• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.41-72
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• 2003

The purposes of this paper are to build theoretical and empirically testable model to identify determining factors of ownership structure, and to analyze this model empirically using th Korea Stock Exchange panel data, and to test the impact of opening the stock market on the determinants of ownership structure. The determining factors of ownership structure identified in this paper include debt ratio, dividend, asset characteristics, profitability, growth business risk, size, institutional investors and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about $9\sim11%$ of the cross sectional variance in the equity ratio of large shareholders. The reasons that this model has too explanatory power are that some variables were measured with errors, and that there were some omitted variables in tested model. The regression results on the model variables ar generally in line with predictions. But the coefficient estimates on size is never significant. And it appears that the exogenous variable which explains opening the stock market has positive effect on the determinants of ownership structure.

• Health Policy and Management
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• v.22 no.2
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• pp.163-182
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• 2012

This study was performed to identify the difference of the area-based deprivation and the educational level on the cerebrovascular mortality in Korea. Data used in this study was obtained from the Death Certificate Data 2000 and the 2000 Census produced by Korean National Statistics(NSO). We classified the whole country into 246 areas based on the administrative districts. Then, the Standardized Mortality Ratio (SMR) in cerebrovascular disease was calculated according to the sex, education level and 246 areas. Its Predicted SMR was calculated by the Empirical Bayes Methods to reduce the variation of the SMR values. The area-based deprivation of 246 areas were measured using the modified Carstairs index in which the 5 indicators consisted of overcrowding, the unemployment ratio of men, the percentage of households classified low social class, the percentage of non home owners, and finally those houses lacking basic amenities. The correlation between the area-based deprivation and the SMR of the whole country and the correlation between the area-based deprivation and the SMR of each metropolitan cities or provinces was analyzed by the Pearson correlation analysis method. After classifying the deprivation of 246 areas into 5 levels, we performed the random intercept Poisson regression analysis after adjusting education level and age using Empirical Bayes Method to investigate the relationship between the 5 deprivation levels and the cerebrovascular mortality. The SMR was increased in lower education level. Each 246 areas had different values in SMR, Predicted SMR and area-based deprivation. The area-based deprivation and the SMR of the whole country was not correlated in both sexes. The education level of an individual was associated the risk of cerebrovascular mortality in men. The risk of cerebrovascular mortality increased with age compared to the reference(<30). The area-based deprivation was not associated with the risk of cerebrovascular in both sexes. The findings of this study suggest that the SMR had positive and negative correlations with area-based deprivation depending on the metropolitan cities or province. It also suggests that the individual education level and age were related with mortality and finally that the area-based deprivation was not associated to the cerebrovascular mortality in Korea.

• Journal of the Korea Society of Computer and Information
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• v.13 no.4
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• pp.231-240
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• 2008

In respect complication, group and period, the foreign direct investment of korea is composed of various factors. This paper studies focus on estimating the determinants of foreign direct investment of korea. The region of analysis consist of 7 groups, that is, Asia, Europe, Central and South America, Oceania, Africa, Middle East. Analyzing period be formed over a 67 point(2002. 6${\sim}$2007. 12). In this paper dependent variable setting up an amount of foreign direct investment, explanatory(independent) variables composed of gross domestic product, a balance of current accounts, the foreign exchange rate, employment to population ratio, an average of the rate of operation(the manufacturing industry), consumer price index, the amount of export, wages(a service industry). For an actual proof analysis, LIMDEP 8.0 software, analysis model is random effect in TWECR The result of estimating the determinants of foreign direct investment of korea provides empirical evidences of significance positive relationships between employment to population ratio and wages(a service industry). However this study provides empirical evidences of significance negative relationships between the foreign exchange rate, censurer price index and the amount of export. The explanatory variables, that is, an average of the rate of operation(the manufacturing industry), gross domestic product and a balance of current accounts, are non-significance variables.

