• Asia pacific journal of information systems
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• 제16권2호
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• pp.111-122
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• 2006

This paper investigated the causal relationship between IT investment and economic performance with the office, computing and accounting machinery (OCAM) and gross domestic product (GDP) statistics from the United States for the period 1961 to 2001. Due to non-stationary aspects of the series, found by unit root tests, it was deemed applicable to apply growth models using the first difference of the series. The results indicate that IT investment growth at the country level do not only cause economic performance growth, but are also caused by economic performance growth. While IT investment growth affect economic performance growth over shorter time periods, economic performance growth affect IT investment growth over longer time periods. As a result, this study reveals IT investment growth have the preceding effect on economic performance growth, and then economic performance growth impact subsequently on IT investment growth.

• 기술혁신연구
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• 제10권1호
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• pp.65-82
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• 2002

This paper inquires into the causal relationship between R&D investment and GDP (Gross Domestic Product) in Korea. We apply the method of unit-root test, co-integration test, and Hsiao version of the Granger causality test to find the evidence of bi-directional causality between R&D and GDP. However, it is interesting to observe no significant directional effect between government funded R&D and GDP while private sector funded R&D turns out to affect GDP significantly. Utilizing the previous study results on bi-directional relationship between government and private sector funded R&D, we draw the following conclusion: In order to increase GDP, government funded R&D needs to induce private sector to fund more R&D in an effective manner. In this way, government is expected to indirectly participate in the development for better economy in Korea.

• 유통과학연구
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• 제10권6호
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• pp.7-15
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• 2012

The paper deals with the impact of information and communications technology on carbon emissions and economic growth in South Korea. The quarterly time series data from the first quarter of 1970 to the third quarter of 2010 (163 observations) are collected and retrieved from the Bank of Korea database. The paper examines long-run equilibrium relationships using cointegration techniques and Granger causality with vector error correction models. In directional causality tests, information and communications technology shows highly significant positive effects on economic growth and marginal effect on carbon emissions. Carbon emissions and economic growth exhibit an inverse relationship with each other; that is, carbon emissions have an inverse relation to economic growth and economic growth does not significantly affect carbon emissions in South Korea. We also note possible implications regarding growth policies and the information communications technology and "green" technology sectors for economies in the range represented by Korea's 1970 - 2010 data.

• 국제지역연구
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• 제20권1호
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• pp.127-146
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• 2016

This paper investigates that the Granger-causality between ODA FDI Trade, and economic growth in Senegal over the last 50 years and ODA, FDI, Trade have a impact on the Senegal's economic growth using the Vector Error Correction Model. The empirical results do confirm a directional causality between the variables considered. It also showed that an increase of ODA in the Senegal has positive effect on GDP growth and FDI, which are important factors of economic growth for poor country like Senegal. Underdeveloped nation has been suffered from insufficient savings or capital for economic growth; therefore, developed nations have to provide enough ODA to supply initial capital formation for growth, so-called, seed money. In a nutshell, ODA as a priming the pump is required and expanded continuously for Africa country's economic growth.

• 한국시스템다이내믹스연구
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• 제5권2호
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• pp.67-88
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• 2004

This paper attempts to explore the generic pitfalls of the traditional number-crunching methods adopted thus far for the forecast of newly emerging market trends, and present an alternative by introducingsystems thinking to the portable Internet service market as an example, followed by its rationale as a new tool for forecasting and some reasoning about why traditional methods are no longer appropriate. Most adoption models in general to forecast market trends have several limitations due to theirbasic assumptions and prospective. First, they fail to capture dynamic interactions among the factors involved over time, with implicit assumptions of 'unilateral causality' in that each factor contributes as a cause to the effect, i.e., causality runs one way; each factor acts independently the weighting factor of each is fixed, etc. Second, the number-crunching models have no way of taking into account the impact of delayed feedback often caused by introducing new policies and legislative changes on the whole system under investigation. Third, there is not a way to reflect the effect of competition by players.

• 경영과학
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• 제25권3호
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• pp.13-26
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• 2008

We investigate the effect of government and public sector R&D Investment at IT Industry on the amount of Production, export and nongovernment R&D Investment at IT Industry. We, firstly, examine the stationarity of each variable by the unit root t-test and perform the co-integration test for the pairs of variables. We use YECM(Vector Error Correction Model) according to the results of co-integration test for the examination of Granger-causality between variables. It is found that there exist an Granger-causality between public sector R&D Investment and nongovernment R&D investment and also between public sector R&D Investment and export. Secondly, we analyze the impulse response of government and public sector R&D Investment at IT Industry on the amount of production, export and nongovernment R&D investment at IT Industry based on VECM model. It is found that the response of the amount of production is highest at 3th period and is lowest at 8th period and that of export shows similar pattern.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.51-59
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• 2020

