• The Journal of the Korea Contents Association
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• v.7 no.8
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• pp.199-206
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• 2007

Capital gain comes from the transfer gain which is occurring by transferring assets except inventory assets. Our government recently has made capital gain tax on real estates and imposed as classified income tax by including it into aggregate income so that provide function of tax and curb property speculation. However the present income tax law imposes capital gain tax on capital profit including real estate and securities, while this law and the special tax treatment control law implement non-taxation and tax exemption too widely. That is to say, the system of capital gain tax can hinder the fair tax because it has various exemption terms including the non-taxation principle on a house for a family and the special tax treatment law. And also it has a problem in the sense of equity because it imposes tax by progressive tax rate on the subjects of capital gain tax considering them as the profit of that year, which were transferred, so there is difference between the income which has been made for a long time and the income made for a short time even in the same capital gain. Therefore this study identifies some issues surrounding the present capital gain tax system and focuses on presenting reasonable development plan.

• Journal of the Korean Regional Science Association
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• v.10 no.1
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• pp.53-70
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• 1994

The relationships between the Capital gains of housings by tenure, type and size have been analyzed. Major findings are (i) capital gain rate of 'chonsei' housing is larger than that of the owner occupied housing (ii) the small 'chosei' apartment has the highest capital gain rate and the lowest instability index (iii) the smaller the size of housings, the higher the capital gain rate and the smaller the instability index. Even though there is the 'structural change' in the capital gain rates of owner occupied and 'chonsei' housings, they are cointegrated. The capital gain of owner occupied housing is mainly affected by the real estate policies. But, The capital gain of 'chonsei' housing is mainly affected by the business cycle and the aggregate demand management policies.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.133-143
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• 2020

Purpose - This study seeks to summarize the tax changes in stock trading and analyze K-OTC stock trading data in 2017 and 2018 to infer the effects of the application of capital gains taxes by individual investors. Design/methodology/approach - This study analyzes the case of the expansion of the 2018 capital gains tax exemption in the K-OTC market, which exempts capital gains tax on the proceeds from the sale of individual investors of certain stocks under the temporary special law. Findings - In the K-OTC market, the amount of transactions has expanded since the capital gains tax exemption in 2018, but the volume of transactions and transaction turnover have decreased. In particular, the result of lower transaction turnover after the expansion is contrary to expectations. To control the macroscopic effects of the stock market, further analyses the transactions of capital gains tax-exempt stocks and non-exempt stocks. The turnover rate of exemption stocks is higher than that of the non-exempt stocks. In the case of transaction turnover, the two results are not consistent. However, the latter result is more meaningful because the comparison of exempt and non-exempt reduces distortion by macro effects. Research implications or Originality - To mitigate the impact of capital gains taxes on stock market, government authorities need to consider the gradual expansion of the scope of taxation, the application of separate taxation in the introduction of capital gains, the reduction tax rate on transfer income of listed shares, and the reduction tax rate on long-term holdings.

• Proceedings of the Korean Society of Crop Science Conference
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• 1998.10a
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• pp.41-67
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• 1998

This study aimed at examining the investment and economic analysis of greenhouse horticultural project area by governmental subsidy project. There were only 5 project areas that economic efficiency of investment is recognized in 30 project area in Kyungsangnam-do. And there are 7 project areas to gain farm firm revenue. These were possible area to develop to farm firm. There are 4 project areas to gain farm firm revenue in 18 project areas of glass greenhouse area, and 8 project areas to gain farm firm revenue in 12 project areas-vinyl greenhouse area. The rate of return of the fixed capital is higher in the vinyl greenhouse area than in the glass greenhouse area by type of greenhouse. There were cultivated tomatoes, cucumbers, peppers, etc. in the greenhouse area. The investment efficiency of the fixed capital is higher in cucumber and pepper than in other vegetables. Flowers a re lower than the vegetable in investment efficiency.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.465-474
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• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• Korean Business Review
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• v.19 no.2
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• pp.1-21
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• 2006

The purpose of this study is to analysis of the policy and problems of the capital gain tax. So this study identified the problems in the tax system and the method, suggested some ideas that can be useful for reforming the current capital gain tax system. The followings are the concise of some ideas. First, government should adopt the housing market stabilization policy in the long-term period, not in the short-term period which depend on the financial market and the part of home supply. Second, determining the capital gains tax should be transferred to actual market prices system rather than based on the standard assessed prices by government through the nations. By doing so, the desired principles of taxation come true such as principle of taxation on economic substance, principle of taxation on solid foundation and principle of taxation on tax paying ability. Third, transaction taxes should be minimized in the aborting the property speculations and the stabilizing the actual market prices. Fourth, the system of non tax to the owners of 'one family, one house' should be excluded to the tune of principle of tax equity. By doing so, tax payers could be induced to pay taxes on a timely basis not commit to wrong doings. In conclusion, anti-speculation policy should be progressed in such a comprehensive and sustained way as to wipe out the psychology of expectation about the transfer gain's incomes.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.231-237
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• 2022

