• Journal of Labour Economics
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• v.34 no.1
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• pp.33-69
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• 2011

This study analyses a productivity effect by E&T and R&D activities via estimation of E&T stock, R&D stock, and patent stock in a corporate level. Particularly, the analysis reflects the effects of skilled training after estimating E&T stock from E&T flow. When a spillover effect of E&T is analyzed, a methodology using technical proximity concept becomes a new experiment. Also classifying long and short term effects from the usage of Dynamic Panel Data Analysis becomes a new trial, too. The results of study appear that the productivity effects from E&T investments are relatively lager than R&D investments. Through spillover effects and long-term effects E&T and R&D activities have a strong influence on the corporate's productivity.

• The Korean Journal of Applied Statistics
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• v.24 no.3
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• pp.455-464
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• 2011

Overseas direct investment is constantly on the rise, while domestic investment has been slowing and has led to concerns that the expansion of overseas investment may be weakening domestic investment. Considering the change of environment as economic growth, this paper analyzes the relationship between domestic and overseas investment using a regression tree. The result shows that overseas investment substituted domestic investment in the past (before 1985); however, they compensated for each other during the rapid growth period based on exports (1986-1997). The relationship turns out to be insignificant after the Asian currency crisis(after 1998). In addition, this paper also examines the factors determining domestic facilities investment and overseas direct investment at each stage of the changes in their influence due to globalization. Taking into account the results, we need to re-evaluate the current pattern of corporate investment apart from the past restricted point of view to help domestic enterprises efficiently utilize the international production network and resources.

• Korea journal of population studies
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• v.22 no.2
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• pp.121-161
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• 1999

1997년 11월 대외지불 불능사태로 시작된 외환위기가 경제위기로 확산되면서 97년 4/4분기에는 2.5%에 불과하던 전북지역의 실업률은 99년 2월 8.4%로 피크를 이루었으나 그후로는 감소추세를 보이고 있다. 그렇지만 전북지역 노동시장의 전반적 고용동향을 살펴보면 실업률 통계로는 파악되지 않지만 실질적으로 준실업상태에 있는 실망노동자와 불완전취업자의 증가가 심각한 것으로 드러났다. 그리고 산업별 취업자 구조의 변화를 살펴보면 제조업과 건설업의 취업자 감소가 두드러졌으며, 농업부문이나 생계형 서비스업은 실업대란 시대에 완충역할을 해줄 것이라는 기대와는 달리 고용흡수력이 예상보다 훨씬 적은 것으로 드러났다. 취업과 실업 및 비경제활동 사이의 노동력 전이률을 살펴보면 남성과 핵심연령층에서는 취업정착률이 높지만 일단 실업자가 되면 실업으로부터의 탈출률이 낮은 것으로 드러났다. 반면에 여성의 경우에는 실망노동자(discouraged sorkers)효과로 인하여 실업률은 낮고 비경제활동으로의 이동이 크게 나타났다. 그리고 실업이나 비경활상태로부터의 (재)취업시에는 압도적으로 임시고/일고로의 취업이 많아서 98년 하반기 이후 전북지역에서 창출된 일자리가 주로 임시고/일고 위주로 이루어져 있음을 극명하게 보여준다. 한편 여성실업자의 경우 50%이상이 생계주책임자이며, 특히 여성가장 실업자의 경우에는 90%이상이 생계책임자이나 그들 대부분이 빈곤선이하에서 생활하고 있다. 그리고 전북지역에서는 전국수준에 비해서 장기실업률이 다소 높게 나타났다. 저학력층과 고령층, 생산직, 임시고일고등의 비정규직 실업자들의 구직기간이 긴 것으로 나타났다. 실업이 장기화되면 전반적으로 기간의존성효과(duration dependence effect)나 이질성효과(heterogeneity effect)로 인하여 재취업의 가능성은 더욱 떨어진다. 생산적복지(workfare)가 그 이름에 값하는 것이기 위해서는 시장경쟁력이 약한 취약계층에 대해서 직업훈련과 취업알선 및 채용장려, 공공근로 등의 제반 정책들이 가구되어야 할 것이다.

• Management & Information Systems Review
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• v.28 no.2
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• pp.113-134
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• 2009

The purpose of this paper is to investigate the relationship between foreign ownership and firm value. Based on the sample of 3,398 firm-year observations in the period of 2000 to 2007, we find evidence that foreign ownership is positively associated with firm value measured by the market-to-book ratio. In addition, we employ simultaneous equation system where both foreign ownership and firm value are treated as endogenous variables. Simultaneous regression models indicate that the foreign ownership affects firm value, but not vice versa. The positive effects of foreign ownership on firm value result from monitoring and disciplining roles played by foreign investors. Many Korean firms have been run by an owner-manager while monitoring provided by institutional equity holders has been limited. Therefore, Korean firms are expected to suffer from more severe agency costs caused by the conflicts of interest between owner-managers and outside investors. Our empirical results support the notion that foreign investors play an important role in enhancing corporate transparency and improving corporate governance.

