• Korean Journal of Construction Engineering and Management
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• v.24 no.6
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• pp.45-52
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• 2023

Recently, as climate change caused by greenhouse gases is intensifying, the international community has committed to reduce greenhouse gas emissions. The purpose of this study is to present the methodology and major considerations for investment judgment. Two actual cases of overseas projects were selected as study subjects. As an analysis method, the major risk factors were defined as a probability distribution, and the NPV was stochastically estimated using the Monte Carlo simulation method. In addition, assuming a policy change, the range of NPV change was analyzed. As a result, the average NPV of project A was lowered by 19%, and the probability of showing a negative NPV was 12.2%. The average value of project B was lowered by 12.5%. Considering the policy change, project A can obtain economic benefits only when it obtains 72.9% or more of the total amount of carbon credits generated, and project B is economically feasible when it acquires 49.5% or more. As a result, the average value of project A is lower than the net present value under basic assumptions, so caution is needed in investment decisions depending on changes in major risk factors. Additionally, considering policy changes, the carbon credit distribution ratio should be differentially applied depending on the project size, and this was presented as a specific figure.

• Journal of the Korean Institute of Landscape Architecture
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• v.44 no.6
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• pp.177-187
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• 2016

This study started with the question, "Is the cost of landscape construction work in residential areas measured by public enterprises, 'in response to the needs of consumers?" The study analyzed whether the landscape construction expenditure is being introduced at an appropriate ratio according to the value the residents have regarding landscape elements. Following this, research was conducted for the purpose of providing basic data for improving the efficiency of formulating apartment landscape construction costs in the future. This research proceeded based on a questionnaire survey of residents of apartments, and the content of the questionnaire used frequency analysis and descriptive statistics research methods. To take a look at a comparative analysis of value recognition, in particular, a comparative analysis was performed based on the actual input cost based on the ratio of landscape elements by layer. Conclusions were found as follows: First, the degree of interest in the apartment landscape of the tenants was high, and the value of the landscape was high but realistic satisfaction appeared comparatively low. Second, the awareness of residents' values regarding landscape elements appeared to give "plantings" more value than "facilities". Thirdly, as a result of a mutual comparison between the values recognized by the resident regarding landscape elements and the construction input fee, depending on the landscape elements, it appeared that there is a difference in the ratio of up to 52 times from 1.25. Fourth, the fact that there is a difference in the relative proportion of value recognition and inputting construction cost indicates that it is not possible to respond to the needs of tenants during the construction cost development process. It also shows that the utility of inputting construction costs is low. Therefore, a macro-level examination such as reflecting the existing inflation rate is necessary to develop the efficient landscape construction cost of apartment such as the awareness of the value of the residents regarding landscape elements, out of the customary construction cost formulation method based on the microscopic dimensions of the consumer side.

• Management & Information Systems Review
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• v.17
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• pp.107-133
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• 2005

The purpose of this study was to analyze a trend of profitability classified by characteristics of hospitals and to analyze related factors. The data for this study were derived from survey material conducted by the Korean Hospital Association on 33 hospitals in Korea between 1993 and 2002. Profitability was measured in the aspect of investment profit rate and operation profit rate with net profit to total assets, normal profit to total assets and operating margin to gross revenue as dependent variables. Independent variables were classified by general factors (ownership, number of beds, period of establishment, region), financial factors (total asset turnover, liabilities to total assets, current ratio, fixed ratio, inventories turnover, personnel costs per operation profit, material costs per operation profits), composition of manpower and facilities(personnel and area per beds), productivity index(the number of daily patients per medical doctor, the number of daily patients per nurse), the score of quality assurance activities. First, Concerning the specialists per beds or area per beds and profitability of hospitals there was not statistically significant. Second, Those hospitals having the most daily patients per nurse had significantly higher profitability than the others, but the number of daily patients per medical doctor had little effect on the profitability. Thirds, Those hospitals having a higher proportion total asset turnover tended to show significantly higher profitability compared to other hospitals, but the liabilities to total assets and liquidity ratio had a little difference to the profitability. Those hospitals having a higher proportion personnel costs per operation profit and material costs per operation profits tended to show significantly lower hospital profitability compared to other hospitals. Fourth, In regression analysis, hospital profitability had negative relationship with personnel costs per operation profit or material costs per operation profits. While it had positive relationship with total asset turnover, the number of daily patients per nurse. In conclusion, private hospitals had higher profitability than that of public hospitals. Though factors related to profitability of hospital were different according to ownership, it is important for securing appropriate profitability by operating appropriate number of nurse, raising total asset turnover, and reducing personnel costs, material costs per operation profits. This study can be used as a baseline data for planning of hospital management. But the study may be limited in that the results cannot be generalized due to its small sample size. However, this longitudinal observation of 33 hospitals over ten year period has significant merit alone.

