• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.517-525
• /
• 2021

The study investigates the behavior of Asian banks in response to the subprime mortgage crisis and examines how countries that have experimented with a mix of conventional and Islamic banking managed their balance sheet during that period. The study carries out an independent mean t-test comparing the difference of leverage of 464 conventional commercial Asian banks pre- and post-crisis from the largest twenty-five Asian economies based on GDP (2007). The analysis uses 10-year unbalanced panel data of conventional banks and employs the generalized least squares estimation using a dummy variable event window method to capture the response of Asian banks. The study finds evidence of a structural change in the capital structure of Asian commercial banks in response to the financial crisis. Findings suggest that conventional banks increased their capital position more in countries that have both Islamic and conventional banking than those countries without Islamic banking services. By having Islamic banking in their product portfolio, countries can exert market discipline on conventional banks. The study identifies a significant role of global macroeconomic shocks on banks liability structure decision-making. Evidence shows that this increase in capital positioning by banks was a permanent rather than a temporary response.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.6
• /
• pp.1-16
• /
• 2021

The purpose of this study is to examine how the Korean government has intervened in the venture capital market so far and empirically investigate whether the government's policies on venture capital have stimulated venture capital's early-stage investment. To this end, this study classified the government's market intervention in the venture capital market by stage by studying the related literature and applying and analyzing the case in Korea. And, this study empirically analyzed the effectiveness of the Korean government's policy to revitalize the early-stage investment of venture capital, which is the most important purpose of government intervention. For empirical analysis, yearly data from 2004 to 2018 provided by the Korea Venture Capital Association and Korea Fund of Funds were analyzed using time series statistical analysis and macrodynamics. As a result of the case study, the Korean government has intervened in the venture capital market through direct investment for 25 years, and has been intervening through indirect investment for the next 18 years. As a result of time-series statistical analysis, the government's fiscal investment to increase the formation of venture capital funds and the increase in the ratio of special-purpose funds that mandate a certain percentage of early-stage investment increased the early-stage investment of venture capital. However, macrodynamics showed a trend in the opposite direction from this time series statistical analysis from 2016. In conclusion, this study interprets the trend in the opposite direction to the time series statistical analysis results as the government's erroneous regulation on the venture capital investment method and the recent lack of effectiveness of direct intervention through the government's indirect investment method. In addition, based on the results of case studies and empirical studies, this study made six policy proposals necessary for indirect government intervention.

• Asia-Pacific Journal of Business
• /
• v.10 no.4
• /
• pp.49-63
• /
• 2019

The export regulation of semiconductor core materials, which began with the recent revision of the export management regulations of Japan, raises the need for a new cooperation network. A hierarchical management network that was effective in the fast-follower system requires organic cooperation between the public sector and industry through a multilateral network that emphasizes horizontal co-operation among innovation actors. This study focused on the relational capital that exists among members of a business association such as an association that has been relatively marginalized from previous studies. In addition, this study aimed to analyze the effect of network activity characteristics such as industry-university linkage and informal exchange on technological innovation. Through this, I would like to draw implications for enhancing the effectiveness of the government's R & D support and innovation performance of R & D companies. Based on the results of the SMEs R & D survey, this study found that relational capital, informal exchange had a positive effect on technological innovation performance. However, if the relational capital exceeds a certain level, it is analyzed that there is a negative effect due to group think and lock-in effect. This means that informal exchange channels should be expanded for innovation and enhancement, and relational capital should be managed in consideration of the negative effects that may occur when certain levels are exceeded.

• Environmental and Resource Economics Review
• /
• v.18 no.3
• /
• pp.523-544
• /
• 2009

The purpose of this paper is to estimate the impact of foreign direct investment on environmental performance for 27 OECD countries using endogenous environmental policy model. The empirical test shows that with 1% increase in the ratio of inflow stock of foreign direct investment over domestic capital stock, emission on NOx and $CO_2$ will increase by 0.0071%(NOx) and 0.0165%($CO_2$) and 1% increase in the ratio of foreign capital stock induces 0.044%(fixed effect) and 0.047%(random effect) of economic growth. 1% increase of per labor total output increases 2.038%(fixed effect) or 1.890%(random effect) in reinforcement of environmental regulation. However, we could not confirm the Porter's hypothesis that the more strong environmental regulation leads technical innovation. The scale effects (0.0119, 0.0172) are estimated higher than the technical effects (-0.0048, -0.0007) in two pollutants (NOx, $CO_2$). It implies that each country needs to increase pollution abatement and control expenditure more aggressively to protect environment.

