• Asia-Pacific Journal of Business
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• v.9 no.4
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• pp.119-135
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• 2018

Currently, Korean firms are making a lot of effort to invest in research and development (R&D) by spending a lot of development costs in order to cope with the 4th industrial revolution. On the other hand, the capital market of Korea, which is the main source of funding, has caused a lot of cost of capital for firms by its reorganization mainly with safe assets in the experience of foreign exchange crisis at the end of 1997, the sub-prime mortgage crisis in 2007 and the bankruptcy of Lehman Brothers in September 2008. Thus, this study empirically analyzed the effect of development expenses on credit rating and firm value. The credit rating was measured by commercial paper(CP) credit rating which is sensitive for investors in terms of risk because it is issued only by the credit of the firms. Firm value was defined as Tobin's Q, which has been widely used in prior studies. The results of the analysis are summarized as follows; Firstly, development expenses did not affect credit rating. Development expenses are recognized as intangible assets for uncertainty of economic benefits and long-term investment. Thus, it seems that there is no effect of development expenses on CP credit rating as CP credit rating is evaluated by short-term credit rating.

• KDI Journal of Economic Policy
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• v.44 no.2
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• pp.45-71
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• 2022

This paper studies potentially relevant factors affecting changes in the number of self-employed in Korea during the period of 1986-2018. The number of self-employed had increased steadily until 2002 but started to decrease around that time and had continued to decline. The increasing trend in the number of self-employed during 1986-2001 is mostly explained by demographic changes, whereas the declining trend during 2002-2018 cannot be explained by demographic factors. In this study, I consider four institutional factors that potentially affect the decrease in the number of self-employed after 2002: i) a decrease in the job-separation rate of wage workers, ii) an increase in the income tax rate applied to the self-employed, iii) an increase in minimum wages, iv) an expansion of unemployment insurance benefits. Using a search and matching model with the self-employed, I quantify the effects of these four factors on the decrease in the number of self-employed during 2002-2018. Quantitative results show that the impact of the increase in the minimum wage is relatively large, whereas the effects of the other three factors are limited. The increase in the minimum wage accounts for approximately 17.5% (0.169 million) of the decrease in the number of self-employed during 2002-2018 (0.964 million).

• Korea Trade Review
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• v.47 no.5
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• pp.181-200
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• 2022

After the COVID-19 pandemic, a global economic downturn and a recession in the shipping market are expected, it is important for domestic shipping companies to establish appropriate strategy in response to the recession. Accordingly, domestic shipping companies should grow into integrated logistics companies that combine shipping and logistics in the future. And for this purpose, it is necessary to actively promote logistics integration with external shipping and logistics companies. This paper presents the direction of logistics integration for domestic shipping companies to develop as integrated logistics operators with competitiveness in the global shipping market, and presents detailed alternatives. Domestic shipping companies lack the infrastructure such as ships, port terminals, and warehouses, so they have a weak capacity to independently promote logistics integration. At the shipping company level, a logistics integration promotion strategy should be established, and accordingly, logistics infrastructure, service network, and logistics integration operating system should be established. The government should provide tax benefits for logistics integration, financial support for M&As led by domestic shipping companies, a standardized information sharing system, and preparation of educational courses for nurturing digital manpower.

• Journal of the Korean Society of Systems Engineering
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• v.20 no.spc1
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• pp.45-55
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• 2024

Amidst the challenges of the global economy, this paper examines the investment tendencies of professional angel investors, who provide venture capital and management consulting, and explores strategies to revitalize angel investment. According to the research findings, professional angel investors are generally older and more educated than regular angel investors, and they are concentrated in the metropolitan region. Additionally, their investment performance before and after registration remains similar, with investment amounts concentrated between 50 million and 100 million won. Their investment portfolios focus on ICT services, bio/medical, and distribution/service sectors. Based on these findings, policy and institutional support measures are required to revitalize angel investment, including easing registration requirements for professional angel investors, expanding tax benefits related to angel investment, strengthening the provision of information and education related to angel investment, and enhancing angel investment networking. This study is expected to contribute to the revitalization of the venture startup ecosystem and economic growth through the revitalization of angel investment.

• Journal of East Asia Management
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• v.5 no.1
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• pp.75-90
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• 2024

About 100 years after the start of mass production by American car maker Ford in 1913, the automobile industry has come to a major transformation in 100 years. In this transformation period, automakers are facing the biggest challenge of converting power sources, the basis of automobiles, from existing internal combustion engines to electric vehicles. Hybrid vehicles have been released in Japan since the late 1990s, and changes in automobile power sources have occurred early. In order to gain global leadership in hybrid vehicles, Japanese automakers and the Japanese government joined forces to promote the growth of the domestic hybrid vehicle market. The government has implemented a policy to substantially subsidize the high price of hybrid cars compared to internal combustion engine cars by providing purchase subsidies and tax benefits to buyers. Toyota has increased its line-up of hybrid cars around the Prius and has further strengthened communication with customers for the sale of hybrid vehicles. As a result of continuing these efforts for about 20 years, the percentage of Japan's hybrid vehicle market in 2022 reached 51% for passenger cars. Recently, each country has been setting and promoting aggressive goals for electric vehicles that require a wider range of physical and institutional infrastructure than hybrid vehicles. This study aims to assess the growth of electric vehicles by looking at the trend of hybrid vehicles and how they've been distributed in the Japanese market.

