• Korea Real Estate Review
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• v.27 no.1
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• pp.33-44
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• 2017

The continuously rising housing prices in major Chinese cities have raised question about whether inflation is the main reason to drive up housing price to skyrocket in recent years. Based on the provincial panel dataset of China from 2006-2014, this paper investigates the impact of inflation on Chinese housing markets within the frameworks of both static and dynamic panel data models. Our empirical results show evidence that inflation has indeed been a main force of accumulating housing bubbles in these housing markets, especially in eastern region of China. We also find an interesting phenomenon in which Chinese housing bubble is, to a certain extent, affected by market self-adjustment mechanism.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.3
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• pp.43-50
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• 2018

The paper aims to investigate the impact of trade cost on export: A Case Study Vietnam. The study conducts a static linear panel data analysis on annual data covering bilateral export between Vietnam and 70 major importers of Vietnam from 2001 to 2013. The gravity model has been one of the most successful applications in empirical trade. In this paper we apply the gravity model to estimate the impact of trade cost on Vietnamese bilateral export value. The paper uses gravity model to estimate the impact of trade cost on Vietnamese bilateral export value. The empirical results derive from a static linear panel data analysis (fixed effects model) indicates that trade cost plays a crucial role in determining the export value that occurs between Vietnam and trading partners. Besides, population of importing country, trade openness of importing country, gross domestic product of importing country and gross domestic product of Vietnam are also significant determinants of Vietnamese bilateral export value. The main findings indicates that trade cost plays a very important role in the Vietnamese bilateral export performance. This suggests that the Vietnamese government should attempt to improve domestic trade costs to enhance competitiveness and increase export growth sustainably.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.71-79
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• 2021

This study investigates the capital structure policy among Indonesian public companies. Previous studies suggest that capital structure policy could follow either static or dynamic behavior. The sample data used in this study was companies in the manufacturing sector, divided into three sub-sectors: the basic and chemical industry, miscellaneous industry, and the consumer goods industry. This study uses panel data from 2010 to 2018, with the Generalized Least Square (GLS) method and compared whether the fixed effect model is better than the common effect model. The results show that the dynamic and non-linear model tests can explain the capital structure determinants than the static and linear models. The dynamic model shows that the capital structure of a certain year is influenced by the capital structure of the previous year. The findings indicate that the company performs some adjustments in its capital structure policy by referring to the previous debt ratio, which implies support to the trade-off theory (TOT). The study also shows that profitability, tangible assets, size, and age explain the variation of capital structure policy. The patterns on the dynamic and non-linear confirm that capital structure runs in a nonlinear pattern, based on the sector, company condition, and the dynamic environment.

• Journal of Distribution Science
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• v.17 no.3
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• pp.85-95
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• 2019

Purpose - The existing marketing studies using Social Network Analysis have assumed that network structure variables are time-invariant. However, a node's network position can fluctuate considerably over time and the node's network structure can be changed dynamically. Hence, if such a dynamic structural network characteristics are not specified for virtual goods purchase model, estimated parameters can be biased. In this paper, by comparing a time-invariant network structure specification model(base model) and time-varying network specification model(proposed model), the authors intend to prove whether the proposed model is superior to the base model. In addition, the authors also intend to investigate whether coefficients of network structure variables are random over time. Research design, data, and methodology - The data of this study are obtained from a Korean social network provider. The authors construct a monthly panel data by calculating the raw data. To fit the panel data, the authors derive random effects panel tobit model and multi-level mixed effects model. Results - First, the proposed model is better than that of the base model in terms of performance. Second, except for constraint, multi-level mixed effects models with random coefficient of every network structure variable(in-degree, out-degree, in-closeness centrality, out-closeness centrality, clustering coefficient) perform better than not random coefficient specification model. Conclusion - The size and importance of virtual goods market has been dramatically increasing. Notwithstanding such a strategic importance of virtual goods, there is little research on social influential factors which impact the intention of virtual good purchase. Even studies which investigated social influence factors have assumed that social network structure variables are time-invariant. However, the authors show that network structure variables are time-variant and coefficients of network structure variables are random over time. Thus, virtual goods purchase model with dynamic network structure variables performs better than that with static network structure model. Hence, if marketing practitioners intend to use social influences to sell virtual goods in social media, they had better consider time-varying social influences of network members. In addition, this study can be also differentiated from other related researches using survey data in that this study deals with actual field data.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.43-54
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• 2021

Human capital and innovation capacities are essential elements and one of the sustainable approaches to driving economic growth. However, there is debate among scholars concerning these two factors in fostering economic growth. This study investigates the relationships between human capital and innovation capacity and economic growth in selected ASEAN countries, namely, Malaysia, Thailand, and Indonesia. Economists widely discussed the interrelation of human capital and innovation. A large body of literature stated that human capital is an essential factor and engine of economic growth. Innovation has become key in transforming the economic development of developing countries. We analyze human capital (HC) and innovation capacity (INC) using static panel data analysis. The data analysis shows that the fixed-effect model is the best model in this study. Further, human capital (HC) has a significant positive relationship with economic growth. Meanwhile, innovation capacity has no significant relationship with economic growth. We also found that Malaysia's coefficient of human capital and innovation capacity is higher and more efficient than in Thailand and Indonesia. In conclusion, human capital and innovation capacity are crucial elements for measuring economic growth. Skilled human capital contributes significantly to the economic growth and economic development of a nation.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.639-648
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• 2021

