• The Journal of the Korea Contents Association
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• v.13 no.3
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• pp.352-361
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• 2013

The purpose of this study is to analyse the impact of macroeconomic and non-macroeconomic forces on the management performance of the air transport firms and offer the useful information to the managers. To conduct the regression analysis, eight macroeconomic and non-macroeconomic variables were selected individually as an independent variable. Macroeconomic variables were the return of corporate bond, West Texas Intermediate, the unemployment rate, the money supply, the trade balance, the won to USD exchange rate, the consumer price index and the index of industrial production. And non-macroeconomic variables were Taiwan earthquake, the Asian economic crisis, the 911 terrorist attacks in the US, the Iraq war, Beijing Olympic, the outbreak of a swine flu epidemic, the 1st presidential election and the 2nd presidential election. And ROA was selected as a dependent variable. As the result of analysis, it was found that the changing rates of won to USD exchange rate and consumer price index affected the changing rate of ROA significantly. And also as the result of analysing the impact of two significant macroeconomic variables and eight non-macroeconomic variables on the changing rate of ROA, it was found that the Asian economic crisis and the outbreak of a swine flu epidemic had a negative impact on it. Therefore managers should take note of a change in macroeconomic and non-macroeconomic variables carefully to improve the management performance.

• Convergence Security Journal
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• v.17 no.4
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• pp.63-67
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• 2017

With the rise of China, the power and hegemony is moving to China in East Asia. The foreign policy of the China government is directly or indirectly affecting Korea, neighboring countries and the world. China is advocating a new international policy, a new security system, silk road policy and a new paradigm. China is a newly emerging powerful nation in Asia, and it is clear that China has the economic power to reestablish the Asian order and take over the hegemony. In addition, we want to run the world supremacy with the United States in political, economic, military and diplomatic sectors. In order to overcome the crisis of the Korean peninsula, which is being triggered by North Korea's nuclear and missile development, we are in the position to do our best to cooperate with Korea, the United States and Japan and further improve relations with China. In this study, I analyzed the policy of Southeast Asia and China macroscopically.

• Journal of the Korean association of regional geographers
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• v.23 no.2
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• pp.269-287
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• 2017

While Jeju Free International City was promoted to overcome the economic crisis and build a new national competitiveness in the era of globalization, its development vision as 'the hub city of Northeast Asian economy in the $21^{st}$ century' has not been realized. This paper argues that Jeju Free International City to aim for the 'ideal free market model', 'neoliberal space of exception', and 'a new testing ground for neoliberal deregulation policies' has failed due to worsening of socioeconomic and environmental contradictions, growing conflicts in local community, and the logic of equity enforced by the central government. To support this claim, this article reviews the theoretical discussions of special economic zones, examines the shifts in the development visions of Jeju Free International City, and analyzes how Jeju has become a space of exception with the introduction of various exceptional policies and spatial mechanisms.

• The Southeast Asian review
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• v.28 no.2
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• pp.119-145
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• 2018

Celebrating its $50^{th}$ anniversary in 2017, the leaders of ASEAN member sates have adopted a series of declarations and action plans for enhancing its institutional capability and functional cooperation. ASEAN's convening power is expected to underpin its centrality and resilience. Meanwhile, ASEAN's retreat from democracy has increasingly become a hindrance for its further development. This article reviews the process of ASEAN's community building and its external relations. First, it argues that there is increasing concerns over ASEAN's limited capability in dealing with regional issues mainly caused by the deprivation of human rights and the democracy in crisis. Second, this article considers the dynamics of ASEAN's external relations mainly focusing on its relations with China, the United States, and South Korea. The South China Sea issue and China's increasing economic influence in the region have contributed to the complexity of ASEAN-China relations. The ASEAN's responses to the shift in American foreign policy under the Trump administration posits the unity of ASEAN. The New Southern Policy initiated by South Korean President, Moon Jae-in appears to be a new focal point of Korea-ASEAN relations despite considerable challenges, which requires to maintain ASEAN centrality.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.1027-1033
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• 2020

This study intends to improve job performance during the Covid-19 pandemic at startup companies in Indonesia. In this study, the variables tested were job satisfaction, job innovation, Indonesian culture control, and job performance. Increasing job performance is deemed necessary in facing the economic crisis caused by the Covid-19 pandemic. Job innovation, job satisfaction, and culture control are deemed necessary in improving job performance. The population of this study are managers of start-up companies in Jakarta, Banten, and West Java. This research data obtained by distributing questionnaires to startup managers. This is a quantitative study with primary data. The sample technique used was purposive sampling. Structural Equation Model using Partial Least Square statistical software was used to analyze data. The results of this study indicate a change in the pattern of work performed by startup companies in running their business. Before the Covid-19 pandemic, employees worked in offices for seven hours, but after this pandemic, they change work patterns, moving them to work from home. Working from home requires companies to exercise better control and leadership patterns so that employees can work comfortably.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.337-344
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• 2020

