• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• Asian Journal of Business Environment
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• v.10 no.1
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• pp.29-36
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• 2020

Purpose: This study aims to analyze the effect of macroeconomic and non-macroeconomic determinants of capital flight. Research design, data and methodology: With five determinants, this survey was conducted by Eviews 10, and the ordinary least squares (OLS) as a statistical method was applied for examining the research hypothesis. The five determinants are a budget deficit, economic growth, inflation rate, the exchange rate, and sovereign rating. The capital flight measurement uses the World Bank residual approach. The data derive from the Central Bank of Indonesia, BPS-Statistics Indonesia, OECD, and Moody's Investor Service. Results: The result considers that economic growth, the exchange rate, and the sovereign rating will decrease capital flight. In addition, the budget deficit and the inflation rate will increase capital flight. The sovereign rating decreases capital flight bigger than the other determinants. In addition, the exchange rate is statistically significant. Conclusions: The most influential problem of capital flight in Indonesia is because of non-macroeconomics factor political issue, corruption, bad regulation, and others. That's why the investment climate in Indonesia is still not secure. We propose that the regime would have to amend the business rule for reducing capital, raising the investment climate, and demonstrating the creative industry.

• Journal of Korea Trade
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• v.23 no.7
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• pp.113-127
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• 2019

Purpose - This paper investigates whether financial crises could be the indicators of capital outflow waves or vice versa in Korea. Korea has experienced two severe financial crises, which are the Asian Crisis and the global financial crisis. Although there were many variables associated with these two remarkable events, one notable variable was gross capital outflows, which had significantly increased around them. Motivated by existing literature which built theoretical frameworks explaining the relationship between capital flight and financial crises, we examine the empirical evidence for this relationship. Design/methodology - We use panel data from 61 countries including Korea from 1980 to 2009 to study the associations between capital flight and diverse financial crises such as banking, currency, debt, and inflation crises. To be specific, we use the complementary log-log model to see whether capital outflow waves are reliable indicators for domestic financial crises. Findings - The results show, first, that banking, currency, and inflation crises are associated with capital flight. Second, debt crises are also associated with capital flight, but the result is not robust to different specifications. And, third, the positive associations between capital flight and crises are mainly driven by banking flows rather than FDI and portfolio flows. Originality/value - This paper is one of a few studies that investigates domestic (not foreign) investors' behavior during financial turmoil. Furthermore, theoretical studies which provide contradictory explanations on the movements of gross capital outflows during financial crises emphasizes the importance of empirical evidence in this paper.

• Management & Information Systems Review
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• v.39 no.2
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• pp.77-94
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• 2020

While the importance of the service industry has increased at the national economy level, the service rate and job satisfaction of the flight attendants in the aviation service industry are not high. In this regard, this study aims to recognize what factors can reduce their job stress in the emotional work environment, and how job stress affects their attitude and job performance. More specifically, the current study tries to investigate how flight attendants' positive psychological status affect their job stress, organizational commitment, and knowledge sharing in the aspect of job performance. The main five constructs in these interrelationships include the flight attendants' positive psychological capital, leader-member exchange(LMX), job stress, organizational commitment, and knowledge sharing. This study conducted a quantitative research with 390 questionnaire for flight attendants, and analyzed the data using SPSS/PC version 20.0 and structural equation modeling program of AMOS 20.0. The findings show that the favorable leader-member exchange relationship between flight attendants plays a significant role in lowering job stress, while high job stress has a negative effect on organizational commitment and knowledge sharing. The result also shows that personal positive psychological capital acts as a trigger to influence other factors. Therefore, this study suggests that it is essential for airlines not only to promote an organizational system to support the flight attendants' emotional work but also to maintain a positive psychological state for securing competitive human resources.

• KDI Journal of Economic Policy
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• v.44 no.4
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• pp.43-78
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• 2022

The arena of strategic competition between the US and China is expandable from international politics, trade and commerce to finance. What would happen if financial sanctions against China are imposed by the US? Would US financial sanctions lead to a sudden outflow of foreign capital and a liquidity crisis in China? We try to address these questions by estimating China's capital flows-at-risk with the CDS premium on Chinese sovereign funds. We follow Gelos et al. (2019) in setting up a quantile regression model from which China's foreign capital flow-at-risks are estimated. Based on our analysis of China's monthly capital flow data, we find that a rise in the CDS premium has statistically significant negative impacts on China's foreign capital flows-at-risk, mainly in banking flows. However, the analysis also found that due to favorable global conditions, an increase in the CDS premium is unlikely to trigger a shift to a sudden outflow of foreign capital at the moment. Meanwhile, this study found no statistically significant correlation between Korea's capital flows-at-risk and the CDS premium, suggesting that the negative impact of US financial sanctions on China would not increase the probability of capital flight from Korea in a significant manner.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.29 no.4
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• pp.117-123
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• 2021

