• Journal of East Asia Management
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• 제3권1호
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• pp.41-55
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• 2022

This study investigates whether foreign investors' behavior is involved in firm-specific investor sentiment. Because the mixed role of foreign investors on investor sentiment formation seems to exist in the Korean stock market, it needs to examine the moderate or incremental effect of foreign investors on the stock price crash risk which is due to investor sentiment. The analysis results using Korea Stock Exchanges - listed firms for the period of 2011-2019 show the increased future stock price crash risk which is attributable to high investor sentiment is mitigated for firms with the high foreign ownership, indicating the moderate effect. This study expands the literature on the foreign investors' behavior in the Korean stock market, by showing foreign investors are not involved in firm-specific investor sentiment, which improves market's efficiency in the Korean stock market. Also, the paper is valuable to the academic and practice field in that the findings shed light on the foreign investors' mitigating role in stock price crashes in the behavioral finance perspective.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.9-17
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• 2019

The purpose of this research is to review historical development of Islamic finance in individual East Asian economies, including China, Japan, South Korea and Hong Kong, and examine the success factors of the Hong Kong Sukuk issuances in 2014-2017. The research is a qualitative study applying case study method. It is found that the East Asian economies do play efforts to develop their Islamic capital markets although they have very limited size of Muslim population. Their progress on this development generally remains to be slow. The Hong Kong Sukuk is a breakthrough, carrying a total issuance value of US$3 billion. The Sukuk issuances, treated as a kind of asset-backed securities with restrictions on financing purposes, are distributed to international investors by investment banks from Hong Kong, Middle East and Malaysia. Success factors of these issuances include involvement of an issuer with high credit quality, recognition by central bank for using the Sukuk in its discount facility for commercial banks, centralized clearing services for the Sukuk and global banking network for underwriting the Sukuk. The lessons from the Hong Kong Sukuk are good references for other economies to develop their regional Islamic capital markets and to integrate the markets into the global capital market.

• 동아시아경상학회지
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• 제7권3호
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• pp.49-61
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• 2019

Purpose - This study shows that which country has more competitiveness in aerospace industry. The reason why author choose aerospace industry for research is aerospace industry is one of major business in every country in the world instead of infant industry. Research design and methodology - In order to research this topic, there are 3 tools to analyze competitiveness in aerospace industry. To achieve analysis of competitiveness between USA and England, UN comtrade program which provides huge database including time serial data. Results - All of TSI are over zero (0) which means that from 2000 to 2018, USA aerospace industry is export specialization as USA aerospace industry has comparative advantage against England aerospace industry. All of TSI in USA are approaching to figure +1 as export specialization except 2010. Conclusions - Even though RCA value in 2000 is 6.313, however, when time goes by and they are 8.997 in 2005, 8.007 in 2010 and 8.389 in 2015 respectively and RCA value is slightly going down as figure 7 in 2018. we review above market share analysis data, USA has overpoweringly superior competitive power against British aerospace industry.

• 동아시아경상학회지
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• 제12권3호
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• pp.11-23
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• 2024

Purpose: The plant industry is a key order-taking industry that leads national industrial development through convergence and integration with various industries in all value chains from planning and marketing to financing, design and engineering, purchasing, construction, and operation and maintenance (O&M). Research design, data and methodology: The Korea government has been actively promoting overseas plant market development support projects to support large and public enterprises and medium and small enterprises. Results: The Korea government are working with the industry and the government so that the Korean plant industry can establish itself as a key driving force that provides the foundation for low-carbon and energy transition that our times demand and makes our world a better place to live. Conclusion: A high value-added industry that brings enormous profits and international fame to exporting countries. Korea is highly dependent on trade, should recognize the plant industry as a key national export sector.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.63-71
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• 2020

In this paper, we propose the new time-varying coefficient GARCH-in-Mean model. The benefit of our model is to allow the risk-return parameter in the mean equation to vary over time. At the end of 2019 to the beginning of 2020, the world witnessed two shocking events: COVID-19 pandemic and 2020 oil price war. So, we decide to use the daily data from December 2, 2019 to May 29, 2020, which cover these two major events. The purpose of this study is to find the dynamic movement between risk and return in four major oil markets: Brent, West Texas Intermediate, Dubai, and Singapore Exchange, during COVID-19 pandemic and 2020 oil price war. For the European oil market, our model found a significant and positive risk-return relationship in Brent during March 26-April 21, 2020. For the North America oil market, our model found a significant positive risk return relationship in West Texas Intermediate (WTI) during March 12-May 8, 2020. For the Middle East oil market, we found a significant and positive risk-return relationship in Dubai during March 12-April 14, 2020. Lastly, for the South East Asia oil market, we found a significant positive risk return relationship in Singapore Exchange (SGX) from March 9-May 29, 2020.

