• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.31
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• pp.27-56
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• 2006

Today's financial institutions usually take environmental issues seriously into consideration as they could not evade lender liability in an increasing number of cases. On the international scene, a brand-new concept of the "Equator Principles" in the New Millenium has driven more and more international banks to adopt these Principles in project financing. Sustainable development has been a key word in understanding new trends of the governments, financial institutions, corporations and civic groups in the 21st century. The Equator Principles are a set of voluntary environmental and social guidelines for sustainable finance. These Principles commit bank officers to avoid financial support to projects that fail to meet these guidelines. The Principles were conceived in 2002 on an initiative of the International Finance Corporation(IFC), and launched in June 2003. Since then, dozens of major banks, accounting for up to 80 percent of project loan market, have adopted the Principles. Accordingly, the Principles have become the de facto standard for all banks and investors on how to deal with potential social and environmental issues of projects to be financed. Compliance with the Equator Principles facilitates for endorsing banks to participate in the syndicated loan and help them to manage the risks associated with large-scale projects. The Equator Principles call for financial institutions to provide loans to projects under the following circumstances: - The risk of the project is categorized in accordance with internal guidelines based upon the environmental and social screening criteria of the IFC. - For Category A and B projects, borrowers or sponsors are required to conduct a Social and Environmental Assessment, the preparation of which must meet certain requirements and satisfactorily address key social and environmental issues. - The Social and Environmental Assessment report should address baseline social and environmental conditions, requirements under host country laws and regulations, sustainable development, and, as appropriate, IFC's Environmental, Health and Safety Guidelines, etc. - Based on the Social and Environmental Assessment, Equator banks then make agreements with borrowers on how they mitigate, monitor and manage the risks through a Social and Environmental Management System. Compliance with the plan is included in the covenant clause of loan agreements. If the borrower doesn't comply with the agreed terms, the bank will take corrective actions. The Equator Principles are not a mere declaration of cautious banks but a full commitment of lenders. A violation of the Principles in the process of project financing, which led to an unexpected damage to the affected community, would not give rise to any specific legal remedies other than ordinary lawsuits. So it is more effective for banks to ensure consistent implementation of the Principles and to have them take responsible measures to solve social and environmental issues. Public interests have recently mounted up with respect to environmental issues on the occasion of the Supreme Court's decision (2006Du330) on the fiercely debated reclamation project at Saemangeum. The majority Justices said that the expected environmental damages like probable pollution of water and soil were not believed so serious and that the Administration should continue to implement the project seeking ways to make it more environment friendly. In this case, though the Category A Saemangeum Project was carried out by a government agency, the Supreme Court behaved itself as a signal giver to approve or stop the environment-related project like an Equator bank in project financing. At present, there is no Equator bank in Korea in contrast to three big banks in Japan. Also Korean contractors, which are aggressively bidding for Category A-type projects in South East Asia and Mideast, might find themselves in a disadvantageous position because they are generally ignorant of the environmental assessment associated with project financing. In this regard, Korean banks and overseas project contractors should care for the revised Equator Principles and the latest developments in project financing more seriously. It's because its scope has expanded to the capital cost of US$10 million or more across all industry sectors regardless of developing countries or not. It should be noted that, for a Korean bank, being an Equator bank is more or less burdensome in a short-term period, but it must be conducive to minimizing risks and building up good reputation in the long run.

• Journal of Intelligence and Information Systems
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• v.27 no.1
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• pp.103-128
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• 2021

