• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2009년도 추계학술대회
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• pp.327-337
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• 2009

This paper intends to search factor affecting the selection of financial products by analyzing whether there is difference in the preference of individual financial products whose recognition of importance in the property of financial products in different, depending on the property of investors. The Analytical Hierarchy Process (AHP) is used to test the priority model. The study attempts to demonstrate how the model helps providing better decision choices in financial products.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.19-29
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• 2021

This study aims to measure financial inclusion and examine its impact on income inequality in a panel of 18 Asian countries over the period 1997-2017. Two alternative approaches for developing financial inclusion index are used: one approach following the methodology of Sarma (2008), while the other is the Dynamic Factor Model (DFM)-based index. The impact of individual indicators and index of financial inclusion on inequality in income is analyzed. The Generalized Method of Moment (GMM) approach is used for empirical analysis. The results indicate that micro-level financial inclusion has a weak negative and statistically significant impact on income inequality. Macro-level index and all individual indicators of financial inclusion do not affect income inequality in the selected sample of economies. The income inequality issues have different natures and cannot be fixed by financial inclusion only. It needs holistic structural reforms to enable fair distribution of income and make an equitable financial system. Financial inclusion is a relatively less important intervention tool regarding fixing the issue of income inequality. This is one of the first studies that used the DFM method for financial inclusion indices construction.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.1-12
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• 2021

Altman's Z-score is used to measure a company's financial health and to predict the probability that a company will collapse within 2 years. It is proven to be very accurate to forecast bankruptcy in a wide variety of contexts and markets. The goal of this study is to use Altman's Z-score model to forecast insolvency in non-financial publicly traded enterprises. Non-financial firms are a significant industry in Malaysia, and current trends of consolidation and long-term government subsidies make assessing the financial health of such businesses critical not just for the owners, but also for other stakeholders. The sample of this study includes 84 listed companies in the Kuala Lumpur Stock Exchange. Of the 84 companies, 52 are considered high risk, and 32 are considered low-risk companies. Secondary data for the analysis was gathered from chosen companies' financial reports. The findings of this study show that the Altman model may be used to forecast a company's financial collapse. It dispelled any reservations about the model's legitimacy and the utility of applying it to predict the likelihood of bankruptcy in a company. The findings of this study have significant consequences for investors, creditors, and corporate management. Portfolio managers may make better selections by not investing in companies that have proved to be in danger of failing if they understand the variables that contribute to corporate distress.

• 아태비즈니스연구
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• 제13권3호
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.

• 한국산학기술학회논문지
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• 제1권1호
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• pp.91-100
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• 2000

과거 국내금융기관의 신용공여는 소수 대기업과 그들의 계열사 및 일부 업종에 집중되었기 때문에 국내금융기관은 위험이 분산된 대출포트폴리오를 소유하지 못했었다. 이번 IMF 금융위기는 다수의 부실채권을 발생시킴으로써 개별 대출에 대한 위험관리뿐만 아니라 대출들로 구성되어진 포트폴리오에 대한 위험관리가 필수적이라는 것을 보여주었다. 본 논문의 목표는 국내금융기관들이 신용위험을 분산시켜 위험-수익 측면에서 효율적인 대출포트폴리오의 관리 방안을 제시하고자 하는 것이다. 본 논문에서는 대출포트폴리오의 효율적 관리를 위하여 선진 금융기관에서 많이 사용하는 계량적 신용위험관리 기법인 KMV Model과 CreditMetrics를 소개하였다. KMV Model은 옵션가격결정모형에 근거하여 기업의 주가수준 및 변동성으로 부터 대출기업의 부도확률을 도출하고, 주가의 상관관계를 토대로 개별 대출들간에 기대수익의 상관관계를 추정한다. 따라서 금융기관은 이 모형을 이용하여 위험이 잘 분산된 효율적인 대출포트폴리오를 구할 수 있다. CreditMetrics는 대출포트폴리오의 위험노출을 계량적으로 평가하는 VaR(Value at Risk)를 구하는 것으로 신용위험으로 인한 대출포트폴리오의 가치변동에 따른 잠재적 손실을 측정하는 기법이다. 이 기법에 따르면 금융기관은 과거 경험에 근거하여 신용등급별로 신용등급의 변동확률을 파악하고, 신용등급의 변동에 따른 대출포트폴리오 가치 변동과 손실가능성을 측정할 수 있다. 이와 같이 국내금융기관은 보다 과학적이고 계량화된 위험관리 기법을 적용하여 개별 대출의 한계위험공헌도 및 대출들 상호간에 위험의 상관관계를 고려하여 신용위험을 분산시키는 대출포트폴리오 관리를 실시해야 할 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.315-322
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• 2020

