• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.233-254
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• 2023

Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin's Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

• Journal of the Earthquake Engineering Society of Korea
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• v.28 no.3
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• pp.121-128
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• 2024

There are growing concerns that the recently implemented Earthquake Early Warning service is overestimating the rapidly provided earthquake magnitudes (M). As a result, the predicted damages unnecessarily activate earthquake protection systems for critical facilities and lifeline infrastructures that are far away. This study is conducted to improve the estimation accuracy of M by incorporating the observed S-wave seismograms in the near source region after removing the site effects of the seismograms in real time by filtering in the time domain. The ensemble of horizontal S-wave spectra from at least five seismograms without site effects is calculated and normalized to a hypocentric target distance (21.54 km) by using the distance attenuation model of Q(f)=348f^0.52 and a cross-over distance of 50 km. The natural logarithmic mean of the S-wave ensemble spectra is then fitted to Brune's source spectrum to obtain the best estimates for M and stress drop (SD) with the fitting weight of 1/standard deviation. The proposed methodology was tested on the 18 recent inland earthquakes in South Korea, and the condition of at least five records for the near-source region is sufficiently fulfilled at an epicentral distance of 30 km. The natural logarithmic standard deviation of the observed S-wave spectra of the ensemble was calculated to be 0.53 using records near the source for 1~10 Hz, compared to 0.42 using whole records. The result shows that the root-mean-square error of M and ln(SD) is approximately 0.17 and 0.6, respectively. This accuracy can provide a confidence interval of 0.4~2.3 of Peak Ground Acceleration values in the distant range.

• Korean Journal of Environmental Biology
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• v.33 no.3
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• pp.345-351
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• 2015

This study was conducted to find out the methodology of carbon budget assessment among soil, atmosphere and plant. Soil respiration, net ecosystem productivity of herbs and net ecosystem productivity of woody plants have been measured in 30 years old pear orchard at Naju. Closed Dynamic Chamber (CDC) method was used to measure soil respiration and net ecosystem productivity of herbs. Net ecosystem productivity of woody plant (pear) was determined by eddy covariance method using the EddyPro (5.2.1) program. As for soil respiration, $429.1mgCO_2m^{-2}h^{-1}$ was released to atmosphere and sensitivity of soil temperature ($Q_{10}$) was 2.3. In case of herbs, respiration was superior to photosynthesis during measurement period. From 20 to 24 Jun 2015, the sum of absorbed and released $CO_2$ by herb's photosynthesis and respiration was $156.1mgCO_2m^{-2}h^{-1}$. Woody plants showed the $680.1mgCO_2m^{-2}h^{-1}$ of absorption by photosynthesis. In a farm scale, the sum of soil respiration, and net ecosystem productivity of herbs and woody plants was $0.04tonCO_2ha^{-1}$ during the measurement period, and it showed that pear orchard act as a $CO_2$ sink. This study using various approaches is expected to present a methodology for evaluating the carbon budget of perennial woody crop plantations.

• Applied Biological Chemistry
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• v.47 no.4
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• pp.414-421
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• 2004

3D QSAR studies for protox inhibition activities against root and shoot of the rice plant (Orysa sativa L.) and barnyardgrass (Echinochloa crus-galli) by a series of new 1-(5-methyl-3-phenylisoxazolin-5-yl)methoxy-2-chloro-4-fluorobenzene derivatives were conducted based on the results (Sung, N. D. et al.'s, (2004) J. Korean Soc. Appl. Biol. Chem. 47(3), 351-356) using comparative molecular similarity indices analysis (CoMSIA) methodology. Four CoMSIA models, without hydrogen bond donor field for the protox inhibition activities against root and shoot of the two plants, were derived from the combination of several fields using steric field, hydrophobic field, hydrogen bond acceptor field, LUMO molecular orbital field, dipole moment (DM) and molar refractivity (MR) as additional descriptors. The predictabilities and fitness of CoMSIA models for protox inhibition activities against barnyard-grass were higher than that of rice plant. The statistical results of these models showed the best predictability of the protox inhibition activities against barnyard-grass based on the cross-validated value $r^2\;_{cv}\;(q^2=0.635{\sim}0.924)$, non cross-validated, conventional coefficient $r^2\;_{ncv.}$ value $(r^2=0.928{\sim}0.977)$ and PRESS value $(0.255{\sim}0.273)$. The protox inhibition activities exhibited a strong correlation with the steric $(5.4{\sim}15.7%)$ and hydrophobic $(68.0{\sim}84.3%)$ factors of the molecules. Particularly, the CoMSIA models indicated that the groups of increasing steric bulk at ortho-position on the C-phenyl ring will enhance the protox inhibition activities against barnyard-grass and subsequently increase the selectivity.

