• Journal of the Korean Institute of Navigation
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• v.4 no.2
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• pp.45-79
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• 1980

The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.

• 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.

• Management & Information Systems Review
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• v.33 no.5
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• pp.71-84
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• 2014

We examine evidence on the relationship between firms that targeted by the Financial Supervisory Service for allegedly manipulating annual earnings and accounting quality measured by the discretionary accruals, an issue with important public policy implications. The main purpose of this paper is to empirically investigate the extent to which Korean WDS(Window Dressing Settlement) firms identified by the financial supervisory service in their audit review exhibit higher level of accounting quality in order to avoid any potential negative effects and to regain public confidence after audit review. In this study, we analyzed 51 WDS firms and 102 control firms which traded in the Korean Stock Exchange market during the period from 2000 to the 2010. The number of observations subject to various tests are 251 and 502 firm-years for WDS and control samples respectively across the 5 year sample period. The results of the study show that the accounting quality after auditor review be significantly improved. This result suggests that the FSS's audit review system would control the accounting quality and then improve the transparency of the accounting information. Thus it may be suggested that the current audit review system is efficient ways to lead listed firms to provide transparent financial statements.

• Journal of Labour Economics
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• v.26 no.2
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• pp.1-30
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• 2003

The recent experience about self-employment shows three main trends: first, its share out of the total workers has steadily increased, recording 37.6% in 2001, implying its prevalence and importance; second, its share out of male workers has caught up female workers', implying its importance to males as well as females; and finally, during the recent Economic Crisis when there was mass layoff and large scale bankruptcy, its share rapidly increased, reflecting its role of a buffer to economic fluctuation. However, there have been few studies on self-employment, mainly focusing on what makes someone choose it as an alternative to being employed. This study analyzes the determinants of the duration to terminate self-employment, by applying the proportional hazard model to the Korea Labor and Income Panel Survey(KLIPS) by the Korea Labor Institute. The KLIPS started the first wave in 1998 with the 5,000 household sample (and about 12,000 individual sample of household members aged 15 and more). In this study, the first four waves are used for analysis. The average duration of 5,357 spells of self-employment is 130 months. It shows slight difference between males(124 months) and females(138 months) while it widely ranges over industries (296 months for agriculture industry while 50 months for restaurant and hotel industry). Estimates of the proportional hazard model of the self-employment duration show that females are more likely to terminate self-employment while it is not statistically significant. The effect of age at starting self-employment on the hazard shows the inverse V-shape, which implies that, until a certain age(47 years), the hazard become higher as aging while, since then, it become lower as aging. The level of education has a positive effect on the hazard, implying that more education is related to the higher probability to be employed. The measures of economic performances, annual sales and earnings, are positively related to continuing self-employment while hardship at the start of self-employment measured by several ways has a negative effect. Training before opening business has a positive effect on keeping on self-employment and its effects are different over its providers, significantly positive for public providers while insignificant for private providers. More and further research on self-employment is urgent in the rapidly ageing society. To help workers to be self-employed, more public assistance is necessary for education, training, financing, marketing, management, and human resource management in order to make the olders consider self-employment as a good alternative rather than an inevitable one.

• Journal of Korean Society of Occupational and Environmental Hygiene
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• v.29 no.4
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• pp.550-561
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• 2019

