple production and integrate geospatial data and information available in public domains (e.g., digital elevation model, digital soil maps, digital climate maps, and predictive models for agroclimate and fruit quality) to implement this concept on a GIS platform. Primary criterion for selecting sites suitable for Fuji apple production includes land cover, topography, and soil texture. When the primary criterion is satisfied, climatic conditions such as the length of frost free season, freezing risk during the overwintering period, and the late frost risk in spring are tested as the secondary criterion. Finally, the third criterion checks for fruit quality such as color and shape. Land attributes related to these factors in each criterion were implemented in ArcGIS environment as relevant raster layers for spatial analysis, and retrieval procedures were automated by writing programs compatible with ArcGIS. This scheme was applied to the A1B projected climates for South Korea in the future normal years (2011-2040, 2041-2070, and 2071-2100) as well as the current climate condition observed in 1971-2000 for selecting the sites suitable for quality Fuji apple production in each period. Results showed that this scheme can figure out the geographical shift of suitable zones at landscape scales as well as the latitudinal shift of northern limit for cultivation at national or regional scales.

• Journal of radiological science and technology
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• v.40 no.4
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• pp.647-655
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• 2017

This study was conducted to review the mediating effects of retirement preparation in how the degree of requirements for retirement education and the degree of preparation for retirement education affects quality of life, and how the degree of participation in retirement education which is a moderating variable is moderated. The study findings show that first, in terms of the difference in quality of life across different general characteristics, those who live in a city rather than a Gun, those who had received education of graduate school or higher rather than those with an education of undergraduate university programs or lower, those who were public officers or employees of corporations rather than those who were self-employed had a higher quality of life. The group satisfied with their economic status and health status were found to be more satisfied with their quality of life. Second, a correlation analysis showed that there was a positive correlation between retirement preparation, quality of life, and degree of requirements for retirement preparation. Moreover, there was also a positive correlation between quality of life, retirement education and the degree of requirements for retirement education. There was a positive correlation between retirement education and the degree of requirements for retirement preparation. Third, participation in retirement education moderated the indirect effect that the degree of preparation for retirement education affected quality of life through the degree of retirement preparation. In other words, the degree of requirements for retirement education affects retirement preparation and affects quality of life through the indirect effects of retirement education. As such, the moderated mediating effects of retirement education on retirement preparation was found to be greater. This indicates that quality of life may also vary in accordance with the requirements for retirement education.

• Korean Security Journal
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• no.28
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• pp.153-179
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• 2011

Korea has been a victim of State supporting terrorism by North Korea even before international society realize the terrorism threats because of 9.11 in US. However, state supporting terrorism against South Korea by North Korea went along with East/West Cold War System by US and the Soviet Union. It is because socialism that Kim Il-sung who established a separate government in North Korea with the political, economic, social and military support of the Soviet Union selected as his political ideology justifies terrorism as the tool to complete the proletariat revolution. North Korea's state supporting terrorism is being operated systematically and efficiently by military of North Korea. It gives big worries to international society not only by performing terrorism against Korea but also by dispatching terrorists and exporting terrorism strategies to the third world countries. In this situation, terrorism against Korea has met a new transition point at 9${\cdot}$11 in US. As South Korea is confronting North Korea and the war has not ended but suspended, the alliance between US and Korea is more important than anything else. Because of this Korea decided to support the anti-terrorism wars against Afghanistan and Iraq of US and other western countries and send military force there. The preface of the anti-terrorism war has begun as such. On October 7, 2001, US and UK started to attack Afghanistan and Taleban government in Afghanistan was dethroned on December 7, 2001. US and western countries started a war against Iraq on March 20, 2003. On April 9, 2003 Baghdad, the capital of Iraq fell, and Saddam Hussein al-Majid al-Awja government was expelled. During the process, the terrorism threat against South Korea has expanded to Arab terrorists and terrorism organizations as well as North Korea. Consequently, although Korean government, scholars and working level public servants made discussions and tried to seek countermeasures, the damages are extending. Accordingly, terrorism against Korean companies in overseas after 9${\cdot}$11 were analyzed focusing on Nation, Region, Victimology, and Weapons used for the attacks. Especially, the trend of terrorism against the Korean companies in overseas was discussed by classifying them chronologically such as initiation and termination of anti-terrorism wars against Afghanistan and Iraq, and from the execution of Iraqi President, Saddam Hussein al-Majid al-Awja to December 2010. Through this, possible terrorism incidents after the execution of Osama bin Laden, the leader of Al-Qaeda, on May 2, 2011 were projected and proposals were made for the countermeasures.

