• International Journal of Contents
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• v.9 no.2
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• pp.27-37
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• 2013

From the perspective of the domestic capital markets, there have been few researches on the financial characteristics of the firms belonging to the KOSDAQ(Korea Securities Dealers Automated Quotation) market, in comparison with those of the firms in the KOSPI. This study has performed three hypothesis tests to obtain the following results: By employing the 'panel data' analysis, it was found that, for the book-value based leverage, all of the six proposed IDVs were statistically significant as the financial determinants of leverage, across the two proxies measuring profitability (i.e., PFT and ROE), while all of the IDVs except VOLATILITY, also seemed to be the attributes to explain the market based dependent variable in the model with the PFT. Moreover, there may be statistically significant (structural) changes (or quasi-experiment) ) between the pre- and post-U.S. financial crisis in the year of 2008, when measured the leverage with the market-value basis with utilizing the Chow F-test. Finally, based upon the logistic regression results, the probability for a firm to be classified into the Prime section in the KOSDAQ market, may be higher, as its profit margin and asset turnover increase.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.587-597
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• 2021

This study investigates the nexus among the South Asian economies. Effects of shocks in the equity market of one country on the equity market of the other country are examined. For empirical analysis, the time series monthly data is used for the period from February 2013 to August 2019. The study focuses on the four larger economies of the region, namely, India, Bangladesh, Pakistan, and Sri Lanka. To investigate for asymmetric effects of positive and negative shocks, EGARCH model is used. The findings show the mix nature of the spillovers between the various pairs of countries. The equity market of Pakistan has two-way spillover effects with the equity market of Bangladesh, but has no association with the equity markets of India and Sri Lanka. The volatility in the equity market of India significantly influences the volatility of the financial markets of Bangladesh and Sri Lanka. Similarly, the capital market of Sri Lanka has a negative association with the equity market of India as well as Bangladesh, but does not affect the equity market of any other country. These findings validate the argument in the literature that geographic location influences the nexus among equity markets. The findings are important for policy-makers and investors.

• Asia-Pacific Journal of Business
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• v.12 no.4
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• pp.13-40
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• 2021

Purpose - The purpose of this study is to predict corporate corruption in emerging markets such as Brazil, Russia, India, and China (BRIC) using different machine learning techniques. Since corruption is a significant problem that can affect corporate performance, particularly in emerging markets, it is important to correctly identify whether a company engages in corrupt practices. Design/methodology/approach - In order to address the research question, we employ predictive analytic techniques (machine learning methods). Using the World Bank Enterprise Survey Data, this study evaluates various predictive models generated by seven supervised learning algorithms: k-Nearest Neighbour (k-NN), Naïve Bayes (NB), Decision Tree (DT), Decision Rules (DR), Logistic Regression (LR), Support Vector Machines (SVM), and Artificial Neural Network (ANN). Findings - We find that DT, DR, SVM and ANN create highly accurate models (over 90% of accuracy). Among various factors, firm age is the most significant, while several other determinants such as source of working capital, top manager experience, and the number of permanent full-time employees also contribute to company corruption. Research implications or Originality - This research successfully demonstrates how machine learning can be applied to predict corporate corruption and also identifies the major causes of corporate corruption.

• Journal of Korean Academy of Nursing
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• v.43 no.1
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• pp.39-49
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• 2013

Purpose: To analyze the structure of Korean nurse labor market and examine its effect on hospital nurse staffing. Methods: Secondary data were obtained from Statistics Korea, Education Statistics, and Health Insurance Review & Assessment Service and Patient Survey. Intensity of monopsony in the nurse labor market was measured by Herfindahl Hirshman Index (HHI). Hospital nurse staffing level was divided into high and low. While controlling for confounding factors such as inpatient days and severity mix of patients, effects of characteristics of nurse labor markets on nurse staffing levels were examined using multi-level logistic regressions. Results: For characteristics of nurse labor markets, metropolitan areas had high intensity of monopsony, while the capital area had competitive labor market and the unemployed nurse rate was higher than other areas. Among hospital characteristics, bed occupancy rate was significantly associated with nurse staffing levels. Among characteristics of nurse labor markets, the effect of HHI was indeterminable. Conclusion: The Korean nurse labor market has different structure between the capital and other metropolitan areas. But the effect of the structure of nurse labor market on nurse staffing levels is indeterminable. Characteristics such as occupancy rate and number of beds are significantly associated with nurse staffing levels. Further study in support of the effect of nurse labor market is needed.

• International Area Studies Review
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• v.22 no.3
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• pp.201-219
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• 2018

This paper suggested a theoretical model, in which a security-based(secured loan, non-secured loan) credit agreement determines the form of corporate cost function through a loaning company's cost minimization in the light of a company which behaves monopolistically in product markets. Also, this paper analyzed the influence of a corporate credit agreement on market equilibrium, and economic welfare in product markets. As a result, it was found that in case a company, whose equity capital is small, implements borrowing based on a secured loan from a financial institution, the company comes to face borrowing restraints, in which the company has no choice but to get a loan within the scope of securities. When a company offers its capital goods, i.e. a production factor, as a security, there occurs a distortion to the production factor input ratio. Meanwhile, when a company comes to get a loan based on an unsecured loan, for which the interest rate is high, marginal cost rises; accordingly, the company comes to choose a credit agreement aiming at maximizing its profits. However, a company's choice of a credit agreement is not quite desirable from a consumer's viewpoint, and from the whole economic point of view; overall, such a choice is likely to aggravate economic welfare.

