• Journal of Fisheries and Marine Sciences Education
• /
• v.28 no.1
• /
• pp.198-210
• /
• 2016

This study firstly aims to estimate a leading-price of Jeju flounders with various price-classes by fish weight and secondly plans to provide policy implications of flounder purchase projects by understanding dynamic changes and interactions among flounder producer price-classes caused by price impulses in the market. This study applies an unit root test for stability of data, uses a Granger causality test to estimate the leading-price among producer prices by fish weight, employs the vector autoregressive model to analyze statistical impacts among t-1 variables used in models, and finally utilizes impulse response analyses and forecast error variance decomposition analyses to understand dynamic changes and interactions among change rates of the producer prices caused by price impulses in the market. The results of the study are as follows. Firstly, KPSS, PP, and ADF tests show that the change rate of Jeju flounder monthly producer prices by fish weight differentiated by logarithm is stable. Secondly, the Granger causality test presents that the change rate of the 1kg flounder producer price strongly leads it of 500g, 700g, and 2kg flounder producer prices respectively. Thirdly, the vector autoregressive model indicates that the change rate of the 1kg producer price in t-1 period statistically, significantly influences it of own weight in t period and also slightly affects price change rates of other weights in t period. Fourthly, the impulse response analysis indicates that impulse responses of structural shocks for the change rate of the 1kg producer price are relatively more powerful in its own weight and in other weights than shocks emanating from price change rates of other weights. Fifthly, the variance decomposition analysis points out that the change rate of the 1kg producer price is relatively more influential than it of 500g, 700g, and 2kg producer prices respectively. In conclusion, the change rate of the 1kg Jeju flounder producer price leads the change rates of other ones and Jeju purchase projects need to be targeted to the 1kg Jeju flounder producer price as the purchase project implemented in 2014.

• Environmental and Resource Economics Review
• /
• v.27 no.3
• /
• pp.495-520
• /
• 2018

Because of structural changes in the international oil market and the economy, it is widely recognized that the impact of oil shocks on the economy has weaken since the mid-1980s. This study tries to examine the validity of the recent perception about the relationship between oils shocks and the economy, estimating the time-varying effects of oil shocks on the Korean economy. The results show that the dynamic effects of oil shocks normalized to a one standard deviation has been relatively constant, in contrast to the recent perception and a number of existing studies. In addition, because the shape of impulse response functions at each point in time spanning from 1984:II to 2017:IV has not been changed significantly, it seems that the propagation mechanism of oil shocks also has not been substantially altered. These findings indicate that even though structural changes of the economy, such as the reduction in the share of oil consumption and the spread of high-efficiency energy technologies, have been rapidly progressed, it is not still enough to offset the negative effects of oil shocks. Rather, it seems that the recent perception about the shrinking effects of oil shocks is mainly due to the assumptions that do not reflect changes in the size of oil shocks. In particular, this problem appears more pronounced in the case of the typical a one standard deviation increase oil shock under homoskedasticity assumption, which is widely adopted in the most VAR analyses. Therefore, in estimating the effects of oil shocks on the economy, it is important to specify the correct model and normalization method, to reflect changes in the size of oil shocks.

• International Area Studies Review
• /
• v.13 no.3
• /
• pp.501-525
• /
• 2009

Recent increase of academic interest in Born Globals has brought abundant researches, which accounts their causes and states, both in and out of the country. However, postulating that types of companies see the different perception of environment of global markets, and this difference will also bring different effects on enterprise capabilities and performance, this study implemented theoretical inquiry and evidential analysis. Technologically innovative SMEs, main subjects of this study, were categorized into Rapid Globals and Gradual Globals according to their internationalization speed, then followed by a CSA. This analysis has shown, regardless of corporate types, early perception of changes in global market environments, affects, in great amount, on marketing and R&D capabilities as well as performance. However, corporate types also showed difference in early perception of changes, marketing and R&D capabilities as well as performance. This evidential analysis provides enterprises pursuing internationalization in early stage with enforcement in their early perception of changes in global market environments.

• Korean Journal of Construction Engineering and Management
• /
• v.2 no.2 s.6
• /
• pp.37-46
• /
• 2001

Business boundaries of firms in the construction industry are strictly regulated in Korea. Under the current law, firms involved in construction processes are classified into five categories; general contractors, specialty contractors, architects' offices, engineering firms, and specialized in inspection. Among these types of firms, general contractors are prohibited to enter into specialty contractor's market and vice versa by the basic law in the construction industry. Also general contractors are not allowed to provide architectural services. The purpose of the law is to prohibit unlicensed companies from entering the construction market and to protect customers. However, the law causes critical problems e.g. low efficiency of production and rent creation. Therefore, we identify problems concerning business boundaries of firms in the construction industry and predict structural changes in the them when they are liberalized. So we surveyed general contractors and specialty contractors in Korea to estimate the effects of the liberalization on the construction industry. Most of contractors point to the enhancement of production efficiency as the motivation to integrate other construction process. If current regulations, which limit firms' decisions on business boundaries, are eliminated, firms will choose optimal business scopes taking into account types of contracts adopted by the Government for public works. Based on the cost/benifit analyses, they will decide whether to intergrate other production processes or not.

