• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.97-110
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• 2023

This study examines the effect of macroeconomic shocks on the financial stability of the Korean shipping industry. Using Firth logistic regression model, this study estimates the default probability of a shipping company. The results from a default prediction model suggest that total assets are negatively correlated with default probability, while total debt is positively correlated with default probability. Based on the results from a default prediction model, this study investigates the effect of macroeconomic shocks, namely total assets, sales, and total debt shocks, on a shipping company's default probability. The stress test results indicate that a decrease in sales and total assets significantly deteriorates the financial stability of a shipping company.

• International Journal of Highway Engineering
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• v.11 no.2
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• pp.195-203
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• 2009

This research wished to risk type and examine closely driver special quality and relation of traffic accidents by occurrence type of traffic accidents and traffic accidents seriousness examine closely relation with Severity. Fractionate traffic accidents type by eight, and driver's special quality for risk group's classification did to distinction of sex, vehicle type, age etc. analyzed relation with injury degree adding belt used putting on availability for security the objectivity with wave. Used log-Linear model and Logit model for analysis of category data. A head-on collision and overtaking accident, right-turn accident are high injury or death accident and possibility to associate in relation with accident type and seriousness degree. In risk group analysis The age less than 20 years in motor-cycle driver, taxi driver in 41 years to 50 years old are very dangerous. The woman also was construed to the more risk group than man from when related to car, mini-bus, goods vehicle etc. Therefore, traffic safety education and Enforcement for risk group that way that can reduce accident that produce to reduce a loss of lives at traffic accidents appearance a head-on collision and overtaking accidents, right-turn accidents should be studied and as traffic accidents weakness class may have to be solidified.

• Journal of Labour Economics
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• v.25 no.1
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• pp.161-182
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• 2002

The self-employment can provide work time flexibility. Work time flexibility would be a critical factor for married females' labor supply considering allocation of their time to market work and household work. This study used the 1998 and 2000 Korea Labor and Income Panel Survey for the empirical analyses. Applying the bivariate probit model with partial observability, this study analyzed factors related to the choice of participation in labor market and choice of self-employment. Also, this study examined the effects of marriage and the presence of younger children on changes in decisions related to labor supply using the multinomial logit model: exit from the labor market, increasing and decreasing work hours. The presence of the younger children showed a significantly negative effect on the participation in labor market while positive, but insignificant, effect on self-employment. Compared with females working for others, self-employers without employees and unpaid family workers are less likely to exit labor market rather than increasing work hours. The self-employment would be a good alternative to evade females' career interruption and therefore to enhance the potential human resources.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.9 no.5
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• pp.32-40
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• 2006

This study's objects are to suggest effective forest community-level management measures by identifying the vulnerable forest vegetation communities types to climate change through a comparative analysis with present forest communities identified and delineated in the Actual Vegetation Map. The methods of this study are to classify the climatic life zones based on the correlative climate-vegetation relationship for each forest vegetation community, the Holdridge Bio-Climate Model was employed. This study confirms relationship between forest vegetation and environmental factors using Pearson's correlation coefficient analysis. Then, the future distribution of forest vegetation are predicted derived factors and present distribution of vegetation by utilizing the multinomial logit model. The vulnerability of forest to climate change was evaluated by identifying the forest community shifts slower than the average velocity of forest moving (VFM) for woody plants, which is assumed to be 0.25 kilometers per year. The major findings in this study are as follows : First, the result of correlative analysis shows that summer precipitation, mean temperature of the coldest month, elevation, soil organic matter contents, and soil acidity (pH) are highly influencing factors to the distribution of forest vegetation. Secondly, the result of the vulnerability assessment employing the assumed velocity of forest moving for woody plants (0.25kmjyear) shows that 54.82% of the forest turned out to be vulnerable to climate change. The sub-alpine vegetations in regions around Mount Jiri and Mount Seorak are predicted to shift the dominance toward Quercus mongolica and Pinus densiflora communities. In the identified vulnerable areas centering the southern and eastern coastal regions, about 8.27% of the Pinus densiflora communities is likely to shift to sub-tropical forest communities, and 3.38% of the Quercus mongolica communities is likely to shift toward Quercus acutissima communities. In the vulnerable areas scattered throughout the country, about 8.84% of the Quercus mongolica communities is likely to shift toward Pinus densiflora communities due to the effects of climate change. The study findings concluded that challenges associated with predicting the future climate using RCM and the assessment of the future vulnerabilities of forest vegetations to climate change are significant.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.18 no.2
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• pp.12-28
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• 2019

Road geometry is one of the many factors that cause crashes, but the effect on traffic accident depends on weather conditions even under the same road geometry. This study identifies the variables affecting the crash severity by matching the highway accident data and weather data for 14 years from 2001 to 2014. A hierarchical ordered Logit model is used to reflect the effects of road geometry and weather condition interactions on crash severity, as well as the correlation between individual crashes in a region. Among the hierarchical models, we apply a random intercept model including interaction variables between road geometry and weather condition and a random coefficient model including regional weather characteristics as upper-level variables. As a result, it is confirmed that the effects of toll, ramp, downhill slope of 3% or more, and concrete barrier on the crash severity vary depending on weather conditions. It also shows that the combined effects of road geometry and weather conditions may not be linear depending on rainfall or snowfall levels. Finally, we suggest safety improvement measures based on the results of this study, which are expected to reduce the severity of traffic accidents in the future.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.21 no.6
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• pp.132-145
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• 2022

