• Asia-Pacific Journal of Business
• /
• v.14 no.4
• /
• pp.331-342
• /
• 2023

Purpose - This study aims to develop a valid and appropriate method for measuring the economic value of intangible cultural resources. Design/methodology/approach - Building upon the concepts explored in many studies on the total value regulation of public goods or environmental goods, which are non-market value commodities, with a focus on the intangible cultural property Arirang, this study aims to formulate a new economic value concept for cultural resources that contributes to the overall economic total value, including non-use value. Based on this foundation, the study aim to identify and apply the most efficient model(CVM) among economic value measurement methods, as suggested by Tietenberg (2003). Findings - This involves estimating economic value through consumer behavior, encompassing the use or experience of cultural resources, as well as utilizing statements to estimate economic methods through consumer surveys. Only by presenting individual resource economic values of cultural resources in objective figures can a foundation be established for creating budgets and organizational structures to promote projects and policies. Research implications or Originality - Appropriate decisions can then be made by comparing these values with the expected costs in the management and planning process.

• Asia-Pacific Journal of Business
• /
• v.15 no.2
• /
• pp.181-205
• /
• 2024

Purpose - This study aims to examine the direct impact of corporate social responsibility initiatives on firm technological innovation and the moderating effect on the relationship between firm technological innovation and corporate value. Design/methodology/approach - This study collected 13,298 firm-year data by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010-2017. This study runs the multivariate regression using random effect generalized least squares (GLS) regression model. Findings - The research results of this study are as follows. First, corporate social responsibility initiatives do not increase the firm technological innovation, but rather reduce it. Second, firm technological innovation generally improves corporate value, whether it is book value or market value. Third, corporate social responsibility initiatives reduce the positive influence of firm technological innovation on corporate value. Research implications or Originality - There may be discussions on whether Chinese patent application data is a good indicator of the innovation of Chinese companies, but previous studies prove that the number of patent applications has a significant correlation with R&D expenditures or financial performance. However, there is a clear limitation in that it is not possible to confirm the result of registration after a patent application, but it is expected that such limitations can be overcome by using patent registration information or detailed citation documents in the future.

• Asia-Pacific Journal of Business
• /
• v.15 no.3
• /
• pp.351-365
• /
• 2024

Purpose - The purpose of this paper is to examine the value relevance of the relative sizes of the contractual service margin (hereafter CSM) and the risk adjustment for non-financial risk (hereafter RA). Additionally, the paper examines how the relative size of the CSM impacts the relative value relevance of net assets and net income. Design/methodology/approach - This study conducted an empirical analysis utilizing the quarterly financial data and stock price information of domestically listed insures (including life and non-life insurers) from 2023 onwards. Specifically, regression analysis and parallelism tests were employed in the research. Findings - Firstly, the empirical analysis of the value relevance of CSM and RA showed that CSM has a significant positive value relevance with firm value, while RA has a significant negative value relevance with firm value. Secondly, it was found that as the CSM increases, the value relevance of net income increases, whereas the value relevance of net assets decreases. Research implications or Originality - Despite both CSM and RA being components of insurance contract liabilities, their differing impacts on firm value suggest that the capital market has a relatively clear understanding of the characteristics of CSM and RA. The finding that the value relevance of reported current earnings increases with larger CSM indicates that CSM-focused management is desirable from the perspective of enhancing firm value.

• Journal of the Korean Applied Science and Technology
• /
• v.35 no.3
• /
• pp.667-675
• /
• 2018

Increasing emissions regulations and demand of high-efficiency cars that travels a lot of distance with less fuel, there is growing interest in Energy Consumption Efficiency. Korean energy consumption efficiency compute combined Fuel Economy by driven city & highway driving mode and present final Energy Consumption Efficiency as using 5-cycle correction formula. Energy consumption efficiency is computed Carbon-balance-method, when used burning fuel play a key role in vehicle performance & Energy Consumption Efficiency. In Korea, vehicle fuel is circulate by Petroleum and Petroleum Alternative Business Act, there is property difference in quality standard because petroleum sector's refine method or type of crude oil. It does not appear a big difference according to fuel, because it sets steady quality standard, it may affect the performance of automobile. Thus, in research We purchase a few diesel fuel which circulated in the market in summer season though directly-managed-gas station by petroleum sector, resolve property each of fuel, we compute Fuel Economy each of them. We analyze into change depend on applying for property as nowadays utilizing Energy Consumption Efficiency calculating formula of gasoline and diesel fuel. As result, Density each of sample fuel has a maximum difference roughly 0.9%, net heat value each of sample fuel has difference 1.6%, result of current Energy Consumption Efficiency each of sample fuel has a difference roughly 1% at city drive mode, 1.4% at highway drive mode. Result of use gasoline calculator formula shows less 6% result than nowadays utilizing Energy Consumption Efficiency calculating formula, each of sample's Energy Consumption Efficiency shows maximum roughly 1.4% result in city & highway drive mode.

