• 무역학회지
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• 제44권1호
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• pp.17-30
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• 2019

This study is to investigate the effect of real exchange rate on bilateral trade balance between Korea and ASEAN 10 countries. Using quarterly data from 1991 to 2017 the paper analyzes whether or not the real depreciation of Korea's won could improve the trade balance in the short and long term. Based on Autoregressive Distributed Lag(ARDL) model, the empirical results show that trade balance, GDP, and real exchange rate are all cointegrated, representing the long-run relationship among variables. In the consideration of long-run relationship, the increases in ASEAN countries' GDP could have a negative impact and Korea's GDP positive impact on trade balance between Korea and ASEAN countries unexpectedly. For the main variable, the paper did not find the long-term effect of real exchange rate on the trade balance, for the short-term effect of the real exchange rate it was found that there exists the J-curve effect only in the case of Vietnam and Brunei. Therefore, these results imply that the intended policy concerning the exchange rate in the free-floating exchange rate system could be limited to improve the trade balance between Korea and ASEAN countries.

• 산경연구논집
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• 제9권10호
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• pp.83-89
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• 2018

Purpose - The purpose of this study examines when the optimism impact on financial asset price forecasting and the boundary condition of optimism in the financial asset price forecasting. People generally tend to optimistically forecast their future. Optimism is a nature of human beings and optimistic forecasting observed in daily life. But is it always observed in financial asset price forecasting? In this study, two factors were focused on considering whether the optimism that people have applied to predicting future performance of financial investment products (e.g., mutual fund). First, this study examined whether the degree of optimism varied depending on the direction of the prior price trend. Second, this study examined whether the degree of optimism varied according to the forecast period by dividing the future forecasted by people into three time horizon based on forecast period. Research design, data, and methodology - 2 (prior price trend: rising-up trend vs falling-down trend) × 3 (forecast time horizon: short term vs medium term vs long term) experimental design was used. Prior price trend was used between subject and forecast time horizon was used within subject design. 169 undergraduate students participated in the experiment. χ² analysis was used. In this study, prior price trend divided into two types: rising-up trend versus falling-down trend. Forecast time horizon divided into three types: short term (after one month), medium term (after one year), and long term (after five years). Results - Optimistic price forecasting and boundary condition was found. Participants who were exposed to falling-down trend did not make optimistic predictions in the short term, but over time they tended to be more optimistic about the future in the medium term and long term. However, participants who were exposed to rising-up trend were over-optimistic in the short term, but over time, less optimistic in the medium and long term. Optimistic price forecasting was found when participants forecasted in the long term. Exposure to prior price trends (rising-up trend vs falling-down trend) was a boundary condition of optimistic price forecasting. Conclusions - The results indicated that individuals were more likely to be impacted by prior price tends in the short term time horizon, while being optimistic in the long term time horizon.

• 유통과학연구
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• 제11권1호
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• pp.25-34
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• 2013

Purpose - This study examines the adverse press coverage that has increased in proportion to the remarkable growth of various kinds of franchise businesses in the food service industry. Today, the trust of franchisees in relation to their franchisor, and the maintenance of good relations between the two, has become a significant social issue. This study investigates relationship satisfaction and the long-term commitment between the franchisor and franchisee. Research design, data, methodology - We used a path analysis to investigate the relationship between justice and trust, trust and relationship satisfaction, justice and relationship satisfaction, trust and long-term commitment, and relationship satisfaction and long-term commitment. Structural Equation Modeling and a Sobel test were used to investigate the mediating effects of trust and relationship satisfaction. Data were collected from 237 Food Franchisees in Seoul and Gyeonggi Province in order to test the theoretical model and its hypotheses. Two research methodologies are generally used in the distribution management field. For this study, an empirical method was used. Results - A causal analysis was carried out to test if the research model has a sufficient fit index (for instance, χ² = 46.694, df = 10, p = .000, GFI = 0.946, AGFI = 0.850, RMR = 0.034, NFI = 0.966, CFI = 0.973), and the results showed that the model was sufficient, thus demonstrating the suitability of the research model. Each hypothesis had a positive influence, both on long-term commitment and relationship satisfaction. Justice with the franchisor had a positive influence on trust. Relation satisfaction cognized by franchisees was found to positively influence long-term commitment. The franchisee perception of justice in relation to the franchisor had no significant influence on long-term commitment. The study investigated the hypothesis that trust could mediate justice and long-term commitment, and that relationship satisfaction could also mediate long-term commitment Both trust and relationship satisfaction were found to be important for long-term commitment. Specifically, trust sub-factors and justice sub-factors influenced long-term commitment. Identification-based and knowledge-based trust were more important than calculus-based trust. Distributive justice was deemed more important than procedural justice; distributive justice should thus be strengthened. Conclusions - Both franchisor and franchisee were independent businesses. Evidently however, the franchisor could not ensure profit without long-term commitment from the franchisee. As for the success of the franchise business, the franchisor should carry out appropriate strategies leading to a satisfactory relationship. For example, transparency makes it possible to maintain and enhance trust and to improve relationship satisfaction. Just relations between franchisor and franchisee should make it possible to maintain and enhance the franchisee's trust. The franchisor should provide a variety of information with respect to the franchisee's business success. Finally, in order to improve the franchisee's long-term commitment, the franchisor should ensure a just approach with trust and relationship satisfaction among their strategies.

