• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.4
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• pp.881-893
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• 2007

IT(Information Technology)-based industries have caused a recent digital revolution and the appearance of various types' information service, being largely expanded toward info-communication device company, info-communication service company, software company etc.. Therefore, the needs to evaluate the company value of IT business for M&A or liquidation are growing tremendously. Unlike other industries, however, IT industry has a short lift cycle and so it doesn't have not only a company value-evaluating model for general businesses but the objective one for IT companies yet. So, this thesis analyzes various value-evaluating technique and newly rising ROV. DCF, the change method of company's cash flow including tangible assets into future value, had been applied during the past industrialization economy era and has been persuasively applied to the present. However, the DCF valuation has no option but to make many mistakes because IT companies have more intangible assets than tangible assets. Accordingly, it is ROV, recognized as the new method of evaluating companies' various options normally and quantitatively, that is brought up recently. But the evaluation on the companies' various options is too subjective and theoretical up to now and due to the lack of objective ground and options, it's not possible to be applied to reality. In this thesis, it is found that ROV is more accurate than DCF, comparing DCF and ROV through four examples. As the options applied to ROV are excessively limited, we tried to develop ROV into a new method by deriving five invisible value factors within IT companies. Therefore, on this occasion, we should set up the basic valuation methods on IT companies and should research and develop an effective and various valuation methods suitable to each company like an internet-based company, a S/W developing enterprise, a network-related company among IT companies.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.4
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• pp.771-784
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• 2009

In the situation where the uncertainty of the environment of organizations is high and dynamic, the competitive advantage should be secured and maintained through securing knowledge-based intangible assets rather than tangible assets. human resources management in the service industry is more important than in any other industries. Accordingly, based on preceding researches, this study examines the adoption factors and the results of organizations with regard to the e-HRM system as IT-based information system. The proof results are summarized as follows. First, the degree of IS maturity in the information technology factors was found to have effects on the business results of organizations (financial and non-financial results) and the IS/IT based structure was found to have significant effects on financial results (productivity, growth potential) but no effects on non-financial results (revitalization of organizations, the degree of total satisfaction). Second, the degree of competition, the degree of information technology and environmental uncertainty factors in environmental factors were found to have effects on financial results (productivity, growth potential) but no effects on non-financial results (the revitalization of organizations, the degree of total satisfaction). Third, it can be seen that the scales of organizations partially play the adjustment role between information technology factors and environmental factors and the business results of organizations. Based on these results, we can cautiously draw the conclusion that it is effective in enhancing financial results (productivity, growth potential) of organizations to adopt the e-HRM system in the case of large scale organizations in the service industry.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.379-389
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• 2019

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.

• Conservation Science in Museum
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• v.29
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• pp.33-46
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• 2023

Modern and contemporary cultural assets are defined as a collective term for tangible historical and cultural assets produced in the modern and contemporary period (around the opening of Joseon to the present) in Korea. Among them, rickshaws have been used as a major means of transportation for about 40 years since the opening of the ports in Joseon. The repair process for rickshaws divides the rickshaw into three parts, namely the body, the cover, and the wheels, applying a plaster treatment process by referring to the outcomes of the condition assessment and material analysis for the metal, wood, fiber, and paint used. Overall, the repair process is carried out through dry/wet cleaning, joining, stabilization, reinforcement of damaged parts, and other restoration treatments, which reveal metal decorations and patterns on the scaffolding (flowers, arabesque patterns, etc.) that were previously not observable with the naked eye, while also adding to the stability of the artifact. In addition, props were produced to ensure the artifact's safe exhibition.

• Journal of Technology Innovation
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• v.26 no.3
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• pp.98-128
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• 2018

This study aimed to investigate the performance on technology collaboration of small and medium enterprises in Korea from the views of resource-based theory. Considering that supplementing the technical resources is stressed in a motivation of technology collaboration from the corresponding theoretical perspective, a group of corporations to be analyzed was classified into three categories such as high, medium and low technologies depending on the technology level. Moreover, technology collaboration partners were also classified into large corporation, small and medium enterprises, university and institution based on that both tangible and intangible assets that belong to a corporation semi-permanently, and the revolutionary performance was analyzed by each relationship of collaboration between parties. The study results revealed that an influence on the performance of technology collaboration varies by technology level of the small and medium enterprises in Korea and their collaboration partners. In particular, the small and medium enterprises of high-tech industry in Korea were confirmed to accomplish relatively less benefits obtaining through technology collaboration compared to the corporations with low technical skills.

• Korean Institute of Interior Design Journal
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• v.20 no.1
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• pp.109-116
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• 2011

As urbanization has evolved, a number of cities have been engaged in building creative power through branding. Cities contain much creative space and creative space within cities develops them. Cities are connected with space, which have a great influence each other, in particular, in cities of culture and art. Space contents in cities have various forms and types and work as important factors for branding of cities. In this high-touch generation, cities of culture and art have special meaning in that design of emotional generation, and cultural meaning of tangible and intangible assets in cities are their competitive power and sources of high added value. The cities of culture and art are oriented toward creative future globally and nationally. In cities of culture which seek for urban development by excavating artistic meaning and value through artistic and cultural development, their cultural meaning itself can become a brand, which effectively leads to building creative cities and marketing of urban brands. This study aims to analyse cases of cities developed through discovering or reactivating art and cultural meaning and value of urban space based on urban space contents. Then it analyses through what urban image, brands and marketing space contents were developed and suggests necessity of space contents development in small and middle sized cities. Therefore, based on the cases of art and cultural cities developed depending on space contents, it analyses and differentiate their various types and contents, aiming to show that any cities can be based on art and culture and creativity depending on creation, regeneration and development of space contents.

