• Journal of Distribution Science
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• v.15 no.12
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• pp.31-39
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• 2017

Purpose - The purpose of the paper is to examine shipping markets exposed on severe competition after Lehman Brothers crisis in 2008, and look for some alternatives to get it over. Research design, data, and methodology - The research method to be applied is first to look into world economic situations, and then to investigate supply and demand of shipping markets, and strategic alliances as alternatives, which lead to some implication and lessons. Results - After the fierce world economic situations after Lehman Brothers crisis in U.S, it has shown that world economic output and growth is not like that of previous years. It is periods of new normal. Then, shipping has been influenced by less trade volumes and, however, shipping capacity has reached to overcapacity in supply terms. Therefore rates down is clear, and it should be needed new way of getting it over market situations. In this sense, strategic alliance is answer for overcoming difficult markets. Conclusions - From the careful look at all situations, such as world economic situation, supply and demand of shipping market, deep understanding for strategic alliances of shipping, it has reached to conclusion that strategic alliance is only answer for difficult shipping markets.

• The Journal of Industrial Distribution & Business
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• v.10 no.11
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• pp.15-23
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• 2019

Purpose: Global economic integration has provided good opportunities and conditions for the development of foreign direct investment in Finances. Therefore, this paper attempts to explore what determines foreign direct investment in Finances of Organization for Economic Co-operation and Development (OECD) countries. Research design, data and methodology: This paper employs the panel data over the period 2005-2017 and uses the random effect model to estimate this proposition. Results: The results indicate that the foreign direct investment in services, growth rate of GDP, interest rate and saving are positively related with foreign direct investment in finances. Conversely, the growth rate of wage and fluctuation rate of exchange rate are negatively related with foreign direct investment in finances. Moreover, the results verify that the effect of these variables on foreign direct investment in finances is different before and after 2008 (global economic crisis). In addition, the results also manifest that the regional effect exists. Namely, the effect of these variables on foreign direct investment in finances between G7 countries and G20 countries exist significant difference. Conclusions: Those variables used in this paper are related with foreign direct investment in Finances of (OECD) countries.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.471-480
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• 2020

In Indonesia, micro-, small- and medium-sized enterprises (MSMEs) are introduced to increase income by providing many easier jobs to improve economic growth. They have also been reported to be generally supportive of the local industry. The government policies on investment and expenditure have the ability to promote MSMEs and economic growth. Therefore, this research was conducted to analyze the theoretical background and empirical study to investigate government's role to promote MSMEs growth in Indonesia. The secondary data after the 2008 global financial crisis recorded quarterly from 2009 to 2019 Q3 were analyzed using the Ordinary Least Square (OLS) regression model. The results showed government expenditure has a positive and significant contribution to small- and medium-sized enterprises, but the effect was not significant for micro-businesses. Meanwhile, the investment sector was discovered to have a positive and significant effect on MSMEs. The policy implications of the Indonesian government are expected to focus on its expenditure's role as the most important factor for "social-economic protection of the community" through micro-enterprises, which are numerous and more attached to the real community economic-social life. Therefore, the existence of micro-businesses is very helpful for the lower classes despite their high vulnerability to crisis.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.3
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• pp.567-584
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• 2014

This paper attempts to analyze labor politics under the Kim Young-Sam regime. The labor politics transformed from conflictual pluralism to social partnership. The transition was triggered by the 'IMF economic crisis,' and the transitional direction was determined by the character of political regime and the pattern of social coalitions. These findings imply that the transitional direction of labor politics is not determined by an economic crisis or international pressure, but by the relational dynamics of social coalitions forcing social actors to new perception and strategic choice.

• Journal of Korea Trade
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• v.26 no.4
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• pp.63-82
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• 2022

Purpose - Drawing on relational institutional theory, we explored how demographic similarity between board members of a firm and newly emerged political elites led to firms' increased financial resource acquisition such as leverage ratio and decreased export intensity amidst the Asian financial crisis. We also studied how a firm's leverage ratio and export intensity can further affect firm profitability and financial credit rating. Design/methodology - We revisited and explored a unique, unprecedented crisis that affected most Korean firms: the Asian financial crisis that coincided with a governmental shift from a conservative to a liberal party. We collected demographic information from 432 listed Korean firms' board members and 43 political elites of the Blue House from 1998-2000 to create a demographic similarity measurement. We collected firms' financial information, built panel data, and used ordinary least squares regression to test our theory. Findings - Our results showed that demographic similarity between a firm's directors and newly emerged politicians had a positive association with a firm's leverage ratio but a negative association with a firm's export intensity. A firm's leverage ratio had a negative relationship with firm performance measured by firm profitability and financial credit rating. A firm's export intensity showed a positive effect on firm performance. Originality/value - We highlighted that during an economic crisis that coincided with a governmental shift and change of leading political actors, firms exerted efforts to survey the environment and build new external stakeholder relationships to cope with the changing landscape. We proposed that in an emerging market like Korea where low levels of trust and favoritism are prevalent across society, one of the relational institutional strategies that firms can employ is the selection of directors with similar demographic characteristics to political elites based on factors including birthplace and school affiliations. We examined the efforts of firms to build political networks with newly empowered political elites during a financial crisis, and the consequences of establishing such networks. We highlighted that during a financial crisis, the demographic similarity between a firm's board members and newly emerged politicians can provide firms with access to financial resources but can also result in poor management and reduced effort to enhance its international competitiveness.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.2
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• pp.91-99
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• 2012

