• Journal of Distribution Science
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• v.14 no.2
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• pp.13-22
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• 2016

Purpose - We examine the marginal value of cash in Korean retail firms, largely unexamined in literature. The marginal value of cash plays pivotal role in cash management policy; especially, a significantly low marginal cash value indicates substantial manager-shareholder conflicts. Research design, data, and methodology - We estimate marginal cash values by adopting the approach of Faulkender & Wang (2006). The sample of retail firms traded in Korean Stock Exchange from 1991 to 2013 is analyzed. Results - We estimate the marginal value of cash for the retail firms as 0.75, implying significant manager-shareholder conflicts. We find a lower marginal value of cash for financially constrained retail firms, contradicting existing theories. The marginal value of cash increases substantially after 2000s, suggesting severe agency conflicts in 1990s as a key reason behind our findings. Conclusions - Our findings support the substantial resource diversion problem in Korean firms and the agency theory of cash management policy. Our results argue against the widely accepted view focusing on implications of financial constraints, which highlights a need of new cash management theory.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.5-16
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.67-79
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• Journal of applied mathematics & informatics
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• v.8 no.1
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• pp.181-197
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• 2001

A heuristic method TABU-CSP using Tabu Search (TS) is described for solving Constraint Satisfaction Problems (CSPs). The method is started with a complete but inconsistent solution of a binary CSP and obtained in prespecified number of iterations either a consistent solution or a near optimal solution with an acceptable number of conflicts. The repair in the solution at each iterative step is done by using two heuristics alternatively. The first heuristic is a min-conflicts heuristic that chooses a variable with the maximum number of conflicts and reassigns it the value which leads to the minimum number of conflicts. If the acceptable solution is not reached after the search continued for a certain number of iterations, the min-conflict heuristic is changed and the variable selected least number of times is chosen for repair. If an acceptable solution is not reached, the method switches back to the min-conflict heuristic and proceeds further. This allowed the method to explore a different region of search space space for the solution as well as to prevent cycling. The demonstration of the method is shown on a toy problem [9]which has no solution. The method is then tested on various randomly generated CSPs with different starting solutions. The performance of the proposed method in terms of the average number of consistency is checked and the average number of conflicts is conflicts is compared with that of the Branch and Bound(BB) method used to obtain the same solution. In almost all cases, the proposed method moves faster to the acceptable solution than BB.

• Journal of the Daesoon Academy of Sciences
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• v.40
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• pp.1-38
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• 2022

The aim of this research is to discover the value of peace conveyed by Haewon Sangsaeng, the Resolution of Grievances for Mutual Beneficence, as espoused by Holy Teacher Kang Jeungsan (姜甑山, 1871~1909) and to evaluate its modern significance. To the faithful, Jeungsan is seen as the Supreme God who descended into the world in the Late Joseon Dynasty in the year 1871. Until the time of His passing away into Heaven in 1909, He vastly saved the world and fulfilled the hopes of humankind by carrying out the fundamentally innovative Reordering Works of Heaven and Earth (1901~1909) in the Three Realms of Heaven, Earth, and Humanity. He has thereby been appraised as a great religious figure within religious and academic circles. Jeungsan's ideological contributions can be summarized into two main points. One is the concept of 'the Great Opening and the Later World,' which foreshadowed the liquidation of the old system of order and the arrival of a new world. The other contribution is the concept of 'the Resolution of Grievances for Mutual Beneficence,' a fundamental principle meant to achieve human salvation and world peace. In this context, 'the Great Opening' is precisely a 'positivistic religious expression of peace,' and 'the Resolution of Grievances for Mutual Beneficence' is the principle by which 'peace can be achieved in the world for all humankind.' In particular, the Resolution of Grievances for Mutual Beneficence is a tenet within the doctrine of Daesoon Jinrihoe, and it is the main concept that forms the basis of Daesoon Thought. It can be said to be the core current that flows through Jeungsan's Reordering Works of Heaven and Earth. Nowadays, the Resolution of Grievances for Mutual Beneficence is being discussed and cited in various ways in academic fields as well as in discourse on coexistence, mutual beneficence, and peace. The Resolution of Grievances for Mutual Beneficence is specifically based on observations of the structure of conflicts as observed throughout world history via global conflicts, regional conflicts, cultural conflicts, ideological conflicts, class conflicts, generational conflicts, racial conflicts, religious conflicts, and other such conflicts. That is why the Resolution of Grievances for Mutual Beneficence is discussed in depth within academic settings wherein the nature of conflict-resolution is examined. Looking at the previous studies on this topic, those studies tended to focus on key concepts or concerns such as human beings, divine beings, the earthly paradise of the Later World, ideal societies, world peace, new principles of order, and lasting peace. In particular, the Resolution of Grievances for Mutual Beneficence has been presented as directly related to concepts such as love, coexistence, harmony, and peace for humankind and the world. Its significance has been applied to ethics, philosophy, order, and principles, and it has been understood as conveying values such as peace. Accordingly, this paper examines the ideological connections to the succession and establishment of Jeungsan's notion of the Resolution of Grievances for Mutual Beneficence based on previous research, but further examines the value of peace communicated via the principles and ideas that pervade current discourse on the Resolution of Grievances for Mutual Beneficence. I hope to thoroughly explore Haewon Sangsaeng in regards to its modern significance to the world and to humankind.

