• Korean Journal of Rural Living Science
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• v.6 no.2
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• pp.173-183
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• 1995

On the basis of intertemporal utility maximization theory and stock-adjustment hypothesis, a multivariate stock-adjustment credit demand model, which included on- and cross-adjustment effects of credit and cross-adjustment effects of assets was developed. With weighted four-year panel data from 1983 and 1986 Surveys of Consumer Finances, the theoretical model was tested using two-stage estimation method for tobit model. The results supported the hypothesis that, in general, the household demand for a certain type of credit was related to the demand for other types of credit and asset components in the portfolio. The household demand for mortgage credit, installment credit and revolving credit card debt depended not only on the disequilibrium of itself but on the disequilibrium of the other types of credit and asset components in the portfolio. The household demand for non-installment credit was related not to the disequilibrium of itself and other types of credit but to the disequilibria of asset components in the portfolio.

• Industry Promotion Research
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• v.7 no.4
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• pp.97-108
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• 2022

This paper examined the impact of financing structure on the innovation efficiency of SMEs by constructing an econometric model using panel data of SMEs listed on the SME board from 2010 to 2020 as the research sample. The innovation efficiency of SMEs was measured by the Stochastic Frontier Analysis (SFA), the relationship between financing structure and innovation efficiency of SMEs was examined with the help of the Tobit model, and the corresponding heterogeneity analysis was conducted. Finally, the robustness of the model was tested. It was concluded that the effects of debt and equity financing on the quantitative efficiency of innovation were non-linear and mainly showed an inverted "U" shaped relationship. For innovation quality efficiency, bond financing could positively contribute, while equity financing negatively inhibits. Finally, the corresponding advice was given.

• Journal of Korea Trade
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• v.24 no.7
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• pp.29-37
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• 2020

Purpose - This paper empirically investigates the relationship between country governance quality and worker remittances from foreign countries. Because remittances can be a source of funds for economic development and smoothing economic crises in developing countries, the related topic has been a concern for policy-makers and academic researchers. This paper divides the motives of remittances into altruistic and investment motives through existing papers, and then considers the governance quality the remittance receiving country as one of the determinants of remittances. Design/methodology - Our empirical model considers whether governance quality can affect the volume of remittances, and uses altruistic and investment factors studied in the literature. To do this, a two-step approach is taken. First, the panel data are examined via pooled OLS, random effects, and Tobit estimation. Second, the paper reduces six governance indicators into one variable, Governance, using the principal component technique (PCA) for a robustness check. Findings - The main findings can be summarized as follows. The negative governance variable in the estimation results shows a lower governance quality that induces workers to send savings to their home countries. This means that a country with poor governance quality seems to have more remittance inflows from abroad. It also reveals that poor governance quality is more relevant to an altruistic motive rather than an investment motive, in general. The positive per capita GDP variable shows the investment motive for developed countries. Originality/value - Existing papers have focused on various factors related to the motives of remittances. However, governance quality effects on remittance inflows have not been fully studied so far. This paper considers governance quality in an estimation equation explicitly as one of the determinants of remittances. This area of study is needed, in theory and empirically, in order to fully understand the relationship between governance and remittances.

• The Journal of the Korea Contents Association
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• v.17 no.6
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• pp.504-513
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• 2017

This study investigated one of the controversial issues on debate or even controversial between policy makers at the government and corporate levels: To examine any financial determinants on the cash holdings of the firms in the advanced and emerging capital markets. Futhermore, it focused on the large representative firms headquartered in the U.S. and the Republic of Korea, taking into account scarcity of the previous literature concentrated on the comparative studies on this particular subject. Several legitimate, but robust econometric estimations such as static and dynamic panel data models and Tobit regression, were applied to investigate possible financial factors ono the cash liquidity. Given the continued debates or arguments on the excess cash reserves between interest partied at the government and corporate levels in the advanced and/or emerging capital markets, and more accelerated capital transfers among associated nations by engaging in the arrangements of the FTAs, the results of the study may provide a vision to search for the optimal level of corporate cash holdings for firms in the two nations.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.291-304
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• 2020

