• The Journal of Economics, Marketing and Management
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• v.5 no.1
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• pp.27-37
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• 2017

Domestic government debt securities is one of the steps which is taken by the government of Indonesia as a major source of financial budget, covering for the budget deficit, debt payments and interest debt. The purposes of this research are to know the development of budget deficits, government debt and impact of domestic government debt securities against economic growth in Indonesia. Method of analysis used Ordinary Least Squares (OLS) analyzing the impact of the domestic debt against economic growth in Indonesia. This research uses time series data from 1997 to 2014. Total government debt and domestic government debt securities in Indonesia increased during the last five years. The average of domestic government securities was above 50 percent of the total government debt. Estimated results showed domestic government debt securities has a positive and significant effect to economic growth. Official development assistance (ODA) has a negative effect to economic growth. Other variables such as the gross fixed capital formation and receipt of remittance have positive and significant effect, total imports and government expenditure have negative and significant effect against economic growth.

• Journal of Platform Technology
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• v.11 no.5
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• pp.37-48
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• 2023

Since the announcement of the Financial Services Commission's 'Token Securities Issuance and Distribution System Improvement Plan' in February 2023, financial institutions, securities firms, and blockchain companies have been actively considering implementing IT platforms, but they are facing difficulties in selecting IT platforms for token securities because related legal regulations have not yet been clearly established. As a result, the need for rational and systematic criteria for the selection of blockchain-based token securities IT platforms has emerged, and this study explores and evaluates the key factors of token securities IT platform selection. Four factors were identified as the top-level factors, including 'maturity of the platform', 'operation and management of the platform', 'cost of introducing and maintaining the platform', and 'regulatory compliance for token securities', and 17 factors were identified as sub-level factors, including 'diversity', 'user authentication management', 'Adoption Costs', and 'financial regulations'. Among the 17 sub-factors, 'government financial regulation' and 'personal information protection' are selected as important factors, and the results of this study can help related organizations and financial companies make strategic decisions by providing systematic decision-making criteria for selecting token securities IT platforms.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.1-27
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• 2007

When banks prefer securities holding to lending, bank-dependent borrowers would be rationed in bank loan markets. This paper examines, both theoretically and empirically, the incentive of banks to hold securities rather than loans. When banks are in trouble due to an external shock and subsequent drain of deposit, they cannot reduce their loans quickly because loans are illiquid and are not easy to sell. Therefore, banks should respond to insured deposit drain by raising uninsured CDs or debentures. However, they cannot raise enough money through uninsured CDs or debentures when there is costly external finance premium. Meanwhile, if banks hold securities which are highly liquid, they can sell those securities and thus endure deposit drain without costly external financing. This explains why banks hold liquid securities of which yields to maturity are lower than those of loans. Banks' preference for securities comes from the existence of costly external finance premium, which is inversely related with bank net worth. After all, if bank net worth is kept high enough or capital market incompleteness is not severe, the preference for securities should be weakened.

• Convergence Security Journal
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• v.15 no.5
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• pp.97-105
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• 2015

Technology Security, especially in knowledge-intensive society, is becoming the most important organizational activity for the long-term success of a firm. However, there is not sufficient empirical research of activities of technology securities and business performance. This is one of the reason why Korean firms are reluctant to invest their resources to the technology security. We have tried to empirically analyze the relationship between a market and technological characteristics, which is one of the important business environmental characteristics and the activities of technology securities of Korean business firm by taking three hypotheses related to this research and investigating 209 Korean firms. According to the statistical research, results of the analyses suggest that the market and technological characteristics have positive impact on the activities of technology securities. Also the activities of technology securities have positive impact on the performance of technology security. More specifically, the results suggest that the relationship between the competitiveness of market and technological excellency and the activities of technology securities is supported statistically. But, the reverse relationship between the easiness of market entrance and the activities of technology securities is supported statistically. Also, there is no moderating effect of firm size between the relationship between a market and technological characteristics and the activities of technology securities. Finally, the relationship between the activities of technology securities and the risk of technology leakage is supported statistically.

• The Journal of Industrial Distribution & Business
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• v.9 no.4
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• pp.19-26
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• 2018

Purpose - This study measures how competitive securities broker-dealers are in the Korean financial markets. It aims to test whether the markets are perfectly competitive or monopolistic since the global financial crisis of 2008. Research design, data, and methodology - We apply the method developed by Panzar and Rosse (1987), H-statistics, which offers an index for the competitiveness as well as statistical tests. The dataset in use is retrieved mainly from the quarterly statements of the financial services companies by the Financial Statistics Information System of the Financial Supervisory Service. General information on officers and employees is utilized in addition to balance sheets and income statements of securities companies. Results - H-statistics for 2009-2015 is about 0.7 that is a robust estimate regardless of model specifications such as full trans-log, partial trans-log, and Cobb-Douglas regression equations. H-statistics for each year is also computed in similar ways in that it varies between 0.3 and 0.9. Conclusions - Since the global financial crisis, H-statistics concludes that securities broker-dealer markets in Korea is neither perfectly competitive nor monopolistic. It evidences that the markets are rather monopolistically competitive. The trend in annual H-statistics leads to the same conclusion but the result is not such stable that overall H-statistics implies.

