J. People Plants Environ > Volume 25(3); 2022 > Article |
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This paper is based on my master’s dissertation at Durham University. I would like to thank Mrs Clare Carr in the Durham Centre for Academic Development for her advice on the draft of the master’s dissertation. I also thank my classmates in the course of International Cultural Heritage Management at Durham University for supportive discussions and feedback as was developing Master’s dissertation topic.
Legalised value | → | Cultural value | ||||||||
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Inherent value of cultural heritage as recognised by the South Korean Heritage Protection Act (2018) instituted by the Government of the Republic of Korea | Framework of cultural value (Maeer, 2014) | |||||||||
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Historical value | Academic value | Artistic value | Scenic value | Intrinsic value | → | Instrumental value | ||||
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Values set by the Korean legal framework regarding heritage. These values denote the designations of nationally assigned, nationally registered, or city/province-assigned cultural property (South Korean Cultural Heritage Protection Act 2018). | In this connection, the legal values are realised as cultural values | Individual | In this connection, the individual benefits are transformed into socioeconomic benefits through resident's involvement and engagement with heritage | Social | Social | → | Economic | |||
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Resident's attachment to heritage Resident's appreciation of heritage's beauty and aesthetics Understanding connections to place and time in the form of built heritage |
Social benefits: A sense of belonging, place, pride, and well-being | Educational benefits: Community identity and social cohesion | More recent research shows that urban heritage has a significant positive effect on residents' environmental satisfaction, which influences residential housing prices through the mediating effect of residential environmental satisfaction |
Economic benefits: Tourism and a unique sense of identity Heritage tourism Other directly or indirectly related industries |
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Benefits for communities | ||||||||||
Indicators | Housing satisfaction | Social satisfaction | Educational satisfaction | Housing prices |
Source: Reconfiguration drawing on previous research (Accenture, 2006; Maeer, 2014; Rudokas et al., 2019; Sagger et al., 2021) and South Korean Cultural Heritage Protection Act (2018).
Variables | Definition | |||
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Dependent variables | Housing prices | Multi-unit housing | Real estate transaction housing price | Housing types included single-unit housing, multi-unit housing, and apartments, as per the Korean Enforcement Decree of the Building Act. |
Single-unit housing | ||||
Apartment housing | ||||
Residential environmental satisfaction | Housing environmental satisfaction | Residential satisfaction with the environment by Seoul residents |
Each environmental satisfaction indicator denotes how satisfied residents were with their housing, social, or educational environments. Satisfaction indices were generated by surveying 43,737 people through face-to-face interviews. Housing environment: physical housing. Social environment: public facilities. Educational environment: educational costs and facilities. |
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Social environmental satisfaction | ||||
Educational environmental satisfaction | ||||
Independent variable | Urban heritage sites | Nationally assigned cultural heritage | Nationally assigned heritage sites | National assigned cultural heritage sites are classified by the Cultural Heritage Protection Act. They include three UNESCO World Heritage Sites: Changdeok Palace, Jongmyo Shrine, and the Royal Tombs of the Joseon Dynasty. |
