• Asia Marketing Journal
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• v.16 no.1
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• pp.35-69
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• 2014

The impact of competition on pricing has been studied in the context of counterfactual merger analyses where expected optimal prices in a hypothetical monopoly are compared with observed prices in an oligopolistic market. Such analyses would typically assume static decision making by consumers and firms and thus have been applied mostly to data obtained from consumer packed goods such as cereal and soft drinks. However such static modeling approach is not suitable when decision makers are forward looking. When it comes to the markets for durable products with indirect network effects, consumer purchase decisions and firm pricing decisions are inherently dynamic as they take into account future states when making purchase and pricing decisions. Researchers need to take into account the dynamic aspects of decision making both in the consumer side and in the supplier side for such markets. Firms in a two-sided market typically subsidize one side of the market to exploit the indirect network effect. Such pricing behaviors would be more prevalent in competitive markets where firms would try to win over the battle for standard. While such qualitative expectation on the relationship between pricing behaviors and competitive structures could be easily formed, little empirical studies have measured the extent to which the distinct pricing structure in two-sided markets depends on the competitive structure of the market. This paper develops an empirical model to measure the impact of competition on optimal pricing of durable products under indirect network effects. In order to measure the impact of exogenously determined competition among firms on pricing, we compare the equilibrium prices in the observed oligopoly market to those in a hypothetical monopoly market. In computing the equilibrium prices, we account for the forward looking behaviors of consumers and supplier. We first estimate a demand function that accounts for consumers' forward-looking behaviors and indirect network effects. And then, for the supply side, the pricing equation is obtained as an outcome of the Markov Perfect Nash Equilibrium in pricing. In doing so, we utilize numerical dynamic programming techniques. We apply our model to a data set obtained from the U.S. video game console market. The video game console market is considered a prototypical case of two-sided markets in which the platform typically subsidizes one side of market to expand the installed base anticipating larger revenues in the other side of market resulting from the expanded installed base. The data consist of monthly observations of price, hardware unit sales and the number of compatible software titles for Sony PlayStation and Nintendo 64 from September 1996 to August 2002. Sony PlayStation was released to the market a year before Nintendo 64 was launched. We compute the expected equilibrium price path for Nintendo 64 and Playstation for both oligopoly and for monopoly. Our analysis reveals that the price level differs significantly between two competition structures. The merged monopoly is expected to set prices higher by 14.8% for Sony PlayStation and 21.8% for Nintendo 64 on average than the independent firms in an oligopoly would do. And such removal of competition would result in a reduction in consumer value by 43.1%. Higher prices are expected for the hypothetical monopoly because the merged firm does not need to engage in the battle for industry standard. This result is attributed to the distinct property of a two-sided market that competing firms tend to set low prices particularly at the initial period to attract consumers at the introductory stage and to reinforce their own networks and eventually finally to dominate the market.

• Journal of the Daesoon Academy of Sciences
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• v.17
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• pp.173-196
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• 2004

Miroku belief observed in Japanese folklore and popular religions is originated from the faith in a bodhisattva called Miroku (Maitreya) who, depending on Buddhist account, is supposed to appear in this world to save all mankind. This faith, together with the millenarianism inherent in it, was disseminated into many areas of East and Southeast Asia. It developed in various ways, being associated with the religious tradition of each area where it was accepted. In Japanese folklore and popular religions the aspiration for the "World of Miroku", the ideal world expected to be realized in the future, has been its most notable feature. This paper examines the notion of the "World of Miroku" developed in the cult of Mount Fuji in early modern Japan. In particular this paper focuses on the "World of Miroku" appearing in the teachings of Fuji-ko and Fujido, which were the organizations of lay believers. Through the examination this paper made the following facts clear. (1) The notion of the "World of Miroku" developed by Fuji-ko and Fujido had its bases in Miroku belief of Japanese folklore. (2) However the notion of the "World of Miroku" in the teachings of Fuji-ko and Fujido was quite different from that of the folklore. While the "World of Miroku" appearing in the folklore is characterized by good harvest and abundant gold and silver, Fuji-ko and Fujido leaders thought that all people, including the emperor and the shogun, would earnestly carry out their house business, do their best to promote the happiness of the others, and pray for the salvation of all mankind in the "World of Miroku". (3) The notion about the changes of the world, which was particular to Fuji-ko and Fujido, accounts for such development in the concept of the "World of Miroku". According to the notion the current world was recognized as the second stage, between the original world in the past and the "World of Miroku" in the future, in the history of human beings. This idea helped the leaders of Fuji-ko and Fujido to develop the theories of world renewal, in which the wrong doings of the rulers and poor morality of the people were to be corrected in the "World of Miroku". (4) One of the most important features of the "World of Miroku" was the equality between men and women according to the teachings of Fujido. Both Fuji-ko and Fujido had opposed to the prevailing view of women, in which women were regarded as being sinful and polluted. Fujido further tried to improve the status of women in their families and the society. (5) In accordance with such an innovatory view, Fujido challenged the custom of excluding women from sacred places, Mount Fuji in particular. Through clarifying these facts this paper shows that Miroku belief could function as a basis for developing the ideas concerning the world renewal in early modern Jap

