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REFERENCE LINKING PLATFORM OF KOREA S&T JOURNALS
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The Journal of Fisheries Business Administration
Journal Basic Information
Journal DOI :
The Korean Society of Fisheries Business Adminidtration
Editor in Chief :
Volume & Issues
Volume 42, Issue 3 - Dec 2011
Volume 42, Issue 2 - Sep 2011
Volume 42, Issue 1 - Jun 2011
Selecting the target year
The Determinants of Fisheries Firms' Capital Structure : Comparative Analysis of Financing Behavior in Pre and Post the Asian Financial Crisis
Nam, Soo-Hyun ; Lee, Kwang-Min ; Hong, Jae-Bum ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 1~14
We try to find the determinants of fisheries firms' capital structure during the years from 1992 to 2007 in this paper. We also have a comparative analysis of capital raising behavior in pre and post-IMF financial crisis. Regression analysis is used for this empirical study. Dependent variable is leverage ratio and independent variables are firm size, operating risk, proportion of tangible asset, non-debt tax shield effect, sales growth ratio, profitability and dummy variable. We compared the characteristics of fisheries industry with that of manufacturing industy. The determinants of fisheries firms' capital structure and correlation between pre and post-IMF financial crisis are roughly same as the hypothses except a little difference. As a peculiar difference, corrlation between fisheries firms' operating risk and leverage ratio is (+) in the pre-IMF financial crisis, but (-) in the post-IMF financial crisis. Proportion of tangible asset has a (+) correlation with leverage ratio in pre and post-IMF financial crisis, but in case of manufacturing industy, (-) correlation shows in the pre-IMF financial crisis. Because, in the pre-IMF financial crisis, high proportion of tangible asset doesn't play a role of a collateral, but only increase the bankruptcy probability. Non-debt tax shield effect and leverage ratio have (-) correlation in all industry and all period, but only (+) correlation in case of fisheries industry in the pre-IMF financial crisis. Sales growth ratio has no significant relationship with leverage ratio in fisheries industry, and this is not coincide with our hypothsis. We have a limitation of the sample size of fisheries firms and sample period in this study. Further study is required to classify the fisheries industry with in-shore fisheries, deep sea fisheries and cold storage industry.
Management Evaluation on the Regional Fisheries Cooperatives using Data Envelopment Analysis Model
Lee, Kang-Woo ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 15~30
This study is designed to measure the relative efficiency of regional fishery cooperatives based on Data Envelopment Analysis(DEA) methods. Selecting 40 regional fishery cooperatives in Busan as Decision Making Units (DMUs), the study uses their panel data from 2007 to 2008 to rank the relative efficiency of the DMUs. First, the efficiency score of the DMUs are calculated using CCR, SBM, and super-SMB model. Within the model, input variables are the number of employees and area of fishery cooperatives. Output variables are the amount of deposit money, loan and profit. Based on the efficiency scores calculated from super-SMB model, the efficiency ranking of the DMUs is determined. Second, the differences in average efficiency calculated from the three DEA models are tested using a pair-wise mean comparison test. The results based on the efficiency scores evaluated from super-SMB model show that seven out of the forty DMUs are efficient; among the efficient DMUs, the DMUs that can be benchmarked for inefficient DMUs through the frequency analysis of reference set being identified. Third, the differences in average efficiency of the three DEA models between 2007 and 2008 are tested using pair-wise mean comparison test and the study estimates the efficiency change of the DMUs between 2007 and 2008 using Malmquist productivity index(MPI). Finally, the paper suggests an improved composite DMU superior to the inefficient DMUs evaluated by Super-SBM model.
