• Asia-Pacific Journal of Business
• /
• v.11 no.4
• /
• pp.189-203
• /
• 2020

Purpose - This study aims in analyzing the dynamic relationship between household loans and housing prices according to the characteristics of depository institutions after the financial crisis, identifying the recent trends between them, and making policy suggestions for stabilizing house prices. Design/methodology/approach - The monthly data used in this study are household loans, household loan interest rates, and housing prices ranging from January 2012 to May 2020, and came from ECOS of the Bank of Korea and Liiv-on of Kookmin Bank. This study used vector auto-regression, generalized impulse response function, and forecast error variance decomposition with the data so as to yield analysis results. Findings - The analysis of this study no more shows that the household loan interest rates in both deposit banks and non-bank deposit institutions had statistically significant effects on housing prices. Also, unlike the previous studies, there was statistically significant bi-directional causality between housing prices and household loans in neither deposit banks nor non-bank deposit institutions. Rather, it was found that there is a unidirectional causality from housing prices to household loans in deposit banks, which is considered that housing prices have one-sided effects on household loans due to the overheated housing market after the financial crisis. Research implications or Originality - As a result, Korea's housing market is closely related to deposit banks, and housing prices are acting as more dominant information variables than interest rates or loans under the long-term low interest rate trend. Therefore, in order to stabilize housing prices, the housing supply must be continuously made so that everyone can enjoy housing services equally. In addition, the expansion and reinforcement of the social security net should be realized systematically so as to stop households from being troubled with the housing price decline.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.4
• /
• pp.1-9
• /
• 2021

UAE has rapidly developed into one of the leading global financial hubs, with significant transformations in its stock exchanges. In its attempt at economic diversification in the last two decades, the country has also taken a lead in the GCC region in introducing extensive reforms to attract FDI to the Emirates. However, oil price volatilities have posed a significant challenge to all oil-exporting countries. The main aim of this study is to explore the impact of economic diversification and oil price on the UAE stock market. The study applies Granger Causality and Vector Autoregressive Model on monthly Abu Dhabi stock exchange index, Dubai Fateh crude oil spot price, and FDI inflows during 2001-19. The short-term interbank rate has been included as a monetary policy variable. The results show a substantial difference between the two phases of reforms. Oil price and Abu Dhabi stock index show bidirectional relationship during 2001-09 but no causality was found during 2010-19. Furthermore, the second phase was characterized by unidirectional causation from FDI to ADX index. This study highlights FDI inflows as a key driver of stock market performance during the last decade and emphasizes the success of the intense reforms in the UAE initiated for the diversification of its economy.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.717-729
• /
• 2021

This paper examines the efficacy of the default risk factor in an emerging market context using the Fama-French five-factor model. Our aim is to test whether the Fama-French five-factor model augmented with a default risk factor improves the predictability of returns of portfolios sorted on the firm's characteristics as well as on industry. The default risk factor is constructed by estimating the probability of default using a hybrid version of dynamic panel probit and artificial neural network (ANN) to proxy default risk. This study also provides evidence on the temporal stability of risk premiums obtained using the Fama-MacBeth approach. Using a sample of 3,806 firm-year observations on non-financial listed companies of Pakistan over 2006-2015 we found that the augmented model performed better when tested across size-investment-default sorted portfolios. The investment factor contains some default-related information, but default risk is independently priced and bears a significantly positive risk premium. The risk premiums are also found temporally stable over the full sample and more recent sample period 2010-2015 as evidence by the Fama-MacBeth regressions. The finding suggests that the default risk factor is not a useless factor and due to mispricing, default risk anomaly prevails in the Pakistani equity market.

• Journal of the Korean Institute of Navigation
• /
• v.24 no.1
• /
• pp.73-84
• /
• 2000

Shipping industry continues to face dramatic changes in its environment ranging from development in containerization, computerization and telecommunications to the emergence of global marketplace. Perhaps the most significant trend - representing both a threat and opportunity - is the increasingly competitive nature of shipping service market. In order for the shipping companies to cope with those improvements and challenges, they should analyze and clarify customer's DM(decision making) process for the purchase of container shipping service. The major research findings from the study were found as follows; 1) The degree of shipper's involvement in purchasing shipping services was found to be a discriminating variable affecting the information sources consisting of personal and non-personal information sources. 2) The positive relationship was found between the experiences on shipping services and non-personal information sources. 3) It was observed that as people had more experience searching for information, the more in depth their searches became. 4) There existed a positive relationship between knowledges on shipping services and information search. 5) According to the SEM analysis, the shipper's information search on shipping services was also found to have a great influence on the shipper's purchasing behavior. The shipper's search was resulted in positive customer satisfaction.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.403-411
• /
• 2021

This paper discusses the relationship between debt literacy, peer-to-peer lending, and over-indebtedness in Indonesia. It is essential because the number of loans on this platform continues to increase, both legal and illegal. Data was collected online in collaboration with commercial market research firms, JajakPendapat.net. Debt literacy and over-indebtedness were measured by self-assessment with questions from Lusardi and Tufano (2009a). Questions for debt literacy are about interest compounding, debt interest, and the application of time value of money in payment options. The question for over-indebtedness is about the amount of debt and the conditions resulting from that debt. By using descriptive methods, it is clear that the majority of respondents, both borrowers and non-peer-to-peer lending borrowers are debt illiterate, and those who have poor debt literacy have huge debt. Overall, only 1.85% of the respondents were debt literate. Those who live on the island of Java have better literacy because they are the center of economic growth in Indonesia. Debt from peer-to-peer (P2P) lending also has the potential to create problems, namely over-indebtedness. P2P lending borrowers also have very poor debt literacy. However, there is no difference in debt literacy between P2P lending borrowers and non-P2P lending borrowers.

