• The Journal of Industrial Distribution & Business
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• v.10 no.1
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• pp.29-37
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• 2019

Purpose - We study the dynamic linkages of the economic policy uncertainty (EPU) in the US on the manufacturing stock market returns in Korea. In detail, we examine the casual link between EPU index in the US and the manufacturing stock indexes in Korea. Research design, data, and methodology - We measure mainly the distribution effect of the US EPU on the manufacturing stock market in Korea of 1990-2017 by the vector error correction model (VECM). Result - In result, we estimate the impact of the US EPU index has significantly a negative response to the manufacturing stock market in Korea such as non-metal stock index, chemical stock index, food stock index, textile·clothes stock index, automobile·shipbuilding stock index, machinery stock index, steel·metal stock index. Also the remaining variables such as electric·electronics stock index, S&P 500, and producer price index in Korea have a negative relationship with US EPU index. Conclusions - We find out that the relationship between EPU index of the US and the manufacturing stock market in Korea has the negative relationships. We determine the EPU of the US has the spillover effect on the industry stock markets in Korea.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.5-16
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.67-79
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• STI Policy Review
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• v.6 no.1
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• pp.1-23
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• 2015

Based on the work of Anand et al. (2013) we measure inclusive income growth, which combines growth in gross domestic product (GDP) per capita and growth in the equity of the income distribution. Extending the work of Causa et al. (2014), we estimate a dynamic simultaneous structural equations model of GDP per capita and inclusive income on panel data for 63 countries over the 1990-2013 period. We estimate both equations in error correction form by difference GMM (generalized method of moments). Among the explanatory variables of the level and the distribution of GDP per capita we include R&D (research and development) expenditure per capita. In OECD countries we obtain a large positive effect of R&D on GDP. R&D is found to have a positive effect on the social mobility index but its impact on the income equity index at first decreases, then switches around to become slightly positive in the long run. In non- OECD countries, R&D is found to decrease inclusive income, mostly through a negative growth effect but also because of a slightly increasing income inequity effect.

• 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.

• Asia pacific journal of information systems
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• v.24 no.1
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• pp.65-91
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• 2014

Our study adopted ELM (Elaboration Likelihood Model) to measure the impact of central and peripheral cues on e-healthcare website behavior and its consequence on perceived loyalty of users. While most of ELM studies did not elaborate the antecedent of both central and peripheral cues, we measured the antecedents of those information processing routes to clarify how technical and quality factors (i.e. information organization, security concern, and website attractiveness) develop the nature of either central or peripheral route. We found that information organization was the main antecedent of information quality presented on the website. Second, the results revealed that website security has a positive effect on website credibility. Third, we also found that website attractiveness was positively associated with website credibility. Fourth, consistent with elaboration likelihood model, the empirical findings suggested that information quality (central cue) and website credibility (peripheral cue) were strong predictors of behavior intention to use health website. Our findings also suggested that behavior intention to use health website significantly influenced perceived loyalty.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2000.04a
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• pp.74-77
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• 2000

Since the opening of the mobile telecommunications market to new entrants in 1996, the mobile telecommunications industry in Korea has transformed into a severely competitive market. Although there are numerous methods to evaluate the effects of the competition policy, the most relevant would be to measure the decreased degree of mobile service tariff. Also, after the Introduction of competition in the market, most carriers launched a variety of new tariff plans, which would satisfy the users′ traffic volume and pattern. Therefore, it is necessary to develop a "mobile tariff index" that would collectively consider all the various tariff plans. This paper aims to develop a mobile tariff Index that would accommodate all the various tariff plans provided by mobile carriers. To develop this mobile tariff index, mobile user′s will first be classified by their traffic volume, and then calculate the average tariffs per minute of each group of users, and lastly weight-average those tariffs per minute. And finally, this paper shows the mobile tariff index by considering those averaged tariffs and the carriers′ market shares to reflect the contribution of individual carriers and the users′ traffic volume.

• Health Policy and Management
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• v.24 no.4
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• pp.357-366
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• 2014

Background: The objective of this study was to evaluate the efficiency of an emergency ambulance system and to investigate socio-economic and clinical characteristics associated with emergency ambulance service. Methods: Based on 2011 Korea health panel, unmet need and inappropriate use of emergency ambulance service were measured by Gibson in 1977. Furthermore, the factors associated with unmet need and inappropriate use of emergency ambulance service were identified by Fisher's exact tests and multiple logistic regression models. Results: Unmet need, defined as the proportion of emergency patients who clinically need ambulance transportation but do not receive it, was found to be 59.8%. Inappropriate use, defined as the proportion of emergency patient receiving ambulance care who did not clinically need it, was found to be 37.2%. There were statistically significant differences between appropriate and inappropriate groups in overall variables of socio-economic and clinical characteristics. Specifically, gender, age, relationship to household, and reasons of visiting emergency department (accident/disease) were statistically significant factors associated with appropriate use of emergency ambulance service. Conclusion: Unmet ambulance need is a useful measure for patients needs assessment, and inappropriate ambulance use is a valid criteria in judging the efficiency of emergency ambulance system. To improve and understand emergency ambulance system, unmet need and inappropriate use of emergency ambulance service should be more concerned.

• Journal of Internet Computing and Services
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• v.3 no.6
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• pp.25-33
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• 2002

The efficiency of the data share service of P2P method is decided by the maintaining guard method of a sharing list, This paper suggests the data sharing system of the P2P base that it should retain a shared data list at a client, The Server at a proposed system guards inclusively client. divided into several groups and at each individual group, a client appointed the TopHost uses the method guarding a free share list of a applicating group, The TopHost designs to execute it relating with server in case of the mergence and the division of a group as well as a maintaining management of a data share list, The efficiency of the suggested system regard the maintaining guard of groups formed of a client of the appropriate level of a kernel and exams examination to measure it through a really executed data share service.

• Journal of the Korean housing association
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• v.26 no.5
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• pp.71-78
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• 2015

Currently, the Korean construction industry is shifting its interest to the overseas construction market because of a stagnating domestic market. In the meantime, the international housing construction market is expanding with respect to new city development projects that are supported by population growth and urban migration. Despite the Korean construction industry's expertise in new city development, technology, and systems for apartment supply, the share of Korean players in the international housing construction market is continuously decreasing. As a measure to overcome this situation, the authors of this study considered the paper "The Development of a Cost Effective, Long-life Housing Model and Construction of Testbed," which is currently in progress as a part of national project. Through literature review and interviews with experts, the authors determined that there are "column+minimum interior (infill)" apartments that are similar to the long-life housing in some areas of China, Southeast Asia, and Russia. Candidate countries expected to be feasible for the entry of long-life housing were selected by determining the top countries that have already entered the long-life housing market and analyzing those selections through additional specific techniques. The external environments of the selected countries were also analyzed. Please refer to the full paper for details.