• Management & Information Systems Review
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• v.36 no.3
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• pp.151-165
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• 2017

This study investigates the effect of revenue recognition by percentage of completion method on financial analysts' earnings forecasting information in order industry. Specifically, we examines how the analysts' earnings forecast errors and biases differ according to whether or not to report the unbilled revenue account balance and the level of unbilled revenue account balance. The sample consists of 453 firm-years listed in Korea Stock Exchange during the period from 2010 to 2014 since the information on unbilled revenue accounts can be obtained after the adoption of K-IFRS. The results are as follows. First, we find that the firms with unbilled revenue account balances have lower analysts' earnings forecast accuracy than the firms who do not report unbilled revue account balances. In addition, we find that the accuracy of analysts' earnings forecasts decreases as the amount of unbilled revenue increases. Unbilled revenue account balances occur when the revenue recognition of the contractor is faster than the client. There is a possibility that managerial discretionary judgment and estimation may intervene when the contractor calculates the progress rate. The difference between the actual progress of the construction and the progress recognized by the company lowers the predictive value of financial statements. Our results suggest that the analysts' earnings forecasts may be more difficult for the firms that report unbilled revenue balances as applying the revenue recognition method based on the progress criteria. Second, we find that the firms reporting unbilled revenue account balances tend to have higher the optimistic biases in analysts' earnings forecast than the firms who do not report unbilled revenue account balances. And we find that the analysts' earnings forecast biases are increases as the amount of unbilled revenue increases. This study suggests an effort to reduce the arbitrary adjustment and estimation in the measurement of the progress as well as the introduction of the progress measurement method which can reflect the actual progress. Investors are encouraged to invest and analyze the characteristics of the order-based industry accounting standards. In addition, the results of this study empower the accounting transparency enhancement plan for order industry proposed by the policy authorities.

• Korean journal of communication and information
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• v.22
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• pp.131-166
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• 2003

The opening of advertising market and introduction of the free competition doctrine make the competition harsher among advertising agencies. Advertising agencies do their best to execute their ad more efficiently and scientifically. But, it is the reality that broadcasting advertising industry in korea did not construct enough infrastructure to execute the systematic activities compared with that of advanced countries. So, we need to grasp the present conditions and draw a time-table to construct primarily necessary infrastructures. In case of hardware infrastructure in advertising industry, digitalization of broadcasting and convergence of broadcasting with telecommunication make it hurry to construct that. But as the ad agencies was in the situation to compete each other, they have a difficulty to construct common hardware infrastructure enthusiastically. Thus, it is necessary to build hardware infrastructure in advertising industry for policy. And the construction of that should be executed systematically not for the short term effects but for the long term objectives. Also, it is the most important to construct reliable Software infrastructure in advertising industry from all of ad agencies. In these days, ad agencies have a tendency not to believe the important information, like the data of ratings and advertising transaction information, in relation to the advertising activities. And they do not share and communicate about the information of the advertising industry trends, research trends, advertisement related information. So, it is also hurry to build the on-line and off-line database system. Finally, for the development of brainware infrastructure in advertising industry, it is the most necessary to activate the cooperation relation between university and advertising agencies. Universities need to invite experts in the advertising to teach the students practical knowledge and ad agencies to recruit students who want to develop their carrier in the advertising industries. In conclusion, advertising industry in korea to solve these tasks for the development of advertising industry infrastructure in the way of cooperation and harmony of each other rationally and efficiently.

• Clinical and Experimental Reproductive Medicine
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• v.34 no.2
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• pp.107-115
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• 2007

Objective: A quality management system of international standardization organization (ISO) 9001:2000 has been proposed to properly evaluate and improve the quality of productions and services. The purpose of this article was to describe on successful introduction and application of the ISO system to human assisted reproductive technology (ART) center. Methods: Center for reproductive medicine and infertility of Cheil General Hospital started the action for ISO 9001:2000 certification at January-2004. The ISO system of our center was monitored by measuring the customer satisfaction index and periodical internal and external audit. Reports of non-conformity described corrective and preventive actions for problems and occurrences that were not consistent with the standard process and operation of our center. Continuous management and improvement were performed on the project of customer dissatisfaction. Results: Our center has got the certification of ISO 9001:2000 for "Research and development of IVF-ET program for infertility treatment" from Korean Foundation for Quality at June-2004. The policy of ISO was "To establish the best center of reproductive medicine and infertility" and "To establish the best quality management system". We found 140 cases and 7 cases of non-conformity in internal and external audit for three years, respectively, and performed corrective action. Conclusion: Improvement of customer satisfaction, systemic documentation and transparency and efficacy of working procedure were achieved by application and operation of the ISO system to our center. This ISO system could be used as a basic institutional management system for the national guideline to the human ART center.

