• Asia Marketing Journal
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• v.10 no.1
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• pp.1-23
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• 2008

It is natural that firms would like to increase their profits and value through customer satisfaction (CS). It is therefore important for the academic and practical purposes to investigate the relationship between CS and firm's performance. Previous studies about this relationship have examined mainly the current effect of CS on firm's performance. According to the research that many marketing activities have dynamic effects over time, however, the dynamic effect of CS on firm's performance needs to be tested. Failure to assess the dynamic effects might lead to the underestimation of the impact of CS. This study thus attempts to investigate the dynamic effects of CS on firm's profitability and value by panel data analysis. The results show that CS has dynamic effects on firm's profitability and value. There was a significant improvement in model fit compared with the model examining the current effects only. On the other hand, it was difficult to interpret the estimation results of the alternative model incorporating two lagged variables of CS, and there was also a multicollinearity problem.

• Economic Analysis
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• v.17 no.4
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• pp.30-51
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• 2011

Since the previous studies on the effects of trade liberalization implicitly assume that trade liberalization affects economic performance only in any point in time, they inevitably are static. Static evaluations fail to account for cumulative dynamic effects of trade liberalization that affect continuously economic performance. This paper tries to fill this gap of the previous studies in this field, estimating cumulative effects of trade liberalization on economic performance by employing an dynamic version of empirical model. One of important empirical issue is controlling bias from endogeneity. To resolve this problem, this paper employes system GMM that uses lagged first-differences as instruments for level equations and lagged levels as instruments for first-differences equations. It improves upon cross-section estimators because it controls for the potential bias induced by the omission of industry-specific effects and the endogeneity of all regressors. This study investigates the effects of trade liberalization in Korean manufacturing for the period from 1988 to 2005 and finds that cumulative dynamic effects of trade liberalization are present and bigger than static effects.

• International Commerce and Information Review
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• v.14 no.3
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• pp.307-322
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• 2012

The purpose of this paper is to examine determinants of export to the East Asia region, using panel unit root, panel cointegration framework, panel VECM (vector error correction model), panel FMOLS (fully modified OLS). Different panel unit root tests confirm that the data series are integrated processes with unit roots. When applying cointegration tests to long-run effect for aggregate panel data, a primary concern is to construct the estimators in a way that does not constrain the transitional dynamics to be similar among different countries of the panel. The regression equations are estimated by various panel cointegration estimators. The panel data causality results reveal that exchange rates has unidirectional effects on export and GDP, and there exists bidirectional causality between export and GDP. Also, the results from the panel FMOLS tests overwhelmingly reject the null hypothesis of zero coefficient. The panel cointegrating vectors show that the export has positive relationship with the GDP and ODI (overseas direct investment).

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.183-212
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• 2008

The purpose of this paper is to analyze the efficiency change and determinants of the korean non-life insurance companies. we use DEA (Data Envelopment Analysis) model to measure company efficiency change and use GLS, Tobit model, FIixed effect model, Random effect model, GMM to measure efficiency determinants. we utilize ten non-life insurance companies in korea and the panel data for five from 2001 to 2005. The empirical results show the following findings. First, technical efficiency shows that approximately 15.5% of inefficiency exists on the non-life insurance companies and it reveals that the cause for technical inefficiency is due to scale inefficiency. Second, Dea Window results show that the stable dissimilarity by standard deviation, LDP of CCR. Third, the results of efficiency determinants show that increase efficiency is depend on the premium income and real estates.

• Korea Trade Review
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• v.48 no.1
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• pp.307-329
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• 2023

This paper studies how the free trade agreements (FTAs) have changed the dynamics of Korea's imports since 1996. Specifically, the dynamic regression analysis on the transition of trade liberalization discovers three main findings: (1) import values of Korea increase gradually as FTAs enter into force; (2) the extensive margins of import work as a major source of the trade effect in the transition episode of FTAs; (3) the extensive margins of import tend to increase even before FTAs enter into force. This noble forward-looking effect suggests some potential foreign exporters or exporting goods enter the Korean market, especially when FTAs negotiation starts. It supports the early entry behavior of potential exporters found in recent international trade literature.