• Korean Business Review
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• v.17 no.2
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• pp.111-129
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• 2004

The purpose of this study is to indicate problems of accounting for social welfare corporations and to suggest the improvement on them. To accomplish this objective, this study reviewed the existing relevant studies and literatures. The main results of this study are summarized as follows. First, it is necessary to convert from cash basis accounting to accrual basis accounting and to introduce the double entry bookkeeping. Second, it is needed to capitalize the tangible fixed assets and to depreciate them. Third, Cost accounting is necessary to evaluate the operating results. Fourth, it is necessary to establish the generally accepted accounting principles in consideration of the characteristics of accounting for social welfare corporations. Last, it is necessary to introduce the external audit system to ensure the reliability of accounting information.

• Journal of Arbitration Studies
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• v.23 no.4
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• pp.55-76
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• 2013

This study aims to analyze the main features of Mongolian arbitration system compared with Korean Arbitration Law which was revised under the UNCITRAL Arbitration Model Law. On the basis of this comparative study, certain differences are suggested: First, the environment of Mongolian arbitration is still insufficient in terms of its operation and usage at the international level. Second, the Mongol National Arbitration Court has established Ad-hoc Arbitration Rules and has promoted Ad-hoc Arbitration although it is an institutional arbitration organization. Third, the arbitration objects are defined as the types of tangible and intangible assets in Mongolia which are different from those of the Korean Arbitration Law. Accordingly, court and officer disputes, family disputes, labor-management relations, and criminal matters are covered by the arbitration objects. Fourth, Mongol Arbitration Law specifies the following persons disqualified for arbitrator appointment: the member of the Constitutional Court, judge, procurator, inquiry officer, investigator, court decision enforcement officer, attorney, or notary who has previously rendered legal service to any party of the disputes, and any officials who are prohibited by laws to be engaged in positions above the scope of their duties. Fifth, the arbitrator selection and appointment criteria should be documented, and the arbitrator should have the ability to resolve the disputes independently and fairly and achieve concord from both parties. Sixth, if there is no agreement between the parties, the arbitration language should be Mongolian, and the arbitral tribunal has no power to decide on it. Seventh, despite the agreement for a documentary hearing between the parties, there should be provided opportunities for an oral hearing if either of the parties requires it. Eighth, if the parties do not understand the language of the arbitration, the parties can directly ask the translation service. They should also keep secrets in the process of arbitration. Ninth, the cancellation of arbitral award is allowed by the application of the parties, not by the authority of the court. Except for the nine differences above, the Mongolian arbitration system is similar to that of the Korean Arbitration Law. This paper serves to contribute to the furtherance in trade relationship between Mongolia and Korea after the rapid and efficient resolution of disputes.

• New & Renewable Energy
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• v.16 no.4
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• pp.65-75
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• 2020

The value of tangible assets depreciates over their useful life and this depreciation should be adequately reflected in any tax or financial reports. However, the method used to calculate depreciation can impact the financial performance of solar projects due to the time value of money. Korean tax law stipulates only one method for calculating the depreciation of solar photovoltaic facilities: the straight-line method. Conversely, USA's tax law accepts other depreciation methods as solar incentives, including the modified accelerated cost recovery system (MACRS) and Bonus depreciation method. This paper compares different depreciation methods in the financial analysis of a 10 MW solar system to determine their effect on the financial results. When depreciation was calculated utilizing the MACRS and Bonus depreciation method, the internal rate of return (IRR) was 10.9% and 16.4% higher, respectively, than when the Korean straight-line depreciation method was used. Additionally, the increased IRR resulting from the use of the two US methods resulted in a 20.5% and 27.4% higher net present value, respectively. This shows that changing the depreciation calculation method can redistribute the tax amount during the project period, thereby increasing the discounted cash flow of the solar project. In addition to increasing profitability, USA's depreciation methods alleviate the uncertainty of solar projects and provide more flexibility in project financing than the Korean method. These results strongly suggest that Korean tax law could greatly benefit from adopting USA's depreciation methods as an effective incentive scheme.

• Journal of Industrial Convergence
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• v.22 no.10
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• pp.11-19
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• 2024

This study aims to discuss the appropriateness of domestic industrial classification by analyzing whether companies are grouped into similar categories within the domestic industry classification system. The industry classification was limited to the manufacturing industry and the professional, scientific, and technical services industry, and a homogeneity test was conducted on companies belonging to these two industries. A homogeneity test was performed using companies' accounting information, selecting total accruals, the difference between sales and accounts receivable increments, and tangible assets, which are critical components of the accrual model, to represent the role of industry classification. The analysis results confirmed that the homogeneity of companies in the manufacturing industry is relatively higher than that of companies in the professional, scientific, and technical services industry. The findings of this study suggest that while the industry classification is a highly useful system that enhances the understanding of companies by enabling analysis at both the company level and the industry level to which the company belongs, it has limitations as it assumes the homogeneity of companies within an industry. Therefore, the impact of industry classification should be considered according to the research objectives.