• The Journal of Information Technology
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• v.4 no.3
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• pp.19-34
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• 2001

The purpose of this study is to examine the differential influences of cash dividends and stock dividends on the firm valuation. Cash dividends are firm's cash outflows but stock dividends are not. If individual investors recognize that dividend revenues are taxed. they will value paid-in capital and retained earnings differently. The results from testing the hypotheses indicate that individual investors value cash dividends after dividend taxes but do not value stock dividends after dividend taxes. This suggests that non-taxing of capital gains provides tax shelters to individual investors and investors prefer retained earnings to be converted as paid-in capital rather than 0 be paid as cash dividends.

• Health Policy and Management
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• v.2 no.2
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• pp.33-56
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• 1992

The objectives of this research are (i) to review the functional and financial distribution of public health adminstration between central and local governments, (ii) to find out, based on economic criteria, optimal distribution required to fullfil local need for public health, and finally, (iii) to suggest policy implications in health area in face of the newly arising local autonomy system in Korea. Judging from data on government expenditures and tax revenues, public health administration in Korea is highly concentrated into central government, both functionlally and financially. High dependency of public health on central government has often been critisized that local residents can not participate in the decision making process for local health problems. This study, however, shows that localization of public health administration does not necessarily result in efficient and equitable allocation of resource to satisfy local demand for public health. From this point of view, two eccnomic criteria are suggested, i.e. external effect and economies of scle, as distributive criteria of roles in public health administration between local and central government. In addition, superiority of central concentration of public health administration to localization is emphasized in that public health in a wide sense contains the nature of public good and is part of compulsory socil security system. As a consequence, planned intervention by government is desirable.

• International Journal of Computer Science & Network Security
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• v.22 no.1
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• pp.7-14
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• 2022

The presented research is devoted to the problems of achieving the goals of sustainable development, which will contribute to the development of industrial parks and their transformation into eco-industrial parks. The importance of the functioning of industrial parks and their transformation into eco-industrial ones in the direction of achieving sustainable development goals is substantiated. The development of industrial parks and their transformation through the coordination of dynamic development processes and the establishment of a system of mutually beneficial relations, due to the peculiarities of their functioning aimed at achieving sustainable development goals ensure the achievement of sustainable spatial development. Transformation of industrial parks will contribute to: increasing tax revenues of local budgets, increasing employment in the regions, raising public awareness of the need for environmentally friendly, energy efficient production, increasing the balance and harmony of social, economic and environmental development, modernization of territorial communities and regional enterprises resources and increase entrepreneurial initiative, rational use of available resources, intensification of small and medium enterprises, including innovation. The authors' scientific achievements are the substantiation of the principles of functioning of industrial parks in order to achieve the goals of sustainable development, which are based on a systematic approach and provide for the transformation into eco-industrial parks.

• The Journal of the Korea Contents Association
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• v.18 no.3
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• pp.472-485
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• 2018

The purpose of this study is to analyze debt zeroing policy process of Yong-in city based on the Kingdon's Multiple Stream Framework in order to contribute to strengthening financial capacity and competitiveness of local governments. This study focused on the Yong-in case because the city had a local debt of about KRW 800 billion as of 2012, but it completed the debt repayment in early 2017. The results are as follows. First, policy problem streams are the perception of Yongin City's debt indicator, the failure of the LRT project, and the failure of sale of buildinglots of Yukbuk district. Second, in the political stream, there have been the election of new governors, cooperation of local administration and citizens like budget cut. Third, policy alternative streams are the reduction of large-scale investment projects, the expansion of revenues through the sale of idle shared properties, the increase of tax revenues, and the activation of light rail. As the each streams flowed independently, the window of policy change opened by the revitalization of the real estate market and the sale of buildinglots of Yukbuk distric and combined with other policy factors such as the activation of the light rail. In this process, the role of the policy entrepreneurs such as negotiation and persuasion of the related institutions influenced achieving tight fiscal policy. As a result of this policy output, Yongin City achieved zero debt. This study suggests that it is necessary not only the importance of the role of policy entrepreneurs but also of the administrative and citizen cooperation and the institutional complement such as a large scale of the investment review system.

• Korea Journal of Hospital Management
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• v.17 no.1
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• pp.79-112
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• 2012

The purpose of this study is to examine the differences of profitability based on the analysis of business and medical service performances of four hospitals in Incheon area with similar size. and to compare hospitals with the best and the worst performances and analyze the factors behind the differences. The differences could be caused by differences in medical service statistics, number of staff, and financial results, etc. The data was acquired through the homepage of the National Tax Service(financial statements for the fiscal year 2009) and the Medical Record Association of Incheon(medical service statistics for the years 2008 and 2009) along with questionnaire survey to the hospitals(personnel data for the year 2009). The results of the study are as follows. Medical profits to medical revenues ratio for the hospitals(referred as Hospital A, B, C, and D) shows, in order, C(8.2%), A(8.0%), B(7.8%), and D(7.4%). However, net income to medical revenues ratio shows otherwise: C(8.5%), D(5.8%), A(3.0%), and B(0.6%). Hospital B shows a high medical profit to revenue ratio but the lowest net income to revenue ratio due to large interest expenses. The leverage ratio of Hospital B is the highest (419.6%), resulting in a very low interest coverage ratio(1.1). On the other hand, Hospital C shows favorable results in both profit ratios, with 8.2% and 8.5% each. Hospital C has the lowest leverage ratio(53.0%) and the highest interest coverage ratio(34.9). Therefore, the results show Hospital C has the best performance while Hospital B the worst. The two hospitals(B and C) show similar results in certain areas and big differences in other areas. The area that has the biggest influence on financial results turns out leverage ratio. Hospital B shows 'very good' to 'good' results in terms of medical service statistics in general. However, the leverage ratio is too high and the liquidity ratio too low, resulting in a very low profit ratio. The results of this study have some limitations in terms of generalization as only four hospitals in Incheon area were selected for the study, resulting in a deficiency in the representativeness of the sample. Further studies with bigger sample size and deeper analysis are expected in this area.