The study aims to examine the role of financial risk management in predicting the financial performance of commercial banks in Pakistan over the period of 2006-2017. For this purpose, risk management is measured through credit risk, interest rate risk, and liquidity risk, while financial performance is measured through ROA, ROE, and ROI. For this purpose, the dynamic panel model and two step GMM panel estimators are used to test the hypothesis empirically. The annual secondary data has been taken from the published financial reports of commercial banks of Pakistan. The results show that financial risk management significantly decreases the financial performance of commercial banks in Pakistan. Overall, the results are conclusive across the alternative measures of financial risk management in predicting the financial performance of the banking sector in Pakistan. The study suggested that managers should adopt risk management and risk hedging strategies to manage commercial banks' financial risks in Pakistan. They should hold extra cash while using the trade credit facilities. Previous studies mostly used a static model, but this study used a dynamic panel model. This study is among the first that focused on the various factors affecting the banks' performance in Pakistan.

• Journal of Korean Society for Quality Management
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• v.38 no.3
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• pp.393-407
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• 2010

The purpose of this study is to analysis relative efficiency and efficiency in process of time. Thus we use panel data of 34 local public medical centers between 2003 and 2005 to use DEA and Malmquist analysis. The result of our this study is as flow; first, The results of static efficiency of 34 local public medical centers show 10 CCR model and 23 BCC model which is difference of efficiency by economic of scale. Second, a cause of increased efficiency is not only change of technology but also change of efficiency to management system index show between 2003 and 2005 by Malmquist analysis and contracting-out is higher than direct management between 2004 and 2005. That means efficiency of local public medical centers is their own effort and innovation not government subsidies.

• Journal of Korea Trade
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• v.23 no.7
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• pp.1-12
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• 2019

Purpose - This paper empirically investigates the relationship between Information and Communication Technology (ICT) goods imports and economic growth with a focus on the 13 Asia-Pacific economies during 2005-2016. In particular, this paper extends the study by breaking down the data of Asia-Pacific countries into High Income Countries (HICs) and Low Income Countries (LICs) according to the difference of income levels. Design/methodology - Our empirical model employs the standard growth model based on the Barro (1998)-type growth framework. Using static panel-data technique, we estimate the effect of ICT goods imports on economic growth in the 13 Asia-Pacific economies. In addition, we also estimate a difference of the ICT goods imports-economic growth link between HICs and LICs. Findings -The estimation results indicate that ICT goods import has a significant positive effect on economic growth, while ICT goods export has a positive but statistically insignificant effect on it. When we break down the panel data into HICs and LICs in order to gain further insight, ICT goods imports has been effective in spurring growth in only LICs but not in HICs. The other supplementary results show that both domestic investment (GCF) and life expectancy (LE) have a significantly positive impact on economic growth in both HICs and LICs. Originality/value - The main findings of the paper suggest that ICT goods imports has a positive effect on economic growth in only LICs but not in HICs. This result supports the so-called 'leapfrogging' hypothesis through ICT goods imports in the Asia-Pacific countries, in which LICs are gaining more from ICT goods imports than HICs.

• Korea Journal of Hospital Management
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• v.15 no.1
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• pp.27-48
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• 2010

The purpose of this paper is to analyze the efficiency change and its determinants of the regional public hospitals. We utilize 34 regional public hospital's panel data for 6 years from 2003 to 2008. We use DEA(Data Envelopment Analysis)-CCR, BCC model, DEA/Window model, and DEA Profiling. The empirical results show the following findings. First, technical efficiency shows that approximately 3.6% of inefficiency exists on the regional public hospitals and it reveals that the cause for technical inefficiency is due to scale inefficiency. Second, DEA/Window results show that the stable dissimilarity by standard deviation, LDP of CCR. Third, the results of partial efficiency by DEA Profiling show that increase efficiency depends on the number of beds, doctors, and nurses.

• Structural Engineering and Mechanics
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• v.66 no.4
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• pp.531-542
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• 2018

In this paper an analytical model in a closed form able to reproduce the monotonic flexural response of external RC beam-column joints with smooth rebars is presented. The column is subjected to a constant vertical load and the beam to a monotonically increasing lateral force applied at the tip. The model is based on the flexural behavior of the beam and the column determined adopting a concentrated plasticity hinge model including slippage of the main reinforcing bars of the beam. A simplified bilinear moment-axial force domain is assumed to derive the ultimate moment associated with the design axial force. For the joint, a simple truss model is adopted to predict shear strength and panel distortion. Experimental data recently given in the literature referring to the load-deflection response of external RC joints with smooth rebars are utilized to validate the model, showing good agreement. Finally, the proposed model can be considered a useful instrument for preliminary static verification of existing external RC beam-column joints with smooth rebars for both strength and ductility verification.