• Knowledge Management Research
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• v.21 no.3
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• pp.105-121
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• 2020

With regard to the development of new drugs, what is most important for a Korean Biotech, where no global sales network has been established, is decision-making related to out-licensing of new drugs. The probability of success for each clinical phase is different, and the licensing amount and its royalty vary depending on which clinical phase the licensing contract is made. Due to the nature of such a licensing contract and Biotech's weak financial status, it is a very important decision-making issue for a Biotech to determine when to license out to a Big Pharma. This study defined a model called 'optimal timing for out-licensing of new drugs' and the results were derived from the decision tree analysis. As a case study, we applied to a Biotech in Korea, which is conducting FDA global clinical trials for a first-in-class new drug. Assuming that the market size and expected market penetration rate of the target disease are known, it has been shown that out-licensing after phase 1 or phase 2 of clinical trials is a best alternative that maximizes Biotech's profits. This study can provide a conceptual framework for the use of management science methodologies in pharmaceutical fields, thus laying the foundation for knowledge and research on out-licensing of new drugs.

• Korean Journal of Construction Engineering and Management
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• v.11 no.3
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• pp.134-144
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• 2010

In China, the enhancement of water services has become the most crucial issue confronted with the rapid urbanization and industrialization process. A huge financial gap to meet the demand for water infrastructure and need for adopting advanced operation technology precipitated the rapid growth of PPP over the last 10 years. Diverse schemes of PPP such as TOT, Divestiture, and Management Contract and Lease have been practiced. Local governments and private investors/operator have adjusted their objectives and strategies to avoid potential pitfalls behind BOT projects in China. However, current academic research outcomes do not properly reflect important issues of BOT projects or related case studies in China. This limitation has brought in the lack of assessment of important risks and success factors required for the improvement of the body of risk management. In this regard, this study uses the market analysis method to identify major schemes of PPP water projects and conducts case studies on five PPP projects to identify key risk and success factors in association with each different scheme. It is expected that the risk and success factors identified from the cases will be used as reference to Korean companies which plan to enter the Chinese water market.

• Journal of Distribution Research
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• v.15 no.5
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• pp.37-60
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• 2010

Department Stores have been in place as typical large-scale retailer in Korean retail market. After Asian financial crisis in 1997, the market share of major three department stores has been increased and they have had a dominant position in relationship with vendors or manufacturers. Thus, they are able to control sales commission. Sales commission is defined as things that department stores which contribute to products sales instead of manufacturers take some portion of price as their revenue. In other words, vendors or manufacturers pay some amount of money from their sales by contracted ratio to department stores. The problem is that vendors or manufacturers think that sales commission is high. However, department stores have a different opinion that sales commission is not high because they generate new value from gathering customers and doing marketing activity on behalf of vendors or manufacturers. Because department stores have operated with business model of renting sales space to vendors or manufacturers instead of buying goods directly from them, this situation has been taken place. The revenue of department stores depend on sales commission. Thus, they want to get a dominant power to control sales commission in relationship with vendors or manufacturers. So, they have tried to increase their size and brand power. The considered policies related in sales commission of department stores are as following: preventing monopoly or oligopoly of department store, being strength of monitoring for department stores' unfair trade, strict enforcement of law for large-scale retailer's unfair trade, and inducing win-win strategy doing voluntarily by department stores.

• Journal of Service Research and Studies
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• v.7 no.4
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• pp.139-150
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• 2017

Open economy tightly works with foreign economy. This paper investigates the effect of the shock of foreign bond yield on the credit spreads of domestic corporate bonds in Korea. Foreign bond is referred to as US treasury bond. Credit spreads are defined with the difference between log yields of domestic corporate bonds and log yield of Korea treasury bond. With the data of monthly three-year AA- and BBB- corporate bond yields- ratings, monthly three-year Korean treasury bond yields, monthly US dollar foreign exchange rates, and monthly three-year US Treasury bond yields during the period from October 2000 to September 2014 including global financial crisis period, the paper documents the results as follow. First of all, the yield of Korean treasury and the credit spreads are very sensitive to the increase in the level and the volatility of the yield of the US treasury bond. Changes in the level and the volatility little affect the change of the exchange rate. Second, the change in the level and the volatility negatively affect the level of Korean treasury bond yields but lead to the increase in the level of Korean treasury bond yields at the same time. Third, there exist time lags of the increases of credit spreads by the increase in the level and the volatility. These imply that credit spreads and bond yields are very sensitive to the change in the yields of foreign bonds such as US treasury bond.

