전북대학교
Soowon Mo, Changbeom Kim
Abstract
The paper investigates the relationship between inflation volatility and money demand in korea using monthly data over the period from 1991 to 2009. This paper employs the Johansen’s multivariate cointegration procedure, GPH (Geweke and Poter-Hudak) cointegration procedure, rolling regression. The multivariate cointegration technique is superior to the simpler regression-based technique because it fully captures the underlying time series properties of the data, provides estimates of all of the cointegrating vectors that may exist among a vector of variables, and offers a test statistic for the number of cointegrating vectors which has an exact limiting distribution. Fractionally differenced processes explored by, e.g., Granger and Joyeux (1980) and Hosking (1981) can be used to model parametrically long-memory dynamics. All of the estimates of d are significantly greater than 0 and less than 1, suggesting possible fractional integration behavior. The findings of cointegration facilitates an examination of the short-run model using a error correction model. This paper also apply impulse-response functions to provide the dynamic responses of money demand.
Keyword: inflation volatility, money demand, monetary policy
Sunyok Song, Wonbin Jang, Sungwoon Song
Abstract
The present study contributes to the literature on the practical use of new information technologies, such as e-trade and uTradeHub. We tested the effects of perceived usefulness, perceived ease of use, task-characteristic factors, and technology-characteristic factors. We formulated and tested hypotheses of the effects of primary variables on the adoption of a new information technology, uTradeHub. The results of the current study are summarized as follows; First, we found that perceived factors, including Perceived Usefulness and Perceived Ease of Use, do not affect the practical use of uTradeHub. This different findings suggest that unlike those of previous studies, our sample firms consist of SMEs that have used the uTradeHub and that they have previously recognized the usefulness and ease of use, which are the most basic prerequisite for the adoption. Second, task adaptedness, the support of CEO, and intra-industry competition may have a significant effect on the practical use of uTradeHub. The results demonstrate that 1) the greater intra-industry competition is, 2) the higher task adaptedness is, and 3) the more support of CEO is, the higher the adoption degree of uTradeHub is. Third, both the maturity of IT infrastructure and the degree of education/training have positive effects on the practical use of uTradeHub. The results suggest that well established infra-structure of IT and more provision of education/training must be taken into account for the more adoption and diffusion of uTradeHub.
Keyword: uTradeHub, TAM, TTF
Abstract
The importance of brand affect and brand trust of consumers is being emphasized as the product and service differentiation among corporate gets harder and brand competition grows much fiercer lately. The purpose of this study is to show the process in which the brand affect and brand trust affect the customer satisfaction and brand loyalty by means of brand commitment in the development of customer-brand relationship focusing on domestic mobile communication corporate brands. And it also suggested the research model and verified the hypothesis to investigate what control effects are there in the effect of customer satisfaction on brand loyalty by dividing the group into one of low word-of-mouth intention and the other of high word-of-mouth intention. As for the results of research model verification, brand affect and brand trust showed a positive effect on brand commitment, and brand commitment showed a positive effect on the customer satisfaction and brand loyalty. A lesson is suggested on the basis of these results that can secure the customers with tendency of brand commitment which can be a consistent resource of corporate’s competitive advantages in the development of customer-brand relationship.
Keyword: brand affect, brand trust, brand commitment, brand loyalty
Hunsang Lee, Youngju Hyong, Changwon Lee
Abstract
The concept of social enterprise is not yet widely accepted, leaving unsettled several issues including the definition, the legal framework, etc. A social enterprise as a social venture based on certain region offers a wide range of methods to bring community society innovation, economy development, and welfare improvement. For the promotion of regional social enterprise, it is necessary to get rid of the obstacles standing in its path and to initiate the economically self-independent social enterprise. What follow are “key suggestions” that can be used to enhance the commitment to social enterprise promotion., Firstly, it is necessary to create a social-enterprise-friendly atmosphere. As this atmosphere start with the awareness of the value of a social enterprise, it is required to conduct a survey on the social enterprise sector, Moreover, several activities to maintain the social enterprise support system, to set up the private and public network, to enact the municipal ordinance for a social enterprise, and to compose the regional social enterprise support council should be considered. Secondly, both competent leader training and business consulting service for a social enterprise shall be prerequisites for the enhanced capability of social enterprise. Especially in the position of a social enterprise, great efforts should be devoted to enhance the management transparency of a social enterprise.