• Journal of Navigation and Port Research
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• v.44 no.6
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• pp.541-549
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• 2020

This study conducts differential analysis on the financial positions of Korean shipping companies before and after the bankruptcy of the H carrier, looking specifically at their financial ratios, profit and loss patterns, and other factors related to their financial operation. Firstly, it was discovered that major measures of financial health, such as average assets per carrier, were not affected by the bankruptcy of the H carrier. However, despite this, most carriers experienced large changes in profits and losses, with total sales and shipping revenues averaging 424.5 billion won and 381.7 billion won respectively before the bankruptcy, but falling by half to 252.1 billion won and 234.6 billion won after the bankruptcy. Additionally, charter revenues and expenses also dropped by more than half. EBIT/sales and pre-tax revenue margins were also heavily affected after the bankruptcy, with both figures averaging 8% and 3% respectively before the bankruptcy, but falling into the negative range at -2% and -8% post-bankruptcy, resulting in significant deterioration in operational profitability. The study concludes that there is an urgent need to establish a global sales network, improve cost structures, and consistently secure stable cargo in order to increase Korean carriers' profitability. Of all financial measures, liquidity and total asset efficiency were identified as the most severely-impacted by the H carrier bankruptcy, thereby requiring the most pressing policy addressing.

• Land and Housing Review
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• v.5 no.2
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• pp.57-68
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• 2014

As social needs are increasing to minimize the occurrence of external effect due to urban development and to diffuse the benefits of development to surrounding areas, diverse cooperative planning methods are increasingly being discussed. In the long term, laws and systems need to be refined to support cooperative planning, but prior to such development, elements, procedures, and methodologies wherein cooperative planning in U.S.A cases could be implemented were examined to derive the alternative to and implications of cooperative planning that can apply not only to single administrative districts but also to complex boundary new towns being developed by various local governments. This paper surveyed and analyzed the cases of Wisconsin State of the U.S.A, thereby deriving the following implications. First, joint planning areas should be established within the boundary area of various local governments to establish cooperative planning areas in special areas such as complex boundary new towns, and to this end, urban planning means should be prepared. Together with such efforts, to boost the flexibility of cooperative planning, life sphere unit-based planning unit should be established, and a well-organized operation system to activate communities should be prepared. Also, revenues, generated through regional growth, should be distributed to individual local governments through joint tax according to the agreed-upon ratios, and as such, measures to share services and operate joint tax in small-size regions should be secured. Together with such efforts, to establish cooperative governance, measures to manage conflicts through the participation by stakeholders and arbitrators should be prepared from the planning stage, and measures for implementing cooperative planning at the level of basic urban planning should be prepared.

• Analyses & Alternatives
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• v.6 no.2
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• pp.155-183
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• 2022

The purpose of this study is to econometrically analyze the negative impact of the May 18 Democratic Uprising on the Gwangju/Jeonnam regionional economy using the Synthetic Control Method (SCM). The SCM SCM is a methodology similar to the difference-in-difference(DID) method of microeconometrics. It is applied to macroeconomic variables such as country, region, etc. to estimate the causal relationship between specific events and the dependent variable. In this study, as of 1980, local tax revenue data of metropolitan local governments were used as a proxy variable for the economy of the region, and the impact of the May 18 Democratic Uprising on the economy of Gwangju/Jeonnam region was analyzed through various socio-economic indicators. In this study, data were used to analyze from 1971 to 2000, and as a result of empirical analysis, local tax revenues in Gwangju/Jeonnam area were less collected than normal routes up to 17%. In addition, the significance of this analysis was confirmed through in-time placebo effect analysis and in-space placebo effect analysis, which are methods of analyzing the robustness of the control group synthesis method.

• Journal of the Economic Geographical Society of Korea
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• v.20 no.1
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• pp.84-104
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• 2017

In this study, we divided Gyeonggi-do into Northern, Southern, Western, and Eastern Parts and found out fiscal variables which affected regional economic growth of each Part differentially. And we drew the strategy for economic growth of each Part. After we found out the variables which affected regional economic growth using fixed-effect model, we carried out causality test to determine whether a specific fiscal variable caused economic growth. In the Eastern Part, local tax revenues had a significant effect on the economic growth. Total expenditures, current expenditure in the Southern Part and social welfare expenditure, expenditure on industries, current expenditure in the Northern Part had noticeable effects on economic growth respectively. And we calculated multipliers of fiscal variables to compare the magnitudes of effects among these Parts.

• Journal of the Korean Society for Railway
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• v.12 no.6
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• pp.996-1010
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• 2009

This paper proposed the framework for the Korean transport accounts which is suitable to Korean situation and can be used for international comparison. The framework is composed of the costs, the revenues and the estimation methodology. This framework is applied to both the Korean road and rail transport, respectively. The result showed that the total cost compared to GDP for the road was higher than the Europe's by 3.23% and that for the rail was lower than the Europe's by 0.67%. Also, the result showed that, in terms of the unit cost, the passenger cost per person-kilometer of road transport was 4.8 times higher than that of rail transport and the freight cost per ton-kilometer of road transport was 2.4 times higher than that of rail transport.