• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.2
• /
• pp.15-24
• /
• 2018

The study examines the magnitude of economic spillover and the impact of foreign direct investment (FDI) inflows on the efficiency of the bank industry in China. This study employs unit root tests, cointegration tests and cointegrating regression analysis, including fully modified ordinary least squares (FMOLS), canonical cointegrating regression (CCR) and dynamic OLS (DOLS) to test the proposed hypotheses. The sample is restricted to the period of time in which monthly data is available and comparable among variables for the period from January 2002 to October 2013 (142 observations). All of the time series data was collected and retrieved from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund. The results of the Johansen cointegration test suggest that there is a long-run equilibrium relationship between FDI inflows, foreign exchange rate and banks performance in China. The results of cointegrating regression analysis using FMOLS, CCR and DOLS suggest that M2 supply and FDI inflows are significant at the 0.01 level. The results confirm that FDI inflows in the banking sector are positively related to the increase of banks productivity and performance and short-term loans in China. However, the results suggest that Chinese Yuan currency exchange rate to U.S. dollar is not significant in the banking and financial industry of China.

• East Asian Journal of Business Economics (EAJBE)
• /
• v.11 no.1
• /
• pp.53-71
• /
• 2023

Purpose - This study aims to find clues necessary for the direction of leadership development suitable for the current situation by exploring the direction in which leadership has been studied from the perspective of domestic researchers, along with the arrangement of leadership theories studied in various ways. Research design, data, and methodology - A total of 7,425 papers were obtained due to the search, and 5,810 papers with English abstracts were used for analysis. For analysis, word frequency analysis, word clouding, and co-occurrence were confirmed using Python 3.7. In addition, after classifying topics related to research trends through BERTopic and LDA, trends were identified through dynamic topic modeling and OLS regression analysis. Result - As a result of the BERTopic, 14 topics such as 'Leadership management and performance' and 'Sports leadership' were derived. As a result of conducting LDA on 1,976 outliers, five topics were derived. As a result of trend analysis on topics by year, it was confirmed that five topics, such as 'military police leadership' received relative attention. Conclusion - Through the results of this study, a study on the reinterpretation of past leadership studies, a study on LMX with an expanded perspective, and a study on integrated leadership sub-factors of modern leadership theory were proposed.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.7
• /
• pp.27-39
• /
• 2022

The exchange rate is an important macroeconomic variable that influences internal and external balances. Nepal follows a dual exchange rate such that the Nepali rupee (NPR) is pegged with the Indian rupee (INR) but floats with the United States dollar (USD) and all other currencies. There have been very few studies on the exchange rate of Nepal, of which the majority focus on the bivariate relationship between exchange rate and another variable. However, this paper analyses the multivariate relationship between the USD-NPR exchange rate and major macroeconomic variables. Determinants of Nepal's exchange rate have been derived with multiple regression using the ordinary least square (OLS) approach. Since the explanatory variables could not significantly capture the movement of the dependent variable, a long-run relationship between Nepal and India's exchange rate has been analyzed using Engle-Granger cointegration to establish a relationship as suggested by a graphical representation. This explains that Nepal's exchange rate long run is determined by India's exchange rate than its own fundamentals. In addition, the macro-linkages of Nepal's macroeconomic variables have been analyzed using Standard Vector Autoregressive models followed by impulse response analysis which is useful for policy decisions. Some policy implications indicating the sustainability of Nepal's pegged regime have been drawn based on the empirical analysis.

• The Journal of Economics, Marketing and Management
• /
• v.11 no.4
• /
• pp.53-63
• /
• 2023

Purpose: The purpose of this study is to examine the research trends in the papers published by Korean researchers related to traditional markets, to check what topics have been studied, and to make various suggestions for research directions and effective ways to revitalize traditional markets. Research design, data and methodology: To this end, this study conducted word frequency analysis, co-occurrence frequency analysis, BERTopic, LDA, dynamic topic modeling and OLS regression analysis using Python 3.7 on the English abstracts of a total of 502 papers extracted through ScienceON. Results: As a result of word frequency analysis and co-occurrence frequency analysis, it was found that studies related to traditional markets have been conducted not only on factors related to customers, but also on traditional market merchants and government policies, and the degree of service, quality, and satisfaction perceived by customers using traditional markets. Through BERTopic and LDA, three topics such as 'Traditional market safety management' were identified, and among them, it was found that 'Traditional market safety management' is relatively less attention by researchers. Conclusions: The results of this study suggest that future research on the revitalization of traditional markets should be conducted from a specific consulting perspective along with the establishment of various data, a causal model study from various perspectives such as the characteristics of merchants as well as consumers, and an integrated and convergent approach to policy formulation by the government and local governments.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.3
• /
• pp.195-202
• /
• 2022

