• International Area Studies Review
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• v.20 no.4
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• pp.57-72
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• 2016

This Paper investigates the role of wealth distributions and Financial institutions of an economy on within-industry firm heterogeneity in productivity. If there is no Financial imperfection so that entrepreneurs are not constrained in borrowing all of them make the same, productivity-enhancing investment. International Trade industry average productivity also increases the avoidance of capital and international capital movements developing countries linked by lead industry cuts in global investing. International Trade of goods, on the other hand, amplifies this impact of capital mobility when capital structures the countries.

• KDI Journal of Economic Policy
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• v.39 no.2
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• pp.75-98
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• 2017

This paper aims to estimate the social discount rate (SDR) rather than dig into its theoretical foundation. As SDRs can be derived by investigating both the rate of return on investment and the social time preference rate, we estimate the marginal productivity of both private and public capital and the time preference rate based on the Euler equation. In order to provide a single representative SDR, the weighted averages of the marginal productivity and time preference rate, whose weights are determined by the flow of funds data reflecting the social demand of funds, are presented. Based on the empirical results, we argue that the marginal productivity of private capital stands in the middle of the 3% range while that of public capital varies from 4.5% to 8.6%, with the time preference rate showing a decreasing trend from 3.2% in the early 2000s to 1.2% by around 2030. The single representative SDR or the weighted SDR is estimated to be approximately 3.0~4.5% and expected to continue its downward trend for the foreseeable future.

• Proceedings of the Technology Innovation Conference
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• 2001.06a
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• pp.71-95
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• 2001

This study reveals that the user industry has a limited role as a source of technological capability in the case of the machine tools in Korea where the user industry is relatively mope advanced than other capital goods industry. The study examined the sources of technological capability in terms of migration of workforce and flow of product design information. Although the capital goods sector is generally regarded as being the sector where the user producer interaction is important the user industry failed to be the seed-bed of technological capability to develop machines. This study argues that this finding could have implications to the specificity of capital goods in a developing country.

• Journal of Korea Trade
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• v.27 no.1
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• pp.1-18
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• 2023

Purpose - Using a sample of Korean multinational corporations, we examine whether the relationship between tax risk and the implied cost of capital discriminates between the environmental, social, and corporate governance (ESG) of highly rated firms. Design/methodology - Firms with high tax risks have an increased uncertainty of future cash flows. Therefore, as the volatility of future cash flow increases, information asymmetry and the required return increases. Highly rated ESG firms can reduce information asymmetry, thereby weakening the positive relationship between tax risk and cost of capital. We employ the standard deviation of the cash effective tax rate as proxy of tax risk. We utilize the ESG rating data of the Korea Corporate Governance Service (KCGS). We use a PEG model, MPEG model, and GM model to measure the implied cost of capital. Findings - We find a positive association between the implied cost of capital and tax risk. The positive relationship between tax risk and the implied cost of capital weakens in highly rated ESG firms. Highly rated ESG firms prefer a stable tax position to invest after-tax cash flows into sustainable management. Therefore, the negative effects of tax risk on cost of capital can be reduced. Originality/value - This study provides empirical evidence that ESG activities can mitigate the negative impact of tax risk on the cost of capital for Korean multinational corporations. In a business environment where ESG activities are more important, the empirical results that ESG activities can reduce the corporate risk of Korean FDI companies are expected to provide implications for the ESG activities of multinational corporations.

• Journal of Digital Convergence
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• v.14 no.9
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• pp.171-179
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• 2016

An online community serves as a communication hub among members who desire to share their opinions and emotions. Thus, it is often utilized as a corporate or brand marketing tool. While focusing on commercial online communities from the marketing perspective, however, researchers have barely discussed non-commercial online communities despite its popularity. This study examined the influence of flow on satisfaction in the context of the non-commercial online community as well as the role of social capital as a significant mediator between flow and satisfaction. The result also included the differences between employed mothers and non-employed mothers. This study has expanded the research scope of online communities and offered theoretical and practical implications based on the interdisciplinary discussion that involves one of the understudied populations, mothers.

• Nutrition Research and Practice
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• v.17 no.2
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• pp.371-385
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• 2023

