• Journal of Digital Convergence
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• v.15 no.11
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• pp.221-229
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• 2017

The purpose of this study is to find out ways to enhance corporate value by using more efficient use of non-reflux Income which is commonly considered in existing corporate income tax refund and newly introduced investment and mutual aid promotion tax. Specifically, we analyzed the effect of income tax return income and income tax return on wages and fixed - asset investments, which are commonly considered in the two tax systems, on firm value. As a result of the analysis, it was confirmed that short-term internal reserves and income reflux activities had a negative impact on firm value, and long-term internal reserves and income reflux return had positive effects on firm value. It is recommended not to formulate uniform criteria such as the ratio of income refund activity to the contents of tax, but to apply the tax refund to the internal taxation system and the taxable income source.

• The Journal of the Korea Contents Association
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• v.15 no.7
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• pp.436-448
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• 2015

This study examined one of the contemporary financial aspects, the level of corporate cash holdings for the firms belonging to the chaebols in the Korean capital markets. Being accompanied by various alternative econometric methodologies such as static and dynamic panel data model, stepwise OLS, and Fama-Macbeth modelm this research extended the preceding Kim's study (2015) in anticipation of validating the results to identify any financial factors which may significantly affect the chaebol firms' cash reserves. Several financial characteristics such as CASHFLOW, MVBV, REINVEST, and AGENCY, were found to be statistically significant factors on the level corporate liquidity, along with CCC as cash conversion cycle in the models. It may be plausible that any outcomes of this study may be applied to enhance the efficiency of financial strategies of the chaebol firms on cash holdings, thereby expediting the development of the domestic capital markets status quo toward the advanced one in the market classification.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.59-83
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• 2007

In this paper, we test empirically free cash flows hypothesis about stock repurchase. The main results of this study can be summarized as follows. First, repurchasing firms do not experience a growth in profitability relative to their peer firms. Second, repurchasing firms experience a contraction in their investment opportunity, and so capital expenditures and cash reserves decline after the repurchase. Third, repurchasing firms experience a decline in systematic risk and investments and in their cost of capital. Fourth, the reduction in profitability and cost of capital are sources of the positive market reaction to the repurchase announcement. And the market reaction to stock repurchase announcements is stronger among those firms that are more likely to overinvest. Conclusively, these results support free cash flows hypothesis. When firms experience a decline in profitability, capital expenditures and cash reserves, systematic risk and cost of capital, they decide to repurchase stocks to reduce free cash flows.

• Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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• 2001.06a
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• pp.1158-1158
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• 2001

Fast and dynamic biochemical, enzymatic and morphological changes occur during the so-called generative development and during the vegetative processes in seeds. The most characteristic biochemical and compositional changes of this period are the formation and decline of storage components or their precursors, the change of their degree in polymerization and an extensive change in water content. The aim of the present study was to detect the maturation processes in seed nondestructively and to verify the applicability of near infrared spectroscopic methods in the measurement of physiological, chemical and biochemical changes in wheat seed. The amount and variation of different water “species” has been changed intensively during maturation. Characteristic changes of three water absorption bands (1920, 1420 and 1150 nm) during maturation were analysed. It was concluded that the free/bound transition of water molecules could be followed sensitively in different region of NIR spectra. Kinetic changes of carbohydrate reserves were characteristic during maturation. An intensive formation and decline of carbohydrate reserves were observed during early stage of maturation (0 -13 days, high energy demand). An accelerated formation of storage carbohydrates (starch) was detected in the second phase of maturation. Five characteristic absorption bands were analysed which were sensitive indicators the changes of carbohydrates occurred during maturation. Precursors of protein synthesis and the synthesis of reserve proteins and their kinetic changes during maturation were followed from NIR spectra qualitative and qualitatively. Dynamic formation of amino acids and the changes of N forms were detected by spectroscopic, chromatographic and by capillary electrophoresis methods. Calibration equations were developed and validated in order to measure the optimal maturation time protein and moisture content of developing wheat seeds. The spectroscopic methods are offering chance and measurement potential in order to detect fine details of physiological processes. The spectra have many hidden details, which can help to understand the biochemical background of processes.

• Journal of Chest Surgery
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• v.32 no.11
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• pp.1017-1022
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• 1999

Background: An increasing number of elderly are referred for open heart surgeries(OHS). These patients are assumed to have significantly increased morbidity and mortality because of compromised functional reserves in their vital organs. We reviewed the results of OHS patients who were 70 years old or older. Material and Method: Thirty six consecutive septuagenarians underwent OHS from 1995 to 1997. Operations were coronary artery bypass grafting(CABG) in 26 including 3 left main surgical angioplasty, valve replacement in 7, MVR+CABG in 2, and ASD closure+TAP in 1. Statistical tests were carried out to compare survivor group with nonsurvivor group in respect to risk factors including NYHA functional class, LVEF, emergent operation, IABP support, CPB/ACC time, ventilator time cardiac index, ICU stay and hospital stay for operative mortality. Result: Operative mortality rate and postoperative complication were 16%(6/36) and 50%(18/36). One-year and 3-year actuarial survival rates were 76%. Nine patients(25%) had major complications including third-degree A-V block(2), respiratory failure(1), stroke(3), renal failure requiring dialysis(3) and postoperative hemorrhage(2). The causes of death were pneumonia(1), bleeding(1), acute renal failure(1), low cardiac output(1), third-degree A-V block(1), and ventricular tachycardia(1). The univariate analysis of mortality shows that NYHA class IV, LVEF<40%, lesser values for C.I, and longer time for ventilatory support were associated with the risk factors(p value=0.03, 0.001, 0.007, and 0.014). The emergent operation, CPB/ACC time, IABP support, ICU stay and hospital stay were not significant. Conclusion: We conclude that cardiac operation can be performed in septuagenarians with acceptable outcomes when done in patients with normal to moderately depressed left ventricular function and adequate functional reserves in their vital organs.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.39 no.1
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• pp.17-24
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• 2016