• Journal of the Korean Geographical Society
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• v.30 no.1
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• pp.16-34
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• 1995

This study aims to analyze the impact of cement industry on region change. For this study Maepo-Eub was selected as study area, where three cement factories are located. The data for analysis were obtained from interviews, questionaire surveys and the employee list of each cement factory. The analytic procedures for this study are as follows: 1) The change of regional employment was analyzed by development was industry in terms of the permanent address, education level, occupational status of the employee. 2) The degree of population growth are analyzed by developmental staae of the industry. Some conclusions from this study follows: 1) As these cement factories were built at Maepo in the 1960's, there were plenty of employment opportunities. Thus many technicians and workers flooded in Maepo-Eub. in the 1970's with the expansion of production facilities therewere much more immigrants to the industrial region, while there were outflow in the neighboring rural areas. In the 1980's the opportunity for the employment of cement factories have been decreased due to the introduction of the automation processes and larger, sized machines. Among the employee of three cement factories the native of Chungcheongbukdo (65%; in them Danyang 52%, Jecheon 32%) is dominant, the second is from Kangwon-do (13%), and the third is from Kyungsangbuk-do (11%) adjacent to Chungcheongbuk-do. It means that there are more employment opportunity in the near places of cement factories. 2) In the period of 1960's study area had experineed rapid social increase in population by the development of cement industry. That is, cement industries created new job opportunities and attracted large population concentration into this area. In the period of 1970's the population of the industrial region have increased continuously, while the population of neighboring rural areas have decreased. In the period of 1980's the population of Maepo decreased steadily because of decrease of labour forces through automation and commuting. Thus in the early stage of idustrial development large population concentrated in the neighboring villages of cement factories, and formed residential areas, commercial areas and service areas. As agricultural and was encroached, rural people left their regions to live in the more convenient suburbs. 3) People engaged in cement industry think that cement industry has a favorable influence on regional development, such as creating job opportunity, raising income level, developing business and service sector, and leading high economic growth. While farmers and some people think that cement industries as a pollution causing factories have a harmful influence on regional development, sucha as injuring the crops, causing environmental pollution, and being harmful to health. If pollution problems are solved, I think Maepo will play an important role as a regional center which can offer employment opportunity, business and service function to pheripheral rural areas, and raise a income level.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.95-115
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• 2019

