• Title/Summary/Keyword: equity principle

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Persuasion Effects of Imagery Information Processing caused by Brand in Advertisement Design (광고디자인에 있어서 브랜드명에 의해 유발된 심상정보처리의 설득효과에 관한 연구)

  • Lee Jin-Ryeol;You Si-Cheon
    • Science of Emotion and Sensibility
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    • v.8 no.3
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    • pp.177-187
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    • 2005
  • This article examined how the amount of information presented in ad design affect consumer's evaluation on the ad Existing researches have mainly considered external information presented in the ad from the resource principle perspective. This study investigated how internal information processing such as imagery information processing caused by brand names moderates persuasion effects according to the amount of external information through two experiments. The experiments leave us the conclusion that brand names presented in the ads stimulate imagery information processing when surplus cognitive resources do exist and they lead ad recipients' evaluation to positive direction in prestige brand condition and to the contrary to negative direction in non-prestige brand condition. The results contribute to the direction of ad design in that ad needs not contain as muck product-related information as needed in order to increase persuasion effects in prestige brand condition. Rather, it's necessary to leave the room for internal information processing such as imagery information processing by well structured brand equity. On the contrary, non-prestige brand needs to contain explicit product-relevant information to exert a potent influence on a4 persuasion. We hope this study result is helpful for design direction of advertisement in order to heighten persuasion effects toward ad recipients.

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Standardization of the Lease Fee Assessment System of Busan Port Container Terminals (부산항 컨테이너부두 임대료 산정체계 표준화 방안)

  • Kil, Kwang-Soo
    • Journal of Korea Port Economic Association
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    • v.27 no.3
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    • pp.65-90
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    • 2011
  • Private stevedoring companies are leasing and operating the container terminals of the Busan Port. The total amount of lease fees private stevedoring companies paid in 2010 reached 161 billion wons, an approximately 66 percent of the total revenue of the Busan Port Authority(BPA). In other words, lease fees are the most important revenue source for BPA. However, the lease fee assessment system of Busan container terminals goes against the principle of equity due to different assessment methods and criteria adopted by each container terminal. Therefore, the purpose of the study is to analyze the systematic problems of the lease fee assessment system that is used at Busan container terminals, and propose a new standardized scheme with a case study on the new system. In order to standardize the assessment system, the assessment methods need to be simplified by using the Discounted Cash Flow(DCF) method. In addition, the assessment criteria such as assessment duration, discount rates, price indexes, estimated container throughputs, sales unit price per TEU, operation costs, including labor costs, need to be standardized as well. The new standardized assessment system can be applied to estimate lease fees for new terminals. However, for existing terminals to run the new system, factors such as assessment duration, discount rates, price indexes, estimated container throughputs, investment and re-investment costs, and maintenance & repair costs of the new system should be changed slightly.

Do Stock Prices Reflect the Implications of Unexpected Inventories for Future Earnings? (과잉 재고자산투자의 시장반응에 대한 실증연구)

  • Kim, Chang-Bum;Park, Sang-Bong
    • Management & Information Systems Review
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    • v.32 no.1
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    • pp.63-85
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    • 2013
  • This study tries to investigate the fundamental implications inherent in inventory asset information(specifically, unexpected inventory investment) by analyzing how the relationship between unexpected inventory investment and future operating performance. And we study how is the response of the stock market participants to the fundamental implications inherent in inventory asset information. Prior papers often assume the efficient market and they view the significant relation between stock prices and financial indicators as evidence of the contribution of such indicators to future earnings. Leading indicators are attracting the market's attention for equity valuation. We study whether one leading indicator (unexpected Inventories) forecasts future earnings, and whether market participants fully reflect the predictive ability when they sets share prices(Mishkin test, 1983). Our empirical results of the study are summarized as follows. Current unexpected inventory investment is negatively associated with future operating performance. Also, our evidence is that the stock market participants overprice the contribution of unexpected inventory investment when predicting future earnings. Furthermore, a hedge strategy that uses the overpricing gives significant future abnormal returns. The overall results help the users of financial reports, researchers of accounting, and the accounting principle setting body.

