• Journal of Energy Engineering
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• v.26 no.2
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• pp.80-92
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• 2017

This paper attempts to estimate the diesel fuel demand function in Korea using panel data panel data of 16 major cities or provinces which consist of diesel demands, diesel market prices and gross value added from the year 1998 to 2015. I apply panel GLS(generalized least square) model, fixed effect model, random effect model and dynamic panel model to estimating the parameters of the diesel fuel demand function. The results show that short-run price elasticities of the diesel fuel demand are estimated to be -0.2146(panel GLS), -0.2886(fixed effect), -0.2854(random effect), -0.1905(dynamic panel) respectively. And short-run income elasticities of the diesel fuel demand are estimated to be 0.7379(panel GLS), 0.4119(fixed effect), 0.7260(random effect), 0.4166(dynamic panel) respectively. The short-run price and income elasticities explain that demand for diesel fuel is price- and income-inelastic. The long-run price and income elasticities are estimated to be -0.4784, 1.0461 by dynamic panel model, which means that demand for diesel fuel is price-inelastic but income-elastic in the long run. In addition I apply dummy variable model to estimate the effect of 16 major cities or provinces on diesel demands. The results show that diesel demands is affected 10 regions on the basis of Seoul.

• Journal of Korea Trade
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• v.24 no.5
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• pp.1-17
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• 2020

Purpose - This paper tries to estimate the effects of China's and Japan's free trade agreement (FTA) by panel generalized least squares (GLS). Design/methodology - The GLS model includes the basic gravity theory and Difference in Difference (DD) method to divide FTA conclusion countries and non-FTA conclusion countries with China and Japan. In order to empirically research the difference between Chinese and Japanese FTAs, we use the Difference in Difference in Difference (DDD) method. Findings - This paper finds the distance variable has more influence on Japanese than Chinese trade. The exchange rate indicates that Chinese trade depends on export and Japanese trade has the structure of re-import; shows that the countries that concluded FTAs with China and Japan have more positive trade effects than those that did not; finds the Chinese FTA promotion effects greater than the Japanese FTA because China had pushed ahead with trade policy since joining the WTO in 2001. Originality/value - This study shows that a single country's FTA and trade policies are an important factor concerning not just the promotion of trade but also the issue of trade conflicts.

• The Journal of the Convergence on Culture Technology
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• v.5 no.2
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• pp.77-82
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• 2019

The purpose of this study is to analyze the relationship between the controlling shareholding ratio and the business diversification of savings banks The difference in this study is the analysis of the relationship between the controlling shareholding ratio of the savings bank and the business diversification using panel data. In this study, the semi-annual financial statements for the period 2014-2018 were used on the basis of a sample of 79 saving banks. The research model is analyzed using random effects generalized linear square (GLS) model considering the autocorrelation problem. As a result of the empirical analysis, it is estimated that the relationship between the controlling shareholding ratio of the savings bank and the business diversification is significant (+). This is the result of supporting the hedging hypothesis.

• New & Renewable Energy
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• v.6 no.3
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• pp.13-21
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• 2010

This paper analyzes the factors of renewable energy consumption in Korea, China and Japan. We consider renewable energy consumption per capita as dependent variable, GDP per capita, $CO_2$ emissions per capita and real oil prices as independent variables. To analyze this model, this paper uses three econometric methods such as OLS, fixed effect model and panel GLS, utilizing data from 1990 to 2006 in Korea, China and Japan. According to the results by OLS for each country, an increase in GDP per capita or $CO_2$ emissions per capita or oil prices leads to an increase in renewable energy consumption. According to the results by fixed effect model, an increase in GDP per capita or $CO_2$ emissions per capita leads to an increase in renewable energy consumption. And real oil prices do not have a significant impacts on this model. According to the results by panel GLS, an increase in real GDP per capita as a proxy of income leads to an increase renewable energy consumption. And both $CO_2$ emissions per capita and real oil prices do not correlated closely with renewable energy consumption. Thus oil is not substituted to renewable energy in Northeast asian countries.

• Journal of Labour Economics
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• v.44 no.2
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• pp.33-69
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• 2021

This study estimates the employment relationship of domestic and foreign workers by establishing 16 municipal and provincial panel data for the period 2010-2018. It attempts to analyze industry-specific (manufacturing and construction), scale-specific (5-29, 5-29, 5-299 and 5 above) and uses the foreign worker's national share (foreigner's concentration index) as an instrumental variable to control the endogeneity of foreign workers. Finally, it compares the results of panel GLS, which does not consider the endogeneity of foreign workers, with the results using instrumental variable method that considers it. As a result of the analysis, the complementary relationship between domestic and foreign workers was confirmed in the panel GLS analysis. However, although the employment relationship between domestic and foreign workers was not statistically significant in the instrumental variable method, the analysis of the combination of manufacturing and construction industry showed a statistically significant substitute relationship. This study is highly regarded for the first time in Korea that an instrumental variable method was created to identify and control the endogeneity of foreign workers in estimating employment relationships between domestic and foreign workers.

