• Management & Information Systems Review
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• v.22
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• pp.137-165
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• 2007

It seems high time to increase productivity by adopting e-business to overcome challenges posed by both external factors including the appreciation of Korean won, oil hikes and fierce global competition and domestic issues represented by disparities between large corporations and small and medium enterprises (SMEs), Seoul metropolitan and local cities, and export and domestic demand all of which weaken future growth engines in the Korean economy. The demands of the globalization era are for innovative changes in businessprocess and industrial structure aiming for creating new values. To this end, e-business is expected to play a core role in the sophistication of the Korean economy through new values and innovation. In order to examine business performance in e-business-adopting industries, this study analyzed the home shopping industry by closely looking into the financial ratios including the ratio of net profit to sales, the ratio of operation income to sales, the ratio of gross cost to sales cost, the ratio of gross cost to selling, general and administrative (SG&A) expense, and return of investment (ROI). This study, for best outcome, referred to corporate financial statements as a main resource to calculate financial ratios by utilizing Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service, one of the Korea's financial supervisory authorities. First of all, the result of the trend analysis on the ratio of net profit to sales is as following. CJ Home Shopping has registered a remarkable increase in its ratio of net profit rate to sales since 2002 while its competitors find it hard to catch up with CJ's stunning performances. This is partly due to the efficient management compared to CJ's value of capital. Such significance, if the current trend continues, will make the front-runner assume the largest market share. On the other hand, GS Home Shopping, despite its best organized system and largest value of capital among others, lacks efficiency in management. Second of all, the result of the trend analysis on the ratio of operation income to sales is as following. Both CJ Home Shopping and GS Home Shopping have, until 2004, recorded similar growth trend. However, while CJ Home Shopping's operating income continued to increase in 2005, GS Home Shopping observed its operating income declining which resulted in the increasing income gap with CJ Home Shopping. While CJ Home Shopping with the largest market share in home shopping industryis engaged in aggressive marketing, GS Home Shopping due to its stability-driven management strategies falls behind CJ again in the ratio of operation income to sales in spite of its favorable management environment including its large capital. Companies in the Group B were established in the same year of 2001. NS Home Shopping was the first in the Group B to shift its loss to profit. Woori Home Shopping has continued to post operating loss for three consecutive years and finally was sold to Lotte Group in 2007, but since then, has registered a continuing increase in net income on sales. Third of all, the result of the trend analysis on the ratio of gross cost to sales cost is as following. Since home shopping falls into sales business, its cost of sales is much lower than that of other types of business such as manufacturing industry. Since 2002 in gross costs including cost of sales, SG&A expense, and non-operating expense, cost of sales turned out to have remarkably decreased. Group B has also posted a notable decline in the same sector since 2002. Fourth of all, the result of the trend analysis on the ratio of gross cost to SG&A expense is as following. Due to its unique characteristics, the home shopping industry usually posts ahigh ratio of SG&A expense. However, more than 80% of SG&A expense means the result of lax management and at the same time, a sharp lower net income on sales than other industries. Last but not least, the result of the trend analysis on ROI is as following. As for CJ Home Shopping, the curve of ROI looks similar to that of its investment on fixed assets. As it turned out, the company's ratio of fixed assets to operating income skyrocketed in 2004 and 2005. As far as GS Home Shopping is concerned, its fixed assets are not as much as that of CJ Home Shopping. Consequently, competition in the home shopping industry, at the moment, is among CJ, GS, Hyundai, NS and Woori Home Shoppings, and all of them need to more thoroughly manage their costs. In order for the late-comers of Group B and other home shopping companies to advance further, the current lax management should be reformed particularly on their SG&A expense sector. Provided that the total sales volume in the Internet shopping sector is projected to grow over 20 trillion won by the year 2010, it is concluded that all the participants in the home shopping industry should put strategies on efficient management on costs and expenses as their top priority rather than increase revenues, if they hope to grow even further after 2007.

