• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.77-88
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• 2021

The stock markets in the BRICS (Brazil, Russia, India, China and South Africa) countries are the leading emerging markets globally. Therefore, it is pertinent to ascertain the critical drivers of stock market development in these economies. The currrent study empirically investigates to identify the linkages between stock market development, key macro-economic factors and institutional factors in the BRICS economies. The study covers the time period from 2000 to 2017. The dependent variable is the country's stock market development and the independent variables consist of six macroeconomic variables and five institutional variables. The study employs a panel cointegration test, Fully Modified OLS (FMOLS), a Pooled Mean Group (PMG) approach and a heterogeneous panel non-causality test.The findings of the study indicate co-integration among the selected variables across the BRICS stock markets. Long-run estimations reveal that five macroeconomic variables and four variables related to institutional quality are positive and statistically significant. Further, short-run causalities between stock market capitalization and selected variables are detected through the test of non-causality in a heterogeneous panel setting. The findings suggest that policymakers in the BRICS countries should enhance robust macroeconomic conditions to support their financial markets and should strengthen the institutional quality drivers to stimulate the pace of stock market development in their countries.

• 한국산업보건학회지
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• 제32권1호
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• pp.64-77
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• 2022

Objectives: The purpose of this study is to objectify the level of case management performance and the factors influencing performance, to improve the case management performance at the Korea Worker's Compensation & Welfare Service (KWCWS) on the basis of the recognition of the objective realities of case management by job coordinators at the KWCWS, to develop a model of case management fit for the KWCWS, and to provide a basis for establishing guidelines for standardized case management. Methods: A total of 156 questionnaires were distributed to job coordinators at the KWCWS's headquarters, six regional headquarters, and 55 branches. One hundred forty-one questionnaires were collected and 126 were analyzed statistically using SPSS 21.0. Factor analysis and reliability analysis were conducted to verify the validity and reliability of the main measurement items in the research model. Frequency analysis was conducted for general characteristics of survey subjects. Frequency analysis or descriptive statistics were conducted to identify the level of independent variables (case manager's individual variables, job variables, institutional and organizational variables). Dependent variables (case management performance) and the degree of correlation were analyzed through correlation analysis between research variables. Multiple regression analysis and hierarchical regression analysis were conducted to examine the effect of independent variables on case management performance. Results: The results of the study showed that the level of overall performance in the five stages of case management was ordinary, with an average level of 3.45 on a 5-point scale. Levels of performance by step were institutional approach and intake (3.69), assessment (3.63), goal setting and intervention planning (3.46), implementation of intervention plan (3.32), and evaluation and termination (3.20), in that order. The explanatory power of case management performance (overall) by case managers with the KWCWS was case manager's institutional and organizational variables, job variables, and individual variables, in that order. At each stage of case management, the explanatory power of a case manager's institutional and organizational variables was found to be the greatest. The model changes at each stage of case management assume similar aspects statistically. In hierarchical regression analysis, it was institutional support that had a significant effect on case management performance (overall), and institutional support had the greatest effect. The results of multiple regression analysis in which all variables are input simultaneously showed that institutional support and expertise as well as self-efficacy had a positive effect. However, case management work experience, expertise (technology), and autonomy were found to have a negative effect during the stage of case management performance. Conclusions: As a result of the study, it was confirmed that raising the case manager's expertise and support from the institution and organization are important factors to improve the level of case management performance. The research also derived practical ways of reinforcement of case manager capacity, institutional and organizational support, operation of rehabilitation-case management teams, and occupational health-related aspects.

• Journal of Korea Trade
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• 제24권4호
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• pp.71-94
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• 2020

Purpose - Multi-National Enterprises (MNEs) tend to face a high level of institutional pressures in regions with high institutional development level. When complying with institutional pressures, firms try to make decisions to maximize profit while minimizing the risks to them. The purpose of this study is to investigate the influence of the institutional development level on institutional compliance timing by MNEs and the relationship between compliance speed and corporate performance. Design/methodology - The research focuses on three main variables, which are the institutional development level (as a determination of the institutional pressure level), the firm's compliance speed (as a determination of the compliance timing), and the firm's financial performance (as a determination of the corporate performance). We collected 19,869 firm-level data from CSMAR (the China Stock Market and Accounting Research), 6,922 CSR data from RKS (the Rankins CSR Ratings), and province and city-level data from the NERIM (National Economic Research Institute Index of Marketization) and NBSC (National Bureau of Statistics of China). The firms in China were chosen for analysis, and the analysis period was from 2008 to 2017. Random Effects GLS Regression was used to test the relationships among the variables. Findings - This study examined the effect of the institutional development level on the firm's compliance speed, together with the effect of compliance speed on the firm's financial performance of the MNEs in China. We found that the institutional development level positively influenced firms' financial performances, which means the firms' financial performances are better in the region with a high institutional development level. The compliance speed of institutional practice by firms was faster in the higher level of institutional development. However, the firm's delayed compliance led to better financial performance. Originality/value - Studies in the resource dependence view of Institutional Theory often fall short in understanding the theory by overlooking the firm's active decision-making. Thus, the findings do not present a full scope of corporate performance in this regard. This study not only found a way to test the role of a firm's independent decision-making (i.e., compliance timing) when facing the institutional pressure but also prove the significant role of the compliance timing on corporate performance. Also, we were able to test the effect of institutional development level, controlling location-specific variables because we used CSR performance data for MNEs operating in China. Lastly, by doing the above, the findings of this study suggest practical implications to the industry practitioners in MNEs.

