• Journal of Korean Society of Transportation
• /
• v.23 no.7 s.85
• /
• pp.53-61
• /
• 2005

The Seoul City Government recently reformed the entire public transport system in an effort to prevent further deterioration in urban bus system's performance and service level. To analyze into impact on the productivity of Seoul's urban bus firms, this paper measures firm-level technical efficiency and productivity change with data envelopment analysis and Malmquist index approach. The paper then conceptualizes that these forms produce three kinds of output (bus-kilometers, passengers, or bus-kilometers and passengers) using five inputs (driver, maintenance, management, vehicle and fuel). The findings show that most (over one half) firms experienced a decline (an improvement) in productivity in the case of specifying only bus-kilometers (passengers) as output. As a result, it is discovered that an average firm had no change in productivity in the case of combining bus-kilometers and passengers as output. This is because the efficiency of an average firm declined due to increase in employees per bus and to an decrease in kilometers per bus. while its effectiveness improved due to an increase in passengers per bus which was caused by an increase in routes and a change in fare structure.

• Journal of Distribution Science
• /
• v.14 no.5
• /
• pp.17-26
• /
• 2016

Purpose - The E-convergence economy is requested with the economic change of the diverse energy supplies, according to the exploits of Shale gas. By analyzing the electric energy supply and demand in accordance with the various cases, it has proved indirectly to create a convergence economy. Research design, data, and methodology - The research design would make realize its potential change with which government or companies have focused on the energy objection between Shale gas and Electric vehicles. Results - The paper suggests that Shale gas has expanded with the emphasis on the Electrical convergence economy or EVs. Due to these results, they also show why it should not be delayed in the development of shale gas and electric vehicles at the same time. Conclusions - All this is from the reason of opening the E-convergence economy over time. It is required that Korea should prepare E-convergence economy. Public regional energy should be present through the consistent selection of development for energy linking E-economy and E-trans distribution.

• Journal of Korea Society of Industrial Information Systems
• /
• v.20 no.4
• /
• pp.25-37
• /
• 2015

The early studies indicated that the firm with monopoly power is likely to engage in X-inefficiency such as a managerial slack. The reflection of the X-inefficiency theory has led to the issue that the public sector may be more inefficient than the private sector. In Korea like other many countries the electricity gas water service which can be considered as natural monopoly have been provided mostly by the public sector. In order to provide the empirical evidence to the argument that the public sector may be more inefficient than the private sector this paper estimated the four types of Solow residual which is called the total factor productivity in the electricity gas water service industry with the associated empirical model and compared its productivity with one in the manufacturing industry. The empirical results do not support the argument that the public sector may be more inefficient or less productive than the private sector.

• KDI Journal of Economic Policy
• /
• v.39 no.1
• /
• pp.1-18
• /
• 2017

This paper empirically studies the effect of public procurement on small and medium-sized enterprises (SMEs) in the Republic of Korea using firm-level data. Public procurement, the purchase of goods and services from private firms by the public sector, is regarded as an important policy measure for providing support to firms, particularly SMEs. This study uses establishment-level panel data of the mining and manufacturing sectors from the Korean National Bureau of Statistics (Statistics Korea) and procurement history from the Korean Public Procurement Service to empirically estimate the effects of public procurement on firms' productivity (total factor productivity) and survivability. Using a propensity score matching estimation method, we find that participating firms showed higher productivity than non-participating ones in the control group only for the year of participation, that is, 2009. After two years, in 2011, they exhibited significantly lower productivity. In contrast, establishments that participated in public procurement for SMEs in 2009 were more likely to survive than those that did not do so in 2011. These results can be interpreted as the negative consequences of government intervention. The market's efficiency enhancement is hindered if underserving companies survive owing to government intervention but fail to improve efficiency.

• The Journal of Industrial Distribution & Business
• /
• v.14 no.4
• /
• pp.11-21
• /
• 2023

Purpose: The purpose of this study is to explore how to apply marketing and foster public policy for better establishment of the sharing economy in a society. In particular, this study investigates the following: i) how citizens understand definition and scope of the sharing economy; ii) how citizens actually use and perceive sustainability of the sharing accommodation? iii) how factors such as policy preparation for marketing to the public, policy preparation for regulations, and perceived sustainable growth affect overall attitude to accommodation sharing?; iv) how does overall attitude affect satisfaction and intention to use? Research design, data and methodology: This study conducted an online survey with the assistance of a well-known research firm and applied secondary data. This study applied t-test, factor, ANOVA, and regression analysis for analysis. Results: The results found that policy preparation for marketing to the public, policy preparation for regulation, and perceived sustainable growth of the accommodation sharing significantly affect overall attitude toward accommodation sharing. Conclusions: The results provide managerial and policy implications. The sharing economy will be established in a society with better understanding of the meanings and scopes by citizens. Better policies should be prepared and promoted to the public to increase awareness for sustainable growth of accommodation sharing.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.4
• /
• pp.615-621
• /
• 2016

