• Journal of Digital Convergence
• /
• v.11 no.4
• /
• pp.177-188
• /
• 2013

This study examines how managerial ownership structure affects the borrower's choice of private versus public debt using 2,608 firm-year data for 2006-2008. This paper investigates the relationship between managerial ownership structure and debt choice. Managerial ownership is measured using number of stocks and unexercised stock-options and debt is classified public and private debt. The results find that there is a positive association between managerial ownership and the private debt dependence and also find that when firms finance additional funds, higher managerial ownership leads managers to choose private debt not public debt. Since private debt can be classified into bank debt and non bank debt, this paper examines the relationship between managerial ownership and a choice of bank debt. The results indicate that managers with higher ownership are more likely to use bank debt over public debt and non bank debt. By examining the relation between managerial ownership and a debt choice, this paper has following contributions. First, this study shows that managerial ownership affects the choice of the source of financing using three different proxies of managerial ownership. Second, this study classified private debt into bank debt and non-bank debt and provide the evidence of preference toward private debt especially bank debt among other financing sources. Finally, there are extensive studies related to capital structure and managerial ownership, but there is little empirical research on the debt choice and managerial ownership. Thus, this paper adds to literature by exploring the effects of managerial ownership on a debt choice.

• Journal of Korean Society of Forest Science
• /
• v.101 no.2
• /
• pp.266-278
• /
• 2012

The objective of this study was developing dynamic stand growth model to predict diameter at breast height (DBH) growth by thinning intensity and cycle for major tree species of South Korea. The yield table, one of static stand growth models, constructed by Korea Forest Service was employed to prepare dynamic stand growth models for 8 tree species. In the process of model development, the thinning type was designated to thinning from below and equations for predicting the DBH change after thinning by different intensities was generated. In addition, stand density (N/ha), age and site index were adopted as explanatory variables for DBH prediction model. Thereafter, using the model, DBH growth under various silvicuture through integrating such equations considering thinning intensities, and cycles. The dynamic stand growth model of DBH developed in this study can provide understanding of effectiveness in forest growth and growing stock when thinning practice is performed in forest. Furthermore, results of this study is also applicable to quantitatively assess the carbon storage sequestration capability.

• Journal of Korean Society of Forest Science
• /
• v.94 no.3 s.160
• /
• pp.161-167
• /
• 2005

Above and belowground biomass for Phyllostachys pubescens was determined in Jinju, Gyeongsangnam-do. Regression analyses of dry weights of culms, foliages, and twigs versus diameter at breast height were used to calculate regression equations of the form of log Y = a + blogX. Total aboveground biomass for Phyllostachys pubescens was 69.7 ton/ha and rhizomes and roots biomass were 13.7 ton/ha and 7.5 ton/ha, respectively. Culms account for about 60% of total aboveground biomass. The aboveground biomass of each component was decreased in the order of culms>foliages>twigs. As diameter at breast height grew thicker, the proportion of culms to total aboveground biomass increased. The proportion of dry weight of culms to green weight gradually increased with height in a bamboo tree and ages. Nutrients (kg/ha) of litter layer were distributed as follows: N(45.1), Ca(17.3), K(6.1), Mg(3.6), P(3.5) and Na(0.7). Nitrogen and K were given much weight in total nutrients of rhizomes and roots. These results will be useful in measuring carbon stock and drawing up management plan to increase it for Phyllostachys pubescens stand.

• Journal of Global Scholars of Marketing Science
• /
• v.16 no.1
• /
• pp.117-141
• /
• 2006

Daily sales volume in retailers seems to be changed because of five-days-work in a week resulting in growth of leisure time in Korea recently. The day of the week effect of sales volume that can not be theoretically explained, which sales pattern varies depending on days systematically and consistently, is so important. Especially the day of the week effect of sales volume exists in which retail branch and the extents of the day of the week effect from the perspective of marketing in retailing is very important. Thus, the purpose of this study was to investigate whether the day of the week effect of sales volume exists in men's clothing retailers and if so, there is difference in daily sales volume. There was insufficient researches in the field of anomaly such as the day of the week effect of sales volume in marketing. For this reason, this study has drawn upon research findings of finance, general demand theory, and previous studies of the day of the week effect in stock markets. In doing so, these works are referenced in theoretical background and applicability in retailing market of this study. This study empirically investigated the day of the week effect of sales volume through the revenues of a men's clothing retailers (P company) in past five years. As the result of this study, the day of the week effect of sales volume existed in men's clothing retailers and the day of the week effect showed positive from Monday to Sunday, which means Sunday, the biggest. Also, the day of the week effect by season was different. The result of this study is expected to provide some helpful evidence that offers effective operational strategies to retailers.

