• Korean Journal of Construction Engineering and Management
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• v.22 no.2
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• pp.106-118
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• 2021

Global governments and initiatives have attempted and integrated various organizational efforts to implement the 17 Sustainable Development Goals (SDGs), presenting a new paradigm of sustainable development to address global issues (climate change, poverty eradication, and human rights). Recently, investment in sustainable finance has expanded to finance the attainment of goals set out in the Paris Agreement and SDGs. Non-financial factors such as environment, social responsibility, and governance (ESG) have become intangible assets that determine the future competitiveness and profitability of companies. Domestic and foreign institutional investors and asset management companies have been expanding their investments based on the ESG performance of companies. In this study, we aim to derive international standards and initiatives that require disclosure of information on corporate social responsibility activities and ESG performance and analyze construction companies' ESG activities and performance levels. The results of this study can be used as the basis to develop platforms for the construction industry ESG ecosystem and the measurement and management of intangible assets. These could ultimately contribute to overcoming the crisis in the future due to the outbreak of the COVID-19 pandemic, fostering net-zero emissions, and preventing fatal workplace accidents in the construction industry.

• Journal of Environmental Policy
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• v.10 no.2
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• pp.45-60
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• 2011

An aim of this paper is to test four hypotheses on price volatility in the $CO_2$ emission markets focusing on European Climate Exchange(ECX) in the EU Emission Trading Schemes(EU ETS) and Chicago Climate Exchange(CCX). I expect that, due to an influx of market information, a differently designed exchange market would bring a different price volatility, and various types of emission permits in the same exchange market would result in the same effects on the price volatility. Major findings are that the price volatility is same regardless of the types of emission exchange markets and emission permits comparing the rate of returns. However, comparing the GARCH variance, the volatility between ECX EUAs and CCX-CFIs and the volatility between EUAs(CERs) futures and daily futures are different with the exception of the volatility between EUAs futures and CERs futures. In conclusion, the price volatility depends on the types of exchanges and the types of emission permits.

• Environmental and Resource Economics Review
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• v.21 no.3
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• pp.465-491
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• 2012

Climate change, a result of increasing global warming, has been receiving more public attention due to its serious impact upon many industries. In this study we consider sustainable- (Green-) Growth and Green-Finance, and in particular temperature derivatives, as appropriately active responses to the world's significant climate change trends. We characterize the daily average temperatures in Seoul, South Korea with their seasonal properties and cycles of error terms. We form forecasting models and perform Monte Carlo simulations, and find that the risk-neutral values for CDD call-options and HDD put-options have risen since 1960s, which implies that the trend of temperature increase can be quantified in the financial markets. Contrary to the existing models, the Vasicek model with the explicit consideration of cycles in the error terms suggests that the significant option-values for the CDD call -options above certain exercise prices, implying that there is the possibility of explicit hedging against the considerable and stable increase in temperature.

• Asian Journal of Business Environment
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• v.11 no.3
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• pp.33-43
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• 2021

Purpose: The purpose of the paper is to assess the greening of investment flows as well as the orientation of financial sources of effective environmental protection. Both India and Vietnam are considered to be two Asian countries that are radically affected by global climate change. Governments of the two countries have implimented numerous measures against environmental pollution through the banking and finance sector. Developing green banking operations in India and Vietnam is a new direction in the socio-economic development strategy coupled with effective environmental protection. Research design, data and methodology: The data was mainly based on Asia Development Bank Institution (ADBI) and Bank of India (BOI) from 2015 - 2018. This paper focused on comparing and evaluating the development of green banks between the two countries. Result: The banks' contribution to green growth and green economy is shown in two basic aspects: (i) the connection between organizations, and individuals, and management process for investment projects, including environmental risks; and (ii) the operation of banks has a direct impact on the environment, through the application of technology to pay documents and apply e-banking. Conclusion: Paper reflects, compares and evaluates green banking operations in India and Vietnam to provide new directions aiming to develop financial and economic system along with effective and efficient step toward climate change control. India's green banking operations, after a specific assessment, will be lessons for the Government of Vietnam during the process of socio-economic development and environmental protection.

• Journal of Digital Convergence
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• v.15 no.5
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• pp.129-138
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• 2017

Faced with the era of the IoT (Internet of Things) and smart homes, this study aims to explore the type of information loaded on smart devices that can lead to consumer's efficient energy use. 105 Americans participated in the survey with eight different versions according to two energy consumption levels (Above or Below condition) by four information frames (Finance, security, environment, or health). It was found that frames can make significant differences in consumers' attitudes; (1) Those in the Below condition worried about environments more than those in the Above condition; (2) Finance-framed information in the Above condition was the least effective to increase consumers' energy saving motivation; (3) In the Below condition, those receiving finance and security framed information revealed more environmental concerns than those receiving other types of informations. This study can contribute to the field by providing with basic research findings that smart device developers can refer to in the future. Also, follow-up studies need to be conducted to examine effective messages for Korean energy consumers.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.317-328
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• 2020

