• Journal of Distribution Science
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• v.11 no.3
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• pp.23-29
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• 2013

Purpose - Recently, the Korean government is seeking to internationalize KRW and reduce its heavy reliance on the U.S. dollar and better cope with risks from external turbulence. However, there has been too little study on this subject in comparision with its importance. The main objective of the paper is to distinguish the descrete stages of the KRW internationalization and recognize the costs and benefits of each stage. Research design, data, methodology - In order to achieve its goal, this study accomplishes a formal policy analysis based on potential factors of currency internationalization and an examination of legal practices in relation to Foreign Exchange Transaction Regulation (the Regulation). Results - This study found that securing monetary policy may not be easy under liberalized capital account for a small open economy like Korea in view of the trillema. In addition, the inherent ambiguity of the Regulation may increase the costs of KRW internationalization. Conclusions-This study revealed the negative system for the control of foreign exchange of the Korean government. The excessive regulatory restrictions on foreign exchange may hinder the process of KRW internationalization. Some legal and policy reforms are needed to improve related regulation and infrastructure.

• KDI Journal of Economic Policy
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• v.23 no.1_2
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• pp.71-147
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• 2001

The structural balance is obtained by neutralizing the impact of economic cycles on the actual balance. It is often used as an indicator of the long-term stability of government finance and as a measure of fiscal stance. Many countries nowadays produce and report the estimates of their structural balances regularly, and the IMF recently advised the Korean government to adopt this practice for better fiscal transparency. This paper surveys the methodologies employed by the OECD secretariat and the IMF to estimate structural balances and apply them to the Korean data. It then computes the fiscal impulse indicator (FI) and suggests a decomposition of FI into the changes in structural expenditures and revenues. In addition, primary and operational balances are estimated. The estimated series of structural balances, one by the OECD methodology and the other by the IMF, show no sizable difference from each other. These series also follow the actual series of budget balance quite closely. The latter characteristic stems from two factors, namely the rather small GDP gap and the rather small size of the tax revenue as a share of GDP. The impulse indicator estimated for the last three decades indicates that the fiscal stance in Korea contributed to smoothing the economic cycles in about half of the times. In particular, the fiscal tightening in the early 1980s to reduce inflation resulted in a pro-cyclical movement in fiscal stance as did the expansionary policy in the early 1990s. The overall performance, however, is not bad when compared with those of other countries.

• ETRI Journal
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• v.25 no.4
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• pp.258-265
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• 2003

In our study, we extracted the market, finance, and government factors determining R&D investment of individual firms in the IT industry in Korea. We collected the financial data of 515 individual firms belonging to IT and non-IT industries between 1980 and 1999 from the Korea Investors Service's database and investigated the empirical relationship between the factors using an ordinary regression model, a fixed effects model, and a random effects model. The main findings of our study are as follows: i) The Herfindahl Index variable representing the degree of market concentration is statistically insignificant in explaining R&D expenditures in the IT manufacturing industry. ii) Assets, which is used as a proxy variable for firm size, have a positive and statistically significant coefficient. These two results suggest that the Schumpeterian Hypothesis may be only partially applied to the IT manufacturing industry in Korea. iii) The dividend variable has a negative value and is statistically significant, indicating that a tendency of high dividends can restrict the internal cash flow for R&D investment. iv) The sales variable representing growth potential shows a positive coefficient. v) The subsidy as a proxy variable for governmental R&D promotion policies is positively correlated with R&D expenditure. This suggests that government policy has played a significant role in promoting R&D activities of IT firms in Korea since 1980. vi) Using a dummy variable, we verified that firms reduced their R&D investments to secure sufficient liquidity under the restructuring pressure during Korea's 1998 and 1999 economic crisis.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.223-233
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• 2020

This study aims to analyze the influence of apparatus resources, organizational commitment, internal control on the accountability of village fund allocations with the level of education as a moderating. Accountability analysis of village fund allocation is carried out at every stage of planning, implementation stage, administration stage, reporting stage, and accountability stage. The study was conducted in 18 villages in Undaan District, Kudus Regency - Indonesia, with a total sample of 115 village officials. Structural Equation Model analysis techniques with Warp Partial Least Square were used to test the research hypotheses. The results showed that apparatus resources, organizational commitment, and internal control had a positive effect on the accountability of village fund allocations. The level of education strengthens the influence of apparatus resources on the accountability of village fund allocations. The findings of the study further prove that commitment has positive implications for achieving accountability. It means that the higher the commitment made by the government apparatus, the better and higher the effect on accountability in managing public funds. With an ethical commitment of the government apparatus in managing the budget, the use of funds can be in accordance with the planning and designation so that goals can be achieved.

