• Management & Information Systems Review
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• v.37 no.1
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• pp.103-122
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• 2018

This paper expands the results of previous studies indicating that manager's ability positively affects business performance to analyze whether the degree to which the role of manager's ability improves business performance appears differently according to the characteristics of enterprises. As for the characteristics of enterprises, whether enterprises correspond to enterprises with high levels of funding constraints or late movers in the market is considered. Enterprises with high levels of funding constraints greatly require managers' roles not only for efficient use of funds but also for smooth financing. Late movers require more judgments of professional managers to overcome insufficient resources held and low profitability. In the case of enterprises with corporate characteristics with high dependency on the manager, the business performance is expected to greatly vary with the ability of the manager. The empirical analysis was conducted with listed companies from 2010 to 2014, manager's ability was measured by first measuring the efficiency of the entire enterprise through data envelopment analysis (DEA) using the methodology of Demerjian et al.(2012) and removing enterprise characteristics factors thereafter. Business performance was measured by the return on industrial fixed assets. The results of the empirical analysis indicated that the degree to which manager's ability improves business performance was higher in managerial competence enhances managerial performance in enterprises with high levels of funding constraints and late movers. Business performance is considered to have been improved further in cases where manager's ability is high because investments were made more efficiently through smooth funding. In addition, in the case of late movers in relatively poor environments, business performance was improved further because high manager's ability induced efficient decision making. In this paper, we extend the precedent study that the manager's ability improves the management performance, and confirm that the manager's ability to improve the managerial performance can be different according to the situation of the company. In addition, it is meaningful to analyze empirically whether a company's managerial ability is more important. This paper expanded the results of previous studies indicating that manager's ability improves performance to identify that the degree to which manager's ability improves business performance may appear differently according to situations in which enterprises are placed. In addition, this paper is meaningful in that it empirically analyzed what enterprises require manager's ability more importantly.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.67-84
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• 2010

In terms of business, forecasting is a work of what is expected to happen in the future to make managerial decisions and plans. Therefore, the accurate forecasting is very important for major managerial decision making and is the basis for making various strategies of business. But it is very difficult to make an unbiased and consistent estimate because of uncertainty and complexity in the future business environment. That is why we should use scientific forecasting model to support business decision making, and make an effort to minimize the model's forecasting error which is difference between observation and estimator. Nevertheless, minimizing the error is not an easy task. Case-based reasoning is a problem solving method that utilizes the past similar case to solve the current problem. To build the successful case-based reasoning models, retrieving the case not only the most similar case but also the most relevant case is very important. To retrieve the similar and relevant case from past cases, the measurement of similarities between cases is an important key factor. Especially, if the cases contain symbolic data, it is more difficult to measure the distances. The purpose of this study is to improve the forecasting accuracy of case-based reasoning approach using fuzzy relation and composition. Especially, two methods are adopted to measure the similarity between cases containing symbolic data. One is to deduct the similarity matrix following binary logic(the judgment of sameness between two symbolic data), the other is to deduct the similarity matrix following fuzzy relation and composition. This study is conducted in the following order; data gathering and preprocessing, model building and analysis, validation analysis, conclusion. First, in the progress of data gathering and preprocessing we collect data set including categorical dependent variables. Also, the data set gathered is cross-section data and independent variables of the data set include several qualitative variables expressed symbolic data. The research data consists of many financial ratios and the corresponding bond ratings of Korean companies. The ratings we employ in this study cover all bonds rated by one of the bond rating agencies in Korea. Our total sample includes 1,816 companies whose commercial papers have been rated in the period 1997~2000. Credit grades are defined as outputs and classified into 5 rating categories(A1, A2, A3, B, C) according to credit levels. Second, in the progress of model building and analysis we deduct the similarity matrix following binary logic and fuzzy composition to measure the similarity between cases containing symbolic data. In this process, the used types of fuzzy composition are max-min, max-product, max-average. And then, the analysis is carried out by case-based reasoning approach with the deducted similarity matrix. Third, in the progress of validation analysis we verify the validation of model through McNemar test based on hit ratio. Finally, we draw a conclusion from the study. As a result, the similarity measuring method using fuzzy relation and composition shows good forecasting performance compared to the similarity measuring method using binary logic for similarity measurement between two symbolic data. But the results of the analysis are not statistically significant in forecasting performance among the types of fuzzy composition. The contributions of this study are as follows. We propose another methodology that fuzzy relation and fuzzy composition could be applied for the similarity measurement between two symbolic data. That is the most important factor to build case-based reasoning model.