In the context of today's business environment, not only is the nation or company's credit rating considered very important in our recent society, but it is also becoming important in international transactions. Likewise, at this point of time when the importance and reliability of credit evaluation are becoming important at home and abroad, this study analyzes financial ratios related to corporate profitability, safety, activity, financial growth, and profit growth to study the impact of financial indicators on enterprise value and corporate taxes on credit evaluation. To proceed with this, the financial ratio of 465 companies of KOSPI securities listed in 2017 was calculated and the impact of enterprise value and corporate taxes on credit evaluation was analyzed. Especially, this further study tried to derive a reliable and consistent conclusion by analyzing the financial data of KOSPI securities listed companies for eight years from 2011, which is the first year of K-IFRS introduction, to 2018. Research has shown that the significance levels among variables that show the profitability, safety, activity, financial growth, and profit growth of each financial ratio were significant at the 99% level, except for the profit growth. Validation of the research hypothesis found that while the profitability of KOSPI-listed companies significantly affects corporate value and income tax, indicators such as safety ratio and growth ratio do not significantly affect corporate value and income tax. Activity ratio resulted in significant effects on the value of enterprise value but not significant impacts on income taxes. In addition, it was found that the enterprise value has a significant effect on the company's credit and corporate income taxes, and that corporate income taxes also have a significant effect on the corporate credit evaluation, and this also shows that there is a mediating function of corporate tax. And as a result of further study, when looking at the financial ratio for eight years from 2011 to 2018, it was found that two variables, KARA and LTAX, are significant at a 1% significant level to KISC, whereas LEVE variables is not significant to KISC. The limitation of this study is that credit rating score and financial score cannot be said to be reliable indicators that investors in the capital market can normally obtain, compared to ranking criteria for corporate bonds or corporate bills directly related to capital procurement costs of enterprise. Above all, it is necessary to develop credit rating score and financial score reflecting financial indicators such as business cash flow or net assets market value and non-financial indicators such as industry growth potential or production efficiency.

• Journal of Korean Society of Forest Science
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• v.105 no.4
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• pp.401-413
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• 2016

Forest resources utilization and variable disturbance history have been affected the rarity and conservation value of forest relict trees, which served as habitat for forest biodiversity, important carbon stock and cultural role include human and natural history in South Korea. This study was conducted to establish the baseline data for forest resources conservation by clarifying species diversity, spatial distribution and ecological characteristics (individual and habitat) of forest relict trees (DBH > 300 cm) based on the data getting from mountain trail, high resolution aerial photos and field professionals and field survey. As results, 54 taxa (18 family 32 genus 48 species 1 subspecies 3 variety and 2 form) as about 22% of tree species in Korea was identified in the field. 837 individuals of forest relict trees were observed and the majority of the trees was in Pinaceae, deciduous Fagaceae and Rosaceae, which families are abundant in population diversity. High elevation area was important to relict trees as mean altitudinal distribution was 1,200 m a.s.l as likely affected by human activity gradients and mid-steep slope and North aspect was important environment for the trees remain. Many individuals exhibited 'damage larger branch' (55.6%) and consequent relatively lower mean canopy coverages (below 80%). Synthetically, present diversity and abundance of relict forest trees in South Korea were the result of complex process among climate variation, local weather and biological factors and the trees of big and old were estimated to important forest biodiversity elements. In the future, clarifying the role and function of relict trees in forest ecosystem, in- and ex- situ programmes for important trees and habitat, and activities for building the background of conservation policy such as "Guideline for identifying and measurement of forest relict trees".

• Asia pacific journal of information systems
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• v.22 no.2
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• pp.39-69
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• 2012

