• Journal of the Korea Institute of Information Security & Cryptology
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• v.22 no.4
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• pp.851-868
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• 2012

After the financial crisis in 2008, the financial market still seems to be unstable with expanding the insolvency of the financial companies' real estate project financing loan in the aftermath of the lasted real estate recession. Especially after the illegal actions of people's financial institutions disclosed, while increased the anxiety of economic subjects about financial markets and weighted in the confusion of financial markets, the potential risk for the overall national economy is increasing. Thus as economic recession prolongs, the people's financial institutions having a weak profit structure and financing ability commit illegal acts in a variety of ways in order to conceal insolvent assets. Especially it is hard to find the loans of shareholder and the same borrower sharing credit risk in advance because most of them usually use a third-party's name bank account. Therefore, in order to effectively detect the fraud under other's name, it is necessary to analyze by clustering the borrowers high-related to a particular borrower through an analysis of association between the whole borrowers. In this paper, we introduce Analysis Techniques for detecting financial loan frauds in advance through an analysis of association between the whole borrowers by extending SNA(social network analysis) which is being studied by focused on sociology recently to the forensic accounting field of the financial frauds. Also this technique introduced in this pager will be very useful to regulatory authorities or law enforcement agencies at the field inspection or investigation.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.137-164
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• 2008

This paper examines the operating performance of firms that for a four-year period, held more than 15% of their assets in cash and cash equivalents. During next four years, operating performance of firms maintaining high cash persistently is greater than the performance of firms matched by size and industry or firms adopting transitory high cash policy. Furthermore, the effect of persistent cash holdings on operating performance depends on the ownership structure and the level of information asymmetry. Foreign investors deteriorate the operating performance of high cash firms, suggesting that potential M&A and the pressure of excessive dividend reduce the usefulness of cash. The level of information asymmetry enhances the operating performance for the firms adopting persistent high cash policy. It suggests that cash holdings reduce the costly external financing and underinvestment problem for firms with high information asymmetry.

• International Journal of Computer Science & Network Security
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• v.21 no.3
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• pp.198-205
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• 2021

For twenty years, in the EU there has been a trend of a lack of maritime infrastructure and a redundance of the road one, which has a negative impact on the economy. The intermodal transport market structure in the EU has not changed over the past ten years. The stability of transport systems due to the lack of changes in the transport market remains under threat, affecting supply chains and networks through the optimization of warehousing and transportation costs. The research methodology is based on a quantitative assessment of cause-and-effect relations between economic growth and transport and logistics in the EU. A statistical analysis of security indicators, intermodal and modal transport, international trade in goods within the EU and in the world trade in goods, the dynamics of GDP of the EU countries, the level of openness of the EU economy, investment and maintenance costs of different modes of transport and infrastructure has been carried out. The results show that in 2000- 2010 there were positive changes in the transport and logistics infrastructure of the EU, which had a positive effect on trade, openness of the economy of the EU, GDP growth. However, at that time, negative effects of environmental impact and the load on road and rail transport were accumulating. Investment in different modes of transport is limited, and technical maintenance and infrastructure maintenance costs form a significant part of GDP of the EU. A slowdown in economic growth leads to budget constraints and infrastructure financing gap. As a result, the freight and passenger intermodal and modal transport market structure remains virtually unchanged. The load on rail and road transport remains stable, despite the reduced level of transport hazards. Transport productivity has declined over the past ten years. Herewith, the intensification of trade and the openness of the EU economies require constant modernization and innovative renewal. The EU policy in this direction remains normative, uncontrolled, which is reflected in investment differences within the EU and maintenance costs.