• Asian Journal of Business Environment
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• v.5 no.3
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• pp.17-21
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• 2015

Purpose - This paper compares current requirements for depreciation accounting from the Financial Accounting Standards Board in America for equity securities and all debt securities with determinable fair value, and disclosure requirements related to the fair value of securities below registered cost with the requirements of the international Financial Reporting Standards Board and accounting standards committee. Research design, data, and methodology - Mini-review statements are examined relating to depreciation of investments in America and the Financial Accounting Standards depreciation of investments in Iran that meet the requirements of international reporting standards and the Iranian Accounting Standards Committee. Results - Accounting rules for depreciation of investments in securities requires a good deal of judgment. In particular, devaluation decisions during the recession and market crisis were controversial, although even with no clear guidelines on devaluation, sometimes such decisions were simple. Conclusions -Companies can choose from formal policies applied uniformly and documentations of interest to provide a summary of the principles and conclusions obtained through disclosure, enabling market participants to assess the entity's conclusions reasonably, thereby easing investor and market worries.

• Journal of the Korean Graphic Arts Communication Society
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• v.29 no.3
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• pp.55-63
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• 2011

The convex printing plate in particular securities is classified three physical properties. The main ingredient(component)of photosensitive plastic is composed of thermosetting polyamide. After being hardened specimen at $80^{\circ}C$ is shown to resist highly, the Glass Transition Temperatures of photosensitive plastic are $85^{\circ}C$. When hardened plate has reached at $80^{\circ}C$, abrasion loss is minimized. the cause is considered it is more effective in hardening when the temperature of photosensitive plastic is $80^{\circ}C$-the vitrification temperature of those. The hardness and the durability of the convex printing plate in particular securities are affected to the hardening treatment temperature. And the resolution of original drawing has being better when the durability is superior.

• The Journal of the Korea Contents Association
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• v.13 no.9
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• pp.355-368
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• 2013

In securities companies where corporate management performance is heavily dependent on the ability of salespeople, excellent sales-force with the ability to create high performance is very important. However, in the meantime, there was lack of studies on Private Banker's characteristics and sales behavior or sales performance. This study analyzed the effect of PB's characteristics on sales behavior in the Korean Securities Industry. The survey was conducted in March, 2013. 523 responses were used in the data analysis. As a result, PB's 4 characteristics- attitude to work, performance orientation, learning orientation, customer orientation- showed a positive impact on the sales behavior, and the organizational support showed positive moderating effect on this model. In this study, we reported that securities companies must reinforce training and self-development programs in order to improve the characteristics of the PB and to upgrade management performance. In particular, the securities has to rebuild organizational support system to improve the individual characteristics of the PB.

• KDI Journal of Economic Policy
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• v.46 no.1
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• pp.21-51
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• 2024

Since the Global Financial Crisis of 2008-2009, the importance of nonbank financial institutions in macroprudential management has increased significantly. Consequently, major countries and international financial institutions have been actively discussing and implementing macroprudential supervision and regulation for non-bank financial institutions (NBFI). In this context, this paper analyzes the systemic risk of both banks and non-bank sectors (securities firms and insurance companies) in South Korea over different time periods. Using the widely recognized ΔCoVaR methodology for measuring systemic risk, the analysis reveals that systemic risk increased substantially across all three sectors (banks, securities firms, and insurance companies) during the Global Financial Crisis, the European Sovereign Debt Crisis, and the COVID-19 pandemic. Although the banking sector exhibited relatively high systemic risk compared to the securities and insurance sectors, the relative differences in systemic risk varied across the different crisis periods. Notably, during the margin call crisis in March of 2020, the gap in systemic risk between the banking and securities sectors decreased significantly compared to that during both the Global Financial Crisis and the European Sovereign Debt Crisis, indicating that securities firms had a more substantial impact on risk in the overall financial system during this period. Furthermore, I analyze the impact of the issuance of equity-linked securities (ELS) by financial institutions on systemic risk, as measured by ΔCoVaR, finding that an increase in the outstanding balance of ELS issuance by financial institutions had an impact on increasing ΔCoVaR during the three crisis periods. These findings underscore the growing importance of non-bank financial institutions in relation to South Korea's macroprudential management and supervision. To address this evolving landscape, enhanced monitoring and regulatory measures focusing on non-bank systemic risk are essential components of maintaining financial stability in the country.

• The Journal of the Convergence on Culture Technology
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• v.9 no.1
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• pp.89-94
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• 2023

Recently, credit risk in the Chinese corporate bond market has increased significantly, and there is a possibility that banks that have invested in corporate bonds may become insolvent. The purpose of this study is to empirically analyze the effect of Chinese commercial banks' investment in securities on financial performance. The analysis results are as follows. First, it is estimated that as the share of securities investment by Chinese commercial banks increases, the bank's profitability decreases. It was found that investment in securities did not have a positive impact on profitability due to the increase in credit risk in the corporate bond market and the increase in marginal companies. Second, it is estimated that as the proportion of securities investment by Chinese commercial banks increases, the bank's soundness deteriorates. As credit risk in China's capital market is increasing, continuous management of non-performing assets is required. Chinese commercial banks need portfolio management through securities investment in addition to loan assets to improve profitability. However, volatility should be managed by adjusting the scale of securities management to an appropriate level.