• The Journal of Economics, Marketing and Management
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• v.7 no.2
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• pp.1-5
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• 2019

Purpose - Along with the rise of foreign investments in the Korean stock market, there has been a variety of studies on their influence. The conflicting findings on the question of information asymmetry of foreign investors among existing literatures appear to be a result of mixture of research method problems, what information is defined as being comparable, individual business levels, or the entire stock market. This paper empirically investigates what factors contribute to foreign investments in firms in the Korean stock market. Research design, data, and Methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Result - This paper find that firms' R&D, dividends, size give significant positive impact to foreign investment, whereas debt gives significant negative impact to foreign investment. This relationship does not change when the samples are divided before and after the 2008 global financial crisis. Conclusion - This results support the literatures that foreign investors favor firms lowering their information asymmetry.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.363-370
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• 2022

The study aims to probe the impact of foreign ownership on Vietnamese listed firms' capital structure. This study employs panel data of 288 non-financial firms listed on the Ho Chi Minh City stock exchange (HOSE) and Ha Noi stock exchange (HNX) in 2015-2019. In this research, we applied a Bayesian linear regression method to provide probabilistic explanations of the model uncertainty and effect of foreign ownership on the capital structure of non-financial listed enterprises in Vietnam. The findings of experimental analysis by Bayesian linear regression method through Markov chain Monte Carlo (MCMC) technique combined with Gibbs sampler suggest that foreign ownership has substantial adverse effects on the firms' capital structure. Our findings also indicate that a firm's size, age, and growth opportunities all have a strong positive and significant effect on its debt ratio. We found that the firms' profitability, tangible assets, and liquidity negatively and strongly affect firms' capital structure. Meanwhile, there is a low negative impact of dividends and inflation on the debt ratio. This research has ramifications for business managers since it improves a company's financial resources by developing a strong capital structure and considering foreign investment as a source of funding.

• Journal of Korea Trade
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• v.23 no.7
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• pp.83-95
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• 2019

Purpose - This study analyzed the effect of the Trump Government's protectionist trade policies on foreign ownership. Specifically, this study empirically analyzes the hypothesis that foreign ownership will decrease after the Trump Government rather than before the Trump Government. Design/methodology - The hypothesis of this study is based on the expectation that US protection trade policy will negatively affect the profitability of Korean companies. The dependent variable in this study is the foreign ownership ratio, and the independent variable is a dummy variable representing before and after the Trump Government. Multiple regression analysis was performed, including the control variables suggested in previous studies related to foreign ownership. Findings - As a result, foreign ownership increased after the Trump Government rather than before the Trump Government. This study further analyzes whether the main variables affecting foreign investor's decision-making are differences before and after Trump Government. The export ratio, profitability and dividends did not differ before and after Trump Government. However, the level of information asymmetry decreased after the Trump Government than before the Trump Government. This suggests that US protection trade policies do not adversely affect the profitability of Korean companies. However, Korean firms are improving their information environment because US protectionist trade policies can lower profitability and negatively impact capital raising. In this regard, the foreign ownership ratio seems to differ before and after the Trump Government. Originality/value - This study contributes in that it presents data that US protectionist policies can affect Korean corporate governance. This study has implications from the short-term analysis of US protection trade policy.

• Journal of Digital Convergence
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• v.6 no.3
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• pp.45-52
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• 2008

For the domestic digital contents, it is particularly important that the planning and mediating functions should cover the whole Industries so that dividends and assistance to reach all the way back to the primary contents-creating level, where economic risks are especially high. A proactive cooperation system or framework between the government, the businesses and research institutions, which would allow for free flow of interaction among these players, can play that role. We can broadly define cooperation frameworks into two; one between the central and the local governments and another among private-sector groups, such as companies, associations and groups. These players in the framework have differing, sometimes, conflicting views regarding the digital contents industry whether the digital contents should aim for skilled applicability or the abstract or whether the emphasis should rest on public interest or profitability. Immature competition and lack of trust among these players also give rise to such inefficiencies as overlap in investments, inexpertness and inefficient use of resources. We have proposed and realized the National Integrated Cooperation System to bridge these gaps among the major players in the industry. The National Integrated Cooperation System rests on the following major functions. The first major function of the NICS is to decipher any ambiguity that may be embedded in external Inputs by stratified role and bias. The second function is to create cooperative groups that will deal with the ambiguities based on its consequent situation. The third is a feedback function that will draw out a new cooperative way by re-feeding the capacities and the conflicts that stem from the existing organizations and strategies into cooperation and adjustment process. Our NICS has compared and evaluated with England and Australia digital content industry models under AHP(Analytic Hierarchy Process) method. NICS has turned out to be well designed and have strong points based on OECD innovation and cooperation criteria.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.11
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• pp.804-813
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• 2020

