• East Asian Journal of Business Economics (EAJBE)
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• v.12 no.2
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• pp.1-7
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• 2024

Purpose: This study delves into the application of the Ohlson 1995 valuation model, particularly addressing the intricacies of the "Other information" variable. Our goal is to pinpoint the most suitable variables for substitution within this category, focusing specifically on the Mongolian Stock Exchange (MSE) context. Research design, data, and methodology: Employing data spanning from 2012 to 2022 from 60 MSE-listed companies, we conduct a comprehensive analysis encompassing both financial and non-financial indicators. Through meticulous examination, we aim to identify which variables effectively substitute for the "Other information" component of the Ohlson model. Results: Our findings reveal significant outcomes. While all financial variables within the model exhibit importance, certain non-financial indicators, notably the company's level and state ownership participation, emerge as particularly influential in determining stock prices on the MSE. Conclusions: This study not only contributes to a deeper understanding of valuation dynamics within the MSE but also provides actionable insights for future research endeavors. By refining key variables within the Ohlson model, this research enhances the accuracy and efficacy of financial analysis practices. Moreover, the implications extend to practitioners, offering valuable insights into the determinants of stock prices in the MSE and guiding strategic decision-making processes.

• Proceedings of the Korea Water Resources Association Conference
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• 2023.05a
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• pp.183-183
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• 2023

Smart water cities (SWC) are urban municipalities that utilizes modern innovations in managing and preserving the urban water cycle in the city; with the purpose of securing sustainability and improving the quality of life of the urban population. Understanding the different urban water characteristics and management strategies of cities situate a baseline in the development of evaluation scheme in determining whether the city is smart and sustainable. This research herein aims to develop measurements and evaluation for SWC Key Performance Indicators (KPIs), and set up a unified global standard and certification scheme. The assessment for SWC is performed in technical, as well as governance and prospective aspects. KPI measurements under Technical Pillar assess the cities' use of technologies in providing sufficient water supply, monitoring water quality, strengthening disaster resilience, minimizing hazard vulnerability, and maintaining and protecting the urban water ecosystem. Governance and Prospective Pillar on the other hand, evaluates the social, economic and administrative systems set in place to manage the water resources, delivering water services to different levels of society. The performance assessment is composed of a variety of procedures performed in a quantitative and qualitative manner, such as computations through established equations, interviews with authorities in charge, field survey inspections, etc. The developed SWC KPI measurements are used to evaluate the urban water management practices for Busan Eco Delta city, a Semulmeori waterfront area in Gangseo district, Busan. The evaluation and scoring process was presented and established, serving as the basis for the application of the smart water city certification all over the world. The established guideline will be used to analyze future cities, providing integrated and comprehensive information on the status of their urban water cycle, gathering new techniques and proposing solutions for smarter measures.

• Journal of Korean Society of Rural Planning
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• v.28 no.1
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• pp.37-47
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• 2022

The purpose of this study is to introduce the concept of community resilience to rural society and build an index suitable for the reality of rural areas. Furthermore, by calculating the importance of evaluation factors, it was attempted to present priorities and alternatives for each evaluation factor. By stratifying the derived indicators, a survey was conducted targeting 20 researchers, practitioners, and public officials, three groups of experts working in rural areas who were well aware of the realities and problems of rural areas. In the survey, a pairwise comparison was performed to compare factors 1:1 to calculate the importance, and for rational and consistent decision-making, decisions were made in the 9-grade section. Using the collected data, consistency analysis that can evaluate reliability in the decision-making process and the relative weight of evaluation factors were calculated through AHP analysis. As a result of the analysis, as a result of examining the priority of final importance by summarizing the importance of all evaluation factors, 'Income creation using resources' > 'Population Characteristics' > 'Tolerance' > 'External Support' > 'Social Accessibility' > 'Physical Accessibility' > 'Community Competence' > 'Infrastructure' > 'Leader Competence' > 'Natural Environment' was derived in the order. In the study dealing with urban community resilience indicators, social aspects such as citizen participation, public-private cooperation, and governance were presented as the most important requirements, but this study differs in that the 'income creation' factor is derived as the most important factor. This can be seen through the change in the income difference between rural and urban areas. The income structure of rural areas has changed rapidly, and it is now reaching a very poor level, so it is necessary to prepare alternatives to 'income creation' in the case of rural areas. Unlike urban indicators, 'population characteristics' and 'tolerance' were also derived as important indicators of rural society. However, there are currently no alternatives to supplement the vulnerability by strengthening the resilience of rural communities. Based on the priority indicators derived from the study, we tried to suggest alternatives necessary for rural continuity in the future so that they can be supplemented step by step.

• The Journal of Industrial Distribution & Business
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• v.9 no.1
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• pp.25-38
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• 2018

Purpose - The purpose of this study is to empirically investigate the impact of donor's fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country's fiscal status and the period of financial crisis. Research design, data, and methodology - A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results - We can confirm the relationship between donor country's fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries' factors such as GNI, population, and governance indicator. Conclusions - Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources.

