• The Journal of Society for e-Business Studies
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• v.19 no.2
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• pp.143-158
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• 2014

Country ownership and management of information security companies generally do not clearly separate from the Board of Directors to function smoothly controlling shareholders do not participate in management decision-making and internal control board does not perform the task correctly, they said the issue was raised. The purpose of this study is to improve corporate governance, information security companies of the outside director system was introduced as part of the transparency of accounting information to investigate whether the effectiveness of the overall business management is also part of the efficient management of operations and earnings being with respect to the empirical data would be analyzed using the. This means that with the specific purpose of the characteristics of a technology-intensive company focusing on information security proportion of outside directors and outside directors of the board of directors of the board of directors of the target attendance rate for identifying the relationship between earnings management purposes. The empirical results is the ratio of outside directors and the relationship between discretionary accruals as a temporary negative (-) boyimyeo significant relationship, so was adopted. is discretionary accruals and attendance of outside directors, as is the hypothesis that the regression coefficient negative (-) shows the relationship between the mind, so was adopted.

• Journal of Distribution Science
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• v.14 no.3
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• pp.63-71
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• 2016

Purpose - A variety of indicators are used for the diagnosis of economic situation. However, most indicators explain the past economic situation because of the time difference between the measurement and announcement. This study aims to argue for the resurrection of an idea: electricity demand can be used as an indicator of economic activity. In addition, this study made an endeavor to develop a new Real Business Index(RBI) which could quickly represent the real economic condition based on the sales statistics of industrial and public electricity. Research design, data, and methodology - In this study monthly sales of industrial and public electricity from 2000 to 2015 was investigated to analyze the relationship between the economic condition and the amount of electricity consumption and to develop a new Real Business Index. To formulate the Index, this study followed next three steps. First, we decided the explanatory variables, period, and collected data. Second, after calculating the monthly changes for each variable, standardization and estimating the weighted value were conducted. Third, the computation of RBI finalized the development of empirical model. The principal component analysis was used to evaluate the weighted contribution ratio among 3 sectors and 17 data. Hodrick-Prescott filter analysis was used to verify the robustness of out model. Results - The empirical results are as follows. First, compatibility of the predictability between the new RBI and the existing monthly cycle of coincident composite index was extremely high. Second, two indexes had a high correlation of 0.7156. In addition, Hodrick-Prescott filter analysis demonstrated that two indexed also had accompany relationship. Third, when the changes of two indexes were compared, they were found that the times when the highest and the lowest point happened were similar, which suggested that it is possible to use the new RBI index as a complementing indicator in a sense that the RBI can explain the economic condition almost in real time. Conclusion - A new economic index which can explain the economic condition needs to be developed well and rapidly in a sense that it is useful to determine accurately the current economic condition to establish economic policy and corporate strategy. The salse of electricity has a close relationship with economic conditions because electricity is utilized as a main resource of industrial production. Furthermore, the result of the sales of electricity can be gathered almost in real time. This study applied the econometrics model to the statistics of the sales of industrial and public electricity. In conclusion, the new RBI index was highly related with the existing monthly economic indexes. In addition, the comparison between the RBI index and other indexes demonstrated that the direction of the economic change and the times when the highest and lowest points had happened were almost the same. Therefore, this RBI index can become the supplementary indicator of the official indicators published by Korean Bank or the statistics Korea.

• Fisheries and Aquatic Sciences
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• v.1 no.2
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• pp.242-249
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• 1998

The engineering aspect of water treatment processes in the recirculating aquaculture system was studied. To recycle the water in the aquaculture system, a wastewater treatment process was required to maintain high water quality for the growth and health of the cultured fish. In this study, three different biofilm processes were used to reduce the concentration of organic matters and ammonia from the recirculating water - two phase fluidized bed, three phase fluidized bed, and trickling filter. The objectives of this research were to evaluate the optimum treatment conditions of the biofilm processes for the recirculating aquaculture system, and thereby reduce the volume of biofilm processes, which are commonly used for the recycle water treatment processes for aquaculture. The result of this study showed that the removal efficiency of organic matters by trickling filter was found to be lower than that of the fluidized bed. In the trickling filter system, anthracite showed better organic removal efficiency than crushed stone as a media. In the two phase fluidized bed, the maximum removal efficiency of either organics or ammonia was obtained when both the packing rate of media was maintained to $40\%$ of total reactor depth excepting sediment zone and the bed expansion rate was maintained to $100\%$. When 100 tilapia (Oreochromis niloticus) of each average 200g was reared, the pollutant production rate was 0.07g $NH_4\;^+-N/kg$ fish/day and 0.06g P04-3-P/kg fish/day, and sludge production rate was 0.39 g SS/kg fish/day. In the two phase and three phase fluidized bed, the volume of water treatment tank could be calculated from an empirical equation by using the relationship between the influent COD to $NH_4\;^+-N$ ratio (C/N, -), media concentration (Cm, g/L), influent ammonia nitrogen concentration (Ni, mg/L), effluent ammonia nitrogen concentration (Ne, mg/L), bed expansion rate $(E,\;\%)$, and influent flowrate $(Q,\;m^3/hr)$. The empirical equation from this study is $$V_2\;=\;10^{3.1279}\;C/N^{3.5461}\;C_m\;^{-3.7473}\;N_i\;^{4.6477}\;E^{0.0326}\;N_e\;^{-0..8849}\;Q\;(Two\;Phase\;FB) V_3\;=\;10^{11.7507}\;C/N^{-1.2330}\;C_m\;^{-6.5715}\;N_i\;^{1.5091}\;N_e\;^{-1.8489}\;Q (Three\;Phase\;FB)$$