This paper finds that Korean zero-leverage firms are not homogeneous. By conducting both univariate and multivariate logit regression analysis, this paper finds that Korean zero-leverage firms have zero leverage as either a consequence of financial constraints or because of a strategic decision to mitigate under-investment incentives and preserve financial flexibility. There are two distinct groups of unlevered firms with different levels of constraints as measured by their dividend policy, namely dividend payers and non-payers. Importantly, this paper finds new evidence that these two groups have different motives for selecting a zero leverage policy. Firms in the first group (non-payers) have zero leverage, mainly due to financial constraints. They rely heavily on their internal funds and consequently invest in fewer growth opportunities than their levered counterparts. Firms in the second group (payers) deliberately avoid debts and preserve financial flexibility to mitigate investment distortions, as predicted by the under-investment and financial flexibility hypotheses.

• Journal of the Korean Institute of Rural Architecture
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• v.19 no.1
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• pp.35-42
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• 2017

This study aims to investigate the change in building density and residential environment after the reconstruction of decrepit public rental housing complexes formed in accordance with the Land Readjustment Project during the 1970s-80s. The results of this study can be summarized as follows: First, in terms of change in residential environment after the reconstruction, floor plans that were limited to two to four types and to small apartments measuring $42.9m^2$(13py)-$56.1m^2$ (17py) became varied, presenting 5-6 types of floor plans and various sizes of apartments. In particular, the reconstructed apartments were mainly built in a size smaller than 85($m^2$) and in the 3LDK floor plan and staircase-style unit architectural structure in order to reflect the lifestyle of residents. Second, in terms of change in building density after the reconstruction, the building coverage ratio did not change a lot, but the floor area ratio showed great change depending on the complex, ranging from a minimum of 2.9 times (Singdong Complex) to a maximum of 5.4 times (Eoyangdong Complex). Such change is attributable to the reconstruction policy that aims to improve the residential environment for original residents, secure economic feasibility and efficiency, and reflect the lifestyle of residents while incorporating dividends assigned to the existing housing project members as well as the maximum floor area ratio allowed by the regulation. Additionally, in terms of change in the number of floors and building density after the reconstruction, the former 5-story apartments were changed to apartments with 16-28 stories. Accordingly, the number of households in each complex has also increased by 20%. Third, according to the characteristics of parking facilities in terms of the size and density of parking spaces, former apartment complexes had only aboveground parking lots, not underground parking area. The newly constructed apartment complexes have underground parking space, and the parking-housing ratio is 1.1-1.3 cars.

• 한국디지털정책학회:학술대회논문집
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• 2006.06a
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• pp.379-390
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• 2006

For the domestic digital contents, it is particularly important that the planning and mediating functions should cover the whole industries so that in order for dividends and assistance to reach all the way back to the primary contents-creating level, where economic risks are especially high. A proactive cooperation system or framework between the government, the businesses and research institutions, which would allow for free flow of interaction among these players, can play that role. We can broadly define cooperation frameworks into two; one between the central and the local governments and one among private-sector groups, such as companies, associations and groups. These player sin the framework have differing, sometimes, conflicting views regarding the digital contents industry whether the digital contents should aim for skilled applicability or the abstract or whether the emphasis should rest on public interest or profitability. Immature competition and lack of trust among these players also give rise to such inefficiencies as overlap in investments, inexpertness and inefficient use of resources. We have proposed and realized the National Integrated Cooperation System to bridge these gaps among the major players in the industry. The National Integrated Cooperation System rests on the following major functions. The first major function of the NICS is to decipher any ambiguity that may be embedded in external inputs by stratified role and bias. The second function is to create cooperative groups that will deal with the ambiguities based on its consequent situation. The third is a feedback function that will draw out a new cooperative way by re-feeding the capacities and the conflicts that stem from the existing organizations and strategies into cooperation and adjustment process. Our NICS has compared and evaluated with England and Australia digital content industry models under AHP(Analytic Hierarchy Process) method. NICS has turned out to be well designed and have strong points based on OECD innovation and cooperation criteria.