• Journal of the Korean Geographical Society
• /
• v.31 no.3
• /
• pp.489-507
• /
• 1996

The purpose of this study is to examine the increasing number of unregistered manufacturing plants and related problems, and to recommend alternative solutions to the problems. Data are obtained from a field survey of randomly selected small scale manufacturing plants in Seoul and its suburban cities. A total number or respondents are 533, and 416 of them are unregistered plants. The Capital Regional Planning has had a goal during last three decades to lead a balanced regional economic development by restriction manufacturing plants in the Capital Region and by encouraging them in other regions in the nation. It was 1984 when a comprehensive planning was established to achieve this goal. Sets of various regulations, by-laws and codes have been implemented to regulate manu-facturing activities in the Capital Region to achieve the goal. The region is divided into three sub-regions, and a different degree of regulations is applied to each sub-region. Only a certain types of industries are allowed in a particular sub-region. For instance, a plant manufacturing high-technology products could be allowed in the most urbanized sub-region. All manu-facturing plant in the Capital Region which has ares size of larger than 200"\;"$m^2$ is compulsory to register to the local government office. In practice, however, it is not common or sometimes almost impossible to get approval for many applicant manufacturers because of strict regulations. There have been increasing number of plants in the Capital Region during last several decades, despite the strict regulations. Many of those newly established plants are without formal registration at the local administration office. howerver. These are so called 'unregisterd' plants. Surveyed data and many government official data show that many of unregistered plants have been established in recent years. which indicate that current regulations are no longer effective. The number of unregistered plants are increasing tin the Capital Region because of many locational advantages in the region for plants, particularly those in small scale. Unregistered plants are the source of many problems, such as local water pollution or noise pollution in residential areas. There are also many administration problems, bed\cause they are not registered. The central government has attempted to cure the problems of unregistered plants. For example, the government allowed a unregistered plant to remain at present site for three ydars, if it met certain conditions in three years. However, this program was unsuccessful because many of those plants were not able to meet the concitions. Three times the government renewed the term for those which did not meet conditions since 1989, but it was afraid to be without success. There are many evidences that current policies to control manufacturing plants are not effective. The Capital Region must face mounting problems if ploicies are not reformed soon. This study suggests that the policy of the Capital Regional Planning has to be reoriented to provide more favorable policies for manufacturing plants in the Capital Region than current regulations which is aimed to restrict manufacturing activities. It is time to improve many existing problems in the region through reforms and of current regulations to foster unregistered plants. This study also proposes many smaller-area sub-divisions instead of current three large area sub-regions which is too broad to apply single kind of regulation, or codes. Flexible regulations and codes can be applied to such a small-area sub-divivisions based on location and industrial characteristics of the individual sub-divisions. It is necessary to provide decent industrial environment in the Capital Region, which is best equipped to provide many favorable industrial locational factors in the nation, thus this nation can be further prepared to compete in an inter-national market at an era of globalization in manufacturing.

• The Journal of the Korea Contents Association
• /
• v.20 no.9
• /
• pp.448-460
• /
• 2020

The purpose of this study is to examine the effects of negative experiences on social capital in order to see if the adverse functions of social media could be a barrier to the promotion of social capital through the use of social media. The study verified the moderating effect of perceived performance from social media and negative experiences(victim experience and offender experience) on social capital. The online survey was conducted in November 2019, and a total of 846 responses were used for the final analysis. As a result of the two-step regression analysis using the mean-centering technique first, it was found that the victim experience had no significant effect on the bridge social capital, but the perceived performance and the victim experience had negative moderating effect on the bridge social capital. Second, the victim experience showed a significant positive effect on the binding social capital, but showed a negative moderating effect with the perceived performance indicating positive influence on the binding social capital of the perceived performance could reduce through victim experience. Accordingly it is necessary to educate social media users on the cyber ethics, and regulation is required to mitigate risk factors for trust.

