• IE interfaces
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• v.19 no.4
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• pp.316-323
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• 2006

In this study, based on Weibull proportional age reduction model and age replacement policy, we analyze economic life of cutting tool which allows re-grinding. Re-grinding task, usually for high-priced machining tools(e.g., broaching tool), is a kind of preventive maintenance activities to extend tool life at the completion of a lot production. The numerical results are also presented. Among the parameters of Weibull proportional age reduction model, the re-grinding effect parameter and Weibull shape parameter have a strong effect on economic tool life, and in the cost parameters, shortage cost is most sensitive. With further study on the parameter estimation of tool life process and cost function, this study can be expected to give more practical contribution to management of general machining tools.

• Journal of the Korean Institute of Landscape Architecture
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• v.22 no.1
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• pp.1-16
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• 1994

This paper examines the individual and social values of tour and recreation activities related to the characteristics and attractions of parks in urban area through a questionnaire. The data for this research consists of 2,942 samples based on interviews in sixteen parks in Daegu area. Implications of the findings for urban parks design and tour and recreation policy are discussed. Travel cost method and contingent valuation method are applied essentially. These methods yield a reasonable estimation of the relationship between tour and recreation values of the parks and the visit rate which can be used to estimate demand functions for tour and recreation experiences provided by a site. Semilog-type models can be used to estimate the use of the park. Finally, the tour and recreation value of each park per user-day is estimated by the total experiences of the users. This study is a modest but important step in the investigation of urban parks and recreation site demand and values. Many of the developments in contingent valuation method and travel cost modeling should now be applied to the urban scale parks and recreation sits. Such studies will contribute significantly to the improvement of methodology for tour and recreation values measuring, especially to individual and social benefits for the urban parks, and provide the much needed guidance for the allocation of scarce tour and recreation resources.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.117-127
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• 2021

This study was conducted to comprehensively identify factors that potentially influence corporate investment behavior, including micro, macro, and sectoral variables. Furthermore, investment behavior was studied across nations based on their participation in the global value chain (GVC), which was evaluated based on commodities, limited manufacturing, advanced manufacturing, and innovative activities. The study uses the dynamic panel data analysis and Generalized Method of Moment (GMM) estimation for a sample of 800 corporations, with data spanning over 2000-2019. The study result shows that in all types of countries, the coefficient lag indicator of capital expenditure statistically has a significant effect on capital expenditure. Sales growth, exchange rate, and GDP have a significant positive effect on corporate investment growth, while DER has a negative effect. In commodity countries, corporate investment is influenced by sales growth, exchange rate, and FCI. The variables that influence corporate investment in manufacturing countries are the FCI, exchange rate, sales growth, GDP, and DER. In innovative countries, variables that significantly affect capital expenditure are DER, GDP, and Tobin Q. In each type of country, the interaction terms between exchange rate and commodity price are positive and statistically significant.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.177-187
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• 2021

The purpose of the research to evaluate the efficiency and productivity growth rate of some Vietnamese commercial banks in the period 2008-2020. Using input and output selection theory, the author selected 2 models, estimating the efficiency for model 1 and estimating the yield change for both the models. We have built a model to estimate the efficiency and calculate as well as decompose the productivity growth of Vietnamese commercial banks during the period of active mergers and acquisitions activities in the banking system. Based on the results of the efficiency estimation, TFP shows during mergers and acquisitions, efficiency fluctuates but in an inverted U-shape (increasing from 2008-2011 but decreasing from 2013 to 2020). The estimated results of the impact assessment model show that FDI reduces the efficiency of banks. Productivity analysis shows that 6 out of 23 banks in the study period had positive TFP growth (tfpch > 1) due to technical progress and management efficiency. The findings of this study suggest that Vietnam's commercial banking system has many opportunities to improve operational efficiency in many aspects. In which, there are opportunities to increase credit, improve governance as well as improve the technology level of each bank. In addition, along with traditional products such as deposits and loans, diversification with a wide range of products and services is an important factor to enhance customer experience and demand in commercial banks.

• Journal of Climate Change Research
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• v.6 no.4
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• pp.257-265
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• 2015

For estimating a net removal of carbon dioxides from a forest carbon offset project, it is necessary to consider secondary emissions occurred from the use of machineries or vehicles. According to the forest carbon standard in Korea, a default rate (5%) could be applied for estimating secondary emissions of small projects, which provide annual net removals less than or equal to $600tCO_2$, while secondary emissions should be estimated for larger projects with field survey. In this study, we intended to develop a methodology for estimating the secondary emission of a forest carbon project. For this purpose, we analyzed the working process and the carbon emissions of the forest management activities for major tree species in Korea. Based on the developed methodology, we estimated the secondary carbon emission of a reforestation project. The result showed that the secondary carbon emission of a reforestation project was estimated between 0.42% and 1.19 % compared to net removals, that is to say that the current default rate in the forest carbon standard could give an overestimated secondary emission.

