• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.187-204
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• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

• Journal of Korea Water Resources Association
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• v.57 no.6
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• pp.393-407
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• 2024

This study was conducted with the purpose of focusing on local water supply services, identifying equity and influencing factors, and analyzing the results. Using the Coulter model for 152 local governments across the country, equity was measured for six variables, including average unit price, rates of recovering costs from water price, revenue water ratio, water supply rate, number of employees, and customer satisfaction. Among them, the level of inequality in the average unit price was the highest. As a result of trend analysis, the degree of equity of most variables decreased. In addition, through Tobit analysis, factors influencing equity such as financial independence, local tax burden, and administrative district level were confirmed. In order to provide equitable water supply services, institutional changes such as rate increases are needed. And the government and local governments must pursue various water supply plans.

• The Journal of the Convergence on Culture Technology
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• v.10 no.3
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• pp.227-231
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• 2024

This study purports to examine the potential effects of welfare attitudes of Korean people upon their political orientation. The 17^th Korea Welfare Panel Data(KWPD) in 2022 are used for this purpose. Independent variable include sex, age, education, interest in politics, and employment status. Discriminant analysis show several results. First and foremost, pre-established discriminant function works well for classification of respondents' liberal vs conservative stance. Secondly, except gender and dummy variable for temporary employed, all independent variables contribute significantly for the classification at a given significance level. . Finally, welfare attitudes of respondents', measured by universalism vs selectivism and the attitudes upon increasing tax for welfare expenditures are found to be significant and relatively big impacts upon dependent variable, compard to other variables in the model. The nature of causal relationship between welfare attitudes and political orientation remains for further study.

• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.81-93
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• 2022

Since 2008, China's shipping industry has been in a slump, with shipbuilding orders falling sharply, and high-growth excess capacity has become increasingly apparent, leaving many firms with sharply reduced orders at risk of bankruptcy and shutdown. To ensure the development of the shipbuilding industry and enhance the international competitiveness of the shipbuilding industry, it is necessary to analyze the present situation of the shipbuilding industry and the financial situation of the shipbuilding enterprises. And analyzing the problems faced by enterprises from the perspective of capital structure is very meaningful to the shipbuilders with high capital operation. We are trying to analyze the determinants of capital structure of China's shipbuilding listed companies. 30 listed Chinese shipbuilding and listed companies have been designated as sample companies that can obtain financial statements for 13 consecutive years. They also divided 30 sample companies into shipbuilding, shipbuilding-related manufacturing, and shipbuilding-related transportation. Dependent variable is the debt level of the year, independent variable includes the debt level of the previous year, fixed asset ratio, profitability ratio, depreciation cost ratio and asset size. The regression model of the panel used to analyze determinants is capital structure. The results of the empirical analysis are as follows. First, a fixed-effect model for the entire entity showed that the debt-to-equity ratio and the size of the asset in the previous period had a positive effect on the debt-to-equity ratio in the current period. Second, the impact of the profitability ratio on the debt level in the prior term also supports the capital procurement ranking theory rather than the static counter-conflict theory. Third, it was shown that the ratio of the depreciation of the prior term, which replaces the non-liability tax effect, affects the debt-to-equity ratio in the current period.

• 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.

• Korean Journal of Social Welfare
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• v.68 no.4
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• pp.53-74
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• 2016

In this study, to verify influence that economic situations of a household unit have on donation behavior, after economic situations of a household unit were measured with income and assets by type and income to assets, effect which each variable has on secular giving was verified. This study used 3-year panel data of a total of 4,938 households based on the fifth to seventh year data as investigation data from 2012 to 2014 among data of financial panel investigation of Korea Institute of Public Finance of National Survey of Tax and Benefit. As an analysis method, a random effect tobit model was used. At the analysis result, it appeared that as scales of financial assets, earned income, property income, and transfer income become larger, the amount of donation increased. Also, it was represented that rates of income to assets had negative influence on secular giving. In case of demographic variables, education levels of householders and sizes of houses had relation of a positive direction. In case of ages, it appeared that they had inverted U-type relation. This study has meanings in that understanding of donation behavior of a household unit can be increased and expanded more and also implications related to intervention strategies of a household unit to expand sharing culture can be extracted by verifying influence which economic factors of a household unit have on donation behavior based on panel data.

• Environmental and Resource Economics Review
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• v.31 no.2
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• pp.165-204
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• 2022

This study organized data from 2000 to 2014 for 20 grid-connected countries in Europe and analyzed the determinants of carbon emissions through the panel GLS method considering the problem of heteroscedasticity and autocorrelation. At the same time, the effect of introducing ETS was considered by dividing the sample period as of 2005 when the European emission trading system was introduced. Carbon emissions from individual countries were used as dependent variables, and proportion of generation by each source, power self-sufficiency ratio of neighboring countries, power production from resource-holding countries, concentration of power sources, total energy consumption per capita in the industrial sector, tax of electricity, net electricity export per capita, and size of national territory per capita. According to the estimation results, the proportion of nuclear power and renewable energy generation, concentration of power sources, and size of the national territory area per capita had a negative (-) effect on carbon emissions both before and after 2005. On the other hand, the proportion of coal power generation, the power supply and demand rate of neighboring countries, the power production of resource-holding countries, and the total energy consumption per capita in the industrial sector were found to have a positive (+) effect on carbon emissions. In addition, the proportion of gas generation had a negative (-) effect on carbon emissions, and tax of electricity were found to have a positive (+) effect. However, all of these were only significant before 2005. It was found that net electricity export per capita had a negative (-) effect on carbon emissions only after 2005. The results of this study suggest macroscopic strategies to reduce carbon emissions to green growth, suggesting mid- to long-term power mix optimization measures considering the electricity trade market and their role.

