• Journal of Agricultural Extension & Community Development
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• v.2 no.2
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• pp.205-227
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• 1995

The objectives of this study were to 1) classify the cooperative farmers' organizations in Korea according to the development level and institutional aspects through the exploration of its' conceptual and institutional basis, 2) analyze the farmers' needs for organization, 3) identify the problems and situation of organizations, and 4) formulate an effective management model for each cooperative farmers' organization. The study was carried out through a review of literature and using available statistical data collected from various sources and empirical survey. Major findings of the study were: 1) the cooperative farmers' organizations could be classified into four types : crop units, farming cooperative corporation, trust farming companies and joint-stock agri-business. 2) a lot of members of the organization feel that the information is insufficient, the opportunity to suggest their own ideas is hardly given, and the members are not satisfied with the cooperation among the members, 3) the members who have higher level of schooling education showed a higher participation level in the organization, 4) most of members did not recognize the organization they participated in, 5) participation of the organization's members and concerned institutions is an important factor to promote problem solving and better communication within the organization, 6) any type of continuing education for the members is needed to facilitate the transfer of a new agricultural and organizational technology, 7) research and development(R & D) is one of the most important factors of the development of organizations, 8) most organizations are deficient in professional management skills(financial, personal, accounts, etc.), 9) the trust farming companies have difficulties in managing the firm on account of the characteristics of agriculture(especially seasonal), the dispersed trust lands, and the need for more alternative work in the winter season, and 10) in the case of agri-businesses, their organizations are more specialized in marketing and have more structured systems of management. Based on the results of the study the following recommendations were made for further improvement and development of agricultural cooperative organizations : (1) More governmental support should be given to education for improvement of the organizational structure. And more deliberate and differentiated governmental support should be provided for the organizations to be viably managed. (2) For more efficient communication between the members and the organization, more opportunities for discussion are needed. (3) The more research should be committed to this kind of work in order to get more analytic data and strategic plans of cooperative organizations.

• Journal of the Institute of Convergence Signal Processing
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• v.2 no.3
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• pp.16-23
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• 2001

In this paper, we propose the pseudo n-gram language models for speech recognition with middle size vocabulary compared to large vocabulary speech recognition using the statistical n-gram language models. The proposed method is that it is very simple method, which has the standard structure of ARPA and set the word probability arbitrary. The first, the 1-gram sets the word occurrence probability 1 (log likelihood is 0.0). The second, the 2-gram also sets the word occurrence probability 1, which can only connect the word start symbol and WORD, WORD and the word end symbol . Finally, the 3-gram also sets the ward occurrence probability 1, which can only connect the word start symbol , WORD and the word end symbol . To verify the effectiveness of the proposed method, the word recognition experiments are carried out. The preliminary experimental results (off-line) show that the word accuracy has average 97.7% for 452 words uttered by 3 male speakers. The on-line word recognition results show that the word accuracy has average 92.5% for 20 words uttered by 20 male speakers about stock name of 1,500 words. Through experiments, we have verified the effectiveness of the pseudo n-gram language modes for speech recognition.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.6
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• pp.584-591
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• 2020

Reliability is an important factor in weapons systems. Low reliability causes the weapons system to fail to function properly, which directly leads to the weakening of combat capability. This paper classifies the structure of the 5.56 mm rifle, which is currently used by the Korean army, into a total of seven assemblies and describes the eight functions necessary for the rifle to operate normally. In addition, the concept of reliability was defined as the MRBF, and the Poisson process model and TTT plot were explained as a reliability analysis theory for the repair function system. Next, the field-data obtained by defining failure as the replacement of parts other than periodic exchange of parts were refined, and the reliability was analyzed by entering the refined field operation specifications into the Minitab program. As a result, the reliability of the rifle was determined to be 251.73. The assembly parts that required improvement was identified as the barrel, lower body, and butt stock assembly, and 10 detailed parts needed to be improved. Finally, the limits of the reliability analysis using the field-data currently available for small caliber firearms were considered.

