• Asian Journal of Innovation and Policy
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• v.8 no.3
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• pp.396-416
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• 2019

The key conditions for the promotion of innovative technology-based start-ups are expanding the market for innovative technology products and services, increasing equity-based funding opportunities, promoting the commercialization of technological innovation, and establishing a fair-trade system for start-ups to compete fairly in the market. Besides, there is a need for a support system that minimizes the cost of failure in case of business failure to facilitate re-challenge and provides education and training opportunities to enhance entrepreneurial capabilities. To activate technology-based start-ups, the Korean government introduced the TIPS policy in 2013. It is a program that creates technology start-up with private investment led by successful venture entrepreneurs, which has shown remarkable achievement and is regarded as the most successful policy in this field up to now. The most critical factor contributed to the success of this program is to invite private investors to select a technology entrepreneurship team and provide mentoring with the investment. The government provides R&D funding with matching investment, commercialization and marketing support to ensure that technology start-ups survive crossing the death-valley. Subsequent investments from domestic and abroad investors are actively made and it is becoming a representative technology-based start-up program in Korea.

• Korean Journal of Social Welfare
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• v.46
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• pp.290-318
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• 2001

In 1981, Chile has fundamentally reformed the public pension system from the pay-as-you-go system (PAYGs) to the full funding defined contribution system managed by the private funding companies. The Chilean privatization reform influenced not only the neighbor South American countries but also the advanced countries. The United Kingdom contracted out the state earning related pension system. Australia and Sweden recently introduced the private investment accounts system. And now the hot debates on the privatization of the social security pension is going on in the United States of America. This wind of privatizing the public pension system is being backed up by the New Liberalism, the nowadays' strongest ideology. Besides, the theoretical and idealogical debate between the World Bank and the ILO/ISSA was happened in the middle of 1990s. The World Bank, the supporter of the international financial capital, insisted the introducing of the full funding individual accounts system and the abolition of the existing PAYGs. The ILO/ISSA apposed the World Bank's policies and advocated the moderate reform of the PAYGs. In this paper, I reviewed the Chilean reform, the World Bank's report and the opposing argument of the ILO/ISSA against it, and analysed the core issues of the two sides. Also, I tried to present the suggestions to the Korean public pension systems. Through the discussing the debate, we made certain of the importance of the basic issues in the social security system like equity vs. adequacy, inter-generational redistribution vs. intra-generational redistribution and welfare vs. economy, once again.

• Journal of Korea Society of Digital Industry and Information Management
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• v.10 no.4
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• pp.225-236
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• 2014

Productivity of public organizations was far older due to issue more difficult to measure than private organizations. Unlike the private sector, the public sector is a diverse and sometimes conflicting objectives (efficiency, effectiveness, equity, democracy, etc.) exist, it is difficult to measure productivity in a single index. Many departments of government is intricately interrelated and sometimes produced by the joint efforts, it is difficult to allocate performance, incentives and accountability to among departments. And there is the difficulty of collecting data on the productivity indicators of public organizations. Despite these difficulties, we developed a productivity index system and measuring method to systematically introduce the concept of productivity in the local administration. In this paper, the productivity and the productivity index measurement practices of local governments conducted annually from 2011 on was deep into research. First, the report found examples of the governments of the developed countries, productivity measurement, then the way MOPAS(Ministry of Public Administration and Security) measure productivity index of local governments, success factors, the implications were in-depth analysis. Finally, in order to enhance productivity and competitiveness municipalities studied ways to take advantage of the productivity index.

• Korean Business Review
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• v.19 no.1
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• pp.157-174
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• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.

