• Ocean and Polar Research
• /
• v.28 no.1
• /
• pp.25-35
• /
• 2006

Fisheries buyback programs have been implemented from 1994 in Korea, and its scale is estimated to have a value of 930 billion won, which is compounded for eight years since 1994. The paper evaluates the programs' economic and financial viability, and predicts efficient ways about how much and how long to reduce fisheries vessels so as to pursue a target biomass at MSY, For the specific purpose of the paper, aggregate fisheries stock dynamics and catch functions are specified and estimated by yearly catch and fishing effort data from 1970 to 2001, using ASPIC model and Schaefer's logistic production model. Results show that the fisheries stock in Korea has steadily declined since 1970, and that Korean fisheries overexploitation has steadily increased. Using cost-benefit analysis method, the buyback program holds the economic and financial feasibility even if the scale of buyback programs is not sufficient to avoid the downward trend in fisheries stock and harvest. The potential investment scale is predicted in several alternative scenarios using the sensitivity analysis method. The results recommend the annual reduction of 46%, 12% or 20% for the next one year, five years or three years, respectively so that the target biomass at MSY may be reached in 25 years.

• Journal of Labour Economics
• /
• v.43 no.2
• /
• pp.75-107
• /
• 2020

Using the data from 1980 to 2017, I show the long-term trends in the gender wage gap in Korea and analyze factors using decomposition method. It tended to decline until the 1990s, but gradually slowed after the 2000s. Gelbach(2016)'s decomposition method is used as an alternative rather than Blinder-Oaxaca decomposition. The results show that the proportion of explanation of traditional factors, such as age, education, firm size, industry and occupation, are continuously decreasing in explaining the gender wage gap. Expecially, the proportion of explanation of age and that of education have decreased, and that of industry tended to decrease in the 1990s but to increase after the 2000s.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.15 no.11
• /
• pp.6621-6629
• /
• 2014

Social phenomena require the fundamentals of novel scientific epistemology and methodology due to the continual change by complex variables. A systematic understanding of paradigm shifts is also necessary for analyzing the problems currently faced in society. This study presents chaos theory, which was developed from the natural sciences, to discuss the abnormality of modern society that underscores the importance of the chaos paradigm. Chaos theory is applicable to diverse social phenomena that stretches across politics, economics, and sociology. If social science research can appropriately and effectively develop and apply chaos theory, the theory can be utilized as a useful paradigm to reinforce the fundamentals of epistemology and methodology in exploring social phenomena.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.3
• /
• pp.185-193
• /
• 2018

This paper aims to explore the risk governance framework and socially viable solutions, attempting to provide guidance for the decision making process. The key idea of this study start with overcoming the limitations of IRGC risk governance framework, which mainly focuses on a comprehensive framework for risk governance. This article has employed SWOT analysis as a methodology, which is a strategic planning technique used to help identifying the strengths, weaknesses, opportunities, and threats related to business competition or risk management. In this paper, socially viable solutions as an alternative plan place emphasis on the adoption of concern assessment through a concerns table. It is also proposed that scoping has to get introduced, with SWOT analysis in the process. The results of this paper support that multiple stakeholders have to participate in the process of identifying and framing risk and communicating with each other, considering the context. It should be noted that communities can become involved and take important parts in decision making process in various ways. It is recommended that engaging stakeholders to both risk assessment and risk management is material to dealing with risk in a socially viable way. It also implies that the community-based disaster management should be better prepared for the decision making process in socially viable solutions.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.3
• /
• pp.19-29
• /
• 2018

This research examined the alternatives of Jensen's alpha (α) estimation models in the Capital Asset Pricing Model, discussed by Treynor (1961), Sharpe (1964), and Lintner (1965), using the robust maximum likelihood type m-estimator (MM estimator) and Bayes estimator with conjugate prior. According to finance literature and practices, alpha has often been estimated using ordinary least square (OLS) regression method and monthly return data set. A sample of 50 securities is randomly selected from the list of the S&P 500 index. Their daily and monthly returns were collected over a period of the last five years. This research showed that the robust MM estimator performed well better than the OLS and Bayes estimators in terms of efficiency. The Bayes estimator did not perform better than the OLS estimator as expected. Interestingly, we also found that daily return data set would give more accurate alpha estimation than monthly return data set in all three MM, OLS, and Bayes estimators. We also proposed an alternative market efficiency test with the hypothesis testing Ho: α = 0 and was able to prove the S&P 500 index is efficient, but not perfect. More important, those findings above are checked with and validated by Jackknife resampling results.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.2
• /
• pp.105-118
• /
• 2018

Generic medicine (GM), which is an alternative drug product for branded medicine (BM), is used less in Japan than in other OECD countries. Therefore, we investigate why the medical consumers of Japan avoid the use of GMs even though the efficacy and safety of the medicines have already been proven. We theorize that effectiveness or risk of GMs are related to the consumer attitude toward GMs is affected by the behavioral approach/activation system (BAS) which promotes actions to reach the desired state, and the behavioral inhibition system (BIS) which suppresses behaviors to avoid negative outcomes. To see which of the BAS and BIS dimensions are related to GM usage, we surveyed 374 Japanese consumers and found that Quality, Efficacy, Safety, & Cost-effectiveness with the BAS, and Functional Risk, Financial Risk, Social Risk, Physical Risk, Psychological Risk, & Time Risk with the BIS had a significant effect on consumer attitude to GMs. These results are important in that they 1), confirm the role of BAS/BIS in attitudes to GMs, 2), provide guidelines when marketing GMs, 3), help governments promote the use of GMs as a cost-saving measure, and 4), guide future surveys regarding consumer attitudes to GMs.