• The Journal of Society for e-Business Studies
• /
• v.25 no.1
• /
• pp.65-82
• /
• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.

• Journal of Digital Convergence
• /
• v.18 no.5
• /
• pp.25-31
• /
• 2020

This study analyzes the effects of aging workforce on human capital and the per capita gross regional domestic product, using regional panel statistics from 1995 to 2017. According to the results of the two-stage least-squares panel regression analysis reflecting the fixed effects by region, the aging of the labor force had no effect on the human capital employment ratio and per capita gross domestic product in the metropolitan cities, but reduced human capital and per capita gross domestic product in the provinces. The share of service businesses had a positive effect on human capital in metropolitan cities, but the effect was not significant in the provinces. Human capital significantly contributed to the increase in per capita gross regional domestic product in the metropolitan cities, but the physical capital stock significantly contributed to the increase in per capita gross regional domestic product in the provinces. The results of this study suggest that the human capital job policy and the per capita regional GDP growth policy due to the aging workforce may be different between metropolitan cities and provinces.

• New & Renewable Energy
• /
• v.8 no.2
• /
• pp.33-43
• /
• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• Journal of Korean Society of Forest Science
• /
• v.96 no.3
• /
• pp.259-268
• /
• 2007

This study was conducted to produce forest thematic maps and estimate forest statistics for Pyeongchang Gun using the kNN technique, which has been applied to produce thematic maps of variables of interest including unobserved plots by combining field plot data, remotely sensed data and other digital map data in forest inventories. The estimation errors for three horizontal reference areas (HRAs), whose radii are 20, 40 and 60 km respectively, were compared. Although the precision for the 40 km radius was lower compared to that for the 60 km radius, the 40 km radius was found to be an efficient HRA because their difference in precision was modest. At a value of k=5 nearest neighbors for the selected HRA, the overall accuracy was high. As a result, using the k=5 neighbors within the HRA of 40 km radius, thematic maps of number of trees, basal area, and growing stock per hectare were generated. As compared to the forest statistics based on field sample plots, the estimated means of each parameter from the produced maps were underestimated.

• Journal of Korean Society of Forest Science
• /
• v.104 no.3
• /
• pp.427-433
• /
• 2015

This study was conducted to provide a method of establishing two-storied forests by the adjustment of stand structures in natural deciduous forests of Pyeongchang area. Three permanent sampling plots of 0.09 ha were established in study site and some tree variables were measured in each sampling plot before the treatment of two-storied system. Stand attributes and stand structures before treatment were estimated based on the data measured in sampling plots. The results indicate that the current stand status is different from typical stand structures of two-storied forests. A simulation technique was applied to predict stand attributes and stand structures after the treatment of two-storied system. Results suggest that significant time is required to accomplish target stand structures even after applying the treatment of two-storied system. Number of trees in the upper canopy class after treatment was predicted to be 170 trees/ha, which adequately meets the target of two-storied forests. It was predicted, however, that the lower canopy class trees has much less trees compared with the typical stand structures of two-storied forests. This problem could be solved with ingrowth of infant trees over time or by under-planting of tolerant species. It is confirmed that the target growing stock volumes of the upper canopy class should be approximately $150m^3/ha$ considering stand status after treatment. It is predicted that twenty years of conversion period is required to accomplish this goal. The changes in stand structures over time should be assessed based on stand inventory carried out every five years, and additional treatments for inducing two-storied forests should be applied if necessary.

• Journal of Korean Society of Forest Science
• /
• v.87 no.2
• /
• pp.239-252
• /
• 1998

Based on forestry inventory data and various informations, this study was conducted to analyze the silvicultural activities by distance classes from forest road and to evaluate their effects in the area of Mt. Gari managed by Chunchon Regional Office of Northern Forest Management Office. The results were summarized as follows; 1) Most harvesting practice(67.9%) was done within 500m from forest roads, in the order of Pumgul, Saorang, and Kongkol forest road. And thinning practice was not related to the distance from forest road, produced $440.6m^3$, 35.7% of total thinning volume within 1,000m width along the forest roads. 2) Planting of 530,461 seedlings, 66.8% of total planting stock, in 176.9ha, 66.6% of total area within 1,000m from forest road, and supplementary planting of 46,243 seedlings was done in 15.4ha, 42.9% of total area within 500m from forest road. Areas and numbers of seedlings of two planting practices were in the order of Pumgul and Byungatur forest road. 3) Tending operation was done in 330.0ha, 60.3% of total area within 500m from forest road, and pre-commercial thinning was done in 693.6ha, 71.2% of total area. Areas of intermediate cutting practices were in the order of Pumgul, Korkol, and Saorang forest road.