• Management & Information Systems Review
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• v.38 no.2
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• pp.67-81
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• 2019

In accordance with K-IFRS 1109, financial instruments are classified to amortized cost (AC), fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVPL). And disposal gains are prohibited to be recirculated for net income when FVOCI financial instruments would be sold in the future, so-called recirculation prohibition. This research investigates whether accumulated other comprehensive income of available-for sale financial assets(AFS) under K-IFRS 1039, could affect reclassified amounts to the FVPL securities from the AFS securities. Also, this study investigates the effects of the reported income on the reclassified FVPL, because CEOs are likely to try earnings management when net income is predicted to be less than target or is low, comparing other firms. As a result of empirical analysis, first, I find that accumulated other comprehensive income of the AFS has a positive impact on the reclassified FVPL. Second, level of reporting income has no significant impact on the reclassified FVPL. Third, interaction effects are significantly positive on the firms which have more other comprehensive income and less level of reported income. Fourth, the effects of the bank and securities are more distinct than those of the manufactures. This study is the first research to investigate earnings management through AFS at the timing of the first adoption of K-IFRS 1109. Empirical results of this study provide evidence of earnings management on the reclassification of FVPL which gives meaningful implications to regulators, academic researchers and auditors.

• Management & Information Systems Review
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• v.37 no.4
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• pp.1-20
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• 2018

This study aimed to examine earnings quality of firms selected as Global Champs project which has been promoted by the government since 2013 to support small and medium sized enterprises, for the screening year(t-1) and selected year(t). Earing quality is measured as the value of discretionary accruals estimated by Dechow et al.(1995) adjusted Jones model and Kothari et al.(2005) model, respectively. I analyze the differences of earning quality between the Global Champ firms and the paired firms selected through criteria of the similar total assets and the same industry in the screening year and the selected year. This study is motivated by the needs of measurement of the performance of the Project from the accounting transparent point of view. As the results of this study, major findings are summarized as follows. Firstly the earnings quality of the selected firms was lower than that of the paired firms. This can be explained as a result of motivation of earnings management by companies eager to meet the requirements to be selected for the Project. Secondly, in the selected year, the earnings quality was proved to improve, comparing to the screening year. This can be explained by the efforts of companies to reinforce management innovation and transparent management, which in turn led to positive effects on the earnings quality. These findings were found to be consistent in the additional analyses, where the earning quality of the reconstructed sample with only selected companies was compared for the screening year and the selected year, based on the year before the screening year(t-2).

• Journal of Technology Innovation
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• v.28 no.3
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• pp.1-28
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• 2020

This study examines whether the firm with high innovation efficiency realizes high operating performance. We measured innovation efficiency by the ratio of patent applications for R&D expenditure or R&D stock and measured operating performance by the ratio of operating income or operating cash flow to total assets for the following year. The sample consists of 1,880 manufacturing firm-years, which listed on the Korean Exchange between 2014 and 2017. We analyze the effect of innovation efficiency on operating performance using a model of Hirshleifer et al. (2013) results show that both innovation efficiency variables have a significantly positive relationship with the total asset operating margin. Besides, the following year's performance, measured by the total asset operating cash flow ratio, also shows a positive relationship with the two innovation efficiency variables at the 5% and 1% significance levels, respectively. The results indicate that high innovation efficiency firms that link the outcomes of R&D to more patent applications realize higher operating performance. Also, we divided the R&D-intensive and non-R&D-intensive industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. However, the effect of innovation efficiency on the operating cash flow is only significant in R&D-intensive industries. This study suggests that the effects of innovation efficiency are more consistent in the R&D-intensive industry. Additionally, we divided the high patent application and low patent applications industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. This study suggests that the effects of innovation efficiency are more consistent in the high patent application industry. We show that a firm's innovation efficiency is a critical factor for a firm's performance, while prior studies on the R&D performance have not considered the innovation efficiency of each firm. The evidence suggests that firms not only consider R&D expenditures but also improve the performance of companies by increasing innovation efficiency. Investors need to consider their innovation efficiency when evaluating the value of firms.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.29 no.3
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• pp.85-96
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• 2011

