The Research on the Sustainable growth of Listed Companies in Chinese Steel Industry

LI Gui rong,WANG Wei 한국경영교육학회 2012 한국경영교육학회 학술발표대회논문집 Vol.2012 No.6

Steel industry is one of the important raw materials industries in China. In the Ministry of Industry and Information Technology, steel industry is included in the plan for ten big industries to be adjusted and developed, which shows its important position in the national economy. In the first 10 years of this century, continuous and extraordinary growth is a prominent feature of China's steel industry. Between the year 2000-2010, steel production has rose from 127 million tons to more than 600 million tons, an increase of about 4 times, which built a solid foundation for a big steel country and made China a veritable big country famous for steel production. At the same time, the rapid development of China's steel industry has also resulted in tremendous energy and resource consumption, which influences the industry's sustainable growth and hinder Chinato become a powerful country of iron and steel based on qualitative and quantitative standards. Extensive growth mode, merely pursuing the increase of quantity, is not desirable. It is very important for China to seek a sustainable growth pattern for steel industry. This paper studies sustainable growth of China's steel industry from a financial point of view, which will contribute to systematically analyze the sustainable growth of the listed companies in China, to identify the problems and make more evidence-based, sensible decisions in marketing, finance and manufacturing. Also, the studies can provide timely guidance for the growth strategies of other steel companies which have been listed, to be listed, and other small and medium enterprises to promote their healthy and stable developments. And it will lay a solid foundation for the sustainable development of China's steel industry and plays an important role for China in becoming a powerful country of iron and steel.Based on the theory of enterprises' sustainable development, this essay has made a comparative analysis on typical models of sustainable growth and analyzed the internal and external factors affecting listed companies' sustainable growth. Based on the development status of listed companies in China's steel industry, this essay selected 33 companies in the steel industry listed in Shanghai and Shenzhen Stock Exchange before 2006 after removed those having special conditions, such as "ST" companies whose stock exchanges were specially treated because of consecutive losses, and companies experienced a major business restructuring, etc. With the Robert Higgins' sustainable growth model, we tested the sustainable growth of the selected listed companies in the steel industry between 2006-2010 by using Wilcoxon's signed rank test. The empirical results show that the samples have not achieved sustainable growth whether as a whole or separated year by year. We also concluded that there was a increasing gap between the real growth rates and the sustainable growth rates in five years, which indicated that it was very serious for these companies to blindly pursue high-speed growth, and the financial sustainable growth in the steel industry has not got enough attentions in these companies. So it is not optimistic to achieve sustainable growth for listed companies in the steel industry.

Intellectual Capital and Corporate Sustainable Growth: The Indian Evidence

Tutun Mukherjee,Som Sankar Sen 한국유통과학회 2019 Asian Journal of Business Environment (AJBE) Vol.9 No.2

Purpose - The present study endeavours to investigate the impact of intellectual capital (IC) and its components on corporate sustainable growth in India. In addition, this study aims to find out the most influential component of IC on corporate sustainable growth in India. Research design, data, and methodology - A sample size of top 139 NSE listed non-financial companies over a time period of five years has been used in this monograph. The impact of intellectual capital and its components on corporate sustainable growth has been examined using the longitudinal data analysis technique. Results - The findings of this study bring to light that intellectual capital (IC) as measured by the M-VAIC model demonstrates a significant impact on corporate sustainable growth. Considerably, the results also reveal that almost all the explanatory variables viz. Physical Capital, Relational Capital, Innovation Capital, and Process Capital exercise notable influence in explaining corporate sustainable growth. Moreover, the results demonstrate Innovation Capital (controlling the effect of Physical Capital) represents the most influential component of IC on corporate sustainable growth. Conclusions - The research findings show that in the Indian context, both physical capital, and IC (overall), as well as its components, play a crucial role to explain corporate sustainable growth.

