• 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.

• Journal of Distribution Science
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• v.10 no.2
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• pp.7-17
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• 2012

The aim of this study is to empirically explore micro and macroeconomic factors affecting the Pakistani sugar industries and searching the energy potential of this industry, through the survey of literature. The empirical part has been explored by employing Vector Autoregression (VAR), Granger Causality tests and simultaneous equation models through quarterly data for the period of 1991q2-2008q4. The study also aims to devise policies for the development of sugar industries and identify its growing importance for the energy sector of Pakistan. Empirical tests applied on the domestic prices of sugar, domestic interest rates, and exchange rate, productive capacities of sugar mills, per capita income, world sugar prices on cultivable area and sugar production reveal very useful results. Results reveal an improvement of productive capacity of the sugar mills of Pakistan on account of increasing crushing capacity of this sector. Negative effect of rising wholesale prices on the harvesting area was also observed. Profit earnings of the sugar mills significantly increase with the rise of sugar prices but the system does not exist for the farming community to share the rising prices of sugar. The models indicate positive and significant effect of local prices of sugar on its volume of import. Another of the findings of this study positively relates the local sugar markets with the international prices of sugar. Additionally, the causality tests results reveal exchange rate, harvesting area and overall output of sugarcane to have significant effects on the local prices of sugar. Similarly, import of sugar, interest rate, per capita consumption of sugar, per capita national income and the international prices of sugar also significantly affect currency exchange rate of Pakistani rupee in terms of US$. The study also finds sugar as an essential and basic necessity of the Pakistani consumers. That is why there are no significant income and price effects on the per capita consumption of sugar in Pakistan. All the empirical methods reiterate the relationship of variables. Economic policy makers are recommended to improve governance and management in the production, stock taking, internal and external trading and distribution of sugar in Pakistan using bumper crop policies. Macroeconomic variables such as interest rate, exchange rate per capita income and consumption are closely connected with the production and distribution of sugar in Pakistan. The cartelized role of the sugar industries should also be examined by further studies. There is need to further explore sugar sector of Pakistan with the perspective of energy generation through this sector; cartelized sugar markets in Pakistan and many more other dimensions of this sector. Exact appraisal of sugar industries for energy generation can be done appropriately by the experts from applied sciences.

• Fisheries and Aquatic Sciences
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• v.23 no.6
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• pp.16.1-16.10
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• 2020

This study was conducted in Lake Hayq between January and December 2018. The objectives of this study were to determine the growth, condition, sex ratio, fecundity, length at first sexual maturity (L₅₀), and spawning seasons of common carp (Cyprinus carpio). Monthly fish samples of C. carpio were collected using gillnets of stretched mesh sizes of 4, 6, 7, 8, 10, and 13 cm and beach seines of mesh size of 6 cm. Immediately after the fish were captured, total length (TL) and total weight (TW) for each individual were measured in centimeters and grams, respectively, and their relationship was determined using power function. Length at first maturity (L₅₀) was determined for both males and females using the logistic regression model. The spawning season was determined from the frequency of mature gonads and variation of gonadosomatic index (GSI) values of both males and females. Fecundity was analyzed from 67 mature female specimens. The length and weight relationship of C. carpio was TW = 0.015TL^2.93 for females and TW = 0.018TL^2.87 for males that indicate negative allometric growth in both cases. The mean Fulton condition factor (C_F) was 1.23 ± 0.013 for females and 1.21 ± 0.011 for males. The value of C_F in both cases was > 1 that shows both sexes are in good condition. Among the total 1055 C. carpio collected from Lake Hayq, 459 (43.5%) were females and 596 (56.5%) were males. The chi-square test showed that there was a significant deviation between male and female numbers from 1:1 ratio (χ²= 22, df = 11, P > 0.05) within sampling months. The length at first sexual maturity (L₅₀) for females and males were 21.5 and 17.5 cm, respectively. Males mature at smaller sizes than females. The spawning season of C. carpio was extended from February to April, and the peak spawning season for both sexes was in April. The average absolute fecundity was 28,100 ± 17,462. C. carpio is currently the commercially important fish while Nile tilapia fishery has declined in Lake Hayq. Therefore, this baseline data on growth, condition, and reproductive biology of common carp will be essential to understand the status of the population of carp and design appropriate management systems for the fish stock of Lake Hayq, Ethiopia, and adjacent countries.