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There have been no empirical attempts to estimate and verify the dividend-earnings relation reflecting both the signaling and dividend smoothing hypotheses. This study proposed a cointegration model to test both hypotheses in an integrated framework in order to provide better insight into the dividend and earning relation. The purpose of this paper is two fold. First, we test the informational content of dividend. For this purpose, we construct a model to show the predictive relations among dividends and future earnings at the firm level. We are particularly interested in the issue of whether the model can detect a presence of inter-temporal relations between dividends and earnings. Specifically, this study pursued two main objectives: (1) what is the characterization of the optimal dividend payout patterns on the individual firm basis; (2) what is the effect of information on the firm's dividend payout policy. The implications of the signaling model and smoothing model of dividends were empirically tested using the recent 26 annual series data of dividends and earnings up to year 2006 for 222 firms listed on the Korea Stock Exchange. The firms with long-term equilibrium relationship between earnings and dividends are identified through a cointegration test and cross-sectional properties of these firms are investigated. The results of t-test and logistic regression show that the presence of cointegration is positively related to the degree of information asymmetry, a result consistent with the dividend signaling hypothesis. In addition, dividend smoothing is identified as an underlying force to make dividends and earnings cointegrated. To ensure the robustness of the empirical results, several firm characteristic variables are added in the logistic regression analysis. The results are virtually unchanged.

Autonomous mobile robots (AMRs) must operate in dynamic, unstructured environments where traditional control and reinforcement learning (RL) face adaptability and reward design limitations. This study proposes a hybrid framework combining proximal policy optimization (PPO) with a large language model (LLM) as an adaptive reward designer. Using GPT-4o-mini, the LLM dynamically shapes rewards based on performance logs, improving exploration and stability. Experiments in complex indoor navigation show the LLM-PPO model reduces collisions by 38%, shortens completion time by 21%, and increases rewards by 8% over PPO. Results demonstrate LLM-RL integration enhances safety, efficiency, and consistency, offering a promising paradigm for AMR control.

The debate on the effectiveness of monetary policy has been going on for long. The real business cycle theory, which assumes a complete market and completely flexible prices, considers the monetary policy neutral, because it affects the nominal price only, with no effect on the real economic variables such as output and interest rate. However, the New Keynesian theory, which assumes an incomplete market and nominal rigidities, considers the monetary policy no longer neutral, and as affecting several real economic variables and leading to economic fluctuations in the short run. New Keynesian economics modified real business cycle method and add nominal rigidities, various shocks and frictions to construct the new Keynesian model, which is called Dynamic Stochastic General Equilibrium (DSGE) model. For the efficient implementation of monetary policy, it is important to understand the spillover effects of monetary policy to the real economy. To this end, this study investigates the effects of monetary policy on each part of the Chinese real economy. This paper estimates a closed medium-scale dynamic stochastic general equilibrium (DSGE) model and presents the dynamic monetary policy shock effects on the Chinese economy. We estimate some important parameter values by applying the Bayesian approach to quarterly data of three Chinese macroeconomic variables, output, consumption, and inflation, for the period from 1992:1 to 2018:4. The closed medium-scale DSGE model shows that a positive monetary policy shock has negative effects on the output, consumption, investment, labor, inflation, wage, and government consumption, whose values go down in the first period but then rise and finally revert to the steady-state values. Conversely, a negative monetary policy shock has positive effects on the output, consumption, investment, labor, inflation, wage, and government consumption in the short run. Our results are consistent with the findings of Smets and Wouters (2003, 2007) and Christiano, Eichenbaum, and Evan (2005).

본 연구는 수직관련 시장의 프레임에서 자국의 최종재 기업과 외국의 최종재 기업이 2기간(two periods)에 걸쳐 수출경쟁을 하며 이때 자국의 최종재 생산자는 필요한 핵심 중간재를 외국의 중간재 공급자에게 의존하는 동태모델을 설정, 양국의 중간재 무역과 관련한 비협력적 최적무역정책의 결정과 그 요인에 대해 분석한다. 외국의 최종재 생산자는 제1기에 산출량의 축적에 따른 학습효과 (Learning by Doing)를 가정하며 이같은 동태적 규모의 경제의 가정은 외국기업으로 하여금 생산량의 축적을 통해 초기의 비용 조건상의 불리를 극복하는 가능성을 부여한다. 제1기 외국의 최종재 기업의 수출량이 충분히 적고 그리고 중간재 생산자가 단기 이윤최대화에 의존하는 경우, 외국은 제1기에 중간재 수출에 대해 수출보조금을 지급하며 제2기에 수출세를 부과한다. 자국은 중간재의 교역 조건을 개선하기 위해 수입관세를 부과하는 유인이 발생한다. 한편 중간재 생산자의 이윤최대화와 관련한 시간지평상의 태도는 재화시장 균형에 영향을 미치지 못한다.