• 수산해양교육연구
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• 제29권1호
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• pp.40-50
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• 2017

This study aimed to establish and validate the path models among faculty-student interaction, self-directed learning, and institutional commitment which impacted on the academic achievement of the university students. To achieve these goals, the survey results from 488 university students in North Gyungsang Province were analyzed. Descriptive analysis, correlation analysis, t-test, and path model analysis were performed to understand the relationship among variables. First, all the variables showed positive correlations except academic achievement and institutional commitment upon the study results. Second with respect to the differences by groups, faculty-student interaction and institutional commitment demonstrated the significant differences by sex while self-directed learning and academic achievement did not. Third on the path analyses, self-directed learning influenced to academic achievement directly, while faculty-student interaction did to it by mediating with self-directed learning and institutional commitment. The results of this study suggest that faculty-student interaction, self-directed learning, and institutional commitment perceived by the university students were significant elements on their academic achievements.

• Journal of Preventive Medicine and Public Health
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• 제31권2호
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• pp.293-309
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• 1998

The purpose of this study is to compare the level of health-related quality of life and relating factor between institutional elderly and community living elderly. The subjects were 390 from Sanatorium or Nursing home and 467 from the community in Kwangju. The results are followed : 1) A comparison of ADL between two groups, institutional elderly and community living elderly, resulted in that community elderly were more significantly independent in the areas of bathing and transfer than institutional elderly. 2) A comparison of IADL between two groups resulted in that : Community elderly were more independent in the areas of using telephone and transportation, food preparation, house keeping, and doing laundry. Institutional elderly were more independent in the area of handling finances. 3) In the case of poor health-related quality of life, institutional elderly showed 2.4 times in the dimension of physical fitness, 1.8 times in daily activity, 2 times in social activity, 2 times in pain, 26.7 times in social support, and 0.4 times in subjective quality of life higher than community elderly There was no significant differences in the rest of dimensions. 4) In institutional elderly, the analysis of variables related to the health-related quality of life resulted in that; The relating factors were sex, education, and chronic illness in the dimension of physical function. Direct contact with family or significant others in the dimension of social activity. Chronic illness in the dimension of pain and perceived health status. Direct or indirect contact with family or significant others over the phone or through letters in the dimension of social support. 5) The analysis of variables related to the health-related quality of life showed that community elderly has more relating variables in each area than institutional elderly. The relating factors were age, sex, and chronic illness in the dimension of physical function. Education and chronic illness in the dimension of emotional status. Age and chronic illness in the dimension of daily activity and social activity Education and chronic illness in the dimension of pain and perceived health status. Sex, education, family size in the dimension of social support. Education and chronic illness in the dimension of subjective quality-of-life. Throughout general daily activity, community elderly showed more satisfactory results than institutional elderly, but in the subjective area of health-related quality of life, such as subjective quality of life, institutional elderly group showed more positive results. And community elderly had more relating factors than institutional elderly. For the health care of the elderly that focused on quality of life, new approaches considering the characteristics of both group, institutional and community living elderly, are needed.

• 보건행정학회지
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• 제4권2호
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• pp.77-110
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• 1994

This study is an empiriacl analysis of effects of government intervention on the health care delivery system in Korea. The purposes of this study are to find out the effects of government intervention on the per capita national health expenditure(per capita NHE), crude mortality rate(CMR), and institutional efficiency. Here, the institutional efficiency is defined as a formula shown below: log$\frac{100-curde mortality rate }{per capita NHE}$$\times$100. The formula indicates that the instiutional efficiency increases if the CMR and/or per capita NHE goes down. In the meantime the government intervention is measured by six independent variables: I) the degree of social developments, ii) the numberr of physicians per 100, 000 population, iii) the proportion of specialists among the total physicians, iv) the proportion of public expenditure among the NHE, v) the proportion of public beds to the total number of beds, vi) the proportion of physicians working at the public sector to the total number of physicians. In the above six independent variables iv), v) and vi) are the ones that reflect the degree of government intervention. In actual calculation, the two independent variables v) and vi) are integrated into a new variable based on one to one correspondence. The materials used are the time-series data from 1970 through 1990 in Korea. A path analysis and the time-series regression analysis were adopted to estimate and examine the causal relationship between variables involved. And decomposition of the effect of causal relationship is made to find net effect, direct and indirect effect. The major findings are as follows; 1. The effect of public expenditure, number of physicians per 100, 000 population, the proportion of specialists among the total physicians and social development shows a positive relationship with per capita NHE. Only if the government intervention would be counted, the effects of the number of physicians and the proportion of specialists succeed in containing per capita NHE. 2. In additionn to the above four variables, one additional variable, per capita NHE, was also responsible for the reduction of CMR. The factor of social development found to be the most potent predictor of the CMR reduction. However, the CMR reduction due to government intervention was negligible. 3. Meanwhile, the above four variables were found to was have negative effects on the institutional efficiency. The reverse is true when the government intervention is counted. For example, the number of physicians and the proportion of specialists have played a positive role in raising institutional efficiency via goverment intervention. This comes from the factual effect that the increment of institutional efficiency via the reduction of per capita NHE is bigger than via the reduction of CMR.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.335-343
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• 2021

