• Convergence Security Journal
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• v.15 no.5
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• pp.71-76
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• 2015

Financial Intelligence Unit Law doesn't include investigation on important cases that could influence the security and existence of the nation that are the core jobs of national intelligence agency. So the agency has a difficulty to investigate the international crime of North Korea and other security incidents. It is also difficult to catch an international crime organization working in Korea. It also produces problems such as difficulty in investigating the illegal leak of strategic materials and investigating people related to illegal funding to international terrorism. So it is urgently needed to revise Financial Intelligence Law as soon as possible. Foreign intelligence agencies use the information of financial intelligence unit in many different ways. National Security Agency of China and Australian Security Intelligence Organization freely use the information of financial intelligence unit based on their own laws and systems. Central Intelligence Agency and Federal Bureau of Investigation of USA and Secret Intelligence Service and Security Service of Britain request financial intelligence units to supply them with the information of financial intelligence unit. But the national intelligence agency of Korea isn't able to approach to FIU and can't share the FIU information with foreign intelligence agencies. To solve the problem, they should revise Financial Intelligence Unit Law so that national intelligence agency can receive or request information from Korean Financial Intelligence Unit.

• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.209-255
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• 1991

This paper develops a simple model to explain the reasons why foreign acquirers pay significantly higher premiums for U.S. target firms than do U.S. buyers. We also provide empirical work on the valuation effect of foreign takeovers and the determinants of the wealth gains of U.S. target shareholders involved in foreign takeovers. The results indicate that target wealth gains are significantly higher in foreign takeovers than in domestic takeovers, after controlling for the wealth effects of payment method, acquisition type, tax status, size and time period of bids. This confirms the valuation effect of foreign takeovers. Furthermore, the results of cross-sectional regression analysis show that the variation in U.S. target wealth gains is explained by extra tax benefits stemming from double tax deductions for acquisition-related interest expenses incurred by foreign acquirers. These findings imply that differential taxation across tax jurisdictions is the main source of the valuation effect of foreign takeovers. In addition, we find that there exists a valuation effect of the nationality of the foreign acquirers. Japanese companies pay significantly higher premiums than do non-Japanese acquirers. The finding also indicates that competition among bidders increases the abnormal returns to U.S. target shareholders in foreign takeovers.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.89-120
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• 2010

In this paper, we analyse empirically the relations between ownership structure and cash holdings of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Cash holdings increase as large shareholder's equity holdings increase. Cash holdings increase as the difference between first largest shareholder's and second largest shareholder's equity holdings increase, and cash holdings increase as the ownership concentration increase. Managerial ownership exert a non-linear effects on cash holdings. So to speak, at lower level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders, but at higher level of managerial ownership, the interests of managers and shareholders are aligned, and also at highest level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders. Cash holdings increase larger in owner-controlled firm than in management-controlled firm. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on cash holdings for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.95-102
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• 2007

This paper presents the core technology of Construction Business Process Automation to model and automate construction business processes. Business Process Reengineering (BPR) and Automation (BPA) have been recognized as one of the important aspects in construction business management. However, BPR requires a lot of efforts to identify, document, implement, execute, maintain, and keep track thousands of business processes to deliver a project. Moreover, existing BPA technologies used in existing Enterprise Resource Planning (ERP) systems do not lend themselves to effective scalability for construction business process management. Application of Workflow and Object Technologies would be quite effective in implementing a scalable enterprise application for construction business processes by addressing how: 1) Automated construction management tasks are developed as software components, 2) The process modeling is facilitated by dragging-and dropping task components in a network, 3) Raising business requests and instantiating corresponding process instances are delivered, and 4) Business process instances are executed by using workflow technology based on real-time simulation engine. This paper presents how the construction business process automation is achieved by using equipment reservation and cancellation processes simplified intentionally.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.68-74
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• 2007

