• The Korean Journal of Applied Statistics
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• v.37 no.2
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• pp.255-263
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• 2024

GDP represents the total market value of goods and services produced by all economic entities, including households, businesses, and governments in a country, during a specific time period. It is a representative economic indicator that helps identify the size of a country's economy and influences government policies, so various studies are being conducted on it. This paper presents a GDP growth rate forecasting model based on a dynamic factor model using key macroeconomic indicators of G20 countries. The extracted factors are combined with various regression analysis methodologies to compare results. Additionally, traditional time series forecasting methods such as the ARIMA model and forecasting using common components are also evaluated. Considering the significant volatility of indicators following the COVID-19 pandemic, the forecast period is divided into pre-COVID and post-COVID periods. The findings reveal that the dynamic factor model, incorporating ridge regression and lasso regression, demonstrates the best performance both before and after COVID.

• Journal of Korean Society of Rural Planning
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• v.30 no.2
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• pp.1-11
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• 2024

Farmland transaction prices are affected by various factors such as politics, society, and the economy. The purpose of this study is to identify multiple factors that affect the farmland transaction price due to changes in the actual transaction price of farmland by farmland unit from 2016 to 2020. There are several previous studies analyzed the determinants of farmland transaction prices by considering spatial dependency. However, in the case of land transactions where the time and space of the transaction affect simultaneously, if only spatial dependence is considered, there is a limitation in that it cannot reflect spatial dependence that occurs over time. In order to solve these limitations, To address these limitations, this study builds a spatio-temporal autoregressive model that simultaneously considers spatial and temporal dependencies using farmland transactions in Jinju City as an example. As a result of the analysis, it was confirmed that there was significant spatio-temporal dependence in farmland transactions within the previous 30 days. This means that if the previous farmland transaction was carried out at a high price, it has a spatio-temporal spillover effect that indirectly affects the increase in the price of other nearby farmland transactions. The study also found that various location attributes and socioeconomic attributes have a significant impact on farmland transaction prices. The spatio-temporal autoregressive model of farmland prices constructed in this study can be used to improve the prediction accuracy of farmland prices in the farmland transaction market in the future, and it is expected to be useful in drawing policy implications for stabilizing farmland prices

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.319-334
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• 2024

Purpose - The purpose of this study is to examine the gravity model commonly used for demand forecasting upon the implementation of new tourist facilities and analyze the main causation of forecasting errors to provide a suggestion on how to improve. Design/methodology/approach - This study first measured the errors in predicted values derived from past feasibility study reports by examining the cases of five national science museums. Next, to improve the predictive accuracy of the gravity model, the study identified the five most likely issues contributing to errors, applied modified values, and recalculated. The potential for improvement was then evaluated through a comparison of forecasting errors. Findings - First, among the five science museums with very similar characteristics, there was no clear indication of a decrease in the number of visitors to existing facilities due to the introduction of new facilities. Second, representing the attractiveness of tourist facilities using the facility size ratio can lead to significant prediction errors. Third, the impact of distance on demand can vary depending on the characteristics of the facility and the conditions of the area where the facility is located. Fourth, if the distance value is below 1, it is necessary to limit the range of that value to avoid having an excessively small value. Fifth, depending on the type of population data used, prediction results may vary, so it is necessary to use population data suitable for each latent market instead of simply using overall population data. Finally, if a clear trend is anticipated in a certain type of tourist behavior, incorporating this trend into the predicted values could help reduce prediction errors. Research implications or Originality - This study identified the key factors causing prediction errors by using national science museums as cases and proposed directions for improvement. Additionally, suggestions were made to apply the model more flexibly to enhance predictive accuracy. Since reducing prediction errors contributes to increased reliability of analytical results, the findings of this study are expected to contribute to policy decisions handled with more accurate information when running feasibility analyses.

• Journal of Animal Science and Technology
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• v.66 no.2
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• pp.279-294
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• 2024

