• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.2
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• pp.248-258
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• 2021

The study analyzed the financial determinants of corporate R&D intensity that require more attention from academics and practitioners in the Korean capital market. Domestic small and medium enterprises (SMEs) may face with developing substitutes by making more R&D investments in scale and scope, given the unprecedented economic conditions such as the limitation of importing core components and materials from other nation(s). KOSDAQ-listed SMEs were selected as sample data, whose R&D expenditures may be less than those of large firms during the post-global financial turmoil period (2010~2018). Static panel data model was applied, along with Tobit and stepwise regression models, for examining the validity of results. Logit, probit, and complementary log-log regressions were also employed for a relative analysis. R&D expenditures in the prior year, the interaction effect between the previous R&D intensity and high-tech sector, firm size, and growth rate were significant to determine R&D intensity. Moreover, a majority of explanatory variables were found to change between the years 2011 and 2018, while time-lagged effects between the R&D intensity and growth rate exist. Results of the study are expected to be used for future research to detect optimal levels of R&D expenditures for the value maximization of SMEs.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.86-98
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• 2014

This study examined a long-standing issue with its perverse results in the Korean capital markets, such as any variant financial profiles over time, affecting capital structure for the firms belonging to the chaebols. It may be of interest to identify these components from the perspectives of international investors and domestic policy makers to implement their contingent strategies on the target leverage, since the U.S. financial turmoils in the late 2000s. Regarding the evidence from the three hypothesis tests on the firms in the chaebols, this research found that the control variabels measuring profitability, business risk, and non-debt tax shields, showed their statistically significant relationships with the different types of a debt ratio. While FCFF(free cash flow to the firm) showed its significant influence to discriminate between the firms in the chaebols and their counterparts, not belonging to the chaebols, BDRELY as the ratio of liabilities to total assets, comprising the enhanced 'Dupont' system, only showed its statistically significant effect on leverage in the context of the parametric and nonparametric tests. In line with the results obtained from the present research, one may expect that a firm in the Korean chaebol, may control or restructure its present level of capital structure to revert to its target optimal capital structure towards maximizing the shareholders' wealth.

• Korean Journal of Construction Engineering and Management
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• v.22 no.2
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• pp.106-118
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• 2021

Global governments and initiatives have attempted and integrated various organizational efforts to implement the 17 Sustainable Development Goals (SDGs), presenting a new paradigm of sustainable development to address global issues (climate change, poverty eradication, and human rights). Recently, investment in sustainable finance has expanded to finance the attainment of goals set out in the Paris Agreement and SDGs. Non-financial factors such as environment, social responsibility, and governance (ESG) have become intangible assets that determine the future competitiveness and profitability of companies. Domestic and foreign institutional investors and asset management companies have been expanding their investments based on the ESG performance of companies. In this study, we aim to derive international standards and initiatives that require disclosure of information on corporate social responsibility activities and ESG performance and analyze construction companies' ESG activities and performance levels. The results of this study can be used as the basis to develop platforms for the construction industry ESG ecosystem and the measurement and management of intangible assets. These could ultimately contribute to overcoming the crisis in the future due to the outbreak of the COVID-19 pandemic, fostering net-zero emissions, and preventing fatal workplace accidents in the construction industry.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.9
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• pp.3900-3914
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• 2012

This study examined the background of the recent global financial crisis and the concept of one of the financial derivatives such as the credit default swap(CDS) or synthetic CDO(collateral debt obligations), given the rapid growing and changing the over-the-counter derivative markets in their volume and structures. In comparison with the previous literature such as the study of Park & Kim (2011), this research empirically performed more thorough and comprehensive investigations to find any financial characteristics or attributes to determine the CDS spreads. Regarding the results obtained from the multiple regression models, the explanatory variables such as STYIELD3, SLOPE, INASSETS, and VOLATILITY, showed their statistically significant effects on all the tested dependent variables(DVs). Another procedure such as the principle component analysis(PCA), was also performed to account for additional IDVs as possible determinants of the dependent variables. Subsequent to this analysis, larger coefficients of each corresponding eigenvector such as BETA, PFT2, GROWTH, STD, and BLEVERAGE were found to be possible financial determinants. For robustness, all the IDVs were employed to be tested in the 'full' regression model with stepwise procedure. As a result, STYIELD3, SLOPE, and VOLATILITY, and BETA showed their statistically significant relationship with all the dependent variables of the CDS spreads.

