• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.1-8
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• 2020

The research examines how interactions of financial literacy and peer effect indicators impact financial market participation of Vietnamese investors. In this research, financial literacy indicator is constructed from two levels, namely, basic financial literacy and advanced financial literacy. An empirical study was carried out by investigating 387 individuals who are currently working in finance-related areas such as banking, insurance and real estate industries. The findings indicate that individuals with higher level of financial literacy, specifically those with advanced financial literacy level, tend to participate in financial market. However, individuals with basic financial literacy level tend to walk away from financial market because the nexus between basic financial literacy and financial market participation is found negative statistically significant. The findings also suggest that peer effect and perceived financial literacy have a positive significant relationship with financial market participation. These findings remain robust after endogenous problem is addressed by employing instrument variable (IV) method, especially Ivprobit regression. Hence, these findings recommend that policy-makers should design and develop financial literacy programs, specifically at sophisticated level, to adapt and overtake the trend in financial innovation development. This should be done, not only on individual, but also national scale to ensure greater financial market participation.

• 가정과삶의질연구
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• 제29권6호
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• pp.137-151
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• 2011

This study examines the condition of transfers between mothers and adult children, analyzing the influencing factors in such transfers. Specifically the study examines the influence of financial transfers and economic resources on financial transfers and grandchild caregiving between mothers and adult children. The sample of 3719 mothers with adult children was extracted from the first wave of the Korean Longitudinal Survey of Women and Families. The major findings are as follows. Mothers's socio-demographic characteristics are important factors in explaining financial transfers between mothers and adult children. Mothers who have jobs and spouses are more likely to provide economic resource to their adult children than those who don't have. In terms of receiving economic resources from adult children, statistically meaningful factors are mothers' age, labor market participation, marital status, household income, household asset, and children's labor market participation. Especially, labor market participation of mothers and adult children is statistically powerful factor in financial transfers and caregiving.

• 가정과삶의질연구
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• 제32권6호
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• pp.89-107
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• 2014

This study analyzes how governmental financial support of child care affects the participation of married women in the labor market in Korea. This dynamic analysis used data gathered over four years via the fifth to the eighth Korea Welfare Panel Studies (KWPS). The major results are as follows. First, child care allowance has a negative effect on the participation of married women in the labour market. Providing cash for child care seems to decrease women's labour market participation by cementing the role of women as the primary child care providers in the household. Second, the support for families, used by child care facilities, is found to increase the probability of married women working either part-time or full-time, thereby decreasing the burden on household budgets caused by child care costs. In conclusion, governmental policy-based child care benefits, used by child care centers, should be continued so that married women may participate in the labour market while raising their children.

• 대한가정학회지
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• 제36권1호
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• pp.65-79
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• 1998

The purposes of this study were to establish a conceptual model on the woman's labor force participation and mobility in the labor market and to analyze the correlation between them. Included in those models were two independent variable sets. The one was related to household's financial conditions and the other was associated to the woman's role such as marital status, the number of children and the existence of young children. KHPS's national data was used and the Binomial Probit Model and Bivariate Probit Model were employed to analyse the effects of independent variables and the correlations between two dependent variables. The results of this study were as follows. The rate of women's labor force participation and the percentage of mobility willingness were 15.4% and 22.0%. Among the variables which have affected women's labor force participation were total wage income, non-wage income, expenditure on children's education and the subject judgement of their financial status. The existence of children under the age of 6 and marital status had significant influences on women's mobility willingness. The correlation between women's labor force participation and mobility willingness was very significant statistically. These findings clarified the status of woman as a secondary worker and pointed that a woman's economic activity would be subject to the woman's condition rather than her human capital.

• KDI Journal of Economic Policy
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• 제26권1호
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• pp.35-69
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• 2004

본 연구는 1993~98년에 조사된 미시자료를 이용하여 한국 가계의 주식시장 참여패턴을 분석하고 이를 결정짓는 요인을 규명한다. 연구결과에 따르면 한국 가계의 주식시장 참여패턴은 기존 선진국에서 나타난 바와 같이 연령별로 역U자 형태를 보이고 있으며 소득이나 금융자산규모가 크고 교육수준이 높을수록 참여율이 높아지는 형태를 보이고 있다. 또한 주택보유 가계가 무주택 가계에 비해 높은 주식시장 참여율을 보이고 있으며, 이는 부분적으로 우리나라의 주택금융제도에 영향 받은 것으로 분석되었다. 한편 직종별로는 임금근로자 가계가 자영업자에 비해 높은 주식시장 참여율을 보이고 있어 우리나라의 상대적으로 높은 자영업자 비중이 가계의 주식시장 참여도를 낮추는 방향으로 작용하는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1217-1230
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• 2021

Using a multinomial logit model with the panel-data set of Vietnam manufacturing firms, this paper investigates the impacts of foreign direct investment (FDI) - small and medium enterprises (SMEs) linkages and other factors on SMEs' participation in the global value chain (GVC). We consider GVC firms are those engaging in any of the three modes including (i) using domestic inputs to export (D2E), (ii) using imported inputs to produce for the domestic market (I2P), (iii) using imported inputs to export (I2E). We discover that FDI-SME linkages statistically encourage Vietnamese SMEs to integrate into the GVC via I2P and I2E, while no statistical association between FDI-SME linkage and D2E participation is found. GVCs participation likelihood is also positively correlated with the introduction of new product introduction. The establishment of firms' production facilities in industrial zones and foreign ownership are both reported to be significantly decisive factors to SMEs' decisions on GVC participation. Besides, there is a strong association between firms' attributes, i.e. employment, capital intensity as well as financial access, and their participation in the GVC. Local governance quality (proxied by the Provincial Competitiveness Index) and the share of skilled labor at the province-level can facilitate firms' integration into GVCs, while greater market concentration may be a hurdle to such potential.

