• The Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.91-105
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• 2019

The paper aims to combine balance sheet analysis at the firm level with the International Monetary Fund's public debt sustainability assessment framework to assess state-owned enterprises' (SOE) leverage as a contingent liability to the public sector. Based on company data and the interest coverage ratio as a measure of debt at risk, aggregate baseline scenarios are projected to gauge the magnitude of SOE debt as a contingency. SOE's financial and debt ratios are first bootstrapped to generate firm-level distributions and then averaged into a fan chart of the economy-wide SOE contingent liability. Applied to the People's Republic of China as an example, the study finds that by the end of 2015 SOE leverage had grown to a substantial liability. However arbitrary the assumptions underlying these projections, it would appear that even if authorities had to mop up as much as 20% of SOE debt at risk gone bad, this would have been manageable at roughly 2.7% of the gross domestic product in 2016 or 5.5% by 2021. This projection framework is fully amenable to alternative assumptions and settings, which makes it a useful analytical tool to monitor contingent liabilities from non-financial corporate debt that have been building in emerging and advanced economies alike.

• Nuclear Engineering and Technology
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• 제54권9호
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• pp.3299-3309
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• 2022

Nuclear energy has the potential to play an influential role in energy transition efforts than is now anticipated by many countries. Realizing sustainable human development and reducing global climate crises will become more difficult without significantly increasing nuclear power. This paper aims to probe the role of nuclear energy, external debt, and financial globalization in sustaining human development and environmental conditions simultaneously in BRICS (Brazil, Russia, India, China, and South Africa) countries. This study applied a battery of second-generation estimation approaches over the period from 1990 to 2019. These methods are useful and robust to cross-countries dependencies, slope heterogeneity, parameters endogeneity, and serial correlation that are ignored in conventional approaches to generate more comprehensive and reliable estimates. The empirical findings indicate that nuclear energy and financial globalization contribute to human development, whereas external debt inhibits it. Similarly, financial globalization accelerates ecological deterioration, but nuclear energy and external debt promote environmental sustainability. Moreover, the study reveals bidirectional feedback causalities between human development, carbon emissions and nuclear energy consumption. The study offers useful policy guidance on accomplishing sustainable and inclusive development in BRICS countries.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.91-98
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• 2021

One of the concerns in the economic policy circle is the fiscal sustainability. This current research revisit the notion of fiscal sustainability for Malaysia using the Indicator of Fiscal Sustainability (IFS) developed by Croce and Juan-Ramón (2003) where we employ samples of time-series data from 1970 to 2017. The findings reveal that 40 out of 48 years, during which the calculated IFS algorithm is above the threshold of 1, imply Malaysia was fiscally unsustainable. Despite having been fiscally unsustainable, Malaysia's fiscal stance shows improvement as a result of fiscal consolidation and fiscal reforms during the sample period. This is shown by the improved calculated IFS algorithm on average, which the value improved from 1.465 in 1970-1993 to 1.377 in 1998-2004 and to 1.146 in the 2006-2013. From the policy front, this indicator can serve as a precautionary early warning measure in formulating future fiscal path for Malaysia. This can be executed by targeting debt ratio and shifting the allocation of expenditures away from less efficient toward more growth-enhancing ones, which eventually would regain fiscal space to counter any incoming economic shocks in the future. This can enhance the fiscal transparency and assist in formulating a fiscal policy strategy in Malaysia.

• The Journal of Asian Finance, Economics and Business
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• 제4권1호
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• pp.5-18
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• 2017

Total debt in the People's Republic of China surged to nearly 290% as a ratio to GDP by the second quarter of 2016, mostly on account of non-financial corporate debt. The outpouring of credit to stem the impact of the global financial crisis accentuated industrial overcapacity in traditional sectors, such as steel, cement, and energy, while feeding asset bubbles in the property, equity and bond markets. At the Chinese corporate level, this has translated into weakened fundamentals and a fall in industrial profits, particularly of SOEs. As debtors struggle to service interest payments, non-performing loans (NPLs) have been on the rise. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the non-financial sector. We apply quantile regressions to a dataset containing all Chinese listed companies in Standard & Poor's IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese non-financial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.

• 청정기술
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• 제27권3호
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• pp.269-274
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• 2021

바이오에너지는 탄소중립을 추구하는 방안 중 하나로 간주되고 있다. 그러나 수확된 식물 바이오매스를 연소하면 필연적으로 대기 중 이산화탄소는 일정기간 동안 화석을 연소할 때보다 더 많아진다. 본 논문에서는 이 탄소부채의 총량과 상환기간을 예측하고 최소화하는 방법을 제안한다. 사례연구로는 현재 사용되고 있는 화석연료를 바이오매스로 일시에 전환할 경우에 대한 탄소순환 영향평가를 수행한다. 이를 통해 탄소중립 개념의 근본적인 취약성을 지적한다. 바이오에너지의 지속가능성을 위한 실행방안으로는 숲 면적 감소분에 비례하는 추가식림 및 숲 질량 증가분에 비례하는 추가수확 공식을 제안하였다. 최적화 결과, 탄소부채 상환기간은 약 70년, 대기 중 이산화탄소는 최대 50% 이상, 정상상태에서 3% 증가가 예상된다. 이는 이론적으로 예측한 최상의 결과이며 실제로는 이보다 나쁠 것으로 추정된다. 따라서 바이오매스는 진정으로 탄소 중립적이지 않으며, 화석연료의 대체에너지원으로서 부적합하다. 본 연구에서 제안된 방법은 이미 사용 중인 바이오에너지의 현재 및 미래 탄소부채 최소화를 통해 탄소중립으로의 접근에 기여할 수 있을 것으로 예상된다.