• 동아시아경상학회지
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• 제10권4호
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• pp.39-45
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• 2022

Purpose - This short paper reviews the debate dealing with the relationship between strategy and traditional strategy approach on the one hand, and business models and new business model approach on the other hand and tries to offer useful direction to be more helpful to theoretical discussions. Research design, data, and methodology - This paper makes a theoretical analysis to explain the confusion surrounding the debate, reviewing mainly literature survey papers and finds theoretical conjecture and its limitations in order to present useful direction to the future theoretical work. Result - In order to comprise its diversity, business model studies should consider the characteristics of each firm, sector, and market. Adding further elements which are related to each sector or market, theoretical studies can capture the diverse phenomena related to business model and business model innovation. Conclusion - The traditional strategy perspective can be utilized to the Business model phenomenon in the case of incumbent firms and non-digital sector and existing markets. Meanwhile the new business model perspective can be utilized to business model phenomena in case of start-ups and digital sector and emerging markets. Reconciling two perspectives, the studies dealing with the business model should focus on the characteristics of firms, markets, and knowledge from the perspective of business model innovation.

• 동남아시아연구
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• 제28권1호
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• pp.1-20
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• 2018

2017년 동남아의 정치경제는 대미의존적 안보질서와 대중의존적 경제질서가 중첩하는 역설적 '이중질서'로 요약되는 동아시아의 지정학적 지경학적 조건에서 전개된다. 경제발전의 지속적 진전과 정치발전의 만성적 부진이 날카롭게 엇갈리는 동남아의 두 얼굴은 동남아와 동북아를 포괄하는 동아시아의 두 얼굴을 충실하게 반영한다. 정치적 차원에서, 전체주의의 향수를 떨쳐내기 어려운 베트남, 라오스, 캄보디아, 미얀마 등 구사회주의권은 전체주의와 권위주의 사이의 완충지대에 서식하고, 민주주의의 명분을 저버리기 어려운 필리핀, 태국, 인도네시아, 말레이시아, 싱가포르 등 원자본주의권은 권위주의와 민주주의 사이의 회색지대를 전전한다. 경제적 차원에서, 계획경제의 거대한 유산을 포기하기 어려운 구사회주의권은 신국가주의적 '베이징 콘센서스'로 분장되는 중국형 국가자본주의의 은밀한 유혹과 타협하고, 시장경제의 화려한 신화를 외면하기 어려운 원자본주의권은 신자유주의적 '워싱턴 콘센서스'로 포장되는 미국형 자유자본주의의 오만한 압력에 노출된다. 그에 따라 동남아의 지역통합을 대변하는 아세안 공동체는 대륙세력과 해양세력의 경쟁적 협공에 따라 '신냉전'의 부상이 예감되는 전략적 곤경에서 끊임없이 부침한다.

• 한국경영과학회지
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• 제22권4호
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• pp.71-80
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• 1997

In this paper, we consider with a market pioneering game among symmetric firms in highly competitive situation. To describe the puzzling situation of timing competition, we construct a dynamic game model and explore the equilibrium solution. As a result, we find a subgame perfect mixed strategy Nash equilibrium conceptually defined by 't$_{0}$ + .elsilon. equilibrium'. Our major finding s include : i) market entry will be occurred in sequential manner even though the condition of each firm is symmetric ii) the optimal timing of market pioneering will be advanced until almost all of the monopolist's profit is dissipated, iii) as the market position of the pioneer is stronger, the timings of the pioneer and the follower are separated, iv) and as the slope of the profit flow is steeper, the entry timing of the two players will be pooled together.

• 토지주택연구
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• 제4권1호
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• pp.23-31
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• 2013

The regional economic crises in the late 1990s and the global economic crisis in the late 2000s had reduced the differences in housing policies among the major Asian economies. This paper attempts to explain and compare housing welfare policy shifts between subsidizing home owning and subsidized renting from the perspectives of the economic and social roles of housing, the lock-in effect of policy processes, and the welfare provision strategy of the East Asian economies. It argues that the impact of economic crises on housing welfare policy in East Asia depended on the duration and the intensity of the crisis and the length and severity of the subsequent economic depression. Another important factor was the role of housing in the economic and social development, especially whether housing market development was considered as an engine of economic growth or revival, and whether the tools of housing policy caused the economic crisis. The loss of impetus for home ownership drive and the new emphasis on rental subsidy provision are new policy trends. Nonetheless, the economic revival since mid-2009 has caused the re-introduction of home ownership subsidies for quenching the housing affordability problems and enhancing home ownership making use of the strong economic conditions.

• Asian-Australasian Journal of Animal Sciences
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• 제32권8_spc호
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• pp.1233-1243
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• 2019

Asia hosts more than half of the world's 1 billion goats and is also where domestication of wild goats began. Goats, including dairy goats, are adapted to a wide variety of harsh environments and thus play key roles as providers of nutrition, food security and socio-economic status to their human owners in many low-income Asian countries. In many countries in Southeast and East Asia, medium and large scale commercial dairy goat farming can be profitable enterprises because of the high price of goat milk, and good demand due to its health and medicinal properties. In some Asian countries, dairy goats play important roles in non-commercial activities, including use as educational animals in elementary schools in Japan and show animals in Indonesia. Dairy goat farmers in Asia are faced with numerous challenges, such as a shortage of high producing animals adapted to the local environment, lack of quality feeds during a prolonged dry season, many diseases and difficulty getting their product to market, however, the increasing demand for goat milk in the newly developed and developed economies in Asia provides an optimistic future for dairy goat production in this region.