• 마케팅과학연구
• /
• 제7권
• /
• pp.25-53
• /
• 2001

경제위기가 계속됨에 따라 지역경제의 두 축인 유통산업과 건설업이 큰 위축을 받고 있다. 재래시장의 활성화를 위한 정책방안이 수립되었지만 뚜렷한 해법보다는 오히려 재래시 장의 재건축에 중점을 두고 있는 듯하다. 재래시장은 실업을 완화하는 사회안전망이자 지역경제의 활력원이다. 시설의 현대화, 업 종의 전문화 등을 통해 대형유통업과 유사한 형태로 조성한다는 것은 어쩔 수 없는 방편이 지만 재래시장 본연의 기능을 없애는 일일 수 있다. 따라서 재래시장의 활성화 방안은 지 역별, 시장별로 특징을 살리고 지역문화와 산업은 물론 소비자성향까지도 고려하여 차별화 하는 전략이 중요하다. 본 연구는 창원지역의 재래시장(중소상가)이 안고 있는 문제점과 특성을 파악하고 향후 경쟁력을 강게 하기 위한 방안과 이를 위한 행정적 재정적 지원과 제도적 정비 방안을 강구해 보는데 있다.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권7호
• /
• pp.159-167
• /
• 2020

The study examines the impact of corporate social responsibility (CSR) activity on the firm market value, in particular, market capitalization of tour operators listed on Chinese stock markets. This study employs panel data analysis methods to examine endogeneity concerns in observational data. The balanced panel data includes a total of 1,296 observations with 27 cross-sections of tour operators listed on Chinese stock markets and with 48 time-specific periods from March 2006 to December 2017. The results indicate that CSR activity has a negative impact on the market value of the firm for the concurrent period, but from one-period time lag and afterwards CSR activity has a strong positive impact on the market value and sustains its positive impact on the market value even for a two-period time lag. The findings suggest that the economic effect of CSR activity on the firm market value tends to take some degree of lagged effects to be fully showcased in the market capitalization of tour operators and travel companies listed on Chinese stock markets. The findings suggest that, though CSR activity may carry some financial risk for an immediate short-term, tour operators must put a lot of time and effort into making CSR actions effective.

• 수산경영론집
• /
• 제51권4호
• /
• pp.137-146
• /
• 2020

In this study, the differences of institutional development processes of fishery products wholesale markets were compared between Korea and Japan in order to suggest improvement direction of trading system in Korea. The wholesale markets have shrunk while wholesale and distribution has been becoming larger in size in both countries. A summary of differences in the wholesale market trading systems between Korea and Japan is as follows: first, middle wholesalers play pivotal roles in wholesale transaction in Korea, and wholesale corporations take such roles in Japan. Second, most wholesale corporations take charge of listing in Korea whereas such corporations are in charge of buying in Japan. Third, Korea has high proportion of auction for transactions, in contrast to Japan with high proportion of relative transactions. Forth, Korea maintains more sales within the wholesale markers and has more small and medium customers than Japan. Finally, Korea investigates inside causes to find solutions for the decreased competitive power of the wholesale market, whereas Japan copes with the problem by searching for outside customers. To seek solutions for the decreased competitiveness of Korean fishery products wholesale markets, middle wholesalers' consignment should be limitedly allowed, and improvement direction of wholesale corporations should be investigated in the future study.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권4호
• /
• pp.11-19
• /
• 2021

This study aims to analyze the causality relationship between sectoral stock markets (agricultural, financial, industrial, and mining sectors) and economic growth in the short and long term as well as to analyze whether it has similar types or not. The data used is quarterly time-series data (first quarter 2009 to fourth 2019). To determine the causality relationship, this study conducts a variable and multivariate causality test. The results of the varying granger causality test show that there is only a one-way relationship, where the economic growth of the agriculture sector affects its shares. A one-way relationship also occurs in stocks of the industrial sector, which has an influence on economic growth. The multivariate causality test shows that the economic growth of the agricultural sector has a two-way causality relationship, and it also exists between the industrial sector and the financial sector stock markets. The two-way causality relationship between the stock market and sectoral economic growth is a convergence towards long-term equilibrium. The findings of this study suggest that the government through the Financial Services Authority and the Indonesia Stock Exchange have to maintain stability in the stock market as a supporter of the national economy.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.31-38
• /
• 2021

The study investigates the diversification behavior of Islamic stocks against US financial uncertainty. Considering limitations found in the literature, a comprehensive index of financial uncertainty (FU) is used, developed by Jurado, Ludvigson, and Ng (2015). The empirical analysis uses monthly data from four Islamic markets - Saudi Arabia, Malaysia, Indonesia, and Turkey - for the period from January 2010 to September 2019. Results of the bivariate EGARCH models show that Islamic stocks can be used for diversification purpose against the financial uncertainty of the US because the volatility of US uncertainty does not propagate in the Islamic stock markets. Moreover, findings show that the spillover effect of financial uncertainty varies with the FU forecast horizon. The spillover effect of FU increases with an increase in the FU forecast horizon and becomes significant over 3-month and 12-month periods in the case of Saudi Arabia. The current volatility of Islamic stock returns is independent of the size of shocks in past volatility. The leverage effect and asymmetry have been found in Saudi Arabia and Malaysia. The findings validate the arguments of the literature that Islamic markets are resilient facing uncertainties and perform well during crisis periods. The findings are important for investors in making better portfolio decisions.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.387-399
• /
• 2021

