• New & Renewable Energy
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• v.8 no.2
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• pp.33-43
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• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• Asian-Australasian Journal of Animal Sciences
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• v.24 no.3
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• pp.303-321
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• 2011

The availability and efficient use of the feed resources in Asia are the primary drivers of performance to maximise productivity from animals. Feed security is fundamental to the management, extent of use, conservation and intensification for productivity enhancement. The awesome reality is that current supplies of animal proteins are inadequate to meet human requirements in the face of rapidly depleting resources: arable land, water, fossil fuels, nitrogenous and other fertilisers, and decreased supplies of cereal grains. The contribution of the ruminant sector lags well behind that of non-ruminant pigs and poultry. It is compelling therefore to shift priority for the development of ruminants (buffaloes, cattle, goats and sheep) in key agro-ecological zones (AEZs), making intensive use of the available biomass from the forage resources, crop residues, agro-industrial by-products (AIBP) and other non-conventional feed resources (NCFR). Definitions are given of successful and failed projects on feed resource use. These were used to analyse 12 case studies, which indicated the value of strong participatory efforts with farmers, empowerment, and the benefits from animals of productivity-enhancing technologies and integrated natural resource management (NRM). However, wider replication and scaling up were inadequate in project formulation, including systems methodologies that promoted technology adoption. There was overwhelming emphasis on component technology applications that were duplicated across countries, often wasteful, the results and relevance of which were not clear. Technology delivery via the traditional model of research-extension linkage was also inadequate, and needs to be expanded to participatory research-extension-farmer linkages to accelerate diffusion of technologies, wider adoption and impacts. Other major limitations concerned with feed resource use are failure to view this issue from a farming systems perspective, strong disciplinary bias, and poor links to real farm situations. It is suggested that improved efficiency in feed resource use and increased productivity from animals in the future needs to be cognisant of nine strategies. These include priorities for feed resource use; promoting intensive use of crop residues; intensification of integrated ruminant-oil palm systems and use of oil palm by-products; priority for urgent, wider technology application, adoption and scaling up; rigorous application of systems methodologies; development of adaptation and mitigation options for the effects of climate change on feed resources; strengthening research-extension-farmer linkages; development of year round feeding systems; and striving for sustainability of integrated farming systems. These strategies together form the challenges for the future.

• Journal of Distribution Science
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• v.13 no.3
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Land and Housing Review
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• v.5 no.3
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• pp.137-149
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• 2014

The authors derived rental housing policy measures that are appropriate for the current conditions of Korean housing supply and demand based on the confirmation of the issues of Korean rental housing system and reviewing implications from review of cases of foreign countries and these measures can be categorized into linkage with the urban regeneration and multi-functional development, acquisition of financial resources, operational management, policy and institutional aspects. For the expansion of supply of rental housing, it is essential to link the rental housing policy with urban regeneration. To pursue regeneration of underdeveloped areas and expansion of supply of rental housing in line with urban regeneration, more development sites should be added. Further, the rental home policy must be integrated into a new paradigm that includes securing commercial viability and providing various residential conveniences through multi-functional development. In addition, diversification of developers of real estates turning away from the existing framework of policy that has been focused only on the state-led housing supply so that local governments and private sector players can take part in. Next, new options for funding the supply of rental housing must be sought. First, raising financial resources sequentially through cyclical development approach could be considered. Or, various funding schemes including utilizing Tax-increment financing (TIF) based on the local tax revenues that will be accrued after the development projects and supply of rental housing. Or there should be various schemes to raise funds including utilization of TIFs that are based on the revenues that will be realized after the development projects and supply of rental housing, or utilizing REITs where funds can be provided through private sector investments. Also, getting out from the planning practice that focused only on physical expansion of supply of rental housing, continual operational management must be performed even after the development. These activities must be supported through establishment of control tower at the national level and continuous attention must be paid even after the development by developing specialized operational management companies that are led by private sector players. Finally, in addition to the hardware support that is focused on the public rental housing only, software support such as conditional provision of housing voucher or tax exemption for low-income classes should be provided, too. In other words, a shift from policies that are supplier-centric to ones that are customer-centric must take place.

• Journal of Korean Society of Environmental Engineers
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• v.34 no.6
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• pp.373-381
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• 2012

An automatic flow and water quality monitoring system was applied to estimate pollutant loads to an urban stream during storm events in DTV (Daeduk Techno Valley), Daejeon, Korea. The monitoring system consists of rainfall gage, ultrasonic water level meter, water quality sensors for DO, temperature, pH, conductivity, turbidity and automatic water sampler for further laboratory analysis. All data are transmitted through on-line system and the monitoring system is designed to be controlled manually in the field and remotely from laboratory computer. Flow rates were verified with field measurements during storm events and showed good agreements. Automatic sampler was used to collect real time samples and analyzed for BOD, COD, TN, TP, SS and other pollutant concentrations in the laboratory. SWMM (Storm Water Management Model) urban watershed model was applied and calibrated using the observed flow and water quality data for the study area. While flow modeling results showed good agreement for all events, water quality modeling results showed variable levels of agreement. These results indicate that current options in the SWMM model to predict pollutant build up and wash-off effects are not sufficient to satisfy modeling of all the rainfall events under study and thus need further modification. This study showed the automatic monitoring system can be used to provide data to assist further refinement of modeling accuracy. This automatic stormwater monitoring and modeling system can be used to develop basin scale water quality management strategies of urban streams in storm events.

