• 아태비즈니스연구
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• 제13권4호
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• pp.163-175
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• 2022

Purpose - This study introduces a methodology for finding the optimal tracking error of active stock funds. Tracking error is commonly used in risk budgeting techniques as a concept of cost for alpha creation. Design/methodology/approach - This study uses a post-optimal smart beta portfolio that maximizes alpha under the given tracking error constraint. Findings - As a result of the analysis, the smart beta strategy that maximized alpha under the constraint of 0.15% daily tracking error shows the highest IR. This means the maximum theoretically achievable efficiency. In this regard, a fixed-effect panel regression analysis is conducted to evaluate the active efficiency of domestic stock funds. In addition to control variables based on previous studies, the effect of tracking error on alpha is analyzed. The alpha used in this model is calculated using the smart beta portfolio according to the size of the constraint of the tracking error as a benchmark. Contrary to theoretical estimates, in Korea, the alpha performance is maximized under a daily tracking error of 0.1%. This indicates that the active efficiency of domestic equity funds is lower than the theoretical maximum. Research implications or Originality - Based on this study, it is expected that it can be used for active risk management of pension funds and performance evaluation of active strategies.

• 수산경영론집
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• 제26권1호
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• pp.79-104
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• 1995

Dividend Policy involves the decision to pay out earnings versus retaining them for reinvestment in the firm, and dividend policy decisions can have either favorable or unfavorable effects on the attainment of firm's objective. This paper is to examine the present status of dividend policy of the Pusan Cooperative Fish Market, and to suggest the optimal dividend policy decisions appropriate for achieving its objective, which is to promote the fishermen's benefits and protect the interest of consumers. There are two types of dividend that the Pusan Cooperative Fish Market pays to the equity owners : (1) dividend on capital and (2) equalized patronage dividend. During'90s, while the rate of dividend on capital ranged from 1.7% to 2.8%, that of equalized patronage dividend ranged from 13.9% to 22.9%. Therefore, the rate of total dividend on capital including revolving funds has been about 20%, which turns out to be much higher than those of companies listed in the stock market. According to the current dividend data, the Pusan Cooperative Fish Market focuses on the equalized patronage dividend and the dividen on capital is the secondary type of dividend. In addition, the interesting feature of equalized patronage dividend is that it is supposed to be reinvested into capital by the Articles of the Fish Market, as soon as the Fish Market pays it to its members. Finally, this paper suggests the rational dividend policy of the Fish Market that is able to help its objective to be achidved more efficiently. The overall direction of the rational dividend policy can be summarized as follows ; (1) The level of cash dividend on capital should be increased enough to reflect the market interest rate. (2) The subsidy of working capital to some member fisheries cooperatives as quasi- dividend should be cut off steadily. (3) The equalized patronage dividend should be replaced by the original patronage dividend whose level is determined by the volume of each member's purchase. (4) In the long-term, it is necessary to improve the system of revolving funds in the way that revoloving funds could serve to complement equity capital for only a fixed time, after which they ard repaid to the members.

• 유통과학연구
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• 제11권6호
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• pp.67-80
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• 2013

Purpose - This study aims to establish the relationships among brand equity, brand attitudes, and Visual Merchandising (VMD) in bakery stores. The results will help bakery franchisees and franchisers in devising appropriate strategies for successfully managing their bakery shops. Research design, data, and methodology - The VMD model for bakery shops comprises harmony, attractiveness, suitability, pandemic, functionality, and reliability. Further, brand equity encompasses brand awareness, perceived quality, and brand image. In this study, the VMD factors of bakery shops are used as independent variables, while brand equity and brand attitude are used as dependent variables. This study aims to ascertain the extent of the influence VMD components of bakery shops have on brand equity and brand attitude. Regression analysis was used to verify those effects. The measurement items, deemed reliable and valid in a previous study, were modified for this study. Questionnaires were distributed to 500 consumers nationwide, of whom 340 were used for the sample. The SPSS 19.0 statistical program was used for the analysis. Results - First, among the VMD bakery shop components, harmony, attractiveness, and pandemic have a positive impact on brand equity (brand awareness and brand image). Second, amongst the VMD components of bakery shops, attractiveness, pandemic, and reliability have a positive impact on brand equity (perceived quality). Third, amongst the VMD components of bakery shops, harmony, attractiveness, and reliability have a positive impact on brand attitude. Fourth, brand equity (brand awareness, brand image, and perceived quality) have a positive effect on brand attitude. Conclusions - This study identifies the relationships between the VMD components of a bakery shop and brand equity and attitude in order to propose a new model. The study has several practical implications. First, the development of brand equity and management can be important components in bakery shops' determination of whether their VMD components have an impact on brand equity. Second, among VMD components, harmony and attractiveness have a positive influence on the choice of bakery shop, while reliability and pandemic have a partly positive influence on the choice of bakery shop. Therefore, store atmospheres should be attractively designed, and store menus and interiors should be reviewed periodically to conform to the latest trends. This study suggests marketing strategies for brand equity formation. First, providing collateral product quality, hygiene, and safety benefits as well as product offerings to complement the season and employees' services should be considered. Second, display methods, illumination designs, and new product ideas should be periodically reviewed. Third, these should complement the overall harmony of the interior and exterior and of the store atmosphere in order to be attractive. Funds should thus be dedicated specifically for the facilities and their interiors. Fourth, it is necessary to build a friendly and relaxed image that can be easily called to mind by the customers.