Objectives: The purpose of this study is to provide basic data for the improvement of the working environment for health prevention and related countermeasures for shift workers. This study was conducted based on the Fifth Korean Working Conditions Survey (KWCS), which analyzed the health effects of shift work forces and compared them with preceding studies. Methods: By analyzing secondary rates using raw data from the 5th KWCS, 4,870 (9.7%) of the 50,184 total study subjects were divided into shift work and 45,314 (90.3%) non-shift work groups based on the response to shift status. Variables that could affect work health issues were identified and corrected. A cross-analysis was conducted to examine demographic characteristics (gender, age, and education level) of the workers and occupation characteristics (monthly net earnings, employment type, occupation, working period up to now, workplace scale, type of work system, and weekly working hours). In order to find the work health issue ratio between the shift and non-shift work groups, logistic regression was analyzed and the association with health problems according to shift type by gender was looked at through cross-analysis. Results: According to the surveys conducted from the 1st KWCS (2006) to the 5th KWCS (2017), the proportion of shift workers continued to increase. Also, muscular pains in the lower limbs (hips, legs, knees, feet, etc.) (OR=1.135, 95%CI 1.031-1.251), headaches, eyestrain (OR=1.580, 95% CI 1.428-1.748), anxiety (OR=1.715, 95% CI 1.402-2.099), difficulty falling asleep (OR=1.391), and other problems (OR=7.392) were reported. In addition, back pain, muscular pains in shoulders, neck and/or upper limbs, muscular pains in lower limbs (hips, legs, knees, feet, etc.), headaches, eyestrain, depression, anxiety, overall fatigue resulted in significant results for both male and female shift workers. Depression and anxiety were higher in female shift/circulation compared to males. Conclusions: The social nets for the health and safety of shift workers should be explored in a variety of ways, including management and supervision of shift sites, attempts to reorganize and improve the shift system, development of workers' health recovery programs, promotion, systematic treatment, and compensation systems.

• Journal of Korea Technology Innovation Society
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• v.14 no.3
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• pp.466-487
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• 2011

This study analyzed the effect of small and medium businesses' R&D intensity and patents on their price-earnings (P/E) ratios. Regression analysis was conducted on a sample of manufacturers listed on the Korean Securities Dealers Automated Quotations (KOSDAQ) for the past decade (2000~2009). The result is summarized as follows. First, a negative correlation was identified between companies' R&D intensity and their P/E ratios, but no significant relationship was found between their numbers of domestic patent applications and registrations and P/E ratios. Second, the analysis of the effect of the companies' R&D intensity on their P/E ratios resulted in a negative correlation of -1%. Third, the analysis of the effect of the companies' number of domestic patent applications and registrations on their P/E ratios showed that they did not have any significant relationship. Fourth, high-tech firms' R&D intensity had a negative correlation of -1% with their P/E ratios, but had a positive correlation of 1% with their numbers of domestic patent applications. Furthermore, the R&D intensity of middle-to-high and middle-to-low tech enterprises had a negative correlation of -1% with their P/E ratios, whereas their numbers of domestic patent applications and registrations had no significant relationship with their P/E ratios. The above results suggest that to produce successful outcomes from their R&D investment and patents, individual firms need strategies for technological innovation that relate to their technological level.

• Korean Journal of Social Welfare
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• v.56 no.2
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• pp.145-166
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• 2004

The purpose of this study is to offer information needed in developing mental health service programs which can help mental patients to improve their self-esteem. For that purpose, the difference and the interrelation between mental patients' characteristics, and their self-esteem, group consciousness and consciousness of right were examined. And also, in practice, I observed 374 patients suffering from mental problem, who live in Busan and in Kyeong Nam province. As the result, the several facts which could be got from this theoretical examination and practical observation are as follows: First, it is shown that what is meaningfully related to mental patients' self-esteem are their educational level, the families' monthly earnings, a feeling of satisfaction to family relationship, the time spending together with their friends, or a feeling of satisfaction to their friends Second, it is appeared that there was a significant interaction between group consciousness of mental patients, and whether they have got married and the time spending together with their friends. Third, it is found out that their feeling of satisfaction to family relationship and the time spending together with their friends have meaningful relation to consciousness of right which mental patients have. Finally, speaking of interaction among self-esteem, group consciousness and consciousness of right, it is understood that self-esteem has significant effect of group consciousness, and that group consciousness has confidential effect on consciousness of right.