The purpose of this study, Around Gyeonggi-do cultural propertie Change the Present Condition not apply to analyze the results of processing Change the Present Condition of the trends and issues, and characteristics are derived and In determining the basic data processing of the Change the Present Condition presented are intended to be. 248 of 2009 regulated by Gyeonggi-do Cultural Assets committee agenda for consideration of the more than three times a copy of 15 were enrolled in the study. Review the results of the Change the Present Condition permit, permit held, to review classified information and analyzes the results of processing and complementary. Application for change processing standards and their comparison with the Change the Present Condition of cultural property through the deliberations and conclusions should analyze the results. As a result of research first, decision to allow processing of the application is characterized by a variety of facilities and the lower floors many times the result of the approval, the construction of cultural property conditioned space after the application complements the exterior of the building permit has been determined, applied to the current building near where the decision to allow the existence of is the main reason Second, decisions permit held, if requested neighborhood facilities lots of facilities and construction of large-scale is the most. Results from the first hearing until a final decision is not much change in results and cultural property surroundings due to the building of the reason for rejection was the most inhibited. Third, reconsideration of the decision if the city's development projects and other large development projects, and floors of the building height did not significantly affect the change. Above all, Decisions based on the results of the presence or absence was a big acts and the reason for reconsideration, and on-site investigation is the most. Fourth, It is based on the processing of Change the Present Condition that has been passed or rejected treatment and standards of treatment in two areas where the two sections across any side of the strict criteria were applied. Cultural Properties and applications with the distance increases, the rejection and the reconsideration decision is limited Such distance did not affect the decision to allow.

• Journal of Legislation Research
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• no.55
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• pp.95-136
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• 2018

Marriage forms a minimal social unit. Marriage can affect not only relative relationship but also possession of property. Regarding legal issues related to marriage, mainly the civil law, especially the family law section, regulates. However, marriage has also a significant legal effect in terms of taxation. This article deals with the taxation of gift tax among them. In Korea, if you give more than 600 million won in assets to your husband and wife, the donee must pay the gift tax. However, there has been little research into the influence of the marital property system on the taxation of gift tax on the donation between married couples. There are two legislative approaches to the attribution of property held by married couples. The one is separate property system, the other is community property system. Under separate property system, husband and wife own property separately. The community property system recognizes marital property of married couple as a common property of married couple. The legal property system in Korea is separate property system. However, married couples can adopt the community property system as a marital property system by their agreement. Currently, most Korean couples are subject to separate property system as a marital property system. There is no legal problem to levy the gift tax on the donation between couples who are subject to separate property system. The problem is the donation of asset between couples who are subject to the community property system. In community property system, most property acquired during marriage (except for gifts or inheritances) is considered community property. community property means property owned jointly by both partners. Some argue that the gift tax can not be taxed between married couples who are subject to the community property system. In this paper, we examine whether these arguments are valid.

• The Journal of Korean Philosophical History
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• no.54
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• pp.9-42
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• 2017

It is as necessary as ever to make constant efforts to overcome the regional strife between the eastern and western parts of Korea and come to a mutual understanding. To achieve this, we must endeavor to correct Korean people's distorted understanding of the history of Korean philosophical thoughts. Ordinary Koreans commonly and mistakenly associate the academic circles of Korean Neo-Confucianism with certain regions by which to divide them into Giho School and Yongnam School and then go as far as associating the schools and parties and pegging them 'Namin'(南人) to refer to as the followers of Yongnam School and 'Seoin'(西人) as the followers of Giho School. Such false notions must be corrected. During the reign of King Seonjo, political factions of Joseon were split into Yongnam and Giho, or East and West. At the time, the two cardinal directions East and West were only used to refer to the eastern and western parts of Seoul, and not Yeongnam(East) and Giho(West) of the Korean Peninsula. Therefore, the factional split at the time has nothing to do with regional cleavages. In fact, a majority of scholars representing Korean Neo-Confucianism maintained a friendly relationship regardless of the school, party, and region. Many leading scholars in the middle of the Joseon Dynasty namely Jo Sik(曺植)/Seong Woon(成運), Lee Hwang(李滉)/Ki DeaSeung(奇大升), Lee Hwang(李滉)/Lee Yi(李珥), Noh Susin (盧守愼)/Lee Yi, the ones in the late Joseon Dynasty -Jeong Gyeong Se(鄭經 世)/Kim Jang-Saeng(金長生), Jeong Gyeong Se(鄭經世)/Song Joon Gil(宋浚吉), and also those at the end of the Joseon Dynasty such as Kwak JongSeok(郭鍾錫) and Kim BokHan(金福漢) deeply respected each other and had a close friendship rooted in their academic commitment. The friendship between the leaders of Giho and Yongnam is a testimony to the high level of their character, academic achievement, and intellect. More than ever, such intangible intellectual and cultural resources drawn from Korean tradition must be utilized to the fullest. From this point on, we need to further promote the friendship and mutual understanding the scholars of Yongnam(Gyeongsang-do), Gyeonggi, Honam (Jeolla-do), and Hoseo(Chungcheong-do) enjoyed, and use them as a cognitive basis for harmony between the eastern and western parts of the country. These invaluable assets can be specifically used in the promotion of exchange between the local autonomous governments of the regions where above-mentioned scholars built an amicable relationship, joint commemorative events, exchange between families of the scholars of both regions, opening of special exhibitions dedicated to the harmony between Yongnam and Giho at museums in the two regions, co-organization of local festivals, joint operation of culture programs, and relationship and exchange between the 'seowons' in both regions, through which to promote the long history of exchange between the scholars of the past and utilize it in joint projects.