녹색성장과 지속가능발전의 관계정립에 관한 법적고찰 -저탄소 녹색성장기본법(안) 제정에 관한 법적 논쟁과 관련하여-

함태성 ( Tae Seong Hahm ) 한국환경법학회 2009 환경법연구 Vol.31 No.1

In August 2008, President Lee Myung-bak presented `Low Carbon Green Growth` vision for the next 60 years. President Lee said that `Low Carbon Green Growth` would provide a strong source of growth once the current global economic crisis improves. `MB government` announced various plan for green growth since then. The Presidential Committee on Green Growth outlined a plan to boost the country`s green industry, green technology and energy-saving. A key feature of the plan is the legislation of a 「Framework Act on Low Carbon Green Growth」. 「Framework Act on Low Carbon Green Growth」 is provided law`s purpose, definitions, principle of Low Carbon Green Growth, obligation of state and local governments and business operator and nation, state strategy of Low Carbon Green Growth, Presidential Committee on Green Growth, green industry, green technology, climatic change and energy strategy, etc. But this act has been problems which include a legislative system, administrative procedures problems, definition of Low Carbon, Green Growth, Sustainable Development, upbringing of nuclear energy industry, upbringing of four major rivers maintenance, etc. First of all, we have to study on the Relationship between `Green Growth` and `Sustainable Development`. In this act, Green Growth means `strategy of economic growth` on Energy-saving and environmentally friendly measures. Actually, early this year, MB government started a $40-billion Green New Deal that includes a project to clean up and maintain the country`s four major rivers. On the one hand, Sustainable Development is a pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but in the indefinite future. Green Growth is differentiated from Sustainable Development. Sustainable Development does not focus solely on environmental issues. Sustainable development involves the simultaneous pursuit of economic prosperity, environmental quality and social equity. The United Nations 2005 World Summit Outcome Document refers to the interdependent and mutually reinforcing pillars of sustainable development as economic development, social development, and environmental protection. Green Growth has to understand as a new strategy for sustainable development, to include economic development, environmental protection, and social equity. For the green growth plan to be successful, public participation and support are essential. Now, we should have a new understanding of the Low Carbon Green Growth, the Relationship between `Green Growth` and `Sustainable Development`. This Paper aims to review the legal subject of 「Framework Act on Low Carbon Green Growth」 and to find a desirable image of the Relationship between `Green Growth` and `Sustainable Development`.

녹색성장론에 대한 비판적 연구

안성경(Ahn, SungKyoung) 한양법학회 2010 漢陽法學 Vol.31 No.-

On the last 15 August 2008, President Lee Myung-bak proposed the so-called “green growth” concept, which is a economic and environmental harmony, and balance. Since then, the concept of green growth is being used routinely in our lives, I think it is a problem. This Article is intend to criticize a use of the “green growth”, proposes to use the “sustainable development” which is a strategic concept that is combination of economic development and environmental protection from the theoretical and practical perspective. This article in order to achieve these objectives are being claimed by the government to clean up the green growth Theory (Ⅱ), the existing claims in the general persistence will organize the sustainable development theory (Ⅲ). Under this base, in terms of green growth conceptual and theoretical aspects and practical aspects after reviewing the “green growth” concept than the concept of “sustainable development” and the vague and abstract, theoretical, and practical perspective, the concept of the problem is will argue(Ⅳ). Finally, by discussing and writing more (Ⅴ). The concept of green growth requires interpretation. Even though using of the expression of green growth is familiar to researchers, the concept of green growth is abstract and vague in actual. We need to consider another expression, “sustainable development”. “Sustainable development” and “green growth”, both are in the same level in concept, however “sustainable development” is used worldwide and for a long time and more popular. By the government's line of view, the economic development and environmental protection are two sections in consideration of the concept of green growth. On the contrary, the concept of sustainable development, economic development, environmental protection and social justice are three elements to the content. Therefore, in the concept of sustainable development, social justice between the layers of social justice, between generations and between international communities is essential and must to be premised. On the contrary, the concept of green growth seems to neglect the social justice element. In addition, the concept of green growth is still incomplete as a strategic concept for environmental policy. The concept of green growth is the uncertain theoretical and practical issues. That is causing the problem. Finally, the “Low Carbon, Green Growth Act” as enacted into Law, “Sustainable Development Act” to refine this legislation changing its nature that relatively larger to carry out the policy up to the top of the law resulted in a logical contradiction, resulted in the confusion legislation.

