• Asia Marketing Journal
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• v.25 no.1
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• pp.37-44
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• 2023

Firm innovativeness and financing capacity are critical signals to stakeholders as they are key drivers of firm performance and competitiveness and indicate the firm's ability to fund its operations and growth initiatives. Based on signaling theory, this study investigates the signaling effect of a firm's innovativeness and creditworthiness and examines its signaling effectiveness. Using Korean innovation data and Korea Investors Service financial data for nine years, the findings indicate that a firm's technological innovation has a negative impact on its credit ratings, while non-technological innovation has a positive impact. Furthermore, a firm's credit ratings positively impact its performance. The current study contributes to the literature on signaling theory by exploring the signaling effect of a firm's innovativeness and creditworthiness. The findings provide insights for managers on how to send and monitor signals to stakeholders.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.59 no.1
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• pp.26-32
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• 2010

This paper proposes a new effective installed reserve rate in order to evaluate reliability of power system considering renewable generators, which include uncertainty of resource supply. It is called EIRR(effective installed reserve rate) in this paper. It is developed with considering capacity credit based on ELCC by using LOLE reliability criterion. While the conventional installed reserve rate index yields over-evaluation reliability of renewable generators, the proposed EIRR describes actual effective installed reserve rate. However, it is not the probabilistic reliability index as like as LOLE or EENS but another deterministic effective reliability index. The proposed EIRR is able to evaluate the realistic contribution to the reliability level for power system considering wind turbine generators and solar cell generators with high uncertainty in resource supply. The case study in model system as like as Jeju power system size presents a possibility that the proposed EIRR can be used practically as a new deterministic reliability index for generation expansion planning or operational planning in future.

• The Journal of Information Technology
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• v.3 no.3
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• pp.77-88
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• 2000

Electronic Commerce increased rapidly according to the growing popularity of Internet. but payment system are not changed. Now main payment system of electronic commerce are credit card and cyber banking system. Then credit card has some problems safety, privacy etc, and cyber banking system has some problem also. We need new payment system to Electronic Commerce. The merit of electronic money are more capacity, more secure, more reliable, quick and easy to update, secure off-line processing, enabling technology etc than credit card and cyber banking system. And so many countries began using experiment of electronic money and our country began July KOEX building. But it has some problems (standardization, safety of payment, etc). Therefor we must make nile about electronic money in order to standardization and safety of payment. After then electronic money are used widely in electronic commerce.

• The Journal of Fisheries Business Administration
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• v.45 no.3
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• pp.55-69
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• 2014

We try to test the pecking order theory of Korean fisheries firm's capital structure using debt capacity. At first, we estimate the debt capacity as the probability of assigning corporate bond rating from credit-rating agencies. We use logit regression model to estimate this probability as a proxy of debt capacity. The major results of this study are as follows. Firstly, we can confirm the fisheries firm's financing behaviour which issues new debt securities for financial deficit. Empirical test of SSM model indicates that the higher probability of assigning corporate bond rating, the higher the coefficient of financial deficit. Especially, high probability group follows this result exactly. Therefore, the pecking order theory of fisheries firm's capital structure applies well for high probability group which means high debt capacity. It also applies for medium and low probability group, but their significances are not good. Secondly, the most of fisheries firms in high probability group issue new debt securities for their financial deficit. Low probability group's fisheries firms also issue new debt securities for their financial deficit within the limit of their debt capacity, but beyond debt capacity they use equity financing for financial deficit. Therefore, the pecking order theory on debt capacity come into existence well in high probability group.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.11
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• pp.31-39
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• 2021

This study empirically examines the proposition that the domestic fundamentals of a nation can emerge as absorptive capacity factors to reap the benefits of inward FDI. The study is contextualized in Asia, set from1982 to 2017, and data is grouped into low-income and lower-middle-income economies, in comparison to high-income and upper-middle-income economies, catering to different geographical regions within Asia. The investigation is based on a series of absorptive capacity factors such as infrastructure, human capital, domestic credit, and health indicator. The methodological analysis is premised on dynamic panel structure and employs the Generalized Method of Moments (GMM) estimation technique. The empirical findings suggest that that the infrastructure variable appears to be the major absorptive capacity factor for both groups of countries. The health indicator, on the other hand, can help reap the benefits of inward FDI, but only if the threshold level is met. The selected economies must achieve this threshold level to reap the benefits of FDI. To absorb the benefits of inward FDI, countries must be proactive in providing sound infrastructure and implementing proper healthcare measures.