• Journal of Korea Port Economic Association
• /
• v.33 no.1
• /
• pp.75-87
• /
• 2017

The purpose of this study is to utilize the system dynamics to carry out a medium and long-term forecasting analysis of the bunker price. In order to secure accurate bunker price forecast, a quantitative analysis was established based on the casual loop diagram between various variables that affects bunker price. Based on various configuration variables such as crude oil price which affects crude oil consumption & production, GDP and exchange rate which influences economic changes and freight rate which is decided by supply and demand in shipping and logistic market were used in accordance with System Dynamics to forecast bunker price and then objectivity was verified through MAPEs. Based on the result of this study, bunker price is expected to rise until 2029 compared to 2016 but it will not be near the surge sighted in 2012. This study holds value in two ways. First, it supports shipping companies to efficiently manage its fleet, offering comprehensive bunker price risk management by presenting structural relationship between various variables affecting bunker price. Second, rational result derived from bunker price forecast by utilizing dynamic casual loop between various variables.

• Environmental and Resource Economics Review
• /
• v.26 no.3
• /
• pp.451-472
• /
• 2017

An OPEC production announcement is a major source of supply disruption that has a significant impact on the international crude oil market. In this study, the effects of OPEC's announcements are analyzed using event study methodology. Considering the oil price volatility and structural changes in the oil price, we divide the entire period into three periods and analyze the impact of OPEC's production quota announcements, including 'cut', 'hike', and 'maintain'. As a result of the analysis, we observe that the degree and direction of abnormal returns differ according to the announcements in each period. In addition, by subdividing oil price surge and plunge period into two sections, we analyze the effect of OPEC's 'maintain' announcements. During the oil price plunge period, the amount of abnormal returns was significant. This study provides policy implications for oil trading strategies and for the impact of OPEC announcements during periods of oil price fluctuation.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.1
• /
• pp.217-228
• /
• 2020

The selection factors of service companies have changed in accordance with intensifying competition in the marine transportation service market and environment changes of transportation services. To explore the important factors of customer choice to marine transportation service, this study empirically examines the influence of these selection factors; service provision area, price competitiveness, corporate image, service expertise, and sales support, on transaction continuity through customers' perceived service value and satisfaction. Based on an online survey with those in the Korean marine transportation industry, this study conducted statistical analyses using structural equation modeling. Based on relevant previous studies, the current study constructed a total of 55 survey questions. Finally, 213 questionnaires were collected. Among the five selection factors, corporate image did not affect perceived service value, and price competitiveness was still the most important factor. However, service expertise and sales support were found to be more important factors than regional factors. In order to maintain transaction continuity, shipping companies should also strive to improve their service quality to their customers. In particular, service quality strategies focused on time and regional factors should develop to strategies with the key factors for the changed business environment.

• The Korean Journal of Applied Statistics
• /
• v.21 no.5
• /
• pp.727-738
• /
• 2008

If a cointegrating relation is affected by important economic and political events occurred in the sample period, the assumption of the time-invariant cointegrating vector is violated, which leads to the misrep-resentation of the actual relations between the variables. From such a viewpoint, this study utilizes the recursive estimation process in testing for the stability of the long-run equilibrium of the domestic stock market system and then attempts to develop the framework for stabilizing time-variant cointegraing relations by introducing the dummy variables where the structural changes are found to exist.

• Asian Journal of Innovation and Policy
• /
• v.6 no.3
• /
• pp.354-378
• /
• 2017

Global research and development (R&D) spending has increased in recent years as the need for new technologies has grown and structural changes in the market have become evident. R&D and its transfer into the commercial sector have an important relationship. This paper analyzes the relationship between industrial R&D expenditure and how it affects technology transfer in Malaysia, Singapore and Taiwan. The research is based on the analysis of secondary data from published annual reports followed by a quantitative analysis of primary data using survey questionnaires. The research finds that the bulk of R&D expenditure was from the top ten organizations and the top five industries for each country. The findings also reveal that an organization's readiness in terms of technology and people capabilities is still weak in Malaysia and Singapore. The findings also indicate that there is a relationship between industrial R&D expenditure and the propensity of technology transfer in Taiwan.

• Industrial Engineering and Management Systems
• /
• v.14 no.3
• /
• pp.236-247
• /
• 2015

This study aims to examine the effects of industrial clustering and manufacturing flexibility on innovation capability and operational performance. This study follow a survey method to collect data pertaining to the phenomena of industrial clustering, manufacturing flexibility, innovation capability, and operational performance by utilizing a single respondent design. A total of 124 Indonesian manufacturing SMEs are taken to test the proposed theoretical model by utilizing covariance-based structural equations modeling approach. It was found that both industrial clustering and manufacturing flexibility was positively associated with operational performance and innovation capability as well. In addition, innovation capability may account for the effects of industrial clustering and manufacturing flexibility on operational performance. This implies that manufacturing SMEs have to reorient their production and operation perspectives, including agglomerate with other similar or related SMEs to develop and utilize their own resources. The SMEs also need to possess some degree of manufacturing flexibility in respond to the uncertain environment and market changes. In addition, the SMEs should put a greater emphasize to use industrial cluster and manufacturing flexibility benefits to generate innovation capability to achieve high performance.