• 한국항해항만학회:학술대회논문집
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• 한국항해항만학회 2014년도 춘계학술대회
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• pp.183-185
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• 2014

이 연구의 목적은 글로벌 해운항만물류에 있어 창조형 서비스산업으로서 금융특화와 금융지원을 통한 해양금융의 허브화와 해양물류 클러스터를 구축하여 국제경쟁력강화를 통한 국가경제발전에 이바지함에 있다. 효과적인 목적달성을 위해 이 연구는 통합적 접근법을 채택하여 효율적인 정책이행에 적용하였으며, 정책수행의 도구로서 창조형 해양금융발전 단계를 수립하여 정책이행시기의 가이드라인을 다음과 같이 제시하였다. 제1단계(조성과 성장정책): 2013~2016(창조형 해양금융산업집적지구축), 제2단계(육성/활성화정책): 2017~2019(창조형 해양금융산업클러스터구축), 제3단계(지속적 발전정책): 2020년 이후 장기과제(창조형 해양금융혁신클러스터구축). 세계해양금융의 경쟁력 열위에 있는 우리나라는 해양금융의 유동성확보를 위한 전략적 접근이 절실한 바, 근래 글로벌 금융위기 이후 실물거래를 수반하는 금융 거래의 새로운 대안으로 이슬람금융이 급부상하고 있다. 아울러 본 연구에서는 해양금융의 실무상 우리나라의 잠재형 슬랙을 창출하기 위해 이슬람금융권과의 컨소시엄의 구성을 초기단계에서의 보다 용이한 정책이행의 단초로 제안하고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.111-122
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• 2021

The main purpose of the present research is to analyze the effects of trade, financial globalization, and technological progress on income inequality in the Indian economy over the period from 1982 to 2018. For this purpose, the study uses economic growth, financial globalization, trade openness, technological development, and economic inequality variables with appropriate proxies. The study employs the Auto Regressive Distributed Lag (ARDL) approach to co-integration and VECM based Granger causality approach to estimate both the short-run and long-run relationship and causality among variables. Using the ARDL bounds test, the study finds a long-run co-integrating relationship existing among the variables in the model. The study confirms the existence of a positive and significant impact of technological progress on income inequality. Further, globalization's limited impact reflects two offsetting tendencies; trade globalization is associated with a reduction in income inequality, while financial globalization is related to an increase in inequality. The results of VECM based Granger causality approach further confirm that technological progress, trade, and financial globalization causes income inequality both directly and indirectly through economic growth and inflation. In case of India, the results of this research can significantly facilitate stakeholders and policymakers in devising policies towards effective globalization and technological innovation for inclusive growth.

• Asian Journal of Business Environment
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• 제8권2호
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• pp.5-13
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• 2018

Purpose - The aim of this study is to investigate the problems, challenges, opportunities and future prospects of Islamic banking and finance in the UK. However, this study brings forward into 3 main purposes. Firstly, to explore the development of financial institutions, products and regulatory reforms. Secondly, to find out the performance of Islamic banking institutions. Lastly, to identify the problems, challenges and Islamic banking future prospects. Research design, data, and methodology - An in-depth literature review was carried out to fulfil the research objectives. Results - The findings point out the basic problems of Islamic banking industry in UK such as unfavorable regulatory environment, unfamiliarity with the Islamic Banking System, lack of portfolio management, absence of liquidity instruments, in need of professional bankers, and blending of approach of Islamic scholars with the approach of the conventional bankers. The findings also indicate that there are greater opportunities in the UK for development and growth of Islamic financial system because Muslim community is eager to take financial products. Conclusions - It is hoped that issues pertaining to Islamic banking products can be resolved through consensus of Shariah scholars. There is need to educate the Muslim community about Islamic financial products and service.

• 아태비즈니스연구
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• 제15권3호
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• pp.431-448
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• 2024

Purpose - This study aims to explore the return characteristics of asset growth factors in the Korean stock marekt by employing the representativeness heuristic-a behavioral bias originally identified by Kahneman and Tversky(1972). Design/methodology/approach - Our empirical analysis, based on Korean stock market data from 2004 to 2023, compared the conditional probability of high asset growth companies achieving elevated returns to the overall probability. This assessment helps gauge the representativeness of potential 'future Google' companies. Additionally, we use regression models to explore investor behavior and market anomalies in the stock returns. Findings - The findings suggest that when dividing the sample period into phases with high and low representativeness measures, biases significantly impact asset growth factors. Specifically, during high representativeness preiods, stock price reversals were absent among high asset growth companies. Conversely, during low representativeness periods, stock price drifts become evident. Research implications or Originality - This research contributes to the field of behavioral finance by providing empirical evidence of the impact of cognitive biases on asset growth and stock returns in an emerging market like Korea. It highlights the need for investors and policymakers to consider psychological factors when analyzing market behaviors, potentially leading to more informed investment strategies and regulatory frameworks.

