• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.33-68
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• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Information Systems Review
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• v.7 no.2
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• pp.101-115
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• 2005

IT companies make a lot of effort to share and utilize the experiences of their members and transform them into organizational knowledge as a competitive core. However they face a dilemma in that they have to spend time and financial resources to perform activities around knowledge management for the long-term gains, while carrying at field-work for making short-term profits. As an initial attempt to tackle this managerial problem, this paper tries to investigate the mechanism of knowledge management in a small IT company in Korea with a synthetic view-point using system dynamics simulation model. It depicts the dynamic behaviors of knowledge management and presents some findings of political leverage. Although this model has to be further replenished, the scheme for the dynamism of knowledge management and the findings presented in the paper could be useful for the decision makers, especially of knowledge-intensive organizations.

• International Commerce and Information Review
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• v.13 no.3
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• pp.377-401
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• 2011

Under the WTO system, direct export support system that provides financial and tax related support is altogether prohibited. This presented an obstacle in strengthening competitiveness of Korean export business and in increasing exports continuously. One of the methods used to solve this problem was to actively leverage export insurance. In Korea, export insurance services have been conducted by the Korea Trade Insurance Corporation (k-sure) to promote export. Korea has been among the world's active users of the export insurance system. Given this situation, this paper examines the effectiveness of the Korea export insurance system in the promotion of export. In particular, this study analyzed about discriminating effects of the export insurance on the export of big and small-medium business. In order to analyze, We introduce a Export Supply Function model. In this paper, We construct two model. The one is about big business, the other is small-medium business. For empirical analysis, unit-root test was conducted to understand the safety of time series. The results show that all variables are not I(0) time series. Instead, they are I(1) time series. To this, cointegration verification was conducted based on the use of Johansen verification method to define the existence (or non-existence) of long-term balance relationship among variables. The results come out as follows. The export insurance of big business has a stronger effect on export than that of small-medium business. The cause of these results is due to the distinct structure of Korea industries. In view of the fact that the insurance can make the risk decreased. We can say that the export insurance affects the export of a high-risk country.

• Environmental and Resource Economics Review
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• v.23 no.4
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• pp.643-665
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• 2014

We study the optimal policy of the contracual arrangement in raising the debt-to-equity ratio for oil, gas and mining project finance deals. We investigate the impact of the optimal contractual relationship between counterparties on the soundness of projects, differing in output price volatility and country risk. Key findings are: first, the existence of EPC sponsors and off-takers generally raises the debt-to-equity ratio. In particular, EPC sponsors and off-taking sponsors jointly mitigate the credit risk caused by counntry risk. Seocond, off-taking and EPC contracts jointly help mitigate the credit risk caused by the country risk, rather than the price volatility. Indeed, the contractual structure raises the debt-to-equity ratio.

• Journal of Internet Computing and Services
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• v.13 no.3
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• pp.115-126
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• 2012

Mashups have become very popular over the last few years, and their use also varies for IT convergency services. In spite of their popularity, there are several challenging issues when combining Open APIs into mashups, First, since portal sites may have a large number of APIs available for mashups, manually searching and finding compatible APIs can be a tedious and time-consuming task. Second, none of the existing portal sites provides a way to leverage semantic techniques that have been developed to assist users in locating and integrating APIs like those seen in traditional SOAP-based web services. Third, although suitable APIs have been discovered, the integration of these APIs is required for in-depth programming knowledge. To solve these issues, we first show that existing techniques and algorithms used for finding and matching SOAP-based web services can be reused, with only minor changes. Next, we show how the characteristics of APIs can be syntactically defined and semantically described, and how to use the syntactic and semantic descriptions to aid the easy discovery and composition of Open APIs. Finally, we propose a goal-directed interactive approach for the dynamic composition of APIs, where the final mashup is gradually generated by a forward chaining of APIs. At each step, a new API is added to the composition.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.110-118
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• 2017

This study investigated empirically one of the controversial subjects in modern finance, in that there is an optimal level of capital structure for KOSPI-listed firms in the Korean capital market. Given the major theories on the capital structure, such as Myers' pecking order, trade-off, and agency cost ones, this study applied an analysis of covariance models in parametric and non-parametric statistical methods. In particular, two covariates to control for the possible effects of trade-off and agency cost, were employed separately in each corresponding model, while the other proxy for pecking order rationale was adopted in previous research [1] to conduct inter- and intra-industry analyses. Based on the outcomes obtained from the study, it was demonstrated empirically that there are optimal capital structures for firms in the sample industries at the inter-industry level, whereas statistical differences indicating non-existence of an optimal point, were revealed within the industry. Accordingly, these findings suggest a new vision to potential investors that firms in the domestic market may have financial opportunities to increase their value by gradually adjusting the leverage ratios in terms of the intra-industry perspective.

