• Title/Summary/Keyword: 기업의 재무성과

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A Fitness between CEO Characteristics and Management Control (CEO특성과 경영통제간의 적합성에 관한 연구)

  • Jung, Jae-Jin
    • The Journal of the Korea Contents Association
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    • v.14 no.7
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    • pp.457-467
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    • 2014
  • In order to improve organization performance by CEO's leadership, the control systems have to be designed in accordance with CEO's strategic orientation. A management control systems (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole considering the organizational strategies. The current study is conducted with the objective to explore the effects of CEO's Characteristics (Risk-taking tendency, and Achievement motivation) and control types (Behavioral control, and Result control) on organization performance. The characteristics of ceo - behavior control and risk-taking propensity - results in significantly positive effect on management control. On the other hand, risk-taking propensity has influence negatively on behavior control. The behavioral control is received negative influence from risk-taking propensity. and it received positive influence from motivation. and then it has effect on organization performance(indirct effect). To achieve the purpose of this study, Structural Equation Model (SEM) has been applied.

A Statistical Study on the Competitive Advantages and Management Performances of Korean Firms in India (인도 진출 한국기업의 경쟁우위요인과 경영성과에 대한 연구)

  • Kim, Chul;Kim, Jin
    • International Area Studies Review
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    • v.13 no.1
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    • pp.265-286
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    • 2009
  • The purpose of this research can be said as follows. The close examination of competitive advantages of Korean enterprises who have been participating and dominating the management activities directly in India. And the Analysing of the correlation between the competitive advantages and the management performances of Korean firms there. That is, the factors which exercise their influence over the local management positively can be activated and developed reasonably and systematically while the others which exercise their influence over it negatively have to be eliminated, at least. The factors of competitive advantages on this paper are from ones which could generally be recognized on the basis of the preceding studies, and the management performances are divided by three sub-variables like sales, profits and management satisfaction. As empirically statistical method, Regression coefficient analysis as inferential statistics as well as Pearson's correlation as descriptive is implemented for this paper of testing some hypotheses.

Bankruptcy Prediction Modeling Using Qualitative Information Based on Big Data Analytics (빅데이터 기반의 정성 정보를 활용한 부도 예측 모형 구축)

  • Jo, Nam-ok;Shin, Kyung-shik
    • Journal of Intelligence and Information Systems
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    • v.22 no.2
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    • pp.33-56
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    • 2016
  • Many researchers have focused on developing bankruptcy prediction models using modeling techniques, such as statistical methods including multiple discriminant analysis (MDA) and logit analysis or artificial intelligence techniques containing artificial neural networks (ANN), decision trees, and support vector machines (SVM), to secure enhanced performance. Most of the bankruptcy prediction models in academic studies have used financial ratios as main input variables. The bankruptcy of firms is associated with firm's financial states and the external economic situation. However, the inclusion of qualitative information, such as the economic atmosphere, has not been actively discussed despite the fact that exploiting only financial ratios has some drawbacks. Accounting information, such as financial ratios, is based on past data, and it is usually determined one year before bankruptcy. Thus, a time lag exists between the point of closing financial statements and the point of credit evaluation. In addition, financial ratios do not contain environmental factors, such as external economic situations. Therefore, using only financial ratios may be insufficient in constructing a bankruptcy prediction model, because they essentially reflect past corporate internal accounting information while neglecting recent information. Thus, qualitative information must be added to the conventional bankruptcy prediction model to supplement accounting information. Due to the lack of an analytic mechanism for obtaining and processing qualitative information from various information sources, previous studies have only used qualitative information. However, recently, big data analytics, such as text mining techniques, have been drawing much attention in academia and industry, with an increasing amount of unstructured text data available on the web. A few previous studies have sought to adopt big data analytics in business prediction modeling. Nevertheless, the use of qualitative information on the web for business prediction modeling is still deemed to be in the primary stage, restricted to limited applications, such as stock prediction and movie revenue prediction applications. Thus, it is necessary to apply big data analytics techniques, such as text mining, to various business prediction problems, including credit risk evaluation. Analytic methods are required for processing qualitative information represented in unstructured text form due to the complexity of managing and processing unstructured text data. This study proposes a bankruptcy prediction model for Korean small- and medium-sized construction firms using both quantitative information, such as financial ratios, and qualitative information acquired from economic news articles. The performance of the proposed method depends on how well information types are transformed from qualitative into quantitative information that is suitable for incorporating into the bankruptcy prediction model. We employ big data analytics techniques, especially text mining, as a mechanism for processing qualitative information. The sentiment index is provided at the industry level by extracting from a large amount of text data to quantify the external economic atmosphere represented in the media. The proposed method involves keyword-based sentiment analysis using a domain-specific sentiment lexicon to extract sentiment from economic news articles. The generated sentiment lexicon is designed to represent sentiment for the construction business by considering the relationship between the occurring term and the actual situation with respect to the economic condition of the industry rather than the inherent semantics of the term. The experimental results proved that incorporating qualitative information based on big data analytics into the traditional bankruptcy prediction model based on accounting information is effective for enhancing the predictive performance. The sentiment variable extracted from economic news articles had an impact on corporate bankruptcy. In particular, a negative sentiment variable improved the accuracy of corporate bankruptcy prediction because the corporate bankruptcy of construction firms is sensitive to poor economic conditions. The bankruptcy prediction model using qualitative information based on big data analytics contributes to the field, in that it reflects not only relatively recent information but also environmental factors, such as external economic conditions.

