• 디지털융복합연구
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• 제13권8호
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• pp.153-160
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• 2015

국내 주식시장은 1997년 9월 외환위기 이후 커다란 변화를 겪게 되었다. 외환위기 이후 국내 금융시장이 개방되면서 해외자본이 주식시장과 채권시장, 외환시장으로 들어왔다 나가기를 반복하고 있다. 국내 주식시장은 외환위기 이전에는 대부분 국내 자본에 의해 영향을 받아왔다. 그러나 외환위기 이후에는 해외자본에 의해 절대적인 영향을 받아오고 있다. 본 연구의 목적은 두 구간의 동향을 살펴보고 외환위기 이후 종합주가지수의 변동성에 어떠한 변화가 나타나고 있는지 분석하는데 있다. 이를 위해 본 연구는 두 구간의 차이를 살펴보고자 일간과 주간, 월간의 정규분포와 첨도, 왜도를 구하여 두 구간의 변동성과 기울임 현상을 분석하고자 한다. 이를 바탕으로 향후 국내 주식시장의 움직임도 예측하고자 한다. 분석 결과 외환위기 이후 등락폭은 감소하였으나 중장기적으로 종합주가지수의 방향성은 상대적으로 뚜렷하게 나타나고 있다. 이를 근거로 향후 국내시장은 방향성을 보면서 중장기적인 투자가 바람직해 보인다.

• 벤처창업연구
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• 제17권1호
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• pp.29-43
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• 2022

본 연구에서는 벤처캐피탈협회가 보유하고 있는 VC 펀드 관련 자료를 가지고 VC의 실현된 수익률을 투자약정 수준에서 측정하였다. 또한, 동 자료가 제공하는 자세한 정보를 가지고 국내 최초로 비상장 피투자사의 주가수익률과 분산을 측정할 수 있었다. 분석결과, VC 펀드가 피투자사의 주가수익률보다 높은 실적을 보였다. 또한 VC 펀드가 투자한 스타트업의 경우 분산으로 측정된 총위험과 주가수익률 간에 양의 관계가 존재함을 확인하였다. 마지막으로 이들 기업의 총위험에 기초해 시장이 기대하는 수익률에 비해 측정된 주가수익률은 낮은 수준에 머무르고 있음도 발견하였다. 이는 비록 비상장사 스타트업이 고위험-고수익의 관계를 보장하더라도 개인투자자들이 비상장사에 직접 투자하기를 꺼리게 만드는 한 요인으로 작용할 수 있을 것이다.

• International Journal of Computer Science & Network Security
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• 제22권4호
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• pp.274-284
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• 2022

By explaining the essence of corporate governance as well as disclosure and transparency, the study examined the guarantees of applying disclosure and transparency to firms listed on the Saudi stock exchange. The research also addressed the disclosure and transparency duties of firms listed on the Saudi stock exchange. Finance to prepare a prospectus, as the Capital Market Authority's regulations required that the prospectus includes information that enables the investor in securities to make his investment decision based on real foundations based on the issuing company's financial position and to ensure that companies fulfill that disclosure in the prospectus. Firms who fail to disclose are required by law to do so, and the Capital Market Authority's laws mandate companies listed on the financial market to regularly report fundamental events linked to the issuer or the securities issued by it. The Capital Market Authority must make it available to the public dealing with the business issuing the securities, and The Capital Market Authority's Law and Regulations have imposed fines on corporations that do not comply with disclosure and make the Board of Director's report available. The research focused on activities that the legislator deemed to be a breach of the obligation of openness, such as the danger of many measures aimed at ensuring the impartiality and transparency of trading in the Saudi financial market, as well as the absence of conflicts of interest. The research also addressed the sanctions imposed on The source for failing to meet the obligation of disclosure and openness, as well as the mechanisms of compensating persons harmed by the failure to meet that responsibility.