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A Study on the Integrated Management System of Municipal Solid Waste from Seoul Metropolitan City (서울시 일반폐기물의 통합적 관리체계에 관한 연구)

  • 우세홍;홍상균
    • Journal of Environmental Health Sciences
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    • v.19 no.4
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    • pp.51-58
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    • 1993
  • The integrated solid waste management for Seoul Metropolitan city can be established on the basis of the following hierarchy of priorities: 1. Efforts for source reduction should be propelled by both government and citizens to achieve the effects of resource conservation. The adequate production and consumption which are environmentally amenable and sustainable can be induced by the reasonable imposition of deposit money for waste treatment to one-time use products. To accomplish source reduction effectively, the induction of legal and institutional regulation of producer and consumer participation is requisite. 2. For resource recovery, wastes generated should be recycled as far as practicable. Community residents are responsible to separate discharge, the authorities concerned have responsibility of separate collection, and recycling industry should be assissted through tax reduction and financing. Resource separation facilities can be constructed at Kimpo Metropolitan landfill site for wastes not separately collected due to some unavoidable circumstances. 3. Garbage should be composted. Garbage is uneconomical for incineration, because it has high moisture content and low calorie, thus there is no reason for the incineration of garbage even though garbage is classified into combustibles. Composting facilities can be located at sites which are not densely populated and easily accessible to transportation, for example, Kimpo Metropolitan landfill site. Compost produced can be managed by the authorities for the use of fertilizer to a green tract of suburban land and farms. 4. Nonhazardous combustible wastes not recyclable can be utilized for thermal recovery at the incinerators which are completely equipped with pollution control devices. According to the trend of local autonomy and the equity principle of local autonomous entities, incineration facilities of minimal capacity required can be constructed at each districts of Seoul Metropolitan city which have organized local assembly. In case of Yangcheon district, the economically combustible waste quantity is about 260 tons/day which exceeds 150 tons/day, the incineration capacity of existing facility. But, from now on, waste quantity can be reduced substantially by the intensive efforts of citizens for source reduction and recycling and the institutional support of administrative organizations. Especially, it is indispensable for the government to constitute institutional and technological bases that can recycle paper and plastics form 43% of waste generated. A good time for constructing of incineration facilities for municipal solid waste can be postponed to the time that pollution control technologies of domestic enterprises are fully developed to satisfy the standards of air pollution prevention, because the life expectancy of Kimpo Metropolitan landfill site is about 25 years. Within this period, institutional improvements and technological advancements can be attained, while the air qual. ity of Seoul Metropolitan city can be ameliorated to the level to afford incineration facilities. 5. For final disposal, incombustibles and ash are landfilled sanitarily at Kimpo Metropolitan landfill site.

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A Study on the Improvement Approaches of Immigration Workers' Legal System to Introduce Foreign Workers according to change the Population Structure (Low Fertility and Aging) (인구구조 변화(저출산·고령화)에서 외국인력 도입을 위한 이주노동자의 법제도적 개선방안 연구)

  • Lee, Chuck-He;Noh, Jae-Chul
    • Industry Promotion Research
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    • v.6 no.1
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    • pp.79-86
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    • 2021
  • Due to the change in the demographic structure, the problem of low birth rate and aging population leads to a serious decrease in human resources, and the necessity of introducing foreign workers is increasing. This study believes that the introduction of foreign workforce is the most effective to expand the working-age population in the era of low birthrate and aging, when demographic changes begin in earnest, and to this end, it sought to devise measures to improve the legal system for migrant workers. As a result of this study, first, the legal system for migrant workers should be unified and improved. It is necessary to establish or unify management agencies so that the 「Immigration Control Act」 and the 「Labor Act」 can establish a cooperative relationship. Second, the 「Immigration Control Act」 should be revised to make it easier for migrant workers to find employment. It is necessary to positively review the employment permit system and acquisition of nationality. Third, there should be no equity or discrimination against migrant workers. Under the principle of mutual benefit, employers and migrant workers should not be equally discriminated against. Fourth, the social insurance system must be added to the legal system of migrant workers. Therefore, the legal system should be reorganized so that migrant workers are not discriminated against in various insurance systems including the four major social insurance systems. In conclusion, the problem of low birthrate and aging population has become a serious social problem due to changes in the demographic structure, and the decrease in the possible generation population has reached a level of concern. The importance of migrant workers' employment and work environment is increasing. Nevertheless, related legal and institutional problems still exist, and measures to improve the legal system for migrant workers are needed.

The Concentration of Economic Power in Korea (경제력집중(經濟力集中) : 기본시각(基本視角)과 정책방향(政策方向))

  • Lee, Kyu-uck
    • KDI Journal of Economic Policy
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    • v.12 no.1
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    • pp.31-68
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    • 1990
  • The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

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Perception of Local Community on Forest Partnership in Indonesia: Expectation and Challenges - A Case of Forest Partnership between Forest Management Unit and local community in Lombok - (인도네시아의 산림 파트너십에 대한 지역주민의 인식: 기대와 도전 - 롬복 산림 파트너십 사례를 중심으로 -)

