• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• Land and Housing Review
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• v.14 no.4
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• pp.17-37
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• 2023

The rental housing market in South Korea, specifically monthly rent with deposit, has been expanding over the last three decades (8.2% in 1990 to 21.0% in 2020), partly replacing the traditional Jeonse market. The distribution of rent has changed due to public rental subsidies and the emergence of luxury rental housing, while the distribution of rental household income has been polarized because of the emergence of rich renters. This study attempts to measure the structural changes in the rental market by developing a new indicator of income-rent mismatch. Using the seven series of the Korea Housing Survey, this study analyzed the changes in rent (reflecting the conversion rate) and income levels of rental households in 2006 (base year) and 10-15 years later (the analysis year) at the national level and at the spatial unit of 16 metropolitan cities and provinces (excluding Sejong), respectively, by dividing them into quartile data. The result reveals that rental housing was undersupplied in middle- and high-income rental housing due to the decline in the highest quartile (25%→18%) and the third quartile groups (25%→20%), while the supply of public rental housing expanded for the second quartile (25%→28%) and the lowest quartile (25%→35) groups. On the demand side, the highest income quartile shrank (25%→21%), while the lowest income quartile grew (25%→31%). Comparing the 16 metropolitan cities and provinces, there were significant regional differences in the direction and intensity of changes in rent and renter household income. In particular, the rental market in Seoul was characterized by supply polarization, which led to an imbalance in the income distribution of rental households. The structural changes in the apartment rental market were different from those in the non-apartment rental market. The findings of this study can be used as a basis for future regional rental housing markets. The findings can support securing affordable rental housing stock for each income quartile group on monthly rent and developing housing stability measures for a balance between income and rent distribution in each region.

• Journal of Intelligence and Information Systems
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• v.16 no.3
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• pp.77-97
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• 2010

Market timing is an investment strategy which is used for obtaining excessive return from financial market. In general, detection of market timing means determining when to buy and sell to get excess return from trading. In many market timing systems, trading rules have been used as an engine to generate signals for trade. On the other hand, some researchers proposed the rough set analysis as a proper tool for market timing because it does not generate a signal for trade when the pattern of the market is uncertain by using the control function. The data for the rough set analysis should be discretized of numeric value because the rough set only accepts categorical data for analysis. Discretization searches for proper "cuts" for numeric data that determine intervals. All values that lie within each interval are transformed into same value. In general, there are four methods for data discretization in rough set analysis including equal frequency scaling, expert's knowledge-based discretization, minimum entropy scaling, and na$\ddot{i}$ve and Boolean reasoning-based discretization. Equal frequency scaling fixes a number of intervals and examines the histogram of each variable, then determines cuts so that approximately the same number of samples fall into each of the intervals. Expert's knowledge-based discretization determines cuts according to knowledge of domain experts through literature review or interview with experts. Minimum entropy scaling implements the algorithm based on recursively partitioning the value set of each variable so that a local measure of entropy is optimized. Na$\ddot{i}$ve and Booleanreasoning-based discretization searches categorical values by using Na$\ddot{i}$ve scaling the data, then finds the optimized dicretization thresholds through Boolean reasoning. Although the rough set analysis is promising for market timing, there is little research on the impact of the various data discretization methods on performance from trading using the rough set analysis. In this study, we compare stock market timing models using rough set analysis with various data discretization methods. The research data used in this study are the KOSPI 200 from May 1996 to October 1998. KOSPI 200 is the underlying index of the KOSPI 200 futures which is the first derivative instrument in the Korean stock market. The KOSPI 200 is a market value weighted index which consists of 200 stocks selected by criteria on liquidity and their status in corresponding industry including manufacturing, construction, communication, electricity and gas, distribution and services, and financing. The total number of samples is 660 trading days. In addition, this study uses popular technical indicators as independent variables. The experimental results show that the most profitable method for the training sample is the na$\ddot{i}$ve and Boolean reasoning but the expert's knowledge-based discretization is the most profitable method for the validation sample. In addition, the expert's knowledge-based discretization produced robust performance for both of training and validation sample. We also compared rough set analysis and decision tree. This study experimented C4.5 for the comparison purpose. The results show that rough set analysis with expert's knowledge-based discretization produced more profitable rules than C4.5.

• Journal of the Korean Association of Geographic Information Studies
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• v.18 no.4
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• pp.81-99
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• 2015

