• Environmental and Resource Economics Review
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• v.14 no.2
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• pp.337-379
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• 2005

This choice experiments study values the non-market benefits of water quality improvements in Paldang Reservoir and Han River, located in Korea. A fractional factorial orthogonal design was used to produce four different choice sets per respondent, before employing choice examples to screen out irrational responses. The panel mixed logit model (with normal distributions for the attributes) fit the data best, indicating that allowing for both heterogeneous preferences across households and correlation between repeated choices may represent actual choice behaviors best of all the estimated models. The significant standard deviations of the random attributes suggest that the taste for each attribute may vary considerably in the population. The annual benefits to the Seoul Metropolitan area for a small (large) enhancement of the clarity of water, a gradual removal of unpleasant waters, and a gradual improvement in biodiversity, were estimated to be some 1.5 trillion (1.7 trillion) Won, 2 trillion Won, and 1.7 trillion Won, respectively, with 1.8~2.6 trillion Won for at least two of them occurring together. The study also discusses potential biases germane to choice experiments studies of this type.

• Journal of Labour Economics
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• v.24 no.2
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• pp.1-34
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• 2001

This study analyzes the male-female difference in self-employment rates in Korea using panel data constructed from the Economically Active Population Survey in 1999. Given that most studies on self-employment have focused on male self-employment and have not examined why self-employment rate is usually higher among males than females, this study certainly extends the existing literature on this subject This study consists of two parts. The first part deals with estimating self-employment rates for males and female within a Markov framework. The second part presents decomposition results of the male-female differential in self-employment rates. Major findings of the study are (1) self-employment rate is higher for males than females because entry into self-employment is larger but exit from self-employment is smaller for males than female, (2) higher entry probability for males is due to differences in coefficients of transition probability functions while lower exit probability for males is due to differences in characteristics, (3) a large part of male-female gap in self-employment rates results from differences in being a head of family, marital status and age between males and females.

• Journal of Technology Innovation
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• v.22 no.3
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• pp.37-63
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• 2014

This study is intended to demonstrate how different factors induce the Korean government's direct investment in research and development according to the type of business enterprise in Korea. We analyzed that what factors made the government directly invest in research and development by using a total of 18,272 company panel data, which are not limited to specific industries or government-led research and development (R&D) programs. The results showed that the direct investment for R&D by the government led to the increase in the number of researchers in SMEs. For major companies, the direct investment resulted in the increase of sales and company's own R&D expenses. Moreover, this study found that government's direct support for R&D even led to the decrease of SMEs' own R&D expenses; however, this result was not statistically significant. In addition, the most significant factor to increase both SMEs' and major company's own R&D expenses was the sales amount of the company, rather than government's direct investment for R&D. The factor that increases sales was the company's own R&D expenses, rather than government's direct investment for R&D. Through the analysis using Mixed Effects Model, this study suggested the policy should be changed to make SMEs invest in its own R&D expenses, rather than to secure researchers of SMEs by government's direct investment for R&D.

• Journal of Technology Innovation
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• v.21 no.2
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• pp.1-24
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• 2013

In spite of the increasing importance of service sector, most previous studies on schumpeterian hypotheses originated from manufacturing firms that have the needs to invest heavily in research and development (R&D). Conversely, we investigated the relationship between technological innovation activity and size of firms using panel data. Results of the analysis, the following results were obtained. First, the details depending on the industry sector was divided into active and vigorous industry technology innovation activities did not. Second, the relationship between firm size and technological innovation activity may not be, depending on the industry, some of the U-shaped model, may be. Third, showed fewer intangible assets, more debt, larger exports which further promote the technological innovation activities in industry. Finally, the relationship is responsive depend on the firm size variable.

• Korean Journal of Social Welfare
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• v.66 no.1
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• pp.163-189
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• 2014

The public perceptions about the cause of the poverty are generally considered as the important subject because they are assumed to have profound influences on the anti-poverty strategies, the features of the welfare system, and the welfare politics. Yet, there have been few studies on the public perceptions about attributions for poverty in Korea. In this article, we explore the popular perceptions about the causes of the poverty and investigate the determinants of the various beliefs about the causes of the poverty in Korea. The data derive from the Welfare Attitudes data of the 8th Korea Welfare Panel Survey. The results indicates that Koreans are more likely to support the individualistic explanations on the causes of the poverty than the structural and the fatalistic explanations. The results of regression model analysis show that there are differences in the determinants of the three types of poverty explanations, but subjective variables have the strong effects on all of the poverty explanations in Korea. In this study we find that Koreans are more likely than the western european welfare states to endorse individualistic explanations. These findings suggest that the underdevelopment of the welfare system in Korea is assumed to have the connection with the popular individualistic explanations. And, they suggest that there are needed to have notices to changing the public perceptions of the poverty and the cultural context of the social welfare in order to advance the welfare state in Korea.

• KDI Journal of Economic Policy
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• v.28 no.1
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• pp.117-144
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• 2006

This study is to analyze the existence of the real buffer effect that reflects the effect of beginning-of-period inventory stocks effect on the demand for fixed investment, and the financial buffer effect indicates the substitution effect between end-of-period inventory stock and the source of financing for fixed investment. I use panel data of 361 Korean listed non-financial firms during 1990-2003. After the crisis, it also observed whether the relationship between inventory stocks and fixed investment has altered or not. I review the theoretical connection between inventory stock and fixed investment through the paper by Bo(2004) and estimate the investment model by the method of GMM-SYS. The results show negative relation between end-of-period inventory stock and fixed investment in the whole period and each period classified, also it confirms that the relation between fixed investment and end-of-period investment is significantly negative. It can be interpreted through two aspects that firms not only use inventory stock as a buffer in response to unexpectedly high demand, but also utilize inventory stock as a source of financing for fixed investment. The results imply that firm's decision-making is much correlated with production-and-inventory stock adjustment, decision-making about fixed investment, and decision-making about financial affairs.

