• 한국주거학회논문집
• /
• 제26권3호
• /
• pp.45-54
• /
• 2015

The purpose of this research is to analyze the wealth effects of home-owning baby-boomers on household consumption on non-durable goods in the Seoul Metropolitan Area. In so doing, this empirical study utilized the Korean Labor and Income Panel Study (KLIPS) of 2002 and 2012. The statistical findings reveal that household wealth in the period had sharply risen in household income, asset, debt and consumption, and the substantial increase came from growing income and consumption embedded into an expansionary stage of the family life cycle. Further, housing wealth had a much greater effect on consumption expenditure than did financial asset in 2012 while financial wealth effect was larger than housing wealth effect in 2002. Housing wealth effects had become far stronger as the age of the baby-boomer householders increased. As the baby-boomers are close to the retirement stage, post-retirement income security becomes of concern, so that the wealth effect of real estate income as an income alternative for retirees is explicit. The results imply that retirement of baby-boomers is likely to reduce consumer spending, aggravating slowdown of the real economy. Thus, diversification of household asset portfolio in a pre-retirement period is of great significance in maintaining adequate household consumption in later life.

• KDI Journal of Economic Policy
• /
• 제30권2호
• /
• pp.1-26
• /
• 2008

본고에서 우리는 한국의 주택 부 효과의 크기를 재검토한다. 이를 위해 주택가격 상승에 대한 주택 보유자 소비지출의 반응인 '순수한' 주택 부 효과의 크기를 알아보는 데 중점을 둔다. 순수한 주택 부 효과를 측정하기 위해 거시시계열 자료를 이용할 경우, 주택 보유여부와 적절한 소비지출변수의 선정이라는 두 가지 문제가 제기된다. 우리는 먼저 비 주택 소비(non-housing consumption)가 보다 적절한 소비지출변수임을 보이며, 그 이유로 주택소비(housing consumption)의 상당 부분이 주택 보유자들의 실제로 지불하지 않는 귀속임대료(imputed rents)임을 제시한다. 이어서 우리는 거시시계열 자료로부터 구한 주택 부 효과의 크기를 얼마나 수정해야 주택보유자에의 순수한 주택 부 효과를 추정할 수 있는가를 살펴본다. 이를 위해 두 개의 구조적 모형을 설정하여, 전체 소비지출 중에서 주택 보유자 소비지출의 비중을 추정한다. 주택 보유자의 소비지출 비중을 감안하여 수정된 주택부의 효과는, 거시시계열을 이용하여 구한 통상적인 주택 부 효과의 추정치보다 크게 나타난다.

• 대한안전경영과학회지
• /
• 제3권4호
• /
• pp.113-122
• /
• 2001

This study is to examine the effect of layoff on shareholders' wealth. Firms make layoff decisions by reason of cost cutting, lower performance, demand decline, restructuring. Therefore, I think that stock market responds to layoff positively, since the firm's labor productivity and profitability is improved after execution of layoff, I find that layoff variables effect on abnormal return positively in regression analysis. This means that layoff sends positive signal to the stock market for the firm's future performance. Therefore, layoff has a good effect on shareholders' wealth.

• 한국주거학회논문집
• /
• 제28권1호
• /
• pp.83-93
• /
• 2017

This research intends to find out the impact of housing wealth of home-owning pre-retirees and older adults consisting of young-old, middle-old and old-old groups on their household consumption. In doing so, this research analyzes 2,350 home-owning households by utilizing the 17th Korean Labour and Income Panel Study (KLIPS). The results show that housing wealth has a statistically significant effect on non-durable consumption of the pre-retirees, and young-old and middle-old groups of older adults, and housing wealth has a much stronger effect on household expenditure than does financial wealth or real estate. It's found that the consumption elasticity is particularly greater for female-headed households living in SMA, residing in apartments, holding a lower debt-to-asset ratio and being a pensioner. The empirical findings imply that the old-old group of older adults is unlikely to actively tap into their housing windfalls since housing asset becomes the last to dispose in the course of an individual's life. As housing wealth effects are especially strong when liquidity constraints faced by older adults are removed, it's of significance to substantially reduce household debt before retirement in order to constantly maintain an adequate level of household consumption or to promptly prepare for future contingencies.

• 경영과학
• /
• 제30권1호
• /
• pp.167-181
• /
• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.169-178
• /
• 2021

This research aims to test, firstly, how the disclosure of corporate social responsibility (CSR) helps to moderate the effect of family ownership on investment efficiency; secondly, how CSR disclosures mediate the effect of corporate governance on investment efficiency. STATA was used to analyze archival data collected from a total sample of 210 manufacturing companies listed on the Indonesian Stock Exchange (IDX), which were in the family businesses category for the period of 2016-2018. The first finding is that CSR moderates the effect of family ownership on investment efficiency. This implies that family businesses are very careful about investing. They will avoid risky decisions that may increase the economic wealth, but reduce the socio-emotional wealth. To maintain socio-emotional wealth, they tend to choose an underinvestment strategy and are more concerned with the prestige and good reputation of their families and dynasties than with economic wealth. Thus, CSR disclosures can reduce the underinvestment strategy of family businesses listed on the IDX. The second finding is that CSR disclosures are able to mediate the effect of corporate governance on investment efficiency. CSR activities play a major role in decision-making, and through CSR disclosures, corporate governance has a greater effect on investment efficiency.

