• Korean Journal of Heritage: History & Science
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• v.55 no.2
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• pp.214-230
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• 2022

This paper discusses the characteristics and background of the production of white porcelain with the "Byeol(別)" inscription. Such porcelain was produced by the government-run porcelain kiln, Gwanyo(官窯), in the 16th and 17th centuries (from the 1560s to the 1640s), during the Joseon dynasty. The white porcelain ware, inscribed with either the term Byeol or "jwa(左)" and "u(右)," constituted a dual production system of white porcelain by Gwanyo starting in the 1560s. However, to date, few studies have examined Byeol-inscribed white porcelain. This, therefore, makes it difficult to achieve a comprehensive understanding of the evolution of inscriptions on the white porcelain produced by Gwanyo in the 15th to 17th centuries. Besides a regular annual stock of porcelain(年例進上磁器), Gwanyo also produced and supplied additional porcelain ware, or Byeol-gi, at the behest of the royal family or the court of Joseon. Byeol-inscribed white porcelain is a form of Byeol-gi, produced through extra firing, or Byeolbeon(別燔). According to use, Byeol-gi can be categorized as an item for national use(國用) or an item for internal use(內用). However, if the porcelain only carries the "Byeol(別)" inscription, it is difficult to identify its characteristics. Furthermore, as part of the annual production of porcelain was for the supply of Byeol-gi, and then for other purposes, the white porcelain came to be inscribed with dots indicating a change in ownership. In the 16th century, the royal family increased its consumption of white porcelain based on Shinyu Gongan(辛酉貢案), the government's fiscal reform measures. To guarantee a stable supply of exceptional Byeol-gi in light of Gwanyo's decline in the 1560s, the royal family benefited from the inscription of "Byeol." The white porcelain produced by Gwanyo was divided into annual offerings-those with the inscriptions "jwa(左)" and "u(右)"-and Byeol-gi, those with the inscription of "Byeol." They were managed separately from the commencement of production. Byeol-inscribed white porcelain was produced until the 1640s. During the mid-and late 1640s, Byeolbeon was temporarily suspended. Starting in the 1650s, the white clay used to produce the annual stock of white porcelain was sourced from regions other than those providing the clay for Byeol-gi production. The former used clay from Wonju(原州土) and Seosan(瑞山土), while the latter used clay from Gyeongju(慶州土) and Seoncheon(宣川土). According to the literature, the clay from Gyeongju and Seoncheon was much cleaner than that from Wonju and Seosan. Byeolbeon thus underwent a transformation, whereby production was separately managed, right from the stage of white clay mining. Ultimately, the need for the separate management of Byeol-gi through inscriptions diminished, resulting in the disappearance of Byeol-inscribed white porcelain.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.1
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

• Asian-Australasian Journal of Animal Sciences
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• v.17 no.11
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• pp.1615-1634
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• 2004

