• Korean small business review
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• v.42 no.3
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• pp.173-193
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• 2020

This study analyzes the effects of KOSDAQ-listed firms' convertible bonds, which have recently increased rapidly in number and size. Although KOSDAQ companies are called mid-size companies, KOSDAQ companies belong to SMEs. Furthermore, convertible bonds have traditionally been a critical capital raising tool for SMEs in the US and Europe. In Korea, KOSDAQ companies actively employ convertible bonds. Convertible bonds provide investment incentives for hesitant investors, allowing companies to raise capital at low interest rates. This study analyzes whether capital raising through issuance of convertible bonds by KOSDAQ companies affects their financial constraints. Financial constraints result from incomplete capital markets, which are embedded in most companies and countries.. In particular, financial constraints have a significant impact on the growth and survival of SMEs. The seminal study FHP(1988) is the most important and effective study of firm's financial constraints. We find that FHP's financial constraint measures show that convertible bond issuance would mitigate the financial constraints of KOSDAQ companies. However, the significance of the evidence is not strong.

• Journal of Legislation Research
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• no.41
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• pp.43-85
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• 2011

Child and youth welfare law in Korea is vague and complex. In a narrow sense it means the research on the provisions of the Child Welfare Act. In a broad sense it embraces all of the social welfare system regarding to the protection for children and youth. Regardless of the scope of child and youth welfare law it should be cleared what the term of child and youth means in Korean legal regulation. Historically, child protection in Korea was based on the good intentions of individuals to protect war orphan children from poverty or danger after the end of the Korean War. It is the story of the evolving status of children from being viewed as dependant of the parents to becoming rights-based citizens, even not in Constitution. In Korea neither parents nor children have constitutionally recognized right. According to Korean Constitution the parents have only the obligation to educate their children. And the state ist obliged to improve the welfare of the youth(section 34). In compliance with this article there are lots of statutes regulating youth welfare. This article reviews the legal definition of child and youth to test the uncertain definition of child and youth welfare in relation to the treatment of children's and youth's legal status in Korea. According to the Child Welfare Act child is the person under age of 18, while the legal definition of youth oscillates between the person under the age of 19 and the person over the age 9 to the age of 23. As a result child welfare is often used as the synonym of youth welfare, and vice versa. The lack of the arrangement of the legal definition of child and youth is based on the historical reasons that the legal definitions of youth (under the age of 19 or over the age 9 to the age of 23) newly appeared in the statutes regulating youth welfare, whereas the Child Welfare Act still maintained the definition of child under the age of 18. In order to get rid of the confusion of the definition of the child and youth, a part of certain statues should combine with another Act according to the purpose of the individual amended statutes. And the definition of child and youth should be subdivided into 3 or 4 classes, namely infant(0-6), child(7-13), youth(14-18) and young adult(19-26). Furthermore this article proposes a reform of the existing legal system pursuant to the nature of the law, i.g. whether the issued or amended Act takes on a selective(residual) or universal character.

• The Korean Journal of Air & Space Law and Policy
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• v.29 no.2
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• pp.3-54
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• 2014

