- E-ISSN2233-5382
- KCI
E-ISSN : 2233-5382
Vol.9 No.6
Abstract
Purpose - The purpose of this paper is to elucidate the limelight question 'why India should open arms for Islamic banking?'. Research design, data, and methodology - The paper is theoretical and conceptual in nature and provides results based on significant literature review. Results - This paper will start with the discussion why Islamic name does not make it only for Muslims?, then its features and how it can improve India's current economic situation. Also this study will analyze the ability of Islamic finance to act as Micro-finance tool by including people who does not participate in economic activities. This paper also concludes that why religious issue should be sidelined in order to accept Islamic finance for empowerment of Muslim and non-Muslim minorities which live in abject poor conditions. Conclusions - Islamic finance has lot of merits which cannot be ignored by only looking at the name and believing that it is only for Muslims. Indian economic system needs a financial system which will work for welfare and not for profit to help poor communities in coming out of poverty. Interest free loans and micro-finance tools are the only way to help below poverty line population to raise their income level.
Abstract
Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China's monetary policy on South Korea's exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea's real GDP, the China's real GDP, South Korea's interest rate, the South Korea's interest rate and the South Korea's monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China's money supply has a negative effect on South Korea's exchange rate. Respectively, the short-run findings depicts that the China's money supply has negative a effect on South Korea's exchange rate. Of course, other variables selected in this paper also have an effect on South Korea's exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China's monetary policy has a negative effect on South Korea's exchange rate whenever in the long run or in the short run.
Abstract
Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China’s monetary policy on South Korea’s exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea’s real GDP, the China’s real GDP, South Korea’s interest rate, the South Korea’s interest rate and the South Korea’s monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China’s money supply has a negative effect on South Korea’s exchange rate. Respectively, the short-run findings depicts that the China’s money supply has negative a effect on South Korea’s exchange rate. Of course, other variables selected in this paper also have an effect on South Korea’s exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China’s monetary policy has a negative effect on South Korea’s exchange rate whenever in the long run or in the short run.
Abstract
Purpose - In this study, the importance of interpersonal relations in the workplace as well as its correlation to satisfaction of social workers were investigated. In addition, effects of organizational culture as well as its implications for human resource management in social welfare workers were outlined. Research design, data, and methodology - A questionnaire was conducted on job satisfaction measured by the Minnesota Job Satisfaction (MSQ) questionnaire. For reliability, the questionnaire was distributed and collected by the self - filling method. From the collected data, reliability analysis, validity analysis (exploratory factor analysis) and multiple regression analysis were used. Cronbach's alpha was used to measure the reliability of the measurement variables and validity analysis was conducted to see if the questionnaires had the same concept as well as SPSS 19.0. Results - The results showed that group culture, hierarchical culture, and rational culture had significant positive effects on job satisfaction. Developmental culture had no effect on the job satisfaction levels. Conclusions - It is important to maintain the hierarchy in order to improve the efficiency of social welfare organizations, but social welfare organizations must accept external opinions and actively listen to the opinions of the employees in the organization.
Abstract
Purpose - In this study, the safety related tasks for low cost carriers' were examined and measures to improve them were suggested. As the air demand increases rapidly, number of passenger has mushroomed in Korea and in order to keep with the demand low cost carriers have played a role. However, low cost carriers' safety related tasks are not reliable level so far. Thus, in this study, the low cost carriers' current situations in terms of safety are investigated, especially regarding how well the ICAO's new safety policies are applied. Research design, data, and methodology - The results of the Ministry of Land, Infrastructure and Transportation' investigation are introduced and field study results are analysed. Current status of retaining experts, staffs, administrators in terms of aviation safety tasks of low cost carriers is compared to those of major airliner and low cost carriers' aviation safety culture is also analyzed by examining the systems and questioning staffs. Especially the culture regarding aviation safety is very important because the culture surrounding the safety tasks plays a major role in every respect of conducting the tasks. Results - Overall the current status of low cost carriers' aviation safety tasks is below standard. Especially retaining experts and staffs is basically below the required level. Also, system and organization to conduct safety tasks are not satisfactory. In particular, aviation safety culture is not settled to operate appropriately. Conclusions - The International Civil Aviation Organization (ICAO) and member states are continuing to launch new safety policies in response to the surging demand for air travel worldwide. The most urgent and important issue among the various safety policies is to reduce air accidents. In order to reduce the number of accidents, ICAO decided to reduce the number of accidents by using the Reactive Safety Management. ICAO has to ensure that each member country can implement proactive safety management for aviation safety. A safety management system (Safety Management System) is a system in which each member state implements a fulfillment standard. The current situation and problems of the safety management system for each airline are suggested and proposed for improvements.
Abstract
Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.
