• Title/Summary/Keyword: Economic Groups

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Korean Retailers' Dependence Level: The Impact of Power Sources, Satisfaction, Conflict, and Long-Term Orientation

  • Yu, Jong-Pil;Pysarchik, Dawn Thorndike;Kim, Yu-Kyung
    • Journal of Global Scholars of Marketing Science
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    • v.18 no.1
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    • pp.81-114
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    • 2008
  • The purpose of this study was to analyze how economic factors (economic satisfaction, economic conflict) and non-economic factors (non-economic satisfaction, non-economic conflict) differentially influence Korean retailers' long-term orientation with manufacturers, and how they are influenced by manufacturers' power sources under different levels of retailer dependence. After Korean retailers were divided into high and low dependence groups, path differences between the two groups were compared. The results suggested that manufacturers' coercive and non-coercive power sources do not differentially influence high and low dependence retailers' economic and non-economic satisfaction, and economic and non-economic conflict. However, the economic satisfaction of low dependence retailers more strongly affects their long-term orientation than that of high dependence retailers. Also, the economic conflict of highly dependent retailers more strongly affects their long-term orientation as compared to low dependence retailers. Finally, the impact of non-economic conflict negatively influences a long-term orientation for both retailer groups.

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Factors Affecting Corporate Investment Decision: Evidence from Vietnamese Economic Groups

  • PHAN, Duong Thuy;NGUYEN, Ha Thi
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.11
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    • pp.177-184
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    • 2020
  • This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

Impact of Working Capital Management on Firm Performance in Different Business Cycles: Evidence from Vietnam

  • NGUYEN, Co Trong
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.12
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    • pp.863-867
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    • 2020
  • This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

The Comparative Analysis of the Reasons for Decreases in Marin Fishery Resources Based on AHP & duster Analysis (AHP - 군집분석을 이용한 주요어종의 자원감소 원인 비교분석에 관한 연구)

  • Park, Cheol-Hyung;Lee, Sang-Go
    • The Journal of Fisheries Business Administration
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    • v.40 no.3
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    • pp.127-146
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    • 2009
  • This study is to estimate the factor weights of the reasons for decreases in marine fishery resources using the Analytical Hierarchy Process. Furthermore, it classifies 20 fishes under a fishery resource recovery plan into various groups of fishes according to these factor weights using the non-hierarchial cluster analysis. The factors of decreases in marine fishery resources are identified as bio-ecological, technology-system, economic-business, and fishing village-society factors. Two of the most important factors of decreases in resource are turned out to be the economic-business and bio-ecological factors, estimated as 31% and 30% respectively. The technology-system and fishing village-society factors are estimated as 21% and 18% respectively. The study utilizes non-hierarchical cluster analysis in order to classify 20 fishes into 2, 3, and 4 groups. K-means cluster analysis is applied for grouping in conjunction with ANOVA to identify statistical differences in factors. Once again, the economic-business and bio-economic factors play main role in grouping 2-groups of fishes case. The third group of fishes in addition to the previous 2 groups of fishes appears as those 4 factors of decrease evenly play about the same role at a 3-groups of fishes case. Finally, the economic-business and bio-economic factors are turned out to be evenly important in the 4th group once there are 4-groups of fishes.

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Household Economic Structure and Subjective Evaluation on Economic Status of Households (가계의 주관적 경제상태와 객관적 경제구조)

  • Kim, Min-Jeung;Lee, Hee-Sook
    • Journal of the Korean Home Economics Association
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    • v.47 no.1
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    • pp.25-43
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    • 2009
  • The purpose of this study was to find how economic structures differ among four different household groups('enough', 'so so', 'a little difficult', 'very difficult') classified by subjective evaluation on their economic conditions. The data were drawn from 2004 Korean Labor and Income Panel Study conducted by Korea Labor Institute, and $X^2$-test and F-test were utilized by SPSS for Windows 10.0. The major findings were as following. First, the economic levels of household groups of 'enough' and 'so so' showed to be higher than the average. This result implies that households tend to evaluate by themselves their economic conditions comparing to the others. Second, the deviations of average economic levels among four different household groups were relatively bigger in household economic elements of liquid asset, monthly savings and insurance than the others, and relatively smaller in household economic elements of total expenditure, especially expenditures in food at home, education, medical, communication than the others. Third, the households of 'a little difficult' and 'very difficult' showed undesirable economic structures resulting from lack of savings and insurance for their future.

Middle Aged Women's Buying Behavior According to their Lifestyles (중년층 여성의 라이프스타일에 따른 의복구매행동에 관한 연구)

  • Choi, Kyung-A;Ko, Mi-Kyoung;Chung, Sung-Jee
    • Journal of the Korean Society of Clothing and Textiles
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    • v.35 no.4
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    • pp.385-395
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    • 2011
  • This study investigates the buying behavior of apparel by middle aged women according to lifestyles. Questionnaires were distributed to 300 women who lived in the Seoul area and between 40 to 65 years of age. A sample of 248 women responded. To analyze the data, Factor Analysis, Cluster Analysis, Analysis of Variance (ANOVA) and a Duncan test were used. As a result, the respondents were clustered into 4 different groups according to lifestyles. The groups included practical oriented group, economic oriented and practical group, active oriented and appearance group, and economic group. Their buying behavior was as follows. First, the active oriented and appearance group shopped at department stores and specialty stores; however, the economic oriented and practical group shopped at discount stores more often than other groups. The practical group shopped more frequently using TV home shopping networks, discount stores, and outlet stores, the economic group shopped at off-price stores, discount stores, and online more than the other groups. Second, the active oriented and appearance group bought classic suits and semi-classic suits, imported brand and/or designer brand apparel more often than other groups. Third, the active oriented and appearance group perceived another person's appearance, advertisement, and shop display as a more important information source than other groups. Forth, the active oriented and appearance group considered design & style, harmony with self-image, brand name, color, and coordination with other clothing as more important selection factors for clothing than other groups. The economic groups considered coordination with other clothing; however, the economic oriented and practical group cited ease of care as more important factors.

