• 한국BIM학회 논문집
• /
• 제6권4호
• /
• pp.9-17
• /
• 2016

Currently whole-house refurbishment for substantial energy efficiency improvement of existing housing stock is needed to achieve the targeted 80% CO2 emission reduction. As whole-house refurbishment requires a larger capital investment for lower CO2 emission, the simultaneous use of Life Cycle Costing (LCC) and Life Cycle Assessment (LCA) methodologies are recommended to generate affordable refurbishment solutions. However, two methodologies are difficult to use due to a lack of proper LCC and LCA datasets. As a response to the current problems, many researchers explore potentials in Building Information Modelling (BIM) to improve current construction practice. As a result, a BIM tool - IES IMPACT (Integrated Material Profile And Costing Tool) - has been introduced to the UK construction industry for simultaneous calculation of LCC and LCA. Thus, this research aims at examining the capability and limitation of the IES VE/IMPACT as a BIM tool for whole-house refurbishment. This research reveals that the IES VE/IMPACT is feasible for whole-house refurbishment by providing LCC and LCA information simultaneously for informed decision on refurbishment solution selection. This research shed lights on the current problems lying on the data exchange between two different BIM tools. It is revealed that additional efforts from construction professionals and industry are required to make reliable BIM objects library with LCC and LCA datasets.

• KDI Journal of Economic Policy
• /
• 제35권3호
• /
• pp.1-38
• /
• 2013

본 연구는 공공부문과 민간투자사업자를 포함한 일반균형모형을 사용하여 재정사업과 BTL 민간투자사업의 후생 차이를 비교 분석한다. 다른 모든 조건이 동일할 때 정부가 세입 세출을 동일하게 유지해야 한다고 가정할 경우, 민간투자사업하에서의 국민경제 후생수준이 재정사업하에서의 후생수준보다 높은 것으로 나타난다. 정부가 균형재정의 제약을 회피할 목적으로 민간투자사업을 무리하게 추진하는 경우 미래의 임대료가 모두 부채로 간주되기 때문에 상당한 사회적 비용이 초래될 수 있음을 명시적으로 보인다.

• 환경정책연구
• /
• 제11권1호
• /
• pp.75-97
• /
• 2012

본 논문의 목적은 OECD국가를 중심으로 온실가스 감축에 대비하여 에너지 원단위(原單位) 측정의 다른 방법으로서 에너지효율함수와 원단위의 효율함수의 추정을 통하여 에너지효율을 측정하는 것이다. 실증결과는 기존의 전통적 에너지원단위와 확률변경함수에 의한 에너지 효율이 크게 연관되어 있지 않았음을 보여준다. 에너지효율 함수와 원단위 효율함수의 효율도 다소 상이하였다. 에너지 투입효율함수에 의한 에너지효율은 GDP, 자본스톡, 노동, 에너지투입량의 순서로 민감하게 반응하는 것으로 보인다. 향후 투입요소 간 최적 결합을 통한 에너지 절감이 필요하고 에너지 소비가 작은 제품의 생산을 통한 저탄소 경제성장의 추구가 요구된다

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.497-504
• /
• 2021

This extended study aims to analyze empirically the influence of firm diversification on firm performance moderated by the stages of the firm life cycle, which consists of introduction, growth, maturity, and decline. The target population of this study is the firms listed on the Indonesian Stock Exchange. The sampling method uses purposive sampling in the multi-business firm in Indonesia; it includes as many as 127 firms over the period from 2011 to 2017, totaling 889 firm-year observations. The firm performance is measured using a return of equity while the level of firm diversification with the minimum number of two operating segments is proxied by the Herfindahl index. The analysis method used in this study is the estimator model of the Generalized Method of Moment (GMM). The main findings show that the firm life cycle at the stage of growth and maturity significantly strengthens the influence of firm diversification on firm performance. On the other hand, the stage of decline fails to moderate the relationship between firm diversification and firm performance. This study discusses the implications and contributions of the findings theoretically, and provide some policy justifications for potential investors before they invest their money in the capital market.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권7호
• /
• pp.245-254
• /
• 2021

This paper examines the impact of corporate governance strength on capital structure in an emerging country, namely, Jordan, by constructing a corporate governance score that captures both internal monitoring mechanisms (foreign ownership and institutional ownership) and external monitoring mechanism (audit fees). In addition, this study uses profitability as control variable. This paper uses data of non-financial companies (industrial and services) of 87 listed firms on Amman Stock Exchange (ASE) from 2011 to 2019. Using the random-effects generalized least square (GLS) regression model, the findings reveal that foreign ownership significantly and negatively influences the level leverage, while institutional ownership has a positive and insignificant association with level leverage. Further, audit fees have a positive and strong significant association with level leverage in Jordan. In addition, profitability has a positive and significant association with leverage. These outcomes suggest that foreign ownership should be encouraged in listed companies as it can replace the weakness of other corporate governance mechanisms in Jordan. The outcomes of the current study should be of great interest to regulators and policy-makers. The results, which are robust to a range of alternative proxies and to additional tests, provide new insights into the determinants of level leverage.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권8호
• /
• pp.487-496
• /
• 2021