Causality between Entrepreneurial Orientation and Business Performance: Conditional Indirect Effect of New Product Development and Organizational Size (기업가적 지향성과 경영성과 간 관계: 조직규모에 따른 신제품개발의 조건부 간접효과)

  • Choo, Seungyoup;Woo, Hyungrok
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.3
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    • pp.133-144
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    • 2020
  • This study examines the indirect effects of new product development(NPD) on the relationship between entrepreneurial orientation(EO) and business performance is contingent on organization size. Although previous studies have revealed that EO has a positive effect on business performance and NPD, there have been no research attempts to comprehensively grasp the causal path of EO, NPD, and business performance. Therefore, this study analyzed the causal path focusing not only on final financial business performance affected by EO but also on the mediating role of new product development, which is an intermediate performance. Based on the sample of 3,299 firms from the 2018 Entrepreneurship Survey(Corporate), we analyzed the EO-NPD-business performance relationship and explored whether such an indirect effect of EO on business performance differs depending on the size of the firm. The results showed that EO has a positive impact on business performance and NPD. In addition, NPD positively mediates the relationship between EO and business performance under the condition of large size firm, although NPD does not have a direct effect on business performance. With the findings, the current study has principal implications for practicing managers. The result of this study is not to suggest that NPD triggered by EO is a panacea for improving final business performance. The study suggests a need to equip organizational capabilities to successfully commercialize new products and appeal to the market and customers, beyond simply developing new products seeking newness based on EO.

GHG Reduction Effect through Smart Tolling: Lotte Data Communication Company (스마트톨링을 통한 온실가스 저감효과: 롯데정보통신 사례를 중심으로)

  • Roh, Tae-Woo
    • Journal of Digital Convergence
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    • v.16 no.4
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    • pp.87-94
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    • 2018
  • Intelligent transportation systems are one of the most important new forms of infrastructure on domestic roads, and is a system that makes possible the most efficient movement of vehicles on a road. The High Pass system, which is a domestic intelligent transportation system, started a little later than in other countries but developed at a rapid pace. With the recent introduction of smart tolling technology, it provided an opportunity to stop and review the tolling system. This study aims to investigate the driving method and results of LDCC for domestic smart towing through case study. Unlike other companies, Lotte Data Communication Company has long invested in payment systems. It has little experience investing in infrastructure, but participated in the Smart Toll System at the Gwangan Bridge in cooperation with the Busan City government, to lead the development of intelligent transportation systems. LDCC, which has made new investments, not only exceeded its existing core competencies, but also upgraded Korea's tolling system's ability to reduce greenhouse gas emissions and improved its financial performance.

The Amendments of 'Securities and Exchange Act' and the Announcement Effects of M&A (증권거래법 개정과 합병공시효과)

  • Chiang, Bong-Gyu;Jung, Doo-Sig
    • The Korean Journal of Financial Management
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    • v.21 no.1
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    • pp.59-86
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    • 2004
  • This study analyzed the effects of M&A announcement before and after the 1998 amendments of 'Securities and Exchange Act' through the event study. The M&A firms turned out to gain the abnormal returns during the entire periods. The cumulative average abnormal returns of M&A firms was 1.38%(market adjusted model) or 5.37%(industry-adjusted model) higher after the 1998 amendments than before. The differences of performance of M&A were significant also in case of the related M&A, vertical or horizontal M&A, M&A in booms. In regression analysis, the 1998 amendments of Act was the significant factor to explain the cumulative abnormal returns.

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A Study on the Effects of the Competitive Factors for each IT Service Type on the Business Performance of IT Service Companies-with a Focus on Financial and Non-financial Performance (IT서비스 유형별 경쟁력요인이 IT서비스 기업의 비즈니스 성과에 미치는 영향에 관한 연구 : 재무적 및 비재무적 성과 관점으로)

  • Lee, Ji-Woon;Kang, Sung-Min
    • Journal of Information Technology Applications and Management
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    • v.17 no.4
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    • pp.157-180
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    • 2010
  • The IT services industry is considered as the leading industry of the ubiquitous age that raises a nation's overall productivity and efficiency. Therefore, it is receiving increasing attention as the industry that can bring about economic takeoff and successful overseas market entrance for the next generation. In order to achieve successful development, the industry should be competitive and armed with strategies that well demonstrate the characteristics of IT services. Therefore, it is important to explore the competitive factors of the industry for its qualitative development from the perspectives of IT services industry policies and as well as IT services companies. This study categorized IT services into three types-system integration, IT consulting, and IT outsourcing- and then examined the competitive factors of each service type and their relationships with financial and non-financial performances. In conclusion, the current competitiveness of domestic IT services industry is attributed to institutions environment rather than its competitive advantages in technology, quality, know-how, and highly qualified human resources. In order to facilitate the sound growth of the IT industry and seek reasonable market competition, the environment that puts its priority on the improvement of institutions environment and the ability to carry out a project needs to be established. In all, this study can be utilized as an important knowledge for the establishment of polices to foster IT services industry and of strategies that raise competitiveness to maximize the performances of companies.