• KDI Journal of Economic Policy
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• 제34권3호
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• pp.31-65
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• 2012

본 연구에서는 세대 간 회계를 이용하여 현행 재정정책의 유지 가능성과 최근 논의되고 있는 복지확대정책이 재정건전성과 세대 간 형평성에 미치는 영향에 대해 분석하였다. 분석 결과, 현행 재정정책은 유지 가능하지 못하며, 재정수지 불균형도 매우 큰 것으로 나타났다. 재정지출 수준을 통제하지 않는 한 납세자의 재정부담이 감내할 수 없을 정도로 높아질 수 있을 것으로 예상된다. 또한 최근 논의되고 있는 무상의료와 같은 복지지출 확대정책은 납세자의 재정부담을 대폭적으로 높이게 된다. 무상급식, 무상보육, 반값등록금 지급과 관련된 복지확대정책은 현시점에서의 금액이 비교적 크지 않으며 낮은 출산율로 인해 향후 보육인구와 학령인구가 줄어듦에 따라 지출액이 줄어들 것으로 예상되어 이들 정책으로 인한 재정부담의 증대규모가 비교적 크지 않은 반면, 무상의료의 경우는 현시점에서의 금액도 매우 클 뿐만 아니라 인구의 노령화로 인해 수급자 수가 증가할 것으로 예상되므로 이로 인한 재정부담이 더욱 증가할 것으로 예상된다.

• Human Ecology Research
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• 제56권3호
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• pp.233-246
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• 2018

Korean society is experiencing an increase in multicultural families and single households. The incidence of the MERS, epidemic in 2015, and the subsequent cases of child abuse have been major shocks to Korean society. In addition, there has been a steady increase in household debt, that is in danger of causing a serious crisis in the stability of our society and the family. The current demand for increased accountability in the democratic process is becoming an important topic. There is also an increased awareness of natural disaster preparation due to local earthquakes that have caused concern. At this point, the lifelong education in the home economics education field in Korea is in line with the changes and crises of various societies. Problems related to family life that have happened in the real life of learners stand in the place of the study with preventive character. It should provide the best alternative for family, home, and society, and help to overcome the problems of life. In order for lifelong education to respond to these social changes $vis-{\grave{a}}-vis$ Home Economics Education, it is necessary to develop: 'formation and improvement education of family relationship', 'crisis prevention and management coping ability training', 'safety education', 'learning communication and consensus processes', 'consumer culture education', 'ethics education on environment and resources', 'sustainability education', 'local education of family relationship', 'crisis prevention and management coping ability training', 'safety education', 'learning communication and consensus processes', 'consumer culture education', 'ethics education on environment and resources', 'sustainability education', 'local economic activation education', and other topics of lifelong education topics related to the field of Home Economics Education are required. Consequently, various related programs should be further developed and disseminated.

• 융합경영연구
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• 제4권4호
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• pp.17-24
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• 2016

The purpose of the present study is to investigate the relationship between Management bonuses and earnings stability of the listed companies on the Tehran Stock Exchange (TSE). The population includes 94 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE's website from 2009 to 2016. The results of multiple linear regression analysis show that there is a significant relationship between Management bonuses and earnings stability. The aim of this study primarily investigating the relationship between earnings stability and management bonus. In the case of this target, the next goal of this research is to develop a proposal for legislation in the domain of capital market, students and faculty as well as accounting information users provide research interests. Observations show many companies despite the decline in profitability, bonus managers to continually pay. Increase in listed companies Stock Exchange as well as the importance of communication between earnings quality and bonus managers in Financial Accounting the authors created an incentive to research about this relationship do. The results of this research could be the development of literature done in the past. Thus, more knowledge about the issue of sustainability and its relation to bonus managers the users of accounting information, accounting courses provide students and faculty.

• 신재생에너지
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• 제20권1호
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• pp.145-174
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• 2024

Addressing climate change necessitates evidence-based policies grounded in science. The use of forest biomass for energy production is based on a broad scientific consensus at the international level. However, some environmental groups in South Korea are opposing this system of energy production. Through this study, the authors aim to reduce unnecessary confusion and foster an atmosphere conducive to meaningful evidence-based policies. We have classified the issue into eight categories: biological carbon cycle, carbon debt, nature-based solutions, air emissions, cascading principles and sustainability certification, forest environmental impacts, climate change litigation, and the behavior of environmental groups and public perception. Consequently, the following key points were derived: (1) the actions of some environmental groups seem to follow a similar pattern to denialist behavior that denies climate change and climate science; (2) the quality of evidence for campaigns that oppose the use of forest biomass for energy production is low, with a tendency to overgeneralize information, high uncertainty, and difficulty in finding new claims.; (3) most of the public believes that forest biomass energy is necessary, and the governments of major countries are aware of its importance. Significantly, Forest biomass for energy is based on an overwhelming level of scientific consensus recognized internationally.

• 경영과학
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• 제32권1호
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• pp.113-131
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• 2015

We examine the relationship between firms' environmental (E), social (S), and governance (G) factors, with their financial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms' profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects such as profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratios respectively. To measure the firms' ESG performance, we employ the published performance grades by the Korea Corporate Governance Service for a three year span, from 2011 to 2013. Total of eight regression analyses are performed. The results show that firms' non-financial performance in general has statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operating activities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flow from investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The results imply that firms' non-financial performance may have a negative impact on some financial performance such as liquidity and efficiency in a short term, but it would eventually improve the firms' profitability and cash-generating ability, which provides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contribution activities without sacrificing their profitability for their respective sustainablity management.