• Korean Journal of Labor Studies
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• v.24 no.2
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• pp.181-214
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• 2018

This study uses the youth panel survey (YP2007 2th ~ 9th) data of the Korea Employment Information Service to examine the phenomenon of subjective mismatch arising from the youth labor market and analyzed the determinants and wage effects of subjective mismatch. Overall, the analysis showed that the over-education and over-technology of both educational background and technical skill level in the Miss Match significantly decreased, while the lack of education and technology increased rather gradually. Next, the analysis of the determinants of downward employment(Excess of education and technology) showed that males were less likely to be downwardly employed(Excess of education and technology) than females, and in the status of workers, the probability of downward employment of regular and non-wage workers was lower than that of temporary/daily workers. Finally, as a result of estimating the wage effect of the mismatch based on the pooled OLS model and the Panel Fixed Effect model, the mismatch which has the greatest effect on the wage was found to be excessive education, and it has been estimated that youth employees who are over-educated have an average 6.7% lower wages than those who are not. After controlling for the unobserved individual characteristics, they were found to receive a lower wage of 3.2%, and it is estimated that 2.9% for the technical excess mismatch and 2.3% for the major mismatch receive lower wages than the reference group.

• Journal of Labour Economics
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• v.27 no.2
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• pp.1-27
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• 2004

The share of self-employment shows a downward trend until 1990 and then an upward trend since then. The upward trend is mainly due to more employers and more male self-employed, which implies that self-employment plays a significant role as an alternative form of employment. This paper examines whether self-employment can be a bridge between no work and wage work in the processes entering into or exiting labor market, and if so, what determines the choice of self-employment as a bridge, using the data from the Korea Labor and Income Panel Survey(Wave 1 to Wave 5). Empirical analysis employing the probit model shows that the older, female, the less educated, and persons with bad health are more likely to choose self-employment as a bridge in the exit process and that they are less likely to choose it as a bridge in the entry process. Business cycle has a statistically significant negative effect on its role of bridge employment in the exit process but not in the entry process. The result implies that, in the ageing society, labor market policy should consider self-employment as a better alternative than wage work for the aged.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.504-516
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• 2015

This study addresses one of the curent issues in modern finance, which investigates financial profile on the levels of the chaebol firms' cash hoardings in the domestic capital market. Iit may be imperative to search for robust and consistent financial determinants of cash holdings as well as identifying any changes or trend of the determinants affecting the corporate cash reserves in the post-era of the global financial turmoil, considering that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings. Two hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings and unique attributes of financial factors discriminating between the different type of domestic stock markets.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.4
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• pp.232-241
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• 2019

This study examines one of the conventional and controversial issues in modern finance. Specifically, this study identifies financial determinants of corporate R&D intensity for firms belonging to Korean Chaebols. Empirical estimation procedures are applied to derive more robust results of each hypothesis test. Static panel data, Tobit regression and stepwise regression models are employed to obtain significant financial factors of R&D expenditures, while logit, probit and complementary log-log regression models are used to detect financial differences between Chaebol firms and their counterparts not classified as Chaebols. Study results found the level of R&D intensity in the prior fiscal year, market-value based leverage ratio and firm size empirically showed their significance to account for corporate R&D intensity in the first hypothesis test, whereas the majority of explanatory variables had important power on a relative basis. Assuming that the current circumstances in the domestic capital market may necessitate gradual changes of Korean Chaebols in terms of their socio-economic function, the results of this study are expected to contribute to identifying financial antecedents that can be beneficial to attain optimal level of corporate R&D expenditures for Chaebol firms on a virtuous cycle.

• Journal of Labour Economics
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• v.30 no.1
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• pp.109-137
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• 2007

One of the key features of the Korean labor market is that, even though the central axis of employment has shifted from manufacturing sector to service sector, the ratio of part-time work is very low. Its major reasons are low wage rate, insufficient fringe benefits including social insurance, and deficient job security, even though part-time work has positive characteristics. This study examines whether part-time work would be a decent one and an alternative to full-time work by answering two questions: one is who chooses part-time work and another is whether part-time work is satisfactory. Analyses of 3,971 wage workers in the 8th wave of the Korea Labor and Income Panel Survey reveal that, as expected, part-time work is prevalent among the young, married women, and the old supporting the results from previous studies and that choosing part-time work on one's initiatives has a significant positive effect on job satisfaction for women while it is not for men. Form the result, it can be concluded that part-time work can be an appropriate alternative for full-time work if one chooses it voluntarily.