• Journal of the Korea Convergence Society
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• v.8 no.10
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• pp.215-223
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• 2017

This article has tried to analyse the effect of the corporate earning return tax empirically through analysis on the impact of previous internal reservation on the dividends rate of the current year. In addition to this, this article has tried to the effectiveness of government policies with leverage ratio as a moderating variable. Moreover, DRF and GBM model were used to see the effect again. As a result of the actual proof analysis, OCF, ROE, FOR have a significance level of 99% in model1, model2, model3. However, ADV and MSE has appeared not to be meaningful in all models. In the result of DRF and GBM model for convergence was higher than GBM in depth and leaves. However, when it comes to a model explaining capability, GBM high than DRF. The further study will be required to examine the effect of government policy by time series analysis in the period of enforcement of the reflux tax, from 2015 to 2017.

• Korean Business Review
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• v.16
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• pp.145-168
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• 2003

This study is mainly aimed at analyzing the influence of the divergency(mispricing) between KOSPI 200 theoretical prices and its real prices of KOSPI 200 spot index, considering the existence of arbitrage opportunity from the mispricing. The data in this study are the daily prices of 1262 days, from 3 May 1996 to 14 December 2000. The results of our empirical study represent that the real prices in KOSPI 200 Stock Index Futures are continuously undervalued relative to their corresponding theoretical prices. Our study reconfirms the results from previous studies conducted at the domestic and overseas markets. We conclude that the undervaluation, especially in the market opening period, could come from fear of investors, whose experiences in the stock index futures market are limited, chiefly because of loss and uncertainty of prediction toward interest rates and dividends. Our study also represents that KOSPI 200 index shows more volatilities during days with mispricing relative to days without mispricing.

• Korean Journal of Agricultural Science
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• v.28 no.2
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• pp.147-161
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• 2001

Efficiency and competitive power in agribusiness management has became important issue due to the rapid changes in farming environment under new WTO agreement. To increase competitive power, small-sized petty farm should be restructured to be specialized large-scaled farming system. Trust farming corporation(TFC) has been introduced to increase farm productivity and competitive power through large scale farming system and refined management skills. Eventually, TFCs are expected to revitalize rural economy. TFCs are increasing in numbers, but they are unsatisfactory in quality often with insolvent operations. The typical problems with TFCs are internal conflicts among members, lack of management abilities and incentives, inefficiency in machinery use, and insolvent operations. The self effort by members and legal-institutional assistance can alleviate the negative factors against the rational for cooperative management and sustain TFCs. This study identifies the management problems of TFCs. To provide the methods for increasing management efficiency, improving rational management skills, and hence to help revitalizing the rural economy with competitive power, 20 TFCs in Nonsan County is surveyed. The major findings are as follows; 1) According to the survey result of 20 trust farming corporations, investments on the accumulation of knowledges and information, accounting management, machinery management are required due to the present lack of management/accounting ability. There also exist problems associated with revenue sources, labor uses, and public recognition. To increase management efficiency under current situation, corporations should import active business plans with expanding farming execution and off-farm season business. 2) Based on the result of corporations' business analysis, more than 50% of the corporations were not able to provide profit dividends to the members. It suggests that trust farming corporations need appropriate and stable revenue sources to sustain business. It is also required that corporations should reduce their excessive expenditure on fixed assets. 3) Theoretical amounts of consignment fees for tillage operation, planting, and harvesting were found to be 338,874 won, 216,596 won, and 332,318 won, respectively. Although actual levels of fee are 110%~120% of these theoretical levels of consignment fee, corporations' expected fee levels could not be acheived because of competency of consignment market.