• International Journal of Contents
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• v.12 no.4
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• pp.76-82
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• 2016

This study aims to evaluate the effectiveness of the dual-punishment system by analysis of the financial performance of pharmaceutical companies before and after introduction of the dual-punishment system. This study analyzed the business performance of 136 pharmaceutical companies from 2009 to 2011. The results from paired t-tests found that sales, operating cost, and EBITDA showed significant differences in performance, and, according to the variance analysis, the five groups obtained through a hierarchical cluster analysis differed from each other in sales, operating cost, EBITDA, and research and development cost. Differences in financial performance among the groups seem to be related to the strategy for response to the regulation. The introduction of the dual-punishment system is generally acknowledged to have had positive effects on the pharmaceutical industry. However, some companies appear to be continuing kickback practices.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.4
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• pp.81-90
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• 2018

Modern investment theory has empirically proved that stock returns can be explained by several factors such as market risk, firm size, and book-to-market ratio. Other unknown factors affecting stock returns are also believed to still exist yet to be found. We believe that one of such factors is the operational efficiency of firms in transforming inputs to outputs, considering the fact that operations is a fundamental and primary function of any type of businesses. To support this belief, this study intends to empirically study the relationship between firm efficiency and stock price performance. Firm efficiency is measured using data envelopment analysis (DEA) with inputs and outputs obtained from financial statements. We employ cross-efficiency evaluation to enhance the discrimination power of DEA with a secondary objective function of aggressive formulation. Using the CAPM-based performance regression model, we test the performance of equally weighted portfolios of different sizes selected based upon DEA cross-efficiency scores along with a buy & hold trading strategy. For the empirical test, we collect financial data of domestic firms listed in KOSPI over the period of 2000~2016 from well-known financial databases. As a result, we find that the porfolios with highly efficient firms included outperform the benchmark market portfolio after controlling for the market risk, which indicates that firm efficiency plays a important role in explaining stock returns.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.103-119
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• 2020

Purpose - This study aimed to clarify the effects of CEO characteristics and marketing activities on management performance of fashion corporate by using financial statement. Design/methodology/approach - This study collected a sample of total 170 companies that can obtain the corresponding data among fashion manufacturing companies listed on KOSPI. The data of the financial statements reported from 2011 to 2018 were analyzed. Correlation analysis and multiple regression analysis were conducted. Findings - First, the more the number of CEO and the younger the CEO, the more employee welfare and training expenditures of internal marketing. The age of the CEO had a negative effect on all external marketing activities. The CEO number had a negative effect on sales promotion and advertising expenditures, but a positive effect on entertainment expenditure of external marketing. Second, as a effect of marketing activities on management performance, the welfare and training expenditures of internal marketing and entertainment expenditure of external marketing had a positive effect but sales promotion expenditure of external marketing had a negative effect on management performance. Research implications or Originality - Marketing activities that consider the differentiated factors of fashion corporate are necessary. Also, the objective accounting information can provide practical information for fashion industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.193-216
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• 2020

Due to the recent mid- to long-term slump and falling growth rates in the global economy, interest in organizational structures that create new products or services as a new alternative to survive and develop in an opaque environment both internally and externally, and enhance organizational sustainability through changes in production methods and business innovation is increasing day by day. In this atmosphere, we agree that the growth of small and medium-sized venture companies has a significant impact on the national economy, and various efforts are being made to enhance the technological innovation capabilities of the members so that these small and medium-sized venture companies can enhance and sustain their performance. The purpose of this study is also to investigate how the technological innovation capabilities of small and medium-sized venture companies correlate with the performance of knowledge management and to analyze the role of network capabilities to organize the strategic activities of enterprise to obtain the resources and organizational capabilities to be used for value creation from external networks. In other words, research was conducted on the impact of technological innovation capabilities of small and medium venture companies on knowledge management performance by using network capabilities as parameters. Therefore, in this study, we would like to verify the hypothesis that innovation capabilities will have a positive impact on knowledge management performance by using network capabilities of small and medium venture companies. Economic activities based on technological innovation capabilities should respond quickly to new changes in an environment where uncertainty has increased, and lead to macro-economic growth and development as well as overcoming long-term economic downturns so that they can become the nation's new growth engine as well as sustainable growth and survival of the organization. In addition, this study was conducted by setting the most important knowledge management performance within the organization as a dependent variable. As a result, R&D and learning capabilities among technological innovation capabilities have no impact on financial performance. In contrast, it was shown that corporate innovation activities have a positive impact on both financial and non-financial performance. The fact that non-financial factors such as quality and productivity improvement are identified in the management of small and medium-sized venture companies utilizing their technological innovation capabilities is contrary to a number of studies by those corporate innovation activities affect financial performance during prior research. The reason for this result is that research companies have been out of start-up companies for more than seven years, but sales are less than 10 billion won, and unlike start-up companies, R&D and learning capabilities have more positive effects on intangible non-financial performance than financial performance. Corporate innovation activities have been shown to have a positive (+) impact on both financial and non-financial performance, while R&D and learning capabilities have a positive (+) impact on financial performance by parameters of network capability. Corporate innovation activities have been shown to have no impact on both financial and non-financial performance, and R&D and learning capabilities have no impact on non-financial performance. It could be seen that the parameter effects of network competency are limited to when R&D and learning competencies are derived from quantitative financial performance. It could be seen that the parameter effects of network competency are limited to when R&D and learning competencies are derived from quantitative financial performance.

