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Dynamics of Dividend Payout in Korean Corporations

This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging a dynamic panel data model and the Generalized Method of Moments (GMM) for estimation, the study addresses endogeneity concerns while exploring the effects of firm-specific and macroeconomic variables on dividend yields. The investigation delineates three distinct economic phases: normal conditions, financial crises, and the aggregate study period, facilitating a granular understanding of firms’ dividend payout adaptability under varying economic landscapes. Empirical findings underscore the persistence of dividend payments, revealing a variable adjustment speed toward target dividend yields contingent upon the economic context, with an expedited adjustment observed during crises. Crucially, firm profitability emerges as a consistent determinant of dividend yields across all examined periods, whereas the influence of macroeconomic variables is notably more pronounced during periods of economic normalcy. This research elucidates the complex interplay between internal corporate strategies and external economic pressures in shaping dividend policies, thereby enriching the discourse on dividend payout behavior in the context of Korea’s economic evolution from an emerging to a developed market.

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Dynamics of Dividend Payout in Korean Corporations

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Dynamic Capital Structure Adjustment

This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.

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Why do consumers buy socially responsible products

This paper describes a study into consumers' reasons for buying socially responsible (SR) products, such as Fair Trade products and organic meat. As opposed to other studies, we use a qualitative approach based on 25 in-depth interviews and include several different products in the research. This leads to several new results, such as: (1) buying SR products is perceived as an imperfect moral duty; (2) low quality of SR products is a dissatisfier, but high quality not a satisfier; (3) the attitude towards SR products is related to the reputation of charitable funds; (4) the demand for SR products is negatively related to the frequency of purchasing SR products; (5) reflection on SR products raises the demand for SR products; (6) consumers that have witnessed the social problems that SR products aim to alleviate purchase more SR products. Finally, we find that the demand for different SR products is correlated: if a consumer buys one SR product, it is more likely that (s)he purchases other SR products as well.

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Rationalising irrationality: examining barriers and excuses for sustainable behaviour

There is mounting evidence that efforts to mitigate the adverse effects of human activity on climate and biodiversity have so far been unsuccessful. Explanations for this failure point to a number of factors discussed in this article. While acknowledging cognitive dissonance as a significant contributing factor to continuing unsustainable practices, this article seeks to explore hegemonic rationality of industrial expansion and economic growth and resulting politics of denial. These politics promote the economic rationale for exploitation of the environment, with pursuit of material wealth seen as the most rational goal. Framed this way, this rationality is presented by political and corporate decision-makers as common sense and continuous environmentally destructive behavior is justified under the guise of consumer choices, hampering meaningful action for sustainable change. This article underlines forms of alternative rationality, namely, non-utilitarian and non-hierarchical worldview of environmental and human flourishing, that can advance sustainability. LinkedIn: https://www.linkedin.com/in/helenkopnina/

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Rationalising irrationality: examining barriers and excuses for sustainable behaviour

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The victims of unsustainability: A challenge to Sustainable Development Goals

Environmental unsustainability is due to both structural features and historically specific characteristics of industrial capitalism resulting in specific patterns of production and consumption, as well as population growth. Sustainability literature criticises the established corporate and political power hegemonies, interested in maintaining economic growth, as well as inability or unwillingness of citizen-consumers to counteract these hegemonic tendencies. Yet, official policies are still targeted at social and economic ‘development’ as a panacea for unsustainability challenges. Instead, renewed accent on social and economic objectives are outlined by a set of sustainable development goals (SDG) that include objectives of fighting poverty, promoting better health, reducing mortality, and stimulating equitable economic growth. What is less commonly critiqued is the underlying morality of unsustainability and ethical questions concerned with the ‘victims of unsustainability’ outside of socioeconomic discourse. The achievement of SDG goals, as will be further elaborated on in this article, is unlikely to lead to greater social equality and economic prosperity, but to a greater spread of unsustainable production and consumption, continuous economic as well as population growth that has caused environmental problems in the first place and further objectification of environment and its elements. This article argues that an invocation of ethical duty toward environment and its elements is required in order to move beyond the current status quo. Such ethical approach to unsustainability can effectively address the shortcomings of the mainstream sustainability discourse that is mainly anthropocentric and therefore fails to identify the correct locus of unsustainability. This is an Accepted Manuscript of an article published by Taylor & Francis in International "Journal of Sustainable Development & World Ecology" on 2015 available online: http://www.tandfonline.com https://doi.org/10.1080/13504509.2015.1111269 https://www.linkedin.com/in/helenkopnina/