• Korean Journal of Food Science and Technology
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• v.44 no.4
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• pp.467-471
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• 2012

This study was conducted to evaluate the bactericidal activity of weakly alkalic electrolyzed water (WEW) against Salmonella Typhimurium and Staphylococcus aureus on perilla leaves. The influences of organic matter, inform of bovine serum, and the ratio of WEW to perilla leaves on bactericidal activity of WEW were also examined. Treatment of these organisms with 25, 50, 75, and 100 ppm WEW was performed for 1 min, 3 min and 5 min, respectively. Higher bactericidal activity was observed after a treatment with 100 ppm WEW compared to a treatment with 25 ppm WEW by 0.7 $log_{10}CFU/g$. The bactericidal activity of WEW also decreased with increasing bovine serum concentration. At the ratio of 10:1 (WEW: perilla leave), levels of Salmonella Typhimurium and Staphylococcus aureus were only reduced by 0.57 and 0.79 $log_{10}CFU/g$, respectively. It is suggested that the removal of organic debris prior to application of sanitizers and treatment above the ratio of 25:1 (WEW: perilla leave) is needed in order to improve WEW activity.

• Journal of Korean Home Economics Education Association
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• v.21 no.4
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• pp.1-17
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• 2009

The purpose of this study was to investigate recognition of food additives, to provide the basic data for food education of high school students. The survey was conducted from 560 students who are boys and girls of high schools in Gwangju. Data were analyzed by a SAS program. According to the survey, an usual recognition for additive food according to related variable showed that it was the highest ratio of 4.18 that policy on complete labeling of foods should be requested for additive food but it showed the lowest 2.17 that additive food is promoting quality of food. In a difference of a degree of a correct answer of knowledge for additive food and knowledge according to related variable, a degree of a correct answer of knowledge for additive food showed a lot of interest in safety in that knowledge for safety showed 79.45 but were showed much lower 7.5% for a degree of a correct answer of actual knowledge of additive food among food ingredients labels. A a degree of a demand of information, safety concerns and understanding a uses of additive food according to sex and a grade showed that in a degree of a demand of information, the students have ever heard information of additive food was the girls were more than the boys and also freshmen were the most answered and have ever heard term of additive food was the boys were more than the girls and the sophomore students were the most answered questionnaire for media of TV. Radio. Newspaper and so forth. A degree of necessity the students know additive food was the most answered of positive from the boys and freshmen. Where the students would like to learn additive food was answered of media from the boys school teacher from the girls school teacher from the freshmen, media from the sophomore and the junior.

• Journal of Technologic Dentistry
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• v.11 no.1
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• pp.23-34
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• 1989

