• The Journal of the Korea Contents Association
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• v.12 no.5
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• pp.188-198
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• 2012

Church is one of organizations recognized not as corporation but as private association and therefore its identity and possession of properties must be confirmed by the general theories of the civil law in relation not to corporation but to private association. Different from corporation, the internal relations of private association is primarily regulated by the articles of association. When there is no article of association, ordinary resolution and provisions for incorporated association in the civil law are applied by inference. As for the debt of private association, all the members own it in a quasi-joint manner (article 275 and 278). For the last 50 years, the judicial precedents of the Supreme Court has permitted the partition of church for the Protestant church and ruled that the relationship of properties at the time of partition is the joint ownership by church members at the time of partition. This ruling is different from that of corporation and ordinary principles of law. However, a new judicial precedent (the Supreme Court, 2006. 4. 20, 2004다37775) prescribes that different from corporation, the partition of private association is not allowed. Thus, in order to settle the dispute of private association, the Supreme Court changes its traditional standpoint of allowing partition into denying it. This ruling seems to reflect the necessity of settling dispute above all.

• 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 Korean Home Economics Association
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• v.42 no.9
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• pp.37-51
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• 2004

The purpose of this study was to examine the effects of household characteristics on savings account, savings insurance, and private financial clubs. Data for this study were collected from the 2001 Household Income and Expenditure Survey consisting of a sample of 1,801 salary and wage earners' households. Tobit analysis was peformed to investigate savings accounts, savings insurance and private financial clubs. The results showed that 76% of households held savings accounts, 77% savings insurance, and 12% non-institutional assets in private financial clubs. Sender, age, education, job, spouse employment, family type, location, home ownership, number of children, and family income were significant determinants of investment in savings accounts, savings insurance, and private financial clubs. Family income was the most powerful variable.

• Journal of Families and Better Life
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• v.15 no.4
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• pp.237-252
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• 1997

The purpose of this study were to identify the income allocation structure of private education and child care and to analyze contributing factors income allocation structure of private education and child care for two children among Korean married couples. For these purposes total sample of 760 married couples those having two children of both pre-school aged and elementary school aged wee selected and total sample was divided into two groups by first child's school aged; those were pre-school aged(375) and elementary school aged (385) Statistics were frequencies means percentile and Tobit and OLS analysis. The results were as follows. First 268 households among the households those having the first child of pre-school aged spent 11% of income for private education while 29 households spent 7% of income for child care. 348 households among the households having the first child of elementary school aged spent 11% of income for private education. Second pre=-school aged' contri uting factors to income allocation struture of private education and child care were household family type family size home ownership and financial asset amount and elementary school-aged factors were satisfaction of family relationship and financial asset.

• Health Policy and Management
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• v.30 no.4
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• pp.522-530
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• 2020

Background: In 2008, Korea implemented a new type of social insurance known as "long-term care insurance". We examined the association between ownership of long-term care facilities and the incidence of pressure ulcers after the implementation of "long-term care insurance". This study is a population-based retrospective cohort study from 2006 to 2013. Methods: We used medical claims data from the Korean National Health Insurance Corporate Elderly Cohort Database from 2006 to 2013. These data comprise a nationally representative sample. To avoid confounders, only patients admitted to one long-term care facility and who stayed for >70% of the follow-up time were included; as a result, 3,107 individuals were enrolled. The main independent variable was the operating entity of the long-term care facility (local government, corporate bodies, and private for-profit owners), and the dependent variable was the 1-year incidence of pressure-ulcers. Survival analysis (Cox proportional hazard model) was used as an analysis method. Results: Compared to patients admitted to local government long-term care facilities, patients admitted to private long-term care facilities had a significantly higher 1-year risk of pressure ulcers (hazard ratio [HR], 1.94; 95% confidence interval [CI], 1.29-2.91); the risk was especially high among patients who were cognitively dependent (HR, 2.34; 95% CI, 1.25-4.37). Conclusion: Patients admitted to private for-profit long-term care facilities were more likely to have pressure ulcers compared to those in local government and corporate body long-term care facilities. Appropriate assessment tools and publicly available information, as well as more restricted legal requirements, are needed to improve the care quality and outcomes of patients in long-term care facilities.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.12
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• pp.5558-5563
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• 2011

Using longitudinal data of 108 firms in large business conglomerates from 2001 to 2009, this study examines the impact of controlling shareholders' control-ownership disparity on R&D investment. The study finds that control-ownership disparity is negatively related to R&D intensity. This empirical result suggests that controlling shareholders' control rights in excess of ownership rights incent controlling shareholders' expropriation for their private interests, leading to decreased R&D investment which enhances firm value in the long term.