City-assigned cultural heritage | City-assigned heritage sites | Provincial governors designate cultural heritage sites in their jurisdictions as city/province assigned cultural heritage sites, which are recognised as valuable cultural assets that must be preserved. They cover cultural heritage sites that were not previously designated by the central government as nationally assigned heritage sites. | ||
Nationally registered cultural heritage | Nationally registered heritage sites | Nationally registered cultural heritage (or modern cultural heritage) refers to cultural assets dated mainly between 1876 and 1971 (50 years before the current year) and chosen by the Government of the Republic of Korea (Pan and Min, 2009). Nationally registered cultural heritage sites can play an important role in establishing the authenticity and identity of Seoul (Pan and Min, 2009) because they contain remnants of Seoul's modernisation process. These heritage sites are often not recognised as cultural assets as they are regarded as an unwanted legacy of Japanese colonial rule (Pan and Min, 2009). | ||
Nationally assigned heritage sites' protected areas | The term protected area represents an area identified to protect designated cultural properties, excluding the area occupied by the designated cultural properties. | |||
City-assigned heritage sites' protected areas |
Dependent variable | Residential environmental satisfaction | |||||||||
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Housing environmental satisfaction | Social environmental satisfaction | Educational environmental satisfaction | ||||||||
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OLS | SLM | SEM | OLS | SLM | SEM | OLS | SLM | SEM | ||
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Constant | 6.164*** | 5.840*** | 6.189*** | 5.668*** | 6.833*** | 5.623*** | 5.502*** | 5.667*** | 5.499*** | |
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Urban heritage | Nationally assigned cultural heritage | 9.647** | 9.652** | 9.700*** | 1.498** | 1.453*** | 1.320*** | 8.470* | 8.318** | 8.046** |
City-assigned cultural heritage | 6.594 | 6.618* | 6.502* | 1.201* | 1.213** | 1.237** | 5.888 | 5.829 | 5.671 | |
Nationally registered cultural heritage | 2.390 | 2.155 | 1.509 | 1.071 | 1.202 | 1.913 | 1.452 | 1.493 | 1.587 | |
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Protected area | Nationally assigned cultural heritage protected area | −4.11* | −4.134** | −4.321** | −5.705* | −5.632** | −5.747*** | −4.319* | −4.286** | −4.308** |
City-assigned cultural heritage protected area | −4.873 | −1.062 | −2.714 | −8.557 | 2.159 | 5.901 | 3.593 | 6.834 | 1.278 | |
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Rho | 0.053 | −0.208 | −0.030 | |||||||
Lambda | 0.201 | −0.368* | −0.060 | |||||||
R2 | 0.375 | 0.377 | 0.397 | 0.443 | 0.475 | 0.517 | 0.320 | 0.321 | 0.322 | |
Adj. R2 | 0.210 | 0.297 | 0.141 | |||||||
Log-likelihood | 9.179 | 9.214 | 9.409 | 1.176 | 1.671 | 2.210 | 7.495 | 7.504 | 7.510 | |
Akaike information criterion | −6.358 | −4.427 | −6.819 | 9.647 | 10.658 | 7.58 | −2.989 | −1.008 | −3.021 | |
Schwarz criterion | 0.95514. | 105 | 0.494 | 16.961 | 19.190 | 14.893 | 4.324 | 7.525 | 4.293 | |
Jarque-Bera | 2.047 | 2.365 | 1.580 | |||||||
Koenker-Bassett | 6.792 | 8.592 | 2.942 | |||||||
Breusch-Pagan | 5.721 | 6.856 | 6.224 | 6.669 | 7.617 | 10.235 | 4.669 | 2.918 | 3.104 | |
White test | 24.103 | 24.095 | 21.500 | |||||||
Lagrange multiplier (lag) | 0.059 | 0.732 | 0.013 | |||||||
Robust LM (lag) | 0.212 | 0.032 | 0.002 | |||||||
Lagrange multiplier (error) | 0.206 | 1.060 | 0.011 | |||||||
Robust LM (error) | 0.358 | 0.361 | 0.000 | |||||||
Likelihood ratio test | 0.069 | 0.461 | 0.989 | 2.068 | 0.019 | 0.032 |
Dependent variable | Housing prices | |||||||||
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Multi-unit housing price | Single-unit housing price | Apartment housing price | ||||||||
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OLS | SLM | SEM | OLS | SLM | SEM | OLS | SLM | SEM | ||
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Constant | 2.082*** | 3.183*** | 1.988*** | 6.715*** | 9.736*** | 6.530*** | 4.233*** | 6.220*** | 4.058*** | |
