• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.845-853
• /
• 2021

The stock market shows the current health of an economy, and investment performance represents it. This study aims to clarify the relationship between financial behavior and investment decisions as well as its impact on investment results. Determine the influence of behavioral factors on individual investors' investment decisions and investment performance on the Vietnam stock market. The study surveyed 250 investors. The main analytical methods used are Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modeling (SEM). Research results show that Heuristic, Prospect, Market, and Herding directly and positively affect investment decision-making. Besides, the above factors have a direct and positive effect on investment performance. In particular, the Prospect factor has the strongest influence on investment decision-making and investment performance. The major findings of this study suggested that the important role of Heuristic, Prospect, Market, and Herding on Investment Decision-making and Investment Performance. Prospect had the strongest impact on Investment decision-making (β = 0.275). Heuristic had the second strongest impact (β = 0.257), then Herding (β = 0.202), and finally Market (β = 0.189) had the weakest effect. Regarding Investment Performance, the Prospect factor has a higher degree of impact than Heuristic Herding and Market.

• Asia-Pacific Journal of Business
• /
• v.14 no.1
• /
• pp.231-246
• /
• 2023

Purpose - This study attempts to provide a new theoretical perspective on the quality signaling and its impact on a market under information asymmetry, focusing on how the accuracy and the cost of quality signaling affect sellers' and buyers' profit, suggesting appropriate designs of quality signaling methods which mitigates information asymmetry. Design/methodology/approach - In order to examine the effect of quality signaling on strategic interactions within the market, we establish an analytic model where market outcomes are determined by seller's quality claim and price, and buyers are risk-neutral. By investigating this analytic model through relevant game trees, we find the subgame perfect Nash equilibria of the market and predict related market outcomes based on sellers' quality signaling strategy. Findings - Our analytic model shows counterintuitive results that seller profit will be the lowest with inaccurate quality signaling and the highest with no quality signaling, mostly due to the certification cost. Consequently, sellers should proceed with caution if the quality signaling is less than accurate, as it may backfire. We believe that this is due to the fact that the inaccuracy of quality signaling causes some confusion and uncertainty in both sellers and buyers' decision to maximize profit, making it hard for sellers to predict buyers' behavior. Research implications or Originality - Although the sources and types of quality signaling errors have been investigated in the literature, there has not been satisfactory understanding regarding how inaccuracy of quality certification affects specific market outcomes. We expect that our theoretical model would provide important implications on how to utilize quality signaling to solve adverse selection issues in markets under information asymmetry.

• Asia-Pacific Journal of Business
• /
• v.15 no.2
• /
• pp.71-88
• /
• 2024

Purpose - This study provides an overview of existing research and practices related to market risk premiums(MRP), and empirically estimates the MRP in Korea, particularly using the related option prices. We also seek to improve the current MRP practices and explore alternative solutions. Design/methodology/approach - We present the option price-based MRP estimation method, as proposed by Martin (2017), and implement it within the context of the Korean stock market. We then juxtapose these results with those derived from other methods, and compare the characteristics with those of the United States. Findings - We found that the lower limit of the MRP in the Korean stock market shows a much lower value compared to the US. There seems to be the possibility of a market crash, exchange rate volatility, or a lack of option trading data. We investigated the predictive power of the estimated values and discovered that the weighted average of the results of various methodologies using the Principal Component Analysis (PCA) is superior to the individual method's results. Research implications or Originality - It is required to explore various methods of estimating MRP that are suitable for the Korean stock market. In order to improve the estimation methodology based on option prices, it is necessary to develop the methods using the higher-order(third order or above) moments, or consider additional risk factors such as the possibility of a crash.

• Korean Journal of Social Welfare
• /
• v.58 no.4
• /
• pp.313-339
• /
• 2006

The purpose of this study is to analysis empirically the socio-structural causes of working poor. This study used raw data of of Korea National Statistical Office from 1982 to 2004, and put in operation time series multiple regression analysis to use socio-economic factors of macro-economy environment, labor market, distribution system. Contrary to assertion of growth-concentrated people, economic growth rate has had significantly positive effect on the change of working poor size. In the growth period there has been trickle down effect of economic growth, but in the post-Fordism period there has not been valid circular relation. Recent introduction of the U. S. type capitalism resulted in negative phenomenon like aggravation of income distribution, deterioration of employment quality, enlargement of working poor. And there rise a question on socio-economic durability due to de-compensation on intra-institution. It is necessary to grope transition to the high road social market model - that is stable and sustainable - correspond to Korea that is stable and sustainable.

• Journal of the Korean Applied Science and Technology
• /
• v.34 no.4
• /
• pp.974-985
• /
• 2017

Although the number of registered cars in South Korea is about 22million but, there is no national standard for automobile reference fuel in South Korea. Reference fuel is the fuel used for certificating vehicle performance, emissions and fuel economy. Now, domestic market fuels are used as reference fuel. However, the quality of domestic market fuel is constantly changing by seasonal and fuel manufacturers. It may effect vehicle performance, emissions and fuel efficiency test result. On this study, market diesel fuel quality was monitored and reference fuel standard(draft) was set by reflecting market fuel monitoring result. Reference fuel standard(draft) was applied to CRDI engine.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.4
• /
• pp.480-488
• /
• 2016

As the subprime mortgage crisis spread globally, it depressed not only the financial market, but also the construction business in Korea. In fact, according to CERIK, the BSI of the construction businesses plunged from 80 points in December 2006 to 14.6 points in November 2008, and the extent of the depression in the housing sector was particularly serious. In this respect, this paper analyzes the influence of the financial market fluctuation on the housing market before and after the Global Financial Crisis using VECM. The periods from January 2000 to December 2007 and January 2008 to October 2015, before and after the financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, when the economy is good, the Gangnam housing market is an attractive one for investment. However, when it is depressed, the Gangnam housing market changes in response to the macroeconomic fluctuations. Second, the Gangbuk and Gangnam housing markets showed different responses to fluctuations in the financial market. Third, when the economy is bad, the effect of low interest rates is limited, due to the housing market risk.

