• 사회경제평론
• /
• v.29 no.1
• /
• pp.71-98
• /
• 2016

This study reveals the followings in the Tugan's business cycle thoery. First, Tugan tried to construct a business cycle theory based on his market theory. But Tugan' theory is lack of logical consistency. Second, Tugan's critics as well as defenders did not understand his theoretical error. Underconsumption theorists did not evaluate Tugan's periodical crisis theory while only criticizing Tugan's crisis theory neglected a consumption. Bauer developed Tugan's periodical crisis by using the reproduction scheme including a hoarded money. Hilferding only constructed a theory of crisis properly criticizing Tugan's crisis theory on the basis of Marx's concept of crisis.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 2006.05a
• /
• pp.1025-1029
• /
• 2006

This paper considers the multicommodity flow problem and the integer multicommodity flow problem on cycle graphs. We present two linear time algorithms for solving each of the two problems.

• IE interfaces
• /
• v.16 no.2
• /
• pp.167-173
• /
• 2003

We attempted to empirically analyze the supply chain performance of Korean companies. We utilized the supply chain performance metric of SCOR(Supply-Chain Operations Reference-Model) which has been developed by the Supply Chain Council. We especially focused on the supply chain asset performance using the currently available accounting database of Korean companies. Cash-to-cash cycle time, inventory days of supply, and asset turns were analyzed for 621 Korean companies during the last 5 year period 1997-2001. We compared the performance by industry type and company size. In addition, we compared the cash-to-cash cycle time of Korean companies with global companies.

• East Asian Economic Review
• /
• v.24 no.2
• /
• pp.185-203
• /
• 2020

This paper investigates the connectedness among housing markets using the methodology developed in Diebold and Yilmaz (2014, 2016). In particular, we examine the international linkages among housing markets in Northeast Asian countries: namely, China, Japan, and Korea. The basic finding is that connectedness measures vary over the business cycle, with a surge during the global financial crisis. However, the international linkages among the three Asian housing markets seem rather weak. By including GDP in the model, we also find that housing market in one country is more affected by its own economic conditions than that of neighboring countries. Given earlier evidence that cross-regional spillover among domestic housing markets is high, this result suggests that housing market connectedness is more of domestic cross-regional phenomena, rather than international ones.

• East Asian Economic Review
• /
• v.25 no.2
• /
• pp.125-150
• /
• 2021

The paper investigates investor sentiment's role in boosting Japanese companies to enhance their environmental, social, and corporate governance (ESG) performance. Using ESG scores of 367 firms between 2005 and 2019 from the ASSET4 database, we find that negative sentiment in the previous year, both firm and market level, can be a stimulation for the company's commitments to its ESG activities next year. Notably, the moderating effect of the business sector and economic cycle on the sentiment-ESG inference are detected in our study differentiating between corporate and market sentiment, which have never been reported before. In detail, we discover that the impact of firm-specific sentiment is less pronounced for high-sensitive ESG firms. On the other hand, the driving force of market sentiment on corporate social behaviors weakens when economic recessions happen. Our results are robust after controlling for potential endogeneity issues and using alternative proxies for market sentiment.

• Environmental Engineering Research
• /
• v.22 no.4
• /
• pp.363-368
• /
• 2017

The external diseconomy is hampering sustainable development of the city logistics sector. Burdens on urban environment imposed by the city logistics industry have been put in the spotlight. Based on the principle of Life Cycle Analysis, the comprehensive environment impact for city logistics systems is measured. Firstly, with the city logistics service chain as a whole, its business processes and their interactions with environment are analyzed. In total four types of major environment impact categories are determined. Secondly, case study is made on three city logistics operators located in Jing-Jin-Ji region of China with different business modes, respectively self-operation mode, joint distribution mode and the $3^{rd}$ Party Logistics or 3PL mode. Through analysis of energy consumption and emissions for various business processes, their comprehensive environmental impact values are finally obtained. Thirdly, horizontally comparative analysis is carried out to these three modes of the urban logistics distribution systems. Results show the advantages of the 3PL and the joint distribution modes in developing greener urban logistics distribution. Future research avenues and policy suggestions are proposed finally.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.4
• /
• pp.35-44
• /
• 2018

The study is aimed at investigating the main factors that affect the interest rate yields, in the long-term. In addition, the study surveys the theories and literature relating to the determinants of interest rate. The importance of which is essential not only for governments, but also for banks and corporate financial risk management decisions, including risk exposures in banks and capital markets. Interest rate influences corporate profit as well as growth. For this purpose, the study examines the impact of budget deficit, risk-free rate, capital inflows, money supply and business cycles on real interest rate in Jordan. These factors are based upon well-established theories and straightforward practical view as interest rate determinants. Using data for (1990-2015), the study employed Johansen's co-integrating test, which takes into consideration the long-term unsynchronized relationships. The data is tested for normality, symmetric correlations, covariance diagonal and unit root. The results show that the government budget deficit, short-term risk-free interest rate, capital inflows, money supply and business cycle are long-term determinants of the real interest rate in Jordan. The coefficients of government budget deficit, short-term risk-free rate, money supply and business cycle all are inversely affecting the real interest rate, while capital inflows has a positive impact on the real interest rate.