• The Journal of the Korea Contents Association
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• v.21 no.10
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• pp.368-377
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• 2021

This study analyzed the determinants of capital structure based on the financial statements of agricultural corporations disclosed on the DART(data analysis, retrieval and transfer system) of the Financial Supervisory Service since 2011, when the Korea international financial reporting standards (K-IFRS) was introduced. There have been many empirical studies on the capital structure so far, but there are no studies targeting agricultural corporations. The sample period of agricultural corporations was from 2015 to 2019, with the debt ratio as the dependent variable, and among the variables suggested as meaningful in existing empirical studies, ROA(profitability), SIZE(corporate size), LIQ(liquidity), TA(tangible asset ratio), FA(fixed long-term suitability ratio), and GROWTH(growth potential) were selected as independent variables and panel data analysis was performed. As a result of the analysis, it was found that the debt ratio decreased as the ROA and SIZE of agricultural corporations increased. This can be interpreted as supporting the pecking order theory rather than the static trade-off theory in the relationship between the ROA and SIZE of Korean agricultural corporations with the capital structure. In addition, it was found that the debt ratio increased as the FA increased. These results suggest that Korean agricultural corporations need to establish a financing policy in consideration of ROA, SIZE, and FA.

• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.104-111
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• 2014

Due to the structure of advanced installment sales of houses which is a construction industrial structure unique to Korea and the Project Financing (PF) project structure that includes construction companies' debt guarantee agreements, the changes in accounting methods resulting from the introduction of K-IFRSs are expected to act in a direction to deteriorate construction businesses' financial statements. Therefore, K-IFRSs are an important issue that can seriously affect the entire domestic construction industry and construction businesses are conceiving strategies to respond to the introduction of K-IFRSs. From this viewpoint, this study was intended to empirically analyze the effect of the introduction of K-IFRSs on construction businesses utilizing financial data applied with the K-IFRSs recently announced. In the analysis, the EDFs were calculated by business using the existing accounting standards GAAP and using K-IFRSs and the results were compared with each other. The results of the analysis indicated that most construction businesses were adversely affected by the introduction of K-IFRSs. It is also considered that businesses with relatively good financial statements under the existing accounting standards GAAP would be affected more by the introduction of K-IFRSs than other businesses. In addition, the introduction of K-IFRSs is expected to have larger effects on large construction businesses that have been providing debt guarantees for PF projects than on small or medium sized construction businesses.

• Korean Journal of Construction Engineering and Management
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• v.13 no.6
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• pp.45-53
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• 2012

Recently, with achieved US$ 500 Billion international cumulative construction order, the Korean government presented overseas construction industry visions for international orders of US$ 100 Billion and entering the top five countries in global construction market. Also, Korean companies are developing strategies for expansion of international markets. However, ODA loan projects are low risk for the Korea Construction companies trying to advance their overseas business. This study provides data-based advice on securing competence for Korean construction companies entering the global market through the ODA loan projects. To analysis construction firm's competitiveness for ODA loan project, FGD was utilized and BSA model was applied to the valuable analysis. Competencies highly assessed were construction quality control, relationship building through high-level diplomatic activities, and project management. Competencies requiring urgent improvement were handling risks of local countries, financing projects, and developing know-how within participating companies.

• Korean Journal of Construction Engineering and Management
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• v.14 no.1
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• pp.43-51
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• 2013

The changes in business structure of domestic construction companies suggest that there is a close relationship between the volume of overseas project and a company's financial condition. Based on this assumption, this study conducts an empirical analysis on a relationship between overseas project and financial stability of a construction company. The ratio of liquidity and liability was used as liquidity index and stability index respectively. The analysis was based on quarterly time-series data between 2000 and 2010. Two models were constructed for the analysis: Model 1 was based on the liquidity ratio and the amount of domestic and overseas construction project; Model 2 was based on the debt ratio and the amount of domestic and overseas construction project. The analysis results showed that the increasing amount of overseas project facilitated short-term financing with greater liquidity, and yet it was not very effective in lowering the debt ratio. This suggests that the dramatic increase in overseas construction project, which is observed recently, is not entirely an optimistic sign.