• The Journal of Fisheries Business Administration
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• v.25 no.2
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• pp.1-46
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• 1994

The Purpose of this research is to analyze and discuss the development of yellowtail aquaculture industry in Japan and its management structure. The research includes the following : (a) It confirms the industrial conditions of yellowtail aqaculture which has a national technical and mass production system that has been developed at great speed. (b) It analyzes yellowtail aqaculture development from a family - oriented management to a large scale production. (c) It examines how the fisheries cooperatives harmonized their role with the object of individual aqaculture management and aqaculture fishing ground management. The reasons for this study focusing on the yellowtail aqaculture industry of Japan are : (a) The yellowtail aqaculture is regared as a typical field in aqaculture because it reflects the general aqaculture history, quantity of fisheries aqaculture product, the number of fishermen involved in this industry, technology , and the live and fish market formation in Japan. (b) The aqaculture has the most powerful entrepreneurial in financial and management style. The aqaculture industry also has a most individual management style which includes planned production and shipping strategy. This research has attempted to study the industrial processes of fisheries aqaculture industry and its management development, and focused on the yellowtail aqaculture industry of Japan. This work also includes data about the aqaculture management of fisheries cooperatives and case by case analysis of aqaculture production. The following results were obtained from this study : First, even though ocean, weather conditions, and widespread propagation of places suitable for aqaculture in Japan were crucial factors in aqaculture development, it must be pointed out that fisheries policy in Japan changed from "catching" in the 1960s to "cultivating". Second, the widespread course of fisheries cultivating technology in Japan has had two characteristics. One is that early aqaculture technology spread to the southern part of Japan and the other is that the metal nets were widely used in the northern part in the 1970s. Japan's yellowtail aqaculture industry's overproduction was due to metal nets. However, the use of mwtal nets also contributed to the improvement of aqaculture and the strategic aspects of aqaculture management. In addition, it should be stressed that Kagoshima prefecture as the pioneer of metal nets contributed to fisheries aqaculture development in japan. Third, as aqaculture technology developed, entrepreneurial qualities of aqaculture management also developed this field into a large scale business. Even though it is not clear, large scale management of yellowtail aqaculture shows evidence of superiority over small andmedium - size management of yellowtail aqaculture. Fourth, yellowtail aqaculture management in Japan hascontributed to the production system and aqaculture strategy to meet consumers' needs and market demands from weather - oriented trational fisheries industry, which overcame their overproduction structure. Fifth, Japanese fisheries cooperative played very important roles in the prevention of fishing grounds production from destruction and in promoting suitable aqaculture facilities so that aqaculture could grow continually.ld grow continually.

• Journal of Digital Convergence
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• v.18 no.1
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• pp.121-127
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• 2020

This study analyzed through GEM-listed companies for verifying the interrelationship between positive and negative impacts on accounting information GEM-listed companies, whether venture firms operate the internal control operation system stably. Hong Kong's GEM listed company is a securities market similar to Korea's KOSDAQ market. To analyzing this study, used regression analysis method through internal control index to evaluate the operation of internal control system and discretionary accruals to evaluate the quality of accounting information. In this study, because profit adjustments used to realize through discretionary accruals, so analyzed using the modified Jones model to check whether the management deliberately transformed the company to realize future profits. In the empirical analysis, the correlation between the internal control index and the discretionary accruals to assess the quality of accounting information was able to find highly correlated. This study can provide useful guidance for evaluating the form and value of profit management of venture firms in the future, also would expect to help understand the financial environment of emerging venture firms.