• The Korean Journal of Financial Studies
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• v.10 no.1
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• pp.215-229
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• 2004

이 연구는 우리나라 상장 제조기업의 자본조달행태를 외환위기를 기준으로 구분하여 분석함으로써 자본조달순위이론의 타당성 여부를 탐색하였다. 최적자본구조의 존재여부와 결정요인을 탐색하는 정태적 자본구조이론과 달리 우선순위에 따라 자본조달을 한다고 제시된 것이 동태적 성격의 자본조달순위이론이다. 1981년부터 2002년까지 우리나라 상장 제조업의 패널자료를 이용하여 분석한 결과 현금흐름의 회귀계수가 일관성 있게 음(-)의 부호를 나타냈는데 이것은 우리나라 기업들이 대체로 자본조달순위이론과 같은 행태로 자본을 조달하는 것으로 해석된다. 총자산 수익률변수도 자본조달순위이론을 지지하는 결과를 보여주었으며 외환위기이전과 이후의 차이는 크지 않은 것으로 나타났다.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.1-22
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• 2022

We investigate the dynamic relationships among digital piracy activities, TV ratings, and online buzz for Korean TV dramas using a panel vector autoregression model. Our main findings include 1) TV ratings are negatively affected by digital piracy activities but positively affected by google buzz, 2) digital piracy activities are negatively affected by TV ratings and social buzz, and 3) social buzz and google buzz are positively influenced by each other. While many empirical studies were conducted to reveal the effects of music or movie piracy, our understanding of drama piracy is limited. We provide empirical evidence of the dynamic relationships between drama piracy, TV ratings, and online buzz. Our findings show the presence of indirect piracy effects on TV ratings through online buzz. Further, we reveal that social buzz and google trends play different roles in promoting TV ratings and piracy activities. We discuss the implications of our findings for theory and practitioners.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.481-503
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• 2022

This study examines how eco-innovation contributes to the exports of environmentally-friendly products using the dynamic panel model. The results reveal that the adjustment in the exports exists to recover the long-run equilibrium with sluggish adjustment speed. In addition, the results show that environmental patent applications and environment-related R&D expenditures are beneficial for enhancing the environmentally-friendly exports. While the environmental patent applications are associated only with an increase in the exports of products for resource management, the environmental R&D expenditures contribute to the exports of pollution management products, cleaner technologies and products, and resource management products. Moreover, as the long-run effects of eco-innovation on the exports become greater than the short-run effects, it appears that public eco-innovation is more likely to support future exports than private eco-innovation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.165-190
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• 2014

The purpose of this study is to measure the trade insurance's macroeconomic effects by analyzing the causality between major economic variables(GDP per capita, market interest rate, inflation, unemployment rate, exchange rate) and trade insurance variable. I conducted empirical analyses using First-difference GMM(Generalized Method of Moments), System GMM and Panel-VAR Model, with panel data from 11 countries(Korea, United States, Japan, BRICs, Indonesia, Singapore, Hong Kong, Vietnam) between 1992 and 2011. There are several important findings. Above all, Trade insurance is positively and significantly related to GDP. This results show that trade insurance serves to increase economic growth. In other words, trade insurance leads to economic growth by helping increase GDP per capita. Especially, trade insurance negatively related to unemployment rate, it is for sure that trade insurance contribute to decrease unemployment rate. And trade insurance helps control of inflation. It is also confirmed that trade insurance contributes to price stability, which in turn serves to stabilize the overall economy. And this research finds as uncertainty in the market increases, seen it as increase of exchange rate, increasing trade insurance supply is stabilize the exchange rate.

• KDI Journal of Economic Policy
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• v.29 no.1
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• pp.79-112
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• 2007

Opening domestic market to international trade may enhance not only actual competition but also potential competition from foreign competitors. It seems that the competition authority has focused mainly on the actual competition (measured by the current market share) and has paid less attention to the potential competition. In this regards, this paper investigated the relation between potential foreign competition and domestic market structure. Using dynamic panel regression model, we analyzed the dynamic response of import penetration to the changes of domestic market condition in Korea as a proxy for the degree of potential foreign competition. The empirical results suggests that potential foreign competition does exist in the Korean manufacturing sector and this tendency is more stronger when the market is more concentrated. Thus, in order to effectively implement competition policy, it is necessary to consider both actual and potential competition.