• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.103-115
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• 2021

This study investigates the relationship between family ownership and the stock price crash risk. It believes that this relationship would never be in direct connection. The authors design and then find that family ownership is predisposed, in the first place, to the related party transaction, then the related party transaction causes the future stock price crash. This study infers that employing the power of family ownership creates the Type I agency problem, although this is not relevant for the Type II problem. From the perspective of the hoarding theory, family ownerships produce opaque accounts by blurring financial information. The blurred information is probably hidden in the related party transactions. This study, therefore, splits these transactions into accounts receivable, other accounts receivable and other receivables. Finally, this research concludes that the family ownership affects related party transactions. These then are used as an instrument to influence the leaded related party transaction. The latest, leaded related party transactions influence the future stock price crash. This study infers that related party transactions are abusive practices, especially on the types of receivables. It implies corporate governance's revitalisation.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1249-1256
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• 2021

This study investigates the company value determinant by observing the effect of financial performance and Corporate Social Responsibility (CSR) and its role in moderating performance achievement. The macro-economy variables such as inflation and interest rate are also used as the controlling variable. This research employs the sample of manufacturing companies of the food and beverage sub-sector listed on the Indonesia Stock Exchange. This study used panel data from 2013 to 2017, with the moderating regression analysis. The result shows that the profitability of the current or previous period affects the company's value. CSR and company size affect the company value at the next period shows that stock price, which reflects the investor's perception today, will be affected by the CSR, Size, and Return On Asset of the previous year. CSR also shows that it can be the substitute for profitability since a company that performs CSR is the one that has a good performance. The regression moderating model and the profitability of the previous period have a higher explanatory power than the higher R square value in explaining company value.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.81-93
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• 2022

This research aims to construct a model that combines brand love, brand loyalty, brand image, customer satisfaction, and service quality into a single model, with brand loyalty coming foremost, and test its predictive power in building brand love. Moreover, mediating effect of customer satisfaction and brand image on service quality and brand loyalty affecting brand love was checked. The study adopted an alliance context using an existing SERVQUAL model, a bi-dimensional aspect of brand loyalty and parasocial love relationship theory, to identify brand love as a construct or outcome in the consumer-brand relationship. Using a quantitative approach, survey questionnaires were distributed by unrestricted random sampling among 507 Saudia Airlines customers. Data were analyzed using structural equation modeling with SmartPLS 3.0. The results revealed significant relationships between four variables except for the brand image. It was found that brand image had no mediating effect on the relationship between service quality and customer loyalty. The outcome of this study highlights the importance of airline alliances for service quality, which leads to positive customer satisfaction, brand image, and customer loyalty. A unique contribution of the study is that it revealed that brand loyalty is also an antecedent of brand love.

• 유통과학연구
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• 제21권3호
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• pp.93-100
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• 2023

Purpose: The purpose of this paper is to confirm whether stocks belonging to the distribution industry in Korea have reversals, following large daily stock price changes accompanied by large trading volumes. Research design, data, and methodology: We examined whether there were reversals after the event date when large-scale stock price changes appeared for the entire sample of distribution-related companies listed on the Korea Composite Stock Price Index from January 2004 to July 2022. In addition, we reviewed whether the reversals differed depending on abnormal trading volume on the event date. Using multiple regression analysis, we tested whether high trading volume had a significant effect on the cumulative rate of return after the event date. Results: Reversals were confirmed after the stock price shock in the Korean distribution industry and the return after the event date varied depending on the size of the trading volume on the event day. In addition, even after considering both company-specific and event-specific factors, the trading volume on the event day was found to have significant explanatory power on the cumulative rate of return after the event date. Conclusions: Reversals identified in this paper can be used as a useful tool for establishing a trading strategy.

