• Title/Summary/Keyword: Taxation Analysis

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An Analysis on Macro-economic Effect of Tax Exemption in R&D Special Cluster (연구개발특구 조세감면제도의 거시경제적 파급효과 분석)

  • Kim, Sung-Tai;Jeon, Seung-Hoon;Lim, Byung In
    • Journal of Convergence for Information Technology
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    • v.8 no.6
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    • pp.409-416
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    • 2018
  • The purpose of this study is to estimate the macro-economic ripple effect of tax exemption for both high end technology firms and research enterprises in R&D special cluster. We apply the user cost of capital model and the Input-output model to the estimation. Estimation results for 2007-2016 are as follows: the increase in both the production and the value-added is 2,807 and 1,392 hundred million Korean won, respectively. Also, employers are increased by 2,355 people. These imply that keeping the tax exemption item for certain enterprises in R&D special cluster may be beneficial to our economy.

The Effects of Ownership Structures on Agency Costs in Internationally Diversified Firms: A Data Analysis of the KOSDAQ Market (코스닥시장에서 국제다각화 기업의 소유구조가 대리인 비용에 미치는 영향)

  • Oh, Hee-Hwa
    • Asia-Pacific Journal of Business
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    • v.11 no.4
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    • pp.205-224
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    • 2020
  • Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

The Effect of Cash Holdings on Firm Value in Export Companies Listed in the KOSDAQ (코스닥시장에서 수출기업의 현금보유수준이 기업가치에 미치는 영향)

  • Oh, Hee-Hwa;Han, Kil-Seok
    • Asia-Pacific Journal of Business
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    • v.10 no.4
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    • pp.205-221
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    • 2019
  • The purpose of this research is to investigate the effect of cash holdings on firm value in export companies. To investigate this effect, we analyzed 5,386 samples drawn from export companies listed in the KOSDAQ from 2011 to 2018. During this period, the International Financial reporting Standards have been employed. The research results are as follows. First, the results of a T-test showed that the level of the firm value of export companies with high levels of cash holdings is significantly higher than that of those with low levels of cash holdings. In addition, the level of the firm value of export companies with higher levels of cash holdings than in the previous year is higher than the level might otherwise be. Furthermore, the effects of cash holdings on firm value are similar to those on return on asset. These results suggested that export companies have little used a way of increasing their debt levels in order to increase cash holdings. Second, the results of a multivariate regression analysis presented that the cash holdings of export companies in listed the KOSDAQ significantly influence their firm value. Moreover, a higher level of cash holdings than in the previous year significantly affect firm value. These results proposed that making higher cash holdings than in the previous year might be useful in enhancing firm value. We found that export companies efforts to increase cash holdings positively influence changes in firm value. We also found that Korean export companies maintain their financial stability by obtaining sufficient liquidity specifically in a high uncertainty era like the recent time. We finally firmed an effort to maintain cash holdings as a reasonable choice for export companies.

A Comparative Analysis of Oversea Land Registration Systems - UK, Australia, USA, the Netherlands, France, Sweden - (외국의 최신 토지등록제도에 관한 비교연구 - 영국, 호주, 미국, 네덜란드, 프랑스, 스웨덴 -)

  • Park, Jung-Ho;Lim, Hyung-Taek;Kim, Sang-Min
    • Journal of Cadastre & Land InformatiX
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    • v.52 no.2
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    • pp.81-102
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    • 2022
  • This study reviewed the concept of land registration and analyzed the land registration system in UK, Australia, USA, the Netherlands, France and Sweden. Land registration is a process of registering physical information and rights related to land in the land register for protection and regulation of land rights, taxation and dispute resolution. The land registration systems in the six countries were mainly analyzed in terms of policy, land register, objects and systems. As a result, first, the establishment of the land registration master plan is of paramount importance for sustainable development of land registration systems. Second, land register needs to be improved for 4D land management and service. Third, reduction of period and improvement of work efficiency for the cadastral resurveying should be considered. Last, a plan to improve public services by linking the geospatial technology with the land registration system is need.

Managerial Overconfidence and Stock Price Delay (경영자과신성향이 주가지체에 미치는 영향)

  • Myung-Gun Lee;Young-Tae Yoo
    • 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.

