• Journal of Distribution Science
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• v.18 no.2
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• pp.99-108
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• 2020

Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts' forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.

• Proceedings of the KSR Conference
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• 2007.11a
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• pp.462-467
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• 2007

From the research which it sees verification of the whole interpretation and local interpretation of the durability steel deck bridge a static test and it produces the test body which it sells with character and it executes smallness pul lek detailed interpretation it leads and the appropriate characteristic of smallness pul lek detailed interpretation and to sleep a nominal stress price and it compares it judges it does. The stress quality from each structure region which it follows in load stock location it analyzes and from the hazard which evaluates, the objective region the length rib and the bottom grater weld zone, the length rib and width rib connection department and the width rib with the father it divided. It investigated the stress distribution of the test body from these objective location, FEM interpretation it led and the conduct against each structure state tax it analyzed. General conduct the load stock location the floor plate is located in the center with interpretation price together symmetry characteristic to seem, it cannot be like that it cannot there is one actual test price. Like this reason the length rib and width rib connection actually production even production characteristic security it is a day when it is impossible with the curvature junction department which it blows, it follows in examination body deferment condition and form feed with the fact that it is visible a big difference even with error of some it becomes. Consequently for a data and the research which are more accurate it is judged with the fact that the effort which is prudent will be necessary.

• Korean System Dynamics Review
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• v.7 no.1
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• pp.119-146
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• 2006

City of Gyeongju's referendum finally offered the long-waited low-level radioactive waste disposal site in November 2005. Gyeongju's positive decision was due to the various economic rewards and incentives the national government promised to the city. 300 million won for an accepting bonus, 8.5 billion won, annual revenue fro the entry quantity of waste into the city's disposal site, the location of the headquarter building of the Korean Hydro and Nuclear Power Co., and the accelerator research center. All of the above will affect the city's infrastructure and the citizens' economic and cultural lives. Population, land use, economic structure, environment and quality of life will be affected. Some will be very positive, and some will be positive. This research project will see the future of the city and forecast the demographic, economic, physical and environmental changes of the city via computer simulation's system dynamics technique. This kind of simulation will help City of Gyeongju's what to prepare for the future. The population forecasting of the year 2026 will be 289,069 with the waste disposal site, and 279,131 without the waste disposal site in Gyeongju. The waste disposal site and the relocation of the company headquarters and location of the accelerator research center will attract 9,938 individuals more with 511 manufacturing shops and 1944 service jobs. The population increase will bring 3,550 more houses constructed in the city. Land use will also be affected. More land will be developed. However, mad, water plant and waste water plant will not be expanded as much. The city's financial structure will be expanded, due to the increased revenues from the waste disposal site, and property tax revenues from the middle-class employees of the company, and the high-powered scientists and technologists from the accelerator research center. All in an, the future of the city will be brighter after operating the nuclear waste disposal site inside the city.

• Journal of the Society of Disaster Information
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• v.17 no.1
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• pp.53-59
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• 2021

Purpose & Method: The purpose of this study is the theoretical study on the durability standard of ground structures monitoring sensors. A survey on the durability criteria for construction monitoring sensors of domestic construction companies and the income tax implementation regulations, the standard years of contents such as buildings and the standards of the Public Procurement Service for construction monitoring and construction machinery were analyzed. Result: The durability criterion such as the inclination meter and the strain gauge, which are purchased from the Public Procurement Service prior to installation on the ground structure, is 8 to 10 years. Conclusion: The actual durability analysis by comparing the reliability of various monitoring sensors installed in dams at home and abroad, As a result of comprehensive study on the loss and damage rate of the maintenance monitoring sensor installed in the tunnel, the proper durability period of the built-in type monitoring sensor such as domestic pore pressure meter and earth pressure meter installed in the structure or the ground is 5 to 8 years it seems reasonable.

• Environmental and Resource Economics Review
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• v.24 no.2
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• pp.311-342
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• 2015

We evaluate two main rationales of massive policy intervention of Lee Administration in the Korean transportation fuel market: high market share of domestic refineries, perceived by the Administration as the result of high market concentration, and asymmetry in price adjustment, perceived as the result of collusion. Domestic refineries, huge in capacity and located at seaports, maintain international competitiveness in price. Considering market openness offering preferential treatment to importers, they set domestic prices competitively on the basis of MOPS prices. Yet, the price competitiveness of domestic refineries is so high that they are able to sustain high market share. We confirm that the Korean before-tax consumer prices of gasoline and diesel are lower than Japan's and the weighted averages of 27 EU countries by as much as 159KRW and 21KRW per liter in the case of gasoline and 170KRW and 63KRW in the case of diesel. Price asymmetry is caused by diverse economic and managerial reasons and, as FTC (2005) states, price asymmetry does not immediately imply exercise of market power or collusion. We analyzed price asymmetry in Korea, Japan and 14 EU countries, and found asymmetry in Korea and 11 EU countries in the case of gasoline and in Korea and 8 EU countries in the case of diesel.