The great sudenn change of circle of dental laboratory technology brought mary discord between the new growing environmental group and the old group, In order to know the satisfactory degree of dental laboratory heads about all dental College, This Study was conducted for 49 detal technicians who graduated from junior laboratory heads in Seoul and Kyoung Gi area. The results are abtained as follow- 1. By age The degree of Satisfaction of items about all graduate dental technician were "41$\sim$45 age" group 26.53%), "46$\sim$50 age" group 22.45%, "36$\sim$40 age" group 18.36%, "31$\sim$35 age" group 12.24%, "51$\sim$55 age" group and "56$\sim$60 age" group 8.16% 60$\sim$age group 4.08% in order. 2. By Job Career. The Highest degree item out of Satisfaction about all graduated dental dental technician was 21$\sim$25 years group 28.5%, 16$\sim$20 years 20.4%, 11$\sim$15 years group 12.24%, 26$\sim$20%, 6$\sim$10 years group 4.08%, below 5 years group 2.04% in order. 3. By managing term of respondent's dental laboratory. The Satisfactory degree of items about all gradate technician were 7$\sim$10 years group 36.73% over 15 years group 22.45%, 11$\sim$14 years group 20.41%, 3$\sim$6 years group 14.29% below 2 years group 6.12% in order 4. By dental technician number of respondent's dental laboratory. The satisfactory degree intems about man were as follow; 6$\sim$9 persons group is 42.86 % The Satisfactory degree items about woman were one persons group in 34.69% 5. By born place The dental laboratory heads mean of inters about all dental technician were Seoul group 20.64 %, Kyoung Gi 17.20 %, Jen Nam group 14.99 % Chung Nam 9.5%in order 6. The satisfactory degree of items about all graduate dental technician were neither good nor bad group 32.65%, bad 6.12%, By ability of adaptaton, The satisfactory degree items about man were neither good nor bad group 42.86%, bad group 40.82%. The satisfactory degree of items about woman were neither good nor bad group 40.82% bad group 36.73%. 7. By sincerity. The satisfactory degree of items about man dental technician who graduated from Junior College were neither good nor bad group 52.02%, bad group 4.08, The satisfactory degree about woman dental technician graduated from Junior College were neither good nor bad group 42.86%, bad group 6.12%. 8. By ability of basical of items about man were bad group 40.82 %. The satisfactory degree about woman were 46.94%. 9. By cooperation relation ship. The satisfactory degree of items about man were neither good nor bad group 42.86%, bad group 10.20%. The satisfactory degree about woman were neither good nor bad group 42.86%, bad group 10.20 %. 10. By ability of work. The satisfactory degree of items about man were neither good nor bad group 48.98%, bad group 4.08%. The satisfactory degree about woman were neither good nor bad group 42.86%, bad group 6.12 %. 11. By the curriculum of the dental technician. The satisfactory degree of items about man were neither good nor bad group 67.35%, bad group 2.04%, The satisfactory degree about woman were neither good nor bad group 61.22%, bad group 6.12%. 12. By occupational satisfaction. The satisfactory degree of items about all graduate dental technician were fatisfied group 14.29%. By the out look of employment. The satisfactory degree of items about man greduate dental technician were neither good nor bad group 34.69 %, bad group 10.20%, about woman graduate dental technician were neither good nor bad group 44.90%, bad group 10.20%, Their employment prospect is not so bright or oprimistic due to the glut supply by graduates in the job-seeking market 13. The satisfactory rate on the artificial dental manufacturing world in terms of effects produced by juror College graduate dental technicians shared good group 40.82% bad group 2.04% 14. By cognition of the number of graduate dental technician. The satisfactory degree of dental laboratory heads about man graduate dental technician were too many group 38.78%, few group 6.12% about woman graduated dental technician were neither good nor bad group 30.6% few group 10,20%, The employment opportunities for the artifical dental technicians are getting decreased because of their excessive cumber in supply 15. The opinion regarding the initial salary. ranging from \160,000 to \200,000 for the junior college graduate dental technicians shared 57.14%. The top ratio, while the satisfaction reate on the academic study period of "3-year" group shared 22%, also the top ratio. 16. The improvement policy and prblematic issues presonted by the owner and operatore of atriticial dental manufacturing plants are as shown below First; The viewpoint that they contribute to the improvement of people's oral health in terms of their mission as artificial dental technicians. Second: The cultivation of basic technical ability to cope with clinical practice upon graduation Third; They require guidance in study and research in their filed of profession, that tray may beable to estaclish a from theory.

• Journal of Environmental Policy
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• v.4 no.1
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• pp.93-111
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• 2005

