• Management & Information Systems Review
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• v.34 no.2
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• pp.193-206
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• 2015

The purposes of this paper are to investigate the impact of managers' agency problem on asymmetrical behavior of SG&C and to examines whether or not the corporate governance mechanisms can have any moderating effects on Asymmetrical behavior of SG&C. To test empirically the above mentioned purposes, we gathered firm-year data of manufacturing firms from 2007 to 2012 and the sample firms are listed on the Korean Stock Exchange. The findings of this research are summarized as follows: Firstly, for those firms whose agency problems are high, the stickiness of SG&A increases as sales variation. The results imply that managers are not willing to reduce their perquisite consumption in proportion with sales reduction. Secondly, we investigate how corporate governance mechanisms influence the cost stickiness behaviors of SG&A for those firms whose agency problem are high(above the median value of free cash flow used as a proxy of agency problem). The results are that as the effectiveness of corporate governance mechanisms improve the cost stickiness of SG&A mitigation except for the insider ownership. These results show that agency problem has impact on the asymmetrical behavior of SG&A. And effective governance mechanisms have moderate effects on the reducing stickiness behavior of SG&A caused by agency problem.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.35-73
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• 2010

This paper examines consumption dynamics in relation to asset prices in Korea. Empirical analysis based on the error correction model shows that personal consumption is affected by changes in asset prices but the consumption converges to the long-run level of consumption corresponding to the total income flow in two years. This adjustment in consumption implies that the consumption error, reflected in the error correction term, should have predictability for the future consumption growth during the adjustment period. It is found that the error correction term has a long-run predictability for consumption over up to about 3 years; thus, confirming the error correction model. It is also found that housing prices have larger effects on consumption compared with stock prices in Korea. In addition, the effects of income and asset prices on consumption show bigger effects during contractionary period than expansionary period in business cycles. This paper also analyzes effects of asset wealth that reflects changes in both price and quantity. It is found that asset wealth has a long-run effect on consumption in addition to total income as determinants of consumption. Since wealth effects usually indicate the long-run effect of changes in asset wealth on consumption that is not explained by labor income, which is the proxy for human source of wealth, it is estimated with labor income used as a control variable. According to the estimation, the marginal propencity to consume out of asset wealth is approximately 2%. It means that 1,000won increase in asset wealth may lead to 20 won increase in consumption.

• Economic and Environmental Geology
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• v.47 no.6
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• pp.571-588
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• 2014

It consists of the Precambrian Jirisan metamorphic complex and Sancheong anorthosite complex and the Mesozoic granitoids which intrude them in the Sancheong area, the Jirisan province of Yeongnam massif, Korea. The study area is located in the western part of the stock-type Sancheong anorthosite complex. We performed a detailed fieldwork on the Sancheong anorthosite (SA) and Fe-Ti ore body (FTO) which constitute the Sancheong anorthosite complex, and reinterpreted the origin of FTO foliation and the genetic relationship between them from the foliations, shear zones, occurrences of the SA and FTO. The new structural characteristics between them are as follows: the multilayer structures of FTO, the derived veins of straight, anastomosing uneven types and block structures related to the size reduction of SA, the gradual or irregular boundaries of SA blocks and FTO showing bulbous lobate margins and comb structures, the FTO foliation and linear arrangements of flow occurrence which is not ductile shear deformation, the discontinuous shear zone of SA, the orientation of FTO foliations parallel to the boundaries of SA blocks, the predominance of FTO foliations toward the boundaries of SA blocks and being proportional to the aspect ratio of plagioclase xenocrysts and SA xenoblocks, and the flow folding structures of FTO foliation. Such field evidences indicate that the SA is not fully congealed when the FTO is melt and the fracturing of partly congealed SA causes the derived veins of FTO and the size reduction of SA. Also the gradual or irregular boundaries of SA blocks and FTO result from the mutual reaction between the not fully congealed SA blocks and the FTO melt, and the FTO foliation is a magmatic foliation which was formed by the interaction between the FTO melt and the partly congealed SA blocks. Therefore, these suggest that the SA and FTO are not formed from the intrusion of different magmas in genesis and age but from a coeval and cogenetic magma through multiple fractionation. We predict that the FTO will show an very irregular occurrence injected along irregular fractures, not the regular occurrence like as the intrusive vein and dike. It can be applied to the designing of Fe-Ti mineral resource exploration in this area.