• Journal of the Economic Geographical Society of Korea
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• v.23 no.2
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• pp.182-196
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• 2020

The purpose of this study is to analyze the characteristics and performance of the High Line as an example of Industrial Heritage Regeneration, and to derive implications for setting the direction of urban regeneration. The results of this study are summarized as follows. First, five measurement elements were derived from governance, physical performance, economic performance, social performance and cultural performance as an analytical framework for analyzing the characteristics and performance of the high line as a case of industrial heritage regeneration, and a total of 15 indicators were selected for each element. Second, the analysis of the characteristics and performance of the High Line regeneration shows that the High Line regeneration project has resulted in the establishment of effective governance, the physical improvement considering historicity and placeness, and the economic revitalization of the underdeveloped mid-western region of Manhattan, while the drive-out of natives due to gentrification.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.145-154
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• 2020

The paper aims to investigate the interactions between rule of law, economic growth and the shadow economy in 18 selected transition economies. This study uses annual data over the period 2002-2015 for 18 transition countries to estimate the effects of rule of law and other factors on the size of shadow economy. The transition country group is classified based on International Monetary Fund resources and is selected on the basis of the availability of data. The data examined in this research are derived from the World Bank, Worldwide Governance Indicators project and Working Paper from International Monetary Fund. This study employs GMM method. The results show that the economic growth indicators have negative and statistically significant impact on the shadow economy. Additionally, these results also reveal that in transition countries the size of shadow economy is negatively related to the quality of rule of law. However, the findings of this research also point out that there are positive relationships between inflation, public expenditure and the size of shadow economy. Hence the results from this study suggest that the size of shadow economy could be controlled by improving the effectiveness of rule of law and the growth of economy particularly in transition countries.

• The Journal of Industrial Distribution & Business
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• v.12 no.8
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• pp.41-52
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• 2021

Purpose: The study aims to analyze effects of wage on FDI inflows based on the threshold of institutional quality in 14 developing economies of Southeast and South Asia over the period from 2000-2017. Research design, data, and methodology: The study applies a fixed effect panel threshold regression. As a proxy for the institutional quality, it uses the six components of Worldwide Governance Indicators or a compound index obtained by an average of the six components. The data were taken from World Bank, the Chinn & Ito Database, and UNCTAD. To the best of our knowledge, no researches so far have considered the threshold of institutional quality in estimating the effect of wage on FDI inflows. Results: The composite index and each component of the six indicators of institutional quality except for voice and accountability, and regulatory quality are found to have nonlinear effects on FDI inflows. When the institutional quality is below the threshold, wage affects FDI inflows negatively. When the institutional quality is above the threshold, however, wage does not significantly affect FDI inflows. Conclusions: The effect of wage on FDI inflows varies depending on whether the institutional quality of the target countries is above or below the threshold.

• New & Renewable Energy
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• v.17 no.2
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• pp.9-23
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• 2021

In Korea, various community investment renewable project models are being implemented to increase community acceptance of renewable energy. An important factor for enhancing local acceptance is that renewable energy projects have a positive effect on revitalizing the local economy such as income increase or job creation for residents and local companies. To maximize the local economic effect of large-scale community investment renewable energy projects, this study developed an evaluation index for local economy activation, whose indicators are the local return on investment, local companies' participation, local job creation, regional cooperation, transparency, and governance. Analysis of existing evaluation indicators and current renewable projects, financial analysis, and expert interviews were used in this research. The pilot evaluation determined that, the local economic effect was high in the following order: a fund investment wind project (Gangwon), benefit-sharing wind project (Jeju), and general wind project. In particular, residents' investment amount, the number of participating residents, and the amount and transparency of the regional cooperation fund were key factors to expand the effect of local economy activation. This evaluation index could be used in public bidding for renewable energy projects such as offshore wind zoning areas of local government.

• Journal of the Korean Institute of Gas
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• v.27 no.2
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• pp.16-24
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• 2023

ESG (environmental, social, governance) management is being introduced with the goal of sustainable development of the company in risk management, which identifies and judgement various risks that may occur in the industry. In the future, ESG evaluation will be used more as a value judgment tools for corporate sustainability. This ESG evaluation was used to manage the company's accident prevention level. Through morphological analysis of the current ESG evaluation system, it was found that the quantitative 'safety evaluation index' available in ESG was insufficient through analysis of safety evaluation items. In this study, domestic and foreign industrial accident data was analyzed, 'accident contributing factors' that required intensive management were derived, and major safety management items that needed supplementation were selected based on the results. ESG safety evaluation indicators were developed through the process of optimizing the selected items into evaluation factors suitable for 'accident prevention management'.

• Journal of Internet Computing and Services
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• v.25 no.1
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• pp.69-78
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• 2024

Recently, consumers have shown an increasing tendency to seek information related to environmental, social, and governance (ESG) aspects in order to choose products with higher social value and environmental friendliness. In this paper, we proposes a product recommendation system applying ESG indicators tailored to the recent consumer trend of value-based consumption, utilizing a model called MultiSAGE that combines GraphSAGE and GAT. To achieve this, ESG rating data for 1,033 companies in 2022 collected from the Korea ESG Standard Institute and actual product data from N companies were transformed into a Heterogeneous Graph format through a data processing pipeline. The MultiSAGE model was then applied in machine learning to implement a recommendation system that, given a specific product, suggests eco-friendly alternatives. The implementation results indicate that consumers can easily compare and purchase products with ESG indicators applied, and it is anticipated that this system will be utilized in recommending products with social value and environmental friendliness.