• Applied Biological Chemistry
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• v.42 no.1
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• pp.58-62
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• 1999

Method to access qualities of brown sauce and optimize its cooking conditions was studied by sensory evaluation and response surface methodology. Cooks of an hotel, sauce experts, were selected as sensory panelists, and the brown sauce cooking conditions practically used in an hotel were adopted to prepare sauce samples for the sensory test. The cooking conditions were designed with two factors, i.e., one factor of roux contents with three levels and the other factor of cooking times with three levels, which were known as most important in sauce cooking. Sensory acceptance evaluation with intensity 7 grades was applied for several sauce attributes such as color, flavour, viscosity, taste and overall. Ability of each panel to perceive the differences between the brown sauces prepared under different cooking conditions was judged, and only data of the 9 panelists proved as reliable among the 12 panelists were reflected. The acceptances by different cooking conditions were found to be in the order of 11 > 9 > 13% roux contents and 8 > 9 > 7 hr cooking times. Response surface methodology was treated with second-order model on the sensory data and the optimum cooking conditions with the highest acceptances were $10.3{\sim}10.8%$ roux content and 8 hr cooking time.

• Journal of the East Asian Society of Dietary Life
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• v.26 no.4
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• pp.346-358
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• 2016

Local food reflects the identity and image of a specific region. It is also a core element for determining tourists' experience of a region. The purpose of the present study was to develop a Jeju food tour package using local foods and estimate the economic value of the suggested tour package using Contingent Valuation Method (CVM). Five food tour packages were developed by researchers. In order to modify and measure the value of each package, an expert panel survey was conducted, and 'package 5' was selected as a food tour scenario for the tourist survey. A survey was conducted on 295 domestic tourists who visited Jeju within the past 10 years in order to evaluate the economic value and feasibility of the Jeju food tour package. A total fo 72.9% of respondents answered that they were willing to pay for the Jeju local food tour, and the willingness to pay (WTP) range was between ￦45,000 and ￦105,000. The primary factors correlated with WTP was food expenses, followed by leisure experience expenses, interest in local foods, education level, visit frequency and age. The WTP of the Jeju local food tour was calculated with the significantly affected factors using stepwise regression model. The result of the present study reveal that tourists' WTP increased with higher food expenses, education level, and age group. The average value of food expenses, education level, and age were substituted into the formula derived from the regression analysis, yielding 58,385.752 KRW as the WTP. The expected economic value created by exploiting the Jeju local food tour was shown to be 700 billion KRW per year, calculated by multiplying WTP of the food tour packages by the number of tourists. This study examined the feasibility and plan of the food tour package to increase the economic value of Jeju local food. In the case of the culinary tour program based on Jeju local food launching, the estimated economic effect was great. Therefore, in-depth research to merchandise the Jeju local food tour program is needed.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.1-32
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• 2008

This study examines the changes and determinants of cash to assets ratios(cash ratios) by analyzing 14,016 Korean manufacturing firms sample for the period of $1999{\sim}2004$. The major findings can be summarized as follows. First, the average cash ratios for Korean manufacturing firms have increased from 4.7 percent of 1999 to 5.2 percent of 2004. In addition, the average cash holdings per firm also have increased from 4.3 billion Won to 8.0 billion Won during the same period. However, the capital expenditures relative to cash ratios or operating cash flow have decreased significantly, confirming the notion that physical investment of Korean manufacturing sector has been shrinking recently. Second, in regression tests with panel data, the coefficients of target adjustment variables show the expected negative signs, but coefficients of the deficit of fund variables show the unexpected positive signs. Thus, the evidence seems to be supportive of static tradeoff model of cash holdings. Third, in regression tests to find the determinants of cash ratios, most of the variables show similar results as the previous studies. However, in terms of adjusted coefficient of determination and F-statistic, the firm-characteristic variables suggested by static trade-off theory have more explanatory power than the variables suggested by pecking order theory.

• Journal of The Korean Association For Science Education
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• v.36 no.3
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• pp.499-507
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• 2016

A flipped learning class was held in an attempt to overcome the limits of lecture-type classes in pre-service science teacher training and to provide a student-oriented education suitable for digital native generation. The principles of teaching-learning in flipped learning were applied to the general ADDIE model to design the class; learning materials were developed accordingly. The developed flipped learning materials and class design were verified for their validity using an expert panel's Delphi method and validity test, in which the validity was verified with 0.75 CVR. The developed flipped learning materials were applied to the theory of science education and the instructional effectiveness was analyzed. The results suggest that the students' motivation to study, interest, and confidence in learning increased; however, their satisfaction in class decreased by 30% as compared to the lecture-type class and their self-confidence in the improvement of their academic achievement was not sufficient. In order for a flipped learning class to be successful, the class should be small in size, which would ensure appropriate teacher-student communication and individualized learning; also, the students' burden of learning should be reduced and accessibility to video materials for pre-class learning should be reinforced.