• Korea Journal of Hospital Management
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• v.13 no.3
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• pp.1-16
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• 2008

According to Myers (1984) and Myers and Majluf(1984), there exists a financial hierarchy from internal to external financing, from long-tenn debt to equity, due to information costs. The purpose of this study is to assess the profit-making corporation of healthcare institutions. Data was collected from 130 hospital presidents and financial managers. We analysed the frequency and one way ANOVA by SPSS Windows 14.0K. The major findings of the study were as follows: We found that the priorities which a healthcare institutions financing were internal financial, other allowance, a credit loan, a security loan, and a lease through this study. The priorities which a healthcare institutions raised the capital differed as to the number of beds and revenues. The priorities were no difference from ownership, location and an annual business.

• Journal of Korean Academy of Nursing Administration
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• v.17 no.2
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• pp.180-188
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• 2011

Purpose: This study was done to evaluate the operating status of community-based home health center for revitalization of the centers. Method: In this study performance data including organization plan and service utilization plan were evaluated according process theory. Target of evaluation was the community-based home health care center. Results: The vulnerable part of the organization was the information system and financial resources. The home health center introduced PDA (Personal Digital Assistants) in 2005, however home health care nurses did not make full use of it. This service received full support from Seoul city and local government and there were no other sources of income. The vulnerable part of service utilization was service expansion and standardization due to vulnerability of organizational aspects. Conclusions: The home health care center provides high quality services to underprivileged people. In the future, these services should be provided with equity for continuous health care for this population.

• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.1-17
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• 2013

This paper aims to review the fairness of carriers' incentive schemes at Gwangyang port in 2010 and to show the desirable incentive allocation rules using the proportional and egalitarian rules under cooperative game theory. The carriers' incentive schemes at Gwangyang port in 2010 did not meet the no-envy and the efficiency, and satisfy the symmetry axiom. According to the research findings, the equal surplus method satisfies the axioms of equity, efficiency, symmetry, and progressivity. However, the uniform losses method meets the axioms of equity, efficiency, symmetry, and regressivity. We use a single allocation criterion of the total throughput to show the regressivity and the symmetry principles into the incentive scheme instead of using multiple criteria such as total throughput, increased volume, and coastal volume. The uniform losses method based on the total throughput can distribute the incentive amount according to the intent of the incentive schemes. Hence, we need to establish a rationing system to allocate reasonably the total amount of different types of incentives, avoiding the temptation to adjust the volume shipped between the ports of carriers considering the efficiency of allocation.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.209-235
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• 2022

Starting from 2010, blockchain technology, along with the development of artificial intelligence, has been in the spotlight as the latest technology to lead the 4th industrial revolution. Furthermore, previous research regarding blockchain's technological applications has been ongoing ever since. However, few studies have been examined the standards for classifying the blockchain economic ecosystem from a capital market perspective. Our study is classified into a collection of interviews of software developers, entrepreneurs, market participants and experts who use blockchain technology to utilize the blockchain economic ecosystem from a capital market perspective for investing in stocks, and case study methodologies of blockchain economic ecosystem according to application fields of blockchain technology. Additionally, as a way that can be used in connection with equity investment in the capital market, the blockchain economic ecosystem classification methodology was established to form an investment universe consisting of global blue-chip stocks. It also helped construct an intelligent portfolio through quantitative and qualitative analysis that are based on quant and artificial intelligence strategies and evaluate its performances. Lastly, it presented a successful investment strategy according to the growth of blockchain economic ecosystem. This study not only classifies and analyzes blockchain standardization as a blockchain economic ecosystem from a capital market, rather than a technical, point of view, but also constructs a portfolio that targets global blue-chip stocks while also developing strategies to achieve superior performances. This study provides insights that are fused with global equity investment from the perspectives of investment theory and the economy. Therefore, it has practical implications that can contribute to the development of capital markets.

• School Mathematics
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• v.16 no.4
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• pp.709-726
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• 2014

The purpose of the study was to pay attention to the studies of P. Cobb which have actively been quoted in the international research of mathematics education for the last three decades and to look at the result and effect of his research. In particular, we in-depth studied theories and the methods of the study which he has tried to reduce the gap in the theory and practice and investigated effects of his research to the Korean societies of mathematics education. Cobb made special effort to integrate radical constructivism and social constructivism and used emergent theory and symbolic interactionism as theoretical background of the study. Also he analyzed the mathematics classroom in individual and social perspectives based on the interpretive frames of social norm, sociomathematical norm and classroom-mathematical practices then dealt with equity and identity of the students. Because Cobb contributed significantly to the development of practical theory using design experiment as the method of studies, we presented the definition, characteristics, principles, processes and practices of the design experiment. We anticipate that his ways of research would be used as means of unifying the theory and the practice in school.