BACKGROUND/OBJECTIVES: Soy isoflavone (SIF) and soy lecithin (SL) have beneficial effects on many chronic diseases, including neurodegenerative diseases. Regretfully, there is little evidence to show the combined effects of these soy extractives on the impairment of cognition and abnormal cerebral blood flow (CBF). This study examined the optimal combination dose of SIF + SL to provide evidence for improving CBF and protecting cerebrovascular endothelial cells. MATERIALS/METHODS: In vivo study, SIF50 + SL40, SIF50 + SL80 and SIF50 + SL160 groups were obtained. Morris water maze, laser speckle contrast imaging (LSCI), and hematoxylin-eosin staining were used to detect learning and memory impairment, CBF, and damage to the cerebrovascular tissue in rat. The 8-hydroxy-2'-deoxyguanosine (8-OHdG) and the oxidized glutathione (GSSG) were detected. The anti-oxidative damage index of superoxide dismutase (SOD) and glutathione (GSH) in the serum of an animal model was also tested. In vitro study, an immortalized mouse brain endothelial cell line (bEND.3 cells) was used to confirm the cerebrovascular endothelial cell protection of SIF + SL. In this study, 50 µM of Gen were used, while the 25, 50, or 100 µM of SL for different incubation times were selected first. The intracellular levels of 8-OHdG, SOD, GSH, and GSSG were also detected in the cells. RESULTS: In vivo study, SIF + SL could increase the target crossing times significantly and shorten the total swimming distance of rats. The CBF in the rats of the SIF50 + SL40 group and SIF50 + SL160 group was enhanced. Pathological changes, such as attenuation of the endothelium in cerebral vessels were much less in the SIF50 + SL40 group and SIF50 + SL160 group. The 8-OHdG was reduced in the SIF50 + SL40 group. The GSSG showed a significant decrease in all SIF + SL pretreatment groups, but the GSH showed an opposite result. SOD was upregulated by SIF + SL pretreatment. Different combinations of Genistein (Gen)+SL, the secondary proof of health benefits found in vivo study, showed they have effective anti-oxidation and less side reaction on protecting cerebrovascular endothelial cell. SIF50 + SL40 in rats experiment and Gen50 + SL25 in cell test were the optimum joint doses on alleviating cognitive impairment and regulating CBF through protecting cerebrovascular tissue by its antioxidant activity. CONCLUSIONS: SIF+SL could significantly prevent cognitive defect induced by β-Amyloid through regulating CBF. This kind of effect might be attributed to its antioxidant activity on protecting cerebral vessels.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.9-15
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• 2020

This paper investigates how economic freedom affected firm investment in Vietnam. In the globalization decade, economic freedom has been an important policy to support economic development in Vietnam. Improvements in economic freedom, such as capital freedom and domestic credit freedom, allow firms to access external finance more easily, so that the firm's investment depends less on internal cash flow. In a developing country, on the drawbacks, many small and medium firms likely have more challenges if the government would not give any subsidies. The higher level of freedom may exacerbate the financing constraints of less competitive firms. We analyze unique firm-level data from 2006 to 2016, which includes listed firms on two major stock exchanges and unlisted firms in the Unlisted Public Company Market. The article also considers how economic freedom affects small firms and large firms differently. Our results show that capital freedom and domestic credit freedom played an important role in investments for Vietnamese firms. However, we cannot find evidence that overall economic freedom relaxed the financial constraints on firms. Additionally, we suggest that small firms likely gain more advantage in access to external finance than do larger firms when the government removes restrictions from capital movement and the domestic credit market.

• The Journal of Industrial Distribution & Business
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• v.5 no.1
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• pp.5-9
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• 2014

Purpose - This study aims to examine the incremental information content of cash flw from operations and earnings in the Iranian capital market. Design, methodology, and approach - Based on market-based accounting research, this study uses statistical associations between accounting data (earnings and cash flw) and stock returns to assess/measure the incremental information content (value relevance) of cash flw and earnings. A multivariate regression model based on panel data is used to examine the incremental information content of earnings and cash flow from operations. Results - The results show that both earnings and cash flow from operations have incremental information content beyond each other. These results are consistent with the findings of recent studies. Overall, the fidings of this study support the usefulness of cash flw information in addition to earnings, in fim valuation by investors in the Iranian market. Conclusions - The study makes the following contributions to the Iranian literature on incremental information content of cash flw and earnings. First, this study employs actual cash flw data derived from cash flw statements. Second, this study employs a large sample size for a more recent period.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.312-318
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• 2017

This study calculated the cash flow using the financial information by fiscal year for 25 general hospitals and 23 hospitals, and analyzed the relationship between cash flow and net working capital. The analysis results showed that 73.3% of general hospitals and 83.3% of hospitals did not secure funds required for operating activities by fiscal year. The cash flow types that affect net working capital were expenses not involving cash outflows and changes in borrowings in general hospitals, and expenses not involving cash outflows and income not involving cash inflows and changes in borrowings in hospitals. However, in case of shortage of funds required for operating activities, at general hospital, due to expenses not involving cash outflows being high and income not involving cash inflows being low and resulting in increased borrowing, at hospital, due to expenses not involving cash outflows being high and resulting in increased borrowing. Therefore, for the stability of cash flow in management activities, the adequacy and relevance of the expenses not involving cash outflows need to be reviewed, and it will be necessary to review the appropriate internal policy measures to systematically and rationally manage cash flow in consideration of cash flows.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.