• 한국항만경제학회지
• /
• 제30권4호
• /
• pp.1-28
• /
• 2014

본 연구는 2012년 여수세계박람회장의 사후활용에 대한 현재의 진행 사항과 국민들의 인식 정도를 살펴보고, 이에 따른 사후활용시설의 비시장가치를 추정하는 것을 목적으로 한다. 이를 위해 본 연구에서는 여수세계박람회장의 사후활용 조성 방향에 대해 살펴 본 후 현재 추진이 지연되고 있는 사후활용 추진 현황에 대해 검토해 보았다. 또한 일반 국민들이 여수세계박람회장 사후활용에 대한 인식도 조사를 위해 전국에서 900명의 표본을 선출하여 여수세계박람회장의 방문의사 등의 설문을 수행하였다. 그리고 이와 아울러 조건부가치측정법(CVM)을 이용하여 여수세계박람회장의 비시장가치를 추정하였다. 추정 결과 여수세계박람회장 사후활용시설은 연간 508억원, 5년간 총 2,171억원인 것으로 나타났다. 이러한 결과는 여수세계박람회장의 사후활용시설이 잠재적 가치가 매우 크며, 정부는 향후 추진방향의 설정이 이를 고려할 필요가 있다는 점을 암시하고 있다.

• Journal of Korea Trade
• /
• 제26권4호
• /
• pp.1-22
• /
• 2022

Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms. Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow's (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This difference-in-difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate). Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms. Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow's (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms' exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.

• 지식경영연구
• /
• 제21권2호
• /
• pp.21-40
• /
• 2020

Korea Credit Guarantee Fund(KODIT) is a public financial institution under the provision of the Korea Credit Guarantee Fund Act. Facing the waves of change both locally and globally, KODIT will serve as 'social value creator' in making a paradigm shift from a large corporation(Conglomerate-dominated) economy to a social enterprise-oriented one based on social economy. This study focuses on the supporting service programs for social enterprises and job creation how it affects the performance of social value creation of KODIT. There is currently no detailed research of the social value in terms of the business and management academic agenda. Therefore, the present study describes the importance of social value creation on the policy financial institution. This study conducted in-depth case study for social value performance. As a public policy financial institution, KODIT exert diverse efforts to correct market failure and achieve inclusive growth. For example, KODIT extends credit guarantee services for the liabilities of promising corporations and stimulates financial and non-financial supporting programs for social enterprises. Although the role of social value and social economy has gained business field attention, few investigations have been conducted to explain how social value is achieved. The present study can thus act as the foundation for exploring the social value creation in the circumstances of public financial institution.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.833-843
• /
• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• 유통과학연구
• /
• 제18권6호
• /
• pp.93-101
• /
• 2020

Purpose: While crowdfunding functions as a purchasing behavior, it is different from other purchasing behavior. It derives from non-existed idea and leads to production and purchase through continuous idea development with participants and participants' support is a proxy for future sales. This study researches on consumption value, customer's trust and consumer's innovativeness to reveal which constructs of consumption value and customer's trust should be considered. Research design, data, and methodology: Crowdfunding participation intentions were examined using consumer's consumption value and trust of platforms as independent variables, and consumer innovation as a control variable. A total of 175 surveys were used for analysis. The hypothesis was tested using hierarchical regression analysis. Results: The results showed economic, epistemic value and ability, benevolence consumer trust to have a significant effect in crowdfunding participation intentions. The moderating effect of innovation was shown to be significant in only economic value and benevolence. Conclusions: The economic and hedonic value of consumers should be emphasized, as well as the evaluation level of the project itself. Moreover, technology or system safety, competency, and product specific information, as well as user benefits for their ideas are core elements in attracting new participants.

