Chen Wenliang, Yugang He, Choi Baek-ryu
Abstract
This paper uses the spatial autoregression model (SAR) to explore the effect of foreign direct investment(FDI on haze (PM2.5) air pollution in 241 cities in China employing data published by the Socio-Economic Data and Applications Center (SEDAC) of Columbia University's Center for International Earth Science Information Network (CIESIN) Our analysis reveals an inverted U-shaped environmental kuznets curve (EKC) relationship between haze (PM2.5) pollution and China's economic growth. The appearance of China's haze (PM2.5) pollution has a time lag, and we also observed a "superposition effect" in the time dimension, as well as a spatial spillover effect. In short, the inflow of FDI has aggravated haze (PM2.5) in China, providing further evidence for the “pollution haven hypothesis (PHH)" hypothesis as it applies to China.
Keyword : Foreign Direct Investment(FDI),Economic growth, Haze (PM2.5),Pollution Haven Hypothesis (PHH), Pollution Halo Hypothesis (P-HH), Environmental Kuznets Curve (EKC)
Yoo Dagyeong, Won Doohwan
Abstract
As the proportion of renewable energy increases to achieve carbon neutrality in 2050, unstable electricity supply and demand and an increase in electricity rates are expected. In addition, there is a risk of a large-scale blackout when electricity demand increases due to a heat wave, so systema仕c demand management is required. Therefore, this study tried to provide basic data for policy decision-making for summer electricity demand management by analyzing the determinants of household summer electricity consumption from a microscopic point of view. As a result of conducting empirical analysis using panel data of household energy standing servey from 2015 to 2018, the higher the cooling degree days, the more electricity was consumed, and it is suggested that the simultaneous use of the fan and the air conditioner is necessary to maximize the cooling efficiency. Household that consume a lot of electricity increase in electricity consumption was larger due to an increase in the size of the house. Furthermore, they showed a pattern of more flexibly increasing the use of air-conditioning appliances as the temperature rises, and households that consume more electricity have a greater effect of income growth on electricity consumption.
Keyword : Electricity Consumption, Panel Data, Fixed effect, Quantile Regression, Cooling Degree Day
Choi Jeong-Won, Kim Chang-Soo, Seo Young-Joon
Abstract
Korea has designated Free Trade Zone in the port area to facilitate the import and export logistics industry and to create value-added activities. This study empirically examines the difference in the efficiency scores of ports with Free Trade Port Zone compared to non-Free Trade Port Zone. By applying the Meta-Frontier DEA methodology, this study evaluates the meta efficiency, group efficiency, and scale efficiency of five ports with a Free Trade Port Zone and six ports with a non-Free Trade Port Zone. By collecting the data from 2019 and 2020, the number of unloading workers, length of quay, container yard area are selected as input variables, while port throughput is chosen as an output variable. As for meta-efficiency, the average efficiency score of ports with Free Trade Port Zone was higher than non-Free Trade Port Zone ports. In addition, there was no technical gap between the meta-frontier and group frontier of Free Trade Port Zone ports. The average efficiency score in the group of ports with non-Free Trade Port Zone was high, but the average meta-efficiency was lower due to the relatively low technical gap. However, in BCC model, the average meta-efficiency score of ports with non-Free Trade Zone was higher than ports with Free Trade Zone. These results might be attributed to the difference in the cause of inefficiency between the two groups. Consequently, there is a need for policy improvement to enhance pure technology efficiency for ports with Free Trade Zone and to improve scale efficiency for ports with non-Free Trade Zone. Furthermore, it was found that the average efficiency score in 2020 was higher than in 2019.
Keyword : Free Trade Zone, Port Efficiency, Meta-Frontier Analysis, Data Envelopment
Abstract
This study extracted and classified the emotional responses that consumers feel in online and offline purchasing situations by channels, including online and offline channels, and comparatively analyzed them to structuralize consumers’ emotional responses manifested in each channel. This study conducted sentiment analysis applying text mining techniques and panel diary survey. In addition, expert investigations were conducted. Qualitative and quantitative researches were conducted to derive major consumption emotional responses in online and offline channels and determine differential emotional structure in each channel. As a result, it was confirmed that consumers’ emotional responses consisted of 59 emotional response items for each channel. These items were then classified and structured according to the degree of interaction with others in face-to-face and non-face-to-face situations. This study has a significance in that it expanded the academic scope of related studies by structuring the emotional responses experienced by consumers in online and offline channels. By applying the results of this study, it would be possible to analyze various emotions induced in the overall flow of consumer behaviors and present marketing implications for more efficient management of customer experiences.
Keyword : Consumption Emotional Responses, Emotional Responses in Online and Offline Channels, Structure of Emotional Responses, Face-to-Face and Non-Face-to-Face Interaction, Text Mining
Byun Jiyeon, Seong Youngkoog, Lim Hacksong, Im Inseob
Abstract
This study clearly applied the period from 2011 to the present despite the continuous increase in advertising expenditures and the introduction of the Korea International Financial Reporting Standards(K-IFRS), which presented the international principles for preparing corporate accounting reports. Focusing on the lack of research on the relationship between advertising expenditures and firm value, companies listed on the KOSPI market from 2011 to 2020 were analyzed on the company's advertising expenditures and firm value. In addition, in order to examine the effect of advertising expenditures more closely, the effects on business performance such as profitability, sales, and product sales were further analyzed. As a result of the analysis, first, advertising expenditures was found to have a positive effect on the firm value. This is the result of confirming that advertising expenditures has a positive effect on firm value through objective data according to K-IFRS in a situation where the results of previous studies on advertising expenditures and firm value have mixed positive or negative views. Second, advertising expenditures were found to have a positive effect on business performance such as profitability, sales, and product sales. This is a result that confirms that the company's use of advertising expenditures has a positive effect on the business performance of the company. It is expected that this information can be used as useful information when making a decision.
Keyword : K-IFRS, Advertising Expenditures, Firm Value, Business Performance, Profitability, Sales
Hong KiHoon, Ryu JiYe, Kim JinHee
Abstract
This research examines the weak-form efficiency of Korean arts auction market. We employ 25 year auction price data to construct a arts market price index with repeated sales regression method. With the arts market price index, we investigate the time series dynamics of the Korean arts auction market. And we extract the index into random component of the index by using varinace ratio test to find that Korean arts market is less efficient than the American arts market. Our finding is consistent with general expectations. However, we contribute to the existing literature by providing solid empirical evidences of Korean arts market efficiency.
Keyword : Arts Auction, Market Efficiency, Price Index, Variance Ratio Test
Eom cheoljun
Abstract
This study empirically investigates the new explanation on the equity premium puzzle by combining the myopic loss aversion and prospective utility based on Benartzi and Thaler(1995)’ s approach in the Korean stock markets. In a perspective different from existing domestic studies, the existence of equity premium puzzle is verified by figuring out the evaluation periods (assets * holding periods) that makes the investment attrac仕vcncss between risky assets (stocks) and risk-frcc assets (bonds) iden仕cal. According to results, the evaluation period in which the prospective utility of risky assets (stocks) and risk-free assets (bonds) becomes the same in the Korean stock markets is verified as 7 to 9 months. Consequently, these results suggest that the equity premium puzzle through the myopic loss aversion may be explained by that investor * s investment into the risk-free assets (bonds) is due to a short-term and more frequent evaluation periods for risky assets (stocks).
Keyword : Equity premium puzzle, Myopic loss aversion, Prospective utility, Bootstrap simulation