• International Area Studies Review
• /
• v.15 no.2
• /
• pp.247-273
• /
• 2011

This study analyzes the impacts on the M&A and greenfield of macroeconomic variables of home and host countries, after identifying current status and characteristics of the M&A and greenfield related to the entering way of Korean firms in China. Main empirical results are summarize as follows. First, as for foreign exchange variable, the decreased value of Korea won shows the negative correlations with both of the greenfield and M&A. Second, the real interest rate of Korea to measure the cost of capital is not significant statistically. Third, while the host country's stock market index, Shanghai Comprehensive Index, shows the expected negative correlations with the investment in the case of small & medium firm and light industry, it shows the positive correlations which is not consistent with general expectation in the case of large firm and heavy industry. Fourth, the openness of host country shows the positive correlations with both of the greenfield and M&A. Finally, in regard to the M&A, China's GDP to measure the market size of host country is not significant statistically while it shows the strong positive relationship with the greenfield investment.

• The Korean Journal of Financial Management
• /
• v.27 no.2
• /
• pp.145-167
• /
• 2010

We investigate the dynamic relationship between stock returns and investors' behavior. For the putpose of the paper, daily KOSPI returns are decomposed into two parts: overnight returns and daytime returns. Overnight return is measured by the closing price of the previous day and the opening price of the current day. And daytime return is measured by the opening and closing prices of the current day. Qvernight returns are assumed to reflect global economic information, and daytime returns, domestic or local information. Major results are as follows: Foreign investors' behavior has an effect on the overnight returns more than the daytime returns. Individual investors' behavior, however, has little effect on the overnight returns, but not the daytime returns. Consequently, forecast error variance decomposition shows that the variance explanation power of foreign investors is higher in overnight returns rather than in the daytime returns. And the variance explanation power of individual investors is higher in daytime returns rather than in overnight returns. It implies that foreign investors employ dynamic hedging strategies and give more weight to global economic information rather than to domestic information. We conclude that investment behavior of foreign investors and domestic individuals is based on different economic information. This paper's findings are consistent with the economic situation that the Korean capital markets have faced since the global financial crisis of August 2008.

• The Journal of the Convergence on Culture Technology
• /
• v.9 no.6
• /
• pp.209-215
• /
• 2023

The untact environment brought about by the global pandemic has emerged as a new driving force for the matured social media market. In the post-coronavirus era, there arises a pivotal need for foundational data to reconfigure the operations and utilization strategies of social media. Using data from the 2022 Korean Media Panel Survey, this study compared sociodemographic and personality factors between social media non-users and users, and examined how these factors influenced social media usage time. The findings indicate differences between social media non-users and users in terms of gender, age, education level, income level, employment status, marital status, openness to experience, conscientiousness, extraversion, and neuroticism. Usage time of social media is influenced by gender, age, income level, employment status, conscientiousness, and agreeableness. These results are anticipated to enhance the understanding of users and their usage behaviors for stakeholders in the social media market as they confront a potential second leap forward.

• The Korean Journal of Applied Statistics
• /
• v.16 no.1
• /
• pp.87-100
• /
• 2003

Most of statistical data are generated by a set of dynamic, stochastic, and simultaneous relations. An important question is how to specify statistical models so that they are consistent with the dynamic feature of those data. A general hypothesis is that the lagged effect of a change in an explanatory variable is not felt all at once at a single point in time, but The impact is distributed over a number of future points in time. In other words, current control variables are determined by a function that can be reduced to a distributed lag function of past observations. It is possible to explain the relationship between variables in different points of time and to estimate the long-run impacts of a change in a variable on another if time lag series of explanatory variables are incorporated in the model specification. In this study, distributed lag structure is applied to the domestic stock market model to capture the dynamic response of the market by exogenous shocks. The Domestic market is found more responsive to the changes in foreign market factors both in the short and the long run.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.7
• /
• pp.174-182
• /
• 2018