• Journal of Korean Society of Forest Science
• /
• v.100 no.3
• /
• pp.423-431
• /
• 2011

The changes of forest degradation in North Korea have closely been related to political, economic and social conditions at all different times. The deforestation by local people for their livelihood has been accelerated when the recession has been worsened due to the 1990's collapse of socialism and the years of natural disasters, and the fall of the centralized and planned economy system. The serious recession in the 1990's has brought many changes in the North Korean society since the 2000's. Not only the underground economy, but also the market in which personal trades are occurred have been expanded as the distribution system of the planned economy system had fallen. In addition, even many state institutions have also increased timber harvest for export to acquire insufficient foreign currency. Eventually, North Korea felt the limits of utilization of forest resources under socialism then started to seek measures to restore devastated forest, while realizing the need of support from the international society. Therefore, some NGOs of South Korea started to give financial support on building tree nurseries in which seedlings for planting are produced to help the rehabilitation of the degraded forests in North Korea. Therefore, Planning of the basic directions for forest rehabilitation programs considering to economic and social conditions of North Korea are needed based on the successful rehabilitation experience of South Korea in the 1970's. First of all, relationships which was built after collapse of centrally planned economy between districts, businesses and workers must be consider to rehabilitate forests in North Korea. Secondly, due to the nature of forest rehabilitation projects this is very needs voluntary participation of resident for a long time, and then forest rehabilitation projects can create jobs for local resident, they can obtain continuous income on the forest rehabilitation projects field in order to promote resident's work in forest rehabilitation projects. Thirdly, the rate dependence on forests of the residents living must keep the level down by rural development projects going side by side with forest rehabilitation projects. Fourthly, use of exsisting forest management system in North Korea is also needed to ensure administrative power and labor for grand scale plantations in a short period of time. Meanwhile after the success of Forest Rehabilitation, it is very important to improve exsisting forest management system.

• Asia pacific journal of information systems
• /
• v.20 no.1
• /
• pp.127-140
• /
• 2010

The benefit that a consumer derives from the use of a good often depends on the number of other consumers purchasing the same goods or other compatible items. This property, which is known as network externality, is significant in many IT related industries. Over the past few decades, network externalities have been recognized in the context of physical networks such as the telephone and railroad industries. Today, as many products are provided as a form of system that consists of compatible components, the appreciation of network externality is becoming increasingly important. Network externalities have been extensively studied among economists who have been seeking to explain new phenomena resulting from rapid advancements in ICT (Information and Communication Technology). As a result of these efforts, a new body of theories for 'New Economy' has been proposed. The theoretical bottom-line argument of such theories is that technologies subject to network effects exhibit multiple equilibriums and will finally lock into a monopoly with one standard cornering the entire market. They emphasize that such "tippiness" is a typical characteristic in such networked markets, describing that multiple incompatible technologies rarely coexist and that the switch to a single, leading standard occurs suddenly. Moreover, it is argued that this standardization process is path dependent, and the ultimate outcome is unpredictable. With incomplete information about other actors' preferences, there can be excess inertia, as consumers only moderately favor the change, and hence are themselves insufficiently motivated to start the bandwagon rolling, but would get on it once it did start to roll. This startup problem can prevent the adoption of any standard at all, even if it is preferred by everyone. Conversely, excess momentum is another possible outcome, for example, if a sponsoring firm uses low prices during early periods of diffusion. The aim of this paper is to analyze the dynamics of the adoption process in markets exhibiting network effects by focusing on two factors; switching and agent heterogeneity. Switching is an important factor that should be considered in analyzing the adoption process. An agent's switching invokes switching by other adopters, which brings about a positive feedback process that can significantly complicate the adoption process. Agent heterogeneity also plays a important role in shaping the early development of the adoption process, which has a significant impact on the later development of the process. The effects of these two factors are analyzed by developing an agent-based simulation model. ABM is a computer-based simulation methodology that can offer many advantages over traditional analytical approaches. The model is designed such that agents have diverse preferences regarding technology and are allowed to switch their previous choice. The simulation results showed that the adoption processes in a market exhibiting networks effects are significantly affected by the distribution of agents and the occurrence of switching. In particular, it is found that both weak heterogeneity and strong network effects cause agents to start to switch early and this plays a role of expediting the emergence of 'lock-in.' When network effects are strong, agents are easily affected by changes in early market shares. This causes agents to switch earlier and in turn speeds up the market's tipping. The same effect is found in the case of highly homogeneous agents. When agents are highly homogeneous, the market starts to tip toward one technology rapidly, and its choice is not always consistent with the populations' initial inclination. Increased volatility and faster lock-in increase the possibility that the market will reach an unexpected outcome. The primary contribution of this study is the elucidation of the role of parameters characterizing the market in the development of the lock-in process, and identification of conditions where such unexpected outcomes happen.