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.139-169
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• 2009

This paper introduces the modified VaR which takes into account the asymmetry and fat-tails of financial asset distribution, and then compares its out-of-sample forecast performance with traditional VaR model such as historical simulation model and Riskmetrics. The empirical tests using stock indices of 6 countries showed that the modified VaR has the best forecast accuracy. At the test of independence, Riskmetrics and GARCH model showed best performances, but the independence was not rejected for the modified VaR. The Monte Carlo simulation using skew t distribution again proved the best forecast performance of the modified VaR. One of many advantages of the modified VaR is that it is appropriate for measuring VaR of the portfolio, because it can reflect not only the linear relationship but also the nonlinear relationship between individual assets of the portfolio through coskewness and cokurtosis. The empirical analysis about decomposing VaR of the portfolio of 6 stock indices confirmed that the component VaR is very useful for the re-allocation of component assets to achieve higher Sharpe ratio and the active risk management.

• Journal of Korea Water Resources Association
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• v.38 no.1
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• pp.1-9
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• 2005

The study shows the possible use of the index flood frequency curves for an estimation of flood quantiles at ungauged locations. Flood frequency analysis were made for the annual maximum flood data series at 9 available stations in the Han river basin. From the flood frquency curve at each station the mean annual flood of 2.33-year return period was determined and the ratios of the flood magnitude of various return period to the mean annual flood at each station were averaged throughout the Han river basin, resulting mean flood ratios of different return periods. A correlation analysis was made between the mean annual flood and physiographic parameters of the watersheds i.e, the watershed area and mean river channel slope, resulting an empirical multiple linear regression equation over the whole Han river basin. For unguaged watershed the flood of a specified return period could be estimated by multiplying the mead flood ratio corresponding the return period with the mean annual flood computed by the empirical formula developed in terms of the watershed area and river channel slope. To verify the applicability of the methodology developed in the present study the floods of various return periods determined for the watershed in the river channel improvement plan formulation by the Ministry of Construction and Transportation(MOCT) were compared with those estimated by the present method. The result proved a resonable agreement up to the watershed area of approximately 2,000k $m^2$. It is suggested that the practice of design flood estimation based on the rainfall-runoff analysis might have to be reevaluated because it involves too much uncertainties in the hydrologic data and rainfall-runoff model calibration.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.4
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• pp.232-241
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• 2019

This study examines one of the conventional and controversial issues in modern finance. Specifically, this study identifies financial determinants of corporate R&D intensity for firms belonging to Korean Chaebols. Empirical estimation procedures are applied to derive more robust results of each hypothesis test. Static panel data, Tobit regression and stepwise regression models are employed to obtain significant financial factors of R&D expenditures, while logit, probit and complementary log-log regression models are used to detect financial differences between Chaebol firms and their counterparts not classified as Chaebols. Study results found the level of R&D intensity in the prior fiscal year, market-value based leverage ratio and firm size empirically showed their significance to account for corporate R&D intensity in the first hypothesis test, whereas the majority of explanatory variables had important power on a relative basis. Assuming that the current circumstances in the domestic capital market may necessitate gradual changes of Korean Chaebols in terms of their socio-economic function, the results of this study are expected to contribute to identifying financial antecedents that can be beneficial to attain optimal level of corporate R&D expenditures for Chaebol firms on a virtuous cycle.

