• 제목/요약/키워드: asset effect theory

검색결과 30건 처리시간 0.023초

우리나라 자산가격 변동의 기준점 효과 및 전망이론적 해석 가능성 검정 (Dynamics of Asset Returns Considering Asymmetric Volatility Effects: Evidences from Korean Asset Markets)

  • 김윤영;이진수
    • KDI Journal of Economic Policy
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    • 제33권1호
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    • pp.93-124
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    • 2011
  • 본고에서는 Tversky and Kahneman(1974)의 기준점 효과와 Kahneman and Tversky(1979)의 전망이론으로 해석이 가능한 현상이 우리나라 자산시장에 동시에 나타나는지를 주가 및 부동산 가격을 대상으로 검증하였다. 전망이론의 경우 위험 회피 성향 투자자가 가격 상승 시 매각을 선호하는 것으로 예측하는데, 본고는 이런 성향이 자산가격 수익의 변동성이 증가하는 경우 더 강화되는 것으로 보았다. 1990년대 이후 우리나라 자료를 바탕으로 실증분석한 결과, 과거 수익률이 양(+)인 경우, 주가수익률은 과거 20 또는 30 영업일 자료(window)를 이용하여 산출한 변동성에, 아파트를 제외한 주택가격 수익률은 과거 24~36개월의 자료를 이용하여 산출한 변동성에 각각 통계적으로 유의한 영향을 받는 것으로 나타났다.

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노인의 자산이 우울에 미치는 영향: 사회활동의 매개효과를 중심으로 (Asset Effects on Depression among Older Adults: Focusing on the Mediation Effects of Social Activities)

  • 강시온;한창근
    • 한국노년학
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    • 제37권2호
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    • pp.415-430
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    • 2017
  • 본 연구는 노인의 자산이 우울에 영향을 미치는지 그리고 그 영향이 사회활동에 의해 매개되는지를 자산효과이론에 근거하여 분석하였다. 추가적으로 노인의 자산과 사회활동의 관계를 이해관계자이론에 의해 설명하고 있으며 노인의 사회활동과 우울의 관계를 활동이론에 의해 설명하고 있다. 본 연구의 데이터는 2014년 제 5차 고령화 연구패널조사 자료가 이용되었고 다중회귀분석과 Baron & Kenny(1986)의 매개효과 검증방법 및 Sobel-test를 통해 매개효과의 유의미성을 살펴보았다. 분석결과, 자산이 많은 노인일수록 우울감이 낮은 것으로 나타났고 노인의 자산과 우울의 관계에서 사회활동이 부분매개효과를 가지고 있음이 확인되었다. 이러한 연구결과를 기초로 본 연구는 노인의 사회활동 참여를 증대시키고 우울을 줄일 수 있도록 자산형성프로그램의 확대가능성에 대해 논의하고 있다. 중 고령자를 대상으로 노후 자금을 준비할 수 있는 저축프로그램 설계가 필요하고 또한 노후 자산운용의 교육을 받을 수 있는 금융교육서비스의 확대를 제언하였다.

자산형성프로그램을 이용한 저소득가정의 탄력성 형성 과정에서의 가정자원 관련 경험 (Experiences of Family Resources in Resilience Development Process for Low-Income Families Participating in Asset Building Program)

  • 김미영
    • Human Ecology Research
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    • 제55권3호
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    • pp.321-336
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    • 2017
  • This study examines the effect of family resources on low-income families by exploring their holistic experience of poverty to the formation of resilience. A grounded theory approach is utilized to structure process from their experience of poverty as well as the use of social welfare services to the formation of resilience. This study targets 17 families involved in the pilot project for the beneficiaries of an asset building program in Seoul. In accordance with open coding and a paradigm model by the result of axial coding, 86 concepts, 23 sub-category, and nine categories are produced. These categories are classified into the causal condition (a tough life due to poverty), contextual condition (being the recipient of an asset building program), intervening conditions (interpersonal resources and effects of accumulated time or experience), central phenomenon (a will to live and overcome poverty), actions/interactions (active behavior and change of attitude), and consequences (change of asset levels and increased efficacy in their lives). The integrating categories identify the core category as 'the process of making a resilient life out of the power to live' and a final process model is organized. The results suggest crucial implications to develop comprehensive policies to address poverty issues for low-income families with a strength-based approach.

