• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

• The Korean Society of Law and Medicine
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• v.21 no.1
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• pp.33-67
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• 2020

The hospitals that are owned by non-medical personnel result when non-medical personnel with resources conspire with newly graduated medical doctors who cannot afford the enormous amount of capital required at the beginning of the establishment of a medical institution. Such hospitals, though they may have met the external requirements as medical institutions, disrupt the medical market as it should be centered by medical personnels, In addition, such hospitals are causing a huge social problem as it is illegally receiving and reducing various benefits such as medical care benefits and subsidies from the government, resulting in a significant financial leak in the national health insurance. The illegality of the opening of a non-medical personnel hospital is so high that it nullifies the contractual arrangement for the establishment, imposes criminal penalties on all persons involved in the establishment under the Korean Medical Law, and imposes administrative sanctions on medical personnel. In case the hospital was aware of the illegality of its opening, but had applied to receive medical care benefits from the National Health Insurance Act and the Medical Care Act, such actions will result in the return of the benefits under the National Health Insurance Act and the Medical Care Assistance Act, subject to the penalty for the crime of fraud, and aggravated punishment for specific economic crimes based on the amount of gain, as well as civil liability for torts. In this study, we will examine the current status of the regulations on the non-medical personnel hospital and present the basis for future legislative directions by looking at the legal regulations and the attitude of the precedents.

• Asia pacific journal of information systems
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• v.18 no.1
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• pp.117-144
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• 2008

Lots of virtual communities and online businesses presently derive their primary sources of revenues through advertising, but nevertheless are plagued with marginal profitability though they might possess a significant user base. In the light of the need for an efficacious business model, there have been recent insights of an online community in particular reaping profits through an innovative and lucrative revenue generation method that earns by selling digital items. There have been some obvious evidences (e.g., Cyworld, SecondLife, Habo Hotel, etc.) that online communities can be profitable through their unique business model of selling digital items. However, there is lack of understanding about the motivation of purchasing digital items. This study tries to identify the main motivators of digital item purchases based on social/individual identity theory and self-presentation theory. "Digital items", otherwise known as "virtual assets", may include online avatars, accessories for the avatars, decorative ornaments like furniture, digital wallpapers, skins, background music and virtual weapons used for Internet games. These digital items are employed by users for representation and articulation in the online space, especially to create and enhance their online profiles in web pages and games. Prices for digital items typically range from a few cents to a few dollars each. Based on the theoretical framework like social identity theory and self-presentation theory, we developed the research model and proposed seven hypotheses. An analysis of 225 members of Cyworld found that digital item purchase intention in virtual world is affected by both members' need for self-presentation and need for affiliation. We also found that the need for self-presentation is significantly increased by innovativeness of members, community group norm, and community involvement. We concluded that the need for self-presentation could be a key variable for profitable business model in online community service industry. However, neither individual self-efficacy nor the need for affiliation significantly influenced the need for self-presentation which triggers purchase intention of digital items. In term of the theoretical and practical contribution, this study can be a pioneering empirical research that investigates the purchase intention of digital items based on social identity theory and self-presentation theory in the online context. Also, the findings of our study are valuable and practical for practitioners in the market who wish to adopt or improve the business model of selling digital items in an online community. From the findings, it can be seen that innovativeness of users, community group norm, and community involvement are three significant factors that influence need for self-presentation of users which ultimately leads to their intentions to buy digital items. These findings put forth that virtual community providers and online businesses selling digital items should prioritize their efforts and focus on these three factors if they want to increase the sales of these digital items and generate greater revenues. This study provides important implications for academic researchers and practitioners to understand why the community members pay money for their digital items in virtual world and how the practitioners can increase the sales of digital items in an online community. A couple of limitations of the study and future research directions are also discussed.

• Land and Housing Review
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• v.7 no.2
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• pp.87-95
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• 2016

Housing benefits service that was implemented according to the National Basic Livelihood Security Act in 2002 has been changed with the enactment of "Housing benefits Law"(2014.1.24). Though the service was conducted for 13 years to improve the living environment of recipient households and create self-supporting jobs for low-income, there was a limit to ensure the efficiency due to variations in the administrative act and implementation in local governments. For that reason, the sales account and the profits of self-supporting enterprises and their cooperative in housing welfare sector that played a pivotal role had gone through many ups and downs and that is why the national coalition of self-supporting enterprises that were newly formed are forced to take self-effort and play a leading role for the improvement of future beneficiaries' satisfaction, namely to develop the level of service to keep the decent jobs consistent for low-income while responding institutional policy change and the demands for improving the home-amelioration system. Accordingly, this article has attempted to supplement existing research on housing-benefits service and determine how the field can keep pace with the new institutional environment. As a result, first, Central self-supporting enterprises provide high specialized-quality services to low-income families, second, central self-supporting enterprises induce to transition customized service agencies for improving the quality of residential housing benefits, Third, Housing self-supporting enterprises should correspondence with institutional change through the provision of explicit guidelines in relating to housing-service amelioration, the last, business practical process shall be accompanied by a consistent basis for innovative and procedural standards.

