• 아태비즈니스연구
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• 제14권3호
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• pp.221-240
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• 2023

Purpose - This paper investigates how business cycle impacts on corporate credit spreads since global financial crisis. Furthermore, it tests how the impact changes by the phase of the cycle. Design/methodology/approach - This study collected dataset from Barclays Global Aggregate Bond Index through the Bloomberg. It conducted multi-regression analysis by projecting business cycle using Hodrick-Prescott filtering and various cyclical variables, while ran dynamic analysis of 5-variable Vector Error Correction Model to confirm the robustness of the test. Findings - First, it proves to be statistically significant that corporate credit spreads have moved countercyclicaly since the crisis. Second, It indicates that the corporate credit spread's countercyclicality to the macroeconomic changes works symmetrically by the phase of the cycle. Third, the VECM supports that business cycle's impact on the spreads maintains more sustainably than other explanatory variable does in the model. Research implications or Originality - It becomes more appealing to accurately measure the real economic impact on corporate credit spreads as the interaction between credit and business cycle deepens. The economic impact on the spreads works symmetrically by boom and bust, which implies that the market stress could impact as another negative driver during the bust. Finally, the business cycle's sustainable impact on the spreads supports the fact that the economic recovery is the key driver for the resilience of credit cycle.

• 한국생활과학회지
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• 제21권5호
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• pp.957-973
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• 2012

This study analyzed consumer public complaint behaviors and the satisfaction of complaint handling among credit card users who availed of credit card services. Relatively little research has been done in this area, despite the obvious importance of understanding and improving credit card market conditions. The purpose of this study was to examine consumer compliant behaviors with a focus on public actions, such as voice responses and the third party actions among credit card users. With the goal of providing consumers with more positive expectations of credit card companies' complaint handling process, this study investigated the status of public actions and the negative effect of complaints on the overall satisfaction of post-complaint behavior toward credit card services. The responses from 1,000 credit card users were analyzed using descriptive analysis, factor analysis, multi-logit analysis, and Heckman selection estimate. The analysis provided three major results: (1) perceived service quality among credit card users was conceptualized into groups such as responsiveness, innovation, company, additional service, and fee, (2) perceived service qualities, age, residential area, employment status, and subjective economic status had significant effect on public compliant action behaviors, and (3) unidimensional factors resulting from post-complaint behaviors were analyzed and several variables, such as period of credit card use, average amount used, and perceived service quality had significant effects on the degree of satisfaction associated with complaint handling in terms of credit card services. Several implications and directions for further research are discussed.

• 유통과학연구
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• 제18권6호
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• pp.47-55
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• 2020

Purpose: The issue of access to credit for private enterprises has been given an increased amount of attention given their crucial role in fueling economic growth. Vietnamese small and medium-sized businesses, however, face many obstacles in accessing financing for profitable investment opportunities, with up to 70% unable to access or obtain bank loans. This paper aims to address the factors affecting the credit accessibility of Vietnamese enterprises, and provide further insights of this issue under the new context of Basel II. Research design, data and methodology: We adopt a pooled sections approach to construct a sample of 155 firm observations before and after the implementation of Basel II accord in Vietnam and employing binary logistic regression and interaction terms for data analysis. Results: We find that firm characteristics (export participation, female ownership) and proxies for bank-borrower relationship (deposit, overdraft facility) have significant and positive effects on firm's access to credit. Notably, the sign of interaction coefficient shows that the implementation of Basel II tends to benefit small-sized firms in terms of credit accessibility. Conclusions: The finding further emphasizes the important role of relationship lending in Vietnam's credit market, which is even more critical for small firms when Basel II is universally applied as the new banking standards in the coming years.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 2000년도 추계학술대회 및 정기총회
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• pp.89-92
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• 2000

The purpose of this thesis is to investigate the information content of commercial paper credit rating changes of Korean firms. The result shows neither sinificant daily abnormal returns nor significant cumulative daily abnormal returns over the test window. This ind icates that commercial paper rating changes are not informative to investors. A sensitivity analysis conducted for the portfolio of subsample shows a similar result. This thesis, however, may contribute to the better operation of Korean financial market by providing several directions to establish credit-based financial transactions.