• 유통과학연구
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• 제17권9호
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• pp.117-125
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• 2019

Purpose - We investigate how to increase consumer incentives to buy public offering funds, resulting in activating the public offering fund market. In particular, this study aims to find ways to expand diversity and to improve efficiency of public offering fund. The public fund market of Korea has been stagnant in recent years. However, the public offering fund market plays a very significant role in terms of consumer welfare. Since only a few wealthy investors can participate in the private equity market, the stagnation in the public offering fund market usually reduces the opportunity of consumer's buying funds thus ultimately affecting their future wealth. Research design, data, and methodology - To attain our purpose, the 'factor-based portfolio strategy' has been considered. It is an alternative portfolio strategy, which composites the advantages of the passive management and active management. For our empirical anaylsis, we used global stock distribution market data over the period of 1991 and 2016. Then we constructed portfolios based on firm-size, firm-value, and momentum. Finally, a regression model was set, then hypotheses were tested, analyzing the performances. Results - First, among the 15 factor-based portfolios of global, Europe, Asia-Pacific(ex Japan), US and Japan, in eight portfolios, positive excess returns are observed at 5% significance level. Further, there is another portfolio with positive excess return at 10% significance level. Second, most of the portfolios with significant excess performance show positive relationship with the market portfolio. However, the firm-value based portfolio in Asia-Pacific region shows no relationship, and the firm-value based portfolio in US shows negative relationship. Third, we confirmed that the two firm-value factor portfolios in Asia-Pacific region and US, not having positive relationship with market portfolio, provide significant excess returns. Conclusions - In this paper, we provide empirical evidences supporting that the factor-based portfolios expand the diversity of funds and improve the efficiency of investment performance. However, there is no guarantee that the efficiency will continue in the future. In addition, various constraints and costs must be considered. Nevertheless, our novel findings in the advanced financial market such as US and Asia-Pacific are very interesting and offers important implications.

• 경영과정보연구
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• 제32권3호
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• pp.83-105
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• 2013

기관투자자들의 군집행동에 대해서는 다양한 연구들이 이루어져 왔으나 기관투자자를 구성하는 여러 투자자들 간의 거래행태의 관계에 대하여는 그 연구가 부족한 상태이다. 따라서 본 연구에서는 2009년 한국거래소의 일중거래자료를 바탕으로 기관투자자를 구성하는 은행, 보험, 증권, 연기금 등과 같은 세부 투자자 유형의 거래행태에 있어서 어떠한 관계가 있는지 살펴보았다. 그 결과 외국인, 개인, 그리고 증권 투자자의 경우 대체로 연기금을 비롯한 나머지 투자자 유형과는 주로 반대거래를 하고 있는 것으로 나타났으며 연기금, 보험, 자산운용, 사모펀드, 기타법인 및 국가, 은행 등은 서로간 교차추종을 하고 있어 군집행동의 증거가 관찰되었다. 특히 연기금과 보험은 오랜 기간 서로 교차추종거래를 하고 있는 것으로 조사되었다. 따라서 2009년의 경우 증권을 제외한 기관투자자들은 짧은 추종시차에서 군집행동을, 보험과 자산운용, 연기금 및 기타법인의 경우 군집행동과 자기추종의 가능성이 추종시차에 관계없이 높게 나타났으며, 외국인에 대한 추종 및 군집행동의 증거는 확인할 수 없었다.

• 산업융합연구
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• 제15권2호
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• pp.45-56
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• 2017

본 연구의 목적은 국내 증권형 크라우드펀딩의 달성률에 영향을 주는 투자자 수의 영향력을 분석하여, 일반 투자자의 참여가 필요한 이유에 대해 알아보고 일반 투자자의 참여를 높이는 방안을 제시함에 목적이 있다. 이를 위해 증권형 크라우드펀딩에서 실제 진행된 190개의 진행결과를 분석하였고, 국내 증권형 크라우드펀딩의 달성률에 영향을 주는 요인으로는 선행연구와 같이 모집금액, 목표금액, 모집기간과 사업연수의 영향력을 확인할 수 있었으며, 달성률에 대한 영향요인이 일반 투자자의 수가 증가함에 따라 더욱 더 큰 영향을 줄 수 있음을 확인하였다. 따라서, 정부에서는 일반 투자자에 대한 규제를 보다 더 완화하는 노력을 기울여야 하며 자금수요자는 일반 투자자의 자금 회수를 위하여 KSM시장을 통한 기업공개에 대한 노력을 강화하고 공시해야만 일반 투자자의 참여를 이끌어 낼 수 있으며 크라우드 펀딩을 통하여 원할한 자금 확보를 이끌어 낼 수 있을 것이다.

