• Management & Information Systems Review
• /
• v.35 no.2
• /
• pp.1-12
• /
• 2016

In this study, price discovery between the KOSPI200 spot, and leveraged ETFs(Leveraged KODEX, Leveraged TIGER, Leveraged KStar) is investigated using the vector error correction model(VECM). The main findings are as follows. Leveraged KODEX(Leveraged TIGER, Leveraged KStar) and KOSPI200 spot are cointegrated in most cases. There is no interrelations between the movement of Leveraged KODEX(Leveraged TIGER, Leveraged KStar) and KOSPI200 spot markets in case of daily data. Namely, in daily data, Leveraged KODEX(Leveraged TIGER, Leveraged KStar) doesn't plays more dominant role in price discovery than the KOSPI200 spot.

• Management & Information Systems Review
• /
• v.31 no.3
• /
• pp.117-139
• /
• 2012

The purpose of this study is to examine of transparency and Corporate Social Responsibility(CSR) on financial performance and firm value. The empirical results are as follows: First, we finds that ROA showed significant effect of all transparency measures exception QAS measure and Tobin's Q showed significant effect of CITSA, SCTSA, SETR and SATSA. Second, 'Total-ROA' and 'ROA' models showed significant positive effects of lnCSR(TranD${\times}$lnCSR) and ROA, also 'Total-Tobin's Q' and 'Tobin's Q' model had same results. Consequently, this study results had that The firms with higher transparency and higher CSR exhibit better financial performance and firm value.

• Management & Information Systems Review
• /
• v.33 no.4
• /
• pp.63-75
• /
• 2014

The paper investigates empirically the determinants of standardization activity at the industry level, focusing on market structure. The enactments or amendments of collective standards is used as the proxy variable for standardization activity. The independent variables, in addition to market structure, are technological opportunity, factor intensity, export ratio, and industry characteristics(assembly). We estimated the logistic regression model(so-called Logit), using the pooling data for 9 Korean industries, including foods, textiles, chemicals, nonmetallic minerals, metals, electronics and electrics, machinery, automobiles, and shipbuilding, over 2006-2009. The empirical finding shows that market structure has no any effects on the enactments or amendments of collective standards in Korea. This might infer that oligopolistic firms devote themselves to de facto standards determined by market rather than de jure standards such as collective standards and Korean Standards(KS). Besides market structure variable, whereas technological opportunity and assembly characteristics are likely to relate positively with the enactments or amendments of collective standards, capital intensity and export ratio have no any relationship with industrial standardization, respectively.

• The Journal of the Korea Contents Association
• /
• v.9 no.6
• /
• pp.196-206
• /
• 2009

The profitability of a hospital refers to business administration results achieved through its medical care and other management activities during applicable fiscal year. This study focused on operating margin as a measurement index of hospital profitability, which is a genuine medical return obtained by subtracting medical expenses from medical profits achieved during business administration of hospital. Based on the index, this study could deduce certain factors on hospital profitability in terms of various indices affecting profitability. And based on those factors, this study sought to provide more useful reference materials which allow us to devise possible ways to improve hospital profitability. As a result, it was found that public hospitals attained lower profitability than private ones. To analyze profitability depending on each index, this study divided hospitals broadly into deficit group and surplus group. As a result, it was found that there were significant differences in hospital profitability between two groups depending upon relevant indices such as labor cost ratio, maintenance expense ratio, number of operations per medical specialist and medical instrument turnover. According to analysis on potential effects of relevant indices upon profitability, it was found that each index had its explanatory power ranging from 25% to 74.5% depending on given model.

• Journal of the Korea Convergence Society
• /
• v.10 no.4
• /
• pp.131-138
• /
• 2019

Diesel engines have important advantages over its gasoline counterpart including high thermal efficiency, high fuel economy and low emissions of CO, HC and $CO_2$. However, NOx reducing is more difficult on diesel engines because of the high $O_2$ concentration in the exhaust, marking general three way catalytic converter ineffective. Two method available technologies for continuous NOx reduction onboard diesel engines are Urea-SCR and LNT. The implementation of the Urea-SCR systems in design engines have made it possible for 2.5l and over engines to meet the tightened NOx emission standard of Euro-6. In this study, we investigate the characteristics of NOx reduction with respect to engine speed, load, types of catalyst and the $NH_3$/NOx ratio and present the conditions which maximize NOx reduction. Also we provide detailed experimental data on Urea-SCR which can be used for the preparation for standards beyond Euro-6.

