• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.65-73
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• 2019

This study performed Panel Regression Analysis (PRA) with the debt ratio as a dependent variable and the ROE (return on equity), sales volume, current ratio, total capital, and Shanghai Containerized Freight Index (SCFI) as an independent variable. According to the GLS analysis, the current ratio to liabilities ratio was negative, and for sales, the ratio of liabilities was positive. Capital totals also had a negative impact on the debt ratio. However, ROE, unlike the hypothesis, had negative effects on the liability ratio, and the SCFI index was not significant. As implications of this research, the company confirmed that its sales increased as the debt ratio of global shipping companies rose, achieving economies of scale. However, it was confirmed that the actual size of the economy through the injection of other capital would help increase sales but not affect net profit. Shipping companies should expand their business power and secure large container vessels to secure credibility of shippers. In the future research, an analysis considering exchange rate, global economic growth rate, and manufacturing production index is needed.

• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.209-242
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• 1992

본 연구에서는 무상주발행, 즉 무상증자(無償增資), 주식분할(株式分割), 그리고 주식배당(株式配當)을 실시하는 기업(企業)의 특성(特性)과 주가반응(株價反應)을 연관지어 주가반응(株價反應)의 이유를 설명하였다. 특히, 이러한 형식적 재무활동이 왜 기업내용에 관한 정보전달의 역할을 하게 되며, 장기적 기업성과의 변화로 이어지는가, 배당증감(配當增減)에 관한 직접적인 정보(情報)에 상관없이 무상주발행 발표시점에서 정보효과(情報效果)를 갖는가, 그리고 정보효과(情報效果)에 차이(差異)가 있는가를 살펴보았다. 실증분석(實證分析) 결과(結果)는 무상증자(無償增資) 및 주식분할(株式分割)은 기업의 경영성과(經營成果)가 전과 같이 탁월(卓越)하거나 또는 평균이상(平均以上)을 유지(維持)하리라는 신호(信號)를 시장에 주는 정보효과(情報效果)를 갖고 있었으며, 주식배당(株式配當)은 현금배당능력(現金配當能力)이 부족(不足)한 기업(企業)들이 실시하고 주식배당 후에도 경영성과가 저조했다. 그러나 모든 무상주 발행의 경우 배당증가의 경우가 배당감소의 경우보다 초과수익이 더 많아 정보효과(情報效果)의 차이(差異)를 발견하였고, 또한 배당증감에 관한 직접적인 정보에 상관없이 공시시점(公示時點)에서 정보효과(情報效果)를 가지고 있다는 사실도 알 수 있었다. 무상증자(無償增資)가 주식분할보다 특정기간에 더 높은 초과수익을 실현하고 있었으며, 자본잉여금(資本剩餘金)을 재원(財源)으로 한 무상증자는 이익잉여금(利益剩餘金)을 재원(財源)으로 한 경우보다 초과수익(超過收益)이 많았다. 기업특성(企業特性)에 있어서도 자본잉여금을 재원으로 한 경우가 이익잉여금의 경우보다 경영성과가 더 우수했으며 특히, 이익잉여금(利益剩餘金)의 경우 대부분이 회계년도말(會計年度末)에 실시되어 주식배당적성격(株式配當的性格)이 강하였다. 무상증자의 경우 종합주가지수수익율(綜合株價指數收益率)을 이용하여 구한 잔차가 업종별지수수익율(業種別指數收益率)을 이용하여 구한 잔차보다 크며 통계적으로 유의하였다. 이는 무상증자가 있는 업종의 수익률이 시장평균보다 높다는 것을 말하며, 무상증자(無償增資)를 실시하는 기업들은 평균보다 많은 투자기회(投資機會)를 가지고 보다 우월한 영업성과를 줄 것으로 기대되는 업종에 속하고 있다고 하겠다.

• Journal of Distribution Research
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• v.9 no.1
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• pp.47-65
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• 2004

The purpose of this study is to analyze the investment returns and profitability of major Korean retail companies and to discuss the implications of their published accounting data. We have found that Korean department store companies shows the sound ROIC (return on invested capital) compared with U,5. counterparts. However, major discount store companies have problems in terms of poor ROIC ratios in spite of their rapid growth for the last decade. The results of ROIC performance of 3 major department stores and 3 discount stores are compared and the implications of the study are discussed. Furthermore, the published accounting data of major U.S. department stores and discount stores are analyzed in the context of benchmarking for Korean companies.

