• Journal of Distribution Science
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• v.13 no.5
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• pp.71-82
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• 2015

Purpose - The purpose of this study is to investigate risk price implied from the pricing kernel of Korean stock distribution market. Recently, it is considered that the quantitative easing programs of major developed countries are contributing to a reduction in global uncertainty caused by the 2007~2009 financial crisis. If true, the risk premium as compensation for global systemic risk or economic uncertainty should show a decrease. We examine whether the risk price in the Korean stock distribution market has declined in recent years, and attempt to provide practical implications for investors to manage their portfolios more efficiently, as well as academic implications. Research design, data and methodology - To estimate the risk price, we adopt a non-parametric method; the minimum norm pricing kernel method under the LOP (Law of One Price) constraint. For the estimation, we use 17 industry sorted portfolios provided by the KRX (Korea Exchange). Additionally, the monthly returns of the 17 industry sorted portfolios, from July 2000 to June 2014, are utilized as data samples. We set 120 months (10 years) as the estimation window, and estimate the risk prices from July 2010 to June 2014 by month. Moreover, we analyze correlation between any of the two industry portfolios within the 17 industry portfolios to suggest further economic implications of the risk price we estimate. Results - According to our results, the risk price in the Korean stock distribution market shows a decline over the period of July 2010 to June 2014 with statistical significance. During the period of the declining risk price, the average correlation level between any of the two industry portfolios also shows a decrease, whereas the standard deviation of the average correlation shows an increase. The results imply that the amount of systematic risk in the Korea stock distribution market has decreased, whereas the amount of industry-specific risk has increased. It is one of the well known empirical results that correlation and uncertainty are positively correlated, therefore, the declining correlation may be the result of decreased global economic uncertainty. Meanwhile, less asset correlation enables investors to build portfolios with less systematic risk, therefore the investors require lower risk premiums for the efficient portfolio, resulting in the declining risk price. Conclusions - Our results may provide evidence of reduction in global systemic risk or economic uncertainty in the Korean stock distribution market. However, to defend the argument, further analysis should be done. For instance, the change of global uncertainty could be measured with funding costs in the global money market; subsequently, the relation between global uncertainty and the price of risk might be directly observable. In addition, as time goes by, observations of the risk price could be extended, enabling us to confirm the relation between the global uncertainty and the effect of quantitative easing. These topics are beyond our scope here, therefore we reserve them for future research.

• Journal of Hospice and Palliative Care
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• v.20 no.1
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• pp.8-17
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• 2017

Globally, efforts are being made to develop and strengthen a palliative care policy to support a comprehensive healthcare system. Korea has implemented a hospice and palliative care (HPC) policy as part of a cancer policy under the 10 year plan to conquer cancer and a comprehensive measure for national cancer management. A legal ground for the HPC policy was laid by the Cancer Control Act passed in 2003. Currently in the process is legislation of a law on the decision for life-sustaining treatment for HPC and terminally-ill patients. The relevant law has expanded the policy-affected disease group from terminal cancer to cancer, human immunodeficiency virus/acquired immune deficiency syndrome, chronic obstructive pulmonary disease and chronic liver disease/liver cirrhosis. Since 2015, the National Health Insurance (NHI) scheme reimburses for HPC with a combination of the daily fixed sum and the fee for service systems. By the provision type, the HPC is classified into hospitalization, consultation, and home-based treatment. Also in place is the system that designates, evaluates and supports facilities specializing in HPC, and such facilities are funded by the NHI fund and government subsidy. Also needed along with the legal system are consensus reached by people affected by the policy and more realistic fee levels for HPC. The public and private domains should also cooperate to set HPC standards, train professional caregivers, control quality and establish an evaluation system. A stable funding system should be prepared by utilizing the long-term care insurance fund and hospice care fund.

