• International Area Studies Review
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• v.13 no.1
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• pp.3-16
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• 2009

This paper investigates the existence of uncovered interest rate parity between the Korea-USA as well as the Korea-Japan. We may ascertain the existence of uncovered interest rate parity by examining the empirical relationship between real exchange rates and interest rate differentials in the Korea-USA as well as in the Korea-Japan. The empirical relationship between real exchange rates and interest rate differentials in the Korean-USA and Korean-Japanese economies is investigated using cointegration tests. In the context of this study, cointegration technique is appropriate to examine the relationship between two(or more) nonstationary time series. Also, this method is useful to detect the possibility that the nonstationarity in both series can be explained by a single factor. The empirical results support the nonexistence of a long run equilibrium relation between real exchange rates and interest rate differentials. Also, the results show that the nonstationarity cannot be explained by a single factor.

• Asia-Pacific Journal of Business
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• v.14 no.2
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• pp.167-185
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• 2023

Purpose - The purpose of this study is to identify the influence relationship between positive psychological capital, job satisfaction, and organizational commitment of tourism guides, and to provide implications through empirical research to increase the capabilities of tourism guides that are a factor in the performance of planned travel products Design/methodology/approach - This study conducted an empirical survey using the google online questionnaire. It was directly surveyed, distributed, and collected from workers who were or were performing tourism guide duties in Asia and Europe, and 203 questionnaires were used for analysis. The empirical survey was conducted in a self-written manner through a simple random sampling method, and the statistical package was conducted with frequency analysis, factor analysis, multiple regression analysis, and correlation analysis using the spss 21.0 program. Findings - First, among the positive psychological capital factors, two factors, hope and optimism, have a significant positive (+) effect on job satisfaction. Second, among the positive psychological capital factors, two factors, self-efficacy and optimism, have a significant positive (+) effect on organizational commitment. Third, job satisfaction has a significant positive (+) effect on organizational commitment Research implications or Originality - The implications of this study are that the research results have had a positive (+) effect on the variables of positive psychological capital, job satisfaction, and organizational commitment of tourism guides, and have laid the foundation for academic research on research topics. In practice, it is expected to increase the positive psychological capital of tourism guides and have a significant impact on the organization's performance by actively supporting and supporting individuals related to the sustainable growth of travel products.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Journal of Korean Academy of Nursing
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• v.30 no.5
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• pp.1279-1291
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• 2000

The main objectives of this study were to analyze the concept of hope, so to provide basic data to develop a valid instrument to measure hope, and to develop hope enhancing nursing intervention a program for cancer patients. The hybrid model approach was applied in three phases, the theoretical phase, the empirical phase, and the analytic phase. The study was developed on universal attributes explaining generalized hope and specific hope, which were revealed in a comprehensive review of the literature. In the empirical phase, eight cancer patients undergoing chemotherapy were interviewed to reveal causes, motivation, and their resource of hope according to The Hope Assessment Guide (Farren, Herth, & Popovich, 1995). In the analytical phase, the results of the two previous stages of the study were compared. The results were as follows : In the theoretical phase, six dimensions of hope emerged; affective, cognitive, behavioral, affiliative, temporal and contextual dimension. The antecedent of hope was loss, crisis, uncertainity, and stress. The consequences were renewal, development of new methods, safety, peace and transcendental competence. In the empirical phase, these six dimensions emerged as theoretical phases were verified and specified as these descriptive terms: feeling, intention, expectation, activity, relation, future- orientation, reality and goal-setting. The antecedent factor of hope was occurrence or recurrence of cancer. The consequence of hope was ability to cope with real condition, feeling of safety and comfort, peace, development of new strategy and recovery of disease. The major content of hope in this phase was related to specific hope, but it was also influenced on by general hope. In the analytic phase, general and specific hope was renamed as trait and state hope. All attributes emerged at the empirical phases, and also emerged at the theoretical phase. However, cognitive and contextual dimensions were revised and specified. In conclusion, the concept of hope is divided into trait hope and state hope, and state hope is an anticipatory expectation that occurs at the time of a stressful stimulus, such as being diagnosed with cancer. Hope is a multidimensional dynamic energized mental state which has the dimensions of affective, cognitive, behavioral, affiliative, temporal and contextual. There should be further studies to develope the state and trait hope scale according to definition and attributes of hope investigated in this study. In addition, considering results of the empirical phase, the family is very a important factor as a resource of hope, so it is necessary to consider family in implementing a nursing intervention program to enhance hope.

• International Area Studies Review
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• v.12 no.3
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• pp.153-169
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• 2008

This paper examines the recently empirical test for the two types of endogenous growth models, which one is more fitted to real data. We adopt the non-stationary panel data methodologies for seeking empirical implication by using productivity and R&D data in the OECD over the past two decades. The Empirical tests show that there is a robust relationship Total Factor Productivity and R&D variables implied by semi-endogenous growth model. The relationship suggested by fully endogenous growth theory, however, is sensitive to R&D variables. Therefore, the estimation results provide empirical evidence in favour of endogenous growth theory of R&D expenditure role for sustaining economic growth. The sustained Total Factor Productivity, however, is maintained by more increasing R&D inputs for overcoming diminishing return to R&D efforts.