• Journal of Convergence for Information Technology
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• v.10 no.8
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• pp.187-193
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• 2020

This study analyzed how risk factors in management affect the management of working capital in general hospitals in Korea. The data used accounting information for three years (2016~2017 and 2018) of 271 general hospitals using the medical institution accounting information disclosure system. The independent variables were the working capital level and the cash conversion cycle, The dependent variables were operational risk and market risk, Control variables were selected as components of working capital(cash, accounts receivable, inventory assets, accounts payable). According to the study, the lower the operational risk, the higher the level of working capital hospitals in Korea. Working capital decisions were confirmed to be attributable to operating risks, cash, inventory assets and accounts payable. And the lower the market risk (Operating Margin), the higher the cash conversion cycle. Therefore, it is necessary to review appropriate management measures of operational risks, cash, inventory assets and accounts payable identified as operating capital determinants so that medical institutions can also have economic response capabilities in consideration of the specificity of their operations.

• Journal of Digital Convergence
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• v.10 no.2
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• pp.73-82
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• 2012

The purpose of this study is to verify the effects of financial structure on management performance for financial consulting through 562 small and medium sized enterprises in GyeongIn area. Meanwhile, the independent variables are non current assets ratio, total assets turnover ratio and debt ratio, the dependent variables are operating profit on sale and net profit on equity. Generally speaking, the financial structure have a positive effects on management performance.

• Journal of the Korea Society of Computer and Information
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• v.17 no.4
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• pp.147-153
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• 2012

This paper has investigated the impact of corporate donation expenditure which has recently drawn great attention in Korean society on businessl performance and conducted an empirical analysis on the causal relations. In addition, concurrent effect has been analyzed using cross-sectional data between two variables (corporate donation expenditure and business performance) while sequential effect has been examined using panel data. The result of this study can be summarized as follows: First, corporate donation expenditure had a positive impact on ROA and ROS. However, PER and ROE had no impact on corporate donation expenditure Second, cumulative effcet of corporate cash donation would have a bigger impact on short-term business performance than long-term performance. In the future, The results of this study is expect through cash donations in the social contribution to be more aggressive in carrying out social responsibilities.

• Journal of the Korea Convergence Society
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• v.7 no.6
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• pp.205-212
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• 2016

This study attempts to empirically investigate if value strategy and momentum strategy could be improved by using past financial data such as ROE and PER in the Korean stock market. The study observes that both strategies which are refined by the portfolios consisting of companies with higher ROE/PER ratio show higher positive excessive returns than the traditional value strategy and momentum strategy. The study discusses that the excessive returns could be due to investors' behavioral biases such as conservatism, anchoring, confirmation, and herding by using convergent approach based on psychology theory. The results are not consistent with the efficient market hypothesis insisting investors' rational behavior.

• 한국벤처창업학회:학술대회논문집
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• 2007.11a
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• pp.327-352
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• 2007

The loan rate of the government loan program offered by the Small Business Corporation(SBC) can be determined as a sum of three factors such as a reference interest rate, a policy aim spread, and a credit risk spread. However the loan rate has been lower than the loan rate in the banking sector. The profit has continually run in the red figures and hence the stability the fund managed by the SBC has been damaged. Even though a policy aim spread could be emphasized, the stability and profitability of the fund should be prioritized. This means that the loan rate of the SBC should be determined such that the loss might not be occurred. This requires the policy aim spread to change from relatively large negative to near zero.

• The Korean Journal of Financial Studies
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• v.4 no.1
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• pp.93-122
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• 1998

본 연구는 1988년부터 1990년까지 공개한 249개 제조업을 대상으로 기업공개를 전후하여 사기업이 공개기업으로 전환하는 과정에서의 변화를 분석하였다. 즉, 공개 전후의 재무적 특성, 영업성과, 소유구조, 배당정책의 변화를 분석하였다. 또한 상장 후 장기주가행태를 살펴보고 영업성과와의 관련성도 분석하였다. 249개 공개기업 중 상장 3년 후에는 오직 71%의 기업만이 정상적인 영업을 할 정도로 영업성과는 악화되었다. 상장년도의 총자산영업이익률과 자기자본순이익률은 기업공개와 함께 급감하며 이후에도 계속 하락하였다. 부채비율은 상장년도에 크게 감소하나 이후 점진적으로 증가하여 5년 후에는 상장 1년 전의 수준으로 증가하였다. 대주주 1인 지분율은 공개 이후 점진적으로 하락하며 지분을 변화는 상장직전의 지분을, 신주모집비율, 자본금 증가와 부의 관계를 갖는다. 공개 전에 배당성향은 매우 낮고 현금배당을 지급한 기업수가 작으나, 상장 이후에는 배당성향이 증가하고 차등배당을 실시하는 기업의 수가 증가하였다. 또한 공개 전에 대주주에게 과도한 배당금을 지급한다는 증거는 없었다. 상장 후 60개월의 누적평균초과수익률은 -15%이며, 산업별로 큰 차이가 나타난다. 기간별 누적초과수익률은 기간별 영업성과의 변화와 정의 유의적인 관계를 갖는 것으로 나타났다.