• Informatization Policy
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• v.21 no.3
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• pp.33-55
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• 2014

Public Shared Service Centers (PSSC) consolidate functions such as human resources, information technology, financial management or accounting into one office to serve an organization. A prominent example from the United States is the Federal Information Technology Shared Services Strategy. It supports mission, administrative, and infrastructure-related IT functions through providing organizations in the Executive Branch of the Federal Government (Federal Agencies) with policy guidance on the full range and lifecycle of intra- and inter-agency information technology (IT) shared services. This study looks at the Federal Information Technology Shared Services Strategy in order to draw lessons for fostering collaborative government through the use of PSSC. It finds the following factors are critical for success when implementing IT shared services: (1) agency leadership must be solidly behind their IT shared service plan, or the needed changes will not happen at the business unit, program, or system levels; (2) there must be a move away from internally-centered, program-specific thinking, and a move toward a paradigm of consuming and providing IT shared services with multiple groups whenever possible; and (3) successfully managing "loss of control" issues is central, and optimizing business processes is essential to move from stove-piped workflows to processes that work across the agency enterprise and beyond. Therefore, the study suggests that a Korean model of PSSC implementation be introduced, and that good IT Governance is a crucial component of PSSC strategies.

• 한국무역상무학회:학술대회논문집
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• 2006.06a
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• pp.45-72
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• 2006

The Equator Principles are a set of voluntary environmental and social guidelines for ethical project finance. These principles commit banks and other signatories to not finance projects that fail to meet these guidelines. The principles were conceived in 2002 on an initiative of the International Finance Corporation and launched in 2003. Since then, dozens of major banks have adopted the Principles, and with these banks among them accounting for more than three quarters of all project loan market volume the Principles have become the de facto standard for all banks and investors on how to deal with potential social and environmental effects of projects to be financed. While regarding the Principles an important initiative, NGOs have criticised the Principles for not producing real changes in financing activities and for allowing projects to go through that should have been screened out by the Principles, such as the Sakhalin-II oil and gas project in Russia. In early 2006, a process of revision of the principles was begun. The Equator Principles state that endorsing banks will only provide loans directly to projects under the following circumstances: - The risk of the project is categorized in accordance with internal guidelines based upon the environmental and social screening criteria of the International Finance Corporation (IFC). - For all medium or high risk projects (Category A and B projects), sponsors complete an Environmental Assessment, the preparation of which must meet certain requirements and satisfactorily address key environmental and social issues. - The Environmental Assessment report addresses baseline environmental and social conditions, requirements under host country laws and regulations, applicable international treaties and agreements, sustainable development and use of renewable natural resources, protection of human health, cultural properties, and biodiversity, including endangered species and sensitive ecosystems, use of dangerous substances, major hazards, occupational health and safety, fire prevention and life safety, socio-economic impacts, land acquisition and land use, involuntary resettlement, impacts on indigenous peoples and communities, cumulative impacts of existing projects, the proposed project, and anticipated future projects, participation of affected parties in the design, review and implementation of the project, consideration of feasible environmentally and socially preferable alternatives, efficient production, delivery and use of energy, pollution prevention and waste minimization, pollution controls (liquid effluents and air emissions) and solid and chemical waste management. - Based on the Environmental Assessment, Equator banks then make agreements with their clients on how they mitigate, monitor and manage those risks through an 'Environmental Management Plan'. Compliance with the plan is required in the covenant. If the borrower doesn't comply with the agreed terms, the bank will take corrective action, which if unsuccessful, could ultimately result in the bank canceling the loan and demanding immediate repayment. - For risky projects, the borrower consults with stakeholders (NGO's and project affected groups) and provides them with information on the risks of the project. - If necessary, an expert is consulted. The Principles only apply to projects over 50 million US dollars, which, according to the Equator Principles website, represent 97% of the total market. In early 2006, the financial institutions behind the Principles launched stakeholder consultations and negotiations aimed at revising the principles. The draft revised principles were met with criticism from NGO stakeholders, who in a joint position paper argued that the draft fails by ignoring the most serious critiques of the principles: a lack of consistent and rigorous implementation.

