• Journal of Industrial Convergence
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• v.2 no.1
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• pp.187-216
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• 2004

After Asian financial crisis hit the Korea, Korean government and Korean firms need to restructure their system. Specially financial sector has to renew its system. One way renew its system was adjust company's labor system. The forms of labor adjustment are external numerical flexibility, externalization, internal numerical flexibility, functional flexibility and wage flexibility. These five forms based on two big categories which are wage flexibility and employment flexibility. This study only focus on th effect of employment flexibility in financial sector in Korea. Employment flexibilities can be practice as employment adjustment. Also we concentrate on separation and re-accessors to other financial institute after the separation. The result shows that Korean financial sector are in the range of 10.78% and the job destruction rates are about 11.26%. During the period from year 1998 to year 2002, the numbers of accession has down about 30%. The logit statistical analysis for separation shows that demographical variables and the reasons of separation affected separation and reemployment.

• The Journal of the Korea Contents Association
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• v.14 no.10
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• pp.218-226
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• 2014

In order to improve manufacturing performance by flexibilities, type of strategies, types of information with manufacturing companies in Korea. This study is based on the situation theory. The variables of flexibility were applied with 'product flexibility' and 'mix flexibility'. 'low-cost strategy' and 'differentiation strategy' were applied at strategy types. Financial information and non-financial information, information attributes are applied at. At this study, product flexibility is significantly influenced the differentiation strategy. Mix flexibility is significantly influenced the low cost strategy. Only the low-cost strategy significantly affected on financial information and non-financial information. financial information and non-financial information were significantly influenced on Productive performance. To achieve the purpose of this study, Structural Equation Model (SEM) has been applied.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.11
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• pp.804-813
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• 2020

This paper finds that Korean zero-leverage firms are not homogeneous. By conducting both univariate and multivariate logit regression analysis, this paper finds that Korean zero-leverage firms have zero leverage as either a consequence of financial constraints or because of a strategic decision to mitigate under-investment incentives and preserve financial flexibility. There are two distinct groups of unlevered firms with different levels of constraints as measured by their dividend policy, namely dividend payers and non-payers. Importantly, this paper finds new evidence that these two groups have different motives for selecting a zero leverage policy. Firms in the first group (non-payers) have zero leverage, mainly due to financial constraints. They rely heavily on their internal funds and consequently invest in fewer growth opportunities than their levered counterparts. Firms in the second group (payers) deliberately avoid debts and preserve financial flexibility to mitigate investment distortions, as predicted by the under-investment and financial flexibility hypotheses.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.3
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• pp.167-178
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• 2020

The purpose of this study is to examine the relationship between internal corporate, supplier, and customer integrations for domestic SMEs on non-financial and financial performance through SCM performance such as flexibility and reduction of uncertainties. To this end, data was collected on 286 SMEs in Korea, and the structural relationships between SCM integration level, SCM performances, and management performance were analyzed. As a result of the analysis, first, it was found that the SCM integration level had a significant positive effect on the flexibility and reduction of uncertainties, which are SCM performances. Second, the flexibility and reduction of uncertainties showed significantly positive effects on the non-financial performance of the companies, but did not directly affect the financial performance positively. Third, the non-financial performance was found to have a positive effect on the financial performance. In addition, the SCM integration level did not have a direct effect on the financial and non-financial performance, but it was found that it affected management performance by mediating the flexibility and reduction of uncertainties, which are SCM performances. That is, although the SCM integration level did not directly affect financial and non-financial performance, it was confirmed that it affects management performance by mediating SCM performances, flexibility and uncertainty reduction. In other words, it was confirmed that the SCM integration level directly or indirectly affects SCM performances and overall management performance. These results imply the necessity to focus on competency in the supply chain management area according to the SCM performance expected by SMEs, and the step by step approaches to the expected effects. In a situation where prior SCM related studies have not been able to present SCM performances and management performance of SMEs that are relatively lacking in their capital and SCM construction capabilities, the findings of this study could suggest the importance of SCM integration from the perspective of SMEs. In addition, from the viewpoint of SMEs, this study suggested that a sequential approach for performance measurement is required (SCM performance → management performance) in relation to the performance factors to be established through SCM.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.4
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• pp.178-189
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• 2020

The purpose of this study was to analyze structural relationships with regard to the effect of customer integration, which is a type of integration in the supply chain, and market orientation of supply chain on the resulting change in the supply chain and management performance. The results of analysis in this study are as follows: First, customer integration and market orientation had a positive effect on reducing the flexibility and uncertainty of SCM. The decreased flexibility and uncertainty of SCM had a positive effect on non-financial performance, which also had a positive effect on financial performance. Second, customer integration and market orientation had a positive effect on financial and non-financial performance indirectly by decreasing the flexibility and uncertainty of SCM. Third, the effect of customer integration and uncertainty of SCM on the flexibility of SCM changed depending on the position in the supply chain; the effect was larger in the distribution group. The implications based on the analysis results are as follows: It is expected that the ability to deal with market changes in the overall supply chain is improved by laying the foundation for cooperation through establishing information infrastructure, including sharing information with trade partners and integrating systems, and implementing customer integration based on these achievements. It is also necessary to consider the business types and characteristics of individual companies in establishing information infrastructure.

