• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

• Journal of Korean Society of Forest Science
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• v.90 no.3
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• pp.398-412
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• 2001

The purpose of this study is to examine the roles of the forest-land registry system in the Forest Law of 1908 and the effects this system had on the colonial forest-land policy used in Korea under the influence of Japanese Imperialism. This was started under the Profit-sharing Forest System which was one of the policies for disposing of the Korean national forests. The purpose of this system was to establish forest-land ownership, a fundamental human right. This system was enforced by the Japanese Colonial Government without regard to the customary and important right of Koreans to use the forests, and without considering the distinction between national and private forests. Koreans understood that this system was a warning sign of a tax being imposing on forest-land owners. Furthermore, Koreans thought the Japanese were using this system to deprive them of their forest-land. The strata of Koreans reporting ownership were very limited and included the intellectual(upper-middle) class, higher officials in counties and townships, relatives and relations of these officials, and survey agents. In particular the actual owners could not submit a report registering their land in this system because the required survey cost more than the value of the forest-land. Within the time period specified by the Japanese Colonial Government, about 520,000 registries were reported involving 2.2 million Jung-bo(.9917 hectare) with most of these coming during the last five months of reporting period. Koreans made a reasonable request to extend the deadline, but it was refused. After the reporting period expired there were no follow-up measures such as verification of the reported registrations nor establishment of boundaries between national and private forests. According to Article 19 in the Forest Law of 1908 about 14 million Jung-bo, which was not registered within the reporting period was nationalized. The colonial forest-land policy used in Korea by the Japanese Colonial Government was as follows : (1) to create a large number of national forests in the early period of their rule, (2) to divide these national forests into indispensible national forests and dispensible national forests, and (3) to transfer ownership of the dispensible national forests to colonial Japanese. To achieve the latter, the occupational government needed a method to insure ownership. They devised a tree-planting scheme in which the national forests classified as disposable were "loaned" and then transferred to these Japanese. The actual Korean owners claimed title to this forest-land and asked for the eviction of the new owners but the Japanese occupation government rejected these suits using the excuse that previous Korean owners did not submit the required registration report within the specified time period. In short the Principle of Forest-land Registry was used as a means to consolidate the forest-lands of Korea and distribute large portions of it to Japanese citizens after seizing it from the rightful Korean owners.

• Journal of the Korean association of regional geographers
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• v.2 no.1
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• pp.25-38
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• 1996

As the proportion of women's participation in economic activities is rising, the increase of husband and wife both working and nuclear families makes children up-bringing a social problem. But many families have difficulties by the shortage of day nurseries which can solve it. As we can see in the research, the most urgent problem is the extension of nurseries in quantity. In Taegu, since it became a wide-area city, there are 473 nurseries. But in the respect of distribution, only less than 10% of Dongs have more than 7 nurseries and more than 90% of Dongs have less than 7 nurseries. Consequently nurseries are extremely insufficient. Moreover 29 Dongs don't have any nurseries at all and they take 18.6% of Dongs. The second problem is the unbalanced distribution of nurseries. West and north ward which are industrial complex and swarmed with low-income families, and Tal-sung county which is recently included in the wide-area city keenly need the establishment of nurseries. Besides, Bi-san 1 Dong and Non-gong which have only $1{\sim}2$ nurseries though they have high proportion of children and women who can be pregnant are also the areas which take precedence of nursery establishment. The third problem is that government support must be increased in the areas which have many small, petty and profit-making private nurseries so that good quality teachers can make breeding activities in nice facilities and environment. In materials which are obtained by the interviews with publich servants in charge of family welfare in some ward offices. Young and unexperienced persons who aquired certificate of qualification take day-nursery permits and run nurseries only a few months. and if the profits are insufficient, they sell the nurseries for premiums to third persons who are not qualified. Then the third managers only think of profits without thought of good quality childcare. As the result, the nurseries become asylums not nurseries. That is why the conditions of nursery establishment must be restricted to suitable scale and experienced persons. The fourth problem is that the nurseries in work places are extremely insufficient. The women who have jobs have many things to do before they go to work such as preparing meals and leaving children in the care of someone. Hence the childcare problem of working women must be solved. In nuclear families, childcare is the most serious problem for working women. The fifth one is the reduction of childcare expenses. Women must sacrifice themselves a lot to make social activities. To say nothing of physical and mental burden, they have to spend much of their salaries on childcare. And yet they don't take the benefit of good quality childcare. For the participation of women in public affairs, society must support the childcare problem to have then be devoted to their jobs without worries about their children. Therefore Taegu wide-area city must select west, north ward which are industrial complex and the low-income swarmed area before everything and establish many national, public and corporate nurseries which cost less expenses.