We build a 2 periods dynamic export rivalry model between domestic final good producer and its foreign rival, where the final good can only be produced with a key intermediate input monopolized by upstream firm in the foreign country. The foreign final good production is characterized by learning by doing in period 1, which gives the foreign final good producer the possibility of overcoming the initial cost disadvantage as output accumulates. We find that when the foreign country’s final good export in period 1 is sufficiently small and the foreign intermediate good producer depends on the short run profit maximization, the foreign country’s optimal trade policy for the intermediate good is export subsidy in period 1 and export tax in period 2. On the side of home country, it levies import tariffs on intermediate good both in period 1 and 2. Meanwhile the market equilibrium both in the final and intermediate good do not depend on the choice of time horizon with regard to the profit maximization of foreign intermediate good producer.

월별로 집행되는 통화정책과 달리 실물경제의 반응을 측정하는 대표변수인 GDP 는 분기별로 공표되고 있어 VAR 모형분석을 이용한 표준적 동태분석에 어려움이있다. 본고에서는 이러한 분기 GDP 및 월별 금융변수로 이루어진 혼합주기 자료를 가지고, 통화정책(통화량 변동을 대리변수로 사용)의 GDP에 대한 파급효과를월별 VAR 모형을 김윤영․박준용(2007) 등이 제시한 방법으로 추정 분석하였다. 붓스트랩을 이용한 충격반응분석 결과, 중위값(median) 기준으로 통화량 증가 충격은 2개월 이후의 GDP 증가에 큰 영향을 미치다가 그 효과가 점차 사라지지만분기 내에서 월별로 진동성(cyclicity) 을 갖는 것으로 나타났다. 반면 GDP 증가충격은 단시간에 물가와 환율을 상승시키나 시간의 흐름에 따라 점차 그 효과가작아지는 것으로 나타났다. 마지막으로 환율 상승 충격은 9개월 이후 GDP를 증가시켜 충격․반응 간 시차가 상대적으로 긴 것으로 나타났다. 그러나 분기모형의 경우 통화량 증가 충격이 GDP에 미치는 영향의 방향이 혼합주기 모형과 같으나 좀 더 평활화(smoothing) 된 형태로 나타났다. 이런 접근은 통화정책의 對GDP 동태효과를 월단위로 파악할 수 있어 금융시장이 단기간에 급변하는 위기시의 정책결정에 유용한 정보를 제공할 수 있을 것으로 판단된다.

Central banks conduct monetary policy on a monthly basis and have interests in the dynamic analysis of monthly frequency data. However, GDP is observed quarterly and thus an impulse response analysis using quarterly model is conventional. A realistic approach is to estimate a monthly VAR using a mixed frequency data. In this paper, following Kim and Park(2007), we conduct a dynamic analysis of the effect of Korean monetary policy on GDP under VAR model with a mixed frequency data. According to the impulse response analysis based on GMM estimation, we find the increase of money supply affects GDP growth and the effect disappears gradually. However, the inflation and Won/Dollar exchange rate are not much affected by the money supply shocks. This approach may be useful especially during financial crisis because the monetary policy effect is analyzed by monthly period.

본고는 1991∼2008년까지의 분기 시계열 자료를 이용해 통화정책(구체적으로는콜금리 경로) 및 실물․금융변수와 주택가격의 동태적 상관관계를 분석했다. 특히 2001년 이후 주택가격의 지속적인 상승국면에서 실물·금융변수와의 상호비교 하에서 정책금리 조정이 과연 주택가격에 얼마만큼의 영향을 미쳤는가에 분석의 초점을 두었다. 이를 위해 본고는 분석대상 시계열의 자료 제한을 보완하고 모형의 적합성과 예측력을 제고하기 위해 Villani(2009)의 베이지언 VAR을 분석방법으로 원용하였다. 그리고 모형식별은 VAR 변수의 외생성을 보다 객관적으로도출할 수 있는 DAG(Directed Acyclic Graph) 기법을 활용하였으며 이를 토대로충격반응분석, 예측오차에 대한 분산분해 및 역사적 분해, 조건부 예측 등을 시도하였다. 분석 결과 2000년대 들어 실질 주택가격(국민은행의 전국 주택가격지수기준) 변동은 콜금리 변경에 의해서는 불확실하고 미약하게 영향을 받았던 반면실질소득, 소비지출, 주거용 건설투자, 물가 등 실물경제충격과 가계대출충격에의해서는 유의적이면서도 상대적으로 크게 영향을 받은 것으로 나타났다.