A startup airline is motivating its flight attendants to do voluntary and effective safety behavior as well as setting up safety culture in its organization at the same time in the early stage of revenue-flight service due to the lack of flight operation experience compared to competing airlines. Based on the sample of flight attendants from a startup airline, this paper tried to perform empirical analysis which focused on relationship among safety leadership, safety motivation and safety behavior. According to empirical analysis, it was proven psychological resources had a significantly positive effect on work engagement. Work engagement is proven to have a significantly positive effect on both flight attendants' safety motivation and their safety work. It was also implied that flight attendants couldn't understand a contradictory attitude of their leaders because leaders had them focus on safety work engagement while not providing enough human resource and capital. In addition, it was found leader's excessive emphasizing safety policy might not result in flight attendants' safety behavior.

• The Journal of the Korea Contents Association
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• v.16 no.9
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• pp.51-65
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• 2016

The purpose of this study was to examine whether authentic leadership influenced positive psychological capital and change-oriented organizational citizenship behavior(CO-OCB) in airline service context. Moreover, this study was designed to test the mediating effect of positive psychological capital between authentic leadership and CO-OCB to provide fundamental and practical information for airline industry. A convenience sample of 390 flight attendants was surveyed and a total of 377 usable questionnaires were analyzed. Then hypotheses were tested using structural equation modelling(SEM). The results were as follows. Firstly, authentic leadership was divided into 'self-awarenese', 'relational transparency', internalized moral perspective' and 'balanced process'. Secondly, 'self-awarenese' and 'internalized moral perspective' influenced positive psychological capital. Thirdly, positive psychological capital influenced CO-OCB. Fourtjly, positive psychological capital had mediating effects partially between authentic leadership and CO-OCB.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.14 no.4
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• pp.66-73
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• 2006

This study focuses on the economies of launching regular air services between capital cities of South Korea and North Korea. The demand for traveling between these two cities is too small to justify scheduled air service. However, it may be possible to provide regular air service by utilizing via flight of incumbent Seoul-Beijing flights. There are numerous flight services between Seoul and Beijing and we may allow some of the Seoul-Beijing flights to stop by Pyung Yang for commercial traffic handling. This study tries to find the optimal discount rate which passengers traveling between Seoul and Beijing via Pyung Yang, the idea is reasonable considering the inconvenience of stopping at Pyung Yang. The Stated Preference Techniques are applied for the study. The required data were collected through interviews of passengers traveling from Seoul to Beijing. The major variables that are considered in flight choice are air fare, flying time, and flight frequency. The relative importance of these major variables is estimated by the logit models calibrated with stated preference data.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.10 no.1
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• pp.57-68
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• 2002

The economical aspects should be evaluated to decide the LCC(Life Cycle Cost) of the long life facilities or equipments. Airplane operators evaluate the economical aspects to decide whether they maintain the existing airplane or substitute the new one. This paper presents economic life cycle and economic life cost for both Cessna 172R and Mooney 20J that are operated for flight training in 'H' University. The residual value that is used to calculate the capital recovery rate of the airplane is calculated based on the data from Blue Book published in USA. The annual equivalent on operation cost is calculated based on the 500 flight hours per year which is the annual flight hour for the airplane in 'H' university. This paper showed that economic life cycle of Cessna 172R is nine years since it was introduced in 2001, and Mooney 20J which was introduced in 1991 exceeds the economic life cycle in 2002.

• Journal of radiological science and technology
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• v.41 no.4
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• pp.339-344
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• 2018

Humans received an exposure dose of 2.4 mSv of natural radiation per year, of which the contribution of spacecraft accounts for about 75%. The crew of the aircraft has increased radiation exposure doses based on cosmic radiation safety management regulations There is no reference to air passengers. Therefore, in this study, we measured the radiation exposure dose received in the sky at high altitude during flight, and tried to compare the radiation exposure dose received by ordinary people during flight. We selected 20 sample specimens, including major tourist spots and the capital by continent with direct flights from Incheon International Airport. Using the CARI-6/6M model and the NAIRAS model, which are cosmic radiation prediction models provided at the National Radio Research Institute, we measured the cosmic radiation exposure dose by the selected flight and departure/arrival place. In the case of exposure dose, Beijing was the lowest at $2.87{\mu}Sv$ (NAIRAS) and $2.05{\mu}Sv$ (CARI - 6/6M), New York had the highest at $146.45{\mu}Sv$ (NAIRAS) and $79.42{\mu}Sv$ (CARI - 6/6M). We found that the route using Arctic routes at the same time and distance will receive more exposure dose than other paths. While the dose of cosmic radiation to be received during flight does not have a decisive influence on the human body, because of the greater risk of stochastic effects in the case of frequent flights and in children with high radiation sensitivity Institutional regulation should be prepared for this.