• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• International Commerce and Information Review
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• v.15 no.3
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• pp.87-110
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• 2013

The aim of this study is as follows. The first, What are the most important factors Affecting Global Single Window Usage and its Performance in Korean Trade Related Companies? The factors proposed for this study includes The pressure of trading companies in other country, Support of government, top management support, partnership among (makers distributors, retailers, customs service), education and training We gathered detailed data on our sample companies mainly from publicly available sources : Korea Customs Service. A structured questionnaire was used to collect information about: (1) general fact about the company (size, lines of business, products and services provided, employee, and some financial data about exporting), (2) To investigate the factors of the five contexts described above on korean export-import companies's global single window. The result are as follows. The analysis result revealed that the pressure of trading companies, support of government are influential variables on the affecting global single window in korean trade related companies.

• Korean Institute of Interior Design Journal
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• no.17
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• pp.22-29
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• 1998

As the trend shows that corporate investment for staff's welfare facilities has increased alongside employee's enhanced economic and conscious level which has resulted from economic growth and industrialization this study aims at analyzing interior design elements in staff's welfare facilites especially in cafeteria and suggesting new directions for designing those spaces. The method and scope of this study in firstly to described general points such as function and role of public food service and interior design elements in staff's cafeteria and then to grasp and analyze the present conditions of the staff's cafeteria for enterprises and financial organizations which has been built after 1990. The conclusion of his study can be summarized as follows : First it is desirable to locate employee's cafeteria on upper or top floor which has relatively good atmosphere. Second it is recommended to make overall atmosphere of employee's cafeteria impressive and in commercial restaurant. Third the separation of service circulation serveries and eating area is necessary. Fourth material for each parts should be easy to maintain and durable. Fifth more illuminance that the regulation is recommended and lighting fixture should be selected in terms of economics and maintenance. Sixth selecting bright and warm colors with partial application of accent colors is effective. Seventh furniture should be harmonized with the ambience of the space and required to be convenient and durable. Eighth to provide visual and auditory pleasure during eating it is desirable to equip the minimal A/V system. In addition diverse aspects such as improving employee's welfare caring for company the way of treating employee an boosting corporate images should be considered when designing staff's cafeteria and interior designer should be able to satis managerial aspects productivity and effectiveness as well as pursuing functional aesthetic facts.

• Journal of Convergence Society for SMB
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• v.6 no.2
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• pp.19-24
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• 2016

A Study on the Information Security System of Fin-Tech Business In traditional electronic commerce, there have not been severe issues of trading information through documents in paper or the closed EDI. The scale of e-commerce has increased as internet develops, however, turning to the online e-commerce, which caused a number of issues such as authentication, information forgery, and non-repudiation between the parties. To prevent conflicts from such troubles and perform the post management, security technologies are applied throughout the process of e-commerce, certificates intervening. Lately, meanwhile, FinTech has been creating a sensation around the mobile payment service. Incidents of information leakage from card corporations and hackings imply the need of securing safety of the financial service. Development and evolution of FinTech industry must be accompanied by information protection. Therefore, this research aims to inquire into the information security system of leading FinTech company in a foreign country.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.26 no.6
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• pp.1527-1537
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• 2016

As increasing of smartphone penetration over the world, various mobile payment services have been emerged and fraud transactions have drastically increased. Although many financial companies have deployed security solutions to detect fraud transactions in on/off-line environment, mobile payment services still lack fraud detection solutions and researches. The mobile payment is mainly comprised of micro-payments and payment environment is different from other payments, so mobile-specialized fraud detection is needed. In this paper, we propose a FDS (Fraud Detection System) based on data mining for mobile payment services. The method of this paper is applied to the real data provided by a PG (Payment Gateway) company in Korea. The proposed FDS consists of two phases; (1) the first phase is focused on classifying transactions at high speed (2) the second is designed to detect abnormal transactions with high accuracy. We could detect 13 transactions per second with 93% accuracy rate.

• Journal of the Korea Society of Computer and Information
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• v.14 no.8
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• pp.127-136
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• 2009

Voice of the customer(VOC) is a term used in business and information technology(IT) to describe the process of capturing a customer's requirements in enterprises or various organizations. Recently, in order to satisfy customer's needs, enterprises try to utilize VOC at recurrence prevention of problems and their improvement activities, planning and development of product/service by processing, storing, and analyzing VOC. Until now, VOC management systems are introduced around service industries such as hotel business and insurance/financial business, etc. This paper proposes an integrated management scheme of VOC which are captured by various communication channels and describes a case of implementing an integrated VOC management system on the basis of the proposed scheme for the large-scale manufacturing company. By the implemented system, VOC are stored and utilized as the important knowledge assets of enterprises.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.3
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• pp.1832-1843
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• 2015

Recently, since the "Capital Market Consolidation Act" has been effective in 2009, the competition among the securities companies in Korean security market has been fierce. Thus, securities business lately are needed by the market environmental requirements rapidly changed for various strategies. The purpose of this study was to identify the effect of corporate attribute, employee attribute, financial product attribute securities on customer satisfaction, trust with the firm, and usage intention. As the subjects I selected the customer of securities in Seoul in 2014 and conducted survey with questionnaires. Among total 400, I chose 378 as the valid sample by convenience sampling. For the data process, I used SPSS 20.0 I verified the perspective hypotheses after testing reliability and validity of fit by the data process. The results are as following. First, it was shown that the sub-factors of corporate attribute, employee attribute, financial product attribute in securities as ethics, innovation, size, kind, professionalism, ethics, profitability and diversity had significant effect on usage intention. Second, the study confirms that reliability and satisfaction influences customer loyalty as moderate variable. The industrial and academic significance of this study is that it may serve as a useful base date to understand customer behavior and draw new strategies in a financial management environment.