• The Korean Journal of Pesticide Science
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• v.8 no.3
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• pp.151-161
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• 2004

Three dimensional quantitative structure-activity relationships (3D-QSAR) studies for the protox inhibition activities against root and shoot of rice plant (Orysa sativa L.) and barnyardgrass (Echinochloa crus-galli) by a series of new A=3,4,5,6-tetrahydrophthalimino, B=3-chloro-4,5,6,7-tetrahydro-2H-indazolyl and C=3,4-dimethylmaleimino group, and R-group substituted on the phenyl ring in 1-(5-methyl-3-phenylisoxazolin-5-yl)methoxy-2chloro-4-fluorobenzene derivatives were performed using comparative molecular field analyses (CoMFA) methodology with Gasteiger-Huckel charge. Four CoMFA models for the protox inhibition activities against root and shoot of the two plants were generated using 46 molecules as training set and the predictive ability of the each models was evaluated against a test set of 8 molecules. And the statistical results of these models with combination (SIH) of standard field, indicator field and H-bond field showed the best predictability of the protox inhibition activities based on the cross-validated value $r^2_{cv.}$ $(q^2=0.635\sim0.924)$, conventional coefficient $(r^2_{ncv.}=0.928\sim0.977)$ and PRESS value $(0.091\sim0.156)$, respectively. The activities exhibited a strong correlation with steric $(74.3\sim87.4%)$, electrostatic $(10.10\sim18.5%)$ and hydrophobic $(1.10\sim8.30%)$ factors of the molecules. The steric feature of molecule may be an important factor for the activities. We founded that an novel selective and higher protox inhibitors between the two plants may be designed by modification of X-subsitutents for barnyardgrass based upon the results obtained from CoMFA analyses.

• The Korean Journal of Pesticide Science
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• v.9 no.1
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• pp.26-34
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• 2005

3D-QSAR studies for the fungicidal activities against resistance phytophthora blight (RPC; 95CC7303) and sensitive phytophthora blight (Phytopthora capsici) (SPC; 95CC7105) by a series of new 2-alkoxyphenyl-3-phenylthioisoindoline-1-one derivatives (A & B) were studieded using comparative molecular similarity indices analyses (CoMSIA) methodology. From the based on the results, the two CoMSIA models, R5 and S1: as the best models were derivated. The statistical results of the models showed the best predictability and fitness for the fungicidal activities based on the cross- validated value ($q^2=0.714{\sim}0.823$) and non cross-validated, value ($r^2_{ncv.}=0.918{\sim}0.954$), respectively. The model R5 for fungicidal activity of RPC generated from the field fit alignment and combination of electrostatic field, H-bond acceptor field and LUMO molecular orbital field. The model S1 (or S5) for fungicidal activity of SPC generated from the atom based fit alignment and combination of steric field and HOMO molecular orbital field. The models also shows that inclusion of H-bond acceptor field (A) improved the statistical significance of the models. From the based graphical analyses of CoMSIA contribution maps, it was revealed that the novel selective character for fungicidal activities between the two fungi by modify of X-sub-stituent on the N-phenyl group and R-substituent on the S-phenyl group will be able to achivement.