• Journal of The Korean Society of Grassland and Forage Science
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• v.31 no.2
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• pp.151-158
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• 2011

This study was carried out in 2010 to investigate the utilization and nutritive value of native grasses, such as Phragmites communis and Miscanthus sinensis which might reduce the cost of feeding domestic cattle. The regions within the Civilian Control Line in Paju and Sihwa region in Ansan were surveyed. In Paju, the yearly silage production was 900 MT harvested from 90 ha (10 MT/ha). About 30~50% of these were sold out at the marketing price of 52,000~55,000 Won per roll (130~137.5 Won/kg). Regrown Miscanthus sinensis of 70 cm in length contained 9.6% of crude protein (CP), 82.4 of relative feed value (RFV), and 67.7% of in vitro dry matter digestibility (IVDMD). Regrown Phragmites communis of 70 cm in length contained 13.8% of CP, 84.3 of RFV, and 67.9% of IVDMD. As harvesting was delayed, the quality was decreased dramatically. In Ansan region, Phragmites communis plantation covers 100 ha. The silage production was 550 MT from the area of 50 ha (11 MT/ha) in 2009. And the marketing price was 50,000 Won per roll. But in 2010 only a small amount of grasses could have been baled due to frequent and much rainfall from spring to summer season. However, the good forage quality was observed from regrown Phragmites communis of 80 cm in length, 12.9% CP, 99.8 RFV and 66.6% IVDMD, while that of late matured grasses was very low, 2.2% CP, 52.9 RFV and 36.4% IVDMD, greatly lower than forage quality of rice straw. The quality of grasses at bloom stage of 150 cm in length was similar to that of rice straw, showing 4.5% CP, 59.9 RFV and 42.2% IVDMD. In conclusion, the overall quality of most native grasses in this survey were very poor. Therefore, we recommend that Phragmites communis and Miscanthus sinensis should be harvested during June or July to obtain better forage quality which is richer in forage values than rice straw. Production of high quality forage crops was also desirable for self sufficiency of forage.

• Korean Journal of Agricultural Science
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• v.20 no.1
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• pp.25-33
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• 1993

This study was conducted to obtain necessary informations for improving of wildlife rearing management. The data was gathered by surveying with questionaire. One hundred and eighty farmers which was 60 of deer and pheasant, 30 of wild boar and fox rearing farmers respectively were investigated during the summer in 1992. The results of this study are as follows : 1. Most of managers considered their rearing as a side job but agriculture was appointed as a main job from most of them except wild boar managers. 2. The major cost items were breeding stock and feeding which occupied over than half. 3. The yearly profit was the highest in deer(25.5%) but the lowest in wild boar(10.3%). 4. The break-even point was the highest in wild boar(24 mil. won) but the lowest in pheasant(7.3 mil. won). 5. The optimum sales scale for a year was deer(11 heads), Pheasant(1,027 heads), Wild boar(69 heads) and Fox (102 heads).

• Journal of The Korean Society of Grassland and Forage Science
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• v.32 no.1
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• pp.1-8
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• 2012

This study was carried out in 2010 to investigate the utilization and forage quality of native grasses, such as $Phragmites$ $communis$ which might reduce the cost of feeding domestic cattle. The regions surveyed were the Haenam ranch in Haenam, Pyeongchang, Wonju, and Yeonggwang. In Haenam, yearly silage production harvested from 300 ha was 2,000 MT (7 MT/ha). All of those round bale silages were self-consumed in that region, and marketing price was 50,000~55,000 won per roll (110 won/kg). $Phragmites$ $communis$ of 150 cm in length contained 8.4% crude protein (CP) with relative feed value (RFV) 71.9 and 60.1% in vitro dry matter digestibility (IVDMD), which was somewhat more favorable than forage quality of rice straw. The silage quality of $Phragmites$ $communis$ varied greatly by the time of harvest (CP 4.7~6.4%, RFV 62.2~78.9, and IVDMD 41.9~53.9%), even with the same district and of the same original forage materials. Generally, the quality of $Phragmites$ $communis$ silage of was poorer than that of sorghum ${\times}$ sudangrass hybrid. In Pyeongchang, forage quality of $Phragmites$ $communis$ was decreased from 13.9% to 7.6% in CP, 90.7 to 76.1 in RFV, and 72.9% to 54.7% in IVDMD, as plant was getting mature, from 79 cm to 117 cm, 121 cm or to 142 cm in length. In Wonju, the quality values of $Phragmites$ $communis$ of 130 cm in length were 8.5% CP, 82.3 RFV and 70.2% IVDMD, while those of matured grasses of 220 cm in length were lower (10.2% CP, 65.1 RFV and 48.9% IVDMD), but this was a little more favorable than quality of rice straw. In Yeonggwang, feeding $Phragmites$ $communis$ was tried in a Hanwoo feed, but stopped due to low profitability. In conclusion, the overall quality of most native grasses including $Phragmites$ $communis$ in this survey was poor. Therefore, we recommend that $Phragmites$ $communis$ and native grasses should be harvested on June or July to obtain richer forage quality in forage values than rice straw.

