• Management & Information Systems Review
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• v.37 no.2
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• pp.187-207
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• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.

• Korean Journal of Ecology and Environment
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• v.34 no.4 s.96
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• pp.298-309
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• 2001

The purpose of this study was to evaluate the filtering-feeding effect of a freshwater mussel (Corbicula leana) on the phytoplankton communities in two lakes with different trophic conditions between June and September, 2000. Manipulation experiments were conducted with two treatments (the control and mussel addition), and each established in duplicate 10 l chambers. Both ambient nutrient (TN, TP) and chlorophyll-a concentrations were significantly (p<0.01) higher in Lake Ilgam than Lake Soyang. Cyanophytes (Microcystis, Oscillatoria, Lyngbya and Dactylococcopis) consistently dominated algal community in Lake llgam, while flagellated algae (Dinobryon divergence, Mallomonas, Rhodomonas) and cyanophytes (Microcystis)dominated in Lake Soyang. The net exponential death rate ($R\;=\;day^{-1}$) of total phytoplankton in the mussel treatment ranged $1.70{\sim}7.39$ and $0.38{\sim}1.64$ in Lakes Soyang and Ilgam, respectively. Mean filtering rate standardized by mussel AFDW ($ml\;mgAFDW^{1}\;h^{-1}$) was much higher in Lake Soyang ($1.70{\sim}3.06$) than in Lake Ilgam($0.24{\sim}0.88$0.24~o.88). Estimating FR per mussel, 1 mussel filtered $1.6{\sim}7.8\;l$ per day and $1.7{\sim}3.0\;l$ per day in Lakes Soyang and Ilgam, respectively. Based on tile C-flux tobiomass ratio, Corbicula leana consumed $0.8{\sim}4.4$ fold of phytoplankton standing stock in Lake Soyang, and $0.4{\sim}1.6$ fold in Lake Ilgam per day. Mussel feeding resulted in increase of SRP concentration by $30{\sim}50%$, compared with the control. The results of this study suggest that filter-feeding activity of Corbicula leana varies depending on the phytoplankton density and community composition. The high seston consumption rate of Corsicuja Jeaua even in a eutrophic lake suggests that biomanipulation approach using filter-feeding mussels can be used far wate rquality management in small eutrophic reservoirs.

• Knowledge Management Research
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• v.21 no.3
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• pp.45-65
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• 2020

It is desirable to invest in wine that increases its value, but wine investment itself is unfamiliar in Korea. Also, the process itself is unreasonable, and information is often forged, because pricing in the wine market is done by a small number of people. With the right solution, however, the wine market can be a desirable investment destination in that the longer one invests, the higher one can expect. Also, it is expected that the domestic wine consumption market will expand through the steady increase in domestic wine imports. This study presents the consortium block chain framework for revitalizing the wine market and enhancing transparency as the "right solution" of the nation's wine investment market. Blockchain governance can compensate for the shortcomings of the wine market because it guarantees desirable decision-making rights and accountability. Because the data stored in the block chain can be checked by consumers, it reduces the likelihood of counterfeit wine appearing and complements the process of unreasonably priced. In addition, digitization of assets resolves low cash liquidity and saves money and time throughout the supply chain through smart contracts, lowering entry barriers to wine investment. In particular, if the governance of the block chain is composed of 'chateau-distributor-investor' through consortium blockchains, it can create a desirable wine market. The production process is stored in the block chain to secure production costs, set a reasonable launch price, and efficiently operate the distribution system by storing the distribution process in the block chain, and forecast the amount of orders for futures trading. Finally, investors make rational decisions by viewing all of these data. The study presented a new perspective on alternative investment in that ownership can be treated like a share. We also look forward to the simplification of food import procedures and the formation of trust within the wine industry by presenting a framework for wine-owned sales. In future studies, we would like to expand the framework to study the areas to be applied.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Asia pacific journal of information systems
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• v.24 no.2
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• pp.211-232
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• 2014

