• The Journal of the Korea Contents Association
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• v.20 no.3
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• pp.73-80
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• 2020

Using 8,499 observations from 5 years-1,878 firms panel data during 2014 to 2018 in Korean stock exchanges, this study examines the impact of National Pension's ownership on corporate philanthropic giving. The empirical study finds that National Pension's ownership has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset and total sales, implying that National Pension plays a monitoring role in promoting target firms to increase the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values. The empirical study also finds that when National Pension is a blockholder holding more than 5% ownership in the target firms, it has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset, implying that it exercises disciplinary roles on focal firms in promoting the extent of corporate philanthropic giving in order to increase target firms' long-term values. The results overall support that National Pension plays positive effects on target firms in promoting the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values.

• Management & Information Systems Review
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• v.35 no.2
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• pp.273-284
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• 2016

The objective of this study is to analyze the market efficiency in the futures markets. Although many previous studies have investigated market efficiency between spot and futures prices, that with different maturities has not been studied in the futures markets extensively. For our objective, this paper examines KOSPI200 stock index future market with different maturities. We analyze the dynamic serial relationship of the difference of basis between nearest-month contract and next nearest-month contract using dynamic regression analysis suggested by Kawamoto and Hamori(2011) Using the data from 2000. 1 to 2013. 12, the major empirical findings are as follows: First. the mean and standard deviation of basis of next nearest-month contract is bigger than those of nearest-month contract. Second, the t-period basis of nearest-month contract can be explained by (t-1)period basis of that. Third, the basis spread of t-period and (t-1)period have negative affect on the return of underlying assets. This result is very reasonable because two basis spreads are derived from same underlying assets. Finally, basis information of next nearest-month contract can be used for the prediction of nearest-month contract and spot market return.

• Spatial Information Research
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• v.23 no.2
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• pp.11-20
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• 2015

Abstract Monitoring is the most critical element in implementing "forest carbon offset project" to enhance the visibility of CSR (Corporate Social Responsibility) in North Korea. This study is intended to explore monitoring potential in terms of forest carbon offset project using satellite image for Baekdu mountain of North Korea. The permanent record of standard satellite remote sensing system demonstrated its capability of presenting area-wide visual evidences of monitoring conditions in Mt. Baekdu mountain of North Korea (site suitability, carbon stock by forest biomass growth, carbon emission by forest biomass loss, deforestation and degradation, environmental, social and economic impact specified in the Carbon Sequestration Law). It doesn't seem very difficult to comply with monitoring requirements for "the forest carbon offset project" due to the probative value of satellite data. Therefore, it could be considerable or realistic approach to utilize CSR based forest carbon offset project as a point of reform and open-door in North Korea. It is anticipated that this research output could be used as a valuable reference for Korea-based enterprises to ensure monitoring potentials using satellite image in exploring forest carbon offset project sites in North Korea.

• The KIPS Transactions:PartD
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• v.9D no.4
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• pp.555-560
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• 2002

Subsequence matching, which consists of index searching and post-processing steps, is an operation that finds those subsequences whose changing patterns are similar to that of a given query sequence from a time-series database. This paper discusses optimization of post-processing for subsequence matching. The common problem occurred in post-processing of previous methods is to compare the candidate subsequence with the query sequence for discarding false alarms whenever each candidate subsequence appears during index searching. This makes a sequence containing candidate subsequences to be accessed multiple times from disk, and also have a candidate subsequence to be compared with the query sequence multiple times. These redundancies cause the performance of subsequence matching to degrade seriously. In this paper, we propose a new optimal method for resolving the problem. The proposed method stores ail the candidate subsequences returned by index searching into a binary search tree, and performs post-processing in a batch fashion after finishing the index searching. By this method, we are able to completely eliminate the redundancies mentioned above. For verifying the performance improvement effect of the proposed method, we perform extensive experiments using a real-life stock data set. The results reveal that the proposed method achieves 55 times to 156 times speedup over the previous methods.

• Journal of the Korean association of regional geographers
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• v.20 no.2
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• pp.206-216
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• 2014

In this study, forest types in Chungheongnam-do were analyzed using Landsat satellite images and digital forest type map as a means to estimate forest carbon stocks. NDVI and Tasseled Cap, ISODATA, and supervised classification among others were used to analyze the forest types. The forest carbon stocks of Chungcheongnam-do were estimated utilizing forest statistical data derived from the classified results. The results indicate that the analysis of forest types through supervised classification yielded the highest overall accuracy in analyzing forest types using satellite images. Coniferous forests(49.3%) accounted for the highest proportion in all the forest types of Chungcheongnam-do, followed by deciduous forests(28.0%) and mixed forests(22.7%). The results of a comparative analysis between forest carbon stocks estimates made using the modified digital forest type map and other estimation methods showed that the method using Tasseled Cap and unsupervised classification yielded the most similar forest carbon stock estimates. The most significant difference, though, was made when only the digital forest type map was used. It is expected that if carbon stocks are estimated by integrating satellite images and digital forest type maps in the future, more accurate results can be derived in estimating forest carbon stocks at a national level.

