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Further Study on the Financial Changes in Corporate Profitability for Korean Chaebol Firms
김한준 한국무역연구원 2019 무역연구 Vol.15 No.3
Purpose - The purpose of the study investigates the transitional changes in financial profile of corporate profitability for Chaebol firms in the Korean capital market. As an extension of the preceding research inclusive of the study done by Kim Han-Joon (2019a), it attempts to verify or confirm the results obtained from the previous literature by applying different empirical research settings. Design/methodology/approach - Three primary hypotheses were separately tested to identify financial determinants of corproate profitability indices measured by both book- and the market-value bases. During the post-global financial turmoil (2010-2015), total number of sample observations consists of firms in Chaebols listed on the KOSPI stock market as 126 firms across 20 domestic industries and their counterparts belonging to Non-chaebols as 458 in 23 industries. Findings - A majority of the seven explanatory variables in the first hypothesis test show statistical importance for Chaebol firms, that account for two differently defined profitability indices after controlling for industry effects. In contrast, only a few variables reveal their significance to determine the indices for Non-chaebol firms. In the last hypothesis, business risk and intangible assets are revealed to have positively significant effects on the difference between the book-valued and the market-valued profitability for Chaebol firms in the High-tech sector, whereas leverage shows its negative and significant effect in the Low-tech sector. Research implications or Originality - With an aim in finding rigorous determinants of corporate profitability, results of the study are expected to further contribute to attaining maximum corporate profits for both Chaebol and Non-chaebol firms in the domestic capital market.
프로스포츠 구단의 ESG 경영과 브랜드 태도 및 프리미엄 지불의사
김한준,김혜림,류성옥 대한체육학회 2025 대한체육학회지(jcses) Vol.23 No.2
In response to the multifaceted crises caused by climate change and global economic downturn, corporate management paradigms have undergone radical transformation. To avoid these risks, ESG (Environmental, Social, and Governance) management has gained prominence, and professional sports clubs adopt ESG management as their core strategy. This study aimed to examine the impact of professional sports clubs’ ESG management activities on brand attitude and to investigate how brand attitude influences consumers’ willingness to pay for premium. An online survey was administered to 476 men and women aged 20 years or older who had attended a professional sports game within the past year. Structural Equation Modeling (SEM) was employed to test the research hypotheses. The results indicate that all three components of ESG management (environmental, social, and governance) significantly and positively affected brand attitude, with governance exerting the most substantial influence. Moreover, brand attitude exhibited a significant positive effect on willingness to pay for premium. These findings underscore that transparent operations and fair governance play pivotal roles in fostering fans’ trust and positive sentiments toward professional sports clubs. Fans who develop a favorable brand attitude are inclined to pay above a certain price threshold. Based on these findings, it is recommended that professional sports clubs further reinforce governance-related activities in their ESG management, while expanding environmental and social initiatives, to strengthen brand attitudes and enhance consumers’ willingness to pay for premium.
김한준 한국무역연구원 2016 무역연구 Vol.12 No.4
This study investigated one of the issues in modern finance. It attemps to identify factors that affect a firm’s capital structure under international or domestic context. However, this paper differed from past researches by using sample data in that the sample data from firms with headquarters in Chuncheong province in Korea. Morevoer, the study covers the period the post of the global financial turmoil. Three hypotheses in terms of a firm’s financial leverage were postulated and empirically tested. Using the static panel data model, the profitability, growth rate, and cash holdings of a firm were found to be statistically significant factors that influenced leverage. It was also interesting to note that firms with headquarters in North Chungcheong region showed different effect of profitability, cash holding, and foreign ownership on the debt ratios compared to their counterparts in the South sub-provincial area. The results from the study are expected to provide new insights that would enhance to robustness and consistency of empirical findings.
김한준 한국무역연구원 2017 무역연구 Vol.13 No.2
This study focuses on investigating the existence of optimal capital structure for firms listed in KOSPI stock market by employing inter- and intra-industry analyses. To date, very little attention seems to be paid to this subject in modern finance, considering that a firm’s value is increases as it approaches its optimal level of financial leverage. Moreover, it attempts to identify one of the most relevant theories which significantly accounts for the existence of a firm’s optimal capital structure. Relevant theory such as Myers’ pecking order was contemplated to postulate a corresponding hypothesis. Concerning the empirical methodologies to test for a hypothesized existence of an optimal capital structure, analysis of variance and analysis of covariance models were separately utilized in the context of parametric and nonparametric statistical approaches. Results suggested that an optimal level of capital structure for KOSPI-listed firms at the intra-industry level does not exist. However, differences in leverage were pronounced among 24 sample industries, which may suggest that optimal levels of capital structure appear to exist in the Korean capital market at the inter-industry level.