  • Bae, Jae Soo
    • Journal of Korean Society of Forest Science
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    • v.105 no.3
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    • pp.366-376
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    • 2016
  • The "Forest Partnership" mechanism in Indonesia allows those with authority to manage forests, including Forest Management Units (KPH) and concession holders, to partner with local communities for forest management and profit sharing. The objective of this study is to identify the challenges that this new mechanism is facing and develop practical policy recommendations for its successful implementation. "Lombok Forest Partnership" is the first of its kind in Indonesia between Forest Management Unit (KPH) and a local community. The local community members participating in this partnership were surveyed for their expected outcomes, degree of their satisfaction about the process and profits sharing, as well as other factors affecting their participation. Respondents reported that they have obtained the information on Forest Partnership completely from KPH and NGO. Local peoples participated in Lombok Forest Partnership to improve their incomes, and recognized timber production as the most important income source with high possibility of success. However, timber production will require sizable initial capital investment for establishing nursery and other supporting activities, which cannot come from local communities lacking economic means. Thus, Forest Partnership would be difficult to succeed if KPH does not take the initiative to permit and promote local community to use special area and generate profits in their jurisdiction. KPH, in turn, can share the profits with local peoples. In this regard, KPH's leadership is the key factor in the success of Forest Partnership. However, KPH will need to cultivate their capacity to develop and implement income-generating business with local community. Although profit sharing ratio of timber and non-timber forest products among local community who participated in Lombok Forest Partnership was very high at 75%, and 90%, the level of satisfaction on profit sharing ratio was only average. The cooperative organized by the local community is also dealing with sensitive nature of allocating forest area internally among their members. Thus, keeping the principle of fairness, equity and transparency is the key for successful implementation of Forest Partnership mechanism. This first case of Forest Partnership can serve as a model for the future cases and provide the early lessons.

The Welfare Investment of the National Pension Funds: Its Necessity and Policy Development (국민연금기금의 복지사업 당위성과 정책방향 연구)

  • Kim, Jin-Soo
    • Korean Journal of Social Welfare
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    • v.58 no.3
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    • pp.295-312
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    • 2006
  • The use of the national pension funds to welfare has been criticized due to its low profitability, with concern about financial instability and the lack of funds. Despite the small amount of the funds employed to the welfare, therefore, it has been decreasing so far. It is resulted from the fact that the use of funds to the welfare sector failed to provide its valid reasons, and take the policy direction firmly. There are three main logical reasons for the welfare investment of national pension funds: Firstly, no state is capable to take the full responsibility for the entire social welfare, and therefore, the funds can be used for social welfare. Secondly, the funded system, contrasted with the case of pay-as-you-go system, has inevitably caused discriminations to the present elderly through excluding them institutionally from pension participation. At last, so as to its selective system, the minimum contribution period of 10 years brings about the equity problem between the people who can afford it and the people who hardly can. Therefore, investing a proportion of funds to the welfare is entirely reasonable in that it can alleviate the discriminations to the present elderly generation and the marginal participants, rather than to meet their social welfare needs. With regard to the policy decision, the profitability of the investment, and the choice of the welfare work, on the other hand, the policy direction should be given a sufficient consideration of a various policy factors such as the necessity of social consensus, independence of the welfare work in relations with other national welfare work, policy identity to judge whether the work is worth long-run or short-run, and the reliance of direct-operated work and indirect-operated work. As a result of all these efforts above mentioned, an investment to the welfare of the national pension funds could be vitalized, and gain public confidence.

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Development of a Business Model for Korean Insurance Companies with the Analysis of Fiduciary Relationship Persistency Rate (신뢰관계 유지율 분석을 통한 보험회사의 비즈니스 모델 개발)

  • 최인수;홍복안
    • Journal of the Korea Society of Computer and Information
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    • v.6 no.4
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    • pp.188-205
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    • 2001
  • Insurer's duty of declaration is based on reciprocity of principle of the highest good, and recently it is widely recognized in the British and American insurance circles. The conception of fiduciary relationship is no longer equity or the legal theory which is only confined to the nations with Anglo-American laws. Therefore, recognizing the fiduciary relationship as the essence of insurance contract, which is more closely related to public interest than any other fields. will serve an efficient measure to seek fair and reasonable relationship with contractor, and provide legal foundation which permits contractor to bring an action for damage against violation of insurer's duty of declaration. In the future, only when the fiduciary relationship is approved as the essence of insurance contract, the business performance and quality of insurance industry is expected to increase. Therefore, to keep well this fiduciary relationship, or increase the fiduciary relationship persistency rates seems to be the bottom line in the insurance industry. In this paper, we developed a fiduciary relationship maintenance ratio based on comparison by case, which is represented with usually maintained contract months to paid months, based on each contract of the basis point. In this paper we have developed a new business model seeking the maximum profit with low cost and high efficiency, management policy of putting its priority on its substantiality, as an improvement measure to break away from the vicious circle of high cost and low efficiency, and management policy of putting its priority on its external growth(expansion of market share).

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