• Environmental and Resource Economics Review
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• v.22 no.1
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• pp.77-98
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• 2013

China, the world's largest $CO_2$ producer, is likely to be obligated to reduce greenhouse gas emissions under the post-Kyoto protocol. This paper estimates a Shephard input distance function for the Chinese fossil-fueled power generation sector to measure the shadow price of $CO_2$ emissions, technical efficiency, and indirect Morishima elasticities of substitution between inputs. Empirical results show that, on average, it costs approximately 3.2 US dollars per year to reduce $CO_2$ emissions by one ton over the period 1981-2009. This finding indicates that Chinese power sector is expected to benefit from selling emission permits to other countries such as Korea and Japan, given that our estimate for China is lower than the ones previous literatures estimated for the power sector in these countries. The maximum attainable average $CO_2$ reduction potential amounts to approximately 25 million tons per year by improving technical efficiency. Capital is substitutable with both coal and oil and capital is relatively more readily substituted for these fuels.

• Management & Information Systems Review
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• v.35 no.2
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• pp.45-66
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• 2016

Firms can make scale of economy and scope of economy by internalizing and using new advanced technology and knowledge from technology cooperation network, decrease risk and cost with partner firm of technology cooperation network, and increase market advantage of product & strengthen firms' position in the market. Due to the advantages of technology cooperation network, the related studies have focused on the positive effect of technology cooperation network. However, the related studies investigating the relationship between technology cooperation network and firm performance have only examined the role of technology cooperation network. Safeguarding mechanism, relationship learning, and relationship performance are categorized into the process of technology cooperation network, and this categorization is applied as resources, capability, and performance by resource based view. The empirical results are reported as belows. First, relationship specific investment and relationship capital positively affect on relationship learning as capability. Second, information sharing, common information understanding, and relationship specific memory development positively affect on long-term orientation, but information sharing has no impact on efficiency and effectiveness. Third, relationship specific investment positively affects on relationship capital and efficiency and effectiveness have positive effects on long-term orientation. Applying technology cooperation network in asymmetric technology dependency with resource based theory, this study suggested the importance of both safeguarding and relationship learning by investigating the relationship among safeguarding, relationship learning, and relationship performance. And it is worthy that this study investigated how firms' behavior change affects relationship performance in the relationship of technology cooperation partner.

• International Commerce and Information Review
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• v.13 no.4
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• pp.229-249
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• 2011

The exchange rate change has been increased since the time when the floating exchange rate system was introduced in Korea. As a result, the increase of the exchange rate changes raised the risk in international trades in Korea. Also after Bretton Woods System broke down, the increasing exchange rate fluctuation raised the risk in international trade. The purpose of this dissertation is to study whether this incomplete pass-through exists in Korean export industry and furthermore to measure the markup rate of the export price using real data since Global Financial Crisis. The estimation results of the export price determination model by Error Correction Model shows that the export price of Korea has been greatly influenced by the export prices and exchange rates against U.S. Dollar of rival countries, domestic producer price as well as the Korean Won-U.S. Dollar exchange rate and also business coincidence index of U.S. in demand. Particularly, the pass-through rate of Korean Won-U.S. Dollar exchange rate to export price is estimated to be incomplete, which contrasts with the propositions of traditional exchange rate determination approach, e. g. elasticity approach, monetary approach, etc.

• Journal of Korea Society of Industrial Information Systems
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• v.13 no.1
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• pp.76-86
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• 2008

This paper estimates the TFP in IT manufacturing (total factor productivity) by employment size of establishment and analyses the determinants of it. And the panel data is consisted of time series and cross section data of 4 employment size of establishment over $1990{\sim}2004$. During the period from 1991 to 1997 TFP increased positively irrespective of the employment size of establishment, but from 1998 to 2004 TFP increase rate turned negative except large size(more than 300) of establishment. TFP assume macro variables and policy variables as the determinants of IT manufacturing TFP. The analysis of whole size of establishment shows that sales growth rate is significantly positive, which makes us conclude that there is a teaming by doing effect and economy of scale. But some variables(i.e. IT capital stock, policy financing, and openness etc.) are significant in only a few models. So there may be different effect by employment size of establishment. In TFP determinants analysis by employment size of establishment, we find that coefficients of policy financing and openness variables are significantly positive. The larger employment size of establishment is, the larger scale economy is. And for large size(more than 300) establishment, IT capital stock helps propel the increase of the productivity.

