• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• Korea and Global Affairs
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• v.3 no.2
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• pp.155-182
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• 2019

This essay examines the relationship between counterterrorism within the Lake Chad Basin Commission hereinafter referred to as LCBC and its effects on leaders' tenure in office. The countries of the LCBC, an intergovernmental institution promoting regional integration in the sub-region, established the Multinational Joint Task Force (MNJTF) primarily to maintain peace and security. In April 2012 the mandate of this structure was reinvigorated and broadened to manage the ongoing menace perpetrated by the Islamist terrorist group, Boko Haram in the sub-region. The political consequences, however, has not been identical for leaders of the member states of the LCBC participating in this counterterrorism operation. This essay primarily relies on secondary data derived from available public data sets in explaining this phenomenon. The phenomenon of leaders in Nigeria, Cameroon, Niger and Chad between 2010 and 2018 is used to examine the relationship between counterterrorism in the Lake Chad Basin Commission and its effects on political survival. Results suggest that leaders of highly democratic countries are more likely to lose office and held accountable for either perceived inaction or failure in the counterterrorism operation than their counterparts in autocratic states.

• Nano
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• v.13 no.11
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• pp.1850128.1-1850128.10
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• 2018

Glutathione (GSH), the protective agent and reducing agent, has been widely used to prepare gold nanoclusters (GSH-Au NCs) with stable fluorescence properties and negative charge of the surface. Meanwhile, polyethyleneimine (PEI) was used as the modification agent to synthesize magnetic ferroferric oxide nanoparticles ($Fe_3O_4$) with fantastic dispersibility and positive charge of the surface. Based on the electrostatic adsorption force, magnetic nano-$Fe_3O_4@GSH-Au$ NCs core-shell microspheres composed of magnetic $Fe_3O_4$ nanoparticles modified by PEI as the core and GSH-Au NCs as the shell were assembled. The prepared $Fe_3O_4@GSH-Au$ NCs microspheres harbored a uniform size (88.6 nm), high magnetization (29.2 emu/g) and excellent fluorescence. Due to the coordination bond action between Au atom and sulfhydryl (-SH), amino ($-NH_2$), carboxyl (-COOH) in sweat, $Fe_3O_4@GSH-Au$ NCs could combine with latent fingerprints. In addition, $Fe_3O_4@GSH-Au$ NCs with good fluorescence and magnetism could detect fingerprints on various objects. Significantly, the powders were not easy to suspend in the air, which avoided the damage to the health of forensic experts and the fingerprints by only powder contacting. Above all, $Fe_3O_4@GSH-Au$ NCs was successfully applied to the latent fingerprint visualization, which has great potential in forensic science.

• International Area Studies Review
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• v.12 no.2
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• pp.351-377
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• 2008

Corruption in China became increasingly serious during the early period of its social transition, resulting in severe economic losses and huge challenges to China's government institution, as well as gradually becoming socially widespread. Recently. China's political corruption is an outcome of the attenuated political control, which has been caused by a systemic change from planned economy to market economy since 1978, and the lack of institutionalization to relieve such transition. Besides, the immature market system and state's intervention in the economy are other factors for the corruption. In short, current China's corruption can be regarded as a structuralized phenomenon. This article identified such circumstance by analyzing the scope, degree, and scale of the corruption. Overall assessment of the some factors suggests that present economic modernization is a principal cause for Chinese corruption while the other factors-monopoly power system in the Chinese Communist Party and the transformation of connection-are important but secondary.

• Journal of Korea Trade
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• v.26 no.5
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• pp.1-22
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• 2022

