• Title/Summary/Keyword: equity

Search Result 1,451, Processing Time 0.021 seconds

A Study on the Legal Issues on the Payment of Renewable Energy Subsidies (신재생에너지 보조금 지급에 관한 법적쟁점 고찰)

  • Park, Ji-Eun;Lee, Yang-Kee
    • Korea Trade Review
    • /
    • v.43 no.4
    • /
    • pp.111-130
    • /
    • 2018
  • In December 2015, the Paris Agreement was adopted to cope with global warming caused by greenhouse gas emission and to prevent the average temperature of the Earth from rising. Renewable energy sources have become important to address environmental problems such as rising sea levels, depletion of forests and fine dust. In order to grow renewable energy, government support is needed. However, excessive government support for the renewable energy industry could pose problems that include undermining fair competition and raising costs. The WTO already has heard cases involving renewable energy subsidies. This article focuses on subsidies and countervailing tariffs as well as examines WTO disputes related to renewable subsidies, and also analyze legal issues that are problematic in granting subsidies for the development of new renewable energy industries. In WTO dispute involving renewable energy subsidies, legal issues are SCM Agreement article 2 Specificity, article 3 (b) import substitution subsidy and GATT article 20. This paper proposes improvement measures such as the reintroduction of article 8 Non-Actionable Subsidies or special provisions on energy subsidy. In addition, it is necessary to clarify the interpretation of Article 3 of the subsidy agreement. However, excessive government subsidies can lead to trade friction, so the WTO rules should be improved in line with the WTO goals of environmental protection, equity in free trade, and sustainable development.

  • PDF

A Study on the Effects of O2O Commerce Characteristics and Consumer Characteristics on Trust, Desire and Intention to Use in China (중국 O2O 커머스 특성과 소비자 특성이 신뢰, 욕구 및 이용의도에 미치는 영향)

  • Zhang, Ping;Moon, Hee-Cheol
    • Korea Trade Review
    • /
    • v.42 no.1
    • /
    • pp.141-163
    • /
    • 2017
  • The purpose of this study to analyze the relationship among three characteristics of O2O commerce and extended goal-directed behavior(EGB) model(trust, desire and intention to use). From June to July in 2015, the questionnaires were sent to Chinese customers using O2O commerce. Among 494 questionnaires gathered, 433 valid ones are analyzed using SPSS and AMOS. Among ten research hypotheses derived from prior research and the research model, eight hypotheses are tenable, while the rest hypotheses are untenable. Online features of mobility and Offline features of service quality. The Online features of mobility bring consumers convenience but also has some latent customer privacy issue. On other hand, because of the untenable hypothesis, there is inconformity between online service and offline service, and customer have distrust on the O2O commerce. To achieve continuous online consumption, offline businesses need to improve their service. The perceived quality of selling company exerts a significant effect on the customers' reliability for the brand equity of open market company and selling company, such as the brand awareness of the open market, open market image, brand awareness of selling company, and the perceived quality of selling company. Thus, selling company should improve self-brand service and quality in order to improve customers' reliability. In addition, the consumer characteristics of attitude, subjective norm, and perceived behavioral control are all tenable. These results mean that O2O commerce is a favorite way of consumption by Chinese consumers.

  • PDF

Changes in Stock Market Co-movements between Contracting Parties after the Trade Agreement and Their Implications

  • So-Young Ahn;Yeon-Ho Bae
    • Journal of Korea Trade
    • /
    • v.27 no.1
    • /
    • pp.139-158
    • /
    • 2023
  • Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

A Barrier-free Design Assessment of Sidewalks for Improving Pedestrian Infrastructure (Barrier Free 인증 모의평가를 통한 보행자도로 개선 방안에 관한 연구 - 인덕원역, 석수역 주변 왕복 6차선 도로를 중심으로)

  • Kang, Jun Mo;Lee, Gun Rock
    • KSCE Journal of Civil and Environmental Engineering Research
    • /
    • v.29 no.1D
    • /
    • pp.101-110
    • /
    • 2009
  • Urban Designers and Planners are interested in creating barrier-free (BF) environments as the demand for social equity increases. BF design consists of design strategies for modifying buildings or facilities to be used by the physically disadvantaged or disabled. To construct buildings or facilities to be "Barrier-free", design standards specifically modified for the physically disadvantaged or disabled should be applied. The purpose of this study is to analyze the BF design standard used in the national laws and provide suggestions for their future improvements. In the study national laws in four countries were reviewed and important BF standards to be used in the laws were identified using a frequency analysis. The results of the frequency analysis were applied to the BF assessment criteria for sidewalk design. Then a field assessment for two sidewalks located in Seoul metropolitan region was conducted using the refined BF criteria. The findings from the field assessments indicated that current regulations were not appropriately designed to provide sufficient convenience for the disabled. It is needed to enhance the BF standards in the domestic regulations to offer sufficient mobility to the physically disadvantaged or disabled.

