Chaebol and Catastrophe: A New View of the Korean Business Groups and Their Role in the Financial Crisis

2002 ◽  
Vol 1 (2) ◽  
pp. 1-45 ◽  
Author(s):  
Robert C. Feenstra ◽  
Gary G. Hamilton ◽  
Eun Mie Lim
Keyword(s):  
Industrial Organization ◽  
Business Groups ◽  
High Concentration ◽  
Low Concentration ◽  
Korean Economy ◽  
Vertical Linkages ◽  
Stable Equilibria ◽  
Second Tier ◽  
The Government ◽  
Multiple Stable Equilibria

We present a model of industrial organization that has multiple stable equilibria and argue that the high-concentration equilibrium describes Korea's economy and the low-concentration equilibrium describes Taiwan's economy. Past industrial policy of the state may have put Korea's economy in the high-concentration equilibrium, but discontinuation of the policy did not cause the industrial organization to change because this is an economically viable equilibrium. The high-concentration equilibrium produces a narrower range of final goods than the low-concentration equilibrium, which explains why the 1996 collapse in semiconductor prices caused the less diversified Korean economy to contract more than the more diversified Taiwanese economy. More importantly, this collapse in demand caused Korea's economy to move to a new equilibrium that has a smaller number of business groups, as evidenced by the collapse of the second-tier chaebol and their absorption into the first-tier chaebol. This wave of bankruptcies, combined with the financially precarious state of the merchant banks, created an investor panic that precipitated the crisis, which began with the 17 November 1997 devaluation of the won. This is why economic fundamentals could explain the chaebol bankruptcies before that date and not those after that date. The logic of our model suggests that public policy should focus on reducing the vertical linkages within business groups and not on reducing their horizontal linkages as the current “Big Deal” program of the government is doing.

Business-groups in Russian industries

2004 ◽  
pp. 121-134 ◽  
Author(s):  
S. Avdasheva
Keyword(s):  
Industrial Organization ◽  
Economic System ◽  
Institutional Economics ◽  
Business Groups ◽  
Control Rights ◽  
Organization And Management ◽  
Russian Economy ◽  
Main Determinants ◽  
Soviet Economic System

The chapter of “Institutional Economics” textbook is devoted to the development of business-groups as a specific feature of industrial organization in the Russian economy. The main determinants of forming and functioning of business-groups such as allocation of property rights in Soviet enterprises, networks of directors and executive authorities in the Soviet economic system as well as import of new institutes and inefficient state enforcement are in the center of analysis. Origins, structure, organization and management within the groups and the role of shareholding and informal control rights are considered.

Study on Switch from High-concentration to Low-concentration Tacalcitol during Concomitant Use of Bath-PUVA Therapy

2007 ◽  
Vol 69 (6) ◽  
pp. 660-664
Author(s):  
Maki IWAKIRI ◽  
Noriko YASAKA ◽  
Kotaro ITO ◽  
Yuichi YOSHIDA ◽  
Yumiko KUBOTA ◽  
...  
Keyword(s):  
Puva Therapy ◽  
High Concentration ◽  
Low Concentration

ASSESSMENT OF HEAVY METAL CONCENTRATION IN COCONUT WATER

1970 ◽  
pp. 07-10
Author(s):  
MdDidarul Islam, Ashiqur Rahaman, Aboni Afrose
Keyword(s):  
Heavy Metals ◽  
Heavy Metal ◽  
Heavy Metal Concentration ◽  
Coconut Water ◽  
Toxic Heavy Metals ◽  
High Concentration ◽  
Toxic Heavy Metal ◽  
Low Concentration ◽  
Wet Ashing ◽  
Aas Method

This study was based on determining concentration of essential and toxic heavy metal in coconut water available at a local Hazaribagh area in Dhaka, Bangladesh. All essential minerals, if present in the drinking water at high concentration or very low concentration, it has negative actions. In this study, fifteen samples and eight heavy metals were analyzed by Atomic Absorption Spectroscopy (AAS) method which was followed by wet ashing digestion method. The concentration obtained in mg/l were in the range of 0.3 to 1.5, 7.77 to 21.2, 0 to 0.71, 0 to 0.9, 0 to 0.2, 0.9 to 17.3, 0.1 to 0.9, 0 to 0.9 and 0 to 0.7 for Fe, Ni, Cu, Cd, Cr, Zn, Pb and Se respectively. From this data it was concluded that any toxic heavy metals like Cd, Cr, Pb and Ni exceed their toxicity level and some essential nutrients were in low concentration in those samples. 

Assessment of micro and macro nutrients in poultry feeds available in Dhaka city, Bangladesh.

