• Journal of Korea Port Economic Association
• /
• v.38 no.2
• /
• pp.81-93
• /
• 2022

Since 2008, China's shipping industry has been in a slump, with shipbuilding orders falling sharply, and high-growth excess capacity has become increasingly apparent, leaving many firms with sharply reduced orders at risk of bankruptcy and shutdown. To ensure the development of the shipbuilding industry and enhance the international competitiveness of the shipbuilding industry, it is necessary to analyze the present situation of the shipbuilding industry and the financial situation of the shipbuilding enterprises. And analyzing the problems faced by enterprises from the perspective of capital structure is very meaningful to the shipbuilders with high capital operation. We are trying to analyze the determinants of capital structure of China's shipbuilding listed companies. 30 listed Chinese shipbuilding and listed companies have been designated as sample companies that can obtain financial statements for 13 consecutive years. They also divided 30 sample companies into shipbuilding, shipbuilding-related manufacturing, and shipbuilding-related transportation. Dependent variable is the debt level of the year, independent variable includes the debt level of the previous year, fixed asset ratio, profitability ratio, depreciation cost ratio and asset size. The regression model of the panel used to analyze determinants is capital structure. The results of the empirical analysis are as follows. First, a fixed-effect model for the entire entity showed that the debt-to-equity ratio and the size of the asset in the previous period had a positive effect on the debt-to-equity ratio in the current period. Second, the impact of the profitability ratio on the debt level in the prior term also supports the capital procurement ranking theory rather than the static counter-conflict theory. Third, it was shown that the ratio of the depreciation of the prior term, which replaces the non-liability tax effect, affects the debt-to-equity ratio in the current period.

• The Journal of the Korea Contents Association
• /
• v.9 no.10
• /
• pp.110-121
• /
• 2009

In this paper, we propose the new method that offer detailed-information through relax the system memory limitation about 3D model to user. That method based on making LOD(Level of Detail) model from huge 3D data of structure cultural assets. In our method as transformed AOSP algorithm, first of all it create the hierarchical structure space about 3D data, and create the LOD model by surface simplification. Then it extract the ROI(Region of Interest) of user in simplified LOD model, and then do rendering by original model and same surface detailed-information after process the local detailed in extracted region. To evaluate the proposed method, we have some experiment by using the precise 3D scan data of structure cultural assets. Our method can offer the detailed-information same as exist method, and moreover 45% reduced consumption of memory experimentally by forming mesh structure same as ROI of simplified LOD model. So we can check the huge structure cultural assets particularly in general computer environment.

• Environmental and Resource Economics Review
• /
• v.19 no.4
• /
• pp.829-852
• /
• 2010

The investment in Clean Development Mechanism (CDM) projects is increasing rapidly as the first implementation period began in 2008. This paper examines on the optimal level of primary Certified Emission Reduction (CER) price, subsidiary original projects investment cost and expected issues CER per year, using UNFCCC CDM Project Design Document (PDD) data. Real option model is developed to incorporate a case where the investment is irreversible and underlying asset price is uncertainty. This study employs Real option approach which allow the optimal level regard as economic feasibility of CER price has analyzed with NPV (Net Present Value) and Black-Scholes call option(Real option) value. Finally, CER supply curve and price elasticity of supply are estimated.

• Journal of Korea Port Economic Association
• /
• v.27 no.2
• /
• pp.111-136
• /
• 2011

This article aims to reveal the relative influences to the Brand Power and Performance of Factors that comprise the port brand assets in order to control and manage the ports. And also this Paper want to suggest the useful strategies and implications for the improvement of Brand Power by comparing the level of brand competitiveness of Incheon Port with those of other Korean ports that are in competitive relation. In this research we can find out that the components of port brand asset are awareness level, image, service quality, and satisfaction of relation. And among those 4 factors, recognition level and satisfaction of relation are very significant relation factors for the loyalty in Incheon Port. In comparison study between Incheon and Pyungtack Ports, satisfaction of relation is revealed as especially significant factor for the customers that show highly effective management performances and we can find that, in Busan Port, image and service quality are significant as well.

• International Area Studies Review
• /
• v.12 no.2
• /
• pp.27-53
• /
• 2008

This paper investigates factors determining the level of nontraditional activities at banks around the world. Specifically, the paper examines what kinds of firm-specific and country-specific characteristics determine the level of noninterest income using a comprehensive multi-country database. This paper focuses beyond the traditional U.S. based analyses and provides detailed asset-liability management practices of banks around the world.The findings suggest that banks' size and loan loss provision, explicit deposit insurance, banking restriction, banking freedom ranking of respective countries, the extent of state and foreign ownership, governance, and transparency of the country have positive effects on the level of nontraditional activities. Greater dependence on traditional lending and financing, market based economy, and multiple bank supervisory bodies in the country have negative associations with noninterest income. The economic development of country however affects the extent of the relationship.