The changes of economic though (The trial of supply-side economics) (경제사상의 변화 (공급측면 경제학의 시험))

  • 서홍석
    • Journal of Applied Tourism Food and Beverage Management and Research
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    • v.8
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    • pp.89-121
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    • 1997
  • Many of the measures and policies advocated by supply-siders, such as lower taxation, less government intervention, more freedom from restrictive legislation and regulation, and the need for increased productivity can be found in writing the classical economist. Nor is supply-side economics a complete divorcement from Keynesian analysis. In both camps the objectives are the same-high level employment, stable prices and healthy economic growth, the means or suggestions for attaining the objectives, however, differ. Consequently, recommended economic policies and measures are different. keynesians rely primarily on the manipulation of effective demand to increase output and employment and to combat inflation. They assume ample resources to be available in order that supply will respond to demand. The supply-siders emphasize the need to increase savings, investment, productivity and output as a means of increasing income. Supply-siders assume that the increase in income will lead to an increase in effective demand. Keynesians suggest that savings, particularly those not invested, dampen economic activity. Supply-siders hold that savings, or at least an increase in after-tax income, stimulates work effort and provides funds for investment. Perhaps keynesians are guilty of assuming that most savings are not going to be invested, whereas supply-siders may erroneously assume that almost all savings will flow into investment and/ or stimulate work effort. In reality, a middle ground is possible. The supply-siders stress the need to increase supply, but Keynes did not preclude the possibility of increasing economic activity by working through the supply side. According to Keynes' aggregate demand-aggregate supply framework, a decrease in supply will increase output and employment. It must be remembered, however, that Keynes' aggregate supply is really a price. Lowering the price or cost of supply would there by result in higher profit and/ or higher output. This coincides with the viewpoint of supply-siders who want to lower the cost of production via various means for the purpose of increasing supply. Then, too, some of the means, such as tax cuts, tax credits and accelerated depreciation, recommended by suply-siders to increase productivity and output would be favored by Keynesians also as a means of increasing investment, curbing costs, and increasing effective demand. In fact, these very measures were used in the early 1960s in the United State during the years when nagging unemployment was plaguing the economy. Keynesians disagree with the supply-siders' proposals to reduce transfer payments and slow down the process of income redistribution, except in full employment inflationary periods. Keynesians likewise disagree with tax measures that favored business as opposed to individuals and the notion of shifting the base of personal taxation away from income and toward spending. A frequent criticism levied at supply-side economics is that it lacks adequate models and thus far has not been quantified to any great extent. But, it should be remembered that Keynesian economics originally was lacking in models and based on a number of unproved assumptions, such as, the stability of the consumption function with its declining marginal propensity to consume. Just as the economic catastrophe of the great depression of the 1930s paved the way for the application of Keynesian or demand-side policies, perhaps the frustrating and restless conditions of the 1970s and 1980s is an open invitation for the application of supply-side policies. If so, the 1980s and 1990s may prove to be the testing era for the supply-side theories. By the end of 1990s we should have better supply-side models and know much more about the effectiveness of supply-side policies. By that time, also, supply-side thinking may be more crystallized and we will learn whether it is something temporary that will fade away, be widely accepted as the new economics replacing Keynesian demand analysis, or something to be continued but melded or fused with demand management.

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A Study on the Use and Risk of Artificial Intelligence (Focusing on the eproperty appraiser industry) (인공지능의 활용과 위험성에 관한 연구 (감정 평가 산업 중심으로))

  • Hong, Seok-Do;You, Yen-Yoo
    • The Journal of the Korea Contents Association
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    • v.22 no.7
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    • pp.81-88
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    • 2022
  • This study is to investigate the perception of domestic appraisers about the possibility of using artificial intelligence (AI) and related risks from the use of AI in the appraisal industry. We conducted a mobile survey of evaluators from February 10 to 18, 2022. We collected survey data from 193 respondents. Frequency analysis and multiple response analysis were performed for basic analysis. When AI is used in the appraisal industry, factor analysis was used to analyze various types of risks. Although appraisers have a positive perception of AI introduction in the appraisal industry, they considered collateral, consulting, and taxation, mainly in areas where AI is likely to be used and replaced, mainly negative effects related to job losses and job replacement. They were more aware of the alternative risks caused by AI in the field of human labor. I was very aware of responsibilities, privacy and security, and the risk of technical errors. However, fairness, transparency, and reliability risks were generally perceived as low risk issues. Existing studies have mainly studied analysis methods that apply AI to mass evaluation models, but this study focused on the use and risk of AI. Understanding industry experts' perceptions of AI utilization will help minimize potential risks when AI is introduced on a large scale.