• Journal of Distribution Science
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• v.12 no.4
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• pp.85-92
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• 2014

Purpose - This study conducted empirical research on non-financial corporations listed on the stock exchange from 2001 to 2010, focusing on the effects of corporate governance on real earnings management of corporations. In particular, this study examined primarily the impact of the largest shareholder who could use earnings management to pursue his own self-interest, and foreign investors who played a checking role against the largest shareholders. The study also reviewed the relationship between corporate governance and earnings management while also considering corporate growth. Research design, data, and methodology - As for the measurements of real earnings management, abnormal operating cash flow and abnormal production cost were utilized. As for the independent variables, share ratio of the largest shareholder and affiliate person (M) and share ratio of foreign investors (FT) were leveraged. This study excluded those organizations that had changed their fiscal years, those that had not submitted an audit report, corporations under supervision, delisted corporations, corporations that had changed their business type, and so on, from the non-financial corporations out of the publicly traded corporations whose fiscal year ended in December from 2001 to 2010 in addition, KIS values were utilized for the corporate financial data in the study. To verify whether management structure and growth had an impact on real earnings management of a corporation through empirical analysis, a multiple regression analysis model was applied. Result - First, as a result of the analysis, the share ratio (M) of the largest shareholder and affiliate person was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD). When controlling the growth, the share ratio (M) of the largest shareholder and affiliate person was found to have an insignificant correlation with abnormal cash flow from operations(ACF) but a significant correlation with abnormal production cost (APD). Second, foreign ownership (FT) was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD) at the confidence level of 1 percent when not including the growth dummy. When controlling the growth, foreign ownership (FT) was found to have a significant negative correlation with abnormal cash flow from operations (ACF) and with abnormal production cost (APD). Conclusion - The results imply that the largest shareholder is closely related to earnings management through real activities regardless of corporate growth. It is also possible to determine from these results that foreign investors are related to earnings management through real activities when not considering corporate growth, but that they would reduce earnings management in the case of considering the growth. Thus, this study verified along with the existing studies that foreign investors were conducting the control function on controlling shareholders.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• KDI Journal of Economic Policy
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• v.36 no.4
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• pp.33-69
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• 2014

We investigate determinants of fund investment flows using Korean equity investment funds. Unlike previous studies which analyzed net-flows (inflow minus outflow), we analyze fund investment inflows and outflows separately that should properly reflect investors' fund selection and redemption decision. We find similar effects of past return, fund age on net-flows to existing studies based on US market data. The analysis of determinants of inflows shows that inflows are related to past return, fund age and sales fee as net-flows. In contrast, outflows are found to behave quite differently from inflows. Apparently, asymmetry exists between fund investment inflows and outflows at the Korean fund selection market. Specifically, high past returns increase fund investment inflows while increase, rather than decrease, fund outflows. Moreover, 'convexity' is detected both in inflows and outflows: higher past returns accelerate outflows as well as inflows. Effects of sales fee also differ between inflows and outflows. In the 'affiliated' fund sample, sales fee is negatively related to inflows while positively related to outflows. In the 'unaffiliated' fund sample, sales fee is positively related to inflows, but no significant relationship exists with outflows. Empirical findings of this paper imply that the rational investor's fund selection view cannot provide a consistent explanation of the Korean fund selection market. In particular, the positive and convex relationship between past returns and fund outflows is inconsistent with the rational investor view. The fact that investor's fund investment appears to display 'disposition effect', which has been reported by studies of individual investors' stock investment behaviour suggests that the behavioral finance view should be a part of explanation for the Korean fund selection market. In addition, the strikingly different patterns between the 'affiliated' funds and the 'unaffiliated' funds, imply that brokers' incentive structure is another prevailing factor for fund investment flows.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.1
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• pp.109-119
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• 2016

Due to the fact that it is relatively easy to transfer technology between application developers or content providers, low entry barrier in the business causes fierce competition among the venture companies in mobile service industry. Our study examines a sustainable strategies to operate a business for venture companies that are in a highly competitive technology-intensive industry. In this paper, we examine how venture firms created a network and brought synergy effects, using network theory. Korean venture firm, YelloMobile, uses unique strategies of merger and acquisition through the method of swapping equity and thereby establishing network. We contribute to expand network theory by examining three elements of network: such as network structure, network governance mechanisms, and network contents.

