• Land and Housing Review
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• v.14 no.3
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• pp.17-36
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• 2023

This research aims to investigate the socio-demographic, financial, and housing statuses of young married couples in Chonsei housing and to analyze the determinants of their residential environment quality and housing expenditure in four districts - Seoul and Gyeonggi-Incheon Area(GIA) of the Seoul Metropolitan Area(SMA), and metropolises and non-metropolises of non-SMA. From the 2020 Korean Housing Survey(KHS), this cross-sectional analysis examined a sample of 691 households, and the findings revealed that most were headed by college-educated, salaried male workers aged 31 years old. While childless dual-earner couples were common in Seoul, single-income families of three were prevalent in non-SMA. The financial status of the couples in Seoul was a lot better than in the other three areas, particularly much higher in Chonsei deposit and total asset value. Further, many lived in a three-bedroom apartment unit sized 60m² and bigger, using a Chonsei loan. Regardless of areas, almost all the households spent a very low portion of their living expenses and income on housing costs. However, dual-earner families positively increased borrowing capacity, which improves the household's financial position that is likely to lead to equity increment in a volatile asset market in the long run. The statistical results indicated that residential environment assessment was influenced by neighborhood quality and housing expenditure was affected by housing size in Seoul, urban amenities in GIA and householder's gender in non-metropolises. Thus, this research proposes that strong measures be considered to mitigate housing inequality embedded in geographical and socio-economic disparities.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.801-824
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• 2022

Recently, United Nations found that 38% of global carbon emissions are generated in the building sector, surpassing other industries (32%) and transportation (23%), and ESG is actively used as a way to reduce carbon emissions in the building sector, led by overseas advanced countries. In Korea, as the National Pension Service announced "Consider ESG with more than 50% of investment assets" this year, the move to introduce ESG in the building sector is accelerating, centering on construction companies and asset management companies. However, as the domestic ESG evaluation system is still mainly focused on corporate governance and social responsibility, interest in the environmental sector is lagging behind that of advanced countries. As ESG in the building sector is expected to grow rapidly over the next 10 years, I would like to suggest the following development directions. The first is the expansion of the incentive system. In order for the government to successfully implement policies related to ESG in the building sector, incentive system such as tax reduction and building standards should be expanded further than now in addition to negative systems such as rent restrictions and punishment taxes due to regulatory violations. Second, standardized ESG standards are established. Rather than creating an independent Korean ESG standard that is far from global standards, it is necessary to organize the common parts of global standards and evaluation methods and create and provide guidelines in the form of standard textbooks that can be used equally by all stakeholders. Third, it is an effort to link ESG in the building sector with Digital Transformation(DX). This is because actual energy savings and carbon emission reduction can be realized only when the operation method of the building sector, which is operated mainly by manpower, is digitalized and converted to an intelligent way.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.105-115
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• 2022

This study aims to investigate the Effect of Money Rush on Entrepreneurial Opportunity Recognition for college students in Busan and Gyeongnam area. We also examine whether Entrepreneurship has a mediating effect between Money Rush and Entrepreneurial Opportunity Recognition. Since the outbreak of COVID-19, digital transformation of the industry have greatly changed the world of work, and job insecurity is becoming more prevalent. As income inequality expands due to the disparity in asset income, the Money Rush phenomenon, which prefers to increase asset income through investment rather than earned income, is becoming common. Money Rush secures an income pipeline and is divided into side hustles and investments that actively utilize Leverage to maximize profits. The findings of this study confirm that Money Rush has a positive effect on Entrepreneurial Opportunity Recognition and a partially positive effect on Entrepreneurship. Entrepreneurship has a partial mediating effect between Money Rush and Entrepreneurial Opportunity Recognition. The study analysis is expected to contribute to strengthening college students' competencies in Entrepreneurial Opportunity Recognition and presenting the policy and practical directions necessary to promote Start-up.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.86-98
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• 2014

This study examined a long-standing issue with its perverse results in the Korean capital markets, such as any variant financial profiles over time, affecting capital structure for the firms belonging to the chaebols. It may be of interest to identify these components from the perspectives of international investors and domestic policy makers to implement their contingent strategies on the target leverage, since the U.S. financial turmoils in the late 2000s. Regarding the evidence from the three hypothesis tests on the firms in the chaebols, this research found that the control variabels measuring profitability, business risk, and non-debt tax shields, showed their statistically significant relationships with the different types of a debt ratio. While FCFF(free cash flow to the firm) showed its significant influence to discriminate between the firms in the chaebols and their counterparts, not belonging to the chaebols, BDRELY as the ratio of liabilities to total assets, comprising the enhanced 'Dupont' system, only showed its statistically significant effect on leverage in the context of the parametric and nonparametric tests. In line with the results obtained from the present research, one may expect that a firm in the Korean chaebol, may control or restructure its present level of capital structure to revert to its target optimal capital structure towards maximizing the shareholders' wealth.