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The victims of unsustainability: A challenge to Sustainable Development Goals

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Why do society and academia ignore the ‘Scientists

There is increasing evidence that humans are not living sustainably. There are three major drivers of the unsustainable approach: population, consumption and the growth economy. There is widespread denial about these issues, but they clearly need to be addressed if we are to achieve any of the possible sustainable futures. The first and second versions of the ‘World Scientists Warning to Humanity’ both highlight the problem of increasing human population, as do the IPCC and IPBES reports. However, all have been largely ignored. The size of an ecologically sustainable global population is considered, taking into account the implications of increasing per capita consumption. The paper then discusses the reasons why society and academia largely ignore overpopulation. The claim that discussing overpopulation is ‘anti-human’ is refuted. Causal Layered Analysis is used to examine why society ignores data that do not fit with its myths and metaphors, and how such denial is leading society towards collapse. Non-coercive solutions are then considered to reach an ecologically-sustainable human population. LinkedIn: https://www.linkedin.com/in/helenkopnina/

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Why do society and academia ignore the ‘Scientists

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Erasmus staff exchanges

This article outlines the expected benefits of ERASMUS+ Teaching/Training Exchanges for individuals, the institution as a whole and the degree programmes of The Hague University of Applied Sciences (THUAS), the Netherlands. The method employed was a series of semi-structured interviews, following initial email contact of 32 (approx. 1.5% of staff) who had been on exchange, or were scheduled to be, during the academic year. Interviews were agreed with 7 staff. Leask (2015) identified a lack of research in this area, and it is hoped this research will help to stimulate thinking on this issue. Despite the small sample size, general preliminary conclusions can be drawn and further research is encouraged. The article examines processes and procedures in place for monitoring such exchanges, and it also explores control and monitoring prior to the exchange taking place, as well as post-exchange outcomes and evaluations. It describes the context and theoretical frameworks and discusses the major findings, including accounts of the participants’ experiences and the benefits for them as individuals, their perceptions, their line manager’s responses and institutional policies and processes. The conclusion has recommendations for improvement based upon the participants’ comments. The main message of this article is the need to set goals for the individual and the institution and to evaluate them upon return.

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Distributional Semantics of Tags

Preprint submitted to Information Processing & Management Tags are a convenient way to label resources on the web. An interesting question is whether one can determine the semantic meaning of tags in the absence of some predefined formal structure like a thesaurus. Many authors have used the usage data for tags to find their emergent semantics. Here, we argue that the semantics of tags can be captured by comparing the contexts in which tags appear. We give an approach to operationalizing this idea by defining what we call paradigmatic similarity: computing co-occurrence distributions of tags with tags in the same context, and comparing tags using information theoretic similarity measures of these distributions, mostly the Jensen-Shannon divergence. In experiments with three different tagged data collections we study its behavior and compare it to other distance measures. For some tasks, like terminology mapping or clustering, the paradigmatic similarity seems to give better results than similarity measures based on the co-occurrence of the documents or other resources that the tags are associated to. We argue that paradigmatic similarity, is superior to other distance measures, if agreement on topics (as opposed to style, register or language etc.), is the most important criterion, and the main differences between the tagged elements in the data set correspond to different topics

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Problem solving and Program design using the TI-92

This textbook is intended for a basic course in problem solving and program design needed by scientists and engineers using the TI-92. The TI-92 is an extremely powerful problem solving tool that can help you manage complicated problems quickly. We assume no prior knowledge of computers or programming, and for most of its material, high school algebra is sufficient mathematica background. It is advised that you have basic skills in using the TI-92. After the course you will become familiar with many of the programming commands and functions of the TI-92. The connection between good problem solving skills and an effective program design method, is used and applied consistently to most examples and problems in the text. We also introduce many of the programming commands and functions of the TI-92 needed to solve these problems. Each chapter ends with a number of practica problems that require analysis of programs as well as short programming exercises.

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