• Communications for Statistical Applications and Methods
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• 제16권2호
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• pp.249-264
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• 2009

지수연동형 보험상품(EIA: Equity-indexed annuities)은 주식시장의 수익률과 연계하여 보험상품의 수익률이 결정되며 주식시장의 수익률이 낮은 경우에도 최소보장 수익률이 제공되는 상품이다 EIA의 수익률은 주가 수익률에 일정 비율을 곱하고 이 값과 최소보장수익률과 비교하여 높은 값을 수익률로 정의한다. 여기서 주가수익률에 곱하는 일정비율을 참여율(Participation rate)이라고 부른다. 본 논문에서는 수익률을 결정하는 주가지수와 일정수준을 넘는 여부를 결정하는 주가지수를 다른 지수로 사용하는 Outside Barrier가 내재된 보험 상품을 제안하고자 한다. 특히 Outside Barrier조건의 결정을 계약기간 전체가 아닌 계약기간의 일부분으로 선정한 것이 특징이다. 이러한 수익률 구조를 반영하는 가격 공식을 기댓값 계산을 통하여 유도하고 수치해석 기법을 이용하여 최소보장이율, Rebate, barrier 수준, 주가 변동성, 상관계수 및 관측기간 등의 변수가 참여율의 결정 에 어떤 영향을 미치는지를 알아보고자 한다.

• 통합자연과학논문집
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• 제11권4호
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• pp.212-225
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• 2018

This study is based on the purpose of organizing and planning a fundraising for Daum Kakao's 'storyfunding' during the recent crowdfunding that uses mobile-based Internet platforms to raise funds. Analysis by project subjects shows that one planner is more efficient if the ability of one planner, such as 'publishing', is important. However, there were many group A types of contents that require variety of expertise such as 'campaign' and 'journalism' after funding is completed. As a result of analysis by planning purposes, there were the most funds available to produce contents. This is a sign that there are many projects that match the basic purpose of story funding. There are also many other purposes for the purpose of raising public opinion for the project or the establishment of monuments, or for the support of people, animals, or animal rights groups. And there is a private equity fund to sell or promote products. Such quantitative research and analysis will accurately determine the current situation of crowdfunding and will provide basic data such as efficient human composition and goals setting to achieve the goals of crowdfunding in the future.

• Asian Journal of Business Environment
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• 제10권2호
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• pp.23-31
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• 2020

Purpose: The purpose of this paper is to find out the impact of financial leverage on firm's profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm's profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm's profitability is negatively affected by the firm's capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don't have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.

• 경영과정보연구
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• 제28권3호
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• pp.1-23
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• 2009

본 연구에서는 중소기업 정책자금을 지원받는 상장기업을 대상으로 위험 예측모형을 제시하고자 한다. 정책자금을 지원하는 기관 입장에서는 대상기업의 위험성을 판단하는 것은 자산의 건전한 운용을 위해 중요한 과제일 것이다. 리스크 예측 방법은 J.P.Morgon의 CreditMetrics를 이용한 보증기관의 경제자본 측정과 신용자산배분, 극단적 상황에서 이용할 수 있는 스트레스 테스팅(stress testing)기법, 판별 분석 모형, 로짓분석 등 다양한 방법이 존재한다. 본 연구에서는 로짓분석을 통해 정책자금의 건전한 운용을 위해 정책자금 지원 기관에 대한 부실위험을 살펴본다. 분석을 위해 먼저 기존 연구에 대한 검토와 최근 기업도산의 상황을 감안하여 14개의 재무지표를 선정한 다음 수행한 로짓회귀분석의 결과 추정계수로 로짓반응함수와 로지스틱 반응함수를 구성할 수 있다. 여기서는 정상기업/도산기업에 있어서 자기자본대타인자본비율, 매출액경상이익율, 총자산영업이익율, 총자산회전율, 매출채권회전율, 재고자산회전율만이 도산가능성을 예측하는데 유용한 변수로 선택되었다. 이는 재무비율 상호간의 높은 상호간 관계로 인하여 다수의 재무비율이 지닌 정보의 대부분이 소수의 재무비율에 의하여 파악될 수 있음을 의미한다. 또한 부실기업/도산기업의 구분에 있어서는 모든 비율이 두 그룹을 구분 짓는데 설명력이 높음을 나타내고 있다. 또한 총자산이익잉여금율이 높은 기업일수록 도산가능성이 낮다는 것을 두 그룹 모두에서 보여주고 있으며 회귀계수의 유의수준도 가장 높다. 금융비용부담율 또한 그 비율이 높은 기업일수록 도산가능성이 높다는 것을 제시하고 있다. 순운전자본비율, 자기자본비율, 매출액순이익율, 총자산영업이익율, 총자산회전율, 재고자산회전율은 도산기능성에 기대된 (-)의 영향을 미치는 것으로 나타나고 있다.