Given the ongoing debate in many aspects of finance, more attention may need to focus on corporate R&D expenditures. This study empirically tests financial determinants of R&D expenditures for NYSE-listed and KOSPI-listed firms. Three major hypotheses were postulated to test for corporate R&D outlay. First, proposed variables such as one-year lagged R&D expenditures, market value based leverage, profitability and cash holdings showed significant influence on corporate R&D costs for the sample firms. Moreover, financial factors inclusive of squared one-year lagged R&D expenditures, the interaction effect between one-lagged R&D expenditures and high-growth firm, non-debt tax shield, Tobin's q and a dummy variable to explain differences in accounting treatment between the U.S. and Korea, revealed significant differences between the two samples. Finally, in the conditional quantile regression (CQR) analysis for the R&D-related variables in relation to corporate growth rate, it was found that the NYSE-listed firms had a statistically significant linkage between growth potential and one-year lagged R&D expenditures at lower quantile levels. This study may shed new light on identifying financial factors affecting differences between the U.S. market (as an advanced market) and the Korean market (as an emerging market) regarding the optimal level of R&D investments for shareholders.

• Proceedings of the Korea Society of Information Technology Applications Conference
• /
• 2006.06a
• /
• pp.46-66
• /
• 2006

새로운 지능기반사회(ubiquitous society) 패러다임이란 전제 아래 미국을 비롯해 일본, 유럽 등 세계 각국에서는 모바일, 브로드밴드, 극소형 컴퓨터, IPv6의 기술이 창출해 내는 컴퓨팅 혁명의 실체를 유비궈터스 IT로 파악하고 각 국의 걸부, 기업, 연구소들이 주도권을 잡기 위해 많은 노력을 기울이고 있다. 현재 유비쿼터스 IT를 활용한 u-비즈니스를 활성화하고 관련 시장을 선점하기 위한 전 세계적인 경쟁은 매우 치열한 양상을 보이고 있다. 주요 국가들은 서로 지향하는 영역은 다르지만 궁극적으로 지능기반사회 구현이라는 대명제 아래 독자적인 산업 구축을 위해 노력하고 있다. 이러한 이유는 기본적으로 지능기반사회로의 이행과정에서 발생하는 경제적 파급효과, 예컨대 디지털 가전, 이동통신기기, 전자의료기기, 디스플레이, 2차 전지, 보안 등 관련 산업에 미치는 영향 및 새로운 시장 창출의 기회가 있기 때문이다. 기존의 많은 연구 및 문헌에서는 아직도 유비쿼터스 IT에 대한 개념적인 논의에 치중되어 있고 시장 중심적 또는 수요자 중심적 사고의 논의가 부족하다. 성공적으로 유비쿼터스 산업을 육성하기 위해서는 유비쿼터스 IT자체기술 개발사업(tangible service) 뿐만 아니라 비가시적(intangible) 서비스, 그리고 컨버전스(convergence) 서비스에 대한 상용화 모델과 성공적 사업 전개 방법론에 대한 깊은 연구가 수행되어야 한다. 본 연구에서는 먼저 유비쿼터스 IT의 기술동향과 시장 동향 및 산업 규모에 대한 문헌연구를 통해 u-비즈니스의 가능성을 고찰해보고, u-비즈니스 추진 전략을 탐색적으로 제시하고자 한다.되었다. SPME-GC/MS에 의한 휘발성분 분석 결과, 기능성 유지에서 홍국쌀 에탄올 추출물로부터 기인되는 특유의 휘발성분은 관찰되지 않았으나, RT=12.1 min인 hexanal의 함량이 control에 비하여 유의적인 감소 경향을 나타내는 것이 확인되었다(p<0.05).히지 못하여, 이의 기전을 밝히기 위한 추후 연구가 필요하다./TEX>로서 p<0.01 수준에서 현저히 증가하였다. 혈청의 인지질과 콜레스테롤 에스테르의 지방산 조성에서 vitamin C를 혼합 투여한 3,5,7군에서 PUFA 함량이 증가한 반면, SFA 함량은 감소하여 P/S 비율, n-3P/n-6P 비율은 증가하는 경향이었으며 이는 간장의 인지질, 콜레스테롤 에스테르, 총 지질의 지방산조성에서도 같은 경향을 볼 수 있었다.X>$(C_{18:2})$와 n-3계 linolenic acid$(C_{18:3})$가 대부분을 차지하였다. 야생 돌복숭아 과육 중의 지방산 조성은 포화지방산이 16.74%, 단불포화지방산 17.51% 및 다불포화지방산이 65.73%의 함유 비율을 보였는데, 이 중 다불포화지방산인 n-6계 linoleic acid$(C_{18:2})$와 n-3계 linolenic acid$(C_{18:3})$가 지질 구성 총 지방산의 대부분을 차지하는 함유 비율을 나타내었다.했다. 하강하는 약 4일간의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것

