• Journal of Korea Trade
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• v.25 no.3
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• pp.65-86
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• 2021

Purpose - This paper empirically investigates the relationship between the corporate value chain and performance of non- financial businesses of South Korean stock market companies. It aims to explore the evidence that can be used to infer the relationship between value chains and corporate performance in the case of firms forming a value chain with other companies with the means of an equity investment or a special business relationship. Design/methodology - Non-financial corporations listed from 2011 to 2017 on the securities market of South Korea are analyzed. The data used for analysis are found for transactions with the related party by year for all the corporations of non-financial industries in the securities market. Multiple analysis attempts are conducted including the relationship between the value chain and productivity, corporate value, risk-adjusted corporate value, and mediation effects of productivity. The empirical model employs sixteen variables including the value chain index which identifies its impact on various aspects of business performances. Findings - The results of this study clearly supports the phenomenon that corporate productivity and value are enhanced when the corporation expands its value chain established with domestic related firms and overseas companies. Such a positive effect is statistically significant even after the possible risk factors that accompany the expansion of value chain were considered, and productivity plays the role as a medicating variable in the effect of the value chain on the corporation values. Originality/value - The findings of this study confirms that domestic companies' expansion of their value chain centered on the related firms overseas that helped them in terms of the maximization of their productivity and corporate values. This study shows that Korean government's policy on expanding the corporate GVC can enhance the productivity and value of firms. The expansion of value chain and its impact on business performance has not been explored thoroughly, although it is getting more and more important in the global trade operation.

• Journal of Preventive Medicine and Public Health
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• v.34 no.4
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• pp.337-346
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• 2001

Objective : To determine the clinical risk factors associated with the mode of delivery decision and to compare cesarean section rates after adjusting for risk factors identified among Korean hospitals. Methods Data were collected from 9 general hospitals in two provincial regions by medical record abstraction during February 2000. A total of 3,467 cases were enrolled and analyzed by stepwise logistic regression. Performance of the risk-adjustment model (discrimination and calibration) was evaluated by the C statistic and the Hosmer-Lemeshow test. Crude rates, predicted rates with 95% confidence intervals, and adjusted rates of cesarean section were calculated and compared among the hospitals. Results : The average crude cesarean section rate was 53.2%, ranging from 39.4% to 65.7%. Several risk factors such as maternal age, previous history of cesarean section, placenta previa, placental abruption, malpresentation, amniotic fluid abnormality, gestational anemia, infant body weight, pregnancy-induced hypertension, and chorioamnionitis were found to have statistically significant effects on the mode of delivery. It was confirmed that information about most of these risk factors was able to be collected through the national health insurance claims database in Korea. Performance of the risk-adjustment model was good (c statistic=0.815, Hosmer-Lemeshow test=0.0621). Risk factor adjustment did lead to some change in the rank of hospital cesarean section rates. The crude rates of three hospitals were beyond 95% confidence intervals of the predicted rates. Conclusions : Considering that cesarean section rates in Korean hospitals are too high, it is apparent that some policy interventions need to be introduced. The concept and methodology of risk adjustment should be used in the process of health policy development to lower the cesarean section rate in Korea.

• Journal of Veterinary Clinics
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• v.36 no.1
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• pp.7-14
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• 2019

