• Journal of the Korea Convergence Society
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• v.10 no.9
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• pp.221-228
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• 2019

Companies are making great efforts to integrate CSR into various aspects of their management strategies. A lot of research has been conducted on what management intends to do indirectly and indirectly. Was performed. In this study, we conducted additional research considering executive compensation as an indicator of the motivation for management to participate in CSR. The main purpose of this study was to analyze whether accounting performance measures or market performance measures are given more weight when providing rewards for performance to corporate managers conducting CSR activities. The analysis of the relationship between CSR and executive performance-reward sensitivity showed that corporate executives who actively implement CSR pay more weight to market performance measures rather than accounting performance measures. Considering the long-term performance of CSR when paying executives' compensation, the company pays more for market performance than accounting performance. This study is expected to be useful for executives to design compensation contracts to actively induce CSR implementation.

• Journal of Labour Economics
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• v.43 no.4
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• pp.1-34
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• 2020

After the global financial crisis, doubts have been raised about the usefulness of traditional unemployment rate for the labor market slackness, hence, this study provides alternative indicators that can help estimate the labor market slackness in Korea, and investigates the degree of biasness of traditional indices of Korean labor market. In particular, this study intends to focus on the possibility of employing the labor underutilization index officially announced by Statistics Korea (KOSIS) from 2015. To do this, we first define the labor underutilization indices from 2003 to 2014 by applying current definitions of labor underutilization indices retrospectively to these periods. Based on these indices, the empirical analysis shows that the employment gap using labor underutilization indices is highly correlated with total output gap, and has significantly improved the performance of forecasting inflation rate compared to other labor market slackness indicators.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.2
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• pp.234-252
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• 2010

This paper examines the tendency of housing assets to become increasingly quasi-financial assets by analyzing the relationships between risks and returns in three Gangnam districts (Gangnam-gu, Seocho-gu and Songpa-gu) apartment markets in Seoul, especially for the apartments to be reconstructed, capitalizing upon some capital asset pricing models (CAPM). A single factor CAPM model shows positive relationships between risks and returns regardless of the types of apartments in three Gangnam districts. Multi-factors CAPM models also confirm that the market and SMB (small minus big) factors are positively related to the rate of returns regardless of the types of apartments. However, the unsystematic risk factor is found to be statistically positive especially for the apartments to be reconstructed, while the momentum factor is dependent upon the regression models used. An analysis on some portfolios classified by the size of apartments and price volatility and/or beta values suggests that there are the positive linear relationships between risks and returns and the SMB factor is clearly found to be significant in determining the rate of returns. In particular, housing assets are highly highlighted as investment goods and/or quasi financial assets for the apartments to be constructed in the Gangnam housing.

• Korean Journal of Construction Engineering and Management
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• v.13 no.6
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• pp.153-164
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• 2012

Since the sub-prime mortgage crisis from the US in 2008, Korean housing market has plummeted. However, Korean local lease contract, Chonsei, price has been increasing. This increase of Chonsei price can be a threat to the low-income people because most of them prefer to live at the house with a Chonsei contract. In order to solve this problem, the Korean Government implemented several Chonsei policies to secure low-incomers' residence by decreasing the price of Chonsei; however, due to the lack of understanding on housing and Chonsei market, Korean government policy seemed to fail on getting effective results. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In addition, we tries to explain why the policy did not work effectively using the examples from the government's past measures. In results, Chonsei price has its own homeostasis characteristic and different price movement with housing price in the short and long term period. Unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain intended effectiveness on both markets.

• Journal of Industrial Convergence
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• v.20 no.12
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• pp.59-70
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• 2022

This study investigates the sensitivity reflected in the accounting earnings differs according to the difference in the characteristics of accounting information such as profit and loss for the same market information. For this, market information and accounting data were analyzed for 11,462 non-financial listed companies listed on the KOSPI and KOSDAQ markets from 2012 to 2020 by using Basu's measurement of conditional conservatism and Ball and Shivakumar's measurement of conservatism. Accounting earnings sensitivity was analyzed according to the combination of information. As a result of the study, it was confirmed that both earnings and losses corporates recognize losses with delay, while losses are recognized quickly by loss corporates and delayed recognition by earnings companies. It was confirmed that more strict conservatism was applied to the losses corporates compared to the earnings corporates by delaying the recognition of earnings while the early recognition of the losses. It provides empirical data on the causality between the asymmetric timeliness and the combined effect of market information and accounting information by verifying that the losses corporates responds sensitively to market information while the earnings corporates does not react sensitively to the market information.

