• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.327-339
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• 2021

This study examines the impact of bank restructuring on the financial performance of commercial banks in Vietnam. The data for this study was obtained from the audited financial statements of 30 Vietnamese commercial banks from 2007 to 2019. Multiple regression analysis was used for investigation. Financial performance, as evaluated by ROAA, ROEA, and NIM, is the dependent variable. Financial restructuring, ownership restructuring, and operational restructuring are the independent variables. Pooled least squares (Pooled OLS), fixed effects model (FEM), random effects model (REM), and system generalized moment regression model (System GMM) are the estimate methods used to increase the accuracy of the regression coefficient. The research results show that the variables of financial restructuring activities such as government intervention and the ratio of equity to total assets; variables of ownership restructuring such as capital adequacy ratio, privatization of state-owned commercial banks, mergers, and acquisitions; variables of operational restructuring such as employees, branches, the cost to total assets; GDP variables and the second restructuring period have a positive impact on financial performance. Variables such as debt-to-capital ratio, bad debt ratio, state ownership ratio, expense-income ratio, and inflation have a negative effect on financial performance.

• 보건행정학회지
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• 제16권4호
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• pp.24-47
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• 2006

Based on the findings of a study focused on medical institutions(Fama & French, 2002), this study determined possible causality between determinants of capital structure and liability level, while estimating targeted debt ratio. Moreover, it also examined hypotheses about the adjustment of targeted debt ratio and the of fundraising patterns, so that it verified the relative priority of trade-off theory and pecking order theory. First, profitability had positive(+) relationships with liability level, while investment opportunities had negative(-) relationships with liability level. This finding supported pecking order theory, and non-liability tax shield effects had negative(-) relationships with liability level as estimated in both trade-off theory and pecking order theory. Next, this study verified trade-off and pecking order theory at once by means of regression analysis about the variation of liability level in associations with disparity from targeted debt ratio and short-term fluctuation of profit and investment. As a result, it was noted that liability level became mean-reversed to targeted liability ratio but slowly, SO it was difficult to assert that such mean reverse may support trade-off theory. However, the finding that most of short-term fluctuations of profit and investment are absorbed into liabilities supported pecking order theory. On the other hand, it was found that the larger scale of medical institutions is more supportive of pecking order theory in the associations between liability level and profitability and the fundraising patterns than trade-off theory.

• 아태비즈니스연구
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• 제11권2호
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• pp.133-143
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• 2020

Purpose - This study seeks to summarize the tax changes in stock trading and analyze K-OTC stock trading data in 2017 and 2018 to infer the effects of the application of capital gains taxes by individual investors. Design/methodology/approach - This study analyzes the case of the expansion of the 2018 capital gains tax exemption in the K-OTC market, which exempts capital gains tax on the proceeds from the sale of individual investors of certain stocks under the temporary special law. Findings - In the K-OTC market, the amount of transactions has expanded since the capital gains tax exemption in 2018, but the volume of transactions and transaction turnover have decreased. In particular, the result of lower transaction turnover after the expansion is contrary to expectations. To control the macroscopic effects of the stock market, further analyses the transactions of capital gains tax-exempt stocks and non-exempt stocks. The turnover rate of exemption stocks is higher than that of the non-exempt stocks. In the case of transaction turnover, the two results are not consistent. However, the latter result is more meaningful because the comparison of exempt and non-exempt reduces distortion by macro effects. Research implications or Originality - To mitigate the impact of capital gains taxes on stock market, government authorities need to consider the gradual expansion of the scope of taxation, the application of separate taxation in the introduction of capital gains, the reduction tax rate on transfer income of listed shares, and the reduction tax rate on long-term holdings.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.61-72
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• 2020

The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm's growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm's finance policy needs to be responsive to the firm's characteristics and should match with the different borrowing requirements of listed firms.

• 국제지역연구
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• 제12권3호
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• pp.217-239
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• 2008

본 논문의 목적은 영국, 스페인의 연구결과를 바탕으로 바젤 II의 도입에 따라 한국에서도 경기순응성이 존재할 것인가에 대해 분석하는 것이다. 소매금융자료의 제약으로 한국의 경우 자기자본비율의 분모에 해당하는 위험가중자산과 경기순응성간의 상관관계, 그리고 자기자본비율과 경기순환간의 상관관계를 토대로 분석한 결과 경기순응성이 나타날 가능성이 높은 것으로 판단된다. 그러나 한국의 경우 이와 같은 거시적 변수의 추세만을 가지고 자기자본의 경기순응성을 판단하는 것은 한계가 있다. 앞으로 소매금융에 대한 분석자료가 더 많이 축적될 경우 영국이나 스페인의 경우와 같이 보다 더 체계적인 분석모형을 이용하여 판단해야 할 것이다. 마지막으로 정책적 시사점을 유도하기 위해 필요자기자본의 산출과정(Pillar I), 감독기관의 점검과정(Pillar II), 그리고 시장규율(Pillar III)에 대해 살펴보았다.

