• Culinary science and hospitality research
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• v.14 no.4
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• pp.93-105
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• 2008

This study was attempted to analyze causal relations among flexibility, growth, and profitability variables, which are the financial indexes of restaurant enterprises. The samples were 24 restaurant enterprises in total, and 102 financial statements between 2002 and 2006 were analyzed. As a result of the analysis, total asset growth rate influenced all profitability variables among growth variables. Also, the net sales growth influenced return on sales and return on assets, and the assets turnover influenced return on assets and return on equity. Among flexibility variables, current ratio and interest coverage ratio to operating profit influenced return on assets, and return on equity was influenced by current ratio and debt-to-equity ratio.

• Health Policy and Management
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• v.20 no.3
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• pp.123-137
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• 2010

The main purpose of this article is for deriving functions related to the prediction of the closure of the hospitals, and finding out how the discriminant functions affect the closure of the hospitals. Empirical data were collected from 3 years financial statements of 41 private hospitals closed down from 2000 till 2006 and 62 private hospitals in business till now. As a result, the functions related to the prediction of the closure of the private hospital are 4 indices: Return on Assets, Operating Margin, Normal Profit Total Assets, Interest expenses to Total borrowings and bonds payable. From these discriminant functions predicting the closure, I found that the profitability indices - Return on Assets, Operating Margin, Normal Profit Total Assets - are the significant affecting factors. The discriminant functions predicting the closure of the group of the hospitals, 3 years before the closure were Normal Profit to Gross Revenues, Total borrowings and bonds payable to total assets, Total Assets Turnover, Total borrowings and bonds payable to Revenues, Interest expenses to Total borrowings and bonds payable and among them Normal Profit to Gross Revenues, Total borrowings and bonds payable to total assets, Total Assets Turnover, Total borrowings and bonds payable to Revenues are the significant affecting factors. However 2 years before the closure, the discriminant functions predicting the closure of the hospital were Interest expenses to Total borrowings and bonds payable and it was the significant affecting factor. And, one year before the closure, the discriminant functions predicting the closure were Total Assets Turnover, Fixed Assets Turnover, Growth Rate of Total Assets, Growth Rate of Revenues, Interest expenses to Revenues, Interest expenses to Total borrowings and bonds payable. Among them, Total Assets Turnover, Growth Rate of Revenues, Interest expenses to Revenues were the significant affecting factors.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.38 no.2
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• pp.72-81
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• 2015

This paper studied the differences of the inventories asset turnover change ratio and several characteristics variable between large and small manufacturing firm group. Large and small firm group were determined based on number of labors and asset size. Several characteristics variable of firms such as assets size, sales growth rate, return on assets, leverage ratio, credit rating and age of firm were used to find out the differences of firm group. As a result, the inventory asset turnover change ratio of large firm was 5.16% and that of the middle and small firm was 9.3%. For the large firm, sales growth rate, ROA and credit rating affect inventory assets turnover change ratio. For the middle and small sized firm, Assets size, sales growth rate and credit rating affect inventory assets turnover change ratio. Using this result, we can say that manufacturing company need to consider their firm size and their characteristics to make their own operation strategy of inventory.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.699-707
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• 2021

The objective of this study is to examine the determinants of the liquidity of 17 commercial banks listed on the Vietnamese Stock Exchanges, HOSE, HNX and UPCoM. The study uses the quarterly audited financial statements from the first quarter of 2006 to first quarter of 2020; it includes 496 observations. Data on GDP and inflation are compiled from the International Monetary Fund and the General Statistics Office of Vietnam. Once collected, the data were organized along the line of unbalanced panel data. The results show that total asset size, return on total assets, and credit growth are positively associated with the liquidity of the listed banks; whereas the interaction between the bank size and the return on total assets has a negative impact on the liquidity of commercial banks listed on the HNX, HOSE, UPCoM. In order to maintain good liquidity, commercial banks need to focus on effective credit growth, ensure a high rate of profit over total assets, and at the same time focus on developing the scale of total assets. However, the development of the size of the total assets should be noted in the balance between the total assets and the rate of return on the total assets.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.548-561
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• 2021

Manufacturing is a pillar industry for national economic growth. Analyzing the internal problems of manufacturing enterprises can solve the difficulties faced by manufacturing enterprises and improve the overall performance of manufacturing enterprises.This study selected 1,546 listed manufacturing companies in Shenzhen and Shanghai stock markets from 2009 to 2015, and empirically analyzed the relationship between fixed assets and corporate performance by using the fixed effect model and the two-way fixed effect model.The study finds 1) the scale of fixed assets has a negative effect on corporate performance. 2) the quality of fixed assets has a weak positive relationship with fixed assets. 3) the growth rate of fixed assets impacts corporate performance positively.

