• Journal of Navigation and Port Research
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• v.45 no.6
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• pp.276-283
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• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.27-38
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• 2018

The purpose of this study is to find out common investment decision factors for CVC's invested technology-based startups and analyze them. We examined 17 CVCs that invested in technology startups for three years and six months from 2015 to June 2018. As a result, the final 9 CVCs that can be used in this study were confirmed and 188 companies were analyzed. This study was conducted as a case study to propose and demonstrate CVC investment objectives and investment decision factors analysis model. The results of this study are as follows. First, CVC focused on strengthening investment. Second, In 2015, Invested in an average of 19 months of technology-based startups. In recent years, we invested in 36 months of proven technology-based startups. Thirdly, ICT service was the main business type of the invested startups. Fourth, the investors were concentrated on the stage of Series A~B. It is observed that CVC investment determinants have a significant impact on product or service and parent company relations. In addition, it was found that factors such as innovation, business planning competency, enterprising, strategic competency, leadership, and opportunity recognition competency were influential factors for the startups of invested companies and it was found that these factors are important for CVC investment decision. Understanding of CVC investment determinants presented in this study is based on the establishment of the investment process of the investee, entrepreneurship and management education program. The results of this study can be applied to the selection of excellent startups, entrepreneurship education programs, mentoring, development of coaching guidelines, and establishment of investment process of other investment institutions when investing in CVC.

• Journal of the Korean Association of Geographic Information Studies
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• v.22 no.1
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• pp.78-92
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• 2019

This study aims to evaluate the efficiency in the provision of employment services for the middle-aged by using spatial analysis in GIS. Based on location information of employment service institutions, we find service areas of the institutions and calculate regional rates of duplication and exclusion in terms of spatial coverage of the employment services. Taking into account potential demand for employment services, the regions with high priority in the provision of the services are identified. Among the regions, those with high exclusion rate of the services are designated as the regions of insufficient service level. Results indicate that Namyangju-si is a representative region of insufficient employment service level. To improve efficiency in the provision of employment services, we suggest to relocate employment service institutions that have been located in a region of high duplication rate such as Siheung-si, Danwon-gu, Gangnam-gu, Songpa-gu into the locality of Namyangju-si.

• Journal of Technology Innovation
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• v.27 no.2
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• pp.1-36
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• 2019

In line with the international community's movement to reduce greenhouse gas emission, Korea implemented FIT(Feed in Tariff) in 2002 as part of its renewable energy development project. Although the policy had shifted to full-scale RPS(Renewable Portfolio Standards) in 2012, policymakers are still seeking changes due to policy ineffectiveness. While previous studies explain sudden policy changes through external factors, recent research sheds light on internal factors in the process of policy transition. The purpose of this study is to investigate the factors that are responsible for rapidly changing policies in latecomer nations. In order to find this, we look at the case of transition from the FIT to the RPS in Korea's expansion of renewable energy policy. As a result of the research, it is confirmed that the Top-Down decision making system of Korea and the external regulatory change cause rapid policy transition. By looking at these variables, we propose useful implications for policymakers to minimize the policy failure in future policy design and evolution.

• Journal of Technology Innovation
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• v.27 no.2
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• pp.37-71
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• 2019

How has the passenger car's architecture evolved? In the meantime, the discussions on the car architecture have been mixed, i.e., integral, modular, and the coexistence of two types. Therefore, in this study, we aim to develop two indices can measure the degree of modularization of passenger car and its all modules using global trade data. By applying the indices to the framework of architecture positioning that reflects the hierarchical structure of a product, we examined that the degree of modularization of the passenger car architecture has been enhanced. Meanwhile, the degree of modularization differs across the modules that make up the car. Specifically, we observed the higher degree of modularization in front-end, cockpit and seat modules. Whereas, we found that body module had a relatively low degree of modularization. In particular, we observed that the platform of passenger car has notably modularized due to carmakers' efforts to achieve model diversification and reduction of cost and period in new product development at the same time. Interestingly, we showed that three modules, i.e., engine, chassis (relatively less modularized), and transmission (relatively highly modularized), had a different level of modularization, even if they commonly make up the platform. We contribute to the suggestion for analytical approaches that examine the degree of modularization and its progress longitudinally. In addition, we propose the necessity of decomposition of a system into elements in a study of product architecture, considering the possibly distinctive progress of modularization across the elements.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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• v.17 no.3
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• pp.355-362
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• 2019

This technical note introduces a newly-proposed concept of deep horizontal drillhole disposal of spent nuclear fuel, and considers how it can be applied in the Korean environment. This disposal concept, in which high-level radioactive waste is disposed in deep horizontal drillholes installed with directional drilling technique, is expected to have great advantages over the existing deep mined repository concept in economics and safety. Since this concept is still at the idea level, however, it is necessary for worldwide expert groups to demonstrate its safety and performance. In addition, the development of guidelines by the regulatory body should be supported. The Korean circumstances, which include a narrow territory and a high population density, as well as the amount of spent nuclear fuel, make the NIMBY (Not In My Back Yard) phenomenon very strong and the siting conditions difficult. Under these conditions, if the disposal section of deep horizontal drillhole concept can be located at the continental shelf, with a stable environment, rather than in a coastal land area, it is expected to alleviate the psychological anxiety of the local community and stakeholders. Moreover, even when constructing a centralized deep mined repository in the future, it is necessary to consider locating the repository in the continental shelf.

