• Information Systems Review
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• v.16 no.2
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• pp.77-95
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• 2014

From the success of TDX and CDMA to today's social media boom, Korea's ICT has achieved an amazing growth for the last couple of decades. However, in spite of ICT's role as an engine of growth in Korea, there have been concerns that ICT growth would negatively affect national employment due to the labor substitution effect. While some scholars insist that ICT would positively affect employment because it will enlarge the size of industry itself, many people blame ICT as a main culprit of rising unemployment rates. In this study, we try to empirically find the true effect of ICT growth on employment in Korea. We use the data of ICT productions, ICT investments, and various industries employments from 1995 to 2011. The methodologies we adopted for this study is Granger causality tests and impulse response functions based on vector autoregression (VAR) model. We find that ICT has negative impact on service industries, while it has positive impact on manufacturing industries. Meanwhile, ICT has no statistically significant impact on ICT industry itself. Since the impacts of ICT on employment are mixed, we can argue that ICT should not be blamed for the main cause of low employment. We suggest a direction of future policies to utilize ICT for vitalizing employments in Korea.

• Journal of Navigation and Port Research
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• v.45 no.3
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• pp.173-180
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• 2021

Although accounting is one of the core fields of corporate management, few studies have reported accounting phenomena involving shipping companies. In addition, although financial reporting is very important to shipping companies that use several financial tools such as ship finance and financial lease, it is difficult to identify studies investigating shipping companies' financial reporting, especially their earnings management. The purpose of this study is to analyze accrual earnings management behavior of shipping companies. Companies with high debt ratios and net losses are known to have incentives for earnings management. Due to the nature of the industry, shipping companies have a high debt ratio and often report net losses. Accordingly, shipping companies are expected to engage in substantial earnings management. Based on the analysis of KOSP I companies listed on the Korea Exchange from 2001 to 2020, it was found that shipping companies are engaged in higher levels of earnings management than non-shipping companies. Discretionary accrual was used as a proxy variable for earnings management. Discretionary accrual was measured using the modified Jones model of Dechow et al. (1995) and the performance matched model of Kothari et al.(2005). In this study, significant results were derived by comparatively analyzing the earnings management practices, which is one of the major accounting behaviors of shipping and non-shipping companies. Stakeholders such as external auditors, investors, financial institutions, analysts, and government authorities need to be aware of the earnings management behavior of listed shipping companies during their external audit, financial analysis, and supervision. Finally, listed shipping companies must conduct stricter accounting based on accounting principles.

• Korean Journal of Culture and Social Issue
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• v.11 no.2
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• pp.143-181
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• 2005

This article examines factors that influence health and quality of life. In addition to the symptomatology and physiological functioning, the influence of the psychological functioning and interpersonal relationship on the overall health and quality of life are also investigated. Using a case-study approach, a total of 70 patients suffering from allergy or asthma were interviewed using a semi-structured questionnaire developed by the present authors. It assessed the following six areas: Cause and onset of illness, psychological functioning, health management, trust, social support received and overall health and quality of life. Based on the transactional model (Bandura, 1997; Kim & Park, 2005), the results of the case studies have been integrated and divided into three aspects: (1) Cause and onset of illness that includes physiological and environment factors; (2) mediating influences that includes psychological functioning, health management, interpersonal relationship and social support received; and (3) outcome factor that includes symptomatology, health and quality of life. The psychological functioning includes self-efficacy (self-regulated efficacy, efficacy for enlisting social support, efficacy for managing the environment, and efficacy for overcoming difficulties), positive outlook, life goals, experience of stress, and proxy control. Interpersonal relationship includes trust of family members and the physician. Health management includes receiving proper health assessment, following the advice and prescription given by the physicians, control of the environment and maintaining a healthy lifestyle. The results indicate that physiological, psychological, relational and environment factors interact with each other and affect individual's overall health and quality of life. Self-efficacy, social support received from family members, trust of physicians, and the health care system are key factors promoting healthy lifestyle and quality of life. The results indicate the need for further interdisciplinary, indigenous and cultural psychological research.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.4
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• pp.71-102
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• 2007

