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Differences in FDI Determinants by Sector: A Knowledge-capital Model Approach
Yongho Choi 한국무역연구원 2016 무역연구 Vol.12 No.5
This paper analyzed the differences in foreign direct investment (FDI) determinants of various sectors using the Knowledge-capital (KC) model framework. Specifically, it compared the differences in the influence of FDI determinants between the manufacturing and service sectors. In the empirical analysis of the Korean outward FDI, the study found that service FDI is likely more demand-seeking than manufacturing FDI. Moreover, service FDI does not tend to be largely affected by trade impediments, caused by the differences in idiosyncratic features between the two sectors. Although past manufacturing FDI is expected to lead current producer service FDI, which facilitates production of manufacturing goods, the Korean manufacturing FDI is not complementarily related to the Korean producer service FDI. Given the rapid growth of the global service sector, the Korean government needs to promote the overseas expansion of service companies through the reinforcement of the overseas expansion support system such as providing sufficient foreign market information, supporting R&D activities for new service development and quality upgrade, and improving the customized financial support system.
THREE-DIMENSIONAL VOLUME RECONSTRUCTION BASED ON MODIFIED FRACTIONAL CAHN–HILLIARD EQUATION
YONGHO CHOI,이승규 한국산업응용수학회 2019 Journal of the Korean Society for Industrial and A Vol.23 No.3
We present the three-dimensional volume reconstruction model using the modified Cahn–Hilliard equation with a fractional Laplacian. From two-dimensional cross section images such as computed tomography, magnetic resonance imaging slice data, we suggest an algorithm to reconstruct three-dimensional volume surface. By using Laplacian operator with the fractional one, the dynamics is changed to the macroscopic limit of Levy process. We initialize between the two cross section with linear interpolation and then smooth and reconstruct the surface by solving modified Cahn–Hilliard equation. We perform various numerical experiments to compare with the previous research.
NUMERICAL IMPLEMENTATION OF THE TWO-DIMENSIONAL INCOMPRESSIBLE NAVIER–STOKES EQUATION
YONGHO CHOI,DARAE JEONG,SEUNGGYU LEE,JUNSEOK KIM 한국산업응용수학회 2015 Journal of the Korean Society for Industrial and A Vol.19 No.2
In this paper, we briefly review and describe a projection algorithm for numerically computing the two-dimensional time-dependent incompressible Navier?Stokes equation. The projection method, which was originally introduced by Alexandre Chorin [A.J. Chorin, Numerical solution of the Navier?Stokes equations, Math. Comput., 22 (1968), pp. 745?762], is an effective numerical method for solving time-dependent incompressible fluid flow problems. The key advantage of the projection method is that we do not compute the momentum and the continuity equations at the same time, which is computationally difficult and costly. In the projection method, we compute an intermediate velocity vector field that is then projected onto divergence-free fields to recover the divergence-free velocity. Numerical solutions for flows inside a driven cavity are presented. We also provide the source code for the programs so that interested readers can modify the programs and adapt them for their own purposes.
Curve and Surface Smoothing Using a Modified Cahn-Hilliard Equation
Choi, Yongho,Jeong, Darea,Kim, Junseok Hindawi Limited 2017 Mathematical problems in engineering Vol.2017 No.-
<P>We present a new method using the modified Cahn-Hilliard (CH) equation for smoothing piecewise linear shapes of two- and three-dimensional objects. The CH equation has good smoothing dynamics and it is coupled with a fidelity term which keeps the original given data; that is, it does not produce significant shrinkage. The modified CH equation is discretized using a linearly stable splitting scheme in time and the resulting scheme is solved by using a Fourier spectral method. We present computational results for both curve and surface smoothing problems. The computational results demonstrate that the proposed algorithm is fast and efficient.</P>
ROBUST AND ACCURATE METHOD FOR THE BLACK-SCHOLES EQUATIONS WITH PAYOFF-CONSISTENT EXTRAPOLATION
CHOI, YONGHO,JEONG, DARAE,KIM, JUNSEOK,KIM, YOUNG ROCK,LEE, SEUNGGYU,SEO, SEUNGSUK,YOO, MINHYUN Korean Mathematical Society 2015 대한수학회논문집 Vol.30 No.3
We present a robust and accurate boundary condition for pricing financial options that is a hybrid combination of the payoff-consistent extrapolation and the Dirichlet boundary conditions. The payoff-consistent extrapolation is an extrapolation which is based on the payoff profile. We apply the new hybrid boundary condition to the multi-dimensional Black-Scholes equations with a high correlation. Correlation terms in mixed derivatives make it more difficult to get stable numerical solutions. However, the proposed new boundary treatments guarantee the stability of the numerical solution with high correlation. To verify the excellence of the new boundary condition, we have several numerical tests such as higher dimensional problem and exotic option with nonlinear payoff. The numerical results demonstrate the robustness and accuracy of the proposed numerical scheme.