The Republic of Korea enacted the Air Transport Act in Commercial Law which was entered into force in November, 2011. The Air Transport Act in Korean Commercial Law was established to regulate domestic carriage by air and damages to the third party which occur within the territorial area caused by aircraft operations. There are some problems to be reformed in the Provisions of Korean Commercial Law for the aircraft operator's liability of compensation for damages to the third party caused by aircraft operation as follows. First, the aircraft operator's liability of compensation for damages needs to be improved because it is too low to compensate adequately to the third party damaged owing to the aircraft operation. Therefore, the standard of classifying per aircraft weight is required to be detailed from the current 4-tier into 10-tier and the total limited amount of liability is also in need of being increased to the maximum 7-hundred-million SDR. In addition, the limited amount of liability to the personal damage is necessary to be risen from the present 125,000 SDR to 625,000 SDR according to the recent rate of prices increase. This is the most desirable way to improve the current provisions given the ordinary insurance coverage per one aircraft accident and various specifications of recent aircraft in order to compensate the damaged appropriately. Second, the aircraft operator shall be liable without fault to damages caused by terrorism such as hijacking, attacking an aircraft and utilizing it as means of attack like the 9 11 disaster according to the present Air Transport Act in Korean Commercial Law. Some argue that it is too harsh to aircraft operators and irrational, but given they have also some legal duties of preventing terrorism and in respect of helping the third party damaged, it does not look too harsh or irrational. However, it should be amended into exempting aircraft operator's liability when the terrorism using of an aircraft by well-organized terrorists group happens like 9 11 disaster in view of balancing the interest between the aircraft operator and the third party damaged. Third, considering the large scale of the damage caused by the aircraft operation usually aircraft accident, it is likely that many people damaged can be faced with a financial crisis, and the provision of advance payment for air carrier's liability of compensation also needs to be applied to the case of aircraft operator's liability. Fourth, the aircraft operator now shall be liable to the damages which occur in land or water except air according to the current Air Transport Act of Korean Commercial Law. However, because the damages related to the aircraft operation in air caused by another aircraft operation are not different from those in land or water. Therefore, the term of 'on the surface' should be eliminated in the term of 'third parties on the surface' in order to make the damages by the aircraft operation in air caused by another aircraft operation compensable by Air Transport Act of Korean Commercial Law. It is desired that the Air Transport Act in Commercial Law including the clauses related to the aircraft operator's liability of compensation for damages to the third party be developed continually through the resolutions about its problems mentioned above for compensating the third party damaged appropriately and balancing the interest between the damaged and the aircraft operator.

• Korean Journal of Heritage: History & Science
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• v.45 no.4
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• pp.140-157
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• 2012

The result of a study on the useful trend of plants related to landscape and how to plant and cultivate through 'ImwonGyeongjaeji Manhakji'of Seoyugu is as follows: First, 'ImwonGyeongjaiji Manhakji', composed of total 5 volumes (General, Fruit trees, vegetables and creeper, plants, others) is a representative literature related to landscape which described the names of plants and varieties, soil condition, how to plant and cultivate, graft, how to prevent the insect attack etc systematically. Second, he recorded the tree planting as Jongjae(種栽) or Jaesik(栽植), and the period to plant the trees as Jaesusihoo(栽樹時候), transplanting as Yijae(移栽), making the fence as Jakwonri(作園籬), the names of varietieis as Myeongpoom(名品), the suitable soil as Toeui(土宜), planting and cultivation as Jongye(種藝), treatment as Euichi(醫治), protection and breeding as Hoyang(護養), garden as Jeongwon(庭園) or Wonpo(園圃), garden manager as Poja(圃者) or Wonjeong(園丁). Third, the appearance frequency of plants was analyzed in the order of flowers, fruits, trees, and creepers and it showed that the gravity of deciduous trees was 3.7 times higher than that of evergreen trees. The preference of flower and trees, fruit trees and deciduous trees and broad-leaved trees includes (1) application of the species of naturally growing trees which are harmonized with the natural environment (2) Aesthetic value which enables to enjoy the beauty of season, (3) the trend of public welfare to take the flowers and fruits, (4) the use of symbolic elements based on the value reference of Neo-Confucianism etc. Fourth, he suggested the optimal planting period as January(上時) and emphasized to transplant by adding lots of fertile soil and cover up the seeds with soil as high as they are buried in accordance with the growing direction and protect them with a support. That is, considering the fact that he described the optimal planting period as January by lunar calendar, this suggests the hints in judging the planting period today. For planting the seeds, he recommended the depth with 1 chi(寸 : approx. 3.3cm), and for planting a cutting, he recommended to plant the finger-thick branch with depth 5 chi(approx. 16.5cm) between January and February. In case of graft of fruit trees, he described that if used the branch stretched to the south, you would get a lot of fruit and if cut the branches in January, the fruits would be appetizing and bigger. Fifth, the hedge(fence tree) is made by seeding the Jujube tree(Zizyphus jujuba var. inermis) in autumn densely and transplanting the jujube tree with 1 ja(尺 : approx. 30cm) interval in a row in next autumn and then binding them with the height of 7 ja(approx. 210cm) in the spring of next year. If planted by mixing a Elm tree(Ulmus davidiana var. japonica) and a Willow(Salix koreensis), the hedge whose branch and leaves are unique and beautiful like a grating can be made. For the hedge(fence tree), he recommended Trifoliolate orange(Poncitus trifoliata), Rose of sharon(Hibiscus syriacus), Willow(Salix koreensis), Spindle tree(Euonymus japonica), Cherry tree(Prunus tomentosa), Acanthopanax tree(Acanthopanax sessiliflorus), Japanese apricot tree(Prunus mume), Chinese wolf berry(Lycium chinense), Cornelian tree(Cornus officinalis), Gardenia(Gardenia jasminoides for. Grandiflora), Mulberry(Morus alba), Wild rosebush(Rosa multiflora) etc.