녹색성장기본법에 대한 환경법적 검토

문상덕 ( Sang Deok Mun ) 한국환경법학회 2009 환경법연구 Vol.31 No.1

Green Growth Act(bill) which the central government submitted to the National Assembly is the partial progress and partial recession from the point of view of environmental law. By the strategy of green growth, korean government has been pursuing the new developing policy which is harmonizing the economical growth with environmental protection. In the point of view that we can transform the climate crisis into a catalyst for launching the green economy of the 21st century, the strategy of green growth in Korea may be very desirable thing. The problem, however, is that whether the strategy of green growth can contribute to the established and traditional environmental law and principles or not. I think that most of clauses of Green Growth Act are in harmony with environmental law and principles but some of it are not in harmony. And then, I think that Green Growth Act marks with a side dot in `development and economical growth` rather than environment and ecology. On the other hand, `Sustainable Development` marks with a side dot in `environment and ecology` rather than development and economical growth historically. And Sustainable Development includes not only Economy-Environment but also `Social Equity`(3E). It is also the universally acceptable concept and principle in the world. Therefore, Sustainable Development must get the upper hand of green growth. In short, in spite of the environment-friendly aspects of Green Growth Act, some provisions of it must be still amended or deleted and Sustainable Development Principle should get a higher and superior position than green growth strategy.

지속가능발전과 녹색성장

전재경(Jaekyong Chun) 서강대학교 법학연구소 2009 서강법학 Vol.11 No.2

Korean Government rendered to the National Parliament a bill toward climate change, that is, 'the Basic Law for Low Carbon and Green Growth' early in 2009, which will be enacted as a statute on December, 2009. The main goal of this bill is so called 'green growth' which is similar to the concept of green new deal policy in the U.S.A. The bill has positioned the concept of green growth on the highest grade in the internal legal system relating to economy, land use, energy, industry and environment. The bill has a status and nature of policy act. But the concept of green growth is newly coming and yet strange to present legal system. There is already the Basic Law for Sustainable Development in Korea which has also a status and nature of policy act. The application extent of the new bill is very broad, so it encompasses all endeavors toward low carbon society, enhancement of job opportunity, cap and trade system, use of natural resources, and atomic energy. The most difficult problem of the new bill is that the concept and planning system of green growth is superior than the concept and planning system of sustainable development. The goal of green growth aims mainly at the internal economic development. But the goal of sustainable development contains the aims of economic and social progress, protection of the environment and use of nat ural resources. As a result, the coverage of the sustainable development is broader than that of green growth. Though the system of green growth has the nature of traditional command and control likewise another government regulations, the frame of sustainable development has the nature of so called governance principle. To prevent and harmonize the conflicts between the new bill of green growth and the existing sustainable development statute, first of all, the concept of sustainable development should be regard as a legal norm established by the international society and the concept of green growth should be regarded as an economic policy trying to foster the internal economy. And then the scheme of sustainable development planing and that of energy use planing prescribed in the new bill should be reverted to the existing statutes.

Analysis of Korea’s Long-Term Growth Process and Lessons for Sustainable Development Policy

( Hyeok Jeong ) 한국경제학회 2018 The Korean Economic Review Vol.34 No.2

This paper analyzes Korea’s growth process, not only rapid but also sustained for six decades at 6% per year. The sources of such growth were balanced among labor market demographic factors, capital investment, human capital accumulation, and productivity growth. However, the main engine of growth evolved sequentially, e.g., labor and human capital factors in the 1960s, capital deepening in the 1970s, and then productivity growth for the following periods. We found that major sources of the six-decade sustained growth were productivity growth and human capital accumulation rather than the expansion of labor force or capital investment. Counterfactual analysis of neoclassical growth model reveals that the accelerated productivity growth after the fast capital deepening was the key to Korea’s long-term growth, avoiding the middle-income trap. Appropriate calibration of the neoclassical growth model allowing time-varying transitional growth parameters explains Korea’s growth experience well and provides useful lessons for sustainable development policy.

Are Smart Cities Growing Smartly and Sustainably?: Smart and Sustainable Growth Evaluation of Each Plan of Two Smart Cities in South Korea

박지용,김시현,전선민,정주철 한국환경정책학회 2019 환경정책 Vol.27 No.S

A smart city (SC) should be planned and constructed based on Urban Growth Management. There is insufficient research to assess whether projects designed for the creation of SCs are in-line with both Smart Growth and Sustainable Growth practices, which are the foundation of Urban Growth Management. The purpose of this study is to assess whether the projects designed for the creation of SCs in Korea have been conducted using Smart Growth and Sustainable Growth practices. We selected the Sejong 5-1 Neighborhood and Busan Eco Delta City as case study areas. We evaluated the SC plans based on both Smart Growth principles and Sustainable Growth indices. As a result, we found that SC plans in both case study areas have primarily focused on economic growth opportunities that have followed some technological indicators. The indicators for equitable approval processes, efficient development patterns, and resiliency to hazards, but, were all found to be lacking in the urban planning considerations for these cities. This article proposed that Urban Growth Management such as Smart Growth and Sustainable Growth is important for environmental policy.

