• 아태비즈니스연구
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• 제15권3호
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• pp.417-430
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• 2024

Purpose - This paper investigates the asymmetric capital structure adjustment toward target leverage. Our study consistently estimates heterogeneous speeds of adjustment in different regimes reflecting heterogeneity in firm characteristics. Design/methodology/approach - We collect balanced panel data on Korean listed firms over the period 2005 - 2023. In order to capture non-linearities in the speed of capital structure adjustments, this paper employs the dynamic panel threshold model that allows endogeneity in regressors and threshold variables. Findings - Using firm characteristics as proxies for adjustment costs of deviation from and adjustment to target leverage, we find asymmetric effects on the speed of capital structure adjustments. Firms of large size, with high profitability, with large cash flow and with large investment adjust capital structure faster than those with the opposite characteristics. On the other hand, firms with high growth opportunities and with high risk move slowly toward the target leverage. Research implications or Originality - This paper provides new evidence of cross-sectional asymmetries in capital structure adjustments, which calls for cautions in sample-splitting in an arbitrary manner.

• Asian Journal of Business Environment
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• 제11권1호
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• pp.17-25
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• 2021

Purpose: This study extends previous empirical work on the threshold effects of institutions on the relationship between infrastructure and economic growth. It does so by using three sub-indices of institutions as the threshold variable in place of aggregate index. This is with a view to determining the roles of the sub-indices in the nexus between infrastructure and economic growth. Research design, data and methodology: The analysis is based on a dynamic panel threshold regression model using a panel data set comprising 41 countries in Sub-Saharan Africa over the sample period of 1996-2015. Data are obtained from Ogbaro (2019). Results: The study finds that infrastructure exerts significant positive effects on economic growth below and above the threshold values of the three sub-indices, with higher effects above the threshold values. Results also show that on average, the Sub-Saharan African countries are not able to satisfy any of the threshold conditions, which accounts for their poor growth experience. Conclusion: The study concludes that countries with weak institutions do not benefit maximally from infrastructure development policies. The paper, therefore, recommends that countries in Sub-Saharan Africa need to focus on improving their institutional patterns if they are to reap the optimum benefits from their infrastructure development efforts.

• 산경연구논집
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• 제4권2호
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• pp.13-19
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• 2013

Purpose - The paper tested the relationship between the stock markets of the Middle East and the USA with the oil price and US dollar index as threshold variables. Research design, data, and methodology - The stock price indices of the USA, the Middle East (Abu Dhabi, Jordan), WTI spot crude oil price, and US dollar index were daily returns in the research period from May 21, 2001 to August 9, 2012. Following Hansen (1999), the panel threshold regression model was used. Results - With the US dollar index as the threshold variable, a negative relationship existed between the stock price indices of Jordan and the USA but no significant result was found between the stock price indices of Abu Dhabi and the USA. Conclusions - The USA is an economic power today:even if it has a closer relationship with the US stock market, the dynamic US economy can learn about subsequent developments and plan in advance. Conversely, if it has an estranged relationship with the US stock market, thinking in a different direction and different investment strategies will achieve good results.

• 한국경영과학회지
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• 제39권4호
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• pp.85-95
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• 2014

In the e-commerce, the conversion into the multi-media is the important issue. According to the research by Nielsen Korea, the 83% of customers who purchase the products in the e-commerce utilize multi-channel to buy the products such as mobile and online [3]. Thus, to effectively implement online advertising, marketers should understand the customers' path [15] in the multi-channel. The study of the multi-site activities plays an important role to predict customers' purchase [28]. To explain the e-commerce site visit activities of customers, we have developed research model in terms of the online advertising. This research model is based on the study of Moe and Fader [23]. There are two types of composition in the research model. First, general site visit as an exploratory search have net effect on the shopping site visit because customers could acquire or develop information on the e-commerce site via online advertising. Secondly, the e-commerce site visit as a goal-directed search cause threshold of the e-commerce site visit because customers could achieve their goal. When the threshold is increased, the probability of a shopping site visit is decreased and vice versa. Thus, we have investigated the impact of customers' previous visit activities (general site visit and shopping site visit) on the next e-commerce site visit in terms of dynamic view. Research data was provided by Cheil World Wide. This panel data include mobile and online log data of panelists from Jan. 2013 to March 2013. As the results, the customers' e-commerce site visit on the online media would decrease the probability of e-commerce site visit because these visit activities increase the threshold of e-commerce site visit. This result is similar with the previous study [23]. Otherwise, since e-commerce site visit on the mobile media decrease the threshold, the customers' probability of e-commerce site visit would increase In summary, the site visit activities on the mobile could improve the probability of e-commerce site visits.

• 마케팅과학연구
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• 제18권2호
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• pp.223-252
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• 2008

본 연구에서 우리는 시장 자료가 부족한 상황에서 개인레벨과 총량레벨 모두에서 신상품들과 기존 상품들 간의 동태적 대체, 경쟁을 예측하는데 적합하도록 전환비용 요소가 포함된 신 구상품간 대체 경쟁 예측 선택기반 확산 모형을 제안하고자 한다. 추가적으로, 우리는 제안된 모형을 디지털 케이블 TV, IPTV 등이 포함된 신규 유료 양방향 방송서비스들과 기존의 아날로그 케이블 TV가 대표하는 구 유료 방송 서비스간에 벌어지는 대체 및 경쟁 예측 사례에 적용하여 본 모형의 의의를 밝히며, 또한 관련된 실증적 시사점을 도출하고자 한다. 실증 적용 결과, 유료 방송서비스 시장에 있어선 기존 상품과 전환 비용을 고려하지 않고 신상품 수요 예측을 하는 경우, 초기 확산 속도를 과대 추정하거나 왜곡된 예측 경향이 존재하여, 보다 현실적이고 보수적인 신상품 수요 예측을 위해 이들의 반영이 필요함을 밝혀, 본 연구에서 제안된 모형의 의의를 확인할 수 있었다. 또한, 제안된 모형이 S자 곡선을 미리 가정하기보다, 실증 대상의 속성이 소비자의 상태전환에 미치는 영향의 정도에 따라 유연한 형태의 총량시장 성장 곡선을 도출함을 확인하였다. 실증적으로는 여러 가격 조합에 대해 IPTV가 디지털 케이블 TV에 비해 더 선호되어 가입자 확보 면에서 우위에 있을 것임을 확인할 수 있었다. 한편, 기존 상품인 아날로그케이블 TV의 경우 열위의 서비스 속성에도 불구하고, 가격에서의 우위와 높은 전환비용의 존재로 인해 급격한 대체보다 점진적인 대체가 이루어질 가능성이 큼을 알 수 있었다.