• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.12
• /
• pp.85-94
• /
• 2021

Infrastructure capacities are essential elements and one of the sustainable lines to drive economic growth. Infrastructure development, both physical and social, is vital to sector-wise economic development. However, there is limited evidence of how infrastructure development in certain sectors benefits the economy as a whole. This study explains the relationships between infrastructure and economic growth in selected middle-income Asian countries, highlighting the essential criteria to benefit from both physical and social infrastructure, as well as sectoral (agriculture, industry, and services) economic output. The research uses the data from 1990 to 2020 for empirical estimations. The study used Levin, Lin, & Chu test, ADF- Fischer chi- Square, and PP- Fischer Chi-Square to test unit root and to observe the stationary nature of the panel. Padroni and Kao cointegration is applied to check the cointegration among different panes. A Fully Modified OLS was employed for checking the association between physical and social infrastructure and economic growth. Results show that physical and social infrastructure negatively impact sectoral output in Asia's middle-income countries. Apart from infrastructure the per capita GDP growth, tax to GDP ratio, and population growth shows a simultaneous relation between infrastructure and sectoral economic growth.

• Asia-Pacific Journal of Business
• /
• v.9 no.4
• /
• pp.119-135
• /
• 2018

Currently, Korean firms are making a lot of effort to invest in research and development (R&D) by spending a lot of development costs in order to cope with the 4th industrial revolution. On the other hand, the capital market of Korea, which is the main source of funding, has caused a lot of cost of capital for firms by its reorganization mainly with safe assets in the experience of foreign exchange crisis at the end of 1997, the sub-prime mortgage crisis in 2007 and the bankruptcy of Lehman Brothers in September 2008. Thus, this study empirically analyzed the effect of development expenses on credit rating and firm value. The credit rating was measured by commercial paper(CP) credit rating which is sensitive for investors in terms of risk because it is issued only by the credit of the firms. Firm value was defined as Tobin's Q, which has been widely used in prior studies. The results of the analysis are summarized as follows; Firstly, development expenses did not affect credit rating. Development expenses are recognized as intangible assets for uncertainty of economic benefits and long-term investment. Thus, it seems that there is no effect of development expenses on CP credit rating as CP credit rating is evaluated by short-term credit rating.

• KDI Journal of Economic Policy
• /
• v.44 no.2
• /
• pp.45-71
• /
• 2022

This paper studies potentially relevant factors affecting changes in the number of self-employed in Korea during the period of 1986-2018. The number of self-employed had increased steadily until 2002 but started to decrease around that time and had continued to decline. The increasing trend in the number of self-employed during 1986-2001 is mostly explained by demographic changes, whereas the declining trend during 2002-2018 cannot be explained by demographic factors. In this study, I consider four institutional factors that potentially affect the decrease in the number of self-employed after 2002: i) a decrease in the job-separation rate of wage workers, ii) an increase in the income tax rate applied to the self-employed, iii) an increase in minimum wages, iv) an expansion of unemployment insurance benefits. Using a search and matching model with the self-employed, I quantify the effects of these four factors on the decrease in the number of self-employed during 2002-2018. Quantitative results show that the impact of the increase in the minimum wage is relatively large, whereas the effects of the other three factors are limited. The increase in the minimum wage accounts for approximately 17.5% (0.169 million) of the decrease in the number of self-employed during 2002-2018 (0.964 million).

• Korea Trade Review
• /
• v.47 no.5
• /
• pp.181-200
• /
• 2022

After the COVID-19 pandemic, a global economic downturn and a recession in the shipping market are expected, it is important for domestic shipping companies to establish appropriate strategy in response to the recession. Accordingly, domestic shipping companies should grow into integrated logistics companies that combine shipping and logistics in the future. And for this purpose, it is necessary to actively promote logistics integration with external shipping and logistics companies. This paper presents the direction of logistics integration for domestic shipping companies to develop as integrated logistics operators with competitiveness in the global shipping market, and presents detailed alternatives. Domestic shipping companies lack the infrastructure such as ships, port terminals, and warehouses, so they have a weak capacity to independently promote logistics integration. At the shipping company level, a logistics integration promotion strategy should be established, and accordingly, logistics infrastructure, service network, and logistics integration operating system should be established. The government should provide tax benefits for logistics integration, financial support for M&As led by domestic shipping companies, a standardized information sharing system, and preparation of educational courses for nurturing digital manpower.