This paper analyzes the dynamic relationship between monetary policy,macroeconomic, and financial variables and housing prices in Korea using quarterly data from 1991 to 2008. The used method is steady state Bayesian VAR (Villani, 2009) which is identified by Choleski decomposition supported by the DAGs (Directed Acyclic Graph) technique as well as usual plausible assumptions about the exogenous status among the variables. The overall estimation results from impulse-response analysis, forecast error variance decomposition, historical decomposition, and conditional forecasts imply that the variations of real housing prices since 2000 have been more strongly affected by the shocks in real economic variables such as income, housing investment, and households loans rather than monetary policy shock (changes in call rate).

클라우드 환경의 보안 위협 증가로 최소 권한 정책의 중요성이 부각되고 있다. 특히, AWS와 같은 퍼블릭 클라우드 플랫폼에서는 복잡한 권한 관리로 인한 과도한 권한 부여가 보안 사고로 이어질 수 있다. 기존 최소 권한 정책 데이터베이스는 단순한 호출 기록에 기반하여 종속 권한 누락과 동적 권한 생성의 비효율성을 겪었다. 이를 해결하기 위해 AWS CloudTrail 로그를 기반으로 동적으로 최소 권한 정책을 생성하는 체계를 제안한다. 구체적으로, Action 그룹화, Placeholder 기반 동적 정책 생성, 종속 권한 반영의 세 가지 접근법을 통해 데이터베이스를 최적화하였다. 연구의 결과, AWS의 주요 서비스인 S3와 EC2를 대상으로 총 644개의 API 정책 파일을 설계하고 데이터베이스화하여 실제 클라우드 환경에서도 적용할 수 있는 최소 권한 정책 체계를 구축하였다.

With increasing security threats in cloud environments, the least privilege has become important. In platforms like AWS, complex permission management often leads to over-provisioning and vulnerabilities. Traditional policy databases miss dependent and dynamic permissions due to simple records. To address these challenges, we propose a dynamic framework using CloudTrail logs with action grouping, placeholder-based generation, and dependent permission integration. Thus, we compiled a database of 644 policies for S3 and EC2, creating a scalable least privilege system.

실물경기변동은 생산성 충격 등 다양한 실물 충격에 의해서 발생한다. 실물충격은 거시경제 전반에 파급효과를 미칠 뿐 아니라, 정부지출, 공채발행, 조세율 등을 포함한 최적 재정정책에도 영향을 미칠 수 있다. 본 연구는 총요소생산성 충격이 내생적인 최적 재정정책에 미치는 영향을 분석하였다. 분석결과 총요소생산성충격(+)은 소득을 증가시키고 정부지출을 늘림으로써 초기에는 재원 마련에 유연성이 큰 공채 발행을 증가시키는 반면 자본소득세율과 근로소득세율을 단기적으로 하락시키다가 시간이 지나면서 다시 상승시키는 것이 중장기 최적 재정정책의 경로로 분석되었다. 결론적으로 총요소생산성 충격에 따른 최적 재정정책은경기순행적이며, 그 결과 조세율은 경기 안정화에 기여하는 방향으로 움직이는것이 바람직한 것으로 나타났다.

This paper investigates a real business cycle model with endogenous capital income and labour income taxes under the incomplete competitive markets. Our model is able to duplicate the feature of the stylized facts of business cycles in Korea. Under the incomplete competitive markets, a positive productivity shock increases income and then expands government expenditure more than consumption, and then requires the increases of government bond supply. However, the tax rates of both labour and capital incomes decrease temporarily because the supplies of government bonds have more flexibility than tax rates to finance the government expenditure.

