• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.59-69
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• 2010

Although international construction market gradually takes a important position among the export industries, the previous studies about international construction entry strategy have just focussed on trend investigation or suggestion for revitalization. Moreover, in order to prepare the market uncertainty such as world financial crisis and to plan the long term strategy, specific strategy studies based on corporate level are required. Therefore, this study estimates the nine strategic index and four financial index of 31 companies that performed 1920 international projects from 1993 to 2007 and evaluate the performance as three periods by multi-regression analysis. Also, this study analyze dynamic correlation between these index and the performance considering times. this study verifies that market diversification, product diversification, localization and decrease of debt to asset ratio make a good effect on the international order as long term strategy and shows that collaborated entry with domestic corporations, alliance entry with host country's company, alliance entry with third country's company, portion of labor cost and portion of management expense differently make a influence on the performance as times. these results will be helpful for the construction companies to plan the international entry strategy reasonably and specifically.

• The Korean Journal of Applied Statistics
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• v.28 no.3
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• pp.429-442
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• 2015

Volatility forecasting in financial markets is an important issue because it is directly related to the profit of return. The volatility is generally modeled as time-varying conditional heteroskedasticity. A generalized autoregressive conditional heteroskedastic (GARCH) model is often used for modeling; however, it is not suitable to reflect structural changes (such as a financial crisis or debt crisis) into the volatility. As a remedy, we introduce the Markov regime switching GARCH (MRS-GARCH) model. For the empirical example, we analyze and forecast the volatility of the daily Korea Composite Stock Price Index (KOSPI) data from January 4, 2000 to October 30, 2014. The result shows that the regime of low volatility persists with a leverage effect. We also observe that the performance of MRS-GARCH is superior to other GARCH models for in-sample fitting; in addition, it is also superior to other models for long-term forecasting in out-of-sample fitting. The MRS-GARCH model can be a good alternative to GARCH-type models because it can reflect financial market structural changes into modeling and volatility forecasting.

• Proceedings of the National Institute of Ecology of the Republic of Korea
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• v.1 no.1
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• pp.22-30
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• 2020

Many areas of vegetation in the British uplands have reduced species diversity as a result of sheep overgrazing. It has been suggested that abandonment or re-wilding strategies might be used to reverse this. A likely first step would be the removal or reduction of grazing livestock from upland areas, with a presumption that this would lead to a recovery in species richness. However, we do not know if this would work, or the timescales involved. One of the important areas where more knowledge is needed is information on the size and composition of soil seedbanks as regeneration from zseed is a likely pathway of recovery. Here, we compared seedbanks in both grazed and ungrazed plots in five experiments at Moor House NNR in the northern Pennines; these sheep grazing exclusion experiments were started 52 and 63/64 years ago. Soil samples (n=10) were collected from both grazed and ungrazed plots in each experiment, and seed emergence counted in glasshouse trials. We detected only seeds of common species and very few dicotyledonous species. This suggests that the soil seedbank is unlikely to be a reliable source of the less common species for ecological restoration in these upland communities, suggesting an extinction debt. Therefore, seed addition and the creation of suitable safe-sites for germination may be needed in conjunction with grazing controls to allow the establishment of plants that will increase the species richness of the vegetation. However, this interventionist restoration approach remains to be tested.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.157-180
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• 2010

We try to check empirically whether the Korean banks produce valuable information for the firms listed in KOSDAQ. The sample covers 164 KOSDAQ firms which disclosed long-term bank loans for the period of October 2004 and March 2006. The result shows no abnormal stock returns from bank loan disclosures while the bond issuance indicates a negative abnormal return. In addition, when we control the effect of different debt levels of sample firms, we could not find any statistically significant effect of all types of borrowings. Results suggest that bank borrowings do not convey any favorable information on stock return and, as a result, bank loan is just one of several financing tools rather than a special event conveying good news for the firm under asymmetric information situation.

• Journal of Sport and Applied Science
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• v.5 no.2
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• pp.39-46
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• 2021

Purpose: This study aims to analyze the management environment provincial and municipal professional soccer teams based on financial statements at a time when strengthening the financial soundness of domestic professional soccer teams is emphasized. Research design, data, and methodology: This study analyzed the financial statements (2018-2020) of the six teams of the provincial and municipal professional soccer teams whose financial statements were disclosed. The statements includes indicators of growth, profit and stability, which represents the main business performance of the entity. Results: As a result of the study, First, in terms of sales growth, sales in 2020 fell sharply year-on-year due to the impact of Covid-19. Second, the increase in sales through the import of player transfer fees had a positive impact on the growth of the business performance of the provincial and municipal professional soccer teams. Third, the profitability of the provincial and municipal professional soccer team is still low. Fourth, the debt ratio of the provincial and municipal professional soccer team was high, indicating that stability was serious. Conclusions: In order to increase sales, various strategies and measures are needed to overcome external factors such as media content products and non-face-to-face content strategies. The provincial and municipal professional soccer team, which has weak self-sustaining operations, needs to generate more profits through transferring players as a new management (profit) model, and first of all, a long-term strategy is needed to secure financial stability by improving the club's profitability.