• 한국벤처창업학회:학술대회논문집
• /
• 2020.06a
• /
• pp.129-134
• /
• 2020

본 연구 목적은 MBTI에 의해 구분되는 인간의 성격유형에 따라 금융투자자들의 위험선호의 차이 유무, Private Banker의 투자 조언의 수용, 그리고 Private Bank Service의 사용의도에 어떠한 영향을 미치는지 알아보는 것이다. 또한 MBTI의 성격유형별 주기능 사용의 차이에 기인한 개인의 특성이 위험선호에 미치는 영향을 알아보는 것이다. 이를 위해 본 연구는 실험군인 고액자산가(HNWI)와 대조군인 학생의 MBTI 성격유형을 개별로 검사하고 Holt and Laury (2002)와 Weber et al. (2002)의 설문을 활용하는 실증적인 비교분석을 실시하였다. 본 연구의 결과, 첫째, Holt and Laury(2002)의 Lottery연구에서 고액자산가와 일반 대조군 그리고 MBTI의 주기능분류(ST, NF)에 따른 차이는 존재하였다. 특히 고액자산가의 경우 ST와 NF 그룹의 차이가 존재하는 것을 확인하였다. 둘째, Weber et al.(2002)의 위험 감수를 측정하는 심리측정 요인 중 Gamble(g) Recreation(r)의 특성이 고액자산가에서 위험선호도에 미치는 영향이 높은 것으로 나타났다. 이러한 결과는 개인의 일상생활에 관련한 특성 또는 금융과 관련 없는 취미생활이 개인의 위험선호도에 반영될 수 있음을 나타내는 것으로 기존의 문헌들의 연구결과를 지지한다고 할 수 있다. 셋째, MBTI의 선호지표점수에 따라 위험선호도에 차이가 존재하였다. MBTI T점수가 높을 경우 위험선호도가 낮은 것을 확인할 수 있었으며, 고액자산가그룹에는 영향이 없는 것으로 밝혀졌다. 넷째, MBTI 유형도표의 태도지표에 의해 구분된 유형들에 따라 전체 금융자산 대비 Private Banker를 이용하는 비율의 차이가 존재하는 것으로 밝혀졌다. 고액자산가를 대상으로 분석한 결과 태도유형 EP의 경우 다른 그룹에 비해 이용비율수준이 낮아 MBTI로 분류된 성격유형에 따라 전체금융자산 대비 Private Banker의 이용수준에도 영향이 있음을 확인하였다.

• Korean small business review
• /
• v.42 no.3
• /
• pp.101-121
• /
• 2020

Marking the 40th anniversary of the founding of The Korean Association of Small Business Studies, this paper was carried out to shed light on the historical trend of 40 years of small and medium business research through the papers published in the Asia Pacific Journal of Small Business and to consider the direction of future small and medium business research. In particular, we will focus on small and medium venture business policies and strategic management aspects of small and medium venture businesses to analyze the contents of published papers related to the subject and contribute to finding implications and future research directions. In order to analyze the research trends of small and medium venture business policies and strategic management sectors of small and medium venture companies covered in the Asia Pacific Journal of Small Business from 1979 to 2019, the analysis was divided by time and item based on research subjects, research methods, researchers, etc., and the primary analysis results are as follows: First, out of a total of 1,056 research papers, research papers on small and medium venture enterprise policy and strategic management showed a ratio of about 14% and 11% of the total research. Second, in terms of research subjects, the proportion of policy research on funds and start-ups and ventures was high in the field of small and medium venture enterprise policy, and the research on internationalization strategy was carried out the most in the area of strategic management. Third, qualitative research was more prominent until the 1980s, but the proportion of quantitative research began to increase after the 1990s, and since then, quantitative research has been carried out more than qualitative research. Fourth, over the past 40 years, Hanyang University, Kyungpook National University, Konkuk University, etc. were the institutions that presented research papers most actively in the areas of small and medium venture business policy and strategic management, and the research institute's participation was somewhat insufficient. The main implications of this study for the continuous development of the Asia Pacific Journal of Small Business are as follows. First, it is necessary to enhance the link between research on policy research and strategic management of small and medium venture companies in terms of research subject matter. Second, more diversity should be pursued in terms of research methods. Third, it is necessary to increase the participation rate of public and private research institutes related to small and medium venture enterprises in academic societies.

