• Korean small business review
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• v.41 no.4
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• pp.87-110
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• 2019

The structural and sustainable implementation of the microfinance policy is required to be successful. To this end, the government should focus on availability and accessibility of the public microfinance, away from providing the beneficial financing (financial benefits)featured by the combination of the welfare and finance in the past. In addition, the government-sponsored microfinance needs to aim for performance-oriented evaluation that leads to stabilization of financial life of ordinary people or increase of income, moving away from conventional funding based on the scale and the quantity for the poor. It is necessary to implement the following policies in order for the Moon's administration to take the government-sponsored microfinance to the next level. The government-sponsored microfinance must be in the market failure domain, but nonetheless, it is required to be managed by structural and sustainable ways so that it complies with the market principles and does not crowd out the private microfinance. Last but not least, making the best use of the capital market function can be a way to fund social enterprises or social economy enterprises. This aims to enable catalyst capital in the capital market to play a prime role for the inflow of private capital for the purpose of creating the social value.

• Journal of Intelligence and Information Systems
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• v.29 no.2
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• pp.129-148
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• 2023

Bitcoin is a blockchain technology-based digital currency that has been recognized as a representative cryptocurrency and a financial investment asset. Due to its highly volatile nature, Bitcoin has gained a lot of attention from investors and the public. Based on this popularity, numerous studies have been conducted on price and trend prediction using machine learning and deep learning. This study employed LSTM (Long Short Term Memory) and CNN (Convolutional Neural Networks), which have shown potential for predictive performance in the finance domain, to enhance the classification accuracy in Bitcoin price trend prediction. XAI(eXplainable Artificial Intelligence) techniques were applied to the predictive model to enhance its explainability and interpretability by providing a comprehensive explanation of the model. In the empirical experiment, CNN was applied to technical indicators and Google trend data to build a Bitcoin price trend prediction model, and the CNN model using both technical indicators and Google trend data clearly outperformed the other models using neural networks, SVM, and LSTM. Then SHAP(Shapley Additive exPlanations) was applied to the predictive model to obtain explanations about the output values. Important prediction drivers in input variables were extracted through global interpretation, and the interpretation of the predictive model's decision process for each instance was suggested through local interpretation. The results show that our proposed research framework demonstrates both improved classification accuracy and explainability by using CNN, Google trend data, and SHAP.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.5D
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• pp.713-721
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• 2008

The aim of this study is to analyze the spatial association of regional economic growth and land use considering 5 plus 2 regional economic sphere (Capital region zone, Chungchung zone, Honam zone, Daekyung zone, Dongnam zone and kangwon zone, Jejudo zone) in Korea. The factors of regional economic growth are GRDP and the rate of self-finance and land use, especially industrial and manufactering zone. The data for this research are obtained by National Statistical Office web-site etc. For this, the Seemingly Unrelated Regression(SUR), as a kind of simultaneous equation model, is employed as empirical analysis. Overall results of this study show that the spatial association of the capital region zone and other zones is complementary. but Honam zone and Dongnam zone or Daekyung zone is competitive. We conclude from this study that the policy of regional development will be considered in accordance with the regional economic growth and land use. Also, this study found that Economic growth of regional economic sphere will be achieved from that of cities within zone and the results will be helpful to policy makers and regional planners when establishing regional planning in the future.

• The Korean Journal of Franchise Management
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• v.1 no.1
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• pp.43-63
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• 2010

Currently, franchise industries are constantly rising in the domestically and it is possible to predict that franchise industries will rapidly develop internationally. Local Franchisee markets are increasing quickly and in year 2010 their income will exceed 114 trillion won. Annually, new franchise system is being born; however, there are only few industries that success in the market. When circulation market was opened for foreign franchise industries, their numbers of franchisee were rapidly increasing; however, domestic franchise industries are not securing new franchise and strengthening current franchise 's man power moreover these implements are being discarded. Therefore, in this research shows that development procedures of franchise division and utilization of personnel, and subsequent to this research indicates that changes of scales and income of cooperate growth will determine numbers of manpower on franchise industry. N ow days, when we are looking at personnel in franchise industries, they need more personnel in distribution, finance, and accounting department, so this phenomenon formalize life cycle of organization and its stages. When we are considering life cycle of organization, needs of human resource on future is important.