• Korean Journal of Social Welfare
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• v.56 no.1
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• pp.127-153
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• 2004

In the absence of a male provider the state must decide how far and under what conditions it will provide for the mother and her children. In the case of lone mothers, there are three main possible sources of income: the labour market, the absent father, and the state. However, the relative proportions of these three sources vary significantly from country to country as well as from individual to individual within the group of lone parents. Until very recently the UK has been alone among countries of the EU in allowing lone parents to draw benefits without making themselves available for work so long as they have dependent children. However, in the 1990s, the UK government introduced major changes to his policies regarding lone parents. The UK government attempted to restrict the role of the state as a source of income for lone parent families. At the beginning of the 1990s, the emphasis in the UK was put on securing more money from 'absent fathers' to maintain. However, the policy was unsuccessful and by the mid-1990s attention to the only other possible source of income for lone parent families, the labour market, was stepped up, notwithstanding the ambivalence of politicians about the desirability of women with young children entering employment. From 1998 the Labour government introduced a series of reforms aimed at reducing both worklessness and poverty by raising welfare payments to families both in and out of work, improving financial incentives to work and introducing a more proactive welfare system. The results presented here suggest that these policies have raised the employment rates of lone parents by around 5 percentage points, or 80,000. These employment gains have come from a welfare reform package that does not require lone parents to search for jobs, or uses time limits in welfare programmes. In addition these gains have been achieved despite generous increases in welfare payments for lone parents who do not work. These earnings gains combined with the more generous welfare are making rapid progress in reducing lone parents' poverty.

• The Journal of Information Technology
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• v.7 no.3
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• pp.19-36
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• 2004

This study examines the relation between accruals components of earnings and stock return. Earnings are decomposed into four components: discretionary accruals, nondiscretionary accruals, nondiscretionary income and cash flow from operations. Because reported earnings in financial statement consist of cash flow from operations plus total accruals. We decompose total accruals into a discretionary accruals and a nondiscretionary accruals separately. This paper examines the incremental informational content of discretionary accruals and nondiscretionary accruals components of net income by regressing return on earnings' components in multivariate models. The empirical analysis is conducted on a sample of 1,580 firm-years comprising 158 firms during 1991-2003. discretionary accruals are obtained by decomposing total accruals into discretionary and nondiscretionary accruals conponents, using a pooled variation of the Jones model(1991). These findings suggest that the discretionary accruals(measured using a variation the Jones model) is priced by the stock market. Specifically, the discretionary accruals and cash flow from operations are positively associated with the stock return, and also nondiscretionary income, discretionary accruals are positively associated with the stock return. While this result is consistent with the market prices the discretionary accruals because it captures value-relevant information. Additional test report evidence consistent with nondiscretionary accruals conveying information about the stock return.

• Management & Information Systems Review
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• v.31 no.4
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• pp.593-609
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• 2012

This study is designed to investigate whether the information spillover effect is existed between the foreign investors' unexpected volatility of net purchasing intensity and the volatilities of returns in terms of daily closing stock return, overnight return, and daytime return, before and after financial crisis in Korea. The result of this study shows that there is negative information spillover effect between the foreign investors' unexpected volatility of net purchasing intensity and the volatility of daily closing stock return for time t-1. However, there is an opposite result for time t, showing positive information transmission effect. For the overnight return, the test result provides there is no statistical significance between the foreign investor's unexpected volatility of net purchasing intensity and the volatilities of return. In addition, I found that the information transmission effect is existed between the foreign investor's unexpected volatility of net purchasing intensity and the volatilities of the daytime return for the entire timeline.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.3-11
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• 2013

The changes in construction business have impact on overall operation of construction companies. Poor business of construction companies following a s low industrial cycle could have broader implications and influences on the industry. Since a construction project involves various stakeholders including public organizations, financial institutions and households, a downturn in construction industry might lead to significant economic loss. In this regard, it is meaningful to examine the relationship between changes in construction business cycles and insolvency of construction companies. This study conducts an empirical analysis of the relationship between construction business cycles and how much they affect operation of construction companies. To this end, KMV model was used to estimate probability of bankruptcy, which represents business condition of a construction company. To examine construction business cycles, investment amount for different construction types-residential, non-residential, and construction work-was used as a variable. Based on the investment amount, VECM was applied and the analysis results suggested that construction companies should put priority on diversifying project portfolio. In addition, it was shown that once a construction company becomes unstable in business operation, it is hard to recover even when the market condition turns for the better. This suggests that, to improve business operation of a construction company, internal capacity-building is as important as the market condition and other external circumstances.