• Management & Information Systems Review
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• v.37 no.1
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• pp.103-122
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• 2018

This paper expands the results of previous studies indicating that manager's ability positively affects business performance to analyze whether the degree to which the role of manager's ability improves business performance appears differently according to the characteristics of enterprises. As for the characteristics of enterprises, whether enterprises correspond to enterprises with high levels of funding constraints or late movers in the market is considered. Enterprises with high levels of funding constraints greatly require managers' roles not only for efficient use of funds but also for smooth financing. Late movers require more judgments of professional managers to overcome insufficient resources held and low profitability. In the case of enterprises with corporate characteristics with high dependency on the manager, the business performance is expected to greatly vary with the ability of the manager. The empirical analysis was conducted with listed companies from 2010 to 2014, manager's ability was measured by first measuring the efficiency of the entire enterprise through data envelopment analysis (DEA) using the methodology of Demerjian et al.(2012) and removing enterprise characteristics factors thereafter. Business performance was measured by the return on industrial fixed assets. The results of the empirical analysis indicated that the degree to which manager's ability improves business performance was higher in managerial competence enhances managerial performance in enterprises with high levels of funding constraints and late movers. Business performance is considered to have been improved further in cases where manager's ability is high because investments were made more efficiently through smooth funding. In addition, in the case of late movers in relatively poor environments, business performance was improved further because high manager's ability induced efficient decision making. In this paper, we extend the precedent study that the manager's ability improves the management performance, and confirm that the manager's ability to improve the managerial performance can be different according to the situation of the company. In addition, it is meaningful to analyze empirically whether a company's managerial ability is more important. This paper expanded the results of previous studies indicating that manager's ability improves performance to identify that the degree to which manager's ability improves business performance may appear differently according to situations in which enterprises are placed. In addition, this paper is meaningful in that it empirically analyzed what enterprises require manager's ability more importantly.

• Journal of Science and Technology Studies
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• v.5 no.1 s.9
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• pp.55-92
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• 2005

The factors contributing to the formation of an important scientific concept in South Korea and its circulation in the society are the scientific knowledge that had been already formed, matured, and established in the U.S.A, Europe and Japan and has been introduced into Korea, and the institutions that have been formed during the recent modernization in South Korea. The concept of 'genetic information' cannot be an exception in this context. The concept of genetic information is the one that has been extended and intensified by the genomics and bioinformatics formed and matured through the Human Genome Projects from the former concept of inheritance or heredity within the framework of classical and molecular genetics. The purpose of this study was to find out 'how the production structure of genetic information in South Korea has been formed', under the perspective of the conceptual, epistemic, and institutional holisticity or integratedness in the concept and knowledge production structure idealized in Western advanced nations. The discourse of genetic engineering popular in the mid 1980's in South Korea has catalyzed the development of molecular biology. However, the institutional balance that had been established for the biochemistry departments in Natural Science College and Medical College was not formed between the genetic engineering and genetics departments in South Korea. Therefore, they were unable to achieve the more integrative and macro-level disciplinary impact on life sciences, largely due to institutional lack of the capable (human) genetics departments in some leading Korean colleges of Medicine. In genomics, the cutting-edge reprogramming and restructuring of the traditional genetics in the West, South Korea has not invested, even meagerly, in the infrastructure, fund, and research and development (R & D) for the Basic or First Phase of the research trajectory in the Human Genome Project. Without a minimal Basic Phase, the genomics research and development in Korea has been running more or less for the Advanced or Second Phase. Bioinformatics has started developing in Korea under a narrow perspective which regards it as a mere sub-discipline of information technology (IT). Having developed itself in parallel with genomics, bioinformatics contains its own unique logics and contents that can be both directly and indirectly connected to the information science and technology. As a result, bioinformatics reveals a defect in respect of being synergistically integrated into genetics and life sciences in Korea. Owing to the structural problem in the production, genetic information appears to be produced in a fragmented pattern in the Korean society since its fundamental base is weak and thin. A good example of the conceptual and institutional fragmentedness is that 'the genetics of individual identification' is not a normal integrated part of the Korean genetics, but a scientific practice exercised in the departments of legal medicine in a few Medical Colleges. And the environment contributing to the production structure of genetic information in South Korea today comprises 'sangmyung gonghak'(or life engineering) discourse and non-governmental organization movement.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.3-19
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• 1991

