• Journal of Korean Society of Water and Wastewater
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• v.28 no.5
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• pp.529-540
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• 2014

As sewerage systems have obsolete, as quality and service level standards increase, and as rain characteristics change, the sewerage utility authorities are challenged to develop cost recovery strategies that assure financial sustainability. In this study, we conducted scenario analysis to examine the effect of three alternatives of partial or full sewerage cost recovery in Seoul during 2014-30 periods. It turned out that the alternative 1 is optimal and recommended. According to alternative 1, we had better increase annually sewerage fee by 14.8% until 2020 and thereafter apply only the inflation rate in setting sewerage fee. It would gradually decrease the deficit after 2019. The accumulated deficit of 13 billion Won in 2030 was estimated. We expect that this kind of analysis may provide useful informations to help sewage utility staffs, decision makers, and regulatory authorities understand, develop and implement ultimate full cost recovery strategy for many municipalities.

• International journal of advanced smart convergence
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• v.9 no.2
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• pp.76-83
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• 2020

The fourth industrial revolution (Industry 4.0) will generate great benefits and big challenges in equal measure. Industry 4.0 has an impact on context, technology and business as long as it transforms design, production systems and products themselves. Industry 4.0 has also created many opportunities and challenges for startups to improve their business efficiency. The reality has shown that the industry 4.0 has begun to strong impacts of various levels on many areas of Vietnam's economy. In such context, it is necessary to implement sufficient and thorough research and evaluation of many issues of startups and innovation and to consider suitable solutions and effective ways to take advantages of opportunities that the Industry 4.0 brings to Vietnam. This paper proposes the solution for supporting and promoting to develope of innovative start-up enterprise in accordance with the conditions and circumstances of Vietnam in the context of Industry 4.0.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.16 no.4
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• pp.92-100
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• 2002

In respect of global environment protection and efficient utilization of energy, co-generation systems, which have greatly higher efficiency than the other generations, have been developed and put to practical use. Assuming that the co-generation system would be operating in H-Department of Kwang-ju city, this paper calculates the difference between the heat and electricity rates by the conventional method and the co-generation system considers the cost of new investment and analyzes introduction economics based on the return on investment. The introduction is turned out to be recommendable, since the return of investment for co-generation equipment is about five years when the co-generation profits in heat and electricity rate. Additionally, accounting for interest rate drop, improvement of environmental matters or electricity rate increase, it is shown to be even more economical.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.293-304
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• 2020

The study reveals the extent of changes in selective financial numbers caused by fixed asset revaluation (FAR) and explores whether there was a management motive for playing the financial numbers game through using the FAR model. The data set consists of a sample of 142 listed companies purposively selected from 13 industries. The study found a significant impact of FAR on the net asset value (NAV), fixed asset intensity (FAI), and debt-to-equity ratio (DER). These findings are supported by the political cost and the debt covenant hypotheses. The study also observed a high growth of fixed assets by 9.5% to 14,603.8% resulting from FAR. More revealing is that FAR increased NAV in revaluer companies by an average of 427.20% as compared to 6.86% in non-revaluer companies. Even some companies with negative NAV took resort on FAR to show positive NAV. Besides, revaluer companies managed to reduce their DER by 70.45% as opposed to an increase of 8.45% in non-revaluer companies. Hence, the study concludes that most of the publicly-listed companies are involved in financial numbers game by the use of the FAR model. To build confidence among investors, companies should practice FAR rightly and disclose related information to help reduce information asymmetry.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.3
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• pp.35-43
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• 2017

This paper explores the impact of corporate control, measured by ownership structure, on top-executives' compensation in Japan. According to agency theory, the pay-performance link is expected to be affected by the firm's ownership structure. Using a sample of 4,411 firm-year observations (401 firms for the 11-years period from 2001 to 2011) for Japanese non-financial firms publicly traded on the first section and second section of the Tokyo Stock Exchange (TSE), this study demonstrates that institutional ownership (both financial and corporate) is negatively related to the level of executives' compensation. Such finding is in line with efficient monitoring hypothesis which claims that the presence of institutional shareholders provides direct monitoring over managers, limits managerial self-dealing and curves the increase in top-executives pay. On the other hand, the results also show that managerial ownership is positively related to their compensation which supports managerial power theory hypothesis, i.e. management-controlled firms are more likely to extract more compensation from the business than other firms. Overall, this study confirms that corporate control has significant impact on cash compensation paid to Japanese top-executives after controlling the conventional pay-performance relationship.

