Earticle

Wireless sensor networks (WSNs) have gained worldwide attention in recent years. These are of great significance in resolving many real-world problems, and have attracted increasing research interests in recent years. In this paper, we consider a hybrid sensor network with fifty sensor nodes, where a subset of the nodes has movement capability, possibly at high energy expense. A static sensor node can check its energy status and seek for replacement when its current energy falls below a certain threshold. If a redundant static sensor is located close to a dying sensor and can fulfill the coverage requirement, it can be used for substitution. One way to repair the fault is to find redundant nodes to replace faulty nodes. Redundant nodes are placed in the position where the average distance to each sensor node is the shortest. Simulation results show that our algorithm can find the proper redundant node in the minimum time and reduce the relocation time with low message complexity. We investigate the dynamics on random geometric networks. Fixed threshold policy is considered that enables the sensor node to vary and continue its service so that data loss can be minimized. This policy is also considered for energy measure of the node. Work has been carried out for faulty node among intermediate nodes. The rectification is done by replacing the faulty node and to continue the network data transfer.

본 연구에서는 중소기업에 대한 지원정책으로 인해 중소기업이 고의적으로 성장을 지체하는 현상이 존재하는지를 실증분석하였다. 규모감소확률, 규모성장률의 두 가지 관점에서 문지방효과(threshold effect)를 분석하였으며, 자료는 한신평의 외감기업 전수자료와 통계청의 광공업 통계총조사를 모두 이용하였다. 외감기업 전수자료는 자료의 높은 신뢰성에도 불구하고 성장지향적 기업이 포함될 가능성이 높은 반면, 광공업통계는 종업원 5인 이상 사업체 전수의 정보를 제공함에도 불구하고 다공장 기업을 분석에서 제외함으로써 성장지향적 기업을 배제할 가능성이 높다. 따라서, 두 자료는 서로 보완적으로 문지방 효과의 존재를 보여줄 수 있다. 규모감소확률과 규모증가율의 관점에서 실증분석을 시행한 결과 종업원 250명∼299명 사이에서 문지방효과는 발견되지 않았다. 이는 중소기업이 대기업으로 성장 시 발생하는 부담이 정상적인 성장을 고의적으로 지체할 만큼 충분히 크지 않기 때문으로 해석된다. 실제로 중소기업 지원액의 대다수는 중기업보다는 소기업에게 지원되고 있으며, 대기업에 대한 규제도 자산규모가 최소 1,000억 원이 넘었을 때 시행된다는 점이 이를 뒷받침하고 있다.

This paper aims to analyze the effect of distinction between LSEs and SMEs on firm growth. Previous literatures strongly insisted that distinction between SMEs and LSEs on the basis of 300 employees and consequent discriminatory supports have the threshold effect on the growth of SMEs. However, relevant discussion was usually based on case studies or questionnaire, which means threshold effect on firm growth had never been proved by empirical analysis. Therefore we verified the threshold effect from two perspectives-the possibility to decrease the size and the growth rate. Moreover, two databases were used-the database of the statutory audit firms from Korea Information Service and the Mining and Manufacturing Census from the National Statistical Office. The former is the most suitable database in that it contains firm level data and is very credible. But, it may include information of firms which are more eager to grow. On the other hand, although the latter is the most comprehensive database in the available databases, it contains the establishment level data. Therefore, the data of multi-plant firms which are more eager to grow should be eliminated in the analysis. Therefore, it is expected that two databases are complimentary to each other. The regression analysis with two databases showed that there was no abnormal growth pattern in the vicinity of firms with less than 300 employees. Possible explanations are as follows. Policy supports for SMEs were mainly targeted on SSEs (Small sized enterprises) rather than MSEs (Medium sized enterprises) and the regulations on LSEs were applied only when the equity exceeded 100 billion won. Therefore, the burden from the growth of SMEs grow to LSEs is not significant enough to retard normal growth intentionally.

The goal of this paper is to examine the validity of nonlinear Taylor rules in Korea. To perform our tests, we utilize new IV ECM threshold cointegration tests that are invariant to nuisance parameters. The new tests have a standard chi-square distribution and the same critical values can be used throughout. This is in contrast to OLS ECM threshold cointegration tests, which depend on nuisance parameters and have nonstandard distributions. After finding significant support for nonlinear cointegration, we find that the Bank of Korea raises the call rate of interest only when inflation is above a threshold rate. We additionally find that the Bank of Korea increases the call rate of interest to possibly counter domestic currency deprecation only when the rate of currency deprecation exceeds a threshold.