Critical Chain Project Management(CCPM) is a new project management system paradigm which maintains the advantages of PERT/CPM and improves the shortcomings of it. In CCPM the task durations are determined as 50% time estimates, ie average time discarding the their contingency. CCPM determines the critical chain the constraint of a projects considering the logical precedence relationship and resource conflict resolution. Project buffer is located at the end of critical chain to absorb the variations of critical chain. The size of project buffer is usually calculated as the half of the sum of critical chain length. Also feeding buffer is inserted after each non-critical chain which feeding into the critical chain to prevent the time delay of critical chain from uncertainties of non-critical chains. Resource buffer can be utilized to improve the availability of resources of critical chain. Buffer management is a project execution and control mechanism. Buffers are classified into 3 zones. They are OK zone, Watch and Plan zone and Expediting zone. If the project status is within Watch and Plan zone, contingency plan is established. And if it changes into Expediting zone, the preplanned contingency plan are executed to recover the time delay. In CCPM the workers are asked to work with relay runner work mechanism that they work fast if possible and report their completion to project manager for the succeeding task to start as soon as possible. The task durations are not considered as the promised time schedule. The multi-tasking is prohibited.

• KEPCO Journal on Electric Power and Energy
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• v.2 no.1
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• pp.133-141
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• 2016

Although construction of any new nuclear power projects had not been launched since mid-1970s until recently in the USA, many new nuclear power plants have been constructed in many countries with the support of their governments mainly as part of their national energy security and electric source diversification policies. For many reasons, the nuclear power industry seemed to reclaim their renaissance from the beginning of this century and the investment in the nuclear power projects draw positive concern from the private financial sector. But the global financial crisis in 2008 and subsequent economic slow-down together with tighter bank credit regulations caused commercial banks, the main source of financing, to lose appetite for investing in new nuclear power projects. But the nuclear power economics shows that the nuclear power is viable in terms of the environmental benefit and long-term average cost compared to other power generation sources. Also doubt about nuclear power safety was much mitigated due to technology development and reinforced safety-related tests and monitoring. Therefore, the prospect for nuclear power market expansion remains positive although there are comparatively big differences among different scenarios. After Korea Electric Power Corp. won the UAE nuclear power project in December of 2009, the competition in nuclear power markets is undergoing huge changes. Competitors backed by the support of their own governments are now entering the market with many aggressive and innovative financing packages to win bids of new nuclear power projects. This report analyzed the nuclear power market prospects, competitive edges of nuclear power, risk management measures, and financing challenges and recommends alternative solutions to promote competitive edges in winning bids of new nuclear power projects.

• Journal of the Korean Institute of Landscape Architecture
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• v.42 no.2
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• pp.86-90
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• 2014

This study was conducted to examine the state of confusion about those azalea cultivars(hereinafter, Azalea Cultivars) that are used among practicians in landscaping businesses(designers, constructors, and producers). Which Azalea Cultivars would be delivered when they were ordered to producers using the names of Azalea Cultivars notified by the Public Procurement Service. In addition, the situations of azalea cultivar planting designs in the planting design drawings of three apartments completed recently and whether the Azalea Cultivars on the design drawings were the same as those Azalea Cultivars that were actually planted were examined. When Azalea Cultivars were ordered using the notified names, three Azalea Cultivars; Beni, Three, and Daewang were delivered for the name Yeongsanhong and two Azalea Cultivars; Zasanhong and Hancheol were delivered for the name Zasanhong. Yeongsanhong was perceived as a common name of Beni, Three, and Daewang by producers. Therefore, this caused confusion between producers and purchasers. In the case of Zasanhong, as the traits of Zasanhong are similar to those of the cultivar Hancheol, the producers or purchasers might have been unable to clearly distinguish between the cultivars and thus two cultivars might have been delivered without being distinguished from each other. The names of Azalea Cultivars used in planting design drawings were the names notified by the notifying agencies or comprehensive and unclear names such as azalea and Yeongsanhong. Completely different Azalea Cultivars from those written in planting design drawings were planted in actual construction sites in many cases. These situations should have occurred because designers did not write accurate cultivar names in planting design drawings and constructors could not accurately perceive the classification characteristics of individual Azalea Cultivars but planted those Azalea Cultivars with similar flowers colors or those that could be easily bought to fit the conditions of construction sites.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.2
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• pp.699-711
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• 2011

