• The Korean Journal of Financial Management
• /
• v.23 no.1
• /
• pp.69-100
• /
• 2006

We examine the effect of controlling shareholders ownership structure and related-party transactions(hereafter 'RPT') of publicly traded companies on their firm values during the post-IMF period. In the multivariate regression analysis using control variables such as firm size, capital structure, investment, dividend, profitability and industry dummy that might affect firm values, we find that there exists a significant negative relation between the controlling shareholders ownership structure and firm values proxied by Tobin's Q, and also find that there is a significant negative relation between RPT and the firm values. Those evidences seem to support the controlling shareholders' expropriation hypothesis. Additionally, we investigate the relation between ownership structure and rim value through the piecewise regression analysis. We find a significant 'inverse' U-shape pattern between the controlling shareholders ownership structure and firm values. This result is quite different from the existing literatures that have usually reported an U-shape pattern. In conclusion, the findings in this study do not support the notion that the ownership concentration to the controlling shareholders does negatively affect the firm values monotonically.

• Journal of Korean Society of Occupational and Environmental Hygiene
• /
• v.8 no.1
• /
• pp.50-66
• /
• 1998

This study was conducted to estimate crystalline silica contents in airborne respirable dust from various manufacturing industries and to compare analytical performance of two methods of quantifying crystalline silica, X-ray diffraction(XRD) and Fourie transform infrared spectroscopy (FTIR). For this study, various manufacturing industries with a history of having pneumoconiosis cases and also known to generate dusts containing crystalline silica were investigated. These industries include: foundry, brick, potteries, concrete, and abrasive material, etc. Both personal and area respirable dust samples were collected using 10 mm, Dorr-Oliver nylon cyclone equipped with 37mm, $5{\mu}m$ pore size, polyvinylchloride (PVC) filters as collection media. In addition, total dust samples were collected side-by-side to the respirable samples. All samples were weighed before and after sampling and were pretreated according to the NIOSH sampling and analytical methods 0500, 7500, and 7602 for dust collection and quartz analysis. In addition, bulk samples were collected and analyzed by X-ray fluorescence (XRF) for minerals. In this article, only the results obtained from foundry are reported. The results from various other industries will be published in future articles. The respirable dust concentrations from personal samples by cyclone were $0.46-1.06mg/m^3$ and those from area samples were $0.34-0.73mg/m^3$. Dust concentrations of personal samples were significantly higher than those of area samples. The highest dust concentration was obtained from the personal samples of the finishing operation. Total dust concentration ranged $1.24-3.40mg/m^3$. The mean quartz contents estimated by FTIR and XRD in the personal respirable dust samples were 5.12% and 4.41%, respectively, without significant difference between them. For quartz analyses, the two techniques were highly correlated with $r^2$ ranged 0.803-0.920. But the results by FTIR were mostly higher than those by XRD. In addition, cristobalite was not detected by FTIR. Significant correlations between contents of crystalline silica and such minerals as $Al_2O_3$, CaO, $TiO_2$, and $K_2O$ suggest possible interferences from these minerals.

• Korean journal of communication and information
• /
• v.48
• /
• pp.63-89
• /
• 2009

The contents provided by the terrestrial broadcasters have governed the market based on their excellent quality in Korea. In spite of the launching of various pay TV services focusing on multi-channel, it is not yet easy to find out the substitutionary pay TV channels for the terrestrial. Therefore, the real time retransmission of the terrestrial channels brings about the crucial effects on the pay TV's competency, especially on the new media as the invisible barrier. So it is frequently proposed to change the aim of the retransmission policy from the universal access to the promotion of media industries. The retransmission can be divided into two types as the must carry and retransmission consent. In Korean situation, keeping or reducing the must carry channel would be appropriate rather than expanding them. However, periodic investigation into the public effects of the must carry is necessary, instead of it. Moreover, the rational and fair monetary compensation for the commercial channels(MBC, SBS, KBS2) is arising as the bottle neck in the retransmission agreements between the broadcasters. The conjoint analysis was carried out to estimate the welfare growth from the retransmission, based on the stated preference from the audiences' point of view. For must carry channels, it was certified as the 'win-win' strategy for both sides and audiences. For the commercial channels, it is revealed to be beneficial to the audiences. Thereafter, the standards for the rational price were suggested to promote the retransmission. This can contribute for inspiring the dynamic vitality to the media industry by reinforcing the contents competencies and for establishing the long term growth strategies.