• The International Journal of Costume Culture
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• v.5 no.3
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• pp.184-203
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• 2002

This study considers the fashion as an expressive object of mental value system in order to understand muitivocal value groups. Because the external behavior aspects and internal values of muitivocal value groups are getting more ambiguous in these days. This purposes of this study are as follows; first, this paper examines diversely how these groups affect modern fashion through analysis multivocal value groups after 1990s, and makes clear that various social, cultural, and economical values are important factors for changing symbolic standard connected with fashion. Second, it aims at expanding the positive recognition of the conflicts that exist among various values, and aesthetical recognition that overcome the discrepancy and such conflicts. For this aim, this paper analyzes the social and cultural aspects, aesthetic taste, life style of such groups focusing on Dink, Yiffie, Yettie, Bobos. We examine these groups' characteristics and their effect on modern fashion by categorizing them into Snob Look, Vintage Fashion, Unbalance Fashion, and Caports Look. This paper conducts the previous literature review and the practical analysis on periodical publications and Internet websites concerning fashion. Consequently, this kind of study is useful for providing a theoretical background that would explain the multilateralism in fashion, with uncertain in useful and culture, and changing the obvious confusion to another dimension of order.

• Journal of Families and Better Life
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• v.32 no.5
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• pp.63-86
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• 2014

The present study aims to phenomenologically investigate the adaptation experiences of Vietnamese immigrant women, with in the sociocultural context of their native country. In-depth interviews with a total of seven Vietnamese immigrant women were analyzed by the phenomenological method of A. Giorgi(1997). A total of 127 meaning units and 7 themes with 17 sub-themes, which rendered central meanings that indicated situational structures, were derived. The statements of situational structures were re-categorized in accordance with the sociocultural context of their native country. As the socioeconomic aspect, "aspiration for new opportunities and a new world" and "disappointment and frustration" were derived. The aspect of familial value and culture involved "conflicts over the unilateral acceptance of differences" and "building social relationships". The aspect of female status was associated with "conflicts due to patriarchal hierarchy". The aspect of child caring involved "education as a symbolic value" and the "double-sidedness of mother identity strategy". The gist of Vietnamese immigrant women's adaptation experiences is "to grow into a subjective mother despite conflicts due to the disappointment and frustration behind aspirations".

• Journal of Korean Biological Nursing Science
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• v.23 no.3
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• pp.237-246
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• 2021

Purpose: To determine effects of family conflict mitigation documentary programs on conflicts, autonomic nerve activation (ANA), and happiness of elderly in long-term care hospitals. Methods: This study used a non-equivalent control group with a pretest-posttest design. It was conducted on 39 elderly patients (19 in the experimental group and 20 in the control group) in long-term care hospitals. The experimental group (n=19) received family conflict mitigation documentary programs. The family conflict mitigation documentary programs consisted of four sessions (40-50 minutes per session). These programs were implemented in small groups, with each group having five elderly. Data were analyzed by sing the conflict checklist, the Oxford Happiness Questionnaire, Chi-square test with Fisher's exact test, independent t-test, paired t-test, and repeated measure ANOVA using the SPSS/WIN 21.0 program. Results: The participants in the experimental group showed significantly decreased scores of conflict (t=-2.31, p=.028) and the value of sympathetic nervous system activity (t=8.36, p=.007) compared with those of the control group. The participants in the experimental group showed significantly increased the value of parasympathetic nervous system activity (t=-2.91, p=.008) and scores of happiness (t=5.46, p<.001). Conclusion: The family conflict mitigation documentary programs on conflicts, ANA, and happiness of the elderly in long-term care hospitals are effective intervention programs for mitigating conflicts between elderlies and their families and for improving happiness of the elderly in long-term care hospitals.

• Human Ecology Research
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• v.52 no.4
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• pp.355-369
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• 2014

The in-law relationship traditionally plays a major role in Korean marriages and families because parents-in-law prefer to stay with their son under the same roof. The recent spike in the number of intercultural matches in South Korea may be provoking changes in the traditional family experience. The object of this qualitative study was to explore the contextual factors causing conflicts between mothers-in-law and their daughters-in-law in multicultural families. Six mother and daughter in-law dyads from rural areas of South Korea were recruited and interviewed. We found that the mothers-in-law and daughters-in-law had had different motives for the marriage at first. Five major themes emerged from the analysis of the dyadic interviews: the conflicts of the participants were embedded in the alternative family formation, in financial strains and the power structure, barriers in communication, cultural insensitivity and conflicts between value systems, as well as in role conflicts due to differing role expectations and hegemony. In conclusion, the authors of this study suggest that increasing cultural sensitivity and communication skills in immigrant daughter-in-law an Korean mother-in-law relationships will be crucial for a healthy in-law relationship. The need for the availability of Multicultural Family Centers' services in the community was highlighted. In order for mothers-in-law and daughters-in-law to form positive relationships, it is important to facilitate a variety of easily accessible educational programs in the community focusing on fostering the mother-in-law's understanding of the daughter-in-law's perspective.

• The Korean Journal of Community Living Science
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• v.20 no.4
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• pp.523-537
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• 2009

This research aimed to understand the current status of early childhood education and to develop a future direction of early childhood English education. One group interview and three private interviews were conducted with 10 early education teachers to obtain in-depth understanding of the problems inherent in English education. The findings show that there is an internal conflict in the teachers regarding the value of English education in early childhood. In addition, there are external conflicts with the children the parents, the English teacher, the program director, and the government in English education. It is concluded that the early childhood educators felt an internal conflict regarding the current, inappropriate execution of early English education which is lacking a suitable educational plan including goals and practices. Furthermore, the teacher's preference for English also contributed to the internal conflict regarding the belief in early childhood English education. Secondly, the external conflicts included: English teachers with inadequate understanding of comprehensive early childhood development, parents who show excessive interest in early childhood English education without regard to childhood development, the reality that early childhood English education is mostly influenced by the attitudes of the program director without regard for the conflicts experienced by the early childhood teacher, and the politics of the government continuing to ignore the reality that early childhood English education ontinues in practice without being included in the national curriculum.