• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.23-49
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• 2008

We test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. And, the aim of this paper is related to forecast the stock market, business cycle index and industrial production by various indicators of economic activities in Korea. For this, our paper sets models and focuses on empirical test. The stock market on this month correlate with industries in Korea. The stock market doesn't lead to industries. The industries and macroeconomic variables have high correlation. We test that gradual diffusion of industrial information will predict stock market in Korea. For this, we analysis on possibility of Granger cause by VAR models between industries and stock market. As a result, 21 portfolios cause to Kospi statistically significance at 5%. Especially, the Beverage portfolio has bilateral Granger causality to Kospi. In case of Internet and Cosmetics portfolio, Kospi has unilateral Granger causality to it. The predictability of specific industries has a relation to Macroeconomic variables. What industrial portfolios predict to Business Coincidence Index? The only 6 industrial portfolios of 36 portfolios have a statistically significance at 10%. And, 9 portfolios have a statistically significance at 5%.

• Proceedings of the Safety Management and Science Conference
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• 2007.04a
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• pp.471-476
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• 2007

본 논문의 목적은 과거의 산업 포트폴리오 수익률이 확률추세로부터 어떻게 전체 주식시장과 두 가지 거시경제 변수인 경기동행지수와 산업생산 등을 예측할 수 있는 지를 알아보는 데에 있다. 이를 위하여 본 연구에서는 연구모형을 설정한 후 세 가지 검정절차를 제시하고 이를 실증적으로 분석하였다. 당월의 전체 주식시장 수익률은 과거의 시차를 지닌 특정 산업부문 포트폴리오 수익률에 대하여 양(+)의 상관관계를 유지하고 있다는 '예측 1'과 전체 주식시장의 수익률은 특정 산업부문의 수익률에 대하여 선행성을 지닐 수 없다는 '예측 2'에 대한 검정 결과는 '예측 1'과 '예측 2'가 지지되고 있음을 파악할 수 있었다. 그리고 산업별 포트폴리오 수익률과 거시경제변수 간의 높은 상관관계를 토대로 하여 전체주식시장 수익률 예측을 가능하게 하는 업종 정보의 점진적 확산 현상이 발생하게 되는가를 검토하기 위하여 각 산업들의 포트폴리오 수익률과 전체 주식시장 수익률이 VAR모형을 토대로 볼 경우 Granger 인과관계를 갖고 있는 지를 분석하였다. 분석결과 21개 업종은 각 산업별 포트폴리오 수익률이 전체 주식시장 수익률을 5% 수준에서 통계적으로 유의한 영향을 주고 있음을 알 수 있었다. 이들 21개의 산업별 포트폴리오 수익률은 경제적으로도 중요한 의미를 지니고 있어 산업제품의 가격 상승과 하락이 경제에 미치는 영향을 파악할 수 있다. 특히 음료 업종에서 전체 주식시장 수익률과 상호간의 인과성을 나타내었으며, 인터넷과 화장품 업종에서는 전체 주식시장 수익률이 이들 업종에 대하여 일방적인 영향을 보이고 있음을 알 수 있었다.>$mgN\;{\cdot}\;L^{-1}$ 및 0.000-0.804 $mgN\;{\cdot}\;L^{-1}$이였다. 규소농도는 0.0-6.2 $mgSi\;{\cdot}\;L^{-1}$의 범위로 3-5월에 매우 낮았으며, 계절적인 변화가 뚜렷히 나타났다. 저질의 입자는 0-125인 silt및 coarse silt로 이루어져 있으며, COD는 51.4-116.9 $mgO_2\;{\cdot}\;gdw^{-1}$로 평균 93.0 $mgO_2\;{\cdot}\;gdw^{-1}$ 이였다. 저질내의 TP및 TN의 농도는 각각 0.04-1.46 $mgP\;{\cdot}\;gdw^{-1}$ 및 0.12-1.03 $mgN\;{\cdot}\;gdw^{-1}$이었다. 표층의 엽록소 a의 정점별 평균값은 정점 1, 2 및 3에서 각각 15.6, 15.2 및 16.0 $mg\;{\cdot}\;m^{-3}$으로 유사하였다. 식물플랑크톤은 총 49종이 출현하였으며, 생물량은 50-23, 350 cells ${\cdot}\;mL^{-1}$로 2001년 9월에 가장 많았다. 이 시기의 우점종은 녹조류인 Schroederia judayi이였으며, 생물량은 20,417 cells ${\cdot}\;mL^{-1}$이였다. 송지호의 수질을 개선하기 위해서는 인위적으로 화학성층을 파괴시켜 심충에 용존산소를 공급시켜야 할 것으로 판단되며, 모래톱으로 인해 막혀져 있는 해수

