• 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.

• Korean Journal of Computational Design and Engineering
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• v.21 no.3
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• pp.281-295
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• 2016

Lately, the management of domestic BIM performance is quite lacking, as the evaluation and management data from successful cases of BIM implementation both on projects and in companies, and related effects (time, cost and other physical gains) are not well kept for future use in BIM development. In order to overcome the above obstacles, a systematic approach to evaluating BIM adoption with focus on particular elements like BIM implementation environment and processes, and the physical factors yielded by BIM, is necessary. In this study, objective and detailed assessment indicators and weights that are appropriate for the domestic situation were derived through research for purposes of developing a web-based BIM maturity measurement program that is tailor-made for the Korean construction atmosphere. Through a company's self-maturity measurement, excellent quality of BIM deliverables and output can be achieved and managed. Furthermore, the domestic BIM capacity can gradually increase since design firms' BIM capability can be judged during procurement basing on measurement indicators.

• Korean Institute of Interior Design Journal
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• v.16 no.6
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• pp.19-27
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• 2007

As AEC(architecture, engineering and construction) industry becomes larger and more complex, much information is going into each part and phase. Therefore, the existing building design process has to change and collaboration is emphasized among participants in various fields. The purpose of this study is to compare and analyze existing building design process and integrated building design process based on BIM using a IDEF0 methodology. And then, it establishes a desirable domestic integrated building design process application plan focusing on the design phase of domestic cases. As a result of analysis, flowing conclusions are included ; Firstly, problems occur on the existing building design process that are accomplished with focusing on the outcome. It makes much errors because of 2D-based information. Another problems is that collaboration doesn't go on smoothly. But, integrated building design process is accomplished with the collaboration and the coordination which pursues change and perfects cooperation. Secondly, BIM is a process of effecting optimum integrating, re-using information, and expense reduction throughout the life-cycle of a building. Moreover, it establishes a basis for the integrated building design process to build a collaboration system.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.25
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• pp.3-40
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• 2005

Many Korean construction companies have been performing a variety of overseas construction projects since the 1970s. It is unfortunate that in many cases they have had to suffer big losses caused by errors and defects in the design and construction of the projects. In the author's opinion, however, there were losses that could have been avoided if they had understood better the feature and content of the particular construction contract. Few lawyers and scholars in Korea have been interested in the research and study of international construction contracts. This is mainly because they do not have access to practical sources outside of Korea for them to research and study since the contracts undertaken have been dealt with by law firms in other jurisdictions to which the disputes apply. This article is aiming primarily at the introduction of the issues which the practitioners are likely to confront in the process of reviewing and performing the international construction contract. In some cases solutions are sought about these issues based upon the FIDIC standard terms and conditions, the actual experience of practice, and UNIDROIT Principles, etc. It is reasonable to say that all the issues related to the international construction contract cannot be covered in a short article like this. The author wishes this article could induce subsequent studies on international construction contracts for further research. It has to be noted that from time to time Korean construction practices have been compared to the international ones for better understanding. This article mostly includes cases where the Korean construction companies go overseas for their projects, while there are some cases where foreign developers and financial investors participated in domestic projects in which international construction contracts forms were adopted. A few precedent domestic writings about international construction contracts seems to lack emphasis on the points that there are several standard construction contract forms and that they are different. The differences are mainly in accordance with who bears the design responsibility, how the owner has to make progress payments to the contractor and who the funding source for the project is. This article tries to make it clear that there are significant differences between the standard contract forms, e.g. a simple construction form, a design-build form and an EPC/turnkey form of contract. Again, the author hopes that this article can arouse the interest in the international construction contracts from both academic and practical fields, so that many subsequent advanced articles can help our construction industry become much more competitive in the world through awareness of the methods of procurement and administration of the contracts.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.69-79
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• 2003

About 93$\%$ of domestic teal estate construction firms registered as the end of 2001 recorded net profits of only less than 500 million won(including firms in the red) for the term. As a result of having analyzed the ratios of sales costs and the structural ratios of sales costs for the past 10 years, it was found that there have been great changes in structural ratios of sales costs. Material costs and labor costs have gradually decreased, but outsourcing costs of processing have greatly increased. In order to find activity points which are fundamental to cost control, the methods of new activity based cost management have been pursued. The characteristics of real estate construction industry lie in the fact that contract prices (sales in) are fixed and amounts of profits differ depending on the use of costs. In order to create maximum profits from fixed contract prices, the new activity based cost management has been proposed. The control of operation budgets and management costs is designed to control their schedules and expenses in different respects. Operation budgets ate executed with specific activities and management costs are controlled as a form of material costs, labor costs, out sourcing costs and expenses which are details of expenditure. In order to execute them by using the methods of new activity based cost management, first of all, we have to analyze what activity drivers ale and how much added values such activities can create. It is considered as a method of cost management which is necessary far the survival management of real estate construction industry.

