• Journal of Navigation and Port Research
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• v.43 no.4
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• pp.264-272
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• 2019

In this study, the rate of return on investment used as a proxy variable for the entity's value and financial structure (liability ratio) is related to positive balance. This is consistent with the Static Tradeoff Theory (STT) that the entity's value and financial structure are related to a positive balance because the capital expense of a debt (tax-saving effects) that is less than its equity cost before it is in financial difficulty. Also, operating profitability (EBITDA/Sales), investment safety, total asset growth, net working capital and depreciation expenses are related to negative (-) with financial structure (liability ratio). This is the result of an analysis consistent with the Pecking Order Theory (POT). Fuel costs, borrowing, total asset turnover, financial costs, and tangible asset ratios have a significant positive relationship with the debt ratio. This is consistent with the agency theory and confirms that excessive chartering expenses, such as the bankrupt H company, are the main factors that pressure the financial structure of Korean ocean carriers.

• The Journal of the Convergence on Culture Technology
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• v.7 no.2
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• pp.239-246
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• 2021

Unification means the change of the economic system from 'Planned Economy' of the North Korea to 'Market Economy' of the South Korea. Therefore, it may cause confusions and difficulties for North Koreans who have been under planned economy for ages. So, we need to take the perspective of behavioral economics for the effective education. First of all, it is about overall finance, which contains the record of financial transactions, effect of inflation, investors' bounded rationality, and choice difficulty of financial products. Second, it is about borrowings, which includes the credit management, interest rate of difference among financial institutions. Third, it is about investment on financial products, which includes the effect of cost on returns, difference between compound interest and simple interest, trade-off between expected return and risk, market and non-market risks, the importance of diversification, and passive & aggressive investments.

• Korean journal of communication and information
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• v.56
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• pp.48-70
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• 2011

Although many researchers propose that market-driven journalism is incurred by the worsening of financial situation as a result of intensifying competition in mass media industry, few studies investigated this claim with actual news data. This study analyzed the headline news of eight major newspapers and two terrestrial TV companies to find the weakening of 'orientating-journalism' function of Korean news media. The results revealed that the duplication rate of news items among ten news companies were decreasing, and the range of news subjects were broadened into diverse topics during last ten years. Therefore it seemed that the tendency of monopolization of a certain events or issues was weakening in news reporting. The financial situation of news companies is an important factor in explaining the change of news reporting. The companies with more worse financial situation have higher duplication rate of news topics along as the more amount of soft news items, leading to the gradual deterioration of their own voices in reporting. The rate of 'independent issue report' was also less than seven precent, thus their reporting is evaluated as having many limitations. In sum, the major newspapers and network broadcasting companies are still exerting strong influences in agenda-setting, but they(mostly newspapers) are suffering from the financial problems, resulting the deterioration of performing orientation journalism function. This study concluded with remarks about the role of major news media in current changing situation.

• Health Policy and Management
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• v.11 no.3
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• pp.121-150
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• 2001

This study was conducted to investigate provider's behavior change after releasing the information on the Cesarean section rate. Claims data filed at the National Health Insurance Corporation was used for this analysis and the focus of this study was the change of cesarean rate after the public disclosure of information. Average rates of the year 1999 and 2000 were compared, on the institutional basis, and range and coefficient of variation were estimated. For the last decade, Cesarean section rate has been increased dramatically. Clinical or demographic factors could not adequately explain the increase. Instead, nonclinical factors, such as financial incentive, physician's convenience, practice characteristics, etc., were more significant in explaining the increasing rate. Providers' behavior was significantly affected by the public release of information: after the release, average rate was decreased by 10.2%, and variations were also decreased. In particular, the extent of decrease was explained mainly by nonclinical factor rather than clinical ones. The results suggest that disseminating practice information to providers and consumers could contribute to reducing unnecessary medical service.

• Management Science and Financial Engineering
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• v.13 no.2
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• pp.141-157
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• 2007

In this paper, we address a design problem and a case study of a K-stage back-light-unit(BLU) inspection system, which is composed of K stages, each of which includes an inspection process and a rework process. Assuming the type I, II errors and the inspection-free policy for items classified as good, we determine the smallest integer of K which can achieve a given target defective rate. If K does not exist, holding the current values of the type I, II errors, we search reversely the defective rate of an assembly line and the defective rate of a rework process, to meet the target defective rate. Our formulae and methodology based on a K-stage inspection system could be applied and extended to similar situations with slight modification.

• Journal of Labour Economics
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• v.38 no.2
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• pp.1-24
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• 2015

We estimate the natural rate of Unemployment in Korea, using job finding and separation rates. The estimation results suggest that both job finding and separation rates of Korea have increased after the 1997 Asian Financial Crisis. However, we don't find evidence of significant increase in the trend of the natural rate of unemployment. Overall our finding suggests that both job creation and destruction have increased.