Agriculture has played a significant role in the national economy, contributing to food security, driving economic growth, and safeguarding the dietary habits of the population. Korean agriculture has been compelled to focus on intensive farming due to its limited cultivation area, excessive input costs, and the limitations of agricultural mechanization. In the Republic of Korea (R.O.K), the concept of environmentally friendly animal agriculture began to be introduced in the early 2000s. This concept ultimately aims to cultivate sustainable animal agriculture (SAA) through environmentally friendly production practices, ensuring the healthy rearing of animals to supply safe animal products. Despite the government's efforts, there are still significant challenges in implementing environmentally friendly agriculture and SAA in the R.O.K. Therefore, the objective of this review is to establish the direction that the animal agriculture sector should take in the era of climate crisis, and to develop effective strategies for SAA tailored to the current situation in the R.O.K by examining the trends in SAA in the U.S. The animal agriculture sector in the U.S. has been working towards creating a SAA system where humans, animals, and the environment can coexist through government initiatives, industry research, technological support, and individual efforts. Efforts have been made to reduce emissions like carbon, and improve factors affecting the environment such as the carbon footprint, odor, and greenhouse gases associated with animal agriculture processes for animals such as cattle and pigs. The transition of the U.S. towards SAA appears to be driven by both external goals related to addressing climate change and the primary objectives of responding to the demand for safe animal products, expanding consumption, and securing competitiveness in overseas export markets. The demand for animal welfare, organic animal products, and processed goods has been increasing in the U.S. consumer market. A major factor in the transformation of the U.S. animal agriculture sector in terms of livestock specifications is attributed to environmentally friendly practices such as high-quality feed, heat stress reduction, improvements in reproductive ability and growth period reduction, and efforts in animal genetic enhancement.

• The Journal of the Convergence on Culture Technology
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• v.10 no.3
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• pp.559-564
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• 2024

Since the era of industrial revolution, the waste volume has continued to grow; waste management has thus become one of the major global environmental challenges facing humanities today. Waste treatment and management issues trigger NIMBY movements, and disputes among states, governments, and social actors over the issues have been accelrating. At the level of states and sub-states, various measures including institutions, laws, regulations, market-oriented methods, consensus and collaborative governance have been introduced to address various problems associated with waste. More recently, science and technology has been applied to the waste treatment and management under the notion of circular economy. However, societal support for addressing waste problems still remains inadequate, calling for new approaches and alternative pathways. In this context, this study examines two cases of urban incineration plants designed by Hudertwasser, Austria-born artist and architect: Spittelau, Austria, and Osaka, Japan. Through these case studies, I demonstrate how creative and innovative culture-technology convergence can shed new light on challenging environmental issues such as an urban waste problem.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.207-222
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• 2024

Purpose - This study investigates whether the lagged price difference ratio between preferred and common stocks is related to the return and closing price of the preferred stock using three panel models. Design/methodology/approach - As a first step, we use a two-way fixed effect panel model with stationary preferred stock returns as a dependent variable. For robustness, we then apply the autoregressive distributed lag model (ARDL) and error correction model (ECM) with nonstationary closing prices of the preferred stocks as a dependent variable and compare the results of each model. The ARDL and ECM models provide an advantage of estimating a long-run equilibrium equation together if a long-run relationship exists between the two time-series variables compared to the fixed effect model. Findings - Our sample consists of 107 preferred stocks with at least four years of daily observations as of the end of December 2023. The coefficients of the error correction terms in the ARDL and ECM models are highly statistically significant, approximately -0.08. This indicates that the disequilibrium between the closing prices of common and preferred stocks adjusts by about 8% per day toward equilibrium. In all three models, the price difference ratio on day t-1 was statistically significant in explaining the preferred stock returns or closing prices on day t, implying that trading based on the previous day's price difference ratio is effective for one day. Research implications or Originality - Furthermore, the returns on preferred stocks are higher for firms with a lower proportion of foreign investors or a lower foreign market capitalization of preferred stocks. This suggests that foreign investors with informational advantages do not actively engage in profit-taking by trading preferred stocks, thus not narrowing the price difference. In summary, the recent surge in preferred stock prices is likely driven mainly by the irrational behavior of retail investors.

• Archives of design research
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• v.16 no.3
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• pp.201-210
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• 2003

The world is preparing another unseen war, that is, the cultural war of digital economy which will dominate the new millenium. As the “contents”, which are composed of various ingredients of media, gain vitality, the developed nations are in preparation of the war with the “cultural industry” weapons. The digital economic experts say that the left out nations will become economic colony in the new millenium age. The most important characteristics of cultural industry is the unity of creativity and culture which is all the more improved on the basis of the culture created upon knowledge. This leads to competition between nations or regions, and to survive one has to develop the industrial structure through cognition of its own cultural value. Furthermore, it is not a short-term development and investment of cultural products but a study on the method to graft the cultural value to the industry itself. The multi-media period does not accept an independent medium, and the contents products are becoming the leading industry since il is proved that they last semi-permanently in the digital world. The victory lies in the quality and quantity of the contents as the high ability and variety of the technology of media advance in accordance to the market principles. Since the culture, science and economy are becoming one complex structure, all nations of the world are trying the evolve a unique design of their on culture on the basis of the global universality. In consequence, we should excavate a uniqueness from our cultural heritage and develop into a korean design which will be recognized in the world market. The value of our cultural property should not only be used as academic and research purposes but should be re-evaluated with modem view, recognized as the core element that decides the quality of life and developed into exclusive designs. The korean designs represent the mould concept of our people which evolves from the mould or shape alphabet of Korea To meet the requirements of the changing world and in preparation of the cultural competitive age, it is never too early to make a data on the korean designs through their analysis and evaluation.