Recently, there is a growing interest toward social commerce using SNS(Social Networking Service), and the size of its market is also expanding due to popularization of smart phones, tablet PCs and other smart devices. Accordingly, various studies have been attempted but it is shown that most of the previous studies have been conducted from perspectives of the users. The purpose of this study is to derive user-centered CSF(Critical Success Factor) of social commerce from the previous studies and analyze the CSF perception gap between social commerce service providers and users. The CSF perception gap between two groups shows that there is a difference between ideal images the service providers hope for and the actual image the service users have on social commerce companies. This study provides effective improvement directions for social commerce companies by presenting current business problems and its solution plans. For this, This study selected Korea's representative social commerce business Ticket Monster, which is dominant in sales and staff size together with its excellent funding power through M&A by stock exchange with the US social commerce business Living Social with Amazon.com as a shareholder in August, 2011, as a target group of social commerce service provider. we have gathered questionnaires from both service providers and the users from October 22, 2012 until October 31, 2012 to conduct an empirical analysis. We surveyed 160 service providers of Ticket Monster We also surveyed 160 social commerce users who have experienced in using Ticket Monster service. Out of 320 surveys, 20 questionaries which were unfit or undependable were discarded. Consequently the remaining 300(service provider 150, user 150)were used for this empirical study. The statistics were analyzed using SPSS 12.0. Implications of the empirical analysis result of this study are as follows: First of all, There are order differences in the importance of social commerce CSF between two groups. While service providers regard Price Economic as the most important CSF influencing purchasing intention, the users regard 'Trust' as the most important CSF influencing purchasing intention. This means that the service providers have to utilize the unique strong point of social commerce which make the customers be trusted rathe than just focusing on selling product at a discounted price. It means that service Providers need to enhance effective communication skills by using SNS and play a vital role as a trusted adviser who provides curation services and explains the value of products through information filtering. Also, they need to pay attention to preventing consumer damages from deceptive and false advertising. service providers have to create the detailed reward system in case of a consumer damages caused by above problems. It can make strong ties with customers. Second, both service providers and users tend to consider that social commerce CSF influencing purchasing intention are Price Economic, Utility, Trust, and Word of Mouth Effect. Accordingly, it can be learned that users are expecting the benefit from the aspect of prices and economy when using social commerce, and service providers should be able to suggest the individualized discount benefit through diverse methods using social network service. Looking into it from the aspect of usefulness, service providers are required to get users to be cognizant of time-saving, efficiency, and convenience when they are using social commerce. Therefore, it is necessary to increase the usefulness of social commerce through the introduction of a new management strategy, such as intensification of search engine of the Website, facilitation in payment through shopping basket, and package distribution. Trust, as mentioned before, is the most important variable in consumers' mind, so it should definitely be managed for sustainable management. If the trust in social commerce should fall due to consumers' damage case due to false and puffery advertising forgeries, it could have a negative influence on the image of the social commerce industry in general. Instead of advertising with famous celebrities and using a bombastic amount of money on marketing expenses, the social commerce industry should be able to use the word of mouth effect between users by making use of the social network service, the major marketing method of initial social commerce. The word of mouth effect occurring from consumers' spontaneous self-marketer's duty performance can bring not only reduction effect in advertising cost to a service provider but it can also prepare the basis of discounted price suggestion to consumers; in this context, the word of mouth effect should be managed as the CSF of social commerce. Third, Trade safety was not derived as one of the CSF. Recently, with e-commerce like social commerce and Internet shopping increasing in a variety of methods, the importance of trade safety on the Internet also increases, but in this study result, trade safety wasn't evaluated as CSF of social commerce by both groups. This study judges that it's because both service provider groups and user group are perceiving that there is a reliable PG(Payment Gateway) which acts for e-payment of Internet transaction. Accordingly, it is understood that both two groups feel that social commerce can have a corporate identity by website and differentiation in products and services in sales, but don't feel a big difference by business in case of e-payment system. In other words, trade safety should be perceived as natural, basic universal service. Fourth, it's necessary that service providers should intensify the communication with users by making use of social network service which is the major marketing method of social commerce and should be able to use the word of mouth effect between users. The word of mouth effect occurring from consumers' spontaneous self- marketer's duty performance can bring not only reduction effect in advertising cost to a service provider but it can also prepare the basis of discounted price suggestion to consumers. in this context, it is judged that the word of mouth effect should be managed as CSF of social commerce. In this paper, the characteristics of social commerce are limited as five independent variables, however, if an additional study is proceeded with more various independent variables, more in-depth study results will be derived. In addition, this research targets social commerce service providers and the users, however, in the consideration of the fact that social commerce is a two-sided market, drawing CSF through an analysis of perception gap between social commerce service providers and its advertisement clients would be worth to be dealt with in a follow-up study.