We are truly entering the era of multiculturalism. However, we may have an ambivalent attitude towards multiculturalism as well as globalization. On the one hand, multiculturalism encourages the optimistic hope of world citizen society beyond nation-state. On the other hand, conservative swing and xenophobia (especially Islamophobia in Europe), which are also shown in several physical conflicts such as the civil unrest in French suburbs and recent terror in Norway, are casting a bleak outlook on multicultural future. These conflicts, which are deeply connected to multiculturalism and racial diversity in Europe, request us to re-examine the European democracy and the essence of so-called ‘True Europe’ or ‘European values.’ In this current situation, the main purpose of this paper is to examine viable toleration understanding in multicultural era, and illustrate it by exploring toleration theory and multicultural policy in Europe. This paper first outlines briefly the social integration policy in the Western Europe, especially in France and Germany. French model of integration policy is based on Republicanism, and the essence of this model is embodied in the concept of ‘la?cite’ as French identity, which can be distinguished from other forms of secularism. German model of integration seems to be based on democratic constitutionalism as illustrated by Habermas regarding religious pluralism in a democratic polity. There are significant differences between these two countries in the cultural, religious, and historical backgrounds; however, we might find similarity with regard to integration policy towards immigrants. In other words,both ‘la?cite’ and ‘democratic constitutionalism’ might function as ‘threshold of toleration,’ which shows the dynamics of integration of immigrants. If the integration policy is operated by assimilationist strategy, it would aims homogenization or monoculturalism in real terms. To analyze this, we may examine the heated debate of wearing hijab in both countries. The assimilationist integration policy might blind the fact that hijab is not just a symbol of oppression, but a symbol of resistance and emancipation in Islamic history and culture, and that Muslim women function as cultural mediator and cultural translator in the middle of cultural conflict between the Europe and the Islam. In this respect, we need to try mapping the synonyms regarding toleration. In this paper, we could set up some layers of toleration such as indifference, recognition, integration, and embracement to shape up the pluralistic version of toleration. Then, this paper will focus on suggesting the proper way to understand toleration coping with racial and cultural diversity, based on legal anthropology and its pluralistic perspective. I suggest that legal pluralism can be understood as a nexus of three elements: ‘plurality’, ‘toleration’, and ‘variability.’ If different and diverse values and norms (‘plurality’) give up a strong notion of homogenization and embrace each other (‘toleration’), they may experience the possibilities to change through continuous interaction among them (‘variability’). This leads to the serious debate regarding the relationship between ‘tolerating self’ and ‘tolerated others,’ that is, ‘intersubjective identity.’ The active version of toleration from pluralistic perspective requests intersubjective and interrelated self, and should be based on mutual understanding and mutual respect.

본 연구에서는 중소기업에 대한 지원정책으로 인해 중소기업이 고의적으로 성장을 지체하는 현상이 존재하는지를 실증분석하였다. 규모감소확률, 규모성장률의 두 가지 관점에서 문지방효과(threshold effect)를 분석하였으며, 자료는 한신평의 외감기업 전수자료와 통계청의 광공업 통계총조사를 모두 이용하였다. 외감기업 전수자료는 자료의 높은 신뢰성에도 불구하고 성장지향적 기업이 포함될 가능성이 높은 반면, 광공업통계는 종업원 5인 이상 사업체 전수의 정보를 제공함에도 불구하고 다공장 기업을 분석에서 제외함으로써 성장지향적 기업을 배제할 가능성이 높다. 따라서, 두 자료는 서로 보완적으로 문지방 효과의 존재를 보여줄 수 있다. 규모감소확률과 규모증가율의 관점에서 실증분석을 시행한 결과 종업원 250명∼299명 사이에서 문지방효과는 발견되지 않았다. 이는 중소기업이 대기업으로 성장 시 발생하는 부담이 정상적인 성장을 고의적으로 지체할 만큼 충분히 크지 않기 때문으로 해석된다. 실제로 중소기업 지원액의 대다수는 중기업보다는 소기업에게 지원되고 있으며, 대기업에 대한 규제도 자산규모가 최소 1,000억 원이 넘었을 때 시행된다는 점이 이를 뒷받침하고 있다.