A Study of Financial Structure, Profitability, Growth and Financial Risk of Food Service Franchisor (외식산업프랜차이즈본사의 재무구조, 수익성, 성장성 및 재무위험에 관한 연구)

  • Choi, Hoang-Taig
    • The Korean Journal of Franchise Management
    • /
    • v.5 no.1
    • /
    • pp.85-108
    • /
    • 2014
  • This study provides the information about size, financial structure, profitability and growth of franchisors using financial data(asset, liability, equity, sales volume, operating income and net income) in uniform franchise offering circular of fair trade commission. The data were collected from 1,050 franchisors in various business fields: fast food, family restaurant, bakery, agriculture & fishery and liquor shop in the uniform franchise offering circular in 2012 and 2011. Results of this study are as follows: For company size, median of total assets was KRW 675 million and the accumulated median assets rate was 0.48%, but the accumulated median company numbers were 49.9%, which showed small size. For financial structure, 525 companies were below 200% debt ratio, while 314 (29.9%) companies were in over 200% debt, and 211 (20.1%) companies were impaired in capital. These also showed financial structure was vulunerable. For profitability, median of ROA for total companies were only 4.72%, which showed low profitability. For growth, median of growth rate for sales were 7.57% per year, which showed mature industry. In overall, the results showed franchisors should improve their financial status.

Factors Affecting Satisfaction with Medical Service of the Elderly with Disabilities : Focusing on Health Characteristics and Medical Service Characteristic (장애노인의 의료서비스 만족도 영향 요인 : 건강 특성과 의료서비스 특성을 중심으로)

  • Kwak, Jee-Young;Shin, Eunkyoung
    • The Journal of the Korea Contents Association
    • /
    • v.22 no.5
    • /
    • pp.788-797
    • /
    • 2022
  • The purpose of this study is to identify the satisfaction with medical services of the disabled elderly who have the highest need for medical services. For this purpose, the effect of health characteristics and medical service characteristics of the disabled elderly on medical service satisfaction was verified. The subjects of analysis were 3,323 persons with disabilities aged 65 or older who were taken from the national survey of people with disabilities in 2017. For statistical analysis, descriptive analysis, correlation analysis, and regression analysis were performed using the SPSS 26.0 program. The results of the study showed as follows. As a result of the regression analysis, gender (β= -.045, p<.05) and residence status (β= -.048, p<.05) among the demographic characteristics as control variables had a statistically significant effect on the level of medical service satisfaction. Among the health characteristics, IADL (β=-.044, p<.05) had a statistically significant effect on medical service satisfaction level. In the case of medical service characteristics, satisfaction with medical facilities and equipment (β = .290, p< .001), medical staff's level of understanding of disability (β = .404, p< .001), health-related service use (β = .182, p<.05) had a statistically significant effect on the level of medical service satisfaction. Based on the results, practical alternatives to ensure health equity in the community medical system were suggested in the discussion to enhance the health management and self-determination capabilities of the disabled elderly.

Multi-objective Genetic Algorism Model for Determining an Optimal Capital Structure of Privately-Financed Infrastructure Projects (민간투자사업의 최적 자본구조 결정을 위한 다목적 유전자 알고리즘 모델에 관한 연구)

  • Yun, Sungmin;Han, Seung Heon;Kim, Du Yon
    • KSCE Journal of Civil and Environmental Engineering Research
    • /
    • v.28 no.1D
    • /
    • pp.107-117
    • /
    • 2008
  • Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

Environmental Exposure and Health Inequality by Socio-economic Position among Older People (지역사회 노인의 사회경제적 위치에 따른 환경유해인자 노출과 건강 불평등)