본 연구는 1970년 말 이후 수도권과 지역을 중심으로 전개되어 온 한국여성학 의 제도화 과정에서 비켜 서 있었던 광주지역에서 지역 여성운동활동가에 의해 제기 되고 지자체가 지원하여 개설된 전남학교 차세 여성정책전문가 과정의 형성과 전개과정 그리고 발전방향을 모색하는 과정에서 지역여성 활동주체들이 발휘하는 행위력을 중심으로 지역현장여성주의의 창조적 태동을 가늠한다. 기존의 지역여성 주의 연구가 갖는 거시적･단체 중심적 역사구성의 기반 위에서 행위자 중심의 실천 적 민족지적 연구를 통해 지역여성주의 현장의 미시적 분석을 시도한다. 지역 여성 학의 미완의 제도화와 전담주체의 미비라는 한계에도 불구하고, <차세 과정>의 여성주의 인식론, 이론과 지식의 수혈을 통한 활동가 역량강화는 여성주체로서의 강 화, 지역 활동가와 전문가간의 네트워킹과 연, 그리고 지역현장여성주의 지식생산 에 긍정적으로 기여해왔다. 수도권 의존적으로 전개되어 온 여성학 지식생산방식을 극복하고 지역현장 여성주의의 장(場)으로서 <차세 과정>이 자리매김하기 위해 서 지역 활동 주체들의 행위력이 출구를 찾아가는 과정의 분석을 통해 지역현장 여 성주의의 동학을 그려본다.

The Kwangju region hasn't been influenced by the flux of institutionalization of women's studies since the late 1970's. Feminism Knowledge production has been made in the centered area in Korea so feminist activism has developed without feminism knowledge produced in local area. However, <Program of Women's Policy for the next-generation activists> was established by gender-governance of local feminism leaderships in 2010. This study focuses on local feminism agency's proactive praxis around the process of program's formation, development and seeking for its direction. With established studies on local feminism focused on macro-level, this study tries to make actor-centered micro-level action ethnography on local space. In spite of a lack of institutionalization of women's studies, <the program> has brought positive outcomes such as women activists' empowerment, and expansion of local feminism in the region by providing feminist theories and methodologies and networking among participants. Overcoming dependency of feminism on the outside, <the Program>, as the stable feminism knowledge production center in local, has to institutionalize through secure feminism professorship and stable operating system. The main factor making the dynamic of local feminism is an agency of various women agents.

본 연구는 국가 AI 경쟁력을 정태적 순위 비교에 그치지 않고, 역량이 축적·확산되는 구조적 경 로와 정책 개입의 시간지연 효과를 규명하기 위해 시스템 다이내믹스(System Dynamics) 기반 분 석을 적용하였다. 분석 범위는 OECD 38개국이며, Tortoise Media의 Global AI Index가 제시하는 구 현(Implementation)·혁신(Innovation)·투자(Investment) 3대 축의 2023–2025년 점수(0–100 정규 화)를 활용하였다. 분석결과, OECD 내 점수 분포는 상위 소수 국가에 편중되어 있으며, 특히 투자 축에서 국가 간 격차가 크게 나타나 상위권 도약을 좌우하는 변별력 있는 축으로 기능하는 것으로 확인되었다. RQ1에 대해, 구현·혁신·투자는 ‘투자→혁신→채택(구현)→시장수요/상용화→추가투자’ 로 연결되는 강화루프와 ‘리스크 사건→신뢰 저하/규제·준수부담 증가→채택·투자 둔화’의 균형루프 가 동시에 작동하는 구조로 상호 영향을 주는 것으로 분석된다. RQ2에 대해, 정부 AI 예산은 R&D·공공 인프라를 통해 혁신(및 간접적으로 투자)을, 교육·훈련은 인재공급과 R&D 생산성을 통해 혁 신·구현을, 민간 AI 투자는 상용화·스케일업을 통해 투자 축을 가장 직접적으로 강화하며, 효과는 1.5–3년 내외의 시차를 두고 누적적으로 나타나는 것으로 분석되었다. RQ3에 대해, 한국이 투자 점수 OECD 3위에 도달하기 위해서는 민간 투자 레버리지의 상향을 핵심으로 하되 정부전략과 인재 기반을 결합한 패키지형 조합이 필요하며, 본 연구의 대표 조합(G=1.2, P=1.3, E=1.1)이 그 최소 조건 중 하나로 도출되었다.

