• International conference on construction engineering and project management
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• 2013.01a
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• pp.133-140
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• 2013

The purpose of this study is identifying the relationship among the business strategy, order receiving capability and leverage variables of a construction company using industry characteristic variables, in addition to the explanation variables used in the previous studies. The samples of this study were limited to the construction companies listed in Korean stock market. This study built multiple regression analysis models, which have been frequently used in traditional previous studies, in the explanation of company capital structure. Empirical analysis on Static Trade-off Theory and Pecking Order Theory was done by the built model. The study results suggested that the capital structure determination behavior of a construction company generally follows Static Trade-off Theory; however, profitability was found to follow Pecking Order Theory. The explanation variables used in the previous capital structure studies mostly produced significant results; however, the variables, which this study experimentally used, did not produce significant results. It is believed that it implies that additional studies are required in the selection of variables and study methodology. Consequently, a case that unconditionally supports a particular theory is scarce. It has been also found that a case can support both theories at the same time. Therefore, it is believed that development study methodology or introduction of new study methodology that can identify the dynamic characteristic of construction company capital structure formation is required.

• International Area Studies Review
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• v.15 no.1
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• pp.173-193
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• 2011

Most of the research regarding economic effects of policy loans has thus far been focused on whether policy loans can improve the financial status or the management performance of small and medium enterprises (SMEs). Unlike previous researches, this study implemented an empirical analysis focused on the contribution of policy loans to easing the liquidity restriction of investment. To analyze whether investment liquidity restriction can be alleviated or not, this study attempted an empirical analysis utilizing the nonlinear Euler equation induced through optimization of investment and GMM (generalized method of moments) as its analysis methodology. With the SMEs that received policy financing from the Small and medium Business Corporation (SBC) in 2004, this study analyzed three years of panel data before(2001~2003) and after(2004~2006) receipt of policy loans. According to the empirical results, it appears that policy loans had effects on resolving liquidity restriction of investment, implying that policy financing eases the liquidity restriction of SME investment and would contribute to the growth and development of SMEs. Further, I checked robustness of empirical results using Tobin's q model. The empirical results also support that policy loans help to resolve liquidity constraint. With these results, it is understood that the critical view to date, which has emphasized the ineffectiveness of policy financing due to it having no or insignificant economic effects, may be wrong.

• The Journal of Fisheries Business Administration
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• v.27 no.1
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• pp.47-56
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• 1996

The pollution in the coastal sea is being aggravated because of frequent happening of red tide and oil leakage from tankers. The Exclusive Economic Zone is being drawn in the seas surrounding Korean Peninsula. Therefore, the fisheries in Korea is under a great change in their production base. On the other hand, the fisheries have been considered as a part of agriculture in policy making and financial support. The thesis compares agriculture with fisheries in the fund demands and financial supports. It tries to find a way in the efficient allocation of fund for the two industries. The fund demand of a typical fishing household is greater than that of a typical farm household. The fund used by a fishery household is more dependent on debt than that of a farm household. Therefore, the internal financing ability of a fishery household is weaker than that of a farm household. The repaying ability of a fishery household is weaker than that of a farm household because a fishery household's income is less than a farm household's. When we analyze the uses of fund, the fishing industry has some disadvantage in fund uses. The financial support for the fisheries' structural change is weaker than that for agriculture. The fishing industry has some disadvantage in the investment and subsidy rates. Also, the loan period for fisheries is shorter on average than that for agriculture. When we analyze the sources of the fund, the fisheries' banking sources are greater than the government's sources, which is relatively stable. Therefore, the fisheries will be more heavily affected by the liberalization of banking industry and system than the agriculture will. The government needs to change the shortcomings in the sources and uses of fund. First, it needs to use the fund, considering the characteristics of the industry and producers' financing ability. Second, it needs to adjust the sources of fund to the liberalization of financial system.

• The Journal of Small Business Innovation
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• v.19 no.3
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• pp.1-16
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• 2016

Korean government had used public 'credit guarantee schemes' (CGS) as a counter-cyclical measure. However, it is still controversial about the effectiveness of policy financing on the SMEs. Criticism on policy financing involves the argument that supporting enterprises hampers competition and innovation of SMEs by increasing their dependence on the government and delays the exit of marginal firms. In this paper, we investigate how to effectively build up the rationale of running public CGSs. At the same time, we propose the ways to coexist of public credit guarantee and market-based private finance system for SMEs. First, CGS, as a counter-cyclical function, must coexist with the private financial system by compensating the market failure caused by pro-cyclical behavior of the private financial market. Second, CGS has the comparative advantages, compared to both the interest rate policy of the central bank and fiscal policy of the government. The credit guarantee is the symptomatic treatment that could revitalize the economy shortly by providing liquidity. Also, knowing that CGS is provided based on the leverage ratio defined by outstanding guarantee divided by capital fund, public 'credit guarantee' (CG) has an advantage that is free from the risk of government deficit. Third, the reason for existence of the CGS should be founded in supporting services for SMEs, available only in a public sector that is difficult to expect from private banks. In this regard, it is desirable to strengthen the publicness of credit guarantee over the support for start-ups, growing companies, the improvement of productivity, increase of exports, a long-term investment in facilities, the employment-creating businesses, and innovative enterprises.