This paper attempts to identify key determinants of long run movements of real M2 by using the Johansen procedure for estimating and testing cointegration relations. It turns out that the real M2 equation has been stable over the long run despite rapid changes in financial structure since 1975. Moreover, the real M2 equation can be reduced to a velocity equation with the opportunity cost variable, expected inflation less the weighted average rate paid on M2 deposits, being the key determinant. However, it does not work to use a market interest rate such as the yield on corporate bonds in place of expected inflation for calculation of the opportunity cost. In the U.S., a market interest rate can be used, but not in Korea. Presumably, two somewhat different reasonings can be used to explain this result. One is that the yield on corporate bonds may not adequately reflect the inflationary expectations due to regulations on movements in interest rates. The other is that M2 deposits are not readily substitutable with such assets as corporate bonds because of market segmentations, regulations, and so on. From the policymaker's point of view, this implies that the inflation rate is an important indicator of a policy response. On the other hand, policymakers do not regard movements of the yield on corporate bonds as an important policy indicator. Altogether, the role of interest rates has been quite limited in Korea because of incomplete interest rate liberalization, an underdeveloped financial system, implementation procedures of policy measures, and so on. The result that M2 velocity has a positive cointegration relation with expected inflation minus the average rate on M2 implies that frequent adjustments of the regulated rates on M2 will be necessary as market conditions change. As the expected inflation gets higher, M2 velocity will eventually increase, given that the rates on M2 do not change. This will cause higher inflation. If interest rates are liberalized, then increases in market interest rates will result in lagged increases in deposits rates on M2. However, in Korea a substantial portion of deposit rates are regulated and will not change without the authority's initiatives. A tight monetary policy will cause increases in a few market interest rates. But the market mechanism, upward pressure for interest rate adjustments, never reaches regulated deposit rates. Hence the overall effects of tight monetary policy diminish considerably, only causing distortions in the flow of funds. Therefore, frequent adjustments of deposit rates are necessary as market conditions such as inflationary expectations change. Then it becomes important for the policymaker to actively engage in adjusting regulated deposit rates, because the financial sector in Korea is not fully developed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.3
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• pp.1-16
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• 2012

Under the international business circumstance, global supply chain management is considered a vital strategic challenge to small and medium-sized enterprises(SMEs) suffering from deficient resources and capabilities to exploit overseas markets comparing with large corporations. That is because they can expand their business domains into overseas markets by establishing strategic alliances with global supply chain partners. Although a wide range of previous researches have emphasized the cooperative networks in the chain, most are ignoring the importance of developing relational characteristics such as trust and reciprocity with the partners. Besides, verifying the relational factors influencing firms' export performances, some studies proposed different and inconsistent factors. According to the social capital theory, which is the social quality and networks facilitating close cooperation of inter-individual and inter-organization, provides the integrated view to identify the relational characteristics in the aspects of network, trust and reciprocal norm. Meanwhile, a number of researchers shows that global entrepreneurship is the internal and intangible resource necessary to promote SMEs' internationalization. Upon closer examination, however, they cannot explain clearly its influencing mechanism in the inter-firm cooperative relationships. This study is to verify the effect of social capital accumulated within global supply chain on SMEs' qualitative and quantitative export performance. In addition, we shed new light on global entrepreneurship expected to be concerned with the formation of social capital and the enhancement of export performances. For this purpose, the questionnaires, developed through literature review, were collected from 192 Korean SMEs affiliated in Korean Medium Industries Association and Global Chief Executive Officer's Club focusing on their memberships' international business. As a result of multi-regression analysis, the social capital - network, trust and reciprocal norm shared with global supply chain partner - as well as global entrepreneurship - innovativeness, proactiveness and risk-taking - have positive effect on SMEs' export performances. Also global entrepreneurship affects positively social capital which has mediating effect partially in the relationship between global entrepreneurship and performances. These results means that there is a structural process - global entrepreneurship(input), social capital(output), and export performances(outcome). In other words, a firm should consistently invest in and develop the social capital with global supply chain partners in order to achieve common goals, establish strategic collaborations and obtain long-term export performances. Furthermore, it is required to foster the global entrepreneurship in an organization so as to build up the social capital. More detailed practical issues and discussion are made in the conclusion.

• Journal of Korean Society of Transportation
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• v.23 no.3 s.81
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• pp.95-108
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• 2005

