• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.33-58
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• 2004

This paper tests Van Home's hypothesis, a negative correlation between degrees of operating leverage(DOL) and financial leverage(DFL). For an empirical analysis, we extract information from financial statements of manufacturing companies listed in the Korea Stock Exchange. Data extend from 1980 to 2001. The DOL continued to increase until 1997, but decreased dramatically after the IMF financial crisis. However, the DOL has been at a higher level than companies of other countries such as USA and Japan. The DFL has been maintained at a much higher level, as expected. The empirical results indicate a positive correlation between the DOL and the DFL, which is inconsistent with the VanHorne's hypothesis. To further investigate, we divide the whole sample into subgroups according to such management elements as asset size, level of leverages, earnings and cash flow. The results for sub-samples are different from those of whole sample. This indicates we need to incorporate specific managerial factors in order to correctly explain financial decision processes.

• Journal of Distribution Science
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• v.14 no.6
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• pp.75-80
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• 2016

Purpose - A growing demand for sustainability reporting has placed pressure on firms with non-financial information that affects firm valuation, growth, and development. In particular, a number of researchers have investigated various topics in Corporate Social Responsibility (CSR), non-financial information. Prior studies suggest that CSR may affect corporate outcomes like corporate reporting, financial performance, and disclosures. However, the results from prior studies are not clear whether CSR affects corporate outcomes. This is partially due to the measurement issues with CSR. In this study, we examine whether CSR affects the quality of corporate reporting, one of the popular measures in corporate outcomes. We find an evidence that CSR positively affects the quality of corporate reporting. Research design, data, and methodology - In this study, we collected a unique dataset of CSR from MSCI. Total 169 firms listed in the Korean Stock Exchange from 2011 to 2014 were collected and analysed with the detailed CSR reports. Using a correlation test, we found a weak association between CSR and the quality of corporate reporting. However, the regression tests provided a strong relationship between CSR and the quality of corporate reporting after controlling for other variables that may affect the quality of corporate reporting. Additionally, we calculated the t-statistics based on heteroskedaticity-consistent standard errors (White, 1980). Results - Before we run the regression test, we sort the measures of the two dependent variables into each rating of CSR (from AAA to CCC). The results indicate that the quality of corporate reporting measured by discretionary accruals and performance-matched discretionary accruals monotonically decrease as the CSR ratings increase. This supports our hypothesis. In the regression tests, the coefficient on MJDA (PMDA) is -0.183 (-0.173) and significant at the 5% level. We can interpret the results as CSR affecting the quality of corporate reporting in positive ways. Other coefficients on control variables are consistent with prior studies. For example, the coefficients on both LOSS and LEV are positive and significant at conventional level, meaning that firms with financial difficulty may harm their quality of corporate reporting. Conclusion - We found an evidence that CSR is positively associated with the quality of corporate reporting. This study contributes to the literature in various ways. First, this study extends the line of CSR research by providing additional evidence in the setting of ethical behaviors by managements. This is consistent with the hypothesis and supports the results of prior studies. Second, to the best of my knowledge, this is the first study using the MSCI CSR ratings. In contrast with prior studies using different measures of CSR, the MSCI CSR ratings allow us to provide in-depth analysis. Third, the additional measure of dependent variable (PMDA) allows us to improve the robustness of our results. Overall, the results provided this study to extend the findings in prior studies by providing incremental evidence.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.77-85
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• 2018

Purpose - The purpose of this study is to subdivide trade transaction-centered structure in a logistics/distribution industry system to apply blockchain, to establish and resolve with which types of technology, and to provide policy direction of government institution and technology to apply blockchain in this kind of industry. Research design, data, and methodology - This study was conducted with previous researches centered on cases applied in various industry sectors on the basis of blockchain technology. Results - General fields of blockchain application include digital contents distribution, IoT platform, e-Commerce, real-estate transaction, decentralized app. development(storage), certification service, smart contract, P2P network infrastructure, publication/storage of public documents, smart voting, money exchange, payment/settlement, banking security platform, actual asset storage, stock transaction and crowd funding. Blockchain is being applied in various fields home and abroad and its application cases can be explained in the banking industry, public sector, e-Commerce, medical industry, distribution and supply chain management, copyright protection. As examined in the blockchain application cases, it is expected to establish blockchain that can secure safety through distributed ledger in trade transaction because blockchain is established and applied in various sectors of industries home and abroad. Parties concerned of trade transaction can secure visibility even in interrupted specific section when they provide it as a base for distributed ledger application in trade and establish trade transaction model by applying blockchain. In case of interrupted specific section by using distributed ledger, blockchain model of trade transaction needs to be formed to make it possible for parties concerned involved in trade transaction to secure visibility and real-time tracking. Additionally, management should be possible from the time of contract until payment, freight transfer to buyers through land, air and maritime transportation. Conclusions - In order to boost blockchain-based logistics/distribution industry, the government, institutionally, needs to back up adding legal plan of shipping, logistics and distribution, reviewing standardization of electronic switching system and coming up with blockchain-based industrial road maps. In addition, the government, technologically, has to support R&D for integration with other high technology, standardization of distribution industry's blockchain technology and manpower training to expand technology development.

