• The Journal of Economics, Marketing and Management
• /
• v.5 no.2
• /
• pp.10-32
• /
• 2017

The landscape of corporate reporting is changing quickly. The concepts, elements and principles that characterize the way organizations plan, manage and report their annual performances are currently being questioned, debated, and redesigned throughout the world. However, widening the scope of corporate performance and reporting is a major issue. Research needs to bridge the gap between social and financial performance by considering corporate performance in a wider perspective. At base, IR is a relatively new but powerful idea: enhancing the way organizations think, plan and report the story of their business. Organizations are using IR to communicate a clear, concise, integrated story that explains how all of their resources are creating value. This paper examines the rise of what has been widely claimed to represent a new and striking future for corporate reporting, namely the notion of "Integrated Reporting" (IR). Unfortunately, there is poor empirical research work undertaken which has focused on published integrated reports. This research study provides initial analysis of the content and structure of the corporate integrated reports published in 2013 and available on the International Integrated Reporting Council (IIRC) Emerging Examples Database. As part of this study, Integrated Reports were analyzed for company information, report information and report content. Moreover, they were also evaluated as to the extent these adhered to the integrated reporting (IR) Guiding Principles, Content Elements, and the multiple capitals model. Findings of this study indicate that "early integrated reports were mostly lengthy, fail to adhere to all the guiding principles, and covered four of the six capitals suggested." At present, no universally accepted global framework for IR exists and it is still largely a voluntary practice. We believe that IR of both financial and non-financial performance should be made mandatory, and it should become a universal practice for all the global listed companies within the next 5-10 years.

• Journal of Convergence for Information Technology
• /
• v.9 no.11
• /
• pp.103-109
• /
• 2019

The purpose of this study is to examine various existing models that analyze the economic value of meteorological information, to present a new analysis model, a market model, and to quantitatively analyze the economic value of meteorological information in the Korean service industry using the market model. The research method of this paper will basically use empirical analysis along with the theoretical approach to critically examine the existing analytical model of economic value of meteorological information and to suggest a new analytical model. The analysis results are as follows. Theoretically, the marginal cost of firms is reduced by providing the amount of weather information, and social welfare is increased by the increase of consumer and producer surplus. In this paper, the marginal cost of 1% increase in the amount of weather information decreases by 0.101% and the increase in social welfare increases by 1,247billion Won in 2017. On the other hand, in the accommodation and restaurant sectors, the marginal cost due to a 1% increase in weather information decreased by 0.218%, and the social welfare increase increased by 308billion Won in 2017.

• The Journal of The Korea Institute of Intelligent Transport Systems
• /
• v.12 no.3
• /
• pp.42-52
• /
• 2013

In this study, value of VMS (Variable Message Sign) traffic information is estimated by using CVM (Contingent Valuation Method), which is developed to quantify the value of non-marketable goods in environmental economics. CVM is used to estimate the value of goods provided by a project under consideration and then the project feasibility can be indirectly examined on the basis of the estimated value. This study focuses on estimating to estimate value of traffic information provided through VMS, a part of the transportation system enhancement project by Korea Expressway Corporation which is aimed at mitigating traffic problems on expressways. In particular, this study analyzes value of information separately by trip purpose, information type, and traffic flow condition. A state preference survey was designed to estimate the value of non-marketable traffic information. To maximize reliability of the survey results, a pilot survey was taken before the main survey. The open-ended question method was adopted in capturing users' willingness-to-pay. Both Tobit and binary Probit models were applied in estimating the value of VMS traffic information and their parameters were estimated using the maximum likelihood estimation. The estimation results suggests that the value of traffic information perceived by users is 518.28 KRW.

• Journal of the Korean Data and Information Science Society
• /
• v.27 no.4
• /
• pp.935-946
• /
• 2016

In this paper, we analyzed wage determinants of the vocational high school graduates utilizing both individual-level and work region-level variables. We formulate the models in the way wage determination has multi-level structure in the sense that individual wage is influenced by individual-level variables (level-1) and work region-level (level-2) variables. To incorporate dependency between individual wages into the model, we utilize hierarchical linear model (HLM). The major results are as follows. First, it is shown that the HLM model is better than the OLS regression models which do not take level-1 and level-2 variables simultaneously into account. Second, random effects on sex, maester dummy and engineering dummy variables are statistically significant. Third, the fixed effects on business hours and mean wage of regular job for level-2 variables are statistically significant effect individual-level wages. Finally, parental education level, parental income, number of licenses and high school grade are statistically significant for higher individual-level wages.

