• Management & Information Systems Review
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• v.5
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• pp.139-160
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• 2000

Todays our private universities have been facing with serious survival competition according to the opening of education market, the diminishment of college voluntarists and the increase of education supply. In coming the beginning of the year of 2000, though the equal formula. 'The fixed number of students of universities = The number of graduates of high schools' will he formed, even though the tendency of the fixed number of students of universities is maintained as it is, and it has been expected the unlimited competition would be unvaoidable, so private universities and private junior colleges which are weak in financial power are roaring the crisis consciousness that they may have to close doors before making every effort. Based on such presentation of problem as its study object, the range of study is limitted to the educational financial portion related to higher education field. Especially, the financial portion of private universities of higher educational field is discussed in priority. Besides, the present status of financial condition of our universities was portionally compared with that of in the advanced nations. It is true that pursuing the academic superiority of university education in our country, and attaining object of university as well as developing reflection in future should stand side by side. Therefore, payment of fee, supporting subsidy, etc. is attached too much importance to the financial problem. In our country, the financial allotment is attached too much importance to national universities. This is against the principle of equity to the tax payers, and equality of opportunity, so the level of supporting national funds should be upward formed and supported from 1.0% to higher than 20%. In conclusion, our private universities should adopt as many alternatives of rationalization of finance as possible, such as securing lots of funds and subsidies, and rationalized management of finance, and ensuring finance according to the increasing number of students after university specialization, etc.

• Journal of Digital Convergence
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• v.13 no.5
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• pp.31-39
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• 2015

In the modern society, as development innovative technology consumers could access various information. It make consumers empower in the market, and information asymmetry problem were solving more and more. In the technical information, however, there are still information asymmetry because technical information is very difficult to understand, and those are related with professional knowledge such as financial information. This study used the dataset which was collected to track Korean consumers consumption index by KCA(Korea Consumer Agency) which included consumer's problem experience at financial field. The results are followings. Firstly, consumers want to get exact and important information to decide purchase or not and comparative information in technical information area. Secondly, age is the influence variable to experience more problems in technical information section. Thirdly, consumer's subjective financial competency is major influence factor to reduce problem experience.

• The Journal of the Convergence on Culture Technology
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• v.9 no.3
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• pp.19-26
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• 2023

The impact of environmental, social and governance (ESG) performance on investors' decision-making is growing. Investors' focus on the financial performance of firms in the past is expanding to the non-financial performance of the interests of stakeholders surrounding firms. Against this backdrop, this study conducted a panel regression analysis on firms evaluated by Korea Corporate Governance Service to analyze the impact of ESG performance, a firm's non-financial performance, on firm risk. According to the analysis, ESG performance has a negative (-) effect on all three firm risks (systematic risk, unsystematic risk, and total risk), indicating that the stakeholder theory and risk management theory are supported. The implications of this study are: First, ESG reduces not only unsystematic risk but also broad and indiscriminate systematic risk; Second, investors can reduce the risk of their investment portfolio by executing ESG investments; Third, companies can achieve stable financial performance even in adverse circumstances by utilizing the insurance function of ESG management; Lastly, the government can enhance the stability of the financial market while improving the financial soundness of firms through reasonable ESG-related regulations.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.23-49
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• 2008

We test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. And, the aim of this paper is related to forecast the stock market, business cycle index and industrial production by various indicators of economic activities in Korea. For this, our paper sets models and focuses on empirical test. The stock market on this month correlate with industries in Korea. The stock market doesn't lead to industries. The industries and macroeconomic variables have high correlation. We test that gradual diffusion of industrial information will predict stock market in Korea. For this, we analysis on possibility of Granger cause by VAR models between industries and stock market. As a result, 21 portfolios cause to Kospi statistically significance at 5%. Especially, the Beverage portfolio has bilateral Granger causality to Kospi. In case of Internet and Cosmetics portfolio, Kospi has unilateral Granger causality to it. The predictability of specific industries has a relation to Macroeconomic variables. What industrial portfolios predict to Business Coincidence Index? The only 6 industrial portfolios of 36 portfolios have a statistically significance at 10%. And, 9 portfolios have a statistically significance at 5%.

• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.143-170
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• 2006

We explore how stock returns and volatility have been impacted by securities market stimulating and controlling plans during the 1980-2004 period, using return analysis, event study, and BFL tests. First, we examine effectiveness of the stimulating plans for a depressed market and the controlling plans for an overheated market with respect to different firm sizes and industries as well as the whole market. KOSPI, large-sized, finance, and manufacturing company stock prices significantly rise following stimulating plans, implying that the plans are quite effective. Controlling plans also seem effective as stock prices stop rising and tend to decline following the plans. Second, we test whether securities market plans have any further impact with respect to fun sizes and industries in addition to the impact on the entire market. Only large-sized stocks show additional response to stimulating plans, while small-sized, electrical-electronic equipment, distribution, and manufacturing industries are further impacted by controlling plans. Third, the results of BFL tests show that volatility does not change around the announcement dates of stimulating and controlling plans. It appears that securities market plans have no impact on volatility. Only stock returns respond to the plans.