The political conflicts and military collisions between the South-North Korea resulted in actions taken at 1 of Dec. in 2008 and 24 May in 2010. Those actions stopped the major economic cooperations such as the relink of a railroad line across the divided peninsula as well as Mt. Geumgang tourist trade, and cast shade on the Gaesung Industrial Complex. This article articulates the current situation of the economic damages, status quo of cooperation and the South Koreans' changed way of thinking about issues between the South and North which provoked by the conflicts. We emphasized the necessities of minimizing unstable non-economic factors on the Peninsula; continuing win-win economic cooperation between the South-and North corporations; guaranteeing safe business conditions; improving the relationship based on the national consensus. Also we suggested ideas on how to manage the economic cooperation and how to explore new business opportunities in the future based on entrepreneurial leadership.

• Journal of Families and Better Life
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• v.19 no.3
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• pp.73-87
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• 2001

The purpose of this study is to confirm the productivity of housework empirically by analyzing the newspaper articles during the financial aid from the IMF. During this period, Korean Households expenses. And Korea government also wanted to share the burden of overcoming the currency crisis with households. Theoretically, Home economists has approved the productivity of housework as it increases the worth of wage by reducing cost of labor reproduction. So this article try to verify the productivity of housework by analyzing if there was public demand of housework as a means of reducing expenses during the IMF regime, based on newspaper articles. The major findings that are derived from the study are as follows : First, during the IMF regime, Households and housewives were described as an agent of overcoming economic crisis in newspaper articles. Second, households were required to substitute money expenses for housework to cut expenses. These results show that housework has worth as a productive labor and contribute to society and households as it increases the worth of wage and deceases the cost of living.

• Journal of the Korea Institute of Building Construction
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• v.9 no.1
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• pp.111-121
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• 2009

Because of its unique characteristics, the construction industry tends to be affected by economic environment more than any other industries. The domestic construction industry was forced to change its management pattern and system when it went through the foreign currency crisis, and since then, the construction industry has been growing in terms of quality over last 10 years, breaking from the quantitative performance-oriented growth in the past. The study was intended to integrate the financial data of the companies during the period before and after the foreign currency crisis so as to analyze the effect of environmental changes on management performance of the companies. It was aimed at evaluating the changes to the stability, profitability and the growth potential, and collecting the data on variation of the market scale, price of resources such as material and labor and the financial environment, thereby analyzing the correlation with the management performance. The study, to deal with the difficulties which are anticipated, like the foreign currency crisis experienced in the past, was also intended to identify the correlation between the economic conditions and the performance of the construction companies, using the experimental data in the past.

• Korean System Dynamics Review
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• v.15 no.4
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• pp.101-127
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• 2014

This study aims to understand how and why each stage of capitalism grows and changes into the new direction in the moment of crisis, based on the systems thinking approach through the causal loop feedback structure. To achieve the research purpose, it classifies the evolution process of the capitalistic economic system into 4 types: Capitalism 1.0(Classical Laissez-Faire Capitalism), 2.0(Revised Capitalism), 3.0(Neo-liberalism), and 4.0(New Capitalism for the Future). This study focuses particularly on by which feedback structure the growth, crisis, and new transition of capitalism could be explained. The main research results are as follows. The intended positive feedback structure caused the growth at each early stage of capitalism. After that time, as a result of the uncontrolled growth, the negative feedback structure controlling its growth operated on the one hand, while the positive feedback structure amplifying the crisis did on the other hand. The study suggests the Resilient Capitalism as the new evolutional direction of Capitalism 4.0. It can contribute to strengthening its resilience by which all the economic players can recover promptly and flexibly from the crises such as the failure of competition and unemployment.

• East Asian Economic Review
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• v.17 no.3
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• pp.281-310
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• 2013

The aim of this paper is to estimate the degree of RMB misalignment from its equilibrium exchange rate by applying the Behavioral Equilibrium Exchange Rate (BEER) approach. We employ monthly data with reference to China's top 20 trading partners covering the period of 1997 to 2012. We find that the RMB was slightly overvalued before 2001 and significantly undervalued by up to 20 per cent in the end of 2006. There is evidence showing that the RMB approached to its equilibrium level from 2007 to 2008. However, the global financial crisis interrupted the trend of declining misalignment of RMB exchange rate. The RMB's total misalignment increased to around 25 per cent in the mid-2011 mainly because the RMB was re-pegged to the US dollar and some currencies of China's main trading partners depreciated during the period of crisis. More recently, the degree of RMB misalignment slightly declined since 2012 when the RMB proceeded to appreciate and China's ratio of current account surplus to GDP dropped considerably. Our findings prove that there is a trend of the RMB approaching to its equilibrium exchange rate since 2007 except for the period of crisis.