• Journal of Korean Society of Transportation
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• v.22 no.6
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• pp.159-173
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• 2004

Using a generalized translog multiproduct cost function model, this paper examines economies of scale and scope in the vertically-integrated Korean railway industry. The paper then conceptualizes that the Korea National Railroad (KNR) produces four outputs (passenger-kilometers, ton-kilometers of freight, average length of passenger trips, and average length of freight haul) using three input factors(labor, fuel and maintenance, and rolling stock and capital). Using time series data collected from the KNR's annual records for the years from 1977 to 2002, the simultaneous equation system consisting of a cost function and two input share equatins is estimated with the Zellner's iterative seemingly unrelated regression. The findings show that the cost function corresponding to a non-Cobb-Douglas, non-homothetic, and non-homogeneous production technology adequately represents the KNR's cost structure. On the other hand, the Korean railway industry experiences sizeable overall scale economies, which result from substantial product-specific scale economies associated with passenger-kilometers and freight ton-kilometers and from scope economies associated with their joint production. In addition, the magnitude of economies of scope is influenced largely by the ratio of passenger trips, and has increased over time as the former has increased while the latter has decreased.

• The Journal of the Korea Contents Association
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• v.17 no.5
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• pp.8-17
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• 2017

Using 1855 observations from 5 years-371 firms panel data during 2010 to 2014 in Chinese stock exchanges, this study examines the impact of managers' ownership on R & D expenditures. The empirical study finds that when firms are state-owned, managers' ownership have negative relation with the level of R & D expenses as well as the likelihood of executing R & D investment, implying that managers are less likely to invest in high risky projects due to managerial ownership's entrenchment effects to pursue private benefits rather than alignment of interest effect as shareholders. The empirical study also finds that when firms are private-owned, managerial ownership are inverse U shaped related to the level of R & D expenses, implying that managers are less likely to invest in high risky projects due to increasing risk aversion resulting from concentration of private wealth at its high level while managers are more likely to invest in high risky projects due to increasing incentives as shareholders at its low level. The results support that the effects of managerial ownership on R & D expenses may be different according to the ownership type of Chinese listed firms.

• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• Journal of the Korean Society of Food Science and Nutrition
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• v.35 no.7
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• pp.891-896
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• 2006

The chemical components and antimicrobial effects were investigated to provide basic data that will predict the usefulness of Corni fructus as food materials. The carbohydrate, crude protein, lipid and ash contents of Corni fructus were 87.7, 3.2, 4.5 and 4.6% in dry basis, respectively. Total amino acid content of Corni fructus was 2,470 mg%. Major amino acids of Corni fructus were aspartic acid (523 mg%) and glutamic acid (247 mg%). The compositions of total saturated and unsaturated fatty acids of Corni fructus were 30.8% and 69.2%, respectively. Major fatty acids of Corni fructus were linolic acid (33.3%), palmitic acid (25.1%), linolenic acid (21.6%) and olcic acid (13.2%). The mineral contents of Corni fructus were 2067.5 mg% of K, 372.9 mg% of Ca and 98.4 mg% of Mg in dry basis. The organic acid contents of Corni fructus were 19,478 mg% of formic acid, 18,167 mg% of succinic acid, 14,487 mg% of malonic acid and 13,018 mg% of malic acid. Naengmyon yuksu (beef stock for cold noodles) were prepared with the addition of Corni fructus. Corni fructus added to Naengmyon yuksu inactivated microorganism and inhibited the growth of microorganism during storage at $10^{\circ}C$. Naengmyon yuksu added 1.5 g of Corni fructus showed the highest sensory scores.

• Korea Real Estate Review
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• v.28 no.1
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• pp.91-104
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• 2018

In this study, the occurrence and degree of herding behavior as a market participant behavior in a housing market were analyzed. For the analysis method, the actual sales price was applied in the CSAD (Cross-sectional Absolute Deviation) model, which has been used the most of late for herding behavior analysis. For the analysis contents, these were subdivided into region, elapsed year, size, and market condition to analyze the regionality and the internal and external factors. For the study results, first, there was no herding behavior in the entire region of Seoul. By region, herding behavior occurred in the downtown, southeast, and northwest regions, which coincided with the results of the precedent study (Ngene et al., 2017). Second, in the market analysis by elapsed year, herding behavior was captured in dilapidated dwellings. By size, herding behavior was observed in small-scale ($60m^2$ or less) apartments and in $85m^2$ or higher and less than $102m^2$ national housing units. Third, during the time of the global financial crisis, herding behavior was not observed in all the regions, whereas when the market situations were in a boom cycle, it was observed in the northwest region. These results suggest that there is a difference from the stock market, where in a period of recession, herding behavior occurs intensively with the expanding fear of incurring losses. This study is significant in that it analyzed the market participant behaviors in the behavioral economic aspects to better understand the abnormal phenomenon in a housing market, and in that it additionally provides a psychological factor - market participant behavior - in market analysis.