• Journal of Environmental Impact Assessment
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• v.25 no.5
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• pp.307-318
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• 2016

This research examines the impacts of urban population growth on per capita $CO_2$ emissions with particular focus on the interaction effect between urbanization and income levels. Employing the Panel Fixed Effects model together with the Pooled LS and Panel GLS models, the research reported here analyzes the relevant data on 84 countries. The statistical results show a nonlinear(an inverted-U) relationship between urbanization and per capita $CO_2$ emissions; that is, while the urban agglomeration leads to increases in per capita $CO_2$ emissions for low income countries, this adverse impact does not hold true for high income countries. The research findings can contribute to addressing broad issues of urban compactness and patterns of energy consumption that should be considered by those concerned about the sustainable urban development.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.65-73
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• 2019

This study performed Panel Regression Analysis (PRA) with the debt ratio as a dependent variable and the ROE (return on equity), sales volume, current ratio, total capital, and Shanghai Containerized Freight Index (SCFI) as an independent variable. According to the GLS analysis, the current ratio to liabilities ratio was negative, and for sales, the ratio of liabilities was positive. Capital totals also had a negative impact on the debt ratio. However, ROE, unlike the hypothesis, had negative effects on the liability ratio, and the SCFI index was not significant. As implications of this research, the company confirmed that its sales increased as the debt ratio of global shipping companies rose, achieving economies of scale. However, it was confirmed that the actual size of the economy through the injection of other capital would help increase sales but not affect net profit. Shipping companies should expand their business power and secure large container vessels to secure credibility of shippers. In the future research, an analysis considering exchange rate, global economic growth rate, and manufacturing production index is needed.

• The Journal of shipping and logistics
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• v.35 no.1
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• pp.21-50
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• 2019

The aim of this study is to analyse a characteristic analysis of coastal passenger vessels' voyage scheduling using the Panel Regression Analysis. The GLS and Fixed Effect Analysis show that the number of canceled flights and passenger transport performance have a positive impact on the voyage scheduling, and that the freight transport performance and freight income vary from model to model. Also, through the LSDV and OLS analysis, the trend of cluster formation by regional office was confirmed. This indicates that there are frequent changes in passenger ship companies and ships, and in-depth plans are needed in various respects rather than the expansion of unconditional ships. Subsequent studies need to generate more detailed and practical results by further analysis of detailed factors, dividing them by route and vessel type.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.79-92
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• 2019

This study analyzes the effects of freight transportation income, capital, asset, non-operating expenses, and debt ratio on the debts of inner port freight transportation businesses through the GLS of panel regression analysis and the estimation of fixed effects model. The factors and hypotheses were established through a theoretical background review, and the financial statement and profit and loss data of inner port freight transportation businesses for 10 years from 2006 to 2015 were analyzed. The results showed that assets had positive effects on debts, and negative effects on capital, non-operating expenses, and debt ratio, but no effect on freight transportation income. This result empirically demonstrates the tendency of inner port freight transportation businesses to secure assets by increasing debts, creation of debt reduction leverage effect using non-operating expenses such as interest expenses through bank borrowing, and the adoption of management characteristics and financial operation method to lower the debt ratio by reducing capital more than debts. In future studies, it is necessary to analyze coastal port freight transportation business by industry (oil tankers, cargo ships, and barge ships), and regions such as East, West and South sea.

• Journal of Korea Technology Innovation Society
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• v.13 no.3
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• pp.513-537
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• 2010

According to the "FDI-as-market-discipline" hypothesis, inward FDI acts as a mechanism of change in market structure affecting innovative activities of domestic firms. We used panel KIS data for testing this hypothesis. Binary probit estimation shows that, in contrast to the German case of Bertschek (1995), FDI is insignificant in Korean case for explaining product innovation. 1his result maybe comes from the fact that the industries in Korea are more monopolistic or oligopolistic than those of Germany. Using panel data, we tried random parameter estimation using matrix weighted average of GLS and OLS. The result shows different estimates from cross-section outcome and panel estimation with parameter homogeneity, so we can infer large parameter heterogeneity across firms. But, interpretation for FDI variable is similar across panel and cross-section estimation.