• The Journal of the Korea institute of electronic communication sciences
• /
• v.7 no.2
• /
• pp.357-364
• /
• 2012

For this study, real estate brokerage services to customers how to evaluate quality factors and quality factors important for studying about what is preferred. Real estate brokerage service quality factors, the expertise of brokers, dealers sales skills, a sense of responsibility of traders, brokerage firm's position, whether or not participating were chosen franchise. Looking at the findings, and customer service quality factors, the five kinds of real estate brokers a sense of responsibility to be the most important quality factors were analyzed as a favorite, followed by the expertise of brokers, sales skills brokers, brokerage firm's presence, a franchise analysis of whether the order has been participating. As the results of this study, the traders as traders sense of responsibility and expertise and strive to improve, friendly servece and act as an active intermediarv will need to improve sales skills. Continuous promotion of the brokerage firm's position is shown to be critical, franchise affiliated businesses in order to make use of an efficient information network of the Internet is seen to be in need of improvement. This paper, we have experienced a real estate brokerage contracts require customers a service directly to find out whether the data obtained through interviews with the empirical analysis is Therefore, work-related departments of Ministry of Land and brokerage herein with reference to the Association to take measures to Once you have contributed little bit. Brokerage industry and the traders themselves, as well as the competition is to the straight ahead Do not look at a value for the development of brokerage will be constantly working.

• Asian-Australasian Journal of Animal Sciences
• /
• v.33 no.10
• /
• pp.1633-1641
• /
• 2020

Objective: The objective of this study was to develop a model for estimating the carcass weight of Hanwoo cattle as a function of body measurements using three different modeling approaches: i) multiple regression analysis, ii) partial least square regression analysis, and iii) a neural network. Methods: Data from a total of 134 Hanwoo cattle were obtained from the National Institute of Animal Science in South Korea. Among the 372 variables in the raw data, 20 variables related to carcass weight and body measurements were extracted to use in multiple regression, partial least square regression, and an artificial neural network to estimate the cold carcass weight of Hanwoo cattle by any of seven body measurements significantly related to carcass weight or by all 19 body measurement variables. For developing and training the model, 100 data points were used, whereas the 34 remaining data points were used to test the model estimation. Results: The R² values from testing the developed models by multiple regression, partial least square regression, and an artificial neural network with seven significant variables were 0.91, 0.91, and 0.92, respectively, whereas all the methods exhibited similar R² values of approximately 0.93 with all 19 body measurement variables. In addition, relative errors were within 4%, suggesting that the developed model was reliable in estimating Hanwoo cattle carcass weight. The neural network exhibited the highest accuracy. Conclusion: The developed model was applicable for estimating Hanwoo cattle carcass weight using body measurements. Because the procedure and required variables could differ according to the type of model, it was necessary to select the best model suitable for the system with which to calculate the model.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.9
• /
• pp.251-260
• /
• 2018

The purpose of this study was to determine the association of the Body Shape Index (ABSI) with suicide ideation and suicide attempts by controlling the body mass index (BMI), as well as general characteristics that may affect suicide. The study has used The Sixth Korea National Health and Nutrition Examination Survey conducted by the Korea Centers for Disease Control and Prevention from 2013 to 2015. A total of 13,155 participants were studied, excluding those who had no information on variables that could affect suicidal ideations and suicidal attempts. The chi-squared test and the multivariate logistic regression analysis were performed. The results of the analysis showed that those who had obesity in BMI were more likely to commit suicide and suicide than those who were in 'standard' in BMI. In ABSI, Q3 group was more likely to commit suicide than Q1 group. The number of suicide attempt was significantly higher in the group with Q3 in ABSI than in Q1 group (3.623 times (95% CI 1.027-12.772)). The results of this study suggest that a higher ABSI compared to BMI means that it is possible to make a more extreme choice of suicide attempt rather than suicide ideation.