A review was undertaken to obtain information on the sustainability of pig free-range production systems including the management, performance and health of pigs in the system. Modern outdoor rearing systems requires simple portable and flexible housing with low cost fencing. Local pig breeds and outdoor-adapted breeds for certain environment are generally more suitable for free-range systems. Free-range farms should be located in a low rainfall area and paddocks should be relatively flat, with light topsoil overlying free-draining subsoil with the absence of sharp stones that can cause foot damage. Huts or shelters are crucial for protecting pigs from direct sun burn and heat stress, especially when shade from trees and other facilities is not available. Pigs commonly graze on strip pastures and are rotated between paddocks. The zones of thermal comfort for the sow and piglet differ markedly; between 12-22$^{\circ}C$ for the sow and 30-37$^{\circ}C$ for piglets. Offering wallows for free-range pigs meets their behavioural requirements, and also overcomes the effects of high ambient temperatures on feed intake. Pigs can increase their evaporative heat loss via an increase in the proportion of wet skin by using a wallow, or through water drips and spray. Mud from wallows can also coat the skin of pigs, preventing sunburn. Under grazing conditions, it is difficult to control the fibre intake of pigs although a high energy, low fibre diet can be used. In some countries outdoor sows are fitted with nose rings to prevent them from uprooting the grass. This reduces nutrient leaching of the land due to less rooting. In general, free-range pigs have a higher mortality compared to intensively housed pigs. Many factors can contribute to the death of the piglet including crushing, disease, heat stress and poor nutrition. With successful management, free-range pigs can have similar production to door pigs, although the growth rate of the litters is affected by season. Piglets grow quicker indoors during the cold season compared to outdoor systems. Pigs reared outdoors show calmer behaviour. Aggressive interactions during feeding are lower compared to indoor pigs while outdoor sows are more active than indoor sows. Outdoor pigs have a higher parasite burden, which increases the nutrient requirement for maintenance and reduces their feed utilization efficiency. Parasite infections in free-range pigs also risks the image of free-range pork as a clean and safe product. Diseases can be controlled to a certain degree by grazing management. Frequent rotation is required although most farmers are keeping their pigs for a longer period before rotating. The concept of using pasture species to minimise nematode infections in grazing pigs looks promising. Plants that can be grown locally and used as part of the normal feeding regime are most likely to be acceptable to farmers, particularly organic farmers. However, one of the key concerns from the public for free-range pig production system is the impact on the environment. In the past, the pigs were held in the same paddock at a high stocking rate, which resulted in damage to the vegetation, nutrient loading in the soil, nitrate leaching and gas emission. To avoid this, outdoor pigs should be integrated in the cropping pasture system, the stock should be mobile and stocking rate related to the amount of feed given to the animals.

• Management & Information Systems Review
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• v.36 no.3
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• pp.151-165
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• 2017

This study investigates the effect of revenue recognition by percentage of completion method on financial analysts' earnings forecasting information in order industry. Specifically, we examines how the analysts' earnings forecast errors and biases differ according to whether or not to report the unbilled revenue account balance and the level of unbilled revenue account balance. The sample consists of 453 firm-years listed in Korea Stock Exchange during the period from 2010 to 2014 since the information on unbilled revenue accounts can be obtained after the adoption of K-IFRS. The results are as follows. First, we find that the firms with unbilled revenue account balances have lower analysts' earnings forecast accuracy than the firms who do not report unbilled revue account balances. In addition, we find that the accuracy of analysts' earnings forecasts decreases as the amount of unbilled revenue increases. Unbilled revenue account balances occur when the revenue recognition of the contractor is faster than the client. There is a possibility that managerial discretionary judgment and estimation may intervene when the contractor calculates the progress rate. The difference between the actual progress of the construction and the progress recognized by the company lowers the predictive value of financial statements. Our results suggest that the analysts' earnings forecasts may be more difficult for the firms that report unbilled revenue balances as applying the revenue recognition method based on the progress criteria. Second, we find that the firms reporting unbilled revenue account balances tend to have higher the optimistic biases in analysts' earnings forecast than the firms who do not report unbilled revenue account balances. And we find that the analysts' earnings forecast biases are increases as the amount of unbilled revenue increases. This study suggests an effort to reduce the arbitrary adjustment and estimation in the measurement of the progress as well as the introduction of the progress measurement method which can reflect the actual progress. Investors are encouraged to invest and analyze the characteristics of the order-based industry accounting standards. In addition, the results of this study empower the accounting transparency enhancement plan for order industry proposed by the policy authorities.

• Journal of Life Science
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• v.23 no.9
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• pp.1088-1095
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• 2013

The swimming crab, Portunus trituberculatus, inhabits seafloor habitats containing sand or pebbles and is widely distributed throughout the world. The present study investigated genetic polymorphisms of 10 microsatellites in 281 samples of P. trituberculatus collected from four locations along the coastal water of the Korean side of the Yellow Sea (Yeonggwang, Taean, Sorea, and Yeonpyeong-do Island). The number of alleles per locus ranged from 50 to 129, with a mean of 69.5. The observed and expected hetrozygosity varied from 0.111 to 1.000 and from 0.609 to 0.979, respectively. The inbreeding coefficients (Fis) varied among the loci from -0.0207 to 0.8175. The genetic differentiation (Fst) was less than 0.05 (range 0.0020-0.0124). Therefore, the four groups of P. trituberculatus appeared to exhibit little genetic differentiation. The lack of differentiation was confirmed in a phylogenetic tree constructed by the unweighted pair group method with the arithmetic average (UPGMA). The hypervariation between the populations and the lack of genetic differentiation may reflect active gene flow among the Yellow Sea populations and the absence of geographical boundaries. The highly polymorphic microsatellite loci will be useful for molecular and phylogenetic studies, as well as stock management, of swimming crab, which is an important fishery resource.

