• The Journal of Fisheries Business Administration
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• v.24 no.2
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• pp.1-16
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• 1993

Because of the radical changes in the domestic and foreign economic circumstances Koreaa fisheries is confronted with difficulties. Along the end of the UR marine products of other nations are rushing into Korea. Also migration of labor to other industries and rise of wage level in Korean fisheries deteriorate managerial conditions. But in Korea which has little natural resourses fisheries is still more important. That is \circled1 creating job opportunites \circled2 increase of income \circled3 supply of foodstuffs and animal protein \circled4 acquisition of foreign currency \circled5 enlargement of domestic market for industrial products \circled6 development of other interrelated industries \circled7 rational use of domestic resourses \circled8 diversification of population and production activites \circled9 contribution to balanced growth of national economy by the developing regional economy. These roles of fisheries in national economy mentioned above are to be excuted forward. In spite of the radical change in the economic circumstances at the end of the UR fisheries if crucial in Korea as a industry. For this our fisheries is to be made to compete with foreign fisheries. Through the cheap price and high quality our fisheries must be came to compete with foreign fisheries and meet the people's needs for marine products. For this it is necessary to maintain high productivity and competitive power. Now with the exception of a portion of the deep - sea fishing, our fisheries is generally paltry, Especially inshore fishery which is the main stock in our fisheries is very paltry and so productivity and competetive power are very low. So to develop our fisheries which has s comparative disadvantage active polices that follows below are to be promoted on a large scale. \circled1 improvement of structure \circled2 augmentation of productivity in fishing ground by making fisheries resourses \circled3 enlargement of finantial and monetary assistance \circled4 effective administration of fisheries cooperative union \circled5 activation of R&D etc These polices which need to be scientific and comprehensive are very valuable. Especially without making fishieries resources we cannot expect economy of scale, promotion of productivity and development of fisheries. And we do also endeavour to gather the results of the study and investigation about fisheries domestic and foreign and do ceaselessly put these to practical use systimatically.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.504-516
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• 2015

This study addresses one of the curent issues in modern finance, which investigates financial profile on the levels of the chaebol firms' cash hoardings in the domestic capital market. Iit may be imperative to search for robust and consistent financial determinants of cash holdings as well as identifying any changes or trend of the determinants affecting the corporate cash reserves in the post-era of the global financial turmoil, considering that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings. Two hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings and unique attributes of financial factors discriminating between the different type of domestic stock markets.

• Journal of Distribution Science
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• v.6 no.1
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• pp.63-77
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• 2008

The source of a business competition is man and the core of a business success depends on people's ability, efforts and cooperation. Therefore, modern managers are making varied efforts to perform the ethical management for the organization immersion and job satisfaction of the employees. The managers of the financial agencies including the enterprises competing in the global market, face numerous ethical issues and problems. Considering the reality that financial institutions are actively asked to perform the responsibility and duties sincerely, the tasks how the head of financial agency will accept the social study of the level of ethics and change the level of recognition, and how he will settle it as the natural feature in the institution, become an important management target. In addition, it is necessary to figure out how the ethical management of the head of the financial agency will affect the organizational immersion of the employees. Based on the objective of this study, we attempted to confirm how the ethical management will of the head of the financial institution would affect the organizational immersion, the employees' mental result variables. Through this study, it became necessary for the directors of the financial institutions to search for the methods to improve the system of management and enhance the observance will of the business ethics so that they may not cause the disposition of the violation of the business ethics owing to the enforcement to achieve the target of the results of the business or the error recognition of the norm. Further, the heads of banks will have to set a management policy focused on the democratic management and the ethical justice based on the participating methods to induce the cooperative commitment of the stock company employees not to be shifted from the globalization and the competitive society.

• Journal of the Korean Data and Information Science Society
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• v.28 no.4
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• pp.831-841
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• 2017

The irrational number ${\pi}$ is defined as the ratio of circumference of a circle to its radius and always becomes constant. This article does Monte Carlo approximation of its value using the famous Buffon's needle experiment and shows that its convergence is not always proportional to the sample size. We also do Monte Carlo simulations to see the convergence of the computed ${\pi}$ values from the random walk series with independent normal increment. Finally we apply the theoretical derivation to various financial time series data such as KOSPI, stock prices of Korean big firms, global stock indices and major foreign exchange rates. The historical data shows that log transformed data random walk process but most of their first lagged data don't follow a normal distribution. More importantly the computed value from the ratio of the regression coefficient ${\pi}$ tend to converge a constant, unfortunately not ${\pi}$. Using this result we could doubt on the efficient market hypothesis, and relate the degree of the hypothesis with the amount of deviation of the estimated ${\pi}$ values.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.133-144
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• 2017

This study investigates firm-specific financial variables that determine investment or speculative grades from the viewpoint of firms, which are one of the major stakeholders related to the credit rating. We employ an ordered probit model for our analysis with the sample data from 1999 to 2015 for listed firms in the Korean stock markets. For investment grades, operating margin, sales, market-to-book, dividend payment, capital expenditure ratio, and tangible asset ratio have a significantly positive impact on credit ratings. In the subsample for speculative grades, the coefficients of the dividend payment, retained earnings ratio, and capital expenditure ratio are significantly positive while short-term debt ratio and R&D expenditures have a significantly negative impact on credit ratings. For the analysis before and after 2009, when the Credit Information Use and Protection Act was strengthened after the global financial crisis, the coefficients of the capital expenditure ratio, cash ratio, and tangible asset ratio are significantly positive in the subsample for investment grades before 2009, but not significant after 2010. The coefficient of the long-term debt ratio is more significantly negative than that of the short-term debt ratio before 2009, for speculative grades, but short-term debt ratio has a more negative effect on ratings than long-term debt ratio after 2010. Surprisingly, the coefficient of the R&D expenditures is significantly negative in both investment and speculative grades since 2010. Our findings are inconsistent with the conjecture that the increase in R&D expenditures enhances the possibility of creating cash-flow by raising the investment growth opportunity, and thus affects positively the credit rating.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.379-389
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• 2019

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.