Accounting Conservatism of Public Firm of KONEX (KONEX 상장기업의 회계 보수성에 관한 연구)

  • Jeong, Jong-gu
    • Journal of the Korea Convergence Society
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    • v.13 no.1
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    • pp.341-348
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    • 2022
  • This study analyzed the accounting conservatism of companies listed on KONEX. The analysis of the existing accounting conservatism presents the analysis results for the KOSPI market or the KOSDAQ market. However, in July 2013, Korea opened a new publicly traded market called KONEX, which has been continuously operated to increase the possibility of SMEs' financing. However, research on KONEX has not been conducted relatively actively, and the current prior research is also focused on earnings management. This study differs from previous studies in that it analyzes accounting conservatism, which is one of the accounting policies. For this purpose, the period from 2014 to 2020 was set as the analysis period, and empirical analysis was conducted using the asymmetric timeliness models, Ball and Shivakumar (2005) and Basu (1997). As a result of the analysis, conditional conservatism was also confirmed in the KONEX market. That is, it was confirmed that the timeliness of the bad news was higher than the good news. Second, no significant difference was found in the results of analyzing whether there is a difference in the conservatism of KONEX companies according to the size of the auditor. In other words, it was confirmed that the size of the auditor in the KONEX market is not a significant variable. This study expanded the existing research in that it analyzed accounting policies targeting the KONEX market.

Perception Analysis between Consumers and Experts to solutions about unsold housing in the Metropolitan area of South Korea (수도권 미분양 주택 감소방안에 대한 수요자와 전문가 의식분석)

  • Lee, Yun-Hong;Lee, Joo-Hyung
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.14 no.9
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    • pp.4514-4523
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    • 2013
  • Currently the number of unsold housing is rapid increasing over again in the Seoul Metropolitan area. So this research analyzed effective and possible solutions focus on the potential customers and professionals. There was a research method setting up alternative solutions from the existing researches and the other suggestions though FGI (Focus Group Interview) by professionals. And then it investigated the efficient ways to resolve those problems through Conjoint Analysis. According to the result of this paper, firstly the customers considered 'financial supports', 'self-rescue efforts for construction companies' and 'taxation support' than the other. On the other hand, professionals evaluated 'publicly purchased housing' and 'new housing policies' were more essential solutions besides, both of them recognized the importance of ;financial support'. Secondly there were some ideas that it was necessary to more less control LTV (Loan to Value ratio) and DIT ( Debt to Income) and the LH (Korea Land and Housing Corporation) buy unsold housing. Finally the government and housing association had to manage and intervene the supply of housing within metropolitan area and restrict to building new properties and the construction companies actively provide less strict standard terms and conditions in contract for purchasing housing for instance, the decline of housing sale price or interest-free and so on.

Fulfilling the Export Potential of Agricultural Production in the Context of Aggravating Global Food Crisis

  • Hassan Ali Al-Ababneh;Ainur Osmonova;Ilona Dumanska;Petro Matkovskyi;Andriy Kalynovskyy
    • International Journal of Computer Science & Network Security
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    • v.24 no.7
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    • pp.128-142
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    • 2024
  • Creation and implementation of export-oriented strategy is an urgent issue of economic development of any country. In an export-oriented model of economic development, exports should be a means of promoting economic growth and a tool to strengthen existing and potential competitive advantages. Agricultural production is the key factor in exports and the source of foreign exchange earnings in many countries. However, the export potential of agricultural producers may be inefficiently fulfilled due to the heterogeneity of countries in terms of economic development, trade relations and border policy. The aim of the research is to study the nature, main trends and problematic aspects of fulfilling the export potential of agricultural production in the context of aggravating food crisis. The study involved general scientific methods (induction and deduction, description, analysis, synthesis, generalization) and special (statistical method, economic analysis, descriptive statistics and interstate comparisons, graphical method). The need to ensure food security by countries around the world urges the importance of the agricultural sector as a catalyst for economic development, sources of foreign exchange earnings, investment direction, etc. The study of agricultural specialization led to the conclusion that wheat and sugar are goods with the highest export potential. It is substantiated that the countries of South America, OECD, North America and Europe have the highest level of realization of export potential of agricultural production, and African countries are import-dependent. In addition, the low export orientation of Africa and Asia due to the peculiarities of their natural and climatic conditions is established based on the assessment of export-import operations in the regional context. The internal and external export potential of each of the regions is analysed. Economic and mathematical simulation of assessing the impact of the most important factors on the wheat exports volumes was applied, which allowed predicting wheat exports volume and making sound management decisions regarding the realization of the export potential of agricultural companies. The inverse correlation between the exports volume and wheat consumption per capita, and the direct correlation between the effective size and area of land used for wheat cultivation was established through the correlation and regression analysis.