• Korean Journal of Construction Engineering and Management
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• v.11 no.5
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• pp.41-52
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• 2010

Even though REITs (Real Estate Investment Trusts) are listed on the stock market, REITs have characteristics that allow them to invest in real estate and financing for real estate development. Therefore REITs is related with stock market and construction business and real estate business. Using time-series analysis, this study analyzed REITs in relation to construction businesses, real estate businesses, and the stock market, and derived influence factor of REITs. We used the VAR (vector auto-regression) and the VECM (vector error correction model) for the time-series analysis. This study classified three steps in the analysis. First, we performed the time-series analysis between REITs and construction KOSPI(The Korea composite stock price index) and the result showed that construction KOSPI influenced REITs. Second, we analyzed the relationship between REITs and construction commencement area of the coincident construction composite index, office index and housing price index in real estate business indexes. REITs and the housing price index influence each other, although there is no causal relationship between them. Third, we analyzed the relationship between REITs and the construction permit area of the leading construction composite index. The construction permit area is influenced by REITs, although there is no causal relationship between these two indexes, REITs influenced the stock market and housing price indexes and the construction permit area of the leading composite index in construction businesses, but exerted a relatively small influence in construction starts coincident with the composite office indexes in this study.

• KDI Journal of Economic Policy
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• v.12 no.4
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• pp.113-126
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• 1990

With the introduction of the national pension, efficient integration of Korea's four public pension schemes has been discussed. The main point of such discussions is whether to have a progressive scheme or an income-proportional one. Under the assumption of a perfect labor market, it has been proved in the income tax literature that the regressive tax scheme with the 0 % tax rate to the most able person (person earning highest income) is pareto efficient, if there is an incentive problem in the labor supply. In this paper, a life-cycle model with a linear benefit schedule, when there is uncertainty about future earning ability, is studied. It is proved that the second best pension scheme is that having a progressive benefit schedule. This result implies that integration into a progressive pension scheme, like the current national pension, is required not only for efficiency but also for equity.

• International Commerce and Information Review
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• v.16 no.5
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• pp.51-66
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• 2014

The relationship study between SMEs' R&D and business performance is important research subject. The objective of this paper is to evaluate whether the effectiveness of government's R&D subsidy for SMEs is supported. The positive perspective is that the support policy stimulates the SMEs innovation activities including R&D and thus contributes to the performance, but the negative view is that the support policy rather decreases the firm's own R&D investment and thus the result is not necessarily promising. This paper is to evaluate the effectiveness of government subsidy on SMEs' R&D. This study suggested DID and Random Effect Models for analysis using the panel data of 2,807 SMEs in manufacturing sector. The data was collected from the 'Survey on SMEs Technology & R&D 2011' conducted by Korea Federation of Small and Medium Business. The results are as follows. First, government's subsidy has crowded out 4.7% of beneficiary's internal R&D investment. Second, government's subsidy has increased 27.3% of beneficiary's R&D intensity in spite of 4.7% internal R&D investment reduction. Third, government's subsidy didn't have a relationship with firm performance but the R&D intensity made positive influence on the firm performance. Finally, R&D intensity has increased the 6.7% of firm performance. These results mean that government's subsidy give a positive impact on SMEs' performance through R&D intensity with relatively small crowding-out effect.

• Journal of the Korean Geographical Society
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• v.49 no.1
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• pp.91-105
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• 2014

The objective of this study is to analyze the project performance and development process of the phase 1 project of GFEZ from 2004 to 2010. The phase 1 project from 2004 to 2010 is consist of eleven project zones. Among these zones, eight zones are currently underway and three zones have been completed. The performance of the phase 1 projects is no so much because it were stated later than planning with the difficulty of business developers selection. The major performances are development and supply of industrial & residential land, construction of road and railway, investment promotion of 102 companies, and creation of 20,971 new jobs. Most of the direct invested companies were located at Gwangyang and Yulchon Districts, and were mainly logistics and related service, iron and steel, machinery, shipbuilding, and fine chemicals. The main problems, however, are the limit of promotion of high-tech industries and large firms, low FDI reported rate, difficulty of superior business developers, delayed business progress of Hadong district. Therefore, efforts to solve these problems are required for the success of GFEZ.