• The Journal of Asian Finance, Economics and Business
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• 제5권1호
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• pp.63-72
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• 2018

Social entrepreneurship is increasingly gaining interest in developing countries for the great benefits of society. In Vietnam, the concept of social entrepreneurship is still quite new. Entrepreneurial intention is regarded as a useful and practial approach for understanding actual entrepreneurial behavior. The purpose of this paper is to develop an integrated model based on planned behavior to examine the direct and indirect effect of perceived access to finance on social entrepreneurial intention. The confirm factor analysis to study the latent constructs underlying determinants of planned behavioral theory, perceived access to finance and social entrepreneurial intention. Then, it applies the technique of structural equation modeling to explore relationships among latent constructs. There is no direct relationship between perceived access to finance and social entrepreneurial intention. Perceived access to finance only indirectly increases entrepreneurial intention through attitude towards behavior and perceived behavioral. This study focuses on the perceptual factor of financial access that affects entrepreneurial intentions. The study does not cover other in-depth issues of social entrepreneurship such as decision making, leadership, personality traits, social capital, and human capital. To establish an environment with a strong social entrepreneurial intention, a focus on developing perceived access to finance is an extremely important factor. This study also suggests that attitude towards behavior and perceived behavioral have a strong impact to social entrepreneurship.

• 대한산업공학회지
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• 제39권5호
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• pp.429-439
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• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.47-66
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• 2021

Despite the dominance of the USD as a vehicle currency in non-US trade, most studies on the exchange rate-trade balance relationship ignore its importance. Some recent J-curve papers have proved that incorporating the role of USD as vehicle currency as a crucial determinant of trade balance can well reflect the reality of global trade and provide more detailed findings. Motivated by this new approach and by the fact that USD is substantially used in the trade between China and the EU and the UK, this paper scrutinizes how the vehicle currency USD and the bilateral exchange rates asymmetrically affect China's trade balance with each EU country and the UK. The results of NARDL estimation indicate that the USD models outperform the bilateral exchange rate (BER) models in terms of detecting significant long-run and short-run coefficients, which confirms the usefulness of the new approach. Also, this paper finds that the USD/CNY exchange rate cannot be neglected in China's trade with the EU and the UK, which can supplement China's policies on international trade and foreign exchange management.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.315-328
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• 2020

In this study, we examined various aspects of discretionary accruals. We compared the power of Jones Model (JM), Modified Jones Model (MJM) and Performance Matched Model (PMM). Furthermore, we tested whether accruals derived from cash flow approach or balance sheet approach provide better results and we investigated the significance of country and industry control variables in models. In order to perform these tests, we constructed thirty equations. The data consists of 319 non-financial companies over five years in the GCC region. We used panel data regression models, and testing suggests us to use random effect model as the most suitable one. The results show that PMM has the highest explanatory power among models and it is followed by JM and MJM, consecutively. Secondly, results reveal that accruals derived from cash flow approach provide more accurate results. Moreover, country dummies are significant in models with cash flow approach and they lose significance in balance sheet approach. We differentiated industries due to two different classifications: the first group with higher number of industries is more precise compared to the second group with a narrower scope and lower number of industries. The model including both industrial and country-wise dummies scores highest in significance.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제13권11호
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• pp.5464-5488
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• 2019

The multi-population genetic algorithm in multi-target paths coverage has become a top choice for many test engineers. Also, information sharing strategy can improve the efficiency of multi-population genetic algorithm to generate multi-target test data; however, there is still space for some improvements in several aspects, which will affect the effectiveness of covering the target path set. Therefore, a multi-target paths coverage strategy is proposed by improving multi-population genetic algorithm based on individual information sharing among populations. It primarily contains three aspects. Firstly, the behavior of the sub-population covering corresponding target path is improved, so that it can continue to try to cover other sub-paths after covering the current target path, so as to take full advantage of population resources; Secondly, the populations initialized are prioritized according to the matching process, so that those sub-populations with better path coverage rate are executed firstly. Thirdly, for difficultly-covered paths, the individual chromosome features which can cover the difficultly-covered paths are extracted by utilizing the data generated, so as to screen those individuals who can cover the difficultly-covered paths. In the experiments, several benchmark programs were employed to verify the accuracy of the method from different aspects and also compare with similar methods. The experimental results show that it takes less time to cover target paths by our approach than the similar ones, and achieves more efficient test case generation process. Finally, a plug-in prototype is given to implement the approach proposed.

• 교육시설
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• 제13권3호
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• pp.83-85
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• 2006