• Korea Real Estate Review
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• v.27 no.3
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• pp.23-40
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• 2017

This study examined the motive and incentive for the disposal and purchase of corporate real estate assets based on the various firm characteristics. It was empirically found that firms with a higher leverage ratio, lower cash holdings, and lower sales growth are more likely to dispose of their real estate assets. This implies that financial constraints, internal reserves, and growth opportunities are important factors affecting the corporate decisions regarding the disposal of real estate assets. Meanwhile, it was found that firms with a lower leverage ratio have a higher probability of purchasing real estate assets, suggesting that a stable financial structure enables firms to acquire more of such assets. Using the transaction amount of corporate real estate assets, consistent results were found. While varied opinions on the utilization of corporate real estate assets have been raised, this study broadened the understanding of such by performing rigorous analyses. The result of this study would have practical implications in terms of the introduction of regulations or the establishment of business strategies related to corporate real estate assets.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.1
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• pp.79-86
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• 2020

The effects of R&D investment on innovation such as patents and intangible assets, and the effect on the corporate performance such as revenue and profit growth, were analyzed using path analysis. In particular, this study compared and analyzed the performances of non-cooperative R&D and cooperative R&D. The results of this study are summarized as follows. First, R&D investment has a significant impact on innovation performance. This supports the existing research results. Second, patents have a significant impact on intangible asset growth. Third, in the case of corporate groups carrying out cooperative R&D, intangible asset growth forms a significant causal relationship with revenue growth. Fourth, in case of cooperative R&D, intangible asset growth has a significant mediating effect between patent and revenue growth. Like the existing research, the results of this research support the innovation performance of R&D investment. It also supports the existing argument that the results of cooperative R&D are more favorable to increase corporate value. However, unlike the existing research, we found a path leading to increased revenue through patents and intangible assets, and confirmed that such a path is likely to be achieved through cooperative R & D rather than internal R&D.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.303-314
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• 2020

This paper investigates the relationships between bank credit and trade credit with profit of 130 agricultural firms listed on Vietnam's stock exchanges during the period 2008-2014. Using the GMM approach, the paper reveals inverted-U shaped (∩) relationships between bank credit and trade credit with profit. Specifically, the optimal threshold of bank credit and trade credit to total assets of the firms are 0.4173 and 0.2425, respectively. The findings mean that if the ratio of bank credit to total assets exceeds the benchmark of 0.4173, firms should consider restructuring debts to get them back to the benchmark. To do so, firms should withdraw from those business fields that are not of their profession, in addition to liquiditizing unused assets to repay debts and not using short-term credit to invest in long-term projects. Firms may use trade credit wisely when other sources of finance are lacking. In concrete terms, firms can increase trade credit use if the ratio of trade credit to total assets is below 0.2425. Yet, if this ratio goes beyond this benchmark, firms should get back to this benchmark, e.g., keeping a suitable amount of inventory. The implications of this study is to boost firm growth in the proposed way.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.35-42
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• 2022

The paper aims to examine the impact of exports on the growth of Vietnamese manufacturing small and medium-sized enterprises (SMEs) by exploring the information of 36,053 enterprises across 24 manufacturing sectors from the Vietnam Annual Enterprise Survey (VAES) in the period 2014-2019. To deal with the problem of variable variance, autocorrelation, and endogeneity of the model, the paper uses the OLS regression method with a strong standard error method and system GMM. Export participation by SMEs is positively associated with business growth in terms of sales and total assets, according to the findings. The GMM estimate shows that the rate of sales growth among exporters is 36.5 percent greater than that of non-exporting enterprises in the case of the sales growth measure. Exporters' average total asset growth rate is 19% greater than the rate estimated for non-exporting businesses. The study's findings indicate the need of adopting policies that promote SMEs in transition economies like Vietnam to engage in exporting activities. Furthermore, the findings show that financial assistance and suitable ownership would enable SMEs to take advantage of export opportunities to increase sales and total assets.

• The Journal of the Korea Contents Association
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• v.12 no.10
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• pp.430-438
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• 2012

This study researches the correlation between the firm value, which can be represented as Tobin's Q in this paper, and other financial information. The research is based on the financial statistics of KOSDAQ-listed Venture manufactures, which is comprised of the venture businesses group and the general group. The multiple regression, the correlation test tool, shows the R&D expenditures and tangible assets have the positive relation with the firm value while training expenses and the return on assets have the negative one. More specifically, R&D expenditures and total assets have the affirmative relations with the firm value among the venture businesses, whereas tangible assets, advertising expenses, and training expenses have the negative ones. The positive correlation between total assets and the firm value of venture business, shows that the volume of intangible assets impacts on the firm value of venture businesses. It also reflects the features of venture businesses highly relying on the technology development. The results are summarized as follows: First, The R&D expenditures and firm value have been positively correlated in the KOSDAQ-listed companies. Second, total assets and firm value has the positive correlation in the venture businesses.