• Maritime Security
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• v.1 no.1
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• pp.215-240
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• 2020

In 2017, the U.S. DARPA coined 'mosaic warfare' as a new way of warfighting. According to the Timothy Grayson, director of DARPA's Strategic Technologies Office, mosaic warfare is a "system of system" approach to warfghting designed around compatible "tiles" of capabilities, rather than uniquely shaped "puzzle pieces" that must be fitted into a specific slot in a battle plan in order for it to work. Prior to cover mosaic warfare theory and recent development, it deals analyze its background and several premises for better understanding. The U.S. DoD officials might acknowledge the current its forces vulnerability to the China's A2/AD assets. Furthermore, the U.S. seeks to complete military superiority even in other nation's territorial domains including sea and air. Given its rapid combat restoration capability and less manpower casualty, the U.S. would be able to ready to endure war of attrition that requires massive resources. The core concept of mosaic warfare is a "decision centric warfare". To embody this idea, it create adaptability for U.S. forces and complexity or uncertainty for the enemy through the rapid composition and recomposition of a more disag g reg ated U.S. military force using human command and machine control. This allows providing more options to friendly forces and collapse adversary's OODA loop eventually. Adaptable kill web, composable force packages, A.I., and context-centric C3 architecture are crucial elements to implement and carry out mosaic warfare. Recently, CSBA showed an compelling assessment of mosaic warfare simulation. In this wargame, there was a significant differences between traditional and mosaic teams. Mosaic team was able to mount more simultaneous actions, creating additional complexity to adversaries and overwhelming their decision-making with less friendly force's human casualty. It increase the speed of the U.S. force's decision-making, enabling commanders to better employ tempo. Consequently, this article finds out and suggests implications for Korea armed forces. First of all, it needs to examine and develop 'mosaic warfare' in terms of our security circumstance. In response to future warfare, reviewing overall force structure and architecture is required which is able to compose force element regardless domain. In regards to insufficient defense resources and budget, "choice" and "concentration" are also essential. It needs to have eyes on the neighboring countries' development of future war concept carefully.

• Korean Journal of Heritage: History & Science
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• v.53 no.4
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• pp.118-135
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• 2020

It is not uncommon in Korea to see the structure and function of a garden remain intact as well as its form. Yi Cheon-bo's Historic House (Gyeonggi-do Cultural Heritage Item No. 55), located in Sang-myeon, Gapyeong-gun, Gyeonggi-do, is considered an example of very valuable garden heritage, although its family history, location, and remaining buildings and natural cultural assets are not fully intact. Along with Yi Cheon-bo's Historic House, this study attempted to explore the possibility of restoration of the forest houses and gardens by highlighting the high value of Yi Cheon-bo's Historic House through research into the typical layout of private households in northern Gyeonggi Province and Gapyeong County, comparative review of aerial photographs from 1954, and interviews with those involved. The results of the study are as follows: In this study, the presence of Banggye-dongmun and Bansukam in the Banggyecheon area, where the location of the garden was well-preserved, was examined across the landscape of the outer garden, while the location of Yi Cheon-bo's Historic House, the appearance of feng shui, and the viewing axis were considered. Also, the appearance of the lost main house was inferred from the arrangement and shape of the Sarangchae and Haengrangchae that remain in the original garden, and the asymmetry of the Sarangchae Numaru and the hapgak shape on the side of the roof. In addition, the three tablets (Pyeonaeks) of Sanggodang (尙古堂), Bangyejeongsa (磻溪精舍), and Okgyeongsanbang (玉聲山房) were used to infer the landscape, use, and symbolism of the men's quarters. Also, a survey was conducted on the trees that existed or existed in the high prices. Incidentally, it was confirmed that information on boards and cultural properties of Yeonha-ri juniper (Gyeonggi-do Monument No. 61) was recorded to a much lesser extent than the actual required standard, and the juniper trees remaining in the front of Haengrangchae should also be re-evaluated after speculation. On the other hand, as a result of estimating the original shape as a way of pursuing completeness of the garden through restoration of the lost women's quarters and shrine, it is estimated that the main house was placed in the form of a '口' or a 'be warped 口' on the right (north) side of the men's quarters. By synthesizing these results, a restoration alternative for Yi Cheon-bo's Historic House was suggested.