Purpose - This study aims to analyze the influence of South Korea's outward foreign direct investment (OFDI) under the effect of both multinational enterprises' (MNEs) investment motivation and host country institutions. Some suggestions are put forward with regard to South Korean MNEs participating in and integrating into the fierce and changeable world of international market competition. Design/methodology - The basic hypotheses are that MNEs' investment motivations and the host country's superior institutions both boost South Korea's OFDI in those host countries. South Korea's OFDI is divided into investment choice stage and investment scale stage. A Heckman two-stage selection model is established for empirical analysis, using the panel data of South Korea's OFDI and related variables, from 2002 to 2019. Findings - (1) The influence on the investment scale of South Korea's OFDI is more regular and noteworthy than the influence on investment choice. (2) In the investment scale stage, there are obvious motivations to seek markets, labor force and superior technology, but not natural resources. (3) In the investment scale stage, the South Korea's OFDI is more obviously attracted by the host country's superior political institutions, economic institutions and legal institutions, but not cultural institutions. Originality/value - The choices of variables and uses of model expand the theoretical basis and empirical method of OFDI research. The results of the empirical study also provide some reference for the transnational investment of South Korean MNEs and the investment policy formulation of the South Korean government.

• Journal of Distribution Science
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• v.12 no.11
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• pp.55-65
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• 2014

Purpose - This study aims to investigate the process of political changes in Japan, which has introduced regulatory policies for large-scale retail stores since the 1930s, as well as the examples, and suggests improvement schemes for our policies in Korea, which imposes restrictions on business hours and forced holidays in accordance with the current Distribution Industry Development Act. Research design, data, and methodology - After examining the political change processes related to large-scale retail stores in japan, this study analyzes individually regulated cases based on the ordinances enacted by each local government. Through case analysis in Japan, this study makes political suggestions that may be helpful for our country substantially. Results - Since there is an obvious possibility that our economic restrictions on business hours and mandatory holidays do not coincide with WTO GATS, it is necessary for large-scale distributors to introduce new social and environmental regulations similar to Japan, rather than imposing controls to restrict free competition and also introduce a policy to induce cooperation with small businesses for the advancement of the distribution industry. Thus, it is desirable to take measures on noise, waste, traffic, and parking for the preservation of the living environment in the surroundings when building new large-scale retail stores. It is also important to establish measures to improve the welfare of neighborhood residents and consumers, create a pleasant urban environment, and make it mandatory to make presentations at public hearings among residents. Furthermore, it should be mandatory to establish regional contribution plans when a retail store is established, and take measures to solve various civil complaints or problems that may occur after entering the market. Moreover, it is desirable for large-scale retail stores that entered the market to induce cooperation in performing various activities in the area with a strong sense that they are all members of the local economy. Conclusions - If introducing social regulations like in Japan, there is probably an advantage that the conflicts seen when large-scale retail stores enter the market are absorbed by adjusting the persons concerned within the established institution in order to establish a field to solve such conflicts systematically. In contrast, there are still concerns regarding chaotic operation without any active attempts to have a conversation with large-scale retail stores and local small merchants due to a sharp conflict among the persons concerned, and if it is a briefing session without any decision of the restrictions on their opening itself, there may be doubts with regard to their effectiveness. Moreover, if the de facto opening is restricted by the introduction of such a briefing session procedure, the choice of whether to protect the existing rights of large-scale retail stores might become problematic. However, such problems could be minimized in a way by forming a separate consultative group for all persons concerned including residents, local governments, professionals, civic organizations, small merchants, and massive retail store-related persons.

• The Journal of Art Theory & Practice
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• no.3
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• pp.51-66
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• 2005

With the advent of the time when the competitiveness of a nation or a city can be evaluated by the extent of cultural reception, the art exhibitions, like other genres of art, are actively held in various ways by different institutions. The spaces of exhibition offered not only by public museums and galleries but also by private galleries, alternative spaces and open-air exhibition spots are being increased. Likewise, the number of exhibitions organized on a large scale by Biennales and local governments is on the increase. In accordance with actual tendency, the Ministry of Culture and Tourism has planned to increase the number of museums and galleries up to 500 by the year of 2011. Under these circumstances, the actual situation shows that the central and local governments are adopting beneficial measures to support the private galleries such as permission of construction on green belt areas and tax deduction. That is, our society has come to realize that the necessity and importance of public as well as private galleries to play their roles as cultural and educational institution. Now, the number of galleries is growing. Exhibitions are held everywhere. Therefore, spectators have more chance to visit them than before. With these conditions and the growing number of amateurs, social interest in curator organizing exhibitions is getting popular. Because of the rise of curatorial popularity on the social level, the influence of curators which is exercised within the gallery seems to become gradually enlarged. In reality, it is true that the curatorial influence cannot be ignored more than ever for appear in various fields their new features made from their professional cometence. The function of gallery is more strengthened and its position is more heightened than those in 80s. For these reasons, the curators whose playground is the gallery, they may be regarded as invisible power to the artists. Futhermore, their influence as such seems to be more likely because our world of art does not still have any reliable system of art criticism. Nevertheless, considering the actual situation in which national and public galleries as cultural institution would rather exist on the local sentiments or political dynamics than on autonomy, there must be some restrictions for the galleries and the curators to obtain the power. In this context, the actual moment is looked upon as transitional period to make the curatorship settled down. Before discussing the power relevant to curatorship, we are going to examine first the role and function of curator and then the new curatorial role and function at the age of information. Finally, we will see in sequence the development and problems of curatorship, the power and dilemmas of curator.