Study on the Appropriate Method Applying Gross Tons for Compensation for Damage of Coastal Fisheries in Case of Boat Change
Seo, Sang-Bok ; Ryu, Dong-Gi ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 31~45
Costal fisheries use small boat. The boats are frequently substituted with newly made boat or proper boat. When the boat which is substituted with another one after the fixed date for compensation is estimated for fisheries loss by public project, it is matter that which boat is the object for estimating average catch of fish. There are three ways in practical business. They are based on the date of spot probe, the date of conference for compensation and fixed date for compensation. In case of applying the first and the second ways, as the object of compensation is not fixed, there is problem that estimated result can be changed depending on changing boat tons even after the date of spot probe and the fixed date for compensation. Most of all, these ways are against Attached Form No.4 of the Enforcement Ordinance of Fisheries Law which regulate to calculate average catch of fish applying result of fishery for retroactively counted 3 years from the year before the year in which administrative measure day is. The other side, in applying boat tons based on the fixed date for compensation, estimated result of compensation will not change even boat substituted after the fixed date for compensation. Even though applying tons based on the fixed date for compensation, a problem still remains. If the boat get bigger after the fixed date for compensation, the then boat size must be applied for calculating average catch. But the boat get smaller, the changed boat size must be applied. Because changed small boat would be damaged less than the previous boat. And decrease in catch by changing boat into small one is not due to the project but due to the personal responsibility. This will help to increase objectivity and reliance on the compensation result. As the other objects are fixed based on the fixed date for compensation in the Act on Acquisition and Compensation of Land and Others for Public Project, it can be balanced with other object.
A Study on the Seafood Consumer's Value Analysis and Market Segmentation
Zhang, Chun-Feng ; Jang, Young-Soo ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 47~68
Values are lasting beliefs that are at the center of human behavior and not be often changed. Different values make different behaviors, and similar values form similar behaviors. Consumers' values affect not only the cognitive process but also behaviors in a powerful and comprehensive way. There have been many studies regarding prediction of consumer patterns and identification, measurement methods of values. This is because if we can accurately measure the value system, it can be used in many areas of marketing such as market segmentation, new product development, and advertisement. In case of seafood, it is also necessary to make marketing strategies by segmenting consumers based on their value systems. The objectives of this study are as follows: First, it is to find out the connection process from the properties of seafood products that consumers consider important, to the benefits, and finally to the values they pursue by applying the means-end chain theory, using the Laddering method. Second, using a two-step cluster analysis, we aim to segment seafood markets based on consumers' values and investigate characteristics of segmented markets. Based on objectives, it is expected that this study would provide informations on seafood consumers and help to establish seafood marketing strategies for producers and distributors. Analytical results of the value system using a means-end chain theory indicated that there were seven complete links, that is, ladders among fresh seafood products. In case of processed seafood products, there were total 9 complete ladders. The empirical analytical results of market segmentation according to the values showed fresh seafood products were divided into three groups. In case of processed seafood products were segmented into two groups.
Forecast and Demand Analysis of Oyster as Kimchi's Ingredients
Nam, Jong-Oh ; Nho, Seung-Guk ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 69~83
This paper estimates demand functions of oyster as Kimchi's ingredients of capital area, other areas excluding a capital area, and a whole area in Korea to forecast its demand quantities in 2011~2015. To estimate oyster demand function, this paper uses pooled data produced from Korean housewives over 30 years old in 2009 and 2010. Also, this paper adopts several econometrics methods such as Ordinary Least Squares and Feasible Generalized Least Squares. First of all, to choose appropriate variables of oyster demand functions by area, this paper carries out model's specification with joint significance test. Secondly, to remedy heteroscedasticity with pooled data, this paper attempts residual plotting between estimated squared residuals and estimated dependent variable and then, if it happens, undertakes White test to care the problem. Thirdly, to test multicollinearity between variables with pooled data, this paper checks correlations between variables by area. In this analysis, oyster demand functions of a capital area and a whole area need price of the oyster, price of the cabbage for Gimjang, and income as independent variables. The function on other areas excluding a capital area only needs price of the oyster and income as ones. In addition, the oyster demand function of a whole area needed White test to care a heteroscedasticity problem and demand functions of the other two regions did not have the problem. Thus, first model was estimated by FGLS and second two models were carried out by OLS. The results suggest that oyster demand quantities per a household as Kimchi's ingredients are going to slightly increase in a capital area and a whole area, but slightly decrease in other areas excluding a capital area in 2011~2015. Also, the results show that oyster demand quantities as kimchi's ingredients for total household targeting housewives over 30 years old are going to slightly increase in three areas in 2011~2015.