• Journal of Korea Technology Innovation Society
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• v.14 no.4
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• pp.833-859
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• 2011

This study aims to draw the characteristics of the regional operation system of the shared research instrument service, which contributes to the R&D investment efficiency by the avoidance of duplicated research instrument investment and the enhancement of the network collaboration. So from the perspective of technology infrastructure policy and regional innovation system, Gyeonggi region of Korean metropolitan area has been analyzed for the case study. The case study has been conducted by 2 step process of within-case analysis and cross-case analysis. Firstly, the characteristics of operation system of the shared research instrument have been examined through various research methods. Secondly, in the cross-case analysis, the examined issues and problems have been organized by the matrix of 3 organizational governance characteristics and 4 issues to facilitate the regional policy approach. The issues deducted by the cross-case analysis have been deducted as (1) 'usage fee charge system', 'relevant method for the performance index and measurement of the instrument service management' for the regional policy led case, (2) 'performance management issue', 'financial and managerial accounting system for the instrument operating division', and 'change of budget support scheme' for the joint operation case and lastly (3) 'usage facilitation after the expiration of research lab support project' for the university led case.

• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Korean Journal of Childcare and Education
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• v.10 no.5
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• pp.5-23
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• 2014

The purpose of this study was to identify factors affecting extra expenses incurred by extracurricular activities, prompted by the problem that the financial burden on households for their children's education and child-care is not showing enough signs of being mitigated, despite increased child-care subsidies from the government. Data for this study was obtained from the 4th Panel Study on Korean Children of Korea Institute of Child Care and Education. The analysis of the study shows that 68.5% of the surveyed children were participating in extracurricular activities and the average number of extracurricular activities they took part in was 2.9. The average extracurricular expenditure was 50.000 won. However, based on the findings of the survey, it was statistically significant to find that the number of extracurricular activities the children participated in and the expenditure the households spent on them varied by area. Variables were inserted in a gradual manner in identifying factors influencing households' expenditure on children's extracurricular activities. The results showed that amongst the variables used, the education level of the mother, the employment status of the mother, the type of the child-care support institution, and the household's place of residence featured prominently, with the place-of-residence factor accounting for most of the reason why a household spent the amount it did. The outcome of the study bears four policy implications: First, there is a need for a specific evaluation of the contents and costs of extracurricular activities and supervision and management of such activities. Second, it is necessary for the central government to provide a specific criteria of necessary expense. Third, throughout the child support agency, the courses and costs of special activities should be monitored regularly. Fourth, there should be extracurricular activity support for underprivileged children.

