• Journal of Korean Society of Water and Wastewater
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• v.31 no.3
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• pp.205-217
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• 2017

This paper tries to show the efficiency of water financing between central and local governments. From the year of 2017, the operation and maintenance costs for change water pipes has been provided by central government as block grants system(RDSA: Regional Development Special Account). Even though the water financing is responsible for local government, water drought and high production cost in poor area affects the quality of life nowadays. Then, fiscal transfer through block grant for water financing has been decided to invest regional SOC. The purpose of the paper sheds light on the function of the block grant for public provision by water financing. The firstly tried empirical results are based on the survey from local governments and ministry of environments. The point of the empirical analysis shows that the local governments does not have proper measurement for unexpected water leakage and termination until now. In a policy manner, the paper raises the issues about benefit principle for water users by the increase of tariffs. In order to do so, the paper investigates the relationship between the water provision and fiscal status of each local governments.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.849-855
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• 2021

The purpose of this study is to analyze and compare Islamic commercial banks and Islamic banking units with the stochastic frontier analysis (SFA) method during 2014-2018. The data in research using Islamic commercial banks and Islamic banking units. There are 10 Islamic commercial banks and 5 Islamic banking units that meet the criteria of purposive sampling. The calculation of efficiency level using the SFA method with the function of production shows that Islamic commercial banks and Islamic banking units always experience an increase in efficiency every year with the average level of efficiency of Islamic commercial banks being 0.43994, while the average rate of efficiency of Islamic banking units is slightly higher at 0.47654. This shows that Islamic banking units are slightly more optimal in generating total financing in the period 2010-2014. The test results using Independent Sample T-Test can be concluded that there is no difference in the efficiency value between Islamic commercial banks and Islamic banking units. Operating costs are not significant and have a positive effect on the total financing; total assets have a significant effect and a positive impact on total financing; labor costs are not significant and have a negative effect on total financing.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.447-456
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• 2021

State-Owned Enterprises (SOEs) are business entities that are owned mainly by the state. Good financial governance (GFG) is as important for SOEs as for the private sector companies. Prudence and GFG can affect the value of the company. This research aims to test the impact of macroeconomics, investment decisions, and financing decisions on prudence, Corporate Social Responsibility Disclosure (CSRD), dividend policy, and company value of SOEs registered on the IDX from 2014-2019. GFG and financing decisions are moderating variables. The population in this study is 16 SOEs listed on the Indonesia Stock Exchange from 2014-2019. The research method is quantitative and uses Partial Least Squares (PLS), which is an approach to Structural Equation Models (SEM) that allows researchers to analyze the relationships simultaneously. The results showed that macroeconomic factors, investment decisions, financing decisions, and prudence directly affect the company's value. However, CSRD and dividend policy directly do not affect the company's value. Prudence can mediate the influence of financing decisions on company value. GFG moderates the relationship between prudence and company value. Thus, GFG is key to producing compliant regulatory reports and disclosures. GFG aims at facilitating effective monitoring and efficient control of the business. Its essence lies in fairness and transparency in operations and enhanced disclosures for protecting the interest of different stakeholders.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.683-684
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• 2015

Project Financing (PF) is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. However, the financial institution, the subject of financing in the case of PF in Korea, the lack of validation system of business, rather than to assess the feasibility of the project, requested a credit reinforcement to the construction company, the fact is Construction Company on loans of the employer is the guarantor or debt argument commitments accordingly. As a result, PF contingent liabilities, which are indirect debt, are triggered in the construction company, not included in the financial statements, along with the disclosure standards established according to 2009 PF contingent liabilities, and major can be a management item. In this study, PF contingent liabilities is of Pearson of the index and the PF debt ratio showing the main financial ratios and risk by classifying the credit rating and contractors Ranking of construction companies in order to analyze the impact on the financial condition of the company was performed correlation analyzes, through the Pearson correlation coefficient analysis indicated quantitative or negative relationship to derive the explicit indication.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.179-192
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• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2008.05a
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• pp.159-163
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• 2008