Socio-Economic Adaptation of New Immigrant Groups and their Divergence across Large US Metropolitan Areas under Economic Restructuring (미국 대도시지역 산업재구조화에 따른 신이민집단의 사회ㆍ경제적 적응양태의 도시별 다양성에 관한 연구)

  • 권상철;이영민
    • Journal of the Korean Geographical Society
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    • v.32 no.2
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    • pp.175-195
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    • 1997
  • This study attempts to understand new immigrants' socio-economic adaptation by linking them with the restructuring economies in large US metropolitan areas. Selecting Los Angeles, New York, Chicago, and Atlanta, we examine the industrial distribution of employed Hispanic and Asian immigrant groups with respect to the industrial change experienced between 1980 and 1990, and residential concentration represented by higher location quotients. The findings are that new immigrant groups are employed in overall industrial sectors close to that of total population and their large residential concentrations are displayed near downtown as well as outlying areas. These suggest that new immigrant groups experience different socio-economic adaptation from those generalized in the previous European immigrants, concentrated in manufacturing sector and near downtown area. This study proposes that divergent economic restructuring across metropolitan areas and new immigrants' backgrounds should be considered for better understanding of immigrants' economic adaptation in the current economic restructuring and its spatial manifestation in the US contexts.

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Age Effects of Social Capital on the Economic Well-Being in Korea (중년기 및 노년기 사회자본의 경제적 복지 효과 비교)

  • Seo, Jiwon
    • Journal of the Korean Home Economics Association
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    • v.51 no.2
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    • pp.207-218
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    • 2013
  • Social capital theory provides a framework for analyzing the economic well-being. The purpose of this study is to analyze the age effect of social capital by comparing middle aged and the elderly, as well as to investigate the independent effects of social capital on their subjective economic well-being, respectively. The two concepts of "trust" and "social network" were used to measure the level of social capital. Comparisons between the age groups were made regarding the relationships between social capital and economic well-being of four age groups, including younger middle-aged, older middle-aged, younger elderly, and older elderly. Data from the $2^{nd}$ wave of the Korean Longitudinal Study of Ageing (KLoSA) were used. The final sample for this analysis is 8,406 respondents aged 45~84. The major findings are as follows. First, the level of social capital, trust and social network, is statistically different by age groups. Second, the model fits in the case of model including social capital variables are all larger than their counterparts in the four age groups. Third, social capital is "resource" that can contribute to increasing the subjective economic well-being. Based on the empirical results, implications for welfare policies related with issues of social security for the elderly in Korea are provided.

The Concentration of Economic Power in Korea (경제력집중(經濟力集中) : 기본시각(基本視角)과 정책방향(政策方向))

  • Lee, Kyu-uck
    • KDI Journal of Economic Policy
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    • v.12 no.1
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    • pp.31-68
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    • 1990
  • The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

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Equity of Access to Health Services under National Health Insurance System in Korea (의료서비스에 대한 접근성의 형평 분석)

  • 장동민;문옥륜
    • Health Policy and Management
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    • v.6 no.1
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    • pp.110-143
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    • 1996
  • The purpose of this study is to assess the extent of inequality in health outcomes and the distribution of health services according to health need under National Health Insurance System in Korea. For the empirical analysis, data were collected through an interview survey during one month of October, 1994. Interview were conducted with a total of 10, 875 of the employees and the self-employed selected through cluster, systematic sampling. The major findings of this research are as follows: 1. The analysis of the differentials in morbidity rates by socio-economic group showed that health inequality in the pro-higher groups existed in all self-reported morbidity indicators. 2. The findings of the conventional use measures showed that the lower socio-economic groups had more ambulatory and inpatient services than the higher groups. In contrast to the level of the medical care utilization, however, the higher socio-economic groups were more likely to use the high-quality source of care in terms of their treatment place compared to the lower groups. 3. By using the need-based use measures, the results were different from each use-disability ration indicator. Using the use-disability ration measured by physician visits per 100 restricted-activity days in the population, it was found that there was no evidence favoring the higher socio-economic groups. In contrast, the use-disability ration based on physician visits per a chronic patient in one year displayed that there was remarkable relative difference by income group as well as the evidence of the pro-higher income groups. 4. The results of logistic regression analysis and two-stage estimation method indicated that although the utilization is significantly affected by type and duration of insurance coverage, the use or nonuse of service and the volume of physician care consumed is determined by health need and demographic characteristics rater than economic status. In sum, these findings suggest that physician service is equitably distributed according to health need under national health insurance system in Korea. As there were some evidences of inequality including the differential in physician visits of chronic patients by income group, however, the government should strengthen the activities to guarantee the equity of health services utilization.

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