With the advent of communication technologies including electronic collaborative tools and conferencing systems provided over the Internet, virtual collaboration is becoming increasingly common in organizations. Virtual collaboration refers to an environment in which the people working together are interdependent in their tasks, share responsibility for outcomes, are geographically dispersed, and rely on mediated rather than face-to face, communication to produce an outcome. Research suggests that new sets of individual skill, knowledge, and ability (SKAs) are required to perform effectively in today's virtualized workplace, which is labeled as individual virtual competence. It is also argued that use of online social networking sites may influence not only individuals' daily lives but also their capability to manage their work-related relationships in organizations, which in turn leads to better performance. The existing research regarding (1) the relationship between virtual competence and task performance and (2) the relationship between online networking and task performance has been conducted based on different theoretical perspectives so that little is known about how online social networking and virtual competence interplay to predict individuals' task performance. To fill this gap, this study raises the following research questions: (1) What is the individual virtual competence required for better adjustment to the virtual collaboration environment? (2) How does online networking via diverse social network service sites influence individuals' task performance in organizations? (3) How do the joint effects of individual virtual competence and online networking influence task performance? To address these research questions, we first draw on the prior literature and derive four dimensions of individual virtual competence that are related with an individual's self-concept, knowledge and ability. Computer self-efficacy is defined as the extent to which an individual beliefs in his or her ability to use computer technology broadly. Remotework self-efficacy is defined as the extent to which an individual beliefs in his or her ability to work and perform joint tasks with others in virtual settings. Virtual media skill is defined as the degree of confidence of individuals to function in their work role without face-to-face interactions. Virtual social skill is an individual's skill level in using technologies to communicate in virtual settings to their full potential. It should be noted that the concept of virtual social skill is different from the self-efficacy and captures an individual's cognition-based ability to build social relationships with others in virtual settings. Next, we discuss how online networking influences both individual virtual competence and task performance based on the social network theory and the social learning theory. We argue that online networking may enhance individuals' capability in expanding their social networks with low costs. We also argue that online networking may enable individuals to learn the necessary skills regarding how they use technological functions, communicate with others, and share information and make social relations using the technical functions provided by electronic media, consequently increasing individual virtual competence. To examine the relationships among online networking, virtual competence, and task performance, we developed research models (the mediation, interaction, and additive models, respectively) by integrating the social network theory and the social learning theory. Using data from 112 employees of a virtualized company, we tested the proposed research models. The results of analysis partly support the mediation model in that online social networking positively influences individuals' computer self-efficacy, virtual social skill, and virtual media skill, which are key predictors of individuals' task performance. Furthermore, the results of the analysis partly support the interaction model in that the level of remotework self-efficacy moderates the relationship between online social networking and task performance. The results paint a picture of people adjusting to virtual collaboration that constrains and enables their task performance. This study contributes to research and practice. First, we suggest a shift of research focus to the individual level when examining virtual phenomena and theorize that online social networking can enhance individual virtual competence in some aspects. Second, we replicate and advance the prior competence literature by linking each component of virtual competence and objective task performance. The results of this study provide useful insights into how human resource responsibilities assess employees' weakness and strength when they organize virtualized groups or projects. Furthermore, it provides managers with insights into the kinds of development or training programs that they can engage in with their employees to advance their ability to undertake virtual work.

• Journal of Distribution Science
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• v.9 no.2
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• pp.83-95
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• 2011

Conventional markets in Korea have played a pivotal role in the vitalization of local communities and economies along with the distribution of products. Although many people believe the markets to be disorderly, they are lively and provide local people with things to enjoy, watch and buy. However, superstores have undergone a mushrooming proliferation since Korea opened its gates to multinational superstores in 1996. This phenomenon has caused a crisis for Korea's conventional markets. They have lost their competitiveness because of this environmental change, inefficient management, and their outmoded facilities. Government efforts to revitalize the markets have centered on redevelopment of the facilities, a perspective that has caused not only the fall of the old business districts but also the decline of the distribution function. Under these conditions, the traditional market has re-entered into competition. The Korean government enacted a special law to revitalize the conventional markets and has been implementing many policies to support them since 2003. In 2009, the government amended the law and adopted the Business Improvement District System. The government also changed the official term from 'old markets' to 'Conventional markets'. Despite this legal amendment, though, we still need to re-establish the concept of the Conventional market. Historically, markets grew up spontaneously to dispose of surplus products. Some manmade markets were established through urban planning or as public facilities. Their businesses transactions have always been based on mutual trust between consumers and trades people, the traditional way of commercial dealing. Conventional markets can be defined, then, as creatures of societal necessity where transactions for services and products are based on mutual trust. Problematically, unlisted markets are left out of government support. Although unlisted markets have performed almost the same functions as listed markets, they exist only as a statistic as far as the special law is concerned. In some areas, there are more unlisted markets than unlisted ones. Therefore, it is necessary to establish systematic management methods for the unlisted markets. Some unlisted markets received support in the form of facility improvement from local governments' budgets in the early stage of the special law's enforcement. The current government also assists with safety issues involving unlisted markets; however, the current special law provides no legal framework for unlisted markets. Moreover, consumers cannot tell the difference between unlisted markets and listed ones. Finding a solution to this problemrequires new standards and a wider scope of support by which the efficiency of the market improvement support system might be enhanced.

