• Journal of Korean Society of Transportation
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• v.26 no.6
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• pp.143-154
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• 2008

This paper considers option and non-use values of rail services. The total economic value of a given transport service can be classified into use, option and non-use values, other grouping rules can be applied though. The use value is the consumer's surplus from the actual rides of a specific mode. The option value, on the other hand, can be defined as a traveler's willingness to pay for reserving a travel mode, which is not his or her main choice, as a standby alternative. Finally, the non-use value represents benefits that are not attributable to the actual use or option use, but to the vicarious, altruistic, functional and existing worth of a transport service. A stated preference survey based on a double-bounded dichotomous choice is conducted. A survival model is applied to the data collected. Calculations of trip makers' willingness to pay for option and non-use values are based on the parameters of the estimated survival model. Some suggestions for transport appraisal are also presented.

• Journal of Marine Bioscience and Biotechnology
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• v.3 no.1
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• pp.54-60
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• 2008

Compared to other North African countries, Tunisia has reached a significant level of fish consumption. The only relevant historical dimension of aquaculture in Tunisia are traditional lagoon management (80,000 ha of lagoon and coastal lakes) and culture of shellfish. Semi-intensive and intensive cultures are relatively new concepts in Tunisia and only recently also the public sector is involved. The Tunisian fishing industry has expanded over the last 20 years and annual catches at present are more than four times those registered in mid-fifties. Production of the year 2007 reached 105 thousand tons against 111 thousand tons during the same period of 2006 thus recording a fall of 5%. Unfavorable weather conditions mainly during the last quarter year had the effect to reduce the number of days out at sea. Exports reached 24.3 thousand tons for one value 240.5 MD against respectively 22.2 thousand tons and 234.1 thus recording MD at the end of the past year a rise of 9% in volume and from 3% in value. Commercial value such as shellfish - consequence of one regression of the production - with in parallel raises blue fish exports. The imports were stabilized in volume of 39.1 thousand tons and increased from 6% in value with respectively 67.4 MD in 2007 against 63.7 MD at the end of 2006. The importation in larger quantities of intended fish to the fattening of tuna in floating cages explains partly this rise. Nevertheless, the pay of balance import/export of produced fishing remains positive with a surplus of 173.1 MD against 170.4 MD in 2006.

• Journal of Korean Society of Forest Science
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• v.88 no.1
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• pp.117-123
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• 1999

Consumer surplus is to be a value concerning a time horizon. Especially it is very important how long time horizon would be chosen in contingent market. This study aimed to provide causes of difference recreation benefits through discount rate in many aspects. The data were collected by personal interviews with visitors in Songnisan National Park. The respondents answered yes or no, dichotomous choice, on recreation benefits according to a chosen time horizon, one year or five years. The probit model was used in the analysis. In order to avoid the truncation bias of upper bound, the median was chosen as the recreation benefits of visitor. As the result, the value was evaluated to be 16,569 Won for one year and 27,111 Won for five years. The discount rate is estimated 153% annually to coincide different recreation benefits. The reasons of the high discount rate were to be interpreted as following five types : (1)uncertainty of future consumption (2)increasing of probability of the substitution owing to increasing of time horizon (3)recognization of different time horizons (4) effect by the price ratio of goods and utility function (5) overestimation of the recreation benefits owing to a basic premium of payment vehicle.

• Asian-Australasian Journal of Animal Sciences
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• v.12 no.5
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• pp.723-727
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• 1999

Two experiments were conducted to determine the effect of feeding levels on intake and nutrient utilization of oat (Avena sativa) hay (OH) by goats and potential feeding value of leftovers from high levels of offer in sheep. In experiment 1, the goats (15) were offered OH at three levels of feeding to give leftovers of about 20% (T-1), 35% (T-2) and 50% (T-3) of DM offered. A marked effect of refusal rate of OH on intake and digestibility of nutrients was evident. Allowing selective consumption at higher levels (T-2 and T-3), the intake of DCP and TDN from OH was found not only to meet the maintenance requirement but provided surplus nutrients for moderate production. In experiment 2, Sheep (3) were offered one of the three dietary treatments viz OH, refusals left uneaten by goats in T-2 and T-3 (OHR) and 3% urea treated oat hay refusals (UTR) in a $3{\times}3$ latin square design. Though the potential feeding value of leftovers (OHR and UTR) was lower than OH, the results confirm the possibility of their effective use. It was concluded that feeding above the conventional ad libitum level could be an alternative to improve the performance of ruminants fed feeds like oat hay. The potential impact of the strategy would, however, depend on the effective reutilization of leftovers for feeding other animals.