• KIISE Transactions on Computing Practices
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• v.22 no.10
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• pp.521-531
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• 2016

In this paper, since most business process of D-agency is being performed through some information systems, including Onnara System is a government standard operating management system, computerized accumulated in the system documentation based on, even if there is no independent job analysis system, in a judgment that can be can be tissue diagnosis, it presented a job analysis plan that leverages the existing information system. Most material is passed online in business processing between departments and between colleagues, it is returned. In situations where most information systems for such business processing is built developed, grasp the work procedures and information systems D-agency data accumulated to derive the necessary elements for job analysis quantified, and verified the validity of the element in the regression statistics.In addition, classification system (BRM, Business Reference Model) of the existing functionality that is available only Onnara System, and to establish a job analysis architecture to be able to function diagnostic departments to leverage common also in other information systems, related implement illustrating additional features of the information system, to derive a department duties value calculation formula with it, and present various job analysis plan that can actually be utilized to diagnose and derived elements department appropriate personnel.

• Journal of the Korean association of regional geographers
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• v.8 no.2
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• pp.199-215
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• 2002

The socio-economic and environmental systems of world are in turmoil. International conflicts are placed in their geographical context through the integration of maps. Changes in the world political map have often been the outcome of wars and conflicts associated with major geopolitical transitions. We identify five basic types--proto-nationalism, unification nationalism, separation nationalism, liberation nationalism and renewal nationalism. Political leaders in a wide range of contexts have been able to appeal to the nationalist doctrine to justify their actions. In recent years indigenous peoples have found a new voice in their struggle for survival. Although colonial empire's ending followed long and bloody struggles in some places. We really cannot understand the modem world as a whole if we do not understand the dynamic of that part of it which has endured and struggled against colonialism. The patterns of the international conflicting area are divided internal conflict type, mixed conflict type, international conflict type. The formation factors of the international conflicting area are divided ethnic group, religion, colonialism, resource, territory. There has recently been a resurgence of Islam's importance in world affairs. The oil crises of the 1970s gave new international leverage to several Muslim states.

• Journal of KIISE:Software and Applications
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• v.37 no.2
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• pp.85-94
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• 2010

This paper introduces a novel way to leverage convolution parse tree kernel to extract the interaction information between two proteins in a sentence without multiple features, clues and complicated kernels. Our approach needs only the parse tree alone of a candidate sentence including pairs of protein names which is potential to have interaction information. The main contribution of this paper is two folds. First, we show that for the PPI, it is imperative to execute parse tree pruning removing unnecessary context information in deciding whether the current sentence imposes interaction information between proteins by comparing with the latest existing approaches' performance. Secondly, this paper presents that tree kernel decay factor can play an pivotal role in improving the extraction performance with the identical learning conditions. Consequently, we could witness that it is not always the case that multiple kernels with multiple parsers perform better than each kernels alone for PPI extraction, which has been argued in the previous research by presenting our out-performed experimental results compared to the two existing methods by 19.8% and 14% respectively.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.7
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• pp.174-182
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• 2018

Given the ongoing debate in many aspects of finance, more attention may need to focus on corporate R&D expenditures. This study empirically tests financial determinants of R&D expenditures for NYSE-listed and KOSPI-listed firms. Three major hypotheses were postulated to test for corporate R&D outlay. First, proposed variables such as one-year lagged R&D expenditures, market value based leverage, profitability and cash holdings showed significant influence on corporate R&D costs for the sample firms. Moreover, financial factors inclusive of squared one-year lagged R&D expenditures, the interaction effect between one-lagged R&D expenditures and high-growth firm, non-debt tax shield, Tobin's q and a dummy variable to explain differences in accounting treatment between the U.S. and Korea, revealed significant differences between the two samples. Finally, in the conditional quantile regression (CQR) analysis for the R&D-related variables in relation to corporate growth rate, it was found that the NYSE-listed firms had a statistically significant linkage between growth potential and one-year lagged R&D expenditures at lower quantile levels. This study may shed new light on identifying financial factors affecting differences between the U.S. market (as an advanced market) and the Korean market (as an emerging market) regarding the optimal level of R&D investments for shareholders.