• Journal of Practical Engineering Education
• /
• v.13 no.3
• /
• pp.559-566
• /
• 2021

The aggregate gradation analysis is a study that evaluates the accuracy of a specific purpose for the aggregate gradation analysis results essential for construction-related major education. This study is to evaluate the effect of aggregate moisture content on aggregate gradation analysis. The change in the moisture content of the aggregate stored in the asphalt plant cold bin and stock piles was monitored for one year, and based on the results, a sample of aggregate with different moisture content was produced. The gradation curve for each aggregate sample was analyzed to evaluate the effect of aggregate moisture content on aggregate gradation analysis. As a result of the gradation evaluation, it was confirmed that as the moisture content increased, the particle size error for particles less than 5 mm increased in the gradation analysis of the oven-dried aggregate, and this error increased as the particle size decreased. In addition, for aggregate particles of 5 mm or more, it was confirmed that the error in gradation analysis rapidly decreased due to the increase in the moisture content. An analysis was performed on the effect of the error in gradation analysis on the management of hot-bin aggregates in asphalt plants. As a result of the analysis, it was found that the minimum aggregate size of the first hot-bin in a general asphalt plant was 2.38 mm or more, so the maximum gradation error due to the non oven-dry aggregate was less than 2%. Therefore, it seems possible to use the results of the gradation analysis of cold bin non oven-dry aggregate for quality management of asphalt mixture production.

• Journal of Korea Trade
• /
• v.24 no.4
• /
• pp.71-94
• /
• 2020

Purpose - Multi-National Enterprises (MNEs) tend to face a high level of institutional pressures in regions with high institutional development level. When complying with institutional pressures, firms try to make decisions to maximize profit while minimizing the risks to them. The purpose of this study is to investigate the influence of the institutional development level on institutional compliance timing by MNEs and the relationship between compliance speed and corporate performance. Design/methodology - The research focuses on three main variables, which are the institutional development level (as a determination of the institutional pressure level), the firm's compliance speed (as a determination of the compliance timing), and the firm's financial performance (as a determination of the corporate performance). We collected 19,869 firm-level data from CSMAR (the China Stock Market and Accounting Research), 6,922 CSR data from RKS (the Rankins CSR Ratings), and province and city-level data from the NERIM (National Economic Research Institute Index of Marketization) and NBSC (National Bureau of Statistics of China). The firms in China were chosen for analysis, and the analysis period was from 2008 to 2017. Random Effects GLS Regression was used to test the relationships among the variables. Findings - This study examined the effect of the institutional development level on the firm's compliance speed, together with the effect of compliance speed on the firm's financial performance of the MNEs in China. We found that the institutional development level positively influenced firms' financial performances, which means the firms' financial performances are better in the region with a high institutional development level. The compliance speed of institutional practice by firms was faster in the higher level of institutional development. However, the firm's delayed compliance led to better financial performance. Originality/value - Studies in the resource dependence view of Institutional Theory often fall short in understanding the theory by overlooking the firm's active decision-making. Thus, the findings do not present a full scope of corporate performance in this regard. This study not only found a way to test the role of a firm's independent decision-making (i.e., compliance timing) when facing the institutional pressure but also prove the significant role of the compliance timing on corporate performance. Also, we were able to test the effect of institutional development level, controlling location-specific variables because we used CSR performance data for MNEs operating in China. Lastly, by doing the above, the findings of this study suggest practical implications to the industry practitioners in MNEs.