The acceleration of global warming has required better understanding of carbon cycles over local and regional areas such as the Korean peninsula. Since forests serve as a carbon sink, which stores a large amount of terrestrial carbon, there has been a demand to accurately estimate such forest carbon sequestration. In Korea, the National Forest Inventory(NFI) has been used to estimate the forest carbon stocks based on the amount of growing stocks per hectare measured at sampled location. However, as such data are based on point(i.e., plot) measurements, it is difficult to identify spatial distribution of forest carbon stocks. This study focuses on urban areas, which have limited number of NFI samples and have shown rapid land cover change, to estimate grid-based forest carbon stocks based on UNFCCC Approach 3 and Tier 3. Land cover change and forest carbon stocks were estimated using Landsat 5 TM data acquired in 1991, 1992, 2010, and 2011, high resolution airborne images, and the 3rd, 5th~6th NFI data. Machine learning techniques(i.e., random forest and support vector machines/regression) were used for land cover change classification and forest carbon stock estimation. Forest carbon stocks were estimated using reflectance, band ratios, vegetation indices, and topographical indices. Results showed that 33.23tonC/ha of carbon was sequestrated on the unchanged forest areas between 1991 and 2010, while 36.83 tonC/ha of carbon was sequestrated on the areas changed from other land-use types to forests. A total of 7.35 tonC/ha of carbon was released on the areas changed from forests to other land-use types. This study was a good chance to understand the quantitative forest carbon stock change according to the land cover change. Moreover the result of this study can contribute to the effective forest management.

• Journal of dental hygiene science
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• v.16 no.4
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• pp.284-292
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• 2016

Water supplied through dental unit waterlines (DUWLs) has been shown to contain high number of bacteria. To reduce the contamination of DUWLs, it is essential to develop effective disinfectants. It is, however, difficulty to obtain proper DUWL samples for studies. The purpose of this study was to establish a simple laboratory model for reproducing DUWL biofilms. The bacteria obtained from DUWLs were cultured in R2A liquid medium for 10 days, and then stored at $-70^{\circ}C$. This stock was inoculated into R2A liquid medium and incubated in batch mode. After 5 days of culturing, it was inoculated into the biofilm formation model developed in this study. Our biofilm formation model comprised of a beaker containing R2A liquid medium and five glass rods attached to DUWL polyurethane tubing. Biofilm was allowed to form on the stir plate and the medium was replaced every 2 days. After 4 days of biofilm formation in the laboratory model, biofilm thickness, morphological characteristics and distribution of the composing bacteria were examined by confocal laser microscopy and scanning electron microscopy. The mean of biofilm accumulation was $4.68{\times}10^4$ colony forming unit/$cm^2$ and its thickness was $10{\sim}14{\mu}m$. In our laboratory model, thick bacterial lumps were observed in some parts of the tubing. To test the suitability of this biofilm model system, the effectiveness of disinfectants such as sodium hypochlorite, hydrogen peroxide, and chlorhexidine, was examined by their application to the biofilm formed in our model. Lower concentrations of disinfectants were less effective in reducing the count of bacteria constituting the biofilm. These results showed that our DUWL biofilm laboratory model was appropriate for comparison of disinfectant effects. Our laboratory model is expected to be useful for various other purposes in further studies.

• Journal of Korean Society of Forest Science
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• v.42 no.1
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• pp.74-82
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• 1979

Pinus densiflora S. et Z. which has the widest distribution and highest stock at present in Korea and has used as materials for fuel, house construction, furniture and many other purposes for several hundred years, is considered as one of major species of economic importance, although there are a few epidemic insect injuries and silvicultural difficulties in regeneration. However, since disorderly cutting has been conducted for long time, the valuable local stands have disappeared. Therefore immediate attempts should be taken on the gene conservation and genetic studies including heritabilities and genetic gains of desirable characters. One hundred and twently five plus trees have so far been selected from the nationwide area and kept for the purpose of seed orchard establishment and other theoretical studies. In this study, the wind pollinated seeds of grafted stocks of 13 plus trees in clone bank located in Suweon and the seeds of 4 Japanese plus trees were collected and their progenies were used for heritability study. As indicated in figure 1, thirteen plus trees are from the middle part of Korea and two experimental plantations were laid out in ]972 (1-1 stock) by the randomized block design with five replications, consisting of 10 trees line plots of each family in each replication. Tree height, root collar diameter and branch diameter at 1cm apart from the main stem were measured. The results are summarized as follows 1. The rank of height growth of each plus tree progenies by age was greatly changed under age 3 and it was affected more in poor site than good site. 2. The heritabilities of height growth were estimated to be 7.2% at age 3, negative sign at age 4, 9.4% at age 5, 13.0% at age 6, 8.1% at age 7 and abrupt increase of 63.8% at age 8. The heritabilities were generally increased with increase of age. 3. The heritabilities of root collar diameter and branch diameter (average of the three biggest branches) was 3.2% and 11.8% at age 8 respectively. 4. The genetic gain was largest at age 8 and it was 46.6% when a selection intensity, 1/500 was taken. It, therefore, seems to be reasonable that selection should not be made under age 7.

