• The Journal of Society for e-Business Studies
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• v.23 no.1
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• pp.47-63
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• 2018

This study suggested quantitative models to calculate a royalty rate as an important input factor of the relief from royalty method which has the characteristics of income approach method and market approach method that are generally used in the valuation of intangible assets. This study built a royalty rate regression model by referring to the patent infringement damages cases based on royalties, i.e., by using the royalty rates as a dependent variable and the patent indexes of the corresponding patent right as independent variables. Then, a logistic regression model was constructed by referring to inter-partes review cases of patent rights, i.e. by using not-unpatentable results as a dependent variable and the patent indexes of the corresponding patent right as independent variables. A final royalty rate was calculated by matching the royalty rate from the royalty rate regression model with a not-unpatentable probability from the logistic regression model. The suggested royalty rate was compared with the royalty rate obtained by the traditional methods to check its reliability.

• 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.

• KDI Journal of Economic Policy
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• v.14 no.2
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• pp.189-203
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• 1992

Any money model should address the most important phenomenon of a monetary economy, which is the phenomenon of the rate of return dominance. Even if the holding returns on financial or nonfinancial assets are higher than the rate of return on fiat money holding, which is typically zero, people still hold and use money. In a period of accelerating inflation, number of dominating assets increases continuously, yet people continue to hold and use money. Wallace's (1980) overlapping generations model cannot address the rate of return dominance phenomenon. His model does not capture the mediun of exchange role of fiat money. In this paper, an overlapping types model of fiat money is constructed, in which different types of consumers have different preferences on different types of goods, are endowed with different types of goods, are located at seperated regions, and live for only two periods. In this model, people hold and use money despite the dominating assets, even if inflation accelates. Money in this case serves as a pure medium of exchange, whereas in Wallace's model, money serves as a pure store of value, and money disappears if a dominating asset exists. An interesting feature of the overlapping types model presented in this paper is that money does not provide a cheap approximation to an idealized and efficient real allocation. A monetary economy is always superior to a nonmonetary economy, because money helps overcome the incompleteness of the overlapping types friction. In a monetary economy, however, a pareto optimal allocation cannot always be achieved, because money cannot always overcome the overlapping types friction itself. Therefore, with the criterion of optimality of real allocations, the monetary economy is more optimal than a nonmonetary economy but less optimal than a complete Arrow-Debreu economy. This feature has important implications on macro modelling. Because of the difficulty in introducing money into a macro model in an essential and endogenous manner as in the overlapping types model of this paper, a macro model typically ignores money and studies real allocations without the money factor. The possible inefficiencies of a monetary economy, relative to a complete real Arrow-Debreu economy, may indicate differences in real allocations between the two models.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.2
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• pp.1118-1125
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• 2014

The past IMF foreign exchange crisis and subprime financial crisis had a big influence on variability of macroeconomics, even if the origin of its occurrence might be different. This not only had a significant infrequence on the overall industries, but also produced many insolvent companies by being closely linked with a management environment of an individual construction company leading the construction industry. The purpose of this research is to investigate characteristics of management condition of construction company according to the size of construction company using KMV model developed on the basis of the Black & Scholes option pricing theory. This research has set 28 construction companies listed to KOSPI/KOSDAQ for applying the KMV model and measuring the level of the default risk of construction companies. The data was retrieved from TS2000 established by Korea Listed Companies Association (KLCA), Statistics Korea. The analysis period is between first quarter of 2004 and fourth quarter of 2010. This research examine characteristics of the level and fluctuation process of the management condition of construction company according to the size of construction company.

• Journal of Cadastre & Land InformatiX
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• v.48 no.2
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• pp.121-135
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• 2018

The ministry of land, Infrastructure and transport has revised the "National Land Planning and Utilization Act" in 2012. As a result, the regulation of floor area ratio for land covering two or more zoning area has been changed. This study conducted an analysis of the policy effects of changes in the criteria for the application of the floor area ratio by revising the "National Land Planning and Utilization Act". Land covering two or more zoning area means a street side commercial area and street side residential area that is generally understood. This study analyzed the policy effects in Gangnam-gu which has relatively large areas of street side commercial area and street side residential area. The 468 office building transaction cases were analyzed in Gangnam-gu from 2007 to 2017. The result shows that the office building, which has received incentive for policy changes, reported a 19.08% rise in price compared to the one that did not. It means that the economic effects of change of application standard were significant. The existing policy also served as a restriction on land use by landowners, which in turn contributed to the devaluation of the asset's intrinsic value. Therefore, this study may have contributed to the rational use of land and to provide an empirical basis for the change in policy to be assessed for its intrinsic value.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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• v.9 no.4
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• pp.325-336
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• 2019