• KOREAN JOURNAL OF CROP SCIENCE
• /
• v.33 no.s01
• /
• pp.86-97
• /
• 1988

Sesame(Sesamum indicum L.) is probably the most ancient oilseed crop known in the world. The seed of sesame is used in a variety of ways as food. The whole seed may be eaten raw, either roasted or parched, or fed to birds and stock. Sesame oil is used as a salad or cooking oil, in shortening, margarine and in the manufacture of soap. Minor uses are as a fixative in the perfume industry and formerly as a carrier for fatsoluble substances in pharmaceuticals such as penicillin. One of the minor constituents of sesame oil, sesamin, is used for its synergistic effect in pyrethrin insecticides, in addition of a small quantity of this substance markedly increases the effectiveness of fly sprays. The meal remaining after oil extraction can be used as and animal feed-stuff or as manure. In general sesame meal is considered to be equal to cottonseed or soybean meal as a protein supplement for livestock and poultry. It is especially high in certain amino-acids such as methionine, which is low in soybean meal, and thus can be combined with it or similar meal to form a more balanced ration. An attempt to summarize the literature review on quality improvement of sesame was made to discuss the accomplishments of the past and perspectives in the future. The reviews on quality improvement of sesame were mainly discussed in connection with the cultural practices and genetic informations in current status. The emphasis focussed on environmental variation of quality in cultural practices, such as harvest time, variety by location, climatic condition, fertilizer application, and growth regulator treatment. On the genetic variation of quality, it was discussed on variety background, mutation breeding, correlations, and inheritance of quality related characteristics. It also was discussed on relationship between quality and plant traits, storage condition or period, and seed coat color. Moreover, current research status were reviewed on some minor elements such as sesamin, oxalic acid, and trypsin inhibitor. As a results of the review, the lack of an effort to quality improvement in each utilization area was indicated as a problem area. More active efforts for the improvement of quality were also insufficient to incorporate the available genes for quality in breeding method or collection and analysis of breeding materials. Therefore, researches in the future would be recommended to emphasize on these problem areas.

• Korean Journal of Construction Engineering and Management
• /
• v.24 no.5
• /
• pp.3-11
• /
• 2023

Building information modeling (BIM) can help to visualize and manage the building-related information at the object-based level, and it is possible to help link the tasks in the network of Hanok construction. While many studies have significant interest in using BIM for modern construction, there is only few studies to observe the use of BIM for traditional construction, commonly called Hanok construction in South Korea. Hence, the main goal of this study is to develop a system dynamic model for investigating how the BIM can be widely used for Hanok construction. To this end, this study identified the factors influencing the BIM uses for the Hanok construction, developed a causal loop diagram (CLD) to investigate the interrelationships among the factors, and provided a final model based on the mathematical definitions. Based on the scenario analysis, it is demonstrated that the support to building Hanok and education cost for BIM positively influence activating and using the BIM for the Hanok construction. Based on the dynamics of the factors identified in this study, it is important to consider expanding support for Hanok construction and education cost for BIM to successfully integrate and utilize BIM in the construction industry.

• KDI Journal of Economic Policy
• /
• v.13 no.1
• /
• pp.35-63
• /
• 1991

Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.

• Journal of Korean Society of Transportation
• /
• v.24 no.2 s.88
• /
• pp.65-78
• /
• 2006

This paper investigates the cost structure ot the Korea and Japan railroad industry with respect to density, scale and scope economies as well as productivity growth rate using a generalized trans)og multiproduct cost function model. The paper then assumes that the Korea and Japan railway companies pi·educe three outputs (incumbent railway passenger-kilometers. Shinkansen passenger-kilometers, ton-kilometers of freight) using four input factors (labor, fuel, maintenance, rolling stock and capital). The specified cost function includes foul other independent variables: track lengths to reflect network effects, two dummies to reflect nation and ownership effects, and time trend as a proxy for technical change. The simultaneous equation system consisting of a cost function and three input share equations is estimated with the Zellner's iterative seemingly unrelated regression. The unbalanced panel data used in the paper, a total of 154 observations. are collected from the annual records of the Korea National Railroad (KNR) for the yews $1977{\sim}2003$, Japan National Railways (JNR) for the years $1977{\sim}1984$. seven Japan Railways (JR's) for the years $1987{\sim}2003$. The findings show that the Korean and Japanese railways exhibit product-specific and overall economies of density but product-specific diseconomies of scale with respect to incumbent railway passenger-kilometers, Shinkansen-kilometers and ton-kilometers. However, the railways experience mild overall economies of scale which result from economies of scope associated with the joint production of incumbent railway/Shinkansen and feight, freight/incumbent railway and Shinkansen except Shinkansen/incumbent railway and freight. In addition, the economies of density and scale in the KNR, JR east, JR central, and JR west companies at the point of the years $1990{\sim}2003$ average is generally analogous to the above results at the point of sample average. There also appear to be economies of ssope associated with the joint Production of the incumbent railway and Shinkansen in JR central but diseconomies of scope in JR East and JR West. The findings also indicate that the productivity growth rate of the privately-owned JR's is larger than that of the government-owned KNR.