• KDI Journal of Economic Policy
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• v.25 no.1
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• pp.99-145
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• 2003

Quasi-fiscal activities (QFAs) refer to those activities that public corporations carry out to achieve policy objectives of the government. QFAs often lead to the understatement of the government involvement in the economy and the overstatement of its financial balance, thereby lowering fiscal transparency and hiding fiscal risks. Central banks, as public corporations, perform various QFAs in many countries. I define QFAs in this case as those activities that are not directly related to the intrinsic function of central banks, whose responsibility lies in the administration of monetary policy and the provision of banking services for the government and commercial banks. In Korea, the Bank of Korea (BOK) has been an active source of QFAs. Of particular importance are the policy loans to commercial banks to promote their lending to small- and medium-sized enterprises and others. The outstanding stock of policy loans increased rapidly in the aftermath of the recent economic crisis, and stood at 7.6 trillion won (20 percent of the reserve money) at the end of 2002. Another important QFA by BOK stems from the transfer of part of its profits to the central government. The accumulated transfer during 1998-2002 amounted to 9.9 trillion won. My calculation shows that if these and other QFAs had been carried out by the government as explicit fiscal activities, the consolidated central government financial balance would have been below the actual balance by about 0.5 percent of GDP in each year since the economic crisis. It is suggested that the QFAs by BOK be reduced in coming years not only to enhance fiscal transparency but also to expand the flexibility of BOK's reserve management. Abolishing policy loans and minimizing transfers to the government would be the first step in this direction. BOK should also consider paying interest on the government deposit held in BOK.

• ALGAE
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• v.20 no.2
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• pp.167-176
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• 2005

In order to produce Laminaria japonica in Jeju as feed for abalone, a transplant experiment was performed with the Baekryungdo and the Wando cultivar stocks at the Udo aquafarm from January to July 2003. Eight water conditions at the aquafarm and eleven traits of the two cultivar stocks were measured once a month. The water temperature ranged from 12.9$^{\circ}C$ to 23.5$^{\circ}C$. The salinity was 31.3-36.8‰ the DO was 5.40-9.86 mg ${\cdot}$ $l^{-1}$ the pH was 7.82-9.61. Concentrations of $NO_2-N,\;NO_3-N,\;NH_4-N\;and\;PO_4-P$ were 0.02-0.15 $\mu$M, 2.27-3.49 $\mu$M, 0.16-0.56 $\mu$M and 0.07-0.99 $\mu$M, respectively. The whole frond length of the Baekryungdo and the Wando specimens were 173.84 and 153.67 cm. The blade width, stipe length, blade length, fascia length, blade thickness, total weight and substantiality of the Baekryungdo and the Wando specimens were 14.61 and 13.05 cm, 3.94 and 3.02 cm, 169.88 and 150.65 cm, 155.81 and 137.10 cm, 1.01 and 0.96 cm, 258.04 and 200.96 cm, and 101.56 and 94.62, respectively at the conclusion of the experiment in July. The measurements of the Baekryungdo specimens were slightly higher than those of Wando specimens. The fascia width, stipe thickness and fascia thickness of the Wando specimens were slightly higher than those of the Baekryungdo specimens. The relative growth rates of these traits of two cultivar stocks during the growth test were very similar. Generally, the performance of the Baekryungdo cultivar stock seems to be better than that of the Wando samples. Further study of the physiological ecology for cultivation and breeding is needed in the future.