• The Journal of Asian Finance, Economics and Business
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• 제4권3호
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• pp.5-17
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• 2017

This study extends research into whether disclosure of corporate and financial information is associated with firms' costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors' estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

• 중소기업연구
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• 제39권2호
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• pp.89-107
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• 2017

본 논문은 벤처캐피탈이 투자에 수반되는 위험인 대리인 문제와 불확실성을 감소시키고 자신들의 투자수익을 최대화하기 위하여 행하는 투자위험 회피활동과 벤처캐피탈의 유형과 역량 등 벤처캐피탈의 차별적 특성이 피투자기업의 재무적 경영성과에 미치는 영향을 분석한다. 선행연구에 대한 분석을 바탕으로 단계적 투자, 공동투자, 우선주투자를 투자위험회피활동으로 제시하였다. 실증분석을 위해 2010~2012년 기간 동안 벤처캐피탈 투자를 받은 가운데 최종 140개 기업 자료를 로지스틱 회귀분석 방법을 사용하여 분석하였다. 분석결과 공동투자와 독립형 유형이 피투자기업의 매출 증가, 자산 증가에 유의미한 영향을 주는 것으로 나타났다. 사업 연수로 측정한 벤처캐피탈의 역량은 매출 증가에 유의미하게 관계가 있는 것으로 조사되었다. 그러나 단계적 투자와 우선주투자는 경영 성과에 영향을 미치지 않는 것으로 분석되었다. 또한 투자위험회피활동과 차별적 특성의 변수 모두는 수익성 지표인 매출이익률에는 영향을 미치지 않는 것으로 나타났다.

• 산경연구논집
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• 제12권3호
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• pp.43-49
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• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• 보건의료산업학회지
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• 제7권3호
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• pp.161-176
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• 2013

This research analyzed Raise Capital type and Investment Efficiency for non-profit hospitals in Korea. 152 cases of financial information from 2007 to 2010 were utilized for analysis. As a result of analysis, Raise Capital for Borrowings to total assets was primarily used, taking around 40% on average, and the method of Raise Capital with significant difference among Medical Institutions was Liabilities in Excluded Borrowings to Total Assets and Capital Stock & Capital Reserves to Total Assets. Besides, the relation between Invested capital and Investment efficiency was opposite each other in the non-profit hospitals, and Region was an important element influencing over Productivity per Value Added. In addition, in the investment activity of non-profit hospitals in the light of Investment Efficiency, only hospitals among Medical Institution types had a character of Capital Intensive, and General Hospital and Geriatric & Long-term Medical Care Hospital among Medical Institution types showed a character of Labor Intensive in the light of Performance.

• 한국신재생에너지학회:학술대회논문집
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• 한국신재생에너지학회 2008년도 추계학술대회 논문집
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• pp.164-164
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• 2008

• 산경연구논집
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• 제7권4호
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• pp.5-9
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• 2016

Purpose - The purpose of this paper is to get a clear concept about intellectual capital and reports on intellectual capital in different entities based on the literature review. Research design, data, and methodology - This study was mainly written in a way of descriptive research. The current studies deal with the theoretical and reporting aspects on intellectual capital. Thus, this research is developed on the basis of previous descriptive and empirical research papers. Results - This study finds that intellectual capital is the combination of human capital, structural capital and relational capital but there is no unique measurement system or process to define intellectual capital. The findings also indicates that the measurement for intellectual capital varies based on the measurement process, time period, firms, industries and country to country perspectives. It can be also observed that firms have the tendency not to disclose the intellectual capital information. Conclusions - This study recommends that intellectual capital should be presented in a fixed format and human, relational and structural capital should be included as intellectual capital. Additionally, it suggests that mandatory requirement of legislation, effective corporate governance mechanism and stock exchange listing requirement might increase the quality of intellectual reporting.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.257-269
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• 2021

Intellectual capital is becoming a crucial factor for a firm's long-term profit and performance in the knowledge-based economy as more firms identify their core competence as invisible assets rather than visible assets (Itami, 1987). The company was encouraged to measure financial and non-financial factors, including the customer perspective groups, the internal business process, learning and growth perspective, then to link all these measurements in a coherent system. This paper seeks to investigate the influence of intellectual capital elements on company performance, as well as the relationship among intellectual capital elements from a cause-effect perspective. Resource-Based View (RBV) considers intellectual capital as resource and capability to sustain competitive advantage on company performance. The partial least squares approach is used to examine listed banks in Indonesia Stock Exchange for year 2017-2019. Results show that human capital directly has positive influences on innovation capital, customer capital, and process capital. Innovation capital has positive, but less significant influence on process capital, which in turn influences customer capital. Human capital and process capital also influence customer capital. Finally, customer capital contributes to performance. This study helps management to identify relevant intellectual capital elements as competitive advantage and their indicators to enhance business performance.