• Journal of Korean Home Economics Education Association
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• v.32 no.3
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• pp.161-177
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• 2020

This research aims to identify the relevance of 'Adolescence consumption' units to ESD(Education for Sustainable Development), and to analyze the unit's inquiry tendency through the Romey analysis method. The assessment criteria in association with ESD developed in the previous literature were summarized and established to set up an analysis framework consisted of 11 key points including environmental perspective (natural resources, climate change/disaster prevention and mitigation, and sustainable rural and urban systems), economic perspective (corporate sustainability, market economy, and poverty gap mitigation), and socio-cultural perspective (human rights/peace/human protection, cultural diversity and understanding, health/safety, civic engagement, and management of nation). With this framework, the learning contents of 'adolescence consumption life' unit in twelve middle school Home Economics textbooks were analyzed including the texts, images/illustrations/tables/graphs, and activities. The analysis revealed that the core elements of the 'market economy' and 'management of nation' from the economic perspective were presented in three different formats: texts, images/illustrations/tables/graphs, and activities. However, relatively insufficient contents were presented in terms of health/safety, civic engagement, sustainable rural and urban systems, and corporate sustainability, and thus, development of textbooks dealing with various ESD contents is neededrecommended. Additionally, most textbooks' texts and images/illustrations/tables/graphs tend to be authoritative, while activities and assignments exhibited an inquiry tendency. It is advisable to incorporate a wider variety of ESD-related content in Home Economics classes and creatively employ inquiry-based learning activities for the development of pro-sustainable-development consumption values and behavioral tendencies among young students.

• Journal of the Korean Geographical Society
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• v.29 no.3
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• pp.297-317
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• 1994

This study demonstrates the changes in the spatial organization of Korea by the construction of Seoul-Pusan railroad. This Seoul-Pusan line, which is the most important one in Korea was constructed in 1905. The original plan of the line was selected to cross the main traditional roads to control the entire Korean peninsular and to mobilize the Korean commercial potentials. It was the line to exploit the staples and to expand the Japanese market in Korea. In accordance with the contracts between Japan and Korean government, Korean government had to supply the lands for railroad, office, and service facilities. That was one of the important reasons that Korean government had been broken down. The main findings of this study are as follows: 1. The Seoul-Pusan railroad line was constructed Japanese colonial policy which emphasized three main purposes; the first was to reorganize the economic space and to collapse the traditional Korean markets for Japanese ruling, and the second was to find out the military supply routes, and the third was to search for the transcontinental line for China and Siberia. As the results, the old Korean pedestrian routes, which were the Eastern, the mid, the westren, and the Samnam route lost their functions. 2. Japanese requested for Korean government usually ten times of wider space for the site of stations than the needed one. The land was expropriated, and constructed the new centers aparted from the original Korean towns. In this process Japanese got the most developmental and windfall profits. The newly constructed centers were for Japanese immigration and the town service facilities which would be used to control the Korean financial market. At last, they easily converted the Korean spatial economy into Japanese colonial one, which made to reinforce the sphere of Seoul-Pusan line. 3. Japanese planned the stations as the central points in Korea. So the railroad stations were located apart from the centers of towns, to avoid the Korean resistances, and to maximize their profits. The mean distance from staiton to 'the town center is about 1km while the Japanese case is 0.6km. 4. The pattern of present Korean railroads is not the 'X type'. Because the Honam line is not the trunk one. So, we could call the Korean railroad pattern as the 'Ip(Chinese character 入) type' . The operational effects of Seoul-Pusan line brought out the concentration of the national economy to this line as Japanese planned. And the polorization had occurred between this line and the other parts of Korea. For twenty years (1910-1930), the transported freights were increased about 5 times. In 1930, the total freight of Seoul-Pusan line became 2, 010, 444 metric tons. If we examine this process, the underconstructing Seoul-Pusan express electric railroad should avoid adjacent this line to reduce the regional and ecological imbalance. 5. The forms of centers on the Seoul-Pusan line were classified into six types in relation to station, town center, and built-up area; the compact (integrated) type, the elongated one, the splited (independent) one, the absorbed one, the consolidated one, and the declined one. All types of these towns might be developed in accordance with the centrality, railroad function, and the other transportational functions. 6. The Seoul-Pusan line plays the most important role among Korean railroads but the ratio of passenger and freight become lower because the effiects of other inaugurated railoads the different transportation modes such as trucks and cars would be got more merits in competition. 7. The results of cluster analyses on the cities of railroad stations showed the rudimentary urban systems in 1910 and 1930. In 1930, the cities were classified into three groups; the group of small cites, the intermediate (developing) city-group, and the special city-group. In 1930s the spatial organization and urban system of Korea were similar to the present ones. We call appreciate that these were the effects of the Seoul-Pusan line.

