• 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.

• Environmental and Resource Economics Review
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• v.17 no.4
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• pp.751-774
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• 2008

In this paper, we examine the institutional prices differences in the electricity and natural gas industries using unbalanced panel data from 1999 to 2001. The changing market structures following deregulation in both markets allow us to examine the institutional prices differences by ownership type, market structure and merger activities. Estimating the reduced form, after controlling both intrinsic characteristic (marginal costs) and external factors (demand), allows us to identify the extent to which specific factors are correlated with the price. Furthermore it allows us to identify systematic institutional price differences in both electricity and natural gas markets. Our estimation results suggest that the private firms in electricity markets are associated with higher prices than public firms after controlling for demand and cost. We further find that dual-product firms in the natural gas industry and the electricity industry are associated with lower rates than single product firms. These results provide a weak evidence of economies of scope in the dual-product firms. Our results finally suggest that merger activities in natural gas markets are associated with higher rates.

• Journal of the Korean Geographical Society
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• v.32 no.2
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• pp.155-174
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• 1997

This paper's main objective is to present an assessment of the impact of NAFTA on the economic structure of the Mexican northem borderlands. The NAFTA is the strategy of a free trade agreement with the United States and Canada, first mentioned by Salinas in June 1990 and established since January 1994. Mexican govemment permitted factories called maquiladoras at the northem borderlands for the first time in 1965. in the early 1980s Mexico was in a deep economic crisis and the international environment was adverse to Mexico. Mexico began to move toward an open economy and abandoned the import-substitution industrialization model that characterized Mexico since the 1930s. Through the new economic reform, the market system was preferred to the regulation; the private ownership, to the public ownership; and the competition, to the protection. The most phenomenal urbanization in northem Mexico has occurred around the major crossing points along the Mexico-U.S. border. The rapid urbanization in northern Mexico has been much due to the industrialization, brought about bv the maquiladora programs and, recently, by the NAFTA.

• Journal of architectural history
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• v.8 no.3 s.20
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• pp.9-22
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• 1999

The purpose of this study is to analyse the architectural character of JE-DAMG at farm village in Ulsan. JE-DANG means the building for DONG-JE (the sacrificial rite of a village). The regions of this study are KANG-DONG MYEN, and UNG-CHON MYEN in Ulsan. The method of this study is the analysis of them after the actual field surveys of 47 JE-DANGs in these regions The survey contains the area, the height, the period of the erection, the architectural structure, the roof shape, the material, the landowner, SHIN-CHE (means a god's name and shape), DANG-SU tree and so on. Methods of the survey are the field survey, the interview of villager, the analysis of reference data and so on. Results of the study are below. JE-DANGs(buildings) of these regions had been built first in the period of Japanese occupancy and erections of them had continued until 1970's. Since then, they have been rebuilt. The primary JE-DANG is characterized by a tiled roof, a wooden post lintel, a mud-plastered wall, and a wooden door. After rebuilding, characters are a flat slab, a tiled roof, a structure of using red bricks, and the area is getting larger than the primary JE-DANG, but 1 KAN persists without variety. Most of houses in the inland area like UNG-CHON MYEN face the south, and ones in the coastal area like KANG-BONG MYEN face the east. Generally there is DANG-SU tree behind JE-DANG. That proves DANG-SU tree to be the object of the rite. The species of DANG-SU is a pine in general ,but various in UNG-CHON MYEN. In general names of the god are DONG-SHIN , DANG-SAN SHIN and SUNG-HWANG SHIN. I think that the landownership of JE-DANG should change the private ownership into the village ownership to preserve JE-DANG though most of lands of JE-DANG are private ones.

• International Area Studies Review
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• v.16 no.3
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• pp.99-118
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• 2012

This study have done comparative analysis of Korean banks' restructure and Chinese banks' reformation, especially derives main factors that influence existence and improvement of competitiveness of Korean banks. The study measured effectiveness of 15 Chinese banks and 13 Korean banks, and conducted empirical analysis of what are the factors affect the efficiency of banks. The result and implication are as follow. First, Korean commercial banks' efficiency is higher than banks in China, but Chinese commercial banks are getting better every year. Second, as the factors affect efficiency of the banks, it shows that the scale of bank, asset reliabilities, ownership structure and financial performance are significant. Third, about the factors affect efficiency, the ownership structure, financial intermediation ratio, and the health of the assets are significant in Chinese banks. Fourth, about the factors affect efficiency, the financial performance and asset reliability are significant in Korean banks. Based on the results, we have identified current problems of Chinese and Korean banks, and also pointed out Korean banks and Government how to improve competitiveness of Bank industry.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.241-250
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• 2020