This paper aims to analyze the effect of distinction between LSEs and SMEs on firm growth. Previous literatures strongly insisted that distinction between SMEs and LSEs on the basis of 300 employees and consequent discriminatory supports have the threshold effect on the growth of SMEs. However, relevant discussion was usually based on case studies or questionnaire, which means threshold effect on firm growth had never been proved by empirical analysis. Therefore we verified the threshold effect from two perspectives-the possibility to decrease the size and the growth rate. Moreover, two databases were used-the database of the statutory audit firms from Korea Information Service and the Mining and Manufacturing Census from the National Statistical Office. The former is the most suitable database in that it contains firm level data and is very credible. But, it may include information of firms which are more eager to grow. On the other hand, although the latter is the most comprehensive database in the available databases, it contains the establishment level data. Therefore, the data of multi-plant firms which are more eager to grow should be eliminated in the analysis. Therefore, it is expected that two databases are complimentary to each other. The regression analysis with two databases showed that there was no abnormal growth pattern in the vicinity of firms with less than 300 employees. Possible explanations are as follows. Policy supports for SMEs were mainly targeted on SSEs (Small sized enterprises) rather than MSEs (Medium sized enterprises) and the regulations on LSEs were applied only when the equity exceeded 100 billion won. Therefore, the burden from the growth of SMEs grow to LSEs is not significant enough to retard normal growth intentionally.

글로벌 탄소규제 및 공급망 투명성 요구의 강화는 중소기업에게 측정·보고·검증(MRV) 역량의 내재화를 요구한다. 그러나 중소기업은 초기 구축 고정비, 운영비, 검증·인증 비용 등 복합적 비용 구조와 자금 유동성 제약으로 인해 디지털 MRV 기술 도입에 어려움을 겪는다. 본 연구는 중소기업의 기술 채택을 운영비 임계치와 채택가능 영역으로 특징화하는 정책 프레임워크를 제시한다. 채택 결정은 경제성 조건과 자금 유동성 제약이 동시에 충족되어야 하며, 채택가능 영역은 두 조건을 모두 만족하는 영역의 교집합으로 정의된다. 정책수단으로 구축비 지원, 운영비 지원, 검증/표준 지원, 채택 인센티브를 설정하고, 각 수단이 임계치와 채택가능 영역을 어떻게 이동시키는지 구조적으로 비교하였다. 수치분석 결과, 운영비가 병목으로 작용하는 환경에서는 운영비 지원이 임계치 구조를 통해 채택 영역을 가장 크게 확대하는 것으로 나타났으며, 검증이 병목인 환경에서는 검증 기반 인프라 확충이 채택 인센티브의 실효성을 강화하는 보완적 관계가 확인되었다. 또한 자금제약이 강화된 환경에서는 경제성이 확보된 기업군에서도 채택이 실행되지 못하는 '유인-실행 격차'가 상당 규모로 존재하며, 구축비 지원이 경제성 개선과 유동성 제약 완화의 ‘이중 효과’를 통해 이를 가장 효과적으로 축소하는 것으로 나타났다. 이는 중소기업 디지털 MRV 확산 정책이 단순한 ‘지원 확대’가 아니라 운영비 임계치와 채택가능 영역의 진단에 기반한 ‘기반 구축(검증·표준)+확산 촉진(운영비)+실행 보완(구축비/금융)’의 패키지로 설계될 때 채택가능 영역이 극대화될 수 있음을 시사한다.

The intensification of global carbon regulations and supply-chain transparency requirements increasingly compels small and medium-sized enterprises (SMEs) to internalize Measurement, Reporting, and Verification (MRV) capabilities. However, the adoption of digital MRV technologies among SMEs remains limited due to a complex cost structure encompassing initial setup costs, recurring operating expenses, and verification fees. These cost barriers are further compounded by liquidity constraints. This study proposes a policy framework that characterizes SME technology adoption through an operating-cost threshold and an adoption-feasible region. Adoption requires the simultaneous satisfaction of an economic viability condition and a liquidity constraint, and the adoption-feasible region is defined as the intersection of the domains satisfying both conditions. Four policy instruments are examined?setup cost subsidies, operating cost support, verification and standards support, and adoption incentives?and their structural effects on the threshold and the adoption-feasible region are compared. Numerical analysis reveals that in environments where operating costs constitute the dominant barrier, operating cost support expands the adoption region most effectively through a multiplicative denominator effect on the threshold. Where verification costs are the binding constraint, verification infrastructure investment serves as a prerequisite that enhances the effectiveness of adoption incentives, exhibiting a complementary relationship. Furthermore, under tightened financial constraints, a sizable “incentive?execution gap” emerges whereby firms that meet the economic viability condition nevertheless cannot implement adoption due to insufficient funds; setup cost subsidies most effectively narrow this gap through a “dual effect” of improving both economic viability and relaxing the liquidity constraint. These findings suggest that SME MRV diffusion policy should be designed not as uniform subsidy expansion but as a diagnostic, barrier-based package. Specifically, such a package should combine infrastructure building (verification and standards), diffusion acceleration (operating cost support), and implementation support (setup cost subsidies and financing), thereby maximizing the adoption-feasible region.