Many organizations have transformed their business in order to survive and compete in the future. They generate projects by creating a vision, using strategies and objectives with funds aligning strategies and make efforts to complete them successfully because project success leads to business success. All projects have triple constraints such as scope, time, and cost to be completed. Project cost performance is a key factor to achieve project goals and which is mostly related with risks among various cost drivers. Projects require a cost estimation method to complete them within their budget and on time. An accurate budget cannot be estimated due to the uncertainties and risks. Thus some additional money should be funded in addition to the base budget as a contingency reserve for identified risks and a management reserve for unidentified risks. While research on contingency reserve for identified risks included in project budget baseline have been presented, research on management reserve for unidentified risks included in total project budget is still scarce. The lack of research on estimation method and role of the management reserve have made project managers little confidence to estimate project budget accurately with reasonable basis. This study proposes a practical model to estimate budgets including contingency and management reserves for not only project cost management but also to keep the balance of organization's total funds to maximize return on investments for project portfolio management. The advantages of the proposed model are demonstrated by its application to construction projects in Korea and the processes to apply this model for verification are also provided.

• Journal of Electrical Engineering and Technology
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• v.10 no.3
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• pp.719-728
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• 2015

This paper presents the results of field tests on Voltage Management System (VMS) using hybrid voltage control, which utilizes coordinated controls of various reactive power resources such as generators, FACTS and switched shunt devices to regulate the pilot bus voltage in a voltage control area. It also includes the results of performance test on RTDS-based test bed in order to validate the VMS before installing it in Jeju power system. The main purpose of the system is adequately to regulate the reactive power reserve of key generators in a normal condition with coordination of discrete shunt devices such as condensers and reactors so that the reserves can avoid voltage collapse in emergency state in Jeju system. Field tests in the automatic mode of VMS operation are included in steady-states and transient states. Finally, by the successful operation of VMS in Jeju power system, the VMS is proved to effectively control system voltage profiles in steady-state condition, increase system MVAR reserves and improve system reliability for pre- and post-contingency.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.7118-7125
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• 2015

This study examined one of the concerned or even imperative issues in the field of contemporary finance related to approaching an optimal level of cash holdings for the firms belonging to the chaebols in the Korean domestic capital markets. However, the subject may not have been drawn much attention so far, even if there are still ongoing and active debates among the interest parties at the macro- or micro-level. Two primary hypotheses were postulated to be empirically tested. On the results of the first hypothesis test for the existence of an optimal cash reserves for the sample firms, two estimation techniques were performed in terms of a quadratic regression equation and a relationship between a firm's value and the residuals derived from the static panel date model. As a primary financial implication of the study which may contribute to the practitioners and the academics in finance, the optimal level of cash holdings can be estimated by controlling for the a priori significant components for the sample firms towards maximizing firm value.

• Economic and Environmental Geology
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• v.39 no.2 s.177
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• pp.191-212
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• 2006

Placer gold deposits is mainly distributed in the Takaoi area. The alluvium is unconsolidated or semiconsolidated deposit consisting of gravel, sand, and soil beds in ascending order. They unconformably overlies the Carboniferous-Permian schist and Cretaceous granodiorite substratum. Based on detailed facies analysis, the alluvium can be interpreted as a typical fluvial deposits containing gravel and sand beds of channel-fill unit and soil deposit of floodplain. Gold grains are included mainly in the gravel bed and vein quartz is only contained gold among all kinds of gravels. These features indicates that the source rock of the gold grain is vein quartz and gold grains are separated from vein quartz during transport and abrasion. The reserves of gold in this area reach to at least 792 kg.

• Journal of Environmental Impact Assessment
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• v.20 no.5
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• pp.685-695
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• 2011

Through the analyses of the distribution characteristics and management practices of the wildlife protection areas, this study intends to present basic data for improving the management of protected areas. 1) Based on the aggregate results of the protected areas, the average ratio of the metro-city and provincial areas to the designated protected areas was 1.49%; except for Chungcheongbuk-do (8.83%) and Gyeongsangnam-do (3.43%), most regions showed specified percentages of about 1%, whereby the analysis suggested that the designated protected areas were too small. 2) Considering the fact that most (86.16%) of the wildlife protection areas are in the regions that are of ecological nature level of grade 1, green nature level of grade 8 or better, and of legal conservation regions and districts, it was shown that these reserves are distributed in regions with excellent natural environmental conditions. 3) Designation of protected areas for the protection of wildlife and fish is deemed to be necessary. Although there are 588 wildlife & plant reserves, there are absolutely no designated areas for protecting plant and fish species. 4) Based on the results of an analysis of the current distribution by types, 92.47% of protected areas were concentrated in the mountains, 0.24% in the agricultural lands, and 7.29% distributed in the lakes/rivers/costal areas. 5) As major improvement projects, proposed were: advancement of management systems for protected areas, expanded designation of protected areas, overhaul of managed areas, designation of protected areas for the protection of wild plants and fish, need for management measures for private property and the surrounding areas, need to secure appropriate management personnel and collaboration, locally-adapted management, eco-information-based management, total management of protected areas, etc.