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Purpose - Given the importance of the T&G sector in Bangladesh, and the potential effects of TBTs on this sector, the main objective of this paper is to measure the effects of TBTs on export of Bangladeshi T&G goods to the USA. Design/Methodology/Approach - We employ the PPML estimator to quantify the effects of US TBTs on Bangladeshi T&G exports. The frequency index and coverage ratio were used to quantify restrictions imposed by TBTs. We performed 294 observations; we studied 14 cross sections of T&G items classified using HS descriptors 50-63 over the 21 years from 1995 to 2015. Findings - This paper found that both the frequency index and coverage ratio measuring TBT, significantly (and positively) impacted Bangladesh T&G exportsto the USA. We used the Granger test to explore a possible causal relationship between the US TBTs and the Bangladeshi T&G export volume. The causality test confirms that a substantial surge in Bangladeshi T&G exports triggered the US TBT notifications. The dummy variable MFA coefficients were both positive and significant, indicating that the quota system contributed to the growth of Bangladeshi T&G exportsto the USA. Research Implications - Our empirical results have important implications for Bangladeshi T&G producers, exporters, and policy makers that technical regulations can enhance export growth and sustainable economic development if Bangladesh can build consumer confidence by ensuring the quality and safety of exports.
Purpose - This research is to investigate analyzes the relationship between foreign investment, renewable energy production, and carbon emissions in the Korean electricity sector Design/Methodology/Approach - This research used a panel vector error correction model, panel vector auto-regression, and ordinary least squares models. Findings - The Results of this research is showing that Foreign investment in the electric power sector has been found to affect the production of renewable energy and carbon emissions in the short term. Research Implications - This study suggests that foreign investment can be a means of promoting the development of the national economy and industry through the influx of capital and advanced new technologies, as well as removing the financial burden from renewable energy and carbon emissions issues at the same time.
Purpose - This study aims to derive the optimal exposure risk hedging strategy focusing on the recent business environment through practical case studies of automobile firms and previous research review. Our study is verified on which auto firms have coped with diversified risks and problems with a focus on managing exchange rate exposure. Design/Methodology/Approach - We selected and analyzed six automobile firms that produce finished cars. The important results are summarized in five points through an empirical practice case study. Our paper estimates the transformation of foreign transaction a/c, such as foreign currency assets/profits account, industry specifics. We also supplement for an incomplete estimation process with a real case study. In addition, this study is complemented with the analyzing 4th period classifications considering time in the business situation. Findings - Korea automobile firms’ internal and external factors were affected. Internal factors consist of production capacity, working operation rate on market demand and self-manufacturing capacity. First, the estimated results for the production capacity and operation rate of the Korean automobile firms are 94.2 and 88.1 during the entire analysis period. Second, foreign currency assets of the Korean automobile firms are still in the negative (-782 billion Won) despite the decreasing negative position of the foreign assets. This is because foreign liabilities still exceed foreign assets. Third, in relation to the efficiency of foreign asset management, the FER value of the automobile firms is 8.1 over all periods. Fourth, it can be seen that the foreign profits of the automobile firms are unstable and volatile, the value of the estimated deviation of the domestic-owned automobile firms is estimated to 10 over the entire periods. Research Implications - The exposure risk hedging approach should shift from a financial direct strategy to a diversified indirect strategy that includes non-financial methods (strategic decision-making process, integrated outsourcing systems, employee commitment, etc.).
Purpose - This study is aimed to examine the features of SNSs (privacy concerns, reputation, and enjoyment) that influence SNSs users’ continuous intention to adopt SNSs users’ decisions. Design/Methodology/Approach - To this end, this paper theorizes and examines the effects of the features of SNSs with the role of mediating variables (social interaction and/or trust) that influence consumers’ behavioral intents to adopt SNSs activities. This research utilizes the uses and gratifications theory as a basic theoretical foundation. This study was conducted on a sample of 213 active SNSs users in South Korea. The sequential mediating analysis was conducted using the PROCESS Macro model 6. Findings - The empirical results show that the direct effects of both privacy concerns and enjoyment on users’ SNSs continuous intention were significant. The indirect of social interaction and/or trust between SNSs reputation and users’ SNSs continuous intention was proven significant as well. However, all other hypotheses were not significant. The findings of the study reveal that social interaction and/or trust in a social network community mediate the link between SNSs reputation and users’ SNSs continuous intention. Another important finding of this study indicates that both privacy concerns and enjoyment in a social network community significantly impact the users’ SNSs continuous intention. Research Implications - The major implication of this study is understanding the mediating role of users’ social needs. Although some studies have affirmed that fulfilling SNSs users’ social needs is a necessary antecedent to users’ adoption of such services, the current study reveals that social gratification alone is not sufficient to trigger users’ revisit behaviors.
