• Journal of Technology Innovation
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• v.20 no.3
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• pp.229-253
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• 2012

There has been various government SME R&D programs and the increase of budget which amount to 15.8% CAGR over the last 10 years, in order to support the research and development of SMEs which accounts for over 99% of our nation's total number of companies. To investigate the factors which affect the ROI of the Government R&D project for SMEs, we conducted Tobit and Logistic regression analysis on the 1237 projects of 'Technology Innovation Program for SME' which is one of the major programs of the Korea Small and Medium Business Administration. The empirical results of this study are as follows. Application or registration of patent or certification while performing the project, positively affect the financial performance of the government R&D project. And we can also find that, according to the technology field, patent and certification have a markedly different effect on ROI of the project. The results of this study suggest that planning, evaluation, and managing of government SME R&D project should be performed with the consideration of the effect of patent and certification on the economic performance, according to the technology field of the project.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.2
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• pp.248-258
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• 2021

The study analyzed the financial determinants of corporate R&D intensity that require more attention from academics and practitioners in the Korean capital market. Domestic small and medium enterprises (SMEs) may face with developing substitutes by making more R&D investments in scale and scope, given the unprecedented economic conditions such as the limitation of importing core components and materials from other nation(s). KOSDAQ-listed SMEs were selected as sample data, whose R&D expenditures may be less than those of large firms during the post-global financial turmoil period (2010~2018). Static panel data model was applied, along with Tobit and stepwise regression models, for examining the validity of results. Logit, probit, and complementary log-log regressions were also employed for a relative analysis. R&D expenditures in the prior year, the interaction effect between the previous R&D intensity and high-tech sector, firm size, and growth rate were significant to determine R&D intensity. Moreover, a majority of explanatory variables were found to change between the years 2011 and 2018, while time-lagged effects between the R&D intensity and growth rate exist. Results of the study are expected to be used for future research to detect optimal levels of R&D expenditures for the value maximization of SMEs.

• The Journal of the Korea Contents Association
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• v.17 no.6
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• pp.504-513
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• 2017

This study investigated one of the controversial issues on debate or even controversial between policy makers at the government and corporate levels: To examine any financial determinants on the cash holdings of the firms in the advanced and emerging capital markets. Futhermore, it focused on the large representative firms headquartered in the U.S. and the Republic of Korea, taking into account scarcity of the previous literature concentrated on the comparative studies on this particular subject. Several legitimate, but robust econometric estimations such as static and dynamic panel data models and Tobit regression, were applied to investigate possible financial factors ono the cash liquidity. Given the continued debates or arguments on the excess cash reserves between interest partied at the government and corporate levels in the advanced and/or emerging capital markets, and more accelerated capital transfers among associated nations by engaging in the arrangements of the FTAs, the results of the study may provide a vision to search for the optimal level of corporate cash holdings for firms in the two nations.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.183-212
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• 2008

The purpose of this paper is to analyze the efficiency change and determinants of the korean non-life insurance companies. we use DEA (Data Envelopment Analysis) model to measure company efficiency change and use GLS, Tobit model, FIixed effect model, Random effect model, GMM to measure efficiency determinants. we utilize ten non-life insurance companies in korea and the panel data for five from 2001 to 2005. The empirical results show the following findings. First, technical efficiency shows that approximately 15.5% of inefficiency exists on the non-life insurance companies and it reveals that the cause for technical inefficiency is due to scale inefficiency. Second, Dea Window results show that the stable dissimilarity by standard deviation, LDP of CCR. Third, the results of efficiency determinants show that increase efficiency is depend on the premium income and real estates.

• Journal of Korean Society of Transportation
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• v.33 no.2
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• pp.125-135
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• 2015

In this study our main focus is to verify the relationship between social value of transportation system and its perceived features. To achieve this objective, we investigated the value of public bike system (PBS) through willingness to pay (WTP) analysis using contingent valuation method (CVM) and the survey was conducted for 1726 respondents who live in Suwon, Korea. Moreover the determinants related to features related to bicycle use were also gathered. The estimated binary logistic regression and censored regression reveal that the value of PBS is influenced by perceived features towards bicycle use incorporating non-congestion, transportation mode like auto and bus, and high mobility system as well as other variables such as income, bicycle ownership etc. Furthermore the results show that the perceiving of positive features to bicycle use leads to higher social value of PBS. Based on the findings, we discuss the importance of pre-review for transport policy implementation, and also explore the possibilities for application to PBS.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.1
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• pp.679-687
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• 2017

This study examines financial factors affecting cash holdings of firms in the domestic capital markets. Specifically, this study focuses on regional firms with headquarters in Chungcheong province, the Republic of Korea, which features little previous research concentrating on the firms in the particular region. Three primary hypotheses were empirically tested utilizing robust econometric models, including static panel data, Tobit regression, and logistic models.Results reveal only five explanatory variables, including DSO, LIQUID, LEVERAGE, PMARGIN, and SIZE, showed statistically significant effects on the level of cash holdings among the nine variables studied. In addition two IDVs, LEVERAGE and FOS, showed significant differentiated effects between firms with headquarters in North and South Chungcheong regions. With continued debate among interested parties on the optimal level of cash reserves, the study provides a new vision for the optimal cash reserves for firms with headquarters in Chungcheong Province, where unprecedented socio-economic factors are driven.

