• Industry Promotion Research
• /
• v.8 no.2
• /
• pp.11-19
• /
• 2023

The purpose of this study is to analyze the effect of economic uncertainty on business innovation. To this end, Ahir et al. (2018) World Uncertainty Index (WUI) is selected as a proxy for economic uncertainty, while total R&D investment (RD), capitalized R&D investment (RD_A), expensed R&D investment (RD_E), and the proportion of capitalized R&D investment to total R&D investment (RD_R) are selected as variables representing business innovation. The research findings showed that economic uncertainty (WUI) had a statistically significant positive (+) relationship with total research and development investment (RD), asset-based research and development investment (RD_A), and the proportion of asset-based research and development investment (RD_R). This relationship remained the same even after controlling for managerial opportunistic accounting behavior (DACC; discretionary accruals). These findings suggest that companies focus on research and development investment as an opportunity for management innovation even in the face of economic uncertainty. The results of this study are significant in demonstrating the validity and effectiveness of government support for industrial promotion under economic uncertainty.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1992.04b
• /
• pp.218-227
• /
• 1992

전통적인 비김분석이 기업의 이익계획이나 의사결정에 간단하면서도 유용한 방법이긴 하지만, 소득함수나 비용함수를 선형함수로 가정함으로써 현실성이 결여된 점과 기업에서 경제성평가의 대상이 되는 투자대안들이 다기간이거나 장기인 사업들이 대부분인데도 단기간의 분석으로 제한된 점이 이 분석의 유용성을 크게 떨어뜨리고 있다. 이 논문은 장기적인 사업에서 일반적인 비용이나 수익의 변동성을 고려하여 전통적인 비김분석을 다기간의 사업에도 적용할 수 있도록 한다.

• Journal of Korea Technology Innovation Society
• /
• v.9 no.1
• /
• pp.26-51
• /
• 2006

Recently technology commercialization has been the focus of technology Promotion Policy in Korea. This paper tries to develop a composite indicator for measuring trends and prospects of national technology commercialization through integrating large amount of information into easily understood formats. The indicator is composed of five sector indicators including activity, cooperation or networking, performance, environment, and psychology indicators, each of which aggregates five individual variables. The statistical method of standardizing and weighting variables in the aggregation process are also mentioned. This indicator is expected to be a useful monitoring and policy tool for the Korean technology market.

• Environmental and Resource Economics Review
• /
• v.17 no.1
• /
• pp.51-81
• /
• 2008

In this paper, economic performance was measured through portfolio analysis for environmentally friendly companies from September 2004 to September 2005. By using portfolio analysis, rate of revenue for environmentally friendly company is twelve to seven teen percent higher than the KOSPI, and KOSPI200 based companies. Except medical and pharmatical industry, environmentally friendly companies had shown low risk and high returns of revenue for banking and financing, chemical and electronic industry. As SRI fund is emerging as a important guideline in recent years, valuation of a cooperate will be very important tool for the financing business area in the future.

• The Korean Journal of Financial Management
• /
• v.16 no.2
• /
• pp.179-213
• /
• 1999