• Management & Information Systems Review
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• v.38 no.2
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• pp.67-81
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• 2019

In accordance with K-IFRS 1109, financial instruments are classified to amortized cost (AC), fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVPL). And disposal gains are prohibited to be recirculated for net income when FVOCI financial instruments would be sold in the future, so-called recirculation prohibition. This research investigates whether accumulated other comprehensive income of available-for sale financial assets(AFS) under K-IFRS 1039, could affect reclassified amounts to the FVPL securities from the AFS securities. Also, this study investigates the effects of the reported income on the reclassified FVPL, because CEOs are likely to try earnings management when net income is predicted to be less than target or is low, comparing other firms. As a result of empirical analysis, first, I find that accumulated other comprehensive income of the AFS has a positive impact on the reclassified FVPL. Second, level of reporting income has no significant impact on the reclassified FVPL. Third, interaction effects are significantly positive on the firms which have more other comprehensive income and less level of reported income. Fourth, the effects of the bank and securities are more distinct than those of the manufactures. This study is the first research to investigate earnings management through AFS at the timing of the first adoption of K-IFRS 1109. Empirical results of this study provide evidence of earnings management on the reclassification of FVPL which gives meaningful implications to regulators, academic researchers and auditors.

• Journal of Korean Society of Forest Science
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• v.80 no.1
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• pp.72-81
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• 1991

This study was carried out to provide necessary information for improving quarrying industry management in Korea. The results of the study are summarized as follows : 1. In aggregate and building-stone quarrying firms the managers over 40 years of age are 97% and 89.1%, the ones above education level of high school are 90% and 85% and the ones not more than 10 years of quarrying experience are 70% and 52%, respectively. Accordingly it can be pointed out that most of the managers of two types of firms are relatively old, have high educational background, while quarrying experiences of building-stone firm managers are longer than that of aggregate firm managers. 2. Most of the management forms are social corporation(60%) for aggregate quarry firms and private management(76%) for building-stone firms. Average areas of permitted stone-pits of aggregate and building-stone quarries are about 2.86ha and 1.66ha respectively. That is, aggregate quarrying firms are carried on a larger scale than building-stone quarrying firms. 3. The yearly average product of aggregate quarrying firms has increased steadily from $88.961m^3$ in 1985 to $144.028m^3$ in 1988, while, in case of building-stone quarry firms, it has significantly increased from $4.155m^3$ to $19.462m^3$ from 1985 to 1987, but reduced to $13.400m^3$ in 1988. Unstable production activities of building-stone quarrying firms may require continuous government support. 4. Major cost items are equipment rental, depreciation, salaries, repair, maintenance for aggregate quarrying firms, and salaries, depreciation, fuel, tax for building-stone quarrying firms. The yearly average rate of return is about 9.7% for aggregate quarry firms and 2.6% for building-stone quarry firms. It can be pointed out that aggregate quarrying firms is better managed than building-stone quarrying firms. 5. The production elasticity of salary for aggregate quarrying firms is 0.495, that of employees is 0.559, and that of capital service is 0.513. The sum of the elasticities is 1.257>1. Fur building-stone quarrying firms, that of employees is 0.492, that of variable costs is 0.192, and that of capital service is 0.498. The sum of elasticities is 1.172>1, thus denotes the increasing returns to scale for both types quarrying firms. 6. The ratio of marginal value product to opportunity cost of empolyees is 2.54, that of variable costs is 3.62, and that of capital service is 1.45, in aggregate quarrying firms. That of employees is 2.47, that is variable costs was 2.34, and that of capital service is 19.67 in building-stone quarrying firms. Therefore the critical factors for more expansion of management scale in aggregate quarrying firms are variable cost and employees, and are capital service in building-stone quarry ing firms. 7. The break-even points of stone sales are about 0.587 billion won and 0.22 billion won in aggregate and building-stone quarrying firms respectively. The optimum sales Level for profit maximization are about 2.0 billion and 0.5 billion in aggregate and building-stone quarry firms respectively.

