• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.89-120
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• 2010

In this paper, we analyse empirically the relations between ownership structure and cash holdings of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Cash holdings increase as large shareholder's equity holdings increase. Cash holdings increase as the difference between first largest shareholder's and second largest shareholder's equity holdings increase, and cash holdings increase as the ownership concentration increase. Managerial ownership exert a non-linear effects on cash holdings. So to speak, at lower level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders, but at higher level of managerial ownership, the interests of managers and shareholders are aligned, and also at highest level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders. Cash holdings increase larger in owner-controlled firm than in management-controlled firm. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on cash holdings for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.2
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• pp.699-711
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• 2011

This study is to perform several major analyses to find any differences in the leverage between the pre- and post-period of the currency crisis. Moreover, another aspect is to investigate a financial aspect which has received relatively little attention to the firms and/or industries in the emerging capital markets in comparison to those in the advanced markets. The purpose of this empirical study is to confirm whether or not, it is myth or reality that Korean business conglomerate, chaebol, firms with subsidized financing from government-owned domestic financial institutions in the pre-financial turmoil, may still maintain their higher leverage, even after the crisis. It was found that firms belonging to the chaebol in Korea maintained higher average book-value and market-value based debt ratios, relative to their counterparts not belonging to the chaebol across all of the tested models. There were positive relationships of IND3(=the chemical industry) and Ind5(=the construction industry) to the book-value leverage. This study identified that there were no differences in the explanatory variables included, between the tested models (that is, without and with including the present value of an operating lease) related to each debt ratio. Since the Korean government continue to improve the corporate governance of the domestic firms in terms of accounting transparency and corporate ownership, it would be more efficient, if utilizing this "new" ratio considering an operating lease as an effective measurement of the level of leverage. In terms of the capital structure, it may also be possible for foreign firms to utilize and benefit from the results obtained in this study when operating their new businesses in Korea, given the economic circumstances such as the ongoing progress of the Korea-America FTA or the Korea-China FTA.

• Environmental and Resource Economics Review
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• v.27 no.3
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• pp.569-611
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• 2018

Rapid economic growth, urbanization, and industrialization of China have tremendously degraded the overall quality of living environments, especially the air quality, not only negatively affecting Chinese people but also impacting citizens of neighboring countries, namely Korea. The Chinese government has invested much effort to regulate the air pollution due to burning coal through introducing strict environmental monitoring policies and aggressive implementation. This paper presents an overview of Chinese air pollution prevention policy due to burning coal, and the associated trends and specifics of institutional arrangements regarding air pollutant emission regulations. It turns out that the policies have become stricter than before; some polices are geared towards enforcing extra regulation at the regional level. It is expected that the regulation will become stricter in the future. However, the actual contribution and feasibility of such policies must be analyzed based on sound science. The policies seem to care little about influencing the air quality of Korea, and this has to be improved. In order to do so, it is important to strengthen environmental cooperation between Korea and China, and better yet to research on not only the air quality but also the associated fields, such as energy, industrial technology, and global environmental governance.

• The Journal of the Convergence on Culture Technology
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• v.8 no.3
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• pp.143-148
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• 2022

The subject of this paper is the practical examples of technoculture that critically thinks network technology, a strong material foundation in the era of data capitalism in the 21st century, and appropriates its socio-cultural metaphor as an artistic potential. In order to analyze its alternatives and the meaning of cultural politics, this paper examines the properties and influence of data capitalism after the 2008 global financial crisis, and the cultural and artistic context formed by its reaction. The first case considered in this paper, Furtherfield's workshop, provided a useful example of how citizens can participate in social change through learning and education in which art and technology are interrelated. The second case, Greek hackerspace HSGR, developed network technology as a tool to overcome the crisis by proposing a new progressive cultural commons due to Greece's financial crisis caused by the global financial crisis and a decrease in the state's creative support. The third case, Paolo Cirio's project, promoted a critical citizenship towards the state and community systems as dominant types of social governance. These technoculture cases can be evaluated as efforts to combine and rediscover progressive political ideology and its artistic realization tradition in the context of cultural politics, paying attention to the possibility of signifying practices of network technology that dominates the contemporary economic system.

