• Journal of Korea Technology Innovation Society
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• v.10 no.1
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• pp.47-72
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• 2007

Ideas do not become exhausted, and there are no diminishing returns in the creation of knowledge. Nonetheless, growth ultimately ceases in this simplest model of endogeneous innovation. The reasons are similar to those that are discussed in the context of the neoclassical model of capital accumulation. Even if the resource cost of creating new goods does not rise, the economic return to invention may decline as the number of available products increases. When the rate of return to R&D falls to the level of the discount rate, private agents cease to be willing to defer consumption in order to invest in product development. But, if we treat knowledge capital as a public capital considering of its non-appropriable benefits, economic growth can be sustained in the economy. Romer(1986) has pointed out that growth might be sustainable if the accumulation of knowledge is not subject to long-run diminishing returns. Actually Romer assumed diminishing returns in the production of private knowledge from available resources, but increasing returns in the production of output from labor and total (public and private) knowledge. His condition for the sustainability of long-run growth amounts to an assumption that the diminishing returns in the former activity do not outweigh the increasing returns in the latter. The Johansen(1988) cointegration test method is used for finding long-run equilibrium relationship between R&D input and the product innovation. Test results indicate the existence of cointegrating equation between each pair of regression variables including dependent variable in the knowledge production function. And, the signs of cointegrating vectors are well accord to the prediction of sustainable growth. In the empirical analysis, from all cases of the form for the knowledge production function, we could not reject the null hypothesis that R&D spillover effect is significant($H_{0}:\;{\gamma}=1$). In summary, we showed that considering goodness of fit of regression model, we can see that the empirical evidence is strongly in favor of the character of knowledge as the public knowledge capital. So, we can expect that by product innovation, economic growth can be sustained in the Korean economy.

• International Commerce and Information Review
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• v.17 no.3
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• pp.115-130
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• 2015

This paper investigates how ODA FDI Trade affect economic growth in 4 South America countries over the last 50 years and ODA, FDI, Trade have a impact on the 4 South America countries economic growth using the Vector Error Correction Model. The results of empirical analysis based on data from 1960 to 2014 confirmed that FDI and trade than ODA has had a significant impact on Brazil and FDI, Trade had affected on Argentina economic growth. On the other hand, ODA had a more major impact on Venezuela, Peru economic growth than FDI and trade. Based on the results of these empirical analysis, when it comes to support for economic growth of underdeveloping countries, developed countries have to supply enough ODA for least developing countries to start economic growth, in case of economic take off stage, they should consider FDI, and international trade volume increase.

• Convergence Security Journal
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• v.11 no.4
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• pp.85-91
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• 2011

Due to the large-scale application software syslmls, software reliability, software development has animportantrole. In this paper, software truncated software reliability growth model was proposed based on log-logistic distribution. According to fixed time, the intensity function, the mean value function, the reliability was estimated and the parameter estimation used to maximum likelihood. In the empirical analysis, Poisson execution time model of the existiog model in this area and the log-logistic model were compared Because log-logistic model is more efficient in tems of reliability, in this area, the log-logistic model as an alternative 1D the existiog model also were able to confim that you can use.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.3
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• pp.43-50
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• 2018

The paper aims to investigate the impact of trade cost on export: A Case Study Vietnam. The study conducts a static linear panel data analysis on annual data covering bilateral export between Vietnam and 70 major importers of Vietnam from 2001 to 2013. The gravity model has been one of the most successful applications in empirical trade. In this paper we apply the gravity model to estimate the impact of trade cost on Vietnamese bilateral export value. The paper uses gravity model to estimate the impact of trade cost on Vietnamese bilateral export value. The empirical results derive from a static linear panel data analysis (fixed effects model) indicates that trade cost plays a crucial role in determining the export value that occurs between Vietnam and trading partners. Besides, population of importing country, trade openness of importing country, gross domestic product of importing country and gross domestic product of Vietnam are also significant determinants of Vietnamese bilateral export value. The main findings indicates that trade cost plays a very important role in the Vietnamese bilateral export performance. This suggests that the Vietnamese government should attempt to improve domestic trade costs to enhance competitiveness and increase export growth sustainably.