• Journal of Plant Biotechnology
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• v.38 no.2
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• pp.125-129
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• 2011

Environmental risk assessment (RA) is essential prior to the environmental release of GM crops. RA, however, costs at least 7 to 15 million US dollars and requires several years to complete field tests. Therefore, it is strongly suggested that developers of GM crops must consider all criteria for RA at the beginning stage of the development if it aims for commercialization. Previous review papers have pointed out that the "death valley" for the commercialization of GM crops is the screening stage of early GM events since many candidates are given up due to insufficient data on the molecular characterization of a GM event such as inserted gene's copy number, position of inserted site of a chromosome, flanking sequence of recombinant T-DNA, rearrangement of chromosome, and knock out of endogenous gene of host plant. Recently, Rural Development Administration (RDA) in South Korea has launched a Grand National Project named as "Next Generation of BioGreen 21 Project" from 2011 to 2020 and research funding for the development of global GM crops has been allocated to accelerate the commercialization of GM crops. In this regard, I strongly suggest that researchers involved in the development of GM crops for commercialization must conduct RA by themselves at the screening stage of pre-GM event based on the data for molecular characterization.

• Journal of Korea Technology Innovation Society
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• v.15 no.2
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• pp.242-261
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• 2012

Early stages of technology valuation have been often overlooked or under-represented. The early stage technologies are even riskier due to their inadequacy of commercial development and market applicability. More than 95% of patents fail to earn any revenues so that the majority of patents were valueless. Technology transfers from laboratories at universities and research institutes to industrial firms have increased to acquire value from invented technologies. Technology transfer, a process of transferring discoveries and innovations resulted from research to commercial sectors, typically comprises several steps: disclosing the discoveries and innovations, i.e., intellectual property (IP), evaluating the IP's economic prospects, securing a patent, copyright or trademark for the IP, commercializing the technology through licensing, forming a joint venture, or selling. At each of those stages in the research and development of technology, the value of technology would play a very important role of making decision on the movement toward the next step, however, the financial value of technology is not easy to determine due to a great amount of uncertainty in the course of research and development, and commercialization. This paper refers to technology embodied as devices, equipment, software or processes primarily developed at public research institutions such as universities. Sometimes it is also as the result of externally financed projects contracted with industry. Nearly always technology developed at public research entities results in laboratory prototypes. When it is required to define the technology transfer contract terms for the license of the university patrimonial rights to external funding companies or other interested parties, a question arises: what is the monetary value? In this paper, we present a method for technology valuation based on the identification of specific value points related to its development. The final technology value must be within previously defined value limits. This paper consists of the review of issues related to technology transfer and commercialization, the identification of characteristics of technologies in the early stage of technology development, the formulation of framework of methods to value the early stage technologies, and the conclusion and implication of the previous review.

• Journal of Korea Technology Innovation Society
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• v.21 no.2
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• pp.587-614
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• 2018

The Korean government is aiming to strengthen industrial and national competitiveness through the promotion of cooperation between universities, public research institutes and industry and vitalization of technology transfer. In 2013 and 2014, the Ministry of Trade, Industry and Energy and Ministry of Science, ICT and Future Planning have announced policies to support SMEs by public research organizations. In addition, in 2015, the 'Korean Fraunhofer support system', which pay government subsidies according to the amounts of private R&D funds was adopted. However, there are some concern about the government's policies. There is yet disclosed how these policies affect technology transfer because industrial R&D funding has not been activated in Korea unlike German. Therefore this paper analyzes effects of relationship between universities, public research institutes and external organizations on performance of technology transfer based on the Triple Helix Model. Empirical results show that the relationship with the government has a significant impact on the resource security and the relationship with the industry has a significant effect on the diffusion of the performance. In addition, a public research institute was selected and case analysis was conducted to suggest policy implications for improving the technology transfer performance of universities and public research institutes.

