• 신재생에너지
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• 제18권2호
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• pp.60-72
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• 2022

The environmental, social, and governance (ESG) score is gaining recognition as important nonfinancial investment criteria. With climate change emerging as a global issue, energy companies must pay attention to the ESG impact on corporate performance. In this study, the ESG impact on the performance of energy companies was analyzed based on 23 companies selected from the S&P 500. The panel corrected standard error methodology was used. The Refinitiv ESG score was the independent variable, and financial performance metrics, such as Tobin's Q, return on assets, and return on equity, were the dependent variables. It was found that the ESG score is positively associated with long-term corporate value but not with short-term profitability in the electricity utility industry. Among the subcategories of ESG, the environmental and social scores also showed positive correlations with long-term corporate value. A direct incentive policy is recommended that can offset expenses for ESG activities to reduce carbon emission in the energy sector.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.287-300
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• 2021

The study is conducted to find out the impact of the country- and corporate-level governance and firm internationalization on stock liquidity of 120 listed firms in Japan, Hong Kong, Pakistan, and India. Panel data is used in the current study. The annual time span covered in the current study is 10 years. The current study explores results based on secondary data. The findings of the 'robust panel corrected standard error' estimator shows that the internationalization strategy of firms positively influences the stock liquidity. The internationalization strategy of multinational corporations proves to be an effective methodology for improving stock liquidity in the home market as well as abroad. The study also shows that a stronger relationship exists between stock liquidity and internationalization in those countries where the regulatory settings are effective, the judiciary system is efficient and shareholders' rights are protected. Corporate governance and stock liquidity are negatively associated. The study also finds a negative relationship between country-level governance mechanisms and stock liquidity. Whereas the 'robust panel corrected error' estimator shows a positive association between corporate governance mechanisms and firm internationalization. The study depicts that effective corporate governance motivates multinational companies to expand their business abroad.

• 사회복지연구
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• 제42권3호
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• pp.207-231
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• 2011

이 연구는 기초지방정부의 사회복지비 지출수준과 이에 영향을 미치는 요인들을 정부 간 관계의 맥락에서 파악하였다. Beck and Kats가 제안한 PCSE(Panel corrected Standard Error) 모형을 이용하여 2003년부터 2008년까지 230개 기초지방정부의 사회복지비 지출수준에 결정요인을 분석하였다. 분석결과를 정리하면 다음과 같다. 첫째, 상위정부로부터의 재정이전이 기초지방정부의 사회복지비 지출확대에 영향을 미치는 것을 확인하였다. 둘째, 기초지방정부와 광역정부, 중앙정부와의 정치적 관계를 나타내는 정당구조가 사회복지비 지출을 결정하는데 영향을 미치는 것으로 나타났다. 셋째, 기초지방정부들 간에 복지확대 경쟁이 존재하고 있음을 파악하였다. 이와 같은 분석결과는 우리나라와 같이 중앙집권적 성격이 강한 지방자치제 하에서는 지역사회 내에 존재하는 요인들뿐만 아니라 정부 간 관계적 요인들이 지역복지 발전에 중요한 영향을 미치고 있음을 시사한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.175-183
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• 2020

This study explores the effect of trade of Information Communications Technology (ICT) products and government's role, measured by three factors: Control of corruption, Government effectiveness, and Administrative tax level, on raising the economy across the East Asia-Pacific region. Secondary data were collected from the World Bank database of 21 countries over 12 years from 2006 to 2017. Applying the Panel corrected standard error model and running a robustness check based on the Dynamic panel data method, this research found that the exported ICT products, control of corruption, and government effectiveness could increase the economic income of a country in the region. The paper also provided the evidence indicating that the imported ICT products and the Administrative tax level are two harmful factors for economic growth. The major finding confirmed the useful contribution on improving government quality and its economy. First, improving the economy of a country always poses various challenges to its government. During the past decades, although much of the literature confirmed that exporting ICT products could promote an economy, very few studies investigated the role of Administrative tax level and the Government effectiveness. Second, there are only a few studies exploring the capability of government and the economic growth in the Asia-Pacific region.

• 사회복지연구
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• 제48권1호
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• pp.5-21
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• 2017

본 연구는 OECD 국가의 장애인 고용정책이 장애인 고용률에 미치는 영향이 무엇인지 알아보고자 하였다. 연구대상은 장애인의무고용제 또는 차별금지제도를 실행하고 있는 OECD 10 개국이며, 2000년부터 2011년까지 12개년 시계열 자료를 분석에 활용하였으며, 이러한 시계열 횡단자료(time-series cross-sectional data)를 분석하기 위한 방법으로 패널수정 표준오차(PCSE) 분석을 사용하였다. 그 결과, 통제변수 중에는 실업률, 장애인 출현율 및 장애급여(현금)지출비율이 장애인 고용률에 영향을 미치는 것으로 나타났다. 장애인 고용정책요인 중에서는 차별금지제도 적용범위와 직업재활제도의 전달체계 유형이 장애인 고용률에 영향을 미치는 것으로 나타났는데, 차별금지제도 적용범위가 넓을수록 장애인 고용률이 높고, 장애인 특화 기관을 운영하는 국가가 일반 기관을 운영하는 국가보다 장애인 고용률이 높은 것으로 나타났다. 이에 따라 적용범위가 넓은 일반적 차별금지제도를 도입하고 장애인의 고용에 대한 욕구와 서비스에 전문성을 갖는 장애인 특화형 전달체계가 장애인 고용률 향상에 더 효과가 있는 것으로 판단된다.