Purpose - The purpose of our study is to investigate the differences in regional values in Latin American countries in order to research the similarities and differences in values within countries and between regions across countries. Design/Methodology/Approach - Since Latin American countries are considered to be still developing, we call for researchers to pay more attention to Latin America. This paper also provides a useful example of research and practice in Latin America. This study uses confirmatory factor analysis combined with Hofstede’s 6 cultural dimensions to study the degree and characteristics of value differences among Latin American countries and regions through the cultural dimension indicators created by the World Values Survey (2010-2014). Findings - Our research results reveal the similarities and differences in values between regions within the observed country, and there are similar value characteristics between regions in different countries, which is largely influenced by factors such as colonial history, language, and religion. Research Implications - The regional characteristics of cultural dimensions differ, which makes cross-cultural research more complicated, so we recommend that researchers be clear about their research purposes and use well targeted research methods.
Thisstudy aimsto estimate the factorsthat affect the exports of the EastAfrican Community (EAC) members. Design/Methodology/Approach - We employ a gravity model to analyze the determinants of export in the EAC. Twenty-eight countries are sampled for the study based on Kenya’s top 30 major exporting destinations in 2018. The estimation uses panel data covering a period of 18 yearsfrom 2001 to 2018. We apply the Pseudo Poisson Maximum Likelihood (PPML) estimator which is highly reliable and gives consistent and robust results even in the presence of heteroskedasticity. Findings - The coefficients of all explanatory variables are statistically significant. Most of the variables such aslanguage, bilateral distance, and landlockednessshow the expected signs. Having the same official language promotes trade between countries while landlockedness and distance negatively affect export trade flows. The percentage of people using the internet exhibit negative and positive influences on exports depending on individual-specific and time-specific fixed effects. Research Implications - In addition to the typical gravity model variables such as GDP, population, language, distance and landlockedness this paper mainly attempts to examine the effect of the interconnectedness of the EAC on export trade flows measured by percentage of a population who use the internet. The findings of the paper show some policy implications with respect to investment in infrastructure and forming economic integration
Purpose - The Korean government has implemented financial hub strategies in the financial industry development. The purpose of this paper is to identify the major indicators of financial competitiveness, examines the current situation, and analyzes Korea’s ‘financial hub strategy.’ Design/Methodology/Approach - This paper’s main discussions about financial centers focus on evaluating financial center competitiveness, divided into financial development, laws and institutions, human capital, and business environment. According to the Global Financial Competitiveness Index (GFCI), the index system of Z/Yen Group have evaluated the development of the business environment (including tax system and regulation), human capital, infrastructure, market access, and financial sector as the major indicators. We explore a major financial cities using the GFCI rankings over the period of 2006~2020. Findings - This paper found that Seoul had received a lower evaluation (ranking from 41st to 53rd) than its rival cities until 2008, but its competitiveness is rising sharply as it escaped from the financial crisis quickly, and a reformed financial system has been established. It was ranked 6th in 2012, but fell to 36th in 2019, and climbed up to 25th in 2020. Korea’s financial hub strategies’ objectives and directions are ambiguous and the achievements are zigzagging. Compared to the growth of retail and brokerage revenue, advanced financial markets such as asset management and international banking (IB) are slow in developing, and M&A and IPOs are not active. Research Implications - The Korean financial industry’s closed nature in the regulatory and institutional frameworks has hindered its growth into a global financial center. Korea’s financial hub strategies that have been implemented so far need to be reexamined and reestablished.