• 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.20 no.6
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• pp.483-488
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• 2019

This study first examines whether the high matching principle reduces the cost of equity, and then examines the effect on discretionary accruals and capital cost. According to previous studies, the higher the response to revenue cost, the higher the earnings quality. The higher the quality of earnings, the lower the information risk, and the lower the information risk, the lower the capital cost of enterprise. Discretionary accruals can play two roles in opposing each other. One is that managers use the discretionary accruals to provide private information about the future of the corporation to the market, thus enhancing the usefulness of the earnings. The other is that managers can use the discretionary accruals opportunistically to distort earnings and provide misinformed information to investors, thus reducing the usefulness of earnings. The results of this study represents that the higher the responding to the revenue cost, the less the cost of equity. In the case of firms with high revenue response, we examine whether discretionary accruals reduce the cost of equity capital. As a result of the study, the higher the responding to the revenue cost, the lower the cost of equity capital. Companies with higher matching principle have been shown to reduce their capital costs by using discretionary accruals.

• The Mathematical Education
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• v.60 no.4
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• pp.451-466
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• 2021

The interaction between student and school levels should be considered to understand and examine equity in education. For this reason, we included the socioeconomic composition of schools to scrutinize the equity related to students' socioeconomic status and mathematical literacy in Korea. We applied the hierarchical linear modeling approach to the Programme for International Student Assessment (PISA) 2015 data for binational comparison between Korea (5,548 students from 168 schools) and the U.S. (5,217 students from 161 schools). The findings show that school-level achievement and the socioeconomic composition of schools cannot be ignored to understand Korean students' achievement gap between high and low socioeconomic status. In addition, U.S. students from low socioeconomic status were likely to have similar mathematics literacy scores. These findings indicated that inequity in Korean mathematics education could be intertwined with the characteristics of Korean students like high demands for supplementary private education and school characteristics like curriculum selection. This research also reminds mathematics educators that people should not simply mimic other education systems to resolve education issues in their own system.

• Journal of Digital Convergence
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• v.17 no.9
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• pp.39-46
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• 2019

This study started with the question of whether the percentage of non-aeronautical revenues at Incheon airport was extremely high when compared with other international airports. Although aeronautical revenues for the airport based on the traditional business model have the limits to grow due to various regulations, stakeholders concerned about improving the competitiveness recently have been interested in increasing non-aeronautical revenues. This study deals with the effect of non-aeronautical revenues at international airports on airport charges as the extent of airport privatization get stronger. To examine hypotheses, we collected international data from trustful sources. Finally, we conducted an empirical analysis of 178 airports worldwide. As a result, the higher the percentage of non-aeronautical revenues at international airports, the lower the airport charges were. Besides, the private equity ratio positively moderated the relationship between the percentage of non-aeronautical revenues and airport charges. Privatization of airports may offset the effects of reduced airport charges through increased commercial activity. Graphical display for moderation effect is offered to facilitate comprehension.

• Environmental and Resource Economics Review
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• v.11 no.1
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• pp.31-55
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• 2002

When landowners have private information about land value, compensation based on conservation value at the time of regulatory takings of land is impractical even though it generates an efficient outcome. No compensation rule to a landowner not only yields an inefficient outcome but also provides an ex ante pervasive incentive for the landowner to invest in lowering conservation value. An alternative rule of compensation based on the market value of the land provides ex ante incentives for landowner either to reduce conservation value or to increase it. Under the market value compensation rule, placing the burden of proof on landowner gives higher probability of conservation than placing it on regulator. Whether it is better to allure landowners to conserve by paying compensation with market value and placing the burden of proof on landowner through changes in the regulatory regime however depends on the magnitude of inefficiency, equity consideration and dynamic nature of property rights on environmental goods.

• Korean Journal of Health Education and Promotion
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• v.29 no.4
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• pp.29-38
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• 2012

Objectives: This paper aims to suggest some ways we could improve the efficiency and equity in health promotion programs in the public sector. Methods: Reports published by the Minister of Health and Welfare and web-site information were reviewed. And, the empirical results and theoretical considerations provided in this study could be used in making future direction for health promotion programs in the public sector. Results and conclusion: The public sector should play a leading role in health promotion programs. The role of public sector in health promotion program is to establish the health promotion plan based on the health survey, to develop the scientific programs, to provide the free health services, and to maintain a cooperative relationship with the private sector. In order to activate the health promotion programs in the public sector, establishing the role of the public sector, changing the operation of health promotion fund, block grants for health promotion, local health promotion fund, and integration of health statistics were suggested.