• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.487-495
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• 2021

As Islam supports fair trade, the Murabaha is the most popular and most common mode of Islamic financing. It is a contract of sale between the bank and its client for the sale of goods at a price plus an agreed profit margin for the bank. The contract involves the purchase of goods by the bank which then sells them to the client at an agreed mark-up. While their characteristics and values are unique, they are also subject to conventional measurement of efficacies. This study investigates how the primary health predictors of conventional banks under the Basel III regime could provide a positive means to assess the Murabaha funding and subsequently secure long-term profitability. This study constructed a path analysis (from 120 databases) to assess whether Islamic banks' leverage and capital adequacy may alter the Murabaha funding and increase stock equity directly and indirectly. The research findings are mixed where leverage does not alter the Murabaha funding but only affects the profitability; besides, capital adequacy increases the outgoing funding significantly but does not increase stock equity. Murabaha funding is essential to Islamic bank equity. This study implies Murabaha funding are expensed, despite increasing debts in Islamic banks.

• 무역학회지
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• 제45권5호
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• pp.117-139
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• 2020

In case of international long-term transactions, there are various risks of economic change of circumstances including skyrocketing price increase and shortage of raw material, as well as force majeure in a general sense. Nevertheless, pretty many of international long-term commercial contracts do not include the provisions of renegotiation and adaptation of the contract. In this case, possibility of renegotiation and adaptation depends mainly on the applicable law. Namely, it may be possible or not, according to choice of law. The reason is that national laws have nuances each other, and most of national courts are traditionally reluctant to accept hardship. and also, provisions of international uniform law (CISG) has ambiguity and inflexibility in relation to the problems of change of circumstances. Accordingly, this paper analyzes comparatively the doctrines and provisions related to renegotiation and adaptation of contracts of the most representative countries such as England, U.S.A., France, Germany as well as provisions CISG and soft law such as PICC. By doing so, the author makes clear which laws of instruments is more flexible or acceptable in allowing renegotiation and adaptation of long-term commercial contracts, and emphasizes on the importance of inclusion of express terms by using other alternative supplementing clauses, as a best solution for settling the problems of legal uncertainty of contract in relation to renegotiation and adaptation.

• 무역상무연구
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• 제67권
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• pp.23-47
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• 2015

European Commission drafted and proposed the Common European Sales Law(CESL) to the European Parliament for the realization of a uniform set of international private law rules within the EU internal market. Since its purpose is for free international commercial activities for the sale of goods, for the supply of digital content and for related services, it was proposed to enable EU Member States to adopt or supplement as their substantive law according to their options. This study is relate to the legal bases on termination of a contract under CESL, they are composed of three parts: damages and interest, restitution and prescription. Damages and interest are divided into damages, general provisions on interest on late payments, and late payment by traders. Damages are explained by dividing into right to damages, general measure of damages, foreseeability of loss, loss attributable to creditor, reduction of loss, substitute transaction, and current price. Restitution is described by dividing into restitution on revocation, payment for monetary value, payment for use and interest on money received, compensation for expenditure and equitable modification. Prescription is explained by dividing into general provisions, periods of prescription and their commencement and extension of periods of prescription. General provisions explain right subject to prescription into a right to enforce performance of an obligation and any right ancillary to such a right. Regarding period of prescription, the short one is two years and the long one is ten years. However, in the case of a right to damages for personal injuries, period of prescription for such right is thirty years. Regarding commencement, the short one begins to run from the time when the creditor has become, or could be expected to have become, aware of the facts as a result of which the right can be exercised, while the long one begins to run from the time when the debtor has to perform. However, in the case of a right to damages, the CESL clarifies that it begins to run from the time of the act which gives rise the right.