• Journal of Digital Convergence
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• v.20 no.2
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• pp.203-215
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• 2022

The study is to investigate research trends and knowledge structures in the Smart Farm field. To achieve the research purpose, keywords and the relationship among keywords were analyzed targeting 104 Korean academic journals related to the Smart Farm in KCI(Korea Citation Index), and topics were analyzed using the LDA Topic Modeling technique. As a result of the analysis, the main keywords in the Korean Smart Farm-related research field were 'environment', 'system', 'use', 'technology', 'cultivation', etc. The results of Degree, Betweenness, and Eigenvector Centrality were presented. There were 7 topics, such as 'Introduction analysis of Smart Farm', 'Eco-friendly Smart Farm and economic efficiency of Smart Farm', 'Smart Farm platform design', 'Smart Farm production optimization', 'Smart Farm ecosystem', 'Smart Farm system implementation', and 'Government policy for Smart Farm' in the results of Topic Modeling. This study will be expected to serve as basic data for policy development necessary to advance Korean Smart Farm research in the future by examining research trends related to Korean Smart Farm.

• Land and Housing Review
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• v.14 no.2
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• pp.51-71
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• 2023

Based on the challenges encountered in the urban regeneration projects (general neighborhood-type) of Anjung District and Sinjang District in Pyeongtaek City, this study aims to explore the key factors of improvement measures for urban regeneration projects. Using the first survey conducted among shopping mall owners, employees, and residents, this study finds a significant level of awareness and very strong needs for urban regeneration projects. On the other hand, the overall satisfaction levels are observed to be low across the three factors: social, economic, and cultural. The second expert survey and the subsequent Analytic Hierarchy Process (AHP) analysis conducted for improvement measures reveal notable discrepancies in the prioritization of factors between administrative experts and practical experts. For the importance of administrative experts, the establishment of network-type regional governance was ranked first for the importance, followed by hosting events related to the U.S. military and long-term pre-market operations, and expanding exchange and cooperation between the U.S. Forces Korea and the community. For the importance of working-level experts, hosting U.S. military-related events and long-term pre-market operations was ranked first, while supporting U.S. military-related festivals and developing local natural landscape resources was ranked second. Our findings suggest the need for proactive measures such as attracting commercial facilities to stimulate demand from both the U.S. military and local residents, thereby revitalizing general neighborhood-type urban regeneration projects, developing programs for local tourism, and operating pre-market operations in the long run. Therefore, this study highlights the importance of regional government cooperation for urban regeneration projects.

• Analyses & Alternatives
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• v.3 no.1
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• pp.93-133
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• 2019

Throughout history, there are three clues of dualistic structures for the development of Hong Kong's nativism. First, inward attribution and outward lookingare two paths to the formation of Hong Kong's nativism. In the dualistic framework of "self-others", nativism is formed. The formation path of "outward looking"can be seen everywhere in the construction history of Hong Kong's nativism. It is under the reflection of "two mirrors" with Britain and Chinese mainland that Hong Kong people acquire the concept of "Hong Kong's nativism". Second, there are two aspects of Hong Kong's nativism: economic and cultural aspect and political aspect. With the gradual development of Hong Kong's history, these two aspects come into being and are closely bound up, thus constituting Hong Kong's nativism today. The third clue is the most critical one. The subjectivity of colonization and decolonization are two different forms of Hong Kong people's subjectivity. These three clues run through the whole process of the construction of Hong Kong nativism, and are carried out in three stages of development: "Origin (1960s-1970s): Preliminary Construction of Hong Kong's Nativism", "Development of Hong Kong's Nativism (1980s-1997): Awakening of Political Aspect" and "Formation and Alienation of Hong Kong's Nativism (1997-present): Deformed "decolonization". Along the evolution of Hong Kong's nativism, with the disintegration of colonialism, Hong Kong people have gradually transited from the subjectivity of colonization to the subjectivity of decolonization, but the process of "decolonization" has not been completed up to now.When nativism loses its native complex from the perspective of "inherent in China", and further develops into the "separatism" of anti-constitutional system and anti-national continuity and unity, it will challenge the stability of the relationship between the central government and the Special Administrative Region under the "one country, two systems". At the same time, it will have a greater impact on the political structure and the rule of law system of Hong Kong, and trigger a series of public law problems that need to be solved urgently. In this regard, on the one hand, we should re-clarify the relationship between the central government and the region under the "one country, two systems" in light of the new situation of democratic political development in Hong Kong, and improve Hong Kong's governance mechanism on the basis of the constitution and the basic law; on the other hand, we should actively learn from the German defensive democracy system to systematically interpret, integrate and apply Hong Kong's existing legal resources so as to effectively curb the development of local separatist forces.