• Journal of Technology Innovation
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• v.29 no.2
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• pp.59-85
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• 2021

This study aims to examine whether the characteristics such as a start-up company, possessing a research organization, and benefiting from government R&D programs significantly contributed to the conversion of marginal companies to normal companies, from the viewpoint of technological innovation. The result shows supporting government R&D programs to start-up companies that have become a marginal company positively contributes to the transition to a normal company, centering on the high-tech industry. In addition, it was confirmed that the research organization of marginal companies positively contributed to the transition to a normal company. These results imply that a paradigm shift from the existing industrial policy focusing on restructuring of marginal companies to a selective support policy for marginal companies with a high possibility of transition to normal companies is strongly needed. It is also necessary to strengthen the strategic use of government R&D programs to support the transition of a marginal company to a normal company.

• Journal of Preventive Medicine and Public Health
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• v.56 no.4
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• pp.291-302
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• 2023

Objectives: Disability weights require regular updates, as they are influenced by both diseases and societal perceptions. Consequently, it is necessary to develop an up-to-date list of the causes of diseases and establish a survey panel for estimating disability weights. Accordingly, this study was conducted to calculate, assess, modify, and validate disability weights suitable for Korea, accounting for its cultural and social characteristics. Methods: The 380 causes of disease used in the survey were derived from the 2019 Global Burden of Disease Collaborative Network and from 2019 and 2020 Korean studies on disability weights for causes of disease. Disability weights were reanalyzed by integrating the findings of an earlier survey on disability weights in Korea with those of the additional survey conducted in this study. The responses were transformed into paired comparisons and analyzed using probit regression analysis. Coefficients for the causes of disease were converted into predicted probabilities, and disability weights in 2 models (model 1 and 2) were rescaled using a normal distribution and the natural logarithm, respectively. Results: The mean values for the 380 causes of disease in models 1 and 2 were 0.488 and 0.369, respectively. Both models exhibited the same order of disability weights. The disability weights for the 300 causes of disease present in both the current and 2019 studies demonstrated a Pearson correlation coefficient of 0.994 (p=0.001 for both models). This study presents a detailed add-on approach for calculating disability weights. Conclusions: This method can be employed in other countries to obtain timely disability weight estimations.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.86-98
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• 2014

This study examined a long-standing issue with its perverse results in the Korean capital markets, such as any variant financial profiles over time, affecting capital structure for the firms belonging to the chaebols. It may be of interest to identify these components from the perspectives of international investors and domestic policy makers to implement their contingent strategies on the target leverage, since the U.S. financial turmoils in the late 2000s. Regarding the evidence from the three hypothesis tests on the firms in the chaebols, this research found that the control variabels measuring profitability, business risk, and non-debt tax shields, showed their statistically significant relationships with the different types of a debt ratio. While FCFF(free cash flow to the firm) showed its significant influence to discriminate between the firms in the chaebols and their counterparts, not belonging to the chaebols, BDRELY as the ratio of liabilities to total assets, comprising the enhanced 'Dupont' system, only showed its statistically significant effect on leverage in the context of the parametric and nonparametric tests. In line with the results obtained from the present research, one may expect that a firm in the Korean chaebol, may control or restructure its present level of capital structure to revert to its target optimal capital structure towards maximizing the shareholders' wealth.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.2
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• pp.248-258
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• 2021

The study analyzed the financial determinants of corporate R&D intensity that require more attention from academics and practitioners in the Korean capital market. Domestic small and medium enterprises (SMEs) may face with developing substitutes by making more R&D investments in scale and scope, given the unprecedented economic conditions such as the limitation of importing core components and materials from other nation(s). KOSDAQ-listed SMEs were selected as sample data, whose R&D expenditures may be less than those of large firms during the post-global financial turmoil period (2010~2018). Static panel data model was applied, along with Tobit and stepwise regression models, for examining the validity of results. Logit, probit, and complementary log-log regressions were also employed for a relative analysis. R&D expenditures in the prior year, the interaction effect between the previous R&D intensity and high-tech sector, firm size, and growth rate were significant to determine R&D intensity. Moreover, a majority of explanatory variables were found to change between the years 2011 and 2018, while time-lagged effects between the R&D intensity and growth rate exist. Results of the study are expected to be used for future research to detect optimal levels of R&D expenditures for the value maximization of SMEs.