• Journal of Korea Water Resources Association
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• v.52 no.3
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• pp.227-234
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• 2019

The vulnerability of urban disasters is increased with the rapid urbanization and industrialization, and the extreme rainfall event is increased due to the global climate change. Urban inundation is also increased due to the extreme rainfall event beyond the capacity limit of facility for the damage prevention. The underground detention vault and the underground drain tunnel are rapidly being utilized to prevent urban inundation. Therefore, the hydraulic review and design analysis of the inlet of the underground facility are important. In this study, the water level of the approach flow according to the inflow discharge is measured and the flow characteristic of the inlet (tangential and spiral) is analyzed. For the spiral inlet, the multi-stage is introduced at the bottom of the inlet to improve the inducing vortex flow at low discharge conditions. In case of the tangential inlet, the discharging efficiency is decreased rapidly with hydraulic jump in the high flow discharge. The rising ratio of the water level in the multi-stage spiral inlet is higher than the tangential inlet, but the stable discharging efficiency is maintained at low and high discharge conditions. And the empirical formula of water level-flow discharge is derived in order to utilize inlets used in this study.

• The Journal of Society for e-Business Studies
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• v.23 no.3
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• pp.207-224
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• 2018

In this article, an empirical study was conducted by using public dataset from Lending Club Corporation, the largest online peer-to-peer (P2P) lending in the world. We explore significant predictor variables related to P2P lending default that housing situation, length of employment, average current balance, debt-to-income ratio, loan amount, loan purpose, interest rate, public records, number of finance trades, total credit/credit limit, number of delinquent accounts, number of mortgage accounts, and number of bank card accounts are significant factors to loan funded successful on Lending Club platform. We developed online P2P lending default prediction models using discriminant analysis, logistic regression, neural networks, and decision trees (i.e., CART and C5.0) in order to predict P2P loan default. To verify the feasibility and effectiveness of P2P lending default prediction models, borrower loan data and credit data used in this study. Empirical results indicated that neural networks outperforms other classifiers such as discriminant analysis, logistic regression, CART, and C5.0. Neural networks always outperforms other classifiers in P2P loan default prediction.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.12
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• pp.772-781
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• 2020

A direct shear member resists external forces through the shear transfer of reinforcing bars placed at the concrete interface. The current concrete structural design code uses empirical formulas based on the shear friction analogy, which is applied to the horizontal shear of concrete composite beams. However, in the case of a member with a large amount of reinforcing bars, the shear strength obtained through the empirical formula is lower than the measured value. In this paper, the limit state of newly constructed composite beams on an existing concrete girder is defined using stress field theory, and material constitutive laws are applied to gain horizontal shear strength while considering the tension-stiffening and softening effects of concrete struts. A simplified method of calculating the shear strength is proposed, which was validated by comparing it with the related design code provisions. As a result, it was confirmed that the method generally shows a similar tendency to the experimental results when the shear reinforcing bar yields, unlike the regulations of the design code, where differences in the predicted value of shear strength occur according to the shear reinforcement ratio.

• Asia-Pacific Journal of Business
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• v.12 no.1
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• pp.135-149
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• 2021

Purpose - I analyzes risk-to-performance evaluated in the market using data from sale and lease back. Specifically, I analyze from the perspective of financial institutions that purchase sale and lease back based on the cases of investment by ship investment companies and acquisition of ships. Design/methodology/approach - I use 49 sale and lease back data from 2017 to 2019 for empirical analysis. Findings - The main results of this paper are as follows. First, after sale and lease back of domestic ships, the average amount of sales by the leased shipping company is 25.1 billion won, the average amount of investment by the purchased financial institution is 14.6 billion won (60%) and the average length of the ship is nine years. In ship finance, sale and lease back is deemed to be appropriately used as a means of restructuring for a large amount of money. Second, the main risk factor for sale and lease back of domestic ships is credit risk and can be measured in VaR in practice. As a result of the empirical analysis, the average credit risk burden ratio is 9%. As a major risk factor, low creditworthiness of restructuring companies is the key. Third, as a result of measuring the profitability of financial institutions that purchase sale and lease back of domestic ships at a net current price, it has an average value of 300 million won, but the deviation by case is very large. Fourth, the risk adjusted performance of sale and lease back of domestic ships is 0.54 on average compared to the total risk capital, and 0.52 compared to the stock-risk capital, and as with profitability earlier, the deviation of each case is very large and misaligned. In order to boost the sale and lease back market for large and long-term assets, in order to overcome low profitability as a prerequisite for future participation of commercial purchased financial institutions, it is expected that purchase decisions based on expectations versus risk will be necessary. Research implications or Originality - The results of this paper are expected to broaden the understanding of sale and lease back and foster the ability to assess long-term risk and performance. Based on this, it is believed that rapid restructuring of companies through sale and lease back of large amounts of long-term assets will greatly increase the utility of the domestic financial market.