소매점 볼런터리 체인 활성화의 선행요인과 결과 (Antecedents and Consequences of Cooperation in Retail Voluntary Chain)

  • 이호택
    • 유통과학연구
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    • 제14권6호
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    • pp.65-73
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    • 2016
  • Purpose - Recently, the management conditions of small independent retailers are getting worse everyday as large-scale marts and franchised convenience stores are increasing. The objective of this research is to find out the antecedents and consequences of cooperation in voluntary chain in order to enhance small independent retailer's competitiveness. Voluntary chains, also called affiliation or symbol groups, or allied group represent a high market shared in some European countries like Italy, France, and Germany. Nevertheless, there are still limitations in this research from academic fields. Drawing from network theory, the author investigates the relationship between antecedent factors in voluntary chain cooperation, such as participation benefits, justice of compensation, and autonomy in voluntary chain, and relationship specific asset. The author also attempts to examine the relationship between the relationship specific asset and cooperation of voluntary chain member shop and cooperation and consequence factors of voluntary chain cooperation, such as efficiency, group cohesiveness, and long-term relationship. Research design, data, and methodology - The author presented conceptual framework integrating the major antecedents and consequences of voluntary chain cooperation. The data were collected from 174 independent small retailers who joined K-voluntary chain. K-voluntary chain consists of small independent retailers. In accordance with their status, each entrepreneur associated with the voluntary group can own one or more outlets and can be a part of the life and the decision-making process of the group. This participation is not based on company turnover or on the number of outlets, but based on a one member, one vote system. To verify the research model and test hypotheses, the author carefully investigated the reliability, content validity, convergent validity, and discriminant validity of the proposed model. The data were analyzed by using SPSS 18.0 and AMOS structural equation modeling program. Results - The results of this study are as follows. First, as antecedent variables, participation benefits and justice of compensation have positive effect on the relationship specific assets of voluntary chain members. Second, voluntary chain members' relationship specific asset also directly related to the level of its cooperation to chain headquarter. Third, cooperation of voluntary chain member shop facilitates efficiency, group cohesiveness, and long-term relationship. Unexpectedly, there are no effect autonomy in voluntary chain to relationship specific asset. Conclusions - This research shows several theoretical and practical implications to both marketing scholars and marketers. In terms of theoretical implications, this study applies to network theory and network theory variables to explain the antecedent and consequence factors of cooperation in voluntary chain. From the point of view from business management, most of all, this study shows the way how to reinforce competitiveness of voluntary chain. Specifically, it is necessary for voluntary chain headquarter to give higher level of participation benefit and justice of compensation to its members. Second, the results also indicate what the consequence factors of cooperation in voluntary chain. In other words, to increase the level of marketing efficiency, group cohesiveness, long-term orientation in retail voluntary chain, and chain headquarter need to facilitate participants' cooperation.

국적외항선사의 경영실태분석과 재무구조 영향요인에 관한 실증연구 (A Study on the Financial Structure Effect Factor and Business Analysis of Ocean Shipping Companies)

  • 이성윤;김영대;안기명
    • 한국항해항만학회지
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    • 제43권4호
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    • pp.264-272
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    • 2019
  • 본 연구에서 기업가치의 대용변수로 활용된 투하자산수익률과 재무구조(부채비율)은 정(+)의 관련성을 보이고 있다. 이는 재무적 곤경에 처하기 이전에는 자기자본비용보다 절세효과가 있는 부채의 자본비용이 저렴하기 때문에 기업가치와 재무구조는 정(+)의 관련이 있다는 정태적 절충이론과 부합되는 결과이다. 또한, 영업수익성(EBITDA/매출), 투자안전성, 총자산 성장률, 순운전자본 그리고 감가상각비는 재무구조(부채비율)와 부(-)의 관련성을 띠고 있다. 이는 성장률이 낮을수록 부채비율이 높다는 Jensen의 부채의 통제가설과 수익성과 현금흐름이 높은 기업은 내부자금조달이 원활하므로 부채비율이 낮다는 자금순위이론에 부합되는 연구결과이다. 연료비, 차입금, 총자산회전율, 금융비용, 용선료, 유형자산율은 부채비율과 유의적인 정(+)의 관련성을 띠고 있다. 이는 대리이론과 부합되는 결과이며 파산한 H선사처럼 과도한 용선료가 우리나라 외항선사의 재무구조를 압박하는 요인으로 확인하였다.

청년 가구주의 자산수준이 삶의 만족도에 미치는 영향 : 우울감의 매개효과 검증 (A Study on Effects of Youth Householder's Assets on Life Satisfaction : Test of a Mediating Effect of Depression)

  • 강시온;한창근
    • 사회복지연구
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    • 제49권4호
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    • pp.195-220
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    • 2018
  • 본 연구는 청년 가구주의 자산수준이 삶의 만족도에 영향을 미치는지 분석하였고 우울감의 매개효과를 검증하였다. 또한 청년 가구주의 자산수준, 우울감, 그리고 삶의 만족도의 관계를 자산효과이론에 근거하여 설명하고 있다. 본 연구에서는 실증적 연구를 위해 한국복지패널(KOWEPS) 제7차(2012년)~11차(2016년) 자료를 이용하였고 고정효과모형을 적용한 패널회귀분석 및 Sobel-test를 실시하였다. 분석결과, 시간경과에 따라 청년 가구주의 자산수준이 높을수록 삶의 만족도가 높아지는 것으로 나타났고 청년 가구주의 자산수준은 우울감을 매개로 삶의 만족도에 영향을 미치는 것으로 나타났다. 이러한 연구결과를 통하여 우울감을 완화시키고 삶의 만족도를 높일 수 있는 청년층의 자산형성지원사업에 대해 논의하고 있다. 끝으로 청년층의 자산형성지원사업 확대 및 개선 방향을 언급하였고 청년층의 자산형성지원정책에 대한 제언 및 후속연구의 필요성을 제시하였다.

