전북대학교
Abstract
Using the global VAR model, this paper studies how the Korean economy behaves over the global financial cycle (GFC) during the 1990Q1-2016Q4. The main findings are as follows. First, shocks to VIX have larger effects on Korean stock market and value of KRW than on Korean interest rates. Second, in response to a shock to GFC, the Korean economy takes 3 quarters and 6 quarters, respectively, before returning to its long-run growth path of GDP and real equity price. Third, a weakening of JPY or Euro against USD reduces the growth rates of Korean GDP and stock prices.
Keyword: Global Financial Cycle, VIX, GVAR
Shangping Ma, Shuo Ma, Qinglou Cao
Abstract
Aging of the population has become a reality in China, and the problem of supporting old people becomes a critical problem needing immediate solutions, especially the raising problem of rural old-ages that has been increasingly serious, which has affected all aspects of social development. To have recognition of the status of rural endowment pattern is the critical point to explore the endowment pattern that is suitable for the rural endowment of China and to solve the problems of the rural old-age care. First, this paper reviews the theoretical research of rural endowment pattern, and then the status of existing family endowment pattern, institution endowment pattern and analyzed home-based endowment pattern of Chinese rural areas and the main existing problems. Finally, Then on the base of these, this paper studied the revolution and development direction of Chinese rural endowment pattern, and imagination on an endowment pattern that could meet the physical truths of Chinese rural areas was put forward to provide the reference for the optimization and innovation of rural endowment pattern of China.
Keyword: Chinese rural area, endowment pattern, family endowment pattern, institution endowment pattern, home-based endowment pattern
Abstract
This paper examines the empirical association between corporate social responsibility(CSR) and the earnings persistence on medium-sized and large firms. Based on the argument that CSR would play the role of reducing the agency cost producing by the separation of ownership, this study hypothesized that corporate social responsibility would affect the earnings persistence. This study examined, using a sample of medium-sized and large firms, the effect of corporate social responsibility (CSR) on the earnings persistence. An ESG(Environment, Social, Governance) index published by Korean Corporate Governance Service (KCGS) was used as the measure of corporate social responsibility. The results of this study find that the firms with high CSR exhibit positively the earnings persistence and the large firms are higher than the medium-sized firms. These results are robust across different measures of variables and testing methodologies.
Keyword: Corporate Social Responsibility, EGS Index, Large Firms, Earnings Persistence
Abstract
The thought of Adam Smith had become the principle of the Classical Economics and the philosophical and theoretical basement for the development of Capitalism. The basic frame of Adam Smith depends on the natural law and is the explanation of consistence between the physical law and the ethics. Adam Smith thought that people should be subject to this rule to get the happiness and practice the goodness. His thought is the natural law which rests on deism and It also is the utilitarianism that the sum of the personal interest intergrade into common good. His thought is also called the economic liberalism. His economic liberalism is well expressed in the Wealth of Nation. From his Moral Sentiment and Judicial Justice, He explain the principle of justice for the support of liberalism and philanthropism. Adam Smith’s economic theory of liberalism reminds us that it should be examined again in the crisis of the world economy. For the understanding the conflict between liberalism and protectism in the history and finding the solution of the recent world economic problems, we need to make a effort to reexamine the thought of past economist. Among them, Adam Smith is thought as the best economist to give us the big clue. In addition, the study for the evaluation of Smith as an active policy maker that has been not known is the new area of analysis.
Keyword: Moral Sentiments, Economic Liberalism, Natural Law, Invisible Hand
Huo, Miao－Miao, Jeon， Yoon－Sik, Liu Jiakun, Hongyan Zhang
Abstract
In this study, we used deep acting intention to predict deep acting of emotional labor. Since deep acting is the process of adjusting emotion, it is difficult to insure the relationship stability between deep acting intention and deep acting, furthermore the relationship can be changed depending on personality characteristics. Hence, this study investigated moderating effects of agreeableness and instability between deep acting intention and deep acting. In addition, identifying differences in demographics in the process of conducting deep acting will be meaningful in raising human resource management rationality. This study suggests that HRM managers should focus on hiring people who with the highest level of agreeableness and avoiding people who with strong emotional instability. Furthermore, it is necessary to hire female employees and high education background employees.
Keyword: Emotional Labor, Deep acting, Deep acting intention, Agreeableness, Instability