Purpose - The purpose of this study stems from curiosity about the new paradigm of educational services in response to COVID-19. The quality and fairness of video education, an educational service provided to students, will be examined whether it causes re-use. We will also see if the experience value and self-effectiveness of video lectures play a role in strengthening the re-use intention. This study has great practical value in the wake of the Fourth Industrial Revolution and the Post-Corona era. This will be useful for educational environments that prepare for the Post-Corona in the future. Design/Methodology/Approach - This study examined universities in Seoul, Gyeonggi-do and Incheon, targeting ones conducting contactless classes (online classes) to verify research theories. A survey was conducted on trainees who participated in the contactless classes, and a total of 250 copies were collected over 60 days. A total of 205 copies of the retrieved questionnaire were used in the final analysis, excluding the poor ones. The collected data were analyzed by a structural equation using the R program. Findings - According to the hypothesis verification, the fairness of education services was suggested as a factor that had much impact, while the quality of education services was less influential. The mediating role verification showed that there was a mediating role, and the stress control effectiveness verification showed that there was a difference between physical and emotional stress. Research Implications - This research is worth enough to enhance the marketing performance of education services in environment that other experiments targeting on the contactless (online) education systems are insufficient. In particular, it is meaningful that self-efficacy and experience value are empirically demonstrated making strong mediating effect that increases the total effect along with re-use. This study is academically meaningful in that it has been applied to empirical research by comprehensively reviewing and systematizing existing research for online classes.
Purpose - The Incoterms are the well-known international standard terms of sales contract published by the International Chamber of Commerce (ICC). Incoterms have been regularly updated to keep pace with contemporary trade practice and the development of international trade including electronic communications such as the Electronic Data Interchange (EDI). The purpose of this paper is to contribute to the clarification of the rules on electronic communications in the Incoterms by finding the problems and solutions of the Rules on Electronic Communications in the Incoterms. Design/Methodology/Approach - From Incoterms 1980, the incoterms have been revised at regular intervals of 10 years. The Incoterms 2010 which entered into force from January 1st, 2011 was revised into the new Incoterms 2020, which will be effective from January 1, 2020. Electronic communications was firstly introduced in Incoterms 1990. Incoterms 2000 and Incoterms 2010 updated the rules on electronic communications including EDI. Incoterms 2020 gives two alternatives: paper documents and documents in electronic form. This paper studies and compares the rules on electronic communications in each edition of Incoterms. This paper employs a legal analysis by which this paper finds problems in the rules on electronic communications in the previous and current Incoterms, and proposes solutions for Incoterms 2030. Findings - The Incoterms 2020 contains eleven terms, each individual term representing a specific distribution of rights and obligations between the buyer and the seller with respect to the different modalities of delivery, transfer of risk and cost. Each respective party’s responsibility is very important regarding electronic communications. The findings of this paper are five problems of previous and current versions of Incoterms and five solutions for Incoterms 2030. Research Implications - Each individual Incoterm represents a specific distribution of rights and obligations between the buyer and the seller with respect to the different modalities of delivery, transfer of risk and cost. Previous studies did not deal with issues of electronic communications. This paper has the originality in that this paper presents the solutions for Incoterms 2030 by finding the problems in previous and currernt versions of Incoterms.
Purpose - This paper examines the impact of being a chaebol or non-chaebol affiliated firm, managerial ability, and ownership concentration on a firm’s environmental performance. Design/Methodology/Approach - We estimate empirical models using samples of Korean public firms from 2012 to 2018¬. We use chaebol, managerial ability, and ownership concentration as our main variables of interest, and use environmental scores from KEJI index as our dependent variable. Findings - We document that chaebol affiliated firms show better corporate environmental performance compared to non-chaebol firms. We find no relationship between managerial ability and environmental performance for chaebol firms, while we report a positive relationship between the two for non-chaebol firms. Empirical results suggest a negative relationship between ownership concentration and environmental performance regardless of chaebol or non-chaebol firms. Lastly, we do not draw a conclusion for the interaction effect between managerial ability and ownership concentration on environmental performance for chaebol firms due to mixed results, while we find a negative interaction effect between the two on environmental performance for non-chaebol firms. Our results are robust with the alternative environmental performance measurement from KCGS and decile ranked managerial ability measurements. Research Implications - We provide additional empirical evidence such that managerial ability and ownership concentration influence environmental performance in the Korean context. Also, we document that chaebol affiliated firms show higher environmental performance compared to non-chaebol firms, which could be applicable to family-owned firms in other countries. Furthermore, we provide empirical evidence to support the notion that manager tenures and operational choices are interrelated. We believe that this study provides implications to policymakers in the environmental sector.