• Journal of Distribution Science
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• v.12 no.6
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• pp.81-88
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• 2014

Purpose - Entrepreneurship promotion is emerging as an important economic growth agenda. However, in Korea, entrepreneurship has weakened because of the collapse of the venture bubbles of the 2000s and the global economic recession in 2008, which have induced the business community to choose stability over risk. The Korean government has been implementing several support projects to inspire and promote youth entrepreneurship through various means including financial assistance; however, the perpetuation rate of young entrepreneurship is still low as compared to advanced economies such as the US and EU. This case study focuses on the Youth Start-Up Business Support Program of the Small & Medium Business Corporation, and explores practical alternatives. Further, it aims to suggest managerial factors and a conceptual model for change management factors affecting the business performance creation of a startup company, based on the Small and medium Business Corporation's young venture startup fund. Research design, data, and methodology - Many studies examine the current progress and issues of startup firms, for example, a lack of systematic cultivation of entrepreneurship and startup business training, lack of commercialization funding for youth startup businesses, lack of mentoring, and inadequate infrastructure. From prior research, we address four factors, namely, personal managerial capabilities, innovative business model, sufficient cash flow, and social network, affecting startup companies' business performance. This study involved a sample survey of 200 young entrepreneurs to investigate casual relations between the four factors and business performance. A regression analysis was used to verify the hypotheses. Results - First, in relation to differences in the founder's personal characteristics, age, sales amount, and number of employees significantly impact business performance. Second, regarding the causal relation between the four factors for creating business performance, an innovative business model and social networking have supported the hypotheses, revealing that the more that a start-up founder has an innovative business model and social networking, the more the start-up firms are likely to have better performance (e.g., sales volume, employment, ROE, ROI, etc.). Although the founder's competency and sufficient cash flow have no significant relationship with business performance, the mean value was higher performance for high founder's competency and sufficient cash flow. Conclusions - This study provides basic data on policy support strategies of the Small and Medium Business Corporation, to help young entrepreneurs achieve their start-up business goals. It shows that young entrepreneurship startup firms should strive to explore ideas to satisfy customers' needs, and that changes in customer value and the continuous innovation of business model differentiation are required to actively respond to change management. Moreover, at the infant startup stage, they should activate social network programs to share information, thereby offsetting resource scarcity and managing business risk. Further, the establishment of a long-term vision and the implementation of training programs in related specific fields should be supported to strengthen founders' personal capabilities.

• Journal of Distribution Science
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• v.11 no.1
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• pp.55-63
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• 2013

Purpose - As the members of the baby boomer generation have retired in earnest, the start-up market has received more attention than ever before. According to recent statistical data, an increasing number of entrepreneurs are in their fifties. There has been a continuous increase in promotional materials on small business issues published by start-ups. This means that senior start-ups have increased in number. A number of support systems have been established for youth start-ups, but there are few government support policies in place for the senior start-up market. Thus, this study suggests a number of constructive alternatives from the perspective of government policy and marketing strategy for entrepreneurs, in order to generate competitiveness in the start-up process, through examining the current state of the senior start-up and by diagnosing extant problems. Research design, data, methodology - This study gives a number of options regarding the government's support policies and the securing of competitiveness in order to vitalize senior business start-ups. As for the government's support policies, funding support policy, publicizing business start-up policies, and operating systematic mentoring policies before retirement have all been covered. In particular, in order for senior business start-ups to become competitive, development through mutual relations with diverse policies is urgently needed. The aging population is becoming an issue in Korea, so businesses for the aged, and the creation of jobs for these people, will become a social issue. Senior business start-ups are playing an important role in expanding enterprise productivity, in addition to enhancing national competitiveness. Expanding senior business start-ups is important, because they also serve to expand the national infrastructure. Productivity increase through continuous expansion is thus recommended. Results - In order to expand the competitiveness of business start-ups, marketing-related observations and learning in regard to customers are necessary for the baby boomer generation, and competitiveness for seniors is urgently needed. Conclusions - Studies on the business start-up policies for the domestic baby boomer generation are almost non-existent, and systematic studies on small businesses are necessary. Only the government is providing statistical studies for small businesses, and such research remains at a general level for entrepreneurs. Therefore, a support system that can actually assist entrepreneurs is essential. Continuous business start-up studies with respect to the baby boomers should be vitalized, to invigorate studies on competition. In order to supplement and strengthen foundational support, senior business start-ups must develop various competitive capabilities with a focus on the customer. The government and the various stakeholder agencies and organizations involved with start-up businesses must find ways to offer support to founders. Such support should include access to knowledge and legal and consultancy services in order to incubate the rapid increase in start-ups founded by seniors. Government support projects should be expanded to meet this end.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.38 no.5
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• pp.713-719
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• 2018

