• 재무관리연구
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• 제24권2호
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• pp.113-145
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• 2007

본 논문은 1998년부터 2000년까지 워크아웃으로 지정된 44개 상장기업들을 대상으로, 주거래은행의 부실기업에 대한 출자전환이 워크아웃 대상기업의 회생가능성 뿐만 아니라 은행경영자의 대리문제 유인에 따라 실행되었을 가능성을 실증분석하였다. 실증분석결과, 출자전환이 이루어진 기업들은 대개 기업규모가 크면서 주거래은행의 건전성이 양호하지 못한 경우에 이루어졌으며, 이들의 구조조정 성과 역시 성공적이지 못했던 것으로 분석되었다. 출자전환 결정요인에 관한 로짓분석에서 부실규모가 크고 거래은행의 건전성이 불량할수록 출자전환의 가능성이 높았던 것으로 드러났다. 구조조정의 성패결정요인에 관한 분석결과에서는, 기업규모가 클수록 구조조정시 실패할 가능성이 컸지만, 은행건전성이 우량할수록 부실기업의 회생가능성에 대해 긍정적인 영향을 미치는 것으로 나타났다. 출자전환여부와 은행건정성에 따른 부실기업 구조조정의 성과개선에 대한 분석결과에서도, 우량은행이 주도한 구조조정의 경우에는 출자전환한 기업의 사후성과개선이 두드러진 반면, 부실은행이 주도한 경우에는 정 반대의 결과를 보였다. 따라서 본 연구의 분석결과는 1998년 이후 진행된 국내부실기업의 구조조정과정에서 부실은행 경영자가 경제적 요인이 아닌 대리적 동기에 의해 출자전환을 선택했을 가능성이 매우 높았음을 시사한다. 그리고 이러한 분석결과는 구조조정 당시에는 출자전환기업의 재무상황이 열악하지만 구조조정 이후에는 성과가 좋아진다는 James(1995)의 주장과 국내출자전환기업의 사후성과가 더욱 악화된다는 박경서 외 2인(2002)의 주장간 차이의 원인이 주로 부실은행 경영자에 의한 대리 문제에 있었음을 의미한다.

• Structural Engineering and Mechanics
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• 제62권5호
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• pp.567-576
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• 2017

Structural failures are undesirable events that devastate the construction industry resulting in loss of life, injury, huge property loss, and also affect the economy of the region. Roof truss failures occur mainly due to excessive loading, improper fabrication, deterioration, inadequate repair, etc. Although very rare, a roof truss may even fail due to inappropriate location of supports. One such case was reported from the recent failure of a steel roof truss used in an indoor stadium at Kargil in India. Kargil region, being mountainous in nature, receives heavy snowfall and hence the steel roof trusses are designed for heavy snow loads. Due to inappropriate support location, the indoor stadium's steel roof truss had failed under heavy snow load for which it was designed and became an interesting structural engineering problem. The failure observed was primarily in terms of yielding of the bottom chord under the supports, leading to partial collapse of the roof truss. This paper summarizes the results of laboratory tests and analytical studies that focused on the validation of the proposed remedial measure for rehabilitating this distressed steel roof truss. The study presents the evaluation of (i) significant reduction in strength and stiffness of the distressed truss resulting in its failure, (ii) desired recovery in both strength and stiffness of the rectified truss contributed by the proposed remedial measure. Three types of models i.e., ideal truss model, as build truss model and rectified truss model were fabricated and tested under monotonic loading. The structural configuration and support condition varied in all the three models to represent the ideal truss, distressed truss and the rectified truss. To verify the accuracy of the experimental results, an analytical study was carried out and the results of this analytical study are compared with the experimental ones.

• 대한물리치료과학회지
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• 제9권1호
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• pp.95-102
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• 2002

The present study focuses on the relation of the attitudes of university students to disabled by using modified disability factor scales(DFS, Siller). As for the attitude areas, it relies on the eight categories DFS provides. The 8 categories that specify each attitude area are: generalized rejection, distressed identification, inferred emotional consequences, imputed functional limitation, authoritarian virtuousness, rejection of intimacy, interaction strain, mainstreaming. This study is based on a series of questionnaire researches conducted on 322 students, over the period from October 19th to November 14th, 2001. The questionnaire carries 50 items, covering the 8 attitude areas and each item has 5 choices. The subjects' responses to each of the areas are examined in their relations to the four conditions, as they are analysed by t-test and one way ANOVA. The conclusion drawn from the research are as follows: 1. There is no significant difference between the students of the department concerned with the problem of disability, and those of the department unconcerned. But the responses are significantly different in the three areas of generalized rejection, rejection of intimacy and interaction strain(1st condition, P<.05). 2. The responses are significantly different in 6 areas except for the two, distressed identification and inferred emotional consequences, between the students who have volunteered services as helpers of the disabled and those who have no such experiences(2nd condition, P<.05). 3. the responses are significantly different between those who have volunteered long-time services and those who are far less experienced(3nd condition, P<.05). 4. There is no significant difference, whether the subjects have disabled persons around them or not. But generalized rejection, authoritarian virtuousness, rejection of intimacy, interaction strain & mainstreming show significant differences(4th condition, P<.05). 5. Generalized rejection, rejection intimacy and interaction strain show significant differences in every pair of the 4 condition. 6. Distressed identification and inferred emotional consequence show no significant difference between the two conditions in every pair of the 4 considerations.