• 대한영양사협회학술지
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• 제2권1호
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• pp.92-104
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• 1996

Contract Managed foodservice has been expanded rapidly in university foodservice operations. The purposes of this study were to examine customers and administrators' preference concerning operation format, the decision making components for operation format, and administrators' attitudes concerning contract managed and self-operated foodservice. Two types of questionnaires were developed and implemented. Customer and administrator's questionnaires were distributed to 900 university students and 27 administrators respectively, and 831 customers and 24 administrators were responded with a response rate of 92.3% and 88.8% respectively. Statistical data analysis was completed using the SPSS programs for descriptive analysis, $x^2$-test, ANOVA, and T-test. The results of this study can be summarized as follows 1. In deciding foodservice operation format, the components customers considered were the ability to provide variety of meal items, aesthetic and safe food(62.6%), the ability to provide a food with competetive low price(22.1%), and the ability to provide adequate service and nutrition information. On the contrary, the components administrators considered were the ability to provide variety of meal items, aesthetic and safe food(66.7%), the ability to relieve administrators of managerial burden of the foodservice operation(12.5%), and the ability to invest facility(8.3%). 2. The average score of attitude on contracted and self-operated management activities were 3.41, 3.10 respectively. University administrators evaluated that contractors performed financial management activities more effectively. 3. University administrators with contracted or self-operated foodservice favored their own current operation format.

• 한국가금학회지
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• 제20권2호
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• pp.107-114
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• 1993

The structure change in the broiler industry of Korea has been taking place very rapidly toward the direction of integrated production and marketing system. During the course of the evolution into the integrated structure, however, a number of small business entities, uncountable nationally but a minimum of a dozen, that previously engaged in the supply of production factors or live bird transaction also tended to get involved in the new system as a disguised or pseudo-integrator, having brought a lot of problems not only to the farmers but also to the development of integrated structure. The pseudo-integrator is generally characterized by limited functions in such a way of supplying chicks and feeds to and collecting grown birds from farmers under the contract at a fixed farmer's payment in practically the same pattern as a partial or quasi-integration, which intends to act as if an integrator in a stratagem to simply enjoy a margin simply from selling supplies and buying products for a certain period of time. The grower making a contract with appears to be a farmer who used to be an Independent and speculating but not able to join in the normal system of evolving integration. The problems of a pseudo-integrator center on the financial loss to a contract farmer, because the falsified integrator has to become easily bankrupt and run away when the price of live broiler continually stays below the cost of production, even though he is able to make a tremendous profit otherwise which is the real purpose of the operation for. It is true that the volatile market, fluctuating the price up more than doubled in a month and down to a half in a few weeks, makes the pseudo-integrator find the room for such a fraudulence. In addition, its activity also adversely affect the evolution of the integration due to rather negative image on structure change in general. It is recommended that the farmers need to better understand the real picture of the integrated system so as not to be swindled by a disguised, small scale agribusiness agent. By the same token, it is also equally required to have the whole industry integrated completely as early as possible. The Joint effort to get rid of pseudo-integrators' problems shall be put for the industry development moving toward the integration. No doubt a pseudo-integrator must be a temporary player for chance emerging during the course of structure change into the integrated, though.

• 한국건설관리학회논문집
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• 제20권3호
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• pp.3-11
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• 2019

시설공사는 도로, 철도 등 기간시설과 주거, 사무 공간 등의 다양한 인프라를 구축하는 행위로써 주문제작방식으로 시행되는 산업의 특성 상 대부분 장기간이 소요된다. 장기간에 걸쳐 공사가 진행되는 동안 공사를 구성하는 원재료 가격이 등락이 발생한다. 따라서 공사비 등락 또한 필연적으로 발생하게 된다. 공사비의 등락은 곧 시공사의 이익 및 정부의 예산지출의 효율성에 민감하게 맞물린다. 따라서 요구되는 공사품질 확보와 효율적인 예산지출 위해서는 합리적으로 공사비를 조정하여 적정한 수준의 시공비가 유지되도록 해야 한다. 이러한 문제의 해결을 위한 완충제도가 물가변동으로 인한 계약금액 조정제도(Escalation/De-Escalation)이다. 본 연구에서는 효율적인 계약금액 조정방법의 제안을 위하여 품목조정방식을 기반으로 지수조정방법을 접목한 방법을 제안하였다. 또한, 물가변동 조정과 관련된 국가계약법령 및 계약예규에 반영되지 못한 사항들을 조사하여 법적으로 성문화하도록 제안하였다.

