• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.37-43
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• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.

• Journal of Korea Trade
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• 제26권5호
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• pp.39-55
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• 2022

Purpose - This study empirically examines the effect of the Korean government export promotion program (EPP) on small and medium-sized enterprise (SMEs) export performance using firm-level data. Unlike most previous studies that investigated some specific samples of firms, this study analyzes a vast amount of SME data of the Korean Small and Medium Business Administration over the period 2005 to 2008. Design/methodology - An endogeneity problem arises when a firm's probability of being selected is correlated with the likelihood of successfully implementing EPPs. To control for the endogeneity of the EPPs in a relatively short-period sample, we employ 2-Stage Residual Inclusion (2SRI) RE-Tobit and bivariate Tobit procedure. Findings - Analyses show that Korean government EPPs have positive significant effects on SME exports. Empirical results also show that SME export activities are significantly encouraged by R&D investment and capital intensity, but not obviously by labor productivity. Originality/value - This study provides evidence that SME capital intensity, R&D investment, and the number of workers are significant determinants to SME exporting activities, whereas per worker labor cost and employee education are not. These results imply that even for SMEs, firm size is a major factor in promoting exporting activities.

• 산경연구논집
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• 제9권8호
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• pp.17-26
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• 2018

Purpose - Indonesian economy often receives negative impact from external factors, particularly through trade linkage. To mitigate that impact, the export market and product diversification should be established. Latin America is one of the potential regions to augment the Indonesian export market. Research design, data, and methodology - This study attempts to classify the potential market and product for Indonesian export, particularly in Latin America, by using panel regression, trade complementarity, and export similarity index over the period 2000-2015. Regression was also used to examine whether the presence of the Indonesian Trade Promotion Center (ITPC) can support diversification. Results - Based on regression results, those indexes established Chile, Uruguay, Suriname, and Ecuador as the priority countries with the products: animal and vegetable oils, fats and waxes; chemicals and related products; miscellaneous manufactured articles; commodities and transactions. Conclusions - The results of the regression concludes that the trade complementarity index gave a significant positive effect to boost Indonesian export, whereas, the export similarity index gave a significant negative effect. The regression also conclude that ITPC gave a significant positive impact on Indonesian export. For instance, the government should prioritize those countries and products and also develop ITPC there to optimize Indonesian export.

• KDI Journal of Economic Policy
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• 제46권1호
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• pp.53-89
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• 2024

The effects of the betterment of enforced intellectual property rights (IPRs) provisions on services export diversification are investigated. The analysis used an unbalanced panel dataset of 76 developing countries over the period of 1970-2014. The empirical analysis is based on the feasible generalized least squares estimator. It suggests that the implementation of weaker IPR protection fosters services export diversification in less developed countries (i.e., those whose real per capita incomes are less than US$US$ 1458.60), including those with a low level of export product upgrading. Conversely, in relatively advanced developing countries (countries whose real per capita income exceeds US$ 3356.80), including those with high levels of export product upgrading, the implementation of stronger IPR laws induces greater services export diversification. Finally, the analysis revealed the existence of a non-linear relationship between IPR protection and services export diversification. The implementation of stronger intellectual property laws spurs services export diversification in countries with high degree of IPR protection, especially when IPR protection exceeds a certain level, recorded here as having a score of 1.197. In contrast, in countries with weaker IPR protection, in particular those with IPR protection levels that score less than 0.915, it is rather the implementation of weaker intellectual property laws that promotes services export diversification.

• 아태비즈니스연구
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• 제13권2호
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• pp.39-50
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• 2022

Purpose - The purpose of this study is to examine how Korea's macroeconomic factors, such as GDP, CPI, Export, Import, Unemployment rate and USD/KRW exchange rate, are affected by the oil price shocks. Design/methodology/approach - This study used monthly and quarterly time-series data of each variable for the period 1983 to 2022, consisting of two sub-periods, to employ Granger causality test and GARCH method in order to identify the role of the oil price movement in macroeconomic factors in Korea. Findings - Korea's currency rate to the US dollar is negatively correlated with the price change of crude oil while the GDP change is positively correlated with the price change of crude oil with strong relationship between Export and Import in particular. The exchange rate and GDP growth are believed to be not correlated with the oil price change for the pre-GFC period. According to the Granger causality test, the price change in crude oil has a causal impact on CPI, Export and Import while other factors are relatively slightly affected. Transmission effect from the oil price to Export is found and there also exists volatility spillover from oil price to economic variables under examination. Comparing two sub-periods, CPI and Export volatility responds negatively to shocks in the oil price for the pre-GFC period while volatility of CPI and Unemployment reacts positively to the oil price shocks for the post-GFC period. Research implications or Originality - The findings of this study could be helpful for both domestic and international investors to build their portfolio for the risk management since rising WTI price can be interpreted as a result of global economic growth and ensuing increase in the worldwide demand of the crude oil. Consequently, the national output is expected to increase and the currency is also expected to be strong in the long run.