• 환경정책연구
• /
• 제7권4호
• /
• pp.57-73
• /
• 2008

이 논문은 어떤 환경정책이 의사결정자들의 부(wealth)에 외생적인 위험을 증대시키는 경우 그러한 환경정책의 파급효과가 직접적으로는 상관이 없는 것으로 보일 수 있는 여타 경제적 의사결정에까지 미친다는 것을 기회향상모형을 통해 이론적으로 보인다. 이 논문에서 우리는 어떠한 환경정책에 의해 의사결정자들의 부에 외생적 위험이 커지는 경우 위험기피적인 의사결정자들은 여타 기회향상적 의사결정에서 보다 더 위험기피적으로 행동한다는 것을 입증하고, 이러한 결론이 환경정책의 수립과 시행과정에서 가지는 함의를 논의한다.

• Journal of Preventive Medicine and Public Health
• /
• 제55권2호
• /
• pp.193-204
• /
• 2022

Objectives: The primary objective of this study was to examine the effect of women's empowerment on the immunization of Indonesian children. The secondary objective was to examine the effect of wealth as a factor modifying this association. Methods: We utilized data from the 2017 Indonesian Demographic and Health Survey (IDHS). The subjects were married women with children aged 12-23 months (n=3532). Complete immunization was defined using the 2017 IDHS definition. Multiple components of women's empowerment were measured: enabling resources, decision-making involvement, and attitude toward intimate partner violence. The primary analysis was conducted using binomial logistic regression. Model 1 represented only the indicators of women's empowerment and model 2 controlled for socio-demographic variables. Subgroup analyses were conducted for each wealth group. Results: The primary analysis using model 1 identified several empowerment indicators that facilitated complete immunization. The analysis using model 2 found that maternal education and involvement in decision-making processes facilitated complete immunization in children. Subgroup analyses identified that wealth had a modifying effect. The indicators of women's empowerment were strong determinants of complete immunization in lower wealth quintiles but insignificant in middle-income and higher-income quintiles. Conclusions: To our knowledge, this study is the first to explore women's empowerment as a determinant of child immunization in Indonesia. The results indicate that women's empowerment must be considered in Indonesia's child immunization program. Women's empowerment was not found to be a determinant in higher wealth quintiles, which led us to rethink the conceptual framework of the effect of women's empowerment on health outcomes.

• Communications for Statistical Applications and Methods
• /
• 제10권1호
• /
• pp.89-99
• /
• 2003

The primary purpose of this paper is to estimate the wealth effect. We establish a linear relationships between household consumption, labor income, and stock price index. Each variable is nonstationary. And so, it contains a unit root. However, as the result of the test about cointegrating relations, the variables are cointegrated which implies the error term is stationary. The cointegrating parameter that the marginal propensity to consume out of stock price is 0.08%. The result of estimation shows the error correction is -0.62 and the significant level is also high. The error correction term indicates a rather rapid adjustment to deviations from the long run equilibrium relations.

• KDI Journal of Economic Policy
• /
• 제32권4호
• /
• pp.35-73
• /
• 2010

본고는 자산가격의 변동에 따른 민간소비의 동태적 반응을 분석한다. 오차수정모형에 기초한 분석 결과, 민간소비는 자산가격의 변화에 영향을 받지만 2년 정도의 기간이 경과할 경우 총소득에 상응하는 장기균형수준으로 수렴할 가능성이 높게 나타난다. 이러한 민간소비의 조정은 일시적인 소비불균형을 의미하는 공적분오차가 장기소비증가율에 대해 예측력을 가짐을 시사하는데, 최대 3년 정도의 장기소비증가율에 대해 예측력이 있음을 확인할 수 있다. 한편, 민간소비에 대한 영향은 주식가격보다는 주택가격이 상대적으로 더 크고 유의하게 관찰된다. 또한 경기순환을 고려할 경우 소득 및 자산가격의 변화에 대한 민간소비의 단기적인 반응은 경기수축기가 경기확장기보다 크게 추정되었다. 본고에서는 민간소비에 대한 자산가격의 영향과 더불어 수량요인까지 함께 고려한 자산의 변화가 민간소비에 미치는 영향도 구분하여 분석하였다. 분석 결과, 자산의 경우는 장기에서도 총소득과 함께 민간소비에 대해 유의한 설명력을 보인다. 한편, 전체 부를 인적요소인 노동소득과 자산으로 구분하여 자산의 변화에 따른 민간소비의 변화를 추정하였는데, 자산에 대한 소비의 장기탄력성은 노동소득을 고려한 경우가 총소득을 통제한 경우에 비해 높게 나왔다. 노동소득을 고려한 경우 자산에 대한 한계소비성향은 2% 정도로 추정된다. 이는 1,000원의 자산증가에 대해 20원 정도의 소비증대 효과가 있음을 시사한다.