• Korean Journal of Construction Engineering and Management
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• v.11 no.6
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• pp.100-110
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• 2010

The main roots of CM service contracts include existing customer repurchases and those made by new customers by existing ones. The study on customers and loyalty can be factors to strengthen CM's competitiveness. However, there have been little attempt to study customer satisfaction and customer loyalty. Construction Management (CM), the advanced construction management method, was introduced 15 years ago in the mid 1990's in the domestic market. The aim of this research is to build a model that can predict customer loyalty based on how much customers are satisfied with CM service. To measure customer satisfaction and loyalty, this research surveyed 135 decision-makers who have experienced CM services. Customer satisfaction was tested and analyzed according to different phases: planning, designing, procurement, construction, and post construction. Referral intention was tested based on NPS theory. Customer types were divided into detractors, passively satisfied and promoters according to the tested measurement and multinomial logistic regression between the satisfaction by construction phases and customer types. This research resulted to a model that can predict customer types: detractors, passively satisfied and promoters, which were determined according to satisfaction level. The initial planning phase also revealed which factor is most influential for a customer to become promoter. These results can be used to acquire customer loyalty by managing the satisfaction of customers through a project under an Internet-based environment. Such can provide the needed information in quickly exploring positive and negative word-of-mouth feedbacks.

• Industry Promotion Research
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• v.5 no.1
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• pp.137-147
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• 2020

Social co-operatives, which are working positively to realize the economic and social purpose of being carried out directly through products and services producing the public interest, are steadily expanding under the public interest mission of social co-operatives. It has important theoretical and practical significance to study the model of social co-operatives tailored to the local situation in Korea based on international experience. This study looks at the international status of social co-operatives, international cases, and puts forward problems and suggestions centering on cases of advanced countries. It sought to find a solution to what society required only by solving the problems necessary for sustainable economic growth. In order to achieve the objectives of this study, the social cooperatives of advanced countries, such as Italy, Canada, and France, were organized, compared and analyzed. The study found that the implications of co-operatives in Italy, France and Canada are as follows. First, it is needed to adhere to the principles of co-operatives in pending issues such as social problems and employment and jobs in the community. Second, it is necessary to establish a supportive financial system for the cooperative's initial stability and sustainability. Third, the ecosystem of co-operatives should be formed to support and foster legal systems and network organizations.

• The Korean Journal of Air & Space Law and Policy
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• v.35 no.3
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• pp.39-63
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• 2020

This paper reviews the Interpretative Guidelines on EU passenger rights regulations in the context of the developing situation with COVID-19 of EU commission. To enlighten the obscurity and to mitigate the economic impacts of the COVID-19, European Commission has published "Interpretative Guidelines on EU passenger rights regulations in the context of the developing situation with Covid-19" on March 18, 2020. The Guideline essentially aims to create a coherent system of rules to assist the passengers, industry and national authorities overall under the unprecedented circumstances across the European Union. To do so, the Guideline is drafted to cover the rights of passengers travelling by air, rail, ship or bus/coach, maritime and inland waterways, as well as the corresponding obligations for carriers. From an aviation industry focused perspective, by referencing the Regulation (EC) numbered 261/2004, the Guideline specifically applies to cancellation and delay in flights which are seen as the dark spots for the air carriers concerning potential burdens.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.2
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• pp.167-175
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• 2012

This paper study about how government start-up promotion policies have strongly impacts on business startup pattern and its performance. In Korea, the economic crisis of the late 1990s, the recession continues to stumble, and corporate restructuring occurs, let a small mass of unemployed, the Soho establishment 'Sojabon' started brewing two booms. Small business owners and their economic contribution to this portion of the axis with respect to support economic growth theory, on the basis that you need to install the Support Center for more small business owners and small business owners and social atmosphere, changing the term action to promote the establishment and growth of employment opportunities through by creating regional, has been promoting the balanced development of between business. This scheme focus on examining the types and characteristics of the government support schemes with respect to start-process business plan completion, financing capability, utilizing level of experts, location advantage, level of industry differentiation. Results of this study shows how significantly entrepreneurship influence on business startup pattern determining successful performance of business startup and let potential entrepreneur utilize it as to proceed business planning and establishing strategies.

• The Journal of Society for e-Business Studies
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• v.15 no.3
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• pp.163-181
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• 2010

As a part of efforts to reduce the global emissions of greenhouse gases, the Kyoto Protocol was signed by major developed countries ("Annex I" countries). According to the Kyoto protocol, the Emission Trading Scheme that derives a trading market of the $CO_2$ emission rights is appeared. It causes that business institutions give lots of efforts to reduce $CO_2$ by using new environmentally sound technologies or increasing efficiency in production. On the while there have been several studies trying to develop a methodology to measure the effect of $CO_2$ reduction and its monetary value. In this research we suggest ECRE (Evaluation of $CO_2$ Reduction in E-transformation) model which can measure the $CO_2$ reduction effect through the introduction of G2B system. ECRC model was developed based on the IPCC methodology. ECRC model measures the two major effects of the $CO_2$ reduction which are '$CO_2$ reduction effect from transportation' and '$CO_2$ reduction effect from the decrease of paper use'. In this paper, we calculate the economic effect of $CO_2$ reduction with the case of the G2B system in Korea. This research suggests a basic methodology to measure the $CO_2$ reduction performance for the e-transformed institution.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.65-82
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• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.