• Journal of Korean Society of Industrial and Systems Engineering
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• v.28 no.1
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• pp.105-113
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• 2005

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows. Agency costs are found to be decreasing with the ownership share of controlling shareholders and accounting performance becomes higher. But firm value measured by Tobin's Q ratio becomes lower according as the ownership of the controlling shareholders increases. If agency costs decrease in proportion to controlling shareholder's share, firm value should be higher according to the agency theory by Jensen and Meckling(I976). But the results of the empirical test of this study are inconsistent with Jensen and Meckling's(1976). Therefore the following study on the more useful proxies stand for agency costs should be needed.

• Journal of Korean Institute of Industrial Engineers
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• v.29 no.3
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• pp.206-212
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• 2003

In this paper, we propose a mathematical optimization model with a suitable algorithm to determine delivery and backlogging quantities by minimizing the total cost including the penalty costs for delay. The system has fixed transshipment costs and demands are fulfilled by some delivery units that represent the volume of delivery amount to be shipped in a single time period. Since, backlogging is allowed, demands could be delivered later at the expense of some penalty costs. The model provides the optimal decisions on when and how much to he delivered while minimizing the total costs. To solve the problem, we propose an algorithm that uses the Lagrangian dual in conjunction with some primal heuristic techniques that exploit the special structure of the problem. Finally, we present some computational test results along with comments on the further study.

• Korea Journal of Hospital Management
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• v.5 no.1
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• pp.200-231
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• 2000

The price systems of the hospital drug services play key roles in the provision of quality services and the development of pharmacy service technologies. Under the premises, this study attempted to determine the costs of hospital drug service, to compare the costs calculated with the fees publicly fixed by the Government, and based on the results of the analysis, to propose directions for the improvement of the price systems. A Costing model for the study was developed based on the cost-fee relationship analysed of the Korean fee-for-service systems. Data on costs and workloads of the 25 hospitals were collected through survey forms designed for the costing' and analysis for the duration of 12 months of 1998. The results of the analysis show that a tremendous unbalance between cost and price levels of the drug services, and that overally the price level of the services is extremely low when compared to the costs of services. Based on these findings, this study suggests that unfairly high or low price level be corrected, and that service items newly developed and being practiced at tertiary hospitals, such as TDM and TPN consultation services, be compensated by fixing a proper level of price.

• International Journal of Human Ecology
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• v.16 no.2
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• pp.21-31
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• 2015

This study explored determinants of family support that young renter households received to afford their housing costs. Microdata set of the 2014 Korea Housing Survey was used as secondary data for the study. Total 1,752,899 households headed by persons between 20 and 34 years of age and whose rental type was either Jeon-se or monthly rental with deposit in private rental units were selected as study subjects. For the data analysis, a series of discriminant analysis was conducted using IBM SPSS 21.0. Major findings were as follows. (1) Among the subjects, 28.2% were found to receive financial support from parents or other relatives. (2) To see the discriminant analysis results, a linear combination of seven household and housing characteristics (householder's gender, whether or not the householder worked in the previous week, whether or not the householders have a spouse, tenure type, structure type, location and deposit amount) could explain 44.6% of variance in young renter households' receipt of family support with a prediction accuracy of 77.2%. (3) To summarize the final discriminant model, Jeon-se renter households in location other than Incheon or Gyeonggi Province living in a unit in structure other than multifamily structure headed by younger householders that did not worked previous week or without spouse; with a greater deposit had the maximum tendency to receive family support to pay rental costs.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.8
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• pp.3417-3426
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• 2012

This study aims to determine how ownership structure (share-holding ratio of insiders, foreigners) affects agent costs (the portion of asset efficiency or non-operating expenses) through empirical analysis. However, as existing studies on correlations between ownership structure and agent costs adopted Pooled OLS Model, this study focused on additionally formulating Fixed Effect Model and Random Effect Model aimed to reflect the time of data formation and corporate effects as study models based on verification results on the suitability of Pooled-OLS Model before comparative analysis for the purpose of improvement of credibility and statistical validity of the results of empirical analysis based on the premise that the Pooled OLS Model is not reliable enough to verify massive panel data. The data has been accumulated over 10 years from 1998 to 2007 after the IMF crisis hit the nation, from a subject 331 companies except for financial institutions. As a result of the empirical analysis, verification of the suitability of model has determined that the Random Effect Model is appropriate in terms of asset efficiency among agent costs items. On the other hand, the Fixed Effect Model is appropriate in terms of non-operating costs. As a result of the empirical analysis according to the appropriate model, no hypothesis adopted in the Pooled OLS Model has been accepted. This suggests that developing an appropriate model is more important than other factors for the purpose of generating statistically significant empirical results by showing that different empirical results are produced according to the type of empirical analysis.