• Land and Housing Review
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• v.5 no.4
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• pp.225-234
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• 2014

Because of their nature as public facilities, demands that former military facilities be utilized for the public welfare are increasing, thereby leading to an increase in cases in which these military facilities are reestablished as parks. Cases in which former military bases were reestablished as public parks were analyzed; as a result, several implications were derived. First, the objectives of public park projects should be examined from the perspective of the concept of urban regeneration and regional revitalization. Moreover, it is necessary that profits are yielded and that regional identity and history are reproduced through reusing existing facilities as much as possible rather than entirely remodeling former military sites. As parks become larger in size, bases should be reorganized into complexes rather than single facilities or programs. It is also necessary that parks be established in stages considering the enormous expenses required for building public parks. Consequently, because the special characteristics of military facilities can lead to insufficient on-site investigation in the process of establishing parks, thereby incurring a vast amount of costs for design adjustment and contamination disposal, this should be considered in advance. A method of delegating the development rights to partial sites to private businesses and supplementing the costs of park establishment and maintenance with development benefits should be examined. In addition, given that there are various interests and stakes in former military bases, a method of operating a public-private cooperative decision-making organization during project execution should be considered. Finally, policies related to urban parks need to be improved in order to raise funds, expand profitable businesses, facilitate social services and sponsorship, and encourage the participation of trusts and non-profit organizations in park operation and management.

• Environmental and Resource Economics Review
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• v.16 no.3
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• pp.575-605
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• 2007

Korea's tidelands policy IS examined and criticized in the paper. Korea's major tidelands in the west coast might disappear within a decade. The anachronistic development IS driven by the political interest group, forming coalition for reclamation and busily fulfilling its own profits under the facade of public good and regional development. But all regions of the world have been gradually scrapping the massive reclamation projects since the 1970's and active movements to reverse the reclamation and restore the nature are on the rise. In 1978, the U.S. Supreme Court decided to suspend the construction of the dam and to protect the snail darter despite that over 100 million dollars had been injected. This court ruling became famous and caused the American public to change their perception about the environment. In the Netherlands, following a prolonged discussion on pros and cons of reclamation, open type seawall was adopted to strike a balance among the available alternatives. Japan's Ministry of Environment was praised for forming the National Wetland Committee in order to designate 20 new Ramsar sites by 2008, with an objective to reach 33 designated Ramsar sites. Away from the large-scale reclamation projects, Korea has to move towards smaller-scale projects focusing on the knowledege intensive and circular economy society that are more in harmony with the environment.

• Korean Journal of Environmental Agriculture
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• v.27 no.4
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• pp.464-473
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• 2008

Winter migratory birds gather in paddy rice fields to feed shed rice grains. The Korean Ministry of Environment has practiced a policy program Contract on Paddy Field Management (CPFM) during winter fallow since 2002. This program starts with a contract between local governments and farmers, and the government pays a differential subsidy to farmers who finish spreading rice straw, cultivating barley, letting the whole rice plant without harvest, and submerging paddy fields for winter migratory birds. As more local governments have operated CPFM program, the total area on the contract and subsidy budget has increased yearly since 2002. This program could have its stable position as a successful policy by giving profits to farmers. With the program extended, the population of winter migratory birds has been greatly. For the evaluation of environmental performance of a policy, we analyzed this CPFM program by introducing some indicators in the form of Driving Force-State-Response Framework. The indicators were composed of 3 categorized indicators; the area of paddy land contracted under this program as 'driving force' indicator, population of birds, the number of bird species and the amount of feces as 'state' indicators, and the size of monetary support, the number of farmers or local governments participating, and public perception as 'response' indicators. The contract area of paddy field under CPFM could be a good biodiversity indicator reflecting potential performance of this policy measure in the light of its linkage to the population of winter migratory birds. And the share of CPFM land of the whole agricultural land might also be used as a useful indicator of policy evaluation for improvement of wildlife diversity. The 'state' indicators such as population of birds and the number of bird species could be matched to 'driving force' indicator, but the total CPFM area of each site could not reflect the effect of areas under different management practices. However, the amount of bird feces could reflect differences in environmental performance with management practices as 'state' indicators. The development of indicators indicating 'response' such as farmers' behavior, public perception, and policy makers' willingness is also needed to support a successful implementation and improvement of this policy measure with the development of 'performance' indicators integrating all these indicators.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.37 no.2
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• pp.198-208
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• 1992