• Journal of Digital Convergence
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• v.16 no.12
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• pp.175-183
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• 2018

This study analyzes determinants of bond returns in terms of systematic risk versus idiosyncratic risk by examining relationship among those factors. First we examined the cross-sectional determinants of corporate bond returns with Korean bond market data from 2001 to 2014. This paper uses term factor and default factor for systematic risk, and duration factor and credit rating factor for idiosyncratic risk. The empirical result shows that systematic risk can explain cross-sectional differences of bond returns rather than idiosyncratic risk which is the same result in advanced markets(US or Europe). This result is different from the previous Korean studies which showed that idiosyncratic risk is more important than systematic risk in Korean bond market. The reason for the different result may be the longer sample period which includes the most recent period. It is insisted that Korean bond market is getting more synchronized with the advanced bond market. In conclusion, this empirical result implies that Korean bond portfolio managers should focus on systematic risk, which is contrary to current system in Korean asset management industry.

• Korean Journal of Ecology and Environment
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• v.41 no.4
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• pp.512-518
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• 2008

This study were to evaluate trophic conditions, N : P ratios, and empirical relations of chlorophyll (CHL) systematically using TN, TP, and CHL values in agricultural reservoirs and drinking water supplying dams. During the study, nutrients and CHL varied depending on seasonal conditions and types of the reservoirs, but most reservoirs were diagnozed as eutrophic to hypertrophic. Mass ratios of TN : TP averaged 93.1 (range: $0.68{\sim}1342$) and about 96.6 % of the total observations (n=516) was > 17 in the N : P ratios. This result suggests that P was a potential factor limiting algal growth in the entire reservoir. Thus, TN : TP ratios were a function of phosphorus rather than nitrogen. Regression analysis of log-transformed N : P ratios against TP in DWDRs and ARs showed that ratios were linearly declined with an increase of TP ($R^2$>0.66; p<0.001). Seasonal mean CHL was minimum ($4.3{\mu}g\;L^{-1}$, range: $0.1{\sim}39.7{\mu}g\;L^{-1}$) in premonsoon, and was similar between the monsoon and postmonsoon. In contrast, one of the tremendous features was that values of CHL was greater in the ARs than DWDRs. Thus, the spatial and temporal patterns in CHL were similar to those of TP but not TN. Empirical models of CHL-TP showed that CHL variation could explain average 15.3% and 11.3% in DWDRs and ARs, respectively. Seasonal analysis of empirical models showed that CHL-TP relations were stronger in postmonsoon than those of premonsoon and monsoon.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.30
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• pp.27-58
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• 2006

The purpose of this study is to identify key obstacles to the adoption of electronic bill of lading and to suggest an effective way to promote the utilization of electronic bill of lading in international trade field. This study finds that all the respondants have not used 'true' electronic bill of lading that is issued and distributed electronically, and most of them agreed the needs of e-B/L adoption, but their intentions to adopt e-B/L remain very low in the present situation. Five obstacles to the adoption of e-B/L were derived from an explanatory factor analysis: 'integration' factor, 'law institution' factor, 'usability' factor, 'economic efficiency' factor, and 'security' factor. Solutions to promote the utilization of e-B/L in international trade field are as follows; Firstly, to endow e-B/L with the legal force through amending relevant laws including the commercial law. Secondly, to conclude the relevant international agreement, and to carry out joint projects between nations are needed. Thirdly, to conduct publicity campaigns is required to increase the understanding of the concepts and benefits of e-B/L to all concerned parties. Fourthly, stable and reliable system must be constructed with high level security. Fifthly, to readjust the service fee of e-B/L system to a realistic level is to be needed in order for user companies to use e-B/L service.

• The Journal of the Korea Contents Association
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• v.7 no.10
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• pp.202-210
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• 2007

Factor analysis, an important research method, has been conducted as a pre-analysis of empirical researches. Sometimes, the researchers expect more information than factor analysis' limitation as well. Therefore, I suggest a method to overcome this problem. This study presents a combined research method which allow to solve the limitation of the factor analysis in social science. The combined research method consist of factor analysis, AHP(analytic hierarchy process) analysis, diffusion theory and system dynamics, which is able to explain causalities.

• Journal of Information Technology Services
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• v.6 no.2
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• pp.63-80
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• 2007

In this paper, the function factors contributing to ITA/EA functions in their organizations, are suggested. Also the reasons to the construction of IT governance system and their effects on the their organizations are discussed and the relationships are verified by empirical model. From the survey, the data of the 227 respondents were collected and regression analysis was performed for validating the research model. ITA/EA functions consist of the IT infrastructure systemization, ITA/EA business process support, IT investment efficiency factors. And the factors of IT resource and performance management, IT process management, IT service management are included to IT governance. The main analysis results described significantly are shows as follows. At first, IT resource and performance management factor is effected by the ITA/EA business process support factor and IT investment efficiency factor. In similarly, IT service management factor is also affected by the factors such as ITA/EA business process support, IT investment efficiency, and IT infrastructure systemization. In additional analysis, IT investment efficiency factor in official sectors, ITA/EA business process support factor in private sectors respectively are described as the significant factors on the IT governance.