• 한국건축시공학회지
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• 제5권1호
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• pp.63-68
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• 2005

Generally, aggregate may limit the workability, strength and durability of concrete, and good concrete cannot be made with aggregate of bad property including low strength, bad shape and grading. But recently, it has been insufficient in quantity to collect good natural aggregate because of exhaustion of aggregate resources. In case of Korea, the using ratio of crushed stone occupies about 97 percent of total coarse aggregate, and ratio of crushed sand occupies about 18.3 percent of total fine aggregate. This is an experimental study to compare and analyze the properties of crushed sand for concrete in capital region and concrete according to the replacement ratio of crushed sand to improve quality and mix design of concrete using crushed sand. According to test results, it was found that nearly all the properties of crushed sand satisfied with the value recommended by KS. And it is recommended that FM of crushed sand should be lowered by improvement of manufacture system or grading adjustment should be used because FM of crushed sand was a bit higher.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2004년도 학술.기술논문발표회
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• pp.51-55
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• 2004

Generally, aggregate may limit the strength of concrete, and aggregate with undesirable properties including strength, shape and grading etc. cannot produce good concrete. Also, the properties of aggregate greatly affect the durability and structural performance of concrete. Recently, it has increased the using of crushed aggregate for concrete due to the exhaustion of good natural aggregate. In case of Korea, the using ratio of crushed stone occupies about 97％ of whole coarse aggregate, and ratio of crushed sand occupies about 18.3％ of whole fine aggregate. This is an experimental study to compare and analyze the properties of crushed sand for concrete in capital region and concrete according to the replacement ratio of crushed sand to do suitable mix design and improve the concrete quality. According to results, it was found that nearly all the properties of crushed sand satisfied with the value recommended by KS.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.329-337
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• 2021

This research aims to expose the Islamic perspective on the concept of justice on the Mudarabah contract's profit-sharing ratio. In certain verses in Al-Qur'an, Islamic values in Muamalah, the rules dictated by the Qur'an and its practices, and explanations rendered (more commonly known as Sunnah) by the Prophet Muhammad (pbuh) and Sahabah (the companions of the Prophet Muhammad), and Fiqh Axiom (rules) in Muamalah (Islamic jurisprudence), are used as the instruments of sharia to achieve the study objective. Islamic monetary establishments in Indonesia are still not in full consistency with the Shariah principles, significantly as far as satisfying equity and justice by Islamic banks in mudarabah contract (with clients). The ignominy is the nisbah (ratio) between the capital proprietor and the capital director. There are models or propositions to decide the benefit (profit)-sharing proportion. Nevertheless, none of them explains or specifies the possibility of equity/justice in the profit-sharing ratio. This research utilizes an explorative and subjective methodology that contributes to the philosophical premise of deciding the profit-sharing fairness. The elements of a just ratio for the Mudharabah contract are mutual willingness, the existence of negotiation, and the level of advantages and risks of the labor.

• 한국산학기술학회논문지
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• 제17권6호
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• pp.173-180
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• 2016

본 연구는 한국거래소의 유가증권시장에 상장된 기업들을 대상으로 운전자본관리가 기업성과에 미치는 영향을 살펴보았다. 운전자본과 기업성과는 각각 매출액 대비 순운전자본의 비율과 총자산영업이익률로 측정한 변수를 이용하였다. 연구의 주요 결과는 다음과 같다. 첫째, 전체 표본을 대상으로 실시한 분석에서 운전자본과 기업성과 간에 유의한 관계를 확인할 수 없었다. 둘째, 운전자본이 음(-)인 집단을 대상으로 실시한 분석결과, 운전자본의 계수가 유의적인 +0.013로 나타나 운전자본이 기업성과에 유의한 양(+)의 영향을 미침을 확인하였다. 반면, 운전자본이 양(+)인 집단의 경우, 운전자본의 계수가 유의한 -0.016으로 추정되어 운전자본과 기업성과 간에 유의적인 음(-)의 관계가 존재함을 보였다. 이러한 결과는 최근 해외연구에서 밝혀진 바와 같이 국내 기업에서도 운전자본의 적정보유수준이 존재할 수 있음을 시사한다. 셋째, 재무적 제약을 고려한 운전자본과 기업성과 간의 관계를 분석한 결과, 재무적 제약이 운전자본과 기업성과의 관계에 별다른 영향을 미치지 못하는 것으로 나타났다. 이는 재무적 제약을 지닌 기업과 그렇지 않은 기업 간에 특별히 다른 운전자본정책이 실행되지 못하고 있음을 시사한다. 그동안 국내 상장기업을 대상으로 운전자본과 기업성과의 관계를 다룬 연구가 거의 존재하지 않는다는 점을 고려할 때 본 연구는 향후 관련 연구의 활성화에 기여할 것으로 기대된다.

• 대한지리학회지
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• 제43권4호
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• pp.561-579
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• 2008

서울로의 인구밀집화는 만성적인 서울의 주택난을 가져왔으며, 이를 해결하기 위해 서울 주변에 신도시 개발이 이루어졌다. 본 연구는 최근 10년간 수도권의 신도시 개발에 따른 인구이동과 통근통행패턴의 변화를 분석하는데 목적을 두었으며, 특히 신도시들이 성장하면서 자족성이 커져서 통근통행 패턴의 변화를 일으키는지 또는 여전히 서울에 의존적인 가를 분석하는데 초점을 두었다. 지난 10년 동안 이루어진 신도시 및 대규모 택지개발은 인구이동 패턴에 엄청난 영향을 미쳤으며, 주거지 이주 목적으로 이루어진 인구이동은 통근통행패턴에도 영향을 미친 것으로 나타났다. 도시개발사업이 경기북부로 확대되어 나감에 따라 인구이동 흐름도 수도권 전역으로 확대되고 통근통행패턴도 변화되면서 서울대도시권이 광역화되고 있는 것으로 나타났다. 지난 10년동안 신도시들의 자족수준의 변화를 분석한 결과 시간이 지나면서 자족수준이 높아져가고 있는 것으로 나타났다. 따라서 신도시들이 경제적 기능을 점차 강화시켜 나가고 있다고 보이며, 이는 향후 수도권의 새로운 고용중심지로 부상될 잠재성을 갖고 있음을 시사해준다. 향후 신도시의 직주불균형을 완화하고 자족성을 높이는 정책은 수도권의 교통문제를 해결하는 좋은 씨 괼 수도 있을 것이다.