• Journal of Intelligence and Information Systems
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• v.22 no.2
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• pp.57-79
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• 2016

It is a rising trend that the number of users using one of the social media channels, the Social Network Service, so called the SNS, is getting increased. As per to this social trend, more companies have interest in this networking platform and start to invest their funds in it. It has received much attention as a tool spreading and expanding the message that a company wants to deliver to its customers and has been recognized as an important channel in terms of the relationship marketing with them. The environment of media that is radically changing these days makes possible for companies to approach their customers in various ways. Particularly, the social network service, which has been developed rapidly, provides the environment that customers can freely talk about products. For companies, it also works as a channel that gives customized information to customers. To succeed in the online environment, companies need to not only build the relationship between companies and customers but focus on the relationship between customers as well. In response to the online environment with the continuous development of technology, companies have tirelessly made the novel marketing strategy. Especially, as the one-to-one marketing to customers become available, it is more important for companies to maintain the relationship marketing with their customers. Among many SNS, Facebook, which many companies use as a communication channel, provides a fan page service for each company that supports its business. Facebook fan page is the platform that the event, information and announcement can be shared with customers using texts, videos, and pictures. Companies open their own fan pages in order to inform their companies and businesses. Such page functions as the websites of companies and has a characteristic of their brand communities such as blogs as well. As Facebook has become the major communication medium with customers, companies recognize its importance as the effective marketing channel, but they still need to investigate their business performances by using Facebook. Although there are infinite potentials in Facebook fan page that even has a function as a community between users, which other platforms do not, it is incomplete to regard companies' Facebook fan pages as communities and analyze them. In this study, it explores the relationship among customers through the network of the Facebook fan page users. The previous studies on a company's Facebook fan page were focused on finding out the effective operational direction by analyzing the use state of the company. However, in this study, it draws out the structural variable of the network, which customer committment can be measured by applying the social network analysis methodology and investigates the influence of the structural characteristics of network on the business performance of companies in an empirical way. Through each company's Facebook fan page, the network of users who engaged in the communication with each company is exploited and it is the one-mode undirected binary network that respectively regards users and the relationship of them in terms of their marketing activities as the node and link. In this network, it draws out the structural variable of network that can explain the customer commitment, who pressed "like," made comments and shared the Facebook marketing message, of each company by calculating density, global clustering coefficient, mean geodesic distance, diameter. By exploiting companies' historical performance such as net income and Tobin's Q indicator as the result variables, this study investigates influence on companies' business performances. For this purpose, it collects the network data on the subjects of 54 companies among KOSPI-listed companies, which have posted more than 100 articles on their Facebook fan pages during the data collection period. Then it draws out the network indicator of each company. The indicator related to companies' performances is calculated, based on the posted value on DART website of the Financial Supervisory Service. From the academic perspective, this study suggests a new approach through the social network analysis methodology to researchers who attempt to study the business-purpose utilization of the social media channel. From the practical perspective, this study proposes the more substantive marketing performance measurements to companies performing marketing activities through the social media and it is expected that it will bring a foundation of establishing smart business strategies by using the network indicators.

• KDI Journal of Economic Policy
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• v.28 no.2
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• pp.131-177
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• 2006

This paper examines a simultaneous determination of corporate control mechanisms, and its effects on firm performance. The corporate control mechanisms considered include the following; insider shareholding, institutional shareholding, the board of directors, dividend policy, and capital structure. This paper applies a simultaneous equation methodology and investigates the interdependence among the corporate control mechanisms. In the first part, the paper finds that firm-level variations of control mechanisms are large across time although average variations are relatively small. These variations are related to one another, which is confirmed by Granger causality test based on dynamic panel autoregression model. More specifically insider shareholding, institutional shareholding and outside director ratio cause each other. With regard to interdependence among the control mechanisms, 2SLS(two stage least squares) regression results show that insider shareholding and institutional shareholding are substitutes while institutional shareholding acts as complements to the ratio of outside members in the board of directors. Then in the second part, the paper examines the relationship between firm performance and corporate governance. Firm performance, measured by Tobin's Q, has a positive association with leverage ratio while that has a negative relation to outside director ratio. This suggests that there may be a room for reforming corporate governance in Korea. Specifically it is necessary to enhance the independence of the outside directors.