[연구목적]본 연구는 2013년 금융소득 종합과세의 기준금액 인하가 기업의 배당정책에 미치는 영향을 분석하는 것을 목적으로 한다. [연구방법]본 연구는 금융소득 종합과세의 기준금액 인하가 기업의 배당정책에 미치는 영향을 분석하기 위해 인하 이후 연도에 배당규모를 전체배당금(중간 및 결산배당으로 주식과 현금배당)과 현금배당금의 자연로그값으로 측정하였다. 독립변수로는 기준금액 인하연도를 나타내는 더미변수로 정의하였고 통제변수로는 선행연구와 차별화된 당기순이익, 총자산증가율, 대주주지분율 및 자기자본순이익률 등을 사용하였다. [연구결과]분석결과에 따르면 선행연구와는 다르게 금융소득 종합과세의 기준금액 인하로 주주의 배당소득 세부담이 증가하더라도 배당규모를 통계적으로 줄이거나 늘이는 현상은 발견되지 않았다. 특히 당기순이익이 증가하거나 대주주지분율이 높은 기업이라도 배당정책을 변화시키지는 않은 것으로 나타났다. 이러한 현상은 기준금액 4천만원에서 2천만원으로 인하하여 최고세율구간 적용 납세자가 480만원의 추가적인 세부담이 생기더라도 기업수준에서의 배당정책에는 영향을 주지 않았다는 것을 의미한다. [연구의 시사점]본 연구의 결과는 2013년 금융소득 종합과세의 기준금액 인하로 기업의 배당정책에 영향을 주지 않았다는 연구결과를 제시하고 있다. 이처럼 본 연구는 향후 금융소득 종합과세제도의 개편시 기업배당정책 등 자본시장의 파급효과에 영향을 미치지 않는 범위에서 금융세제의 개편이 이루어져야 한다는 정책적 시사점을 제시하고 있다.

[Purpose]The purpose of this study is to investigate the influence of financial income comprehensive taxation changes on the corporate dividend policy. [Methodology]In order to analyze the dividend policy of the shareholder’s tax burden due to the comprehensive taxation of financial income, the dividend size is divided into the total dividend (stock and cash dividend in the middle and the dividend) and the natural log value of the cash dividend Respectively. As the independent variable, it is defined as dummy variable indicating the base year discount rate. For the control variables, differentiated net profit, total asset growth rate, major shareholder ownership ratio and equity ratio are used. [Findings]According to the results of the analysis, unlike the previous study, there was no phenomenon that the dividend size was reduced or increased statistically even if the dividend income tax burden of the shareholders increased due to the reduction of the standard amount of financial income comprehensive taxation. In particular, firms with high net income or large shareholders’ equity did not change dividend policy. This phenomenon means that even if the standard tariff is cut from KRW 40 million to KRW 20 million, even if additional tax burden of 4.8 million won is applied to the highest rate section applicant, it does not affect the dividend policy at the enterprise level. [Implications]The results of this study do not affect the corporate dividend policy by lowering the standard amount of financial income taxation in 2013 and should consider the effect of the financial market such as corporate dividend policy when the financial income taxation system is revised Policy implications.

Purpose The purpose of Inflation Targeting (hereafter IT) Policy is price stability. To see whether IT policy has positive effects on price stability in South Korea, whether or not inflation rates are less persistent after an IT policy is explored. Design/Methodology/Approach To estimate inflation persistence for the inflation rates within and deviated from the target range of 2% ~ 4% during the period of the post-IT policy, respectively, a Threshold Autoregressive (TAR) Model with aggregate CPI and disaggregate CPIs for 20 items is utilized. In addition, I investigate whether inflation persistence is different depending on whether the inflation rates undershoot or overshoot toward the target range. Findings It was found that inflation persistence was reduced after an IT policy. However, there was no difference in inflation persistence depending on whether inflation rates are within and deviated from the target range of 2% ~ 4% and also whether they overshoot or undershoot toward the target range. I also found that the same results from the robustness test, which set the target range of 2.5% ~3.5%. Research Implications The findings suggest that an IT policy has a positive effect on price stability in South Korea regardless of overshooting or undershooting toward the target ranges, which means that even if there is an economic shock in South Korea, its influence on the inflation rates would be temporary.