• Journal of the Korean Society of Systems Engineering
• /
• v.20 no.spc1
• /
• pp.45-55
• /
• 2024

Amidst the challenges of the global economy, this paper examines the investment tendencies of professional angel investors, who provide venture capital and management consulting, and explores strategies to revitalize angel investment. According to the research findings, professional angel investors are generally older and more educated than regular angel investors, and they are concentrated in the metropolitan region. Additionally, their investment performance before and after registration remains similar, with investment amounts concentrated between 50 million and 100 million won. Their investment portfolios focus on ICT services, bio/medical, and distribution/service sectors. Based on these findings, policy and institutional support measures are required to revitalize angel investment, including easing registration requirements for professional angel investors, expanding tax benefits related to angel investment, strengthening the provision of information and education related to angel investment, and enhancing angel investment networking. This study is expected to contribute to the revitalization of the venture startup ecosystem and economic growth through the revitalization of angel investment.

• Journal of East Asia Management
• /
• v.5 no.1
• /
• pp.75-90
• /
• 2024

About 100 years after the start of mass production by American car maker Ford in 1913, the automobile industry has come to a major transformation in 100 years. In this transformation period, automakers are facing the biggest challenge of converting power sources, the basis of automobiles, from existing internal combustion engines to electric vehicles. Hybrid vehicles have been released in Japan since the late 1990s, and changes in automobile power sources have occurred early. In order to gain global leadership in hybrid vehicles, Japanese automakers and the Japanese government joined forces to promote the growth of the domestic hybrid vehicle market. The government has implemented a policy to substantially subsidize the high price of hybrid cars compared to internal combustion engine cars by providing purchase subsidies and tax benefits to buyers. Toyota has increased its line-up of hybrid cars around the Prius and has further strengthened communication with customers for the sale of hybrid vehicles. As a result of continuing these efforts for about 20 years, the percentage of Japan's hybrid vehicle market in 2022 reached 51% for passenger cars. Recently, each country has been setting and promoting aggressive goals for electric vehicles that require a wider range of physical and institutional infrastructure than hybrid vehicles. This study aims to assess the growth of electric vehicles by looking at the trend of hybrid vehicles and how they've been distributed in the Japanese market.

• Environmental and Resource Economics Review
• /
• v.28 no.2
• /
• pp.307-326
• /
• 2019

The electric vehicle is a representative measure to reduce greenhouse gas and local air pollutants in the transportation sector. Most countries provide purchase subsidies and tax reductions to promote electric vehicle sales. The electric vehicles have been considered as zero-emission vehicles(ZEV) in light of the fact that there has been no pollutant emission during driving. However, recent studies have pointed out that the pollutant emitted from the process of generating electricity used for charging the electric vehicles need to be treated as emissions of the electric vehicles. Furthermore, the environmental benefits of electric vehicle replacing the internal combustion vehicle vary with the power mix. In line with the recent studies, this study analyzes the impact of electric vehicles based on the current power mix and future energy transition scenarios in Korea. To estimate the precise air pollutants emission profile, this study uses hourly electricity generation and TMS emission data for each power plant from 2015 to 2016. The estimation results show that the electric vehicles under the current power mix generate the environmental benefits of only -0.41~10.83 won/km. Also, we find that the environmental benefit of electric vehicle will significantly increase only when the ratio of the coal-fired power plant is reduced to a considerable extent.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.19 no.4
• /
• pp.243-254
• /
• 2024