• Journal of Korea Technology Innovation Society
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• v.20 no.1
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• pp.239-270
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• 2017

This paper examines the relationship between ownership structure and the intensity of R&D expenditures of a firm by analyzing the panel data composed of 553 manufacturing firms in KSE(Korea Stock Exchange) and KOSDAQ listed firms for the period of 2007-2014. The major findings are as follows; (1) Regarding the relationship between CEO stockholding and R&D intensity, we find the inverted-U shape relationship in KOSDAQ firms, consistent with the theoretical discussion and empirical studies on U.S. firms. The result suggests that management stockholding reduces agency problem at the R&D margin. On the contrary, the insignificant result in KSE firms seems to be due to the scant stockholding of most 'non-owner' CEOs. (2) Regarding the relationship between the largest shareholder's portion and R&D intensity, KSE firms exhibit negatively significant relationship, suggesting the existence of serious agency problem between the largest shareholder and the minor shareholders. This agency problem seems to be alleviated in KOSDAQ firms mainly because the founders with technology expertise are still in charge of the business. (3) Foreign investors seem to fail in effectively encouraging R&D expenditures in either KSE or KOSDAQ listed firms. This study contributes to the existing literature by showing for the first time that ownership structure affects R&D activities in different ways between KSE and KOSDAQ firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.1
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• pp.231-237
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• 2017

This study examines the relationship between voluntary information disclosure and the effective tax rate using Investor Relation (IR) as the proxy for the level of the firm's voluntary information disclosure, and effective corporate tax rate as the proxy for the level of tax avoidance. This study considers sample data from 1,396 firms listed on the Korea Composite Stock Price Index (KOSPI) from 2011-2014. The results of this study are as follows: Investor Relation (IR) had a positive correlation with effective corporate tax rate. This result got on with the result of additional analysis using extra measurement of effective corporate tax rate. According to these results, we expect that firms featuring greater voluntary information disclosure report enhanced business performance. This study contributes understanding how Investor Relation (IR) affects tax avoidance. We hope that this study can promote the development of capital markets and provide good news to investors for firms that have greater information disclosure.

• Journal of Distribution Science
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• v.13 no.11
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• pp.47-58
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• 2015

Purpose - This study aims to seek determinants of department store sales commission rates under consignment contracts based on transaction cost theory, the power-dependence view, and the resource-based view. A consignment contract is a unique contract where the retailer, over a given period, takes possession of goods owned by a supplier, promotes the sales of these goods, and receives a profit share from their sales. Under this contract, the supplier owns the goods until they are sold. In department stores in South Korea, over 70% of overall sales comes through consignment contracts. In other words, this is the most popular contract agreement between large retailers and vendors in South Korea. Consignment contracts yield high profits to department stores with minimal sales uncertainty, stock cost, and marketing investment. Many suppliers believe the consignment contract commission rates are too high. However, department stores disagree. They state that the commissions are not high as they generate new value for the suppliers by accumulating up-to-date merchandise and supporting various marketing programs on their behalf. Recently, consignment contracts have been critically examined and scrutinized by politicians, mass media, and the public of Korea. This study further intends to derive implications reflecting both buyer and seller perspectives as well as offer insights to policy makers in making appropriate decisions. Research design, data, and methodology - To verify the proposed research model and test hypotheses, the authors selected 164 suppliers, which currently have relationships with department stores. This study carefully investigated the reliability, content validity, convergent validity, and discriminant validity of the proposed model. The data were analyzed using SPSS 18.0 and AMOS structural equation modeling program Results - For the transaction cost theory and the power-dependence view, the results indicated that product diversity and demand volatility had a positive impact on the sales dependence on a department store. Dependence in turn had a positive effect on the sales commission under the consignment contract. Based on the resource-based view, the department store's marketing capability, the supplier's perception toward merchandising, and supporting activities could enhance the department store's channel leadership in the buyer-seller relationship. Subsequently, the channel leadership had a positive effect on the sales commission. However, product complexity had no relationship with department store dependence. Conclusions - This is the first empirical research that investigates the determinants of sales commissions under consignment contracts in the domestic retail industry. This study reveals several theoretical and practical implications for both marketing scholars and marketers. In terms of theoretical implication, this study integrated and enlarged certain theoretical background, such as transaction cost theory, the power-dependence view, and the resource-based view, to explain the determinants of sales commissions under consignment contracts that include sales revenue. From a business management viewpoint, this research offers useful insights for policy makers by applying two different perspectives, both the manufacturer and the retailer, in terms of the sales commission issue under a consignment contract.