• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.11
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• pp.6630-6638
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• 2014

The concerns for higher returns among investors in Korea are increasing as local interest rates lag behind the global market. The aim of this study was to provide a basis for estimating the precise return on investment to private investors and stakeholders of office buildings by identifying the optimal scale estimation of office building space, derived from managerial expenses. The literature on the economies theories of scales were reviewed, and the average administrative costs on an appropriate scale were assessed by cross-analysis and regression analysis using the U-shaped quadratic and cubic function. The findings suggest that the average office building managerial costs are approximately 6-11% according to the region, 10-13% according to the grade, and 8-9% according to size. Corporate-owned buildings represent the highest in terms of the average managerial costs, and there is an approximately 11.5% difference when it comes to outsourcing. In addition, the elapsed year showed that approximately 5.3 years to meet the lowest U-shaped curve of the average managerial cost. The 'Total floor area' variable shows a ${\bigcap}$-shape as it continue to increase to 72,000-Pyung then decrease gradually. This study presents the fundamental proposition of efficient and practical management of cost, lease and operation for real estate management firms by utilizing LCC.

• Journal of Intelligence and Information Systems
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• v.29 no.2
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• pp.1-22
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• 2023

Existing studies on mixed ratings that combine ESG ratings and credit ratings have been rare. Through meta-frontier analysis, this study examines the relationship between the prime and non-prime groups in ESG ratings, credit ratings, and mixed ratings that consider ESG ratings and credit ratings at the same time. Efficiency was compared. Meta-frontier analysis was used to compare the efficiency of 143 listed manufacturing companies in Korea between the prime and non-prime groups based on the ESG ratings assigned to them by KCGS and the credit ratings assigned by Korea's three major credit rating agencies. As a result of this study, first, the meta-efficiency of the prime mixed-grade group was statistically more efficient than the non-prime mixed-grade group under the variable return scale (VRS) assumption. Second, the prime ESG rating group had a relatively higher proportion of scale inefficiency than the non-prime ESG rating group. Third, in terms of economies of scale, the prime credit rating group had a higher proportion of diminishing returns to scale (DRS) than the non-prime credit rating group. This study will help companies interested in sustainability management to do ESG management.

• Journal of Navigation and Port Research
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• v.39 no.1
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• pp.55-60
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• 2015

The purpose of this study is to suggest a major strategy to become effective for each port in Northeast Asia by analyzing the relative efficiency of each port to determine the current level of efficiency, efficient harbors plan. Individual port of the major 16 ports in Northeast Asia was analysed targeting efficiency and relative efficiency. In this study, DEA technique was used. Of the DEA model, CCR (constant returns to scale) models and BCC (variable return to scale) model was applied to analyze the efficiency and effectiveness of the port. Then the efficiency measured through CCR model is again compared with the efficiency measured by the BCC model. In this way, the empirical analysis includes the input factors of the operating ports such as the number of berths, wharf, depth, total area of the pier, C / C numbers and output elements includes the container throughput. The results of the study show that most of the ports in China is efficient whereas those in Korea and Japan are relatively inefficient. There are some pairs of ports which has the similar input factors, like Busan port and Shanghai port, Lianyungang port and Incheon port, Dalian port and Gwangyang port, but the container throughput of them has a huge difference.

• Journal of Korean Society of Forest Science
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• v.80 no.1
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• pp.72-81
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• 1991