• 한국HCI학회:학술대회논문집
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• 2009.02a
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• pp.1208-1217
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• 2009

This research was conducted in an attempt to understand changes and growths of the self in on-line game world. Q methodology was used to investigate players in Mabinogi, which is an on-line game(MMORPG). Based on 57 behavior statements, Players distributed their changing experiences from when they were novices in on-line game world to the current state. In early start phase, they recognized that on-line game world was different from the reality. And they perceived their experiences in on-line game as separated from the real ones. However, as they spend more time in on-line game world, they began to realized that on-line game world is as real as the world because they function as an individual living in a society in both the game and the real world. They felt and learned that in on-line game life, they also need to follow the rules and order. In addition, trust and politeness were essential in order to live with other players. As time passed, the players realized that on-line game experiences have the same meanings and values as the real life ones. 3 types of self-changing patterns were found : Achievement change, Control change, and Relation change. The behavior patterns of the 3 types were then compared to Identify similarities and differences amongst them in psychological meanings and values in the on-line game life. This result illustrates that on-line game world can be defined as new behavioral setting or developmental context established by digital technology. In this new setting, people can experiment and understand their behavior patterns and also experience changes and growths of the self.

• The Korean Journal of Emergency Medical Services
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• v.13 no.2
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• pp.61-72
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• 2009

Purpose : This study aimed to analyze the posttraumatic stress research trends in Korean and foreign firefighters. Method : Total 63 published international articles were searched by Pub Med internet site and total 17 published Korean articles were searched by Korean Medical Database internet site using 'PTSD in firefighters'. These articles were analyzed by published time, domains of journal, research designs, key words and research subjects. Result : 1) By the published time, there were 29 disaster-related researches(46.0%) and 34 job-related researches(54.0%) among 63 international articles. However, there were 16 disaster-related researches(94.1%) and 1 job-related research (5.9%) of Korean 17 articles. 2) By the international research domain, 9 researches(14.3%) were published in The Journal of Nervous and Mental Disease. Among domestic research domain, there were 9 researches(52.9%) consisting of 6 master's degrees and 3 doctor degrees. In major analysis of Korean domain, the highest portion is 4 psychology researches. (23.5%) 3) In the term of the international research design, quantitative research methods were highly used in both 23 disaster-related researches (36.5%) and 30 job-related researches(47.5%). In domestic research, quantitative research methods were mostly used in 14 job-related researches(82.3%) and Q methodology was only used in 1 disaster-related research(5.9%). 4) Looking on the research content trends according to the key words, 9 researches (31.0%) done on posttraumatic stress and coping had the most research and was followed up by posttraumatic stress symptom. Among these researches, key words for PTSD(Posttraumatic Stress Disorder) and PTS(Posttraumatic Stress) were mostly used. Moreover, there was 1 domestic study done on verifying the trends of Posttraumatic Stress in disaster-related research with PTS as the key word. In job-related research, the relationship between the Posttraumatic Stress and other factors had the most with ten studies (62.5%). Among these researches, key words for 5 PTSD(31.3%) were mostly used. 5) According to the international research subjects, the Posttrau consist the most subjects with 16 cases each for disaster and job related stress ; however, domestic research had 16 studies(94.1%) only using firefighters and 1 (5.9%) with their families as subjects. Conclusion : Although the studies of Posttraumatic Stress on Korean firefighters had started later than those on Foreign firefighters, first used for crucial topics show research development in various fields of study and should be tested for studies like those done in abroad regarding multiple topics and methods.