The Journal of Economics, Marketing and Management
/
v.7
no.2
/
pp.1-5
/
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
/
v.9
no.2
/
pp.363-370
/
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.
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.
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
/
v.21
no.11
/
pp.804-813
/
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
/
v.19
no.1
/
pp.35-42
/
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.
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.
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.
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.
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.
본 웹사이트에 게시된 이메일 주소가 전자우편 수집 프로그램이나
그 밖의 기술적 장치를 이용하여 무단으로 수집되는 것을 거부하며,
이를 위반시 정보통신망법에 의해 형사 처벌됨을 유념하시기 바랍니다.
[게시일 2004년 10월 1일]
이용약관
제 1 장 총칙
제 1 조 (목적)
이 이용약관은 KoreaScience 홈페이지(이하 “당 사이트”)에서 제공하는 인터넷 서비스(이하 '서비스')의 가입조건 및 이용에 관한 제반 사항과 기타 필요한 사항을 구체적으로 규정함을 목적으로 합니다.
제 2 조 (용어의 정의)
① "이용자"라 함은 당 사이트에 접속하여 이 약관에 따라 당 사이트가 제공하는 서비스를 받는 회원 및 비회원을
말합니다.
② "회원"이라 함은 서비스를 이용하기 위하여 당 사이트에 개인정보를 제공하여 아이디(ID)와 비밀번호를 부여
받은 자를 말합니다.
③ "회원 아이디(ID)"라 함은 회원의 식별 및 서비스 이용을 위하여 자신이 선정한 문자 및 숫자의 조합을
말합니다.
④ "비밀번호(패스워드)"라 함은 회원이 자신의 비밀보호를 위하여 선정한 문자 및 숫자의 조합을 말합니다.
제 3 조 (이용약관의 효력 및 변경)
① 이 약관은 당 사이트에 게시하거나 기타의 방법으로 회원에게 공지함으로써 효력이 발생합니다.
② 당 사이트는 이 약관을 개정할 경우에 적용일자 및 개정사유를 명시하여 현행 약관과 함께 당 사이트의
초기화면에 그 적용일자 7일 이전부터 적용일자 전일까지 공지합니다. 다만, 회원에게 불리하게 약관내용을
변경하는 경우에는 최소한 30일 이상의 사전 유예기간을 두고 공지합니다. 이 경우 당 사이트는 개정 전
내용과 개정 후 내용을 명확하게 비교하여 이용자가 알기 쉽도록 표시합니다.
제 4 조(약관 외 준칙)
① 이 약관은 당 사이트가 제공하는 서비스에 관한 이용안내와 함께 적용됩니다.
② 이 약관에 명시되지 아니한 사항은 관계법령의 규정이 적용됩니다.
제 2 장 이용계약의 체결
제 5 조 (이용계약의 성립 등)
① 이용계약은 이용고객이 당 사이트가 정한 약관에 「동의합니다」를 선택하고, 당 사이트가 정한
온라인신청양식을 작성하여 서비스 이용을 신청한 후, 당 사이트가 이를 승낙함으로써 성립합니다.
② 제1항의 승낙은 당 사이트가 제공하는 과학기술정보검색, 맞춤정보, 서지정보 등 다른 서비스의 이용승낙을
포함합니다.
제 6 조 (회원가입)
서비스를 이용하고자 하는 고객은 당 사이트에서 정한 회원가입양식에 개인정보를 기재하여 가입을 하여야 합니다.
제 7 조 (개인정보의 보호 및 사용)
당 사이트는 관계법령이 정하는 바에 따라 회원 등록정보를 포함한 회원의 개인정보를 보호하기 위해 노력합니다. 회원 개인정보의 보호 및 사용에 대해서는 관련법령 및 당 사이트의 개인정보 보호정책이 적용됩니다.
제 8 조 (이용 신청의 승낙과 제한)
① 당 사이트는 제6조의 규정에 의한 이용신청고객에 대하여 서비스 이용을 승낙합니다.
② 당 사이트는 아래사항에 해당하는 경우에 대해서 승낙하지 아니 합니다.
- 이용계약 신청서의 내용을 허위로 기재한 경우
- 기타 규정한 제반사항을 위반하며 신청하는 경우
제 9 조 (회원 ID 부여 및 변경 등)
① 당 사이트는 이용고객에 대하여 약관에 정하는 바에 따라 자신이 선정한 회원 ID를 부여합니다.
② 회원 ID는 원칙적으로 변경이 불가하며 부득이한 사유로 인하여 변경 하고자 하는 경우에는 해당 ID를
해지하고 재가입해야 합니다.
③ 기타 회원 개인정보 관리 및 변경 등에 관한 사항은 서비스별 안내에 정하는 바에 의합니다.
제 3 장 계약 당사자의 의무
제 10 조 (KISTI의 의무)
① 당 사이트는 이용고객이 희망한 서비스 제공 개시일에 특별한 사정이 없는 한 서비스를 이용할 수 있도록
하여야 합니다.