• East Asian Journal of Business Economics (EAJBE)
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• v.8 no.4
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• pp.67-77
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• 2020

Purpose - This work tries to analyze the transformation of sectoral innovation pattern as time goes by to enhance the understanding on sectoral innovative activities, particularly considering the change of the nature of knowledge, and the trend of convergence. Research design, data, and methodology - This work tries to identify main factors, which determine the output of technological innovation through the econometric analysis, utilizing the result of Korean Innovation Survey and find a stylized fact on the change of the innovation pattern. Result - As a result of estimation, some major elements show different effects for two discrete years, 2002 and 2010; in chemical industry the open information source and neutral basic research become more important with the appropriation mechanism such as patents, and in machinery industry, the importance of internal information has been getting decreased with rising importance of customers. Conclusion - This work presents that some elements show different effects for two discrete years. Among three major elements, the source of information and appropriation mechanism shows different features for both industries. This means that we should explicit consider the changing nature of innovative environment, which leads to and heavily influence whether the innovative activity would be effective or not when we design innovation strategy and innovation policy.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.69-79
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• 2022

The purpose of the study is to look into the likelihood of private sector enterprises going bankrupt due to COVID-19 pandemic-related issues. The data for this study was taken from the World Bank's Enterprise Survey, which was intended to assess the impact of the COVID-19 pandemic on the business sector. This study uses the Ordinal Logit Method to analyze the model with dependent variables having ordinal values. The determinants reflect business performance, innovation, business relationships, and government support. According to the estimation results, a lower probability of business closures, illiquidity, and payment delays are found in businesses that maintain sales growth, operating hours, temporary workers, product portfolio, consumer demand, and input supply. Meanwhile, the increase in online business activities and receiving support from financial institutions and the government do not help businesses reduce the risk. Moreover, higher survival is found in manufacturing and developing countries. This implies the fragility of businesses in the retail and service sectors, especially for mega-enterprises in developed countries. In addition, the negative impact of the COVID-19 pandemic on businesses in Europe and West Asia is less severe than in other regions. The results imply policies to support the private sector during the pandemic, such as increasing labor market flexibility or rapidly implementing supportive policies.

• East Asian Economic Review
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• v.26 no.3
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• pp.179-204
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• 2022

This study examines the extent to which policy-based loans to SME exporters affect their export performance (the intensive margin of exports). We also investigate the heterogeneous export effects of policy-based loans that may depend on firm- and industry-specific characteristics, such as credit ratings, debt-to-assets ratios, firm size and age. To do so, we conduct a survey, of 1,000 Korean SMEs, that collect information on firm-level exports and policy-based loans. The main empirical findings strongly support that SMEs that receive policy-based loans tend to increase their export volumes. However, these loans' positive impact on exports are only valid for SME exporters with credit scores of 12 or greater (that is, SMEs that have difficulty accessing the external financial market). The estimation results with respect to SMEs' dependence on external financing imply that policy-based loans for SMEs in sectors that are heavily dependent on external finance are effective in that they are instrumental in increasing these firms' exports. These empirical findings emphasize the importance of the external financial market to SME exporters who face various up-front investments that are related to their exporting activities.

• Asia Marketing Journal
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• v.22 no.1
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• pp.41-60
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• 2020

The goal of the study is to understand the role of social norm in purchase decisions where demand is revealed in the form of multiple-discreteness. Consumers are socially engaged in various activities through the expectation from others in their community. Actions or decisions are likely to reflect this influence. This implicit or explicit social norm is revealed as the rules, regulations, and standards that are understood, shared, endorsed, and expected by group members. When consumers' decisions are in distance from the norm, they come to face discomfort such as shame, guilt, embarrassment, and anxiety. These pressure act as a constraint as opposed to utility in their decision making. In this study, the effect of social norms on consumer demand is captured via multiple constraint model where constraints are not only from budget equation but also from psychological burden induced by the deviation from the norm. The posterior distributions of model parameters were estimated via conjoint study allowing for heterogeneity via hierarchical Bayesian framework. Individual characteristics such as age, gender and work experience are also used as covariates for capturing the observed heterogeneity. The empirical results show the role of social norm as constraint in consumers' utility maximization. The proposed model accounting for social constraint outperforms the standard budget constraint-only model in terms of model fit. It is found that people with longer job experience tend to be more robust and resistant to the deviation from the norm. Incorporating social norm into the utility model allows for another means to disentangle the reason for no-purchase as 'not preferred' and 'not able to buy'.

• Korean Journal of Agricultural Science
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• v.48 no.4
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• pp.797-806
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• 2021

As the number of scaled-up ranches increased and agile responses to market changes became possible, decision-making by Hanwoo cattle farms also began to affect short-term shipments. Considering the changing environment of the Hanwoo supply market and the response speed of producers, it is necessary quickly to grasp the forecast ahead of time and to respond accordingly in an effort to stabilize supply and demand in the Hanwoo market. In this study, short-term forecasting model centered on the supply of Hanwoo was established. The analysis conducted here indicates that the slaughter of Hanwoo males increases by 0.248 as the number of beef cattle raised over 29 months of age in the previous month increases by one, and 0.764 Hanwoo females were slaughtered under average conditions for every Hanwoo male slaughtered. With regard to time, the slaughtering of Hanwoo was higher in January and August, which are months known for holiday food preparation activities for the New Year and Chuseok in Korea, respectively. Simulations indicated that errors were within 10% in all simulations performed through the Hanwoo supply model. Accordingly, it is considered that the estimation results from the supply model devised in this study are reliable and that the model has good structural stability.