녹색성장을 위한 녹색금융의 자본조달역할에 관한 연구

구정한 ( Jung Han Koo ),손동희 ( Dong Hee Son ),전용일 ( Yong Il Jeon ) 한국환경경제학회·한국자원경제학회 2010 자원·환경경제연구 Vol.19 No.3

Climate change induced by global warming has recently begun to inspire developed nations to introduce a new paradigm, called the sustainable (Green) growth, which entails both the prevention of environmental pollution and the attainment of sustainable growth. The sustainable (Green) growth is founded upon environmental factors that drive a new force of economic progress without deteriorating nature. Thus, the conservation of the environment under the new growth paradigm can be compatible with economic growth, although this was not feasible under conventional economic relations, called the Environmental Kutzets Curve. Sustainable (Green) finance is essential to achieving Green growth efficiently and effectively. Since the financial system for Green growth is at the early stage of implementation, the application of strategies for sustainable (Green) finance should be preceded by proper initiation and protection from the government. In order to establish a feasible strategy for financing green growth, we suggest an effective financial supporting system, taking different operational forms upon the broader stage of technological progress in each individual company.

지속가능사회의 법해석과 사법

김광수 ( Kwang Soo Kim ) 한국환경법학회 2015 환경법연구 Vol.37 No.3

A sustainable society means the state where the present environment and industries and healthy social activities can be continuously maintained and managed. A prosperous and peaceful society can be called a sustainable society. It is not until recent years that the issue of sustainability has been particularly discussed, while it has been thought that industrial production and consuming activities will be able to continue eternally. However, depletion of natural resources and destruction of the natural environment due to humanity’s economic activities and frequent natural disasters have sent warning signals to the mankind that it will not be possible to maintain the economy and industries in the future as they are today. Therefore, human beings have started to place the focus of their future progress on a new direction, which points to sustainability. In June 1992, many world leaders participated in the United Nations Conference on Environment and Development(UNCED) held in Rio De Janeiro, Brazil and discussed what efforts each of them and each of their countries should make in order to preserve the environment and accomplish continuous progress. Furthermore, they decided on action principles for the preservation of the environment, adopting the concept of ‘sustainable development’as the top principle and adopting UN Agenda 21 as its implementation methods. For implementation of UN Agenda 21 in South Korea, each Korean metropolitan city, province and city/county organized their Agenda 21s, and a national Agenda 21 was established to coordinate them. The concept of sustainability as the countermeasures for building a sustainable society can be found in the Sustainable Development Act (first enacted as the Framework Act on Sustainable Development in 2007 and amended in 2010). Paragraph 1 of Article 2 of the Act provides that “the term ‘sustainability’ means using economic, social and environmental resources in a harmonized and balanced way without wasting or deteriorating in quality those resources to be used by future generations to meet the needs of the present,” and Paragraph 2 of Article 2 of the Act provides that “the term ‘sustainable development’means development based on sustainability that is implemented all the time in the pursuit of economic growth, social stability and integration and the preservation of the environment.” People have heretofore not paid much attention to a sustainable society, but, faced with increase of disasters and climate change such as global warming, public opinion will be increasingly formed supporting countermeasures for solving these problems. And then, a variety of legislation for sustainable development may be realized and pressure calling for proper interpretation of such statutes will also increase. The Sustainable Development Act can be interpreted properly only when the background is understood how the concept of sustainable development has come to the fore internationally and the legal system for its implementation is correctly grasped. The task for maintaining a sustainable society is shared by the judiciary, together with the legislative and executive branches. Judged from a few rulings related to the implementation of the Sustainable Development Act, the judiciary seems to have not yet gotten out of the inertia of the past years of government-led economic growth. If legal interpretations can be made reflecting the true meaning and goal of sustainable development, the judiciary may be called the institution which is well prepared in terms of human resources and necessary infrastructure to lead a sustainable society most adequately and solidly.