• Environmental and Resource Economics Review
• /
• v.31 no.2
• /
• pp.233-260
• /
• 2022

In this paper, we analyzed how oil price fluctuations affect stock price by industry using the non-parametric quantile causality test method. We used weekly data of WTI spot price, KOSPI index, and 22 industrial stock indices from January 1998 to April 2021. The empirical results show that the effect of changes in oil prices on the KOSPI index was not significant, which can be attributed to mixed responses of diverse stock prices in several industries included in the KOSPI index. Looking at the stock price response to oil price by industry, the 9 of 18 industries, including Cloth, Paper, and Medicine show a causality with oil prices, while 9 industries, including Food, Chemical, and Non-metal do not show a causal relationship. Four industries including Medicine and Communication (0.45~0.85), Cloth (0.15~0.45), and Construction (0.5~0.6) show causality with oil prices more than three quantiles consecutively. However, the quantiles in which causality appeared were different for each industry. From the result, we find that the effects of oil price on the stock prices differ significantly by industry, and even in one industry, and the response to oil price changes is different depending on the market situation. This suggests that the government's macroeconomic policies, such as industrial and employment policies, should be performed in consideration of the differences in the effects of oil price fluctuations by industry and market conditions. It also shows that investors have to rebalance their portfolio by industry when oil prices fluctuate.

• The Korean Journal of Financial Management
• /
• v.26 no.2
• /
• pp.63-91
• /
• 2009

This paper tests the validity of pecking order theory by Myers(1977) and Myers and Majluf(1984) on Korean manufacturing firms listed in the KRX for the years of 1994 to 2003. We also want to see if there is any difference in financing behavior between chaebol affiliated firms and non-chaebol affiliated firms. We develop testable hypotheses from the idea that established relationship between bank and firm mitigates the problem of information asymmetry (Kang and Lim, 2001), and thus makes it easier for firms to raise funds through banks. The test result of the first stage shows that firms prefer cash reserves to debt financing, and prefer debt to equity. Chaebol affiliated firms are found to behave as if they already exploit internal capital markets. The second stage of the test carried out by dividing debt capital into bank loans and corporate bonds also shows a consistent pattern of financing behavior. Firms are testified to prefer cash to bank loans, bank loans to corporate bonds, and corporate bonds to equity. In this case chaebol affiliation seems to make firms behave as if they already establish internal capital markets. Further analysis shows that some, though not in every case, difference of ordering around the occasion of Korean financial crisis exists. It may be from the change of attitude of Korean firms to risk, or from weakened influence of internal capital market along with strengthened market power in the post-crisis period.

• Journal of the Korean housing association
• /
• v.22 no.5
• /
• pp.47-57
• /
• 2011

The purpose of this research is to demonstrate the necessity of conserving and maintaining eco-parks by estimating their economic value. Wonheung-ee Park in Sannam 3 District of Cheongju City was chosen as the subject and a quantitative estimation was conducted. The quantitative analysis utilized the hedonic price model that estimates the value of non-market goods. The summarized results of this study are follows. The subject park influenced the prices of its neighboring apartments. The most important factor was the distance between the park and the subject apartment. When the distance was longer than 400m, the impact was greatest. The quantitative assessment also showed that apartment prices and the distance between an apartment and the park had a negative relationship. When the distance increased by 1%, apartment prices decreased by 0.430%. This means that within a certain distance, the closer an apartment is to the park, the higher is the price. Demonstrating the economic value of eco-parks, this study also supports the importance of preserving eco-areas. It generally shows that when we develop a city, we should refrain destroying the ecosystem.

• Journal of Korea Multimedia Society
• /
• v.12 no.6
• /
• pp.777-784
• /
• 2009

Recently, the importance of geoCRM (geographic Customer Relationship Management) systems are growing rapidly. So, result of the recognition that their applications extend well beyond the traditional CRM systems with the advent of ubiquitous environment and generalized location based services. A majority of traditional CRM systems are either incapable of managing spatial data or are not user-friendly when doing so. On the other hand, the geoCRM systems can be built as providing the geographic-based functions about CRM, including spatial and market analyses and the visualization of customer data, etc. However, it lacks the specific model and implementation of the geoCRM systems, being caused by the incomprehension of needs, the absence of related standards and the difficulties of development, and so on. In this paper, we develop a new spatial analysis supporting system that to enhance productivity through the convenient use and management of spatial data. The functionality provided by our system includes a set of analysis functions based on data mining techniques which allow a user to affect powerful transformation on spatial data. Particularly, both spatial data and non-spatial attributes can be efficiently handled as an object through our OODBMS.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1999.10a
• /
• pp.42-46
• /
• 1999

Knowledge management(KM) is emerging as a robust management mechanism with which an organization can remain highly intelligent and competitive in a turbulent market. Organization memory(or knowledge) is at the heart of KM success. How to create organizational memory has been debated among researchers. In literature, a wide variety of methods for creating organizational memory have been proposed only to prove that its applicability is limited to decision-making problems which require shallow or non-causal knowledge type. However, organizational memory with a sense of causal knowledge is highly required in solving complicated decision-making problems in which complex dynamics exist between various factors and influence each other with cause and effect relationship among them. In this respect, we propose a new approach to creating a causal-typed organizational memory (CATOM), which has a form of causal knowledge and is represented in a matrix form, by using an inference diagram. An algorithm for CATOM creation is suggested and applied to an illustrative example. Results show that our proposed KM approach can effectively equip an organization with semi-automated CATOM creation and inference process which is deemed useful in a highly competitive business environment.