The trend of Development Projects has been changing through a few recent years. Small-scale development projects in the past were usually for building residences or officetel in a big cities. making lots of profits. These projects made not only lots of profits but also unbalance between the urban centers and the suburbs. So government made some regulations to prevent the things from being worse anymore, planned to develop the country in balance and began to lead large-scale development project such as Inno city and Newtown. At first, in this study, the phases and the characteristics of development project's change will be looked around. And then, after overview about PFV(project financing vehicle) used a lot in large-scale development projects will be seen, the better ways to use PFV in large-scale development projects are going to be proposed by considering the problems in PFV's conformation.

• Journal of Industrial Convergence
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• v.2 no.1
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• pp.23-46
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• 2004

Tax exhaustion effect hypothesis says that firms with low expected marginal tax rates on their interest deductions employ less debt in their capital structure. We use logit analysis to study how financing decision is related to tax after controlling non tax effects. We treat non debt tax shields as proxy of marginal corporate tax rates which affect the probability of using the deductibility of debt tax shields and empirically test the tax effect on financing decision in Korea. In conclusion, we provide evidence that debt financing is positively related to tax in the former sub-period. This results partially support for tax exhaustion effect hypothesis and low tax rate firms have lower debt levels than high tax rate firms.

• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2011.04a
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• pp.296-300
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• 2011

It's well known that housing is one of the largest holdings in household wealth and at the same time the majority of households highly concentrate on it for their wealth accumulation. Coupled with a low interest rate and increasing housing price, the rationale is conspicuous and the propensity to debt-financed consumption becomes strengthened. This research was to examine the risk of home financing. In doing so, the study utilized several secondary data to identify the characteristics of households who finance loans for home buying in three regions of the nation - so-called Bubble 7, Seoul Metropolitan Area, and others. Based on the 2009 KB survey, the major findings were as follows: the majority of the studied households in Seoul Metropolitan Area who owned a house lived in rental housing, housing accounted for 89% of the household wealth, and home loans taken on were a ballon payment amortized for a short-term period (5 years) with an adjustable interest rate. In addition, the payment method most of the households depend on is income. The financing mechanism fueled debt load of the households, and further they are financially very vulnerable to such factors as increase in interest rate, unemployment and market downturn. In the absence of understanding the financial system, the consumption behavior leads to house-poor, so that financial accountability and ethics are addressed while the intervention of the government in home financing system should be more cautious but stimulate financial soundness in household wealth accumulation.

• International Commerce and Information Review
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• v.15 no.2
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• pp.25-47
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• 2013

In China, the commercial bank credit financing is the most important external financing channel for SMEs. However, the lack of credit guarantee significantly deters commercial banks to finance SMEs. which may generate a negative impact on the trade activities of SME in China. In this paper we examine the risk of credit guarantee for SMEs financing and the factors affecting this risk through a VAR (Value-at-Risk) model. Our analysis shows that the scale of enterprises' impact on the VAR (risk of financing guarantee) is not much relevant. We also find that the certainty of financing for SMEs, such as the fixed asset ratio, has a significant and negative effect on the VAR of Chinese credit guarantee institutions. The product uniqueness is positively correlated with the VAR, and operation risk is also positively related to the credit risk of Chinese credit guarantee institutions.

• Environmental and Resource Economics Review
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• v.19 no.3
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• pp.689-711
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• 2010

This study attempts to find the relationship between achievement of environmental industry and development of financial sector by analyzing cross-sectional data for OECD countries. Development of financial industry has a positive effect on environmental industry. Green financing also affects improvement of environmental quality. Demand for environmental quality is positively influenced by GDP per capita, while financial crisis has a bad effect on environmental performance. Government-led green financing in Korea has a major role in the Korean environmental policy for years. While market-oriented green financing improves the efficiency of regulation, government-led green financing may delay internalization of environmental cost due to its subsidizing effect. Further study should include systematic analysis on the scope of green financing and its qualitative attribute and fundamental causality between green financing and environmental improvement.