• Structural Engineering and Mechanics
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• 제56권4호
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• pp.695-705
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• 2015

Distressed structures require necessary remedial measures in order to restore their original structural properties like strength and stiffness. Validating the effectiveness of the proposed qualitative remedial measure experimentally is of utmost importance as there is no well-established analytical method to verify the effectiveness of the same quantitatively. Prototype testing which would have been the best option for this purpose would not only prove costly but also be associated with numerous practical difficulties; hence model testing is resorted as the only option for the purpose. This paper presents one such typical experimental study on the structural behavior of a distressed bridge, mainly observed in the form of prominent tilt in the bearing plate in transverse and longitudinal direction on downstream side. The main focus of the proposed experimental investigation is to assess the structural behavior particularly the load carrying capacity. The extent of deformation of some models with specific structural arrangements and some models with specific need based remedial measures were also studied. This study also assessed the contribution of each remedial measure towards restoration individually and collectively.

• 농촌지도와개발
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• 제19권3호
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• pp.649-672
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• 2012

The government established Special Accounts for Balanced National Development in 2005, and the Metropolitan Council has enacted and executed ordinance relevant to special accounts to relieve regional unbalanced growth and to promote regional balanced growth. This study derived a political implication through the comparison analysis of the background of establishment and its purpose, the selection criteria of support target, finance scale and tax revenue finance, appropriation target and finance distribution, etc. on the basis of Chungcheongnam-do Special Accounts for Balanced Development and Jeollabuk-do Eastern part Special Accounts among the special accounts implemented in metropolitan council. The major conclusions of this study are as follows. First, the transition from the concept of balanced development to specialized development is necessary for the development of distressed region. Second, the pure wastefulness ratio of the local government's tax revenue finance of special accounts designed concentrating upon special accounts for Wide-area Autonomous Communities development should be gradually expanded. Third, Special Accounting budget should be supported to promote specialized development through the selection and concentration centering around comparatively advantageous resource within the region. Fourth, the strategic special accounts budget application system of cities and counties to utilize the projects of the government and the province to achieve the goal of cities and counties should be prepared.

• Steel and Composite Structures
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• 제42권4호
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• pp.447-458
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• 2022

Cold-formed steel (CFS) sections are thin-walled, therefore, more susceptible to different types of geometric imperfections. Global type of geometric imperfections has a significant impact on the load-carrying capacity of flexural members. This paper reports an experimental study that discusses the influence of global imperfections on the flexural response of CFS built-up I-beams composed of two lipped channels, with simply supported ends, under four-point loading. Global imperfections of magnitude over eight times the maximum permissible ones were induced in the specimens, leading to their distress. Using various simple stiffening schemes, the capacity and stiffness of the distressed specimens were improvised. The performance comparisons were made based on the maximum loads resisted, flexural stiffnesses offered, and failure modes experienced by the specimens. As experimental data on such distressed specimens are currently lacking in the literature, the test results of the present study will provide the necessary data needed by future researchers to numerically extend this study further, which will help in the development of necessary design guidelines for the same. The stiffening schemes significantly improved the structural efficiency of distressed specimens in terms of strength and stiffness, by over 60%. As a result, an effective and time-saving solution to such realistic structural engineering problems is given.

• 재무관리연구
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• 제25권1호
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• pp.141-176
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• 2008