This study investigates the application of management information systems to the quality of local government financial reports, especially the principle of transparency and the law of accountability, which have been measures of financial statement performance evaluation. The study was conducted in Enrekang Regency, Indonesia, which, based on the results of the examination, the Supreme Audit Board reported the status of Disclaimer, Fair with Exceptions, and Fair without Exceptions for three years each. This study used a sample of 35 respondents, finance department employees who worked on local government financial reports. Descriptive quantitative data were collected using a questionnaire instrument, then with the assistance of the Program Solution and Product Statistics (SPSS) Program, data were processed to test hypotheses. The results showed that the use of management information systems based on information and communication technology (ICT) had a significant influence on the quality of local government financial reports. The findings of this study indicate that the application of ICT-based management information systems affects the accountability and transparency of local government financial reports. This finding is reinforced by the use of the principles of government agility in the form of government apparatuses that apply responsive dexterity, flexibility agility, and competency agility.

• 품질경영학회지
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• 제42권3호
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• pp.361-372
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• 2014

Purpose: In this paper, we investigate whether the endeavors for 6 sigma quality management by a firm have positive effects on its financial performance and the length of 6 sigma implemented period affects its financial status. Methods: We conduct the analysis using the data from Workplace Panel Survey 2009. We use multiple linear regression in order to analyze the relationship between the efforts for quality management and financial performance. Specifically, the return on assets (ROA) and return on equity (ROE) are investigated as dependent variables and the efforts for quality management as independent variable. The Box-Cox transformation and Cook's distance are also used. Results: As a result of the analysis, the indication is that companies that put effect into the six sigma quality management have a positive result in its financial status. In detail, the efforts for six sigma quality management have positive effects on total asset turnover ratio and six sigma implemented period on net income to net sales ratio. Additionally, companies with longer(shorter) period of six sigma program have more (less) improvement in its financial status. Conclusion: It can be concluded that the company's efforts for quality management positively influence financial performance.

• The Journal of Asian Finance, Economics and Business
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• 제10권1호
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• pp.209-221
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• 2023

A significant body of prior research on performance management systems (PMSs) either explains the components and the design of the systems or investigates the link between particular system/s and organizational functions, capabilities, or performance. In contrast, this study investigates the comprehensive use of PMSs and relates them to corporate financial and non-financial performance. Further, this study examines whether the association between PMSs and performance varies between industries or is moderated by the size of the company. Data was collected using a questionnaire that was sent to companies from different industries operating in Riyadh province, where the most important businesses in Saudi Arabia are located. A total of 152 usable responses were received. The results of this study revealed that companies use a variety of PMSs at a balanced level. The extent of each category of PMS use is associated with the extent of other PMS categories' use. However, the larger the company, the more PMSs it uses. Importantly, the results showed a positive and significant association between PMSs' extent of use and both financial and non-financial performance. This association was minimally moderated by the company size and industry for specific categories of PMSs and performance.

• 경영과학
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• 제33권2호
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• pp.117-131
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• 2016

This study introduces the concepts on the phase-shifting phenomenon of financial markets, which was firstly used in econophysics area and explains how the phase-shifting behavior is studied in the fields of business management and finance. Specifically, we explain how the phases of financial markets are extremely changed under some external conditions, do an extensive literature review, and carry out case studies focusing on the 3 major financial crisis events including the 87 October crash, 97 Asian financial crisis, and 2007 global financial crisis. We also empirically examine the phase-shifting behavior of the Korean ELW products that has a similar payoff structure to the KOSPI200 options.

• 가족자원경영과 정책
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• 제10권4호
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• pp.125-143
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• 2006

The purpose of this study is to develop and test the effectiveness of a financial education program that make the elderly recognize financial problems and find available strategy to improve their financial situation. Based on the literature review and economic structure of the elderly, a financial education program was developed with three parts: 'My elderly lift'; 'Doubling my income'; and 'Safe investment strategy.' 42 elderly people in Senior academy participate in three-session program and 39 people completed pre and post-test and satisfaction survey. In order to examine the effectiveness of the program paired t-test was used. According to evaluation results, the program was found to have a positive effect on enhancing knowledge in elderly lift and financial management, but not on changing attitude. Most of participants show high level of satisfaction with the program.