ESG 정보를 고려한 투자자별 조절효과가 기업가치에 미치는 영향
최용호(Yongho Choi),김광기(Kwangki Kim) 대한경영학회 2023 大韓經營學會誌 Vol.36 No.4
본 연구는 우선 ESG 경영환경을 채택하는 것이 기업가치에 어떤 영향을 미치고 있는지를 관찰하고자 한다. ESG경영을 채택하는 것에는 초기 투자비용이 발생하는 만큼 이를 주저할 수 있을 것이며, 오히려 기업가치를 감소시키는 결과를 야기시킬 수도 있을 것이다. 따라서, 분석 대상기업들에게 있어서 ESG 경영환경을 채택했다는 것이 과연 그들의 기업가치를 증가시켰는지 여부는 중대한 관전 포인트가 될 것이다. 두 번째로는 통제된 독립변수(ESG 평가등급)의 결과가 과연 종속변수(기업가치)에 어떤 영향을 미치는 가에 있어서 투자자 집단은 어떤 영향력을 미치고 있는지 살펴보고자 한다. 소유구조 별로 본 투자자 집단은 개인투자자, 자산운용사를 중심으로 한 국내 기관투자자, 그리고, 외국인 투자자로 대별할 수 있을 것이다. 이들은 저마다의 투자의사결정 구조나 성향이 다른 부류라 할 수 있다. 이렇게 서로 다른 성향을 갖는 투자자가 ESG환경에 대해서 어떤 반응을 보이는지를 살펴보는 것은 ESG 경영을 실시함에 있어서 시행하는 많은 의사결정에 도움을 줄 수 있을 것이다. 본 연구에서는 투자자를 외국인, (국내) 기관투자자, 그리고, 국민연금으로 구분하였고, 투자자 집단은 아니지만 모든 경영 의사결정에 중대한 영향을 미치는 대주주가 ESG 경영에 있어서 어떠한 조절효과를 갖는지도 연구하고자 한다. ESG 정보가 이해관계자의 요구를 반영하는 것이기도 하지만 주주와 경영자 간 대리인 문제를 살펴보는 도구가 될 수 있기도 하다. ESG 지표가 기업가치에 긍정적인 영향을 미치는가에 대한 분석 결과는 유의적이고, 긍정적인 영향을 미치고 있음을 발견할 수 있었다. 다만, 주요 항목에서는 상이한 결과가 나타났는데, 사회(S) 분야에서는 유의적으로 나타난 반면 환경, 지배구조 분야에서는 그 유의성을 찾을 수가 없었다. 투자자별로 구분해 분석한 연구에서는 외국인과 국민연금이 긍정적인 영향을 미치고 있었으나 기관투자자는 유의적으로 나타나지 않았다. 대주주 역시 긍정적인 효과를 나타내고 있어, ESG 경영환경 요소가 투자자나 대주주에게 중요하게 인식되고 있음을 관찰할 수 있었다. This study first aims to observe how the adoption of the ESG management environment affects firm value. Adopting ESG management may be hesitant as much as the initial investment costs are incurred, and it may rather result in a decrease in firm value. Therefore, it will be an important point of observation for the analyzed companies whether adopting the ESG management environment actually increased their firm value. Second, we will examine the influence of the investor group on how the results of the controlled independent variable (ESG rating) affect the dependent variable (firm value). By ownership structure, the group of investors can be roughly divided into individual investors, domestic institutional investors centered on asset management companies, and foreign investors. Each of these can be said to be a different type of investment decision-making structure or propensity. Looking at how investors with such different tendencies react to the ESG environment will help many decisions made in implementing ESG management. In this study, investors are classified into foreign investors, (domestic) institutional investors, and the National Pension Service, and we want to study what kind of moderating effect the major shareholders, who are not an investor group but have a significant impact on all management decisions, have in ESG management. While ESG information reflects the needs of stakeholders, it can also be a tool for examining the agency problem between shareholders and managers. As a result of the analysis on whether ESG indicators have a positive effect on firm value, it was found that they have a significant and positive effect. However, different results were found in the major items. Significant results were found in the social (S) field, but no significance was found in the environment and governance fields. In the study analyzed separately by investor, foreigners and the national pension had a positive effect, but institutional investors did not appear significantly. Large share-holders also showed a positive effect, and it was observed that ESG management environment factors were recognized as important by investors and major shareholders.