• 한국프랜차이즈경영연구
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• 제1권1호
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• pp.19-42
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• 2010

유통시장 전면 개방 이후 외국유통업체 및 국내 대기업의 유통산업 진입, 정보화 사회에 따른 인터넷 통신판매 급증, 소득수준의 향상으로 인한 고급화 및 규격화 추구, 젊은 층을 중심으로 편리성을 중시하는 소비패턴 변화 등의 이유로 재래시장은 소비자에게 점점 더 외면 받고 있는 실정이다. 따라서 본 연구에서는 새로운 유통환경변화 속에서 재래시장의 침체 원인 및 문제점을 파악하고, 해외 재래시장 및 국내 재래시장의 활성화 사례 분석을 통해 국내 재래시장의 활성화 방안을 모색해보고자 한다. 사례분석 결과 활성화에 성공한 시장의 경우 초기에 활성화에 강한 의지를 갖고 있던 리더십 있는 소수의 상인에 의해 시작된 사례가 많다는 것이다. 특히 하드웨어적인 측면의 시장 활성화보다는 경영의 효율화나 마케팅력 강화와 같은 소프트웨어 측면의 활성화대책이 상대적으로 효과가 높다는 것이다. 또한 신용거래의 정착에 필수적인 신용카드 이용확대를 위한 노력이 중요한데, 신용카드가맹점의 확대를 위해서는 신용카드 장점과 기대효과에 대한 상인들의 인식제고가 필요하다. 이러한 연구결과는 재래시장에 많은 소비자들이 스스로 방문하여 쇼핑의 즐거움과 편의성, 그리고 시간적, 금전적, 심리적 가치를 창출할 수 있는 장소가 될 수 있도록 시장 생태계를 조성하는 방안을 제시하는데 의의가 있다.

• 아태비즈니스연구
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• 제9권4호
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• pp.119-135
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• 2018

Currently, Korean firms are making a lot of effort to invest in research and development (R&D) by spending a lot of development costs in order to cope with the 4th industrial revolution. On the other hand, the capital market of Korea, which is the main source of funding, has caused a lot of cost of capital for firms by its reorganization mainly with safe assets in the experience of foreign exchange crisis at the end of 1997, the sub-prime mortgage crisis in 2007 and the bankruptcy of Lehman Brothers in September 2008. Thus, this study empirically analyzed the effect of development expenses on credit rating and firm value. The credit rating was measured by commercial paper(CP) credit rating which is sensitive for investors in terms of risk because it is issued only by the credit of the firms. Firm value was defined as Tobin's Q, which has been widely used in prior studies. The results of the analysis are summarized as follows; Firstly, development expenses did not affect credit rating. Development expenses are recognized as intangible assets for uncertainty of economic benefits and long-term investment. Thus, it seems that there is no effect of development expenses on CP credit rating as CP credit rating is evaluated by short-term credit rating.

• The Journal of Asian Finance, Economics and Business
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• 제9권8호
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• pp.89-97
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• 2022

The e-commerce market faces significant credit risks due to the complexity of the industry and information asymmetries. Therefore, credit risk has started to stymie the growth of e-commerce. However, there is no reliable system for evaluating the creditworthiness of e-commerce companies. Therefore, this paper constructs a credit risk evaluation index system that comprehensively considers the online and offline behavior of online retail enterprises, including 15 indicators that reflect online credit risk and 15 indicators that reflect offline credit risk. This paper establishes an integration method based on a fuzzy integral support vector machine, which takes the factor analysis results of the credit risk evaluation index system of online retail enterprises as the input and the credit risk evaluation results of online retail enterprises as the output. The classification results of each sub-classifier and the importance of each sub-classifier decision to the final decision have been taken into account in this method. Select the sample data of 1500 online retail loan customers from a bank to test the model. The empirical results demonstrate that the proposed method outperforms a single SVM and traditional SVMs aggregation technique via majority voting in terms of classification accuracy, which provides a basis for banks to establish a reliable evaluation system.