• Korean Journal of Social Welfare
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• v.55
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• pp.205-230
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• 2003

This article examines the continuity and change of Korean welfare regime during 1990s. Democracy, globalization and the financial crisis changed the landscape of Korean society as a whole and provided a catalyst for the change of the Korean welfare regime. In order to show how and what changed in Korean welfare regime, this study concentrates on the transformations of income maintenance programmes and social welfare services. The changed aspects are as follow: (1) The ratio of social expenditure to GDP has increased during 1990s and now stood at ten percent level. (2)Rather than backing up the company welfare, government strove to build and expand income maintenance devices for all citizens. (3) The poverty and inequality reduction effects of income maintenance programs are very weak in early 1990s, but they are gradually getting stronger impact on poverty and inequality. But, there are also continuance. (1) In spite of the relative development of income maintenance programs, social welfare services are still poorly designed as before. (2) The expenditure level of social welfare services shows sharp contrast to income maintenance programs and lagged behind the other OECD countries. (3) The expansion of social service sector employment are also not so salient. In 2002, social service employment is only at close to 2.5 per cent of the total employment. Accordingly, korean welfare regime is now characterized by a model which is to curb poverty and inequality by engaging in direct government provision of income maintenance programs, but refrain from expanding social service by relying on net welfare which encourage the provision of services within the family. A implication of our analysis is that the expansion of social welfare Korea saw after 1997 was not really an regime shift. According to the arguments of Peter Hall, first and second order changes in policy do not automatically lead to third order changes which imply regime shift. Policy changes which occurred during 1990s was not accompanied by a shift in policy paradigms. Family dependency in welfare is not yet changed.

• Journal of Internet Computing and Services
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• v.24 no.5
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• pp.85-96
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• 2023

With advance of cloud computing technology, Blockchain as a Service of Cloud Service Provider has been utilized in various areas such as e-Commerce and financial companies to manage customer history and distribution history. However, if users' search history, purchase history, etc. are to be utilized in a BaaS in areas such as recommendation algorithms and search engine development, the users' search queries will be exposed to the company operating the BaaS, and privacy issues will be occured. Z. Guan et al. ensure the unlinkability between users' search query and search result using searchable encryption, and based on the inner product similarity, they select Top-k results that are highly relevant to the users' search query. However, there is a problem that the Top-k results selection may be not possible due to ties of inner product similarity, and BaaS over cloud is not considered. Therefore, this paper solve the problem of Z. Guan et al. using cosine similarity, so we improve accuracy of search result. And based on this, we design a BaaS with secure Top-k search that improved accuracy. Furthermore, we design a smart contracts that preserve privacy of users' search and obtain Top-k search results that are highly relevant to the users' search.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.3
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• pp.125-140
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• 2018

According to statistics, it is shown that domestic SMEs rely on bank loans for the majority of fund procurement. From financial information shortage (Thin file) that does not provide information necessary for credit evaluation from banks such as financial statements. In order to overcome these problems, recently, in alternative finance such as P2P, using differentiated information such as demographics, trading information and the like utilizing Fintech instead of existing financial information, small funds A new credit evaluation method has been expanding to provide SMEs with small amounts of money. In this paradigm of environmental change, in this research, credit evaluation which can expand fund supply to SMEs by utilizing big data based on trade area information such as sales fluctuation, location conditions etc. In this research, we try to find such a solution. By analyzing empirically the big data generated in the trade area, we verify the effectiveness as a credit evaluation factor and try to derive the main parameters necessary for the business performance evaluation of the founder of SMEs. In this research, for 17,116 material businesses in Seoul City that operate the service industry from 2009 to February 2018, we collect trade area information generated for each business location from Big Data specialized company NICE Zini Data Co., Ltd.. We collected and analyzed the data on the locations and commercial areas of the facilities that were difficult to obtain from SMEs and analyzed the data that affected the Corporate financial Distress. It is possible to refer to the variable of the existing unused big data and to confirm the possibility of utilizing it for efficient financial support for SMEs, This is to ensure that commercial lenders, even in general commercial banks, are made to be more prominent in one sector of the financing of SMEs. In this research, it is not the traditional financial information about raising fund of SMEs who have basically the problem of information asymmetry, but a trade area analysis variable is derived, and this variable is evaluated by credit evaluation There is differentiation of research in that it verified through analysis of big data from Trading-area whether or not there is an effect on.