• Health Policy and Management
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• v.29 no.1
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• pp.27-39
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• 2019

Background: This study is designed to estimate the factors that affect the level of three different performance (publicity, efficiency, profitability) among regional public hospitals. Methods: The units of analysis are the regional 30 hospitals, which have the operating data during 22 years (from 1933 to 2014). The research method is used by fixed panel analysis. The publicity is measured by medicaid outpatient proportion and medicaid inpatient proportion. The efficiency is measured by two types of efficient score by DEA (data envelopment analysis). The profitability is measured by medical income to medical revenue and ROA (return on total asset). Results: At first, the increase of bed gives negative affect to the publicity but give positive effect to the efficiency and profitability. Because it means the increase of the region population, it gives more profitability compare to hospital with small number of beds. The more the operating period is the higher effect to the publicity and efficiency because of it's refutation. The debt ratio gives negative effect to publicity, but positive effect to profitability. It is the normal belief that there is inverse relationship between publicity and profitability. The turnover rate of bed gives the negative affect to the publicity, but positive affect to the efficiency and profitability. That give us the implication that type of the inpatient make different effect the hospital performance. The ratio of labor cost give negative effect to all kind of performance. That means that the higher labor cost don't mean the higher publicity and labor cost control is very important factors to hospital performance. So the region hospital have to focus the labor factors more to make higher performance. Conclusion: As the conclusion, the independent variables give similar effect to the efficiency and the profitability, but give inverse effect to the publicity. That means that if an region hospital want to make the more publicity, it loss the higher efficiency and profitability. Specially publicity is higher negative relation with the profitability.

• Korean Business Review
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• v.17 no.2
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• pp.41-61
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• 2004

Before 2003 the companies in Korea should capitalize the interest expenses that are attributable to the acquisition, construction or production of a qualifying assets. However, according to the revised standard which should be applied from 2003, the companies can either capitalize the interest expenses or recognize as an expense when they are incurred. Therefore almost all the companies confronted with the decision making of accounting choices on the interest capitalization. This paper empirically examines which financial characteristics of the companies affect the accounting choice by using logistic regression model and reviews the sufficiency of the foot notes disclosures regarding the capitalized interest. The variables of the financial characteristics are change of debt-equity ratio, borrowing ratio, qualifying assets ratio, firm size and income smoothing. The results of this study are summarized as follows. First, among the financial characteristics, only qualifying asset ratio has the significant difference between capitalized companies and expensing companies. Second, the results of logistic regression indicate that qualifying asset ratio and firm size have the significant influence on the accounting choices. Therefore, I cannot find the evidence supporting that the companies use the accounting choice to manage the financial ratios.

• Korean small business review
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• v.41 no.2
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• pp.51-78
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• 2019

The purpose of this study is to classify unlisted companies' entering method into stock market and to find out a advantageous choice between IPO and SPAC. The research samples are two types(79 IPO companies and 46 SPAC companies) of 125 companies. Which were being listed in the KOSDAQ market from 2010 to 2017. The analysis results are as follows. At first, after analyzing the impact of well known variables such as asset size, company history and number of employees to select listing methods. I found that the variables of asset size and company history have a significant negative (-) effect on the SPAC variable. Secondly, the debt ratio variable has a significant positive (+) effect on the SPAC variable. Third, it was found that the ratio of profitability variables, such as operating income to sales have a systematically positive (+) effect on the SPAC variable. Fourth, I analyzed the impact of the largest stockholder in unlisted companies on the selection of listing methods. I found that the largest stockholder are systematically having a positive (+) effect on SPAC. The result means that unlisted companies that chose SPAC have the larger shareholder shares that are relatively higher than the unlisted companies that chose IPO.

• The Journal of Society for e-Business Studies
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• v.23 no.3
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• pp.207-224
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• 2018

In this article, an empirical study was conducted by using public dataset from Lending Club Corporation, the largest online peer-to-peer (P2P) lending in the world. We explore significant predictor variables related to P2P lending default that housing situation, length of employment, average current balance, debt-to-income ratio, loan amount, loan purpose, interest rate, public records, number of finance trades, total credit/credit limit, number of delinquent accounts, number of mortgage accounts, and number of bank card accounts are significant factors to loan funded successful on Lending Club platform. We developed online P2P lending default prediction models using discriminant analysis, logistic regression, neural networks, and decision trees (i.e., CART and C5.0) in order to predict P2P loan default. To verify the feasibility and effectiveness of P2P lending default prediction models, borrower loan data and credit data used in this study. Empirical results indicated that neural networks outperforms other classifiers such as discriminant analysis, logistic regression, CART, and C5.0. Neural networks always outperforms other classifiers in P2P loan default prediction.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.9
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• pp.4514-4523
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• 2013