• Journal of Distribution Science
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• v.13 no.9
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• pp.95-101
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• 2015

Purpose - This study provides evidence of the impact of the mandatory adoption of Korean equivalents to International Financial Reporting Standards (K-IFRS) on accounting quality. K-IFRS uses fair value as a basis of measurement and is characterized by principle-based standards. These characteristics can lead to a decrease in conservatism. Therefore, this study aims to examine whether or not there is a change in the level of conservatism before and after the enforcement of K-IFRS (2007~2014). By comparing 2007 through 2008 and 2013 through 2014 (excluding 2009 to 2012), we test "the temporary adjustment phenomenon" and document an overall decline in the degree of conservatism after the adoption of K-IFRS. Research design, data, and methodology - Our sample is comprised of data of all listed Korea Composite Stock Price Index (KOSPI) manufacturing distribution companies in Korea from 2007 to 2014, which yields the pooled sample of 4,412 (panel A) and 1,915 (panel B) firm-year observations for hypotheses 1 and 2. In line with recent literature, we adopt the Givoly and Hayn (2000) model, which recomputes the non-operating accruals, excluding two components that are most likely to capture the effect of restructuring activities: special items and gains or losses from discontinued operations. In addition, we also use these variables: SIZE, LEV, INV_CYCLE, ROA, OWN, and FOR. Results - Our sample period spans 2007 to 2014. This offers evidence on the effect of the mandatory adoption of IFRS on conservatism. Our findings can be summarized as follows. First, in panel A, for mandatory K-IFRS adoption (2011), we do not find any significant evidence of conservatism. We can guess that the "temporary adjustment phenomenon" is the reason that we do not find significant evidence of conservatism. Second, we investigate panel B from 2009 to 2012. We document an overall decline in the degree of conservatism after the adoption of K-IFRS. We can assume that these results are due to "the temporary adjustment phenomenon." Conclusions - This study finds that conservatism significantly decreased after IFRS adoption. In particular, this study makes the initial effort to elucidate "the temporary adjustment phenomenon" to analyze the effect of K-IFRS on conservative accounting. We argue that K-IFRS are conceptually conservative but that inappropriate application of the conservatism principles is likely to prevent financial reporting from reaching the level of conservatism targeted by the IASB. Overall, this paper contributes to the literature on IFRS and can be useful to capital market supervisors who are monitoring the trends of the firms implementing K-IFRS. Additionally, our results inform stakeholders of the potentially negative effect of the greater flexibility permitted by IFRS and/or lack of appropriate enforcement on key dimensions of accounting quality. This has important implications for Korean regulators and standard setters as they review the cost and benefits of IFRS. Our study also sheds light on the importance of the institutional environment in achieving the targeted objectives for improving financial reporting quality.

• Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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• 2001.06a
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• pp.1522-1522
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• 2001

Beverages based on fruit juices are among the most popular commercially available drinks. There is an ever-increasing demand for these juices in the market. Orange juice is one of the most common as well as most favorite flavor. The fruit processing industries have a tremendous responsibility of quality control. For quality evaluation estimation of various components of the juice is necessary. Sucrose, glucose, fructose, citric acid and malic acid are the prime components of orange juice. Little information is available on analysis of orange juice. However, conventional and general wet chemistry procedures are currently being used which are no longer desired by the industry owing to the time involved, labor input and harmful chemicals required for each analysis. Need to replace these techniques with new, highly specific and automated sophisticated techniques viz. HPLC and spectroscopy has been realized since long time. Potential of Near Infrared Spectroscopy in quantitative analysis of different components of food samples has also been well established. A rapid, non-destructive and accurate technique based on Near Infrared Spectroscopy for determination of sugars and organic acids in orange juice will be highly useful. The current study is an investigation into the potential of Near Infrared Diffuse Reflectance Spectroscopy for rapid quantitative analysis of sucrose, glucose, fructose citric acid and malic acid in orange juice. All the Near Infrared measurements were peformed on a dispersive NIR spectrophotometer (ELICO 153) in diffuse reflectance mode. The spectral region from 1100 to 2500nm has been explored. The calibration has been performed on synthetic samples that are mixtures of sucrose, glucose, fructose, citric acid and malic acid in different concentration ranges typically encountered real orange juice. These synthetic samples are therefore considered to be representatives of natural juices. All the Near Infrared spectra of synthetic samples were subjected to mathematical analysis using Partial Least Square (PLS) algorithm. After the validation, calibration was applied to commercially available real samples and freshly squeezed natural juice samples. The actual concentrations were compared with those predicted from calibration curve. A good correlation is obtained between actual and predicted values as indicated by correlation coefficient ($R^2$) value, which is close to unity, showing the feasibility of the technique.

