• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.149-156
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• 2020

The study aims to investigate a close relation between macro and non-macro variables on stock performance of tourism companies in Korea. The sample used in this study includes monthly data from January 2001 to December 2018. The stock price index of the tourism companies as a dependent variable are obtained from Sejoong, HanaTour, and RedcapTour as three leading Korean tourism companies that have been listed on the Korea Stock Exchange. This study assesses the tourism stock performance using the quantile regression approach. This study also investigates whether global crisis events as the Iraq War and the global financial crisis as non-macro variables have a significant effect on the stock performance of tourism companies in Korea. The results show that the oil prices, exchange rate and industrial production have negative coefficients on stock prices of tourism companies, while the effects of tourist expenditure and consumer price index are positive and significant. We estimate the result of quantile regression that non-macro determinants have statistically a significant and negative effect on tourism stock performance because the global crisis could threaten traveler's safety and economy. Overall, empirical results suggest that the effects of macro and non-macro variables are statistically asymmetric and highly related to tourism stock performance.

• 한국의류산업학회지
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• 제22권1호
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• pp.38-54
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• 2020

This study examines the time causal relationship between the operation profit of the listed fashion companies and the macro variables. Operating profit data of 36 listed fashion companies from 2000 to 2017 has been used. Macro variables include household income, household expenditure, number of Korean overseas travelers, number of foreigner travelers and sentiment index. The study results are as follows. First, the number of outbound travelers from Korea has a negative effect on the operating profit of listed fashion companies; however the number of foreigner visiting Korea has a positive effect at 0 time lag. Second, the consumer sentiment index had a positive effect on the sales and the operating profits of the listed fashion companies with a time difference between the 3rd and the 4th quarter. Third, a disposable income has a positive effect on the operating profit of listed fashion companies. Last, educational expenses have a negative effect on operating profit with a time lag between the first and the second quarter. The findings can be used as useful information to analyze the fashion industry and help fashion companies improve their financial performances.

• Asia pacific journal of information systems
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• 제5권1호
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• pp.236-257
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• 1995

Not much attention has been paid to the characteristics of successful MIS in small business in Korea. This study compares the characteristics of successful MIS with those of less successful MIS of manufacturing industry in Korea in terms of micro level, macro level, and personal level. The micro level consists of those variables relating to the system development and maintenance while the macro level consists of the environmental variables relating to the information systems. The personal level measures a personal EDP experience. A mail survey was sent to small manufacturing companies to collect the data for the hypothesis tests. And 81 usable questionnaires were returned for data analysis. This study performs the validity of the categorization of variables in terms of three levels. The results shows that this categorization is appropriate but the personal level. As the personal experiences of EDP in Korea used to come up with those of the organization, the variables in the personal level have high correlations with those in the macro level in empirical testing. As the personal level, however, is different dimension from the macro level in theoretical aspect, the level is maintained separately throughout the study. The data were analyzed with MANOVA and two group discriminant analysis. The analyses reveal that the characteristics of successful MIS are different from those of less successful MIS in terms of three levels. And the micro level is more important than the macro level to develop successful MIS. That is because the organizations have relatively few experience in dealing with information systems, they have not developed unique information systems which are adjusted to their organizational characteristics. Those findings seems to be important determinants of success for the MIS in a firm.

• 한국지역사회생활과학회지
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• 제19권4호
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• pp.697-706
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• 2008

Generally, tourism environments are classified as macro or micro environments. Hotel revenues are influenced directly and indirectly by macro and micro environments. This study aims to examine the determinants of the change in macro-environments on hotel revenue. The explanatory variables in this research were wage, exchange rates (ER), consumer price index (CPI) and seasonality. The results of this study were as follows; The CPI and ER significantly affected the hotel food and beverage sales. The seasonality (summer and autumn) and wage significantly affected the hotel room sales. Wage and seasonality (summer and autumn) also significantly affected the total sale on the hotels.

• 한국패류학회지
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• 제26권3호
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• pp.185-199
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• 2010

Correlation between community structure of herbivore and succession of macro-algal flora was examined in subtidal area of Dang-Sa Province, eastern coast of Korea from April 2008 to December 2009. For examination, the authors hypothesized that there are significant correlation between the foregoing two variables. Samplings were conducted every two months quantitatively with SCUBA diving at -3, -6 and -10 depth in the two line transects (barren and forest grounds). As results, rhodophyts was predominated in the algal flora based on the number of species and biomass; molluscs was predominated in the herbivores based on the number of species and echinoderms was predominated in that based on the biomass. There was no significant correlation between the foregoing two variables in the whole survey area and barren/forest grounds. Consequently, the hypothesis was rejected. The authors proposed that examination of correlation between the foregoing two variables should focus on the specific herbivore group(s) (e.g., amphipods) afterward.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.77-88
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• 2021

The stock markets in the BRICS (Brazil, Russia, India, China and South Africa) countries are the leading emerging markets globally. Therefore, it is pertinent to ascertain the critical drivers of stock market development in these economies. The currrent study empirically investigates to identify the linkages between stock market development, key macro-economic factors and institutional factors in the BRICS economies. The study covers the time period from 2000 to 2017. The dependent variable is the country's stock market development and the independent variables consist of six macroeconomic variables and five institutional variables. The study employs a panel cointegration test, Fully Modified OLS (FMOLS), a Pooled Mean Group (PMG) approach and a heterogeneous panel non-causality test.The findings of the study indicate co-integration among the selected variables across the BRICS stock markets. Long-run estimations reveal that five macroeconomic variables and four variables related to institutional quality are positive and statistically significant. Further, short-run causalities between stock market capitalization and selected variables are detected through the test of non-causality in a heterogeneous panel setting. The findings suggest that policymakers in the BRICS countries should enhance robust macroeconomic conditions to support their financial markets and should strengthen the institutional quality drivers to stimulate the pace of stock market development in their countries.