This study examines the relationship between the attributes of board structure and the likelihood of financial distress for the non-financial sector of an emerging market characterized by concentrated ownership and family-controlled business. The present study utilized panel logistic regression to estimate the relationship between board structure attributes and the likelihood of financial distress. We used Altman Z-Score as a proxy for firm financial distress, as this tool measures the financial distress inversely. The study finds a significant relationship between board size and the likelihood of financial distress. The results show that a one-unit increase in board size would decrease the probability of financial distress by 3.4%. Further, we observe that a greater level of board independence is associated with a lower likelihood of financial distress. A one-unit increase in board independence would decrease the probability of financial distress by 20.4%. We also find a significant positive impact of leverage on the likelihood of financial distress. The present study contributes to the body of literature on board structure attributes and likelihood of financial distress in emerging markets, like Pakistan. Furthermore, the findings would be beneficial for corporate policymakers and investors in formulating corporate financial strategy and predicting business failure.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Journal of Korean Society of Rural Planning
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• v.5 no.1 s.9
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• pp.56-65
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• 1999

The purpose of this study was to identify remained real state of the village groves in human settlement circle. That was practiced in case of Chinan-Gun region which traditional elements had well been conserved. 33 village groves were found by site survey, reference and interview in Chinan-Gun region. 31 of 51 village groves were clarified as complementing village grove by classification of grove character. It was identified through survey that many were partially destructed by development and human overuse. The results of this study showed general, socio-behavioral characteristics, characteristics of forest state and vegetation structure of village groves in Chinan-Gun region. Length, area, form, type, motive, location, relationship of those were analyzed to identify general characteristics. Facilities, human behavior and ownership of those were analyzed to identify socio-behavioral characteristics. Principal dominant species and appearing rate, height, width, density of those, species diversity of groves were analyzed to identify forest state and vegetation structure. Interrelation between each factor were analyzed and comparative review with previous studies was achieved.

• Journal of Families and Better Life
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• v.15 no.4
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• pp.237-252
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• 1997

The purpose of this study were to identify the income allocation structure of private education and child care and to analyze contributing factors income allocation structure of private education and child care for two children among Korean married couples. For these purposes total sample of 760 married couples those having two children of both pre-school aged and elementary school aged wee selected and total sample was divided into two groups by first child's school aged; those were pre-school aged(375) and elementary school aged (385) Statistics were frequencies means percentile and Tobit and OLS analysis. The results were as follows. First 268 households among the households those having the first child of pre-school aged spent 11% of income for private education while 29 households spent 7% of income for child care. 348 households among the households having the first child of elementary school aged spent 11% of income for private education. Second pre=-school aged' contri uting factors to income allocation struture of private education and child care were household family type family size home ownership and financial asset amount and elementary school-aged factors were satisfaction of family relationship and financial asset.

• The Korean Journal of Financial Management
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• v.18 no.2
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• pp.57-79
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• 2001

본 연구에서는 우리나라 234개 상장기업을 대상으로 기업의 소유구조와 자본구조의 상호관계가 기업다각화에 미치는 영향을 2단계 최소자승법(2SLS)을 이용하여 분석하였다. 우리나라 기업의 소유구조와 자본구조의 상호관계를 분석한 결과를 요약하면 첫째, 1996년부터 1999년까지의 전기간 분석에서 우리나라 기업은 소유구조와 자본구조 정책을 서로 연계하여 결정하는 것으로 나타났다. 그러나 IMF 경제위기 전후기간으로 구분하여 상호영향관계를 분석한 결과에 의하면 IMF 이전기간에는 소유구조와 자본구조가 상호의존적인 영향관계가 있는 것으로 나타났지만, IMF 이후기간에는 소유구조와 자본구조의 상호영향관계를 발견할 수 없었다. 둘째, 내부자는 부채사용에 따른 재무위험의 부담을 줄이기 위해 레버리지 비율이 높으면 내부지분율을 감소시키는 것으로 나타났다. 넷째, 내부지분율이 높으면 내부자는 자신이 부담해야 하는 재무위험을 줄이기 위해 레버리지 비율을 낮추는 것으로 분석되었다. 한편, 소유구조와 자본구조의 상호관계가 기업다각화에 미치는 영향을 분석한 결과에 의하면, 소유구조와 자본구조의 상호관계가 기업다각화 수준에 영향을 미치지 않는 것으로 나타났다.