• Nuclear Engineering and Technology
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• v.1 no.1
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• pp.55-66
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• 1969

1974년도에 가동될 고리 원자력 발전소(Westinghouse 600 MWe PWR)의 핵연료 주기비를 계산했다. 적용한 가정과 가격은 현재 핵 공학계에서 인용하는 것에 기준을 두었고, 한국이라는 국지적 조건을 참작하였다. 계산방식은 가장 적절하다고 생각되는 것을 Normal로 두어, 이 보다 좋거나 나쁜 조건을 고려하였다. 마지막으로 각 Parameter가 주어진 범위 내에서 변하는 것을 Normal과 비교하고 전비용중에서 각각이 차지하는 비율을 검토했는데 그 결과 Uranium 원광비, 성형가공비가 가장 비율이 크고, 그 다음이 이자율, Plutonium Credit, Plant Capacity Factor 등의 순이었다.

• Journal of Engineering Education Research
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• v.7 no.2
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• pp.5-21
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• 2004

The study aims to propose plans to give credit approval to those who obtain authorized civil qualifications, in accordance with the enforcement regulations under the Clause 7, Article 4 of $\ulcorner$the law on credit approval and others$\lrcorner$. Preceding studies on the grounds and principles of credit approval, analyses on the related references and materials, and surveys asking the managers of authorized civil qualifications their opinion over giving credit approval to authorized civil qualifications were conducted as the methodology of this study. Besides, a conference inviting experts from the relevant fields was held to specifically overview the contents and levels to be examined by qualification items, to conduct a face-to-face survey on directions to take in the credit approval of authorized civil qualifications, and to analyze the level and the degree of the difficulty of questions in the examinations of authorized civil qualifications. The contents and the level of credit approval in this study are as follows. For the authorized civil qualification items unable to formulate criteria in accordance with the principles of credit approval taken in the national technique qualification and other national qualifications, two factors were put under consideration for setting the level of the credit approval. First, the level and scope of work were investigated. Second, the content of qualification was compared with the course work of college. The degree of difficulty in the scope and performance of work was reviewed by specialized qualification and general qualification, respectively. Specialized qualification indicates whether or not the required knowledge and technique are acquired for performing duty in specific work fields. It falls into service fields and qualification items except qualification items on general clerical work of the national technique qualification and other national qualifications. To the contrary, general qualification is to prove the degree of acquisition of knowledge and technique for improving the basic competencies throughout diverse types of occupations. It includes competencies to verify language proficiency, mathematical and statistical capacity, problem settlement, negotiation and communication skills. When the authorized civil qualification came under the specialized qualification, the level of qualification was determined in comparison with the level of work of national qualifications. In the case of the general qualification, the credit to be approved was settled by conducting a comparative analysis on the course work of college.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.115-126
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• 2022

The study's goal is to determine the amount of climate change's impact on ethnic minority (EM) households' livelihoods, as well as their adaptability to climate change and long-term viability. The research was conducted in Vietnam's Northwestern Sub-region, where ethnic minorities account for more than half of the overall population. The study uses a combination of qualitative and quantitative methods based on a survey of 480 households in 04 provinces severely affected by climate change in the Northwest sub-region of Vietnam. The results show that: climate change (extreme weather events) occurs with increasing frequency, mainly affecting the life expectancy, health, and capital of households; Vulnerable groups (women, ethnic minorities) have a poor adaptive capacity and mainly suffer the consequences of shocks, are afraid to change their livelihoods; Microfinance plays an important role in enhancing the sustainability of livelihoods through increasing capital and financial assets and reducing the vulnerability of ethnic minority households. Finally, research has some solutions for microfinance - special credit specifically for ethnic minority households in the Northwest Sub-region: support for microfinance advice, home credit with transition orientations to adapt to climate change response and relieves its impact on the social lives.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.1-34
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• 2010

We conduct a comprehensive risk analysis of household debt in Korea for the first time using the whole sample credit bureau (CB) data of 2.2 million individual debtors. After analysing debt service capacity profiles of debtor groups classified by the borrower characteristics such as income, age, occupation, credit scoring, and the type of creditor business companies, we investigate the impact of interest rate and income changes on debt service-to-income ratios (DTIs) and default rates of respective debtor groups. Empirical results indicate that debt service burdens are relatively high for low income wage earners, high income self-employed, low income capital and card loan holders, and high income mutual savings loan holders. We also find that debtors from multiple financial companies are particularly weak in their debt service capacity. The scenario analysis indicates that financial companies, with the current level of capital buffers, may be able to absorb negative consequences arising from the increase in DTIs and loan default rates if the interest rate and income changes remain modest. However, the negative consequences may fall disproportionately on non-bank financial companies such as capital, credit card, and mutual savings banks, whose debtors' DTIs are already high. We also find that the refinancing risk of household debt is relatively high in Korea as more than half of household mortgage debts are bullet loans. As the DTIs of mortgage loan holders are already high, under the current DTI regulation, mortgage loans may not be readily refinanced especially when the interest rate rises. Disruptions in mortgage loan refinancing may put downward pressure on housing prices, which may in turn magnify refinancing risk under the current loan-to-value (LTV) regulation. Overall our analysis suggests that, for more effective monitoring of household debt risk, it is necessary to combine existing surveillance schemes based on macro aggregate indicators with more comprehensive and detailed risk analyses based on micro individual data.