2017 ◽  
Vol 1 ◽  
pp. 264
Author(s):  
Md Didarul Islam ◽  
Ashiqur Rahaman ◽  
Fahmida Jannat
Keyword(s):  
Heavy Metals ◽  
Adverse Effect ◽  
The Other ◽  
Nutrient Level ◽  
Dhaka City ◽  
Toxic Heavy Metals ◽  
High Concentration ◽  
Low Concentration ◽  
Feed Formulation ◽  
Macro Nutrients

This study was based on to determine the concentration of macro and micro nutrients as well as toxic and nontoxic heavy metals present in the chicken feed available in Dhaka city of Bangladesh. All macro nutrients, if present in the feed at high concentration have some adverse effect, at the same time if this nutrient present in the feed at low concentration this have some adverse effect too. So that this nutrient level should be maintained at a marginal level. On the other side toxic heavy metals if present in the feed at very low concentration those can contaminate the total environment of the ecosystem. In this study six brand samples (starter, grower, finisher and layer) which was collected from different renowned chicken feed formulation industry in Bangladesh. Those samples were prepared for analysis by wet ashing and then metals were determined by Atomic Absorption Spectroscopy. It was found that 27.7 to 68.4, 57.3 to 121.9, 0.21 to 4.1, 0.32 to 2.1, 0.11 to 1.58, 0.28 to 2.11 and 0.28 to 1.78 for zinc, iron, copper, mercury, cadmium, nickel and cobalt respectively. It was found that essential macro and micro nutrients were present in the feed in low concentration on the other side mercury was present in high concentration in the feed samples.

scholarly journals Design and Optimal Control of a Multistable, Cooperative Microactuator

Actuators ◽  
2021 ◽  
Vol 10 (8) ◽  
pp. 183
Author(s):  
Michael Olbrich ◽  
Arwed Schütz ◽  
Tamara Bechtold ◽  
Christoph Ament
Keyword(s):  
Deflection Angle ◽  
Initial State ◽  
New Concepts ◽  
Vertical Displacements ◽  
State Uncertainty ◽  
Stable Equilibria ◽  
Freely Moving ◽  
Time And Energy ◽  
Multiple Stable Equilibria ◽  
Optimal Trajectory Planning

In order to satisfy the demand for the high functionality of future microdevices, research on new concepts for multistable microactuators with enlarged working ranges becomes increasingly important. A challenge for the design of such actuators lies in overcoming the mechanical connections of the moved object, which limit its deflection angle or traveling distance. Although numerous approaches have already been proposed to solve this issue, only a few have considered multiple asymptotically stable resting positions. In order to fill this gap, we present a microactuator that allows large vertical displacements of a freely moving permanent magnet on a millimeter-scale. Multiple stable equilibria are generated at predefined positions by superimposing permanent magnetic fields, thus removing the need for constant energy input. In order to achieve fast object movements with low solenoid currents, we apply a combination of piezoelectric and electromagnetic actuation, which work as cooperative manipulators. Optimal trajectory planning and flatness-based control ensure time- and energy-efficient motion while being able to compensate for disturbances. We demonstrate the advantage of the proposed actuator in terms of its expandability and show the effectiveness of the controller with regard to the initial state uncertainty.

scholarly journals Start-up Strategies for Anaerobic Ammonia Oxidation (Anammox) in In-Situ Nitrogen Removal from Polluted Groundwater in Rare Earth Mining Areas

2021 ◽  
Vol 13 (8) ◽  
pp. 4591
Author(s):  
Shuanglei Huang ◽  
Daishe Wu
Keyword(s):  
Rare Earth ◽  
Low Temperature ◽  
Removal Efficiency ◽  
Nitrogen Removal ◽  
Ex Situ ◽  
High Concentration ◽  
Low Concentration ◽  
Start Up ◽  
Anammox Activity

The tremendous input of ammonium and rare earth element (REE) ions released by the enormous consumption of (NH4)2SO4 in in situ leaching for ion-adsorption RE mining caused serious ground and surface water contamination. Anaerobic ammonium oxidation (anammox) was a sustainable in situ technology that can reduce this nitrogen pollution. In this research, in situ, semi in situ, and ex situ method of inoculation that included low-concentration (0.02 mg·L−1) and high-concentration (0.10 mg·L−1) lanthanum (La)(III) were adopted to explore effective start-up strategies for starting up anammox reactors seeded with activated sludge and anammox sludge. The reactors were refrigerated for 30 days at 4 °C to investigate the effects of La(III) during a period of low-temperature. The results showed that the in situ and semi in situ enrichment strategies with the addition of La(III) at a low-concentration La(III) addition (0.02 mg·L−1) reduced the length of time required to reactivate the sludge until it reached a state of stable anammox activity and high nitrogen removal efficiency by 60–71 days. The addition of La(III) promoted the formation of sludge floc with a compact structure that enabled it to resist the adverse effects of low temperature and so to maintain a high abundance of AnAOB and microbacterial community diversity of sludge during refrigeration period. The addition of La(III) at a high concentration caused the cellular percentage of AnAOB to decrease from 54.60 ± 6.19% to 17.35 ± 6.69% during the enrichment and reduced nitrogen removal efficiency to an unrecoverable level to post-refrigeration.

scholarly journals Phytoremediation Potential of Vetiver System Technology for Improving the Quality of Palm Oil Mill Effluent