• Korean Journal of Construction Engineering and Management
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• v.20 no.1
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• pp.141-150
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• 2019

In the overseas plant construction market, the domain construction firms' construction capability has been greatly improved, but the capability of project management is evaluated to be insufficient compared to the technical aspect. Project management capabilities from the initial planning stage of project execution are regarded as the core competence of advanced construction companies. Among them, it is urgent to improve the capacity of conceptual estimate for domestic companies. In this study, the researchers surveyed and analyzed the methodology of estimating project cost in the planning phase of the plant project and developed an estimation method by conducting a case study analysis. Based on the logic of the cost index and parametric estimation method among the existing estimation methodology, the estimation tool was developed by deriving the input and output variables tailored to the plant project. The validity of the proposed methodology was evaluated by comparing the accuracy between the project estimate amount of the case project and the actual project amount. In order to increase the utilization of the developed conceptual estimate methodology,for plant construction project, it is necessary to systematize the data of the historical project data. Increasing the accuracy of future project cost estimates is directly related to increasing project award and profitability of the domestic construction company.

• Korean Journal of Construction Engineering and Management
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• v.6 no.1 s.23
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• pp.125-132
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• 2005

Domestic construction firms make every effort to save cost and, contrarily, enhance quality for competitive advantage in the market. Structural work of building construction takes chaise of the total cost and schedule, thus elaborate planning and management of the work help to lead the project into a successful way. Therefore, the idea to save time and cost and enhance constructability securing quality and safety of the work should be developed after analyzing the designed documents and site conditions comprehensively in the initial construction planning phase. Value Engineering (VE) technique is introduced in the substructural work in this paper to save cost creatively and systematically in the design and construction phase. A practical VE model that is applied to the underground building work systematically is proposed to save cost and it applies to the actual project to confirm the effectiveness of the model.

• Journal of the Korea Institute of Building Construction
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• v.23 no.5
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• pp.639-650
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• 2023

In this research endeavor, we engaged with 70 construction safety specialists from established construction firms through surveys and interviews. The primary aim was to dissect and understand the weight and ramifications of specific cost items within the Occupational Safety and Health Management Funds(OSHMF) and Safety Management Expenses(SME). From our analysis, salient insights emerged. Within the realm of OSHMF, the cost items associated with safety facilities and the remunerations of safety managers were identified as paramount. It was observed that there are marked variations in the perceived significance and repercussions associated with diverse cost items of OSHMF. In stark contrast, when assessing the SME, the nuances in perceived weight and consequences of individual cost items were relatively muted, suggesting a more uniform viewpoint among the experts. Furthermore, our research probed the interrelationship between the significance and repercussions within OSHMF and SME domains. Notably, OSHMF manifested a positive linear relationship, suggesting that cost items of higher importance invariably had a more pronounced effect. On the other hand, the SME showcased a more subtle association, hinting at intricate underlying dynamics. The outcomes of this investigation are poised to offer instrumental guidance for enhancing safety protocols and diminishing accident occurrences in domestic construction undertakings.

• Journal of the Korea Institute of Building Construction
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• v.24 no.3
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• pp.319-329
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• 2024

This study examined domestic and international regulations concerning concrete unit weight, along with an evaluation of unit weight in concrete poured on construction sites. Fluctuations in unit weight were observed to correlate with concrete quality issues such as material separation, bleeding, and latency. A word cloud analysis, centered on the concept of concrete quality, further highlighted the significant influence of unit weight. Comparative analysis between Korea and Japan revealed few substantial differences in unit weight management and measurement techniques. However, calculation of concrete unit weight at delivery, using the unit volume mass method, indicated considerable variability among random on-site samples. Notably, the unit weight often exceeded the recommended standard. These findings emphasize the necessity for strict adherence to unit weight standards by all stakeholders involved in concrete production and construction, including ready-mix concrete (REMICON) producers, construction firms, and inspectors. To ensure consistent quality of cast concrete on-site, the establishment of a more comprehensive and practical system is recommended, incorporating measures such as on-site inspections.

• Journal of KIBIM
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• v.6 no.2
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• pp.47-57
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• 2016

Recently, the introduction and spread of BIM technology has been actively promoted at the domestic level and abroad. However, the BIM adoption and diffusion rate in the whole construction industry has been slower than expected, this is because they applied to construction projects in a way that does not meet the basic objective of BIM adoption. The objective of this paper is to derive a BIM adoption strategy that can provide benefits and efficiency from the design phase, by analyzing issues related to design errors identified in two real world projects based on the 2D to BIM conversion process. Types of issues, type distribution, and degree of BIM contribution to find issues were analyzed in a quantitative way, and then a BIM adoption strategy was derived. As a result, this paper identified that there obviously exists a limit in the 2D to BIM conversion process by repeating the problems that occur in the traditional 2D design process. Therefore, the authors of this paper insist that the design firms should adopt BIM-based design processes, fully, to get financial benefits as well as to improve the design quality.