This paper examines the factors that drive temporal income diversification in rural areas of the Mekong River Delta in Vietnam, based on a framework that conceptualized diversification as a function of a household's capacity to diversify and incentives (both push and pull factors) to diversify. Drawing from five rounds of the Vietnam Living Standard Measurement Surveys covering a 13-year span (1993-2006), two panel datasets made from five cross-sectional samples are used for the analyses. The data are drawn from the Vietnam General Statistics Office. Both tobit model and Ordinary Least Squares model with random and fixed effects are applied. The main points emerging from the analysis is that income diversification is strongly influenced by household labor capacity. The relationship between household labor capacity and increasing insertion in non-farming wage activities is not driven by unobserved time-invariant factors such as household ability and motivation, but is instead driven by the higher labor capacity of households. In terms of the other household capacity variables, the effect of farm size is much larger in terms of retaining households in traditional occupations as compared to pushing them towards non-farm wage employment. Other variables such as household access to financial capital do not play an important role.

• Human Ecology Research
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• v.56 no.5
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• pp.461-472
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• 2018

Using a sample of third grade middle school students from the forth wave of Children and Youth Panel Survey in 2012, the mediation effects of private educational expenditure between parenting styles and children's academic performance were investigated by applying factor, cluster, tobit, and two stage regression analysis. The major results were as follows. First, four types of parenting style were identified. The most frequent parenting style was ambivalent parenting (tiger parenting) which was followed by authoritative parenting. Second, compared to permissive parenting style, ambivalent, authoritative, and authoritarian parenting styles were significantly associated with more private educational expenditures. Third, more private educational expenditures were significantly associated with higher academic performance of children. I found both a full mediation effect of private educational expenditure for ambivalent and authoritarian parenting styles, and a partial mediation effect for authoritative parents. Authoritative parenting style has a negative moderating effect on the relationship between household income and private educational expenditure, along with a positive direct effect on the academic performance of children. The results suggested that an authoritative parenting style was related with higher academic performance of children with less private educational expenditures compared to other parenting styles. The results also implied that the public policies to enhance authoritative parenting style among parents would be effective to reduce household's private educational expenditures.

• Journal of Korea Trade
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• v.25 no.1
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• pp.184-202
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• 2021

Purpose - This study empirically investigates the relationship between expatriate CEOs of multinational corporation (MNC) foreign subsidiaries and local philanthropy. Since corporate social responsibility (CSR) enables MNCs to achieve local legitimacy, this research argues that local philanthropy is a valuable strategic means for expatriate CEOs of foreign subsidiaries to secure local legitimacy. Design/methodology - To investigate our argument, we use a sample of 5,459 observations from 576 foreign subsidiaries of MNCs in Korea between 2002 and 2016. We conduct a random-effects panel Tobit regression with subsidiary CEO having foreign nationality as the independent variable and local philanthropy as the dependent variable. Findings - Our main findings are that expatriate CEOs of foreign subsidiaries are more actively engaged in local philanthropy. In addition, the positive relationship between expatriate CEOs and local philanthropy is weaker as their tenure increases. Originality/value - How expatriate CEOs overcome their weak local legitimacy as foreigners in a host country has remained unclear because existing studies mainly focused on the control and coordination aspects of staffing expatriates in CEO positions of foreign subsidiaries. This study broadens the literature on subsidiary CEO staffing and CSR activities of MNCs by identifying complementary relationships between expatriate CEOs and corporate philanthropy in the host country.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.895-904
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• 2021

This study aims to investigate the impact of innovation on firm efficiency. Panel data of fourteen finance companies and nine technology companies from 2011 to 2019 on the Vietnam Stock Exchange Market is derived from audited financial statements, annual reports, and other crucial reports that are provided by Vietstock; macroeconomic variables are collected from the World Bank Database. A two-stage approach is used. First, use of the Data Envelopment Analysis methodology to measure firm efficiency. Second, use of the Pooled ordinary least squares, the Fixed effects model, and the Random effects model to investigate the impact of innovation on firm efficiency. Furthermore, the Generalized Method of Moments and the Tobit model are used to validate the impact of innovation on firm efficiency, and the t-test is used to confirm the difference in efficiency with and without the impact of innovation between two industries. The results show that there is a significant impact of innovation on efficiency, and innovation plays a more important in increasing the efficiency of the finance industry than the technology industry. Moreover, the relation between age and efficiency is like the U-shaped, and between size and efficiency is like the inverted U-shaped, whereas efficiency is not associated with inflation.

