• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• Asian Journal of Business Environment
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• 제10권1호
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• pp.29-36
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• 2020

Purpose: This study aims to analyze the effect of macroeconomic and non-macroeconomic determinants of capital flight. Research design, data and methodology: With five determinants, this survey was conducted by Eviews 10, and the ordinary least squares (OLS) as a statistical method was applied for examining the research hypothesis. The five determinants are a budget deficit, economic growth, inflation rate, the exchange rate, and sovereign rating. The capital flight measurement uses the World Bank residual approach. The data derive from the Central Bank of Indonesia, BPS-Statistics Indonesia, OECD, and Moody's Investor Service. Results: The result considers that economic growth, the exchange rate, and the sovereign rating will decrease capital flight. In addition, the budget deficit and the inflation rate will increase capital flight. The sovereign rating decreases capital flight bigger than the other determinants. In addition, the exchange rate is statistically significant. Conclusions: The most influential problem of capital flight in Indonesia is because of non-macroeconomics factor political issue, corruption, bad regulation, and others. That's why the investment climate in Indonesia is still not secure. We propose that the regime would have to amend the business rule for reducing capital, raising the investment climate, and demonstrating the creative industry.

• Journal of Korea Trade
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• 제23권7호
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• pp.113-127
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• 2019

Purpose - This paper investigates whether financial crises could be the indicators of capital outflow waves or vice versa in Korea. Korea has experienced two severe financial crises, which are the Asian Crisis and the global financial crisis. Although there were many variables associated with these two remarkable events, one notable variable was gross capital outflows, which had significantly increased around them. Motivated by existing literature which built theoretical frameworks explaining the relationship between capital flight and financial crises, we examine the empirical evidence for this relationship. Design/methodology - We use panel data from 61 countries including Korea from 1980 to 2009 to study the associations between capital flight and diverse financial crises such as banking, currency, debt, and inflation crises. To be specific, we use the complementary log-log model to see whether capital outflow waves are reliable indicators for domestic financial crises. Findings - The results show, first, that banking, currency, and inflation crises are associated with capital flight. Second, debt crises are also associated with capital flight, but the result is not robust to different specifications. And, third, the positive associations between capital flight and crises are mainly driven by banking flows rather than FDI and portfolio flows. Originality/value - This paper is one of a few studies that investigates domestic (not foreign) investors' behavior during financial turmoil. Furthermore, theoretical studies which provide contradictory explanations on the movements of gross capital outflows during financial crises emphasizes the importance of empirical evidence in this paper.

• 경영과정보연구
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• 제39권2호
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• pp.77-94
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• 2020

국가경제 차원에서 서비스산업의 비중과 중요성이 높아지고 있음에 반해 항공서비스산업 종사자인 객실 승무원의 근속율과 업무 만족도는 높지 않다. 이에 본 연구는 이른바 감정노동에 종사하는 객실승무원을 대상으로 그들이 직무환경에서 경험하는 직무스트레스를 감소시킬 수 있는 주요요인이 무엇인지, 그리고 직무스트레스가 객실승무원 구성원의 성과와 태도에 어떠한 영향을 미치는 지를 파악하고자 한다. 구체적으로 본 연구는 객실승무원의 긍정적인 심리상태가 승무원 구성원들 간 상호작용 및 승무원 개인의 직무스트레스에 어떠한 영향을 미치는지, 나아가 궁극적인 성과측면에서 구성원의 조직몰입과 지식공유에 미치는 어떠한 영향을 미치는 지를 검증하고자 한다. 이러한 상호작용 관계에서 고려되는 주요 구성개념은 승무원의 긍정심리자본과 리더-구성원 교환관계(LMX), 직무스트레스, 조직몰입, 지식공유의 5가지 요소이다. 본 연구는 국내 항공사 객실승무원에게 설문조사하여 최종 390부를 대상으로 SPSS/PC version 20.0의 통계 프로그램 및 AMOS 20.0을 사용하여 분석하였다. 연구 결과, 승무원 구성원들 간 우호적인 리더-구성원 교환관계(LMX)는 직무스트레스를 낮추는 데에 유의한 역할을 하며, 직무스트레스가 낮을수록 구성원 성과인 조직몰입과 지식공유에 긍정적인 영향을 미치는 것이 확인되었다. 무엇보다도 본 연구에서는 구성원의 긍정심리자본은 다른 요인들에 영향을 미치는 트리거 역할을 함을 검증할 수 있었다. 따라서 본 연구는, 항공사들이 경쟁력 있는 인적자원 확보를 위해 승무원 개인이 긍정적인 심리상태를 유지하는데 중점을 두어야하며 이를 위한 조직차원의 제도개선 및 환경개선이 필요함을 시사하고 있다.

• KDI Journal of Economic Policy
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• 제44권4호
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• pp.43-78
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• 2022

The arena of strategic competition between the US and China is expandable from international politics, trade and commerce to finance. What would happen if financial sanctions against China are imposed by the US? Would US financial sanctions lead to a sudden outflow of foreign capital and a liquidity crisis in China? We try to address these questions by estimating China's capital flows-at-risk with the CDS premium on Chinese sovereign funds. We follow Gelos et al. (2019) in setting up a quantile regression model from which China's foreign capital flow-at-risks are estimated. Based on our analysis of China's monthly capital flow data, we find that a rise in the CDS premium has statistically significant negative impacts on China's foreign capital flows-at-risk, mainly in banking flows. However, the analysis also found that due to favorable global conditions, an increase in the CDS premium is unlikely to trigger a shift to a sudden outflow of foreign capital at the moment. Meanwhile, this study found no statistically significant correlation between Korea's capital flows-at-risk and the CDS premium, suggesting that the negative impact of US financial sanctions on China would not increase the probability of capital flight from Korea in a significant manner.