• Journal of Environmental Science International
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• v.18 no.1
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• pp.33-39
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• 2009

Based on the monthly weather report of Korea Meteorological Administration (KMA) and daily sea surface temperature (SST) data from National Fisheries Research and Development Institute (NFRDI) in 2006, heat budget was estimated at Gampo in the eastern coast of Korea, the region occuring the cold water known as upwelling in summer. Net heat flux was transported from the air to the sea surface during February to November, and it amounts to $345Wm^{-2}$ in monthly mean value. During December to January, the transfer of net heat flux was conversed from the sea surface to the air with $-56Wm^{-2}$ in minimum of monthly mean value in January. Long wave radiation was ranged from $6Wm^{-2}\;to\;106Wm^{-2}$. Sensible heat was varied from $-36Wm^{-2}$(June) to $61Wm^{-2}$(February) and showed negative values from April to August. Latent heat showed $20Wm^{-2}$(July) with its minimum in July and $49Wm^{-2}$ with its maximum in March in monthly mean value. The annual mean of net heat flux is $129Wm^{-2}$, giving an annual heat surplus of $22Wm^{-2}$. Thus, during summer, the upwelled cold water at Gampo, appears to compensate the heat gain. However the ways in which these compensations are accomplished remains to be clarified.

• Journal of Technology Innovation
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• v.10 no.1
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• pp.98-123
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• 2002

This study develops a Korean R&D Scoreboard which has originated from the R&D Scoreboard in United Kingdom. The Scoreboard contains details of the R&D investment, sales, growth, profits and employee numbers for Korean companies which are extracted from company annual reports and key ratios calculated, with some movements over time. Companies are classified by the Korea Standard Industrial Classification. The Scoreboard contains 190 companies which consist of 100 largest companies and 30 middle-or small-sized firms listed in Korea Stock Exchange (KSE), and 30 ventures and 30 other firms listed in KOSDAQ. The overall company R&D intensity (R&D as a percentage of sales) is 2.1% compared to the international average of 4.2%. Korea has an unusually large R&D percentage of sales in IT hardware (4.9%) and telecommunication (3.7%). R&D intensity is positively correlated with company performance measures such as profitability, sales growth, productivity and market value. For largest companies listed in KSE and ventures listed in KOSDAQ, the ratio of operating profit to sales is greater for high R&D intensity companies. Sales growth is in proportion to R&D intensity for all companies. Plots of value added per employee or sales per employee vs R&D per employee rise together for the sectors studied, especially for the chemical sectors and automobile sectors, demonstrating a correlation with productivity. The average market value of high R&D companies in the KSE has risen more than 1.6 times that of the KOSPI 200 index. Given the correlation between R&D intensity and company performance and given that R&D is a smaller percentage of surplus (profits plus R&D) than international level (both overall and in several sectors), the challenges facing Korean companies are to maintain the leading position in IT hardware and telecommunication, and to increase the intensity of R&D in many medium-intensive R&D sectors where Korea has an average intensity well below international or US levels.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• Journal of Distribution Science
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• v.14 no.8
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• pp.51-57
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• 2016

Purpose - If control-ownership disparity is large, managers will not actively reduce costs; rather, they will maintain unutilized resources or possess surplus resources even when sales decrease with the purpose of increasing personal utility from status, power, compensation, and prestige. These managers' utility maximizing tendencies cause cost stickiness. We examine whether asymmetric behavior related to costs becomes stronger when there is a large disparity between ownership and control rights. Research design, data, and methodology - We construct a regression model to examine the relationship between control-ownership disparity and cost stickiness. STICKY, a dependent variable representing cost stickiness is a value found using the method of Weiss (2010), and Disparity is an interest variable that shows control-ownership disparity. Results - This study is based from the unique situations in Korea, in which high control-ownership disparity is common in firms. Large control-ownership disparity was found to increase cost stickiness of corporations. Conclusions - The results of this study imply that controlling shareholders may be regarded as a threat to the interests of minority shareholders and corporate values especially when controlling shareholders have significant influence over managers or the power to make managerial decisions as owners of a corporation.

• Proceedings of the Korean Institute of Electrical and Electronic Material Engineers Conference
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• 2010.06a
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• pp.3-3
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• 2010

We investigated the influence of the indium content on the threshold voltage ($V_{th}$) shift of sol-gel-derived indium-gallium-zinc oxide (IGZO) thin film transistors (TFTs). Surplus indium composition ratio into IGZO decreases the value of $V_{th}$ of IGZO TFTs showed huge $V_{th}$ shift in the negative direction. $V_{th}$ shift decreases from 10 to -28.2V as Indium composition ratio is increased. Because the free electron density is increased according to variation of the Indium composition ratio.

• Asian-Australasian Journal of Animal Sciences
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• v.13 no.4
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• pp.483-486
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• 2000

The influence of feed allowance on intake and nutrient utilization by Barbari goats given green maize (Zea mays) and potential feeding value of left-overs were studied. The goats were offered food at 3 levels to give left-overs of about 20% (T-1), 35% (T-2) and 50% (T-3) DM of offered amount. A marked effect of refusal rate on intake and digestibility of nutrients was found. The DMI, g/kg $W^{0.75}$ increased from 39.86 in T-1 to 50.91 and 66.55 g in groups T-2 and T-3, respectively. Allowing selective consumption at higher levels (T-2 and T-3), the intake of TDN and DCP from green maize was found not only to meet the maintenance requirement but provided surplus energy and protein for substantial production. The variability in diet selectivity between goats under different treatments was pronounced. As the level of food excess increased to T-3, the left overs had a higher IVDMD and crude protein and decreased cell wall constituents (p<0.05). Considering the substantial increase in intake and digestibility from feeding green maize at high allowances to goats, further studies are needed to develop practical feeding strategies.