• Journal of Distribution Science
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• v.13 no.12
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• pp.33-40
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• 2015

Purpose - Given an increase in the consumption of plums, prices have fluctuated in an unstable manner, making it difficult for farmhouses to sell the product. This study intends to provide information on the cultivation and sale of plums to consumers, thus enabling producers to utilize relevant information to analyze the types of plums that are preferred and consumed by users. Research design, data, and methodology - In this study, a survey was conducted on plum consumption by a consumer panel established and operated by the Rural Development Administration in December 2009. The objective was to identify the purchasing awareness of plums and to analyze panel data from 2010 to 2013 using a linear regression model, a Tobit model, and a panel regression model to derive the purchase characteristics. Results - The outcome of the survey on plums is as follows. Plums are purchased because they are good for the health (90.6%), which means that most customers purchase plums for their health benefits. When plums are in season, the purchase rate is 94.8%, indicating that most plums are purchased when they are in season and that selling plums when they are out of season is difficult. Therefore, we sell most plums in the correct season, and the rest of the plums need to be processed and then sent to markets. The strongest reason for not purchasing plums is that they are difficult to process for consumption (63.1%), followed by the reason that the fruit is unfamiliar (15.5%). Regarding solutions for increasing the consumption of plums, the answers were as follows: distribute a recipe for plums (36.9%), advertise its effect through TV or the press (31.1%), and develop various processed products (15.6%). When customers decide to pick out plums, the major considerations were freshness (4.43), safe to eat (4.16), price (3.96), size (3.87), brand (3.28), and discount event (2.62). Freshness is important for decision making and safe to eat was more important than price because plums are washed and processed into plum jam. According to the results of the linear regression model, a higher family income results in a higher purchasing amount. However, the amount of plums purchased by a person was reduced if his or her income increased. Compared with individuals who used other purchasing agents on weekdays, those who used the traditional market turned out to purchase a higher amount of plums on the weekdays. Conclusions - Considering that numerous people purchase plums for their health benefits, promoting the consumption of plums is anticipated as being successful if they can be produced safely for consumption and for inclusion in recipes and various processed foods, and to promote eco-friendly agricultural practices.

• Journal of Labour Economics
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• v.24 no.1
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• pp.97-124
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• 2001

Co-residence is a type of intergenerational private transfers of resources: money, time and space. Adult daughters and their elderly parents decide to co-reside, depending on their utility levels before and after co-residence that mainly depend on the health status of the elderly. Therefore, co-residence implies positive net benefits to both parties in the sense that, when they co-reside, elderly parents share childcare and adult daughter provide elderly care. In other words, formal (paid) care can be substituted with informal (unpaid) one. Both marriage and giving births are considered as the major obstacles to labor market attachment of women who bear burdens of home production and childcare. Co-residence can be a solution for married women to avoid career interruption by sharing burdens with their elderly parents. However, most previous studies using the U.S. data on intergenerational private transfers focused on elderly care and have concluded that they reduce government expenditures associated with public subsidies to the elderly. This study focuses on adult daughters and it examines effects of co-residence on labor supply of married women in Korea, who face limited formal childcare programs in terms of both quantity and quality. It applies the Tobit model of married women's labor supply to the data from the Second Wave of the Korean Labor and Income Panel Survey( 1999), in order to investigate effects of co-residence and the work and health status of the co-residing elderly as well as their own health status. Four specifications of the empirical model are tested that each includes co-residence with elderly parents, their gender, or their work and health status. Estimation results show that co-residence, co-residence with female elderly, and co-residence with not-working female elderly have significant positive effects on labor supply of married women while poor health status of co-residing female elderly does not bring about any negative effects. However, co-residence with male elderly, regardless of their work and health status, has no significant effect The results indicate that co-residence is closely related to sharing of home production among female elderly and adult daughters who are married and, through intergenerational private transfers of resources in terms of time, it helps women avoid career interruption.