• Journal of Korea Water Resources Association
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• v.50 no.12
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• pp.877-887
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• 2017

The energy losses due to surcharged flow at four-way combining manhole, which is mainly installed in the downstream of urban sewer system, is the main cause of inundation in urban area. Surcharged four-way combining manholes form various flow configuration such as straight through, T-type, and four-way manholes depending on variation of inflow discharge in inlet pipes. Therefore, it is necessary to analyze change of energy loss and estimate head loss coefficients at surcharged four-way combining manhole with variation of inflow discharge ratio. The hydraulic experimental apparatus which can change inflow ratios were installed to analyze the flow characteristics at four-way combining manhole. In this study, to calculate the head loss coefficient according to change of the inflow discharge ratios at the surcharged four-way combining square manhole, the discharge conditions of 40 cases which the inflow ratios of each inlet pipe were changed by 10% interval was selected. The head loss coefficient at surcharged square manhole showed the lowest value of 0.40 at the straight manhole and the highest value of 1.58 at the $90^{\circ}$ junction manhole. In the combining manholes (T-type and four-way), the head loss coefficients were calculated more higher as the lateral flow rate was biased. The contour map of head loss coefficient range was constructed by using the estimated head loss coefficients and the empirical formula of head loss coefficients was derived to consider the variation of inflow discharge ratios at the surcharged square manhole. The empirical formula could be applied to the design and assessment of the urban drainage system.

• Journal of the Korean Association of Geographic Information Studies
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• v.10 no.2
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• pp.112-121
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• 2007

In occasion of soil loss happened in a basin, soil in the near of a stream may flow into the stream easily, but in case that soil is far away from the stream, sediment yield transferred to rivers by rainfall diminishes. To forecast sediment yield of a stream is an essential item for management of basins and streams. Therefore, sediment yield of soil loss produced from a basin is needed to be calculated as accurate as possible. Purpose of the present research is to calculate soil erosion amount in a basin and to forecast sediment yield flowed into a stream by rainfall and analyze sediment yield in the stream. There are various methods that analyze sediment yield of rivers. In the present study, the soil erosion amount was calculated using Revised Universal Soil Loss Equation(RUSLE) and GRID, and sediment yield was calculated using sediment delivery ratio and empirical methods. DEM data, slope of basin, soil map and landuse constructed by GIS were used for input data of RUSLE. The upstream area of the Yeongsan river basin in Gwangju metropolitan city was selected for the study area. Three methods according to the calculation of LS factor were applied to estimate the soil erosion amount. Two sediment delivery ratio methods for the respective methods were applied and, correspondingly, six occasions in sediment yield were calculated. In addition, the above results were compared by relative amount with estimation by the empirical method of Ministry of Construction & Transportation. Sediment yield calculated in the present study may be utilized for the plan, design and management of dams and channels, and evaluation of disaster impact.

• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• The Journal of the Korea Contents Association
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• v.21 no.6
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• pp.588-597
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• 2021

In Korea, the standard for calculating the profit of a general insurance, which constitutes the loading in the premium, is not specified, and most of the non-life insurance companies reflect 2~5% of the premium as profit margin. Although the transparency of pricing is required due to the nature of insurance products, there are insufficient standards and empirical studies on the determination of insurance price factors in the domestic insurance industry. In this study, we propose a method of calculating the expected profit margin of general insurance. A way for calculating the expected profit margin of the general insurance is to reflect the shareholder demand on the capital that the insurance company should secure against the risk of loss due to the profit/loss volatility, as a ratio to the insurance premium. Shareholders should be compensated for the risks associated with their insurance operations, and the opportunity cost of these shareholders is to be reflected in premiums. In this study, we calculate the amount of capital that the company should accumulate to prepare insurance risk for each product, and insurance risk is defined as the volatility of insurance operating profit/loss. And insurance risk is calculated using stochastic simulation based on Dynamic Financial Analysis (DFA) methodology. Finally, we calculate the expected profit margins for 25 products and analyzed the difference between those and the profit ratio of domestic general insurance.