Purpose: This study proposes the optimal PM (preventive maintenance) policy of leased equipment for lessee's decision-making using two types of reliability condition. Methods: We consider reliability threshold based PM model. Equipment reliability is estimated and used as condition variable. The effect of repair for maintenance is imperfect and represented by age reduction factor. Results: We provide two PM policies. Policy 1 is focused on minimized total cost. This policy guarantees reliability threshold until last maintenance action. Policy 2 focus on maintaining reliability threshold during leased period. The proposed approach provides optimal reliability threshold under number of PM. Through result, we finally construct decision-making process for lessee using reliability threshold and end of reliability. Conclusion: This study provides two PM policy for lessee's decision-making. Through numerical example, we get a result of optimal reliability threshold, number of PM, optimum alternative under lessee's reliability condition.

본 연구는 2012년의 소득세법 개정에 따른 금융소득 종합과세 기준금액 인하가 자본시장 및 상장기업의 배당정책에 미친 영향을 분석한다. 기업이 주주들에게 이윤을 배분하는 방법으로서 자사주매입과 현금배당은 상호 대체적인 수단으로 평가되지만, 주주 입장에서 실현된 소득의 과세방법에 있어서는 차별이 존재한다. 자사주매입은 자본이득으로 과세되어 상대적으로 낮은 세율을 적용받거나 비과세되는 한편 현금배당은 배당소득으로 과세되어 금융소득 종합과세의 적용을 받는다. 따라서 금융소득 종합과세의 기준금액을 인하하는 세법개정은 자사주매입에 비해 현금배당이 가지는 개인주주의 세무상 불이익을 높이게 되므로 기업의 배당의사결정에 영향을 미칠 가능성이 있다. 이에 본 연구는 세법개정 전에 현금배당이나 자사주매입을 통해 이윤을 분배한 실적이 있는 991개 기업을 대상으로 금융소득 종합과세 기준금액 인하가 이들 기업의 주가와 배당의사결정에 유의한 변화를 초래하였는지 살펴보았다. 실증분석 결과, 금융소득 종합과세 기준의 강화방침이 외부에 알려진 2012년 7월 31일을 전후하여 표본기업에서 유의한 음(－)의 주가반응이 관찰되었으며, 표본기업들은 금융소득 종합과세 기준금액 인하 후에 배당지급총액 및 전체 배당에서 현금배당이 차지하는 비중을 유의하게 감소시킨 것으로 나타났다. 또한 현금배당의 축소비중은 개인투자자의 거래비중이 높은 기업이거나 대주주를 제외한 소액주주의 비율이 높은 기업에서 더욱 두드러지게 나타났다. 이러한 결과는 기업들이 개정된 세법내용에 대응하여 투자자들의 세후이익을 극대화할 수 있는 방향으로 배당정책을 조정하였음을 의미한다. 본 연구는 금융소득 종합과세 기준금액 인하가 자본시장에 미친 영향을 투자자 및 기업의 입장에서 다각도로 분석하고, 이에 대한 실증적인 증거를 제시하였다는 점에서 차별적 공헌점이 있다.

This study investigates the responds of investors and dividend－paying firms to the 2012 tax amendment to lower the threshold of global taxation on financial income from 40million won to 20million won. There are two ways for firms to distribute their profits to shareholders, dividends and stock repurchases. For individuals, dividends are taxed as dividend income when paid out. Meanwhile, stock repurchases are taxed as capital gains when the stocks will be sold off. Since global taxation on financial income is applied only to individuals whose financial income(i.e., interest income plus dividend income) exceeds the threshold, the 2012 tax amendment increased tax disadvantage associated with dividends whileas the tax burden of stock repurchases would remain the same after the tax amendment. If firms want to retain or increase their holdings by individual investors are likely to distribute more of profits as stock repurchases, following the tax amendment. Therefore, we expect the firm’s distribution policy(dividends versus stock repurchases) would change after a reduction in the threshold of global taxation on financial income. To test this hypothesis, we use the 991 firms that distributed their profits through dividends or stock repurchases before the tax amendment. Specifically, we compare the ratio of dividends to total payout(dividends plus stock repurchases) before and after 2012 for the sample firms. Empirical results of this study are as follows. First, we find negative market－adjusted stock returns surrounding the passage of the legislation for sample firms. Second, we find that firms responded to the tax amendment by distributing a smaller portion of their profits as dividends. Third, the extent to which firms decreased their dividend percentage increased with the individual trading percentage and minority shareholders. These results suggest firms adjusted their distribution policies in a manner that was most attractive to their investors after considering shareholder taxes. Meanwhile, we find no evidence that individual investors rebalanced their portfolios following the tax amendment. This study has a contribution by providing empirical evidence how a reduction in the threshold of global taxation on financial income affected capital market participants, expecially individual investors and dividend－paying firms.