• Korean Journal of Construction Engineering and Management
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• v.20 no.5
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• pp.52-60
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• 2019

The APR1400 is a 1400MWe nuclear power plant developed through national technology development project over a period about 10years. Approximately 65,000 design drawings are produced for APR1400 construction. In order to maintain consistency among numerous drawings, the highest level of design bases drawings (DBDs) are created according to design bases and this is used in the subsequent design. However, DBDs are produced and managed on a document basis and they are managed various field, it was difficult to accurately reflect the design bases information in the subsequent design. Therefore, this study recognizes limitations of the document based DBDs and develops a system that can accurately reflect the design bases information to subsequent design by adopting BIM based design bases integrated information system. Especially, by introducing DBIL(Design Bases Information Layer) concept, DBIL was created and analyzed based on five design bases(Physical protection, Fire protection, Internal missile protection, Internal flood protection, Radiation protection) applied to APR1400. In the final result DBIL set and Datasheet are integrated of room, design bases information, building data(wall, slab, door, window, penetrations). So it can be used for subsequent design automation and design verification. Furthermore, it is expected that APR1400 DBILs data can be used extensively in constructability and design economics analysis through comparison with next generation nuclear power plant.

• Journal of the Korea Society of Computer and Information
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• v.26 no.9
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• pp.201-212
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• 2021

This study aims to empirically measure K-pop fans' content and the extent of online activities. To achieve the purpose of the study, the researchers identify the statistically significant online activities that determine the intensity of fan attachment toward K-pop artists. Further, the research confirms the relative importance of various meaningful online activities. Consequently, we can develop the K-pop Online Activity Index (KOAI) model and apply it to this index model empirically for each respondent. We found that the model consists of five online activities of K-pop fans: whether joining the fan club or not, whether paying per view V live+ or not, whether watching VODs associated with artists or not, the degree of fan club writing, the degree of watching a lot on YouTube to improve the value of my artists. This study has practical significance in that it allows K-pop marketers to improve their marketing performance by providing content that will enable them to more efficiently and effectively allocate marketing resources to various online activities to get fan responses. It allows accumulating academic knowledge to understand the behavior in the field of online behavior for K-pop fans.

• Journal of Korea Trade
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• v.25 no.5
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• pp.39-57
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• 2021

Purpose - This research uses ocean marine insurance (OMI) statistics, international emails, focus-group interviews, and surveys to fill the gap between the theory of behavioral insurance, particularly status quo bias (SQB), and the practice of OMI in Korea. The contractual forms of OMI, the oldest and most globalized form of commercial insurance, were developed in the UK as the Institute Cargo Clauses in 1906 and revised in 1963, 1982, and 2009. SQB has been academically explored, mostly in health insurance and the financial services sector, but never in OMI. Thanks to the availability of OMI statistics in Korea, we can conduct SQB research here for the first time in this field. Design/methodology - We show the existence of SQB in the OMI of Korea through Korean statistics between 2009 and 2018, email correspondence with experts in the UK, Germany, and Japan, focus-group interviews with Korean OMI underwriters, an in-depth interview with one underwriter, and a survey of 15 OMI insureds (company representatives). Findings - We find that Korean foreign traders rely on the old-type OMI contracts developed in 1963, whereas other industrialized countries use the newest type of OMI contract developed in 2009. With a simple loss ratio analysis during 2009-2018, we show that the behavior of insurers has little to do with rational profit maximization and is instead driven by irrational bias, as they forgo the more profitable contracts provided by the new clauses by keeping the old clauses. The consistent addiction to old types of contracts in the OMI market suggests strong SQB among Korean exporters, importers, bankers, or insurers, which we confirmed in our interviews and survey. Originality/value - This research has significant originality and academic value because it reports new findings with crucial implications for the development of efficient trade practices and policy. First, this research is based on actual statistics that have not been used in previous Korean research on OMI. Second, this research shows that all-risk OMI policies provide more value to insureds, in terms of coverage given premium, than partial coverage policies, which differs from arguments previously made in Korea. Third, this research reveals strong SQB in Korea, where foreign trade plays a pivotal role in economic growth. That bias could be attributable to uninformed traders, informed but idle insurers, or conservative bankers. Fourth, to further develop foreign trade, policy initiatives are needed to review the current practices of OMI contracts and move forward with the new contract forms. All of these findings and arguments are both new and important.

• Journal of the Economic Geographical Society of Korea
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• v.22 no.3
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• pp.258-273
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• 2019

Bilbao, Spain, made a mark as a example of the regional revitalization by culture and tourism. Korean Government have a perspective that culture and tourism could be an alternative to the regional crisis of manufacturing in 2018. The main purpose of this study is to analyze the locational specificity and the revival strategies for the regional development of Bilbao in a structural context. This could provide implications to the regional crisis of Korea. The main results are summarized as follows. Firstly, the local government of Bilbao has taken an active role, using not only its political and financial autonomy but also its locational advantage as an important nodal region of transnational trade networks in Europe. Secondly, Bilbao was able to sustain its regional revitalization initiatives for a long period by facilitating public-private partnership system. Finally, despite the effectiveness of the mega project and place marketing, low job security and the polarization of the service sector have emerged as a problem at the same time. Still, the deindustrialization of Bilbao could be possible due to the various services including knowledge-based services and financial services as well as culture and tourism.