At present, Busan City has proposed various taxi industry development measures, but fundamentally there is a problem that the taxi supply is excessive compared to the demand. Therefore, this study tried to explore ways to activate the taxi reduction. We first identified problems with the taxi reduction program in Busan, and analyze thoughts of taxi operators and workers. As a result, difficulties in securing funding and lack of consent from a large number of stakeholders were identified as the first problem for current taxi reduction program. Second, both groups recognize the need for the taxi reduction, and taxi drivers are more willing to participate in the program. Third, the most important factor in determining to take the taxi reduction program was the amount of compensation. And to activate taxi reduction program, it is helpful for executives to improve their management conditions and for drivers to place reemployment.

• Research in Community and Public Health Nursing
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• v.15 no.4
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• pp.551-565
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• 2004

Purpose: The purpose of this study is to develop a day care center model focused on public health institutions for the elderly residing in their homes. Method: Research design for this study was a mult-level research, which consisted of a related literature review, an Internet search for knowledge of the current situation at home and abroad, on-site interviews, questionnaires collected from a sample of residents in a rural area, and a key-informants approach. Results: 1) The subjects of service - Generalized service should be provided to the elderly, 65 years and older, regardless of their assets. 2) The contents of service - Providing pre-health oriented and post-social welfare service that can integrate and satisfy a wide variety of public health and welfare needs of the elderly would strengthen the health care service of a day care center for the elderly. 3) Delivery system - Basic-level local self-governments should become a central operating body, and establishing a properly adjusted delivery system to a rural area after considering the efficiency and the access of vulnerable rural areas is needed based on modification of 'a Special Law for Agricultural and Fishery Areas' (rural public health center>rural health sub-center ${\rightarrow}$ unified health sub-center ${\rightarrow}$ public health hospital (public health center) ${\rightarrow}$ public welfare office). 4) Facility - Public health facilities such as public health centers and sub-centers should be located in areas that can easily access the facilities. 5) Funding - For day care center for the elderly in local self-government, the central government should modify a relevant implementation of subsidy in and provide some facilities and service regardless of the degree of self reliance of local self-government. 6) Human resources - It is needed to guarantee the period of workers of a day care center for the elderly, at least 3 to 5 years, with considering their specialty on aged care and avoiding circulation based positions. Furthermore, appropriate specially trained personnel such as medical workers and social workers should be placed to take care of both health service and welfare through strengthening of 'rules of law of elderly welfare,' Conclusion: future research is needed to test the model through a demonstration study using a model which may be developed in the future and to standardize the appraisal criteria of people hoping to enter a day care center for the elderly.

• The Journal of the Convergence on Culture Technology
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• v.4 no.1
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• pp.67-73
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• 2018

Financial plight condition firms difficulties accessing external funding, these firms will arrange scarce funds using tax avoidance can be a way of improvement of internal cash flow and internal funds securement. This study is empirical evidence presented the association between free cash flow can be represented for financial condition of firms and using tax avoidance for Kosdaq listed firms. Empirical analysis result, presented plus (+) results the association between free cash flow and tax avoidance. these results are in the previous year free cash flow is large firms purpose of internal cash holdings that increase of tax avoidance in order to minimize of cash outflow are based on tax burden. also interaction effect of free cash flow and debt ratio is presented influence of plus(+) on tax avoidance.