• The Journal of Korea Institute of Information, Electronics, and Communication Technology
• /
• v.9 no.3
• /
• pp.278-284
• /
• 2016

Software reliability in the software development process is an important issue. In infinite failure NHPP software reliability models, the fault occurrence rates may have constant, monotonic increasing or monotonic decreasing pattern. In this paper, infinite failures NHPP models that the situation was reflected for the fault occurs in the repair time, were presented about comparing property. Commonly, the software model of the infinite failures using the linear hazard rate distribution software reliability based on intercept parameter was used in business economics and actuarial modeling, was presented for comparison problem. The result is that a relatively large intercept parameter was appeared effectively form. The parameters estimation using maximum likelihood estimation was conducted and model selection was performed using the mean square error and the coefficient of determination. The linear hazard rate distribution model is also efficient in terms of reliability because it (the coefficient of determination is 90% or more) in the field of the conventional model can be used as an alternative model could be confirmed. From this paper, the software developers have to consider intercept parameter of life distribution by prior knowledge of the software to identify failure modes which can be able to help.

• Journal of Distribution Science
• /
• v.13 no.9
• /
• pp.37-45
• /
• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Environmental and Resource Economics Review
• /
• v.14 no.1
• /
• pp.75-100
• /
• 2005

This study attempts to empirically investigate the respondents' preference uncertainty involved in stating their willingness to pay (WTP). In the contingent valuation (CV) survey, we employed two approaches using two split samples. The respondents of one sample were given the opportunity to express intensity of preference through polychotomous choice (PC) WTP question. Those of the other sample were given a follow-up question of confidence measure (0~100%). By incorporating the two elicited degrees of preference uncertainty into examining the WTP responses, we take a comparison of the two approaches in terms of the goodness-of-fit of the examination and the efficiency of the mean WTP estimates. In comparing the DC model with the PC models, the DC model provides more efficient estimates. Moreover, the conventional DC model give some gains in terms of the goodness-of-fit and efficiency in comparing with the PC model most similar to this model. In this specific study, incorporating the preference uncertainty in DC model results greater estimates than conventional DC model without loss of goodness-of-fit and efficiency. This implies that the consideration of preference uncertainty on DC model could correct underestimating. We conclude that DC model provides a better estimate of WTP and preference uncertainty could be a critical information on the DC-CV estimation.

• Asian Pacific Journal of Cancer Prevention
• /
• v.13 no.10
• /
• pp.5125-5129
• /
• 2012

Economic decision models are being increasingly used to assess medical interventions. Advances in this field are mainly due to enhanced processing capacity of computers, availability of specific software to perform the necessary tasks, and refined mathematical techniques. We here estimated the incremental cost-effectiveness of ten strategies for colon cancer screening, as well as no screening, incorporating quality of life, noncompliance and data on the costs and profit of chemotherapy in Iran. We used a Markov model to measure the costs and quality-adjusted life expectancy of a 50-year-old average-risk Iranian without screening and with screening by each test. In this paper, we tested the model with data from the Ministry of Health and published literature. We considered costs from the perspective of a health insurance organization, with inflation to 2011, the Iranian Rial being converted into US dollars. We focused on three tests for the 10 strategies considered currently being used for population screening in some Iranians provinces (Kerman, Golestan Mazandaran, Ardabil, and Tehran): low-sensitivity guaiac fecal occult blood test, performed annually; fecal immunochemical test, performed annually; and colonoscopy, performed every 10 years. These strategies reduced the incidence of colorectal cancer by 39%, 60% and 76%, and mortality by 50%, 69% and 78%, respectively, compared with no screening. These approaches generated ICER (incremental cost-effectiveness ratios) of $9067, $654 and $8700 per QALY (quality-adjusted life year), respectively. Sensitivity analyses were conducted to assess the influence of various scales on the economic evaluation of screening. The results were sensitive to probabilistic sensitivity analysis. Colonoscopy every ten years yielded the greatest net health value. Screening for colon cancer is economical and cost-effective over conventional levels of WTP8.

• Journal of Labour Economics
• /
• v.43 no.1
• /
• pp.1-34
• /
• 2020

As the economic environment rapidly changes, the ability to flexibly adapt has become a vital skill which is primarily attained through education and training. Subsequently, it is essential that the effects of vocational eduction and training are closely examined to see if they are fulfilling their goals; specifically, whether they bolster the chances of gaining employment. To that end, the endogenous aspects of training variables must be controlled. This study critically assesses the approaches of current literature in regards to tackling the endogeneity issue, and investigates the effects of vocational training through various econometric models. The results failed to reveal any positive effects of Korea's vocational training on employment. However, the negative effects were also not large enough to be significant. Additionally, the marginal effects were weaker for women and older age groups-which show a disparity between men and women-than for men and younger age groups, respectively. A more comprehensive and in-depth analysis will be needed of these results using recent data and detailed information about the training process.

• Journal of Technology Innovation
• /
• v.24 no.3
• /
• pp.53-79
• /
• 2016

Due to the rapid change of corporate environment of small and medium enterprises (SMEs), there is an increasing needs for the effective utilization of knowledge intensive services. Current knowledge intensive services for SMEs include various activities including venturing, R&D planning, R&D support, marketing, and networking. However, these activities are not differentiated according to the institutions that provides those services. In response, this study aims to explore and identify core knowledge intensive services, and specify the target knowledge service. The case study was conducted for the Divison of SMEs innovation in Korea Institute of Science and Technology Information (KISTI).