• Journal of Korea Port Economic Association
• /
• v.38 no.2
• /
• pp.95-107
• /
• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.

• Land and Housing Review
• /
• v.15 no.1
• /
• pp.39-55
• /
• 2024

The aim of this study is to analyse housing satisfaction among residents of different types of public rental housing-permanent, national, and happy housing-following the integration of housing types upon the full-scale supply of integrated public rental housing. By identifying key factors that influence residential satisfaction, our goal is to inform the planning of public rental housing complexes and derive policy implications. The study focuses on analysing discrepancies in residential satisfaction among residents of different types of public rental housing and comparing the factors influencing this satisfaction. Microdata from the Ministry of Land, Infrastructure, and Transport's 'Housing Situation Survey' in 2021 is utilized for analysis, employing one-way ANOVA and binomial logistic regression methods. Empirical analysis reveals variations in residential satisfaction levels between residents of permanent and national rental housing, with national rental housing residents exhibiting higher satisfaction. The influencing factors of overall condition satisfaction are consistent for permanent and national rental residents but differ for happy housing residents. Additionally, the influencing factors of overall residential environmental satisfaction vary across all three housing types. Nonetheless, common factors across all types include housing noise and facility accessibility, highlighting their significance in complex planning. Subsequent studies may involve time series analysis to assess changes in influencing factors over time.

• Journal of the Korean Regional Science Association
• /
• v.40 no.3
• /
• pp.95-108
• /
• 2024

This study analyzes the location determinants of newly established and relocated manufacturing firms in South Korea using the National Business Survey data from 2016 to 2019. Both new establishments and relocations are concentrated in the Seoul metropolitan area, Chungcheong, Yeongnam, and Daegyeong regions, with relocated firms showing a higher degree of spatial concentration. Employing a negative binomial regression model, we find that manufacturing concentration, population density, industrial diversity, and lower wage levels positively influence both new establishments and relocations. The proportion of highly educated workers, accessibility to producer services, and average land prices only positively affect the frequency of new establishments, suggesting that firms in the early stages of their life cycle, which are more dependent on human capital and producer services, demonstrate a higher willingness to pay for land use. Conversely, increased travel time to Seoul and improved transportation accessibility enhance the probability of attracting relocated firms. This implies that cost reduction incentives associated with distance from Seoul may outweigh the benefits of proximity to the capital in relocation decisions. Our findings suggest that strengthening agglomeration economies and improving transportation infrastructure efficiency could increase the likelihood of attracting relocated manufacturing firms to non-capital regions.

• Tunnel and Underground Space
• /
• v.34 no.3
• /
• pp.231-247
• /
• 2024

In the field of high-level radioactive waste disposal targeting deep rock environments, hydraulic characteristic information serves as the most important key factor in selecting relevant disposal sites, detailed design of disposal facilities, derivation of optimal construction plans, and safety evaluation during operation. Since various rock types are mixed and distributed in a small area in Korea, it is important to conduct preliminary work to analyze the hydrogeological characteristics of rock aquifers for various rock types and compile the resulting data into a database. In this paper, we obtained hydraulic conductivity data, which is the most representative field hydraulic characteristic of a high-depth volcanic bedrock aquifer, and also analyzed and evaluated the field data. To acquire field data, we used a high-performance hydraulic testing system developed in-house and applied standardized test methods and investigation procedures. In the process of hydraulic characteristic data analysis, hydraulic conductivity values were obtained for each depth, and the pattern of groundwater flow through permeable rock joints located in the test section was also evaluated. It is expected that the series of data acquisition methods, procedures, and analysis results proposed in this report can be used to build a database of hydraulic characteristics data for high-depth rock aquifers in Korea. In addition, it is expected that it will play a role in improving technical know-how to be applied to research on hydraulic characteristic according to various bedrock types in the future.