Productivity of the Flounder Stocking Density on the Flounder Culture Farms
Eh, Youn-Yang ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 85~96
Oliver flounder population density affect Oliver flounder growth and mortality rate. In laboratory pilot experiment, Oliver flounder growth rate is inversely proportional to stocking density. But previous study has not proved external validity. This study is aimed to analyze the effect of stocking density on the Oliver flounder culture farms in Jeju Island. In order to do this, I selected 13 farms in Jeju island as a sample. In the study, various analytical methods including productivity analysis, regression analysis, statistical analysis were conducted for 13 Oliver flounder culture farms. The result of analysis can be summarized as follows. First, in case of the Oliver flounder culture farms, Bertalanffy equation is not applicable to the Oliver flounder growth. Second, the Oliver flounder stocking density, defined as the surface area of Oliver flounder per
of water surface area, is preferred to density definition defined as the weight of Oliver flounder per
of water surface area on the Oliver Flounder Culture Farms case. Third, growth rate and production weight on the Oliver flounder culture farms are inversely proportional to stocking density on spearman rank correlation test. When extensive comparable biological and culture condition data become available, analysis model can be easily modified to yield more accurate results.
Effectiveness analysis about Readjustment of Fishery Permit
Lee, Kwang-Nam ; Jung, Jin-Ho ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 97~112
The coastal and offshore fishery to manage from a fishery permit system in our country at present seems to be a sign of lots problem, which are illegal fishing, a permit rent, non fishing vessel the purpose of vessel reduction, fishery compensation, tax exemption oil, the excessive occurrence of administrative cost due to differences during a period of a fishery permit. All the readjustment system for the permit has suggested an effective solution for a fishery permit management, the maintenance of a fishery order(the prevention of illegal fishery), the prevention of unused fishery, the entrance of new vessel in coastal fishery and it's system has prevent this problems in ahead. This paper has estimated an prevention convenience for an illegal spill of the tax exemption oil, actual effects of vessel reduction, the conservation of fishery resource for the future value and carried out an economic analysis to estimate compliance cost for the system introduction. Also, this study have analyzed throughly the coastal fishery situation and catched lots of issues on the management for the permit system. Especially, the problems improving the readjustment introduction for the permit have estimated the social and economic effects quantitatively and qualitatively with a calculated technique to classify various scenarios. This paper has judged correctly the term of validity for the permit to shorten as a result of the estimation and it will be to take the net convenience cost 1,655thousand million won. The results of this study have expect to provide a basic data to introduce the readjustment system for the permit.
The Research on the Development Steps and Facing Problems of Korean and Japanese Laver Industry
Ock, Young-Soo ;
The Journal of Fisheries Business Administration, volume 42, issue 2, 2011, Pages 113~130
The laver has been cultivated long time ago by Korea and Japan. Korean Laver Industry has been influenced by Japan on the many factors since 20th. Nevertheless now the both country showed widening disparities across the aspect of total Laver Industry each other. The development steps of Korea and Japan Laver Industry have been advanced differently. That is, we can keep the Laver Industry development steps of both countries separate by 4 steps. But insignificant of every step against both countries has been dissimilar. We can separate from 4 steps in Korea, 1 step is origin period from beginning of laver cultivation to 1961. Next step is First Development period from 1962 to 1978. This period come out production increase from about 10,000 tons early 1960 to 50,000 tons late 1970. Next step is Second Development period from 1979 to 2000. This period come out eminent production increase from about 50,000 tons early 1980 to 200,000 tons late 1990. Next step is Stabilization period from 2001 to now. This period come out production control the size of its production and enlargement of Laver Export. We can also separate from 4 steps in Japan, 1 step is origin period from beginning of laver cultivation to 1944. Next step is Development period from 1945 to 1975. This period come out production increase from about 4 billion sheets early 1960 to 8.5 billion sheets 1975. Next step is Peak period from 1976 to 1982. This period come out sustainable production peak by 6~8 billion sheets and high price. Next step is Decline period from 1983 to now. This period come out production control the size of its production and sustainable price down. These differences showed out facing problems of Korean and Japanese Laver Industry differently. In case of Korea, the facing problems show out 3. First is structural problem, for example, trouble between original laver producer and the finished producer by dry laver products. Second is Insufficiency of Plants Protection System. Third is low quality of Laver. In case of Japan, the facing problems also show out 3. First is sustainable decrease of laver consumption. Second is change of mind against laver, for example, the change of the propensity to consume, and decrease of brand power. Third is Influence of global system. The difference of development steps of Korea and Japan Laver Industry show out 2 point of view to us. First we need consider positive strategy against laver production system of enlargement. Second, we need consider separate strategy against high quality laver and low quality laver.