• Journal of Physiology & Pathology in Korean Medicine
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• v.19 no.1
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• pp.8-14
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• 2005

This paper is mainly on the medical comments in ${\ulcorner}$Sanbeon-bang(刪繁方)${\lrcorner}$. Among the medical comments in ${\ulcorner}Sanbeon-bang{\lrcorner}$, the Ojang-noron(五臟勞論) which deals with the Hanyeolheosil(寒熱虛實) of Ojang(五臟) and Yukgeuknon(六極論) which deals with the Hanyeolheosil of 'Geun-Maek-Yuk-Gi-Gol-Jeong(筋脈肉氣骨精)', remain perfectly. By way of these theories, it argues on various types of pathogenic states and syndromes. Related to the Ojang-noron, ${\ulcorner}Sanbeon-bang{\lrcorner}$ suggests a characteristic tonifying method which is 'Exhaustion syndromes should tonify the son organ(勞則補子法)'. It is the supplement of traditional 'Reinforcing the mother organ when treating cases of deficiency(虛則補其母)'. With the Ojang-noron, the comments about 'Samcho(三焦)' remain relatively intact in ${\ulcorner}Sanbeon-bang{\lrcorner}$. The contents are based on ${\ulcorner}$Yeongchu Yeongwisaenghoe(靈樞 營衛生會)${\lrcorner}$, combined the contents of ${\ulcorner}$Nangyeong 31st difficulty(難經 三十一難)${\lrcorner}$ and the meridian line in ${\ulcorner}$Yeongchu Gyeongmaek(靈樞 經脈)${\lrcorner}$. They were quoted untouched in ${\lrcorner}Cheongeumyo-bang{\lrcorner}$ by Son Sa-mak, and became the fundamental structure of Samcho-theory of after ages. Among the medical comments in ${\ulcorner}Sanbeon-bang{\lrcorner}$, there has been much dispute over the problem about 'Chu-Tae-eum(秋太陰), Dong-So-eum(冬少陰)'. This study will pay attention to the connection between Wang Bing's views of ${\ulcorner}Sanbeon-bang{\lrcorner}$ for compilation of ${\ulcorner}Chaju-Hwangje-Naegyeong-Somun{\lrcorner}$ and the original ${\ulcorner}Sanbeon-bang{\lrcorner}$. Judging from this study, Wang Bing may have referred to ${\ulcorner}Sanbeon-bang{\lrcorner}$, ${\ulcorner}Oedaebiyo-bang{\lrcorner}$ or another medical book of similar stock, and from this he may have reconstructed the attribute of Eum-Yang(陰陽) which is related to Pye and Sin. Wang Bing's disciples may have referred to ${\ulcorner}Sanbeon-bang{\lrcorner}$, or with Wang Do, the writer of ${\ulcorner}Oedaebiyo-bang{\lrcorner}$, building up the main medical current in those days.

• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.27-56
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• 2006

This paper analyzes whether corporations which have done capital reduction fulfill the objectives of their capital reduction as planned and also asks how did the capital reduced corporations fare in terms of stock returns, by investigating the capital reduced corporations on the Exchange and the Kosdaq between 2000 and 2004. Most capital reduced companies aim to improve their capital structure. Debt to Equity ratio among financial ratios has improved significantly after capital reduction, yet the profitability of corporations wasn't up to expectations. The analysis of cumulative abnormal returns (CARs) indicates that the CARs were below '0' during whole investigation period. Besides, the CARs of companies listed on the Kosdaq have plummeted to -53.5%. Half of the companies on the Kosdaq in this sample which have reduced their capital to avoid delisting have been eventually delisted after capital reduction. This Study concludes that simple capital reduction without having value-added projects is not beneficial to shareholders.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.