• Knowledge Management Research
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• v.22 no.2
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• pp.247-268
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• 2021

Investors mainly use PER and PBR among financial ratios for valuation and investment decision-making. I conduct an analysis of two basic financial ratios from a statistical perspective. Financial ratios contain key accounting numbers which reflect firm fundamentals and are useful for valuation or risk analysis such as enterprise credit evaluation and default prediction. The distribution of financial data tends to be extremely heavy-tailed, and PER and PBR show exceedingly high level of kurtosis and their extreme cases often contain significant information on financial risk. In this respect, Extreme Value Theory is required to fit its right tail more precisely. I introduce not only GPD but exGPD. GPD is conventionally preferred model in Extreme Value Theory and exGPD is log-transformed distribution of GPD. exGPD has recently proposed as an alternative of GPD(Lee and Kim, 2019). First, I conduct a simulation for comparing performances of the two distributions using the goodness of fit measures and the estimation of 90-99% percentiles. I also conduct an empirical analysis of Information Technology firms in Korea. Finally, exGPD shows better performance especially for PBR, suggesting that exGPD could be an alternative for GPD for the analysis of financial ratios.

• International Journal of Computer Science & Network Security
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• v.21 no.12spc
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• pp.664-674
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• 2021

The relevance of this scientific research is determined by the negative impact of the COVID-19 pandemic on the current trends and dynamics of world tourism development. This article aims to identify patterns of development of the modern tourist market, analysis of problems and prospects of development in the context of the COVID-19 pandemic. Materials and methods. General scientific methods and methods of research are used in the work: analysis, synthesis, comparison, analysis of statistical data. The analysis of the viewpoints of foreign and domestic authors on the research of the international tourist market allowed us to substantiate the actual directions of tourism development due to the influence of negative factors connected with the spread of a new coronavirus infection COVID-19. Economic-statistical, abstract-logical, and economic-mathematical methods of research were used during the process of study and data processing. Results. The analysis of the current state of the tourist market by world regions was carried out. It was found that tourism is one of the most affected sectors from COVID-19, as, by the end of 2020, the total number of tourist arrivals in the world decreased by 74% compared to the same period in 2019. The consequence of this decline was a loss of total global tourism revenues by the end of 2020, which equaled $1.3 trillion. 27% of all destinations are completely closed to international tourism. At the end of 2020, the economy of international tourism has shrunk by about 80%. In 2020 the world traveled 98 million fewer people (-83%) relative to the same period last year. Tourism was hit hardest by the pandemic in the Asia-Pacific region, where travel restrictions are as strict as possible. International arrivals in this region fell by 84% (300 million). The Middle East and Africa recorded declines of 75 and 70 percent. Despite a small and short-lived recovery in the summer of 2020, Europe lost 71% of the tourist flow, with the European continent recording the largest drop in absolute terms compared with 2019, 500 million. In North and South America, foreign arrivals declined. It is revealed that a significant decrease in tourist flows leads to a massive loss of jobs, a sharp decline in foreign exchange earnings and taxes, which limits the ability of states to support the tourism industry. Three possible scenarios of exit of the tourist industry from the crisis, reflecting the most probable changes of monthly tourist flows, are considered. The characteristics of respondents from Ukraine, Germany, and the USA and their attitude to travel depending on gender, age, education level, professional status, and monthly income are presented. About 57% of respondents from Ukraine, Poland, and the United States were planning a tourist trip in 2021. Note that people with higher or secondary education were more willing to plan such a trip. The results of the empirical study confirm that interest in domestic tourism has increased significantly in 2021. The regression model of dependence of the number of domestic tourist trips on the example of Ukraine with time tendency (t) and seasonal variations (Turˆt = 7288,498 - 20,58t - 410,88∑5) it forecast for 2020, which allows stabilizing the process of tourist trips after the pandemic to use this model to forecast for any country. Discussion. We should emphasize the seriousness of the COVID-19 pandemic and the fact that many experts and scientists believe in the long-term recovery of the tourism industry. In our opinion, the governments of the countries need to refocus on domestic tourism and deal with infrastructure development, search for new niches, formats, formation of new package deals in new - domestic - segment (new products' development (tourist routes, exhibitions, sightseeing programs, special rehabilitation programs after COVID) -19 in sanatoriums, etc.); creation of individual offers for different target audiences). Conclusions. Thus, the identified trends are associated with a decrease in the number of tourist flows, the negative impact of the pandemic on employment and income from tourism activities. International tourism needs two to four years before it returns to the level of 2019.

• Management & Information Systems Review
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• v.37 no.2
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• pp.187-207
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• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.