This study was carried out to provide necessary information for improving quarrying industry management in Korea. The results of the study are summarized as follows : 1. In aggregate and building-stone quarrying firms the managers over 40 years of age are 97% and 89.1%, the ones above education level of high school are 90% and 85% and the ones not more than 10 years of quarrying experience are 70% and 52%, respectively. Accordingly it can be pointed out that most of the managers of two types of firms are relatively old, have high educational background, while quarrying experiences of building-stone firm managers are longer than that of aggregate firm managers. 2. Most of the management forms are social corporation(60%) for aggregate quarry firms and private management(76%) for building-stone firms. Average areas of permitted stone-pits of aggregate and building-stone quarries are about 2.86ha and 1.66ha respectively. That is, aggregate quarrying firms are carried on a larger scale than building-stone quarrying firms. 3. The yearly average product of aggregate quarrying firms has increased steadily from $88.961m^3$ in 1985 to $144.028m^3$ in 1988, while, in case of building-stone quarry firms, it has significantly increased from $4.155m^3$ to $19.462m^3$ from 1985 to 1987, but reduced to $13.400m^3$ in 1988. Unstable production activities of building-stone quarrying firms may require continuous government support. 4. Major cost items are equipment rental, depreciation, salaries, repair, maintenance for aggregate quarrying firms, and salaries, depreciation, fuel, tax for building-stone quarrying firms. The yearly average rate of return is about 9.7% for aggregate quarry firms and 2.6% for building-stone quarry firms. It can be pointed out that aggregate quarrying firms is better managed than building-stone quarrying firms. 5. The production elasticity of salary for aggregate quarrying firms is 0.495, that of employees is 0.559, and that of capital service is 0.513. The sum of the elasticities is 1.257>1. Fur building-stone quarrying firms, that of employees is 0.492, that of variable costs is 0.192, and that of capital service is 0.498. The sum of elasticities is 1.172>1, thus denotes the increasing returns to scale for both types quarrying firms. 6. The ratio of marginal value product to opportunity cost of empolyees is 2.54, that of variable costs is 3.62, and that of capital service is 1.45, in aggregate quarrying firms. That of employees is 2.47, that is variable costs was 2.34, and that of capital service is 19.67 in building-stone quarrying firms. Therefore the critical factors for more expansion of management scale in aggregate quarrying firms are variable cost and employees, and are capital service in building-stone quarry ing firms. 7. The break-even points of stone sales are about 0.587 billion won and 0.22 billion won in aggregate and building-stone quarrying firms respectively. The optimum sales Level for profit maximization are about 2.0 billion and 0.5 billion in aggregate and building-stone quarry firms respectively.

• Journal of Korean Society of Transportation
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• v.21 no.4
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• pp.113-132
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• 2003

Using nonradial data envelopment analysis(DEA) under assumptions of strong disposability and variable returns scale, this paper annually estimates productive. technical and allocative efficiencies of three publicly-owned rail transit properties which are different in terms of organizational type: Seoul Subway Corporation(SSC, local public corporation), the Seoul Metropolitan Electrified Railways sector (SMESRS) of Korea National Railroad(the national railway operator controlled by the Ministry of Construction and Transportation(MOCT)), and Busan Urban Transit Authority (BUTA, the national authority controlled by MOCT). Using the estimation results of Tobit regression analysis. the paper next computes their true productive, true technical and true allocative efficiencies, which reflect only the impacts of internal factors such as production activity by removing the impacts of external factors such as an organizational type and a track utilization rate. And the paper also computes an organizational efficiency and annually gross efficiencies for each property. The paper then conceptualized that the property produces a single output(car-kilometers) using four inputs(labor, electricity, car & maintenance and track) and uses unbalanced panel data consisted of annual observations on SSC, SMESRS and BUTA. The results obtained from DEA show that, on an average, SSC is the most efficient property on the productive and allocative sides, while SMESRS is the most technically-efficient one. On the other hand. BUTA is the most efficient one on the truly-productive and allocative sides, while SMESRS on the truly-technical side. Another important result is that the differences in true efficiency estimates among the three properties are considerably smaller than those in efficiency estimates. Besides. the most cost-efficient organizational type appears to be a local public corporation represented by SSC, which is also the most grossly-efficient property. These results suggest that a measure to sort out the impacts of external factors on the efficiency of rail transit properties is required to assess fairly it, and that a measure to restructure (establish) an existing(a new) rail transit property into a local public corporation(or authority) is required to improve its cost efficiency.