• Journal of the Korean Operations Research and Management Science Society
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• v.38 no.2
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• pp.179-196
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• 2013

This paper examines the difference in compensation structure between family firms and non-family firms in Korea. A manager's compensation is an important means of motivating a manager to make decisions for shareholders by mitigating conflicts of interest between them. However, the role of a manager's compensation can be weakened in family firms for the following reasons. First, a family member manager has fewer conflicts of interest, compared to a non-family member manager. Second, a family member manager has an intrinsic incentive to increase a firm's value (i.e., family wealth). Finally, a family member manager can monitor non-family member managers more effectively. For the reasons, the agency problem will be less severe in family firms and subsequently the role of compensation will be reduced. The empirical results show that pay-performance sensitivity is smaller in family firms than in non-family firms. The main result is robust to variations such as changes in family ownership, the definition of a family firm, and control variables. Furthermore, this paper compares the pay-performance sensitivity of Chaebol family firms with that of other firms. The result shows that the sensitivity is higher for Chaebol family firms, compared to that in other family firms and non-family firms.

• Korean Journal of Human Ecology
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• v.4 no.1
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• pp.13-29
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• 1995

The purposes of this study are to investigate the characteristics of recognitions and attitudes of new generation family on the family life, and to help the family members of the new generation family to be able to adapt to the future family and society with the right senses and attitudes on the family life. Three-hundred married men and women who were less than 35 years old, and who continued marriage for less than five years were selected. The results of this study were as follow; 1) Types of family composition was mostly nuclear family, and got help from their parents in managing household work. 2) Most new generation family was more likely to share equal roles and rights in household affairs, decision making and ownership of real properties. 3) Most new generation family considered the personality and the sense of value as the most important conditions which their spouse must have. And they were affirmative to wives' employment. 4) Most new generation family wanted 2 children. And preferred showed that they did not care much about son preference. 5) Most new generation family showed strong sense of responsibility for taking care of their old parents. However, they showed independency of financial planning for later years. 6) In many ways of life, their recognitions and attitudes were progressive but their were conservative in practical life as the older generations did.

• Journal of Family Resource Management and Policy Review
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• v.14 no.1
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• pp.135-159
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• 2010

The purpose of the study was to investigate the characteristics and economic status of deficit households compared to surplus households. Data from The Household Income and Expenditure Survey 2005 by NSO and 50, 207 salary/wage earners' households were used for the analysis. The statistical methods used were GLM, logit, and cluster analyses. The analysis results showed that 25.3 percent of the households were deficit households. Approximately half of the lowest 20% income group were deficit households. Income deficit households earned 1, 273 thousand less than that of surplus households, whereas consumption of deficit households was 1, 006 thousand more than that of surplus households. The average propensity of consumption of deficit households was 142.1. According to the logit analysis, factors contributing to the probability of belonging to a deficit household included income level, household size, age and educational level, occupation, homeownership, car ownership, and wife's employment status. Deficit households were classified into 5 types: 1) health care expenditure-dominated group, 2) housing expenditure-dominated group, 3) education expenditure-dominated group, 4) money transfer-dominated group, and 5) overall-overconsumption group. The overall-overconsumption group was the largest group of all at 58.5%. It was found that for all five groups, the changes in household size, income group, home ownership, and occupation of the individual were variables that influenced the probability of belonging to a certain group.

• Journal of Family Resource Management and Policy Review
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• v.17 no.1
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• pp.63-79
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• 2013

The purpose of this study is to identify the factors that influence the willingness to marriage initiation(WMI) among the never married in their 30s. In particular, we examine the effect of financial resources on the WMI. A data set from the National Survey of Marriage and Childbirth (2009 Wave) were analyzed. We find that the effect of financial resources on the WMI are different by gender. Home ownership is a statistically significant factor in the logistic regression model for men, but not in the model for women. Women with higher earnings are more likely to be single and unemployed men are more likely to be single than employed men. In the Korean societal contexts, these findings support the bi-standard of financial resources between male and female in the marriage market.

• Journal of Families and Better Life
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• v.14 no.2
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• pp.19-34
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• 1996

This study was designed to investigate the quality of life among middle-aged men and women in Seoul. The primary purposes were to describe perceived life quality of the middle-aged and to examine the relationship among the selected variables. The data for this study were collected utilizing multistage area random sampling method 524 respondents were analyzed using SPSS PC+ statistical package. The major findings are as follows: 1. The level of life quality perceived by middle-aged was 4.7 out of 7 and relatively normally distributed. 2. The quality of life of middle-aged were differed by occupation family income amount of saving home ownership religion and residence. 3. The correlates of life quality were family life satisfaction job satisfaction financial satisfaction health satisfaction leisure satisfaction and stress. 4. Among the variables family life satisfaction was the strongest predictor variable. Thirty six percent of the total variances were explained by family life atisfaction job satisfaction stress health satisfaction and financial satisfaction.