This study mainly aims to examine the effect of intangible assets on the value relevance of the Gulf Cooperation Council (GCC)-listed non-financial firms. This study tested three types of models by using a large sample of non-financial firms listed in GCC countries as emerging markets from 2008 to 2016. The types of models are accounting information (earnings per share and book value of share) without intangible assets model, intangible assets model, and accounting information (earnings per share and book value of share) with intangible assets model. Ordinary least square (OLS) shows mixed results as intangible assets improve the value relevance of accounting information positively in UAE and negatively in Kuwait but not in other countries. The study documents a robust positive relationship between intangible assets and earnings quality in terms of value relevance in KSA and Qatar. The findings provide implications for policymakers, investors, and managers. The results suggest that intangible assets can improve the value relevance in emerging markets, such as GCC, as the need to organize the requirements of information disclosures on intangible assets and provide great transparency and additional disclosure of information about intangible assets and their components.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.759-770
• /
• 2021

Using a DCC - GARCH model analysis, this paper examines the existence of financial contagion from the U.S. stock market to the Vietnamese and the Philippine stock markets during the global financial crisis and the COVID-19 pandemic crisis. We use daily data from the S&P 500 (U.S.), VN-Index (Vietnam), and the PSEi (the Philippines). As a result, there is no evidence of contagion from the U.S stock market to the Philippine stock market that can be found during global financial crisis, while the Vietnamese market is influenced by this effect. Besides, both these developing stock markets (the Vietnamese and Philippine stock markets) are influenced by the contagion effect in COVID-19 pandemic crisis. Another finding is that the contagion effect during the coronavirus pandemic crisis in Vietnam is smaller than that during the global financial crisis, however, the opposite is the case for the Philippines. It is noticed that the Philippines seems to be more affected by the contagion effect from the COVID-19 pandemic than Vietnam at the time of this study. Because financial contagion is important for monetary policy, asset pricing, risk measurement, and portfolio allocation, the findings in this paper may give some useful information for policymakers and investors.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.587-597
• /
• 2021

This study investigates the nexus among the South Asian economies. Effects of shocks in the equity market of one country on the equity market of the other country are examined. For empirical analysis, the time series monthly data is used for the period from February 2013 to August 2019. The study focuses on the four larger economies of the region, namely, India, Bangladesh, Pakistan, and Sri Lanka. To investigate for asymmetric effects of positive and negative shocks, EGARCH model is used. The findings show the mix nature of the spillovers between the various pairs of countries. The equity market of Pakistan has two-way spillover effects with the equity market of Bangladesh, but has no association with the equity markets of India and Sri Lanka. The volatility in the equity market of India significantly influences the volatility of the financial markets of Bangladesh and Sri Lanka. Similarly, the capital market of Sri Lanka has a negative association with the equity market of India as well as Bangladesh, but does not affect the equity market of any other country. These findings validate the argument in the literature that geographic location influences the nexus among equity markets. The findings are important for policy-makers and investors.

• 유통과학연구
• /
• 제14권4호
• /
• pp.127-134
• /
• 2016

Purpose - Value chain in agriculture refers to direct and indirect activities related to value-added process from raw materials to final products in agricultural industries. In recent years, value chain analysis has become more important in the area of agricultural development. This article reviews the concept and importance of value chain analysis in the context of agricultural development and attempts to suggest improvement strategies. Research design, data, methodology - A literature survey was conducted for value chain analysis for agricultural development. The case of agro-value chain in Cambodia was deeply analyzed based upon interviews with government officers and related experts. Results - It seems that agro-value chain in developing countries are not well developed and does not carry out appropriate functions, compared to developed countries. Because value adding facilities, such as storage, processing and packing plants, milling plants, and etc. are not sufficiently constructed, the quality of agricultural products is low. Especially developing countries may loose opportunities to increase value of their product by exporting their agricultural products as raw materials to neighboring countries. Value adding process is also mainly controlled by traders in local markets or wholesale markets in urban areas. Farmers therefore can get lower share of final value of agricultural products compared to the shares paid to traders. Lastly it is argued that governments of developing countries do not play an active role in developing value chains and do not carry out coordinating functions in an effective and efficient manner. Conclusions - The first step to improve agro-value chain in developing countries is to identify and analyze value chain structure of agricultural products and to make development strategies and implementation programs. For improving value chain of agricultural products in developing countries, it is required to provide not only plans for constructing hardwares, such as wholesale markets, storage facilities, processing and packing plants, and etc., but also plans for improving softwares, such as measures for improving product quality and safety, setting up grade and standard, providing market information, and nurturing producer cooperatives.

• 대한전기학회논문지:전력기술부문A
• /
• 제54권10호
• /
• pp.500-506
• /
• 2005

With the advent of electric power systems moving to a deregulated retail electricity market environment, calculating distribution service tariffs has become a challenging theme for distribution industries and tariff regulators. As distribution business remains as a monopoly, it is necessary to be regulated. And as multiple distribution companies compete with each other, it would be efficient to adopt competition to the determination of distribution service tariffs. This paper proposes a method to calculate distribution service tariffs using yardstick regulation, which can lead to competition among multiple distribution companies. The proposed method takes into account not only recovering revenue requirements but also the advantages of the yardstick regulation based on long-term marginal costs of distribution network expansion algorithms. A computer simulation is carried out to illustrate effectiveness of the proposed method and it is estimated that the algorithm can be applied to compute the distribution service tariffs under retail electricity markets.