• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.191-234
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• 2009

This study examined on the volatility feedback hypothesis through the use of threshold GARCH-in-Mean (GJR-GARCH-M) model developed by Glosten, Jaganathan, and Runkle (1993) in the stock markets of 14 emerging countries during the period of January, 1996 to May, 2009. On this study, I found successful evidences which can support the volatility feedback hypothesis through the following three estimation procedures. First, I found relatively strong positive relationship between the expected market risk premiums and their conditional standard deviations from the GARCH-M model in the basis of daily return on each representative stock market index, which is appropriate to investors' risk-averse preferences. Second, I can also identify the significant asymmetric time-varying volatility originated from the investors' differentiated reactions toward the unexpected market shocks by applying the GJR-GARCH-M model and further find the lasting positive risk aversion coefficient estimators. Third, I derived the negative signs of the regression coefficient of unpredicted volatility on the stock market return by re-applying the GJR-GARCH-M model after I controlled the positive effect of predicted volatility through including the conditional standard deviations from the previous GARCH-M model estimation as an independent explanatory variable in the re-applied new GJR-GARCH-M model. With these consecutive results, the volatility feedback effect was successfully tested to be effective also in the various emerging stock markets, although the leverage hypothesis turned out to be insufficient to be applied to another source of explaining the negative relationship between the unexpected volatility and the ex-post stock market return in the emerging countries in general.

• Journal of the Korea Convergence Society
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• v.6 no.5
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• pp.55-61
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• 2015

This study is related with globalization development plans of the convergence systems and policies for domestic fire industry. The current issues are analysed from the condition of the policy enforcement of fire industry promotion and analysis results of the fire industry's environment. Consequently, advanced plans of promotion law and overseas expansion plans for fire industry is proposed, Especially, overseas expansion plans include technology policy strategies and activate plans of overseas expansion support for fire industry. Plans of overseas expansion support for fire industry are discussed in terms of three detailed plans including with diversification of foreign exhibitions support of fire industry, dispatch expansion of overseas market pioneer and expansion of the asian emerging markets. Especially, plans of expansion of the asian emerging markets will lead the strategic performances including with establishment of superiority in domestic fire system, provision of infrastructure abroad in domestic fire industry and of Induction of establishment in domestic fire inspection systems.

• The Journal of the Korea Contents Association
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• v.18 no.11
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• pp.285-297
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• 2018

The purpose of this study is to examine the trends of import and export of Korea by each continent and to find ways to increase export to Korea in the future. Each continent selected Asia, Europe, North America, Central and South America, and the Middle East. The analysis period was 220 months from January 2000 to April 2018, and data were collected from the KCS. Regression analysis showed that the coefficient was higher in Asia, Europe, North America, Middle East and Latin America. The markets of each continent moved independently of each other and were statistically significant at t statistic and p-value(${\leq}0.01$). As a result of this study, Asia and North America have been major export markets in Korea. Europe, the Middle East and Central and South America are emerging as new markets in Korea. In order to increase Korea's exports in the future, there is a need for continued interest in Asian markets including China & Southeast Asia.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.683-692
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• 2020

The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms' specific factors or investors' behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.391-414
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• 2011

The advance into the overseas markets of domestic enterprises has been increasing continuously. Brazil, for domestic companies, has been emerging as the huge potential country in the development of markets and resources. According to the reports from World Bank and Brazil government, one of the biggest difficulties of businesses in Brazil for foreign enterprises is the lack of Transportation Infrastructure and high logistics costs. However, until now, there is no professional institute and systematic DB in Korea to provide the overall information of Brazil logistics or details oriented to enterprises' needs; furthermore, enterprises have the difficulties to gather or investigation the logistics information by themselves due to the constraints of language and budget. For these reasons, with the latest data, this study reviews the overall information of Brazil logistics environment and provides the status of Brazil logistics that is necessary for enterprises to advance into Brazil market. Also, this explains the reason for why Brazil has such a high logistics cost with the objective data. In addition, this paper carried out the benchmarking case study as an example of logistics strategy and plan in Brazil. This study can contribute to serve as useful information for domestic enterprises which planning or doing business in Brazil.