• Tunnel and Underground Space
• /
• v.34 no.4
• /
• pp.312-329
• /
• 2024

In various underground research projects such as energy storage and development and radioactive waste disposal targeting deep underground, the characteristics of permeable rock fractures that serve as major pathway of groundwater flow in deep rock aquifer are considered as an important evaluation factor in the design, construction, and operation of research facilities. In Korea, there is little research and database on the location and hydraulic characteristics of permeable rock fractures and the pattern of groundwater flow patterns that may occur between fractures in deep rock boreholes. In this paper, the hydraulic characteristics of permeable rock fractures in deep rock aquifer were evaluated through the analysis of geothermal gradient and pumping test data. First, the deep geothermal distribution was identified through temperature logging, and the geothermal gradient was obtained through linear regression analysis using temperature data by depth. In addition, the hydraulic characteristics of the fractured rock were analyzed using outflow temperature obtained from pumping tests. Ultimately, the potential location and hydraulic characteristics of permeable rock fractures, as well as groundwater flow within the boreholes, were evaluated by integrating and analyzing the geophysical logging and hydraulic testing data. The process and results of the evaluation of deep permeable rock fractures proposed in this study are expected to serve as foundational data for the successful implementation of underground research projects targeting deep rock aquifers.

• Land and Housing Review
• /
• v.13 no.1
• /
• pp.11-22
• /
• 2022

This paper estimates the demand of newly married couples for public rental housing in Chungnam. This research attempts to overcome data limitations by linking survey data with administrative data for analysis. First, the results of a binary logit model that analyzes newly married couples' intention to move into public rental housing, based on the Chungnam Social Survey 2019, reveal that residential location, educational level, housing type, and tenure type have a statistically significant effect. By combining the estimated coefficients with another dataset, the statistics of newly married couples for administration purposes acquired from Statistics Korea, this research estimates the demand for public rental housing among the newly married couples in Chungnam. The estimation results show that the total demand for public rental housing in Chungnam is 11,424 units among 43,705 newly married couples. The total demand of 21,685 newly married couples who occupy rental housing is estimated to be 9,436 units. The policy for providing public rental housing to newly married couples in Chungnam aims to increase their fertility rates. Hence, further research should be followed up to evaluate the effect of the supply of public rental housing on fertility rates. Also, a research method should be developed to control for possible endogeneity between the demand for public rental housing and childbirths.

• Journal of Intelligence and Information Systems
• /
• v.22 no.1
• /
• pp.43-61
• /
• 2016

Customer reviews help potential customers make purchasing decisions. However, the prevalence of reviews on websites push the customer to sift through them and change the focus from a mere search to identifying which of the available reviews are valuable and useful for the purchasing decision at hand. To identify useful reviews, websites have developed different mechanisms to give customers options when evaluating existing reviews. Websites allow users to rate the usefulness of a customer review as helpful or not. Amazon.com uses a ratio-type helpfulness, while Yelp.com uses a count-type usefulness index. This usefulness index provides helpful reviews to future potential purchasers. This study investigated the effects of sentiment and readability on useful votes for customer reviews. Similar studies on the relationship between sentiment and readability have focused on the ratio-type usefulness index utilized by websites such as Amazon.com. In this study, Yelp.com's count-type usefulness index for restaurant reviews was used to investigate the relationship between sentiment/readability and usefulness votes. Yelp.com's online customer reviews for stores in the beverage and food categories were used for the analysis. In total, 170,294 reviews containing information on a store's reputation and popularity were used. The control variables were the review length, store reputation, and popularity; the independent variables were the sentiment and readability, while the dependent variable was the number of helpful votes. The review rating is the moderating variable for the review sentiment and readability. The length is the number of characters in a review. The popularity is the number of reviews for a store, and the reputation is the general average rating of all reviews for a store. The readability of a review was calculated with the Coleman-Liau index. The sentiment is a positivity score for the review as calculated by SentiWordNet. The review rating is a preference score selected from 1 to 5 (stars) by the review author. The dependent variable (i.e., usefulness votes) used in this study is a count variable. Therefore, the Poisson regression model, which is commonly used to account for the discrete and nonnegative nature of count data, was applied in the analyses. The increase in helpful votes was assumed to follow a Poisson distribution. Because the Poisson model assumes an equal mean and variance and the data were over-dispersed, a negative binomial distribution model that allows for over-dispersion of the count variable was used for the estimation. Zero-inflated negative binomial regression was used to model count variables with excessive zeros and over-dispersed count outcome variables. With this model, the excess zeros were assumed to be generated through a separate process from the count values and therefore should be modeled as independently as possible. The results showed that positive sentiment had a negative effect on gaining useful votes for positive reviews but no significant effect on negative reviews. Poor readability had a negative effect on gaining useful votes and was not moderated by the review star ratings. These findings yield considerable managerial implications. The results are helpful for online websites when analyzing their review guidelines and identifying useful reviews for their business. Based on this study, positive reviews are not necessarily helpful; therefore, restaurants should consider which type of positive review is helpful for their business. Second, this study is beneficial for businesses and website designers in creating review mechanisms to know which type of reviews to highlight on their websites and which type of reviews can be beneficial to the business. Moreover, this study highlights the review systems employed by websites to allow their customers to post rating reviews.

