• Korean Journal of Organic Agriculture
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• v.23 no.4
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• pp.749-756
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• 2015

This study aims at identifying the characteristics of family-owner firms from the business studies and searching for the usefulness of the concept for the farming research. From the 1980s, there have been a lot of studies on family business which found out its different features in term of management characteristics. Exploring the concept of the family business, this tries to figure out any kind of similarities of the family farm concept which could be applied for the studies on identifying novel characteristics of contemporary family farms in capitalised societies.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2015.05a
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• pp.209-210
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• 2015

Since CM policies established in 1996, contracts of CM services are continuously increasing over the past years. As constant improvement of positive awareness about public/private owners and CM capabilities of domestic construction companies, a number of efforts were being made to acquire competitiveness of domestic and overseas CM market. However, there has been lack of quantitative and comprehensive research to investigate CM firms. The purpose of this research is to statistically analyze total of 2,983 CM service contracts over the past 16 years published in KISCON (Knowledge Information System of Construction Industry) in order to examine CM owner type.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2009.05b
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• pp.185-188
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• 2009

Recently clients requirements and social requirements are complex and large sized in construction projects. Futhermore, processes and steps are more complexed than before. Unsuitable reflection of clients brings mistaken opinions. A phase of middle change makes delay and change. It brings problems of waste expense and time. 80, first stage of planning and schematic design processes have to reflect of clients opinion actively. by increasing of constructions project competitiveness. Recently, BIM(Building Information Modeling is being researched frequently. Through visualization of information proceed step by step and it helps cognition of adapting information. 80, this paper finds and suggests solution of reflecting clients opinion and requirements and non professional clients and positively support of client participation watching based on BIM.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.780-785
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• 2005

This paper aims to consider an overall benefit-duration optimization (OBDO) problem for the sake of maximizing owner's economic benefits, whilst considering influences of schedule compression incurred opportunity income on the profitability of a large-scale construction project. Unlike previous schedule optimization models and techniques that have focused on project duration or cost minimization, with greater weight on contractors' interests, OBDO facilitates owner's economic benefits through overall benefit-duration optimization. In this paper, the objective function of OBDO model is formulated. An example is illustrated to prove the feasibility and practicability of the overall benefit-duration optimization problem. The significance of employing OBDO model and future research work are also described.

• International Journal of Advanced Culture Technology
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• v.11 no.1
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• pp.103-109
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• 2023

This study examines the association between ownership structure and labor investment efficiency. Specifically, this study investigates whether owner-manager firms, where managers own a large percentage of shares in the firm, involve in more efficient labor investment. Based on the management entrenchment hypothesis, managers are more likely to make labor investment decisions to maximize their private benefits rather than creating value for shareholders, resulting in lower efficiency in labor investment. On the other hand, according to the incentive alignment hypothesis, managers tend to make labor investment decisions that will improve future firm performance as their interests are aligned with those of shareholders. In this situation, owner-manager firms are expected to have higher efficiency in labor investment. Our empirical results show that owner-manager firms engage in more efficient labor investment, which contributes to long-term firm value. This study provides empirical evidence that firms' labor investment behavior can vary depending on the characteristics of the ownership structure.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2020.11a
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• pp.67-68
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• 2020

Real-time information on the construction project required by the owner make the project's transparency and overall productivity will be improved. This study analyzes domestic and foreign patents for construction project management to identify trends in technology development, construct cloud-based construction project management system solution UI, and proposes functions and services for each module. Trend research is conducted through patent search, and the analysis is divided into quantitative analysis which means quantitative statistics and qualitative analysis which means the technical contents of each patent. The construction project management system solution is based on smart devices at small and medium-sized sites, allowing both the owner and the construction personnel to share information.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.620-621
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• 2015

In this study, the multi-criteria decision-making model based on Quality Function Deployment Method is proposed. Multicriteria decision-making is an attempt to link QFD method with the TOPSIS. By this effort, a model that makes client's decision-making more rational and objective in design phase is suggested. The multi-criteria decisionmaking model confirming to the Owner's requirements will improve the productivity of the construction industry and the satisfaction of the customer. Further study extending the range of the requirements, not only the Owner's requirement will be necessary to cover the various factors as much as possible. And then, finally as a flexible platform to achieve a sustainable quality management, web-based multi-criteria decision-making model can be utilized by the relevant stakeholders simultaneously with the feed-back and sharing the necessary informations.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Journal of the Korean Institute of Intelligent Systems
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• v.15 no.6
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• pp.714-719
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• 2005

The paper attempts to design and implement the system which can remotely check visitors' speech or Image by a mobile phone. This system is designed to recognize who a visitor is through the automatic calling service, not through a short message, via the mobile phone, even when the home owner is outside. In general, door locks are controlled through the home Server, but it is more effective to control door locks by using DTMF signal from a real-time point of view. The technology suggested in this paper makes it possible to communicate between the visiter and the home owner by making a phone call to tile home owner's mobile phone automatically when the visiter visits the house even if the home owner is outside, and if necessary, it allows for the home owner to control the door lock remotely. Thanks to the system, the home owner is not restricted by time or space for checking the visitor's identification and controlling the door lock. In addition, the security system is improved by changing from the existing password form to the combination of password and speaker verification lot the verification procedure required for controlling the door lock and setting the environment under consideration of any disadvantages which may occur when the mobile Phone is lost. Also, any existing problems such as reconnection to tile network for controlling tile door lock are solved by controlling the door lock in real time by use of DTMF signal while on the phone.

• Proceedings of the Korea Institutes of Information Security and Cryptology Conference
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• 1997.11a
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• pp.345-353
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• 1997

Password checking is the most popular user authentication method. The keystroke dynamics can be combined to result in a more secure system. We propose an autoassociator multilayer perceptron which is trained with the timing vectors of the owner's keystroke dynamics and then used to discriminate between the owner and an imposter. An imposter typing the correct password can be detected with a very high accuracy using the proposed approach. The approach can also be used over the internet such as World Wide Web when implemented using a Java applet.