• Nuclear Engineering and Technology
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• 제54권5호
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• pp.1657-1663
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• 2022

This study uses data from 1970 to 2016 to analyze the effect of nuclear energy use on CO₂ emissions and attempts to validate the EKC hypothesis using the Fourier Autoregressive Distributive Lag model in India for the first time. Because of India's rapidly rising population, the environment is being severely strained. However, with 22 operational nuclear reactors, India boasts tremendous nuclear energy potential to cut down on CO₂ emissions. The EKC is validated in India as the significant coefficients of GDP and GDP.² The short-run estimates also suggest that most environmental externalities are corrected within a year. Given the findings, some policy recommendations abound. The negative statistically significant coefficient of nuclear energy consumption is an indication that nuclear power expansion is essential to achieving clean and sustainable growth as a policy goal. Also, policymakers should enact new environmental laws that support the expansion and responsible use of nuclear energy as it is cleaner than fossil fuels and reduces the cost and over-dependence on oil, which ultimately leads to higher economic growth in the long run. Future research should consider studying the nonlinearities in the nuclear energy-CO₂ emissions nexus as the current study is examined in the linear sense.

• 유통과학연구
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• 제21권5호
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• pp.101-111
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• 2023

Purpose: The purpose of this paper is to examine the effect of the VKOSPI index on short-term stock returns after a large-scale stock price shock of individual stocks of firms in the distribution industry in Korea. Research design, data, and methodology: This study investigates the effect of the change of the VKOSPI index or investor mood on abnormal returns after the event date from January 2004 to July 2022. The significance of the abnormal return, which is obtained by subtracting the rate of return estimated by the market model from the rate of actual return on each trading day after the event date, is determined based on T-test and multifactor regression analysis. Results: In Korea's distribution industry, the simultaneous occurrence of a bad investor mood and a large stock price decline, leads to stock price reversals. Conversely, the simultaneous occurrence of a good investor mood and a large-scale stock price rise leads to stock price drifts. We found that the VKOSPI index has strong explanatory power for these reversals and drifts even after considering both company-specific and event-specific factors. Conclusions: In Korea's distribution industry-related stock market, investors show an asymmetrical behavioral characteristic of overreacting to negative moods and underreacting to positive moods.

• 통상정보연구
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• 제9권1호
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• pp.403-425
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• 2007

최근 몇 년, 동안 많은 경제전문가와 학자들은 중국의 빠른 경제성장 출현이 세계의 정치와 경제에 중요한 이슈가 될 것이라고 예견해 왔다. 중국의 급속한 성장을 주요한 문제로 받아 들이 면서 급성장에 기여한 요인들과 향후 중국의 경제성장 정책방향에 대하여 주의 깊게 분석하여 연구하기 시작하였다. 이것은 놀라운 일이 아니라는 것을 이 논문을 통해서 이해하게 될 것이다. 경제성장 요인으로는 해외직접투자 (FDI), 수출 그리고 경제개혁이 가장 중요한 요인으로 밝혀졌으며, FDI는 자동차와 운수장비, 전력장치와 가전분야에 집중 되었으며 이는 경제 성장뿐만 아니라 선진국과의 격차 해소에 필수적인 기술집약적인 분야에 집중 투자 함으로서 세계 수출입 시장으로의 원동력이 되고 수출입의 증가로 인해 많은 외환의 비축을 촉진시키게 되었다. 본고에서는 다음의 내용을 소재로 중국경제 정책의 방향을 중점 연구하였다. 1. 중국의 경제성장과 발전의 중요한원동력이 무엇이며 향후에도 과거와 같은 경제성장 이 지속 될 것이며 또 얼마동안 지속될 것이냐? 2. 중국의 경제 성장이 원자재의 품귀와 가격상승으로 원자재 시장을 교란시켜 왔는데 과잉 외환보유를 해소하기 위해 정부 주도의 원유 및 전략물자와 기술도입의 확대 등. 3. 중국 경제에서 과다 외환보유로 인한 리스크 증가에도 불구하고 민간부분의 자율외환시장 기능 확대와 향후에도 정부주도형 외환관리와 경제정책 시스템을 유지 등.