• Environmental and Resource Economics Review
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• v.28 no.2
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• pp.307-326
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• 2019

The electric vehicle is a representative measure to reduce greenhouse gas and local air pollutants in the transportation sector. Most countries provide purchase subsidies and tax reductions to promote electric vehicle sales. The electric vehicles have been considered as zero-emission vehicles(ZEV) in light of the fact that there has been no pollutant emission during driving. However, recent studies have pointed out that the pollutant emitted from the process of generating electricity used for charging the electric vehicles need to be treated as emissions of the electric vehicles. Furthermore, the environmental benefits of electric vehicle replacing the internal combustion vehicle vary with the power mix. In line with the recent studies, this study analyzes the impact of electric vehicles based on the current power mix and future energy transition scenarios in Korea. To estimate the precise air pollutants emission profile, this study uses hourly electricity generation and TMS emission data for each power plant from 2015 to 2016. The estimation results show that the electric vehicles under the current power mix generate the environmental benefits of only -0.41~10.83 won/km. Also, we find that the environmental benefit of electric vehicle will significantly increase only when the ratio of the coal-fired power plant is reduced to a considerable extent.

• Land and Housing Review
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• v.5 no.2
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• pp.57-68
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• 2014

As social needs are increasing to minimize the occurrence of external effect due to urban development and to diffuse the benefits of development to surrounding areas, diverse cooperative planning methods are increasingly being discussed. In the long term, laws and systems need to be refined to support cooperative planning, but prior to such development, elements, procedures, and methodologies wherein cooperative planning in U.S.A cases could be implemented were examined to derive the alternative to and implications of cooperative planning that can apply not only to single administrative districts but also to complex boundary new towns being developed by various local governments. This paper surveyed and analyzed the cases of Wisconsin State of the U.S.A, thereby deriving the following implications. First, joint planning areas should be established within the boundary area of various local governments to establish cooperative planning areas in special areas such as complex boundary new towns, and to this end, urban planning means should be prepared. Together with such efforts, to boost the flexibility of cooperative planning, life sphere unit-based planning unit should be established, and a well-organized operation system to activate communities should be prepared. Also, revenues, generated through regional growth, should be distributed to individual local governments through joint tax according to the agreed-upon ratios, and as such, measures to share services and operate joint tax in small-size regions should be secured. Together with such efforts, to establish cooperative governance, measures to manage conflicts through the participation by stakeholders and arbitrators should be prepared from the planning stage, and measures for implementing cooperative planning at the level of basic urban planning should be prepared.

• Journal of Navigation and Port Research
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• v.29 no.6 s.102
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• pp.501-508
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• 2005

The purpose of this paper is to present the alternatives for improving coostal shipping logistics system to be a logistic hub-nation with a competitive edge. For this purpose, major environmental factors in Northeast Asia and accordingly its effects are analyzed And then the effects of coastal shipping system's development strategy is analysed using Structural Equation Model and Multiple Regression Model. Research results show that three types of coastal shipping development strategy( connected transportation system, structure of coastal shipping system, governmental support policy) will contribute much to being a logistics hub-nation. From the results, some implications are derived as follows. Firstly, environmental-friendly balanced ocean-coastal transport system is required Secondly, a excusive feeder port, Ro-Ro ship & high-speed ship are necessary to establish the one-stop logistics service system Finally, governmental support policy and subsidy(tax-exempted oil & various tax benefits) are required to reactivate lagged coastal shipping system to be a logistic hub-nation with a competitive edge.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• v.29 no.1
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• pp.441-449
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• 2005

The purpose of this research is to present the improvement measure of lagging behind coastal shipping system to be a logistic hub-nation with a competitive edge. For this purpose, this research tries to find out major northeast asia environment factors and accordingly the effects of its. The effects of coastal shipping system's development strategy is analysed by structural equation model and multiple regression model. Research results show that three types of coastal shipping developing strategy(connected transportation system, structure of coastal shipping system, governmental support policy) will contribute much to be logistic hub-nation. The contribution effects is increasing cargo from strengthened feeder transport system and maximizing logistic service &minimizing logistic costs. From the result, some implications are derived as follow. First, familiar environmental balanced ocean-coastal transport system is required. Second the one-stop logistic service system is necessary to build excusive feeder port, and to establish Ro-Ro ship & high-speed ship, etc.. Third, governmental support policy and subsidy(tax exempted oil & various tax benefits) are required to bring up lagging behind coastal shipping system to be a logistic hub-nation with a competitive edge.

• Cartoon and Animation Studies
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• s.39
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• pp.27-58
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• 2015

The crisis in profit and funding for animation is in evidence around the world. The change in media environment has forced broadcasting advertising revenue down and animation viewers spread out. Now, animation players in the strongest position are either the US major studios, or producers benefiting from domestic support schemes. Government support is available in many countries because many governments believe that support for domestic animation carries both economic and cultural benefits. This paper is designed to suggest new policy schemes for Korean animation industry. The new paradigm of animation policy needs a new perspective on content industry as a whole, not centered on the animation itself. The researchers on public policy for culture, audiovisual and content industry argued that the government should, (i) play the role of facilitator for virtuous cycle of industry value chain, (ii) provide fiscal support through automatic and selective schemes, (iii) provide tax benefit to strengthen the competitiveness of industry, and (iv) enforce the broadcasters to contribute to domestic programming and financing. Comparative analysis on French and Canadian audiovisual policy supports such arguments, and animation industry of two countries are enjoying the high audience ratings and sustainable production volume. From the analysis, this paper suggests the new government schemes for Korean animation industry, which are, (i) securing the public funding for fiscal support, (ii) introduction of automatic production support, (iii) modification of broadcasting quota, (iv) broadcaster's performance envelope and production quota, and (v) tax benefit as indirect support.