• Journal of Digital Convergence
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• v.15 no.11
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• pp.113-120
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• 2017

The purpose of this study is to analyze how the relative proportion of retention between real estate for business and investment real estate among the real estate held by corporations has been changed after and before the Financial Crisis as well as whether there has been any difference between KOSPI and KOSDAQ listed companies in terms of their share of the real estate. The increasing pattern of real estate owned by KOSDAQ were similar to the KOSPI companies except for investment properties during the Financial Crisis. The proportion of real estate owned by KOSPI had been lower than that of KOSDAQ companies in both investment and business real estate before the Financial Crisis. However, during the period of the Financial Crisis, the proportion of real estate for business held by KOSPI firms was higher than that of KOSDAQ firms. Furthermore, the portion of investment of real estate owned by KOSPI has remained higher than that of KOSDAQ after the Financial Crisis period and the recent period. Based on the results of this analysis, how the relevance of the change of portion between real estate for business and investment real estate affects management performance will be figured out in the future studies.

• Journal of Digital Convergence
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• v.16 no.9
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• pp.125-132
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• 2018

Despite the fact that corporate real estate ratio accounts for a considerable proportion of the assets, such researches and studies are lacking and there is not enough such policies to utilize real estate more effectively in Korea. In particular, after IFRS adoption, the owner and manager needs to utilize corporate real estate assets as the assets are revalued. In this study, we analyzed the relationship between corporate governance, corporate real estate holding policies and firm value based on financial data from 2010 to 2016. As a result of regression analysis, this study showed that more Dictatorship Portfolio, the higher proportion of corporate real estate holdings. Next, the higher proportion of corporate real estate holdings, the lower the firm value. This study suggests that corporate real estate is recognized an important factor and should have proper holding ratio. I will continue my research to show that the corporate holding policies are an important asset impact by verifying the mediating effect between corporate governance and firm value in the future.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.199-205
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• 2020

As many government policies have been announced today regarding real estate, especially housing, interest in prices in the housing market has increased significantly. In this study, I would like to present the direction of government policies by analyzing the relationship among income instability, the psychological condition of real estate price changes and willingness to adjust real estate holding ratio. First, major variables were extracted through the prior study review, and using a survey, data were collected and path analysis was conducted. According to the analysis, the current income instability had a negative impact on the psychological condition of real estate price changes, and a positive influence on the willingness to adjust real estate holding ratio, but the psychological condition of real estate price changes did not have a statistically significant impact on the willingness to adjust real estate holding ratio. Thus, the difference analysis was conducted between groups by dividing the ages and the number of dependents respectively. According to the analysis, the impact of income instability and psychological condition of real estate price changes on willingness to adjust real estate holding ratio differed between groups divided by ages and number of dependents. The results of this analysis will help the government to establish real estate policies and help each household to use the analysis as basic data when they make a decision about real estate. On the other hand, this study has limitations that have only been conducted cross-sectional analysis and analyzing time series changes and differences in perception between regions are going to be conducted in a future study.

• Journal of the Korea Convergence Society
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• v.9 no.11
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• pp.353-361
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• 2018

The purpose of this study is to analyze how Corporate Real Estate Ratio affects Firm's Value for KOSPI Companies and KOSDAQ Companies. The period of analysis is the period of the Financial Crisis (2007-2008), the period immediately after the Financial Crisis (2009-2011), and the period following the introduction of IFRS (2012-2016). The samples of 2761 KOSPI Companies years and 3719 KOSDAQ Companies years are used in this study. The result of Regression Analysis shows that the higher Corporate Real Estate Ratio is, the more negative Firm's Value is. In the comparison of markets, both KOSPI Companies and KOSDAQ Companies had no statistically significant effects during the Financial Crisis. Although KOSDAQ Companies had a greater negative effect on the Firm's Value than KOSPI Companies right after the Financial Crisis, KOSPI Companies have had a greater negative influence on the Firm's Value than KOSDAQ Companies since the introduction of IFRS. Therefore, each corporation should pay more attention to identifying the appropriate amount of their Corporate Real Estate Ratio and should continue to analyze and make decisions on the most efficient use of real estate which is owned by each company. This study shows speciality in dividing into three period, such as the period of the Financial Crisis, the period immediately after the Financial Crisis, and the period following the introduction of IFRS and comparing the degree of influence on the KOSPI Companies and KOSDAQ Companies for the each period. I hope to study the factors that affect the company's real estate policy.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.3
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• pp.502-516
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• 2014

This study has decomposed the Gini coefficient using Korean Labor & Income Panel Study data and empirically analyzed the impact of demographic characteristics and source-specific income of householder on the household income gap using panel analysis. The scope of areas were divided into 'nationwide,' 'metropolitan areas,' and 'non-metropolitan areas,' and the period before and after the global financial crisis was examined. The analysis findings are as follows. First, when the entire period was examined by income source using Gini decomposition with division of areas into 'nationwide,' 'metropolitan areas,' and 'non-metropolitan areas', the following results were revealed. The absolute and relative contribution level of property income to the gross income was the largest in the category of 'nationwide' and 'metropolitan areas,' while the contribution level of earned income was the largest in the category of 'non-metropolitan areas'. In addition, property income worsened the household income gap the most in the category of 'nationwide' and 'metropolitan areas.' Second, property income worsened the household income gap less after the financial crisis than before the crisis. It is probably because the price of real estate skyrocketed before the global financial crisis, worsening the household income gap, whereas the price drop after the crisis temporarily alleviated the gap. Third, a correlation analysis revealed that households with older householders whose education is high school graduation or below had relatively low gross income, and households with higher source-specific income, especially earned income, had relatively high gross income. Fourth, when the household income determinants were compared through panel analysis with division of areas into 'nationwide,' 'metropolitan areas,' and 'non-metropolitan areas,' the following results were obtained. While the impact of earned income, financial income, and other incomes was greater in non-metropolitan areas than in metropolitan areas, the impact of property income was greater in metropolitan areas than in non-metropolitan areas. To reduce the income gap, the government should impose higher taxes on the high-income class and provide tax benefits to the low-income class, with efforts to create a wide variety of jobs. In addition, since income inequality gets worse as the proportion of incomes generated through asset holdings becomes higher, the government should focus on stabilizing property prices while paying attention to the regional differentiation when carrying out related policies.