• Journal of Distribution Science
• /
• v.13 no.10
• /
• pp.73-82
• /
• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• Journal of Distribution Science
• /
• v.13 no.7
• /
• pp.85-90
• /
• 2015

Purpose - Global trends play a part to change the structure of the fashion industry. In particular, companies attempting to conduct innovative marketing centering on such products as SPA brands are growing into global companies. SPA stands for "Specialty Store Retailer of Private Label Apparel", meaning its activities are fully integrated from manufacturing through sales, including material procurement design, product, distribution, inventory management, and final sales. For this reason, more understanding of individual corporate profitability is very sensitive to consumer's attitudinal changes. The effects that corporate marketing activities on customer lifetime value through brand attitude were analyzed based on a structural equation model. Rust suggested value equity, brand equity, and relationship equity as customer equity driver. The study examines Chinese consumer because China is the fastest growing fashion market in the world. Research design, data, and methodology - The survey targeted Chinese college student age 20s. Only respondents who had purchased SPA brands in the past year were included for this research. A total of 303, except for 47 missing data of 350 distributed questionnaires were included in this research. The questionnaire is consists of six part to measure value, brand, relationship equity, attitude toward brand, purchase intention and demographic characteristics. This research conducted exploratory factor analysis and reliability test. To verify research hypotheses, structural equation model test was conducted. As for customer equity, diversified models in consideration of the scope of acquisition data, a method of collection of data, influencing factor, and predictability were suggested based on a net present value model. However, the history of customer equity study is relatively short, and sufficient empirical analyses have not been conducted, so more integrated analysis is required. In this study, the concept of driver suggested by Rust was applied to figure out the effects that consumer's attitude has on customer equity. The customer equity driver suggested by them consists of brand equity, value equity, and relationship equity. Results - This study reveals that value equity and brand equity have a positive influence on relationship equity. And, relationship equity has a positive influence on purchase intention through brand attitude. However, value equity and brand equity do not influence on brand attitude. Conclusion - The results of this research generated following implications. First, SPA brands need to take advantage of their value equity such as perceived low price and up-to-date fashion style to attract Chinese young consumer. Second, strong brand equity promises dominants position in the competitive market. As Chinese fashion market grows rapidly, SPA brands can consider branding strategy such as flagship store and celebrity marketing enhancing brand image. Third, the core concept of customer equity strategy is to maintain a relationship with their expecting and existing customers. The relationship equity is built by brand equity and value equity. When SPA brands serves product and service meet with individual customers, customers have intimacy to the brands.

• Journal of Distribution Science
• /
• v.12 no.12
• /
• pp.43-54
• /
• 2014

Purpose - This study examines how perceived benefits and costs of traditional market support affect relationship quality and support for a marketeer. In addition, it investigates whether support for traditional market aid programs leads to support for the government. The author developed a structural model comprising several variables, in which perceived benefits and costs comprising economic, social, and environmental costs were proposed, to affect the relationship quality (satisfaction and trust) of traditional market aid programs and the government. Consequently, marketeers satisfied and trusted by traditional market aid programs and the government would support the traditional market aid program, resulting in higher support for the government. The model proposed that customer satisfaction would improve customer loyalty and business performance. Thus, the relationship quality (satisfaction and trust) of the traditional market aid program and government was proposed as a core mediating variable between perceived benefits and costs and support. Research design, data, and methodology - To analyze the proposed model, this study investigates the scenario with a traditional marketeer. Data were collected from 331 respondents, and analyzed with SPSS/PC 18.0 and AMOS 18.0. To test the unidimensionality and nomological validity of the measures of each construct, we employed a scale refinement procedure. The result of the reliability test with Cronbach's and confirmatory factor analysis warranted unidimensionality of the measures for each construct. In addition, nomological validity of the measures was warranted from the result of correlation analysis. Results - First, perceived benefit affects the relationship quality of traditional market aid programs and government. Second, perceived costs affect the satisfaction of traditional market aid programs and government. Third, the relationship quality of a traditional market aid program affects the support of a traditional market aid program, and the relationship quality of government affects the support of government. Finally, the support of traditional market aid program affects support of government. The results confirm the findings of previous studies that local development positively influences support, based on the social exchange theory. Conclusions - The theoretical and managerial contributions of this study are as follows. First, it is the first such study, and defines mediating variables, analyzing relationship quality (satisfaction and trust) between perceived benefits and costs and support for the traditional market industry. Further, it investigates the structural relationships between them with the AMOS program. Second, while most previous studies investigating the relationship between similar variables and those of the present study analyzed how perceived benefits and costs influenced support, this study identified the transfer relationship between the support for traditional market programs and support for the government. This study confirms that support for traditional market aid program increases support for the government. Therefore, government policy makers for traditional market aid programs should explain to marketeers the benefits and costs of traditional market development in terms of economic, social, and environmental factors. At the end, limitations, further research directions, and implications are suggested.

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