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

• Asia-Pacific Journal of Business
• /
• v.13 no.4
• /
• pp.91-107
• /
• 2022

Purpose - This study quantitatively examines the level of financial inclusion of a microfinance institution in each region and how this is changing recently, and examines the level of financial inclusion by region and various financial characteristic factors related to it. It was empirically verified what kind of significant impact actually has on the institution's major management performance indicators (stability, profitability, efficiency, and public interest). Design/methodology/approach - It was confirmed that the institution's financial inclusion index declined rapidly after 2015 as a whole, although there were some differences by region depending on regional characteristics. However, considering the fact that the number of branches per 100,000 adult population is steadily increasing nationwide, it was found that, contrary to what is known, the simple decrease in the number of branches of the institution was not the main cause. Findings - The analysis results of this study show that the institution's efforts for financial inclusion have a positive impact on profitability, stability, efficiency, and public interest, and that the institution pursues profitability, efficiency, stability, and public interest. showed that some trade-offs exist. In other words, overall, it was analyzed that profitability of the institution has a positive effect on efficiency, and efficiency has a positive effect on stability and public interest. Research implications or Originality - Since the institution's efforts to improve its profitability do not have a negative impact on its stability and public interest, it is judged that it is important to take a strategic stance, so excessive loan supply that exceeds the scope of the institution's own control needs to be avoided as much as possible. More detailed financial supply strategies and business management capabilities that enhance the asset soundness and management efficiency of safes need to be demonstrated.

• The Korean Journal of Franchise Management
• /
• v.7 no.2
• /
• pp.5-14
• /
• 2016

Purpose - Competitive industry structure and recent economic depression challenge a survival of Korean small- and medium-sized food franchising companies (SMFCs), albeit the explosive growth of the Korean food service industry for last few decades. Against this backdrop, it examines how these SMFCs overcome liabilities of smallness and resource scarcity to strengthen competitive advantage in the market. To tackle this, in this article we focus on corporate entrepreneurship and human resources as a knowledge-based asset for these SMFCs. Furthermore, the ratio of employee turnover is high in SMFCs. We view that such brain-drain may result in poor performance of the Korean SMFCs. As such, we pay attention to the role of organizational commitment to an organization as a solution for enhancing individual-level employees' loyalty toward their organization. Research design, data, and methodology - Our research question is to what extent corporate entrepreneurship (i.e., innovative organizational culture, organizational autonomy, and administrative innovation) affects an individual-level attitude toward the organization and, in turn, employee creativity and satisfaction in the Korean SMFCs context. We collected data from employees in SMFCs for three months. A total of 126 valid questionnaires were collected, and analyzed the data using partial least squares path modeling. Results - The reliable and valid measurement model feed into testing the structural model. Our findings suggest that innovative organizational culture and organizational autonomy positively affect employee commitment. Particularly, organizational autonomy has a greater effect than innovative culture on employee commitment. However, the relationship between administrative innovation and employee commitment is not significant. We also find that employee commitment positively affects both employee creativity and satisfaction. Conclusions - Our contribution to the existing franchising business and management literature is twofold. First, the conceptual model includes three antecedents in the organizational entrepreneurship dimension to organizational commitment. Second, we conceptualize organizational commitment as employee commitment, and validate its impact on employee creativity and job satisfaction at an individual performance level. Overall, this article suggests that it is critically important for the Korean SMFCs to develop corporate entrepreneurship in order to facilitate employees' positive attitudes toward their organizations.

• International conference on construction engineering and project management
• /
• 2011.02a
• /
• pp.299-303
• /
• 2011

Congestion is a growing concern of many global cities and the demands on Infrastructure services within a locale coupled by the rising expectations from the growing population places stress on these cities. This entails the ability to build a sustainable community that requires an understanding and recognition of Population growth, changing demographics and the ever changing urban development on both a macro and micro level. Infrastructure is an integral part of Australian economy, particularly the 'Infrastructure Assets Management' which highlights the importance towards the development of sustainable communities for Melbourne's future. Melbourne 2030 is a comprehensive representation of government's response to a wide-ranging population growth within Melbourne metropolitan and surrounding areas. Urban plan and specific Infrastructure Assets Planning needs not only to provide sufficient Infrastructure to a community, but it must also be efficient and innovative so that it produces an optimised management system. A system that incorporates engineering techniques that will be sustainable for decades to come by maintaining an acceptable level of services to its intended community in an effective manner, which also strengthens service delivery. The fundamental challenges for optimization of Infrastructure with the Melbourne urban plan is, the ability to manage and sustain maintenance of Infrastructure to provide the acceptable level of service required by the community in a most effective manner which also strengthens service delivery to contribute towards Melbourne 2030. This paper particularly investigates some of the fundamental issues within the Melbourne urban plan such as Infrastructure Asset Management, AusLink and the Australian Road Management Act 2004, which the Governments at all levels must deal with to provide an economically viable solution to the changing Infrastructure so it may suits the needs and services the strategies of a metropolis.

• Journal of Industrial Convergence
• /
• v.19 no.6
• /
• pp.21-35
• /
• 2021

The purpose of this paper is to examine how demand for labor affects the job seeker's decision on the level of investment in education. In the current paradigm of economic growth in which innovations and technological developments generally weaken the strength demand for labor and increases the uncertainty related to employment, this paper provides a theoretical framework that can be used as a basic framework in understanding the decision of investment in education in varying conditions of demand for labor. The following are the findings of this paper. First, the level of investment in education can generally be regarded to be higher as the demand for labor exacerbates but for the job seekers with a certain characteristic. Second, the Arrow-Pratt absolute risk-aversion measure is the characteristic of the job seeker that determines in what direction the job seeker changes in the level of investment in education, For an arbitrary level of demand for labor there exists a certain threshold which determines the minimum degree of risk-aversion required for the job seeker's Arrow-Pratt should go over to increase the level of education as demand for labor weakens. Third, the job seekers lower the level of education even though the demand condition in labor markets weakens if the compensation function does not depend on the level of education. This is surprising because it turns out that one of the reasons why job seekers invest in education is that they want to be recognized in their compensation for their level of education even when more education still raises the probability of employment.