• Journal of the Korean association of regional geographers
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• v.4 no.2
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• pp.79-94
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• 1998

This study begins with emphasis on the approach to public policy development and the extent to which a GIS framework can be used to evaluate projects objectively. This paper relates to public policy making and the use of GIS as a strategic management tool rather than the development of GIS technologies which has been the focus of attention since the advent of the first generation GIS systems in the 1960s. In order to consolidate a view towards public policy, the aim of this study is to show the advantages of using GIS to generate results which could be evaluated by cost and benefit analysis giving options of the alternative methods to estimate the feasibility of projects (both tangible and intangible) in a real public policy scenario. This study also reports that the tangible benefits associated with the GIS projects are better information processing, the easy analysis of data and the cost savings of map updates and printing, whilst the intangible benefits include quality decision making, and precise management of data through computing networks. In GIS context, the task of analysing and evaluating GIS projects is assumed in order to facilitate scientific and quantitative cost-benefit analysis. Previous methods of the cost-benefit analysis has not fully supported the evaluation of the intangible benefits and it has not been possible to make public policy realistic or scientifically understandable limiting decision makers in public domain. With the GIS decision makers are able to explore the potential of projects with this powerful decision supporting tool in practical application. On the basis of its potentials and limitations to cost-benefit analysis, therefore, it can be concluded that more flexible analysis and evaluation methodologies are needed to extend into the intangible benefits. In order to balance the evaluation of both quantitative and qualitative approaches on the cost-benefit analysis new or additional utilities will be required for the next GIS generation appraisal tool.

• Korean Journal of Agricultural and Forest Meteorology
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• v.14 no.2
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• pp.53-62
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• 2012

Demand for high resolution weather data grows in the agriculture and forestry fields. Local Analysis and Prediction System (LAPS) can be used to analyze the local weather at high spatial and temporal resolution, utilizing the data from various sources including numerical weather prediction models, wind or temperature profilers, Automated Weather Station (AWS) networks, radars, and satellites. LAPS has been set to analyze weather elements such as air temperature, relative humidity, wind speed, and wind direction every hour at the spatial resolution of $100m{\times}100m$ for Gyeonggi-do on near real-time basis. The AWS data were revised by adding the agricultural field AWS data (33 stations) in addition to the KMA data. The analysis periods were from 1 to 31 August 2009 and from 15 to 21 February 2010. The comparison of the LAPS output showed the smaller errors when using the agricultural AWS observation data together with the KMA data as its input data than using only either the agricultural or KMA AWS data. The accuracy of the current system needs improvement by further optimization of analyzing options of the system. However, the system is highly applicable to various fields in agriculture and forestry because it can provide site specific data with reasonable time intervals.

• Korean Security Journal
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• no.42
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• pp.205-227
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• 2015

The Korean Peninsula is put in a position to carry out a highly strategic game vis-a-vis nK, which is asserting itself as a nuclear power amongst Northeast Asia's complex dynamics. While the international community recognizes nK's possession of nuclear weapons as released secret based on nK's three nuclear tests, shrewd strategic thinking is needed by ROK to secure itself as a non-nuclear nation in order to assume a responsible role to the international community, while simultaneously being ready to respond at all times for nK's military provocations. ROK must continue with its twofold strategy, by firm response to military confrontation with nK and maintaining flexible policy of tolerance in the areas of economy and ethnicity. Various strategic options to overcome nK's nuclear threats have been presented to ROK, whose possession of nuclear weapons have been difficult, and nK's nuclear capability is a real threat to ROK's national security. We must be able to respond to nK's nuclear threats strictly from ROK's national security perspective. This thesis aims to propose a response policy for nK's nuclear capability and nK's nuclear attack based on analysis of such nuclear damage, ROK Government's response posture against nK's nuclear threats, centered around ROK Government's non-military response posture.

• Korean Journal of Veterinary Service
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• v.44 no.4
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• pp.271-281
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• 2021

Pathogenic Escherichia coli (E. coli) is one among the most important agents of diarrhea in calves. From January to December 2021, 108 isolates from feces of calves with diarrhea were investigated for enterotoxigenic E. coli (ETEC), enteropathogenic E. coli (EPEC), shiga toxin-producing E. coli (STEC), enteroaggregative E. coli (EAEC), and enteroinvasive E. coli (EIEC) using real-time PCR. In addition, the genes for F5, F17 and F41 fimbriae were detected by PCR. The most frequently isolated pathotypes were EPEC/STEC (29 isolates), and ETEC/EPEC/STEC (29 isolates). ETEC/EPEC, and ETEC/STEC were also found in 10 isolates. EPEC, STEC, and ETEC were detected in 13, 11, and 6 respectively. EAEC, and EIEC was not detected. Antimicrobial resistance test was carried out by agar disc diffusion method with 14 antimicrobials. Among 108 pathogenic E. coli isolates, 107 isolates were resistant to at least one of 14 antibiotics used in this study, 99 (91.7%) were resistant to two or more antimicrobials, and a single remarkable isolate was resistant to 14 antimicrobials. The isolates were primarily resistant to penicillins, streptomycin, tetracycline, ceftiofur, Trimethoprim/sulfamethoxazole, Kanamycin, and Ciprofloxacin. The high rate of resistance in pathogenic E. coli, sometimes to multiple drugs, may complicate future options for treating human infections. These results may bu used for diagnosis and therpeitic purposes in calves with diarrhea.

• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.