• Korean Journal of Heritage: History & Science
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• v.55 no.1
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• pp.35-50
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• 2022

The Korean cultural heritage protection act, enacted in 1962, is known to have been enacted in imitation of the Japanese cultural heritage protection act. The Japanese law differs from the current law dealing with intangible cultural heritage, folklore materials, and buried cultural properties. The Japanese law was enacted in consultation with the GHQ, and reflected the historical issues at the time of the enactment. Recently, in Japan, GHQ documents have been released and so research on the cultural heritage protection act is carried out. Therefore, it is necessary to understand the meaning and achievements of the Japanese cultural heritage protection act before comparing it with the Korean law. GHQ stipulated the emperor as a symbolic entity in the Japanese constitution and prescribed the country as a liberal democracy. Influenced by this, the cultural heritage protection act was enacted to identify the people's cultural heritage. Accordingly, the cultural heritage protection committee is a private and independent organization in Japan. The committee designates cultural heritage assets, and it operates as the national museum and the cultural heritage research institute. This system was a part of policy changes shifting cultural heritage management to the private sector. Since many cultural heritages are associated with the imperial family, museums were managed by the imperial family. Meanwhile, the Japanese house of councillors persuaded GHQ, which was negative about including intangible cultural heritage in the cultural heritage protection act. The purpose of this idea was to provide the system of the government support for Japanese imperial court music and dance. In addition, folk materials were included with the consent of the GHQ in that they represent the cultural heritages and the academic achievements of the people at the time in Japan. According to the Korean Law, the subject of designation of cultural heritage is the government, and the cultural heritage committee acts as an advisory body with its limited functions. In the early days, the committee confused the concept of intangible cultural heritage and folklore materials. This was because the concepts of cultural property was borrowed from Japanese law and applied to the Korean law without a full understanding. In response, the cultural heritage committee urged the ministry to investigate the current situation in Japan. The cultural heritage committee, mainly consisting of folklore scholars, was confused about the concepts of intangible cultural heritage and folklore materials, but the concept became clear when the enforcement regulations of the cultural heritage protection Act was enacted in 1964.

• Journal of the Korean Institute of Landscape Architecture
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• v.50 no.2
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• pp.64-75
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• 2022

The purpose of this study is to illuminate the meaning of the soundscapes of two bells, Daeheung-dong Cathedral and Sungsimdang in Eunghang-dong, which are landmarks and attractions in the historic downtown of Daejeon. The study was conducted through field research and recordings, as well as literature studies of related documents and soundscape theory. Daejeon city was developed along with Daejeon Railway Station during the Japanese colonial period in the early 20th century. As the Chungnam Provincial Office moved to Daejeon, Daeheung-dong and Eunhang-dong in Jung-gu, located near Daejeon Station, developed significantly and formed the city centre. As major administrative agencies moved to Seo-gu in the 1990s, the downtown area of Daejeon was on a path of decline, and the decline accelerated with the development of Sejong city. Meanwhile, Daeheung-dong Cathedral and Sungsimdang, founded by refugees during the Korean War, firmly protected the historic downtown area of Daejeon, where the natives left. Daeheung-dong Cathedral, established during the Japanese colonial period, is a local landmark with a history of 100 years in 2019. Sungsimdang, which was created with the backdrop of the Korean War, is also a historical and cultural asset with a history of 60 years and a local landmark selected as the No. 1 tourist attraction in Daejeon. This research, which started from the sound of the bells of Daeheung-dong Cathedral, heard even in the neighboring residential areas, led to the discovery of the bells of Sungsimdang in Eunhang-dong, located across the street. In this paper, the bells of Daeheung-dong Cathedral and Eunhang-dong Sungsimdang have characteristics of soundmarks according to R. Murray Schafer's soundscape sound category. Furthermore, this paper attempted to analyze the meaning of the two bells according to the relatively recent EU soundscape definition. These two bells are signal sounds at the surface level, but are the sound marks of the historic downtown area of Daejeon at the deep level. Although there are outward differences in size, scale, frequency, and famousness, these two bells share a meaning in terms of locality and good influence with the historicity and spatiality of a special relationship. The implication of this study is that the two places should be preserved as local historical and cultural assets not only as visual landmarks but also as sound marks in the urban regeneration or urban development of Jung-gu, Daejeon.