김한준 한국공간환경학회 2017 공간과 사회 Vol.27 No.1
The recent developments in information and communication technology, represented by the smart age, are creating changes in various social and human behaviors. It is also accompanied by a change of urban space. Recently, smart city construction processes present various issues and challenges in spatial theory and practice. In this paper, we look at the new urban practices in the current city, and examine the direction of the planning change in terms of participation and information technology utilization. Recent urban practices, such as DIY Urbanism, crowdfunding, Civic hacking etc. requires the transformation of the planning as a dimension of self-governance. At the same time, the current development process of Smart City is characterized by the increases of bottom-up planning practice, experimental innovation, open source platform and commons-based approaches, and the spread of living lab type. Theses are shows the diversification of participating group and the process of planning transformation. Under the these conditions, planning should be extended to include horizontal, vertical and virtual space areas, recognizing the entire planned ecosystem. It needs to be understood as the experiential learning process of the participating residents and at the same time as the self-organizing practice process of the residents. The process can be understood in terms of technology in conjunction with Plan 2.0 or the dimension of real-time urban planning. The implementation of these new planning schemes is a joint creation of value and a collaborative experiment of co-design based on participation. In the process, tools and devices for various collaborations are selected and combined to implement participatory information technology-based planning. Finally, these changes are the process of shifting from the hygienic urban planning in the early modern period to the automobile-centered planning in the next stage, and now the urban planning in the smart age. Therefore, the overall changes can be understood in the framework of the entire structural transition. And at the philosophical level, it can be understood and developed within an conceptual frame of the Cosmopolitics which includes the objects and the technology as the non-humans hybrids. 스마트시대로 표현되는 최근의 정보통신 기술의 발전은 다양한 사회 및 인간행위의 변화를 초래하고 있다. 그것은 또한 도시공간의 변화를 수반하게 되는데, 최근 스마트시티 건설 과정들은 공간이해 및 공간적 실천에서의 다양한 논점과 과제들을 제시해 준다. 본고에서는 현대도시에서 발생되는 새로운 도시적 실천들을살펴보면서, 참여와 정보기술 활용의 차원에서 계획의 변화 양상들을 살펴보고자하였다. DIY 어바니즘, 크라우드 펀딩, 시빅해킹 등으로 표현되는 최근의 도시적 실천들은 자율적 거버넌스의 차원으로 계획의 전환을 요구한다. 동시에 스마트시티의개발과정에서 나타나는 버텀업적인 성격과 실험적 혁신의 확산, 오픈소스 플랫폼의 형성 및 공유자산중심의 접근, 그리고 리빙랩 형식의 확산들은 참여집단의 다양화와 계획주체의 변화과정을 보여주고 있다. 그 과정에서 도시계획은 전체 계획생태계의 정보적 연계를 토대로, 수평적, 수직적인 확장과 가상공간까지 포괄하는 것을 필요로 하게 된다. 나아가 계획은 참여하는 주민들의 체험적 학습과정이면서 동시에 주민들의 자기조직적 실천과정으로서 이해될 필요가 있다. 그 과정은 기술적인 측면에서 계획2.0 또는 실시간적도시계획의 전개과정으로 파악될 수 있다. 도시계획의 실행과정은 공동의 가치창출과정이고, 참여에 기반하는 협력적 디자인의 브리콜라주한 실험이기도 하다. 그 과정에서 다양한 협력을 위한 도구들과 장치들이 선택되고 결합되면서 참여적인 정보기술 기반의 계획내용들이 실행된다. 마지막으로 이러한 변화들은 근대 초기 위생 중심의 도시계획에서, 다음 단계인 자동차 중심 계획의 전환을 거쳐, 이제 스마트시대의 도시계획으로 전환되는과정이기도 하다. 따라서 그 전반적인 변화 양상들은 전반적인 구조와 체계의 전환(Transition)이란 틀 속에서 이해될 수 있고, 철학적 측면에서 인간을 넘어선 비인간인 사물과 기술을 포괄하는 만물의 정치학(Cosmopolitics)이라는 사상적 프레임 내에서 이해되고 조명될 수 있다.