• Journal of Consumption Culture
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• v.15 no.1
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• pp.93-118
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• 2012

The purpose of this study was to examine the effect of a householder's working type on household saving from the perspective of precautionary saving behavior theory and the determinants of household saving by householder's working type. The data for this study was from the 2009 year of the Korea Welfare Panel Survey (KOWEPS), consisting of 2,463 households with householders whose working type was regular or non-regular employment(temporary, daily or public work). OLS regression analyses and Chow-tests were performed. In the regression analyses, the dependent variables for household saving were precautionary saving and precautionary asset. Precautionary saving was operationalized with the amount of average monthly saving and the ratio of average monthly saving to average monthly disposable income, and precautionary asset was operationalized with the amount of financial assets and the ratio of financial assets to net assets. The independent variables were household income, household assets, householder's working type(regular, non-regular), householder's age, sex, education level and marriage status, income level, the number of household members, housing type, debt, and public transfer income. Monthly average total consumption expenditures for household income, and net assets for household assets, the existence of spouse for marriage status, poverty for income level were used. Public transfer income was classified into three, social insurance, basic assistance and government assistance. For the analyses, Stata 11.0 version was used. The results are as follows: Householder's working type was significantly related to the precautionary saving behavior of a household. However, the precautionary saving and the precautionary asset of a household with a householder in non-regular working type was lower than those of a household with a householder in regular working type. This result is not consistent with the expectation from the perspective of precautionary saving behavior that the saving of a household with a householder in non-regular working type is expected to be higher than that of a household with a householder in regular working type. According to the analyses of the determinants for precautionary saving behavior by householder's working type, monthly average total consumption expenditures, debt, net assets, poverty, the number of household members, basic assistance were statistically significant variables. The positive relation of basic assistance to precautionary saving(the amount of average monthly saving and the ratio of average monthly saving)is a noteworthy result in the analyses of the determinants for household saving by householder's working type. The above results suggest the followings. First, it is easy to predict the unstability of economic life of a household with a householder in non-regular working type because of relatively low precautionary saving and precautionary asset. The reason for the low precautionary saving and the low precautionary asset may be a low current income of the household in spite of its willingness to save. If this reasoning is possible, it suggests that policies are needed for households with householders in non-regular working type to save. Second, the relatively low precautionary saving and precautionary asset of a household with a householder in non-regular working type suggest also their long-term economic stability. This suggests they need to try a long-term financial planning even though they have limitations to save for future because of their low current income. It is necessary to develop the financial planning for the households with unstable incomes. Third, the determinants for precautionary saving behavior by householder's working type were mostly the ones which reflect the economic condition of a household. This suggests that the economic condition of a household is a core factor for household saving. Consequently, it emphasizes the efforts for a household to acquire the adequate level of income for saving. Forth, the positive relation of basic assistance to precautionary saving(the amount of average monthly saving and the ratio of average monthly saving) suggests the possibility for a household to accumulate the precautionary saving and the precautionary asset in the channel of basic assistance.

• Journal of Korea Society of Industrial Information Systems
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• v.29 no.2
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• pp.133-151
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• 2024

The purpose of this study is to analyze the core values of Donghwa Pharmaceutical, which has been in the pharmaceutical industry in South Korea for 126 years, and examine the core competencies that have consistently enabled it to maintain a competitive advantage. When applying the VRIO Framework, various general pharmaceuticals, including Donghwa Pharmaceutical's 'Hwalmyeongsoo,' which has maintained the top position in the liquid digestive medicine market for 126 years, are identified as powerful resources (Value) that generate 'sustained competitive advantage.' The principles of ethical management based on the Donghwa spirit, the long-standing principles of trust and belief, and the entrepreneurial spirit possess rarity. Having won four Guinness World Records and holding numerous new drug patents, Donghwa Pharmaceutical has consistently secured the top position in the digestive medicine category of the Korean Industrial Brand Power for 19 consecutive years. The company has been designated as a 'Golden Brand,' and its products have high levels of awareness, making them highly difficult to imitate. Lastly, the organization is structured to efficiently utilize resources such as a transparent hierarchical system, fair personnel management, diverse training programs, and high employee welfare and salaries. This study systematically analyzes the core values of Donghwa Pharmaceutical from a managerial perspective and proposes directions for the company to evolve into a long-lasting enterprise. The research outcomes will provide valuable insights for formulating long-term management strategies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.3
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• pp.191-202
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• 2017

KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

• Journal of Digital Convergence
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• v.11 no.1
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• pp.13-25
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• 2013

After studying FSMA 24, We found that the insolvency rule of financial institutions in FSMA consists of eight provisions: 1) voluntary arrangement, 2) administration order, 3) receiverships, 4) voluntary winding up, 5) winding up by the court, 6) bankruptcy, 7) provisions against debt avoidance, and 8) supplemental provisions in insurance cases. Insolvency provisions in FSMA explain powers and accountabilities of FSA in relation to these insolvency proceedings. Although there are some differences in proceedings, provisions entitle FSA the same status as creditors to petition the court, with a right to participate in related meetings and to be notified of any matters involving insolvency proceedings. The differences and implications between U.K.'s FSMA and Korean regulations are related to the insolvency rule of financial institutions. First, in FSMA, FSA has a comprehensive power to manage insolvency proceedings of financial institutions in a centralized way. However, Korean regulations have special laws to regulate insolvency in a decentralized way. The offices executing those laws are the Financial Services Committee, the Financial Supervisory Service, and the Financial Deposit Insurance Corporation. This characteristic results from an accelerated legislation procedures related to financial reform in 1997 Korean financial crisis. Second, FSA contains special provisions on continuation of contracts of long-term insurance considering the characteristics of insurance industry related to insolvency of financial institution. However, Korean insolvency rules applied to financial institutions do not consider industrial differences and the characteristics of financial contracts, so need to be supplemented in the future.

• Journal of Korean Academy of Nursing
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• v.22 no.4
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• pp.636-652
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• 1992

This study identified the impact of childhood cancer on the Korean family. The purpose was to contribute knowledge for family nursing and pediatric hospice care practice with sick children and their families. This descriptive study was conducted during a 6 month period with children who were being treated for cancer at six university hospitals in Seoul. The data were gathered from members of 68 families ; 24(Group A), with a child newly diagnosed with cancer : 27(Group B), with a child under treatment and without complications, and 17 (Group C), with a child in relapse. Medical records, structured questionnaires and interviews were used for data collection. The questionnaires and interview schedules had been used previously in Martinson's research in the USA and China. The findings, conclusions, and suggestions are as follows. 1. The impact of childhood cancer on the family. Members of the family experienced fear, helplessness, guilty feelings, and anger at the time of the initial diagnosis and at relapse. Mothers complained of headache, anorexia and poor appetite, weight loss, sleep disturbance, and bad dreams. Many of the fathers either lost or changed jobs, and all working mothers stopped working. Half the parents reported changes in their marital relationships such as frequent quarrels but also stronger unity. Family members perceived cancer as the most frightening disease. Change in their world view was expressed as living on faith understanding suffering, determining to live a better life, wanting to live an upright life and valuing health as the most important. Religious activities are found most helpful through this difficult experience. Financial debt due to the treatment and care of the sick child, burdened 22 families. The above mentioned impact was most evidant in Group B(those presently undergoing treatment) and Group C(those in relapse). Findings indicate that nursing care should embrace the family of a child who is being treated for cancer. 2. Characteristics of the child with cancer The majority of the children in this sample had a diagnosis of leukemia. Their mean age was 6.8 and the ratio of boys to girls was 1.12 ; 1. The mean hospitalization frequency was 13.5 times and the mean duration of illness was 16.8 months. Most of 1.he children perceived cancer as the most frightening disease ; 32.7% of the children described their sickness as serious. Children in Group C were hospitalized more frequently, stayed in hospital for longer periods, and expressed their sickness as quite serious more often than the other two groups. These findings indicate how much comprehensive pediatric hospice nursing care services are needed along with relevant research and nursing education. 3. Characteristics of the families. The mean age of the father was 39.5 and the mother, 36,6 ; they are in their most productive life period. Mothers especially expressed feelings of financial uneasiness and powerlessness about giving up their jobs, and guilty feelings for not providing enough care and concern to other children due to taking care of the sick one. The burden of caring for the sick child can bring negative changes in family dynamics which they think provoke potential health problems in members of the family These findings suggest a need for nursing support and counselling resources. Findings also suggest the need for ethical inquiry about such questions as who should give information to the child in regard to diagnosis and prognosis, when, and how. Other suggestions included : 1) Quality health care for childhood cancer such as home care and pediatric hospice programs should be established. 2) Special and practical consideration for long-term patients should be made in the present insurance coverage. The reimbursement period for long-term patients should be lengthened. 3) Further in-depth qualitative studies are needed. 4) Education programs including guided practice experience for pediatric hospice care practitioners are needed.