• Journal of the Korean Data and Information Science Society
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• v.21 no.6
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• pp.1337-1341
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• 2010

The paper investigates linkages between the Korea stock market and each of the major Asia-Pacific stock markets, namely those of the Japan, China, Australia, New-Zealand, We employs the Johansen technique to test for pairwise cointergration between the Korea stock market and each of the major Asia-Pacific stock markets. The major stock indices of the markets are used, from 1 September 2006 to 31 August 2010. The results from the test implies that the Korea market is not cointergrated with any of the major Asia-Pacific markets during the period. Our study implies that there are no long-run linkages between the Korea and any of the major Asia-Pacific stock markets.

• Journal of Environmental Science International
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• v.13 no.4
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• pp.349-357
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• 2004

Emergy is a measure of the processes required to produce something expressed in units of the same energy form. Emergy based indices can provide insights into the thermodynamic efficiency of the process, the quality of its output, and the interaction between the process and its surrounding environment. However, in an industrial system, the inputs are mostly nonrenewable, renewable energy source is nearly zero, ultimate purpose is pursuit of profits in economic activity. In study, we present two indices based on emergy - EEE(Ecological Economic Efficiency) and ERI(Environmental Responsibility Index). The EEE is taken into account real value of product in market economy. The ERI is shown to be a function of the net yield of the economy, its ‘load’ on the environment and ecological economic efficiency. Manufacturing industry of Korea produced the 30% of total GDP in 2001. We applied these indices to manufacturing industry for environmental management and further sustainable industry. As a results, the highest ERI is 0.34 in recycling industries, the lowest ERI is 0.01 in coke, refined petroleum products which is dominated by ELR. The higher ERI, the more friendly to environment. The suggested indices help us understand relative contributions of various alternatives in company's production and consumption activity, and provide a tool of decision-making for the rearrangement of future industries. Furthermore, they contribute to environmental friendly operation and consumption.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.117-126
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• 2020

This paper is aimed to explore the co-movement capital market in Southeast Asia and analysis the correlation of conventional and Islamic Index in the regional and global equity. This research become necessary to represent the risk on the capital market and measure market performance, as investor considers the volatility before investing. The time series daily data use from April 2012 to April 2020 both conventional and Islamic stock index in Malaysia and Indonesia. This paper examines the dynamics of conditional volatilities and correlations between those markets by using Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH). Our result shows that conventional or composite index in Malaysia less volatile than Islamic, but on the other hand, both drive correlation movement. The other output captures that Islamic Index in Indonesian capital market more gradual volatilities than the Composite Index that tends to be low in risk so that investors intend to keep the shares. Generally, the result shows a correlation in each country for conventional and the Islamic index. However, Internationally Indonesia and Malaysia composite and Islamic is low correlated. Regionally Indonesia's indices movement looks to be more correlated and it's similar to Malaysian Capital Market counterparts. In the global market distress condition, the diversification portfolio between Indonesia and Malaysia does not give many benefits.

• International Commerce and Information Review
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• v.9 no.3
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• pp.273-284
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• 2007

New retailers, especially giant retailers, so called "mart" or "discounter" which introduced around 1996, when Korea's domestic retail market was opened to the world, have brought big transitions. Consequently, new comers like discounters and CVS drove out department stores, mom & pops and traditional retailers. Literatures showed two reverse opinions for the giant retailers; rising consumers' benefit, or dropping small retailers' businesses. This study have conducted to find the situation of market concentration in retail market, and to learn the new market condition in it. According to the study, in 2005, CR3's of Korea's whole retail industry was counted 12.8%, and CR5 of that was 13.9%. CR3 of discount store business was 39%, department stores' 55%, and TV home shopping businesses' was 75%. In addition to those results, indices growing worse. So, we can say this industry already get into the oligopolistic industrial organization. Generally, under monopolistic or oligopolistic market structure, consumers' benefit may shrink and businesses' surplus profit may jump. So, it means, it's good time to turn government's policy for the retail industry in Korea to fair competition policy instead of development policy.

• Journal of Korea Port Economic Association
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• v.38 no.3
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• pp.87-104
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• 2022

Considering the complex structure and high volatility in the shipping market, it is important to investigate the connectedness amongst influencing factors. This study explores the dynamic relationship between supply-demand factors and shipping freight indices. We choose Capesize and Panamax in the bulk carrier market and use quarterly data of GDP, world fleet, BCI, and BPI from 1999 to 2021. Applying the wavelet analysis and wavelet Granger causality test, the simultaneous examination of co-movement and causality between two factors and the shipping market in both the time and frequency domains is achieved. We find that co-movement and causality vary across time and frequencies, thereby existing dynamic relationships between variables. Second, compared to multiple coherencies using demand and supply factors together, partial coherencies indicate noticeable causalities. It implies that analyzing demand and supply factors separately is essential. Finally, shipping freight indices show a high correlation with the demand factor in a good market and with the supply factor in a bad market. Generally, GDP positively leads shipping freights in the recovery phase while the world fleet negatively leads shipping freights in the downturn. The research is meaningful in that the rarely-applied wavelet analysis is adopted in the shipping market and that it gives a reasonable ground to explain the role of supply and/or demand factors in different phases of the market cycle.

• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.157-173
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• 2024

This study analyzed the connectivity of the dry bulk carrier market before and after COVID-19 to examine the impact of COVID-19 on the global shipping market. Using the Quantile Time Frequency Connectedness methodology, we analyzed the dynamic connectedness of major dry bulk indices: the Capesize Index (BCI), Supramax Index (BSI), Panamax Index (BPI), and Handysize Index (BHSI). The results are as follows. First, the total spillover connectedness of the dry bulk carrier market increased during the entire period and in the short term after the outbreak of COVID-19, while it slightly decreased in the long term. Second, the roles among the indices changed according to market conditions, with COVID-19 causing the BPI to change from a net receiver to a net transmitter in the short term and the BSI in the long term, affecting net spillover connectedness. Third, it was observed that long-term connectivity tended to increase more than short-term connectedness under extreme conditions. Fourth, the phenomenon of strengthened connectedness under extreme market conditions was confirmed. These results provide important insights into understanding short-term market shocks and long-term stability trends, demonstrating that the connectedness among dry bulk carrier markets strengthens in global crisis situations such as COVID-19. This provides a basis for assessing the resilience and vulnerability of the shipping market and offers useful information for investors and policymakers in crisis management and investment strategy formulation.

• Journal of the Korea Institute of Building Construction
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• v.13 no.2
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• pp.193-201
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• 2013

Recently there has been insignificant growth in the Korean construction management (CM) market, in comparison to the previous year. However, despite stagnation or even decreasing growth trends, the number of domestic companies participating in the CM market has increased rapidly. As follows, market movements of CM despite trending in stagnant growth or decrease, the market has been increasing firms which entry the market. The reasons for such dynamic change must be examined first, in order to facilitate analysis of its competitive structure. This study aims to examine the market competition structure and analyze the reason for proliferation of companies in the sick CM market. This study employs market concentration ratio and DEA-based Malmquist productivity indices to analyze the competitive structure of the CM market. Results reveal that the CM market has been monopolized by a few companies, but this is gradually changing. In addition, these companies were not productive, but there has been a gradual increase in the productivity index. Therefore, this study, which provides the direction index of the CM market, has implications for all major stakeholders in this market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.37-50
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• 2020

This study aims to investigate meaningful relationship between technology appraisal indices and SMEs' financial performances for their continuous growth. The empirical data for this study were based on the technology appraisal results of Korea Technology Finance Corporation(KOTEC) and the financial data of the following 2 years 0f 3,688 SMEs. The meaningful differences between SMEs with superb financial performances and the others, by using t-test analysis, statistically were verified in 25 indices(75.8%) out of total 33 indices. All of five independent variables, namely CEO's capability, technology manpower, R&D intensiveness, market competitiveness and investment feasibility, were verified to have a positive effect on business feasibility respectively and business feasibility also has a positive influence on financial performance, such as sales growth, labor productivity and financial stability.

• Journal of the Korean Operations Research and Management Science Society
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• v.38 no.4
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• pp.11-33
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• 2013

We analyzed the structures and properties of the global financial market networks using social network analysis approach. The Minimum Spanning Tree (MST) lengths and networks of the global financial markets based on the correlation coefficients have been analyzed. Firstly, similar to the previous studies on the global stock indices using MST length, the diversification effects in the global multi-asset portfolio can disappear during the crisis as the correlations among the asset class and within the asset class increase due to the system risks. Second, through the network visualization, we found the clustering of the asset class in the global financial markets network, which confirms the possible diversification effect in the global multi-asset portfolio. Meanwhile, we found the changes in the structure of the network during the crisis. For the last one, in terms of the degree centrality, the stock indices were the most influential to other assets in the global financial markets network, while in terms of the betweenness centrality, Gold, Silver and AUD. In the practical perspective, we propose the methods such as MST length and network visualization to monitor the change of the correlation risk for the risk management of the multi-asset portfolio.

• Proceedings of the Korea Contents Association Conference
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• 2006.05a
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• pp.43-46
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• 2006

This study examined the stock return co-movement among Korean digital contents industry, American NASDAQ, and Japanese NIKKEI225. This is to identify the reaction of Korean digital contents industry on the movement of foreign stock market. To investigate the co-movements, during the period of 1999 to 2005, daily logarithm difference returns of each stock market indices are tested by the methodology of Granger(1963, 1969)'s causality test. The positive influence from NASDAQ index to Korean digital contents industry index are found, but not vice versa. It means that the market value of firms in Korean digital contents industry affected by the movement of American NASDAQ market which composite with digital IT firms. However, the co-movements with NIKKEI225 did not found.