• International conference on construction engineering and project management
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• 2007.03a
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• pp.509-519
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• 2007

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.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.175-181
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• 2022

Malmendier and Tate (2005) and Aktas et al. (2019) suggested that overconfident managers will invest if they have sufficient internal funds. Still, they will save internal funds instead of reducing investment if they have insufficient internal funds because they perceive more substantial financial constraints than other managers. This study examines whether overconfident managers will not invest when the financial crisis makes it difficult to raise external funds. In particular, during the financial crisis in Japan, banks simultaneously provided active monitoring and financing to firms with strong relationships with banks. Therefore, this study can also examine the relationship between overconfident managers and bank behavior by focusing on Japanese firms. This study examines whether overconfident managers increase their investment in firms with strong relationships with banks during the financial crisis. The results of this study showed that overconfident managers, especially their firms with strong relationships with banks, reduce investments more than other managers during the financial crisis. This study suggests that Japanese banks reduced financial constraints and exerted strong corporate governance on Japanese firms during the financial crisis.

• Journal of the Korean association of regional geographers
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• v.11 no.6
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• pp.571-584
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• 2005

The population concentration in the Capital region of Korea has become an important issue for the pursuit of the balanced regional human capital development. Considering migration both as a geographic and a social movement, migration to the capital region could be examined in the push factors and the selective migrant characteristics from the out-migration region. Their relative importance reveals that age and education level are important in almost all years, but the importance of the percentage of manufacturing sector and rural/urban region moves to the years of education, the percentage of unskilled occupation and manufacturing sector and unemployment ratio recently. Since the brain drain has been occurring under the highly unbalanced regional development in Korea, the results suggest that regional human capital investment should be accompanied with enlarging quality employment opportunities to reap the benefits.

• Journal of Labour Economics
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• v.44 no.1
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• pp.169-204
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• 2021

We empirically verified whether there are different educational investment behaviors according to university admissions, using the Korean Education and Employment Panel data. The results are as follows; the average annual private education cost and the average amount of time spent studying alone per week of rolling admission type were lower than those of regular admission type. Also, rolling admission applicants had longer leisure and sleeping hours, such as watching TV and using computers. These results show the possibility that the university admission system will change the educational investment behavior. Furthermore, there is a possibility to induce the human capital investment to be made efficiently.

• International Journal of Computer Science & Network Security
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• v.22 no.7
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• pp.29-34
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• 2022

The innovative process of digitalization and creation of innovation from an idea to its commercialization requires certain financial costs, labor and mental efforts. The amount of investment (corporate and public) is the most important imperative to enhance innovation and is traditionally considered as the main "input" indicators of the development of innovation infrastructure, in this case, the financial infrastructure of innovation. At the same time, the modern theory of innovation development assumes a systematic approach to the organization of innovation activity, which provides for the close interaction of several subsystems: human (including intellectual) potential, financial and technological capital, as well as relevant institutions and methods of regulation.. Thus, the main task of the study is to analyze the features of investment support for the process of digitalization of socio-economic systems in the context of strengthening international economic relations. As a result of the study, current trends and prerequisites of investment support for the process of digitalization of socio-economic systems in the context of strengthening international economic relations were revealed.

• Korea Trade Review
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• v.42 no.1
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• pp.217-236
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• 2017

The purpose of this study is to analyze the effects of IFDI on the regional growth of 16 subregions in Korea during 2000~2014 by applying the System GMM. As a result of the analysis, the IFDI flowed into Korea has showed a positive effect on regional economic growth such as capital formation, job creation, and export expansion. but import has showed a negative effect. and Human capital has showed a positive effect but not statistically significant. meanwhile, IFDI which was flowed in the regions has showed a positive effect on the GRDP of DK regions including Daegu and Kyongbuk, while the GRDP of Metropolitan including Seoul, Incheon and Gyeonggi and BUK regions including Busan, Ulsan, Kyongnam has showed a negative effect. there were observed similar trends in the complementarities between IFDI inflows and human capital. This study has confirmed that IFDI flows into Korea are an important factor for regional growth, but the growth effect on GRDP in the region differs according to regional characteristics. Therefore, this study has suggested that it is urgent to reorganize the industrial structure along with the IFDI attraction strategy suitable for regional characteristics in order to expand the growth effect of IFDI flowed into the regions.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.3
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• pp.27-34
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• 2017