• Journal of the Korean association of regional geographers
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• v.23 no.3
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• pp.459-469
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• 2017

Recently, the third mission as the new role of the university is being emphasized as contributing to the local community through active participation in local and regional problems as well as an economic contribution as an entrepreneurial university. Thus, overseas universities started various university-industry collaboration activities targeting sustainable development based on local community and improve their roles for regional regeneration and innovation. Universities in Korea also tend to set up a cooperative governance with various agents in the local community via university financial support projects by the government and started to promote the university-industry collaboration project for solving the problem of the local community. Therefore, this research tries to find implications in order to expand the role and responsibility as local university and reinforce substantiality and enhancement of university-industry collaboration through a case analysis of university-industry collaboration to solve the problem in local communities in foreign countries. In order to solve the problem of local communities based on local agents-led small-sized projects, it is requested to improve the more active role of the university, local governments and university students.

• International conference on construction engineering and project management
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• 2020.12a
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• pp.267-277
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• 2020

The present research evaluates the public engagement approach in various project stages. Hong Kong had long been criticized as top-down and executive-led jurisdiction by overlooking the importance of cultural heritage and public concerns on public projects. It was suggested to the government to engage public and provide sufficient public consultation. Thereby, the government announced a series of revitalization and conversion measures in Policy Address in 2008. To carry out the measures, there were voices, because of diverse and sometimes conflicting interests, over the effect of revitalization project. On the other hand, studies reveal that there are benefits of revitalization and enhancement of public engagement approach. In pursuit of the subject, the present research aims at studying the Central Market as a case study pilot project. In October 2009, the Policy Address announced that the Central Market be revitalized. Tasked to implement the project, Urban Renewal Authority (URA) continued to adopt the people-oriented approach as the guiding principle in its core business and in heritage preservation and revitalization so as to create a sustainable development. Between government and the public, URA acts as a bridge for communication. As between URA and the public, URA conducted public consultation, set up an ad-hoc committee in January 2016 to be in charge of the project and will continuously inform the government and public with the updates and project progress. The main objectives of the present research are to assess the advantages and challenges in different stages of public engagement approach, to evaluate the engagement system, to give a comprehensive view for participation of stakeholders, and to find out effective strategies to enhance civil engagement. Research was achieved through interviews to key persons in the project, questionnaire that was distributed to community and experts in the field. Case Study of the Central Market was studied and investigated using different sources, such as newspapers, journals, etc, to evaluate the degree of public engagement in the project. Both detailed qualitative methodological approaches of interview, questionnaire, and case study, act as a synergy to demonstrate the research objectives and provide the comprehensive perceptions on the revitalization project. The results show that public participants in revitalized project have generated considerable value enhancements to social-cultural, environmental, political and economic aspect. This study provides valuable insights that the public participation can make positive contribution to sustainability in the city. The findings indicate that no any single system is flawless therefore seeking both public opinions and professional advices are also important as a comprehensive approach to achieve higher sustainability of the building.

• Analyses & Alternatives
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• v.1 no.2
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• pp.44-64
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• 2017

From the field survey of the main ethnic minority areas in the south China, it is found that political, economic, cultural and natural environmental changes are the main reasons leading to the change of customary law. The power mechanism of the customary law change include the three aspects, such as the promotion of country elite, the dominance of grassroots government, and the daily demands of the villagers, which promote the change of customary law alone or together. Through the application of customary law, the country elites can adjust and refine the rules of customary law in order to make out the new customary law and promote its development. In the current pattern of rural governance, grassroots self-government is actually the "official supervision of people's autonomy". The executive power of the grassroots government often intervene the practice of customary law and other informal rules. This is another mechanism of customary law change. Customary law arises from the practice of the daily life of the villagers. If the villagers think that the norms of customary law cannot meet the actual needs of daily life practice, the customary law will be promoted in the form of collective consultation. This is the most important dynamic practice mechanism of customary law change. Transformation and abandonment are the two ways to change customary law. No matter what kind of change does not lead to the demise of the customary law system, the demise of the customary law is only an outdated result, which is made by the universality, nature and objectivity of customary law. The procedure of customary law change is the process of continuation and rebirth about customary law. The result of the change is to produce the new customary law of keeping pace with the times, and the customary law will be presented with new content and form after the change. The continuation of customary law means the inheritance of traditional customary law, but it is based on the transformation of traditional customary law. The rebirth of customary law means that the traditional customary law is completely discarded. But it will produce new customary law rules and be based on the needs of social life practice. Customary law occupies a pivotal position in the normative system and the national law cannot be replaced. The purpose of customary law change will let the customary rules better adapt to the development of modern society, adjust the social relations more reasonably and better meet people's needs of production and life, which is decided by the character of customary law.