• The Journal of Small Business Innovation
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• v.19 no.2
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• pp.53-68
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• 2016

Motivation and activities for technological learning, entrepreneurship, innovation, and creativity are driving forces of economic development in Asian countries. In the early stages of technological development, technological learning and entrepreneurship are efficient ways in which to catch up with advanced countries because firms can accumulate skills and knowledge quickly at relatively low risk. In the later stages of technological development, however, innovation and creativity become more important. This study aims to identify a) the factors (learning capabilities) that influence technological learning performance and b) barriers to enhancing innovation capabilities for the creative economy and organizations. The major part of this study is related to learning capabilities in the post-catch-up era. Based on a literature review and observations from Korean experiences, this study proposes a technological learning model composed of various influencing factors on technological learning. Three hypotheses are derived, and data are collected from Korean machine tool manufacturers. Intense interviews with CEOs and R&D directors are conducted using structured questionnaires. Statistical analysis, such as correlation and ANOVA are then carried out. Furthermore, this study addresses how to enhance innovation capabilities to move forward. Innovation enablers and barriers are identified by case studies and policy analysis. The results of the empirical study identify several levels of firms' learning capabilities and activities such as a) stock of technology, b) potential of technical labor, c) explicit technological efforts, d) readiness to learn, e) top management support, f) a formal technological learning system, g) high learning motivation, h) appropriate technology choice, and i) specific goal setting. These learning capabilities determine firms' learning performance, especially in the early stages of development. Furthermore, it is found that the critical factors for successful technological learning vary along the stages of technology development. Throughout the statistical and policy analyses, this study confirms that technological learning can be understood as an intrinsic principle of the technology development process. Firms perform proactive and creative learning in the late stages, while reactive and imitative learning prevails in the early stages. In addition, this study identifies the driving forces or facilitating factors enhancing innovation performance in the post catch-up era. The results of the preliminary case studies and policy analysis show some facilitating factors such as a) the strategic intent of the CEO and corporate culture, b) leadership and change agents, c) design principles and routines, d) ecosystem and collaboration with partners, and e) intensive R&D investment.

• Korean Journal of Environmental Agriculture
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• v.19 no.3
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• pp.194-200
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• 2000

The amount of swine wastewater reaches about $197,000m^3$ per day at live-stock houses in the whole country. A half of the swine wastewater resources are too small to be restricted legally. This untreated wastewater causes the eutrophication in the water bodies. In case of swine wastewater treatment, the solid-liquid separation must be performed because feces(solid phase) and urine(liquid phase) have large differences in nitrogen and phosphorus concentration. It is necessary to assess exactly the concentration of the pollutants in swine wastewater for planning the wastewater treatment facilities. A full-scale operation was carried out in K city and the plant is consists of conventional plant, the supplementary flocculation basin of chemical treatment process and $anaerobic{\cdot}aerobic$ basin for nitrogen removal. The improved full-scale swine wastewater treatment plant removed the $1,500{\sim}3,000mg/l$ of total-nitrogen(T-N) to 120mg/l of T-N and $131{\sim}156mg/l$ of total-phosphorus(T-P) to $0.15{\sim}1.00mg/l$ of T-N. Accordingly, as a results of operational improvement, the removal efficiencies of T-N and T-P were over $92{\sim}96%$, 99%, respectively. The continuous supply of organic carbon sources and the state of pH played important roles for the harmonious metabolism in anaerobic basin and the pH value of anaerobic basin maintained at about 9.0 for the period of the study.

• Journal of Environmental Impact Assessment
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• v.27 no.2
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• pp.124-138
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• 2018