• Land and Housing Review
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• v.6 no.3
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• pp.117-127
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• 2015

Korean government has launched a new public rental housing policy for younger generation suffering from instable housing conditions in CBD area. This paper is to analyze the financial feasibility of urban public rental housing projects, based on its cash flows. Urban rental housing projects should find out the way to reduce costs and to secure cheap land, because of the high land price in CBD area and complex relationship of legal rights. Project types are categorized by the land acquisition method and district characteristics. For 10 sample projects, financial feasibility was analyzed. Cash flows were calculated on the design plan and 16 scenarios were made by combining 4 important variables. The variables are increase rate of land price, increase rate of monthly rents, ratio of public and market rents, and the interest rate of National Housing Fund. The findings are as follows. Government land rent-type can reduce initial costs because it is not necessary to buy land. However, total NPV is lowered at the time of liquidation due to the land return. Private land acquisition-type require more initial costs. But the NPV at liquidation time increases with land disposal. To improve financial feasibility, acquisition-type should be preferred in high land-price area and rent-type should be preferred in low land-price area. Among influencing variables, the rate of increase in land price and the ratio of public and market rents turned out to be the most important. Although the ratio of public and market rents can be controllable, high ratio will cause the burden of tenants. Therefore, interest rate adjustment of National Housing Fund is more desirable.

• Korean Management Science Review
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• v.34 no.3
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• pp.15-41
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• 2017

The purpose of this study is to analyze the effects of the BSCs of 642 firms excluding the financial and insurance companies listed on KOSPI. The analysis of financial performance through analysis of major financial ratios between BSC and non-BSC firms is compared with the input of human and material resources for business growth. We will promote the spread of BSC and examine the areas differentiated performance improvement. The analytical categories are manufacturing, service, wholesale and retail, and information and communications, which are 2,136 business years out of 2,378 final analytical samples. The results of the analysis are as follows. As a result of the analysis, among the four industries analyzed, the industries that showed the best performance were manufacturing. In the case of service industry, growth and activity were lower than those of non-adoption (NA) companies, but the operating margin was significantly different from manufacturing. However, market value was higher than that of NA companies, and R&D expenditures and advertising expenses were significantly higher than NA firms. On the other hand, there was no significant difference in profitability between the BSC and NA firms, but the market value was very significant. EPS is 5.22 times, BPS is 5.64 times, PBR is 1.3 times, and EVA is 35 times higher. In addition, R&D expenditure and advertising expenditure are more than twice as high as those of NA. In the case of the service industry, there is no significant difference in the growth performance from the NA firms. Activity indicators, BSC introduced companies are three times lower than both the total assets turnover and the capital turnover rate. The operating profit margin was high at 45.8% for introduced companies and 37.2% for non-introduced companies. In market value analysis, only BPS was 1.68 times higher. On the other hand, investment in welfare expenses is 0.2% of total assets, which is relatively low compared to NA firms. However, research and development expenses and advertising expenses are 2.1% and 1.02% of total assets, respectively, but they are relatively lower than those of NA firms. Unlike the manufacturing and service industries, wholesale and retail trade was significantly higher than the NA firms in terms of sales growth and total assets growth rate. In terms of market value, EPS and BPS were significantly higher, but the benefits, R&D expenditures, and advertising expenses were lower than those of NA firms. The information and communication industry showed lower level of performance than the NA firms in all indicators except cash liquidity, BPS, and EVA.

• Journal of Digital Convergence
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• v.13 no.4
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• pp.137-146
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• 2015

The aging process in this country is underway at the fastest pace compared to those of the leading countries. On the other hand, preparing for retirement funds is more difficult than before due to the impact of slow interest rate and slow growth. The purpose of this study is to examine the necessity of providing various financial services in preparation for the future aging era. After analizing the various materials and utilizing a survey of the bank employees and the general public, we have found the followings. The replacement rate of this country, 55%, is much lower than the suggested level of World Bank, 75%. Also, the pension ratio in the income after retirement of this country is much lower compared to those of the States and Japan. The most people who participated in the survey needed ￦2,000 - ￦2,990 thousand for monthly living expenses after retirement. For the retirement funds, the higher the age the higher proportion of savings deposits they want, and the lower the age the higher proportion of insurance and pension products they want. Based on these analyses, the necessities of developing financial life planning which includes both financial and non-financial sides, retirement funds management according to age, revitalization of housing pension and developing diverse retirement funds are suggested.

• Journal of Korea Technology Innovation Society
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• v.17 no.1
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• pp.146-173
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• 2014

Extant studies have explained that firm's innovations including technological product and process innovations contribute to its competitive advantage and growth, thereby supporting competitiveness and growth of industry. These studies, however, have focused mainly on the role and effect of technological change that is primarily measured by the patent numbers and R&D intensity. Aside from these traditional streams, there has been growing interest on the impact by various dimensions of innovation including non-technological innovations. Apart from the discussions on the dimensions and scope of innovation, stages or processes of innovation also have been studied. Extant studies on innovation process model, however, has limited its interests in the structure of the transformation of knowledge. This study have established a comprehensive model embracing operational and financial performance to investigate the causal paths between innovation and firm performance. Using multi-level generalized linear model with path analysis, this study have found results as follows: First, the processes from innovative activities to innovation output and outcomes including operational and financial performance at firm level were verified. Secondly, the influence of innovation decreases gradually as the distance away from the direct outputs of the innovation increase in the direction of financial outcomes. Third, the effect of innovation on the sales growth rate is higher for small businesses than for medium-sized businesses. The effect of innovation on the profit rate, however, is significant only for medium-sized businesses. For large businesses, innovation has no positive significant impact on any financial performance at all. Fourth, Fourth, the appropriability of innovation has positive impacts on innovative performance, patent applications, and operational performance.