• 아태비즈니스연구
• /
• 제9권3호
• /
• pp.71-82
• /
• 2018

This study verifies whether the sustainable tax strategy provides unique information on earnings persistence and brings about the difference of value relevance of accounting information. Sustainability is measured by the 5-year coefficient of variation in cash ETR, such as in McGuire et al.(2013), which measures variability in long-term performance of tax avoidance. The value relevance of accounting information in this study is modified by the Ohlson model(1995), which explains the value of the firm by using accounting information such as net assets and net income and other non-accounting information. The samples of this study are the firms listed on the securities market from 2004 to 2015 and the final samples are 3,133 firm-year. The results of this empirical analysis show that the value relevance of accounting information increases as firms have long-term and sustainable tax strategies. Most of the prior studies on tax strategies have examined the tax minimization strategy that minimizes the tax cost. However, this study is different in that the sustainability of the tax strategy affects the value relevance of accounting information. The results of this study will be useful for the users to make decision using the value relevance of accounting information.

• 유통과학연구
• /
• 제13권11호
• /
• pp.101-109
• /
• 2015

Purpose - A traditional retail market is a place that offers economic opportunity to employees and employers alike it also is a place where the community can meet. The Korean government has invested three trillion won to improve physical and non-physical aspects in traditional retail markets since 2004. However, little research on this has been conducted. We explore this research gap that could lead to theory extension. We analyze consumption behavior with respect to traditional retail markets through an empirical analysis, thus overcoming limits in previous research. We empirically analyze policy effects of traditional retail market projects supported by the Korean government. Research design, data, and methodology - We propose a traditional retail market improvement plan via the relation between cause and effect resulting from the analysis. More specifically, logit analysis was carried out with 1,754 consumers in 16 cities nationwide. In order to analyze consumer consumption behaviors nationwide, the probability was analyzed using a logit model. This research analyzes the link between support and non-support by the Korean government using binary values. The dependent variable is whether Korean government support is implemented; the binomial logistic regression is used as the statistical estimation technique. The object variables are:1 (support) or 0 (nonsupport), and the prediction value is between 1 and 0. As a result of the factor analysis of questions related to attributes of service quality, four factors were extracted: convenience, product, facilities, and service. Results - The results indicate that convenience, product, and facilities have a significant influence on consumer satisfaction in accordance with the government's traditional retail market support. Additionally, the results reveal that convenience, product, facilities, and service all have a significant influence on consumer satisfaction in a traditional retail market's service quality and consumer satisfaction. Finally, the analysis indicates that the highly satisfied traditional retail market customer has a significant influence on revisit intention. Moreover, the results reveal that the highly satisfied traditional retail market customer has a significant influence on recommendation intention. Conclusions - This research focused on consumers nationwide to measure policy effects of traditional retail markets compared to previous research that focused on one traditional retail market or a specific area. We verified the relationship of service quality and customer satisfaction and consumer behavior based on service quality theory. The results indicate that consumer satisfaction of traditional retail markets supported by service quality factors has a significant impact. In a concrete form, the results indicate that these effects are from facility modernization projects and marketing support projects of the Korean government. The results also imply that these facility and management support effects from the Korean government have been consistent. We realize that the Korean government has to selectively support traditional retail markets in major cities and small and medium-sized cities. To that end, the Korean government needs to select a concentration strategy for the revitalization of traditional retail markets.