• Journal of Intelligence and Information Systems
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• v.18 no.3
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• pp.53-77
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• 2012

This study analyses the difference of contents and tones of arguments among three Korean major newspapers, the Kyunghyang Shinmoon, the HanKyoreh, and the Dong-A Ilbo. It is commonly accepted that newspapers in Korea explicitly deliver their own tone of arguments when they talk about some sensitive issues and topics. It could be controversial if readers of newspapers read the news without being aware of the type of tones of arguments because the contents and the tones of arguments can affect readers easily. Thus it is very desirable to have a new tool that can inform the readers of what tone of argument a newspaper has. This study presents the results of clustering and classification techniques as part of text mining analysis. We focus on six main subjects such as Culture, Politics, International, Editorial-opinion, Eco-business and National issues in newspapers, and attempt to identify differences and similarities among the newspapers. The basic unit of text mining analysis is a paragraph of news articles. This study uses a keyword-network analysis tool and visualizes relationships among keywords to make it easier to see the differences. Newspaper articles were gathered from KINDS, the Korean integrated news database system. KINDS preserves news articles of the Kyunghyang Shinmun, the HanKyoreh and the Dong-A Ilbo and these are open to the public. This study used these three Korean major newspapers from KINDS. About 3,030 articles from 2008 to 2012 were used. International, national issues and politics sections were gathered with some specific issues. The International section was collected with the keyword of 'Nuclear weapon of North Korea.' The National issues section was collected with the keyword of '4-major-river.' The Politics section was collected with the keyword of 'Tonghap-Jinbo Dang.' All of the articles from April 2012 to May 2012 of Eco-business, Culture and Editorial-opinion sections were also collected. All of the collected data were handled and edited into paragraphs. We got rid of stop-words using the Lucene Korean Module. We calculated keyword co-occurrence counts from the paired co-occurrence list of keywords in a paragraph. We made a co-occurrence matrix from the list. Once the co-occurrence matrix was built, we used the Cosine coefficient matrix as input for PFNet(Pathfinder Network). In order to analyze these three newspapers and find out the significant keywords in each paper, we analyzed the list of 10 highest frequency keywords and keyword-networks of 20 highest ranking frequency keywords to closely examine the relationships and show the detailed network map among keywords. We used NodeXL software to visualize the PFNet. After drawing all the networks, we compared the results with the classification results. Classification was firstly handled to identify how the tone of argument of a newspaper is different from others. Then, to analyze tones of arguments, all the paragraphs were divided into two types of tones, Positive tone and Negative tone. To identify and classify all of the tones of paragraphs and articles we had collected, supervised learning technique was used. The Na$\ddot{i}$ve Bayesian classifier algorithm provided in the MALLET package was used to classify all the paragraphs in articles. After classification, Precision, Recall and F-value were used to evaluate the results of classification. Based on the results of this study, three subjects such as Culture, Eco-business and Politics showed some differences in contents and tones of arguments among these three newspapers. In addition, for the National issues, tones of arguments on 4-major-rivers project were different from each other. It seems three newspapers have their own specific tone of argument in those sections. And keyword-networks showed different shapes with each other in the same period in the same section. It means that frequently appeared keywords in articles are different and their contents are comprised with different keywords. And the Positive-Negative classification showed the possibility of classifying newspapers' tones of arguments compared to others. These results indicate that the approach in this study is promising to be extended as a new tool to identify the different tones of arguments of newspapers.

