• The Journal of Economics, Marketing and Management
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• v.10 no.5
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• pp.1-6
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• 2022

Purpose: To overcome the question that depends too much on expert's subjective judgment in traditional risk identification, this paper structure the multilevel generalized fuzzy comprehensive evaluation mathematics model of the risk identification of project, to research the risk identification of the project. Research design, data and methodology: This paper constructs the multilevel generalized fuzzy comprehensive evaluation mathematics model. Through iterative algorithm of AHP analysis, make sure the important degree of the sub project in risk analysis, then combine expert's subjective judgment with objective quantitative analysis, and distinguish the risk through identification models. Meanwhile, the concrete method of multilevel generalized fuzzy comprehensive evaluation is probed. Using the index weights to analyse project risks is discussed in detail. Results: The improved fuzzy comprehensive evaluation algorithm is proposed in the paper, at first the method of fuzzy sets core is used to optimize the fuzzy relation matrix. It improves the capability of the algorithm. Then, the method of entropy weight is used to establish weight vectors. This makes the computation process fair and open. And thereby, the uncertainty of the evaluation result brought by the subjectivity can be avoided effectively and the evaluation result becomes more objective and more reasonable. Conclusions: In this paper, we use an improved fuzzy comprehensive evaluation method to evaluate a railroad engineering project risk. It can give a more reliable result for a reference of decision making.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.49-59
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• 2022

The relationship between income inequality and capital account openness is empirically investigated in this study, where macroeconomic variables have opposing effects. Panel data used in the study from the KAOPEN Index and World Bank consists of 28 Asian countries and has been examined; it contains annual observations from 1970 to 2018. The data is examined using a random-effect model based on GMM estimates. Income inequality and capital account openness are positively and significantly related, according to our findings. Overall, the findings imply that increasing income gaps reduced capital investment in nations with large discrepancies. The growing economic discrepancy is being caused by the rich's increasing income share at the expense of the poor. In Asia, inward capital account openness exacerbates income inequality, while outward capital account openness exacerbates it. As a result, income inequality slows economic growth, leading to inflation, unemployment, and increased government spending in several Asian countries. Our control factors, GDP, and other secondary school enrolments, all had a statistically significant negative relationship with income inequality. Income disparity has a positive and statistically significant association with government spending, inflation, population, trade openness, and unemployment. Income disparity has a negative association with capital account openness, gross domestic product, and secondary school enrollment.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.8
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• pp.7-17
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• 2022

The article discusses the problems caused by inflation in the developing Asia-Pacific region during the time of the worldwide pandemic and suggests innovative solutions to the problem. The reality is that some of the commodity groups from the consumer basket (e.g., non-seasonal fruits, electronics, furniture, hotel, and restaurant services, etc.) fail to reflect the needs of the low-income earners, which make the majority in developing countries. At the same time, the inflation targeting regime has become outdated and not reliable, because of uncontrolled exogenic factors (imported inflation, fluctuation in oil prices, supply chain disruption, Russia-Ukraine war, etc.) prevailing on endogenic factors and thus making it impossible to control the price stability, especially in developing countries. Since, the old-fashioned inflation index and inflation targeting mechanisms regrettably fail to fully reflect both the society and governmental/central banks' expectations, based on which we first should have better care and second create better policies; we propose to use a combination of already well-known indexes and policies, with the new statistical indicators, which reflects price fluctuations on the medication, utilities, and nutrition.

• Journal of Korea Trade
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• v.27 no.3
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• pp.1-20
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• 2023

Purpose - Using trade data from 2008 to 2019, this study analyzes the impact of trade facilitation on China's agricultural exports under the RCEP framework using a gravity model based on the level of trade facilitation in 13 RCEP countries. Design/methodology - This study constructs a complete set of trade facilitation index systems, comprehensively measures the trade facilitation level of RCEP member countries, and uses a gravity model to verify the critical role of trade facilitation level in enhancing the trade volumes of RCEP member countries. Findings - We found that trade facilitation has a significant impact on China's agricultural exports as a whole. The effect of each primary indicator varies in magnitude, with finance and e-commerce (F) having the most significant impact, followed by customs efficiency (C) and infrastructure development (1); the institutional environment has no significant effect. Originality/value - This study analyzes the impact of trade facilitation on China's agricultural exports from the perspective of exports, and uses the latest data to study the degree of the impact of trade facilitation in importing countries. Measures to jointly enhance trade facilitation among member countries under the RCEP framework are proposed.

• The Journal of Fisheries Business Administration
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• v.54 no.1
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• pp.023-036
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• 2023

Global food prices have skyrocketed due to international uncertainties such as COVID-19 and the Russian-Ukrainian War. In this context, the importance of rural areas as a source of food production is also rapidly increasing. However, the issue of regional extinction is emerging as Korea faces the world's lowest fertility rate and fastest aging population. Also, rural areas are losing their population more rapidly than large cities. Therefore, this study aims to analyze the factors that can encourage the influx of fishermen to prevent the disappearance of these fishing villages. As a result of the analysis, in order to prevent the disappearance of fishing villages, among the infrastructure, natural environment, and residential environment variables, the ratio of aged housing related to quality of life, culture and amenities coefficients were found to have a greater impact than other variables. Based on these results, it is judged that it is necessary to establish a sufficient level of infrastructure in fishing villages and to prioritize policies for improving the residential environment.