• Journal of Distribution Science
• /
• v.17 no.6
• /
• pp.33-42
• /
• 2019

Purpose - We investigate whether a firm's engagement in socially responsible activity affects the quality of financial reporting within the retail industry of Korean market. Recent studies argue that more socially responsible firms tend to show a better quality of financial reporting. Research design, data, and methodology - We use a variety of proxy variables related to the use of discretionary accruals and real activity manipulation to measure the quality of financial reporting. The total of environmental, social and governance score is used to represent the degree of socially responsible activity in the retail industry. We use regression models to examine whether more socially responsible firms show a higher quality of financial reporting. The sample of publicly traded Korea retail firms is analyzed from 2011 to 2016. Results - Our analysis finds supporting evidence for limited earning management via the use of discretionary accruals. We find, however, no significant relationship between the degree of social responsibility and the quality of financial reporting within chaebol affiliates unlike non-chaebol affiliates. Conclusions - Our results weakly support a better quality of financial reporting for more socially responsible firms. The results highlight the importance of firm characteristics in deciding the effect of socially responsible activity on corporate policies.

• Journal of Distribution Science
• /
• v.12 no.11
• /
• pp.25-34
• /
• 2014

Purpose - Considering that the governments' official statistics on the optimum scale of the domestic service industry will be crucial in future, this study's results will be used as an important benchmark to develop and verify the parameters in the government's official statistics. Research design, data, and methodology - To identify the appropriate scale of Korea's service industry and its adequacy, I have determined them through estimation using a regression method involving panel data analysis on the panel data of 30 OECD countries. Results - The regression coefficient provided indications of being non-linear. This means that a U-shaped curve relationship exists-that is, the level of the economic growth leverage decreases along with the service industry's growth up to the level of 70.9% in terms of the Korean service industry's adequacy; it increases along with the service industry's growth at a level higher than 70.9%. Conclusions - While the current proportion of the size of the service industry among all industries in Korea stands at 50.7%, its proper proportion estimated by a regression analysis was 70.9%.

• The Research Journal of the Costume Culture
• /
• v.17 no.1
• /
• pp.177-188
• /
• 2009

SCM as the important marketing strategy enhance the firm's efficiency and compatibility in global market environment such as global outsourcing. Firms adopted SCM realized the need to evaluate precisely the performance of SCM. In spite of importance of SCM, there was not much intention and research to measure SCM performance in textile fashion industry. Therefore, the purpose of this case study was to measure performance of supply chain management in textile fashion business using BSC(Balanced Score Card) to measure not only financial perspective but also non-financial perspectives such as customer perspective, internal business perspectives, financial perspective, and innovation & learning perspective. The questionnaire developed by the reviews of the literature was adopted for this study. The results of this study showed that SCM performance was enhanced from the point of customer perspective(cost, quality, time, service), financial perspective(cash cycle time, inventory turn over, inventory obsolescence, return on asset, return on investment, capacity utilization), and innovation & learning perspective(cost for human resource management, service for human resources). But there was same performance level regarding internal business perspective(lead time, cost for manufacturing process, product quality control, productive flexibility for time, quantity, and variety). Therefore, we should keep close relationship and two way communication among supply chain members to promote better SCM performance.

• Korean Management Science Review
• /
• v.26 no.2
• /
• pp.113-134
• /
• 2009

Rapid knowledge change, heightened competition. and shortened product life cycles are just a few of the constants faced by many buying firms in today's markets. Many buying firms have responded to these conditions by outsourcing non-core activities. The Quality and cost of a product or service offered in the market is a function, not only of the capabilities of the firm, but also of the network of suppliers who provide inputs to the firm. When a firm finds its suppliers lacking in performance it can help suppliers to develop their capabilities. There are three main goals for this study. The first goal is to identify the important factors that precede and influence firms' investment in knowledge transfer activities. The second goal is to investigate the relationship between knowledge transfer activities and the consequences of knowledge transfer activities. The last goal is to explore the effects of knowledge change speed. To analyze the validity of the research model and the hypotheses. the data are collected from 238 manufacturing firms through the administration of structured Questionnaires. The results of structural equation model analyses indicate that the model is generally valid and 11 of 14 hypotheses are supported by the data. Reasons for and implications of these observed relationships are discussed.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.5
• /
• pp.81-90
• /
• 2020

This study investigates the nexus between the level of Corporate Social Responsibility Disclosures (CSRD) and Risk of Bankruptcy of companies that are listing in the Stock Exchanges of Vietnam. To investigate that relationship, this study collected secondary data from annual audited financial statements from 2014 to 2018 of listing companies. Applying two different regression models with two dependent variables and six independent and control variables, we find out that Vietnamese firms with higher level of CSRD performance can rapidly reduce their risk of bankruptcy. This phenomenon happens in the current year and in the coming years in all firms in the research sample. This result may be that the disclosures of social responsibility information can bring financial and non-financial benefits to the firms. In addition, the results also point out that there is a difference in risk of bankruptcy between the group of companies, which discloses and the one which does not disclose corporate social responsibility on their annual reports. This might be from the effects of various factors such as business size, financial leverage, market to book ratio, return on assets, cash flow from operations, etc. Our research results can be applied to other firms in Vietnam and in other similar jurisdictions.