• Journal of Fisheries and Marine Sciences Education
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• v.15 no.1
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• pp.81-100
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• 2003

It is undeniable that IUU Fishing are threatening so many legal fishermen' economic livelihood, negatively impact on conservation and protection of the fishery stock and ecosystem itself. Especially, negative impact of IUU Fishing resulted from the increasing fishery activities on the high seas. The Korea case of Coastal and Off-shore Fisheries, difficulties in conserving and controlling the fishery stock was brought about. Simultaneously, it is the fact that there are so many damage such as the reduction of fish Stock management program's effect, dissatisfaction of legal fishermen, over-exploiting of fish stock. Related with this kind of problem, FAO had adopted "International Plan of Action to Prevent, Deter and Eliminate Illegal, Unreported and Unregulated Fishing(2001)". From this reason, Korea also needs to make actual efforts to prevent IUU Fishing. i.e. each nation should develop Korea action plan by Feb. 2004 and impliment it, report on implementation toward FAO. This Paper will review the definition of the IUU stipulated by "International Plan of Action on Illegal, Unreported and Unregulated Fishing" and study Korea cases of the IUU fishing. Finally, the analysis of Korea's implementation will be done, centering around the contents stated on the International Action Plan. The significance of this paper is to grope the political countermeasures against international movement of the IUU fishing prevention.

• Journal of Korean Institute of Industrial Engineers
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• v.41 no.1
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• pp.105-114
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• 2015

An empirical analysis study applied to evaluate the effect of critical factors for technology transfer. The research aims to suggest ways of political support in order to facilitate technological transfer and commercialization of public research institute'technology. Based on previous researches, it is determined that five critical factors which effect on technology commercialization. These critical factors are used to derive the order of priority, attribute of the success, and failure factors. The result of this research emphasized on both roles of technology introduction motivation and type of technology transfer. In order to collect data for this research, it is carried out that survey and field study toward to technology user such as manufacturing companies which have contracted with institute A. This research has a meaning in aspects of verification of previous hypothesis through scientific approach and new findings of a significant factor that motivation determines the success or failure of technology commercialization.

• Journal of Environmental Policy
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• v.3 no.1
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• pp.1-29
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• 2004

The role of the financial institution to promote corporate sustainability may be reviewed in two angles, as a commercial lender and an investor. As a commercial lender, financial institutions should minimize the legal risks and the political risks. Financial institutions began to recognize environmental risks as legal risks that directly affect their lending practices since the legislation of the Comprehensive Environmental Response, Compensation, and Liability Act("Superfund") of the U.S.A. The so-called lender liability rule has a detailed guideline where the financial institutions may be exempted from the Superfund Liability. Similar attempts are noticed in the recent EU White Paper on Environmental Liability. In Korea, comprehensive environmental liability laws are yet to be developed. The Soil Environment Preservation Act now includes a far-reaching environmental liability provisions, where the owners and operators as well as receivers of the facility bear responsibility. However, whether the financial institutions may be captured as a potential responsible party is not very clear. Until the relevant legislation is developed and court decisions accumulate, Korean financial institutions are well advised to raise awareness on this issue, to develop environmental policies and to train personnels.