• 한국항공운항학회지
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• 제29권4호
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• pp.117-123
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• 2021

A startup airline is motivating its flight attendants to do voluntary and effective safety behavior as well as setting up safety culture in its organization at the same time in the early stage of revenue-flight service due to the lack of flight operation experience compared to competing airlines. Based on the sample of flight attendants from a startup airline, this paper tried to perform empirical analysis which focused on relationship among safety leadership, safety motivation and safety behavior. According to empirical analysis, it was proven psychological resources had a significantly positive effect on work engagement. Work engagement is proven to have a significantly positive effect on both flight attendants' safety motivation and their safety work. It was also implied that flight attendants couldn't understand a contradictory attitude of their leaders because leaders had them focus on safety work engagement while not providing enough human resource and capital. In addition, it was found leader's excessive emphasizing safety policy might not result in flight attendants' safety behavior.

• 한국콘텐츠학회논문지
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• 제16권9호
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• pp.51-65
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• 2016

본 연구에서는 항공사 객실승무원을 대상으로 진정성리더십이 긍정심리자본 및 변화지향 조직시민행동에 미치는 영향을 파악해 보고자 하였다. 특히 승무원의 진정성리더십과 변화지향 조직시민행동의 관계에 있어 긍정심리자본의 매개효과를 살펴봄으로써 진정성리더십 연구의 이론적 실무적 시사점을 제공하고자 하였다. 국내 두 대형항공사의 객실승무원을 대상으로 자료를 수집하였으며, 편의표본추출을 통해 390부의 설문지를 항공사 승무원을 대상으로 회수하였으며, 결측치가 있는 자료를 제외하고 377부를 활용하였다. SPSS 21.0과 AMOS 22.0을 통해 자료 분석을 실시하였으며 분석결과는 아래와 같다. 첫째, 진정성리더십은 이론적 고찰을 통해 자기인식, 관계적 투명성, 내면화된 도덕관점, 균형적 정보처리의 하위요인으로 구분하였으며, 이 중 자기인식과 내면화된 도덕관점이 긍정심리자본에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 긍정심리자본은 변화지향 조직시민행동에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 셋째, 진정성리더십과 변화지향 조직시민행동의 관계에 있어 긍정심리자본의 매개효과는 부분적으로 매개 효과가 있는 것으로 나타났다. 이러한 연구 자료를 활용하여 항공승무원의 인식 및 행동에 영향을 미치는 진정성리더십을 강화할 수 있는 교육프로그램을 마련을 통해 항공승무원들의 긍정적인 업무태도의 활성화 추구가 필요하다.

• 한국항공운항학회지
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• 제14권4호
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• pp.66-73
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• 2006

This study focuses on the economies of launching regular air services between capital cities of South Korea and North Korea. The demand for traveling between these two cities is too small to justify scheduled air service. However, it may be possible to provide regular air service by utilizing via flight of incumbent Seoul-Beijing flights. There are numerous flight services between Seoul and Beijing and we may allow some of the Seoul-Beijing flights to stop by Pyung Yang for commercial traffic handling. This study tries to find the optimal discount rate which passengers traveling between Seoul and Beijing via Pyung Yang, the idea is reasonable considering the inconvenience of stopping at Pyung Yang. The Stated Preference Techniques are applied for the study. The required data were collected through interviews of passengers traveling from Seoul to Beijing. The major variables that are considered in flight choice are air fare, flying time, and flight frequency. The relative importance of these major variables is estimated by the logit models calibrated with stated preference data.

• 한국항공운항학회지
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• 제10권1호
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• pp.57-68
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• 2002

The economical aspects should be evaluated to decide the LCC(Life Cycle Cost) of the long life facilities or equipments. Airplane operators evaluate the economical aspects to decide whether they maintain the existing airplane or substitute the new one. This paper presents economic life cycle and economic life cost for both Cessna 172R and Mooney 20J that are operated for flight training in 'H' University. The residual value that is used to calculate the capital recovery rate of the airplane is calculated based on the data from Blue Book published in USA. The annual equivalent on operation cost is calculated based on the 500 flight hours per year which is the annual flight hour for the airplane in 'H' university. This paper showed that economic life cycle of Cessna 172R is nine years since it was introduced in 2001, and Mooney 20J which was introduced in 1991 exceeds the economic life cycle in 2002.

• 대한방사선기술학회지:방사선기술과학
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• 제41권4호
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• pp.339-344
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• 2018

Humans received an exposure dose of 2.4 mSv of natural radiation per year, of which the contribution of spacecraft accounts for about 75%. The crew of the aircraft has increased radiation exposure doses based on cosmic radiation safety management regulations There is no reference to air passengers. Therefore, in this study, we measured the radiation exposure dose received in the sky at high altitude during flight, and tried to compare the radiation exposure dose received by ordinary people during flight. We selected 20 sample specimens, including major tourist spots and the capital by continent with direct flights from Incheon International Airport. Using the CARI-6/6M model and the NAIRAS model, which are cosmic radiation prediction models provided at the National Radio Research Institute, we measured the cosmic radiation exposure dose by the selected flight and departure/arrival place. In the case of exposure dose, Beijing was the lowest at $2.87{\mu}Sv$ (NAIRAS) and $2.05{\mu}Sv$ (CARI - 6/6M), New York had the highest at $146.45{\mu}Sv$ (NAIRAS) and $79.42{\mu}Sv$ (CARI - 6/6M). We found that the route using Arctic routes at the same time and distance will receive more exposure dose than other paths. While the dose of cosmic radiation to be received during flight does not have a decisive influence on the human body, because of the greater risk of stochastic effects in the case of frequent flights and in children with high radiation sensitivity Institutional regulation should be prepared for this.