• Journal of Digital Convergence
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• v.13 no.8
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• pp.153-160
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• 2015

The domestic stock market has been subjected to a major change since the September 1997 financial crisis. Foreign capital came repeat themselves in the stock market and bond market, foreign exchange market opening up domestic financial markets after the financial crisis. The domestic stock market has been most affected by domestic capital before the financial crisis. But it has been receiving an absolute influenced by foreign capital after the financial crisis. The purpose of this study is to analyze the trends in the two sections that look at any changes in the volatility of the KOSPI appears after the crisis. To this, obtained a daily weekly monthly normal distribution and kurtosis, skewness degree it should be analyze the tilt phenomenon and variability of the two intervals. This study also predict the future movement of the domestic stock market Based on this, look at the difference between the two sections. Analysis result, after the financial crisis change width has a reduction but direction of the KOSPI has appeared relatively distinct in the medium to long term. Based on this future market seems desirable the mid- to long-term investment looking for direction.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.127-150
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• 2003

This study analyzes how capital market comovement can affect investors' decision making. We first analyze time-varying correlation coefficient between stock indices of U.S.A. and Korea. and then, using our empirical results, attempt to draw implications on investors' behavior. We find that the tendency of comovement between Korea and U.S.A. equity returns has considerably increased after the financial crisis of late 1997. Through the analysis of investors' behavior, we find that foreign investors, contrary to ITC's (Investment Trust Company) and individual investors, buy more shares in Korean markets as American stock prices go up. Foreign investors employ dynamic hedging strategy and give more weight on global economic factors than domestic ones. Our empirical results as a whole imply that investment behavior of foreign investors is most closely related to comovement of U.S.A. and Korea capital markets.

• Ocean and Polar Research
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• v.31 no.1
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• pp.97-110
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• 2009

Two of the most important topics of the 21st century are ensuring harmony between man and his environment and the emerging long-tail economy in which niche markets are becoming increasingly more important. Since the Industrial Revolution in 17th century, human beings have increasingly exploited the world's natural capital, such as the natural environment and its ecosystems. Now the world is facing limits to sustainable economic growth because of limits to this natural capital. Thus, most countries are beginning to adopt a new development paradigm, the so-called"Green Development Paradigm" which pursues environmental conservation in parallel with economic growth. Recently, the Korean government announced an ambitious national policy of Low Carbon & Green Growth for the next six decades. This is an important step that transforms the existing national policy into a new future-oriented one. The fisheries sector in particular has great potential for making a substantial contribution to this national policy initiative. For example, the ocean itself with its sea plants and phytoplankton has an enormous capacity for fixing carbon, and its vast areas of tidal flats have a tremendous potential for cleaning up pollutants from both the sea and the land. Furthermore, the fishing industry has great potential for the development of fuel-saving biodegradable technologies, and a long-tail economy based on digital technologies can do much to promote the production and consumption of green goods and services derived from the oceans and the fisheries. In order for this potential to be realized, the fisheries authority needs to develop a new green-growth strategy that is practical and widely supported by fishing communities and the markets, taking into account the need for greenhouse gas reduction, conservation of the ocean environment and ecosystems, an improved system for seafood safety, the establishment of strengthened MCS (monitoring control surveillance) system, and the development of coastal ecotourism. In addition, fisheries green policies need to be implemented through a well-organized system of government aids, regulations and compensation, and spontaneous (voluntary) orders in fishing communities should be promoted to encourage far more responsible fisheries.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.67-79
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• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.473-483
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• 2020

Internationalization of SMEs has gathered pace in recent times with falling trade barriers and rising world trade encouraging small firms to seek profits and growth in foreign markets. This has attracted the attention of researchers, and several studies have been conducted in Western nations on the factors influencing the process of SME internationalization. However, hardly any study has been done on SME internationalization in the Gulf Cooperative Council (GCC) region, thus leaving a gap in the literature. This study investigates the influence of four factors, namely, human capital, network competency, entrepreneurial orientation, and market volatility on the degree of internationalization of SMEs in Oman. The study employs survey data collected from 150 SME owners and managers using a structured questionnaire having 27 items, and has been analyzed using correlation and logistic regression, as the dependent variable is binary in nature. The results reveal the impact of the chosen variables on the degree of internationalization of SMEs. The findings of the study suggest that network competency has the highest impact on degree of internationalization of Omani SMEs, followed by human capital and entrepreneurial orientation, while market volatility, though insignificant, moderated the relationship between entrepreneurial orientation and degree of internationalization of Omani SMEs.