This study applies a System Dynamics-based approach to move beyond static rank comparisons of national AI competitiveness and to identify the structural pathways through which capabilities accumulate and diffuse, as well as the time-lagged effects of policy interventions. The analysis covers 38 OECD countries and uses normalized (0-100) scores for 2023-2025 on the three pillars-Implementation, Innovation, and Investment-presented in Tortoise Media’s Global AI Index. The results show that score distributions within the OECD are concentrated among a small number of top countries. In particular, cross-country gaps are largest in the Investment pillar, confirming its role as a highly discriminating dimension that can determine whether a country breaks into the top tier. Regarding RQ1, Implementation, Innovation, and Investment are mutually reinforcing through a reinforcing loop-investment → innovation → adoption (implementation) → market demand/commercialization → additional investment-while simultaneously being constrained by a balancing loop in which risk events → declining trust / increased regulation and compliance burdens → slower adoption and investment. Regarding RQ2, government AI budgets strengthen Innovation (and indirectly Investment) through R&D and public infrastructure; education and training enhance Innovation and Implementation by expanding the talent supply and improving R&D productivity; and private AI investment most directly reinforces the Investment pillar via commercialization and scale-up. These effects accumulate over time and typically materialize with lags of approximately 1.5-3 years. Regarding RQ3, for Korea to reach third place in the OECD in the Investment score, increasing private-investment leverage should be the central lever, combined with a package of complementary measures that integrates government strategy and the talent base. One representative package identified in this study (G=1.2, P=1.3, E=1.1) is derived as one of the minimum conditions for achieving that target.

창조경제 활성화정책의 일환으로 기술창업 부분의 지원 정책이 확대되고 있다. 국내의 기술창업이 2000년초에 활성화되었다가 급속히 위축된 이유로는 기술개발, 창업, 금융, 경영 지원 등의 각 분야의 협력이 부족하였던 점이 지적되고 있다. 미국 실리콘 밸리의 경우는 오랜 기간에 걸쳐서 이러한 점을 지원하는 각종 조직과 사회적 분위기가 형성되었다. 국내는 산업화와 정보화를 정부의 주도로 단기간에 이룩한 바와 같이 창조경제도 정부의 주도로 급속히 활성화되고 있는 데, 이를 지원하기 적당한 도구가 버추얼 클러스터형 다이내믹 협업 플랫폼이다. 본 연구에서는 이 플랫폼의 필요성과 효용성을 설명하고 이를 활용하여 창조경제를 활성화하는 정책을 제안하였다.

Start-up support policy is expanding for the activation of creative economy. Domestic start-up is activated in early 2000, but is shrinked rapidly because there is not enough collaborative system of R&D, start-up, finance, and management support. Many organizations and collaborative environment in Silicon valley of USA is developed for long time. In Korea, creative economy is constructing rapidly led by government like building industrialization and information society. VCDP(Virtual Cluster-type Dynamic Collaboration Platform) is a good tool for the start-up support policy. This study explains the necessity and effectiveness of VCDP and suggests creative activation policy using this tool.

오늘날 SNS를 포함하여 다양한 스마트미디어들의 급속한 보급으로 새로운 스마트융합시대가 도래하고 있다. 그러나 이러한 스마트융합사회가 아직 효율적이지는 못하다. 특히 장시간의 로딩시간, 비싼 단말기와 이용료, 개인정보의 유출, 스팸메일과 음란폭력물, 잦은 끊김, 접속 장애, 정보격차 등 무수한 이용의 어려움들이 아직 해결되지 못하고 있다. 이러한 문제점들은 당연히 방송통신 정책의 과제가 될 것이다. 이러한 관점에서 본 논문은 보다 효율적인 스마트융합사회를 만들기 위하여 역동적인 삶의 질에 기초한 방송통신 정책들을 제안하고 있다. 이러한 정책들은 새로운 방송통신 콘텐츠의 개발과 생산 그리고 안정적인 서비스의 제공과 프라이버시의 보호 등 지금까지 제기되는 정책적 과제들을 해결하는데 크게 기여할 수 있는 내용들이다.

Nowadays, the rapid progress and worldwide use of smart-media(SNS) has resulted in coming of the smart media convergence age. In practice, however, the effectiveness of smart media convergence society is limited by the difficulties of using it, which include accessibility, waiting for loading, clutter, old information, privacy risks, expensive communication, etc. The conquest of these difficulties must be policy target of broadcasting and telecommunication for high quality of communication life. From this perspective, this paper proposes a new policy of broadcasting and telecommunication based on the dynamic quality of life for the smart media convergence society. This smart convergence policy will not promote only the development and production of smart media contents but also its stable supply and it will secure the accessibility and privacy. In conclusion, this paper reveals that the components of quality of life are important elements of broadcasting and communication policies which will eventually lead to the popular use of smart media and enhance its quality.