• Management & Information Systems Review
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• v.22
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• pp.137-165
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• 2007

It seems high time to increase productivity by adopting e-business to overcome challenges posed by both external factors including the appreciation of Korean won, oil hikes and fierce global competition and domestic issues represented by disparities between large corporations and small and medium enterprises (SMEs), Seoul metropolitan and local cities, and export and domestic demand all of which weaken future growth engines in the Korean economy. The demands of the globalization era are for innovative changes in businessprocess and industrial structure aiming for creating new values. To this end, e-business is expected to play a core role in the sophistication of the Korean economy through new values and innovation. In order to examine business performance in e-business-adopting industries, this study analyzed the home shopping industry by closely looking into the financial ratios including the ratio of net profit to sales, the ratio of operation income to sales, the ratio of gross cost to sales cost, the ratio of gross cost to selling, general and administrative (SG&A) expense, and return of investment (ROI). This study, for best outcome, referred to corporate financial statements as a main resource to calculate financial ratios by utilizing Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service, one of the Korea's financial supervisory authorities. First of all, the result of the trend analysis on the ratio of net profit to sales is as following. CJ Home Shopping has registered a remarkable increase in its ratio of net profit rate to sales since 2002 while its competitors find it hard to catch up with CJ's stunning performances. This is partly due to the efficient management compared to CJ's value of capital. Such significance, if the current trend continues, will make the front-runner assume the largest market share. On the other hand, GS Home Shopping, despite its best organized system and largest value of capital among others, lacks efficiency in management. Second of all, the result of the trend analysis on the ratio of operation income to sales is as following. Both CJ Home Shopping and GS Home Shopping have, until 2004, recorded similar growth trend. However, while CJ Home Shopping's operating income continued to increase in 2005, GS Home Shopping observed its operating income declining which resulted in the increasing income gap with CJ Home Shopping. While CJ Home Shopping with the largest market share in home shopping industryis engaged in aggressive marketing, GS Home Shopping due to its stability-driven management strategies falls behind CJ again in the ratio of operation income to sales in spite of its favorable management environment including its large capital. Companies in the Group B were established in the same year of 2001. NS Home Shopping was the first in the Group B to shift its loss to profit. Woori Home Shopping has continued to post operating loss for three consecutive years and finally was sold to Lotte Group in 2007, but since then, has registered a continuing increase in net income on sales. Third of all, the result of the trend analysis on the ratio of gross cost to sales cost is as following. Since home shopping falls into sales business, its cost of sales is much lower than that of other types of business such as manufacturing industry. Since 2002 in gross costs including cost of sales, SG&A expense, and non-operating expense, cost of sales turned out to have remarkably decreased. Group B has also posted a notable decline in the same sector since 2002. Fourth of all, the result of the trend analysis on the ratio of gross cost to SG&A expense is as following. Due to its unique characteristics, the home shopping industry usually posts ahigh ratio of SG&A expense. However, more than 80% of SG&A expense means the result of lax management and at the same time, a sharp lower net income on sales than other industries. Last but not least, the result of the trend analysis on ROI is as following. As for CJ Home Shopping, the curve of ROI looks similar to that of its investment on fixed assets. As it turned out, the company's ratio of fixed assets to operating income skyrocketed in 2004 and 2005. As far as GS Home Shopping is concerned, its fixed assets are not as much as that of CJ Home Shopping. Consequently, competition in the home shopping industry, at the moment, is among CJ, GS, Hyundai, NS and Woori Home Shoppings, and all of them need to more thoroughly manage their costs. In order for the late-comers of Group B and other home shopping companies to advance further, the current lax management should be reformed particularly on their SG&A expense sector. Provided that the total sales volume in the Internet shopping sector is projected to grow over 20 trillion won by the year 2010, it is concluded that all the participants in the home shopping industry should put strategies on efficient management on costs and expenses as their top priority rather than increase revenues, if they hope to grow even further after 2007.