• Korean Security Journal
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• no.39
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• pp.269-294
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• 2014

Korea is concerned with information security industry due to recent leak-out private information of 3 card companies. Executives are aware of damage from breach of security such as personal data spill, is more dangerous than any other financial risks. The information security industry, which was limited in physical security and network security formerly, is evolving into convergence security of public and facility security industry. The field of interest has also been changed into security of smart phone and intelligence image recently, from firewall or Anti-virus. The convergence security is originally about access control of facility, but recently its demand has been increased mostly by public institutions and major companies. The scope of the industry also varies from finance, education, distribution, national defense, medical care to automobile industry. The market of convergence security has been expanded and new various products and services of security of intelligent vehicle, 'U' healthcare, finance, smart grid and key industries are also developed. It is required to create and enhance of new curriculum and cultivate human resources for the development of knowledge information security industry. Raising standard of education and security consciousness of the nation is also necessary to strengthen the global competitiveness.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.3
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• pp.129-138
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• 2014

After global economic crisis, China has become one of the two pillars in the global economies and the country contributing to the Korean economy. Nevertheless, the research on Chinese financial market, particularly capital market, is rare to date. This study examined the growth enterprise market that emergedat the Shenzhen stock exchange and made comparative analysis on before and after listing for the Chinese small and medium sized firms and venture firms. The listing requirements at the Chinese growth enterprise market for the technologically innovative venture firms and fast-growing small and medium sized firms with financing purpose were more alleviated than the main board of Shenzhen stock exchange. Moreover, the listing procedures are simplified as well. Accordingly, many Chinese enterprises tend to list and the competition for listing is also intense. In particular, with the 36 initially listed firms at growth enterprise market as the research target, the investigation for the business performance before and after listing reveals that the three indexes including return on common equity, debt ratio and operating profit growth rate dropped dramatically for most all the firms. That is, the profitability and growth for the venture firms and small and medium sized firms listed on the Chinese growth enterprise market decreased rapidly after going public, only the stability improved due to the great financing. Taking a step forward, this phenomenon may result from the exaggerated reporting for the business performance before listing with the purpose of going public by the venture firms and small and medium sized firms. Thus, Chinese Securities Regulatory Commission should strengthen the accounting evaluation standard and regulation for the listing firms before going public. In addition, strict sanctions should be imposed on the firms with fraudulent accounting to establish healthy capital market.

• 한국사회정책
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• v.25 no.4
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• pp.233-263
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• 2018

This study sought to identify gender-specific mechanisms of increased suicide rates during economic crises in South Korea. In order to address research aims, we focused on two international economic crises: IMF financial crisis in 1997, and international recession in 2008. This study provides three main findings. First, different mechanisms increased suicide rates during the two economic crises. Particularly, the high level of unemployment raised suicide rates during the 1997 IMF while the high level of working poor in the 2008 recession. Second, suicidal risk patterns for men and women differed at each period. The 1997 crisis which mostly affected full-time permanent workers had had relatively greater impacts on men suicide, whereas the 2008 crisis which affected precarious workers had done on women suicide. Finally, our finding indicated that these gender-specific risk patterns had been derived from the gendered labour market and male-friendly social policy. Placing women at the periphery of the labor market and using them as a buffer in times of crisis, governments failed to protect them from their economic difficulties. Suicide is fundamental and important public health and social problems. These findings suggest that the national suicide prevention strategy should pay attention to the social determinants of suicide through gendered as well as population health perspectives.

• International Area Studies Review
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• v.15 no.2
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• pp.77-100
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• 2011

The Korean economy have experienced the remarkable decreases in factor prices such as bond yields, real wage since the IMF foreign exchange crisis. This paper investigates the effects of the price changes in the factor markets on determining the level and cyclicality of industrial markups in the manufacturing industry. For this purpose, we construct a markup equation in the small open economy based on the production function including foreign intermediate goods and assuming constant returns to scale technology and AR(1) process of technological coefficient. Empirical results are summarized as the followings. The empirical results shows that the increased markups after the IMF crisis can be explained by the price decreases in the factor markets which result in lowering marginal costs. And we also observed counter cyclicality of markup, labor share and interest rates while real wages, technical coefficients, and production price index proved to be pro-cyclical. In conclusion, the price changes in factor market have contributed to the stickiness in markup fluctuation in the manufacturing industry.

• International Area Studies Review
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• v.15 no.3
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• pp.263-283
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• 2011

As China has achieved continuous high growth, innovative housing system and rapid growth of housing finance for thirty years since its reforming and opening, Chinese real estate industry has developed rapidly, investment in real estate has increased remarkably and price of real estate has increased continuously. In particular, as China joined WTO in 2001, overseas companies have expanded investment in Chinese real estate market with chances of potential profit. Recently, management of foreign capital real estate companies has expanded from housing to office buildings and luxury shops. Besides, management has expanded from real estate development to various tasks such as management, brokerage service, lease management and financial investment. In order to measure relationship between FDI in Chinese real estate and Chinese housing price, this document utilizes not only various data such as housing price, FDI to real estate, domestic loan of real estate, interest rate and exchange rate in 35 major cities across China but also previous researches to set an empirical analysis model and analyze effects of foreigners' direct investment in Chinese real estate on Chinese housing price.