• Journal of Distribution Science
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• v.11 no.8
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• pp.31-37
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• 2013

Purpose - This study aims to strengthen the economic cooperation between Korea and Japan by studying the pattern of trade between them and identifying drawbacks. Thus, it aims to enable trade expansion by analyzing the factors that affect trade and identifying ways to improve them. If economic cooperation is improved, transport and communication costs, as well as the transaction cost of economic exchanges, can be minimized. Research design, data, methodology - The trade intensity index developed by the Japanese economist Yamazawa under his trade intensity theory was used to analyze the trade decision factor of Korea and Japan. Trade structure and decision factors were analyzed for the target period of 2000 to 2012, and the period ranging from 2000 to 2005 was compared with the period ranging from 2005 to 2012. This paper is an analysis of the resultant time series. The data were collected from Korea Traders Association, Korea Customs Office, and UN Comtrade (2000, 2005, 2012) and whole table indexes were calculated by the author. Trade related index was used to analyze the comparative advantage based on time-series analysis statistics data (2000. 2005, 2012) through an analysis of the trade intensity index (TII), revealed comparative advantage index (RCA), and trade specialization index (TSI). Results - The trade intensity index of the industries of Japan and Korea is 1.814 in 2000. The export ratio of Japan against China was slightly higher at 2.128. TII is indicated to be 1.600 in both 2005 and 2012, which means export ratio of Japan against China is considerably maintained in 2005; however, export ratio of Japan against China is diminishing gradually as its index is 1.600 in 2012. Second, as per the trade specialization index of the ship industry in Japan and China, TSI is indicated to be -0.818 in 2000, -0.308 in 2005, and -0.847 in 2012. Generally, it is still closer to -1 and especially, we can see it is more closer to -1 in 2012. Third, as per the revealed comparative advantage index of the ship industry in Japan and China, the RCA index in 2012 is 0.007, which is quite far from 1 as compared to the value in 2000 and 2005. Hence, the Japanese ship industry has a significant comparative disadvantage against the Chinese ship industry. Conclusions - Both countries invest most of their capital in the shipping industry. It is the shipping industry that receives the most capital investment in the two countries is invested and governmental policy funds are needed. As both countries have large shipping industries, this research project is very valuable. Japan and China are compared because they are Korea's neighbors. Also, Korea is strategically located in Northeast Asia and has a history of foreign intrusion from several countries. Therefore, the purpose of this research study is to understand the trade structures of both countries and intensify the economic cooperation between Japan and China.

• Journal of the Korean GEO-environmental Society
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• v.18 no.3
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• pp.31-38
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• 2017

The purpose of this study is to propose a chart that can easily estimate the seismic failure probability of small and medium sized earthfill dams with little geotechnical information. By considering the existing method and procedure for estimating the seismic failure probability of a dam, the zero seismic failure probability curve, on which the seismic probability is zero regardless of the geotechnical properties of the dam, was determined in the form of hyperbola in the dam height and freeboard ratio plane. It was confirmed that the dam height-freeboard ratio distribution pattern of the Korean small and medium sized dams was shaped like a hyperbola like the zero seismic failure probability curve. Therefore, a estimation chart was constructed in which a number of seismic failure probability contours are represented by a number of hyperbolas at regular intervals in the dam height-freeboard ratio plane. The proposed chart was applied to the calculation of the seismic failure probability of two small and midium sized dams with relatively well-managed geotechnical properties and the validity of the chart was confirmed by comparison with the results obtained by the existing procedures and methods. In the future, the proposed chart is expected to be useful in considering investment priorities for maintenance and reinforcement of small and medium sized dams in preparation for earthquakes.