• Journal of Global Scholars of Marketing Science
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• v.19 no.1
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• pp.37-46
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• 2009

The Census Bureau of the Department of Commerce announced in May 2008 that U.S. retail e-commerce sales for 2006 reached $ 107 billion, up from $ 87 billion in 2005 - an increase of 22 percent. From 2001 to 2006, retail e-sales increased at an average annual growth rate of 25.4 percent. The explosive growth of E-Commerce has caused profound changes in marketing channel relationships and structures in many industries. Despite the great potential implications for both academicians and practitioners, there still exists a great deal of uncertainty about the impact of the Internet channel introduction on distribution channel management. The purpose of this study is to investigate how the ownership of the new Internet channel affects the existing channel members and consumers. To explore the above research questions, this study conducts well-controlled mathematical experiments to isolate the impact of the Internet channel by comparing before and after the Internet channel entry. The model consists of a monopolist manufacturer selling its product through a channel system including one independent physical store before the entry of an Internet store. The addition of the Internet store to this channel system results in a mixed channel comprised of two different types of channels. The new Internet store can be launched by the independent physical store such as Bestbuy. In this case, the physical retailer coordinates the two types of stores to maximize the joint profits from the two stores. The Internet store also can be introduced by an independent Internet retailer such as Amazon. In this case, a retail level competition occurs between the two types of stores. Although the manufacturer sells only one product, consumers view each product-outlet pair as a unique offering. Thus, the introduction of the Internet channel provides two product offerings for consumers. The channel structures analyzed in this study are illustrated in Fig.1. It is assumed that the manufacturer plays as a Stackelberg leader maximizing its own profits with the foresight of the independent retailer's optimal responses as typically assumed in previous analytical channel studies. As a Stackelberg follower, the independent physical retailer or independent Internet retailer maximizes its own profits, conditional on the manufacturer's wholesale price. The price competition between two the independent retailers is assumed to be a Bertrand Nash game. For simplicity, the marginal cost is set at zero, as typically assumed in this type of study. In order to explore the research questions above, this study develops a game theoretic model that possesses the following three key characteristics. First, the model explicitly captures the fact that an Internet channel and a physical store exist in two independent dimensions (one in physical space and the other in cyber space). This enables this model to demonstrate that the effect of adding an Internet store is different from that of adding another physical store. Second, the model reflects the fact that consumers are heterogeneous in their preferences for using a physical store and for using an Internet channel. Third, the model captures the vertical strategic interactions between an upstream manufacturer and a downstream retailer, making it possible to analyze the channel structure issues discussed in this paper. Although numerous previous models capture this vertical dimension of marketing channels, none simultaneously incorporates the three characteristics reflected in this model. The analysis results are summarized in Table 1. When the new Internet channel is introduced by the existing physical retailer and the retailer coordinates both types of stores to maximize the joint profits from the both stores, retail prices increase due to a combination of the coordination of the retail prices and the wider market coverage. The quantity sold does not significantly increase despite the wider market coverage, because the excessively high retail prices alleviate the market coverage effect to a degree. Interestingly, the coordinated total retail profits are lower than the combined retail profits of two competing independent retailers. This implies that when a physical retailer opens an Internet channel, the retailers could be better off managing the two channels separately rather than coordinating them, unless they have the foresight of the manufacturer's pricing behavior. It is also found that the introduction of an Internet channel affects the power balance of the channel. The retail competition is strong when an independent Internet store joins a channel with an independent physical retailer. This implies that each retailer in this structure has weak channel power. Due to intense retail competition, the manufacturer uses its channel power to increase its wholesale price to extract more profits from the total channel profit. However, the retailers cannot increase retail prices accordingly because of the intense retail level competition, leading to lower channel power. In this case, consumer welfare increases due to the wider market coverage and lower retail prices caused by the retail competition. The model employed for this study is not designed to capture all the characteristics of the Internet channel. The theoretical model in this study can also be applied for any stores that are not geographically constrained such as TV home shopping or catalog sales via mail. The reasons the model in this study is names as "Internet" are as follows: first, the most representative example of the stores that are not geographically constrained is the Internet. Second, catalog sales usually determine the target markets using the pre-specified mailing lists. In this aspect, the model used in this study is closer to the Internet than catalog sales. However, it would be a desirable future research direction to mathematically and theoretically distinguish the core differences among the stores that are not geographically constrained. The model is simplified by a set of assumptions to obtain mathematical traceability. First, this study assumes the price is the only strategic tool for competition. In the real world, however, various marketing variables can be used for competition. Therefore, a more realistic model can be designed if a model incorporates other various marketing variables such as service levels or operation costs. Second, this study assumes the market with one monopoly manufacturer. Therefore, the results from this study should be carefully interpreted considering this limitation. Future research could extend this limitation by introducing manufacturer level competition. Finally, some of the results are drawn from the assumption that the monopoly manufacturer is the Stackelberg leader. Although this is a standard assumption among game theoretic studies of this kind, we could gain deeper understanding and generalize our findings beyond this assumption if the model is analyzed by different game rules.