사회적 특성과 개인적 특성이 가상자산 구매 의도에 미치는 영향 - NFT를 중심으로 (An Empirical Validation of Effecting Social Characteristics and Personal Characteristics on Virtual Asset Purchase Intention - Focusing on NFT)

  • 서재석;김상일;김정욱
    • 디지털산업정보학회논문지
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    • 제19권2호
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    • pp.161-175
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    • 2023
  • The purpose of this study is the effects of Social Characteristics and Personal Characteristics on Virtual Asset Purchase Intention. TPB (Theory of Planned Behavior) model is validated as a theoretical background. possessiveness, and innovation tendency, herding, subjective norm, attitude, and Purchase intention were composed of variables. The method of the study collected 474 data of those experienced in NFT through a survey and conducted as a structural equation modeling method using AMOS. The result of this paper shows that 4 hypotheses are accepted statistically significant except 1 hypotheses among 5 hypotheses. Therefore, this study demonstrated the factors that influence the purchase intention of non-fungible tokens. This study concluded that possessiveness, herding, subjective norm, attitude had a statistically significant effect on Purchase intention. NFT research is just getting started, and there are not many empirical studies targeting investors, interested people, and companies. In this respect, this study will be able to provide useful information for NFT research.

지식유출 의도의 내재적 및 외재적 요인에 대한 연구: 암묵적 지식 관점에서 (Internal and External Factors of Knowledge Leakage Intention: From Tacit Knowledge Perspective)

  • 김용태;구윤모;이재남
    • 지식경영연구
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    • 제20권4호
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    • pp.75-97
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    • 2019
  • In the rapidly changing business environment, knowledge has been recognized as a core asset for sustaining an organization's competitive advantage. In addition, knowledge sharing is one of the key elements of knowledge management, emphasizing external knowledge sharing beyond initial internal knowledge sharing. However, while knowledge management research emphasizes knowledge sharing, which is a positive aspect, research on preventing knowledge leakage that can have negative consequences is relatively lacking. Companies have tried to minimize the negative effects of knowledge management but many knowledge leakage accidents are still occurring. Therefore, this study aims to examine the effects of external factors based on deterrence theory and internal factors based on self-determination theory on knowledge leakage intention focusing on tacit knowledge. The results of the empirical analysis of 100 data sets collected through a scenario-based survey show that certainty of sanctions, social disapproval, and competence are found to have a significant effect on reducing tacit knowledge leakage intention. Furthermore, informal sanctions have a greater impact on tacit knowledge leakage intention than formal sanctions and external factors have a greater effect on tacit knowledge leakage intention than internal factors.

Growth Opportunities, Capital Structure and Dividend Policy in Emerging Market: Indonesia Case Study

  • DANILA, Nevi;NOREEN, Umara;AZIZAN, Noor Azlinna;FARID, Muhammad;AHMED, Zaheer
    • The Journal of Asian Finance, Economics and Business
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    • 제7권10호
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    • pp.1-8
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    • 2020
  • The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

The effect of CFRP-concrete bond mechanism on dynamic parameters of repaired concrete girders

  • Fayyadh, Moatasem M.;Razak, Hashim A.
    • Structural Engineering and Mechanics
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    • 제82권3호
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    • pp.343-354
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    • 2022
  • An understanding of the mechanism of concrete girders repaired with CFRP plates and its influence on the dynamic parameters is presented in this paper. Dynamic parameters are governed by the relationship with the physical properties of concrete girders and CFRP plates as well as the adhesive layer between them. A brief explanation of the mechanism of the composite action of concrete girders repaired with CFRP is also given in this paper. Experimental work was carried out to validate the theory of the composite action. The results show a decrease in the modal parameters of CFRP repaired girders that were turned over during the repair procedure, which contrasts with the proven static-based results that CFRP plates increase the stiffness of repaired girders. The composite action theory has explained the results based on the tension and compression forces' growth at the adhesive layer between the CFRP plates and girder surface during the repair procedure. Other girders were prepared and repaired without turning over in order to avoid tension and compression forces at the adhesive layer. The experimental results show an increase in the dynamic parameters of CFRP repaired girders that were not turned over during the repair procedure, which aligns with the static-based results. The study concludes that the dynamic parameters are excellent indicators for the assessment of CFRP repaired concrete girders. The study also suggests that researchers should not turn over damaged concrete girders to repair them with CFRP plates if they intend to study the dynamic parameters, in order to avoid the proposed composite action effect on modal parameters.