• 한국사회정책
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• v.24 no.4
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• pp.3-29
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• 2017

The study checked whether the trade-off relationship between the home ownerhip and welfare by Kemeny and Castles was still valid in four welfare regimes, and analysed the factors of change and stability on rate of home ownership between social democratic states and southern european states. Based on the results of the study, the relationship between housing ownership and public expenditure was confirmed only in the liberal welfare regime and in the conservative welfare regime, as evidenced by the 2014 data collection. Second, social democratic states have dramatically increased housing mortgage loans and showed signs of housing commodification but southern european states have showed pre commodification of housing, maintained comparatively whole home ownership and low mortgage loans. Third, social democratic states has resulted in a rise in housing demand and housing prices, through reduced new housing and social rented housing construction, home owenership friendly taxation and generous lending policies, but southern european states have maintained a stable housing demand and housing prices thanks to the rich housing stocks, extended family, self provision and self promotion by close relatives, and intergenerational inheritance and transfers of housing. Although sequence of the equity ownership and welfare are still unclear, it is not a rational alternatives to induce housing ownership through large mortgage loans.

• Journal of Distribution Science
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• v.20 no.12
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• pp.13-22
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• 2022

Purpose: The paper contributes to the existing literature on Vietnamese corporate governance and firm performance with a focus on listed family firms and the use of a more suitable econometric framework to analyze firm performance. The study investigates how family firm performance is affected by corporate governance under the standpoint of stewardship theory in Vietnam. Research design, data and methodology: With the use of different measures for firm performance (Tobin's Q, ROA, and ROE), regression models were estimated using Generalized Least Square (GLS) method on a panel data of a total of 113 listed companies during the five-year period from 2015 to 2019. Results: We found that family ownership as the main characteristic of the stewardship theory affects family firms positively. In addition, several other characteristics in corporate governance as board composition (board independence, board audits, and board committees), CEO (age and tenure) and firm characteristics (size, age, expansion, and annual sales) showed significant impacts on firm performance. Our findings also suggest that family firm performance can be either positively or negatively affected based on the characteristics of corporate governance. The findings can help companies evaluate the significance of corporate governance through deciding board structure and the selection of CEOs to match family firm characteristics. It also gives insights for investors, rating agencies, and policymakers for relevant purposes.

• Journal of the Korean Home Economics Association
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• v.36 no.1
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• pp.129-142
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• 1998

The purposes of this study were to identify education expenditure and to analyze contributing factors to total education expenditure for two children among married couples. For these purposes, total sample of 1,256 married couples those having two children of both pre-school aged and school aged were selected, and total sample was divided into four groups by first child's school aged; those were pre-school aged(375), elementary school aged(385), middle & high school aged(248) & college aged(248). Statistics used for the analysis were frequencies, means, percentile, and tobit and OLS analysis. The results were as follows. First, the households those having the first child of pre-school aged didn't spent for public education expenditure, while public education xpenditure of school aged increased continuously. The households having the first child of high school aged spent the most private education expenditure among four groups, however, total education expenditure of the households having the first child in college aged spent the most education expenditure were household head's age, family size, home ownership and financial asset amount, and elementary school-aged's factors were household head's age, education level, home ownership and total household income. Also, household head's education level, wife's expectation of future economy, residence, total household income had significant effects on total education expenditure in middle and high school-aged, and household head's job, home ownership, contact with neighborhood, residence and Engel's coefficient were significant variables in college aged.

• Journal of Families and Better Life
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• v.22 no.3
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• pp.11-21
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• 2004

This study examined factors associated with the ownership of stock investments and the amount of stock investments of households using the 2001 National Survey of Family Income and Expenditure by National Statistical Office. Households with large amounts of income, savings, and liabilities were more likely to invest in stocks and have large amounts of stock investments. Also, households with young and male householders, highly educated householders, a number of children in school, and housing ownership were more likely to invest in stocks and have large amounts of stock investments. On the other hand, self employed households and dual income households were less likely to invest in stocks and have small amounts of stock investments.

• Journal of Families and Better Life
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• v.14 no.2
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• pp.157-170
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• 1996

Even if holding debt may be a rational means for household to maximize utility under any circumstance and any time through the family life cycle most households have some difficulty to determin and keep the moderate debt amount. The purpose of this study is to identify the characteristics of household's debt and the factor associated with debt. Data used in this study consisted of 4,009 households. The results of this study were as follows; Among 4,009 households 1,400 housholds?(34.9%) owed. Age education and occupation of household header liquid and real asset and housing ownership had significant effects on whether household having debt. The real and liquid asset had significantly positive relation with the liabilities of financial agency whereas the occupation of household header liquid asset and unearned income with private liabilities. Finally age education and occupation of household header home ownership and liquid asset had significantly negative effect on the total a ount of debt while earned and unearned income and real asset had positive one.