Stability and sustainability of the biggest banks in any country are extremely important. When big banks become unstable and vulnerable, they typically stop lending. The resulting credit squeeze pushes the economy into recession or a slow growth path. The present study examines the financial stability and sustainability of the 30 large banks operating in the six Gulf Cooperation Council countries. These banks represent 70% of the GCC banking market. Monte Carlo simulation was attempted assuming that key drivers can vary randomly by twenty percent on either side of the current values. The conclusions are drawn based on 300 simulation trails of the five-year forecast balance and income statement of each bank. Year 2020 is not favorable for the GCC countries because of the COVID-19 pandemic and low oil prices, though the future years may be better. The study identifies several banks, which may become financially unsustainable because the simulations indicate the possibility of negative profitability, unacceptably low capital ratios and potential for heavy credit losses during periods of economic turbulence, which is the current situation due to the COVID-19 pandemic. Through simulation the paper is able to throw light on which factors lead to bank instability and weakness.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.3
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• pp.39-55
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• 2016

The rapid expansion of China's trade surplus since the mid-eighties and picking up until the onset of 2008-09 global financial crisis has been a key development in the world economy. While growing trade surplus of China has been viewed with cynicism borne out of an undervalued Yuan and for having being a member of WTO since 2001, many others argue that China's trade surplus reflect changes in China's economic and trade structure and associated shifts in its role within regional and global production chains. We address this issue by analyzing: (i) China's growing and changing trade structure as well as changing structure of trade surplus with the rest of the world, USA, Europe, Japan and rest of Asia, (ii) China's revealed comparative advantage (RCA) with the rest of the world, and (iii) how China's trade policies resulted into a shift in China's trade structure. We find that, not only China has made significant inroads in the world trade since its admission to WTO, but also there has been a noticeable shift in China's trade structure with specialization in high-end technology industries wherein China's exports aided by a well calibrated FDI policy.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.169-178
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• 2020

In this paper, we provide an overview of financial development in Vietnam. Particularly, a new approach of this study is to measure financial development through improvements in depth, efficiency and access of the banking system and stock market. Further, the study examines the factors significantly affecting financial development in Vietnam. The data are collected in Vietnam, an emerging country with a limited financial development. We employ the Autoregressive Distributed Lag (ARDL) approach, which generates a high reliability and suits data characteristics of emerging countries like Vietnam. We observe that Vietnam's banking system plays a key role in supplying credits to the economy while the nascent stock market at a limited size shows its potential for a considerable growth in the future. We also find the influential determinants of financial development in Vietnam including real estate market (RE), economic growth (EG), consumer price index (CPI), and global financial crisis (GFC). These findings are essential for Vietnamese authorities in providing practical solutions in order to build a sustainable and synchronous financial development. They are also first empirical evidence relating to an overview of financial development in an emerging country, so they are not only valuable to Vietnam but also crucial to other emerging economies.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.341-350
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• 2020

This study aims to verify the relationship between overseas activities and performance of Korea's SMEs during the last financial crisis. Whether overseas activity performance of enterprises differed was determined based on characteristic variables, including the degree of concentration on R&D and marketing. This study also examined how SMEs' international transactions and their performance differed based on internal variable such as the level of stock holding and firm size. This study developed a model for analyzing the relationship between the level of internationalization and performance of Koran SMEs listed in the KOSDAQ. We used firm-level data, including annual reports and various data sources such as the KISVALUE program. To smooth annual fluctuations in accounting data, we used a three-year average from 2006 to 2009 for each variable in the study. The results showed that proactive overseas activities ultimately had a positive effect on an enterprise's performance, even though it initially had a negative effect. Therefore, enterprises should focus their capacity on R&D and marketing environment. Although numerous studies have focused on the relationship between overseas activities and performance of enterprises, the present study analyzed whether enterprises should continuously engage in overseas activities and what capacities they should strengthen during a global economic recession.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.55-67
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• 2021

This study aims to measure the lower tail dependence as risk contagion from the U.S. economy to 18 developing countries affecting FDI inflows using time-series data from 2005 to 2019. Firstly, we utilize four dynamic copula models, namely, Student-t, Clayton, rotated survival Gumbel, and rotated survival Joe, to measure the tail dependence structure between the U.S. and each developing country's real GDP growth. Secondly, we use the regression model to explore the contagion effects on FDI inflows. The results show that there is evidence of the tail dependence between the U.S and developing economies, indicating the presence of the contagion effects. Primarily, we observe that the degree of contagion effects of the global financial crisis varies across countries; a strong impact is observed in Chinese, South African, Russian, Colombian, and Mexican economic growth. Furthermore, we found significant contagion risk affecting FDI inflows positively in China, Indonesia, Columbia, Morocco, and negatively in the Philippines, Bulgaria, and South Africa. This study demonstrates the usefulness of the copulas model in terms of examining contagion. Our findings shed light on the influence of sound policies and regulations to cope with both positive and negative consequences of the contagion on the capital movement.