• 한국산학기술학회논문지
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• 제18권9호
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• pp.486-491
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• 2017

하수처리장의 방류수는 낙차를 이용하는 기존 발전 방식으로는 소수력발전에 대한 경제성이 없어 버려지는 물로 인식되어져 왔다. 국내 대다수의 하수처리장 방류수로는 2m 미만의 낙차를 형성하고 있고 유량이 지속적이며 변동이 크지 않다는 점을 고려할 때, 저낙차 조건에서도 안정적인 전력 생산과 효율을 유지할 수 있는 소수력 발전장치 개발이 시급히 요구된다. 본 논문은 저낙차의 유수 특성을 갖는 하수처리장 방류수로에 적용 가능한 일체형 소수력 발전장치의 개발을 완료하여 발전장치에 대한 성능 평가 및 결과를 분석하였다. 그리고 실제 적용을 위한 경제성과 활용방안을 제시하였다. 분석결과, 발전기 효율은 92%이며 전력량은 10kWh로서 경제성의 경우 B/C를 1.0 이상 확보할 수 있는 것으로 분석되었다. 특히, 일체형 발전장치의 운영수준을 정격출력의 80% 이상으로 유지할 경우 경제성 확보가 가능하여 23년차 이후에는 투자비를 회수하여 이익이 발생하는 것으로 확인하였다. 일체형 소수력 발전장치는 하수처리장의 방류수뿐만 아니라 이와 유사한 유수 특성을 갖는 시설에 확대 적용할 경우 긍정적인 효과가 기대된다.

• 신재생에너지
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• 제2권3호
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• pp.15-22
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• 2006

As the distributed generation becomes more reliable and economically feasible, it is expected that a higher application of the distributed generation units would be interconnected to the existing grids. This new market penetration using the distributed generation technology is linked to a large number of factors like economics and performance, safety and reliability, market regulations, environmental issues, or grid connection standards. KEPCO, a government company in Korea, has performed the project to identify and evaluate the performance of Micro Gas Turbine(MGT) technologies focused on 30, 60kW-class grid-connected optimization and combined Heat & Power performance. This paper describes the results for the mechanical, electrical, and environmental tests of MGT on actual grid-connection under Korean regulations. As one of the achievements, the simulation model of Exhaust-gas Absorption Chiller was developed, so that it will be able to analyze or propose new distributed generation system using MGT. In addition, KEPCO carried out the field testing of the MGT Cogeneration system at the R&D Center Building, KEPCO. The field test was conducted in order to respond to a wide variety of needs for heat recovery and utilization. The suggested method and experience for the evaluation of the distributed generation will be used for the introduction of other distributed generation technologies into the grid in the future.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.513-522
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• 2021

The current research aims to explore which type of identity-based message can be more persuasive for Chinese consumers to form positive restaurant brand attitude based on their cultural orientation, and to examine the roles of brand objective relevance and psychological power state in the persuasive process. The study employs a 2(identity expression focus: warmth vs. competence) × 2(message description manner: identity-defining vs. identity-referencing) × 2(experienced power state: high vs. low) between-subjects design, and conducts an online survey where 240 Chinese participants in total has responded to the questionnaires. SPSS and AMOS programs have been used to examine the hypotheses. The findings suggest that, first, the warmth-focused messages (identity-defining messages) more positively affected Chinese consumers' object relevance than the competence-focused messages (identity-referencing messages); Second, high power-experienced Chinese consumers rather than low power consumers tend to perceive more object relevance at the warmth self-defining messages; Third, brand object relevance revealed a mediation effect in the process of the warmth-focused messages (identity-defining messages) affecting brand attitude. This research offers new insight into the relationships between consumers' cultural orientation, understandings of power, and identity-based consumer behavior, suggesting marketers should take those social influences and consumer diversities into account when developing the message to persuade consumers.