본 연구에서는 국내 주식시장에서 주식수익률의 횡단면 차이에 유의적인 설명력을 가지는 것으로 나타난 기본적 변수가 시장지수 베타에서는 측정되지 않은 또 다른 가격화된 위험에 대해 유용한 대용변수인지를 규명하였다. 기본적 변수들 중에서 기업규모와 장부/시장가치 비율은 주식수익률의 횡단면 차이를 설명함에 있어 독립적인 효과를 갖는 가장 유의적인 변수였다. 주식수익률의 횡단면 차이에 매우 유의적인 설명력을 가지는 깃으로 나타난 거시경제요인의 요인민감도는 기업규모, 장부/시장가치 비율을 포함시 더 이상 유의적인 설명력을 가지지 못하였다. 소규모, 높은 장부/시장가치 기업은 매우 지속적인 수익성 악화를 겪고 있는 곤경기업이며, 역시 배당감소위험, 레버리지위험 및 미래 현금흐름의 불확실성으로 측정된 기업특성적 위험이 보다 큰 곤경기업이었다. 따라서 이러한 실증결과는 소규모, 높은 장부/시장가치 주식이 대규모, 낮은 장부/시장가치 주식에 비해 높은 수익률을 보이는 원인이 보다 높은 위험에 따른 보상의 결과이며, 규모변수와 장부/시장 가치 비율은 이들 위험에 대한 유용한 대용치라는 '위험에 기초한 가설'을 지지하는 증거로 주장될 수 있다. 기업규모와 장부/시장가치 비율이 시장베타로는 측정되지 않는 주식가격결정에 있어 가격화 된 또 다른 위험을 대리한다면 수익률에 나타난 SIZE, B/M효과는 합리적 가격결정하 APT나 ICAPM과 같은 확장된 CAPM과 모순되지 않는 하나의 증거로 볼 수 있으며, 비록 이들 변수들이 관찰 불가능한 진정한 시장베타에 대한 보다 나은 대용치라고 할지라도 이들 두 변수와 관련된 요인을 포함한 다요인 가격결정모델이 시장지수만을 포함한 단일요인모델에 비해 보다 유용한 모형임을 기대할 수 있다.

• Economic Analysis
• /
• v.25 no.3
• /
• pp.70-99
• /
• 2019

Using a stochastic volatility-in-mean VAR model consisting of the KOSPI index, the foreign exchange rate, the government bond rate, and the credit spread, this study investigates the effects of financial market uncertainty on financial markets. We find that higher uncertainty has recessionary effects on financial markets. The effects are especially stronger in equity markets and in won-dollar exchange markets. We also find that the effects of uncertainty become stronger during times of financial market stress compared to normal times. Finally, the results imply that financial market uncertainty may potentially affect the real sector, too.

• Proceedings of the Korea Water Resources Association Conference
• /
• 2015.05a
• /
• pp.602-602
• /
• 2015

가뭄에 대한 정의와 구분이 다양하게 존재하나 일반적으로 기상학적 가뭄으로부터 농업적 가뭄, 수문학적 가뭄, 사회경제학적 가뭄으로 전이되므로 강수량의 부족이 가뭄의 첫 번째 원인인 것은 자명하다. 최근까지 여러 가지 기상학적 가뭄지수가 개발되어 다양한 목적으로 세계 곳곳에서 활용되고 있으나, 그 중 적용사례가 가장 많은 것은 표준강수지수 (SPI; Standardized Precipitation Index)이다. 월단위로 계산되어지는 SPI는 우리나라와 같이 강수의 변동성이 큰 지역에서는 그 활용성이 떨어지는 경우가 있어 최근에는 일 단위 SPI를 산정하여 활용하는 경우도 있다. 그러나, 일단위 SPI는 가뭄기간 동안 가뭄단계가 'Extreme drought'에서 'Moderate drought'로 약해질 경우 가뭄 지속기간이 가장 긴 'Moderate drought' 단계에서 가뭄피해 및 체감하는 고통이 가장 클수 있어, 가뭄에 대응하거나 대국민 가뭄정보 전달에 한계가 있다. 가뭄에 대응하거나 가뭄정보 전달을 위해서는 가뭄이 지속되는 동안 가뭄단계가 높아질 필요성이 있다. 이에 본 연구에서는 가뭄사상의 특성 중 가뭄의 강도(Intensity)와 지속기간(Duration)의 특성을 모두 포함하는 가뭄의 심도(Severity)를 활용하여 기상학적 가뭄을 평가하였다. 일단위 SPI 값(강도)을 가뭄기간동안 누적하여 일단위 가뭄심도(SPI-S)를 산정하고 이를 통해 가뭄단계를 제안하였다. 또한 다양한 SPI 대상기간에 대해 최솟값을 취하는 Blended SPI에 대해서도 같은 방법으로 가뭄심도(SPIB-S)를 산정하고 가뭄단계를 적용하였다. 2001년, 2008-2009년, 2012년 가뭄사례에 적용한 결과 SPI-S(or SPIB-S)는 가뭄기간동안 단계적인 가뭄단계의 상승으로 당시의 가뭄상황을 잘 나타내었다. 이는 SPI-S(or SPIB-S)가 단계적인 가뭄대비와 대응 지수로 가뭄피해 경감에 활용도가 높을 것으로 판단되며, 가뭄상황을 지역민들에게 단계적, 일관적으로 전달할 수 있어 가뭄극복을 위한 시민참여를 유도하기에 유리할 것이다.