• Journal of Korean Society of Transportation
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• v.31 no.3
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• pp.33-44
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• 2013

Personal Rapid Transit(PRT) has emerged as a promising transportation mode for transit-oriented sustainable communities. In this study, an alternative design of questionnaire survey is proposed in order to capture traveler's perception of an unexperienced transportation mode. This study aims at predicting the mode choice diversion behavior of potential PRT users who do not have experience of using it previously, considering their willingness-to-pay. The proposed model was applied to predict an aggregate forecast of PRT patronage for the city of Songdo where PRT is considered to be constructed. For validation of the proposed model, the price elasticity of PRT demand was analyzed, compared with existing models. The analysis results suggest that the proposed design of questionnaire survey is able to capture respondents' attitude and perception to unexperienced transportation mode in an effective manner. Also, they show that the proposed diversion rate model is more realistic than existing models in explaining the effects of users' willingness-to-pay for predicting PRT patronage.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.2
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• pp.987-994
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• 2015

This study examines how single-person household expenditure patterns are different with respect to age and income groups using Tobit model. The expenditure data of the national household survey from 2006 to 2012 were used. The results show that income elasticities of all items are greater than 1 except for food & beverage, housing, water, electricity & gas, and Communication. Income elasticities are significantly different among consuming items. Additionally the income elasticities are also different between various age and income groups of single-person households. Therefore governments and businesses have to take this into account when devising their policies or strategies regarding single-person households. Especially, businesses need to adopt a strategy targeted at single-person households with high income and buying power such as unmarried professional people. As the number of single-person household increases the proportion of expenditures on necessities such as beverage, food, and energy is expected to decrease while that on services increases. Consequently policy responses are required to prepare for the expansion of service industries such as health, hospital, and housekeeping services.

• Journal of the Korean Institute of Landscape Architecture
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• v.50 no.5
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• pp.1-12
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• 2022

COVID-19 led to an increased need for mountainous urban parks in the city that can be enjoyed while moving rather than staying put. However, studies on the economic value of mountainous urban parks have been insufficient. As a result, this study investigates the economic value of Gyeyangsan, a mountainous urban park located in the city, by quantifying the value of natural resources provided to residents and analyzing the factors affecting these values. The results are summarized below. First, according to the economic value assessment of Gyeyangsan, the use value was 2,210 won per person or 4.42 billion won per year, and the preservation value was 6,182 won per household, or 129.37 billion won. Gyeyangsan's total assets value was assessed as 3.68 trillion won. Second, according to the estimates of the willingness to pay and the determinants for the use-value, the frequency of visits, age, and use satisfaction significantly impacted the intention to pay for the use-value. Third, according to the estimates of the willingness to pay and the determinants for the preservation value, the intention to revisit, volunteer participation, educational level, gender, and residence significantly influenced the intention to pay for the preservation value. According to the findings of this study, it will be possible to make crucial policy implications when setting a direction for future park management by presenting a practical policy plan for the maintenance of mountain parks in downtown areas and will broaden the scope of research.

• Korean Journal of Environment and Ecology
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• v.30 no.3
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• pp.406-414
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• 2016

This study examined the factors by which people choose auto-camping as their primary leisure activity after conducting a questionnaire survey of the visitors to the Chiaksan national park Guryong auto-campground. The majority of the visitors were employed (60%) in their 30s and 40s (85%) with relatively high education (88% of which had bachelor's degree or higher) and income levels (87% of which had family income greater than KRW30 million). Most visitors were family group visitors (82%), and for many visitors, auto-camping appeared to be their primary leisure activity as 24% of the respondents said that they visited auto-campground more than 10 times a year. Only 18% of the visitors had auto-camped for longer than 5 years, indicating that auto-camping is a relatively new leisure activity that has become popular in recent times. Factor analysis with 19 items that measured the degree of agreement on the relative advantages of auto-camping extracted four latent factors that affected the selection of auto-camping as a leisure activity: factor 1 (refreshment through contact with nature), factor 2 (novelty and a sense of accomplishment), factor 3 (convenience), and factor 4 (entertainment). Results of regression analysis that examined the effects of the four extracted factors on the visitors' level of satisfaction on auto-camping (measured by the number of visits to auto-campgrounds per year) indicated that 'refreshment through contact with nature' was the most critical factor when deciding to select auto-camping as their leisure activity. 'Novelty and a sense of accomplishment' and 'convenience' were also statistically significant -but to a lesser degree, whereas 'entertainment' did not statistically significantly affect the visitors' decision. These results suggest that, for designing and managing auto-campgrounds, it is more important to preserve the surrounding nature than to provide more facilities for campers' convenience and entertainment.