• 경영과학
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• 제30권1호
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• pp.167-181
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• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• East Asian Economic Review
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• 제27권2호
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• pp.145-176
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• 2023

This paper investigates short selling behavior, particularly by foreign investors, during event days of non-normal times on an intraday basis in the Korean stock market around the global financial crisis. Although, in the several subsamples, we cannot exclude the predatory short-selling possibility, we did not find any conclusive evidence of abusive short selling behaviors in the overall intraday trading activities. While foreign investors demonstrate higher levels of participation in short-sale trading, their impact on price declines is not as pronounced compared to the effects of pure selling. Following the lift of the short-sale ban, foreign investors appear to engage in long selling trading more frequently, and their influence on price changes primarily stems from long selling rather than short selling compared to the past.

• 보험의학회지
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• 제24권
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• pp.97-117
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• 2005

Internally Korean insurance market is that whole life products' growth are becoming slowdown that's why new insurance products have appeared on the market in consideration of consumer's needs recently. Externally domestic insurance market competitions has drifted from insurance industry to whole financial industry since bankasurance started. Life insurance companies should open up a new market to survive from severe competitions. Worksite marketing can be an alternative. An insurer make arrangements with an employer about an insurance terms which an insurer offers in Worksite marketing. Then eligible individuals enroll in the plans at their own discretion and pay 100 percent of the premium for coverage through payroll deductions. An employer doesn't need to pay extra money for additional benefit but can raise employee's loyalty and satisfaction of company through worksite marketing. An employee can be covered at discounted premium rate and less strict underwriting guidelines to an insurer compared to individual insurance. In developed countries specially U.S insurance market, Worksite marketing is getting very popular and growing rapidly due to the advantages. Worksite marketing has both individual insurance characters and group insurance characters. Individual insurance characters are that employees enroll in the plans at their own discretion and pay 100 percent of the premium for coverage. Group insurance characters are that actively at work and participation etc. An insurer have to reflect these two characters on Worksite marketing when an insurance company work out a plan for developing products and underwriting guidelines. When an insurer devise worksite products, one should consider participation level which means percentage of eligible employees participating. Participation is related to anti-selection. As we know underwriting is essential for every kind of insurance, especially underwriting plays major role in worksite marketing. We can see that in the below. Firstly, it has a function in calculation of premium rate. When calculate premium rate for worksite products underwriters have to estimate expected participation level and risk factors. So underwriters and acturies keep in close contact with each other. Secondly, underwriting methods are important. When an insurer underwrite worksite products, there are three kinds of underwriting methods. These are Simplified issue underwriting, Full underwriting and Guaranteed issue underwriting. Simplified issue underwriting typically requires no medical examination, but usually requires supplying satisfactory answers to one or several health and/or lifestyle questions. Full underwriting requires a complete medical history questionnaire that may further require an exam. Guaranteed issue underwriting means that coverage is issued without the employee having to provide evidence of insurability. When insurer set the GI limit are usually based on the type of industry, number of eligible employees, the average amount of coverage and participation level. In addition to insurer should have a clear definition of eligible employee on the insurance provision and application form. It will minimize possibility of trouble claims and anti-selection. An insurer also establish preexisting condition exclusion and special guidelines for late entrants. When an insurer introduce Worksite marketing to Korean insurance market, an insurer has to examine market research to analyze potential market and strategy of sales most of all. Also an insurer should review real situation of the U.S, England and Japanese market etc. There are a lot of new technologies about worksite marketing process that an insurer should learn. When an insurer consider many things which we explained it can be a real alternative.

• 한국인구학
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• 제35권2호
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• pp.159-184
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• 2012

본 연구는 노동시장 통합이 결혼 이행에 미치는 영향을 분석한다. 결혼 시점과 결혼 3년 전의 일자리 유무와 고용형태를 가지고 일자리의 안정성과 지속성이 초혼 형성에 유의한 영향을 미치는지 살펴보았다. 특히 1997년 외환위기 이전과 이후에 노동시장에 진입했을 가능성이 높은 두 집단을 코호트별로 나누어, 거시적인 사회경제적 변동 과정에서 노동시장통합이 결혼에 미친 차별적 영향에 대해 분석한다. 한국노동패널을 사용하여 2008년도 기준으로 18세 이상인 성인 남녀의 결혼 이행을 분석한다. 분석 결과, 취업상태와 정규직 근무는 남성의 초혼 형성 해저드는 높이는 반면 여성의 초혼 형성 해저드는 낮추었다. 장기무직, 즉 교육이나 군대 기간을 제외하고 결혼 전 3년 동안 2년 이상 무직 상태에 있을 때 남녀 모두 결혼이 지연될 가능성이 높았다. 정규직 근속기간이 2년 이상인 여성은 그렇지 않은 여성보다 결혼 해저드가 높아졌다. 정규직 근속기간이 긴 남성에게서는 이러한 효과가 나타나지 않았다. 또한 코호트별로 통계적으로 유의한 차이가 발견되어 최근의 사회경제적 불확실성과 노동시장 불안정화의 부정적 영향이 더욱 강화되었음을 시사했다.