• Journal of the Korean association of regional geographers
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• v.20 no.4
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• pp.454-472
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• 2014

This study is to analyze the approaches of development discourse and its representation in geography curriculum and textbooks for middle school in Korea. The paper examines the spectrum of development discourse in terms of modernization theory, dependency theory, neoliberalism, grassroots development, sustainable development, postcolonism, post-structuralism and post-development. The findings on geography textbook analysis based on them are as follows. First, Most of the textbooks don't include the definition and operational definition on development and sustainable development. Second, development indicators rely on normal economic indicators like GDP or GNI per capita. HDI that includes GDP per capita, level of education and life expectancy is treated in some of the textbooks, and gender index is never presented. Third, a textbook still uses biased terms such as developed and most developed countries instead of developing countries. Fourth, in plans to solve economic unequality and geographical problems, personal level is treated less than the global, nation and NGOs. Finally, statements on sustainable development contain only intergenerational equity, not intergenerational equity. And approaches on sustainable development are based on technocentric approaches more than ecocentric approaches. Thus geography textbooks should be carefully written on development discourse by authors.

• Journal of Distribution Science
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• v.13 no.10
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• pp.73-82
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• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• Journal of Navigation and Port Research
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• v.43 no.4
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• pp.264-272
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• 2019

In this study, the rate of return on investment used as a proxy variable for the entity's value and financial structure (liability ratio) is related to positive balance. This is consistent with the Static Tradeoff Theory (STT) that the entity's value and financial structure are related to a positive balance because the capital expense of a debt (tax-saving effects) that is less than its equity cost before it is in financial difficulty. Also, operating profitability (EBITDA/Sales), investment safety, total asset growth, net working capital and depreciation expenses are related to negative (-) with financial structure (liability ratio). This is the result of an analysis consistent with the Pecking Order Theory (POT). Fuel costs, borrowing, total asset turnover, financial costs, and tangible asset ratios have a significant positive relationship with the debt ratio. This is consistent with the agency theory and confirms that excessive chartering expenses, such as the bankrupt H company, are the main factors that pressure the financial structure of Korean ocean carriers.

• The Korean Journal of Franchise Management
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• v.13 no.4
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• pp.39-48
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• 2022

Purpose: COVID-19 has negatively influenced the financial performance of restaurant firms. Previous literature suggests that the franchising strategy effectively helps restaurant firms recover from difficult business conditions through various methods for expanding business size and enhancing business efficiency. According to risk-sharing theory, restaurant franchisors may minimize operational risks by sharing the risks with their franchisees. For instance, restaurant franchisors could generate more stable cash flow using franchise fees from their franchisees. However, research on the effect of franchise's risk reduction factor on business performance during pandemic is scarce. Thus, this study aims to examine the positive moderating effect of franchising between COVID-19 and restaurants' financial performance. Research design, data, and methodology: Panel data including financial information and franchising status of restaurant firms were collected for analysis. In order to control for unobserved firm-specific factors, generalized least squared estimation in fixed effects model was conducted. Huber-White robust standard errors were used to deal with heteroscedasticity issues. Results: It was found that COVID-19 pandemic has a negative effect on the restaurants' financial performance such as ROA (return on assets), ROE (return on equity), and PM (profit margins), which confirms the findings from existing literature. More importantly, results show that the degree of franchising has a positive moderating effect on the relationship between COVID-19 and financial performance of restaurant firms. This suggests that more active engagement in franchising may decrease negative impacts of COVID-19 on the restaurants' financial performance. Conclusions: The study supports existing literature related to risk-sharing theory, by confirming that pandemics, such as COVID-19, negatively affect financial performance of the restaurants. Furthermore, it was found that franchising strategy can help lessen negative impacts of pandemics on the firm performance. These findings can contribute to the franchise and restaurant management literature by suggesting the role of franchising in reducing business risks, thereby positively affecting financial performance. Moreover, this study offers business managers of franchisors and franchisees insights for utilizing franchising in restaurant risk management. Policymakers may also gain information on aiding restaurant firms during global crisis, such as COVID-19.

• Journal of Korea Game Society
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• v.15 no.1
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• pp.171-184
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• 2015

Looking at the existing game-related research, innumerable researches such as game acceptance, user satisfaction, continuance intention, wold-of-mouse intention have been carried out. However, there was no cases that applying the concept of service recovery in game researches. The purpose of this study is to evaluate the impact on the characteristic of the mobile social network game that based on domestic mobile social network game platform which focusing on KakaoTalk games on the service recovery. In addition, the study analyzed the characteristic factors of mobile social network game on the basis of Organizational Equity Theory and Innovation Diffusion Theory to identified the causal relationship between those factors and service recovery. As a result, except the independent variable-compatibility, all of the characteristics factors of mobile social network game showed direct or indirect effects on service recovery. The results of this study are expected as a reference for presenting a new business model, reducing risk factors and enriching the related research of the gaming industry.