• Environmental and Resource Economics Review
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• v.21 no.3
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• pp.743-776
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• 2012

This study utilizes the meta-analysis for the benefits transfer (MA-BT) approach to measure social costs the 7 target sites in the City and County of Honolulu. The estimated MA models (MA-1 and MA-1) were evaluated in terms of validity and reliability criteria. This study utilized a parametric t-test and a non-parametric sign rank test for checking validity. A transfer error measured by an absolute percentage difference was utilized to check reliability their similarity. The GIS was utilized for data collection in order to measure social costs for each target site. The results clearly demonstrated that social costs were substantially higher thant direct costs and varied market conditions and different methods used. In terms of validity and reliability criteria, MA models were preferred to the mean transfer value approach. MA-BT approach is desirable for measuring social costs for a project designed to measure social costs for these 7 proposed landfill sites with inaccessible data, on short time frames, and with little money. If researchers and planners have enough time and money, they can implement primary research. If not, the meta-analysis for the benefits transfer approach can be much better than no framework. The use of a GIS can help to identify secondary data within a specific radius of each target site.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.17 no.1
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• pp.17-30
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• 2018

Currently, the global climate change response paradigm has been changed to a universal response system in which all nations, not the developed countries, participate. Korea has also set a target of 25.9 million tons of transportation greenhouse gas reduction targets by 2030. Korean society is expected to enter the super aging society in 2026. In this study, to reduce the greenhouse gas emissions in public transport and to improve the convenience of transportation vulnerable, we estimate the willingness to pay(WTP) and social benefits assuming that the existing feeder buses are replaced with medium-sized low floor electric buses. To this end, survey was conducted on bus users in the metropolitan area and WTP was estimated by using contingent valuation method(CVM), which is one of the non-market value evaluation methods. As a result of estimation of WTP, the average WTP is 51.4 (won / time person), estimated the economic benefits were 50 million won on weekdays and 40 million won on weekends in Gyeonggi Province in 2014.

• Journal of the Korea Convergence Society
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• v.8 no.10
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• pp.371-383
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• 2017

This study investigated the perception of beauty-agriculture convergence industry for businesses in senary industries in Jeju Special Self-governing Province. Currently this area is in the stage right before the suggestion of a convergence-based win-win industrial development model. The ultimate goal is to provide basic data to beauty-agriculture convergence industries. Agricultural products are used as main ingredients in the cosmetics industry and recently, farmers have been focusing on certain areas of the beauty industry, such as the internal production of beauty products and the attraction of customers. According to a comparative analysis on the beauty-agriculture convergence industry between employees and non-employees, a statistically significant difference was found in the following: Possibility of creating high profits, personal interest in the beauty industry and the possibility of utilizing natural resources. In terms of the reasons for beauty-agriculture convergence industry development potential such as added value, leading industry, product competitiveness, aesthetic lifestyle and market size, as well, a significant difference was found. In the perception of the necessity of government supports such as financing, facilities, technology, education and PR marketing, no significant difference was observed. Since creative and diverse contents are needed for beauty-agriculture convergence, high-quality technical support and continuous education are essential. Therefore, diverse government supports including funds and facilities are needed.

• Journal of Forest and Environmental Science
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• v.22 no.1
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• pp.1-12
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• 2006

This study was carried out to compile year 2001 forest resource statistics for the State of Virginia. USA. Virginia has 15.8 million acres (6.4 million ha) of forested 1and, accounting for 62% of the landcover with non-industrial private forest landowners owning 77% of the forested area. Deciduous forests make up 78% of Virginia's forests. Total tree volume is 26.5 billion cubic ft, of which average volume per acre is $1.677ft^3/ac(117m^3/ha)$. The overall annual volume of roundwood output is $543\;million\;ft^3$. Tree growth exceeds removals by $271\;million\;ft^3$ each year for all species statewide. Average net forest land loss in Virginia is 20,000 acre (8,094 ha) per year. In 1999, the forest products industry contributed over $25.4 billion to Virginia's economy while providing over 248,000 jobs. Among forest industries logging contributes to the economy at over $863 million/yr; timber accounts for the greatest amount (28%) of the total market value of Virginia's agricultural crops. Revenue received from stumpage by landowners exceeded $345 million/yr. In their entirety. Virginia's forests provide over $30.5 billion in annual return. including $3 billion for recreation and $1.9 billion for carbon sequestation and pollution control.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.179-199
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• 2006