• Journal of Families and Better Life
• /
• v.29 no.2
• /
• pp.73-87
• /
• 2011

The purpose of this study is to investigate the influence of children's socia-demographic variables(i.e., gender, birth order, and the amount of time staying in kindergarten) on, leadership, self-regulation and children's peer play behaviors. The participants of this study are 336 children aged between five and seven in four classes in a private kindergarten and eight classes in a private preschool located in the capital region. The results revealed that, girls showed more leadership, self-regulation, and play interaction section than boys: whereas, boys showed higher response in play disruption and the lack of play disconnection. However, birth order, did not have a significant effect on the sub-domain of leadership, self-regulation competence, and peer play behaviors. As for the duration children stay in preschool or in preschool or kindergarten, children who spend half-day showed higher reaction in behavioral self-control and emotional taking abilities than children who stay in the preschool or kindergarten full day. On the other hand, self-esteem of full-time children was higher than half-time children. Children who were emotionally sensitive, knew how to lead their peer group, and those who were sociable and self-regulated presented to be more active in peer-interaction than others. Second, as the result of the correlation analysis reveals, children's leadership, self-regulation competence, peer play behaviors, and play interaction had a meaningful effect on the sub-variations of children's leadership and self-regulation and they showed significant influence upon play disruption and play disconnection. In addition, girls who were not able to manage or to inspect their behavior and had insensitive emotion demonstrated higher tendency to play disconnected. Children, who participated in full-day program with having difficulties in self-regulation or inspecting their behavior properly but had a strong leadership and insensitive showed play disruption highly.

• Journal of Distribution Science
• /
• v.11 no.3
• /
• pp.23-29
• /
• 2013

Purpose - Recently, the Korean government is seeking to internationalize KRW and reduce its heavy reliance on the U.S. dollar and better cope with risks from external turbulence. However, there has been too little study on this subject in comparision with its importance. The main objective of the paper is to distinguish the descrete stages of the KRW internationalization and recognize the costs and benefits of each stage. Research design, data, methodology - In order to achieve its goal, this study accomplishes a formal policy analysis based on potential factors of currency internationalization and an examination of legal practices in relation to Foreign Exchange Transaction Regulation (the Regulation). Results - This study found that securing monetary policy may not be easy under liberalized capital account for a small open economy like Korea in view of the trillema. In addition, the inherent ambiguity of the Regulation may increase the costs of KRW internationalization. Conclusions-This study revealed the negative system for the control of foreign exchange of the Korean government. The excessive regulatory restrictions on foreign exchange may hinder the process of KRW internationalization. Some legal and policy reforms are needed to improve related regulation and infrastructure.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.17
• /
• pp.93-125
• /
• 2002

This paper aims to find a reasonable solvency margin system in non-life insurance industry and also to evaluate the appropriateness of the current solvency margin regulation system in Korea. The current solvency margin system in Korea, based on EU's solvency margin model, was introduced during the 1997 financial crisis. The solvency requirement is not based on non-life insurer's risk, but simply on written premiums. The current solvency margin for general insurance, such as fire, marine, and automobile insurance, is determined by the greater between a premium-based amount and a claim-based amount, where the premium-based solvency margin is calculated by multiplying the net written premium for the preceding year by the premium based solvency margin ratio. Also, the amount of solvency margin for long term insurance is set at 4% of the policy reserve of the long term insurance. Still, there exist many differences between the current solvency margin regulation system in Korea and EU's model. This paper focuses on the rationality of the solvency margin regulation system, and compares the current system in Korea with EU's model and the RBC(Risk Based Capital) system in U.S. and Japan. Finally, this paper suggests a more specific and reasonable solvency margin system to be developed in Korea.

• Journal of the Korean Applied Science and Technology
• /
• v.38 no.6
• /
• pp.1405-1422
• /
• 2021

This study aimed to construct and test a hypothetical model to explain health-promoting behaviors among high school students in Korea. Data were collected from a self-administered questionnaire of 395 first-year to third-year students at a high school in Gyeonggi-do area. The exogenous variables of this study were family function, friend support, school life environment, and social capital of the local community, and endogenous variables were self-efficacy, self-regulation, and health-promoting behaviors. Data were analyzed by SPSS 21.0 and AMOS 22.0. The final model with 13 of the 9 analyzed paths showed a good fit to the empirical data: χ²/df=1.96, GFI=.90, AGFI=.88, CFI=.94, TLI=.93, RMSEA=.05, SRMR=.06. The variables included in these paths were family function (β=.57), self-efficacy (β=.29), self-regulation(β=.14), the social capital of local community (β=.14), and friend support (β=.13). The variables included in the nine significant paths explained 86% of variance in the explain model. Thus, it is necessary to build up a social support system for dysfunctional families and health-promoting behaviors of adolescents in the families and develop a program for creating the environment of the local community including schools.