• Management & Information Systems Review
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• v.34 no.3
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• pp.125-140
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• 2015

KOSDAQ market reorganized their division system from two types to four types of division departments such as blue chip, venture, medium, and technology development departments in 2011. However, under the current new division system, financially unhealthy firms attempting to take advantage of the classifying opportunity of blue chip department are likely to engage in pernicious earnings management. The objective of this study is to investigate the earnings management behavior surrounding the time of KOSDAQ firms entering the blue chip department via new division system. More specifically, we test whether the firms classified blue chip department tend to engage in upward earnings management using accruals and real activities before and after they achieve blue chip status. In this study, we analyzed 111 firms classified blue chip department in 2011 according to new division system in KOSDAQ market. Major test results indicate that firms entering the blue chip department according to current KOSDAQ division system in general, tend to inflate reported earnings by means both of accruals and real activities right before the entering year. This result suggests that the firms classified blue chip department engage in opportunistic earnings management with a view to uplifting their market values. Our study is expected to provide clues useful for searching policy directions which intend to ameliorate adverse side effects of the current KOSDAQ division system. In sum, the regulatory authorities and enforcement bodies need to exercise caution in deliberating more stringent review procedures so that financially healthy and promising candidates are properly segregated from their poor and risky counterparts, thus enhancing the beneficial effects, while mitigating adverse side effects of the system.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• Cement
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• s.200
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• pp.36-39
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• 2013

포틀랜드 시멘트만이 유일하던 지난 1976년, 제설과정에서 발생하는 부산물인 슬래그(slag)를 재활용한 시멘트를 국내 최초로 생산한 한국C&T(주)는 1985년 무재해 3배 달성업체로 노동부 은탑산업상을 수상한 바 있으며 1986년 증권감독원으로부터 우량기업으로 선정되는 등 양질의 슬래그 시멘트 생산을 통해 연관산업 발전에 이바지해왔다. 신뢰에 기반을 둔 경영과 끊임없는 기술개발을 토대로 2014년 힘찬 도약을 준비해 나가고 있는 한국C&T(주) 김훈석 대표이사를 만났다.

• The monthly packaging world
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• s.316
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• pp.94-98
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• 2019

독일의 경영학자 헤르만 지몬(Hermann Simon)은 그의 저서 <히든 챔피언(Hidden Champion)>에서 대중에게 잘 알려져 있지 않지만 각 분야의 세계시장을 지배하는 우량 기업을 전 세계에 알렸다. 히든 챔피언에 속하는 기업들은 평균 60년 이상의 기업 수명, 평균매출액 4,300억원, 평균성장률 8.8%, 분야별세계시장 점유율33% 이상이라는 공통점을 지니고 있다고 한다. 수출주도형 국가인 우리나라는 많은 히든 챔피언을 필요로 하지만, 지속되는 경기불황 속에서 중소기업이 세계시장을 이끌어가는 강소기업이 되는 것은 결코 쉬운 일이 아니다. 그런데 우리나라 포장기업 중 히든챔피언이라 부를 만한 기업이 있다. 바로 그라비어인쇄 및 컨버팅기계 전문기업 성안기계(주)이다. 세계 유수의 기업들과 어깨를 나란히 하고 있는 성안기계의 신동호 회장을 만나 경영 철학, 해외시장 공략법 등 성안기계가 강소기업으로 성장한 여정을 들어보았다.

• Journal of Navigation and Port Research
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• v.37 no.2
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• pp.181-186
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• 2013

In a corporate financing, the decision of optimal capital structure is becoming more critical issues and still remaining a problem to be solved though many of researcher have studied. Particularly, shipping companies need a huge amount of capital finance for new vessel's capacity and then they are considering what is the best capital structure. In this point of view, this study tries to investigate the determinants of debit maturity structure focused on the Korean shipping industry. As results of panel regression analysis, firm size, liquidity, chance of growth, good cash flow are major determinants of debit expiration structure in the Korean shipping companies.

• Journal of Sericultural and Entomological Science
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• v.10
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• pp.81-88
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• 1969

This study was carried out to investigate the effects of the cocoon cooking by infra red ray heater established in to the cocoon boiling machine. The results were summarized as follows. 1. According to the cocoons, the non bave end breaking percentage of cocoons was increased to 5∼9％ in spring and 2∼10％ in autumn. 2. There was no significant in the raw silk percentage. 3. The irradiation effect by the number of infra-red ray heater was different, namely, the raw silk percentage of the excellent cocoons was increased in case of 1 Kwatt irradiation, and that of the inferior cocoons was increased in the 2 Kwatt irradiation. 4. Reeling efficiency was showed to 14％ maximum and 3％ minimum(index).

• Korean Journal of Soil Science and Fertilizer
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• v.45 no.4
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• pp.475-483
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• 2012

Recently, agricultural lands decrease sharply, which was caused by urbanization, land consolidation, road construction, and innovation city construction, etc. In particular, Goyang, Chenan and Wonju city were had severe land use change. Therefore, we analyzed changes of land use, soil properties, and soil information in order to provide the basic soil information and soil management practice in these cities. The results are summarized as follows. The area of crop cultivated land in Korea (2011) was reduced to 17.3ha compared to ones from the previous year (2009). The paddy field decreased by 24.2 ha but, upland field increased by 7.0 ha. The reasons for the reduction of the paddy field were converting paddy field to upland (20.7 ha) > public facilities (3.2) ${\geq}$ building (3.2) > idle land (1.3) > and others (0.9). Other reasons for reduction in the upland field were switching upland to paddy field, (20.7 ha) > land developed (4.5) > and restoration (0.3) respectively. The main reason of converting paddy field to upland was changing from rice to more profitable upland or greenhouse crops. The cropland area (paddy fields, upland, orchard) of Goyang, Cheonan, and Wonju city were reduced to 1,466 ha, 9,708 ha and 6,980 ha respectively. The ratio of cropland area in each city was reduced by 45~25% dramatically compared to upland soil survey project in Korea (1995~1999). These data were compared with MiFAFF statistics data to use for land use cover map of Ministry of environment. But they were differences significantly. Therefore, intensive investigation should be advised throughout the utilization plan. The paddy fields located in small valley in Wonju city were changed into upland or orchard. The drainage classes of soil have been deteriorated because the flows of water were intercepted by road construction and other disturbance to water flows. In particular, paddy fields have been changed to not only upland, orchard, greenhouse cultivation but also to fallow and soil dressing on paddy in Wonju city. The soil suitability classes of paddy field in Wonju innovation city were the 3rd grade for 70.8% of the area and the 4th grade for 29.2%. The soil suitability classes of upland was the 4th grade for 88.7% of the area. Fortunately, good soil suitability classes were not belong to innovation city in Wonju. So, the good farm land should be conserved and revise the related law.