The purpose of this study is to develop the ITS evaluation model using the Probabilistic Risk Analysis (PRA) methodology and to demonstrate the goodness-of-fit of the large ITS projects through the comparative analysis between DEA and PRA model. The results of this study are summarized below. First, the evaluation mode] using PRA with Monte-Carlo Simulation(MCS) and Latin-Hypercube Sampling(LHS) is developed and applied to one of ITS projects initiated by local government. The risk factors are categorized with cost, benefit and social-economic factors. Then, PDF(Probability Density Function) parameters of these factors are estimated. The log-normal distribution, beta distribution and triangular distribution are well fitted with the market and delivered price. The triangular and uniform distributions are valid in benefit data from the simulation analysis based on the several deployment scenarios. Second, the decision making rules for the risk analysis of projects for cost and economic feasibility study are suggested. The developed PRA model is applied for the Daejeon metropolitan ITS model deployment project to validate the model. The results of cost analysis shows that Deterministic Project Cost(DPC), Deterministic Total Project Cost(DTPC) is the biased percentile values of CDF produced by PRA model and this project need Contingency Budget(CB) because these values are turned out to be less than Target Value(TV;85% value), Also, this project has high risk of DTPC and DPC because the coefficient of variation(C.V) of DTPC and DPC are 4 and 15 which are less than that of DTPC(19-28) and DPC(22-107) in construction and transportation projects. The results of economic analysis shows that total system and subsystem of this project is in type II, which means the project is economically feasible with high risk. Third, the goodness-of-fit of PRA model is verified by comparing the differences of the results between PRA and DEA model. The difference of evaluation indices is up to 68% in maximum. Because of this, the deployment priority of ITS subsystems are changed in each mode1. In results. ITS evaluation model using PRA considering the project risk with the probability distribution is superior to DEA. It makes proper decision making and the risk factors estimated by PRA model can be controlled by risk management program suggested in this paper. Further research not only to build the database of deployment data but also to develop the methodologies estimating the ITS effects with PRA model is needed to broaden the usage of PRA model for the evaluation of ITS projects.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.305-310
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• 2001

The purpose of this study is to calculate delay damages for contractors. The study has been performed by investigation of delay cost occurrence status and the analysis of subway construction cases. The results of this study are as follows: 1. Delay cost( 1day) equivalent to $0.005\%$ of total construction cost by analysis case studies. 2. Including bank interest, dealy cost is analysed as the following; $1.1\~9.2\%$ of total construction cost in part extension period, $3.3\~11.0\%$ of total construction cost in total extension period. 3. In comparison between liquidated damages and delay cost, liquidated damages account for average 20.1 times of delay costs. 4. Acceleration cost will be calculate on the basis of delay cost calculation method. In the result of this method, acceleration cost is equal to delay cost at least or must be large than delay cost

• Journal of the Korean Geographical Society
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• v.31 no.2
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• pp.160-197
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• 1996

The purpose of this study is to review research trends and issues of economic geography in Korea for the last fifty years by sub-fields of agricultural geography, industrial geography, commercial and service geography, and transportation geography. Research in Korean economic geography has progressed significantly in terms of the scope and the number of papers published during the last a half a century. Agricultural geography was a leading field of economic geography in Korea before mid-1970s. Since the mid-1970s, however, agricultural geography has turned over the leading role in economic geography to industrial geography. Classification and structure of agricultural region has been the most popular research theme in Korea, even though diverse topics has been dealt in the research of agricultulal geography in Korea during the last fifty years. In recent years, emphasis is given to study on the dynamics of agricultural region and regional differentiation of part-time farming. It is suggested that the future issues of research in agricultural geography in Korea are agricultural restructuring and changes in agricultural space under the WTO system, changes in rural area and agricultural region with the progress of informatization, changes in agricultural structures and rural society by the increase of part-time farming, governments agricultulal policy and its impacts, competitive advantages of Korean agricultulal products, and environmental impacts of agricultural restructuring. Research in industrial geography has remarkably progressed since the 1980s. Locational changes, regional industrial structure and formation of industrial region were the major topics of interest in the research of industrial geography in Korea before 1980. Since the early 1980s, in addition to the topics which were interested in before 1980, changes of industrial organization and industrial location, changes of production systems and industrial space development of high technology industries and science parks, industrial restructuring and regional economy, foreign direct investments, industrial linkages and industrial districts, and industrial policy and regional development have been the major research themes of industrial geography in Korea. Considerable number of papers has been published both in Korean journals and in foreign journals during this period. Considering global changes in the organization of industrial space, future research should be more focused on firms strategy for regaining competitive advantages, local and global perspectives of industry, industry and environmental changes, in addition to the topics which have been dealt in recent years. Research in commercial and service geography and transportation geography was negligible in Korea before the late 1970s. These two sub-fields in economic geography have begun to develop since 1980s. Periodic markets, structure of commercial area, and distribution of products were the major topics of interest in the 1980s in the commercial and service geography in Korea. In the 1990s, however reserch in producer services has been active with growth of producer services in Korean economy. It is suggested that regional changes with progress of informatization and technology, changes of international trade and regional changes, development of efficient distribution system, role of producer services in regional development, and network of producer services are the major issues to be studied in the future in the field of commercial and service geography in Korea. Commuting, distribution of products, and transportation networks have been the major topics of research in transportation geography in Korea. Diverse quantitative techniques have been applied in the most of the researches in transportation geography. It is required that future studies in transportation geography should also focus on societal and behavioral issues, policy issues regional impacts of new transportation facilities, an analysis of transportation system at the global or international level. Since the 1980s economic geography in Korea has considerably progressed with publication of papers and books. The progress can be regarded as successful in quantitative aspect, but not in quantitative aspects. For the development of Korean economic geography in both quantitative and qualitative aspects, it is necessary to promote international collaborative researches and interdisciplinary cooperations. Attention should also be given to the research on changes in competitive advantages and economic restructuring, changes of economic space with the development of high technology and the progress of informatization. economic development and culture. and foreign regional studies.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.337-371
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• 2015