• 경영과학
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• 제24권1호
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• pp.45-62
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• 2007

We aim to explain the role of corporate's 'long-term orientation' and 'asset specificity' in the process of SCM(Supply Chain Management) practices' effect on SCM performances, with empirical study about 167 manufacturing companies ail over the country. With confirmatory factor analysis and structural equation model using AMOS program, we conclude long-term orientation and asset specificity act as 'infra-structural role', rather than 'Intermediate role', in the process of SCM practice's effect on SCM performances.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.469-476
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• 2021

This study aims to examine and measure the impact of capital structure on the profitability of companies in emerging markets. The research sample includes eighteen rubber companies listed on the Vietnam stock exchange from 2015-2019. After collecting the research data, it was imported into excel to calculate the criteria for the research model. By using Stata 16 software, the study selected a data processing model and evaluated the relevance of the regression analysis model. The research results show that the profitability of listed rubber companies in Vietnam (measured by return on equity (ROE) has a positive relationship with the debt-to-asset ratio but has a negative relationship with the long-term debt-to-asset ratio. The results also show a positive impact of firm size and revenue growth on profitability while liquidity and the ratio of tangible fixed assets to total assets do not affect significantly. These results are consistent with most of the previously published studies. However, in contrast to many previous studies, our study shows that the long-term debt-to-assets ratio has a negative effect on profitability while the debt-to-asset ratio has a positive effect. This is entirely consistent with the characteristics of long-term debt use in emerging markets.

• 한국경영과학회지
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• 제4권1호
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• pp.33-39
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• 1979

The cash management problem as a part of working capital management has been extensively studied. By and large the articles surveyed lacked consideration of long-term assets and the proper tax treatment of them. Recognizing that investment activities - long-term as well as short-term generate cash inflows, leads one to conclude that these investments should be included in the cash management problem. The liquidity of long term investments is an integral part of the cash management problem. This paper formulated a cash management model which incorporate the effect of long term investments and their liquidity on cash holdings. Although all of the models formulated could be solved using mathematical programing techniques, the mere size of the problem in terms of the number of variables and constraints leads one to seek other methods. For this reason rules were developed using the Kuhn-Tucker conditions thereby substaintially avoiding the programming calculations or at least easing them significantly.

• Structural Engineering and Mechanics
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• 제62권6호
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• pp.725-737
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• 2017

An analytical method considering axial equilibrium is proposed for the short- and long-term analyses of shear lag effect in reinforced concrete (RC) box girders. The axial equilibrium of box girders is taken into account by using an additional generalized displacement, referred to as the longitudinal displacement of the web. Three independent shear lag functions are introduced to describe different shear lag intensities of the top, bottom, and cantilever plates. The time-dependent material properties of the concrete are simulated by the age-adjusted effective modulus method (AEMM), while the reinforcement is assumed to behave in a linear-elastic fashion. The differential equations are derived based on the longitudinal displacement of the web, the vertical displacement of the cross section, and the shear lag functions of the flanges. The time-dependent expressions of the generalized displacements are then deduced for box girders subjected to uniformly distributed loads. The accuracy of the proposed method is validated against the finite element results regarding the short- and long-term responses of a simply-supported RC box girder. Furthermore, creep analyses considering and neglecting shrinkage are performed to quantify the time effects on the long-term behavior of a continuous RC box girder. The results show that the proposed method can well evaluate both the short- and long-term behavior of box girders, and that concrete shrinkage has a considerable impact on the concrete stresses and internal forces, while concrete creep can remarkably affect the long-term deflections.

• 한국식품영양과학회지
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• 제31권6호
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• pp.1011-1017
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• 2002

