• Asian Journal of Innovation and Policy
• /
• v.5 no.2
• /
• pp.197-207
• /
• 2016

This paper seeks to measure the monetary value of technical development in the deep seabed manganese nodule mining by applying the compound option model (COM). The COM is appropriate for the project in terms of its decision-making structure and embedded uncertainty. The estimation results show that the deep seabed mining project has more economic potential than shown by the previously obtained results from the discounted cash flow (DCF) analysis. In addition, it is reasonable to invest in the project taking the various uncertainty factors into consideration, because the ratio of the value to the cost of the project is far higher than one. This information can be utilized in national ocean policy decision-making.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.11
• /
• pp.151-156
• /
• 2019

This study aims to develop a distress prediction model and to evaluate distress prediction power for the food services industry by using 2017 food service industry financial ratios. Samples were collected from 46 food service industries, and we extracted 14 financial ratios from them. The results show that, first, there are eight ratios (financial ratio, current ratio, operating income to sales, net income to assets, ratio of cash flows, income to stockholders' equity, rate of operating income, and total asset turnover) that can discriminate failures in food service industries and the top-level food service industries. Second, by using these eight financial ratios, the logit function classifies the top-level food service industries, and failures in the food service industry can be estimated by using logit analysis. The verification results as to accuracy in the estimated logit analysis indicate that the model's distress-prediction power is 89.1%.

• Journal of Technology Innovation
• /
• v.28 no.3
• /
• pp.1-28
• /
• 2020

This study examines whether the firm with high innovation efficiency realizes high operating performance. We measured innovation efficiency by the ratio of patent applications for R&D expenditure or R&D stock and measured operating performance by the ratio of operating income or operating cash flow to total assets for the following year. The sample consists of 1,880 manufacturing firm-years, which listed on the Korean Exchange between 2014 and 2017. We analyze the effect of innovation efficiency on operating performance using a model of Hirshleifer et al. (2013) results show that both innovation efficiency variables have a significantly positive relationship with the total asset operating margin. Besides, the following year's performance, measured by the total asset operating cash flow ratio, also shows a positive relationship with the two innovation efficiency variables at the 5% and 1% significance levels, respectively. The results indicate that high innovation efficiency firms that link the outcomes of R&D to more patent applications realize higher operating performance. Also, we divided the R&D-intensive and non-R&D-intensive industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. However, the effect of innovation efficiency on the operating cash flow is only significant in R&D-intensive industries. This study suggests that the effects of innovation efficiency are more consistent in the R&D-intensive industry. Additionally, we divided the high patent application and low patent applications industries and performed the same analysis. As a result, the innovation efficiency has a significant positive effect on operating margin in both industries. This study suggests that the effects of innovation efficiency are more consistent in the high patent application industry. We show that a firm's innovation efficiency is a critical factor for a firm's performance, while prior studies on the R&D performance have not considered the innovation efficiency of each firm. The evidence suggests that firms not only consider R&D expenditures but also improve the performance of companies by increasing innovation efficiency. Investors need to consider their innovation efficiency when evaluating the value of firms.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.11
• /
• pp.157-165
• /
• 2018

Companies conduct R&D for continuous development and enhancement of corporate value, and obtain patents as an intangible asset resulting from this process. This study screened 103 medical device firms whose R&D information, patent information, and management performance information were all published to determine how R&D activities and patents affect corporate operational performance. The number of patents, R&D costs, company type and Inno-Biz of the company were set as independent variables, and the companies' sales, intangible assets, operating profit ratios, net profit margins, corporate ratings and profit-related financial ratios were used as dependent variables. The results confirmed that R&D expenditure had negative (-) effects on most indicators, including sales volume, operating profit ratio, and net profit ratio, while it had positive (+) [ED highlight - these are unnecessary if negative and positive are also written out.] effects only on intangible assets. Additionally, domestic patents were found to have negative (-) effects on sales, cash flow ratings, and dropped capital return, and positive (+) effects on net profit growth. Moreover, the business performance variables affected by the company characteristics were sales volume and cash flow ratings. The medical device industry is dominated by small and medium-sized businesses Although research and development activities and patents have been shown to have a negative impact on corporate management in the short term, they are expected to have a positive long-term impact when reflecting the characteristics of the medical device industry that must undergo clinical trials and authorization procedures after R&D.

• Journal of Digital Convergence
• /
• v.12 no.6
• /
• pp.115-123
• /
• 2014

The first, this study analyzed empirically the effects of net profit on sales, total asset turnover and debt ratio on return on equity, the second, verified debt' s mediating effect on return on investment and return on equity and finally, tested the effect of adjusted debt ratio on return on equity in the small medium sized enterprises. Generally speaking, using debt has a positive effect on return on equity. Meanwhile, using debt accelerate return on equity through leverage effect in the quadric function curve model. Eventually, using debt has a positive and negative effects on return on equity. Accordingly, because of the debt' janus-faced reality, using debt is restricted within the level that operating cash flow(or return on asset) excess interest(or rate of interest).