Purpose - The purpose of this paper is to propose a model for a flexible coordination structure for the decision-making process of virtual groups, of which the interaction process is facilitated through Group Support Systems. Design/Methodology/Approach - A literature review was used to develop the model. An experiment was designed in a laboratory setting to test the model’s claimsfor a flexible coordination structure in supporting virtual group interactions. Findings - The performance of virtual groupsinteracting via flexible coordination structures wasfound better than that of virtual teams with restrictive coordination structure Research Implication - With the coming of powerful Information and Communications Technologies (ICT) and Network Computing in general, many organizations are adopting virtual group interaction support tools to provide tools for virtual group interactions between members dispersed over time and geography. These tools are, however, restrictive in a sense that all interactions take place simply by responding to tool requirements for interaction coordination. This study suggests that these tools must be flexible in such a way that groups should be able to mix and match the available capabilities of tool of Group Support Systems,so that the groups themselves gradually find the best coordination structure compatible with group characteristics in terms of the group’s degree of virtuality, member profiles, and task type.
Purpose - This paper analyzes all the FTAs of Korea and Singapore with e-commerce chapters and finds the extent and scope of digital trade liberalization by scrutinizing each article as well as provisions of whether they concern obligation or cooperation in terms of commitment level in the chapter. Design/Methodology/Approach - As Korea has concluded 13 FTAs with chapters about e-commerce, and Singapore 20, this research analyzes and ranks the extent and the scope of digital trade liberalization to suggest policy implications for the successful conclusion of the KSDPA. Besides RCEP, to which both countries belong, Singapore already has ratified or signed major digital trade agreements with the most advanced articles or provisions including CPTPP, DEPA, and DEA. Findings - From the analysis, the maximum degree and extent of Singapore’s liberalization of e-commerce and digital trade comply with DEA, while those of Korea do with the RCEP. In this regard, Korea’s effort to expand its digital trade partnership through KSDPA is a good starting point but needs policy pre-requisites. Research Implications - In terms of establishing trade rules and a cooperation regime with other countries, Korea needs to seek ways to improve by studying overseas cases and analyzing the domestic impact for sensitive issues such as cross-border transfer of information by electronic means, location of computing services, source code, and non-discrimination. Furthermore, key issues related to business and consumer trust, such as online consumer protection, personal information protection, and cyber security, should not only be analyzed with surveys for companies to reflect corporate interests but also those individual consumers.
Purpose - In the global environment, the expansion of a country s exports in the international market will have a positive impact on the country s GDP growth and foreign exchange protection. Therefore, how to give priority to ensuring the stability of the export trade structure on the issue of expanding exports is particularly important. This paper empirically investigates the sporting goods export trade structure over the period from 2012 to 2018 for the South Korea. The research studies the impact of four main variables which are the foreign direct investment, exchange rate, trade balance and labor costs on the stability of South Korean sporting goods export trade structure. Design/Methodology/Approach - The study takes the Lawrence index as the response variable and foreign direct investment, exchange rate, trade balance and per capita disposable income of urban residents as the explanatory variables. A multiple linear regression equation model is constructed and GRA(Grey Relational Analysis) is used to analyze the relationship between all variables. Findings - Our main findings can be summarized as follows. The structure of Korean sporting goods export trade showed great fluctuations from 2012 to 2015, which first decreased, then increased and then decreased, and the structure of sports goods export trade tended to be stable after 2015. The growth of foreign direct investment, the appreciation of the U.S. dollar to the South Korean won, and the increase in the balance of trade are conducive to improving the stability of the export trade structure of sporting goods, while human capital has the least correlation with trade structure. Research Implications - The research on the stability of the export trade structure of sporting goods and its influencing factors has a theoretical guiding role in increasing the export volume of sporting goods. It is noteworthy to point out its significance for Korean sporting goods companies relative to the formulation of relevant policies to achieve international trade growth.
