• The Journal of Asian Finance, Economics and Business
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• v.5 no.3
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• pp.7-17
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• 2018

This paper examines short-run and long-run dynamic relationships between selected macroeconomic variables and stock prices in the Korea Stock Exchange. The data is restricted to the period for which monthly data are available from January 1986 to October 2016 (370 observations) retrieved from the Economic Statistics System database sponsored by the Bank of Korea. The study employs unit root test, cointegration test, vector error correction estimates, impulse response test, and structural break test. The results of the Johansen cointegration test indicate at least three cointegrating equations exist at the 0.05 level in the model, confirming that there is a long-run equilibrium relationship between stock prices and macroeconomic variables in Korea. The results of vector error correction model (VECM) estimates indicate that money supply and short-term interest rate are not related to stock prices in the short-run. However, exchange rate is positively related to stock prices while the industrial production index and inflation are negatively related to stock prices in the short-run. Furthermore, the VECM estimates indicate that the external shock, such as regional and global financial crisis shocks, neither affects changes in the endogenous variables nor causes instability in the cointegrating vector. This study finds that the endogenous variables are determined by their own dynamics in the model.

• Journal of the Korean Institute of Rural Architecture
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• v.14 no.3
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• pp.9-16
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• 2012

Both internally and externally environmental changes surround the rural areas such as rapid growth of the early-retired employee under the WTO, the Asian financial crisis in 1997, and the financial crisis in 2007 brought about much transformation in our rural residential environment. According to this changes and demands, the rural areas have been transformed from the area for farmer to the area for farmer and non farmer, that is, peoples that to leave the city to go back to farm or return to home village. Of this time, there needs a change in rural development policies which can make the urban residents migrate and settle in the rural areas as they are naturally embracing the rural life according to the social background and demand. In this point of view, we attempted, in this paper, to survey and analyze the changing trends of residential environment following the spatial composition with house types and rural villages in rural areas. The result of this study will be expected to be a reference for the direction of desirable residential environment in rural areas.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.17-26
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• 2013

This research examines the effect of globalization of Korean economy on small and medium-sized entrepreneurial firms. When Korea underwent the Asian economic crisis in 1997, it reconstructed Korean venture industry and had helped fuel venture firms' rapid growth. Therefore, this study shows the changed structure of Korean economy and the change of venture ecosystem due to the Asian financial crisis. In spite of a favorable turn of the industrial structure toward venture firms, their globalization level is reported still being low. In this study, we also examine how the Korean economy's globalization affects to the venture environments, focusing on the degree of Korea venture's globalization and role of venture capital. This study indicates that the globalization of Korean economy has played a positive role in the growth of the venture firms. However, with the growth of venture firms, small and medium venture companies have received relatively little focuses in Korean economy because the government policy of economic development has been oriented to large companies for several decades.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 2003.09a
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• pp.508-512
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• 2003

In 2000, the economy of Asia made a V-character type recovery from the currency and financial crisis in 1997. The increase in exports is assumed to be one of the causes. To negotiate with foreign countries, English must be indispensable in many cases. In this study, we investigated how English education is performed in East Asian countries while focusing on English textbooks. We metrically analyzed some textbooks used junior high schools and high school in Japan and Korea, and elementary schools in China and Singapore to compare them with U.S.A and U.K textbook. We investigated some characteristics of character-and word-appearance of English textbook using an exponential function. Moreover we derived the degree of difficulty far each material through the variety of words and their frequency on the basis of the required English vocabulary in Japanese junior high schools. As a result we could show at which level of U.S.A. or U.K the English textbooks used in East Asian countries are.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.53-66
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• 2021

The global financial crisis in 2008 eroded trust towards the banking industry overall. To make such institutions more transparent, the International Accounting Standard Board developed the International Financial Reporting Standard 9 (IFRS 9). After the announcement of IFRS 9, academic research has primarily focused on examining the stability of banks due to early loan-loss recognition guidelines under the new system. There appears to be a lack of understanding of how IFRS 9 has influenced institutional depositors' opinions of bank trustworthiness. Hence the goal of this study is to determine how the adoption of IFRS 9 by banks has impacted perceptions of transparency, trust, and skepticism, from the perspective of large institutional depositors. This research was conducted in the context of Malaysian banks that follow the IFRS 9 guidelines. A framework is proposed using the signaling theory, leading to the development of a set of hypotheses. The hypotheses are tested with data collected from 654 financial analysts working in Malaysian companies that are large institutional depositors. The results indicate that the adoption of IFRS 9 has led to higher levels of perceptions of bank transparency and trust, and lower levels of skepticism towards such banks.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.665-673
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• 2021

Default has become an extreme concern in the current world due to the financial crisis. The previous prediction of companies' bankruptcy exhibits evidence of decision assistance for financial and regulatory bodies. Notwithstanding numerous advanced approaches, this area of study is not outmoded and requires additional research. The purpose of this research is to find the best classifier to detect a company's default risk and bankruptcy. This study used secondary data from the Pakistan Stock Exchange (PSX) and it is time-series data to examine the impact on the determinants. This research examined several different classifiers as per their competence to properly categorize default and non-default Pakistani companies listed on the PSX. Additionally, PSX has remained consistent for some years in terms of growth and has provided benefits to its stockholders. This paper utilizes machine learning techniques to predict financial distress in companies listed on the PSX. Our results indicate that most multi-stage mixture of classifiers provided noteworthy developments over the individual classifiers. This means that firms will have to work on the financial variables such as liquidity and profitability to not fall into the category of liquidation. Moreover, Adaptive Boosting (Adaboost) provides a significant boost in the performance of each classifier.