This study investigates whether institutional investors increase or decrease the volatility of stock returns in the Thai stock market. For the purpose we used the data from SETSMART, a database provided by the Stock Exchange of Thailand (SET). Our sample is a balanced panel data covering 3,160 firm-year observations from 316 nonfinancial firms listed on the SET from 2011 to 2020. We analyze the link between institutional holdings and the volatility of stock returns by the pooled Ordinary Least Squares (OLS) model, the fixed effects model, and the random-effects model. In particular, we regress the stock return volatility on institutional ownership while controlling for firm size, financial leverage, growth opportunities, and stock turnover and accounting for industry effects and year effects. Our results indicate institutional investors' positive and significant influence on the volatility of the stock returns. Additionally, we performed the dynamic Generalized Method of Moment (GMM) estimator to alleviate concerns of possible endogeneity. The result still shows a positive impact of institutional investors on the volatility in stock returns. Overall, the findings of this study suggest that an increase in the volatility of stock returns in the Thai stock market may stem from a higher proportion of equity held by the institutional investors.

• The Journal of the Korea Contents Association
• /
• v.15 no.7
• /
• pp.436-448
• /
• 2015

This study examined one of the contemporary financial aspects, the level of corporate cash holdings for the firms belonging to the chaebols in the Korean capital markets. Being accompanied by various alternative econometric methodologies such as static and dynamic panel data model, stepwise OLS, and Fama-Macbeth modelm this research extended the preceding Kim's study (2015) in anticipation of validating the results to identify any financial factors which may significantly affect the chaebol firms' cash reserves. Several financial characteristics such as CASHFLOW, MVBV, REINVEST, and AGENCY, were found to be statistically significant factors on the level corporate liquidity, along with CCC as cash conversion cycle in the models. It may be plausible that any outcomes of this study may be applied to enhance the efficiency of financial strategies of the chaebol firms on cash holdings, thereby expediting the development of the domestic capital markets status quo toward the advanced one in the market classification.

• The Journal of Korean Physical Therapy
• /
• v.23 no.4
• /
• pp.29-36
• /
• 2011

Purpose: The purpose of this study was to evaluate the effect of 6-week sensorimotoor training on balance ability and lower limb muscle activation during gait in older adults. Methods: Twenty-four community-dwelling older adults between 65 and 90 years of age participated in this study. In the older adults of the experimental group (n=12), the sensorimotor training program was performed bare feet. General exercise was performed in the control group (n=12). Then, both groups exercised three times a week for forty minutes over a 6-week period. Balance ability was evaluated by One leg stand (OLS) test for determining the static balance and Timed Up & Go (TUG) test for determining the dynamic balance. In addition, muscle activation of the dominant lower limb tibialis anterior and gastrocnemius medialis muscles were measured by surface EMG to evaluate muscle activation during gait. Results: A significant improvement was seen in the one leg standing (OLS) time after exercise in both the sensorimotor training (SMT) group and general exercise (GE) group (p<0.05) and the change in the SMT group was greater than that in the GE group (p<0.05). A significant reduction was seen in the Timed Up & Go (TUG) test time after exercise in both the SMT group and GE group (p<0.05). Also, a significant increase was seen in muscle activation of tibialis anterior muscle after exercise in the SMT group (p<0.05), but no such significant increase was seen in the GE group (p>0.05). Conclusion: These results suggest that sensorimotor training improves the balance in older adults and has a more positive effect on muscular strength and gait. Sensorimotor training provided a variance of training environment and COG exercise of the body is thought to be a more effective exercise program that improves balance and gait ability in older adults.