Purpose - The purpose of this paper is exploring the effects of Korean trade law on East Asian developing countries with respect to sustainable development in conjunction with the UN Sustainable Development Goals. Design/Methodology/Approach - This paper reviews the notion of sustainable development in the UN Sustainable Development Goals. Based on the understanding of sustainable development, this paper examines categories of Korean trade law related to sustainable development including domestic laws and international laws, such as Korea’s Free Trade Agreements with other countries. Then this paper draws effects of Korean trade law on developing countries in the region. To this end, this paper refers to previous literatures and existing FTAs. Findings - This paper draws some findings. The notion of sustainable development is reflected in Korean trade law. Particularly, Korea’s FTAs may take an important role in planning Korea’s sustainable development activities since FTAs set fields and contents of cooperation with respect to sustainable development. In addition, Korean laws need to be carefully refined with respect to the accountability of cooperation work. Research Implications - Based on the findings of the paper, this paper gives an implication that there are prominent areas of cooperation between Korea and developing countries of the region, such as technical assistance to renovation of legal systems or cooperation in health sector in the COVID-19 outbreak. This will help researchers find other areas in need of cooperation with developing countries in the region which tries to follow Korean model in terms of development.
Purpose - This study investigates how the intensity of newly listed firms’ globalization activities affects IPO underpricing and long-term under-performance phenomena in Korea. Design/Methodology/Approach - This study uses a merged data set of accounting, financial market, and patent rights from 570 IPOs listed on Korea Exchange (KRX) from 2002 to 2016. We collect data from KIS (Korea Information Service) - Value, IPO Stock Inc., and WIPS databases. Then, we formally test our hypotheses using multivariate regression models, with linear and non-linear quadratic terms in the models. Findings - First, the globalization of Korean IPO firms does not show any effects on IPO initial returns, while their exports show a negative effect on initial returns. Second, R&D intensity exhibits an inverse U-shaped relationship with initial abnormal returns right after IPO lasting only up to one year. Third, the effects of high initial returns on long-term stock returns are positive from the second year after IPO, lasting for 4 more years. Fourth, the numbers of patent rights, total, local and global, show an inverse U-shaped relationship with long-term stock returns, which are statistically negative in regressions only in the first year after IPOs. Research Implications - We find that Korean IPO firms’ globalization has little impact on IPO underpricing and long-term underperformance. Rather, R&D expenditures aggravate information asymmetry for IPO firms while the patent rights alleviate information asymmetry. Investors’ responses in Korean stock markets are somewhat different from related literature.
Purpose - Due to the UK’s Brexit, the UK and Korea established the UK-Korea FTA in 2019. However, the UK and Japan are still having ongoing negotiations for a UK-FTAFTA as of July 2020. If the UK establishes these two bilateral FTAs, it is of interest what effects these will have. This study analyzes the economic effects of the removal of import tariffs with both the UK-Korea FTAand UK-Japan FTA. Design/Methodology/Approach - The multi-region, multi-sector standard CGE models were used as one of the main tools for assessing the economy-wide impact of trade policy changes. The model includes six (6) regions and 12 sectors, based on data from the Global TradeAnalysis Project (GTAP) database version 10, which wasreleased in September 2019. Findings - With the removal of import tariffs between UK and Korea and between UK and Japan, while the GDPs of UK and Japan will rise, it is expected that the GDP of Korea may slightly decline since the benefit of the UK-Korea FTA will be partially offset by the UK-Japan FTA. The total welfare will increase in the UK, Korea, and Japan, and there will be very large trade creation effectsin most manufactured good sectors. Research Implications - The UK-Korea FTAand UK-Japan FTAcan affect GDPs of the participating countries, as well as the welfare levels of not only the UK, Korea, and Japan but also those of the non-participating countries of China, the EU, and ROW. The UK-Korea FTA and UK-Japan FTA will also have trade creation effectsin the UK, Korea, and Japan, but will have trade diversion effectsin China, the EU, and ROW.