• The Journal of the Korea Contents Association
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• v.10 no.4
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• pp.367-374
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• 2010

The purpose of this study is suggesting proper support policy for the social enterprises by investigating the agency's needs of aiming social enterprise. The major findings of this research are as follows. Inter obstacle factors are the lack of operating and investment funds, and preceding condition for social enterprise's conversion is most important is finance support. The preparation of social enterprise's establishment and operating fund is needed in the conversion's process for social enterprise, and the important issues that central and local government have to solve are the support of labor cost and the obligation of trusts and purchases. Therefore, central and local government have to support initially funds for having facilities and staffs in social enterprises, and support forming market for the goods and services of social enterprises.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.131-144
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• 2020

The study investigates the impact of factors on environmental accounting implementation in mining enterprises in Binh Dinh province, Vietnam. The survey was carried out in three phases: 1) a draft survey form; 2) in-depth interviews with experts; 3) design questionnaire. The survey respondents were people who had knowledge of environmental information in mining enterprises in Binh Dinh province, including: accountant, chief accountant, financial deputy director or director. The questionnaire was is sent directly or through Google Form tool. The author received 162 responses votes from the survey respondent, out of which 13 were unusable due to missing data. Thus, 149 valid responses votes were used. This study employs Cronbach's alpha analysis, exploratory factor analysis and multivariate regression analysis. The results showed the influence of five different factors on environmental accounting implementation in mining enterprises in Binh Dinh province: stakeholders pressure, corporate characteristics, coercive pressure of government agencies, environmental awareness of senior managers and accountant qualifications of environmental accounting. While the pressure of stakeholders has a negligible influence, the remaining four factors (coercive pressure of government agencies, environmental awareness of senior executives, business characteristics, accountant qualifications of environmental accounting) have significant effect on environmental accounting implementation in mining enterprises in Binh Dinh province, Vietnam.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.35-44
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• 2018

The study is aimed at investigating the main factors that affect the interest rate yields, in the long-term. In addition, the study surveys the theories and literature relating to the determinants of interest rate. The importance of which is essential not only for governments, but also for banks and corporate financial risk management decisions, including risk exposures in banks and capital markets. Interest rate influences corporate profit as well as growth. For this purpose, the study examines the impact of budget deficit, risk-free rate, capital inflows, money supply and business cycles on real interest rate in Jordan. These factors are based upon well-established theories and straightforward practical view as interest rate determinants. Using data for (1990-2015), the study employed Johansen's co-integrating test, which takes into consideration the long-term unsynchronized relationships. The data is tested for normality, symmetric correlations, covariance diagonal and unit root. The results show that the government budget deficit, short-term risk-free interest rate, capital inflows, money supply and business cycle are long-term determinants of the real interest rate in Jordan. The coefficients of government budget deficit, short-term risk-free rate, money supply and business cycle all are inversely affecting the real interest rate, while capital inflows has a positive impact on the real interest rate.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.489-495
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• 2020

Income inequality is a problem that is not only faced by developing countries such as Indonesia, but also developed countries. The difference lies in the proportion of an inequality that occurs and the solution to the level of difficulty experienced. Thus, this study aims to empirically analyze the unequal distribution of population income in Java island, Indonesia, by including the human development index, open unemployment rate, foreign investment, and the degree of fiscal decentralization. The research model used in this study was multiple linear regression to analyze the panel data with a fixed-effect model approach. The results of the study showed that human development index, open unemployment rate, and the degree of fiscal decentralization had a positive and significant effect on income inequality in Java island. Meanwhile, foreign investment had a negative and insignificant effect on income inequality in Java. It is because the value of the investment is more invested in the capital-intensive sector. The government is expected to be more selective in accepting foreign investments that enter the country, especially in Java, and it should be labor-intensive investments. In addition, the government has to equalize locations for foreign investment without reducing good cooperation with these foreign investors.

• Journal of Engineering Education Research
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• v.18 no.3
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• pp.59-68
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• 2015

This study was implemented for the purpose of analyzing the effects of Engineering Education Accreditation. Now, 15 years has passed adopting the engineering education system. We need to analyze the effect that this system has changed on the ground of engineering education, and it cultivated the human resource. In order to achieve the purpose of this study, the survey were done on the professors, graduates, and workers. The results and conclusions of this study are summarized as follows: First, it is urgent need to change the system of accreditation, and to get the public trust on assessment. Second, it is necessary to make circumstance that engineering education accreditation is advertised to the industries, and the industry can join the development, consulting, evaluation of curriculum. Third, government needs to make the policy that gives the incentive to the industries, if they give some merits to the accreditation graduates. Fourth, certificate of program graduate is desired to spread the accreditation proliferation. Fifth, government should systemize that accreditation program can get advantage to be selected for the public finance business(e.g. BK, LINC).. It will impact the quality Improvement and accountability of engineering programs.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.21-31
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• 2020

Environmental pollution and climate change in Vietnam are now becoming a major concern. This situation is increasing the pressure on the companies to improve their social responsibility in production and business activities and disclose the environmental information to meet the requirements of stakeholders. This study investigates the internal and external factors of the company that affects the environmental information disclosure of listed companies on the Vietnam stock market as business sector, firm size, corporate manager perceptions, profitability, financial leverage, community pressure, pressures from stakeholders, government pressure influencing environmental information disclosure. Analytical data collected through the survey of 120 listed companies on the Ho Chi Minh City Stock Exchange (HOSE). By testing Cronbach's Alpha, exploratory factor analysis (EFA) and logistic regression analysis, the results of the study show that the level of environmental information disclosure of listed companies on the stock market in Vietnam depends heavily on government regulations, followed by the pressure from stakeholders, community pressure, views of business managers, companies size, business sector, and particularly profitability and financial leverage factors that have a negative relationship with environmental information disclosure.