• The Transactions of The Korean Institute of Electrical Engineers
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• v.66 no.11
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• pp.1605-1611
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• 2017

In this study, the characteristic lifetime of power facilities such as power transformers and GIS were investigated as the basis of power facility asset management. It is difficult to obtain the operation and failure data of the facilities in Korea. Therefore, the number of failures of the electric power facilities was calculated from the operation data and hazard rate shown in the overseas literatures, and the statistical analysis was performed using the Weibull distribution function. As a result of extracting and analyzing the data of the UK National Grid for power transformers, the characteristic lifetime (scale parameter) of 116.45 years was considered to be a very appropriate value for power transformer management and can be used as a comparative data of the analysis of the domestic transformers. As for the GIS, based on the Bays and Bay-Years data and the hazard rate according to the operation years of the 123kV GIS in Germany, it is found out that the characteristic lifetime of GIS is not so meaningful. It is necessary to decide a maintenance strategy and lifetime expectancy considering the characteristics of the design, materials and manufacturing process of GIS.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.132-141
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• 2011

Australia has joined many governments to adopt public-private partnership (PPP) as a major strategy for procuring infrastructure for decades. However, failures have occurred although the market has been considered to be a mature and sophisticated one. Failures have typically been traced back to inappropriate economic evaluation and a lack of value-for-money. In particular, a literature review has identified that there was no holistic consideration on the evaluation of procurement transactions of PPP projects. The transaction costs of PPPs were not handled properly. In this paper, theories of transaction cost economics are proposed for the purpose of such a holistic institutional economic evaluation. These theories are analysed in order to identify potential critical success factors for a strategic infrastructure procurement framework. The potential critical success factors are identified and grouped into a number of categories that match the theories of transaction cost economics. These categories include (1) Asset Specificity, (2) Organizational Capability, (3) Transaction Frequency, (4) Behavioural Uncertainty, and (5) Environmental Uncertainty. These potential critical success factors may be subject to an empirical test in the future. The proposed framework will offer decision makers with an insight into project life cycle economic outcomes needed to successfully deliver PPPs.

• Convergence Security Journal
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• v.9 no.4
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• pp.55-62
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• 2009

Industrial Security is a management activity protecting industrial asset of enterprise by application of security elements(physical, IP, conversion security tools) and can be understood as a comprehensive term including software aspect(establishment of policy and strategy, maintenance operation, post- response act, etc.) as well as the operation of hardware elements. In this paper, after recognizing the definition and relative concept of industrial security, the role and its relative laws of the industrial security organizations, the management system and the reality, I will find some problems and submit a reform measure. Furthermore I would like to propose the policy direction to enhance the national competitiveness and to become one of the advanced nations in 21st industrial security through the effective industrial security activities of our enterprises.

• Management & Information Systems Review
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• v.32 no.1
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• pp.63-85
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• 2013

This study tries to investigate the fundamental implications inherent in inventory asset information(specifically, unexpected inventory investment) by analyzing how the relationship between unexpected inventory investment and future operating performance. And we study how is the response of the stock market participants to the fundamental implications inherent in inventory asset information. Prior papers often assume the efficient market and they view the significant relation between stock prices and financial indicators as evidence of the contribution of such indicators to future earnings. Leading indicators are attracting the market's attention for equity valuation. We study whether one leading indicator (unexpected Inventories) forecasts future earnings, and whether market participants fully reflect the predictive ability when they sets share prices(Mishkin test, 1983). Our empirical results of the study are summarized as follows. Current unexpected inventory investment is negatively associated with future operating performance. Also, our evidence is that the stock market participants overprice the contribution of unexpected inventory investment when predicting future earnings. Furthermore, a hedge strategy that uses the overpricing gives significant future abnormal returns. The overall results help the users of financial reports, researchers of accounting, and the accounting principle setting body.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Journal of the Korea Society of Computer and Information
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• v.24 no.11
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• pp.99-107
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• 2019

The "Risk management" and "Security monitoring" activities for cyber security are deeply correlated in that they prepare for future security threats and minimize security incidents. In addition, it is effective to apply a pattern model that visually demonstrates to an administrator the threat to that information asset in both the risk management and the security system areas. Validated pattern models have long-standing "control chart" models in the traditional quality control sector, but lack the use of information systems in cyber risk management and security systems. In this paper, a cyber Security Risk Monitoring (SRM) system that integrates risk management and a security system was designed. The SRM presents a strategy for applying 'security control' using the pattern of 'control charts'. The security measures were integrated with the existing set of standardized security measures, ISMS, NIST SP 800-53 and CC. Using this information, we analyzed the warning trends of the cyber crisis in Korea for four years from 2014 to 2018 and this enables us to establish more flexible security measures in the future.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.6
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• pp.1978-1990
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• 2010

This study, centered on public institutions that introduced and are using Knowledge Management System(KMS), is a study of affecting influence factors for utilization and satisfaction. In case of public institutions, they introduced in earnest knowledge management system starting second half of 1999 and most branches of the government such as Department of Defence, Ministry of Government Administration and Home Affairs and Ministry of Planning and Budget have laid the foundation and been managing the system. As a result understanding convenience and need of knowledge management system and awareness for importance of knowledge asset are proliferating. But there is a lot of difference in utilization of KMS by work unit and also can find that the difference exists among users in terms of satisfaction. This is expected as having influence from chief officer's concern, support of exclusively responsible personnel factor, whether education training was given, KM process support etc. for KMS. Therefore this study draws subordinate factors of organization characteristic, knowledge information characteristic, strategy characteristic as influence factors to KMS and analyzes how these subordinate factors influence utilization and satisfaction of KMS to suggest a way to catalyze knowledge management system in the future.