Purpose - This paper intends to investigate the impact of workers’ remittances on human capital (HC) in least developed countries (LDCs) in the Economic Community of West African States (ECOWAS). Design/Methodology/Approach - This study made use of balanced panel data from 2000 to 2018. It employs two-stage least squares (2SLS) on equations that contain the endogeneity problem and it employs the Fixed or Random Effects model, based on the Hausman test results, on equations without endogeneity problems. Findings - Empirical results portray statistically significant relationships between remittances and health outcomes. While remittances reduce mortality rate and undernourished prevalence, they raise life expectancy. For education outcomes, they raise tertiary enrollment. However, there is no significant impact of remittances on primary and secondary enrollment and also on completion rate. Research Implications - Existing studies in the case of Sub-Saharan Africa (SSA) region mostly focus on the impact of remittances on economic growth, income inequality and poverty. There is a scarcity of studies that focus on the impact of remittances on HC of LDCs in the ECOWAS. In addition, the existing works do not address the endogeneity problem in their studies. Consequently, our work takes the endogeneity problem into account in the estimations.
Purpose- We explore the effects of public subsidies on exports while taking into account inter-firm spillover effect, focusing on the Korean renewable technology firms. Design/Methodology/Approach - We use panel data for 99 firms over the 30-year period from 1980-2019. Considering the results of various diagnostic tests to confirm the characteristics of the data, we establish a dynamic panel vector autoregressive model in the fist differences that consider the results of the diagnostic tests, which is followed by estimation of the one-step system generalized method of moments. Findings - We find convincing evidence of the presence of the direct and indirect (spillover) effects of firms’ knowledge on export. We also find that non-R&D subsidy does not significantly affect firms’ exports, and that R&D subsidy has a positive and significant effect on the exports. Firms’ productivity contributes to export enhancement. Learning-by-export is demonstrated, by showing that there is a dynamic path in export, meaning the export in the previous period is a source of the export in the present period. Research Implications - We contribute to an understanding of government subsidies on firms’ exports whiling considering firms’ knowledge spillover effect, which is not tackled in the literature. We propose some policy implications based on the results of the study, along with the limitations of the study
Purpose - This paper analyzes the possibility of a strategic behavior of the importing country which attempt to facilitate the cumulative provision of rule of origin to the member countries of FTA equally or discriminately. Design/Methodology/Approach - For this purpose, we introduced two-stages game which described the importing country’s strategic behavior, and by using backward induction approach, we attempt to solve the Subgame Perfect Nash Equilibrium (SPNE). Findings - As a result of the study, it was found that the multilateral cumulation system which importing country facilitate the cumulation provision to the member countries of FTA equally will help structuring the global value chain in intra-FTA members and make the international production system more efficient. However, if the importing country’s government seek to utilize the cumulation provision of FTA rule of origin strategically, none of them will have the incentive to voluntarily facilitate the multilateral accumulating system to all the exporting countries because they suffer a decrease in social welfare such as a decrease in tariff revenue. Research Implications - These findings suggest that in order to applying multilateral cumulation system to all of the FTA member countries, it is necessary to develop a reasonable incentives that could attract the importing country to the multilateral cumulation system.
Purpose - This paper examines the welfare effects of strategic R&D policies among technologically asymmetric countries focusing on the conditions for the cooperative R&D policy coordination. Design/Methodology/Approach - The analysis is based on a model assuming two firms supported by their governments’ R&D subsidies that compete in the third country market in Cournot fashion. Findings - We demonstrate that non-cooperative R&D policy competition deteriorates the global welfare when the competing goods are strategic substitutes, while the R&D competition might improve welfare when the products are strategic complement. Since the country with a higher technology level has an incentive to deviate to non-cooperative R&D policies when the products are strategic substitutes and the technological gap is higher than the threshold level, the introduction of international R&D policy coordination mechanism is required to improve the welfare with the cooperative R&D policies sustained. Research Implications - This study attempted to analyze the optimal R&D support policy considering a broader market form and competitive form, assuming both the substitutability and completeness of the goods and the level of the technology gap as continuous variables.
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