Defining soil quality in scopes and applications is one of the prerequisite for the sustainable management of soil environment to orient researches, strategies and policies. However, definition of soil quality is controversial depending upon a viewpoint of soil science or soil environment. Soil quality can be, irrespective of the disciplines, defined as the capacity of a soil to function within ecosystem boundaries to sustain biological productivity, maintain environmental quality and promote plant and animal health. Common to all of the soil quality concepts can be summarized as the capacity of soil to function effectively at present and in the future. The OECD includes soil quality as one of the agri-environment indicators. This article intends to i) summarize the current soil quality research, and ii) provide information on protocol of soil quality assessment. A framework for soil quality was divided into three steps: indicator selection as minimum data set (MDS), scoring of the selected indicators, and integration of scores into soil quality index. Korean government suggested possible physical and chemical indicators such as bulk density and organic matter for paddy and upland soils to OECD. The framework of soil quality assessment is not yet implemented in Korea. Countries such as USA, Canada and New Zealand have constructed the framework on soil quality assessment and developed a user-friendly version of soil quality assessment tools to evaluate the integrated effects of various soil management practices. The protocol provided in this review might help policymakers, scientists, and administrators improve awareness about soil quality and understand the way of soil environment management.

• Journal of the Korean Society of Food Science and Nutrition
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• v.46 no.11
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• pp.1316-1326
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• 2017

We evaluated the proximate compositions of raw materials, total polyphenols, total flavonoids, and radical scavenging activities of roasted maize tea according to cultivation period and variety. Proximate compositions of raw materials were significantly different according to cultivation period and variety, and quality characteristics of roasted maize tea extracts were significantly different according to cultivation period. Total polyphenols, total flavonoids, and radical scavenging activities of roasted maize tea were significantly different before and after roasting. The total polyphenol content of Pyeonggangok cultivar sown on April 5th was elevated about 3.60-fold before and after roasting by $3.42{\pm}0.16$ and $12.22{\pm}0.67mg$ gallic acid equivalents/g, respectively. Overall, total polyphenol content was higher in roasted maize tea produced using maize sown on April 5th. 1,1-Diphenyl-2-picrylhydrazyl radical scavenging activity of Gangdaok cultivar sown on April 5th was elevated about 31.6-fold before and after roasting by $7.61{\pm}1.93$ and $240.37{\pm}8.82mg$ Trolox equivalents (TE)/g, respectively. 2,2'-Azino-bis-3-ethylbenzothiazoline-6-sulfonic acid radical scavenging activity of Pyeonggangok cultivar sown on April 5th was elevated about 5.5-fold before and after roasting by $153.84{\pm}1.32$ and $843.54{\pm}3.64mg$ TE/g, respectively. The correlation between proximate compositions of raw materials and quality as well as antioxidant characteristics of roasted maize tea showed overall significance.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.1-29
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• 2012

Based on the spatial and land price data of innovation cities and their periphery areas in Korea, this study examines the degree and timing of changes in land price in relation to projects concerning innovation city. The study result confirms that the current system is inconsistent with the principle of restitution of development gain and therefore, this study attempts to seek improvement measures so that the current system can better fit the principle. The analysis reveals that most innovation cities, excluding Sinseo-dong of Daegu and Ujeong-dong of Ulsan, recorded a statistically significant increase in land prices since 2005, compared to those of their neighboring areas. It can be said that the information related to projects concerning innovation city was reflected in the land price since 2005. However, the standard land price pursuant to Article 70 of the Land Compensation Act is the officially assessed land price released on 1st of January 2007, and this official land price was actually applied to the compensation process. Therefore, estimating the compensation amount for land expropriation based on this land price will contradict the principle of restitution of development gain. In other words, despite the fact that development-related information was already reflected in land prices of innovation cities from 2005 to the end of 2006, the compensation process were carried out without institutional arrangements or efforts to exclude such reflection. To solve this problem, this study makes two suggestions. First, it is necessary to cast aside the limitations of the official land price that can be retroactively applied in accordance with Paragraph 5 of Article 70 of the Land Compensation Act, and instead apply the land price which is the most latest but deemed to have no reflection of development gains. Based on this revised standard land price, if the compensation amount is corrected by the average inflation rate and the average rate of increase in land price during the period until the time of the recognized land price, the amount would better satisfy the principle of restitution of development gain. Second, it is necessary to clearly stipulate the standards of development gains being reflected on the land price by including it in the secondary legislation. Under the current system, it is highly likely that appraiser's arbitrary interpretation on development gains is included in the process of calculating the amount of compensation for land expropriation. In this regard, it is necessary to improve the standards on determining whether development gains are reflected based on the results of this academic research and the existing guidelines for appraisal of compensation for land expropriation published by the Korea Association of Property Appraisers.

• 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.