전북대학교
NamJun Heo, SooWon Mo, KwangBae Lee
Abstract
In this paper we analyse the long-run and short-run relationship between Incheon port’s export and its determinants, foreign income and exchange rate, using the techniques of cointegration and error correction, the rolling regression analysis, and impulse response function. This study employs the Ordinary Least Squares method to choose the most appropriate the export demand function and finds that the model with broad nominal effective exchange rate is more suitable for explaining the Incheon port’s export behaviors than the models with the other effective exchange rates or nominal exchange rate. The model is estimated using monthly data for the period 2000-2020. The cointegration technique finds a favorable evidence of a long-run relationship between export demand, foreign income and exchange rate for Incheon port. The error correction model indicates a slow disequilibrium adjustment and the variance decomposition analysis shows that Incheon port’s exports are very exogenous to economic variables. The response of exports following a positive shock to foreign income increases onwards in a consistent manner, while a positive shock to the nominal effective exchange rate has a lasting and negative impact on exports over the forecast horizon.
Keyword: impulse response function, cointegration, rolling regression, nominal effective exchange rate, Incheon port
Tang Yu-Zhe, Zhou Zi-Yun, KyuHeak Yang
Abstract
The purpose of this study is to analyze the effect of earnings management on corporate value and to verify the mediating effect of tax avoidance between earnings management and corporate value. For the empirical analysis, non-financial companies listed on the Korean KOSPI and KOSDAQ markets from 2013 to 2018 were used as a sample. The earnings management was measured by the Modified Jones model(Dechow et al., 1995), the tax avoidance behavior was measured by the discretionary BTD of Desai and Dharmapala (2006), and the firm value was measured by Tobin's Q. The research results are as follows. First, it was found that the earnings management had a positive effect on firm values. This means that the earnings information of the company performing the earnings management has a positive effect on the firm value because it signals the company's sound management status and profit sustainability and growth to the market. Second, it was found that tax avoidance had a mediating effect between earnings management and firm value. Therefore, it was found that earnings management not only has a direct effect on firm value, but also has an indirect effect of increasing firm value through reduction of tax avoidance activities. Unlike previous studies, this study is meaningful in that it examines the relationship between earnings management and firm value and at the same time verifies whether tax avoidance has a mediation effect between these two variables. The results of this study suggest that it is necessary to consider tax avoidance factors when using information on earnings management in the capital market.
Keyword: Earnings management, Firm value, Tax avoidance, Mediation Effect
Abstract
Natural gas is an energy source of increasing importance, playing an intermediate role in the energy transitions towards complete replacement from fossil fuels to renewable energy. Deriving networks consisting of national ties formed through the volume of natural gas trade, this study analyzes the participating countries' network characteristics. Specifically, based on 2012 as the starting year of the North American shale revolution, the study addresses the gas trade networks in 2007, 2012, and 2017 and their changes. After calculating the degree and power centrality of Asian importing countries, it examines how such variables changed during the period. Finally, the study explains that the influences of Asian importing countries are expanding on the network and suggests policy implications.
Keyword: Natural Gas, Trade, Network Analysis
Mengzhen Wang, BaekRyul Choi,Yugang He
Abstract
To verify the impact of foreign direct investment on economic growth in OECD countries, this study adopts a two-way fixed-effect model to analyzes panel data composed of twenty-six OECD countries from 2007 to 2017. The literature based on the relationship of foreign direct investment on economic growth had no consensus. This study uses the latest data to provide strong evidence for the growth effect of foreign direct investment. The empirical results confirm that foreign direct investment, domestic investments, exports, and human capital are positively associated with economic growth. Although, the growth impacts of domestic investments and exports are higher than that of foreign direct investment. It also illustrates that foreign direct investment is one of the important channels to promote economic growth. The findings suggest that policymakers need to create a suitable economic environment, like maintaining macroeconomic stability and reducing the market distortion, to attract foreign direct investment and then provide policy support to increase domestic investments and exports.