• The Journal of the Korea Contents Association
• /
• v.20 no.6
• /
• pp.470-481
• /
• 2020

Cultural industry's role in national economic growth has increased gradually and drawn increasing attention due to the immense window effect on other industries. Especially, China has fully pushed forward with the development of cultural industry to sophisticate industrial structure since the 2000's. In Korea, the cultural industry has played the leading role in the national economic growth through intensive investment relatively early compared with China. Under the circumstance, this study compared the cultural industry efficiency between China and Korea to examine cultural industry's impact on economic growth and its potentials. The greatest difficulty in comparing the cultural industry efficiency between China and Korea is the development of comparable statistical data. This study chose the number of businesses and the number of employees as the input variables for efficiency analysis and the sales of cultural industry, the output variable. Also, the efficiency was comparatively analyzed through DEA-Malmquist index. Integrated DB about local governments and basic data from KOSIS were used for Korean data and the National Bureau of Statistics of China's data were used for Chinese data. The analysis period was set to 2013-2017. According to analysis, the Malmquist index for Korea was 1.048 and China, 1.041. In other words, Korea improved the efficiency by 4.8% during the analyzed period and China, 4.1%. This result can be attributed to the fact that the cultural industry in Korea was reaching maturity during this period while the cultural industry in China was entering the growth period.

• Korean Journal of Construction Engineering and Management
• /
• v.23 no.1
• /
• pp.16-27
• /
• 2022

This study analyzed both the legal system regarding fair trade and the types of unfair trade in the construction industry. Then, it derived the factors with which to evaluate the level of fairness. These factors were classified by each type of participant in the construction industry, such as general contractors and subcontractors, and each construction stage, such as bidding, contracting, and construction. The perceived fairness level of factors was analyzed using a survey of 238 employees of general contractors and subcontractors. Next, the study developed a fairness index for the construction industry. The index showed that subcontractors perceived the level of fairness more negatively than general contractors, but both perceived the construction stage of the industry as having the lowest level of fairness. General contractors perceived the bidding and contracting stages as having the highest fairness levels, and subcontractors perceived the contracting stage as having the highest level of fairness. The developed fairness index identified the evaluation factors that need improvement and the fairness level perceived by each type of participant at each stage of construction. The results of this study can contribute to establishing measures that improve the level of fairness in the construction industry.

• Journal of Korean Society of Transportation
• /
• v.24 no.2 s.88
• /
• pp.53-63
• /
• 2006

The objective of this study is to estimate Korean transportation service index (KTSI), and to explore possible uses of the KTSI. The KTSI was monthly index to represent the level of passenger and freight services by road, railroad, air and maritime modes, which was developed from eight series. Four of these series measure the level of passenger services (passenger-kilometers) by road, railroad. air and maritime modes : monthly data from January 1995 to December 2004. Similarly. the remaining four series measure the level or freight activity (tonnage) by four modes during the same period. Given the weights of modal revenues, component series were aggregated into two indexes (passenger index and freight index) and a composite index using Chained Fisher Ideal index. which was a geometric mean of the Laspeyres index and the Passche index. The Fisher Ideal index is one of the 'superlative' indexes, which diminish 'substitution bias' as current-weighted indexes. As a result, the freight index and the composite index explain economic conditions better than the passenger index. Based on the composite index. the newly estimated KTSI shows an average lag time of one and a half years at peaks and three months at troughs in comparison with domestic business cycles. Nonetheless. the following efforts are needed for more credible and useful estimates; establishment of data collection scheme in time. credibility uplift of used data, development of various indexation methods.