• Journal of the Korea Convergence Society
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• v.9 no.7
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• pp.213-222
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• 2018

This study attempts to empirically investigate the excess returns of growth stocks in the Korean stock market comparing with those of value stocks. Recently, a few of IT and bio-pharmaceutical stocks with high growth potentials have accomplished dramatically high returns in the Korean stock market. Whereas, important prior studies in this line have observed negative excess returns from investment of growth stocks on average. And a few studies have reported that the distribution of excess returns from growth stocks is not normal but positively skewed. Empirical results of the present study are consistent with those of prior studies. Interestingly, the present study observed serial inverse correlation between excess returns of growth stocks and value stocks. Also, regardless of growth or value stocks, the stocks with higher PEG(=PER/ROE) showed higher excess returns.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.213-231
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• 2003

This paper uses the Efficient Method of Moments(EMM) of Gallant and Tauchen to estimate continuous-time stochastic volatility diffusion model for the Korean Composite Stock Price Index, sampled daily over $1995\sim2002$. The estimates display non-normality of stock index return, leptokurtic distribution, and stochastic volatility. Funker, this study suggests that two factor stochastic volatility model will be more desirable than one factor stochastic volatility model to estimate daily Korean stock return and also suggests that the stochastic volatility diffusions should allow for Poisson jumps of time-varying intensity.

• Journal of the Economic Geographical Society of Korea
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• v.5 no.2
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• pp.187-207
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• 2002

This study investigates the wage determination process of regional labor markets in order to understand the regional dimension of labor market processes in Korean metropolitan cities. Since the financial crisis in late 1997, the interplay between labor market restructuring such as unemployment and skill polarization and income disparity has been shaped by the labor market process in the metropolitan cities. This is also closely related to the fact that both industrial restructuring and expanding information technologies in the metropolitan region have reshaped the labor demand structure and finally resulted in structural unemployment due to skill mismatch and spatial mismatch and wage inequality across different occupations. In addition, since wage determination process clearly has a regional dimension, wage determination and its influence on income profile in a certain regional labor market need to be understood by investigating its labor market characteristics including labor supply and demand structure, industrial changes, changing unemployment, etc. This is why labor market policy as a regional policy needs to be redefined and it can be much enhanced by geographical investigation on regional labor market.

• KDI Journal of Economic Policy
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• v.29 no.2
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• pp.117-133
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• 2007

This paper evaluates the efficiency of monetary policy in Korea within the framework of interest rate feedback rules. For this, a small open macroeconomic model is constructed in a similar fashion to Ball (1999). The model is shown to capture key features of the Korean economy well. Using this estimated model, optimal instrument rules are derived for a set of different monetary policy objectives. Empirical results find that the actual monetary policy in the class of instrument rules was not very effective in stabilizing the output gap relative to inflation. However, seemingly successful inflation stabilization observed in the data are not consistent with the policy rules as the reaction of the interest rate to inflation is very low. It also appears that the central bank did not react right to movements in the real exchange rate. This paper offers some suggestions for the conduct of monetary policy in Korea.

• Journal of Distribution Science
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• v.14 no.12
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• pp.79-87
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• 2016

Purpose - Since 1990, the sudden stop in capital flows has caused the economic crisis. The purpose of this research is to suggest the policy measures to mitigate the risk of the sudden stop in capital flows. To this end, we examine the theoretical framework and analyze the case study for countries which are faced with the sudden stop. Also we examine the structural problems of the foreign exchange market in Korea and derive the policy implications to prevent the sudden stop. Research design, data, and methodology - The criteria of whether the sudden stop in capital flows occurs are based upon Calvo et al. (2008). In case the proxy variable for the balance of capital account decreases from the average by over twice standard deviation, we determine that the sudden stop occurs for that country. The sample period is from January 1990 to December 2008, as in Calvo (2014). The sample countries are 17 developed countries and 19 emerging market countries, which are different from those of the previous papers as Agosin and Huaita (2012), and Calvo (2014). When the exchange market pressure index(EMPI) is deviated from the average by over three times standard deviation, we determine that the foreign exchange market is unstable for that country. Results - We find that the characteristics of the sudden stop in capital flows are the bunching or contagion among countries, the rapid drop in real effective exchange rate, and the huge decrease in foreign exchange reserves. Many countries tried to increase foreign exchange reserves and regulate capital flows. Also the foreign exchange market in Korea are found to be the volatile exchange rate, the vulnerable external debt and careless management of the foreign exchange derivatives transaction risk. Conclusions - To lessen the risk in the sudden stop of capital flows, this research suggests the some useful policy measures. To enhance the foreign exchange and distribution market stability, we should improve the price mechanism of exchange rate, hold the appropriate level of foreign exchange reserves, prevent excessive inflows of foreign exchange and promote sound transactions of foreign exchange derivatives.

• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.439-446
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• 2016

This research examines the effect of outside director system which has been legislated after financial crisis in Korea. Outside director system is based on agency theory which assumes that a manager is selfish and opportunistic in situation where ownership and management of a firm is separated. In this situation, outside director system has an important function to monitor and keep in check a manager. Thus, we examined that outside director system works as a monitoring mechanism in Korea. And we tested that above effect is weakened in family CEO firms where it is different from assumption of agency theory in Korea. According to empirical result with 282 sample firm, it is confirmed that outside director system reduces agency cost. In family CEO firms, however, this agency cost-reducing effect becomes weak. This result suggests that outside director system needs be cautiously managed without focusing on only monitoring function.