• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.323-331
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• 2021

This paper examines the relationship between ownership structure and level cash holdings in an emerging country, namely, Saudi Arabia, by constructing a corporate governance mechanism (foreign ownership, family ownership, institutional and managerial ownership). This paper uses data from 100 listed firms at Saudi Stock Exchange (TADAWUL) from 2011 to 2019. The firm's decision to hold cash has come to the fore in the last two or three years as a result of the recent global financial crisis, and the impact that this has had on the firms' ability to raise funds from external sources. Using the random-effect generalized least square (GLS) regression model, the findings reveal that foreign and family ownership negatively influences cash holdings, while managerial ownership has a positive association with cash holdings. Further, institutional ownership did not have a direct effect on cash holdings in Saudi Arabia. Our results suggest that ownership structure include foreign ownership, family and managerial ownership is an essential vehicle to promote the performance of cash holding of all the 100 public-listed non-financial firms in Saudi Arabia. We recommend that sound policies should be targeted toward foreign ownership, family, and managerial ownership since they are essential to improve cash holding in Saudi Arabian firms.

• 재무관리논총
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• 제2권1호
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• pp.145-158
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• 1995

According to recent empirical studies, there is a systematic pattern in temporal behaviors of asset returns, and that systematic pattern is related to the business cycle. I propose a model which captures this evidence. This is done by considering a state dependent preference structure where state dependency is related to the business cycle. In this setting, the three main puzzles(i.e., the volatility puzzle, the equity premium puzzle, mean reversion) are understood as interrelated behaviors.

• 재무관리연구
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• 제17권1호
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• pp.1-12
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• 2000

본 논문은 5대 재벌 계열사들을 대상으로 재벌의 상호지급보증이 재벌의 지배구조 및 자본구조와 어떤 관련이 있는가를 실증적으로 분석하였다. 지급보증을 분석하면 지배주주의 지분율이 작은 회사일수록 그리고 상장기업일수록 타계열사에 대한 지급보증이 커진다는 것이 확인되었다. 한편 피지급보증을 보면 지배주주 지분율이 별로 영향을 주지 않는 것으로 분석되었다. 이러한 결과는 지배주주와 소액주주사이의 대리인문제가 계열사로부터의 피지급보증보다는 주로 계열사에 대한 지급보증에서 나타나고 있는 것을 시사하고 있다. 부채의존도가 높은 기업일수록 계열사에 대한 지급보증이 크다는 분석결과는 우리나라 금융기관과 재벌사이의 부채의 대리인문제가 심각하다는 것을 시사하고 있다.

• 재무관리연구
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• 제12권2호
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• pp.221-237
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• 1995

When we apply parametric models to the movement of stock prices, we don't know whether they are really correct specifications. In the paper, any prior conditional mean structure is not assumed. By applying the nonparametric model, we see if it better performs (than the random walk model) in terms of out-of-sample prediction. An interesting finding is that the random walk model is still the best. There doesn't seem to exist any form of nonlinearity (not to mention linearity) in stock prices that can be exploitable in terms of point prediction.

• 유통과학연구
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• 제14권2호
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• pp.93-101
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• 2016

Purpose - This study aims to advance our knowledge about factors influencing technical startup performance through analysing technical startup process empirically. This study was conducted to focus on industry structure(industry growth rate, competitive intensity, and enter barriers), technology characteristics(technical excellence and wide range of technical application), and the performance in the technology-based start-ups. Specifically, analyzing moderating effect of technology-marketing strategy, this studied how moderating variables affect technical startup performance under industry structure. Research design, data, and methodology - The subject of this study was technology-based start-ups company that received technology transfer from public organization. The development of the paper model is based on the literature of the preceding research analysis in technology commercialization, performance of technology-based start-ups, and marketing strategy. This study has a construct that was defined in the previous studies, such that technology marketing strategy was defined into the two ways of being broad or narrow in strategic application. From November 3. 2015 to December 22, 220 questionnaires were distributed with targeting to start-up companies in technology-based. 188 responses were collected for empirical analysis except the missing and wrong value responses. This data were used for structural equation modeling and regression analysis. Results - The results of this study are as follows. First, as industry structure variables influencing on performance(technical, financial) of technology-based start-ups, industry growth rate, competitive intensity and enter barriers of variables were verified; high growth rate has more positive effect on performance than low growth rate, competitive low intensity has more positive effect on performance than competitive high intensity, low enter barriers have more positive effect on performance than high enter barriers. Second, as technology characteristics variables influences on the performance(technical, financial) of technology-based start-ups, technical excellence and wide range of technical application of variables were verified ; technical high-excellence has more positive effect on performance than technology low-excellence, wide range of technical application has more positive effect on performance than narrow range of technical application. We also find that technology marketing strategy(broad/narrow) in moderating factors on performance (technical, financial) is as follows. Analyzing the moderating effect depending on technology marketing strategy(broad/narrow), application of technology, and the types of technology strategy(broad/narrow) were revealed that broad marketing strategy had a more significant effect on performance of technology-based start-ups. With AMOS, the relevancy of the study model revealed higher for broad technology-marketing strategy than narrow technology marketing strategy, and the explanatory power revealed to be 6.4% higher in broad marketing strategy than narrow marketing strategy. Conclusions - This study confirmed that industry structure and technology characteristics are important factors influencing the performance of technology-based start-ups. Technology-marketing strategy affects the performance of technology-based start-ups between industry structure and technology characteristics. According to additional analysis, moderating variables and technology-marketing strategy are important factors influencing the performance of technology-based start-ups under industry structure and technology characteristics. Broad type of technology-marketing strategy has more attractive industry structure and excellent technology characteristics than narrow types of technology-marketing.