• Health Policy and Management
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• v.4 no.1
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• pp.77-106
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• 1994

This study attempts to evaluate the beneficial equity and operational efficiency of the three Korean medical insurance programmes and thereby suggest directions for their policy improvement. Concepts of the equity and effciency were reviewed to develop indicators for comparative analysis. For the analysis, statistical and financial accounting data for 1991, issued by the National Federation of Medical Insurance and the Korea Medical Insurance Corporation, on the operational status and performances of the programmes, were collected and rearranged to be suited to the purpose of the study. The analysis reveals that beneficial inequity exists between self-employed and employee programs. and that operational inefficiency is prominent in both programms for self-employeds and for Government employees and private school teachers. In order to improve the beneficial inequity of the self-employed program, it is suggested that policies be formulated and implimented toward increasing the program revenue through increasing subsidies from the Government, and through inter- program finance adiustment. For the operational inefficiency of the two programs, it is judged that, toghether with the administrative support and control from the Government and the insurance society bodies, self- efforts be initiated to improve the internal mangement styles and systems of the insurance societies. Finally, from the viewpoint of the structural efficiency, expansion of the preventive insurance benefits by the insurance soceties is recommended both for beneficial equity and operational efficiency.

• Animal cells and systems
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• v.8 no.4
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• pp.301-306
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• 2004

Anxiety in mice can be measured by behavioral reactivity to social or non-social stressors. These behaviors were compared by performing the resident-intruder test (social) as well as the light-dark transition and open-field tests (non-social) for the FVB, C57BL/6, and BALB/c lines of mouse. The three inbred lines showed significant differences in their responses to intruder mice. Three factors, accounting for about 68% of the total variance, were extracted from the scores obtained from the three behavioral tests. The first two major factors are primarily associated with the anxiety-related behaviors. One includes anxiety behaviors with a locomotive basis, while the other includes defecation measured in both anxiety tests. The third factor explains the three social behaviors, facial investigation, ano-genital investigation, and following, observed in the resident intruder test, although facial investigation is also moderately associated with the second factor. The results indicate that the behavioral responses to an intruder share a component distinct from anxiety-related behaviors.

• East Asian Journal of Business Economics (EAJBE)
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• v.5 no.1
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• pp.10-26
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• 2017

This paper explains the concept of Economic Value Added (EVA) that is gaining popularity in India. We also examine whether EVA is a superior performance measure, both for corporate disclosure and for internal governance. Of late, companies in India have started focusing on shareholders wealth creation by adopting value-based models for measuring shareholder value that helps to align managerial decision-making with the firm preferences. In recent years, the EVA framework is gradually replacing the 'traditional' measures of financial performance on account of its robustness and its immunity from 'creative' accounting. Even though some leading Indian companies have already joined the band wagon of their American counterparts in adapting the EVA-based corporate performance systems, many other are hesitating as there is no strong evidence that the EVA system works in India. Till now, EVA disclosures are "not mandatory for the Indian companies." Also, we examine the value-creation strategies of selected Indian companies by analyzing whether EVA better represents the market-value of these companies in comparison to conventional performance measures. The study indicates that "there is no strong evidence to support Stern Stewart's claim that EVA is superior to the traditional performance measures in its association with MVA." As part of this study, we have also extensively surveyed the EVA disclosures in the Annual Reports made by the same sample group of 500 corporations from India.

• The Journal of Industrial Distribution & Business
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• v.7 no.4
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• pp.33-45
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• 2016

Purpose - The purpose of this study is to discover how Korean expatriates that are currently employed in Korean subsidiaries operational in Malaysia possibly suffer from career dissatisfaction due to differences between Korean Corporate Culture (KCC) and Malaysian Corporate Culture (MCC). The integration of KCC into MCC is discussed. Research design, data, and methodology - The analysis herein is via a qualitative research. Forty-six interviewees voluntarily participated in in-depth interviews. Document analysis and qualitative interviews were utilized to develop participant profiles and to generate the framework. Interview data were transcribed and subsequently analysed to facilitate the development of themes and ultimately led to emerging patterns. The framework discusses the following Confucian pillars pronounced in KCC: Control Systems, Power Structures, Organisational Structures, Authority and Harmony and Stories and Myths. Those pillars are analysed and the results of the interviews are discussed in detail. Results - Korean expatriates on assignment in Malaysia endure struggles in all five selected Confucian pillars as they are not symmetrical with Korean Corporate Culture common at head companies in Korea. Conclusion - As a consequence, there is substantial disharmony which needs to be rectified if Korean companies are to continue their 'miraculous' economic movement into the country.

• Steel and Composite Structures
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• v.27 no.2
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• pp.161-175
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• 2018

In this study, in-situ dynamic tests of the world's longest steel box tied-arch bridge over the Yangtze River, China, are reported. The double deck bridge supports highway and monorail systems at upper and lower levels, respectively. Strain, displacement, and acceleration responses were measured and used to investigate the vibration characteristics of the bridge when excited by running trains and/or trucks at a speed of 5-60 km/h, train braking, and truck bouncing. Impact factors were correlated with the running speed of trains and trucks. A three-dimensional finite element model of the coupled monorail-train-bridge vibration system accounting for track irregularities was established to understand the system behavior and validated by the experimental results. Truck bouncing was the dominant impact factor on bridge responses. The running speed of vehicles determined the riding comfort of traveling trains.