• Korean Journal of Heritage: History & Science
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• v.47 no.2
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• pp.86-113
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• 2014

This study has researched the characteristics and elements of Chwibyeong (翠屛), a sort of trellis in the Joseon Dynasty through the old documents, and the original form of Chwibyeong at Juhapru (宙合樓) in Changdeuk Palace. The results were as follow. First, as the result of literatures analysis for Imwon-gyeongje-ji (林園經濟志) and Jeungbo-sallim-gyeongje (增補山林經濟), the plant screen was classified as kinds of support[frame] material, plants and methods of planting. It was found that the supports of Chwibyeong were made of bamboo or the material such as the Jinjangmok (眞長木: a stick of oak) and Giryu (杞柳: Salix purpurea var. japonica). The evergreen coniferous trees including Pinus densiflora, Taxus cuspidata and Thuja orientalis were mainly used for the plant material of Chwibyeong. The general planting method of Chwibyeong was to plant on the ground, but sometimes the container planting was also found on the artificial ground. Second, the term of 'Chwibyeong' in the literatures was used in only the screen made by evergreen trees, and the superordinate category term of it was indicated by 'byeong (屛)'. Therefore Chwibyeong was a compound word formed from 'chwi (翠)' which means the characteristics of evergreen and 'byeong' as tree screen which the support was made by bamboo. And Chwibyeong had semantic context which was combined with the literary symbolization to describe a landscape of green peak and Taoist ideology be inherent from 'twelve peaks of Musan[巫山十二峰]' in Sichuan sheng (四川省). Thirdly, the photograph of Chwibyeong at Juhapru taken by the 1880s, showed that Chwibyeong was made with coniferous trees and was almost 2 meters high. The Chwibyeong at Juhapru was removed during the Japanese colonial era, but a few yew trees(Taxus cuspidata) used for Chwibyeong are still remaining. And some Juniperus chinensis which the composition time is unclear, were cultivated while hung loose its branchs at the sides of Eosumun (魚水門). This Junipers were presumed to be planted by Japanese after Japanese annexation of Korea(1910), and it was judged that both of the roofs of Eosumun's side gates might have been transformed into Japanese style at the same time. Lastly, Chwibyeong at Juhapru was restored in 2008 but it was restored in wrong way from original form without precise research. Especially Chwibyeong was restored with Sasa boreralis which is damaged by frost, so it requires exertion that should revive the originals to plant original material as much as possible. And it needs the development of fabrication technique for Chwibyeong and the application to current landscape architecture.

• Korean Journal of Heritage: History & Science
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• v.52 no.2
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• pp.254-267
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• 2019

Clamp resist dyeing is a resist dyeing technique in which a fabric is sandwiched between two or more pieces of woodcarving and then a pattern is expressed by dyeing. Records from nine years of King Heungdeok's reign during the Unified Silla dynasty show that the use of the clamp resist dyeing technique was banned for different garments. This was only for garments of YOOKDUPUMNYEO (六頭品女) or OHDUPUMNYEO (五頭品女). Given this, it can be assumed that clamp resisted fabrics were widely used, and the technique had been established during the Unified Silla dynasty or before. However, only the term can be found in the records. Neither its definition nor how this technique was used is explained. Also, it is difficult to assume the types and features of clamp resist dyeing due to a lack of materials. A small number of relics from the Goryeo dynasty still remain, though. Craft techniques have developed through international exchanges and have changed according to respective nations' circumstances including politics, economics, society, and culture. Hence, this research analyzed documents and relics from China and Japan, two countries neighboring the Republic of Korea, and studied the different types and features of clamp resist dyeing techniques. Clamp resist dyeing techniques were divided into monochromatic or multichromatic according to the number of colors that represented patterns, rather than according to the respective nations' features. They were also classified into mono, bilateral symmetry, or vertical-bilateral symmetry according to the structure of the patterns. Through the study of examples of inherited or reproduced dyeing techniques in China and Japan, it was confirmed that different engraving techniques, including relief, openwork, intaglio fit for the feature of a pattern and the number of colors, were applied in order to vividly represent patterns on fabric. Using small flower pattern clamp resist dyed fine tabby in Amitabha of 1302, the only relic showing its patterns and colors in Korea, as the experiment subject, this research successfully reproduced a clamp resist dyeing technique through a successful experiment based on the basic materials from the dyeing technique case study. Due to the significance of the experiment on a clamp resist dyeing technique that stopped its transmission and shows the features of the technique, this study is expected to be a basic resource that can be used for future reproductions of multichromatic clamp resist dyeing techniques. Also, it is expected to be helpful in widening and recreating the world of Korean pattern dyeing with modern dyeing techniques.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.51-78
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• 2021