• 유통과학연구
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• 제15권11호
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• pp.73-82
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• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2007년도 정기학술발표대회 논문집
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• pp.499-502
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• 2007

정부는 기존의 품셈에 의한 예정가격 산정 방식을 폐지하고, 실적계약 단가를 근거로 하는 실적공사비 적산제도를 도입하여 시행중에 있다. 그러나 현재 BTL 교육시설물 예정가격 산정방법의 경우 표준화된 작업분류체계(WBS : Work Breakdown Structure) 및 내역서 작성지침의 부족으로 인하여 단가 산정에 정확한 근거 마련이 힘든 실정이다. 따라서 본 연구에서는 BTL로 발주된 교육시설물의 내역서를 바탕으로 BTL 교육시설물의 실적공사비 적용을 위한 작업분류체계(WBS : Work Breakdown Structure) 구축을 목적으로 한다. 이를 통해 일반 시설물과는 다른 특징을 가지는 교육시설물 분류체계를 구축하고 이를 이용한 공사비 항목 및 유지보수비 항목의 체계화가 가능할 것으로 예상된다.

• 대한토목학회논문집
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• 제26권6D호
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• pp.975-983
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• 2006

본 연구는 통계적 기법을 이용하여 2001년 이후 발주된 최저가낙찰제도 대상 조달청 시설 공사의 전체 투찰률과 공사 종류, 기업 규모, 투찰 금액, 공종별 투찰률 등을 분석함으로써 건설업체의 투찰 행태와 최저가낙찰제도의 문제점을 고찰하였다. 최저가낙찰제 하에서 건설공사의 투찰률이 하락하고, 투찰 행태가 저가와 고가의 유형으로 양극화되면서 최저가낙찰제도 시장이 건설업체들의 투찰 전략에 따라 왜곡될 가능성이 높은 것으로 분석되었다. 또한, 최저가낙찰제도의 문제점을 보완하기 위해 도입된 저가심의제도가 제대로 작동하지 못함에 따라 제도 개선이 필요한 것으로 나타났다. 따라서 보다 더 효과적으로 저가 투찰을 방지하기 위해서는 입찰자가 스스로 공사 물량과 단가를 산출하는 순수 내역입찰제도를 도입하는 것이 필요한 것으로 판단된다.

• 무역상무연구
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• 제42권
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• pp.133-160
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• 2009

In International trade the buyer and seller are normally separated from on another not only by distance but also by differences in language and culture. It is rarely possible for the performance of obligations to be simultaneous and the performance of contracts therefore calls for trust in a situation in which the parties are unlikely to feel able to trust each other unless they have a longstanding and successful relationship. Thus the seller under an international contract of sale will not wish to surrender documents of title to goods to the buyer until he has at least an assurance of payment, and no buyer will wish to pay for goods until he has received them. A gap of distrust thus exists which is often bridged by the undertaking of an intermediary known and trusted by both parties who will undertake on his own liability to pay the seller the contract price in return for the documents of title and then pass the documents to the buyer in return for the reimbursement. This is a common explanation of the theory behind the documentary letter of credit in which the undertaking of a bank of international repute serves as a "guarantee" to each party that the other will perform his obligations. The independence principle, also referred to as the "autonomy principle", is at the core of letter of credit or bank guarantee law. This principle provides that the letter of credit or bank guarantee is independent of the underlying contractual commitment - that is, the transaction that the credit is intented to secure - between the applicant and the beneficiary ; the credit is also independent of the relationship between the bank and its customer, the applicant. The most important exception to the independence principle is the doctrine of fraud in the transaction. A strict interpretation of the rule that the guarantee is independent of the underlying transaction would lead to the conclusion that neither fraud nor manifest abuse of rights by the beneficiary would constitute an objection to payment. There is one major problem related to "Independent guarantees", namely abusive or unfair callings. The beneficiary may make an unfair calling under the guarantee. The countermeasure of beneficiary's unfair calling divided three cases. First, advance countermeasure namely by contract. In other words, when the formation of the contract, the parties must insert the Force Majeure Clause, Arbitration Clause to Contract, and clear statement to the condition for demand calling. Second, post countermeasure namely by court. Many countries, including the United States, authorize the courts to grant an order enjoining the issuer from paying or enjoining the beneficiary from receiving payment under the guaranty letter. Third, Export Insurance. For example, the Export Credit Guarantees Department is prepared, subject to certain conditions, to cover the risk of unfair calling. Of course, KEIC in Korea is cover the risk of the all things for guarantees. On international projects, contractor performance is usually guaranteed by either a standby letters of credit or Independent guarantee. These instruments will be care the parties.