• Asian Journal of Business Environment
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• v.12 no.1
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• pp.25-33
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• 2022

Purpose: The purpose of this paper is to determine the effects of the Real Estate Transactions Tax (RETT) on the economic cycles of Saudi Arabia. A secondary purpose is to determine the effects of RETT on the construction and real estate sectors of Saudi Arabia. Research design, data and methodology: The data used is retrieved from the General Authority of Statistics, Saudi Central Bank and the World Bank Open Data. Econometric models of multiple linear regression with dummy variables have been conducted to achieve the objectives and to quantitatively verify the hypotheses. Results: With the VAT exemption in real estate transactions and its substitution with RETT, a positive effect on the economy and the real estate sector has been observed. However, this tax reform has not produced any significant effects in the construction sector. Conclusions: The main conclusion of the present research is that the real estate market has a major influence on economic cycles. After the tax reform, a reduction in the contribution of taxes on real estate transactions to GDP was detected. For the construction sector, after the tax reform, it is estimated that there will be an insignificant reduction in the contribution of the real estate price index, and of the taxes on real estate transactions, to GDP.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.355-364
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• 2022

The effect of technological innovation on the high-quality development of the producer services industry depends on whether or not technical innovation efficiency plays a key role. This study looks at the impact of technological innovation and financial technology (fintech) on the development of high-quality producer services in Fujian Province from 2010 to 2019. The efficiency of technological innovation is measured using Data Envelopment Analysis (DEA) and the Malmquist productivity index. The mean overall innovation efficiency score is 0.639, meaning that Fujian accounts for 36.1% of resource utilization inefficiencies and that there are significant differences in technological innovation efficiency between cities. The findings show that high-quality producer services industries benefited from innovation efficiency, but that the influence of technological innovation efficiency is insignificant. This demonstrates that financial innovation has not been able to completely enhance the development level of the producer services industry. This may be due to the unreasonable output structure of technological innovation and the low industrial transformation rate of technological achievements. This study advocates that the R&D fund allocation structure be optimized. That technological innovation can improve the high-quality development of the producer services industry is a consensus within the academic community.

• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.79-89
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• 2022

Purpose - The purpose of this study was to examine the impact of ESG rating changes of companies listed in Korean Stock Exchange on stock returns. Design/methodology/approach - This study collected prices and ESG ratings of all the companies listed on the Korea Composite Stock Price Index. Based on yearly change of ESG ratings we grouped companies as 2 portfolios(upgrade and downgrade) and calculated portfolios' return. Findings - First, the difference in returns between upgraded and downgraded portfolios is small and statistically insignificant. Second, however, in the COVID-19 period (2020 ~ 2021), the upgraded portfolio outperforms the downgraded portfolio by 0.7 percentage points per month. The difference in returns between upgraded and downgraded portfolios is statistically significant after controlling for the Carhart four factors. Lastly, there are much higher volatility when the ESG rating changes are made of companies with low levels of ESG ratings. Research implications or Originality - This study is the first to examine the impact of ESG rating changes on stock returns in Korea. Furthermore, the findings can serve as a reference for managers who want to control a firm's risk by ESG rating changes. Practically, asset managers can use the findings to construct portfolios that are less risky or more profitable than the market portfolio.

• Journal of Korea Society of Digital Industry and Information Management
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• v.19 no.4
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• pp.179-192
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• 2023

ESG is the hottest topic in recent business management or business administration. In particular, with the release of the IPCC's 6th comprehensive report in 2023, environmental issues have been further raised around the world, and ESG management for sustainable and permanent companies is accelerating by improving social and governance structures, including the environment, and thereby enhancing corporate value. This case study is analyzed based on the theory of sustainable growth, creating shared value, and corporate social responsibility. This study focuses on the case of Samsung Biologics, which is pursuing sustainable growth and management through ESG management. Samsung Biologics is the first Korean company to win the "Terra Carta Seal" award, part of a sustainable market initiative to respond to climate change, and externally, it has acquired the Dow Jones Sustainability Index, acquired the KCGS ESG comprehensive evaluation A grade, acquired the CDP B grade, and acquired the EcoVadis Gold grade. It has joined the Sustainable Market Initiative launched by King Charles III since the World Economic Forum in 2020 to chair the Supply Chain. It has joined RE100, TCFD, and UN Global Compact to lead sustainable management through ESG activities. Therefore, we would like to take a practical approach to ESG management strategies for sustainable growth through the example of this company.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.71-88
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• 2024

Purpose - This study provides an overview of existing research and practices related to market risk premiums(MRP), and empirically estimates the MRP in Korea, particularly using the related option prices. We also seek to improve the current MRP practices and explore alternative solutions. Design/methodology/approach - We present the option price-based MRP estimation method, as proposed by Martin (2017), and implement it within the context of the Korean stock market. We then juxtapose these results with those derived from other methods, and compare the characteristics with those of the United States. Findings - We found that the lower limit of the MRP in the Korean stock market shows a much lower value compared to the US. There seems to be the possibility of a market crash, exchange rate volatility, or a lack of option trading data. We investigated the predictive power of the estimated values and discovered that the weighted average of the results of various methodologies using the Principal Component Analysis (PCA) is superior to the individual method's results. Research implications or Originality - It is required to explore various methods of estimating MRP that are suitable for the Korean stock market. In order to improve the estimation methodology based on option prices, it is necessary to develop the methods using the higher-order(third order or above) moments, or consider additional risk factors such as the possibility of a crash.