• 통상정보연구
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• 제9권2호
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• pp.423-439
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• 2007

The purpose of this study was to analyze market competitiveness of Korean and Chinese computer parts industry in the between two countries' market by using Index of Export Bias and Market Comparative Advantage Index. For attaining the purpose of study, we classified the computer parts which exported to the two countries' market and the imported products as the memory devices and input/output peripheral devices. Analyzing period was 2001-2006. The analysis of Korean results of Index of Export Bias indicated that memory devices represented low overall numerical value and the Chinese results of Index of Export Bias indicated that memory devices represented high gradual numerical value. On the other hand, Korean input/output peripheral devices have been increasing steadily for analysis period and China input/output peripheral devices have been decreasing steadily for analysis period. Additional results indicated that the Korean and China computer parts which gained market competitiveness between two countries market were as follows. Korean memory devices have been losing competitiveness in the China market steadily and Chinese memory devices have been acquire competitiveness in the Korean market gradually. In input/output peripheral devices case, Korean products represented powerful competitiveness in the China market and Chinese products have been gaining competitiveness in the Korea market.

• 통상정보연구
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• 제16권5호
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• pp.275-294
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• 2014

우리나라는 농산물 수출확대를 위하여 농산물 수출지원제도를 운영하고 있으며 수출물류비지원사업도 여기에 포함되어 있다. 수출물류비지원을 통한 수출지원사업을 통해 농산물의 수출확대는 농업부문의 수출산업화는 물론 신수요 창출과 국내 농산물 가격의 안정화에도 기여한다. 우리나라가 DDA 협상에서 개도국지위를 유지하게 되면 WTO 규정이 허용하는 범위 내에서 수출보조의 지속적인 지원이 일정기간까지 가능하나 개도국지위를 상실하게 되면 수출보조금으로 지원하는 수출물류비 등 각종의 지원이 향후 협상에서 결정되는 특정연도에는 완전폐지를 해야 하는 상황이다. 따라서 본 연구에서는 농산물에 대한 수출물류비 지원이 수출에 미치는 효과를 분석하고, WTO/DDA 농업협상 결과 예상되는 수출물류비 감축이나 철폐에 대비하기 위한 농산물 수출물류활동의 활성화 방안과 과제에 대하여 연구해보고자 한다.

• 통상정보연구
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• 제11권3호
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• pp.191-215
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• 2009

This study extends the previous research into the effects of knowledge spillovers on innovation and regional exports growth by more clearly distinguishing, both theoretically and empirically, two different types of knowledge spillovers, namely product and market knowledge spillovers. More importantly, this research provides insights on their role of knowledge spillovers in shaping regional innovative activities and, eventually, regional export growths. Furthermore, this research makes an important contribution to the understudied market knowledge spillovers by developing two variables that could be used to assess the flow of market knowledge spillovers at the regional level: localization economies and export consulting advice. Using secondary data on eight 2-digit manufacturing industries in ten New Zealand regions over a seven year period, this research found that regional competition, localization economies and the availability of export consulting advice have positively and significantly impact on the regional export growth in New Zealand.

• 무역상무연구
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• 제74권
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• pp.105-124
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• 2017

This study aims to present the effects of the introduction of the Compliance Program in Korea on real trade and its implication by empirical analysis. First, through regression analysis based on the data of the amount of permitted export by CP items (HSK10 units) during the period of 2010-2016 in Korea, it is revealed that the increase in export license of CP enterprises has a relatively greater effect on the increase in total imports by item. Second, since the introduction of the rating system under the optional CP in 2014, the increase in export licenses of CP companies has had a greater impact on the total export growth by items than before. Also, it is analyzed that the increase of export permission of CP companies has a relatively less effect on the increase of total imports by item than that of total exports. The results of this empirical analysis show that CP has a positive effect on exports and imports, but it needs to be supplemented in terms of efficiency.

• International Commerce and Information Review
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• 제2권1호
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• pp.3-24
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• 2009

This study extends the previous research into the effects of knowledge spillovers on innovation and regional exports growth by more clearly distinguishing, both theoretically and empirically, two different types of knowledge spillovers, namely product and market knowledge spillovers. More importantly, this research provides insights on their role of knowledge spillovers in shaping regional innovative activities and, eventually, regional export growths. Furthermore, this research makes an important contribution to the understudied market knowledge spillovers by developing two variables that could be used to assess the flow of market knowledge spillovers at the regional level: localization economies and export consulting advice. Using secondary data on eight 2-digit manufacturing industries in ten New Zealand regions over a seven year period, this research found that regional competition, localization economies and the availability of export consulting advice have positively and significantly impact on the regional export growth in New Zealand.