The objective of the study which it analyzes the result which goes made to the equity investor venture company IPOs stock of Korean venture capitalists. The sample company is the venture business 101 which IPO time venture capitalists invest in period KOSDAQ market from 1997 July 1st to 2006 June 30th for 9 years. The result of the study was as follows. First, it is found that syndication investing venture capitalists than the sale investing venture capitalists has desirable investment act which relax non-symmetry information between the publicly held company and the investor. The study support to Bygrave(1987), Lerner(1994) and so on. Second, The venture capitalists under postscript investing the venture business compared to under investing shows IPO excess benefit rate initially more highly from the venture business and the investor whom already invests early stage prove to use the manned it exaggerates the value of the venture business which venture capitalists oneself invests from postscript phase through the high position characteristic At last, it is discovered that the investment equity ratio of venture capitalists effect of sound (-) postscript investor IPO result which analyzed. It is showed that venture capitalists will remain more lowly excess benefit rate as the equity ratio which the venture capitalists invests at the venture business will be high.

• International Commerce and Information Review
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• v.7 no.3
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• pp.287-300
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• 2005

The globalization of services is closely related to other economic problems facing the world today. These are: 1) the globalization of economic activities, 2) the servicization of economic activities. The world economy is now move interconnected than at any time in its history. Investment decisions, production processes, labor market regulations and even environmental legislation made by one country or company affect other economies, other companies and the lives of individuals. In fact, it is nearly impossible to think of a country that is not connected to the world economy in some form or another and it is no exaggeration to state that globalization is already an unassailable fact. The fabric of our economy and the way we do business are changing. This change is the transformation from a marketplace on goods to one focused on services. That is to say, we live and work in a service-centered, service-sensitive economy. As a result of the globalization an servicization of economic activities, services require the globalization, and services are increasing their international trade, foreign investment, agreements, alliances, mergers and collaboration networks. It is quite obvious that services are affected by globalization ; but raising the question by how much leads us to the paradox of service globalization, services represent 70% of the most advances economies but only account for less than 25% of international trade and almost half of direct investment; mergers and takeovers. These figures create a paradox that can be explained by two reasons. First; the natural(the service relationship) and artificial difficulties(barriers to trade) faced by the service sector that inhibits globalization. Second, the non-inclusion in official statistics of the share of internationalized goods that are due to services, for example intra-firm trade or the service value incorporated into exported goods. If these were taken into account the service trade figures would be extremely different. The first explanation can be subdivided into a number of elements. The OECD identifies six reasons:services cannot be stored; client-supplies interaction requires local presence; most service firms are SEMs; products are highly differentiated; cultural differences are especially important in this field; and, finally, trade barriers and restrictions on local operations exist. However, despite all of this, globalization produces clear advantages to suppliers. Therefore, the objective of this study is to explore the main forms of service globalization and differences between that of goods, and is to identify distinctive aspects of service globalization within the framework of the global economy.

• Journal of Environmental Impact Assessment
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• v.15 no.1
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• pp.53-65
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• 2006

Topographic condition is one of the most important things in farming activities. The topographic condition didn't matter for farming in the past because agricultural products had competitive power in the market. So farmers tried to extend their farms without any concern of topographic condition. We need less labor-consuming farming as industrial structure has been changed and the competitive power of the farming has been getting weak. This study analyzed the fallow potential in agricultural area by topographic condition so that we have got results as follows. Maps of elevation, slope, distance from roads and water resources were made for getting a fallow probability model in farms, and these 4 factors were used as independent variables while a variable on whether it is fallow or not is a dependent variable in logistic regression model. In an analysis of the fallow potential depending on farm land types, the fallow probability in fallow orchard showed the highest value of farm lands, 0.973. Cultivated orchard had 0.730 and upland had 0.616 of the fallow probability. The fields having high fallow potential had high elevation, steep slope, and long distance from water resources and roads. Especially, fields having a probability over 0.99 appeared in orchards, fallow uplands and single cropping uplands, which were recognized to have several disadvantages related to the fallow like as high elevation, steep slope, and long distance from water resources and roads. With the logistic analysis, the suitable farm lands appeared at 16.45m of the mean elevation, 1.89 degree of the mean slope, 39.91m of the average distance from water resources, and 32.39m of the average distance from roads. On the contrary, non-suitable land appeared at 114.7m of the mean elevation, 24.9 degree of the mean slope. The distance from roads was more important variable than the distance from water resources for analyzing suitable farm land.