• Management & Information Systems Review
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• v.12
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• pp.137-160
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• 2003

The association between accounting earnings and the stock price of an entity is the subject that has been most heavily researched during the past 25 years in accounting literature. Researcher's common finding is that there are positive relationships between accounting earnings and stock prices. However, the explanatory power of accounting earnings which was measured by $R^2$ of regression functions used was rather low. To be connected with these low results, The prior studies propose that there will be additional information, errors in variables. This study investigates empirically determinants of earnings response coefficients(ERCs), which measure the correlation between earnings and stock prices, using earnings level / change, as the dependent variable in the return/earnings regression. Specifically, the thesis tests whether the factors such as earnings persistence, growth, systematic risk, image, information asymmetry and firm size. specially, the determinable variables of ERC are explained in detail. The image / information asymmetry variables are selected to be connected with additional information stand point, The debt / growth variables are selected to be connected with errors in variables. In this study, The sample of firms, listed in Korean Stock Exchange was drawn from the KIS-DATA and was required to meet the following criteria: (1) Annual accounting earnings were available over the 1986-1999 period on the KIS-FAS to allow computation of variables parameter; (2) sufficient return data for estimation of market model parameters were available on the KIS-SMAT month returns: (3) each firm had a fiscal year ending in December throughout the study period. Implementation of these criteria yielded a sample of 1,141 firm-year observation over the 10-year(1990-1999) period. A conventional regression specification would use stock returns(abnormal returns) as a dependent variable and accounting earnings(unexpected earnings) changes interacted with other factors as independent variables. In this study, I examined the relation between other factors and the RRC by using reverse regression. For an empirical test, eight hypotheses(including six lower-hypotheses) were tested. The results of the performed empirical analysis can be summarized as follows; The first, The relationship between persistence of earnings and ERC have significance of each by itself, this result accord with one of the prior studies. The second, The relationship between growth and ERC have not significance. The third, The relationship between image and ERC have significance of each by itself, but a forecast code doesn't present. This fact shows that image cost does not effect on market management share, is used to prevent market occupancy decrease. The fourth, The relationship between information asymmetry variable and ERC have significance of each by. The fifth, The relationship between systematic risk$(\beta)$ and ERC have not significance. The sixth, The relationship between debt ratio and ERC have significance of each by itself, but a forecast code doesn't present. This fact is judged that it is due to the effect of financial leverage effect and a tendency of interest.

• Journal of Korea Port Economic Association
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• v.26 no.3
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• pp.18-41
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• 2010

The purpose of this paper is to show the empirical measurement way for predicting the seaport efficiency by using Super SBM(Slack-based Measure) with Wilcoxson signed-rank test under CRS(constant returns to scale) condition for 20 Korean ports during 11 years(1997-2007) for 3 inputs(port investment amount, birthing capacity, and cargo handling capacity) and 5 outputs(Export and Import Quantity, Number of Ship Calls, Port Revenue, Customer Satisfaction Point for Port Service and Container Cargo Throughput). The main empirical results of this paper are as follows. First, Super SBM model has well reflected the real data according to the Wilcoxon signed rank test, because p values have exceeded the significance level. Second,Super-SBM has shown about 87% of predicting ratio for the ports efficiency and the optimal size of investment in domestic seaport. The policy implication to the Korean seaports and planner is that Korean seaports should introduce the new methods like Super-SBM method with Wilcoxon signed rank test for predicting the efficiency of port performance and the optimal size of investment as indicated by Panayides et al.(2009, pp.203-204).

• The Journal of Engineering Geology
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• v.25 no.3
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• pp.357-368
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• 2015

Brittle failure of Mesozoic granite in the Daejeon region is predicted using empirical analysis and numerical modeling techniques. The input parameters selected for these techniques were based on the results of laboratory tests, including damage-controlled tests. Rock masses that were considered to be strong during laboratory testing were assigned to "group A" and those considered to be extremely strong were assigned to "group B". The properties of each group were then used in the analyses. In-situ stress measurements, or the ratio of horizontal to vertical stress (k), were also necessary for the analyses, but no such measurements have been made in the study area. Therefore, k values of 1, 2, and 3 were assumed. In the case of k=1, empirical analysis and numerical modeling show no indication of brittle failure from the surface to1000 m depth. When k=2, brittle failure of the rock mass occurs at depths below 800 m. For k=3, brittle failure occurs at depths below 600 m. Although both the Cohesion Weakening Friction Strengthening (CWFS) and Mohr-Coulomb models were used to predict brittle failure, only the CWFS model performed well in simulating the range and depth of the brittle failure zone.