• Journal of Information Technology Applications and Management
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• 제11권1호
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• pp.161-174
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• 2004

This study is intended to suggest1 the optimized data mining model for the efficient customer credit evaluation in the capital finance industry. To accomplish the research objective, various data mining models for the customer credit evaluation are compared and analyzed. Furthermore, existing models such as Multi-Layered Perceptrons, Multivariate Discrimination Analysis, Radial Basis Function, Decision Tree, and Logistic Regression are employed for analyzing the customer information in the capital finance market and the detailed data of capital financing transactions. Finally, the data from the integrated model utilizing a genetic algorithm is compared with those of each individual model mentioned above. The results reveals that the integrated model is superior to other existing models.

• 가정과삶의질연구
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• 제7권2호
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• pp.31-43
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• 1989

The purposes of this study were to identify the overall levels of consumer problem, consumer competencies and purchase pattern of urban low-income consumers and to examine the factors affecting the consumer problem and the subareas-market environment problem(MEP) and transaction relation problem(TRP). The related factors, that is, independent variables were competencies-related factors(consumption-oriented attitude, attitude on consumerism, consumer knowledge), purchase pattern-related factors (search pattern, credit pattern, peddler pattern) and socio-demorgraphic factors(age, educational level, family size). For this purpose, a survey was conducted by interview using questionaires on 198 homemakers that lived in the poor areas of Seoul. Statistics used for data analysis were Frequency Distribution, Percentile, Mean, Pearson's Correlation, One-way ANOVA, Scheffe-test, Breakdown and Multiple Classification Analysis. Major findings were as follows: 1) In the level of consum r problem were in the middle level and the level of MEP were higher than that of TRP. The attitude on consumption-orientation was so negative, while attitude on consumerism was positive. The level of consumer knowledge was in the middle level. The urban low-income consumers searched a little and depended on credit and peddler in the low level. 2) Consumer problem perceived by urban low-income consumers differed significantly according to attitude on consumerism, credit pattern, monthly charge of peddler purchase. The MEP depended on attitude on consumerism and monthly charge of peddler purchase, and the TRP was affected by credit pattern and attitude on consumerism. Resulting from MCA, the most influencial variable was attitude on consumerism and credit pattern in the consumer problem, and attitude on consumerism in the MEP, and credit pattenr in the TRP.

• Journal of Korea Trade
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• 제25권2호
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• pp.111-133
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• 2021

Purpose - Although remittance payment in international trade settlements has played a bigger role in recent years, scant research is being done. This study is to zero in on analyzing determinants of international trade payments focused on remittance by constructing a payment prediction model. Design/methodology - This study categorizes the types of trade payments into advance remittance, post remittance, linked remittance, letter of credit, and mixed payment, and analyzes these after constructing a logit model. For empirical analysis, 147 survey data were collected for export manufacturers in Korea, and binominal logistic regression analysis was used to analyze the type of payment method the exporter chooses for trade transactions. Findings - The likelihood of choosing advance remittance increased as the exporters had non-recovery experiences with payments, and decreased as the market power of importers increased. The possibility of post remittance increased when the export amount was large and the character of the buyer was reliable. In the case of linked remittance, it was highly likely to be selected when payment efficiency was important in trade settlement. In addition, when competition among companies in the global market is intense and market uncertainty is high, the possibility of using a letter of credit decreases. It was also found that the greater the export amount, the greater the possibility of choosing advance remittance, and even if the transaction period was longer, exporters using a letter of credit continued to use it. Originality/value - Despite the high proportion of remittances in international trade settlements, it has been hard to find studies that reflect the practical characteristics of remittances. This study classified the types of remittance into advance remittance, post remittance, and linked remittance, and built a trade payment prediction model by adding a letter of credit and mixed payment. In addition, the originality of this study is recognized in that a logistic model was constructed and meaningful results were derived.