This study aims to assess the attraction of foreign direct investment in Vietnamese economic zones (including industrial zones and economic zones). The main research method used are synthesis and comparison analysis based on the data collected from the surveyed group comprising of enterprises operating in the economic zones in the Middle (Chu Lai, Nhon Hoi, Dung Quat) and the Southern (the largest island: Phu Quoc). After conducting surveys, research results show that there is a difference between the assessment and the level to meet the requirements of investors with business environment, expressed through the following criteria: (1) the infrastructure; (2) quality of public services; (3) preferential policies; (4) labor; (5) market; and (6) social services. Based on the assessment of the identified criteria, this paper had suggested six number of recommendations to promote the role of attracting foreign direct investment capital into the economic zones in Vietnam: (1) implementing the "one-stop-shop" policy; (2) continuing to improve the infrastructure of economic zones; (3) prevent and ensure the security of economic zones; (4) implementing vocational training activities to improve quality of human resources; (5) development of supporting industries; (6) raising the quality of capital invested in the economic zone.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.345-352
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• 2021

Guided by a resource-based theory, this study is the first one that takes a quantitative approach to identify determinants of competitiveness of women-owned small and medium enterprises (SMEs) in Vietnam. The study employs time series data of Vietnamese SMEs extracted from the Vietnam Small and Medium Enterprises Survey conducted biennially from 2005 to 2015 in ten Vietnamese provinces. Firm competitiveness hereby is indicated by revenue, market share, profitability, and export volume. The research reveals a number of determining factors, of all, research and development, labor skills, business environment, technology investment are the most important factors, followed by capital and headcount. It is indicated that the determining factors have different influences on competitiveness obtained by different measurements. Therefore, it is based on specific targets and situations to make wise business decisions. The authors also make comparisons among groups of women-owned enterprises divided by their firm age, location, ownership, export, age, and educational background of business owners. The findings serve as critical empirical evidence and provide policy recommendations for improving the competitiveness of women-owned SMEs in Vietnam. The recommendations range from technology support, education and professional support for female entrepreneurs, access to capital and human resources to business environment improvement.

• Architectural research
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• v.7 no.2
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• pp.91-96
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• 2005

The purpose of this study is to clarify the reality of labor and capital productivity in the construction industry through an industry-level approach and to analyze the relationship between labor and capital productivity using a Cobb-Douglas production function. According to the research results, the construction industry has shown a very high capital productivity, while labor productivity has kept up a low level during the 1980s and 1990s. The reason was because of the lack of skillful construction workers and the decrease of capital. Meanwhile, the construction productivity has greatly increased since 2000 when there was no change in wages. This was because of a large inflow of low-wage foreign workers while the amount of value added has dramatically increased due to the liberalized sale price of apartment buildings. According to the analysis by the Cobb-Douglas production function, the elasticity coefficient of V/L to K/L in the construction industry had decreased from 1.1663 in the $1^{st}$ period(1971-1988) to 0.4465 in the $2^{nd}$ period(1989-1997), and to 0.1664 in the $3^{rd}$ period(1998-2003). Such a result means that the allocation of labor has gradually increased while the allocation of capital has decreased. Moreover there was a big increase in allocation of labor after 1998 due to the excessive deterioration of capital. In conclusion, in order to raise the construction productivity and to avoid labor-intensive production methods, investment for capital should be more increased. In particular, new machinery and equipment that can actually substitute human labor in construction sites should be more developed and applied to construction sites.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.968-973
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• 2005

The purpose of this study is to clarify the reality of labor and capital productivity in the construction industry through an industry-level approach and to analyze the relationship between labor and capital productivity using a Cobb-Douglas production function. According to the research results, the construction industry has shown a very high capital productivity, while labor productivity has kept up a low level during the 1980s and 1990s. The reason was because of the lack of skillful construction workers and the decrease of capital. Meanwhile, the construction productivity has greatly increased since 2000 when there was no change in wages. This was because of a large inflow of low-wage foreign workers while the amount of value added has dramatically increased due to the liberalized sale price of apartment buildings. According to the analysis by the Cobb-Douglas production function, the elasticity coefficient of V/L to K/L in the construction industry had decreased from 1.1663 in the 1^st period(1971-1988) to 0.4465 in the 2^nd period(1989-1997), and to 0.1664 in the 3^rd period(1998-2003). Such a result means that the allocation of labor has gradually increased while the allocation of capital has decreased. Moreover there was a big increase in allocation of labor after 1998 due to the excessive deterioration of capital. In conclusion, in order to raise the construction productivity and to avoid labor-intensive production methods, investment for capital should be more increased. In particular, new machinery and equipment that can actually substitute human labor in construction sites should be more developed and applied to construction sites.