• Journal of the Korean Association of Geographic Information Studies
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• v.12 no.1
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• pp.12-25
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• 2009

The aim of this study is to analyze the periodical and spatial characteristics of urban crime and to find out the factors that affect the crime occurrence. For these, crime data of Masan City was examined and crime occurrence pattern is ploted on a map using crime density and criminal hotspot analysis. The spatial relationship of crime occurrence and factors affecting crime were also investigated using ESDA (Exploratory Spatial Data Analysis) and SAR (Spatial Auto-Regression) model. As a result, it was found that crimes had strong tendency of happening during a certain period of time and with spatial contiguity. Spatial contiguity of crimes was made clear through the spatial autocorrelation analysis on 5 major crimes. Especially, robbery revealed the highest spatial autocorrelation. However as a autocorrelation model, Spatial Error Model(SEM) had statistically the highest goodness of fit. Moreover, the model proved that old age population ratio, property tax, wholesale-retail shop number, and retail & wholesale number were statistically significant that affect crime occurrence of 5 most major crimes and theft crime. However population density affected negatively on assault crime. Lastly, the findings of this study are expected to provide meaningful ideas to make our cities safer with U-City strategies and services.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2014.06a
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• pp.73-75
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• 2014

Marine transportation facility is public goods for the general public and their safety. The study used the Contingent Valuation Method (CVM), a method to estimate economic value of non-market goods, such as environmental goods. In order to analyze economic effects of marine accidents preventable by the VTS, the study estimated costs caused by marine accident cases. It conducted surveys with people and shipping companies in local areas where VTS is to be established in the future. According to a survey with people in areas where marine transportation control center is to be built (Tongyoung), the yearly benefit from building new VTS is estimated at KRW 11billion. If fees are paid in the form of income tax for five years from 2014, corresponding benefits during the same period will reach KRW 47.3 billion in current value. An analysis on economic validity of VTS establishment in Tongyong showed the B/C ration stood at 3.193, far higher than 1. The Net Present Value (NPV) was KRW 32.5 billion and the Internal Rate of Return (IRR) turned out to be 37.4% which was higher than social discount rates of 53.5%. On balance, the establishment has reasonable economic validity.

• Biomolecules & Therapeutics
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• v.28 no.6
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• pp.549-560
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• 2020

Although DNA damage responses (DDRs) are reported to be involved in nitric oxide (NO) production in response to genotoxic stresses, the precise mechanism of DDR-mediated NO production has not been fully understood. Using a genotoxic agent aphidicolin, we investigated how DDRs regulate NO production in bovine aortic endothelial cells. Prolonged (over 24 h) treatment with aphidicolin increased NO production and endothelial NO synthase (eNOS) protein expression, which was accompanied by increased eNOS dimer/monomer ratio, tetrahydrobiopterin levels, and eNOS mRNA expression. A promoter assay using 5'-serially deleted eNOS promoters revealed that Tax-responsive element site, located at -962 to -873 of the eNOS promoter, was responsible for aphidicolin-stimulated eNOS gene expression. Aphidicolin increased CREB activity and ectopic expression of dominant-negative inhibitor of CREB, A-CREB, repressed the stimulatory effects of aphidicolin on eNOS gene expression and its promoter activity. Co-treatment with LY294002 decreased the aphidicolin-stimulated increase in p-CREB-Ser¹³³ level, eNOS expression, and NO production. Furthermore, ectopic expression of dominant-negative Akt construct attenuated aphidicolin-stimulated NO production. Aphidicolin increased p-ATM-Ser¹⁹⁸¹ and the knockdown of ATM using siRNA attenuated all stimulatory effects of aphidicolin on p-Akt-Ser⁴⁷³, p-CREB-Ser¹³³, eNOS expression, and NO production. Additionally, these stimulatory effects of aphidicolin were similarly observed in human umbilical vein endothelial cells. Lastly, aphidicolin increased acetylcholine-induced vessel relaxation in rat aortas, which was accompanied by increased p-ATM-Ser¹⁹⁸¹, p-Akt-Ser⁴⁷³, p-CREB-Ser¹³³, and eNOS expression. In conclusion, our results demonstrate that in response to aphidicolin, activation of ATM/Akt/CREB/eNOS signaling cascade mediates increase of NO production and vessel relaxation in endothelial cells and rat aortas.