• 유통과학연구
• /
• 제13권6호
• /
• pp.79-86
• /
• 2015

Purpose - The cosmetics industry is a traditional high value-added industry in terms of the domestic demand, small batch production systems, exclusive competition, and raw materials highly dependent on overseas countries as well as an oligopolistic market structure. However, new foreign brands and growing consumer awareness of inexpensive products, has triggered a shift. In line with changing lifestyles and the polarization of consumption, the industry faces a new market structure. Among its key characteristics is the cosmetics industry's numerous distribution channels (i.e., department stores, door-to-door sales, online shopping malls, brand shops, and discount stores). Therefore, the study of its distribution channels is essential. Research design, data, and methodology - The study analyzed channel distribution power divided into coercive and non-coercive power. The factors of coercive power included: unilateral request of an increase in commissions, interference in sales by taking advantage of a superior status, unilateral buck-passing at the time of a problem, unilateral request to stop sales activities, and a unilateral business contract; the factors of non-coercive power included favorable payment conditions, offers of various kinds of information, policy on commission reduction, pride in market entrance, and promotion support. In addition, the mediating variable "interdependence" was applied to the execution of department store (or mart) power and their shop conflicts and satisfaction to examine direct and indirect influential power. The methodology was a survey of managers of cosmetics shops in department stores (or marts). The questionnaire, based on a five-point Likert scale, included questions about basic personal information, execution of power, interdependence, conflict, and satisfaction. The study distributed 198 questionnaires and collected 131. Ten questionnaires with missing or hard to analyze data were excluded. Thus, 121 copies were analyzed. Results - According to the analysis, the execution of coercive power by department stores (or marts) did not affect interdependence, but the execution of non-coercive power did. Interdependence did not influence conflict, but did affect satisfaction. Additionally, the analysis revealed direct influential power: the execution of coercive power positively affected conflict and negatively influenced satisfaction; the execution of non-coercive power positively affected satisfaction. Conclusions - To offer suggestions for distribution business relations in the cosmetics industry, this study investigated how the execution of power by department stores (or marts) affected their shops. More specifically, it examined how much the execution of both coercive power and non-coercive power influenced conflict and satisfaction, and analyzed the mediating role of interdependence. In line with previous study results in various areas, coercive power was shown to be the source of conflict, leading to a decrease in satisfaction, whereas non-coercive power significantly positively influenced satisfaction. Moreover, non-coercive power increased interdependence, which led to greater satisfaction. As a result, interdependence had a mediating effect on non-coercive power and satisfaction. Based on the results, department stores (or marts) should look for improvements plans that increase interdependence. Such plans could alleviate conflict with the shops, increasing their satisfaction.

• ETRI Journal
• /
• 제25권4호
• /
• pp.258-265
• /
• 2003

In our study, we extracted the market, finance, and government factors determining R&D investment of individual firms in the IT industry in Korea. We collected the financial data of 515 individual firms belonging to IT and non-IT industries between 1980 and 1999 from the Korea Investors Service's database and investigated the empirical relationship between the factors using an ordinary regression model, a fixed effects model, and a random effects model. The main findings of our study are as follows: i) The Herfindahl Index variable representing the degree of market concentration is statistically insignificant in explaining R&D expenditures in the IT manufacturing industry. ii) Assets, which is used as a proxy variable for firm size, have a positive and statistically significant coefficient. These two results suggest that the Schumpeterian Hypothesis may be only partially applied to the IT manufacturing industry in Korea. iii) The dividend variable has a negative value and is statistically significant, indicating that a tendency of high dividends can restrict the internal cash flow for R&D investment. iv) The sales variable representing growth potential shows a positive coefficient. v) The subsidy as a proxy variable for governmental R&D promotion policies is positively correlated with R&D expenditure. This suggests that government policy has played a significant role in promoting R&D activities of IT firms in Korea since 1980. vi) Using a dummy variable, we verified that firms reduced their R&D investments to secure sufficient liquidity under the restructuring pressure during Korea's 1998 and 1999 economic crisis.

• 전자통신동향분석
• /
• 제33권2호
• /
• pp.64-76
• /
• 2018

This paper addresses the antitrust case of Google's general search service to find evidence and logic used for defining markets, and the proof of dominant power and its abuse in detail. This antitrust case has certain meaning because it is not easy to apply traditional approaches to a general search service, which has two-sided market characteristics. This paper finds some implications through an analysis of the antitrust case shown below. First, for market definition, the overall qualitative analysis can be used to draw conclusions without a quantitative analysis, such as a Small but Significant and Non-transitory Increasing in Price (SSNIP) analysis. Second, the multi-homing behavior seems to be one of the key factors in judging the dominant power in Internet-based services. Lastly, the fact that the value of traffic can differ based on the traffic source needs to be considered to address the competition issue of Internet-based services.