• Industry Promotion Research
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• v.8 no.1
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• pp.103-110
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• 2023

This study targeted KakaoTalk app users, mainly in Seoul and the metropolitan area, and verified the factors that had a significant impact on the intention to continuously use the app through KakaoTalk contents. Among various content characteristics, five variables were used to verify the variables that had the greatest influence on the intention to continue using, and the ones that did not. As a result of testing the five hypotheses, it was found that convenience, enjoyment, informativeness, and perceived usefulness had a significant positive(+) effect on the intention to continue using, but intimacy did not. From this, it can be determined that the majority of users use the app content because it is useful and informative, rather than because they have a sense of familiarity. In this way, the purpose of this study is to provide empirical help to factors closely related to the intention of continuous use in deriving priorities to be considered in the service planning stage as well as in terms of technical design of contents when developing mobile apps in the mobile app industry as a whole and in the field in the future. I want to provide it, but there is a meaning.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.1D
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• pp.107-117
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• 2008

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Korean Journal of Culture and Social Issue
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• v.19 no.2
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• pp.159-178
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• 2013

The purpose of this study was to 1) replicate the Wells effect(i.e., reluctance to rule against the Defendant solely on the basis of probabilistic evidence) in Korea and 2) examine the validity of an Alternative explanation(i.e., perception of risk of wrong verdict). In study 1(n=46), mock jurors in the tire-tracks condition were reluctant to rule against the defendant based on their perceived probability and this pattern was not resulted in the tire-tracks-belief condition. Therefore, the Wells effect was replicated in Korea. In study 2(n=70), we manipulated the participants' perception of risk of wrong verdict. That is, participants who were assigned in the high risk perception of wrong verdict were informed that if the defendant were found guilty, the defendant would get considerable demage both in finance and reputation of the company. Participants in the low risk perception of wrong verdict condition were informed that these demage would not be great. The results revealed that the Wells effect was pronounced in the high risk perception of wrong verdict condition. That is, participants were more reluctant to rule against the defendant when they perceive the significance of the result of wrong verdict as high. Limitations of the study and the directions for future study were discussed.

• Environmental and Resource Economics Review
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• v.32 no.4
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• pp.239-266
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• 2023

This study applied the contingent valuation method (CVM) to measure the benefits from an urban liner park that will be created as part of the Gyeongin Expressway downgrade project by Inchon metropolitan city government. The Incheon city government plans to create a liner park (10.5 km) in the middle of the downgraded road to provide leisure and recreation services to residents, and plans to remove retaining walls and soundproof walls to improve the urban residential environment. Considering the characteristics of a liner park that spans several districts in Incheon city and the downgraded road that will be passed by residents of nearby cities as well as Incheon residents, the target population included residents of part of Seoul and several cities surrounding Incheon. In a CVM survey of 1,000 respondents conducted in April 2018, about 70% of the respondents perceived this project positively. About 50% of 757 respondents, excluding protest bids respondents, were willing to pay additional taxes for this project. The more the respondents favored the creation of a linear park and the more they thought that this project would improve the surrounding residential environment, the more positively they evaluated the additional tax payment. The average annual willingness to pay for this project was about 15,300 won for Incheon residents and 6,800 won for residents of Seoul metropolitan area. It is interesting to observe that residents of Seoul metropolitan area, who are not directly affected by this project, were willing to pay a considerable amount for this project.

• Korean Journal of Culture and Social Issue
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• v.13 no.3
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• pp.89-109
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• 2007

This study is an exploratory study on stock investment behaviors of individual investors in psychological perspective. The study is based on many behavioral finance studies which overconfidence of individual investors has an effect on irrational investment decision making and investment behaviors such as excessive trading. Accordingly, this study was to investigate the factors of self-enhancement perception on confidence of investment of individual investors and to find whether these psychological biases lead to irrational investment behaviors. The results indicated that there were sex differences in the factors of self-enhancement perception on individual investors' confidence of investment. In case of male investors, they were confident of their ability of investment but in case of female investors, they were confident of optimistic expectation of return. Also, male investors were more confident of investment than female investors. In addition, the result showed that risky investment behaviors of individual investors were influenced by psychological factors such as favorable self-evaluation, confidence of self-controllability, optimistic expectation of return and confidence of investment in part. This study suggests that further researches need to search after other variables which can mediate between psychological factors and investment behaviors of individual investors.