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A Study on the e-HRM Management Information System Implementation for Effective Personnel Management (효과적인 인사관리를 위한 e-HRM 경영정보시스템 구축 연구)

  • Kim, Seok-Hun;Kim, Soo-Kyun;Hong, Min
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.14 no.2
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    • pp.409-414
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    • 2010
  • Latest personnel management Jobs with the existing payroll of a simple task rather than piecemeal, combined with the company's strategy, emerged as an important business management information system in e-HRM is an increasing need. In this paper, designed by e-HRM personnel-management Management Information System through the personnel costs and improve capabilities, performance-based assessment of the personnel was established, the staff of the opinions it easier to improve service through improved worker satisfaction. Also on the web, individuals, departments, and the company's performance and to be able to share your goals with an interactive interface to a more transparent process of HR royalty customers without having to focus only on financial indicators, financial, internal process perspective to manage the balance execution of the company's strategy can be used as a tool.

Determinants of Capital Structure in KOSDAQ Firms (코스닥 기업의 자본구조 결정요인: 동태적 자본구조 모형을 중심으로)

  • Son, Seung-Tae;Lee, Yoon-Goo
    • The Korean Journal of Financial Management
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    • v.24 no.1
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    • pp.109-147
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    • 2007
  • According to the perspective of capital structure theory, we analyzed the dynamism of the capital structure determinants by using panel data of 244 KOSDAQ firms based on two-step GMM system methodology suggested by Blundell Bond(1998). This dynamic methodology had not been used to analyse capital structure determinants in Korea. In the dynamic model of capital structure, profit had negative effect on the book leverage and market leverage, which meant supporting pecking order theory. Growth opportunity (MBR) affected negatively to the market leverage. For the determinants of leverage, earnings volatility had significantly positive effect on KOSDAQ 50 firms. KOSDAQ and KOSDAQ 50 firms had the target leverage. The adjustment speed in KOSDAQ firms was 0.4958 on the book leverage, it was faster than in KOSDAQ 50 firm's 0.2863 on the book leverage and the adjustment speeds for the market leverage were 0.7651 for KOSDAQ firms and 0.5643 for KOSDAQ 50 firms. There was difference in adjustment cost between KOSDAQ firms and KOSDAQ 50 firms.

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Patent Production and Technological Performance of Korean Firms: The Role of Corporate Innovation Strategies (특허생산과 기술성과: 기업 혁신전략의 역할)

  • Lee, Jukwan;Jung, Jin Hwa
    • Journal of Technology Innovation
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    • v.22 no.1
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    • pp.149-175
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    • 2014
  • This study analyzed the effect of corporate innovation strategies on patent production and ultimately on technological change and new product development of firms in South Korea. The intent was to derive efficient strategies for enhancing technological performance of the firms. For the empirical analysis, three sources of data were combined: four waves of the Human Capital Corporate Panel Survey (HCCP) data collected by the Korea Research Institute for Vocational Education and Training (KRIVET), corporate financial data obtained from the Korea Information Service (KIS), and corporate patent data provided by the Korean Intellectual Property Office (KIPO). The patent production function was estimated by zero-inflated negative binomial (ZINB) regression. The technological performance function was estimated by two-stage regression, taking into account the endogeneity of patent production. An ordered logit model was applied for the second stage regression. Empirical results confirmed the critical role of corporate innovation strategies in patent production and in facilitating technological change and new product development of the firms. In patent production, the firms' R&D investment and human resources were key determinants. Higher R&D intensity led to more patents, yet with decreasing marginal productivity. A larger stock of registered patents also led to a larger flow of new patent production. Firms were more prolific in patent production when they had high-quality personnel, intensely investing in human resource development, and adopting market-leading or fast-follower strategy as compared to stability strategy. In technological performance, the firms' human resources played a key role in accelerating technological change and new product development. R&D intensity expedited new product development of the firm. Firms adopting market-leading or fast-follower strategy were at an advantage than those with stability strategy in technological performance. Firms prolific in patent production were also advanced in terms of technological change and new product development. However, the nexus between patent production and technological performance measures was substantially reduced when controlling for the endogeneity of patent production. These results suggest that firms need to strengthen the linkage between patent production and technological performance, and take strategies that address each firm's capacities and needs.