• Korean Journal of Breeding Science
• /
• v.43 no.6
• /
• pp.611-615
• /
• 2011

'Manjong' is a new japonica rice cultivar developed in 2009 derived from a cross between 'Yeongdeog34' and 'Nampyeongbyeo' at the Department of Functional Crop, NICS, RDA. This cultivar is suitable for the double cropping system after the cash crop cultivation. Heading date of 'Manjong' is later than 'Keumobyeo' under the late transplanting cultivation on July 10. It has high grain fertility under cold conditions and low premature heading. One of the distinguishing characteristics of this variety is its resistance to major diseases like leaf blast and rice stripe virus disease. However, it shows susceptibility to major insect pests and bacterial blight disease. Milled rice kernels are translucent with non-glutinous endosperm and have 7.2% protein and 18.7% amylose contents. Ripening ratio and head rice ratio is very higher than those of 'Keumobyeo'. The palatability of cooked rice is also better than 'Keumobyeo'. The milled rice yield of 'Manjong' in local adaptability tests after harvest of the cash crop is $4.81MT\;ha^{-1}$. This cultivar is suitable for planting in the plain paddy fields of Honam and Yeonnam regions in Korea.

• The Journal of Information Systems
• /
• v.16 no.1
• /
• pp.91-109
• /
• 2007

This study investigates the extent to which the implementation of enterprise resource planning(ERP) systems enhance the corporate performance by examining financial variables of the implemented firms against those of the control fm. A total of 346 observations were obtained from 160 firms, 80 implemented firms and 80 control firms, for the period of 1998-2002. Results from the study partly support the assertion that ERP improves the full spectrum of business functions such as selling, marketing, purchasing, warehousing, accounting and human resources by tightly integrating enterprise-wise information databases. First the profitability of the implemented group was different from that of the control group. The indicator (dummy) variable was able to explain the differences in total cash flows between the implemented group fm and the control group firms. Second, ERP turned out In improve the efficiency in managing assets. The indicator variable has the power in explaining the differences in the amount of accounts receivables between the implemented group firms and the control group firms. Third, the product turnover ratio of the implemented group was different from that of the control group. Fourth, the average value added per employee and the net income per employee of the implemented group firms were greats- than those of the control group firms. Finally, the average magnitude of the administrative expenses of the implemented group firms was smaller than that of the control group firms.

• Journal of the Institute of Electronics Engineers of Korea CI
• /
• v.47 no.4
• /
• pp.54-62
• /
• 2010

Semantic Web programming is such an immature area that it is yet based on API calls, and does not provide high productivity in compiler time and sufficient efficiency in runtime. To get over this limitation, some efforts have been devoted on dedicated programming languages for Semantic Web. In this paper, we introduce a sophisticated cashing technique to enhance the runtime efficiency of RDF (Resource Description Framework) processing programs with SPARQL queries. We use static program analysis on those programs to determine what to be cashed, so as to decrease the cash miss ratio. Our method is implemented on programs in 'Jey' language, which is one of the programming languages devised for RDF data processing.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.5
• /
• pp.81-90
• /
• 2020

This study investigates the nexus between the level of Corporate Social Responsibility Disclosures (CSRD) and Risk of Bankruptcy of companies that are listing in the Stock Exchanges of Vietnam. To investigate that relationship, this study collected secondary data from annual audited financial statements from 2014 to 2018 of listing companies. Applying two different regression models with two dependent variables and six independent and control variables, we find out that Vietnamese firms with higher level of CSRD performance can rapidly reduce their risk of bankruptcy. This phenomenon happens in the current year and in the coming years in all firms in the research sample. This result may be that the disclosures of social responsibility information can bring financial and non-financial benefits to the firms. In addition, the results also point out that there is a difference in risk of bankruptcy between the group of companies, which discloses and the one which does not disclose corporate social responsibility on their annual reports. This might be from the effects of various factors such as business size, financial leverage, market to book ratio, return on assets, cash flow from operations, etc. Our research results can be applied to other firms in Vietnam and in other similar jurisdictions.

• Plant Biotechnology Reports
• /
• v.2 no.4
• /
• pp.239-243
• /
• 2008

Simmondsia chinensis (Link) Schneider, a multipurpose and monogeneric dioecious shrub from arid zones, has emerged as a cash crop all over the globe. Its seed propagation poses severe problems due to its male-biased population: the male:female ratio is 5:1. Investigations have been carried out to generate a sex-specific Inter-simple sequence repeat (ISSR) marker for the early detection of male and female plants. Of the 42 primers analysed with a bulk sample of pooled male DNA and a bulk sample of pooled female DNA, only one primer, UBC-807, produced a unique ~1,200 base-pair fragment in the male DNA. To validate this observation, this primer was re-tested with individual male and female samples from eight cultivars. A similar unique ~1,200 bp fragment was present in the male individuals of all eight cultivars and completely absent in the female individuals tested. This is the first report of the use of ISSR markers to ascertain sex in physiologically mature S. chinensis plants.