• Management & Information Systems Review
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• v.34 no.2
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• pp.113-130
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• 2015

This study considers the relation between firms' earnings management and credit rating. Unlike preceding papers only focusing earnings management by accrual(thereafter, AM), this paper examines the effect of accrual earnings management(AMs) and real earning management(thereafter, RM) on credit rating. RMs have more negative effects on firms' forward cash flow generation abilities and long term operating performances than AMs. So, RMs are more negative signals for credit analysts than AMs. But credit analysts have much difficulty in seeing through RM, because if credit analysts want to find out RMs, they have to understand firms' internal operating activities, cost structures, receivables collection practices, and review whether profit distortions are due to abnormal change of them. Sample of this study consists of 2,150firm-year data listed companies from 2002 to 2010. Empirical evidence shows that AMs and RMs are negatively related to credit rating. This result implies that credit analysts see through AMs and RMs in interpreting financial informations, that is to say, they discount credit rating in considering level of earnings management that consist of real activity and accrual earning management. This paper also finds that RMs are more negatively related to credit ratings than AMs. This result suggests that credit analysts don't take RMs into account in credit rating process as much as AMs.

• Asian Pacific Journal of Cancer Prevention
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• v.17 no.12
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• pp.5063-5069
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• 2016

Background: Breast cancer is the most common cancer among women in most countries of the world. It is ranked first in females in Morocco (accounting for 33.4% of the total cancer burden) and more than 60% of cases are diagnosed at stage III or IV. During the last decade, health-related quality of life (HRQOL) has become an important aspect of breast cancer treatment. The objective of this study was to describe self-reported HRQOL in patients with breast cancer and to investigate its associations with sociodemographic and clinical variables. Methods: A prospective study was carried out in the main oncology centers in Morocco. Quality of life was measured using the Moroccan Arabic versions of the European Organization for Research and Treatment of Cancer Quality of Life Questionnaire C 30 (EORTC QLQ C30) and the Breast Cancer-Specific Quality of Life Questionnaire (EORTC QLQ-BR23). Statistical analyses were performed using descriptive statistics and multivariate analyses. Results: A total of 1463 subjects were included in the study, with a mean age of 55.6 (SD. 11.2) years, 70% being married. The majority had stage II (45.9%) and a few cases stage IV (12.9%) lesions. The participants' global health mean score was 68.5 and in "functional scales", social functioning scored the highest (Mean 86.2 (SD=22.7)). The most distressing symptom on the symptom scale was financial difficulties (Mean 63.2 (SD=38.2)). Using the disease specific tool, it was found that future perspective scored the lowest (Mean 40.5 (SD=37.3)). On the symptom scale, arm symptoms scored the highest (Mean 23.6 (SD=21.6)). Significant mean differences were noted for many functional and symptom scales. Conclusion: Our results emphasized that the general HRQOL for our study population is lower than for corresponding populations in other countries. This study provided baseline information on the quality of life for a large sample of Moroccan women diagnosed with breast cancer.

• Journal of Navigation and Port Research
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• v.39 no.1
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• pp.69-75
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• 2015

The concrete purpose of this study is to suggest actually a debt ratio to optimize the capital structure providing a kind of approach to estimate the proper debt ratio with an analytical model and empirical data in Korean shipping industry. The mathematical and analytical model is started from the first equation about ROE, return of net operating income on equity, with an independent variable, debt ratio. It is constructed with several parameters, ROS(return of operating income on sales), TAT(total assets turnover), and NFCL(net finance cost to liabilities). There could not be a certain relationship between debt ratio and ROS or TAT, while some correlation or causality between debt ratio and NFCL. In other words, most of firms with high debt ratio is likely to burden higher finance cost than others with low one. In this case, there is a linearity relationship between debt ratio and NFCL, so then the second equation considering this relation could be included within the analytical approach of this paper. To be short, if the criteria of adequate debt ratio has to be defined as some level of debt ratio to optimize ROE, the ROE could be illustrated as a quadratic equation to debt ratio from two equations. Next, this research estimated those parameters' numbers through the single regression method with data over 12 years of Korean shipping industry, and identified empirically the fact that optimal debt ratio would be approximately 400%. To conclude, if that industry's sales and operating incomes are stable, the debt ratio could be accepted until twice of 200% had forced in order to guarantee its financial safety in past time.