This study examines the environmental performance of firms in Vietnam and its determinants. The contribution of the paper is on both theoretical and empirical aspects. On the theoretical matter, the research proposes a new index measuring environmental management at the firm level, namely the Environmental Management Index with a clear illustration for the case of Vietnam. On the empirical matter, the study points out and estimates determinants of the corporate environmental performance of Vietnamese firms measured by the newly proposed index. Due to data availability and the impossibility of getting more updated data, the empirical analysis covers only the period from 2004-2009. However, findings are still meaningful because, on the one hand, it provides some evidence for Vietnamese policymakers; on the other hand, with the robust methodology proposed, when more recent data are available, researchers can easily replicate the estimation for more insights. Empirical results show that factors having positive impacts on the environmental performance of Vietnamese firms are profit, capital stock, and interestingly public pressure proxied by the population of the province where the firm is located. Firm ownership does also matter in explaining the corporate environmental performance of Vietnam.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권7호
• /
• 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.

• 수완나부미
• /
• 제13권2호
• /
• pp.7-35
• /
• 2021

This research is an attempt to understand the economic and social consequences that are occurring in Indonesia due to the spread of COVID-19. Indonesia, which has maintained solid economic growth since the inauguration of President Jokowi's government, is also experiencing difficulties to deal with unexpected COVID-19 pandemic as the global economic turmoil has had a very significant impact on its economy. The economic impact of COVID-19 can be felt, starting from the phenomenon of panic buying, the free fall of the stock price index, the depreciation of the Rupiah against the Dollar, sluggish activities in the processing industry, and ultimately it has an impact on slowing economic growth. Various policies and measures have been taken by the Indonesian government to minimize the negative impact caused by the COVID-19 pandemic on the economy. One such area is electronic commerce business or e-commerce that witnessed a vast increase of online and non-cash transaction amid rising voices that the country needs to prepare for the advent of a new economic system, the so-called New Normal era. The Covid-19 pandemic will temporarily slow economic growth and delay some development projects and policy initiatives as the Indonesian government diverts capital from infrastructure development to help respond to the crisis. However, the Jokowi administration's efforts for continuous reform are expected to accelerate the transition to the digital economy.

• 유통과학연구
• /
• 제21권6호
• /
• pp.83-89
• /
• 2023

Purpose: This paper considers the issue of corporate tax avoidance (CTA) in the distribution of the tax burden across companies in Vietnam because the high level of CTA leads to unfairness in taxation. In particular, we aim for discussing the way to measure the extent of CTA and explore the determinants of CTA that reflect the features of high-tax risk-taking companies. Research design, data and methodology: The study investigates factors influencing the CTA behavior of legal entities listed on the Vietnam stock market between 2012 and 2018 to fill the empirical research vacuum in the country. we employ the dynamic GMM estimate method. Interestingly, CTA is considered through three approaches, including two effective-tax-rate-based methods and especially accrual earnings Results: The results highlight tax - accounting book disparities have significant effects on CTA. In addition, firm size, net asset value, debt leverage, and tax-accounting books are related to CTA. Conclusions: Tax avoidance is shown to have a positive correlation with financial distress in this case. The higher a company's capital adequacy ratio, the fewer tax avoidance opportunities it has. The paper draws some recommendations to deal with tax avoidance that improves the fairness in the distribution of the tax burden among corporations.

• 국제학술발표논문집
• /
• The 5th International Conference on Construction Engineering and Project Management
• /
• pp.459-466
• /
• 2013

Risk exists in all construction projects and resides among the collection of subcontractors and their array of individual activities. Wherever risk resides, the interrelation of participants to one another becomes paramount for the way in which risk is measured. Inherent risk becomes recognizable and quantifiable within network schedules in the form of consuming float - the flexibility to absorb delays. Allocating, owning, valuing, and expending such float in network schedules has been debated since the inception of the critical path method itself. This research investigates the foundational element of a three-part approach that examines how float can be traded as a commodity, a concept whose promise remains unfulfilled for lack of a holistic approach. The Capital Asset Pricing Model (CAPM) of financial portfolio theory, which describes the relationship between risk and expected return of individual stocks, is explored as an analogy to quantify the inherent risk of the participants in construction projects. The inherent relationship between them and their impact on overall schedule performance, defined as schedule risk -the likelihood of failing to meet schedule plans and the effect of such failure, is matched with the use of CAPM's beta component - the risk correlation measure of an individual stock to that of the entire market - to determine parallels with respect to the inner workings and risks represented by each entity or activity within a schedule. This correlation is the initial theoretical extension that is required to identify where risk resides within construction projects, allocate and commoditize it, and achieve actual tradability.