• Proceedings of the Korea Society of Environmental Toocicology Conference
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• 2003.10a
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• pp.170-170
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• 2003

An initial study has been conducted with Korea Institute of Geoscience and Mineral resources and National Institute of Environment Research to evaluate the distribution of radon levels and their risk levels of groundwater in Korea. Probability distribution of 616 samples was log-normal one with 1,867pCi/L as arithmetic value, 920pCi/L as median and 40,010pCi/L as maximum during iou. years(1999-2002). In addition, 10% of total samples are in excess of 4,000pCi/L, 20% in excess of 2,700pCi/L, and 30% in excess of 1,700pCi/L, and 15 samples exceeds 10,000pCi/L. Total samples are grouped into 10 areas and 5 rocks unit, and difference of concentrations among areas and rocks are statistically significant(respectively, p<0.0001). The highest area is Daejeon located in ogcheon metamorphic rocks and granitic rocks, and most of all sites with high concentration sites are located in granitic rocks. The lowest area is Jeju located in volcanic rocks. We have estimated excess cancer risks of radon based on these data. To estimate risks, first of all, use patterns of groundwater are categorized with 6 groups: for drinking, household, farming, washing cars, raising stock, and others. We considered risk only for drinking water and household water because radon is rapidly dispersed before it of other use reach human respiratory organs. We select 565 samples for risk analysis, and applied unit risk which is 6.6210-7 per pCi/L to be recommended by NAS committee. Unit risk was derived from considering radon ingestion and radon inhalation from water use. When estimating risk, we analyzed PDF of concentration and represented risk as 50 and 95 percentile values to consider uncertainty with Monte-Carlo simulation. It results in 10-4 level of their excess cancer risk and in 10-2 level in some areas with high concentration of radon. It must be monitor periodically and take adequate actions in these risky sites. We recommend that it needs to take more survey and finally set guideline for radon regulation in groundwater.

• Clinics in Shoulder and Elbow
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• v.16 no.2
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• pp.170-177
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• 2013

Total elbow arthroplasty is still in its infancy compared with other arthroplasties, such as knee or hip arthroplasties. Implant design has been evolving with clinical experiences; however, there are only limited data on the long-term clinical outcome of elbow arthroplasty in the literature. The design of total elbow prostheses can be divided into three categories: linked (constrained or semi-constrained), unlinked (unconstrained), and convertible types. The choice between an unlinked (unconstrained) implant and a linked (semi-constrained) implant depends on joint stability and adequacy of the bone stock. Linked elbow arthroplasty has provided high patient satisfaction, and pain relief thanks to proper patient selection, advancement of implant design, improvement in cement techniques, meticulous surgical technique, and appropriate postoperative rehabilitation. Concerns remain about the use of this implant in young or high-demand patients. This article focuses on the linked (semi-constrained) prostheses, which provides an overview of the current state of linked total elbow arthroplasty.

• Journal of Fashion Business
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• v.1 no.3
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• pp.60-70
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• 1997

The purpose of this study is to survey the sales of brassieres positively those of elderly women's (aged 50 or older) ones in particular through 72 sales outlets and thereby, in order to present the more comfortable brassiere models which can serve to reinstate elderly women's constitution and provide the useful basic data to brassiere makers and distributors for their business. The results of this survey and the suggestions therefrom can be summarized as follows; 1) Brassieres usually sell at 10,000-20,000 wons, which allows for 15% or more margin rate. Brassieres are disposed through bargain sales once or twice every year where their price are discount 10% or higher. Meanwhile, the majority of the brassieres distributors maintain more than 15% stock rate. The accumulated stocks are primarily disposed through return to makers or bargain sales. About 15% of the brassieres sold are returned by consumers to distributors to be replaced. 2) About a half of distributors operate some or other types of sales education programs. Most of these distributors feel that their educational program have been effective which suggests the effectiveness of sales educational program. On the other hand, 83.3% of the distributors operate in-house repair shops, while the absolute majority of them brief their customers on how to wear brassieres or clean them. 3) Because elderly women's understanding of brassieres sizes is very poor, they tend to ask help of the 'sales people about their sizes before purchasing and proper one personally. In other words, it has been disclosed that old women respond positively to seller's recommendation for their brassiere sizes. 4) It has been found that the brasseries sizes purchased by old women most are. 85A, 90A and 85B in their order, which suggests that the most popular size for under bust circumference is 85~90cm, while their primary cup size is "A". 5) The type of brasseries favored most by elderly women is the "full-cup" type, while their most favorite brassiere design is a soft and simple one. The colors preferred most by them are white, beige and pink in their order. 6) When being consulted by elderly women, sales people experience various difficulties due to their poor understanding of sizes and complaint about prices. Lastly, it has been found through this survey that elderly women want to see some sales promotion material featuring their brassiere sizes and their production arid ask the brasseries makers to produce more diverse brasseries sizes.

