• Management & Information Systems Review
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• v.34 no.2
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• pp.151-169
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• 2015

Social enterprises that are solving pressing global issues and providing services such as micro-finance, affordable housing, appropriate technology and education for the 'bottom of the pyramid' as well as cultural and community-related businesses that improve the 'quality of life' within a society are the target of impact investments. Among them, a capital financing is one of the most important factor in founding and fostering of social enterprise. However, the capital market for social enterprises in South Korea are not yet sufficiently developed. The Britain and U.S.A. attempted to solve the social problem by the introduction of the social innovation credit model, for example, social impact bonds(SIB), Big Society Capital, DBLIF, and ACCION International, which are considered as an innovative new financing instrument for social program. Instruments are being attempted for the first time in Britain and America. This study have two purposes. The first purpose is abstracting the institutional mechanism for introduction of impact investment such as SIB and DBLIF case in Britain and U.S.A.. Second, analyzing type and mix of policy instrument on impact investment from the perspective of policy instrument.

• Journal of Technology Innovation
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• v.19 no.2
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• pp.25-51
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• 2011

This study examine the firms fund R&D expenditures through cash and cash equivalents under financial distress in order to avoid huge adjustment costs that can be brought after R&D expenditures cut-down. Other study divided the firms' financial condition by only firms' year. This study identifies the firms' financial condition not only by a firm's year but also by firm size and Altman's Z-Score and K-Score. The results show that there are statistically negative relationship between R&D expenditures and cash and cash equivalents when firms are under financial distress. The results are same regardless of criteria of classification of firms' financial condition, which is consistent to the hypothesis. Young and small firms and firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent compared to the other firms. We can find the new evidence when we classify the firm by Z-Score and K-Score of Altman. The firms with high possibility of bankruptcy can not fund for R&D activities from cash, but only the firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent in the condition of financial distress. The evidence suggests that firms fund R&D expenditures by cash and cash equivalent when they are under financial distress. Findings provide an implication on the management of R&D expenditures and liquidity in the firms.

• Korean Journal of Agricultural Science
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• v.12 no.1
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• pp.139-152
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• 1985

본 NEWASA 지역의 접수관정관개 개발에 따른 정제성분석 연구는 IBRD-EDI와 INDIA RESERVE BANK의 College of Banking이 공동주최한 Trainers Trining for Rural Finance (1985. 1.19-3.1)의 일환으로 1985. 2. 14-19 까지 NEWASA BLOCK에 대한 정수정관개의 경제적 효율성을 평가하기 위하여 농가조사를 실시하였고, 그 분석결과를 정리한 것으로 농지는 넓으나 농업용수가 부족한 본 지역은 빈곤과 저생산성 농촌잠재 실업을 특징으로 하고 있다. 농촌소득의 제고와 농촌실업의 고용확대는 전 인구의 80% 이상이 농민인 본지역뿐만 아니라 선언도 경제개발의 중심과제이다. 호당 6 acres 규모의 관개가 가능한 Dug-well Irrigation Development는 연평균 강우량이 650m/m에 불과한 인도의 Plateau 지역에서는 농촌빈곤과 실업문제의 해결, 토지 이용율제고를 통한 토지생산성 향상등 농촌경제개발의 중심과제로서 인도정부가 추진하는 핵심적인 농업정책이다. 본 지역의 농가호당 평균 소유농지연적은 8.67 acres(3.5ha)로써 모두가 Rainfed farming으로 현재 본 지역의 관개율은 17.5%에 불과하다. 농작물은 Jowar라고 하는 내한성 작물이 재배되며, 관개 조건하에서는 Jowar, Wheat, Sugarcane이 재배된다. With and Without Dug-Well Irrigation 조건하에서 각 작물별 ha당 생산성을 보면 Jowar는 0.86 ton/ha에서 2.22 ton/ha으로 증산되고 Wheat는 2.96 ton/ha, Sugarcane는 98.8 ton/ha이 생산된다. 한편 Dug-well Irrigation 전후의 농가소득의 변화를 보면 시행전의 4,275Rs가 되어 4배의 농가소득이 증가된다. 이와 같은 농업소득을 획득하기 위해서는 Dug-well에 대한 Initial Investment로서 33,400Rs(2,137,600원)이 투자되어야 하는데 종류별 융자 기간을 보면 Dug-well 15년(95%융자) Pump Set 9년(95%융자), Woriking capital 1년이며 인도의 Union Bank에서 융자하고 있다. 결론적으로 이러한 Dug-well Irrigation Development에 따른 IRR는 Before Financing시에는 29%이며 After Financing 시에는 24%이고 B/C ratio는 두경우에 있어 1.89, 1.24를 각각 나타냈다. 따라서, 본 사업은 재무적인 측면 즉 농가소득증대와 농촌고용증대 및 토지이용면에서 타당성이 크며 Dug-well Irrigation은 인도의 농업성장 및 경제개발의 관건으로 생각된다. 한국의 수리개발 기술 및 농업기술(Bio-chemical, Mechanical & Hydrological Technology)이 이전된다면 보다 괄목할 만한 농업발전이 이룩될 것을 생각된다.