This study is to perform several major analyses to find any differences in the leverage between the pre- and post-period of the currency crisis. Moreover, another aspect is to investigate a financial aspect which has received relatively little attention to the firms and/or industries in the emerging capital markets in comparison to those in the advanced markets. The purpose of this empirical study is to confirm whether or not, it is myth or reality that Korean business conglomerate, chaebol, firms with subsidized financing from government-owned domestic financial institutions in the pre-financial turmoil, may still maintain their higher leverage, even after the crisis. It was found that firms belonging to the chaebol in Korea maintained higher average book-value and market-value based debt ratios, relative to their counterparts not belonging to the chaebol across all of the tested models. There were positive relationships of IND3(=the chemical industry) and Ind5(=the construction industry) to the book-value leverage. This study identified that there were no differences in the explanatory variables included, between the tested models (that is, without and with including the present value of an operating lease) related to each debt ratio. Since the Korean government continue to improve the corporate governance of the domestic firms in terms of accounting transparency and corporate ownership, it would be more efficient, if utilizing this "new" ratio considering an operating lease as an effective measurement of the level of leverage. In terms of the capital structure, it may also be possible for foreign firms to utilize and benefit from the results obtained in this study when operating their new businesses in Korea, given the economic circumstances such as the ongoing progress of the Korea-America FTA or the Korea-China FTA.

• Environmental and Resource Economics Review
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• v.20 no.4
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• pp.859-882
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• 2011

Since two oil crises in the 1970s, Korea has actively engaged in overseas E&P projects to increase energy diversity as well as its self-development rate of energy resources. Korea's energy self-development rate, an index that indicates the ratio of resources acquired through overseas development compared to direct imports. Currently, Korea is conducting a total of 180 promising overseas oil development projects in 36 countries as of the end of 2010. By now, it has secured a reserve of around 1.63 billion barrels and production of around 176 thousand barrels of oil per day. The self-development rate for oil rose from 2.8% in 2006 to 7.4% in 2010. Not content with these remarkable successes, the korean government is planning to raise its self-development rate in oil to 25% by 2019, by promoting the active participation of Korean companies in overseas oil development projects. This paper is concerned with estimation of the required amount of government subsidies that includes loans and financial support through state-controlled banking institutions in order to reach the target 25% rate by 2019. The estimation results shows that government subsidies of at least 268 million dollars are needed for the current rate of 7.4% in oil. However, the amount sharply increases up to 1.25 billion dollars in 2019 when domestic oil demand rises to 1.02 billion barrels.

• Journal of the Korean association of regional geographers
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• v.14 no.5
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• pp.492-506
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• 2008

This paper aims to explore the characteristics of regional network of Korean firms in Dalian City, China, which is focused on social, cultural and institutional characteristics. To achieve this goal, the paper attempts to analyze the supply of raw material and parts, sales and cooperative relations of the firms. Among Korean firms in Dalian City, the characteristic of non-local network can be seen in supply enterprise of raw material, parts and semi products. On the other hand, a tighter local network relationship can be seen in sales. Large companies appear stronger in non-local network than small businesses and small businesses are stronger in local network. In terms of cooperation among enterprises, many firms have networks of joint marketing, joint use of equipments, exchange of techniques and information with the supply enterprise. With the customer enterprise, there is a network in joint marketing and manpower training. Especially, most of the customer enterprises are Chinese ones, which have extensive networks in big cities, such as in Beijing, Shanghai, Guangzhou, Tianjin and Dalian. In local network, the Korean firms in Dalian cooperate in product development, finance and manpower training with local firms. And in non-local cooperation, Korean firms are active in tech support, information exchange and R&D.