Keyword: Foreign Direct Investment, Domestic Investment, Economic Growth, Fixed Effect model
Abstract
The purpose of this study was to investigate the effect of salesmen’s emotional intelligence on the creativity, job satisfaction and service orientation in the B2C marketplace. A data were collected from salesmen in insurance company of the metropolitan area and Choong Chung Province with the questionnaire. To test the hypotheses, using SPSS 24.0 was conducted for 272 respondents as a sample collected. As the result of the analysis, First, the emotional intelligence factors(self emotional understanding, other people emotional understanding, emotional utilization and emotional control) of a B2C Salesmen had a significant effect on the Creativity, This means that B2C salesmen's understanding of their feelings, understanding other people's moods and emotions, using their own emotions to fit them in a variety of situations by adjusting their own emotions well can have a positive impact on trying to solve the problems by exploring new approaches and methods in a business site with many diverse and specific needs. Second, it has been confirmed that the Creativity has a significant effect on the Job Satisfaction. This means that when solving problems with differentiated ideas and new attempts, they can be satisfied with the idea that they are growing on their own, that they can promote self-esteem and help their career. Third, it was found that Job Satisfaction had a significant impact on Service Orientation. This means that the Job Satisfaction of the B2C salesmen means that they can try to reduce customer inconvenience on their own, collaborate with colleagues for better service performance and always do their best to meet the needs of the customer. The results of this study may provide a practical basis for B2C salesmen and corporations on how to utilize emotional intelligence for business success.
Keyword: Emotional Intelligence, Creativity, Job Satisfaction, Service Orientation
Abstract
The purpose of this study was to understand how the components of the rapport behavior of service providers affect rational and emotional empathy. This study is intended to understand the relationship between rational and emotional empathy and customer satisfaction and the effect of customer satisfaction on revisit intentions. The main purpose was to identify the moderating effect of perceived authenticity on the causal relationship between rapport behavior, empathy, and customer satisfaction and revisit intentions. The total questionnaire period was a total of three months, from March 15 to May 15, 2020. The total number of valid samples was 1668. A summary of the results of analysis of hypotheses in this study is as follows. Uncommonly attentive behavior, courteous behavior, information-sharing, and connecting behavior, which are components of the rapport behaviors of service providers, were found to have positive effects on rational empathy with the service provider, but common grounding behavior, which is also a component of the rapport behaviors of service providers, was found to have no statistically significant effect on rational empathy with service providers. The results of analysis of the relationship between the rapport behaviors of service providers and emotional empathy with service providers are as follows. It was found that uncommonly attentive behavior, courteous behavior, information-sharing, and connecting behavior, which are components of the rapport behaviors of service providers, have positive effects on emotional empathy with the service provider. However, common grounding behavior, which is also a component of the rapport behaviors of service providers, was found to have no effect on emotional empathy with service providers. Rational empathy and emotional empathy with service providers are closely related to customer satisfaction, and customer satisfaction is considered to be an important element in determining revisit intentions.
Keyword: Rapport Behavior, Service Industry, Empathy, Revisit Intention, Authenticity
YongDae Lee, ChiSong Lee
Abstract
This study analyzed the effect of CSR(Corporate Social Responsibility) activity on corporate value and cost of capital. The period of analysis is from 2010 to 2019, and ESG ratings announced by the Korea Corporate Governance Service(KCGS) were used as substitutes for CSR activities. The analysis showed that, first, the CSR activities in the prior period had a negative effect on the financial valuation of corporate. The results showed that the environmental and social grades as well as ESG integrated rates had also the same results, and governance ratings show had negative effect on corporate valuation in the current and prior activities. This can be considered that it had negative(-) effect on financial valuation of corporate because CSR activities are recognized as expenses. Second, it was verified that CSR activity is a positive factor in corporate valuation in the long term since the activities for the prior period showed a positive effect on stock value. Third, as a result of the analysis of the effect of CSR activities on capital costs of corporate, the activities in the prior term showed to increase the cost of equity capital and to reduce the cost of debt capital. The results of this study suggests that CRS activity should be carried out actively by persuading shareholders that the activity is a factor to increase corporate value in the long run, not a cost.
Keyword: Corporate Social Responsibility, Financial Value, Stock Value, Capital Costs, ESG Ratings