2014 ◽  
Vol 2014 ◽  
pp. 1-10 ◽  
Author(s):  
Negisa Darajeh ◽  
Azni Idris ◽  
Paul Truong ◽  
Astimar Abdul Aziz ◽  
Rosenani Abu Bakar ◽  
...  
Keyword(s):  
Palm Oil ◽  
Oxygen Demand ◽  
Raw Material ◽  
Biofuel Production ◽  
Palm Oil Mill Effluent ◽  
System Technology ◽  
High Concentration ◽  
Low Concentration ◽  
Control Sets ◽  
Palm Oil Mill

Palm oil mill effluent (POME), a pollutant produced by the palm oil industry, was treated by the Vetiver system technology (VST). This technology was applied for the first time to treat POME in order to decrease biochemical oxygen demand (BOD) and chemical oxygen demand (COD). In this study, two different concentrations of POME (low and high) were treated with Vetiver plants for 2 weeks. The results showed that Vetiver was able to reduce the BOD up to 90% in low concentration POME and 60% in high concentration POME, while control sets (without plant) only was able to reduce 15% of BOD. The COD reduction was 94% in low concentration POME and 39% in high concentration POME, while control just shows reduction of 12%. Morphologically, maximum root and shoot lengths were 70 cm, the number of tillers and leaves was 344 and 86, and biomass production was 4.1 kg m−2. These results showed that VST was effective in reducing BOD and COD in POME. The treatment in low concentration was superior to the high concentration. Furthermore, biomass of plant can be considered as a promising raw material for biofuel production while high amount of biomass was generated in low concentration of POME.

Kinetics of growth and multi substrate degradation by an indigenous mixed microbial culture isolated from a wastewater treatment plant in Guwahati, India

2008 ◽  
Vol 58 (5) ◽  
pp. 1101-1106
Author(s):  
Pichiah Saravanan ◽  
K. Pakshirajan ◽  
P. K. Saha
Keyword(s):  
Sewage Treatment ◽  
Sewage Treatment Plant ◽  
Treatment Plant ◽  
Lag Phase ◽  
Microbial Culture ◽  
High Concentration ◽  
Mixed Microbial Culture ◽  
Phenol Biodegradation ◽  
Low Concentration ◽  
Culture Growth

An indigenous mixed culture of microorganisms, isolated from a sewage treatment plant, was investigated for its potential to simultaneously degrade phenol and m-cresol during its growth in batch shake flasks. 22 full factorial designs with the two substrates as the factors, at two different levels and two different initial concentration ranges, were employed to carry out the biodegradation experiments. For complete utilisation of phenol and m-cresol, the culture took a minimum duration of 21 hrs at their low concentration of 100 mg/L each, and a maximum duration of 187 hrs at high concentration of 600 mg/L each in the multisubstrate system. The biodegradation results also showed that the presence of phenol in low concentration range (100–300 mg/L did not inhibit m-cresol biodegradation; on the other hand, presence of m-cresol inhibited phenol biodegradation by the culture. Moreover, irrespective of the concentrations used, phenol was degraded preferentially and earlier than m-cresol. During the culture growth, a lag phase was observed above a combined concentration of 500 mg/L i.e., 200 mg/L m-cresol and 300 mg/L of phenol and above). Statistical analysis of the specific growth rate of the culture in the multisubstrate system was also performed in the form of ANOVA and Student ‘t’ test, which gave good interpretation in terms of main and interaction effects of the substrates.

scholarly journals Adaptation Strategies of Multinational Corporations, State-Owned Enterprises, and Domestic Business Groups to Economic and Political Transitions: A Network Analysis of the Chilean Telecommunications Sector, 1958–2005

2014 ◽  
Vol 15 (03) ◽  
pp. 534-576
Author(s):  
Marcelo Bucheli ◽  
Erica Salvaj
Keyword(s):  
Multinational Corporations ◽  
Open Economy ◽  
Import Substitution ◽  
Business Groups ◽  
Public Utility ◽  
Open Market ◽  
Democratic Regime ◽  
Political Transitions ◽  
Telecommunications Sector ◽  
The Government

This paper compares the corporate network strategies between multinational corporations of two different origins (United States and Spain), business groups, and state-owned enterprises in the public utility sector of a developing country going through economic and political transitions. The transitions we consider are from an import substitution industrialization model to an open market economy and from a democratic regime to a dictatorial one and back to democracy. We analyze the Chilean telecommunications sector between 1958 and 2005 and find that during a democratic regime all firms sought to build more networks with each other, while incentives decrease under an authoritarian regime. In the protectionist era, US investors built links with Chile’s corporate elite, while in times of an open economy, Spanish investors built these links with the government. State-owned corporations did not attempt to build links with other actors at any time, and business groups sought to build most networks among members of the group. Our findings challenge two commonly held assumptions: first, that open economies decrease incentives for domestic actors to build links with each other and, second, that close political regimes increase incentives to build networks among economic actors.

Sign in / Sign up

Export Citation Format

Share Document