• Radiation Oncology Journal
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• v.18 no.1
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• pp.51-58
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• 2000

Purpose :The effect of PTK inhibitors (herbimycin A and genistein) on the induction of radiation-induced apoptosis in Ph-positive KS62 leukemia cell line was investigated. Materials and Methods :K562 cells in exponential growth phase were irradiated with a linear accelerator at room temperature. For 6 MV X-ray irradiation and drug treatment, cultures were initiated at 2×106 cells/mL. The cells were irradiated with 10 Gy. Stock solutions of herbimycin A and genistein were prepared in dimethyl sulphoxide (DMSO). After incubation at 37$^{\circ}C$ for 0$\~$48 h, the extent of apoptosis was determined using agarose gel electrophoresis and TUNEL assay. The progression of cells through the cell cycle after irradiation and drug treatment was also determined with flow cytometry. Western blot analysis was used to monitor bel-2, bel-X$_{L}$ and bax protein levels. Results :Treatment with 10 Gy X-irradiation did not result in the induction of apoptosis. The HMA alone (500 nM) also failed to induce apoptosis. By contrast, incubation of K562 cells with HMA after irradiation resulted in a substantial induction of nuclear condensation and fragmentation by agarose gel electro-phoresis and TUNEL assay. Genistein failed to enhance the ability of X-irradiation to induce DNA fragmentation. Enhancement of apoptosis by HMA was not attributable to downregulation of the bel-2 or bel-X$_{L}$ anti-apoptotic proteins. When the cells were irradiated and maintained with HMA, the percentage of cells in G2/M phase decreased to 30$\~$40$\%$ at 48 h. On the other hand, cells exposed to 10 Gy X-irradiation alone or maintained with genistein did not show marked cell cycle redistribution. Conclusion : We have shown that nanomolar concentrations of the PTK inhibitor HMA synergize with X-irradiation in inducing the apoptosis in Ph (+) K562 leukemia cell line. While, genistein, a PTK inhibitor which is not selective for p210$^{bcr/abl}$ failed to enhance the radiation induced apoptosis in KS62 cells. It is unlikely that the ability of HMA to enhance apoptosis in K562 cells is attributable to bel-2 family. It is plausible that the relationship between cell cycle delays and cell death is essential for drug development based on molecular targeting designed to modify radiation-induced apoptosis.

• Economic and Environmental Geology
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• v.48 no.6
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• pp.431-449
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• 2015

The study area is located in the western part of the Precambrian stock type of Sancheong anorthosite complex, the Jirisan province of the Yeongnam massif, in the southern part of the Korean Peninsula. We perform a detailed field geological investigation on the Sancheong anorthosite complex, and report the characteristics of lithofacies, occurrences, foliations, and research formation process and its mechanism of the Sancheong anorthosite complex. The Sancheong anorthosite complex is classified into massive and foliation types of Sancheong anorthosite (SA), Fe-Ti ore body (FTO), and mafic granulite (MG). Foliations are developed in the Sancheong anorthosite complex except the massif type of SA. The foliation type of SA, FTO, MG foliations are magmatic foliations which were formed in a not fully congealed state of SA from a result of the flow of FTO and MG melts and the kinematic interaction of SA blocks, and were continuously produced in the comagmatic differentiation. The Sancheong anorthosite complex is formed as the following sequence: the massive type of SA (a primary fractional crystallization of parental magmas under high pressure)${\rightarrow}$ the foliation type of SA [a secondary fractional crystallization of the plagioclase-rich crystal mushes (anorthositic magmas) primarily differentiated from parental magmas under low pressure]${\rightarrow}$the FTO (an injection by filter pressing of the residual mafic magmas in the last differentiation stage of anorthositic magmas into the not fully congealed SA)${\rightarrow}$the MG (a solidification of the finally residual mafic magmas). It indicates that the massive and foliation types of SA, the FTO, and the MG were not formed from the intrusion and differentiation of magmas which were different from each other in genesis and age but from the multiple fractionation and polybaric crystallization of the coeval and cogenetic magma.

• Journal of Technology Innovation
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• v.22 no.1
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• pp.149-175
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• 2014