• The Journal of Industrial Distribution & Business
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• v.11 no.5
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• pp.7-16
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• 2020

Purpose: Prior studies empirically examine how financial flexibility is related to required returns by using realized returns and considering cash holdings as net debts, but they fail to find consistent results. Conjecturing that inappropriate proxy of required returns and aggregation of cash and debts caused the inconsistent results, this study revisits this topic by using a refined proxy of required returns and separating cash holdings from debts. Research design, data and methodology: This study uses a multivariate regression model to investigate the relationship between required returns on cash holdings and financial leverage. The required returns are estimated using the return decomposition method by vector autoregression model. Empirical tests use US stock market data from1968 to 2011. Results: Empirical results reveal that both cash holdings and leverage are positively related to required returns. The positive relation is stronger in economic downturns than in economic upturns. Conclusions: Three major findings are drawn. First, risky firms prefer large cash balance. Second, information shocks in the realized returns caused failure of prior studies to find consistent positive relationship between leverage and realized returns. Third, cash and leverage are related to required returns in the same direction; therefore, cash cannot be considered as negative debts.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.3
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• pp.122-134
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• 2020

As globalization has been progressed, companies faced a situation in which it was difficult to secure global competitiveness only with their internal management systems. To overcome this, Supply Chain Management (SCM) emerged, which optimizes the whole supply chain process from suppliers to demand companies. In this study, it was analyzed that the effects of customer integration among the integration factors of SCM, and market orientation among the strategic orientations on management performances such as non-financial performance and financial performance through a mediating role of flexibility. At this time, it was analyzed whether CEO's support has a moderating effect on the influence of the market orientation. As a result of analysis, the customer integration was found to have an indirect effect on the non-financial performance and the financial performance through the flexibility. The market orientation was found to have a direct effect on the non-financial performance and at the same time, indirectly affected it through the flexibility. In addition, it was shown that more the level of CEO's support, higher the influence of the market orientation. This moderating effect had an indirect effect on the financial performance. Based on the above findings, various implications for improving management performance were proposed. This study suggests that investments in computerization such as ERP and smart factories can improve supply chain management performance and ultimately improve customer satisfaction and financial performance.

• Culinary science and hospitality research
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• v.14 no.4
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• pp.93-105
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• 2008

This study was attempted to analyze causal relations among flexibility, growth, and profitability variables, which are the financial indexes of restaurant enterprises. The samples were 24 restaurant enterprises in total, and 102 financial statements between 2002 and 2006 were analyzed. As a result of the analysis, total asset growth rate influenced all profitability variables among growth variables. Also, the net sales growth influenced return on sales and return on assets, and the assets turnover influenced return on assets and return on equity. Among flexibility variables, current ratio and interest coverage ratio to operating profit influenced return on assets, and return on equity was influenced by current ratio and debt-to-equity ratio.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1993.04a
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• pp.62-71
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• 1993

Recently, the computer software technology is not keeping pace with the increasing demand of application software development and rapid changes in business environment. To overcome this "software crisis", many researchers have studied the methodologies to improve the productivity in software development and the flexibility of software usage. Among these methodologies, the most promising and intensively studied methodology is the Object-Oriented Approach The purpose of this study is, therefore, to examine the applicability of the Object-Oriented Approach for improving productivity and flexibility in Management Information Systems development. For an application, we selected a financial planning model, especially focusing on the budgeted income statement. In this thesis, we identified relevent objects in the budgeted income statement, and represented them in the object models. By implementing these object models using C++ language, we evaluated their adaptability in the budget-making process, and showed, by comparing them with the existing Planning '||'&'||' Modeling Languages such as IFPS(Interactive Financial Planning Saystem), their practicability in Management Information Systems. The results of this study are as follows: First, the same object models can be used in making the budgeted income statement both in the department level and in the corporate level. Second, the object models provide the flexibility and extensibility of an application program in case of the changes in business environment. Third, the Object-Oriented Approach is a practical methodology to improve the productivity and cut down the maintenance cost of application software development.t.

• Journal of the Korean housing association
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• v.15 no.1
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• pp.41-49
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• 2004

Recently, determinants in the construction market are not suppliers' choices but customers' various needs. One of the main interests about the space design is the flexibility. Though those are the choices of users to modify space structure, the potential degree of flexibility is predetermined by the providers. In suppliers' view, it is consuming in financial and technical aspects to cater the apartments qualifying maximum flexibility. To modify these differences, the reasonable range of applicable customers's requirement about flexibility in apartment should be determined. Then, the types of flexibility in apartments should be classified. The purpose of this Study are classified the flexibility of support in apartment by the analyzing the remodeling requirement of apartment residents, and provided prerequisites to create flexible spaces by case application.