This paper investigates the effect of institutional quality on FDI inflows by using FDI outflows from Asian countries from 2009 to 2017. We used the FDI data from five major Asian economies, which are South Korea, China, Japan, Singapore, and Hong Kong. The gravity model was used to examine the effect of institutional quality on FDI flows. The regression model considers several independent variables, and we select the most appropriate variables by using the Bayesian Model Averaging (BMA) estimator. We have shown that foreign direct investment from Asian countries depends on the size of home and the partner countries, geographical distance, trade interaction between two countries, economic freedom, labor supply, tariff rate, and capacity of the government. The results of different estimation techniques emphasize that multinational enterprises prefer to invest in those countries which have a higher income, which shows the evidence for Lucas's paradox. The results also show that economic freedom and control of corruption have a positive impact on FDI inwards. The regression results show that better institutional quality in host countries encourages more FDIs from Asian economies. It suggests that the state should control corruption and create a free economic environment to attract FDIs.

• 대한가정학회지
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• 제43권1호
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• pp.129-144
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• 2005

The purposes of this study were to find the general trends and differences factors influencing single mothers' psychological well-being, and, analyze the effects of family, and social variables on their psychological well-being. The subjects were the 284 single mothers living in Kwangju and Chonnam. The data were analyzed with frequency, t, F, and Pearson's r test, and by multiple regression using SPSS. The major findings were as follows: 1. Single mothers' family variables were lower than the median, but instrumental support was higher than emotional support. Single mothers' psychological well-being was found to be around that of the median value. 2. Single mothers' psychological well-being was significantly different from family stress, family resources, mother-child conflicts, income, emotional support, participation of education program, and institutional support. 3. Life satisfaction of single mothers was influenced by institutional support, family stress, family resources, and emotional support. Depression among single mothers was influenced by family stress, family resources, mother-child conflicts, and institutional and emotional support.

• 한국콘텐츠학회논문지
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• 제22권3호
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• pp.179-188
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• 2022

본 연구의 목적은 대학생의 대학몰입에 영향을 미치는 개인 및 대학 교육 변인을 탐색하는 것이다. 이를 위해 한국교육개발원의 '한국교육종단연구(KELS: Korea Educational Longitudinal Survey) 2005'에서 수집된 11차(2018) 데이터를 위계적 회귀분석(Hierarchical regression)을 활용하여 분석한다. 본 연구의 종속 변수는 Tinto 모델을 기준으로 학업몰입, 사회적 몰입, 이를 통합한 대학몰입으로 구성하였다. 대학생의 대학몰입에 영향을 미치는 개인 및 대학 수준 변인을 확인한 결과, 대학생활 변인인 학습 과정, 학업 태만, 대학풍토, 교수와의 교류, 친구와의 교류가 유의미한 영향을 미치는 것으로 분석되었다. 학생의 개인배경 중 성별이 학업몰입과 대학몰입에 영향을 미치는 것으로 분석되었다. 대학생활 변인을 추가한 모델에서는 영향을 미치지 않았지만, 개인배경과 대학배경을 투입한 모델에서는 모두 여학생이 학업몰입과 대학몰입에 낮은 것으로 나타났다. 개인배경 중 사회적 몰입에 영향을 미치는 요인으로 전공계열이 유의미한 것으로 분석되었는데 의약 계열의 사회적 몰입이 높은 것으로 분석되었다. 이러한 분석 결과를 토대로 정책적 시사점이 논의되었다.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.365-376
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• 2022

This study aims to look into the causal relationships between corporate social responsibility and firm value, corporate social responsibility and institutional ownership, and firm value and institutional ownership. This study develops a triangle model of causal relationships among the three endogenous variables. Samples for this study are manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The model is operated in the system of simultaneous equation models using the generalized method of moments technique to estimate parameter coefficients. After controlling the effects of trade-off/balancing capital structure and managerial ownership, the research findings show a positive causal relationship between CSR and firm value and firm value and institutional ownership. Institutional ownership has a positive effect on CSR, while the effect of CSR on institutional ownership is negative in the firms without managerial ownership and positive in the firms with managerial ownership. This study finds that the causal relationship between CSR and firm value is stronger after the trade-off/balancing of capital structure is included in the model. Capital structure has a convex effect on firm value and positively impacts institutional ownership. In addition, an independent commissioner has a negative impact on CSR but has no direct impact on firm value.