Followed by 'start-up', the theme of 'scale-up' has been considered as an important agenda in both corporate and policy spheres. In particular, although it is a term commonly used in industry and policy fields, even a conceptual definition has not been achieved from the academic perspective. "Corporate Growth" in the academic aspect and "Business Growth" in the practical management field have different understandings (Achtenhagen et al., 2010). Previous research on corporate growth has not departed from Penrose(1959)'s "Firm as a bundle of resources" and "the role of managers". Based on the theory and background of economics, existing research has mainly examined factors that contribute to firms' growth and their growth patterns. Comparatively, we lack knowledge on the firms' growth with a focus on 'annual revenue growth rate'. In the early stage of the firms, they tend to exhibit a high growth rate as it started with a lower level of annual revenue. However, when the firms reach annual revenue of more than 100 billion KRW, a threshold to be classified as a 'middle-standing enterprise' by Korean standards, they are unlikely to reach a high level of revenue growth rate. In our study, we used our sample of 333 companies (6.7% out of 5,000 'fastest-growing' companies) which reached 15% of the compound annual growth rate in the last three years with more than USD 100 million. It shows that sustaining 'high-growth' above a certain firm size is difficult. The study focuses on firms with annual revenue of more than $100 billion (approximately 120 billion KRW) from the 'Inc. 2020 fast-growing companies 5,000' list. The companies have been categorized into 1) Fast-growing companies (revenue CAGR 15%~40% between 2016 and 2019), 2) Hyper-growing companies (40%~99.9%), and 3) Super-growing (100% or more) with in-depth analysis of each group's characteristics. Also, the relationship between the revenue growth rate, individual company's strategy choice (market orientation, generic strategy, growth strategy, pioneer strategy), industry/market environment, and firm age is investigated with a quantitative approach. Through conducting the study, it aims to provide a reference to the 'Hyper-Growing Model' that combines the paths and factors of growth strategies. For policymakers, our study intends to provide a reference to which factors or environmental variables should be considered for 'optimal effective combinations' to promote firms' growth.

• Journal of Popular Narrative
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• v.26 no.2
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• pp.251-276
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• 2020

The purpose of this article is to critically read Globalizing Borderlands Studies in Europe and North America to examine trends in border studies conducted so far in Europe and North America and to discuss the expandability and limitations of the narrative. It introduces a variety of case studies covering the borderlands of Europe and North America from ancient to modern times. It consists of a total of 10 chapters, in addition to the introduction chapter to clarify the purpose and definition of the collaboration and the short conclusion chapter on the prospects for the future of borderlands studies. This volume has some important implications for current borderland research in two main respects. First, it can introduce us we the areas and targets that the leading researchers from European and North American academia (usually the United States') have paid attention to. It also examines the current status of borderland research and predicts whether it will be possible to study various border areas where exist in other regions (especially in Asia) based on accumulating academic achievements, as well as the possibility of expansion of so-called 'globalization'. Second, it introduces the borderland as a conceptual space, beyond the border area as a physical space that is commonly thought of when it comes to 'border'. Cases of "conceptual borderlands" can be applied to a number of topics ranging from an individual's identities to the methods of governance, religions, economies, social institutions, families, labor issues, public health services and gender issues. There are, however, also some questions to be noted in the volume: the lack of consistent use of terminology, which can be considered general problems of collaboration studies; the fact that the authors still tend to understand borderlands within the imperialist discourse, perhaps because of their academic background is situated mainly in Europe and North America; the borderlands cases described here as the areas of conflict and struggle only. Nevertheless, the book is of significance in that it suggests a possibility of various borderlands studies and helps us to have better understanding of the current geopolitical situation imposed on the Korean Peninsula, which is located on the borderland between the continental and maritime powers.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.469-497
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• 2015