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Urban heritage | Nationally assigned cultural heritage | 32.894* | 26.428** | 22.759** | 149.256* | 128.683** | 122.364** | 65.303* | 52.128* | 47.444* |
City-assigned cultural heritage | 615.622*** | 569.628*** | 588.366*** | 3506.27*** | 3272.31*** | 3269.85*** | 1123.6** | 1036.71*** | 1034.77*** | |
Nationally registered cultural heritage | 5643.460* | 5193.710*** | 6355.090 | 3564.860 | 2926.870 | 4787.610 | 6600.320 | 6017.530 | 7568.770 | |
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Protected area | Nationally assigned cultural heritage protected area | −79.246 | −80.974 | −66.361*** | −434.961 | −426.940* | −430.480* | −128.721 | −128.812 | −147.212 |
City-assigned cultural heritage protected area | −161.24 | −4.750*** | 19.971 | −141.567 | 419.925 | 377.239 | −338.176 | 30.136 | 131.417 | |
Rho | −0.461 | −0.399 | −0.438 | |||||||
Lambda | −0.489** | −0.333 | −0.404* | |||||||
R2 | 0.618 | 0.715 | 0.720 | 0.690 | 0.753 | 0.723 | 0.445 | 0.554 | 0.530 | |
Adj. R2 | 0.518 | 0.609 | 0.300 | |||||||
Log-likelihood | −484.199 | −481.736 | −481.662 | −520.156 | −518.212 | −519.378 | −506.858 | −505.190 | −505.683 | |
Akaike information criterion | 980.397 | 977.471 | 975.324 | 1052.310 | 1050.420 | 1050.760 | 1025.720 | 1024.380 | 1023.370 | |
Schwarz criterion | 987.711 | 986.003 | 982.637 | 1059.620 | 1058.960 | 1058.070 | 1033.030 | 1032.910 | 1030.680 | |
Jarque-Bera | 10.038** | 22.559*** | 9.851** | |||||||
Koenker-Bassett | 2.673 | 6.484 | 4.120 | |||||||
Breusch-Pagan | 6.018 | 5.409 | 5.679 | 2.177 | 5.770 | 5.024 | 1.966 | 4.622 | 3.199 | |
White test | 24.339 | 24.969 | 24.766 | |||||||
Lagrange multiplier (lag) | 3.106 | 2.359 | 1.818 | |||||||
Robust LM (lag) | 0.106 | 2.157 | 1.183 | |||||||
Lagrange multiplier (error) | 3.211 | 0.789 | 1.107 | |||||||
Robust LM (error) | 0.210 | 0.587 | 0.472 | |||||||
Likelihood ratio test | 4.926* | 5.073* | 3.888* | 1.556 | 3.336 | 2.350 |
Dependent variables | Spillover effects of independent variables | ||
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Best model | Positive influence | Negative influence | |
Housing environmental satisfaction | SEM | NA (***), CA (*) | NAP (**) |
Social environmental satisfaction | SEM | NA (***), CA (**) | NAP (***) |
Educational environmental satisfaction | SEM | NA (**) | NAP (**) |
Multi-unit housing price | SEM | NA (**), CA (***) | NAP (***) |
Single-unit housing | SLM | NA (**), CA (***) | NAP (*) |
Apartments | SLM | NA (*), CA (**) | N/A |
Model | SEM | |||||||||
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Mediating variable | Housing environmental satisfaction | Social environmental satisfaction | Educational environmental satisfaction | |||||||
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Dependent variable | Multi-unit | Single-unit | Apartment | Multi-unit | Single-unit | Apartment | Multi-unit | Single-unit | Apartment | |
Constant | −3.191 | −2.731 | −1.063 | −5.380* | −2.956* | −1.563** | −5.522* | −4.023** | −2.264*** | |
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Urban heritage | Nationally assigned cultural heritage | 16.678 | 83.396 | 29.759 | 7.395 | 49.795 | 4.756 | 16.502 | 72.649 | 19.213 |
City-assigned cultural heritage | 535.809*** | 3014.900*** | 898.745 | 432.113*** | 2678.360*** | 631.303* | 542.489*** | 2923.720*** | 841.219*** | |
Nationally registered cultural heritage | 5805.400 | 2408.100 | 6329.15 | 6016.930*** | 3192.100 | 6844.740 | 6042.030*** | 2989.930 | 6562.250 | |
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Protected area | Nationally assigned cultural heritage protected area | −39.514 | −225.843 | −58.912 | 5.005 | −71.736 | 54.715 | −12.551 | −77.063 | 49.292 |
City-assigned cultural heritage protected area | −46.377 | 47.102 | −51.838 | −89.799 | −50.780 | −139.232 | −93.454 | −104.570 | −178.300 | |
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Residential environmental satisfaction | Housing environmental satisfaction | 8.493 | 5.521* | 2.402 | ||||||
Social environmental satisfaction | 1.313** | 6.402*** | 3.502** | |||||||
Educational environmental satisfaction | 1.370* | 8.522*** | 4.869*** |