• KDI Journal of Economic Policy
• /
• v.12 no.1
• /
• pp.31-68
• /
• 1990

The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

• Journal of Korea Port Economic Association
• /
• v.27 no.1
• /
• pp.263-280
• /
• 2011

The global financial crisis, triggered by the subprime mortgage crisis in 2007, has put the world economy into the recession with financial market turmoil. I tested whether variables were cointegrated or whether there was an equilibrium relationship. Also, Generalized impulse-response function (GIRF) and accumulation impulse-response function (AIRF) may be used to understand and characterize the time series dynamics inherent in economical systems comprised of variables that may be highly interdependent. Moreover, the IRFs enables us to simulate the response in freight to a shock in the USD/JPY exchange rate, Dow Jones industrial average index, Dow Jones volatility, Chinese Import volatility. The result on the cointegration test show that the hypothesis of no cointergrating vector could be rejected at the 5 percent level. Also, the empirical analysis of cointegrating vector reveals that the increases of USD/JPY exchange rate have negative relations with freight. The result on the impulse-response analysis indicate that freight respond negatively to volatility, and then decay very quickly. Consequently, the results highlight the potential usefulness of the multivariate time series techniques accounting to behavior of Freight.

• International Commerce and Information Review
• /
• v.1 no.2
• /
• pp.145-165
• /
• 1999

With the rapid spreading of the internet that is based on the development of the information network system, the paradigms of "internet round" and "cyber" are given much weight in the notion of "market." Especially, the cyber shopping for the individuals is developing rapidly creating the new life style, and also in the domestic economy the cases of building and running the cyber shopping malls are increasing. The purpose of this study is to analyse the customers' shopping styles that can be shown when the customers purchase physical goods or digital goods at the B to C EC and find the way to activate the shopping malls by controlling the factors which influence the trade. The result of the study is as follows: First, to analyse the acting style of the customers at the B to C EC, it is searched whether there is any relationship between the purchasing goods, which are divided into physical goods and digital goods. There was a cross analysis between the first factor of the five factors of the purchase decision or delay at the B to C EC and the goods type. The result of the analysis is that the purchase decision factor is different according as what type of goods is purchased. On the other hand, the purchase delay factor has no relation with the goods type. Second, the fact that the cyber shopping activities are quite different according to sexuality, age, academic background, or occupation suggests that these factors are very important to the strategy for the market-specification of the B to C EC marketing construction. The result shown in this study is sure to give great help to figure out the improvement strategies and the market-specialization strategies to accelerate the B to C EC marketing. On the side of the strategies for the improvement of the goods services, more attention should be given to the functional side for the improvement of the reliability of the goods service such as capacity, technique, and quality. And the activities of the customers are so different according to the vital statistics that the way to cope with the changeability properly should be considered.

• Journal of Korean Society of Forest Science
• /
• v.81 no.3
• /
• pp.255-262
• /
• 1992

Urguay Round(UR) has lots of implication in the forest product market as well as the other sectors of the economy. Chestnut, one of the major forest product in Korea, would be affected by free trade resulting from the agreement on UR. To establish effective policy measures dealing with negative effects of free trade, if any, the effect of UR on producers should be figured out. In this contest, the purposes of this study are (1) estimating the demand, supply and its price functions of this market and (2) forecasting the effect of UR on growers. Using econometric method, demand, supply and price function of this market are estimated. The total amount of yearly money loss of growers due to free trade from 1992 to 2001 are estimated for four different scenarios. In each scenario, it is assumed that the tariffication reduction is 30%, 40%, 50% and 90%. Yearly money loss of chestnut growers at the year 2001 are forecasted such as 14 billion won, 18 billion won, 24 billion won and 25 billion won for the rate of tariffication reduction of 30%, 40%, 50%, and 90%, respectively.