• Information Systems Review
• /
• v.18 no.2
• /
• pp.173-198
• /
• 2016

Financial distress can damage stakeholders and even lead to significant social costs. Thus, financial distress prediction is an important issue in macroeconomics. However, most existing studies on building a financial distress prediction model have only considered idiosyncratic risk factors without considering systematic risk factors. In this study, we propose a prediction model that considers both the idiosyncratic risk based on a financial ratio and the systematic risk based on a business cycle. Ultimately, we build several IT artifacts associated with financial ratio and add them to the idiosyncratic risk factors as well as address the imbalanced data problem by using an oversampling technique and synthetic minority oversampling technique (SMOTE) to ensure good performance. When considering systematic risk, our study ensures that each data set consists of both financially distressed companies and financially sound companies in each business cycle phase. We conducted several experiments that change the initial imbalanced sample ratio between the two company groups into a 1:1 sample ratio using SMOTE and compared the prediction results from the individual data set. We also predicted data sets from the subsequent business cycle phase as a test set through a built prediction model that used business contraction phase data sets, and then we compared previous prediction performance and subsequent prediction performance. Thus, our findings can provide insights into making rational decisions for stakeholders that are experiencing an economic crisis.

• Culinary science and hospitality research
• /
• v.2
• /
• pp.59-87
• /
• 1996

This study has been done by giving the guide when development of menu or doing marketing strategy in Hotel Restaurant. All products and service has a regular course from induction in market to disappear, so it shall be come out Products Life Cycle theory. In eating business, under the tendency and existing cycle to change menu by taste of customers, liking variation, change of periodic status (environment), MLC(Menu Life Cycle) shall be advised by application PLC(Products Life Cycle) in the process of induction of some menu first and spreading the same business field and then deletion (disappearance) from menu because of no popular. In Emergence Stage, it shall be tried to inform new menu through Cooking Contest, presentation of new menu, free sampling party and others. In Growth Stage, it shall be changed package menu or set menu. In Maturity Stage, it shall be provided complimentary ticket, gift coupon or discount for the customers with some degree of selling record in order to increase using frequency and selling amount after insure new customers. In Decline Stage, it shall be groped for entry underdeveloped country or less advance nation, but there is no possibility to devote in enterprise, it shall be planned substitute menu development in order to withdraw. By inducting MLC concept, it shall be provided the available informations such as“how could some menu be circulate in some restaurant”“Accordingly do strengthen promotion activities or go to low developed area or overseas, or delete it from menuitems and so on”. In the time of decline some menu, it is judged to the time of plan(preparation) of new menu development. In the broad view, when consideration of the concept of menu life cycle, it shall be possible to know which menu is decayed and which menu is developed newly or grown-up, so it shall be provided the important information to estimate the tendency of changing menu and set-up a menu development plan.

• Journal of the Korea Institute of Building Construction
• /
• v.8 no.1
• /
• pp.49-56
• /
• 2008

According to the recent trends which are the diversity of customer requests and the multi-function of buildings, A construction company's business has converted from the producer-oriented approach to the consumer-oriented approach. Therefore, each construction company is continuously trying to improve the quality level as a way of corresponding to customer needs in these changing situations. The quality is one of the main management targets which judge the success of a project along with the schedule, the cost and the safety. As construction companies execute the quality management which they aimed at, it should be completed within the optimum schedule and the limit of the budget. Accordingly, the importance of the construction site management to complete a project is continuously increasing. The construction site management is the systematic method to perform the project goals such as the quality improvement, the cost saving and the safety management, which organically operate one another, by procuring the manpower, the material and the machine in the right time. Specially, as the construction industry has based on the construction site, the establish of systematic construction site management, which can effectively correspond sudden changes of the construction business environment, is essential to maximize the construction productivity. On top of that, the necessity of the quality management method is increasing to accommodate customer needs more spontaneously in the construction site. These endeavors could guarantee their competitive power.