• Proceedings of the ESK Conference
• /
• 1997.10a
• /
• pp.398-405
• /
• 1997

과거 8년간의(1985-1992) 통계에 의하면 정면과 측면 충돌시 구속 시스텡의 하나인 Airbag장착 차량의 사망자 및 중상자 수가 현저히 감소하고 있는 것으로 나타나고있다. 그 러나 최근 소비자로 부터의 Airbag에 관한 불만을 보고 받고 있다. 즉 구속효과를 발휘함에 있어 부수적으로 인체 부상을 유발하고 있다는 것이다. 사망내지는 심각한 부상은 방지하고 있으나 경미한 부상은 오히려 증가하고 또한 신체가 적은 여성 운전자나 6세 이하의 어린이 에게는 심각한 부상의 우려가 있다는 것이다. 본 연구에서는 구속시스템의 총아인 Airbag 시스템의 심각한 부수적인 부상 보고를 입증하기 위하여 우리나라 어린이 6세 신체를 기준 으로하여 구속시스템을 착용하지 않았을 경우(실제로 많은 경우), seat belt만 착용시, Airbag만 작용시, 그리고 seat belt와 Airbag을 동시에 사용할 때를 컴퓨터 Simulation Package 이용 신체 dynamic을 모의실험 하였다. 실험결과, 기존에 알려진바와 같이 구속시스템을 사용하지 않았을 경우에 부상은 매우 컸다. 신체 사이즈가 작은 어린이 혹은 여성 운전자의 경우 Seat belt만을 사용한 경우는 Airbag만을 사용한 경우보다는 부상정도가 약간 경미하였으나 두 경우 모두 인체가 구속시스템의 구속 범위를 이탈하여 구속 시스템으로써의 역할을 충분히 하지 못하고 있었다. 특히 Seat belt와 Airbag을 동시에 사용하였을시에도 Airbag이 충분히 개선된 이후라도 신체 사이즈가 작은 경우에는 흉부부위에 의한 충격 흡수가 먼저 이루어지지 못하고, 머리에 먼저 Airbag이 접촉이 되어 충격 흡수 역할보다는 반동효과가 더 커서 머리 및 몸체가 뒤로 Rebound 하는 효과로 머리, 혹은 목의 신체 부상한계를 넘고 있어 큰 부상 내지는 사망에 이르고 있음을 알 수 있었다. 사료된다.의 결과는 자전거 에르고노미터의 결과가 트레드밀의 결과에 87.60%정도 나타났다.음을 관찰하였다. 특히 vitamin C와 E의 병용투여는 상승적으로 적용하여 간세포손상을 더욱 억제시킴을 알 수 있었다.mance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness is not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI (Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and f[ are significant and positively rel

• The Korean Journal of Applied Statistics
• /
• v.18 no.3
• /
• pp.503-519
• /
• 2005

Cointegration test is usually performed under the assumption that the cointegrating vector is constant for the whole sample period. Most previous studies have used conventional cointegration methods in testing for a stable long-run equilibrium relation among related variables. However they have overlooked that the long-run equilibrium may not the unique and the stable relation may not be guaranteed. This study develops the additional statistical tests for the stability of the estimated cointegrating vector. Three tests for the parameter stability of a cointegrated regression model are utilized and applied to identify the types of variations in the long-run relation between the domestic unemployment and the rotated macroeconomic variables of interest. The present paper finds that, there exists a stable but, time-varying long-run relation between those. The observed variation in cointegrating relations is generally characterized by a discrete one-time shift, rather than a gradually evolving random walk process which is attributable to the IMF financial and economic crisis.

• The Journal of Industrial Distribution & Business
• /
• v.9 no.10
• /
• pp.73-82
• /
• 2018

Purpose - Unstable vegetable prices have been one of the major concerns in Korean agricultural and food marketing system. The Korean government has implemented a number of policy instruments, including government purchasing programs in order to alleviate fluctuations in vegetable prices. The economic impact of policy instruments has been assessed based on the average monthly price change rate before and after the implementation of the policy. However, this approach failed to provide a net impact of policy measures on price stabilization in the vegetable markets, as policy impacts could not be successfully distinguished from other effects on price changes in the vegetable market. The purpose of this study is to evaluate the net impact of the government purchasing program on the price volatility of dried red pepper which is considered one of the major vegetables in Korea. Research design, data, and methodology - This study develops a monthly dynamic partial equilibrium model of Korean dried red pepper market. Behavioral equations in the model were estimated by OLS and synthetic method based on the annual and monthly time series data from 1993 to 2015. The model is first simulated to yield actual dried red pepper market conditions in 2015 as a baseline and then compared it to the scenario assuming that there were no government purchases of dried red pepper in 2015. Results - According to the ex-post scenario analysis using the developed model, without the government procurements in 2015, the average monthly price change rate and the value of coefficient of variation of dried red pepper in 2015 would be respectably 7.9 percent and 0.10. It is relatively higher than the actual average monthly price change rate and the value of coefficient of variation of dried red pepper in 2015 which were respectively 1.7 percent and 0.06. Conclusions - The ex-post simulation results in this study shows that if there were no government purchases of dried red pepper in 2015, the dried red pepper market would have had much higher volatile price movements. The results of this study would provide useful information for future price stabilization policy of vegetable markets in Korea.