• Journal of Fisheries and Marine Sciences Education
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• v.28 no.1
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• pp.127-136
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• 2016

The purpose of this research is to conduct a comparative study on the characteristics of daily volatility spillovers across the stock markets of Korea, China, and Japan. We employ generalized spillover definition and measurement developed by Diebold & Yilmaz (2009, 2012). The sample period is January 5, 1993 to September 25, 2015. From a static full-sample analysis, we find that 8.60% of forecast error variance comes from volatility spillovers. From a 250-day rolling-sample analysis, we discover that there exist significant volatility fluctuations in the stock markets of Korea, China and Japan, expecially during the Asian Financial Crisis (1998-1999) and the US Credit Crisis (2008-2009) after the collapse of Lehman Brothers. From the net directional spillovers across three countries, we come upon that there is neither a definite leader nor a significant follower during the sample period.

• Nuclear Engineering and Technology
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• v.55 no.2
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• pp.587-594
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• 2023

This study investigates the impacts of nuclear energy consumption on environmental quality from a different perspective by focusing on carbon dioxide (CO2) emissions, ecological footprint, and load capacity factor. In this context, the South Korea case, which is a leading country producing and consuming nuclear energy, is investigated by considering also economic growth, and the 1997 Asian crisis from 1977 to 2018. To this end, the study employs the autoregressive distributed lag (ARDL) approach. Different from previous literature, this study proposes a load capacity curve (LCC) and tests the LCC and environmental Kuznets curve (EKC) hypotheses simultaneously. The analysis results reveal that (i) the LCC and EKC hypotheses are valid in South Korea; (ii) nuclear energy has an improving effect on the environmental quality; (iii) renewable energy does not have a significant long-term impact on the environment; (iv) the 1997 Asian crisis had an increasing effect on the load capacity factor; (v) South Korea has not yet reached the turning point, identified as $55,411, where per capita income improves environmental quality. Overall, the results show the validity of the LCC and EKC hypotheses and prove the positive contribution of nuclear energy to South Korea's green development strategies.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.425-432
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• 2009

The construction industry has been a main pillar and serves as a regulator of the Hong Kong economy. Subsequently, the fluctuations in the level of construction output can induce significant rippling effects to the economy. The Asian Financial Crisis started in 1997 and the SARS outbreak in 2003 both introduced major challenges and impacts to the Hong Kong economy and consequently the construction sector. Such decline in the importance of construction has suggested a possible structural change in the sector. It is worth investigating the driving forces behind the construction demand and see if they have changed after the heavy impacts in the past decade. The above considerations have, therefore, been the motivation of the present study to model the Hong Kong residential construction demand through multiple regression technique which can identify the significant influencing factors to the residential demand. The residential construction is studied as it constitutes a significant portion of the total construction volume. The residential sector has great influence to the general economy of Hong Kong. It is found that the underlying market structure and the driving factors for Hong Kong residential demand before and after the Asian Economic Crisis and SARS outbreak are different, suggesting that the residential construction sector or even the larger construction industry may have undergone a major structural change as Hong Kong's economy approaches maturity. It is also observed that the past literatures on construction demand are mostly focusing on predicting demand under a stable economic environment. Hence, it is worth examining if it is possible to model during economic hardship when the residential sector fluctuate dramatically under different external impacts, such as the recent global financial tsunami.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.149-156
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• 2020

The study aims to investigate a close relation between macro and non-macro variables on stock performance of tourism companies in Korea. The sample used in this study includes monthly data from January 2001 to December 2018. The stock price index of the tourism companies as a dependent variable are obtained from Sejoong, HanaTour, and RedcapTour as three leading Korean tourism companies that have been listed on the Korea Stock Exchange. This study assesses the tourism stock performance using the quantile regression approach. This study also investigates whether global crisis events as the Iraq War and the global financial crisis as non-macro variables have a significant effect on the stock performance of tourism companies in Korea. The results show that the oil prices, exchange rate and industrial production have negative coefficients on stock prices of tourism companies, while the effects of tourist expenditure and consumer price index are positive and significant. We estimate the result of quantile regression that non-macro determinants have statistically a significant and negative effect on tourism stock performance because the global crisis could threaten traveler's safety and economy. Overall, empirical results suggest that the effects of macro and non-macro variables are statistically asymmetric and highly related to tourism stock performance.