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.428-443
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• 2018

Recently, many firms have been more interested in how the competitiveness of the supply chain can be enhanced, rather than that of the respective company. The purpose of this study is not only to investigate the relationships among the trust between companies, the supply chain integration, and the supply chain performance, but also to demonstrate how the firm size and the absorptive capacity can moderate these relationships. To conduct the hypothesis test including the causal relations between two factors and the moderating effects, 111 data were collected through a survey. As a result, the supply chain performance was positively affected by the supply chain integration as well as the trust between the companies. In addition, the trust had a significant effect on the supply chain performance. The result of the moderating effect of firm size indicates that, compared with a larger group, a smaller group has a stronger relationship between the trust and the supply chain performance, while the relationship between the supply chain integration and the supply chain performance is much stronger in the large group than the small group. As for the moderating effect of absorptive capacity, a higher absorptive group has stronger relationships between the trust and supply chain integration, and supply chain integration and supply chain performance than a lower absorptive group. The findings would provide significant implications for supply chain partners with different sizes and absorptive capacity.

• Korea Trade Review
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• v.44 no.2
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• pp.127-141
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• 2019

In this study, the relationship between Baltic Dry Index(BDI) and maritime trade volume in the dry cargo market was verified using the vector autoregressive (VAR) model. Data was analyzed from 1992 to 2018 for iron ore, steam coal, coking coal, grain, and minor bulks of maritime trade volume and BDI. Granger causality analysis showed that the BDI affects the trade volume of coking coal and minor bulks but the trade volume of iron ore, steam coal and grain do not correlate with the BDI freight index. Impulse response analysis showed that the shock of BDI had the greatest impact on coking coal at the two years lag and the impact was negligible at the ten years lag. In addition, the shock of BDI on minor cargoes was strongest at the three years lag, and were negligible at the ten years lag. This study examined the relationship between maritime trade volume and BDI in the dry bulk shipping market in which uncertainty is high. As a result of this study, there is an economic aspect of sustainability that has helped the risk management of shipping companies. In addition, it is significant from an academic point of view that the long-term relationship between the two time series was analyzed through the causality test between variables. However, it is necessary to develop a forecasting model that will help decision makers in maritime markets using more sophisticated methods such as the Bayesian VAR model.

• Korea Trade Review
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• v.45 no.4
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• pp.107-123
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• 2020

The purpose of this paper is to analyze the Granger Causality relations between Korean FDI and exports in Vietnam using time-series from 2005 to 2019. Using 15-industry semi-annual data of Korean FDI and exports toward Vietnam, the Granger Causality Tests were conducted. Var and VEC models were decided after unit-root and cointegration tests of variables. Findings and implications of the empirical tests are as follows. First, unexpectedly FDI did not Grange-cause exports only in one direction. In two industries, food & beverage and medical & chemical products, there were Granger causality relations in both directions. In eight industries including print, publishig, pulp & paper, exports did Grange-cause FDI. In the rest of five industries including automative & trailer industry, there were no Granger Causality relation in both directions. Second, we presume that the both direction-causality relations are desirable phenomenon for Korea. Because Korean FDI and exports are increasing at the same time. On the other hand, substitution relationship between Korea's exports and FDI occur in the industry that exports did Grange-cause FDI. Finally, more in-depth researches considering Vietnam's consumer demand and the oriented characteristics of FDI are needed. The results of this research will contribute to understand structural patterns of FDI and exports in Vietnam and to make investment and export decisions.

• Culinary science and hospitality research
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• v.21 no.2
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• pp.60-74
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• 2015

This study seeks to determine causal relationships between hotel internal marketing practices and job satisfaction, and ultimately on organizational commitment, to contribute information enabling hotel management to better understand employees working in hotel culinary departments. SPSS 18.0 and AMOS 18.0 were employed for the statistical analysis (e.g. frequency statistics, exploratory factor analysis, confirmatory factor analysis, reliability analysis, and structure equation model). Results revealed that the formulated model showed proper model fit (${\chi}^2=227.154$(df=179), p-value=0.009, CMIN/DF=1.269, RMR=0.013, GFI=0.931, AGFI=0.911, NFI=0.906, CFI=0.978, RMSEA=0.031), and confirmed construct reliability and convergent validity. Three factors (benefit package, educational training, work autonomy) were extracted based on the results of the factor analyses. Specifically, benefit package and work autonomy exhibited an effect on job satisfaction with benefit package asthe most significant factor (t-value 3.311, p<0.001), partially supporting the first hypothesis of this study. In addition, job satisfaction has found to have a positive influence in organizational commitment, confirming the second hypothesis of this study.