Currently the number of unsold housing is rapid increasing over again in the Seoul Metropolitan area. So this research analyzed effective and possible solutions focus on the potential customers and professionals. There was a research method setting up alternative solutions from the existing researches and the other suggestions though FGI (Focus Group Interview) by professionals. And then it investigated the efficient ways to resolve those problems through Conjoint Analysis. According to the result of this paper, firstly the customers considered 'financial supports', 'self-rescue efforts for construction companies' and 'taxation support' than the other. On the other hand, professionals evaluated 'publicly purchased housing' and 'new housing policies' were more essential solutions besides, both of them recognized the importance of ;financial support'. Secondly there were some ideas that it was necessary to more less control LTV (Loan to Value ratio) and DIT ( Debt to Income) and the LH (Korea Land and Housing Corporation) buy unsold housing. Finally the government and housing association had to manage and intervene the supply of housing within metropolitan area and restrict to building new properties and the construction companies actively provide less strict standard terms and conditions in contract for purchasing housing for instance, the decline of housing sale price or interest-free and so on.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.10
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• pp.4359-4368
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• 2011

Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

• 한국벤처창업학회:학술대회논문집
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• 2018.11a
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• pp.165-175
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• 2018

Since the 1997 financial crisis, large scale unemployment and poverty have become serious, and public and social job creation projects have been carried out. However, with the limitations of low-wage and short-term jobs, the need for long-term and high quality jobs gradually began to attract attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased. And also it is interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance, and we analyzed empirically by using social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise is measured by the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise is measured by total number of workers and the employment rate of the vulnerable social groups. The characteristics of the social enterprise include the CEO characteristics (gender, age, experience in operating the social enterprise), the firm size, and the elapsed time of the authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance have a statistically significant positive relationship with firm size, organizational form, government subsidies and capital adequacy ratio. And it is found that the social performance have a statistically significant negative relationship with CEO age, credit debt dependence. Second, as a result of analysis for the effect on social performance, we foumd that total number of workers have a significant positive relationships with CEO gender, CEO age, and firm size, government subsidies, while total number of workers have a significant negative relationship with certification type and industry dummy. On the other hand, the employment rate of the vulnerable social groups have a siginificant positive relationship with CEO gender and certification type and It have not statistically significant relationship with the government subsidies and the firm size.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.61-72
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• 2019

Since the financial crisis in 1997, large scale unemployment and poverty have become serious, but there has been a surge in public and social job creation projects. However, with the limitations of low-wage and short-term jobs, the need for long-term, high quality jobs gradually began to garner attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased; more specifically, scholars are interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance. In particular, we empirically analyzed social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise was measured using the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise was measured by the total number of workers and the employment rate of vulnerable social groups. The characteristics of the social enterprise included CEO characteristics (gender, age, experience in operating the social enterprise), firm size, and the elapsed time of authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance has a statistically significant, positive relationship with firm size, organizational form, government subsidies, and capital adequacy ratio. And we found that the social performance has a statistically significant, negative relationship with CEO age and credit debt dependence. Second, as a result of analysis for the effect on social performance, we found that the total number of workers had a significant, positive relationship with CEO gender and CEO age, as well as firm size, government subsidies; whereas the total number of workers had a significant, negative relationship with certification type and industry dummy. Comparatively, the employment rate of the vulnerable social groups had a significant, positive relationship with CEO gender and certification type, but there was no statistically significant relationship with the government subsidies or firm size.

• 한국산학경영학회:학술대회논문집
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• 2004.11a
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• pp.55-72
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• 2004

Before 2003 the companies In Korea should capitalize the interest expenses that are attributable to the acquisition, construction or production of a qualifying assets. However, according to the revised standard which should be applied from 2003, the companies can either capitalize the interest expenses or recognize as an expense when they are incurred. Therefore almost all the companies confronted with the decision making of accounting choices on the interest capitalization. This paper empirically examines which financial characteristics of the companies affect the accounting choice by using logistic regression model and reviews the sufficiency of the foot notes disclosures regarding the capitalized interest. The variables of the financial characteristics are change of debt-equity ratio, borrowing ratio, qualifying assets ratio, firm sire and income smoothing. The results of this study are summarized as follows. First, among the financial characteristics, only qualifying asset ratio has the significant difference between capitalized companies and expensing companies. Second, the results of logistic regression indicate that qualifying asset ratio and firm size have the significant influence on the accounting choices. Therefore, I cannot find the evidence supporting that the companies use the accounting choice to manage the financial ratios.