• Journal of the Korea Convergence Society
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• v.11 no.7
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• pp.259-272
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• 2020

In fostering dynamic, innovative SMEs, hidden champion companies can be an appropriate model for SMEs to learn the success factors. On the other hand, the need for intellectual property management is becoming important as the value of a company is changing from a financial asset to an intellectual property. Therefore, in this study, the patent portfolio analysis of the hidden champion companies mentioned in Herman Simmon's book "Hidden Champion" was performed. As a result of the analysis, it was confirmed that patents are not possessed or patent activities are actively carried out and a differentiated intellectual property management strategy is implemented to improve patent quality depending on the characteristics of the technology possessed. The results of these studies can be used as basic data to prepare an intellectual property management strategy for companies that want to create opportunities to acquire monopoly rights and reduce patent maintenance and management costs. In addition, in this study, the patent IPC analysis verified that Herman Simmon's claim that "Hidden champions have the ability to focus on core competencies and focus on one technology" is valid.

• Journal of Industrial Convergence
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• v.20 no.12
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• pp.145-153
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• 2022

This study is an empirical analysis of the major factors influencing the globalization level of Chinese public enterprises. Based on previous research, we conducted a regression analysis using the transnational index as a dependent variable and export tax refund, exchange rate, human resources, innovation ability, asset management ability, loan ability, corporate development stage, global deployment ability, etc. as independent variables. As a result of the empirical analysis of this study, it was found that export refund (E_tax) and exchange rate (E_rate) have a statistically significant effect on the external influencing factors of globalization. Human resource capabilities (Edu, O_hunan), innovation capability (R&D), and financing capability (Finance) were found to be important internal influencing factors for the globalization of public enterprises. The role of the government in establishing the strategy of SOEs should be maintained at the level of guidance and it should provide guidance so that the autonomy of SOEs is not restricted as the role of the government is separated from the government's compulsory management and supervisory functions, leading to excessively compulsory management.

• Journal of Information Technology Applications and Management
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• v.15 no.4
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• pp.159-188
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• 2008

This study suggests strategies which can enable to creation of new opportunities of competitive advantages while operating a long lasting and consistent business with major trading partners, based on interorganizational information systems (IOISs) specially established and installed for interorganizational transactions. Nowadays, IOISs based mechanism having been widely expanded as a conventional business infrastructure for the interorganizational transactions and/or exchanges, it is customary difficult to obtain any strongly sound advantage over the competitors who have adopted even the simplest deployment of the IOIS mechanisms. In this connection, this study intends to investigate the interorganizational collaborative activities conducted by under the auspicious of IOISs, focused on the prospect of the exploitation of IOISs rather than the implementation of the IOISs. In this study, we, firstly, suggest the concept of Electronic Collaboration which can be defined by the collaborative activities conducted by IOISs, compared to the ones conducted on off-line. In addition, we suggest the Electronic Collaboration as a multi-dimensional concept, constituted by three sub-constructs, the Electronic Information Sharing (EIS), the Electronic Joint Activity (EJA), and the construction of the Electronic Relational Knowledge Store (ERKS). Secondly, we empirically verify the effects of relational and environmental determinants on the Electronic Collaboration. In this study, the relational determinants relate to the variables created in interorganizational relationship like Trust, Influence, Relational Specific Asset-asset invested for the transaction-, and Continuity of the relationship. On the other hand, the environmental determinants relate to the variables surrounding the relationship which are difficult to control. We consider Product Complexity, Technological Uncertainty, and Market Variability as the domain of the environmental determinants. To test our hypotheses, we conducted both paper-based survey and online-based survey. After refining the data with missing responses, a total of 150 data was used for analysis. The results were as follows : Firstly, it is statistically significant that the Electronic Collaboration is composed of EIS, EJA, and ERKS. In particular, the results imply that the firms are able to accumulate relational knowledge base as well as to exchange information or knowledge, and to conduct joint activities through effort to further expand the Electronic Collaboration. Secondly, we have verified the individual effects of the relational and the environmental determinants on the Electronic Collaboration. Product Complexity has been revealed as the most influential variable affecting the Electronic Collaboration. Next, Interorganizational Trust and Technological Uncertainty, in that order, have been seen to have significant effects on the Electronic Collaboration. In other words, when products or services seem to be difficult to standardize, and the core technologies seem to rapidly change, the need for the Electronic Collaboration increase. In addition, the observation dictates that the interorganizational trust turns out to be a critical variable in building a relationship and in seeking further collaboration. The results, further, illustrate that the environmental determinants are relatively more effective than the relational determinants, which is not consistent with a few prior researches relational determinants emphasized. It is because this study doesn't consider the size of the firm. A few researchers have given an emphasis on the relational determinants like trust and influence, especially from the perspective of small firms in interorganizational relationship. However, in our study, where all the sizes of the firms are contained, electronic collaboration is considerably affected by the environmental determinants.