• Journal of Information Technology Services
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• v.11 no.4
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• pp.69-85
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• 2012

This paper analyzes how IT adoption affects differently on the shippers' make-buy decision, depending on the changes through agency and coordination problems. Empirical findings are consistent with the theoretical predictions on the changes of shippers' decision, summarized as follows. First, while the adoption of agency-cost reducing IT leads to the increase in the proportion of private fleets, the adoption of coordination-cost reducing IT leads to the increase in proportion of for-hire carriage. Second, the extent of private fleets changes depends on the primary product type that trucks load, with products of important service task experiencing more increase. Third, the extent of for-hire carriage changes depends on the truck's trip distance, with long-trip trucks experiencing more increase. With the results, we present different policy implications from the conventionally advocated ones.

• Journal of Information Technology Applications and Management
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• v.9 no.3
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• pp.79-95
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• 2002

As the budget size and complexity of 1T investment are growing, IT value measurement becomes more critical to the success of IT management In public organizations and private firms. It has been known that there are many factors such as IT costs, risks, qualify, and usage that should be taken Into consideration during the process of measuring IT value and making IT Investment decisions. However, little research has been done so far In order to analysis factors affecting the IT value and effectiveness. The purpose of this study Is to Investigate the impact of IT Project types and ownerships on IT value evaluation. The three research questions are as follows : (1) Does IT project type such as transactional, Informational, and infrastructure have any impact on 1T value measurement\ulcorner (2) Does the IT development ownership has any Impact on IT value\ulcorner (3) Does the IT operation ownership has any impact\ulcorner The empirical research was done at S-Electronics, world-wide known and the biggest manufacturing company in Korea, based on the method of structured interview. About 200 individual Information systems have been evaluated to calculate ROI measures, the dependent variable In this study. The results of statistical analysis show that two of three Independent variables, IT project types and IT development ownership, have statistically significant effects on IT value in terms of ROI measures.

• Journal of the Korean Regional Science Association
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• v.14 no.2
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• pp.1-33
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• 1998

Whereas previous researches on land policy after unification dealt with principally the problem of land confiscation under the communist reign, this research tried to propose a scheme of long-term land reform which was based on case studies on ex-socialist societies' experiences during their transformation, analysis on North Korea's institution related to land ownership and use. To reform North Korea's land ownership and use by the principle of market economy, North Korean should accumulate their commencing asset necessary for private ownership of land and housing. Therefore much focus should be put on the accumulation of the commencing asset at the early state of unification. On the extension of that line, the government of the Unified Korea should try to solve the problem of land confiscation by the communist party and land privatization in the region of North Korea. For the purpose, gradual land reform is more desirable than rapid one according to the case studies on ex-socialist societies. The government should avoid policies than can result in serious fiscal burden. Active participation of local government is highly recommendable in land tax and development. On the direction of land policy, this research proposed a four step long-term scheme of land reformation in North Korea. However, later researches should put more Korea. However, later researches should put more emphasis to the unification of land institution of North and South Korea which this research couldn't deal with sufficiently.

• Fisheries and Aquatic Sciences
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• v.27 no.1
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• pp.35-47
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• 2024

The aim of this study was to analyze the income and productivity of seaweed farmers based on farmed land ownership status. This research was conducted in three provinces on the Sulawesi Island which are ranked among the 10 largest seaweed producers in Indonesia: Central Sulawesi, South Sulawesi and Southeast Sulawesi. The twelve study sites were determined based on 5 special criteria and 792 respondents fulfilled the criteria for seaweed farmers. Data were collected through field surveys and analyzed using qualitative and quantitative methods. Results showed that the seaweed farming areas are considered as private property with 4 types of marine land tenure or ownership status: own land, inherited land, leasehold land and purchased land. The productivity of seaweed farming land had a positive value greater than 1 in South Sulawesi and Southeast Sulawesi, and a positive value of less than 1 in Central Sulawesi. Seaweed cultivation in Central Sulawesi has not been managed effectively. At all sites, the maximum number of growing season cycles was 5 cycles/year. Optimal growing season conditions gave the highest marginal returns at 2-3 cycles/year with additional costs exceeding additional income for more than 3 cycles/year.