• Management & Information Systems Review
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• v.33 no.1
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• pp.83-97
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• 2014

This study examined the effects institutional block ownership on the stock market liquidity in Korean Stock Market. The two measures of institutional block ownership are used. They are the percentage of a stock owned by institutional blockholder and the number of institutional blockholder that own the stock. This study used the Amihud(2002) illiquidity measure to measure stock market liquidity. The results are as fellows. First, this study showed that the number of institutional blockholder is significantly negatively correlated with the Amihud(2002) illiquidity measure in the analysis which is used the whole data. But we found no a consistent results between the number of institutional blockholder and the Amihud(2002) illiquidity measure in the grouped institutional blockholder's number analysis. This indicates that the effects institutional blockholder on market liquidity is not simple. Second, this study showed that the percentage of a stock owned by institutional blockholder are negatively related with Amihud(2002) illiquidity measure, especially revealed statistically significant in the group 3(11.71%~17.38%) and group 4(7.45%~11.65%). This results suggest that the institutional blockholder have positive effect on the market liquidity in the group 3 and 4. Third, the significance of the percentage of institutional block ownership and the number of institutional block ownership in explaining illiquidity are more showed in the term of the global financial crisis(2008) than the before and the after of the global financial crisis.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.1-30
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• 2010

This paper tested the lead-lag relationship as well as the symmetric and asymmetric volatility spillover effects between international currency futures markets and cash markets. We use five kinds of currency spot and futures markets such as British pound, Australian and Canadian dollar, Brasilian Real and won/dollar spot and futures markets. daily closing prices covering from September 15, 2003 to July 30, 2009. For this purpose we employed dynamic time series models such as the Granger causality based on VAR and time-varying MA(1)-GJR-GARCH(1, 1)-M. The main empirical results are as follows; First, according to Granger causality test, we find that the bilateral lead-lag relationship between the five countries' currency spot and futures market. The price discover effect from currency futures markets to spot market is relatively stronger than that from currency spot to futures markets. Second, based on the time varying GARCH model, we find that there is a bilateral conditional mean spillover effects between the five currency spot and futures markets. Third, we also find that there is a bilateral asymmetric volatility spillover effects between British pound, Canadian dollar, Brasilian Real and won/dollar spot and futures market. However there is a unilateral asymmetric volatility spillover effect from Australian dollar futures to cash market, not vice versa. From these empirical results we infer that most of currency futures markets have a much better price discovery function than currency cash market and are inefficient to the information.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.5
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• pp.116-124
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• 2016

In the past, once apartments were built by housing construction companies, their presale went smoothly. Therefore, the developer and construction companies in Korea were extremely competitive in the housing market. However, when the 1997 foreign exchange crisis and 2008 global financial crisis occurred, the quantity of unsold new housing stocks rapidly increased, which caused construction companies to experience a serious liquidity crisis. This paper aims at analyzing the influence of Liquidity on the Housing Market before and after Macroeconomic Fluctuations using VECM. The periods from September 2001 to September 2008 and from October 2008 to October 2015, which were before and after the Subprime financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, it is important to develop a long-term policy for the housing transaction market to improve household incomes. Second, due to the shortage in the supply of jeonse housing, structural changes in the housing market have appeared. Thus, it is necessary to seek political measures to minimize the impact of transitional changes on the market.

• Journal of Distribution Science
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• v.15 no.11
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• pp.73-82
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• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.409-422
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• 2020

In the global trend toward economic integration, Vietnamese enterprises desire to attract investment and increase competitiveness in the global market, so they have been required to provide transparent, high-quality financial reports following the International Financial Reports Standards (IFRS). Based on the roadmap drawn by the Vietnam Ministry of Finance, the foreign-invested enterprises, listed enterprises and state-owned enterprises will be applying IFRS in 2030. However, some enterprises in Vietnam have applied IFRS in the presentation of financial statements at the request of related parties for a while. The main research objective of this paper focused on examining the factors affecting the implementation of IFRS in Vietnamese enterprises through descriptive statistics tools, Cronbach's Alpha testing, EFA and logistics regression analysis with the sample collected from 254 Vietnamese enterprises. The methodology in this research was the mixed qualitative and quantitative method. The results show that the higher the profitability, debt ratio and firm size of the enterprise, the more likely it is to apply IFRS. From the results of this study, the appropriate recommendations have been made to promote the implementation of IFRS by Vietnamese enterprises effectively and following the IFRS application roadmap of the Ministry of Finance of Vietnam.