In South Korea, six large outbreaks of highly pathogenic avian influenza (HPAI) have occurred since the first confirmation in 2003 from chickens. For the past 15 years, HPAI outbreaks have become an annual phenomenon throughout the country and has extended to wider regions, across rural and urban environments. An understanding of the spatial epidemiology of HPAI occurrence is essential in assessing and managing the risk of the infection; however, local spatial variations of relationship between HPAI incidences in Korea and related risk factors have rarely been derived. This study examined whether spatial heterogeneity exists in this relationship, using a geographically weighted Poisson regression (GWPR) model. The outcome variable was the number of HPAI-positive farms at 252 Si-Gun-Gu (administrative boundaries in Korea) level notified to government authority during the period from January 2014 to April 2016. This response variable was regressed to a set of sociodemographic and topographic predictors, including the number of wild birds infected with HPAI virus, the number of wintering birds and their species migrated into Korea, the movement frequency of vehicles carrying animals, the volume of manure treated per day, the number of livestock farms, and mean elevation. Both global and local modeling techniques were employed to fit the model. From 2014 to 2016, a total of 403 HPAI-positive farms were reported with high incidence especially in western coastal regions, ranging from 0 to 74. The results of this study show that local model (adjusted R-square = 0.801, AIC = 954.5) has great advantages over corresponding global model (adjusted R-square = 0.408, AIC = 2323.1) in terms of model fitting and performance. The relationship between HPAI incidence in Korea and seven predictors under consideration were significantly spatially non-stationary, contrary to assumptions in the global model. The comparison between global Poisson and GWPR results indicated that a place-specific spatial analysis not only fit the data better, but also provided insights into understanding the non-stationarity of the associations between the HPAI and associated determinants. We demonstrated that an empirically derived GWPR model has the potential to serve as a useful tool for assessing spatially varying characteristics of HPAI incidences for a given local area and predicting the risk area of HPAI occurrence. Considering the prominent burden of HPAI this study provides more insights into spatial targeting of enhanced surveillance and control strategies in high-risk regions against HPAI outbreaks.

• The Journal of Industrial Distribution & Business
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• v.13 no.1
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• pp.23-32
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• 2022

Purpose: This study used ESG grade, but defined AESG, adjusted to the size of a company and examines whether it can be used as an investment strategy. Research design, data and methodology: The analysis sample in this study is a company that has given an ESG rating among companies listed on the Korea Stock Exchange. We examine the results through portfolio analysis and Fama-macbeth regression analysis. Results: As result of examining the long-only performance and the long-short performance by constructing quintile portfolios, it was observed that a significant positive return was shown. It was observed that there was an alpha that could not be explained in asset pricing models. Also, AESG had a return prediction effect in the result of a Fama-Macbeth regression that controlled corporate characteristic variables in individual stocks. Next, we confirmed AESG's usage through various portfolio composition. In the portfolio optimization, the Risk Efficient method was the most superior in terms of sharpe ratio and the construct multi-factor model with Value, Momentum and Low Vol showed statistically significant performance improvement. Conclusions: The results of this study suggest that it can be helpful in ESG investment to reflect the ESG rating of relatively small companies more through the scale adjustment of the ESG rating (i.e.AESG).

• Journal of Preventive Medicine and Public Health
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• v.46 no.3
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• pp.139-146
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• 2013

Objectives: Cigarette smoking prevalence among adolescent males in rural areas of Korea has increased in recent years. The aim of this study was to explore the factors related to increasing trends in cigarette smoking among adolescent males living in rural areas. Methods: The raw data from the Korea Youth Risk Behavior Web-based Survey from 2006 to 2009 were used. Data were analyzed by using the method of complex survey data analysis considering complex sampling design. Multiple logistic regression models were used to explore the factors affecting cigarette smoking. We evaluated the linear time trends in the prevalence of factors that were related to current smoking status and the linear time trends in cigarette smoking in groups stratified by the exposure to each factor using logistic regression models. Finally, we examined the contributions of the factors to the time trends in cigarette smoking by adjusting for each of those factors in the baseline regression models and changes in the adjusted odds ratio by survey year. Results: A statistically significant increasing trend in smoking was observed after adjusting for the factors affecting cigarette smoking. Significant factors related to cigarette use were perceived stress, experience with depression, current alcohol drinking, exposure to secondhand smoke, and academic performance. The factor related to increasing trends in cigarette smoking was academic performance. Conclusions: Stress about academic performance is an important factor affecting the increase in cigarette smoking among adolescent males in a rural area of Korea.