The board of directors play an important role in corporate climate strategy-making and decisions but might also compromise environmental policies to minimize agency cost. This study critically investigates the relationship between the attributes of the board of directors and the degree of sustainability performance for the energy sector as discussed in the literature. Our study cumulates existing knowledge offering important characteristics for a balanced board structure to increase the board's effectiveness in adopting sustainable initiatives that could reduce the adverse impact of an energy corporation's operation on the environment. Crucial attributes of the board of directors deemed to be positively associated with the commitment to reduce carbon footprint in the environment have been identified. Based on our extensive analysis of the literature we propose a conceptual framework that measures the influence of the board of directors' attributes on corporate environmental and social sustainability performance. The proposed framework will be useful as an initial step for top management and regulators to gain a better understanding of the balanced board structure required to achieve the social and environmental sustainability performance of corporations. Further, this paper contributes to a body of knowledge about how the board of directors could play a crucial role in monitoring social and environmental threats.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.301-311
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• 2020

With the recent global urban issues such as climate change, urbanization, and energy problems, the smart city was proposed as one of the solutions in urban planning. This study introduces the smart city initiatives of South Korea by examining the recent history of smart city policies and their limitations. This case study reflects the experience of one of the countries which thrived to building smart cities as their national key industries to drive economic growth. It also analyzes the trends of the smart city using big data analysis techniques. Although there are obstacles such as economic recession, failing to differentiate from the U-city, low service level than expected smart functionality, We could recognize the current status of the smart city policies in South Korea such as 1) Korean smart city development projects are actively implemented, 2) public consensus suggests that applying advanced technology and the active role of government need, 3) a comprehensive and strategic approach with the integration and application of advanced technologies is required as well, 4) investment by both private and public sectors need to deliver social improvements. This study suggests future direction of smart city polity in South Korea in the conclusion.

• Communications for Statistical Applications and Methods
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• v.25 no.2
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• pp.217-234
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• 2018

Copulas are a tool for constructing multivariate distributions and formalizing the dependence structure between random variables. From copula literature review, there are a few asymmetric copulas available so far while data collected from the real world often exhibit asymmetric nature. This necessitates developing asymmetric copulas. In this study, we discuss a method to construct a new class of bivariate asymmetric copulas based on products of symmetric (sometimes asymmetric) copulas with powered arguments in order to determine if the proposed construction can offer an added value for modeling asymmetric bivariate data. With these newly constructed copulas, we investigate dependence properties and measure of association between random variables. In addition, the test of symmetry of data and the estimation of hyper-parameters by the maximum likelihood method are discussed. With two real example such as car rental data and economic indicators data, we perform the goodness-of-fit test of our proposed asymmetric copulas. For these data, some of the proposed models turned out to be successful whereas the existing copulas were mostly unsuccessful. The method of presented here can be useful in fields such as finance, climate and social science.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.173-185
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• 2018

At a turn of the third millennium the world storms and quickly changes. It became difficult to expect what expects us tomorrow. The most important are questions of recovery from the crisis and rescue of mankind from forthcoming global changes: warming of climate, water and food problems, social, economic and political conflicts that are shaking the world and other various cataclysms, accidents, negative processes. It puts before mankind the problem which never solved by our civilization. All this is caused by ignoring of objective economic laws, laws of wildlife and also by violation of cyclic development management's laws. In article the concept of strategy of mankind's survival in XXI and next centuries, the principles of creation of planetary house of universal civilization for post-industrial world based on spirituality scientific and technological revolutions, ecology, space exploration, economy and world safety are considered. Introduction of uniform universal measurement of currency for the whole world in the form of "power" is offered. Important aspect of a research is theoretical postulate on integrated innovative society. The author puts forward a new paradigm of government on a basis of 5 spirals. The basic model of forced development of small and medium business, including 9 projects, is developed.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.229-239
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• 2020

This article aims to measure the impact of economic growth and urbanization on poverty reduction in Vietnam, and verify whether economic growth and urbanization will help reduce poverty rates. Data for this study are tabular data related to growth, urbanization and poverty at the provincial level for the period of nine years, from 2006 to 2014 provided by the Vietnam General Statistics Office and the Vietnam General Department of Customs. The level of economic growth and urbanization mentioned in the study is reflected in such indicators as GDP value, exports value, imports value, urbanization rate and employment rate. The authors used logistic regression models with fixed-effects and logistic regression models with random effects. With 5% confidence level tested by the Chi-Square test of Hausman trial with the fixed-effect model, research results show that: (1) factors with significant negative impact on the poverty rate include imports value, urbanization rate and, employment rate; (2) factors that do not affect the poverty rate include exports value and GDP value. Based on the research results, this study proposes a number of policy recommendations to help promote economic growth, to sustain the urbanization process, and to contribute directly and positively to poverty reduction in Vietnam.