본 연구는 소아 비만아들에 대한 임상영양교육 프로그램의 효과를 비만도, 혈액학적 변화, 생활습관의 변화 등을 통해 관찰하였다. 관찰기간이 서로 다른77명의 비만아를 대상으로4년간의 관찰 내용이 분석되었다. 특히 교육효과를 장기와 단기로 나누어 병원 내원 기간중의 단기적 체중, 혈청학적 변화뿐만 아니라 장기적인 식생활 습관의 변화 등으로 나누어 장단기 변화를 구분하여 관찰하였고 이들 장단기 변화에 영 향을 미치는 요인을 규명하고자 하였다. 연구결과 단기적(내원기간동안) 효과면에서 볼 때 BMI, % RBW에 의한 비만도 및 혈액지 질양상 등에서 수치가 낮아짐으로써 통계적으로 유의한 효과가 있었다. 이 중 혈청콜레스테롤의 농도는 평균 180.6 mg/dL에서 165.3 mg/dL으로 감소하여 통계적으로 유의한 차이를 보였고(P<0.05), 28.6%가 정상군으로 돌아왔다 장기 효과를 볼 때, BMI가 23.8$\pm$2.9로 최초 내원시 25.4$\pm$2.7보다 낮아졌으나 통계적으로 유의하지 않았으며, % RBW에 의한 비만도는 137.7$\pm$14.1에서 125.1$\pm$13.0으로 통계적으로 유의하게 감소하였다(p<0.05). 그러나 생활습관을 통해 관찰한 장기 효과는 1차 조사시 57.9점에서 2차 조사시 67.2점으로 통계적으로 유의하게 증가하여 (p<0.01), 임상영양교육후 생활습관이 장기적으로 개선되었음을 알 수 있었다 이는 교육의 효과라 할 수 있고 또한 고도 비만아의 경우 비만율이 현저히 떨어 져,42.9%가 정상군으로 돌아왔다. 단기 효과에 영향을 주는 요인으로는 단기내에 방문기간이 길수록, 방문횟수가 많을수록 교육 후 비만도가 감소하는 경향을 보인(p<0.001) 반면 월평균 교육참여 빈도는 비만치료효과에 긍정적 영향을 주지 않는 것으로 나타났다. 따라서 잦은 참여보다는 지속적이고 장기적인 참여와 관리가 더 효과적이라고 사료된다(p<0.05). 장기 효과와 관련된 관찰로는 방문기간이 길고, 횟수가 많을수록 긍정적 효과를 띠는 경향을 보여주었으나 통계적으로 유의한 수준은 아니었다. 이상의 결과를 요약해보면 임상영양교육프로그램은 적어도 BMI나 %RBW라는 관점에서 장단기 효과가 있었다. 그러나 장기 효과와 단기 효과에 영향을 미치는 요인에는 다소간의 차이가 있었다. 방문기간, 방문횟수 등은 단기 효과에 영향을 주는 요인이나 월평균 참여빈도 등은 별다른 영향을 주지 않는 것으로 나타났다. 반면 장기 효과에 통계적으로 유의한 수준에서 영향을 주는 요인은 규명할 수 없었다. 이는 장기 효과에 영 향을 주는 요인은 단기 효과에서 나타난 총 방문 기간이나 방문횟수 이외의 사회심리적 요인이 복잡하게 작용했을 가능성을 본 연구 결과는 시사하고 있다.

• Clinical and Experimental Pediatrics
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• 제61권5호
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• pp.150-155
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• 2018

Purpose: Infantile spasms, also known as West syndrome, is an age-specific epileptic seizure. Most patients with this condition also exhibit delayed development. This study aimed to determine the effect of long-term prenatal stress on susceptibility to infantile spasms. Methods: We subjected pregnant rats to acute or chronic immobilization stress. Resulting offspring received N-methyl-D-aspartic acid (15 mg/kg, intraperitoneally) on postnatal day 15, and their behaviors were observed 75 minutes after injection. The expression of KCC2 and GAD67 was also determined using immunohistochemistry. Results: Exposure to long-term prenatal stress increased the frequency of spasms and decreased the latency to onset of spasms compared with offspring exposed to short-term prenatal stress. Expression of KCC2 and GAD67 also decreased in the group exposed to long-term prenatal stress compared with the group exposed to short-term prenatal stress. Conclusion: Our study suggests that exposure to long-term prenatal stress results in increased susceptibility to seizures.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.257-267
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• 2019

The paper aims to test long-term and short-term causality from four exchange rates, the Korean won/$US, the Korean won/Euro, the Korean won/Japanese yen, and the Korean won/Chinese yuan, to the Korea Composite Stock Price Index in the presence of several macroeconomic variables using monthly data from January 1986 to June 2018. The results of Johansen cointegration tests show that there exists at least one cointegrating equation, which indicates that long-run causality from an exchange rate to the Korean stock market will exist. The results of vector error correction estimates show that: for long-term causality, the coefficient of the error correction term is significant with a negative sign, that is, long-term causality from exchange rates to the Korean stock market is observed. For short-term causality, the coefficient of the Japanese yen exchange rate is significant with a positive sign, that is, short-term causality from the Japanese yen exchange rate to the Korean stock market is observed. The coefficient of the financial crises i.e. 1997-1999 Asian financial crisis and 2007-2008 global financial crisis on the endogenous variables in the model and the Korean economy is significant. The result indicates that the financial crises have considerably affected the Korean economy, especially a negative effect on money supply.