• The KIPS Transactions:PartD
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• v.12D no.3 s.99
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• pp.417-428
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• 2005

Today, IT organizations perform projects with vision related to marketing and financial profit. The objective of realizing the vision is to improve the project performing ability in terms of QCD. Organizations have made a lot of efforts to achieve this objective through process improvement. Large companies such as IBM, Ford, and GE have made over $80\%$ of success through business process re-engineering using information technology instead of business improvement effect by computers. It is important to collect, analyze and manage the data on performed projects to achieve the objective, but quantitative measurement is difficult as software is invisible and the effect and efficiency caused by process change are not visibly identified. Therefore, it is not easy to extract the strategy of improvement. This paper measures and analyzes the project performance, focusing on organizations' external effectiveness and internal efficiency (Qualify, Delivery, Cycle time, and Waste). Based on the measured project performance scores, an OT (Opportunity Tree) model was designed for optimizing the project performance. The process of design is as follows. First, meta data are derived from projects and analyzed by quantitative GQM(Goal-Question-Metric) questionnaire. Then, the project performance model is designed with the data obtained from the quantitative GQM questionnaire and organization's performance score for each area is calculated. The value is revised by integrating the measured scores by area vision weights from all stakeholders (CEO, middle-class managers, developer, investor, and custom). Through this, routes for improvement are presented and an optimized improvement method is suggested. Existing methods to improve software process have been highly effective in division of processes' but somewhat unsatisfactory in structural function to develop and systemically manage strategies by applying the processes to Projects. The proposed OT model provides a solution to this problem. The OT model is useful to provide an optimal improvement method in line with organization's goals and can reduce risks which may occur in the course of improving process if it is applied with proposed methods. In addition, satisfaction about the improvement strategy can be improved by obtaining input about vision weight from all stakeholders through the qualitative questionnaire and by reflecting it to the calculation. The OT is also useful to optimize the expansion of market and financial performance by controlling the ability of Quality, Delivery, Cycle time, and Waste.

• Journal of Agricultural Extension & Community Development
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• v.21 no.4
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• pp.1093-1124
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• 2014

Studies on the role of agricultural science colleges are mostly divided into agricultural production, which is the primary function of agriculture, and other functions, which have recently begun to be emphasized as a result of social needs. With the green revolution and the aging of the farming population, there is a strong view that the role of agricultural science colleges should remain as it is. However, agriculture is expanding in terms of concept and content by converging with other industries not traditionally associated with agricultural production. Thus, the fields that now need to form part of agricultural science knowledge are becoming more detailed and expansive. The government's perception remains at the level of merely fostering farmers. This was evident in a survey on the employment rate, a factor used to evaluate colleges, in which the role of agricultural science colleges was limited to fostering farmers. Agro- industry fields, other than agriculturalists, include general industries in which the academic fields of agricultural science are combined with other academic fields. Thus, even when someone is employed in an industry that requires background knowledge of agricultural science, there is often a perception that he or she is employed in a field that is irrelevant to the major. This study examines the role of agricultural science colleges in agriculture and farm villages by focusing on the employment of graduates of these colleges within agro-industry. We categorize academic research on agricultural science into 16 fields, based on the medium level of the National Standard Science and Technology Classification Codes. Then, we categorize the employment fields into 168 fields, based on the small classification level of the inter-industry relations classification. Thus, we investigate 220 departments of 37 colleges, nationwide. Our findings show that the average employment rate of graduates of agricultural science colleges is 69.0%. Furthermore, 33.0% of all employees work in agro-industry fields that require background knowledge in agricultural science, which is one out of three job seekers. Then, 3.6% of employees work in business startups in agro-industry. The aforementioned government survey showed that only 0.1% of all college graduates in Korea were employed as agriculturalists in 2013. However, our results showed that 13.3% of graduates were working as agriculturalists, which is significantly different to the results of the government survey. These results confirm that agricultural science colleges contribute greatly to the employment of graduates, including farmers, agro-industry, and business startups in agro-industry fields.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.