Attribute-Based Encryption (ABE) is a promising cryptographic primitive to implement access control for secure data storage in the cloud. Since the data owner may frequently change the access policies defined in the ciphertext, it is significant to provide the capacity for dynamic policy updating. However the cloud should also authenticate the owner because the adversary may modify the access policies of the files in the cloud to prevent the legal users from accessing them. In this paper, we focus on the owner’s authentication in the ABE systems and propose a novel scheme which enables access control with authenticated dynamic policy updating in the cloud. We adapt the Pedersen commitment and Zero Knowledge Proof of Knowledge (ZKPK) to realize the anonymous authentication of the owner’s policy updating key without increasing any secret information to the owner side. The analysis shows that our scheme is authentic and efficient as well as adaptive to different types of access policies.

This work presentss the system for dynamic enforcement of access rights on Android. Each application will be repackaged by this system, so that the access to selected private data is restricted for the outer world. The system intercepts the system calls using Aurasium framework and adds an innovative approach of tracking the information flows from the privacy-sensitive sources using tainting mechanism without need of administrator rights. There has been designed file-level and data-level taint propagation and policy enforcement based on Android binder.

This paper considers a condition-based maintenance (i.e. CBM) model for the hydro generating unit in the deregulated power system. As the generating loss varies according to the time-varying inflows, the economic dependence among the critical component of the generating unit is dynamic. To reduce the maintenance cost effectively, we propose an inflow-dependent control-limit policy instead of the constant control-limit policy for CBM optimization. An example for the hydro generating unit is presented to verify the effectiveness of the proposed policy.

Verifying the correctness of large, complex and dynamic access control policies by hand is insufficient and error-prone. We present X-policy, a knowledge-based verification tool that can analyse the system's vulnerabilities where the attackers can act as a coalition of users, use the system, share knowledge and collaborate with each other to achieve the attack. We present a policy language that is able to express dynamic access control policies and a corresponding query language. We model the EasyChair conference management system and we analyse in details three security properties of EasyChair using our model. Finally, we compare our results with similar tools and we discuss the results and the advantages of our tool and approach.

The IP Virtual Private Network technology is increasingly being used due to its efficiency in terms of cost, its availability and its high security level, companies deploy multiple secure tunnels and send through them different traffics, in order to guaranty a reliable level of communication and the availability of resources, many qualities of service’s policies must be defined. According to our research, most of works treat only the problematic of the Quality of Service management in a site to site Virtual Private Network, this was an incentive for us to: design and implement a new model of a smart adaptive quality of service management for the dynamic and multipoint Virtual Private Network, and create a new friendly-user web application to facilitate the quality of service management for such complex networks. This paper discusses a new model for the policy-based management of a smart adaptive quality of service for the Dynamic and Multipoint Virtual Private Network using a new WEB interface.

The purpose of this study is to examine the Causality Relationship between Strategic ExportPromotion Policy and Dynamic Comparative Advantage in Korean trade. We use paneldata of korea trade in medium-technology products. In order to test whether panel data arestationary or non-stationary, we carry out unit root test. And we use panel VAR modeand analyse panel Granger causality between net export abilities and dynamic comparativeadvantages. The empirical results indicate that there is a Granger causal relationship runningfrom comparative advantages to the net export abilities in the korea medium technologyand engineering and all medium technology products. The results suggest that the dynamiccomparative advantages in the Korea medium technology products can not be created bystrategic export promotion policy.

This paper analyzes how corporate financial performance is affected by changes in government policy and regulation, focusing on the construction industry. We analyze the performance of construction firms listed on the KOSPI and KOSDAQ markets from 2001 to 2022 from both financial and non-financial perspectives. In particular, construction firms listed on the KOSPI and KOSDAQ, which are closely related to the domestic real estate market, can experience significant changes in profitability depending on government policies and regulations. We use kernel density estimation to convert discrete financial indicators into continuous probability distributions to examine changes over time. To understand this more precisely, we conduct a dynamic panel analysis to examine the impact of government policy and regulatory variables on the profitability of construction firms. The empirical results show that government regulations affect the profitability of construction firms. The result of robustness analysis shows that the impacts of government policies and regulations on between KOSPI firms and KODAQ are somewhat different.