• Journal of Welding and Joining
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• v.32 no.5
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• pp.21-25
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• 2014

Oil and gas fields were left unexploited which deemed too deep and sour. New developing markets are emerging in this part and pipe manufacturers need demanding requirements in the combination of sour service requirements with heavier wall thickness required to cope with increasing water depths. Whilst, the strength and fracture toughness needed to meet the strict requirements In order to deliver the optimum sour properties in the final pipe, attention needs to be paid to each stage throughout the process from steel making. The main key during steel making is strengthening, securing mechanical properties and suppression of center segregation by adding proper chemical elements and controlling water cooling and plate rolling. Additionally in welding, it is required to prevent HAZ softening by high heat input during welding of heavy thick pipes and hydrogen assisted cracking in high strength steels with hard phases. In this paper, we introduce markets of sour resistant linepipe steels and in response to this, have a look in the development trend of sour resistant linepipe steels and its sour characteristics in welded joints.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.1-13
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• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• Advances in environmental research
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• v.5 no.4
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• pp.237-249
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• 2016

The management of municipal solid waste (MSW) is essential for every community; and, it is currently a major challenge in Nigeria. This paper provides an overview of the current MSW management trends in Nigeria and proposes new sustainable MSW management systems. Across Nigerian cities, MSW management is characterized by inefficient collection and transportation to disposal sites. Collection services do not reach some unplanned areas and slums due to poor street network. Even some planned areas are not reached by collection services. The informal sector contributes to waste collection, resource recovery and recycling; however, their activities are not recognized by the governments. Markets exist for recovered materials but more efforts need to be geared towards intensive recovery of materials and expansion of these markets. Despite the high proportion of putrescible matter in MSW, the only form of treatment commonly used currently is open burning for volume reduction. The high organic fraction presents a great opportunity for composting and anaerobic digestion. Ultimate disposal is currently done in open dumpsites. This needs to be upgraded to engineered landfills that are properly sited and adequately operated by well trained personnel. There is an emerging waste stream of concern, electronic-waste (e-waste), that requires urgent sustainable management as e-waste are currently co-disposed with other waste streams or burnt in the open posing detrimental health impacts.

• Korea Trade Review
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• v.44 no.4
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• pp.189-203
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• 2019

In recent years, most companies are making strategic strides to respond to changes in the competitive landscape. This trend is proceeding independently from industry to industry, and the Chinese cosmetics industry, which is at its peak, is no exception. In the meantime, the question of whether the concept of strategy group and related theories are suitable for advanced markets and whether they are applicable to emerging markets such as China is an interesting subject of inquiry. The purpose of this study is to classify strategic groups based on the cognitive approach of CEO's in the Chinese cosmetics industry. Some of the existing studies on strategic groups have raised limitations on the theoretical validity of the classification and criteria of strategic groups. However, since the concept of the strategic group becomes a middle level analysis unit between the enterprise and the industry, applying this concept to the Chinese cosmetic industry will help identify the strategic group existing in the industry and grasp the composition of the entire industry.

• Journal of the Korean Society of Industry Convergence
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• v.26 no.3
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• pp.483-497
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• 2023

This study aims to provide strategic recommendations for promoting the development of the global satellite data services industry by analyzing the startup landscape. Based on the analysis of startup data, such as number of startups, market segment, and funding amount, we examined the paradigm shift in the global satellite data services market, particularly its convergence with other market segments. To this end, we derived the cumulative funding-convergence dynamics matrix, which classifies the converging areas into four quadrants by considering the growth rate of converging segments and the cumulative funding amount. In this way, we can specify converging areas in the satellite data services market that bear potential importance for the creation of new markets. The findings of this study are expected to contribute to the advancement of the satellite data services industry and facilitate the exploration of new market opportunities. Furthermore, they can serve as a valuable reference for policy makers, industry stakeholders, government officials, and researchers involved in the satellite data services industry in capitalizing on the emerging space economy.