In recent years, as support for venture companies and performance increase, investment scale increases. To support them goverment operates venture firm confirmation system as a part of a variety of policies. Many studies suggest venture confirmation system offer the practical assistance on performance of venture companies. However, simply venture firm confirmation system affects on performance of venture companies. This study sought to develop a theoretical research model about the impact of innovation capabilities and industrial property rights on venture companies' financial performance and technological capabilities through the venture company confirmation system. The following hypotheses were tested. First, the innovation capabilities of venture companies such as development capability, manufacturing capability, marketing capability, level of cost leadership, level of high added value, degree of clarity of business model, and degree of innovation of business model have a significant impact on the venture company confirmation system. Second, the industrial property rights of venture companies, such as the number of domestic industrial property rights, foreign industrial property rights, industrial property rights in domestic applications, and industrial property rights in overseas applications, do not have a significant impact on the venture business confirmation system. Third, the benefits of the venture business confirmation system, such as promotion of technology development, advertising effects, tax benefits, securing excellent human resources, financing and investment incentives, advantageous participation in government support systems, and deregulation, are related to the financial performance of venture businesses such as sales and operating profit., net profit and technological level. Lastly, it was confirmed that, except for research and development type venture companies, innovation capabilities and industrial property rights do not have a significant impact on financial performance and technological capabilities through the venture confirmation system. The implications of this study mean that in situations where a company's innovation capabilities are lacking, the supply and demand of the venture business confirmation system is weak. Therefore, in order to improve the benefits of the venture business verification system, it is necessary to operate the venture business verification system benefits mainly for companies with high corporate capabilities. Next, it means that industrial property rights are not related to the venture business confirmation system. Therefore, there will be no need to consider industrial property rights as an important matter in the certification of the venture business verification system. Lastly, the higher the level of benefits from the venture business confirmation system, the greater the company's performance and technological capabilities. Therefore, efforts should be made to utilize the venture business verification system in a way that can improve performance or technology through the benefits of the venture business verification system.

• Land and Housing Review
• /
• v.5 no.2
• /
• pp.57-68
• /
• 2014

As social needs are increasing to minimize the occurrence of external effect due to urban development and to diffuse the benefits of development to surrounding areas, diverse cooperative planning methods are increasingly being discussed. In the long term, laws and systems need to be refined to support cooperative planning, but prior to such development, elements, procedures, and methodologies wherein cooperative planning in U.S.A cases could be implemented were examined to derive the alternative to and implications of cooperative planning that can apply not only to single administrative districts but also to complex boundary new towns being developed by various local governments. This paper surveyed and analyzed the cases of Wisconsin State of the U.S.A, thereby deriving the following implications. First, joint planning areas should be established within the boundary area of various local governments to establish cooperative planning areas in special areas such as complex boundary new towns, and to this end, urban planning means should be prepared. Together with such efforts, to boost the flexibility of cooperative planning, life sphere unit-based planning unit should be established, and a well-organized operation system to activate communities should be prepared. Also, revenues, generated through regional growth, should be distributed to individual local governments through joint tax according to the agreed-upon ratios, and as such, measures to share services and operate joint tax in small-size regions should be secured. Together with such efforts, to establish cooperative governance, measures to manage conflicts through the participation by stakeholders and arbitrators should be prepared from the planning stage, and measures for implementing cooperative planning at the level of basic urban planning should be prepared.

• Journal of Navigation and Port Research
• /
• v.29 no.6 s.102
• /
• pp.501-508
• /
• 2005

The purpose of this paper is to present the alternatives for improving coostal shipping logistics system to be a logistic hub-nation with a competitive edge. For this purpose, major environmental factors in Northeast Asia and accordingly its effects are analyzed And then the effects of coastal shipping system's development strategy is analysed using Structural Equation Model and Multiple Regression Model. Research results show that three types of coastal shipping development strategy( connected transportation system, structure of coastal shipping system, governmental support policy) will contribute much to being a logistics hub-nation. From the results, some implications are derived as follows. Firstly, environmental-friendly balanced ocean-coastal transport system is required Secondly, a excusive feeder port, Ro-Ro ship & high-speed ship are necessary to establish the one-stop logistics service system Finally, governmental support policy and subsidy(tax-exempted oil & various tax benefits) are required to reactivate lagged coastal shipping system to be a logistic hub-nation with a competitive edge.