• Journal of Life Science
• /
• v.28 no.11
• /
• pp.1339-1346
• /
• 2018

In Korea, edible mushrooms are produced largely on commercial artificial media, so the annual production of spent mushroom substrate (SMS), as a by-product of the mushroom industry, is estimated at over 200 million tons. This SMS is assumed to contain abundant fungal mycelia and pre-fruiting bodies, as well as various nutritive and bioactive compounds that are presently discarded. This study examined the physico-chemical, nutritional, and enzymatic characteristics of uninoculated sterilized medium (USM) and SMS of shiitake mushrooms with the aim of developing a high-value added product from SMS. The contents of crude protein, crude lipid, and ash were higher after the third SMS harvest ($SMS-A-3^{rd}$) than in USM or $SMS-A-1^{st}$. The contents of Ca, Mg, and P in $SMS-A-3^{rd}$ were 2.95, 2.35, and 2.1-fold higher compared than in USM. No As or Cd was detected in USM or SMS. The pH, Brix, and acidity were 4.6, 20.0, and 1.4, respectively in $SMS-A-3^{rd}$, but 5.6, 6.0, and 0.0, respectively, in USM. These results suggest a highly active production of soluble components and organic acids in $SMS-A-3^{rd}$. The distinct color differences noted for USM, $SMS-A-1^{st}$, and $SMS-A-3^{rd}$ could be used as a mycelial growth indicator. Enzyme activity assays using the APIZYM system showed that SMS is a potent source of hydrolysis-related enzymes, especially esterase (C4) and ${\beta}$-glucuronidase. Our results suggested that the SMS of shiitake has a high potential for use in environmental, agricultural, and stock-breeding industries, for example, as active ingredients for sewage treatment, waste-polymer degradation, and feed additives.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.2
• /
• pp.1-13
• /
• 2019

As a way to find new and innovative technologies, many companies have invested in and acquired skilled startups. Because startups are usually small in size and have a small history of past business experience, there are many risks involved in acquiring them as they have limited technical skills and business feasibility verification methods. Thus, venture capital plays an important role in discovering and investing competitive startups. While Independent Venture Capital generally values financial returns, Corporate Venture Capital, which plays investment roles in the firm, values business synergies with the parent company from a strategic perspective. In an industry sector where development of technology is rapid and whether new technology is held determines a company's competitiveness, existing companies incorporate startups with innovative technologies into their investment portfolios, collaborate together, and take over for comprehensive cooperation. In addition, new investments and acquisitions are carried out through the management of portfolio companies to obtain and utilize industry information. In this paper, major U.S. companies listed in the U.S. verified their investment activities through corporate venture capital and their impact on parent companies and startups through regression, while the parent company's acquisition performance was analyzed through an event study based on a stock price analysis. The criteria for startup were defined as companies with less than 12 years of experience, and the analysis showed that the parent companies with corporate venture capital with a larger number of investments actively take over startups. In addition, increasing corporate venture capital's financial investment activities shows a negative impact on the parent companies' acquisition activities, and the acquisition performance increased when the parent companies took over startups in its portfolio.