• Environmental Engineering Research
• /
• v.15 no.2
• /
• pp.99-103
• /
• 2010

Integrated management systems (IMS) that control entire sewerage facilities in the upper reaches of multi-purpose dams are being constructed for their efficient operation and management. However, because the IMS installed in a watershed belong to several local government bodies, significant conflict would be expected between stakeholders in the process of deciding who should control the IMS after completion of the construction that was initially implemented under the support of central government. The objective of this study was to suggest a decision making to determine who should control the IMS for sewerage facilities in the upper reaches of multipurpose dams in Korea, using the analytic hierarchy process (AHP). Three alternatives were selected to determine who should control the IMS for sewerage facilities: commissioning to public corporations, commissioning to private corporations, and a role-sharing partnership. In using the AHP technique, the emphasis was on comparing public interests, economics, efficiency, sustainability, specialty, grievance mediation and receptiveness. As a result, building a role-sharing partnership received the highest score. Commissioning to a special institute was also suggested as an alternative as this showed a score similar to that of building a role-sharing partnership.

• ETRI Journal
• /
• v.20 no.1
• /
• pp.55-73
• /
• 1998

In this paper we analyze the technological accumulation processes in the Korean semiconductor industry from the institutional approach. Institutional approach, which is closely connected with Neo-Schumpeterian tradition, has emerged as an alternative theoretical framework to neoclassical approach to understand the process of producing technological knowledge. Traditional wisdom of neoclassical approach revealed the limitation to explain the complex nature of knowledge creation and diffusion. US patent data are analyzed in terms of the increasing trend of numbers and its content to measure the rate and direction of technological capability accumulation. This analysis shows that semiconductor technologies are one of the fastest growing fields among Korean technological activities. Moreover, the analysis of patent content suggests that fabrication technologies are the most important area within the technological development of semiconductors, whilst circuit design and testing technologies are beginning to increase in significance. In addition, it is examined how private sectors and public institutions have contributed to generate technological capabilities, and the relationship between them has been changed during the development processes. It is found that Korean firms enhanced their technological capabilities from the learning and assimilation of imported technology to enhanced in-house R&D capabilities in the later stage. The support of public institution and government policy also played significant role to this successful transformation in conjunction with vigorous R&D investment of public sector.

• Proceedings of the Technology Innovation Conference
• /
• 1999.12a
• /
• pp.63-81
• /
• 1999

The environment of Information and Telecommunication industry has rapidly changed. This is leading the growth of the world economy. Because of the characteristic of the information and communication, the standardization plays a important role in this market. The company that owns the standardization in its industry has dominant power like Microsoft in personal computer software, and Qualcomm in digital cellular phone system. Therefore, to take advantage of this standardization power, it is important to find which technology will be set up as a new standard. This paper presents how to capitalize the standardization as a market strategy. To perform this strategy, we take two steps. The first step is to strategically choose the most important technology or service which would lead the information and telecommunication market. We used modified AHP(Analytic Hierarchy Process) to set the priorities among the various standard related technologies and services, We interviewed with the information and telecommunication experts to find out some criteria and the weights of them. The second step is to select the standard to realize the technology. Actually, this is very hard to decide which technology we should select, because there are lots of alternative standards to develop the technology. In this step, we use a strategic framework for choosing the standard. This framework provides how the research institution and company do to get a maximum benefit from the standardization strategy, Finally, we applied these to Korea's situation simply in order to show how to take advantage of the framework.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.9
• /
• pp.179-189
• /
• 2020

The paper empirically examines the bank-specific determinants of loan growth in the Vietnamese banking system for the period from 2007 to 2019. We approach the CAMELS framework and employ the dynamic panel regression to determine the effects of each CAMELS factor on bank lending. To ensure the robustness of results, we also use alternative definitions of the variables and different specifications with and without full sets of CAMELS components. With these settings, we display multiple important results. (i) We find that a large capital buffer tends to boost bank lending expansion faster. (ii) High asset quality might positively contribute to high loan growth; in other words, banks subject to high credit risk are discouraged from making loans. (iii) Less efficiently managed banks are more likely to adopt an aggressive lending strategy, highlighting the moral hazard incentives of Vietnamese banks. (iv) More profitable banks with excellent competitive advantages could expand their lending activities to a larger extent. (v) Liquidity is positively related to the loan growth of banks. (vi) Perceived interest rate risk tends to suppress loan growth since interest-rate-sensitive banks might be concerned about the adverse effects of unpredictable adverse changes in interest rates in the future.