Intellectual Capital, a valuable intangible organizational asset, is primarily linked to a company's financial performance and is divided into three categories: human, structural, and relational capital. This paper investigates the impact of intellectual capital on the financial performance of selected Pakistani companies in the Information and Communication sector, as this sector is heavily reliant on intellectual capital. The data for 11 firms was gathered from the State Bank's Financial Statements Analysis of Companies Listed on the Pakistan Stock Exchange from 2015 to 2020. Pulić's (2004) Value Added Intellectual Coefficient (VAICTM) has been used to assess a company's IC efficiency. VAIC^TM and its components, the efficiency of intellectual capital, and the efficiency of capital employed are calculated. Financial performance is measured through return on assets, return on capital employed, and asset turnover ratio. Multiple regression, fixed-effect, and random-effect Panel Data estimation are used in the empirical study. The findings suggest that intellectual capital efficiency has a large impact on major profitability metrics, but little effect on company productivity. It can be inferred from the results that the companies must invest in advanced technology, the latest machinery, and well-equipped offices to improve financial performance and productivity and gain a competitive advantage.

• Journal of the Economic Geographical Society of Korea
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• v.14 no.1
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• pp.86-98
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• 2011

Venture capital companies and funds play the following roles: to find small and medium-sized enterprises(SMEs) which face equity gap but possess high-growth potential, to make equity investment in such SMEs, and to intensively support the invested firms' growth in order to gain the maximum profits from the investment via maximization of the firms' values. This work discusses the issue of how such roles of venture capital can be used in a stable manner within individual non-Capital regions of Korea for fostering the start-up and growth of promising SMEs and thereby advancing local/regional economic development. The principal portion of my discussion deals with Regional Venture Capital Fund(RVCF) of UK and its policy implications for the Korean context. Additionally, the work conceptually explores roles of venture capital and local/regional development, and it empirically examines how such venture capital's functions are recently used for the business start-up and growth in the non-Capital regions of Korea.

• Asia Pacific Journal of Business Review
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• v.1 no.1
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• pp.56-66
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• 2016

This paper analyzes the impact of CSR on the capital market in Korea. Using listed firm data, we found that the creation of a sustainability report that indirectly measures the level of CSR can bring the stock rate of return difference of the capital markets representative market index. First, when a firm that publishes a sustainability report was compared in terms of its market rate of return, it showed a return increase of about 2%. We found that higher returns were gained through the competitive advantage of related business when the firm was actively involved in social responsibility. Second, subdivided by industry, firms belonging to the capital goods industry were found to reach a rate of return higher than that of industry. These firms were noticeable in that they were mainly industries that caused environmental pollution. Third, in an additional analysis, foreign investors were given the sustainability report of financial businesses, which was interpreted as a result of industrial properties. A sustainability report is a comprehensive report on the economic, environmental, and social activities of a firm. Firms must learn that they can gain trust through publishing trustworthy reports while achieving the lasting power of growth from the stakeholders.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.397-408
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• 2020

SMEs as an organization to succeed and to be sustainable must have the most essential and strategic capital, namely creativity, competitive advantage, and intellectual capital. This study aims to explore how creativity and intellectual capital determines SMEs' sustainability as well as examine the emerging role of competitive advantage in supporting this relationship. A quantitative method was applied to gain a better understanding of the relationship between variables undergoing Structural Equation Modeling with Partial Least Square (SEM-PLS). This study collected data from 123 SMEs in East Java of Indonesia using an online survey. The approach adopted in this study is a convenience random sampling method, which is widely used in entrepreneurship and SMEs' sustainability research. The findings showed that intellectual capital positively affects both competitive advantage and SMEs' sustainability. Additionally, the result of this study confirms a robust relationship between intellectual capital and SMEs' sustainability. However, partially, creativity failed in explaining SMEs' sustainability. Furthermore, this study confirmed that competitive advantage has successfully mediated both the influence of creativity and intellectual capital to SMEs' sustainability. Although this research only involved participants in East Java, this study can be the first step for relevant research of SMEs' sustainability, in particular, in Indonesia.