• Journal of Korea Port Economic Association
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• v.21 no.4
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• pp.183-207
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• 2005

Global firms are seeking to implement their global logistics strategies in two ways: the use of centralized inventories and/or postponement of final assembly. These strategies stress the importance of regional logistics centers. In most cases, regional logistics centers are located in or near ports so that changing demands can be met with economy, reliability and flexibility, The port can profit not only from the activities of logistics center itself, but also the increasing flow of cargo through the logistics center. A number of ports respond to this trend by shifting their emphasis from traditional cargo-handling services to value-added services. This paper presents guidelines drawn from the best practices of ports to be successful logistics centers to provide many aspects of value-added logistics services. These include: Effective Planning and Development of Logistics Centers; Institutional Incentive Scheme; Development of Free Trade Zones; Financing Infrastructure related to Logistics Centers; Developing Logistics Service Providers and Logistics Professionals; Development of Information Technology; and Regulatory and Administrative Issues. These guidelines will help managers of ports and policy makers of governments in the East Asian region learn to recognize, analyze and adopt the best practices for use.

• Korea Journal of Hospital Management
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• v.9 no.1
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• pp.1-21
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• 2004

The United States has a unique health care system, which is unlikely any other health care systems in the world. The major part of basic functional components of the system -financing, insurance, delivery, and payment- is in private hands. A market-oriented economy invites the participation of numerous private entities that are interested in carrying out the key functions of health systems. Due to this central feature, U.S.health care is not delivered through a network of interrelated components designed to work together coherently. For lack of standardization, the various components of the system fit together only loosely. The involvement of numerous players in the key functions leads to duplication, overlap, inadequacy, inconsistency, and waste, which add to the complexity and also make the system inefficient. Hence, cost containment remains an elusive goals. Moreover, the system falls short of delivering equitable services to all americans, though consumption of health care services is the largest in the world. On the other hand, United States leads the world in the latest and the best in medical technology, medical training, and research. It offers some of the most sophisticated institutions, products, and processes of health care delivery. This article discuss the characteristic features of the U.S. health care system. and its performance, trying to seek its implication on Korean health care system.

• Journal of Information Technology Services
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• v.13 no.4
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• pp.123-137
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• 2014

Since the global financial crisis, funding for startups or ventures has been diminished seriously. In this situation, crowd-funding has attracted worldwide attention as a viable means to financing startups/ventures. After reviewing existing laws in other countries, this study investigated the current status of crowd-funding legalization in Korea and surveyed requirements from three groups of participants to crowd-funding. Investors already recognized the high risk of crowd-funding into startups and asked for the protection of their investment. But, their priorities were on the enlargement of tax benefits and the establishment of a trading market for selling their equity. In addition, investors wanted to shorten the compulsory holding period. Issuers as fund raisers hoped fast legalization, convenient process of crowd-funding, and expansion of government support. Crowd-funding platform operators requested policies for establishing paths to become new growth companies from startups, tax benefits, and the setup of separate fund for startups. Currently, the National Assembly in Korea is holding the discussion on the submitted law. For desirable outcomes to all participants, it would be better to proceed in the following sequence. First, legalize the crowd-funding with clauses protecting investors; Second, encourage investment through tax benefits; Third, develop communities among participants for reducing information asymmetry; And fourth, establish diverse trading markets for selling equities of startups.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.25-37
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• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.3 no.3
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• pp.203-209
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• 2002

The Korean venture industry showed a rapid growth due to various government incentive measures, development in information technology, and explosive growth of the KOSDAQ market. Recently, however, the Korean venture industry has revealed numerous side effects, which seemed to be coming from excessively aggressive government involvement in the industry, and fallen into a deep depression. This phenomenon may imply that the Korean venture industry has been established by the government policy rather than based on the venture capital market, whereas the venture industry in advanced nations has grown up autogenously based on it. This paper analyzes the Korean venture capital market and suggests policy recommendations to revitalize the domestic venture capital market. They include facilitating the supply of funds through limited partnerships and overseas venture capital, extending the direct equity investment, and actively promoting the KOSDAQ market.

• Journal of Agricultural Extension & Community Development
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• v.7 no.2
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• pp.377-390
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• 2000

The purpose of this paper was to draw implications for community economic development policies of Korean local governments by investigating the community economic development policies of the USA local governments. Those policies can be segmented to first wave(1950s-1970s), second wave(1980s), and third wave(1990s) of development policy. First two policies entailed some expense to community residents by providing low tax rates, tax abatement, tax reliefs, industrial revenue bonds, and direct state loans for potential companies. These policies brought ‘clawback’ and ‘drawbacks’ to the local residents. The third wave of community economic development policy includes capital market programs(predominantly government-financed loan programs and government support for predominantly privately financed loan or equity programs), providing information and education for small business in the communities, supporting small business by providing high technology and research, and export assistance-providing information/training opportunity how to export, sending trade missions, and export financing. Local government authorities in Korea should learn the community economic development policies administrated by the USA local governments so that they can avoid the potential try-and-errors in establishing, planning, and administrating their economic development policies.

• Korea Trade Review
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• v.41 no.5
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• pp.139-161
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• 2016

This study reviewed the perspective of the institutional application and trade finance settlement of Bank Payment Obligation(BPO). The BPO is a payment method based on trade data-matching which can be used for risk mitigation and payment. The BPO offers the institutional advantages such as an automated solution, an assurance of payment, an improved overall efficiency of business, risk mitigation for all parties, trade financing, etc. The BPO will be developed as a new trade payment method that meets the periodic paradigm thanks to many benefits and usefulness. The BPO will greatly improve the efficiency and stability of the trade payment system in that it is operated by a technology-enabled, databased mechanism that can be applied to a variety of trade transactions. So, the BPO is expected to evolve into an alternative instrument of the trade payment system. This paper is based on documentary research focusing on papers, websites of ICC and SWIFT, and international regulation and laws and so on.