• The Korean Journal of Applied Statistics
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• v.22 no.2
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• pp.261-270
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• 2009

Current financial crisis triggered by shaky U.S. banking system adds to the emphasis on the importance of the volatility in controlling and understanding financial time series data. The ARCH and GARCH models have been useful in analyzing economic time series volatilities. In particular, multivariate GARCH(MGARCH, for short) provides both volatilities and conditional correlations between several time series and these are in turn applied to computations of hedge-ratio and VaR. In this short article, we try to assess various MGARCH models with respect to the back-testing performances in VaR study. To this end, 14 korean stock prices are analyzed and it is found that MGARCH outperforms rolling window, and BEKK and CCC are relatively conservative in back-testing performance.

• Korean Journal of Social Welfare
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• v.39
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• pp.74-102
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• 1999

The integrated global economic system have intensed Liberalization, dereguration, privatization. National states were subordinated in global economic system. To save social costs and to encourage the national competition power, the globalized market tends to reduce the domestic social expention. Truely anxious things are not the defectiveness of capitalism itself but neo-liberal measures of each national states. So neo-liberal globalization beat welfare states. Welfare and growth, accumulation and justice are inter-conflict elements, and these confliction is well explained in context of globalization. Stratigies of growth pursuing economic benefits subordinate social policy in economic policy. Globalization did not always reduce the power of national state, but each national states purposely reduce the power of state and state participations. Thus Globalization can be overcome and must be overcome, eventually, the history of social welfare in korea differ frome that of European states. Their's social welfare retrenchment have based on the excessly expeneded welfare provision, but the frame of social welfare in korea is not yet established in history. Fundamentally historic experiences between European and korean social welfare are different. So "the third way" in korea must be in carefull approaches and the social welfare policy in korea must purchase "anti-market policy" and the equal distribution.

• Economic Analysis
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• v.25 no.2
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• pp.132-176
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• 2019

We use a time-varying parameter vector auto regression (TVP-VAR) model to understand the impact of U.S. monetary policy normalization on Korean financial markets and capital accounts. The U.S. monetary policy is represented by the federal funds rate, term premium and credit spread. During the U.S. monetary contraction period of 2004 to 2006, changes in the federal funds rate presented negative pressure on Korean financial markets. The changes in federal funds rate also led to a simultaneous contraction in inward and outward capital flows. However, the effects of a federal funds rate shock has been reduced since 2015. On the other hand, the effects of U.S. term premiums is getting stronger after the period of quantitative easing (QE). The influence of the U.S. credit spread also significantly increased after the global financial crisis. Simulation results show that a rise in the U.S. credit spread, which can be triggered by a contractionary monetary policy, can pose a larger adverse impact on the Korean economy than a rise in the federal funds rate itself. As for capital flows, a U.S. monetary policy contraction causes an outflow of foreign investment, but the repatriation of overseas investment by Korean residents can offset this outflow.

