• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.1
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• pp.523-529
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• 2017

This study analyzed the financial information between 2011 and 2014 comparing management performance and utilization of capital and human resources between private non-profit general hospitals and regional public hospitals operated as general hospitals. The purpose of this study was to enhance the productivity for financial independence of regional public hospitals. Comparison analysis variables were value added to the total assets, value added to the productive activity tangible fixed assets, value added to personnel expenses, ratio of value added, and operating margin to revenues. According to the analysis results, regional public hospitals showed lower investment efficiency indicator and higher ratio of value added, as well as significantly lower operating margin-to-revenues compared with private non-profit general hospitals. Moreover, the effect of investment efficiency indicators on operating margin-to-revenues was value added to the productive activity of tangible fixed assets and value added to personnel expenses in regional public hospitals; the value added to personnel expenses in private non-profit general hospitals had a significant effect on the operating margin-to-revenues, the effect of value added to personnel expenses was the greatest. Therefore, it is necessary to asset utilization to the revenue and propriety of human resources to personnel expenses in regional public hospitals.

• The Journal of the Korea Contents Association
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• v.14 no.6
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• pp.367-384
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• 2014

This study addresses an empirical issue which has been received little attention in the contemporary finance literature: To identify any financial determinants of the profitability indices for the firms belonging to the Korean chaebol. Three hypotheses of concern were postulated and tested for the sample firms covering the periods of the pre-and post-financial global crises. Regarding the results on the 1st hypothesis test of characterizing any financial profiles for the firms (belonging to the chaebols) by estimating a legitimate panel data model: the present study found the statistically significant relationships of the explanatory variables (BVLEVl, MVLEVl, MV/BV, RISK, FCFF and FOS) with the book-value based profitability ratio: while the market-valued profitability index was explained only by BVLEV2. Regarding the 2nd hypothesis test for the profitability of the sample firms at the industry level: the chaebol firms in the chemical and the food industries overall positioned themselves into the top ranks in order, which was tested by the ANCOVA and the Tukey multiple comparison procedure. Finally: on the 3rd hypothesis test for the 'adjusted' Dupont system, only two such as the 'operating margin' and the 'asset turnover' showed their significant effects between the chaebol firms and their counterparts in both the (parametric) independent samples t-test and the (nonparametric) Wilcoxon-Mann-Whitney statistics.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.121-156
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• 2010

Back-door-listing can be viewed both as M&A and an alternative to IPO. If IPO is an access to the capital market through regulations, back-door-listing would be the way of entering the market through trading. Back-door-listing can be a better choice considering the common wisdom that regulations hinder the functioning of free market system. One would, however, prefer IPO, for the informational asymmetry isless severe in case of IPO. This paper examines if IPO is superior to back-door-listing as to the informational efficiency. The excess buy-and-hold returns of the Kosdaq back-door-listing firms are estimated over the three-year-period since the event. They are compared against the excess buy-and-hold returns of the Kosdaq IPO firms over the same period of time. The results confirm this paper's prediction that IPO should be more information-efficient. Both IPO and back-door-listing firms start with high short-term excess returns and end up with long-term under-performance. However, back-door-listing firms show more significantly damaging long-term results. Furthermore, back-door-listing firms record poorer accounting results over the research period. These results imply that there exists fad at the time of both events and, in case of back-door-listing, this fad is reinforced by the possibility of window dressing.

• Journal of Industrial Convergence
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• v.21 no.1
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• pp.87-93
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• 2023

Determining the timing of buying and selling in stock investment is one of the most important factors to increase the return on stock investment. Buying low and selling high makes a profit, but buying high and selling low makes a loss. The price is determined by the quantity of buying and selling, which determines the price of a stock, and buying and selling is also related to corporate performance and economic indicators. The fear and greed index provided by CNN uses seven factors, and by assigning weights to each element, the weighted average defined as greed and fear is calculated on a scale between 0 and 100 and published every day. When the index is close to 0, the stock market sentiment is fearful, and when the index is close to 100, it is greedy. Therefore, we analyze the trading criteria that generate the maximum return when buying and selling the US S&P 500 index according to CNN fear and greed index, suggesting the optimal buying and selling timing to suggest a way to increase the return on stock investment.