Abstract
Purpose - With the rapid economic development, great changes have happened in the Chinese beer market. The scale of imported beer is increasing. However, the sales of native Chinese beer decrease in recent years. It is because more Chinese customers prefer beer with unique attributes than those with lower prices. In order to take an advantage in this market, practitioners should develop new products to satisfy Chinese customers. Scholars have also focused on beer characteristics to estimate consumers' behavior for improving the development of beer industry. However, most studies are theoretically centered on marketing strategy management or general understanding of the market. It is not enough for us to explain customers' consumption patterns. Some empirical research did attempt to find out beer attributes that may influence their choice behavior. However, they failed to verify what can increase customers' utility through a new product. More importantly, few evidences can be found in the literature. Therefore this study explores the major characteristics of imported beer which may associate with customers' preferences. Research design, data, and methodology - With the results of literature review and focus group interview, we found out four main imported beer attributes and the levels of each factor. A pre-test is constructed to check the problems in the questionnaire protocol. With the results of pre-test, the revised questionnaire is processed among customers who have purchased and had imported beer in China regions such as Beijing, Shanghai, Jiangsu, Guangdong and so on. The choice-based conjoint analysis is applied to analyze the useful data of 205. Results - Results indicate that choice-based conjoint analysis is the effective method to estimate customers' choice behavior. Results also indicate that country of origin, price, taste, and package affect customers' preference and the importances of imported beer attributes are significantly different. Conclusions - Country of origin, price, taste, and package are important for customers to make an imported beer choice decision. Marketers should consider these determinants and their importance to develop new products. Moreover, choice-based conjoint analysis should be the useful method for practitioners to develop a new product of imported beer for sustainable business in the competitive industry.
Abstract
Purpose - The study aims to provide the relationships between the social servicescape and customer's emotion and voluntary behaviors were investigated in this study. The social servicescape was largely divided into service employee's image and other customers (in customer's similarity, physical appearance and suitable behavior). Firstly, the relationship between service employee's image and customer's positive emotion was investigated as a specific purpose of study. Secondly, this study attempted to understand the relationship between other customers (in customer's similarity, physical appearance and suitable behavior) and customer's positive emotion. Lastly, the relationship between customer's positive emotion and customer's voluntary behavior dimension (intention to cooperate, intention to participate in and loyalty) was examined. Research design, data, & methodology - In order to prove the hypotheses in this study, the customers who have experienced family restaurants during the last two months were targeted for a survey. A total number of 300 survey papers were distributed and as a result, 248 papers could be used for analysis, except the papers with insincere answers. After the analysis of the reliability and validity of each major variable, the hypothesis was verified through the structure method by using Amos 20.0. Results - First, the results of hypothesis testing on the relationship between social servicescape and customer's positive emotion showed service employee image gives a positively meaningful impact on customer's positive emotion. Secondly, the results on the relationship between other customers and customer's positive emotion indicated that the customer's similarity and physical appearance has a positively significant impact on customer's emotion while customer's suitable behavior has not a significantly positive impact on customer's positive emotion Lastly, customer's positive emotion was shown to have a significantly positive influence on customer's voluntary behavior dimension, that is, intention to cooperate, intention to participate in and loyalty. Conclusions - This study aims to focus on and emphasize the social servicescape and its importance, which is different from the previous studies that have been focused largely on physical servicescape. Such results in this study indicated the social servicescape (service employee's image and other customers) as an important factor that affects customer's positive emotion and voluntary behavior.
Abstract
Purpose - The purpose of this study is to subdivide trade transaction-centered structure in a logistics/distribution industry system to apply blockchain, to establish and resolve with which types of technology, and to provide policy direction of government institution and technology to apply blockchain in this kind of industry. Research design, data, and methodology - This study was conducted with previous researches centered on cases applied in various industry sectors on the basis of blockchain technology. Results - General fields of blockchain application include digital contents distribution, IoT platform, e-Commerce, real-estate transaction, decentralized app. development(storage), certification service, smart contract, P2P network infrastructure, publication/storage of public documents, smart voting, money exchange, payment/settlement, banking security platform, actual asset storage, stock transaction and crowd funding. Blockchain is being applied in various fields home and abroad and its application cases can be explained in the banking industry, public sector, e-Commerce, medical industry, distribution and supply chain management, copyright protection. As examined in the blockchain application cases, it is expected to establish blockchain that can secure safety through distributed ledger in trade transaction because blockchain is established and applied in various sectors of industries home and abroad. Parties concerned of trade transaction can secure visibility even in interrupted specific section when they provide it as a base for distributed ledger application in trade and establish trade transaction model by applying blockchain. In case of interrupted specific section by using distributed ledger, blockchain model of trade transaction needs to be formed to make it possible for parties concerned involved in trade transaction to secure visibility and real-time tracking. Additionally, management should be possible from the time of contract until payment, freight transfer to buyers through land, air and maritime transportation. Conclusions - In order to boost blockchain-based logistics/distribution industry, the government, institutionally, needs to back up adding legal plan of shipping, logistics and distribution, reviewing standardization of electronic switching system and coming up with blockchain-based industrial road maps. In addition, the government, technologically, has to support R&D for integration with other high technology, standardization of distribution industry's blockchain technology and manpower training to expand technology development.