• Journal of the Korea Society of Computer and Information
• /
• v.26 no.1
• /
• pp.189-199
• /
• 2021

This study examines the relationship between internal marketing, market orientation, patient satisfaction, and hospital image, and especially focuses on the effect of CEO's role on internal marketing at a local national university hospital. A survey was conducted using the convenient sampling technique and 222 questionnaires excluding unreliable replies were used in the final analysis for the hypothesis testing. SPSS 21.0 was used for the basic analysis of the collected data, and confirmatory factor analysis was performed for reliability and validity using AMOS 21.0. Path analysis was performed for the hypothesis testing. The results of this study are as follows: First, the role of CEO positively affects internal marketing. Second, internal marketing has a positive effect on market orientation, and leadership is the most influential factor of internal marketing. Third, market orientation has a positive effect on patient satisfaction and hospital image, which are non-financial organizational performance. Therefore, internal marketing plays a major role in improving market orientation, patient satisfaction, and hospital image, and it is identified that the activation of internal marketing depends on the support of CEO in hospitals.

• The Journal of the Korea Contents Association
• /
• v.17 no.2
• /
• pp.656-677
• /
• 2017

This study aims to examine the effects of native advertising on consumer-brand relationship quality (BRQ) formation of the potential consumers in the context of an automotive brand. Specifically, the study verifies (1) whether the respondents cognize the content of native advertisement as an advertisement and (2) how the value dimensions of native advertising impact BRQ through brand attitude (BAT). To fulfill the purposes, the researchers categorized three types of advertisements (product, brand and non-commercial) and then showed three manipulated stimuli to potential consumers in the automotive market before measuring. The findings drawn from the 345 valid cases are as following. First, the rate of respondents' advertising recognition is low in the non-commercial advertisement, while it is high in ones of product and brand. Second, most of the respondents perceive less irritation toward the native ads, especially toward the non-commercial advertisement. Third, the entertainment and informativeness of native advertising positively influence BRQ, while the effect of irritation on BRQ is negative. Also, the effects of advertising value dimensions on BRQ are all mediated by BAT.

• Journal of the Korean Society of Fisheries and Ocean Technology
• /
• v.50 no.4
• /
• pp.502-510
• /
• 2014

This study aimed to analyze the relationship between catch amount and market price of sandfish for improvement of fishing revenues and effective fisheries management. By estimating the sandfish price function by fishery, the study tried to investigate changes of prices by catch amount as well as changes of fishing revenues by catch amount and price. Results showed that time series data on catch and price were estimated to be non-stationary from unit root tests, but long-term equilibrium relations between catch amount and price were found from a cointegration analysis. Results of regression analyses indicated that the catch amount would have negative impacts on prices of sandfish in both coastal gillnet and danish seine fisheries.

• Journal of Information Technology Applications and Management
• /
• v.23 no.2
• /
• pp.195-206
• /
• 2016

Mobile financial services with incorporated into IT are actively introduced and being operated worldwide. Meanwhile, a relationship setting of industrial capital and financial capital has a close connection with development process of the financial markets and the economic development. If the relationship setting of industrial capital and financial capital are right, it will be good opportunity to ensure economic development, positive economic effect and global competitiveness of the financial industry as other developed countries. In order to expand the positive effects of these mobile financial services, a ICT companies, etc. should ease regulations to allow entry to the mobile financial services market. That is, the separation of banking and commerce should be abolished.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.2
• /
• pp.95-111
• /
• 2023

Korea has achieved a high startup rate by promoting government-led startup policies for national economic and industrial development. However, as high as the startup rate is, the closure rate of startup companies can be judged to be insufficient for the qualitative growth of the domestic startup ecosystem. This study aims to investigate how to improve the survival rate of startups by overcoming the valley of death from a location environment perspective. It analyzes the effects of technology orientation and market orientation of start-ups on management performance and the moderating effects of economic, accessibility, and network factors that constitute the location environment. To achieve the research objectives, the empirical analysis was conducted on start-up companies that received corporate support projects from innovation intermediary organizations. The results show that R&D capability of technology orientation has a significant effect on management performance, and market information generation and market information response of market orientation have a significant effect on management performance. As for the moderating effect, accessibility, a sub-factor of the location environment, has a positive moderating effect on the relationship between technological innovation and managerial performance, and the location environment (economy, accessibility, and network) has a positive moderating effect on the relationship between market information generation and managerial performance. This study compared and analyzed previous studies on the success and failure of start-ups and identified common factors. In addition, this study provides policy implications for the sustainable growth of startups through empirical analysis and interview with stakeholders. For future research, it is necessary to compare and analyze start-ups in metropolitan areas and non-metropolitan areas. In addition, it is necessary to study startups that have moved out of the region and into the metropolitan area to find ways to develop the regional startup ecosystem.