• Culinary science and hospitality research
• /
• v.22 no.3
• /
• pp.240-253
• /
• 2016

The purpose of this study is to predict factors influencing participant demand for the temple stays and to help find alternatives for temple stay marketing strategies. Specifically, the study sought to examine input variables on the visit frequency of temple visitors who partook in temple food. Research subjects were temple stay participants with experience with temple food. Through convenience sampling method, 300 self-administered questionnaires were distributed to participants at 4 temple stays in Seoul. Of the 278 questionnaires collected, 232 (83%) were used for research analysis. Given that the requirement that proper model for analysing the collected data be applied, the Truncated Negative Binomial(TNB) Poisson model, which is useful for analysing count data that are truncated at '0' and overcrowded with a certain value, was selected fort his study. Study results found that, for temple stay food revitalization, the most crucial item for temple food proponents to recognize is natural food ingredients. The degree of affection was higher among respondents over 40 years of groups and with incomes over 40 million won or more than others. In addition, unmarried and male were higher than married and female, and the Christian population in the temple food demand higher impact than Shamanism community. This match should be a priority to establish an in-depth public relations policy of targeted marketing of consumers according to various demographic characteristics. Active and aggressive efforts to expand food inspection are required to promote the healthy image of the temple food to the fragmentation of consumer marketing hierarchy.

• The Journal of Information Systems
• /
• v.26 no.1
• /
• pp.1-19
• /
• 2017

Purpose This study examines the roles of individual- and country-level social capital in entrepreneurial activities from the context of crowdfunding. Design/methodology/approach Two primary sources were used for data collection. From Kickstarter, the largest U.S.-based crowdfunding platform, this study obtained 15,716 crowdfunding projects and individual-level social capital. For country-level social capital, the social capital index from the 2016 Legatum Prosperity Index was utilized. By matching individual- and country-level social capital for each crowdfunding project, this research estimates the role of social capital in entrepreneurial activities at the individual and country level using the Poisson regression and the negative binomial regression. Findings Individual-level social capital measured by the number of Facebook friends, the number of other crowdfunding projects that a crowdfunding project founder invested in, and the word count of the description of a crowdfunding project are positively associated with the number of crowdfunding projects created by founders. The country-level social capital measured by aggregated social capital index is also positively associated with the number of crowdfunding projects created by founders. Both individual- and country-level social capital have a positive impact on entrepreneurial activities in terms of the creation of new crowdfunding projects.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.31 no.3D
• /
• pp.343-353
• /
• 2011

The unsignalized intersections in a community road in the city of Seoul have 3,753 traffic accidents(9%) of total 41,702 cases in 2008, not high in the occurrence rate of traffic accidents, but seem to have a quite high potential of accidents due to the unreasonable and insufficient operation of systems and facilities in the part of traffic foundations. In particular, the un-signalized intersections in a community road have an insufficient measure for safety as compared to the crossroads with signals, and there are few analysis of traffic accidents and domestic researches on the model of affecting factors. Our country also has no concept of passing priority in operating a crossroad without signals, differently from foreign countries, so the researches and safety measures for improving the safety of a crossroad without signals in a community road are urgent. Therefore, This study set out to analyze the road conditions, traffic conditions, and traffic environment conditions on unsignalized intersection, to identify the elements that would impose obstructions in safety, and develop a traffic accident prediction model to evaluate the safety of an unsignalized intersection using the correlation between the elements and an accident. In addition, the focus was made on suggesting appropriate traffic safety policies by dealing with the danger elements in advance and on enhancing the safety on intersection in developing a traffic accident prediction model for an unsignalized intersection.