• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.29 no.11B
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• pp.920-929
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• 2004

Nowadays, wireless packet data services are provided over cdma2000 1x/1xEV-DO mobile communication network and Portable Internet are being standardized for users demanding higher data rate services. Portable Internet can provide high data rate services, but its service coverage is relatively small. If Portable Internet may be integrated with cdma2000 mobile networks, users are able to choose the best service according to service areas and get seamless services while they are moving around. At the same time, it is cost-effective for operators to construct and maintain the integrated network. For the purpose of effectively integrating Portable Internet into cdma2000 networks, we propose an integration scheme including network architecture, protocol architecture, functions in network elements, interfaces between them, and call-flow procedures. The integration scheme proposed in this paper adopts a tightly-coupled architecture for unified authentication/accounting and seamless services. In addition, the scheme can be implemented without modifying the existing cdma2000 mobile communication networks. It is also simple to develop the dual-mode mobile station. Through the simulation results based on the performance model for handoffs between cdma2000 and Portable Internet, it has teen validated that the proposed scheme diminishes packet losses compared with the loosely-coupled architecture.

• Korean Journal of Social Welfare
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• v.67 no.4
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• pp.51-77
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• 2015

This study attempts to examine the relationship between human resource management & financial resource management and service quality in social service organizations in Korea. This study utilizes '2012 Central Government Social Welfare Facilities Evaluation (CGSWFE)' data and employs multiple regression method to examine research model. The key findings of this study are as follows: (1) after controlling extraneous variables (organizational characteristics), among human resource management related variables, performance appraisal, fringe benefits, supervision, formal grievance procedure, the percentage of employees with certified professional license, and salary have statistically significant relationships with service quality in a positive direction; (2) among financial resource management related variables, the percentage of additional governmental funding beyond basic government subsidies, accounting management, and transparent use and management of donations have statistically significant relationships with service quality in a positive direction; and (3) human resource management related variables are stronger than financial resource management related variables in explaining service quality. The findings imply that more systematic human resource management and financial resource management would be very important in strengthening service quality in social service organizations. This study provides new knowledge foundation regarding the effect of human resource management and financial resource management on service quality in social service organizations.

• Asian Pacific Journal of Cancer Prevention
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• v.17 no.1
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• pp.215-217
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• 2016

Background: Chronic lymphocytic leukemia (CLL) is the most frequent form of leukemia in Europe and North America, and it mainly affects older individuals. Many approaches are implemented in the management of CLL from a watch and wait (W&W) strategy to chemotherapeutic regimens. We here reviewed our clinical practice for the relevance of the W&W strategy in Lebanese CLL patients. Materials and Methods: A total of 95 patients with CLL diagnosed in four institutions in Lebanon, between 1992 and 2013, were selected and their files were reviewed. Characteristics of these patients were noted including age, sex, RAI and Binet scores, CBC values, presence of hepatomegaly or splenomegaly, performance of bone marrow biopsy or peripheral blood flux cytometry for diagnosis, adoption of W&W strategy, different chemotherapeutic regimens and the indications for treatment. Results: Some 38 patients (40%) diagnosed with CLL were women and 57 (60%) were men with a mean age of 65.1 years [36-89]. Of the total, 50.5%, 17.2%, 14%, 7.5% and 10.8% had an RAI score at diagnosis of 0, 1, 2, 3 and 4, respectively, while 65.6%, 17.2% and 17.2% had Binet scores of I, II and III. The mean lymphocyte count at diagnosis was $39885/mm^3$ [1596-290000], the mean hemoglobin level was 12.7 g/dl [6.2-17] and the mean platelet count was $191255/mm^3$ [14000-458000]. While 26.3% of patients with CLL had splenomegaly, only 7.4% had hepatomegaly. Some 33.7% had undergone a bone marrow biopsy, 66.3% flow cytometry of circulating blood and 5.3% a lymph node biopsy. Overall, the W&W was adopted in 62.4% (58) of patients with a mean duration of 37.7 months [3-216]. The W&W was used in 82.6%, 73.3%, 46.2%, 14.3% and 0% of patients having RAI scores of 0, 1, 2, 3 and 4, respectively, and, it was used in 80%, 46.7% and 6.25% with Binet scores of I, II and III. The most frequent indication for treatment was anemia and thrombocytopenia, accounting for 32.7% of cases. The most frequently used chemotherapeutical regimens were chlorambucil until the end of the last century and flufarabine-cyclophosphamide-rituximab during the last decade. Conclusions: This retrospective review of CLL clinical practice showed an important implementation of the W&W strategy with a long duration, especially in early stage cases with low RAI or Binet scores.

• Journal of Advanced Navigation Technology
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• v.21 no.3
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• pp.230-242
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• 2017

A significant rise in product-liability cost is expected due to the newly passed product liability amendment Bill approved during the assembly plenary session on March 30, 2017. Korean government legal service(KGLS) filed a damage suit against Korea aerospace industries, Ltd.(KAI) and Hanwha Techwin Co., Ltd., the manufactures of the KUH-1 Surion helicopter crashed. KGLS alleged claims under the product liability Act, the warrant liability Act and the non-performance of contract act. The accountability limits of military aircraft manufacturers was a highly divisive issue among related scholars and legal practitioners. The bottom line was that military aircraft manufacturers had no product-liability insurance available. The United States courts have, therefore, developed the government contractor defense(GCD) and it was recognized by the U.S. Supreme Court in Boyle v. United Technologies corporation(1988). product liability insurances for military aircraft manufacturers are excessively expensive and it cannot be added onto the military procurement cost accounting. However, having an aircraft accident without one can be ruinously expensive. Therefore, the manufacturers should promptly set up appropriate risk management measures. This thesis will first review the advance GCD theory, and then find a way to either reform government contract related regulations.