• Korean Journal of Social Welfare Studies
• /
• v.49 no.1
• /
• pp.221-262
• /
• 2018

This study aims to explore life experiences associated with poverty and discrimination in processes of growth, career exploration, entry into the labor market, and career accumulation of the working high school graduate youths. With this exploration, we also intent to grasp their difficulties and needs, thus look for policy tasks for them. The analysis is based on qualitative case study. The results are following. Typical working high school graduate youths choose not to go on to university under the influence of unfavorable economic situation of the original families. They enter the labor market without enough career exploration and try to continue working mainly in low-income and unskilled jobs. They usually work long hours to increase incomes, thus, do not have enough time to invest on their own human resources. They locate in a vicious circle of income poverty, time poverty, and skill poverty, but rarely protected by existing employment and income support programs. It is necessary to improve or introduces policy packages including labor market transition support for the high school graduate, education, training, and career exploration support, income support for the working poor, social network support, and support for reducing the dead zone of social insurances.

• Korean Journal of Social Welfare
• /
• v.62 no.3
• /
• pp.141-162
• /
• 2010

This paper tries to provide empirical support for a formal model of social policy development which has been presented in a former paper of this study. In the direct democracy, median voter's social policy preference is critical because he is Condorcet winner in a pair-wise pure majority voting. But, in the more general setting, we should think of various political institutions as a collective choice device. For this reason, I draw a formal model which formulates three contrasting types of political institutions which are distinguished by the developments of political democracy and the differences of electoral rules. Comparative patterns of key variables which measure political institutions, social policy developments, and social policy preference provide support for my arguments. My empirical results suggest that three political institutions are associated with very different policy outcomes. Compared to other institutions, committee system entails more targeted subsidy, less universal benefit. On the contrary, proportional elections produce more universal benefit, less targeted subsidy.

• Journal of the Korea Concrete Institute
• /
• v.17 no.3 s.87
• /
• pp.313-322
• /
• 2005

Recently, as the remodeling market gradually substitute for new construction market and safety diagnosis for reconstruction apartment become a matter of principal Interest, it is demanded that scientific diagnosis and evaluation for existing concrete structure state. And it is increasing that the significance for reliability of data which is used for estimating the concrete compressive strength by nondestructive test. As a result, it is found that different proposal to material age and hitting angle is good to improving the reliability of presumption of concrete compressive strength in the linear hitting rebound test hammer. And for the reason that mutual relation between the compressive strength and rebound degree is highest in linear hitting rebound test hammer 25mm in all portion according to early md middle material age and hitting angle except the early material age $-45^{\circ}$, analysis showed that linear hitting rebound test hammer is more reliable than existing schmidt hammer in presumption of concrete compressive strength.

• The Journal of Small Business Innovation
• /
• v.19 no.3
• /
• pp.43-55
• /
• 2016

This study examines the implications of special items (SI) for future earnings using quarterly Korean data over the period from 2011 to 2014. Due to the lack of identification of SI in Korea, I choose several items as special items if they are material and non-recurring items following prior studies. Then I regressed seasonally-differenced future earnings on positive and negative SI and found that their effects on future earnings were different. While negative SI are explained by inter-period expense transfer, positive SI are not well-described by traditional prototypes. Next, I regressed seasonally-differenced future earnings on negative SI sub-types as they are heterogeneous in nature and have differing implications for future earnings. While PPE impairments and intangibles impairments are partly explained by the inter-period expense transfer, unspecified loss of other loss items are not. Interestingly, these effects are attenuated or disappear in the Kosdaq market when the markets are divided into the Kospi and Kosdaq markets.