• Journal of Korea Port Economic Association
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• v.37 no.1
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• pp.1-18
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• 2021

A coastal marine ranching project in Uleungdo had been conducted for 5 years from 2013 to 2017 with investment costs of 5 billion won, for the special purpose of the deployment of artificial reefs, the release of young fishes. The paper focuses on an ex-post analysis of the economic feasibility for the project after completing the project, which is apart from a preliminary viability. For economic analysis, the economic benefits are derived from direct benefits including increasing effects of fisheries income and saving effects of harvesting costs, and indirect benefits including increasing effects of recreational fishing and preservation effects of coastal marine ecosystems while economic costs include releasing and purchasing costs of artificial reef and juvenile fish, R&D costs, maintenance costs and harvesting costs. The result shows that the project should not be accepted according to NPV=-0.125 billion won, IRR=4.5% and B/C ratio=0.98 under Scenario 1 which considers direct benefits and indirect benefits excluding the preservation values, while the project should be accepted under Scenario 2 indicating NPV=30.9 billion won, IRR=11.3% and B/C ratio=1.49 which considers the direct benefits as well as the indirect ones including the preservation values, based on 4.5% of the social rate of discount.

• International Area Studies Review
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• v.21 no.1
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• pp.221-243
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• 2017

In this study, I examine overall conditions and problems of personal asset management processes by the old age people in Korea from the global perspectives. Major recommended policy implications for those are as follows.. First, the IRR (income replacement ratio) of public pensions in Korea is found to rank nearly the lowest among the OECD member countries. The relatively low fund performance compared to that of developed countries as well as this low IRR can be pointed out as major problems of public pension in Korea. It is recommended to reinforce specialty in fund management as a top priority to solve out these problems related with public pensions in Korea. Second, it is needed to set retirement pensions to be mandatory for almost all the firms in Korea to substitute for the above lower IRR of public pensions and to recover from the highest elderly poverty ratio among the OECD countries. Third, it is required to discuss about the expansion of tax refund policy application in the individual pension sector and many financial investment products under the correction of current budget control to motivate voluntary subscription for individual pension planning and to stabilize elderly lives of ordinary people in Korea. Fourth, it is required to induce market mechanism in controling price and longevity risk of reverse mortgages for the long-run sustainability.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.89-117
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• 2018

The Korean companies are intensifying competition with not only domestic companies but also foreign companies in globalization. In this environment, it is essential activities not only for large companies but also Small and Medium Enterprises (SMEs) to get and develop the core competency. Particularly, SMEs that are inferior to resources of various aspects, such as financial resources etc., can make innovation through effective R&D investment. And then, SMEs can occupy a competency and can be survive at the environment. Conventionally, the method of "self-development" by using only the internal resources of the company has been dominant. Recently, however, R&D method through cooperation, also called "Open Innovation", is emerging. Especially SMEs are relatively short of available internal resources. Therefore, it is necessary to utilize technology and resources through cooperation with external companies(such as joint development or contract development etc.) rather than self-development R&D. In this context, we confirmed the effect of SMEs' factors on sales in Korea. Specifically, the factors that SMEs hold are classified as 'Technical characteristic', 'Company competency', and 'R&D activity' and analyzed how they influence the sales achieved as a result of R&D. The analysis was based on a two-year statistical survey conducted by the Korean government. In addition, we confirmed the influence of the factors on the sales according to the R&D method(Self-Development vs. Open Innovation), and also observed the influence change in 29 industrial categories. The results of the study are summarized as follows: First, regression analysis shows that twelve factors of SMEs have a significant effect on sales. Specifically, 15 factors included in the analysis, 12 factors excluding 3 factors were found to have significant influence. In the technical characteristic, 'imitation period' and 'product life cycle' of the technology were confirmed. In the company competency, 'R&D led person', 'researcher number', 'intellectual property registration status', 'number of R&D attempts', and 'ratio of success to trial' were confirmed. The R&D activity was found to have a significant impact on all included factors. Second, the influence of factors on the R&D method was confirmed, and the change was confirmed in four factors. In addition, these factors were found that have different effects on sales according to the R&D method. Specifically, 'researcher number', 'number of R&D attempts', 'performance compensation system', and 'R&D investment' were found to have significant moderate effects. In other words, the moderating effect of open innovation was confirmed for four factors. Third, on the industrial classification, it is confirmed that different factors have a significant influence on each industrial classification. At this point, it was confirmed that at least one factor, up to nine factors had a significant effect on the sales according to the industrial classification. Furthermore, different moderate effects have been confirmed in the industrial classification and R&D method. In the moderate effect, up to eight significant moderate effects were confirmed according to the industrial classification. In particular, 'R&D investment' and 'performance compensation system' were confirmed to be the most common moderating effect by each 12 times and 11 times in all industrial classification. This study provides the following suggestions: First, it is necessary for SMEs to determine the R&D method in consideration of the characteristics of the technology to be R&D as well as the enterprise competency and the R&D activity. In addition, there is a need to identify and concentrate on the factors that increase sales in R&D decisions, which are mainly affected by the industry classification to which the company belongs. Second, governments that support SMEs' R&D need to provide guidelines that are fit to their situation. It is necessary to differentiate the support for the company considering various factors such as technology and R&D purpose for their effective budget execution. Finally, based on the results of this study, we urge the need to reconsider the effectiveness of existing SME support policies.