• Journal of Service Research and Studies
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• v.13 no.1
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• pp.1-26
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• 2023

We analyze the effects and related factors of Smart Factory adoption. 110 and 325 samples were collected by median-size-industry matching method, respectively, of adopting and non-adopting companies. We use financial statement data (ROA, etc.) from the year before adoption to the fourth year after adoption. Abnormal operating performance and annual abnormal changes are obtained according to event study method, and analyzed by Wilcoxon signed-rank test and t-test. ROA and sales growth rate demonstrate short-term effects after adoption, but not long-term effects. As a result of regression analysis to examine if the three factors of labor intensity, R&D intensity, and prior financial performance have moderating effect, the moderating effect of R&D intensity and prior financial performance is confirmed. In addition, we perform regression analysis to confirm performance effects of early and late adoptions and whether prior financial performance and organization size have moderating effect. It is confirmed that the later the time of adoption, the greater the effect of adoption in the long term and the moderating effect of prior financial performance and organization size is confirmed.

• Journal of Korean Academy of Nursing Administration
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• v.19 no.1
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• pp.7-16
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• 2013

Purpose: The purpose of this study was to analysis the financial statements of university hospitals and to apply the results to build nursing management strategies. Methods: Data on the financial statements of university hospitals were collected each hospital's homepage or internet search from February to June, 2010. Financial statements of 11 hospitals were analyzed using the 4 categories of financial ratio analysis method: liquidity, performant, growth and turnover. Results: Overall results showed that the financial status the university hospitals were unstable, and many financial indicators did not meet financial standard ratios. Only 8 financial indicators of total 19 indicators satisfied financial standard ratios. Conclusion: The results of financial statements analysis suggest that nurse managers should develop the blue ocean strategy for diversification of nursing services to improve financial ratios of liquidity, performance, and growth. Using a unit-based just-in-time system for effective supply management would help to increase profits and to decrease costs of hospital by improving financial ratios of turnover.

• Journal of Korea Society of Industrial Information Systems
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• v.29 no.3
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• pp.79-87
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• 2024

Recently, the importance of pre-trained language models (PLM) has been emphasized for natural language processing (NLP) such as text classification, sentiment analysis, and question answering. Korean PLM shows high performance in NLP in general-purpose domains, but is weak in domains such as finance, medicine, and law. The main goal of this study is to propose a language model learning process and method to build a financial-specific language model that shows good performance not only in the financial domain but also in general-purpose domains. The five steps of the financial-specific language model are (1) financial data collection and preprocessing, (2) selection of model architecture such as PLM or foundation model, (3) domain data learning and instruction tuning, (4) model verification and evaluation, and (5) model deployment and utilization. Through this, a method for constructing pre-learning data that takes advantage of the characteristics of the financial domain and an efficient LLM training method, adaptive learning and instruction tuning techniques, were presented.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.183-194
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• 2022

The objective of this article is to assess the impact of corporate social responsibility (CSR) implementation on Corporate Brand Value (CBV) and Corporate Financial Performance (CFP). At the same time, the article examines the mediated role of CBV on the relationship between CSR implementation and CFP. In-depth interviews and observation techniques were used in this article on 4 experts to collect qualitative information. Quantitative analysis was based on primary data obtained from 454 employees working at enterprises providing Bancassurance services. The article uses various models of Cronbach's Alpha coefficient, Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Analysis (SEM) using SPSS 22.0 and AMOS 20.0 software. In addition, a 5-point Likert scale is used to measure observed variables. Research results show that CBV plays an intermediate role in the relationship between CSR implementation and CFP. At the same time, the implementation of CSR toward communities, customers, and workers directly impacts CBV and CFP. The article draws a new conclusion; there is no relationship found between the implementation of CSR and CFP. The result proposes implications for the state and Bancassurance service providers to develop and implement CSR-related policies and activities to enhance their brand value and financial performance.

• Journal of Information Technology Applications and Management
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• v.24 no.3
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• pp.51-61
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• 2017

The objective of the study is to examine the acceptance and usability of Augmented Reality (AR) visuals developed for industry analysis of Thai Banks and whether these visuals can outperform the table of numbers in representing financial accounting data. Convenient samples were used and the data were collected with self-assessed questionnaires from 109 users with minimum prior experiences with financial analyses. The results from descriptive statistics indicates that despite having over 80% of respondents with little prior experience in analyzing financial performance of banking industry, the majority of them were able to correctly make prediction (96.4%), identify trend (82.6%) and compare banks' performance (70.6%). Their attitudes and perception towards Bank-AR visuals were above average. Although the overall usability score is average (53%), the respondents rated the Bank-AR visuals to be highly useful and had high intention to use them in the future.

• The Journal of Society for e-Business Studies
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• v.23 no.4
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• pp.63-85
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• 2018

The "About Us" page on the website of a corporation provides information regarding the organization's vision, philosophy, and values. We examine the association between institutional information provided on corporate websites (i.e., the "About Us" section) with present and future financial performance. Utilizing a text mining technique, we analyze the institutional information of S&P500 firms in the year 2016. We conduct a factor analysis including words that are intentionally repeated in the introductory text of corporate websites. The results of the analysis reveal that keywords from this institutional information can be grouped into six factors. We then carry out an ordinary least squares regression analysis to determine the associations between these six factors and present financial performance. The results show that keywords in Factor 2 (those related to Purchasing experience) are positively associated with ROE, a variable representing present financial performance, while keywords in Factor 1 (those related to Note to customers) show a negative relationship with ROE. On the other hand, keywords in Factor 1 have a positive relationship with Tobin's Q, a variable representing future financial performance. These results indicate that there is some relationship between the words used in the institutional information in this section of corporate websites and firms' financial performance. Hence, the institutional information on a website may be a useful indicator of current firm performance and future firm value.