• Korean Journal of Construction Engineering and Management
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• v.21 no.5
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• pp.64-73
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• 2020

The government announced a plan for fund support to the enterprises with high possibility of recovery and early restructuring for the enterprises with low recovery by objectifying credit assessment system. Such announcement of government could be extended to restructuring risk of middle standing enterprises with low financial soundness by establishing the basis to prepare prompt restructuring by reinforcing the basis for restructuring through capital market. This research analyzed financial soundness based on the financial evaluation of bank by selecting 10 middle standing construction companies which focused on housing business in 2019, based on such analysis result, it was confirmed that there was a high possibility of restructuring risk. This research determined that there would be a decrease in growth rate of construction industry on the whole in 2020 due to fall of economic growth rate and reinforced real estate regulation, accordingly, there's a big possibility for middle standing construction companies with paid-in capital ratio due to its low possibility of maintenance of stable credit rating. This research established KCSI assessment model by utilizing the material of a reliable research institute in order for middle standing construction companies to evade restructuring risk, and indicated risk ratio differentiated per each item through a working-level expert survey. Such research result could suggest credit risk reduction method to middle standing construction company management staffs, and prepare a basis to evade restructuring risk.

• Korea Real Estate Review
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• v.24 no.1
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• pp.77-90
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• 2014

With the purpose of preventing improper development on the national land, the land development permission system which is performed from 2002 has meaning as a type of limiting the property right, but modification on the details of traditionally understood land ownership is inevitable. Also, releasing the development prohibit on the land not only stop in recovering the freedom for land development, but also can be interpretated as a cause of forming the land development right, therefore the purpose of this study is to develop this into a real right. When we look at the development activity permission as a form of limiting the property right, constitutional problems of basis for that limit and compensation demand can occur. However, that limit can be recovered or relieved through permitting the development activity, therefore the compensation problem can be solved. Due to the development activity permission system, the land development right was separated from the land ownership to be communalized, and now, the land ownership only has condition use right left and don't have the future condition change right in principle, therefore modifying the traditional concept of land ownership is inevitable. By the virtue of the land ownership authority, the land development permission system must have the property to separate the development right as the independent right to be authorized of its legitimacy. Without these properties, the land development permission system cannot satisfy the social necessity of the land development right and its discussion under the category of the land ownership limit theory can't be deviated. In the existing "Civil Law" or in the Land Regulation Law system, there are many difficulties and limits in generalizing the land development right as a real right. Therefore, it is considered that by establishing a social law idea of Framework Act on the Land to characterize the land right theory in the real right theory, the land development permission system or the development right theory should be studied and developed independently and systematically.

• Korean Journal of Construction Engineering and Management
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• v.8 no.5
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• pp.173-181
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• 2007

The domestic construction market is recently daunted because of the sustainable real estate regulation policy by the government. In other aspect, after the WTO(World Trade Organization)system opened overseas construction is growing continuously with grow of international economy and opening of market through world. Therefor needs to establish strategy on expansion or over seas construction competitive power. The purpose of this research is expansion on over seas construction competitive power by suggesting project cost guarantee methods to Owner and cost guarantee methods are Official Development Assistance(ODA). Accordingly, this research analyzed a developed $country^{\circ}{\phi}s$ ODA and domestic ODA. Moreover, survey to Expert of related field about over seas construction and ODA for identified problems. Especially, based on the results it intends to analyzed domestic ODA competitive power and improve strategy to competitive power of receive an order on over seas construction.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.109-117
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• 2006

The domestic construction market is recovered after a foreign exchange crises but recently it's daunted again because of the sustainable real estate regulation policy by the government. The other aspect, after the WTO(World Trade Organization) system opened overseas construction is growing continuously with growth of international economy and opening of market through world. Moreover, for ballooning oil prices an orders increase by oil-producing countries, the Middle East, gives good chances to domestic construction enterprises. But, the domestic firms decrease on our domain by chases of developing country and high-technology or advanced country. This research will indicate processes of our construction business to analyze performance record about our overseas construction from the 1970s to present. Based on the results it intends to search for problems of our construction enterprises and provide useful analytic data for expansion of overseas construction market.

• Journal of Korea Planning Association
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• v.54 no.2
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• pp.33-45
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• 2019

The Legal Floor Area Ratio (L-FAR) has been used as a major urban planning tool for efficient management of land use, landscape, and density. The Developed Floor Area Ratio (D-FAR) in each parcel is realized by such physical and institutional factors as urban tissue, local characteristics, and zoning with the L-FAR. The Achieved Floor Area Ratio (A-FAR), the ratio of the D-FAR to the L-FAR, is the relationship between realized density and the intended/desired outcomes of the regulations. The A-FAR informs the efficiency of L-FAR and its effect on parcels, and is an indicator of the demands of real estate developments under the zoning regulation. This study used detailed data of each parcel's characteristics, including parcel size, road width, and the number of roads bordered by a parcel, to identify the influencing factors on A-FAR. This analysis confirmed that the parcel size has a non-linear negative effect in the residential zone but a linear positive effect on A-FAR in the commercial zone. The width of the parcel's frontage in the commercial zone has a positive effect on the value, while in the residential zone the narrower width has higher A-FAR. In Seoul, the residential zone has higher A-FAR than the commercial zone, which means that the former has a relatively higher development pressure but a lower designated L-FAR. This result reflects that Seoul's residential zone absorbs the demand of commercial uses because of the significant permitting of mixed land use and has high-density residential buildings.