• Journal of Korea Port Economic Association
• /
• v.35 no.2
• /
• pp.1-20
• /
• 2019

This study aims to establish a method for activating Korean ship finance through an analysis on the development of Chinese ship finance market, which has grown rapidly in recent years. It focuses on its main institutions, laws and policies, strengths and weaknesses, market share, and development status. Because 80.7% of South Korea's economy depends upon foreign trade and 99.7% of the South Korea's traded volume is transported by ships, shipping has assumed an important role in Korean economy. However, since the global financial crisis, Korean shipping and shipbuilding industry has been facing difficulties and Hanjin, the biggest Korean shipping company, went bankrupt in 2017. One of the key aspects of the competitiveness of the shipping and shipbuilding industry is acquiring competitive shipping assets; therefore, stable and smooth supply of ship finance is crucial for the development of the shipping and shipbuilding industry. Given this background, the study analyzed how the Chinese ship finance market has grown rapidly in the past 30 years and identified the problems, strengths, and weaknesses of the Chinese ship finance. The analysis on the status of the Chinese ship finance market is expected to suggest a direction for establishing methods for activating the Korean ship finance market, which is facing scarcity of finance, even as the global ship finance market has remained depressed since the global financial crisis. Although this study focused exclusively on the Chinese market, future research can draw conclusions from a comparative analysis that includes the Japanese ship finance market; the conclusions obtained would contribute to the establishment of long-term policies and plans for Korean ship finance.

• Journal of Korean Society for Quality Management
• /
• v.47 no.4
• /
• pp.875-894
• /
• 2019

Purpose: This research is the impact of service quality of Economy Hotels on customer satisfaction and Re-visit Intention in China. It reviews the empirical theories about Economy Hotels at home and abroad, based on SERVPERF, combines with the actual situation of China's Economy Hotels, and then constructs based on the research results at home and abroad. In the subfactor of service quality, "recovery" is added, and the relationship model between the service quality of Economy Hotel, customer satisfaction and Re-visit Intention is designed, in which the mediated effect of "customer satisfaction" between the service quality's subfactor and Re-visit Intentio is explored. Methods: 334 questionnaires were distributed to the check-in guests of three Home Inns in China's first-tier cities (ShangHai,BeiJing,ShenZhen), of which 300 were valid for data analysis. Result: The data analysis results show that the Economy Hotels' subfactor of service quality have a positive impact on customer satisfaction and Re-visit Intention, and customer satisfaction also plays an mediated effect. (partial mediation: tangible, reliability, recovery; full mediation: responsiveness, assurance, empathy) Conclusion: The research puts forward the enlightenment points for the development of Economic Hotels through the differences in the development emphasis and service quality between Economic hotels and other types of hotels, so as to improve the satisfaction and market competitiveness of China's Economic hotels through the research results.

• International Journal of Computer Science & Network Security
• /
• v.24 no.1
• /
• pp.178-186
• /
• 2024

While in high-income countries the development of digital technology began in the 1970s, in low- and middle-income countries it began in the 1990s and even after 2005, due to the political regime that constrained economic development and innovation. At the same time, there are no studies of the relationship between technological development and structural changes through innovation in low- and middle-income countries. The article aims to quantify the relationship of the introduction of digital technologies on innovation, structural transformation of low- and middle-income economies. The industrial-agrarian economy of Uzbekistan with an authoritarian regime is in a state of transition to a market economy, while in Ukraine, there are active processes of Europeanization and integration into the EU. Ukraine's economy is commodity-based (the export of raw materials of industries and the agricultural sector in developed countries predominates) and industrial-agrarian. Digital technologies and the service sector are little developed in Uzbekistan. On the other hand, Ukraine has a more developed ICT sector. Uzbekistan is gradually undergoing an innovative and structural transformation of the economy: the productivity of the agricultural, industrial, and service sectors is growing, but the ICT sector is virtually undeveloped. In comparison, in Ukraine, there are no significant structural transformations due to a significant drop in productivity of the industrial sector, with stable growth of productivity of the agricultural sector due to technology and a slight increase in productivity of the service sector. It is revealed that Ukraine and Uzbekistan have undergone structural transformations of the economy in favor of the service sector, while the agricultural and industrial sectors produce less and less. If Uzbekistan remains the industrial-agrarian country with an aggregate share of the added value of these sectors 59% in 2019, Ukraine transits to the post-industrial type of economy where the added value of the service sector in GDP grows (55% compared to agrarian and industrial sectors at 42%).

• Journal of Digital Convergence
• /
• v.12 no.4
• /
• pp.85-92
• /
• 2014

In recent years, the government has pushed ahead with the convergence and innovation of science technology and information technology in order to realize the creative economy. So, a creative economy ecosystem has been set up to realize the creative economy for small businesses growth and small business happiness. According to proliferation of mobile area taking the lead in the recent IT transition, development of various convergence technologies related to mobile such as mobile Apps, SNS, and big data have been promoted. For realizing government's creative economy, systematic raising plan to create newly value-added market and occupation being considered with developing technology for mobile convergence based on imagination and creativity of small businesses is proposed in this paper.