The objective of this study is to enrich the literature by investigating the impact of introduction of index future trading on spot market returns and trading volume in Vietnam. Data used in this study mainly consist of daily VN30-Index and market trading volume series during the period from February 6^th, 2012 to December 31^st, 2019. Using OLS, GARCH(1,1) and EGARCH(1,1) models, the empirical findings consistently confirm that the introduction of index future trading has no impact on the spot market returns. In addition, the results of the EGARCH(1,1) model indicate that the leverage effect on the spot market volatility is existence in HOSE. Specifically, bad news has a greater effect on the market volatility than good news of the same size. Moreover, our empirical findings reveal that the introduction of index future contracts has the positive impact on the underlying market trading volume. Specifically, the trading volume of the post-index futures introduction increases by 7.5 percent compared with the pre-index futures introduction. Finally, the results obtained from the Granger causality test for the relationship between the spot market returns and the future trading activity confirm that only uni-directional causality running from the market returns to the future trading activity exists in HOSE.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.191-199
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• 2021

The study examines the causal relationship between financial development and economic growth through trade openness for the leading ASEAN countries (Indonesia, the Philippines, Malaysia, Singapore, Thailand, and Vietnam). The study employs a panel data for the period of 25 years spanning from 1995 to 2015 for the six countries, yielding a balanced panel of 150 observations. Fixed effect model (FEM) and random effect model (REM) are used for the panel data, following the Hausman test performed for model selection. The trivariate Granger causality test is also used to check for possible relationship between the variables. The results show that REM is chosen based on the Hausman test result, suggesting that the trade openness has a positive association with growth whereas the financial development is positively, but insignificantly associated with growth. The reason for this is that the financial development and economic growth may be related to each other. The results are, then, further explored and confirmed by the causality test. That is, the financial development and the economic growth, through the trade openness, are found to have bidirectional positive relationships. This implies that there would be shortcomings when ignoring the presence of trade openness, which positively impacts the relationship between finance and growth.

• 한국의류산업학회지
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• 제25권5호
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• pp.643-650
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• 2023

This study aimed to unveil the causality between the emotional marketing of aesthetic salons and brand awareness/relationship continuity in Chinese female consumers. For data collection, a self-administered questionnaire survey was conducted among adult women in their 20s or older in Liaoning Province, China, from February 2 to 18, 2023, using WeChat. From a total of 431distributed questionnaires, 393 copies were collected. Then, 369 copies, excluding 24 poorly answered ones, were used for the final analysis. The collected data were analyzed using SPSS 25.0 and the summary of the results of the study is as follows. First, in emotional marketing, sight, smell, hearing, and taste had a positive(+) influence on both cognitive and affective experiences. Second, in emotional marketing, sight, smell, and taste displayed a positive(+) effect on relationship continuity. Third, in brand awareness, both cognitive and affective experiences showed a positive(+) effect on relationship continuity. Collectively, this means that the higher the cognitive and emotional marketing of brand awareness, the higher the relationship continuity persistence. This study confirmed the causality among the emotional marketing of aesthetic salons, brand awareness, and relationship continuity; sight and taste were key factors that influenced brand awareness and relationship continuity. In addition, hearing and smell were important, influencing the relationships among variables.

• 자원ㆍ환경경제연구
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• 제31권2호
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• pp.233-260
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• 2022

본 연구에서는 비모수적 분위수 인과관계 검정 방법을 이용하여 국제유가의 변동이 산업별 주가의 움직임에 어떤 영향을 주는지 분석하였다. 본 연구의 분석 대상은 1998년 1월부터 2021년 4월까지 WTI 가격, KOSPI 지수 및 18개 산업별 주가지수의 주별 데이터이다. 비모수 분위수 인과 검정 결과에서 유가 변화가 KOSPI 지수에 미치는 영향은 유의하지 않은 것으로 나타났다. 이는 KOSPI 지수에 포함된 여러 산업의 주가 반응이 서로 다르기 때문이라고 생각된다. 유가 변화에 대한 산업별 주가지수의 반응을 살펴보면, 주식 수익률을 0.1분위부터 0.9분위까지 0.05단위로 나눈 인과관계 결과에서 전체 18개 산업 중 섬유의복, 종이목재, 의약품 등을 포함한 9개 산업에서 인과성이 유의하게 나타났으며, 나머지 9개 산업에서는 유가와의 인과성을 보이지 않았다. 이 산업들 중 세 분위 이상에 걸쳐 연속적으로 인과성이 나타난 산업은 의약품과 통신업(0.45분위 ~ 0.85분위), 섬유의복(0.15분위 ~ 0.45분위), 건설업(0.5분위 ~ 0.6분위) 등 4개 산업으로 인과성이 나타난 구간은 업종마다 차이가 있다. 검정결과를 통해 유가의 변화에 대한 주가 반응에는 산업별로 큰 차이가 있었고, 한 산업에서도 시장 상황에 따라 다르게 나타남을 알 수 있다. 이것은 유가 변화 시기에 투자자들은 포트폴리오를 산업별로 재조정할 필요가 있음을 보여준다. 또한, 정부의 산업정책과 고용정책 등 거시경제정책도 유가 변화 영향이 산업별, 시장 상황별로 차이나는 점을 충분히 고려하여 운영되어야 할 것이다.