• Journal of Technology Innovation
• /
• v.28 no.3
• /
• pp.1-28
• /
• 2020

This study examines whether the firm with high innovation efficiency realizes high operating performance. We measured innovation efficiency by the ratio of patent applications for R&D expenditure or R&D stock and measured operating performance by the ratio of operating income or operating cash flow to total assets for the following year. The sample consists of 1,880 manufacturing firm-years, which listed on the Korean Exchange between 2014 and 2017. We analyze the effect of innovation efficiency on operating performance using a model of Hirshleifer et al. (2013) results show that both innovation efficiency variables have a significantly positive relationship with the total asset operating margin. Besides, the following year's performance, measured by the total asset operating cash flow ratio, also shows a positive relationship with the two innovation efficiency variables at the 5% and 1% significance levels, respectively. The results indicate that high innovation efficiency firms that link the outcomes of R&D to more patent applications realize higher operating performance. Also, we divided the R&D-intensive and non-R&D-intensive industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. However, the effect of innovation efficiency on the operating cash flow is only significant in R&D-intensive industries. This study suggests that the effects of innovation efficiency are more consistent in the R&D-intensive industry. Additionally, we divided the high patent application and low patent applications industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. This study suggests that the effects of innovation efficiency are more consistent in the high patent application industry. We show that a firm's innovation efficiency is a critical factor for a firm's performance, while prior studies on the R&D performance have not considered the innovation efficiency of each firm. The evidence suggests that firms not only consider R&D expenditures but also improve the performance of companies by increasing innovation efficiency. Investors need to consider their innovation efficiency when evaluating the value of firms.

• Journal of Korean Society of Forest Science
• /
• v.30 no.1
• /
• pp.19-29
• /
• 1976

The fiberboard and paper mills in this country are much affected by the price hikes and shortage of phenolic resins, since phenolic acid as a raw material depends on imported good. It is prerequisite to fiberboard industry to help replace with other sized and stabilize the prices and supply of them, improving the quality of boards. Thus, the present study was carried out to examine the effect of strength increasing sized such as urea formaldehyde resin (anion and cation type) and urea melamine copolymer resin, on the quality of the wet forming hardboard, and comparing them with two types of proprietary modified melamine resins, and ordinary size, phenol resin. The Asplund pulp was prepared from wood wastes mixed with 20 percent of lauan and 80 percent of pines as a fibrous material. After sizing agents were added at a pH of 4.5 for 10 minutes with alum in the beater, the stock was made in the form of wet sheet, prepared, and then performed by hot pressing cycle: $180^{\circ}C$, $50-6-5kg/cm^2$, 1-2-7 minutes. The properties of hardboard were examined after air conditioning. The results obtained are summarized as follows: 1. There is a significant difference in specific gravity among hardboards that were treated with strength increasing resins, but no difference is effected by the increase in the resin content. In the case of modified melamine resin, its specific gravity is highest. The middle group comprises cation type of urea resin, anion type of urea resin, and acid colloid of urea-melamine copolymer resin. The lowest is phenolic resin. 2. The difference of the moisture content of hardboard both by the resins and by the amount of each resin applied is significant. The moisture content of hardboard becomes lower along with the increase of each resin content, but there is no difference between 2 and 3 percent. 3. For water absorption, there is a significant difference both in the adhesives used and in the amount of paraffin wax emulsion. The water resistance becomes higher inn proportion to the content of the paraffin wax emulsion. To satisfy KS F standards of the water resistance, a proprietary modified melamine resin (p-6100) and modified cation type of urea resin (p-1500) do not require any paraffin wax emulsion, but in the case of anion type of urea resin, cation type of urea resin, and urea-melamine copolymer resin, 1 percent of paraffin wax emulsion is needed, and 2 percent of paraffin wax emulsion in the case of phenolic resin. 4. The difference of flexural strength of hardboard both by the resins and by the amount of each resin is significant. Modified melamine resin shows the highest degree of flexural strength. Among the middle group are urea-melamine copolymer resin, p-1500, anion type of urea resin, and cation type of urea resin. Phenolic resin is the lowest. The cause may be attributable to factors combined with the pressing temperature, sizing effect, and thermal efficiency of press platens heated electrically. 5. Considering the economic advantages and properties of hardboard, it is proposed that urea-melamine copolymer resin and cation type of urea resin be used for the development of the fiberboard industry. It is desirable to further develop the modified urea-melamine copolymer resin and cation type of urea resin through continuous study.