Recently, investors' interest and the influence of stock-related information dissemination are being considered as significant factors that explain stock returns and volume. Besides, companies that develop, distribute, or utilize innovative new technologies such as artificial intelligence have a problem that it is difficult to accurately predict a company's future stock returns and volatility due to macro-environment and market uncertainty. Market uncertainty is recognized as an obstacle to the activation and spread of artificial intelligence technology, so research is needed to mitigate this. Hence, the purpose of this study is to propose a machine learning model that predicts the volatility of a company's stock price by using the internet search volume of artificial intelligence-related technology keywords as a measure of the interest of investors. To this end, for predicting the stock market, we using the VAR(Vector Auto Regression) and deep neural network LSTM (Long Short-Term Memory). And the stock price prediction performance using keyword search volume is compared according to the technology's social acceptance stage. In addition, we also conduct the analysis of sub-technology of artificial intelligence technology to examine the change in the search volume of detailed technology keywords according to the technology acceptance stage and the effect of interest in specific technology on the stock market forecast. To this end, in this study, the words artificial intelligence, deep learning, machine learning were selected as keywords. Next, we investigated how many keywords each week appeared in online documents for five years from January 1, 2015, to December 31, 2019. The stock price and transaction volume data of KOSDAQ listed companies were also collected and used for analysis. As a result, we found that the keyword search volume for artificial intelligence technology increased as the social acceptance of artificial intelligence technology increased. In particular, starting from AlphaGo Shock, the keyword search volume for artificial intelligence itself and detailed technologies such as machine learning and deep learning appeared to increase. Also, the keyword search volume for artificial intelligence technology increases as the social acceptance stage progresses. It showed high accuracy, and it was confirmed that the acceptance stages showing the best prediction performance were different for each keyword. As a result of stock price prediction based on keyword search volume for each social acceptance stage of artificial intelligence technologies classified in this study, the awareness stage's prediction accuracy was found to be the highest. The prediction accuracy was different according to the keywords used in the stock price prediction model for each social acceptance stage. Therefore, when constructing a stock price prediction model using technology keywords, it is necessary to consider social acceptance of the technology and sub-technology classification. The results of this study provide the following implications. First, to predict the return on investment for companies based on innovative technology, it is most important to capture the recognition stage in which public interest rapidly increases in social acceptance of the technology. Second, the change in keyword search volume and the accuracy of the prediction model varies according to the social acceptance of technology should be considered in developing a Decision Support System for investment such as the big data-based Robo-advisor recently introduced by the financial sector.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.38
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• pp.327-376
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• 2008

China is marking 9.4% annual growth rate in average since 1978. GDP reached $1090 in 2003 as the first time and China ranked at 4th with their economy size in 2006. One of the remarkable change in China is the extension of foreign open-door policy. China joined WTO in the end of 2001 and it strengthen the foundation of Chinese market economy structure and encouraged the inflow of foreign capital. While 400 of the 500 global corporations advanced into China, the economy trade has been rapidly increasing between Korea and China. The economy trade in both countries has been regularized since 1992 and the annual trade is tending upwards in last 15 years. Korean trade toward China reached 134,400 million which is increased 27 times compared with the total of 1982. In this period, Korean trade toward China marked 24.5% in Export increasing rate and 16.7% in import increasing rate. China became the 2nd biggest export country of Korea in 2001 and became the top in 2003. As the China foreign direct investment has been increasing rapidly, the number of Korean companies advanced into China has been remarkably increasing. By focusing on a thorough review of the nationally published documents of Korean-Chinese business management research during more than two decades (1981-2004), the present paper has been systematically classified and analyzed the current status of Korean-Chinese business management research. The paper raised some important issues regarding Korean-Chinese business management research and predominantly, its future prospects are outlined. In the paper, the documents which are registered in the Korean Academic Processing Foundation registration of journals and candidate registration of journals have been classified by: research purpose, main subject, research method and the results. Careful analysis among the research clarified the active and inactive business management research fields. This clarification enables us to get a better understanding of the current research of Korean-Chinese business management, and more importantly, it pointed out to the direction of future development of research. In addition, the systematic classification made by this paper may contribute to the decision making of subject index of Korean-Chinese business management research since there has been no classification standard of it until now.