• Journal of the Korean association of regional geographers
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• v.2 no.2
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• pp.1-8
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• 1996

The purpose of this study is to analyse the regional variation of tenancy system in later Yi-Dynasty in Korea. Materials for the analysis are acquired through materials(韓國土地農産調査報告), published in 1905 and agricultural census published in 1912. For the identification of difference of tenancy system between agricultural region, regionalization are conducted through by crop combination. Crop combination structure, using rank of LQ index, was clustered into five generic lesions through cluster analysis. In these contexts, this study has come to following conclusions. There are three types of tenancy system in materials; (1) Doji(賭地) system of which landrent was 1/3 agricultural products. Tenant healed the land tax and seeds. (2) Byoengjak(竝作) system of which landrent was 1/2 agricultural products. Landlords healed the land tax and seeds (3) Jeongaek(定額法) system of which landrent was fixed without relation to annual products. But through the analysis of relationship between agricultural region and tenancy system, a new tenancy system could be identified : Byeongjak(竝作) II system. In this system, landrent was 1/2 of agricultural products, but landlord and tenant shared the landtax and seed in common. In the distribution of these systems, relationship between tenancy system and agricultural regions could be identified. Doji system was distributed in the regions where rice and double cropping was specialized. But Byoeongjak(竝作) system was distributed in the regions where upland crops are specialized and ratio of Paddy field is comparatively low. Especially new types were emenged where ratio of paddy field was very low. These show that increase of productivity of land didn't induce the development of the right of ownership in land. The development of ownership was emerged only on the rice paddy fields. Barley cultivated through double-cropping passed into tenant's possessions. So nominal landrent in paddy field seemed to be raised, but actual landrent was maintained about 1/3 of Products through double cropping. On the contrary, rights of cultivation is developed through double cropping. As double cropping is developed, competition on paddy field between tenants was intensified. Consequently nominal land rent of Paddy fields should be raised.

• The Korean Journal of Franchise Management
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• v.5 no.1
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• pp.85-108
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• 2014

This study provides the information about size, financial structure, profitability and growth of franchisors using financial data(asset, liability, equity, sales volume, operating income and net income) in uniform franchise offering circular of fair trade commission. The data were collected from 1,050 franchisors in various business fields: fast food, family restaurant, bakery, agriculture & fishery and liquor shop in the uniform franchise offering circular in 2012 and 2011. Results of this study are as follows: For company size, median of total assets was KRW 675 million and the accumulated median assets rate was 0.48%, but the accumulated median company numbers were 49.9%, which showed small size. For financial structure, 525 companies were below 200% debt ratio, while 314 (29.9%) companies were in over 200% debt, and 211 (20.1%) companies were impaired in capital. These also showed financial structure was vulunerable. For profitability, median of ROA for total companies were only 4.72%, which showed low profitability. For growth, median of growth rate for sales were 7.57% per year, which showed mature industry. In overall, the results showed franchisors should improve their financial status.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.1
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• pp.257-263
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• 2010

We studied about the difference of division public announcements by corporation size and ownership structure from 1999 to 2005. The results is as follow : First, we found most positive numbers in division corporation's CAR. This supports the existing research that corporation division is evaluated positively in the market. We found CAR as largest shareholders' holding more than 40%, which is greater than 0-20% & 20-40%, that shows relatively more negative CAR. So, the exceeded largest shareholders' holding rate (i.e., over 40%) can be a factor for decreasing corporations' value. Also, most positive CAR shows relatively small variation regarding corporation size knowing that big sized corporations have relatively small variation than small sized corporations. Second, we studied about relationship between corporate ownership structure and division public effects and found relatively a little effect by large shareholders, foreign investors' holding variables on division public.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.86-98
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• 2014

This study examined a long-standing issue with its perverse results in the Korean capital markets, such as any variant financial profiles over time, affecting capital structure for the firms belonging to the chaebols. It may be of interest to identify these components from the perspectives of international investors and domestic policy makers to implement their contingent strategies on the target leverage, since the U.S. financial turmoils in the late 2000s. Regarding the evidence from the three hypothesis tests on the firms in the chaebols, this research found that the control variabels measuring profitability, business risk, and non-debt tax shields, showed their statistically significant relationships with the different types of a debt ratio. While FCFF(free cash flow to the firm) showed its significant influence to discriminate between the firms in the chaebols and their counterparts, not belonging to the chaebols, BDRELY as the ratio of liabilities to total assets, comprising the enhanced 'Dupont' system, only showed its statistically significant effect on leverage in the context of the parametric and nonparametric tests. In line with the results obtained from the present research, one may expect that a firm in the Korean chaebol, may control or restructure its present level of capital structure to revert to its target optimal capital structure towards maximizing the shareholders' wealth.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.2
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• pp.335-348
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• 2014

This study investigates the technical level and industrial structure for the case of the Gazelle industry in Chungnam Province. As a results of the empirical study, the Gazelle industry of Chungnam Province shows a competitive position in terms of scale and growth capacity, which. in turn, provides income and tax collection effects due to the high level of industrial efficiency. Among the Gazelle industry of Chungnam Province, low-level technology industry, compared to high and middle-level technology industries, accelerates higher level of agglomeration and industrial growth, which provides a rapid change of industrial structure of the province. Theses research results imply that research and development investment in the Gazelle industry is essential and industrial development strategy should be conducted via step-by-step with business scale quotient (BQ) and industrial growth rate (IG). Meanwhile, there should be a serious policy review whether low-level technology industry is better off for the province compared to high and middle-level technology industries. This study expects that regional industrial policy applying the concept of Gazelle industry can accelerate regional development since the Gazelle industry contributes to the high level of income growth and employment creation.