This study examines whether there is agency cost in a public R&D subsidy program by applying agency theory. If there is agency cost, the composition ratio of the government subsidy and the firm's own R&D fund would have a significant (-) effect on technological performance. Companies that received a public R&D subsidy in Korea from 2000 to 2009 were selected as a sample. Frequency analysis and multiple regression analysis were used. The independent variables was the ratio of public R&D subsidy cost to the Firm's own R&D cost, and the dependent variables were the number of patent applications and the number of patents registered. The control variables were firm size and R&D cost. The results show that there are agency problems in the government-sponsored R&D system. A future study is needed to examine how much agency problems deteriorate the efficiency of the system.

• Korean Journal of Construction Engineering and Management
• /
• v.14 no.2
• /
• pp.87-95
• /
• 2013

The number of construction management firms has been increased as construction management delivery system has been active in Korean construction market. the capability of leading construction management professional, who is responsible for managing project administration, is important for commissioning construction management contracts. The quality of project proposal and the capability of leading construction management professional, which are assessed by the board of contract awarding committee, are the major contributors for commissioning the public construction management projects administered by the Korean public procurement service for contracting. Therefore, employing a very competent leading construction management professional is the critical strategy for awarding contract to the construction management firms' part. That is why the firms should secure a fixed number of leading construction management professional in a waiting list to proceed the contract commissioning process for expectant candidate projects, even if there is no project assignable to the leading construction management professionals. However, a measure that makes effectively use of the leading construction management professional in a waiting list has not been systematically implemented in the firms. In turn, the firm suffers considerable loss in a project personnel supply and demand plan. Expert opinions were obtained by the survey questionaries administered to top management of the construction management firms which are engaged in the construction management contracts for commissioning the public construction management projects administered by the Korean public procurement service either as principal or co-principal deliverer. This paper presents the findings obtained by investigating the actual employment state of the leading construction management professional in the waiting list and by analyzing the issues involved in mobilizing and demobilizing them. It contributes to implement a practical guide for searching effective solutions to the issues.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.6
• /
• pp.29-37
• /
• 2020

This research seeks to determine the influence of investment opportunity set (IOS); profitability (Return on Assets - ROA), liquidity, business risk and firm size on debt policy. We used 42 manufacturing companies registered on the Indonesian Stock Exchange (Bursa Efek Indonesia) as object research. We used purposive sampling method to determined samples, consider the period observation from 2012 to 2016, and produce 168 units analysis. Data analysis uses the multiple regressions with the SPSS tools. The results of the study found that companies' debt policies in Indonesia are negatively affected by the liquidity. Investment opportunity set (IOS) has negative effect on debt policy. Meanwhile, ROA, Return on Invested Capital (ROIC), and firm size of a company has no impact on debt policy. These findings indicate that Indonesian manufacture companies do not see the high investment opportunity set and profitability as a policy basis for increasing debt. Moreover, the high profitability also does not cause companies to increase their debt ratio. Our study indicates that Indonesian manufacture companies use internal funds to fund their investment. This finding is a concern for creditors, as they can now see the ability of the companies, and especially their performance, in determining their credit policies.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.4
• /
• pp.73-83
• /
• 2018

The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.107-115
• /
• 2020

This study is concerned with the relationship between firm's ownership structure and the co-movement of the stock return with the market return. Four different types of firm ownership, including managerial ownership, state ownership, foreign ownership, and concentrated ownership, are among the main features of the company's governance mechanism and have been separately documemented in the previous research to understand their impact on stock price synchronicity. We constructed the regression model, using stock price synchronicity as the dependent variable and the above four components of ownership structure as explanantory variables. The pooled OLS, the fixed effects model, and the random effects are employed to investigate the outcome of the study. Data used in the reserch are of public firms listed on the Ho Chi Minh City Stock Exchange (HOSE) during the five-year period term from 2015 to 2019. The data sample contains 235 companies from 10 industries with 1135 observations. The results revealed by the fixed effects model, the large ownership and the managerial ownership are found to have adverse effect on the stock price synchronicity, whereas the foreign ownership model is revealed to have positive influence on the stock return co-movement. The effect of the state ownership on the stock price synchronicity is not confirmed.