• Korean Journal of Environment and Ecology
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• v.24 no.3
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• pp.235-248
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• 2010

This study was carried out to the actual conditions and improvement of the eco-forests master plan in South Korea, and suggested its problems and improvement direction. Results from survey and analysis of limiting factors or constraints in the construction plans of eco-forests in Korea revealed that there were highly frequent problems involving site feasibility, topographic aspect, and existing vegetation. The results of survey on the status of land use indicated that the average ratio of the use of private estate was 29.7%, so then it was estimated that a great amount of investment in purchase of eco-forest site would be required. Results from survey on major introduced facilities showed that there was high frequency of introduction of infrastructure, building facility, recreational facility, convenience facility, and information facility, and that there was low frequency of introduction of plant culture system, ecological facility, structural symbol and sculpture, and the likes. There was just one eco-forest park where more than 500 species of plants grew, and the result of investigation indicated that the diversity of plant species in 11 eco-forest parks was lower than the standards for construction of eco-forest. Results from analysis of the projects costs revealed that investment cost in facilities was higher than planting costs, and that a large amount of investment was made in the initial stage of the project. There was no planned budget for the purpose of cultivating and maintaining the plants and vegetation after construction of eco-forest. The basic concepts in construction of eco-forests were established according to the guidelines presented by the Korea Forest Service; however, the detailed work of the project was planned with its user-oriented approach. Then the construction of eco-forest was being planned following the directions, which would lead to development of a plant garden similar to arboretum or botanical garden. Therefore, it is required that the architect who designs eco-forest as well as the public officer concerned firmly establish the concepts of eco-forest, and that, through close analysis of development conditions, a candidate site to fit the purpose of constructing eco-forest be selected, and also a substantive management plan be established upon completion of construction of eco-forest.

• Journal of Korean Society of Water and Wastewater
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• v.26 no.2
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• pp.285-294
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• 2012

Current urban stream conditions and their restoration projects were investigated by surveying the urban stream management experts in 29 cities with high population density (more than 1,000person/$km^{2}$). The survey results showed that the ratio of covered urban streams decreased by 1.4% (from 14% to 12.6%) in the last 5 years through steady river restoration projects promoted by governments. Nonetheless, 36.3% of 369 urban streams surveyed still report stream depletion problems; therefore, more efforts to alleviate the problems caused by distorted water circulation of urban streams are still necessary. Water depletion in many local urban streams, unlike national rivers, is accelerated due to negligence in stream management, budget shortage, and other reasons. To prevent stream depletion, the use of reclaimed water is suggested as one of the prevention plans. When available amounts of reused sewage are estimated through actual available nationwide sewage discharges of each watershed and instream flow of stream, annual instream flow supply of 780 million $m^{3}$ is expected; 4.8% reduction in the pollution load of public sewer treatment facilities is expected; and the creation of new value through water reuse service is expected. Thus, it is important for the reviews of feasibility and alternatives of water reuse projects for flow augmentation to consider not only investment budget reductions, but also environmental aspects. Also it is necessary to provide the financial support of unified government with strict water quality management policy.