Keyword: Social Enterprise, Chonbuk Social Enterprise, Social Entrepreneur, Social Enterprise Promotion Strategy
Abstract
This study examines the dynamic short-term as well as long-term relationship among Dubai crude oil price change, KOSPI returns and 3 years KTB(Korea Treasury Bond) returns. We employ Granger causality test, impulse response and variance decomposition analysis based on VEC(vector error correction) model. The sample period covers from December 5, 2005 to March 19, 2010 and major empirical results are as follows;. First, we find that there is a long-term relationship among the level variables of Dubai crude oil price, KOSPI and 3 years KTB(Korea Treasury Bond) interest. Second, there is a bilateral Granger causality relation among Dubai crude oil price change, KOSPI returns and 3 years KTB(Korea Treasury Bond) returns. Third, KOSPI returns are more sensitive to the Dubai crude oil price change than 3 years KTB(Korea Treasury Bond) returns. Fourth, the influence of Dubai crude oil price change on KOSPI and 3 years KTB(Korea Treasury Bond) returns are persistent more than 10 period. Fifth, there is a negative relationship between KOSPI returns and 3 years KTB(Korea Treasury Bond) returns. We hope these empirical results are helpful for investors to set up a portfolio and risk management strategies.
Keyword: Dubai oil price, KOSPI, bond market, VECM, Granger causality test, impulse response, variance decomposition
Abstract
Many studies have asserted that firm growths are dependent of current sizes of firm in the short-run but firms grow proportionally by stochastic elements as firm sizes are close to the optimal size and therefore the actual firm size distribution can approach lognormality in the long-run. According to this perspective, the evolution of the firm size distribution(FSD) has received considerable empirical attention. For the entire firm size distribution can become approximately lognormal in the long-run if the surviving FSD evolves. This paper investigates whether the surviving FSD does evolve or not in the Korean manufacturing sector. The main results of this paper are that the distribution of firm sizes does not evolve because firm growths do not tend to vary independently from their sizes over time and long-run lognormal distribution can exist regardless of Gibrat’s Law. The distribution of firm sizes evolves in the group of larger or older firms that efficient scale is not restricted. When independent relationship between firm size and growth is satisfied even if Gibrat’s Law does not hold, the FSD converges into lognormal distribution. Gibrat’s law is a special case for presenting independent relationship between firm size and growth. Average firm size becomes reduced over time in contrast to the results of early studies because of rapid change in market environment from globalization.
Keyword: firm size, firm growth, the evolution of firm size distribution, lognormal distribution
Abstract
This study presents a portfolio selection strategy focusing on semiconductor and display corporations by taking into accounts managerial efficiency and growth potential of a company. Most of the advanced equity markets regard potential and dividend as important investing indicators, however, domestic market pays low attention to company potential dividend because potential and dividend investment is considered as the year-end capital gains. Data envelopment analysis(DEA) methodology and dividend scoring table are adopted for evaluating the managerial efficiency and growth potential of a company respectively. In order to show the effectiveness of the portfolios selected by the strategies proposed in this study, we constructed 3 portfolios for every 4 years (2007-2010) out of 89 listed semiconductor and display corporations in KOSPI and KOSDAQ, and proved that our portfolios are superior to benchmark portfolios in terms of portfolio evaluation measures.
Keyword: Semiconductor and Display Corporations, Portfolio Selection; Managerial Efficiency; Growth Potential; Data Envelopment Analysis, Korea Exchanges