• Journal of Distribution Science
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• v.17 no.3
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• pp.69-83
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• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• Journal of Gastric Cancer
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• v.18 no.2
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• pp.142-151
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• 2018

Purpose: The modification of the cancer classification system aimed to improve the classical anatomy-based tumor, node, metastasis (TNM) staging by considering tumor biology, which is associated with patient prognosis, because such information provides additional precision and flexibility. Materials and Methods: We previously developed an mRNA expression-based single patient classifier (SPC) algorithm that could predict the prognosis of patients with stage II/III gastric cancer. We also validated its utilization in clinical settings. The prognostic single patient classifier (pSPC) differentiates based on 3 prognostic groups (low-, intermediate-, and high-risk), and these groups were considered as independent prognostic factors along with TNM stages. We evaluated whether the modified TNM staging system based on the pSPC has a better prognostic performance than the TNM 8th edition staging system. The data of 652 patients who underwent gastrectomy with curative intent for gastric cancer between 2000 and 2004 were evaluated. Furthermore, 2 other cohorts (n=307 and 625) from a previous study were assessed. Thus, 1,584 patients were included in the analysis. To modify the TNM staging system, one-grade down-staging was applied to low-risk patients according to the pSPC in the TNM 8th edition staging system; for intermediate- and high-risk groups, the modified TNM and TNM 8th edition staging systems were identical. Results: Among the 1,584 patients, 187 (11.8%), 664 (41.9%), and 733 (46.3%) were classified into the low-, intermediate-, and high-risk groups, respectively, according to the pSPC. pSPC prognoses and survival curves of the overall population were well stratified, and the TNM stage-adjusted hazard ratios of the intermediate- and high-risk groups were 1.96 (95% confidence interval [CI], 1.41-2.72; P<0.001) and 2.54 (95% CI, 1.84-3.50; P<0.001), respectively. Using Harrell's C-index, the prognostic performance of the modified TNM system was evaluated, and the results showed that its prognostic performance was better than that of the TNM 8th edition staging system in terms of overall survival (0.635 vs. 0.620, P<0.001). Conclusions: The pSPC-modified TNM staging is an alternative staging system for stage II/III gastric cancer.

• Journal of the Korean Society for Precision Engineering
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• v.33 no.10
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• pp.781-787
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• 2016

We introduce FEST (Flight Environment Simulation Test) procedures for precise guided missiles to reliably improve systems. Flight vibration specification was established based on power spectral density curves calculated from flight test data of a high speed precise guided missile. A FEST pre-profile was developed according to flight vibration specification and delivered to a precise guided missile assembly. Vibration responses were measured by installing accelerometers on electronic components vulnerable to dynamic forces. The FEST profile was adjusted by comparing the vibration responses and the flight vibration specification. Subsequently, the FEST profile was repeatedly modified through trial and error, because the responses were similar to the flight environment. The modified FEST profile enabled performance testing of assembled precise guided missiles under simulated flight conditions on the ground, where unexpected errors could be corrected before the flight tests, leading to cost and risk reduction in the development of the precise guided missile system.

• World Technopolis Review
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• v.3 no.2
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• pp.66-77
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• 2014

This paper aims at exploring a conceptual framework of analyzing the evolutionary processes of regional economies by reconciling the notion of regional resilience and the concepts prevailing in the disciplines of evolutionary economics and geography. The resilience framework appears to offer a promising outlet with which combination of the seemingly contradictory conceptions is made possible. It can address why some regions manage to adapt to external shocks, renew themselves, or lock out themselves, while others are more locked in decline. In addition, it can also explain how the spatial organization of economic production, distribution, and consumption is transformed over time. Then, regional economic resilience, together with its accompanying vehicle of panarchy, emerges as a workable framework of explaining regional differentiation in regional economic performance and trajectories. Despite the risk of being a fuzzy concept, the resilience conception can be properly operationalized to provide policy principles of regional economic innovation adjusted to region-specific contexts.

• The Korean Journal of Financial Studies
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• v.3 no.2
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• pp.329-364
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• 1996

Writing naked put options is a strategy employed either as a speculation to capture premium income, or as a method of placing a limit order to buy the underlying at the strike price in return for premium received. Using a Monte Carlo simulation, twenty thousand equity prices are generated under known volatility and return parameters. A binomial tree is constructed using the same volatility and return parameters. Put options on these 'equities' are valued with the binomial methodology. The performance of various put writing strategies is evaluated on a risk-adjusted basis. Evidence presented suggests that the judicious use of put options may enhance returns during portfolio construction.