• Journal of Korean Society of Forest Science
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• v.105 no.4
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• pp.401-413
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• 2016

Forest resources utilization and variable disturbance history have been affected the rarity and conservation value of forest relict trees, which served as habitat for forest biodiversity, important carbon stock and cultural role include human and natural history in South Korea. This study was conducted to establish the baseline data for forest resources conservation by clarifying species diversity, spatial distribution and ecological characteristics (individual and habitat) of forest relict trees (DBH > 300 cm) based on the data getting from mountain trail, high resolution aerial photos and field professionals and field survey. As results, 54 taxa (18 family 32 genus 48 species 1 subspecies 3 variety and 2 form) as about 22% of tree species in Korea was identified in the field. 837 individuals of forest relict trees were observed and the majority of the trees was in Pinaceae, deciduous Fagaceae and Rosaceae, which families are abundant in population diversity. High elevation area was important to relict trees as mean altitudinal distribution was 1,200 m a.s.l as likely affected by human activity gradients and mid-steep slope and North aspect was important environment for the trees remain. Many individuals exhibited 'damage larger branch' (55.6%) and consequent relatively lower mean canopy coverages (below 80%). Synthetically, present diversity and abundance of relict forest trees in South Korea were the result of complex process among climate variation, local weather and biological factors and the trees of big and old were estimated to important forest biodiversity elements. In the future, clarifying the role and function of relict trees in forest ecosystem, in- and ex- situ programmes for important trees and habitat, and activities for building the background of conservation policy such as "Guideline for identifying and measurement of forest relict trees".

• Economic and Environmental Geology
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• v.9 no.4
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• pp.177-212
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• 1976

The Shap granite encloses well developed quartz veins and veinlets containing molybdenite in association with other ore sulphide minerals. The preliminary study of the geochemical aspects of the granite stock and mineralisation of molybdenite in comparison with the porphyry deposits is carried out; the distribution of major, minor and ore metal elements in wall rocks, altered envelope and veins, and the molybdenum mineralisation, mainly in connexion with hydrothermal alteration are discussed. The molybdenite and other ore mineralisation, especially bismuthinite and chalcopyrite, are spatially closely related to the hydrothermal alteration adjacent to the veinings, and are dominant where the strong orthoclase alteration has taken place. A pattern of alteration and mineralisation can be recognised and forms the basic for the subdivision of the quarry into several distinct zones, which correspond with the sequence of alteration and mineralisation. The veins, veinlets and their alteration haloes can be further subdivided into a series of concentric zones.

• Journal of the Economic Geographical Society of Korea
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• v.14 no.3
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• pp.307-324
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• 2011

The culture industry is viewed as a driving industry in the 21th century. Korea has experienced the rapid growth rate of the cultural industry in terms of sale amounts for the period of 2004-2009. The purposes of this study are to analyze the spatial pattern of the cultural industry and to empirically examine the effect of municipalities' cultural industries on regional economy using SUR model. The major findings are as follows: First, cultural industries are concentrated in the capital region and several metropolitan areas. Secondly, the estimated result of SUR model shows that there is inter-relationship between cultural industry and regional economy. The effect of the cultural industry on GRDP is that the cultural industry increased 1%, GRDP increased by 0.46%. In turn, GRDP increased 1%, cultural industry increased by 0.75%. Thirdly, the elasticity of the cultural industry on GRDP is much higher than that of labor or capital stock, showing that the cultural industry has a more powerful influence on its regional economy. Fourth, the elasticity of the cultural industry on GRDP of Gun is higher than that of shi, indicating that it is rational for Gun to develop strategies to promote competitive power of the cultural Industry for regional economic growth.

• Journal of Forest and Environmental Science
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• v.36 no.3
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• pp.175-186
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• 2020

This study approaches, from a floristic perspective, the under-researched human-primate competition for forest resources. Investigating the human impact on fruit trees edible for Kinda baboons (Papio kindae Lönnberg), we have collated dietary data on a free-ranging troop and floristic information on two forest sites of the Kundelungu National Park (KNP), Democratic Republic of Congo: the relatively intact Integral Zone (IZ) and the human-disturbed Annex Zone (AZ). Trees with DBH≥10 cm have been identified, counted and measured throughout 22 sample plots (11 per site), each measuring 1,000 ㎡. A total of seven woody species whose fruits are eaten by Kinda baboons were recorded. Four of them, namely the Sycamore fig Ficus sycomorus L., the Mobola plum Parinari curatellifolia Planch. ex Benth, the Kudu berry Pseudolachnostylis maprouneifolia Pax and the Monkey orange Strychnos innocua Delile were found in both sites, while the Large-leaved jackal-berry Diosyros kirkii Hiern and the Buffalo thorn Ziziphus mucronata Willd. were exclusively in the IZ, and Strychnos cocculoides Baker only in the AZ. Compared to the IZ, the AZ had lower values of stem density, species richness and diversity indices, suggesting a negative human impact on baboon-edible trees, in line with our hypothesis. Moreover, as was expected, human activities decreased the abundance of larger baboon-edible fruit trees. However, the size-class distribution of P. curatellifolia depicted a reverse J-curve in the AZ. The abundant younger P. curatellifolia trees remaining in that human-disturbed site constitute an important food stock for baboons, if well preserved. These results also illustrate the critical role of rangers' patrols, formerly more frequent (and presumably efficient) in the IZ than in the AZ of the Park. Their implications on baboons and miombo forests are discussed from both the research and conservation perspectives.