• International Commerce and Information Review
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• v.14 no.4
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• pp.317-337
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• 2012

This study has investigated shipping finance systems in Korea and China, and extracted negative factors based on it to propose a way to develop the shipping financial system in Korea for shipbuilding industry and marine transportation. From after the global financial crisis in 2008 to right before the Lehman Brothers Holdings bankruptcy, shipping finance has been dominated by the major industrialized countries in Europe. However, the weight point is moving to the countries in Asia region such as Korea, Japan, and China based on relatively strong banking system and low interests rate. This study focused on the alternatives the current situation that the starter of shipping finance among three countries in Northeast Asia, South Korea is facing China's challenges. In the paper, shipping finance in Korea presented its defectives such as the limits of ship financing, lack of professional workforces, ever-present foreign exchange risks, and lack of understandings of the parties. As the countermeasures of them, it proposed establishing professional institute for ship financing, training professionals in financial industry, raising foreign credentials of won, and continuing associations between the parties. Even though we are the first Asian country introduced ship funds, the ship funds growth in China shall be under our eyes while we keep systemic networks between shipping, ship building, and ship financing.

• Cartoon and Animation Studies
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• s.17
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• pp.175-186
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• 2009

With its reopening in 2009, Korea Manhwa Contents Agency(KOMACON) divided its major business into two domains named "Contents Business Center" and "Museum Manhwa Gyujanggak", in charge of promoting Korean manhwa industry and Korean manhwa culture, respectively, in two separate buildings. Since the former is not likely to earn operation income for the time being at least because of the nature of the business, the latter plays an all the more important role. Accordingly, it is requisite for KOMACON to develop an operating plan for the museum which can be regarded as a multi-cultural space of manhwa in that it includes various cultural activities including exhibition, library, and research. This paper aims to propose a basic framework for its purpose of foundation, objects, organization, and personnel composition, and then, its sources of operating income-business operating profit and financing-, if not all of the details regarding the museum.

• Journal of Practical Engineering Education
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• v.12 no.1
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• pp.187-202
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• 2020

Can job training be considered a social right? Who must bear the costs of individual job training? This paper studies these two issues by examining the Korean Individual Learning Accounts (ILA) revised in 2020 and proposes future policy directions. Although there is no explicit legal provision stipulating job training as a lawful right in Korea, such absence does not negate the government's role of providing vulnerable people, etc with necessary training. Korean ILA heavily depends on the Skills Development Scheme under the Employment Insurance System which succeeded the past mandatory training levy system and it becomes harder to maintain principle of insurance because of sizable volume of atypical workers who are not insured. For future policy directions, it is desirable to increase the burden of general budget and self-financing as they are below 30% combined and the coverage of the ILA needs to be steadily expanded to all economically active people. Also, labor-management should step up joint efforts to stimulate the use of already existing policies such as paid training leave and request for reduction of working hours.

• Journal of Digital Convergence
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• v.9 no.6
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• pp.295-311
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• 2011

The government is working out the development of a venture enterprise through a venture certification system. The broad effects of its policies are anticipated by the government and revealed in the 'The Survey on Actual Condition of Venture Enterprises 2010'. These benefits include the revitalization of start-up, promotion of technological innovation, progress in marketing ability, improvement in corporate image, financing and investment, and benefit from tax reduction & exemption. However, with the estimation of production function and sales function, which both uses capital and labor as a basic elements, it was found that only 'financing and ease of investment' produces a statistically significant effect on production and sales. An addition, this study looks into whether venture-supporting system are helpful to the eradication of technical inefficiency. The policies brought about positive changes in reduction of technical inefficiencies except with regard to the ease of start-up where it was found that an increase in inefficiencies was the result.

• Journal of Digital Convergence
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• v.11 no.3
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• pp.23-31
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• 2013

In Korea, middle and small-sized company takes up an absolute majority of all businesses, and most of them are founded as a limited company. Yet, it is a type of business that fits a company of certain size, and its establishment process is complicated due to various reasons such as investor protection. It is also required to have strict organization structure based on the principle of separation of ownership and management. Accordingly, as the principles may undermine entrepreneur's will to start business, there has been dramatic change in legal system on business establishment and management since 2010. The changes include streamlined process at the foundation stage and digitalization of many regulations on business establishment and operation for more convenience in starting business. Also, new business types for small-sized companies were adopted, and freedom to select business name has been enhanced. The issue of non-par value stock has been allowed, and various types of stock have been adopted for more convenient financing, defense against hostile M&A, and easier business succession.

• Journal of Technology Innovation
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• v.28 no.1
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• pp.31-52
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• 2020

This study was started to verify the preliminary(Ex-ante) discrimination power of the firm's high-activity using the 'Forward-looking' oriented technology appraisal model used in technology financing. The analytical firms are classified into the industry (manufacturing / non-manufacturing) and the age of company (initial / non-initial). High-activity SMEs are defined as those that achieve at least twice the average asset turnover ratio of the cluster. As a result of the discriminant model by applying C5.0 method, which is one of decision tree models, classification accuracy is more than 99% in all industries and the age of company, and it is confirmed that the discriminant power of the model is stable. As a result, the management expertise, capital involvement and funding capacity items were identified as a critical variable for the high-activity SMEs. In addition, the technology management capability and technology life cycle were also confirmed to be the items to determine high-activity SMEs in the manufacturing industry. Through this, it was possible to confirm some possibility of prior discrimination and policy utilization of high-activity SMEs by using technology appraisal items.