• 한국벤처창업학회:학술대회논문집
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• 2023.04a
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• pp.117-122
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• 2023

벤처창업 연구에서 기업가적 리더십은 구성원의 혁신행동 및 성과를 증진시킬 수 있는 핵심 고리로 그 중요성을 인정받고 있다. 선행연구에서 기업가적 리더십은 구성원의 혁신행동을 향상시키는 요인으로 고려되고 있지만 아직까지 구성원의 개별 성향과 복합적으로 고려했을때 기업가적 리더십이 어떤 영향을 미치는지에 대해서는 연구가 부족한 편이다. 본 연구는 구성원의 조절 초점 성향을 토대로 기업가적 리더십이 구성원의 성향에 따라 자기효능감과 혁신행동에 각기 다른 영향을 미칠 것으로 가정, 연구를 진행하였다. 본 연구는 변수 간 인과관계 검정을 위해 중소벤처기업에 재직 중인 구성원을 대상으로 점화 기법 기반 실험연구를 진행할 예정이다. 실험연구를 통해 본 연구는 리더의 기업가적 리더십이 구성원의 혁신행동을 어떻게 높일 수 있는지에 대한 단초를 제공할 것이다. 또한, 본 연구결과는 벤처기업 및 스타트업에서 구성원의 혁신행동을 촉진할 수 있는 조직운영 프로세스에 관한 시사점과 함께 학문 및 실무적 관점에서도 의미 있는 기여도를 제공할 예정이다.

• Journal of the Korea Convergence Society
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• v.8 no.11
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• pp.383-391
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• 2017

This study examines the relationship between sentiment of speculators and price movements in the futures markets of WTI crude oil, copper, and wheat during the period 2003~2014 using Granger causality tests. The results indicate that speculative positions overall has no predictive power for returns in each futures market. Rather, returns seem to have effects on speculators' sentiment especially during periods of both economic expansion and recovery. During a recession, meanwhile, changes of speculators' sentiment index in the WTI crude oil and copper markets provide predictive power for returns in a positive direction, suggesting that speculators' pessimistic sentiment aggravates declines in commodity prices. Since the effects of speculative positions on market prices are ambiguous, tight regulations on speculative trading are not advisable. In a bearish market, however, regulatory bodies should consider raising speculative position limits because large speculative short positions and (or) liquidation of index traders' long positions may lead steep price declines.

• Journal of the Korea Society of Computer and Information
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• v.26 no.4
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• pp.181-188
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• 2021

The purpose of the current study was to investigate the causal relationship between school life adjustment and life satisfaction among adolescents through longitudinal panel data. The current study analyzed the 1st through 7th wave data in the 4th grade panel of elementary school from the Korea Children and Youth Panel Survey (KCYPS). The research model was tested using auto-regressive cross-lagged model. The major results were as follows. First, adolescents' school life adjustment had a positive auto-regressive effect. Second, adolescents' life satisfaction had a positive auto-regressive effect. Third, adolescents' school life adjustment was a causal predictor of life satisfaction, but not vice versa. Finally, implications in terms of enhancing adolescents' school life adjustment and life satisfaction were also discussed.

• KDI Journal of Economic Policy
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• v.36 no.2
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• pp.65-101
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• 2014

This paper estimates and characterizes expected inflations using an affine term structure model based on the empirical stochastic process of the interest rates in Korea. The empirical results show that the expected inflation which marked above 4% before the global financial crisis has dampened and stabilized after the crisis. Moreover, we investigate the rationality of the various expected inflation measures in terms of the unbiasedness and efficiency and find that unbiasedness is not rejected across the all measures, while the efficiency cannot be empirically warranted. Besides, we run Granger causality tests and conclude that the expected inflations compiled from the Consensus, BOK-Expert have the cross-causality with the long-run actual inflation, while the expected inflation estimated from the term structure model has the cross-causality with the short-run actual inflation. These results connote that expected inflations collected from different sources and methods have their targets and horizons and the central bank needs to watch all of them with a balanced view instead of preferring one to the other.