• Bulletin of Korea Environmental Preservation Association
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• s.397
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• pp.10-13
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• 2012

그간의 성과와 과제 : 2012년은 우리 정부가 저탄소 녹색성장을 새로운 국가발전 비전으로 선언하고 환경과 경제가 상생하는 사회로의 전환을 위해 다양한 정책을 적극적으로 추진한지 5년차를 맞이하는 해이다. 그동안 우리나라는 녹색성장을 국제적인 화두로 제시하고 온실가스의 자발적 감축목표 발표, G-20 정상회의 개최 등을 통해 국제사회에서 향후 인류의 발전방향을 제시하는 주도적인 역할을 수행하는 국가로서 위상을 높여 왔고, 국내적으로는 4대강 사업 등을 통해 기후변화에 대한 대응능력을 높이고 세계적인 금융 경제 위기 속에서도 안정적인 성장을 지속하는 성과를 거두었다. 환경적인 측면에서도 2007년과 비교하여 수도권 미세먼지 농도를 $58{\mu}g/m^3$에서 2011년에는 $50{\mu}g/m^3$으로 개선하고, 상수도 보급률과 하수도 보급률의 경우에도 2007년 각각 92.1%, 87.1%에서 2011년에는 94.5%, 90.3%로 제고하는 성과를 거두었다. 그러나, 세계적 경기 침체로 인해 국민들이 녹색성장의 성과를 체감하는 데에는 한계가 있었던 것이 사실이며, 4대강 사업이 소기의 목표를 달성하기 위해서는 변화된 환경에 맞는 수질관리시스템을 차질 없이 마련 시행하고, 도시에 비해 낮은 농어촌의 상하수도 보급률과 서비스 수준을 제고하는 등 여전히 해결해야 할 과제들 또한 상존하고 있는 것이 사실이다.

• Monthly Korean Chicken
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• v.16 no.3
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• pp.100-104
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• 2010

지난 1월말 미국 국제 양계박람회가 아틀란타시 GWCC 센터에서 3일간 열렸다. 양계박람회의 규모나 전시내용은 예전 갖지 않다는 평가와 함께 관람 인파도 한가해 보였다. 미국의 금융위기 여파와 부동산 시장이 꽁꽁 얼어붙었지만 초유의 한파와 함께 그동안 겪어보지 못한 이상기온에 눈까지 수북이 쌓여 교통이 마비되어 허둥지둥 되는 도시들을 볼 때 미국의 경제만큼이나 양계산업의 걱정이 엿보였다. 거대한 미국의 양계산업은 한 마디로 대형규모와 기계화로 무장되어 있고 양계장의 경영은 위리가 엄두를 못낼 정도로 상상 이상의 산업으로 발전하고 있었다. 특히 이번 방문이 미국이라는 거대한 토지위에 투자하고 있는 한국 이민자들의 거침없는 도전을 보았으며, 특히, 메릴랜드 주 양계산업의 현장을 직접 인터뷰하여 미국이라는 나라의 양계산업을 피부를 느낄 수 있어서 충격이 컸다. 이번 견학을 통해 많은 것을 보고 느낄 수 있었지만 많은 이야기는 서서히 하기로 하고 아주 작은 이야기만 이번호에서 하고자 한다.

• 월간 기계설비
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• s.231
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• pp.44-54
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• 2009

해외 플랜트 수주액은 지난 2005년 158억달러를 시작으로 지난해 462억까지 최근 몇년간 고성장을 해왔으나 전세계 경제침체 및 국제자금시장의 위축 등으로 하락세로 돌아섰다. 이는 유가 하락에 따른 주요 발주국의 재정 악화, 원자재 가격하락을 활용해 입찰단가를 낮추기 위한 입찰 연기 및 취소 등에 따른 것으로 풀이된다. 전체의 46%를 차지한 중동이 34억달러로 전년보다 54% 감소했고, 아시아, 아프리카 등이 전체 평균을 밑돈 반면 유럽과 미주 지역의 감속폭이 컸다. 그러나 올 하반기에는 글로벌 금융위기의 진정 등 제반 환경 개선으로 얀부 정유프로젝트, 로열더치셸 해양프로젝트 등 그동안 연기됐던 대형 프로젝트 발주가 재개될 것으로 전망됐다. 본지는 해외플랜트 시장을 알아보고 앞으로 회원사들이 해외플랜트 진출 시 고려해야 할 점 등을 알아본다.