• Journal of Korea Technology Innovation Society
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• v.12 no.2
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• pp.360-387
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• 2009

In this paper, we analyse empirically the effects of internal financing on investment of innovative small and medium sized enterprises listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Free cash flows by proxy variables of internal financing have the significant effects on R&D investment as well as fixed asset investment. Internal financing has much more effects on R&D investment of general enterprises listed on Kosdaq Market than that of venture enterprises listed on Kosdaq Market, and on R&D investment of innovative enterprises than that of non-innovative enterprises. Internal financing has more effects on asset-counted R&D investment than cost-counted R&D investment. Asset-counted R&D investment is counted in intangible assets on Balance Sheet, and cost-counted R&D investment is counted in cost on Income Statement. Internal financing has more effects on R&D investment of financial constrained enterprises than that of financial unconstrained enterprises. Financial constraints is measured by credit ratings. Faulkender and Smith (2007) emphasize that low credit ratings enterprises are more likely to face financial constraints, and they rely largely on internal financing.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.10
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• pp.248-258
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• 2020

This study proposed a breakdown structure for maintenance and management technologies under the concept of comprehensive asset management at the life cycle level of infrastructure based on benchmarking with other developed countries. For this purpose, a comparative case study was performed to review and analyze the existing definitions and hierarchies for infrastructure maintenance, repair, and rehabilitation (MR&R) systems under major industrialized countries and South Korea. In accordance with the ratio of maintenance costs to GDP, the U.S., U.K, and Japan were selected to review their systems. The classifications and definitions of MR&R technologies under the laws were analyzed. The result showed that most developed countries differentiate maintenance and repair from improvement and constitute a system centered on preventive maintenance activities. On the other hand, Korea's system for facility management is not definitely classified and still focused on reactive structures, which need to be improved. In this study, as proposed, a breakdown structure established the concept of Maintenance and Management, Maintenance & Repair, and Performance Improvement. Consequently, this study could be used as the basis for the implementation of preventive MR&R activities and reasonable resource allocations from an asset management point of view.

• International Commerce and Information Review
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• v.18 no.3
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• pp.181-201
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• 2016

In this study, transaction cost approach was applied to analysis on direct export determinants of SMEs by using key attributes of transactions, asset specificity, environmental uncertainty, frequency and marketing capability, with a parameter of opportunism. Typical Transaction Cost Analysis theory explains that when transaction cost with business channels(whether it is for buy or sell) increase, the firms integrate the channels. So it is a choice made by firms regarding direct versus indirect channels. The theory was extended to a model of choice of institutional form of direct or indirect export by a norm of opportunism in this empirical study. The survey result showed that lower level of asset specificity and marketing capability or higher level of environmental uncertainty were likely to expose indirect exporters to higher level of opportunism of direct exporter. And we also saw that indirect exporters were likely to choose direct export chanel when opportunism of exporters was higher. From the standpoint of theory, we can say that the basic propositions of the Transaction Cost Analysis, except the attribute of frequency, are supported. This study result could provide a profiling of target business areas and firms for government's policy on direct export promotion of SMEs.

• International Journal of Human Ecology
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• v.11 no.2
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• pp.51-61
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• 2010

Using data from the 2007 SCF, this study examined the use of information source for investment decisions of elderly consumers. The results indicated that many elderly consumers (about 88%) involved savings /investment decisions. The elderly used 'Experts' (39.48%) as a major information source for their investment decisions, followed by 'Friends' (24.18%). The results of the multinomial logit analysis suggested that the perceived value, the cost for search, knowledge, risk and some of the demographic factors were significantly related to the choice of the information sources for investments by elderly consumers.

• Membrane and Water Treatment
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• v.8 no.2
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• pp.137-147
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• 2017

A water treatment utility in South Korea operates a large system of pressurized hollow fiber membrane (PHFM) modules. The optimal selection of membrane module for the full scale plant was critical issue and carried out using Risk-based Life Cycle Cost (RbLCC) analysis based on the historical data of operation and maintenance. The RbLCC analysis was used in the process of decision-making for replacing aged modules. The initial purchasing cost and the value at risk during operation were considered together. The failure of modules occurs stochastically depending on the physical deterioration with usage over time. The life span of module was used as a factor for the failure of Poisson's probability model, which was used to obtain the probability of failure during the operation. The RbLCC was calculated by combining the initial cost and the value at risk without its warranty term. Additionally, the properties of membrane were considered to select the optimum product. Results showed that the module's life span in the system was ten years (120 month) with safety factor. The optimum product was selected from six candidates membrane for a full scale water treatment facility. This method could be used to make the optimum and rational decision for the operation of membrane water purification facility.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.529-532
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• 2003

Efficiency and efficient management on maintenance/repair/operation (MRO) phase is getting important with advance in technologies and complex functionalities of building and facility. Using software systems as well as advanced hardware systems in MRO area is spreading along with this trend to take advantage of information technology. Information of building and facility for MRO phase is derived from engineering/procurement/construction (EPC) phase. But most current commercial software systems in EPC and MRO are focusing on their own phase, which arise lack of consistency of information from EPC to MRO phase. But, the information system now used at the MRO phase stop flowing the building and the facilities information and then newly create. Moreover, from all asset management point of view, asset particulars such as the structures and equipments are different the value fluctuation. In order to reflect these information rationally, the construction costs are correctly distributed and the initial price of the asset particulars have to be estimated. In this study, develop the information model which can apply the cost information at the EPC phase to the MRO phase.