• Food Science and Biotechnology
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• v.16 no.4
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• pp.515-519
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• 2007

Rapid immunochromatographic assay (ICA) kits were developed using flagella-specific monoclonal antibodies (MAbs) and rabbit polyclonal antibodies for screening Listeria spp. in food. The establishment of different formats, MAb 2B1 as capture antibody and MAb 7A3 or rabbit polyclonal antibodies as detector antibody, was compared. The 2 formats of the ICA kit were shown to have specific reactions with Listeria and no cross-reactivity with any of the non-Listeria including Escherichia coli O157:H7 and Salmonella enteritidis. The detection limits of the ICA kit using the combination of gold-labeled MAb 7A3 and MAb 2B1 showed $1{\times}10^5$ and $1{\times}10^6\;CFU/0.1\;mL$ at 22 and $30^{\circ}C$, respectively. The other format of the ICA kit using the combination of gold-labeled rabbit polyclonal antibodies and MAb 2B1 showed $1{\times}10^6\;CFU/0.1\;mL$ at $22^{\circ}C$ but weak signal at 30 culture. The format utilizing MAb was more sensitive than the one using polyclonal antibodies for capture antibody. Samples contaminated with L. monocytogenes 4b culture (9-10, 5-6, and 1-2 CFU/mL) on pork and pasteurized milk were confirmed as positive results. Current data suggests that this ICA kit is a rapid, simple and effective tool to screen for Listeria spp. in food.

• The Journal of the Korea Contents Association
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• v.20 no.3
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• pp.73-80
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• 2020

Using 8,499 observations from 5 years-1,878 firms panel data during 2014 to 2018 in Korean stock exchanges, this study examines the impact of National Pension's ownership on corporate philanthropic giving. The empirical study finds that National Pension's ownership has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset and total sales, implying that National Pension plays a monitoring role in promoting target firms to increase the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values. The empirical study also finds that when National Pension is a blockholder holding more than 5% ownership in the target firms, it has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset, implying that it exercises disciplinary roles on focal firms in promoting the extent of corporate philanthropic giving in order to increase target firms' long-term values. The results overall support that National Pension plays positive effects on target firms in promoting the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values.

• Management & Information Systems Review
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• v.35 no.2
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• pp.273-284
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• 2016

The objective of this study is to analyze the market efficiency in the futures markets. Although many previous studies have investigated market efficiency between spot and futures prices, that with different maturities has not been studied in the futures markets extensively. For our objective, this paper examines KOSPI200 stock index future market with different maturities. We analyze the dynamic serial relationship of the difference of basis between nearest-month contract and next nearest-month contract using dynamic regression analysis suggested by Kawamoto and Hamori(2011) Using the data from 2000. 1 to 2013. 12, the major empirical findings are as follows: First. the mean and standard deviation of basis of next nearest-month contract is bigger than those of nearest-month contract. Second, the t-period basis of nearest-month contract can be explained by (t-1)period basis of that. Third, the basis spread of t-period and (t-1)period have negative affect on the return of underlying assets. This result is very reasonable because two basis spreads are derived from same underlying assets. Finally, basis information of next nearest-month contract can be used for the prediction of nearest-month contract and spot market return.

• Spatial Information Research
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• v.23 no.2
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• pp.11-20
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• 2015

Abstract Monitoring is the most critical element in implementing "forest carbon offset project" to enhance the visibility of CSR (Corporate Social Responsibility) in North Korea. This study is intended to explore monitoring potential in terms of forest carbon offset project using satellite image for Baekdu mountain of North Korea. The permanent record of standard satellite remote sensing system demonstrated its capability of presenting area-wide visual evidences of monitoring conditions in Mt. Baekdu mountain of North Korea (site suitability, carbon stock by forest biomass growth, carbon emission by forest biomass loss, deforestation and degradation, environmental, social and economic impact specified in the Carbon Sequestration Law). It doesn't seem very difficult to comply with monitoring requirements for "the forest carbon offset project" due to the probative value of satellite data. Therefore, it could be considerable or realistic approach to utilize CSR based forest carbon offset project as a point of reform and open-door in North Korea. It is anticipated that this research output could be used as a valuable reference for Korea-based enterprises to ensure monitoring potentials using satellite image in exploring forest carbon offset project sites in North Korea.