In recent years, aviation safety has been facing new hazards due to the rapidly changing environment in which aircraft operation increasingly finds. Continuously increasing air traffic volume, integration of various cultures from many States, and many other changes are the causal factors of the new risks. To identify such new hazards and risks, the government of the Republic of Korea (ROK) established aviation safety reporting systems in accordance with the international standards of the Convention on International Civil Aviation. However, there are some misunderstandings by the government in operating and by the personnel who take part in these reporting systems. Everybody should understand that aviation safety reporting system is not a punitive measure but a tool for collecting data in order to improve safety. In addition, such a system can be utilized further to promote an improved awareness on the need for a proper safety culture on the part of both the government, the industry and the personnel. This paper includes studies on international standards, relevant regulations in the United States and the United Kingdom. Moreover, this paper proposes to the government of ROK several points to improve their own system, including integration of the existing reporting systems, improvement of reporting items, implementation of safety data taxonomy and the establishment of safety data protection.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.3-36
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• 2015

As of end of 2014, the population engaging in aviation activities for leisure has reached approximately 13 million, where approximately 356 cases involve a general aircraft, 200 cases involve light aircraft, and 636 cases involve an ULM. The industry for leisure has become a very promising industry in line with rapidly rising living standards which are expected to further increase in the future. The demand for such services is expected to increase over time. The purpose of this paper is to review the development and site selection of airfields in anticipation of these developments in the industry. While the government also has experience in the review of airfield location and candidate sites, it is not the government that carries out the actual construction. As such, the feasibility of the site needs to be verified in terms of actual construction. This study identified factors for Site Selection of factors through a review of related documents and existing research reports. A questionnaire was also used to collect the views of experts in the field, which was then analyzed. The Research model was confirmed in the layered form for an AHP analysis. The factors for Site Selection were identified as the technical / operational factors and economic / political elements for a two-stage configuration. The third step consisted of technical and operational elements. The final step is was constructed a total of 11 elements (weather, surface conditions, obstacle limitation surface, airspace conditions, operating procedures, noise problems, environmental issues, availability of facilities, construction and investment costs, contribution to the local economy, accessibility, demand / the proximity of demand). The surveys are conducted for more than 10 General and light aircraft pilots, professionals, and instructor. The analysis results showed a higher level in the technical / operating elements (73.2%) in the first step, while the next step sawa higher level of the operational elements (30.9%) than the other. The factors for Site Selection were any particular elements did not appear high, the weather conditions (17.5%), noise problems (19.8%), the proximity of demand (6%), accessibility (5.7%), environmental issues (11.1%), availability of facilities (8%), airspace conditions (7.9%), obstacle limitation surface (12%), construction and investment costs (4.2%) and to operating procedures (4.9%), contribution to the local economy (3.8%).

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.171-198
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• 2009

The primary purpose of this study is to examine the impact of new BIS regulation, which is the preparations to incorporate not only credit risk but also market and operation risk, on the bank behaviors. As methodology, SUR(seemingly unrelated regression) and pool unit test are used in the empirical analysis of banks survived in Korea. It is employed that quarterly data of BIS capital ratio, ratio of standard and below loans to total loans, ratio of liquid assets to liquid liabilities, allowances for credit losses, real GDP, yields of corporate bonds(3years, AA) covering the period of 2000Q1~2009Q1. As a result, it could be indicated that effectiveness and promoting improvements of BIS capital regulation policy as follows; First, it is explicitly seen that weight of lending had decreased and specific gravity of international investment had increased until before BIS regulation is built up a step for revised agreement in late 2001. Second, after more strengthening of BIS standard in late 2002, banks had a tendency to decrease the adjustment of assets weighted risk through issuing of national loan that is comparatively low profitability. Also, it is implicitly sought that BIS regulation is a bit of a factor to bring about credit crunch and then has become a bit of a factor of economic stagnation. Third, as the BIS regulation became hard, it let have a effort to raise the soundness of a credit loan because of selecting good debtor based on its credit ratings. Fourth, it should be arranged that the market disciplines, the effective superintendence system and the sound environment to be able to raise enormous bank capital easily, against the credit stringency and reinforce the soundness of banks etc. in Korea capital market.