• Korean Journal of Labor Studies
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• v.24 no.2
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• pp.293-319
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• 2018

This study analyzed the determinants of employment for the regular workers in the industrial type, and the results are as follows. First, 73.2% of companies use outsourcing as of 2015, and manufacturing (83.7%) is 20% p higher than non-manufacturing (63.7%). Over the past 10 years, the rate of outsourcing increased by 88.7% in manufacturing and 44.2% in non-manufacturing. Second, as a result of estimating the determinants of employment for regular workers, the variables of labor income distribution, operating profit, sales, R & D expenditure, foreign capital ratio significantly increase the employment of regular workers, while outsourcing, capital intensity, Were estimated to significantly reduce employment. Third, as a result of subdivision of industrial type and estimation of the effect of outsourcing on employment, it decreased employment of regular workers in all types. The size of influence was the biggest decrease in 'basic material type' in manufacturing industry and 'distribution service type' in non - manufacturing industry.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• 한국벤처창업학회:학술대회논문집
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• 2023.04a
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• pp.163-166
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• 2023

벤처캐피탈은 유망한 기술력과 우수인력을 갖춘 창업초기단계부터 성장단계의 유망 중소벤처기업에 필요한 자본을 투자하고 경영 및 기술 등을 지원하여 성장 이후 다양한 수단을 통해 투자금을 회수하여 이익을 실현하는 벤처생태계의 핵심주체로서의 역할을 하고 있다. 벤처캐피탈의 업무는 다양한 출자자(LP)를 모집하여 벤처투자조합(펀드)를 결성을 통해 성장성이 있는 중소벤처기업에 투자하고 기업의 성장함에 따라 투자금을 회수하여 출자자들에게 배분과 재투자를 하는 것이다. 벤처투자에 있어 가장 중요한 역할을 담당하고 있는 벤처캐피탈리스트의 업무는 기업발굴, 기업분석 및 평가, 투자심사, 사후관리, 투자회수 등이며 임원급 이상의 경우 펀드레이징(펀드결성)이 중요한 업무이며 투자와 회수 및 펀드결성 등의 업무성과로 연봉, 성과급, 승진 등 보상이 이루어지고 있다. 최근 급격히 성장하는 벤처투자시장에 비해 투자인력은 부족하며 이에 투자성과 제고를 위해 인력양성과 장기근속을 위한 인프라와 시스템을 갖추기 위해 벤처캐피탈은 많은 노력을 하고 있으나 다른 산업에 비해 벤처캐피탈 산업의 연구자체가 부족할 뿐만 아니라 주로 투자수익률 등 계량적인 관점에서 연구가 이루어졌다. 이에 본 연구는 벤처캐피탈리스트가 소속된 벤처캐피탈의 조직특성 중 권한위임, 직무적합성, 조직신뢰 등이 성과급 등 업무성과에 영향을 미치는 요인을 연구하고 벤처캐피탈의 유형에 따른 조절효과를 중심으로 실증적인 분석하고자 한다.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.1-47
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• 2006

This study investigated the effect of tender-offer on the value of the firms in Korea. For this purpose, the study applied an event study methodology to 55 cases(bidding firm : 26, target firm : 39) of tender-offer and 164 cases(bidding firm : 144, target firm : 20) of merger announcements made between January 1st, 1994 and September 30th 2004. We found the following results. For tender-offer announcements, there was a significant increase in target firm's value while there was no significant change in bidding firm's value. In contrast, for merger announcements, there was a significant increase in bidding firm's value while there was no significant change in target firm's value. In addition, the synergy effect of tender-offer was higher than that of merger. The results support the Berkovitch and Khanna(1991)'s prediction that bidding firms choose tender-offer rather than merger in the presence of higher synergy profit from M&A.

• Journal of the Korea Institute of Building Construction
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• v.11 no.1
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• pp.35-44
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• 2011

Business performance measurement is used as an important tool to evaluate management performance, control human resources, and implement strategies. It can be measured simply in terms of finance including net profit, return on investment, and return on equity, but this is not sufficient because the performance outside of finance such as internal business process and informatization cannot be examined. Therefore this study defined a KPI(Key Performance Indicators) applicable to local construction companies ranked in the top 30 in construction capability, and also introduced differentiated results from the earlier studies by reflecting more realistic corporate management based on the existing studies and interviews with business experts.

• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.1-29
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• 2009

As foreign investors' share holdings in Korean firms have dramatically increased since 1998 following the financial deregulation on the limit of foreign stock investment, the concern over the negative impacts the foreign investors would bring on the firms' financial policy has been growing too. Foreign investors were perceived to require the firms of excessive payments of cash dividends sometimes with threat of hostile takeover trials detering the firm from investing its cash flow in the physical facilities and RandD eroding their potential growth capabilities. We examine the impact of foreign investment on the firms' dividend policy using 234 listed firms' panel data over the sample periods of 1998 to 2005 employing various panel regression methodology. Foreign shareholders are found not to be related or even negatively related to the payout ratio(dividend/net income), but positively and statistically significantly related to the ratio of cash dividends to book of asset, negatively to the dividend yields. Considering the payout ratio is the most appropriate measure for the dividend payment, we can not support the arguments that the foreign investors' holdings have induced the excessive dividend level in Korean firms.