This study analyzed the effect of corporate innovation strategies on patent production and ultimately on technological change and new product development of firms in South Korea. The intent was to derive efficient strategies for enhancing technological performance of the firms. For the empirical analysis, three sources of data were combined: four waves of the Human Capital Corporate Panel Survey (HCCP) data collected by the Korea Research Institute for Vocational Education and Training (KRIVET), corporate financial data obtained from the Korea Information Service (KIS), and corporate patent data provided by the Korean Intellectual Property Office (KIPO). The patent production function was estimated by zero-inflated negative binomial (ZINB) regression. The technological performance function was estimated by two-stage regression, taking into account the endogeneity of patent production. An ordered logit model was applied for the second stage regression. Empirical results confirmed the critical role of corporate innovation strategies in patent production and in facilitating technological change and new product development of the firms. In patent production, the firms' R&D investment and human resources were key determinants. Higher R&D intensity led to more patents, yet with decreasing marginal productivity. A larger stock of registered patents also led to a larger flow of new patent production. Firms were more prolific in patent production when they had high-quality personnel, intensely investing in human resource development, and adopting market-leading or fast-follower strategy as compared to stability strategy. In technological performance, the firms' human resources played a key role in accelerating technological change and new product development. R&D intensity expedited new product development of the firm. Firms adopting market-leading or fast-follower strategy were at an advantage than those with stability strategy in technological performance. Firms prolific in patent production were also advanced in terms of technological change and new product development. However, the nexus between patent production and technological performance measures was substantially reduced when controlling for the endogeneity of patent production. These results suggest that firms need to strengthen the linkage between patent production and technological performance, and take strategies that address each firm's capacities and needs.

• Journal of the Korean Society for Library and Information Science
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• v.4
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• pp.43-71
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• 1975

Operations research has developed rapidly since its origins in World War II. Practitioners of O. R. have contributed to almost every aspect of government and business. More recently, a number of operations researchers have turned their attention to library and information systems, and the author believes that significant research has resulted. It is the purpose of this essay to introduce the library audience to some of these accomplishments, to present some of the author's hypotheses on the subject of library management to which he belives O. R. has great potential, and to suggest some future research directions. Some problem areas in librianship where O. R. may play a part have been discussed and are summarized below. (1) Library location. It is usually necessary to make balance between accessibility and cost In location problems. Many mathematical methods are available for identifying the optimal locations once the balance between these two criteria has been decided. The major difficulties lie in relating cost to size and in taking future change into account when discriminating possible solutions. (2) Planning new facilities. Standard approaches to using mathematical models for simple investment decisions are well established. If the problem is one of choosing the most economical way of achieving a certain objective, one may compare th althenatives by using one of the discounted cash flow techniques. In other situations it may be necessary to use of cost-benefit approach. (3) Allocating library resources. In order to allocate the resources to best advantage the librarian needs to know how the effectiveness of the services he offers depends on the way he puts his resources. The O. R. approach to the problems is to construct a model representing effectiveness as a mathematical function of levels of different inputs(e.g., numbers of people in different jobs, acquisitions of different types, physical resources). (4) Long term planning. Resource allocation problems are generally concerned with up to one and a half years ahead. The longer term certainly offers both greater freedom of action and greater uncertainty. Thus it is difficult to generalize about long term planning problems. In other fields, however, O. R. has made a significant contribution to long range planning and it is likely to have one to make in librarianship as well. (5) Public relations. It is generally accepted that actual and potential users are too ignorant both of the range of library services provided and of how to make use of them. How should services be brought to the attention of potential users? The answer seems to lie in obtaining empirical evidence by controlled experiments in which a group of libraries participated. (6) Acquisition policy. In comparing alternative policies for acquisition of materials one needs to know the implications of each service which depends on the stock. Second is the relative importance to be ascribed to each service for each class of user. By reducing the level of the first, formal models will allow the librarian to concentrate his attention upon the value judgements which will be necessary for the second. (7) Loan policy. The approach to choosing between loan policies is much the same as the previous approach. (8) Manpower planning. For large library systems one should consider constructing models which will permit the skills necessary in the future with predictions of the skills that will be available, so as to allow informed decisions. (9) Management information system for libraries. A great deal of data can be available in libraries as a by-product of all recording activities. It is particularly tempting when procedures are computerized to make summary statistics available as a management information system. The values of information to particular decisions that may have to be taken future is best assessed in terms of a model of the relevant problem. (10) Management gaming. One of the most common uses of a management game is as a means of developing staff's to take decisions. The value of such exercises depends upon the validity of the computerized model. If the model were sufficiently simple to take the form of a mathematical equation, decision-makers would probably able to learn adequately from a graph. More complex situations require simulation models. (11) Diagnostics tools. Libraries are sufficiently complex systems that it would be useful to have available simple means of telling whether performance could be regarded as satisfactory which, if it could not, would also provide pointers to what was wrong. (12) Data banks. It would appear to be worth considering establishing a bank for certain types of data. It certain items on questionnaires were to take a standard form, a greater pool of data would de available for various analysis. (13) Effectiveness measures. The meaning of a library performance measure is not readily interpreted. Each measure must itself be assessed in relation to the corresponding measures for earlier periods of time and a standard measure that may be a corresponding measure in another library, the 'norm', the 'best practice', or user expectations.

• 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.