• Journal of architectural history
• /
• v.16 no.6
• /
• pp.27-46
• /
• 2007

Through reinvestigations of early years of King Young-Joe provincial castles, Jeonju Eupsung, this study seeks to broaden the understanding of castle construction of the later period of Chosun Dynasty. Jeonju Eupsung was established by reform-minded king and his loyalist Cho, Hyun Myung. Their new conceptual framework for reconstruction of Jeonju Eupsung was affected by Yoo, Hyung Won, a realist scholar of 17th century. It is obvious that adopted new administrative systems of financing, building and maintaining of Jeonju Eupsung were based on the his theories of castle. This study demonstrates that Jeonju Eupsung built by Cho, Hyun Myung, during the early years of King Young-Joe were based on those new concepts and systems of the new age. The study shows that the designer of this castle had in mind efficient construction design and execution and effective defense of provincial towns located on flat ground. And, the study explains how those original designer sought higher productivity through greater localization of securing resources and more detailed and improved organization of construction responsibilities. In short, this study seeks to prove that the provincial castles of the early 18th century reflected the new thinking on practicality that was spreading throughout the society of Chosun Dynasty at the time.

• KDI Journal of Economic Policy
• /
• v.24 no.1
• /
• pp.191-233
• /
• 2002

This paper is to examine some issues and policy direction of capital income taxation in Korea. Fundamental tax reform in US was reviewed to get some lessons for reforming the capital income taxation. One of main characteristics in Korea's capital income taxation is different treatment by corporation type, investment goods, and financial structures. Especially, the tax differential for debt and equity financing has been serious, as debt has been deducted as cost. We discuss that tax policy should try to satisfy the efficiency, equity, and simplicity under the structure of income based taxation for the time being. However, the changes of tax policies in advanced economies should be carefully examined, as Korea has the structure of small open economy. The current issue on the abolition of corporation income tax might be premature in logical structure and implementation. The US fundamental tax reform might be useful reference for determining the direction of capital income taxation in Korea, as it gives us some chances to discuss about tax base issue with income and consumption. Consumption based taxation is superior to income based taxation in the perspective of administrative and compliance costs. We should consider these tax costs for reforming capital income tax system in Korea.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
• /
• v.29 no.11
• /
• pp.53-58
• /
• 2015

Systemic heating and cooling air conditioning systems are popular in various industrial fields and even home. Recently, the rate of supply of this kind of multi-heat pump has been increased under ESCO financing supporting system. Generally the heat pumping system has a structural simplicity and easy installation benefits. and has good running efficiency under normal designed condition. But under extreme climate condition (over $+30^{\circ}C$, under $-10^{\circ}C$), this system exposes abnormal power consumption. It causes high progressive electric power rates and resultant peak power capacity of power plant. In this paper, a novel system concept of buffering refrigerant accumulator and constant pressure control system to relieve peak power load is proposed and this system's utility is verified with an prototype experimental system.

• Journal of Korean Society of Rural Planning
• /
• v.25 no.4
• /
• pp.35-45
• /
• 2019

Korean agriculture experienced rapid changes in its production structure to respond fluctuations on external conditions, and these changes have increased the dependence between agricultural resources and negative environmental externalities from agricultural production. As a tool for managing agricultural resources and reducing negative environmental effects from agricultural production, this study employs water-energy-food nexus for integrated resource management. To show the necessity of an integrated approach, this study evaluated three policy scenarios including changes in capital interest, water capacity, and energy cost. The results show that three scenarios have unintended consequences for farmers' incomes and their use of resources. Also the unintended consequences of government policies also affected farms' vulnerability to environmental changes. In particular, the expansion of financing for the establishment of non-circulating water curtain facilities did not have a significant effect on the crop switching of farms. In addition, increasing the amount of available water through the aquifer recharge project leads to the installation of non-circulating water curtain facilities in zucchini farm. It raises dependence on groundwater in agricultural production, thereby increasing farmers' vulnerability to groundwater shortages. These results imply that the agricultural sector needs to consider the interrelationship between agricultural resources when designing or evaluating policies.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.551-559
• /
• 2021

The maturity structure of corporate debt is one of the significant financing choices that a firm must make simultaneously while deciding how to finance its operational and investment decisions. Even though the capital structure is one of the scrutinized topics of interest in the corporate finance literature, scarce studies have investigated corporate debt maturity, even less so in the context of emerging markets. The choice of a suitable debt maturity structure is exceptionally relevant for firms. It can enable them to avoid mismatch by aligning assets in line with liabilities, addressing agency-related problems, sidestep the ill effects of cost of capital, and signaling the firms' earning quality and value. The study investigates the firm-specific and macroeconomic determinants significant for the debt maturity structure of Vietnamese corporate firms. A sample of 722 non-financial firms listed on the Ho Chi Minh and Hanoi Stock Exchange in Vietnam from 2007 to 2018 was taken to test the hypothesis. The study's methods fixed effects panel data analysis provides empirical evidence that firm size, firms' quality, liquidity, leverage, asset maturity, tax impact, and macro variables are significantly related to the debt maturity structure.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.487-495
• /
• 2021

