• Management & Information Systems Review
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• v.34 no.3
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• pp.61-78
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• 2015

The purpose of this study is to analyze the impact of cash holdings on internationalization of listed manufacturing firms. We explore moderating effect of managerial ownership between cash holdings and internationalization of firms. We analysed cross-sectional data of 645 listed companies from 2000 to 2013 using the fixed effects estimation. Empirical results showed that the there was a positive significant relation between cash holdings and internationalization of firms This study also found that managerial ownership have a significant negative moderating effects in the pathway between cash holdings and internationalization Cash liquidities can be rapidly induced internationalization. Managerial ownership increase agency cost, therefore, it might have a negative effects on internationalization These results suggest that agency cost with cash holdings is very important for cash management.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.1
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• pp.679-687
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• 2017

This study examines financial factors affecting cash holdings of firms in the domestic capital markets. Specifically, this study focuses on regional firms with headquarters in Chungcheong province, the Republic of Korea, which features little previous research concentrating on the firms in the particular region. Three primary hypotheses were empirically tested utilizing robust econometric models, including static panel data, Tobit regression, and logistic models.Results reveal only five explanatory variables, including DSO, LIQUID, LEVERAGE, PMARGIN, and SIZE, showed statistically significant effects on the level of cash holdings among the nine variables studied. In addition two IDVs, LEVERAGE and FOS, showed significant differentiated effects between firms with headquarters in North and South Chungcheong regions. With continued debate among interested parties on the optimal level of cash reserves, the study provides a new vision for the optimal cash reserves for firms with headquarters in Chungcheong Province, where unprecedented socio-economic factors are driven.

• Proceedings of the Korean Radioactive Waste Society Conference
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• 2005.11a
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• pp.21-21
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• 2005

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.149-157
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• 2017

This study investigated one of the contemporary financial issues that is still being debated among governmental policy makers, corporate managers, and investors in the domestic capital market. We attempted to identify the most optimal level of cash holdings for firms during the most updated fiscal years (from 2011 to 2015). The study utilized empirical methodologies, such as ANCOVA and RANCOVA, with respect to the 'inter-' and 'intra-industry' analyses for KOSPI-listed firms. Regarding the first hypothesis testing for inter-industry influence, we revealed with statistical significance that there were differences; however, there were only 3 pronounced industries among the 25 industries sampled in this study. Regarding the second hypothesis, only a few (i.e. two) industries showed no statistically significant intra-industry influence. Based on our results, most KOSPI-listed firms still seem to be searching for their optimal levels of cash reserves. Hence, we can anticipate that the value maximization as a corporate goal can be achieved after adjusting the current levels of their cash holdings according to the optimal points.

• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.51-73
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• 1997

본 연구는 거래비용이 최적 소비 및 투자결정에 미치는 영향을 다루고 있다. Constantinides (1986), Davis와 Norman(1990) 그리고 Shreve와 Soner(1994) 등은 위험이 없는 하나의 유동성 자산과 현금배당이 지급되지 않는 하나의 비유동성 자산이 존재하는 경우에 있어서 소비와 포트폴리오 선택문제를 연구한 바 있다. 본 연구는 이러한 기존연구들을 확장하여 다수의 유동자산과 현금배당이 지급되는 하나의 비유동성 자산이 존재하는 경우의 최적 소비 및 투자결정 문제를 다루고 있다. 투자자의 비유동성 자산에 대한 잠재가치(implicit value)평가와 소비 및 투자결정간의 관계식을 구하여 이를 적용해 본 결과, 투자자의 최적 소비 및 위험부담(risk taking) 수준은 일반적으로 그들의 포트폴리오상에 유동성 자산의 비율이 증가할수록 증가한다는 사실을 확인할 수 있었다. 또한 거래비용이 존재하는 경우에는 기업의 배당정책이 투자자의 최적 소비 및 투자결정에 중요한 영향을 미치는 것으로 확인되었다.

• KDI Journal of Economic Policy
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• v.29 no.2
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• pp.75-116
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• 2007

This study examines what changes and impacts have brought to the corporate cash holding after the financial crisis. The main findings can be summarized by two parts. First, the recent high increase in cash holding is only found in few companies, meaning that the level of the overall ratio has not risen. Second, Korean companies tend to have a higher ratio of cash holding when they have more uncertainty about their business performances. The higher the uncertainty in overall business performances also has some effects on the cash holding patterns of the Korean companies.

• Journal of Digital Convergence
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• v.11 no.2
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• pp.91-99
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• 2013

The purpose of this study is to examine the value relevance of SCM using a regression model and we analyze the differences in the impact of industry type on corporate value. First, SCM key performance variables(asset utilization, cash flow, corporate growth, profitability) increases, the corporate value increase. Second, Asset utilization, cash flow, corporate growth in the high-tech industry showed a significant impact on the corporate value and corporate growth and profitability have an impact on the firm value in the non high-tech industry. This study are expected to be able to provide policy implications in the development of government policy to enable support for win-win cooperation, and ensuring the justification demonstrated by analyzing the impact of SCM enterprise value of the companies that want to maximize the effectiveness of SCM introduced.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.423-426
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• 2004

Costs of public rental housing development project consist on various kinds of profits and expenses such as national housing fund, rental cost, construction cost, financing cost. Therefore, project would not be executed without minute management and precise prediction about each item. Cash (low prediction and analysis are necessary to grasp current situation of project, because construction project which is conducted for a long period has fluent risks and inflows and outflows of cash. Although cash flow analysis has been conducted, cash flow has never been expected and managed. General matters to expect cash flow can be known by actual results and literatures. Hut there is no thesis which is studied about risk to enhance precision of expectation of cash flow. As existing thesises studied the risk about whole project, we haven't known precise relations of cash flow and project. Therefore, in this study, we are supposed to analysis and distinguish risk facts which can affect each item of cash flow for precise cash flow expectation and management of public rental housing development project.

• The Journal of Small Business Innovation
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• v.19 no.1
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• pp.59-84
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• 2016

Using an international setting, this study investigates the relation between cash holdings and financial reporting quality, measured by accruals quality. Empirical results show that the balance of cash holdings is positively related to the opacity of financial reporting in non-U.S. international markets. The relation becomes stronger as the strength of investor protection increases, implying that precautionary motives, instead of agency motives, drive the increase of cash holdings of opaque firms. In addition, the positive relation is stronger for discretionary accruals quality. The decomposition of the aspects of investor protection shows that public enforcement through regulation authorities is the main driver of the positive relation between cash holdings and the opacity of financial reporting.

• Journal of Korea Port Economic Association
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• v.31 no.3
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• pp.1-14
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• 2015

This study utilizes Monte Carlo simulation to forecast the time charter rate of vessels, the three-month Libor interest rate, and the ship demolition price, to mitigate future uncertainties involving these factors. The simulation was performed 10,000 times to obtain an exact result. For the empirical analysis - based on considerations in ordering ships in 2010-a comparison between the Monte Carlo simulation-based stochastic discounted cash flow (DCF) method and traditional DCF methods was made. The analysis revealed that the net present value obtained through Monte Carlo simulation was lower than that obtained via regular DCF methods, alerting the owners to risks and preventing them from placing injudicious orders for ships. This research has implications in reducing the uncertainties that future shipping markets face, through the use of a stochastic DCF approach with relevant variables and probability methods.