In 2009 Iridium 33, a satellite owned by the American Iridium Communications Inc. and Kosmos-2251, a satellite owned by the Russian Space Forces, collided at a speed of 42,120 km/h and an altitude of 789 kilometers above the Taymyr Peninsula in Siberia. NASA estimated that the satellite collision had created approximately 1,000 pieces of debris larger than 10 centimeters, in addition to many smaller ones. By July 2011, the U.S. Space Surveillance Network(SSN) had catalogued over 2,000 large debris fragments. On January 11, 2007 China conducted a test on its anti-satellite missile. A Chinese weather satellite, the FY-1C polar orbit satellite, was destroyed by the missile that was launched using a multistage solid-fuel. The test was unprecedented for having created a record amount of debris. At least 2,317 pieces of trackable size (i.e. of golf ball size or larger) and an estimated 150,000 particles were generated as a result. As far as the Space Treaties such as 1967 Outer Space Treaty, 1968 Rescue Agreement, 1972 Liability Convention, 1975 Registration Convention and 1979 Moon Agreement are concerned, few provisions addressing the space environment and debris in space can be found. In the early years of space exploration dating back to the late 1950s, the focus of international law was on the establishment of a basic set of rules on the activities undertaken by various states in outer space.. Consequently environmental issues, including those of space debris, did not receive the priority they deserve when international space law was originally drafted. As shown in the case of the 1978 "Cosmos 954 Incident" between Canada and USSR, the two parties settled it by the memorandum between two nations not by the Space Treaties to which they are parties. In 1994 the 66th conference of International Law Association(ILA) adopted "International Instrument on the Protection of the Environment from Damage Caused by Space Debris". The Inter-Agency Space Debris Coordination Committee(IADC) issued some guidelines for the space debris which were the basis of "the UN Space Debris Mitigation Guidelines" which had been approved by the Committee on the Peaceful Uses of Outer Space(COPUOS) in its 527th meeting. On December 21 2007 this guideline was approved by UNGA Resolution 62/217. The EU has proposed an "International Code of Conduct for Outer Space Activities" as a transparency and confidence-building measure. It was only in 2010 that the Scientific and Technical Subcommittee began considering as an agenda item the long-term sustainability of outer space. A Working Group on the Long-term Sustainability of Outer Space Activities was established, the objectives of which include identifying areas of concern for the long-term sustainability of outer space activities, proposing measures that could enhance sustainability, and producing voluntary guidelines to reduce risks to long-term sustainability. By this effort "Guidelines on the Long-term Sustainability of Outer Space Activities" are being under consideration. In the case of "Declaration of Legal Principles Governing the Activities of States in the Exp1oration and Use of Outer Space" adopted by UNGA Resolution 1962(XVIII), December 13 1963, the 9 principles proclaimed in that Declaration, although all of them incorporated in the Space Treaties, could be regarded as customary international law binding all states considering the time and opinio juris by the responses of the world. Although the soft law such as resolutions, guidelines are not binding law, there are some provisions which have a fundamentally norm-creating character and customary international law. In November 12 1974 UN General Assembly recalled through a Resolution 3232(XXIX) "Review of the role of International Court of Justice" that the development of international law may be reflected, inter alia, by the declarations and resolutions of the General Assembly which may to that extend be taken into consideration by the judgements of the International Court of Justice. We are expecting COPUOS which gave birth 5 Space Treaties that it could give us binding space debris mitigation measures to be implemented based on space debris mitigation soft law in the near future.