• Journal of Distribution Research
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• v.17 no.1
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• pp.65-86
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• 2012

The $20^{th}$ century was the era of manufacturer brands which built higher brand equity for consumers. Consumers moved from generic products of inconsistent quality produced by local factories in the $19^{th}$ century to branded products from global manufacturers and manufacturer brands reached consumers through distributors and retailers. Retailers were relatively small compared to their largest suppliers. However, sometime in the 1970s, things began to slowly change as retailers started to develop their own national chains and began international expansion, and consolidation of the retail industry from mom-and-pop stores to global players was well under way (Kumar and Steenkamp 2007, p.2) In South Korea, since the middle of the 1990s, the bulking up of retailers that started then has changed the balance of power between manufacturers and retailers. Retailer private labels, generally referred to as own labels, store brands, distributors own private-label, home brand or own label brand have also been performing strongly in every single local market (Bushman 1993; De Wulf et al. 2005). Private labels now account for one out of every five items sold every day in U.S. supermarkets, drug chains, and mass merchandisers (Kumar and Steenkamp 2007), and the market share in Western Europe is even larger (Euromonitor 2007). In the UK, grocery market share of private labels grew from 39% of sales in 2008 to 41% in 2010 (Marian 2010). Planet Retail (2007, p.1) recently concluded that "[PLs] are set for accelerated growth, with the majority of the world's leading grocers increasing their own label penetration." Private labels have gained wide attention both in the academic literature and popular business press and there is a glowing academic research to the perspective of manufacturers and retailers. Empirical research on private labels has mainly studies the factors explaining private labels market shares across product categories and/or retail chains (Dahr and Hoch 1997; Hoch and Banerji, 1993), factors influencing the private labels proneness of consumers (Baltas and Doyle 1998; Burton et al. 1998; Richardson et al. 1996) and factors how to react brand manufacturers towards PLs (Dunne and Narasimhan 1999; Hoch 1996; Quelch and Harding 1996; Verhoef et al. 2000). Nevertheless, empirical research on factors influencing the production in terms of a manufacturer-retailer is rather anecdotal than theory-based. The objective of this paper is to bridge the gap in these two types of research and explore the factors which influence on manufacturer's private label production based on two competing theories: S-C-P (Structure - Conduct - Performance) paradigm and resource-based theory. In order to do so, the authors used in-depth interview with marketing managers, reviewed retail press and research and presents the conceptual framework that integrates the major determinants of private labels production. From a manufacturer's perspective, supplying private labels often starts on a strategic basis. When a manufacturer engages in private labels, the manufacturer does not have to spend on advertising, retailer promotions or maintain a dedicated sales force. Moreover, if a manufacturer has weak marketing capabilities, the manufacturer can make use of retailer's marketing capability to produce private labels and lessen its marketing cost and increases its profit margin. Figure 1. is the theoretical framework based on a strategic market management perspective, integrated concept of both S-C-P paradigm and resource-based theory. The model includes one mediate variable, marketing capabilities, and the other moderate variable, competitive intensity. Manufacturer's national brand reputation, firm's marketing investment, and product portfolio, which are hypothesized to positively affected manufacturer's marketing capabilities. Then, marketing capabilities has negatively effected on private label production. Moderating effects of competitive intensity are hypothesized on the relationship between marketing capabilities and private label production. To verify the proposed research model and hypotheses, data were collected from 192 manufacturers (212 responses) who are producing private labels in South Korea. Cronbach's alpha test, explanatory / comfirmatory factor analysis, and correlation analysis were employed to validate hypotheses. The following results were drawing using structural equation modeling and all hypotheses are supported. Findings indicate that manufacturer's private label production is strongly related to its marketing capabilities. Consumer marketing capabilities, in turn, is directly connected with the 3 strategic factors (e.g., marketing investment, manufacturer's national brand reputation, and product portfolio). It is moderated by competitive intensity between marketing capabilities and private label production. In conclusion, this research may be the first study to investigate the reasons manufacturers engage in private labels based on two competing theoretic views, S-C-P paradigm and resource-based theory. The private label phenomenon has received growing attention by marketing scholars. In many industries, private labels represent formidable competition to manufacturer brands and manufacturers have a dilemma with selling to as well as competing with their retailers. The current study suggests key factors when manufacturers consider engaging in private label production.