This research was conducted to examine the availability of spatial data for assessing absorption rates of $CO_2$ in the forest of Ansan-si and evaluate the validity of methods that analyze $CO_2$ absorption. To statistically assess the $CO_2$ absorption rates per year, the 1:5,000 Digital Forest-Map (Lim5000) and Standard Carbon Removal of Major Forest Species (SCRMF) methods were employed. Furthermore, Land Cover Map (LCM) was also used to verify $CO_2$ absorption rate availability per year. Great variations in $CO_2$ absorption rates occurred before and after the year 2010. This was due to improvement in precision and accuracy of the Forest Basic Statistics (FBS) in 2010, which resulted in rapid increase in growing stock. Thus, calibration of data prior to 2010 is necessary, based on recent FBS standards. Previous studies that employed Lim5000 and FBS (2015, 2010) did not take into account the $CO_2$ absorption rates of different tree species, and the combination of SCRMF and Lim5000 resulted in $CO_2$ absorption of 42,369 ton. In contrast to the combination of SCRMF and Lim5000, LCM and SCRMF resulted in $CO_2$ absorption of 40,696 ton. Homoscedasticity tests for Lim5000 and LCM resulted in p-value <0.01, with a difference in $CO_2$ absorption of 1,673 ton. Given that $CO_2$ absorption in forests is an important factor that reduces greenhouse gas emissions, the findings of this study should provide fundamental information for supporting a wide range of decision-making processes for land use and management.

• Korean Security Journal
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• no.22
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• pp.113-144
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• 2010

Bioterrorism is becoming more attractive to terrorist groups owing to the dramatic increase in the utility and lethality of biological weapons in line with today's cutting-edge biological science and technology. The Republic of Korea is facing both internal and external terrorist threats, as well as the possible biological warfare by North Korea. Therefore, it is essential to establish an effective bioterrorism response system in the ROK. In order to come up with the adequate response system for the ROK, an in-depth study has been conducted on the current bioterrorism response system of the U.S. whose preparedness is considered relatively adamant. As a result, the following facts have been found: (1)the legislation with regard to bioterrorism has been established or amended according to the current situation in the U.S., (2)the counter terrorism activities have been integrated with the Department of the Homeland Security as the central agency in order to maximize the national CT capacity, (3)Specific procedures and instructions to cope with bioterrorism have been made into manuals so as to enhance the working-level response capabilities. Next, the analysis on the ROK's bioterrorism response system has been performed in various categories, including the legislation system, task role distribution, cooperative relations, and resource application. It turned out that the ROK's legislation basis is relatively weak and it lacks the apparatus to integrate the bioterrorism response activities on the national level. The shortage of the adequate response facilities and resources, as well as the poor management of manpower have also emerged as problems that hinder the effective CT implementations. Through an analytical and comparative study of the U.S. and the ROK systems, this paper presents several ways to ameliorate improve the current system in the ROK as follows: (1)establish the anti-terrorism law, which would be the basic legal basis for the bioterrorism-related matters; and make revisions to the disaster-related legislation, relevant to bioterrorism response activities, (2)establish an integrated body that has a powerful authority to coordinate the relevant CT agencies; and converge the decentralized functions to maximize the overall response capacity, (3)install the laboratories with a high biosafety level and secure enough of the strategic medical stock-pile, (4)enhance the ability of the inexperienced response personnel by providing with a manual that has detailed instructions.

• Journal of Korean Society of Forest Science
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• v.97 no.6
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• pp.605-610
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• 2008

This study was carried out to investigate the short-term (3 years) effect of thinning on aboveground carbon storage for 34-year-old (site 1) and 45-year-old (site 2) Korean pine (Pinus koraiensis Siebold et Zuccarini) plantations with different diameter class and site quality located in Gwangneung experimental forest. Thinning was manually carried out in consideration of basal area in 2004 (site 1 : 30% and 60% of basal area removed and site 2 : 60% of basal area removed). In 2004 and 2007, DBH and tree height were measured to analyze the changes in carbon storage after thinning. In the sites of 60% of basal area removed, although the mean DBH of site 1 was higher than that of site 2, mean annual carbon storage increment in site 2 ($6.5Mg\;C\;ha^{-1}yr^{-1}$) was about 3 times higher than that in site 1 ($2.3Mg\;C\;ha^{-1}yr^{-1}$). The reason for this result was probably due to higher stem density and site quality in site 2 compared to site 1. In site 2, mean annual carbon storage increment in thinned plot ($6.5Mg\;C\;ha^{-1}yr^{-1}$) was about 1.3 times higher than that in control ($5.2Mg\;C\;ha^{-1}yr^{-1}$). The results suggest that the stem density and site quality may be much more related to the aboveground carbon storage compared to diameter class. In addition, it is needed to consider these two factors for determining whether thinning is a feasible management alternative for the increase in aboveground carbon sequestration.