② 당 사이트는 개인정보 보호를 위해 보안시스템을 구축하며 개인정보 보호정책을 공시하고 준수합니다.
③ 당 사이트는 회원으로부터 제기되는 의견이나 불만이 정당하다고 객관적으로 인정될 경우에는 적절한 절차를
거쳐 즉시 처리하여야 합니다. 다만, 즉시 처리가 곤란한 경우는 회원에게 그 사유와 처리일정을 통보하여야
합니다.
제 11 조 (회원의 의무)
① 이용자는 회원가입 신청 또는 회원정보 변경 시 실명으로 모든 사항을 사실에 근거하여 작성하여야 하며,
허위 또는 타인의 정보를 등록할 경우 일체의 권리를 주장할 수 없습니다.
② 당 사이트가 관계법령 및 개인정보 보호정책에 의거하여 그 책임을 지는 경우를 제외하고 회원에게 부여된
ID의 비밀번호 관리소홀, 부정사용에 의하여 발생하는 모든 결과에 대한 책임은 회원에게 있습니다.
③ 회원은 당 사이트 및 제 3자의 지적 재산권을 침해해서는 안 됩니다.
제 4 장 서비스의 이용
제 12 조 (서비스 이용 시간)
① 서비스 이용은 당 사이트의 업무상 또는 기술상 특별한 지장이 없는 한 연중무휴, 1일 24시간 운영을
원칙으로 합니다. 단, 당 사이트는 시스템 정기점검, 증설 및 교체를 위해 당 사이트가 정한 날이나 시간에
서비스를 일시 중단할 수 있으며, 예정되어 있는 작업으로 인한 서비스 일시중단은 당 사이트 홈페이지를
통해 사전에 공지합니다.
② 당 사이트는 서비스를 특정범위로 분할하여 각 범위별로 이용가능시간을 별도로 지정할 수 있습니다. 다만
이 경우 그 내용을 공지합니다.
제 13 조 (홈페이지 저작권)
① NDSL에서 제공하는 모든 저작물의 저작권은 원저작자에게 있으며, KISTI는 복제/배포/전송권을 확보하고
있습니다.
② NDSL에서 제공하는 콘텐츠를 상업적 및 기타 영리목적으로 복제/배포/전송할 경우 사전에 KISTI의 허락을
받아야 합니다.
③ NDSL에서 제공하는 콘텐츠를 보도, 비평, 교육, 연구 등을 위하여 정당한 범위 안에서 공정한 관행에
합치되게 인용할 수 있습니다.
④ NDSL에서 제공하는 콘텐츠를 무단 복제, 전송, 배포 기타 저작권법에 위반되는 방법으로 이용할 경우
저작권법 제136조에 따라 5년 이하의 징역 또는 5천만 원 이하의 벌금에 처해질 수 있습니다.
제 14 조 (유료서비스)
① 당 사이트 및 협력기관이 정한 유료서비스(원문복사 등)는 별도로 정해진 바에 따르며, 변경사항은 시행 전에
당 사이트 홈페이지를 통하여 회원에게 공지합니다.
② 유료서비스를 이용하려는 회원은 정해진 요금체계에 따라 요금을 납부해야 합니다.
제 5 장 계약 해지 및 이용 제한
제 15 조 (계약 해지)
회원이 이용계약을 해지하고자 하는 때에는 [가입해지] 메뉴를 이용해 직접 해지해야 합니다.
제 16 조 (서비스 이용제한)
① 당 사이트는 회원이 서비스 이용내용에 있어서 본 약관 제 11조 내용을 위반하거나, 다음 각 호에 해당하는
경우 서비스 이용을 제한할 수 있습니다.
- 2년 이상 서비스를 이용한 적이 없는 경우
- 기타 정상적인 서비스 운영에 방해가 될 경우
② 상기 이용제한 규정에 따라 서비스를 이용하는 회원에게 서비스 이용에 대하여 별도 공지 없이 서비스 이용의
일시정지, 이용계약 해지 할 수 있습니다.
제 17 조 (전자우편주소 수집 금지)
회원은 전자우편주소 추출기 등을 이용하여 전자우편주소를 수집 또는 제3자에게 제공할 수 없습니다.
제 6 장 손해배상 및 기타사항
제 18 조 (손해배상)
당 사이트는 무료로 제공되는 서비스와 관련하여 회원에게 어떠한 손해가 발생하더라도 당 사이트가 고의 또는 과실로 인한 손해발생을 제외하고는 이에 대하여 책임을 부담하지 아니합니다.
제 19 조 (관할 법원)
서비스 이용으로 발생한 분쟁에 대해 소송이 제기되는 경우 민사 소송법상의 관할 법원에 제기합니다.
[부 칙]
1. (시행일) 이 약관은 2016년 9월 5일부터 적용되며, 종전 약관은 본 약관으로 대체되며, 개정된 약관의 적용일 이전 가입자도 개정된 약관의 적용을 받습니다.