• KIPS Transactions on Software and Data Engineering
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• v.6 no.7
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• pp.337-352
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• 2017

Clone-and-own reuse is an approach to creating new software variants by copying and modifying existing software products. A family of legacy software products developed by clone-and-own reuse often requires high maintenance cost and tends to be error-prone due to patch-ups without refactoring and structural degradation. To overcome these problems, many organizations that have used clone-and-own reuse now want to migrate their legacy products to software product line (SPL) for more systematic reuse and management of software asset. However, with most of existing methods, variation points are embedded directly into design and code rather than modeled and managed separately; variation points are not created ("engineered") systematically based on a variability model. This approach causes the following problems: it is difficult to understand the relationships between variation points, thus it is hard to maintain such code and the asset tends to become error-prone as it evolves. Also, when SPL evolves, design/code assets tend to be modified directly in an ad-hoc manner rather than engineered systematically with appropriate refactoring. To address these problems, we propose a feature-oriented method for extracting a SPL asset from a family of legacy applications. With the approach, we identify and model variation points and their relationships in a feature model separate from implementation, and then extract and manage a SPL asset from legacy applications based on the feature model. We have applied the method to a family of legacy Notepad++ products and demonstrated the feasibility of the method.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.401-404
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• 2008

Bridges are exposed to very severe environment and experience, as service life increased, elevated traffic load and traffic flow, in addition to natural disasters. In comparing to other road structures, bridges may cause more significant damage, such as human-involved accidents, to the society in the event of collapse. A certain level of service shall be necessarily secured to assure the minimum safety of users. The cost for manage and preserve bridges will increase gradually and more restrictions will be loaded to efficiently distribute the limited resources, such as monetary budget and human resource etc. In order to enhance performance and serviceability of bridges with the limited resource, asset management technique has been applied into the bridge management system, which capitalizes the road infrastructures including bridges and assess them in accordance with the government finance report. In the application of asset management, there must be a tool for assess the performance of bridges and this study introduces the basic information on the definition and role of performance measures for asset management for bridges.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.5
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• pp.671-679
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• 2016

Bridges, which constitute one of the key facilities in a social infrastructure, are easily accessed and used by users, so that keeping their performance above a certain level is essential. According to various cases in the U.S., Japan and Europe with a long construction history, it is expected that the maintenance cost of bridges in Korea will increase continuously in the future, so a rational decision making system based on engineering factors is necessary to optimize the performance of and maintain them by allocating the limited budget efficiently. This study is a preliminary basic study for the purpose of developing a common asset management system for managing all of the bridges and maintaining the level of service provided by them. The scope of this preliminary study is limited to bridges in urban areas. The bridge asset management system for bridges in urban areas, their level of service (LOS) and performance measure (PM) were developed by carrying out a workshop consisting of both experts and stakeholders. The analysis on the weights of the value and performance measure for each performance indicator was carried out by using the multi-attribute utility theory and the AHP method. In order to confirm the application of the weight of the performance measure and value of the performance indicator, six bridges in an example city were selected, LOS analysis was applied and its results were reviewed.

• Journal of the Korean Home Economics Association
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• v.36 no.10
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• pp.179-196
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• 1998

The purpose of this study was to analyze the financial status of Korean elderly households to make a financial plan for retirement preparation. The sample obtained from 1997 KHPS, consisted of 326 households of 55-64 aged and 210 households of 65 and over aged. Statistics employed for the analysis were frequencies, percentile, univariate analysis and logistic analysis. And Lorenz curve and Gini coefficient were used to compare the financial status. The results could be summarized as follows. First, total income, total expenditure, total debt and net worth of 55-64 aged group were higher than those of 65 and over group, while total asset of 55-64 aged group was similar to 65 and over group's Second, total expediture to total imcome ratio(R1) and total asset to total debt ratio(R4) of 55-64 aged group were higher than 65 and over group's, but net worth to minimum cost of living ratio(R2) and financial asset to monthly expenditure ratio(R3) of 65 and over group were higher than 55-64 aged group's . Third, R4's Gini coefficient was the highest and R1's Gini coefficient was the lowest among all Gini coefficients. Also, R1's and R4's Gini coefficients of 55-64 aged group were greater than 65 and over group's. ourth, variables affecting R1's stability of 55-64 aged group were household head's age, educatonal attainment and family type, while those of 65 and over group were household head's age, past economic experience and the number of children. There was no significant variable affecting R2's stability of 55-64 aged group, but there was only household head's pst economic experience affecting those of 65 and over group. The variable contributing to R3's stability of 55-64 aged group was residence while the variables of 65 and over group were household head's educational attainment, past economic experience and the number of children. The variables contributing to R4's stability of 55-64 aged group were the number of children and residence, and the number of children was one variable of contributing to R4's stability of 65 and over aged group.