This study was based on the black box images of traffic accidents on highways, cluster analysis and prediction model comparisons were carried out. As analysis data, vehicle driving behavior and road surface conditions that can grasp road and traffic conditions just before the accident were used as explanatory variables. Considering that traffic accident data is affected by many factors, cluster analysis reflecting data heterogeneity is used. Each cluster classified by cluster analysis was divided based on the ratio of the severity level of the accident, and then an accident prediction evaluation was performed. As a result of applying the Logit model, the accident prediction model showed excellent predictive ability when classifying groups by cluster analysis and predicting them rather than analyzing the entire data. It is judged that it is more effective to predict accidents by reflecting the characteristics of accidents by group and the severity of accidents. In addition, it was found that a collision accident during stopping such as a secondary accident and a side collision accident during lane change act as important driving behavior variables.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.6D
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• pp.791-799
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• 2008

To build the system which has high utilization and usefulness for users, it is necessary to know the information type and use-demand that the use want. The purpose of this study is to forecast the preference and demand of utilization for bus information when bus information is offered through cellular phon. The accomplishments of this research are as follow : Firstly, importance on the level of individual factor and the value of change's figure can be evaluated, using preference analysis on bus information by conjoint analysis. Secondly, by establishing the use-demand model bus information using binary logit model, influence factor on whether or not the use of the user. Finally, ordered probit model was built by use behavior model in payment per call or per month of potential user of bus information. Through call times and sensitive analysis by payment methods, elasticity point, optimal payment fee, and use probability was analyzed. This study make application as basic to efficient bus information policy and to improve use rate of bus information in future because this study make it possible to get preference analysis, use-demand analysis and estimation of optimal payment fee which is reflecting various requirement in use of bus information user.

• Journal of Distribution Science
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• v.13 no.11
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• pp.101-109
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• 2015

Purpose - A traditional retail market is a place that offers economic opportunity to employees and employers alike it also is a place where the community can meet. The Korean government has invested three trillion won to improve physical and non-physical aspects in traditional retail markets since 2004. However, little research on this has been conducted. We explore this research gap that could lead to theory extension. We analyze consumption behavior with respect to traditional retail markets through an empirical analysis, thus overcoming limits in previous research. We empirically analyze policy effects of traditional retail market projects supported by the Korean government. Research design, data, and methodology - We propose a traditional retail market improvement plan via the relation between cause and effect resulting from the analysis. More specifically, logit analysis was carried out with 1,754 consumers in 16 cities nationwide. In order to analyze consumer consumption behaviors nationwide, the probability was analyzed using a logit model. This research analyzes the link between support and non-support by the Korean government using binary values. The dependent variable is whether Korean government support is implemented; the binomial logistic regression is used as the statistical estimation technique. The object variables are:1 (support) or 0 (nonsupport), and the prediction value is between 1 and 0. As a result of the factor analysis of questions related to attributes of service quality, four factors were extracted: convenience, product, facilities, and service. Results - The results indicate that convenience, product, and facilities have a significant influence on consumer satisfaction in accordance with the government's traditional retail market support. Additionally, the results reveal that convenience, product, facilities, and service all have a significant influence on consumer satisfaction in a traditional retail market's service quality and consumer satisfaction. Finally, the analysis indicates that the highly satisfied traditional retail market customer has a significant influence on revisit intention. Moreover, the results reveal that the highly satisfied traditional retail market customer has a significant influence on recommendation intention. Conclusions - This research focused on consumers nationwide to measure policy effects of traditional retail markets compared to previous research that focused on one traditional retail market or a specific area. We verified the relationship of service quality and customer satisfaction and consumer behavior based on service quality theory. The results indicate that consumer satisfaction of traditional retail markets supported by service quality factors has a significant impact. In a concrete form, the results indicate that these effects are from facility modernization projects and marketing support projects of the Korean government. The results also imply that these facility and management support effects from the Korean government have been consistent. We realize that the Korean government has to selectively support traditional retail markets in major cities and small and medium-sized cities. To that end, the Korean government needs to select a concentration strategy for the revitalization of traditional retail markets.

• Environmental and Resource Economics Review
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• v.14 no.2
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• pp.337-379
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• 2005

This choice experiments study values the non-market benefits of water quality improvements in Paldang Reservoir and Han River, located in Korea. A fractional factorial orthogonal design was used to produce four different choice sets per respondent, before employing choice examples to screen out irrational responses. The panel mixed logit model (with normal distributions for the attributes) fit the data best, indicating that allowing for both heterogeneous preferences across households and correlation between repeated choices may represent actual choice behaviors best of all the estimated models. The significant standard deviations of the random attributes suggest that the taste for each attribute may vary considerably in the population. The annual benefits to the Seoul Metropolitan area for a small (large) enhancement of the clarity of water, a gradual removal of unpleasant waters, and a gradual improvement in biodiversity, were estimated to be some 1.5 trillion (1.7 trillion) Won, 2 trillion Won, and 1.7 trillion Won, respectively, with 1.8~2.6 trillion Won for at least two of them occurring together. The study also discusses potential biases germane to choice experiments studies of this type.