• Knowledge Management Research
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• v.15 no.2
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• pp.67-88
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• 2014

This study aims to investigate on measuring the success of e-Learning. For this purpose, we proposed a research model that consists of e-Learning contents quality, e-Learning system quality, e-Lecturing quality, sense of e-Learning community factors as independent factors and e-Learning and e-Learning satisfaction as mediators and tested it empirically based on the structural equation model. The empirical results showed that e-Learning contents quality, e-Learning system quality, sense of e-Learning community factors directly lead to e-Learning. The study also found that e-Learning contents quality, e-Lecturing quality, sense of e-Learning community factors bring about higher e-Learning satisfaction and that e-Learning satisfaction has a positive impact on e-Learning. Furthermore, the research discovered that both e-Learning and e-Learning satisfaction have a significant relationship with e-Learning net benefits. This research renders its theoretical contribution to analyzing a positive influence of sense of e-Learning community, a newly suggested variable added to the existing IS success model in this study, on e-Learning. From a practical view, the findings of this study can lead to improving the quality of e-Learning in today's era where the growth of e-Learning industry is quite noticeable.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.11
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• pp.1-10
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• 2021

This paper compares the performance of Fama-French three-factor and five-factor models using a dataset of 20 Pakistani commercial banks for the period 2011 to 2020. We focus on an emerging economy as the findings from earlier studies on developed countries cannot be generalized in emerging markets. For empirical analysis, twelve portfolios were developed based on size, market capitalization, investment strategy, and growth. Subsequently, we constructed five Fama-French factors namely, R_M, SMB, HML, RMW, and CMA. The OLS regression technique with robust standard errors was applied to compare the predictive power of both the Fama-French models. Further, we also compared the mean-variance efficiency of the Fama-French models through the GRS test. Our empirical analysis provides three unique and interesting findings. First, both asset pricing models have similar predictive power to explain the expected portfolio returns in most cases. Second, our results from the GRS test suggest that there is no noticeable difference in the mean-variance efficiency of one asset pricing model over the other. Third, we find that all factors of both Fama-French models are statistically significant and are important for explaining the volatility of expected commercial bank returns in the context of Pakistan.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.233-254
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• 2023

Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin's Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

• Journal of the Korean Society of Food Science and Nutrition
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• v.28 no.1
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• pp.178-190
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• 1999

This study was conducted to develop a simulation model for the growth dynamics of pigs and to describe quantitatively protein deposition depending on the amino acid composition of feed protein. In the model it is assumed that the essential processes that determine the utilization of feed protein in the whole body are protein synthesis, breakdown of protein, and oxidation of amino acid. Besides, it is also assumed that occurrence of protein deposition depends on genetic potential and amino acid composition of feed protein. The genetic potential for the protein deposition is the maximum capacity of protein synthesis, being dependent on the protein mass of the whole body. To describe the effect of amino acid composition of feed on the protein deposition, a factor, which consist of ten amino acid functions and lie between 0 and 1, is introduced. Accordingly a model was developed, which is described with 15 flux equations and 11 differential equations and is composed of two compartments. The model describes non linear structure of the protein utilization system of an organism, which is in non steady state. The objective function for the simulation was protein deposition(g/day) cal culated according to the empirical model, PAF(product of amino acid functions) of Menke. The mean of relative difference between the simulated protein deposition and PAF calculated values, lied in a range of 11.8%. The simulated protein synthesis and breakdown rates(g/day) in the whole body showed a parallel behavior in the course of growth.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.3
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• pp.253-268
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• 2020

This study examined the effectiveness of policy measures in a growth management plan by analyzing empirically the influence of regulations and incentives in a non-urban growth management plan of Sejong City using the binomial logistic model. The parcel unit data related development location of Sejong City from 2012 to 2017 was used in the model. The analysis showed that time regulation in the growth management plan has a negative (-) impact on the spread of development, which means it is effective in slowing urban sprawl by lowering the profits of developers. The time regulation applied in Sejong City needs to be used actively in other cities in Korea to prevent urban sprawl. Nevertheless, floor ratio incentives had no influence in inducing development within the growth management area, which means a new incentive policy to meet the local characteristics is needed to strengthen the effectiveness of the growth management plan. This study is meaningful because it attempted an empirical analysis of the effects of the growth management plan at The National Territory Act, and this study could encourage further studies.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.305-312
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• 2022

Each country's economic progress creates opportunities for its citizens to raise their income. Meanwhile, the country has secured the people's social security policies, particularly the protection of income equality, to promote harmonious and sustained economic development. Vietnam has been located in a dynamic economic development area in Southeast Asia since the 1986 economic reforms, with an annual growth rate of around 7%. Meanwhile, having achieved a middle-income status of roughly 3500 USD per person per year, Vietnam is attempting to maintain income equality and access to welfare systems for its inhabitants. As a result, the primary goal of this study is to use an autoregressive distributed lagged model to investigate the effects of income inequality and other economic factors such as foreign direct investment and trade openness on Vietnam's economic growth from 1992 to 2019. The research focuses attention on literature on income inequality, economic development indicators, and economic development in unique ways in this study. Income inequality slows the rate of change in economic development in the same year, according to our findings. Finally, the study will make policy suggestions to the Vietnamese government.