본 연구는 기업도산절차의 목표라 할 수 있는 사후적 효율성(ex post efficient outcome) 을 분석한다. $1980{\sim}2004$년 기간중 구조조정을 신청한 기업을 대상으로 구조조정 종결 이후의 주식성과를 분석한 결과 종결 공시 이전부터 공시일까지는 대부분 양(+)의 AR을 보였으나, 공시일 이후에는 워크아웃을 제외하고는 음(-)의 반응을 보였다. 장기성과를 분석한 결과 워크아웃 종결기업의 경우 공시월 이후에 고성과(overperformance)의 특성을 보인 반면, 화의 및 회사정리 종결기업은 종결공시월 이전에는 고성과, 공시월 이후에는 저성과(underperformance)를 보였다. 시장모형기준 종결후 24개월 누적비정상수익률을 종속변수로 한 횡단면 분석에서는 자산감축비율과 주주집중도, 최대주주지분율이 높을수록 장기성과는 긍정적이었으나, 최대주주 변경은 부정적인 영향을 미치는 것으로 나타났다. 구조조정 수단별 성과측면에서는 워크아웃의 성과가 가장 우월하며, 구조조정 신청시 공시효과와 종결 이후의 장기성과에서 화의의 성과가 가장 취약함을 확인하였다. 구조조정 개시 및 종결공시효과에서는 회사정리의 성과가 가장 취약함을 확인하였다. 한편, 최대주주 변경기업은 변경되지 않은 기업에 비해 장기성과에서 유의한 저성과를 보였으며, 횡단면 분석에서도 최대주주 변경은 장기성과에 부정적 요인임을 확인하였다. 본 연구결과는 효율성과 수익성이 취약한 기업에 대한 구조조정 조기종결 판단시 M&A를 통한 조기 채무상환 가능성보다 경제적 독자생존 가능성에 대한 보다 신중한 판단이 필요함을 시사한다.

• 국제학술발표논문집
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• The 1th International Conference on Construction Engineering and Project Management
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• pp.996-1001
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• 2005

Today, government is no longer considered the sole provider of public works or services. Public-Private Partnership (PPP) has been recognized as an important approach to solving problems for governments in providing public works and services. However, the joint ownership of public works/services complicates the administration of PPP projects. Particularly, the fact that government may rescue a distressed project and renegotiate with the developer causes serious problems in project procurement and management. This paper aims to study when and how government will rescue a distressed project and what impacts government's rescue behavior has on project procurement and contract management. A game-theory based model for government rescue will be developed. This pilot study, the author hopes, may provide theoretic foundations to practitioners/policy makers for prescribing creative PPP procurement and management policies and for examining the effectiveness of PPP policies.

• 한국콘텐츠학회논문지
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• 제13권3호
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• pp.174-183
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• 2013

본 연구는 한부모여성가구주의 인구사회학적 변인 및 경제적 스트레스가 삶에 질 즉 경제적 만족도와 신체적 건강상태 그리고 심리적 디스트레스가 어떻게 영향을 미치는가를 분석하였다. 연구대상은 전국 모자보호시설에 거주하는 430명의 표본을 분석자료 활용했다. SAS 9.1(Statistical Analysis System)을 이용하여 한부모여성가구주의 인구사회학적 특성을 설정된 연구모형에 의해 분석한 결과, 경제적 만족도, 신체적 건강상태, 심리적 디스트레스 즉 삶의 질에 부정적인 영향을 미치는 것으로 나타났다. 또한 한부모여성가구주가 경험하는 경제적 스트레스는 그들의 삶의 질에 부정적인 영향을 미치는 것으로 파악되었다. 특히 심리적 디스트레스에 가장 큰 영향력을 미치는 것으로 나타났으며, 경제적 만족도와 신체적 건강 상태에도 유의미한 영향을 미치는 것으로 나타났다.

• 한국수산경영학회:학술대회논문집
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• 한국수산경영학회 2007년도 추계학술발표회 및 심포지엄
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• pp.167-184
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• 2007

The objectives of this paper are to identify the causes of the corporate distress and to develop a distress prediction model with the financial information in fishery industry. In this study, the corporate distress is defined as economic failure and technical insolvency. Economic failure occurs by reduction, shut-down, or change of the business and technical insolvency results from failure to pay the financial debt of companies. The 33 distressed firms from 1991 to 2003 were composed by 14 economic failure companies, 15 technical insolvency companies. 4 companies applied to the both cases. The analysis of distress prediction of fishery companies were accomplished according to the distress definition. The analysis was carried out as two steps. The first step was the univariate analysis, which was used for checking the prediction power of individual financial variable. The t-test is used to identify the differences in financial variables between the distressed group and the non-distressed group. The second step was to develop distress prediction model with logistic regression. The variables showed the significant difference in univariate analysis were selected as the prediction variables. The financial ratios, used in the logistic regression model, were selected by backward elimination method. To test stability of the distress prediction model, the whole sample was divided as three sub-samples, period 1(1990$\sim$1993), period 2(1994$\sim$1997), period 3(1998$\sim$2002). The final model built from whole sample appled each three sub-samples. The results of the logistic analysis were as follows. the growth, profitability, stability ratios showed the significant effect on the distress. the some different result was found in the sub-sample (economic failure and technical insolvency). The growth and the profitability were important to predict the economic failure. The profitability and the activity were important to predict technical insolvency. It means that profitability is the really important factor to the fishery companies.