• Journal of Digital Convergence
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• v.14 no.8
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• pp.163-175
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• 2016

The purpose of this study is to provide an efficient internal control system formation incentives for company and to confirm empirically usefulness of the internal accounting control system for financial institutions by analyzing whether the internal control vulnerabilities of companies related significantly to the classification and assessment of soundness of financial institutions. Empirical analysis covered KOSPI, KOSDAQ listed companies and unlisted companies with more than 100 billion won of assets which have trading performance with "K" financial institution from 2008 until 2013. Whereas non-internal control vulnerability reporting companies by the internal control of financial reporting received average credit rating of BBB on average, reporting companies received CCC rating. And statistically significantly, non-reporting companies are classified as "normal" and reporting companies are classified as "precautionary loan" when it comes to asset quality classification rating. Therefore, reported information of internal control vulnerability reduced the credibility of the financial data, which causes low credit ratings for companies and suggests financial institutions save additional allowance for asset insolvency prevention and require high interest rates. It is a major contribution of this study that vulnerability reporting of internal control in accordance with the internal control of financial reporting can be used as information significant for the evaluation of financial institutions on corporate soundness.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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• v.15 no.3
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• pp.191-197
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• 2017

The Korea Atomic Energy Research Institute (KAERI) has developed a safeguards technology for pyroprocessing based on the Safeguards-By-Design (SBD) concept. KAERI took part in a Member-State Support Program (MSSP) to establish a pyroprocessing safeguards approach. A Reference Engineering-scale Pyroprocessing Facility (REPF) concept was designed on which KAERI developed its safeguards system. Recently the REPF is being upgraded to the REPF+, a scaled-up facility. For assessment of the nuclear-material accountancy (NMA) system, KAERI has developed a simulation program named Pyroprocessing Material Flow and MUF Uncertainty Simulation (PYMUS). The PYMUS is currently being upgraded to include a Near-Real-Time Accountancy (NRTA) statistical analysis function. The Advanced Spent Fuel Conditioning Process Safeguards Neutron Counter (ASNC) has been updated as Non-Destructive Assay (NDA) equipment for input-material accountancy, and a Hybrid Induced-fission-based Pu-Accounting Instrument (HIPAI) has been developed for the NMA of uranium/transuranic (U/TRU) ingots. Currently, performance testing of Compton-suppressed Gamma-ray measurement, Laser-Induced Breakdown Spectroscopy (LIBS), and homogenization sampling are underway. These efforts will provide an essential basis for the realization of an advanced nuclear-fuel cycle in the ROK.

• Journal of Convergence for Information Technology
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• v.10 no.11
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• pp.324-331
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• 2020

This study used the financial information of 29 Regional public hospitals registered in the HASPA. Regional public hospitals analyzed the ratio of operating financing by management activities and how they affect net profit. The results of the study, Regional Public Hospitals ratio of fund financing for management activities was 83.50 percent for medical revenues, 9.53 percent for Incidental Revenue of Medical, 4.54 percent for Contribution Revenue, 4.42 percent for Other non-medical profits, 1.21 percent for depreciation Expense and 0.73 percent for Amount of reserve for unique purpose project. As a result of examining the effect of financing by management operation on net profit, the ratio of operating funds by medical revenue, by incidental revenue of medical, by contribution revenue and by other non-medical profits had a positive impact on net profit of Regional public hospitals. And It has been confirmed that the ratio of amount of reserve for unique purpose project has a negative impact on net profit. Therefore, it is necessary for Regional public hospitals to manage costs in consideration of revenues and internal reserves.

• Journal of the Korean Geotechnical Society
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• v.28 no.12
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• pp.5-15
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• 2012

In this study, a series of CFD (Computational Fluid Dynamics) numerical analyses were performed in order to evaluate the thermal performance of six full-scale closed-loop vertical ground heat exchangers constructed in a test bed located in Wonju. The circulation HDPE pipe, borehole and surrounding ground formation were modeled using FLUENT, a finite-volume method (FVM) program, for analyzing the heat transfer process of the system. Two user-defined functions (UDFs) accounting for the difference in the temperatures of the circulating inflow and outflow fluid and the variation of the surrounding ground temperature with depth were adopted in the FLUENT model. The relevant thermal properties of materials measured in laboratory were used in the numerical analyses to compare the thermal efficiency of various types of the heat exchangers installed in the test bed. The simulation results provide a verification for the in-situ thermal response test (TRT) data. The CFD numerical back-analysis with the ground thermal conductivity of 4 W/mK yielded better agreement with the in-situ thermal response tests than with the ground thermal conductivity of 3 W/mK.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.121-156
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• 2010

Back-door-listing can be viewed both as M&A and an alternative to IPO. If IPO is an access to the capital market through regulations, back-door-listing would be the way of entering the market through trading. Back-door-listing can be a better choice considering the common wisdom that regulations hinder the functioning of free market system. One would, however, prefer IPO, for the informational asymmetry isless severe in case of IPO. This paper examines if IPO is superior to back-door-listing as to the informational efficiency. The excess buy-and-hold returns of the Kosdaq back-door-listing firms are estimated over the three-year-period since the event. They are compared against the excess buy-and-hold returns of the Kosdaq IPO firms over the same period of time. The results confirm this paper's prediction that IPO should be more information-efficient. Both IPO and back-door-listing firms start with high short-term excess returns and end up with long-term under-performance. However, back-door-listing firms show more significantly damaging long-term results. Furthermore, back-door-listing firms record poorer accounting results over the research period. These results imply that there exists fad at the time of both events and, in case of back-door-listing, this fad is reinforced by the possibility of window dressing.