  • Lee, Seyune;Kim, Hongsoo;Jung, Young-Il;Choi, Yoon-Hyeong;Lee, Kiyoung;Yu, Seung-do;Hong, Yun-Chul
    • 한국노년학
    • /
    • v.34 no.2
    • /
    • pp.349-367
    • /
    • 2014
  • The purpose of this study is to investigate the relationships between socio-economic position(SEP), environmental exposures, and health of older people in Korea. This study used the data from 'Environmental Exposures and Their Health Effect in Korean Elderly Population'. The sample includes a total of 563 elderly people who were 60 years of age or older. Data on SEP, environmental exposure, and health impact were collected and analyzed using descriptive statistics and multivariate regressions. As a result, study participants' SEP including age, family type, monthly expenditure, type of house, and region was significantly associated with environmental exposure. Also, while adjusting for SEP, environmental exposure such as allowing indoor smoking was associated with self-rated health and depression of study participants. The study findings showed inequality in environmental exposure and health outcomes by SEP in Korean elderly. Environmental exposure was associated with health outcome even after adjusting SEP, and this implied that environmental exposure could be a critical factor in explaining heath inequality by SEP. Further studies are necessary to better understand the causal relationships among SEP, environmental exposure, and health outcomes.

An Examination of the Effectiveness of Crisis Response Strategies for Repairing Competence and Integrity Violations

  • Sung, Yen-yi;Lee, Han-joon;Park, Jong-chul
    • Asia Marketing Journal
    • /
    • v.15 no.1
    • /
    • pp.129-154
    • /
    • 2013
  • Product-harm crises, which are connected to defective or dangerous products, are perceived as the most common threats to a company. Product harm crises can distort long standing favorable equality perceptions, tarnish a company's reputation, cause major revenue and market-share losses, lead to costly product recalls, and devastate a carefully nurtured brand equity. However, in spite of the devastating impact of product-harm crises, little systematic research exists to asses its marketing consequences. So, the purpose of this study is to investigate how Koreans react to the crisis response in the aftermath of different crises(competence violation vs. integrity violation) and inspire additional research in crisis communication. This study has three main findings which run counter to the assumptions of Kim et al.(2007). Namely, the current study expands on the research of Kim et al. (2004, 2007) by examining how companies repair customers' trust and corporate attitude after crises. Different from previous studies, this study assumes that apology for an integrity-based crisis is the most appropriate way to repair consumer trust and corporate attitude. As for competence-based crisis, similarly, apology for competence-based crisis can be more successful repairing consumer trust and corporate attitude. Concerning silence strategy, remaining silent dose not admit or deny guilt right away, but instead of asking the perceiver to withhold judgment, suggesting that, silence could be expected to be superior to apology but inferior to denial. Finally, apology for competence violation will be expected to bemore effective than apology for integrity violation. Research conceptual model was as follows: According to the results, apology is found to be the most effective strategy to repair corporate attitude no matter the crisis is perceived as a violation of competence or integrity. Second, company may consider keeping silent as a desirable response because they does not admit nor deny responsibility but ask the public to withhold judgment. However, the result of this study shows that, in the overall crisis situations, silence strategy did not differ significantly from the denial strategy, which suggested that the public wants explanation instead of uncertainty. Third, there was the interaction effect between crisis type and crisis response strategies. In this study, apology is more effective for the competence violated situation in terms of regaining consumer trust and repairing their attitude toward company, while the apology's effectiveness is lower for the integrity-violated situation. More specifically, when the crisis is perceived due to company's lack of ability(competence violation), consumer's trust belief and attitude toward the company is more easily to repair when the company issued a sincere apology. Damaged product is perceived less intentional so participants are more likely to give the company second chance when they apology to the public. By contrast, exaggerated advertisement(integrity violation) is perceived intentionally and thus makes participants angrier toward the accused company. Although apology is perceived as the most effective strategy, when issuing apology, it also means the company admitted their intention. Therefore, in this kind of crisis situation, trust repair needs not only a sincere apology but additional efforts.

  • PDF

Informative Role of Marketing Activity in Financial Market: Evidence from Analysts' Forecast Dispersion

  • Oh, Yun Kyung
    • Asia Marketing Journal
    • /
    • v.15 no.3
    • /
    • pp.53-77
    • /
    • 2013
  • As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

  • PDF