• Journal of Environmental Impact Assessment
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• v.26 no.5
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• pp.331-343
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• 2017

The important changes in water environment management in Korea can be summarized as the enactment of Act on the Integrated Control of Pollutant-Discharging Facilities. Therefore water quality impact assessment should be reexamined and be revised. This study examines the present water quality impact assessment items (permissible discharge limits, standards for effluent water quality including Total Pollutant Load Management System) and considers the land use regulation for water quality conservation and NVZs(Nitrate Vulnerable Zones of EU and England). It also considers lately adopted standards(maximum discharge standards, permissible discharge standards, and marginal discharge standards etc) based on Act on the Integrated Control of Pollutant-Discharging Facilities and then compares Korean BAT and its counterpart control technology of U.S.A. And it also compares the items of water quality impact assessment with those of Integrated Control of Pollutant-Discharging Facilities, based on EIS reporting items. This study suggests five improvement measures for water quality impact assessment. First reflection of discharge impact analysis on impact prediction and assessment, second reflection of permissible discharge standards on agreed standards in the EIA procedure, third, reflection of diversified BAT on mitigation measures in the EIA procedure, forth introduction of land use regulation such as NVZs, finally strengthening linkage between water quality items and land use items etc.

• Land and Housing Review
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• v.5 no.4
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• pp.259-269
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• 2014

After global financial crisis, the ratio of household debt to GDP was decreasing in other advanced countries such as the U.S., and the U.K. and so on. But, in Korea, household debt (of which residential mortgage loan account for a large part) ratio is still increasing. This paper focuses on the scale and characteristics of households in negative housing equity (those are called House-poors in Korea), and also the socio-economic backgrounds of the formation process. In financial perspective, the problem of negative housing equity depends on financial debt repayment capability. We used DSR (Debt Service Ratio) and LTA (Loan to Asset ratio) as financial indicators to evaluate the debt repayment capability. The critical value of DSR is assumed as 40%, and LTA 100%. The socio-economic backgrounds of the House-poors are as follows : increasing households debt dependency, over lending competition of financial institutions and unreasonable loan in household economy, instability of real estate market, week regulation on mortgage loan. Finally, this paper suggests some implications about the range and the target of public intervention.

• Journal of Environmental Impact Assessment
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• v.29 no.1
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• pp.45-60
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• 2020

In the past, air pollution, water pollution and solid waste were very important items, but at present environmentally sound land use, ecosystem conservation and sustainable socio-economy have become very important in EIA. According to the consultation result of SEA and Small scale EIA during 2012~2019, most results are 'Conditional Agreement'. Especially EIA consultation results before 2016 were mostly (94.1 %) 'Agreement', but since 2017 most (87.4 %) are 'Conditional Agreement'. And the percentage of 'Non Agreement' have sharply increased from 0.3~0.6 % (during 2013~2016) to 1.3~3.1 % (during 2017~2019). In case there have been no change in EIA system and consultation techniques, the problems of inconsistency and unfairness could be raised. Therefore are urgently required researches on environmentally sound land use, ecosystem conservation and sustainable socio-economy which decide location feasibility assessment. The purpose of this study is to analyse the consultation cases of SEA, EIA, and Small scale EIA since 2012, and to identify key factors which result in the decision of nonagreement of development plans and development projects, and to suggest the improvements on EIA consultation based on land use regulation and environmental grade.

• Management & Information Systems Review
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• v.37 no.3
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• pp.27-47
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• 2018

In this study, we examine how land use zoning affects the land price controlling other variables such as road-facing condition of the land, land form, land age after its development and land size. We employ geographically weighted regression analysis which reflects spatial dependency as methodology with a data sample of land transaction price data of Jangyu, a new town, in Korea. The results of our empirical analysis show that the respective coefficients of traditional regression and geographically weighted regression are not significantly different. However, after calculating Moran's Index with residuals of both OLS and GWR models, we find that Moran's Index of GWR decreases around 26% compared to that of OLS model, thus improving the problem of spatial autoregression of residuals considerably. Unlike our expectation, though, in both traditional regression and geographically weighted regression where residential exclusive area is used as a reference variable, the dummy variable of the residential land for both housing and shops shows a negative sign. This may be because the residential land for both housing and shops is usually located in the level area while the residential exclusive area is located at the foot of a mountain or on a gentle hill where the residents can have good quality air and scenery. Although the utility of the residential land for both housing and shops is higher than its counterpart's since it has higher floor area ratio, amenity which can be explained as high quality of air and scenery in this study seems to have higher impact in purchase of land for housing. On the other hand, land for neighbourhood living facility seems to be valued higher than any other land zonings used in this research since it has much higher floor area ratio than the two land zonings above and can have a building with up to 5 stories constructed on it. With regard to road-facing condition, land buyers seem to prefer land which faces a medium-width road as expected. Land facing a wide-width road may have some disadvantage in that it can be exposed to noise and exhaust gas from cars and that entrance may not be easy due to the high speed traffic of the road. In contrast, land facing a narrow road can be free of noise or fume from cars and have privacy protected while it has some inconvenience in that entrance may be blocked by cars parked in both sides of the narrow road. Finally, land age variable shows a negative sign, which means that the price of land declines over time. This may be because decline of the land price of Jangyu was bigger than that of other regions in Gimhae where Jangyu, a new town, also belong, during the global financial crisis of 2008.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.