There are many bamboo weir (Juk-Bang-Ryeum) with the highest preservation value as a fisheries heritage from Sacheon to Namhae area in the Korea Hanrye National Marine Park. It was designated as a Korea National Cultural Property Sightseeing No. 71, and also as an important fishery asset listed in the Korea National Important Fisheries Heritage No. 3. It is an important cultural heritage that should be preserved for the future as a community asset to the local residents, and should be preserved as it's original form because of unique traditional fishery style in the world as well as natural environment oriented fishing system. The purpose of this study is to review the value of Juk-Bang-Ryeum in the South Sea as well as to preserve the tradition of it. This paper will make a contribution to the registration of it on the list of World Important Agricultural and Fishery Heritage (GIAHS), which is recognized by the United Nations Food and Agriculture Organization (FAO). To make basic data for listing on it, we will analyze the characteristics and structure of Juk-Bang-Ryeum, and also research the value of it from the historical literature review as well state of arts. We also develop a scheme for listing on FAO GIAHS through checking necessary items step by step. Finally, we suggest some idea to preserve it more effectively.

• Management & Information Systems Review
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• v.29 no.4
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• pp.23-44
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• 2010

This study examines the value-relevance of accruals and discretionary accruals. Also, by examining the effects of the corporate life-cycle on these relationship, this study is able to provide evidence of the value-relevance of accruals and discretionary accruals measures in the economic context of life-cycle theory. This study uses results based on life-cycle classification methods developed by Anthony and Ramesh(1992), adjust Jones model and Dechow Dechev(2002) model. We classify firms using individuals variables(sales growth, capital expenditure growth, employee growth) and then use a composite score obtained from all variables for classification. Our sample consists of 272 firms listed in the Korean Stock Exchange during 14 years(1996-2009). Our final sample for regression variables consists of 2,448 firm-year observations. This evidence implies that the value-relevance of accruals and discretionary accruals in the growth and mature stage can have positive impact on the price but in the decline the value-relevance of accruals and discretionary accruals can have negative impact on the price. The results mean that discretionary accruals communicate managements' private information in the growth stage, but. earnings management in the decline stage. The results of this study suggest that corporate life cycle stages influence the value-relevance of accruals and discretionary accruals measures.

• Management & Information Systems Review
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• v.33 no.4
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• pp.21-38
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• 2014

This study investigates whether and how a firm's cost of equity is influenced by the extent of a firms's name change. Even though corporate name change doesn't give any benefit to investors, it can be a signaling about firm's future valuation. And also, if that signaling has high credibility, it can be decrease information cost and the firm's cost of equity. on the contrary to this, if corporate name change is kind of break with the past and corporate image laundering, it is bad signaling to investors. So it can be increase information risk and the firm's cost of equity. Using yearly cross-sectional regressions of the cost of equity on our proxies for corporate name change, size, beta, market-to-book ratio and other innate risk factor over the 2005-2010, we find that the cost of capital is positively associated with corporate name change after controlling for all other factors. This result implies that corporate name change increase information risk of the business, and thus increase information asymmetries between managers and outside investors with respect to a firm's true future value. This increases information risk, and creates an adverse selection problem, on the part of outside investors. Rational investors therefore demand a premium for bearing this corporate name change-related information risk, which in turn leads us to observe a positive relation between the intensity of corporate name change and the cost of equity.

• Journal of Distribution Science
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• v.4 no.1
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• pp.5-26
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• 2006

As the capital of knowledge becomes more important than traditional capital like land or labor in the 21st century, the most competitive resource for corporations is knowledge. Furthermore, corporations may evaluate and improve latent knowledge of 'intellectual capital(IC)' within organizations, which will enhance their performance in the future. However, most Korea Distribution Companies have evaluated only tangible assets, ignoring latent capital. Since enterpreneurs have recognized that they cannot explain the difference between maret value and book value, the major advanced states lead to more sophisticated techniques to evaluate IC value. Although it is extremely important and urgent to evaluate IC value, the indexes of evaluating IC have never been examined and have been adopted by many corporations. Therfore, this study intends to develop a index for IC valuation. This study hopes to give some insights into the practical use of intellectual capital for the Korea Distribution Companies and help them develop a strategic perspective to enhance their competitiveness.

• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.19-38
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• 2013

This paper explores the relationship between shipping firm's investment and debt-ratio characteristics. Using a panel of 41 shipping firms from 2006 to 2011, this study finds evidence that debt/asset ratio and leverage are negatively associated with firm's investment activities. This relationship shows that volume of debt and capital structure are critical decision factor on firm's investment and capital financing. In terms of financial expenses to sales, positive relationship is existed with firm's investment finding that financing cost is important to investment. The previous study of the firm's investment in other sector also shows a negative relationship with debit ratio. This study is also interested in the extent to which the firm's investment is affected by firm size because there is general agreement that smaller firms have less access to external capital markets. As results, smaller companies group have more positive relationship with factors related to financing cost such as financial expenses to sales and tax. On the other hand, bigger companies group shows the evidence that firm investment is positive relationship with asset size. The analysis corresponding to economic fluctuation shows that debit ratio is more sensitive to firm's investment during a recession. On the other hand, financial expenses to sales is more related to firm's investment during an economic boom.