• Journal of Navigation and Port Research
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• v.43 no.1
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• pp.72-78
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• 2019

The second-hand ship market provides immediate access to the freight market for shipping investors. When introducing second-hand vessels, the precise estimate of the price is crucial to the decision-making process because it directly affects the burden of capital cost to investors in the future. Previous studies on the second-hand market have mainly focused on the market efficiency. The number of papers on the estimation of second-hand vessel values is very limited. This study proposes an artificial neural network model that has not been attempted in previous studies. Six factors, freight, new-building price, orderbook, scrap price, age and vessel size, that affect the second-hand ship price were identified through literature review. The employed data is 366 real trading records of Panamax second-hand vessels reported to Clarkson between January 2016 and December 2018. Statistical filtering was carried out through correlation analysis and stepwise regression analysis, and three parameters, which are freight, age and size, were selected. Ten-fold cross validation was used to estimate the hyper-parameters of the artificial neural network model. The result of this study confirmed that the performance of the artificial neural network model is better than that of simple stepwise regression analysis. The application of the statistical verification process and artificial neural network model differentiates this paper from others. In addition, it is expected that a scientific model that satisfies both statistical rationality and accuracy of the results will make a contribution to real-life practices.

• 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 Digital Convergence
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• v.15 no.11
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• pp.167-174
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• 2017

These days, people distrust the accounting transparency of firms in Korea. It can .increase the capital costs and reduce profitability of firms. Auditors say that one of causes on the low grades of the accounting transparency is free contracts between auditors and firms. Firms want auditors take low audit fees. In principle, if auditors take low audit fees, they cannot input auditor resources to proper audit. However, there are not any empirical evidence about the relation between the audit fees dumping and the audit quality. This study defines dumping auditors if their audit fees are lower than the average of industries, and examines whether these auditors showed low audit qualities or not. As a result, firms which are audited by dumping auditors presented low abnormal accruals. We can interpret this result as that dumping auditors have low audit qualities. This result helps to make policies to improve the accounting transparency of firms.

• Journal of the Korea Convergence Society
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• v.6 no.1
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• pp.71-76
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• 2015

Using a sample of publicly-traded Chinese firms, this study examines a relationship between managerial ownership and corporate debt maturity decisions. China has transformed dramatically into a market capitalist economy over the past decades. However, so far, little attention has been paid to the role of professional managers. In this situation, this study explores the effect of stock grants to managers as incentive system by providing evidence that managerial ownership affects corporate debt maturity decisions. The findings are as follows: First, I find that like US firms, managerial ownership is negatively related to the proportion of long-term debt. Second, I divide the entire sample into two subsamples of state-owned and privately owned firms. For the privately owned firms, I find that there is a negative relationship between managerial ownership and the proportion of long-term debt. In contrast, for the state-owned firms, the relationship is positive and insignificant.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.137-164
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• 2008

This paper examines the operating performance of firms that for a four-year period, held more than 15% of their assets in cash and cash equivalents. During next four years, operating performance of firms maintaining high cash persistently is greater than the performance of firms matched by size and industry or firms adopting transitory high cash policy. Furthermore, the effect of persistent cash holdings on operating performance depends on the ownership structure and the level of information asymmetry. Foreign investors deteriorate the operating performance of high cash firms, suggesting that potential M&A and the pressure of excessive dividend reduce the usefulness of cash. The level of information asymmetry enhances the operating performance for the firms adopting persistent high cash policy. It suggests that cash holdings reduce the costly external financing and underinvestment problem for firms with high information asymmetry.

• Korean Journal of Construction Engineering and Management
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• v.1 no.3 s.3
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• pp.116-123
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• 2000

SOC projects entail inherently large-scale works, and need much capital and time. Because of these features, the design activities in SOC projects are performed through a complicated process involving many organizations. A great deal of information is generated and vanished during the process, and the communication among the related organizations plays a very important role in successful fulfillment of SOC projects. But, because the method of information communication has not yet systematically established, there are many difficulties in sharing information. This study aims at establishing the design interface management model which enables the participants to effectively share the information during the design phase. The contents of the study include (1) Restructuring performance organization, (2) A decision making method in collaborative design through partnering with experts, (3) A method to develop Open Design Information Integrated model using Standardization(ODIIS).