As Islam supports fair trade, the Murabaha is the most popular and most common mode of Islamic financing. It is a contract of sale between the bank and its client for the sale of goods at a price plus an agreed profit margin for the bank. The contract involves the purchase of goods by the bank which then sells them to the client at an agreed mark-up. While their characteristics and values are unique, they are also subject to conventional measurement of efficacies. This study investigates how the primary health predictors of conventional banks under the Basel III regime could provide a positive means to assess the Murabaha funding and subsequently secure long-term profitability. This study constructed a path analysis (from 120 databases) to assess whether Islamic banks' leverage and capital adequacy may alter the Murabaha funding and increase stock equity directly and indirectly. The research findings are mixed where leverage does not alter the Murabaha funding but only affects the profitability; besides, capital adequacy increases the outgoing funding significantly but does not increase stock equity. Murabaha funding is essential to Islamic bank equity. This study implies Murabaha funding are expensed, despite increasing debts in Islamic banks.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.7
• /
• pp.501-508
• /
• 2021

The largest source of revenue in Indonesia comes from the taxation sector. Taxes increase the state revenue, which the government utilizes for building public facilities and infrastructures, providing subsidies to the public, financing public interests, and so on. In addition to producing revenue, taxes may be used to promote economic stability. Thus, this study aims to examine and analyze the financial aspects of tax aggressiveness. The financial aspects include leverage, capital intensity, inventory intensity, and earning management. The population used in this study was manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2019 period. Data analysis was carried out based on Eviews, with a selected sample of 32 companies of four observation years. Therefore, the number of samples was 128. The results of this study revealed that the best estimation model to use is the Fixed Effect Model (FEM). This study proved that leverage and earning management had a positive and significant effect on tax aggressiveness. In contrast, capital intensity and inventory intensity did not affect tax aggressiveness. In addition, the result of this study is still far from perfect. It is, therefore, hoped that further research can add other variables to find better results.

• Journal of Korea Planning Association
• /
• v.54 no.4
• /
• pp.71-78
• /
• 2019

Due to the rapid pace of low fertility and aging of Korea, population decline is rapidly progressing in the outskirts of the province and county. Demand for public transport is decreasing due to suburban population declines, while local government funding for maintenance of the bus system is expected to increase gradually. The government and municipalities are promoting the introduction of Demand Responsive Transport (DRT) in order to reduce the burden of financial support for buses while enhancing mobility of the residents in vulnerable areas. However, most DRTs in Korea have been operated mainly in the areas that are not provided with public transportation services. Although DRT is able to reduce the financial burden of local governments, it is not easy to be introduced because of the objection of the existing bus users. In this study, 11 out of 61 towns with poor public transportation services in Gyeongsangnam-Do were selected for the introduction of DRT to replace bus services by using village characteristics. The results of this study are expected to be used as a basis for decision making to use DRT instead of bus service for the burden of bus financing for local governments.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.1241-1248
• /
• 2021

This study employs data from CRSP/Compustat files for the period from 2003 to 2017 and applies a panel data analysis. The results of this study show a positive relationship between trade credit and the firm's market value, however, the results show a negative relationship if we test the impact of financial credit on the firm's market value. The results have direct policy implications for investors, the firm's management, and financial strategy. An implication of our study is that using trade credit as a source of financing may give a positive signal of the firm's creditworthiness and increase the firm's market value. Also, the results of our study indicate that the benefits of using trade credit may outperform the cost of using it as a source of finance. Prior studies examine the impact of financial leverage on the firm's value, however, this study contributes to the existing studies that examine the factors that affect the firm's market value by examining the impact of using trade credit finance on the firm's market value. The main limitation of this study is that the results are based on listed firms, using data from unlisted firms is not available.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.7
• /
• pp.101-108
• /
• 2022

The outbreak of Coronavirus disease 2019 (COVID-19) has caused serious impacts not only on human health but also on the economies around the world. Enterprises play an important role in the development of every country but it is also one of the most affected sectors during the pandemic. Drawing on panel data of 131 enterprises listed on the Vietnamese stock exchange from 2016Q1 to 2021Q3, this study aims to investigate the impact of the COVID-19 pandemic on firm performance. Enterprises are classified into seven industries including Agriculture, Material, Industry, Real estate and Construction, Energy, Consumer, and Service. The paper also analyzes the variation of the effects among companies, focusing on differences in revenue and capital structure. The results show that the COVID-19 pandemic negatively affects business performance. In addition, the empirical findings indicate that revenue and debt decreasing can cause deterioration of firm performance during the pandemic period. The decrease in revenue has a direct impact on firm profitability. The reduction of debt levels affects the corporate leverage leading to adverse effects on firm performance. The negative effect is more pronounced for companies in some specific sectors including industry, real estate, construction, consumption, and services.