• International Commerce and Information Review
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• v.18 no.3
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• pp.181-201
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• 2016

In this study, transaction cost approach was applied to analysis on direct export determinants of SMEs by using key attributes of transactions, asset specificity, environmental uncertainty, frequency and marketing capability, with a parameter of opportunism. Typical Transaction Cost Analysis theory explains that when transaction cost with business channels(whether it is for buy or sell) increase, the firms integrate the channels. So it is a choice made by firms regarding direct versus indirect channels. The theory was extended to a model of choice of institutional form of direct or indirect export by a norm of opportunism in this empirical study. The survey result showed that lower level of asset specificity and marketing capability or higher level of environmental uncertainty were likely to expose indirect exporters to higher level of opportunism of direct exporter. And we also saw that indirect exporters were likely to choose direct export chanel when opportunism of exporters was higher. From the standpoint of theory, we can say that the basic propositions of the Transaction Cost Analysis, except the attribute of frequency, are supported. This study result could provide a profiling of target business areas and firms for government's policy on direct export promotion of SMEs.

• The Korean Journal of Financial Management
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• v.13 no.1
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• pp.1-49
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• 1996

금융정책(金融政策)과 자본시장(資本市場)의 증권가격(證券價格)과의 동태적(動態的) 관련성(關聯性)을 실증적으로 분석한 결과, 동태적(動態的) 구조면(構造面)에서 볼 때 특히 주식시장은 화폐에 대하여 시차를 갖는 반면, 장기채시장과 단기무위험시장에서는 시차를 갖지 않음이 발견되었다. 그리고 증권가격형성 메카니즘을 살펴본 결과, 화폐(貨幣)의 증가(增加)는 부(富)의 효과(效果)로 이어지고 그 결과 주가의 상승이 초래된다. 다른 한편으로 화폐의 증가가 대체효과를 반드시 유발시키지는 않으며, 그 이유로는 투자자들이 장기채를 선호함으로써 가격의 상승을 불러일으키는 반면 무위험자산의 경우 가격의 변동은 일어나지 않았기 때문이다. 끝으로, 가격효과(價格效果)의 존속은 비교적 단기로 끝남이 확인되었다. 증권시장(證券市場)의 장기적(長期的) 구조(構造)를 파악하기 위하여 공적분(共積分) 검정(檢定)을 실시하였다. 단위근(單位根) 검정(檢定)에 의하여 우리나라의 금융시계열은 단위근이 존재한다는 사실이 입증되었다. 따라서 금융시계열이 비정상적(非定常的) 확률과정(確率過程)을 따르고 있다. 공적분(共積分) 검정(檢定)에 의하여 화폐의 실질대수 유통속도와 실질주가, 장단기수익비율, 화폐차등수익률과 소득변화율 사이에는 차분후에 장기적 정상균형관계가 형성되고 있음이 발견되었다. 통화정책과 주가는 장기의 동태적 구조 측면에서 파악할 때 장기정상관계를 유지하고 있다. 그리고 주가는 시차(時差)가 0인 동시적(同時的) 통화정책(通貨政策)과 제1계 시차통화정책과 소득에 의하여 결정되고 있다. 다른 금융시계열은 주가결정에 영향을 미치고 있지 못한 실정이다. 주가의 상승은 부(富)의 효과(效果)와 대체효과(代替效果)를 유발하고 있다. 따라서 통화당국은 이점을 고려하여 화폐정책(貨幣政策)을 수립하여야 한다. 그리고 통화량은 주가의 가격형성에 양(陽)의 효과(效果)를 형성하고 있다. 따라서 화폐의 공급량의 증가는 명목주가(名目株價)의 상승을 유발하고 이에 따라 부(富)의 효과(效果)와 대체효과(代替效果)가 발생한다. 이와 같은 현상의 발견은 정부당국의 통화정책과 자본시장정책에 중요한 의의를 갖고 있다고 하겠다. 주가형성(株價形成)에 대한 통화정책의 효과는 당기 뿐만 아니라 차기에도 이어지고 화폐량과 소득이 주가의 결정에 영향을 미치고 있으며 다른 금융변수(金融變數)들은 영향을 미치지 않고 있다. 그러나 실질화폐잔고와 실질주가 장단기수익비율 화폐차등수익률과 소득변화률과는 장기적(長期的) 정상적(定常的) 균형관계(均衡關係)를 형성하고 있다. 따라서 장기적 관점에서 증권시장은 경제성장을 위한 통화정책과 각 분야의 균형적 성장을 유발할 수 있는 재정정책(財政政策)이 요청되고 있다. 위의 논의에서 유추할 수 있는 것은 화폐의 영향을 완화시키기 위하여 option시장의 개발과 농산물, 광물, 기타 실물 및 금융에 대한 선물시장의 개설이 요청된다. 이와 같은 시장을 통하여 통화 정책이 증권시장에 미치는 과도한 효과를 축소시켜 합리적이고 건전한 증권시장(證券市場)의 발전(發展)과 금융시장(金融市場)의 원활한 발전이 이룩될 수 있을 것이다. 자본시장이론(資本市場理論)에서는 화폐는 무시하고 실물적인 관점에서 증권가격의 결정을 연구하거나 위험분석에 주안점이 주어져 왔었다. 본 연구를 통하여 통화정책의 결과가 자본시장에 직접적으로 영향을 미치고 있음을 확인하였다. 통화금융정책과 주가의 유기적 관계를 확인한 본 논문의 결과를 정책당국이 참고하여 통화금융정책(通貨金融政策) 효율성(效率性)을 극대화(極大化)할 수 있을 것으로 본다.