There were many comprehensive analyses conducted within the existing research activities wherein factors affecting technology progress including investment in R&D vis-${\Box}$-vis their influences act as the determinants of TFP. Note, however, that there were few comprehensive analysis in the industrial research performed regarding the impact of the economy of scale as it affects TFP; most of these research studies dealt with the analysis of the non -parametric Malmquist productivity index or used the stochastic frontier production function models. No comprehensive analysis on the impacts of individual independent variables affecting TFP was performed. Therefore, this study obtained the TFP increase rate of each industry by analyzing the factors of the existing growth accounting equation and comprehensively analyzed the TFP determinants by constructing a comprehensive analysis model considering the investment in R&D and economy of scale (smallness by industry) as the influencers of TFP by industry. First, for the TFP increase rate of the 15 industries as a whole, the annual average increase rate for 1993${\sim}$ 1997 was approximately 3.8% only; during 1999${\sim}$ 2000 following the foreign exchange crisis, however, the annual increase rate rose to approximately 7.8%. By industry, the annual average increase rate of TFP between 1993 and 2000 stood at 11.6%, the highest in the electrical and electronic equipment manufacturing business and IT manufacturing sector. In contrast, a -0.4% increase rate was recorded in the furniture and other product manufacturing sectors. In the case of the service industry, the TFP increase rate was 7.3% in the transportation, warehousing, and communication sectors. This is much higher than the 2.9% posted in the electricity, water, and gas sectors and -3.7% recorded in the wholesale, food, and hotel businesses. The results of the comprehensive analysis conducted on the determinants of TFP showed that the correlations between R&D and TFP in general were positive (+) correlations whose significance has yet to be validated; in the model where the self-employed and unpaid family workers were used as proxy variables indicating the smallness of industry out of the total number of workers, however, significant negative (-) correlations were noted. On the other hand, the estimation factors of variables surrogating the smallness of scale in each industry showed that a consistently high "smallness of scale" in an industry means a decrease in the increase rate of TFP in the same industry.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.3
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• pp.337-345
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• 2018

The purpose of this study is to analyze the relationship between the characteristics of Korean family firms and the impact of debt financing. The analysis period was 10 years from 2004 to 2013, and the sample consisted of 4,008 non-financial firms listed on the Korea Exchange. For the analysis, the unbalanced panel data with time - series, cross - section data were formed and analyzed using panel data regression analysis. The results are as follows. First, Korean family firms use relatively less debt than non - family firms. It can be understood that family firms in which the dominant family owns and dominates the corporation are less likely to increase their debt because the agent problem is alleviated and the need for the control effect of Jensen (1986) is lowered. Second, in the verification of the packing order theory using the model proposed by Shyam-Sunder and Myers (1999), family firms have higher compliance with the packing order theory than non-family firms do. When financing is needed, debt is preferred over equity issuance. However, for Korean family firms, 24.38% of the deficit funds are financed through the issuance of net debt, which is relatively low compared to the 75% shown in the analysis of Shyam-Sunder and Myers (1999). These results reveal the limit to the strong claim that the Korean family firms follow the packing order theory.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.110-118
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• 2017

This study investigated empirically one of the controversial subjects in modern finance, in that there is an optimal level of capital structure for KOSPI-listed firms in the Korean capital market. Given the major theories on the capital structure, such as Myers' pecking order, trade-off, and agency cost ones, this study applied an analysis of covariance models in parametric and non-parametric statistical methods. In particular, two covariates to control for the possible effects of trade-off and agency cost, were employed separately in each corresponding model, while the other proxy for pecking order rationale was adopted in previous research [1] to conduct inter- and intra-industry analyses. Based on the outcomes obtained from the study, it was demonstrated empirically that there are optimal capital structures for firms in the sample industries at the inter-industry level, whereas statistical differences indicating non-existence of an optimal point, were revealed within the industry. Accordingly, these findings suggest a new vision to potential investors that firms in the domestic market may have financial opportunities to increase their value by gradually adjusting the leverage ratios in terms of the intra-industry perspective.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.11
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• pp.479-485
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• 2017

