• 한국산학기술학회논문지
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• 제17권7호
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• pp.63-76
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• 2016

R&D 연구 투자의 문제점의 하나는 불확실성이 크다는 점이다. 이러한 불확실성이 기업에는 많은 부담을 주는 요인이 될 수 있다. 이러한 면에서 R&D 투자가 기업 가치에 양(+)의 영향을 미치기까지의 시간을 측정할 수 있는 연구의 필요성이 있다고 보여진다. 본 연구는 GMM-PVAR(Panel Vector Autoregression) IRF(Impulse Response function)를 사용하여 1900년부터 2015년까지 한국거래소의 코스피와 코스닥시장에 상장된 기업을 대상으로 R&D 투자가 기업가치에 양(+)의 영향을 미치기까지 걸리는 시간을 측정 하였다. 또한 기업의 재무적 특성 변수 중 기업의 크기, 성장 가능성, 그리고 산업 집중율이 R&D 투자가 기업가치에 양(+) 영향을 미치기까지 걸리는 시간을 단축시킨다는 점을 발견하였다. 그것은 이들 재무적 특성변수 들이 R&D 투자와 기업가치간의 관계에 긍정적인 영향을 미칠수록 즉 경쟁이 심화될수록 크기가 클수록 시간이 단축되며 작은 기업의 경우는 성장 가능성이 높을수록 시간이 단축되는 경향을 보였다. 흥미 있는 점은 큰 기업들의 경우에는 성장가능성이 낮은 기업들이 성장가능성이 높은 기업들보다 더 큰 양의 결과를 보였다.

• 유통과학연구
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• 제18권3호
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• pp.25-36
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• 2020

Purpose: Based on previous researches on social factors of digital item purchase in digital contents distribution platforms such as SNS, we aim to develop the integrated model that accounts for the dynamic and interactive relationship between social structure indicators and digital item purchase. Research design, data and methodology: A PVAR model was used to capture endogenous and dynamic relationships between digital item purchase and network indicators. Results: We find that there exist considerable endogenous and dynamic relationships between digital item purchase and network structure variables. Not only lagged in-degree and out-degree but also in-closeness and out-closeness centrality have significant and positive impacts on digital item purchase. Lagged clustering has a significant and negative effect on digital item purchase. Lagged purchase has a significant and positive impact just on the present in-closeness and out-closeness centrality; but there is no significant effect of lagged purchase on the other two degree variables and clustering coefficient. We also find that both closeness centralities have much higher carryover effect on digital item purchase and that the elasticity of both closeness centralities on the purchase of digital items is even higher than that of other network structure variables. Conclusions: In-closeness and out-closeness are the most influential factors among social structure variables of this study on digital item purchase.

• East Asian Economic Review
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• 제24권1호
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• pp.89-124
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• 2020

Even with the sizable Foreign Exchange (FX) holdings and good credit ratings of its top assets, Asia remains vulnerable to various shocks. This paper highlights the limited cross-border asset pledgeability as a significant factor for the lingering vulnerability in Asia. The dichotomy in asset holdings between pledgeable FX and non-pledgeable domestic assets in major economies in Asia has been the source of increasing stabilization costs as well as weakened market momentum in the region. Specifically, the peculiar feature of asset holdings in Asia reflects seriously deficient cross-border asset pledgeability that is left unaddressed. Asset pledgeability contributes toward financial stability via three channels: 1) capital market development by recognizing the role of collateral, 2) increased shock absorption capacity via collateral management, 3) and the newly activated safe asset provision. Therefore, it is crucial to go beyond the usual market development strategy and expand the overall asset pledgeability in the region that has remained unduly depressed.

• Journal of Korea Trade
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• 제27권3호
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• pp.103-118
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• 2023

Purpose - This study aims to examine the dynamic relationship between the variables impacted by the Regional Comprehensive Economic Partnership (RCEP) and the level of intra-industry trade among member states, with the ultimate objective of deducing the short- and long-term effects of RCEP on trade. Design/methodology - This study focuses on tariffs, GDP growth rates, and the proportion of regional FDI to total FDI as research variables, and employs a panel vector autoregression model and GMM-style estimator to investigate the dynamic relationship between RCEP and intra-industry trade among member countries. Findings - The study finds that the level of intra-industry trade between member states is positively impacted by both tariffs and intra-regional FDI. The impulse response graph shows that tariffs and FDI within the region can promote intra-industry trade among member countries, with a quick response. However, the contribution rates of tariffs and intra-regional FDI are not particularly high at approximately 1.5% and 1.4%, respectively. In contrast, the contribution rate of GDP growth can reach around 8.5%. This implies that the influence of economic growth rate on intra-regional trade in industries is not only long-term but also more powerful than that of tariffs and intra-regional FDI. Originality/value - The originality of this study lies in providing a new approach to investigating the potential impact of RCEP while avoiding the limitations associated with the GTAP model. Additionally, this study addresses existing gaps within the research, further contributing to the research merit of the study.