Recently, a nursery mat made from rock wool has realized transplanting of the younger seedlings with the ordinary transplanting machines for Chibyo and Chubyo(3 and 4～5 leaved seedling, respectively). The seedlings defined as the 'Nyubyo' or 'Nursling seedlings' became possible to achieve economic profits from the reduction in both working time and costs. It being widely noticed as a strategy to solve the difficulties in current rice cultivation. The nursling seedlings are 1.4 to 2.5 leaves and height at 4.5 to 7cm, grown 4 to 7 days after seeding. They maintain still up to 50 to 80% of their nutrients in the endosperm, and can grow by using only their own nutrients for a certain period of time after transplanting. Nursling seedlings take 2 days in the nursery chamber at 32$^{\circ}C$ after seeding, and 2 days in the greening house at $25^{\circ}C$. This is only 4 days, all together, to make the nursling seedlings of 1.5 leaves which are ready for transplanting. Watering is only needed once at the sowing time. It only takes 1 or 2 waterings even to raise a seedlings for a period of 7 days. The number of nursery boxes can be reduced because it is possible to sow more densely(220 to 240g per box), thus it only needs seedlings of 15 to 16 boxes per 10 a which leads to a reduction in facilities and space needed. Temperature during the nursery period can be artificially adjusted more precisely which may lead to the prevention of temperature stress. The nursling seedlings can root rapid by because the crown roots from the coleoptile node begin to emerge immediately after transplanting. They show strong resistance to low temperature (12$^{\circ}C$) and deep-planting. There is no danger in the rooting of the seedlings even if half of their height is buried into the soil. Moreover, it can root at a rate of up to 65 to 80% even if the full height of the seedlings is buried. They show also strong resistance to submergence (10～15cm). The nursling seedlings tend to grow by producing tillers from lower nodes. It is therefore, necessary to control to keep the proper numbers of tillers per unit area. They have no fear in the delay of heading and their yield components can be so well balanced that the same level of yield was achieved with the nursling seedlings compared to that with Chibyo. It was further suggested that if the surplus tillers can be avoided by such cultivation practices, the number of grain per panicle can be kept greater and higher yield can be realized. Practical experiments with the nursling seedlings conducted in 1989 and 1990 by farmers in various areas showed exciting results. The nursling seedlings will become widely spread, or at least occupy an important position in Japanese and also in Korean rice cultivation techniques.tivation techniques.

• Health Policy and Management
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• v.12 no.4
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• pp.91-113
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• 2002

We report and analyze the Korean physicians' recent general strike over the implementation of the Separation of Prescribing and Dispensing Practice (SPDP) in which more than 18,000 private clinics and 280 hospitals participated. Utilizing game-theoretic models of bargaining we explain why the Korean physicians were so successful in organizing intense collective action against the government and securing very favorable policy outcomes. In particular, we highlight the role of distributional conflict among social actors in shaping the details of institutional reform. The introduction of the SPDP was a necessary first step in the overall reform of health care system in Korea. However, the SPDP was perceived to be a serious threat to the economic viability of their profession by the vast majority of Korean physicians who had long been relied on the profits from selling medicines to compensate for the loss of income due to the low service fee under the previous health care system. The strong political coalition among heterogeneous physicians enabled them to organize an intense form of collective action, the general strike. Thus, physicians were successful not only in dragging the government to a bargaining table, but also winning in the bargaining and securing an outcome vastly favorable to them. On the other hand, the lack of an overall reform plan in the health care policy area, especially the finance of the National Health Insurance and the need for maintaining an image as a successful reform initiator, motivated the government to reach a quick resolution with the striking physicians.

• Journal of Internet Computing and Services
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• v.16 no.1
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• pp.9-20
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• 2015

Nowadays, Smart Wallet technology trend that is able to save users' consuming costs and also retain users' redundant behaviors such as Single-tapping, One-way communication, Integrated ID, has been issued in recent Mobile Industrial Fields. As one of Smart Wallet functions, Integrated ID is proposed for users' convenience, handiness, and immediate responses. It is designed for the effective management of users' IDs which are easy to be forgot because of its unusual structures. To be detail, instead of user, Integrated ID system can certificate users identification from various online sites (where user resisted) authorization requests via one-clicking, not putting identification data in each sites. So, this technology would be helpful much to a certain user who has lots ID and its Password in multiple Online shopping companies by establishing integrated ID. However, although Integrated ID has lots advantages to be used, most Mobile Service Companies has hesitated to apply Integrated ID service in their shopping systems because this technology requires them sharing their users' data. They have worried that this service would be not helpful to gain their profits. Furthermore, Users who join in multiple shopping companies and use Integrated ID services also are difficult to decide which company they have to save their points in before payment because this system could not show any financial benefit analysis data to their users. As following facts, via this paper majorly we propose the advanced Integrated ID system which concern shopping point management. Basically, this system has a strong security payment service and secure network services like other mobile Shopping systems. Additionally, this system is able to service (or to support) shopping -point -saving guide for customers' financial benefits and conveniences.