This study estimated the non-use values of the Gum river estuary which are not related to the direct or indirect use of the Gum river estuary using the contingent valuation method (CVM). The non-use values of the Gum river estuary were explained and asked to be evaluated in the CVM questionnaire and estimates of the WTPs(willingness-to-pay) were elicited using the Turnbull nonparametric estimation methods on the dichotomous choice CV data. Results found the Turnbull lower bounded mean WTP per year for non-use value of the Gum river estuary was estimated at 5,822 won (95% C.I. 5,295 ~ 6,349 won) from single dichotomous CV data, and 6,205 won (95% C.I. 5,701 ~ 6,710 won) from double dichotomous CV data. The mean of two WTP estimates, 6,014 won (95% C.I. 5,498 ~ 6,529 won), was used to calculate the annual total non-use value of the Gum river estuary. Therefore, the non-use value of the Gum river estuary was estimated at 220.3 billion won (95% C.I. 201.4 - 239.2 billion won) annually. This non-use value of the Gum river estuary was composed of the bequest value totaling 68.3 billion won (95% C.I. 62.5 - 74.2 billion won), the existence value of 58.0 billion won (95% C.I. 53.0 - 63.0 billion won), the option value of 57.7 billion won (95% C.I. 52.7 - 62.6 billion won), and the vicarious consumption value totaling 36.3 billion won (95% C.I. 33.1 - 39.4 billion won).

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.518-526
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• 2017

This study analyzed the impact of family firms and their characteristics on how they use debts to analyze the decision-making process of Korean family firms. For analysis, we classified the characteristics of family firms into three categories, through the influence of the relationship between the lack of funds and net debt issuance, which was confirmed as the 'packing order theory' of family firms. There was a total of 4,503 enterprises in the Korean Exchange (KRX). The period of analysis was 10 years, between 2004 and 2014. To summarize, Shyam-Sunder and Myers (1999) validated the packing order theory by presenting a model of family businesses that showed greater applicable to higher packing order theory than a model of non-family businesses. Moreover, the results also confirmed the application of the packing order theory by the family stronger corporate governance and ownership structure. The ownership and governance characteristics of the ruling family has also shown the applicability of higher packing order theory.

• Management & Information Systems Review
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• v.33 no.5
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• pp.171-184
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• 2014

This paper investigate the impact of external financing constraints(EFC) on the dividend policy(cash dividend ratio) and the impact of interaction of ownership structure((1)the percentage of shares held by external blockholder who owns at least 5% of equity(5% BHR), (2) the percentage of shares held by foreign investors(Foreign), (3) the percentage of shares by insider shareholders(Insider)) and external financing constraints on the dividend policy. The purpose mentioned above are empirically tested using 370 firm-year data listed on the Korean Exchange(KRX) with multiple regression method. Summarizing the results of analysis as following; Firstly, we find that EFC has negative relationship with cash dividend ratio. Secondly, interaction of 5% BHR and EFC has positive relationship with cash dividend ratio. Also, interaction of Foreign and EFC has positive relationship with cash dividend ratio. But, Insider and EFC has negative relationship with cash dividend ratio. This study contributes to research related to dividend policy by recognizing that ownership structure influences the dividend policy.

• Journal of Wetlands Research
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• v.13 no.1
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• pp.95-104
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• 2011

This study was implemented to select the suitable site for Palustrine Wetland at habitat restoration for Oriental stork, red species and top-level predator in ecosystem. The evaluation items was fitted by review the antecedent studies on the suitable site selection model and evaluation items of wetland. The study sites were setted in $5,884,800m^2$ area including Yesan-gun Dae-ree, in which Oriental stork' park will be located, through DEM(Digital Elevation Model) watershed analysis. The thematic map by valuation items with secure of water resource, soil, topography, distance between roads, houses, etc., land using, wildlife corridor, and type of water resource was prepared using GIS program. The sites with high evaluation score were selected as suitable creation sites for wetland through overlapping those maps. Total 8 sites with over 18 point were selected. The characteristics of selected sites show that the soil are consisted of clay, the connectivity is valued high with surface water, the slope are gentle, and the connectivity is good with surroundings ecosystem. The result of water quality analysis, which was implement to survey available water resources and develop the solution of problem of water environment, showed that water quality at Salmok reservoir and Bogang reservoir is generally good, but the water quality at stagnant water body rising out from groundwater is not good. This study has limit to select the suitable sites of wetland only by analyzing physiotherapy environment in study area. Hereafter, the study is need to examine closely enhancement effects of biological diversity through investigation of biotic environment.