• Health Policy and Management
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• v.18 no.3
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• pp.110-127
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• 2008

Expenditures on pharmaceuticals of different concepts were estimated and their functional, financing and providers' breakdowns were examined in line with the OECD's System of Health Accounts (SHA) manual. This study also shows the way such estimates are made. The results are then analyzed particularly from the international perspective. Data from both Household Survey by the National Statistical Office and the National Health and Nutritional Survey by the Ministry of Health and Welfare of Korea were used to estimate pharmaceutical expenditures that. are financed by out-of-pocket payments of the household, while national health insurance data etc. were used for estimation of pharmaceutical expenditures that are financed by public funding sources. The 'per capita expenditure on pharmaceutical/medical non-durables' in Korea stood at 380 US$ PPPs, less than the OECD average of 443 US$ PPPs in 2006, but its share of the per capita health expenditure of 25.9% noticeably outnumbered the OECD average of 17.1%, due partly to low per capita health expenditure as a denominator of the ratio. This indicates that Koreans tend to spend less on health care than an OECD average, while tending to spend more on pharmaceuticals than on other health care services, much like the pattern found in relatively low income countries. An international pharmaceuticals pricing mechanism is most likely responsible for such a tendency. In addition, it is to be noted that the percentage comes down to 21.0%, when expenditures on both medical non-durables and herbal medicine, which is locally quite popular among the elderly, have been excluded.

• STI Policy Review
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• v.3 no.2
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• pp.130-151
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• 2012

Fraunhofer was founded in 1949 and grew into Europe's largest application-oriented research organization. Fraunhofer currently employs over 20,000 members in Germany, is internationally networked, and manages an R&D budget of over 1,8 Billion Euros per year. An important step for Fraunhofer to become an integral component of the German innovation system was the introduction of the Fraunhofer Model of financing based on a performance-related system of financial management. The underlying model of the allocation and distribution of public funding to Fraunhofer that is subsequently allotted to specific research groups is one of the success factors of Fraunhofer. Fraunhofer is proud of its decentralized organizational model. Fraunhofer is comprised of 60 Institutes in Germany working in different fields, under one legal framework, and with a strong brand value. Every Fraunhofer Institute is affiliated with a German University and every institute director simultaneously holds a chair at the affiliated university. It is a challenge for the headquarter organization to balance the intended competition of individual Fraunhofer Institutes with complementarity cooperation in science among Fraunhofer-Institutes, especially when coming from different knowledge domains; however, this goal results in a significant advantage. The unique strengths of Fraunhofer offer system solutions in a world with increasingly complex R&D challenges. While growing to become the largest organization on Europe to focus on applied research it is the challenge to remain an agile organization that is flexible in organizational structure. Fraunhofer has reached a well-recognized position in the European innovation landscape. It is often referred to by science and governments as a role model for innovation policy and a key element of the latest successes in the German economy that has recovered quicker from the latest economic crisis than most other western economies. The paper explains Fraunhofer as an organizational paradigm and its underlying management model to elaborate on the challenges of managing a research organization. We wish to show how it is possible to transfer the management model and philosophy of Fraunhofer to innovation systems with different framework conditions and challenges. A universal conclusion may be drawn based on the description of Fraunhofer; however, changes in existing structures and innovation systems cannot be implemented over night.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.157-180
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• 2010

We try to check empirically whether the Korean banks produce valuable information for the firms listed in KOSDAQ. The sample covers 164 KOSDAQ firms which disclosed long-term bank loans for the period of October 2004 and March 2006. The result shows no abnormal stock returns from bank loan disclosures while the bond issuance indicates a negative abnormal return. In addition, when we control the effect of different debt levels of sample firms, we could not find any statistically significant effect of all types of borrowings. Results suggest that bank borrowings do not convey any favorable information on stock return and, as a result, bank loan is just one of several financing tools rather than a special event conveying good news for the firm under asymmetric information situation.