• Journal of Digital Convergence
• /
• v.12 no.5
• /
• pp.131-138
• /
• 2014

Management consulting by a bank is expected to have a win-win relationship to the mutual development of the banks and client firms. Previous studies also claimed that consulting had a positive impact on the competitiveness and business performance of the firms. Nevertheless, few empirical studies were found to analyze the relationship and explain the result whether consulting had really enhanced the competitiveness and performance of the businesses after consulting. The present paper has empirically analyzed the impact of a management consulting by a bank on the business performance of the client firms and on the contribution to the bank. In terms of client firms, the financial results of the client companies such as stability, profitability and growth potential were compared before and after the consulting; in terms of the bank, the changes in the last three-month average outstanding of deposits and loans were measured and verified in order to measure the contribution of the client firms to bank. A significant effect was confirmed in this study of the consulting on the client firms' the debt ratio-an item of financial stability and sales growth-an item of the growth potential.

• 한국산학경영학회:학술대회논문집
• /
• 2004.11a
• /
• pp.55-72
• /
• 2004

Before 2003 the companies In Korea should capitalize the interest expenses that are attributable to the acquisition, construction or production of a qualifying assets. However, according to the revised standard which should be applied from 2003, the companies can either capitalize the interest expenses or recognize as an expense when they are incurred. Therefore almost all the companies confronted with the decision making of accounting choices on the interest capitalization. This paper empirically examines which financial characteristics of the companies affect the accounting choice by using logistic regression model and reviews the sufficiency of the foot notes disclosures regarding the capitalized interest. The variables of the financial characteristics are change of debt-equity ratio, borrowing ratio, qualifying assets ratio, firm sire and income smoothing. The results of this study are summarized as follows. First, among the financial characteristics, only qualifying asset ratio has the significant difference between capitalized companies and expensing companies. Second, the results of logistic regression indicate that qualifying asset ratio and firm size have the significant influence on the accounting choices. Therefore, I cannot find the evidence supporting that the companies use the accounting choice to manage the financial ratios.

• Korean Journal of Organic Agriculture
• /
• v.21 no.3
• /
• pp.391-401
• /
• 2013

This study was conducted to investigate feeding management and milk production in domestic organic dairy farms and find out ways to overcome difficulties in organic dairy farms. The number of domestic organic dairy farms was 35, which representing 0.57% among 6,068 of total dairy farms in 2011. Eleven farms among 35 organic dairy farms were surveyed. Average total raising head was 142, composed of 69 milk cow, 13 dry cow and 60 heifer and calf. The ratio of cow replacement was 42.4% in surveyed organic dairy farms. Among surveyed farms, 14.3% showed under 20kg of milk production, 57.1% represented 25~30kg of milk and 28.5% produced more than 30kg of milk. Average milk fat percentage in surveyed organic farms was 3.3%, which was lower than 4.04% milk fat percentage of whole country (2010). Based on bacterial counts (5,775 CFU/ml) and somatic cell counts (192,500 number/ml), milk quality appeared excellent in surveyed farms. 90% of surveyed farms agreed that organic milk production increased income. Among reasons for switching to organic dairy farm, environment-friendly farm management was the highest reason (54.5%). However, 45.5% of surveyed farms suffered difficulty in supply of organic feed. Therefore, stable supply of organic feed will be necessary to expand organic dairy farm in the future.