• 재무관리연구
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• 제25권2호
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• pp.33-68
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• 2008

본 연구에서는 전통적 자본구조 이론인 정태적 상충이론과 자본조달순위이론 뿐만 아니라 최근 새로 등장하고 있는 시장적시성이론의 타당성과 거시 경제변수가 자본구조에 미치는 영향을 종합적인 틀에서 분석하였다. 목표자본구조 결정과 자본조달 선택의 2단계 분석 결과, 자본구조의 특정이론이 일관성 있게 지지되기보다는 각 이론이 부분적으로 지지되는 결과가 나타났다. 1단계 목표자본구조 식의 추정에 있어서 기업 특성변수의 계수는 전반적으로 정태적 상충이론보다는 자본조달순위이론을 지지하였으나 2단계의 자본조달 선택요인의 분석에서는 정태적 상충이론에서 주장하듯 기업이 목표자본구조를 설정하고 이를 추구하는 경향이 있는 것으로 분석되었다. 또한, 자금이 부족한 기업일수록 회사채보다는 오히려 주식을 발행하는 경향이 강한 것으로 나타나 단순한 형태의 자본조달순위이론의 예측과는 부합하지 않았다. 그러나 주가가 상대적으로 고평가된 기업일수록 회사채보다 주식을 발행할 가능성이 높게 나타나 시장적시성이론이 지지되는 결과를 보였다. 한편 본 연구에서는 Korajczyk and Levy(2003)와 달리 기간 스프레드와 신용 스프레드 등 거시경제 변수가 자본구조 결정에 미치는 영향은 미미하였고, 재무적 제약이 있는 기업보다 재무적 제약이 없는 기업이 자본조달 시기를 조절할 수 있기 때문에 거시경제 변수나 시장 적시성 변수의 영향이 더 클 것이라는 그들의 주장을 지지하는 직접적 증거도 발견되지 않았다.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2004년도 제24회 동계학술대회 논문집
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• pp.83-107
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• 2004

This study investigates how and through which channels R&D activities influences the national economy, using a macro-econometric model. The macro-econometric model in this study includes 24 behavioral equations and 25 identities and was estimated using the annual data. From a simulation analysis, it is shown that the R&D investment has a permanent effect on real variables; lowering prices, wages and interest rates, and increasing potential and real GDP in the long run. It is noted that the national account was recalculated to avoid double-counting in estimation of R&D stocks.

• 기술혁신학회지
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• 제20권3호
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• pp.754-780
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• 2017

본 연구는 일과 삶의 균형(WLB:Work-Life Balance)의 한 영역인 일 성장 균형(WGB: Work-Growth Balance)이 대인 조화와 창의적 노력 및 조직 내 혁신 행동을 향상시키는지 여부, 그리고 대인 조화와 창의적 노력이 일 성장 균형(WGB)과 혁신 행동 간의 관계에 간접 효과가 있는지 여부를 알아보기 위해 수행되었다. 본 연구의 가설 검증을 위해서는 Hayes(2013)의 PROCESS Macro를 활용하였다. 분석결과 혁신행동에 영향을 주는 것은 일 성장 균형(WGB)과 대인조화 그리고 창의적 노력으로 나타났고 대인조화에 영향을 주는 변수 역시 일 성장 균형(WGB)으로 나타났다. 또한 창의적 노력에 영향을 미치는 변수는 일 성장 균형(WGB)과 대인조화였다. WGB와 혁신행동 사이의 관계에서 대인조화와 창의적 노력의 간접 효과 역시 확인되었다. 더불어 PROCESS Macro 분석을 통하여 매개변수 간의 효과의 크기를 알아보았다. 이를 통해 일 성장 균형(WGB)이 대인조화, 창의적 행동 및 혁신행동 간에는 시너지 관계가 존재함을 알 수 있었다. 향후 다양한 다른 산업 간의 일 성장 균형(WGB)에 대한 연구와 일 성장 균형(WGB)과 혁신행동에 이르는 좀 더 다양한 매개변수에 대한 연구 그리고 일 가정 균형, 일 여가 균형에 대한 추가 연구도 기대된다.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.681-693
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• 2020

This study sees a critical gap in the previous body of research, which it seeks to fill; the disclosure of the unemployment ratio correlation has only been measured by the level of economic growth. This study is to add investment variables and government expenditure variables that objectively aim to measure the level of effectiveness in handling the unemployment ratio, which is then a measurement of the effectiveness of unemployment. Economic growth is measured by its impact on income inequality through empirical, conceptual relationships as a critical review and economic strategy for the future. The research uses secondary data on Indonesian macro and microeconomics since 2003-2018, then testing uses a quantitative approach to correlation, regression, and scatterplot. The results of this study show correlations between variables, and volatiles on the graphs show a similar trend. In other words, variables are bound together and support each other. The strategy of prioritizing the scale of government expenditure and investment to reach the target is the primary concern, so that the economic cycle can be optimal and equipped to face the possibility of an economic recession in the future. Many factors cause complex income inequality, though investment does not show a correlation to income inequality.