• The Korean Journal of Applied Statistics
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• v.23 no.1
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• pp.63-71
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• 2010

Business entrepreneurs reflect their views of domestic and foreign economic activities on their operation for the growth of their business. The decision, forecasting, and planning based on their economic sentiment affect business operation such as production, investment, and hiring and consequently affect condition of national economy. Business survey index(BSI) is compiled to get the information of business entrepreneurs' economic sentiment for the analysis of business condition. BSI has been used as an important variable in the short-term forecasting models for business cycle analysis, especially during the the period of extreme business fluctuations. Recent financial crisis has arised extreme business fluctuations similar to those caused by currency crisis at the end of 1997, and brought back the importance of BSI as a variable for the economic forecasting. In this paper, the meaning of BSI as an economic sentiment index is reviewed and a GUIDE regression tree is constructed to find out the factors which affect on BSI. The result shows that the variables related to the stability of financial market such as kospi index(Korea composite stock price index) and exchange rate as well as manufacturing operation ratio and consumer goods sales are main factors which affect business entrepreneurs' economic sentiment.

• KDI Journal of Economic Policy
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• v.12 no.3
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• pp.3-26
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• 1990

Encouraged by the investment in the rice paddy, the introduction of new varieties (Tong-Il), and the price support program, there has been great success in increasing rice production. Meanwhile, the demand for rice has decreased rapidly as per capita income continues to rise. Rice self-sufficiency has been attained, and a new over-supply problem is emerging. Moreover, the Uruguay Round Agricultural Negotiation would prohibit government price support for agricultural products. In October the Korean government decides the government purchase amount and support price, which works as the price guideline. All interested parties exert political efforts to influence the decision. The continued increase of the government purchase price of rice due to political pressure pushed the government purchase price above the market wholesale price in 1988. Also, the farmers preferred to sell to the government than to the wholesaler. This has discouraged the market mechanism, and the government is to take over the three functions of the market mechanism: stockpiling, seasonal price fluctuation adjustment, and circulation. Another big increase may cause the government purchase price to rise above the consumer price, which might lead to arbitrage opportunities for the farmers and suffocate the market mechanism. However, the current political situations limits the options for the Korean government. This paper argues that a supply control policy will reduce the social cost resulting from the high level of producer price support, and it proposes several second best policies: First, the production of new varieties should be reduced rapidly. Second, the old rice in the government warehouse should be auctioned or disposed of in order to reduce the government handling and management costs. Third, the acreage diversion program should be launched in order to control rice paddy acreage. Fourth, a social welfare program in rural areas should be introduced, since the share of population over 60 is increasing rapidly. Fifth, instead of the price support which is forbidden by the Uruguay Round, Korea should restructure the agricultural industry by developing new crops, by enhancing productivity and by improving the agricultural infrastructure.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.107-117
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• 2013

The main objective of this study lies at examining economic features of IT security investment and comparing alternative mechanisms to achieve optimal provision of IT security resources within a firm. There exists a paucity of economic analysis that provide useful guidelines for making critical decisions regarding the optimal level of provision of IT security and how to share the costs among different users within a firm. As a preliminary study, this study first argues that IT security resources share some unique characteristics of pure public goods, namely nonrivalry of consumption and nonexcludability of benefit. IT security provision problem also suffers from information asymmetry problem with regard to the valuation of an individual user for IT security goods. Then, through an analytical framework, it is shown that the efficient provision condition at the overall firm level is not necessarily satisfied by individual utility maximizing behavior. That is, an individual provision results in a suboptimal solution, especially an underprovision of the IT security good. This problem is mainly due to the nonexcludability property of pure public goods, and is also known as a free-riding problem. The fundamental problem of collective decision-making is to design mechanisms that both induce the revelation of the true information and choose an 'optimal' level of the IT security good within this framework of information asymmetry. This study examines and compares three alternative demand-revealing mechanisms within the IT security resource provision context, namely the Clarke-Groves mechanism, the expected utility maximizing mechanism and the Groves-Ledyard mechanism. The main features of each mechanism are discussed along with its strengths, weaknesses, and different applicability in practice. Finally, the limitations of the study and future research are discussed.