• Korean Business Review
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• v.19 no.1
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• pp.157-174
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• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.

• The Journal of the Korea Contents Association
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• v.20 no.3
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• pp.356-369
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• 2020

Farm village business performance may be influenced by village leader's leadership and conflict management between villagers, so the objective of this study is to analyze the relationships among farm village leader's leadership, conflict management between villagers and farm village business performance. The questionnaire was performed for 376 villagers in Jeollabuk-do Province. The collected data was analyzed by structural equation model and Sobel test. The result shows that farm village leader's leadership such as human-relationship ability, management ability, communication skills, and industrial knowledge ability have statistically significant positive effects on the conflict management between villagers. The conflict management between villagers also showed a statistically significant positive effects on the social and economic performance. The farm village leader's leadership such as human-relationship ability, sensibility·awareness ability, management ability, communication skills, industrial knowledge ability showed no statistically significant effects on the social and economic performance. But, they showed a statistically significant effects on the farm village business performance in indirect manner with the mediating effect of the conflict management between villagers. It is worthwhile that in this study, the effect of village leader's leadership on the conflict management between villagers and farm village business performance was verified, and then, it is meaningful to present the role and importance of farm village leader's leadership.

• Korean Journal of Environment and Ecology
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• v.31 no.5
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• pp.461-471
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• 2017

Population genetic studies of 10 groups of Iksookimia pacifica were conducted to investigate the genetic diversity and population genetic structure across its known range in South Korea. Population DNA sequences of one mitochondrial gene (mtCOI) and three nuclear genes (IRBP, EGR2B, RAG1) were examined in samples collected from ten streams that flow into the East Sea. Both mitochondrial and nuclear sequences exhibited significant differentiation among populations except a few cases. The Bayesian analysis of the multi-locus genotypes inferred from the DNA sequences of nuclear genes clustered the individual fish largely into two geographical groups: a northern group (from Baebong stream to Cheonjin stream) and a southern group (Yangyangnamdae stream to Gangneungnamdae stream). Given that the streams flowing into the East Sea are geographically isolated water systems, such separation of genotypes can be interpreted by the geographical separation of common ancestors into north and south that had colonized South Korea. Since the initial geographical separation of the ancestral population by north and south, the ancestral groups seem to have experienced further differentiation into the current genetic clusters through the physical isolation of streams by the East Sea in each region. It is notable that many individuals in the Jasan stream formed a genetic cluster with those of Yangyangnamdae and Gangneungnamdae streams which are distant from each other. In addition, mitochondrial gene showed low genetic differentiation between some neighboring populations and very low level of genetic diversity in several populations. The present population genetic study will provide valuable information for the conservation and management of the Korean endemic fish species, I. paicifica.

• Land and Housing Review
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• v.13 no.1
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• pp.23-38
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• 2022

As city tourism has recently been evaluated as a major indicator of urban competitiveness, strengthening the role of cities as tourist destinations has received more attention. However, industrialization and urbanization of many cities lead to population decline, extinction of traditional industries, and deterioration of living environments, weakening urban functions and competitiveness. Thus, it is essential for declining cities to build a measure to restore urban competitiveness by enhancing urban functions. Accordingly, this study focused on socio-cultural urban regeneration by exploring physical spaces for tourism destinations in declining cities. Different from general tourist destinations, tourism destinations of urban regeneration have a temporal perspective covering the past, present, and future. How does the temporal perspective of urban regeneration tourist destinations affect tourists' satisfaction and behavioral intention? In order to address these questions, this study conducts an empirical analysis based on structural equation modeling (SEM) using the sample of tourists who have visited urban regeneration tourism destinations. With SEM, this paper investigates structural relationships across variables by testing the hypothesis established in the proposed research model. The results show that precious memories of the past are the most important factor for tourists to visit urban regeneration tourist destinations. The empirical findings of this study will contribute to the research areas of urban tourism, urban regeneration tourism, and urban regeneration tourism destinations. In addition, this study can provide practical implications to develop socio-cultural contents of urban regeneration areas as tourism resources to establish plans for urban regeneration projects and achieve sustainable development strategies.