• Journal of Technology Innovation
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• v.17 no.2
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• pp.55-80
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• 2009

Technology innovation activity plays a pivotal role in constructing the entrance barrier for other firms and making process improvement and new product. and these activities give a profit increase and growth to firms. Thus, technology innovation activity can reduce the default risk of firms. However, technology innovation activity can also increase the firm's default risk because technology innovation activity requires too much investment of the firm's resources and has the uncertainty on success. The purpose of this study is to examine the effect of technology innovation activity on the default risk of firms. This study's sample consists of manufacturing firms listed on the Korea Securities Market and The Kosdaq Market from January 1,2000 to December 31, 2008. This study makes use of R&D intensity as an proxy variable of technology innovation activity. The default probability which proxies the default risk of firms is measured by the Merton's(l974) debt pricing model. The main empirical results are as follows. First, from the empirical results, it is found that technology innovation activity has a negative and significant effect on the default risk of firms independent of the Korea Securities Market and Kosdaq Market. In other words, technology innovation activity reduces the default risk of firms. Second, technology innovation activity reduces the default risk of firms independent of firm size, firm age, and credit score. Third, the results of robust analysis also show that technology innovation activity is the important factor which decreases the default risk of firms. These results imply that a manager must show continuous interest and investment in technology innovation activity of one's firm. And a policymaker also need design an economic policy to promote the technology innovation activity of firms.

• Korean Journal of Food Science and Technology
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• v.34 no.6
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• pp.977-983
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• 2002

This study was performed to establish the precise and rapid method to distinguish croakers through the pigment analysis of colored imported white croakers for adultration. We surveyed the coloring behaviors, extraction test by water and organic solvent and using pigments such as targeting, curcumine, and azo dye products. The pigment of yellow croaker is not stained on wet cloth or tissue which is rubbed on epidermis of yellow croaker and was not eluted in water extraction test, while adulterated pigments were easily extracted by water and acetone, but edible diluted yellow, Yellow No. 4 and Yellow No. 5 were not extracted. Reactive pigment was detected easily by extraction with water and dispersed pigment was also detected by extraction test. As a result of discoloring characteristics of carotene having similar structure to yellow croaker and azo dye by oxidation and reduction, azo dyes were not discolored by oxidation with sodium percarbonate or peracetic acid but that were discolored by oxidation with Fenton reagent after 1hr and by hypochlorite promptly. On the other hand, carotenes were not discolored by sodium precarbonate and Fenton reagent but discolored by sodium hypochlorite after 2 hr and by peracetic acid promptly. Azo dyes were discolored by reduction with sodium hydrosulfite and sodium carbonate but carotenes were not discolored by these reagents. This discoloring test was applicable to detect adulterated pigments and other marine product.

• Korean Journal of Social Welfare Studies
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• v.47 no.1
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• pp.29-56
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• 2016

The purpose of this study is first, to explore the level of codependency among social work related professionals since codependency of professionals in the field has not been explored much in Korea. Second purpose is to examine whether codependency affects the level of burnout. Last purpose is to examine moderating effects of the Sex-role attitude on the relationship between codependency and burnout. Data were collected from the 11th of December in 2014 until the 28th of February in the following year. Self-administered questionnaires were distributed to care professionals practicing in social work institutions in Daejeon City and Choongcheong province, via email and mail. In addition, surveys were administered at several continuing education training venues. Instruments used for this study include CODAT(Codependency Assessment Tool) developed by Hughes-Hammer and colleagues in 1998, MBI(Maslach Burnout Inventory) developed by Maslach and Jackson in 1981, and SRA(Sex Role Attitude) developed by Osmond and Maryin in 1975. In total, 368 surveys were used for final analysis. The results include that gender did not have statistically significant relationship with the overall codependency, however, male showed statistically higher score than female in one of subscales of codependency called hiding oneself. Workers in the residential settings showed higher level of codependency than those in non-residential settings, especially in the subscale of Other focus or Self-neglect. Codependency showed a strong relationship with Burnout. Among the five-factor structure of the CODAT, Medical problem, Low Self-worth and Family of Origin showed strong relationship with the Burnout score. And the moderating effects of Sex-role Attitude showed a statistically significant relationship between codependency and burnout. Conservative sex-role attitude amplified the level of burnout on the relationship between codependency and burnout. Based on the result, educational and policy implications were made in order to prevent burnout among social work related professionals.

• Journal of Environmental Impact Assessment
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• v.28 no.5
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• pp.427-439
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• 2019

Natural environmental ecology ofthe environmental impact assessment(EIA)is very much lacking in quantitative evaluation. Thus, this study attempted to evaluate quantitative assessment for ecosystem service in the site of Eco-delta project in Busan. As a part of climate change adaptation, this study evaluated and compared with the value for carbon fixation and habitat quality using the InVEST model before and after development with three alternatives of land-use change. Carbon fixation showed 216,674.48 Mg of C (year 2000), and 203,474.25 Mg of C (year 2015)reducing about 6.1%, and in the future of year 2030 the value was dropped to 120,490.84 Mg of C which is 40% lower than year 2015. Alternative 3 of land use planning was the best in terms of carbon fixation showing 6,811.31 Mg of C. Habitat quality also changed from 0.57 (year 2000), 0.35 (year 2015), and 0.21 (year 2030) with continued degradation as development goes further. Alternative 3 also was the highest with 0.21(Alternative 1 : 0.20, Alternative 2 : 0.18). In conclusion,this study illustrated that quantitative method forland use change in the process of EIA can helpdecision making for stakeholders anddevelopers with serving the best scenario forlow impact of carbon. Also it can help better for land use plan, greenhouse gas and natural environmental assets in EIA. This study could be able to use in the environmental policy with numerical data of ecosystem and prediction. Supplemented with detailed analysis and accessibility of basic data, this method will make it possible for wide application in the ecosystem evaluation.