• The Korean Journal of Financial Management
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• v.4 no.1
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• pp.45-58
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• 1988

This paper is to examine the relevance of banarptcy Costs (BC) to Capital Structure with three related purposes: whether or not BC are trival,, a proxy methodology for estimating BC, the present value of expected BC vs tax benefits' trade off. For these purposes, the samples includes 19 industrial firms which went bankrupt over period 1970-78 and secondly seven large Companies which went bankrnpt recently in the U.S. The results are quite strong that BC are not trival. In many cases they exceed 20% of the value of the firm measured just prior to bankruptcy. Direct BC are explicit and administrative costs paid by debtor in reorganization/liqaidation process. Indirect BC are essentially defined as unexpected losses and estimated in two way: a regression method and security analyst's forcasts. The present value of expected BC for many of the bankrupt firm is found to exceed the present value of tax benefits from leverage. This implies that firms were overleveraged and that a potentially important ingredient in the discussion of optimum capital structure is indeed the BC factor. Therefore, BC are relevant to the cost of capital structure decision and should he considered seriously.

• Proceedings of the KSR Conference
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• 2010.06a
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• pp.1623-1629
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• 2010

The high speed rolling stock system considerably belongs to a special industry which requires large-scale investment cost but the recovery term is long. Therefore, to guarantee risk and possibility of technological success in initial investment, tools concerned with various expecting methods like life cycle costs analysis and credibility management are used. In view of this characteristics, the cases on cost structure for HSR RS previously invested should be studied and the method to appropriately allocate the life cycle of each sub-system like arrangement unit, electric device, braking device, door and car body should be realized. Moreover, the environmental aspects of main manufacturer and parts supplier can be checked. This study, through the case study for HSR cost structure in introduction and operational stage of KTX, aims to seek for the method to adapt to environmental changes like EU railway industry of which object is to acquire global market competitiveness by integrating manufacturing and operation of RS and the regulation and operation of IRIS which is performed in Europe.

• Bulletin of the Society of Naval Architects of Korea
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• v.20 no.2
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• pp.21-26
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• 1983

In this light of economical engineering, the optimal configurations of ship structure that can save weights, production costs and operation costs should be investigated. This paper presents the general method of optimization based on non-linear programming and its application to weight and/or cost minimization of ship structure. Oil tanker is chosen as a ship type because of simple layout and easy calculation of stress. With the data of 16,200 DWT oil tanker built by KSEC 1980, this paper shows the procedure mentioned above by means of SUMT combined with two selected search methods. Then the differences between original and redesigned tanker structures are discussed.

• Structural Engineering and Mechanics
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• v.78 no.1
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• pp.67-75
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• 2021

This work studies the behaviour of a steel portal frame selection under fire exposure, considering both span lengths and fire exposure times as variables. Such structures combine carbon steel (S275), fireproof micro-alloyed steel (FR), and coatings of intumescent paint with variable thicknesses, improving thereby the flame retardant behaviour of the steel structure. Thus, the main contribution of this study is the optimization of the portal frames by combining both steels, analysing the resulting costs influence on the final dimensions. Besides, the topological optimization of each steel component within the structure is also defined, in accordance with the following variables: weather conditions, span, paint thickness, and cost of steel. The results mainly confirmed that using both FR and S275 grades with intumescent painting is the Pareto optimum when considering performance, feasibility and costs of such portal frames widely used for industrial facilities.

• Journal of Korea Port Economic Association
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• v.25 no.3
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• pp.321-338
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• 2009

This study looks at the reasons behind the termination of container transportation between Busan and Incheon in terms of costs structure, the division of profit, and the economic limitation faced in the domestic shipping market. The operation costs have been examined in relation to the components of logistic system of container shipping and the cost function has been estimated. The distribution proportion of operation revenue has been also investigated, considering the different components of logistics activities. In addition, the average revenue of container vessels of 144TEU and 215TEU has been calculated. Economic limitation can be analysed through the optimisation behaviour of shipping companies which tries to maximize profit or minimize loss. In conclusion, domestic short sea shipping can get the economy of scale only by transporting vessels' maximum capacity. It is also vulnerable to trucking market's fluctuation. Without the subsidy for operation, the liner in domestic short sea shipping will stop the service in order to minimize the loss.