• Information Systems Review
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• v.7 no.2
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• pp.257-276
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• 2005

The most distinctive characteristic in Maeil's outsourcing strategy was the rapid decision process done by CEO. At first, Maeil made a contract with a outsourcing vendor based on 50% investment for 5 years. However, 3 years later Maeil changed their outsourcing strategy from 10% share to 100% outsourcing. This is for the efficiency improvement and cost reduction. Also, Maeil organized separate TFT which could control IS quality. This TFT reviewed the feasibility of requirement analysis and IS planning process. Through this cooperation between TFT and the outsourcing vendor, Maeil could get the stable IT development and operation. During last 5 years, Maeil achieved great performance in the area of IT development and operation from the outsourcing. The present issue related to outsourcing strategy is whether Maeil will continue the current contract or change the vendor due to the anxiety of becoming a captive customer.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2016.05a
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• pp.58-58
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• 2016

This study aims to enhance Korea's competitiveness by taking the lead in the international standardization and relevant global market. This is to be achieved by performing the role of First Mover through the resolute investment from Fast Follower that is servile to the decision of the organization in the e-Navigation strategy that has been promoted by the IMO. The study methodology is an integrated approach. It is established by modelling LSCM G2B2C2 Platform in maritime safety/security logistics and applied to the enhancement of maritime safety/security in global LSCM. This paper externally contributes to the reduction of world maritime accidents and exalt the national prestige; internally, the enhancement of the national competitiveness through the improvement of shipping port logistics and others. These eventually contribute to Korea's economic development that is combined by both theory and practice and of practical use of the integrated approach.

• Archives of design research
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• v.19 no.5 s.67
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• pp.95-104
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• 2006

The advertisement is an informative product in which a company or an organization has made a substantial capital investment in order to achieve their goals based on their carefully thought-out plans. David Ogilvy maintaned that making a headline of an advertisement is worth 80 percent completion of the advertisement. As he insisted, a headline is also the most important element in the printing advertisement. Therefore, the importance of selecting headline's font style is increased because, while creating a headline, it is necessary to consider the emotional aspects of the advertising object that attract the attention of people. Many researchers call 'typography' as 'frozen sound' or 'written sound' because typography not only works as a letter but also provide people with an emotional pleasure. An appropriate selection of headline's font style in the advertisement production makes both the client and the audience for the advertisement satisfied because it reduces the communication risk and makes design results more reasonable. It is difficult to find many decision-making methods for selecting headline's font style. Therefore, the author of this paper investigated the trend of the use of headline's font style in order to help the designer understand headline's font style as one of design factors. As a result of the research, it is possible to conclude that, while selecting the headline's font style, the attributes of a font consist of limited style, and more objective and systematic font selection methods are necessary.

• Journal of the Korean association of regional geographers
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• v.13 no.5
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• pp.576-594
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• 2007

The purpose of this study is to derive policy implications in allocating day care centers for the elderly with more efficiency and/or equity by calculating and analysing the accessibility scores of individual dongs to day care centers for the elderly in Seoul using GIS spatial analysis techniques. The study finds that the spatial distribution of the centers does not respond to the distribution of the potential users very well and that dongs in Gangseo-gu and Songpa-gu at the outskirt of Seoul has the lowest level of accessibility. The findings of the study has policy implications in the management of day care centers for the elderly. First, in order to improve the accessibility of the elderly to the centers, an increase in the number and the capacity of the centers needs to be made especially in areas with lower level of services provided. Second, if policy decision is made in the way to increase the capacity of the existing centers rather than to increase the number of centers due to, for example, the budget limit, capacity expansion needs to be made in the centers with higher proximity in order for more elderly people to use the centers more frequently with easy access. Finally, this type of accessibility analysis techniques needs to be used to allocate, expand, and evaluate other types of care facilities for the elderly and social welfare facilities in order to preserve the welfare right of the users of the facility who usually have a lower mobility and to assure the necessity of the resource investment.