• KDI Journal of Economic Policy
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• 제28권1호
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• pp.145-191
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• 2006

본 논문은 외환위기 이후 빠르게 진전되어 온 금융 대형화, 그룹화 현상이 개별 금융기관과 시장 전반의 시스템 리스크에 미치는 영향에 대하여 분석하였다. 실증분석 결과에 따르면, 위기 이후 독립 금융기관과 비교하여 금융그룹 소속 금융기관의 도산위험이 대체로 낮은 것으로 나타나며, 겸업화 효과보다는 대형화에 의한 수익성 및 수익변동성 개선효과가 유의하게 나타나는 것으로 분석되었다. 따라서 아직까지 우리나라에서 고위험 추구를 통한 대형 금융그룹의 위험상승 현상은 관측되지 않고 있다. 그러나 대형 은행그룹 간 직간접적 상호의존도가 높아짐에 따라 시스템 위험의 발생 가능성이 증대되고, 겸업화로 비은행부문 및 자본시장으로부터의 위험전이 가능성도 높아지고 있어 이에 대한 정책대응이 요구된다. 특히 금융그룹을 하나의 동일체로 인식하고 그룹단위로 건전성 규제 등을 실시하는 위험 중심의 연결감독체제가 확립될 필요가 있으며, 겸업화로 인한 공적 안전망의 확대를 효과적으로 차단하기 위한 감독장치도 마련될 필요가 있다. 아울러 금융그룹의 내부통제 및 위험관리체제를 강화하고, 경영투명성의 제고를 통해 금융그룹에 대한 시장의 모니터링 기능도 확충할 필요가 있다.

• 재무관리논총
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• 제2권2호
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• pp.171-211
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• 1995

Relatively little is known about the relationship between taxes and asset prices. Differential tax treatment of assets in the same risk class implies differential pricing. Conversely, the ability of tax-exempt investors to engage in tax arbitrage should drive any pricing differences away. The differential tax treatment of classes of US Treasury securities provides a straightforward setting for the examination of possible tax-effects in asset prices. Using the Cox-Ingersoll-Ross Term Structure Model as our framework, we examine the pricing of US Treasury securities over two distinct tax regimes. Evidence that tax effects are not arbitraged away is presented.

• 한국시스템다이내믹스연구
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• 제13권4호
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• pp.5-31
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• 2012

This paper aims at investigating the dynamics between aging population and local finance. In recent years, the aging rate has been accelerating the pace. The trend implies that Korea is moving towards the aging society, presumably, with unprecedented speed in the world. Aging society's biggest problems are centered around the explosive growth of the financial needs. In particular, these problems are apt to appear more seriously in local governments, as most of them are confronted with high level of aging population and poor financial bases. Firstly, it analyzes how the population structure in the local government impacts local finance, income and expenditure. Based upon in-depth literature reviews, this study examines variables related to aging population and local fiance. Secondly, it focuses on a series of positive and negative feedback loops which would reveal the essence of the mutual interaction structure between aging population and local governments' fiscal behaviors.

• 가정과삶의질연구
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• 제15권4호
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• pp.237-252
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• 1997

The purpose of this study were to identify the income allocation structure of private education and child care and to analyze contributing factors income allocation structure of private education and child care for two children among Korean married couples. For these purposes total sample of 760 married couples those having two children of both pre-school aged and elementary school aged wee selected and total sample was divided into two groups by first child's school aged; those were pre-school aged(375) and elementary school aged (385) Statistics were frequencies means percentile and Tobit and OLS analysis. The results were as follows. First 268 households among the households those having the first child of pre-school aged spent 11% of income for private education while 29 households spent 7% of income for child care. 348 households among the households having the first child of elementary school aged spent 11% of income for private education. Second pre=-school aged' contri uting factors to income allocation struture of private education and child care were household family type family size home ownership and financial asset amount and elementary school-aged factors were satisfaction of family relationship and financial asset.

• 재무관리연구
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• 제18권2호
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• pp.57-79
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• 2001

본 연구에서는 우리나라 234개 상장기업을 대상으로 기업의 소유구조와 자본구조의 상호관계가 기업다각화에 미치는 영향을 2단계 최소자승법(2SLS)을 이용하여 분석하였다. 우리나라 기업의 소유구조와 자본구조의 상호관계를 분석한 결과를 요약하면 첫째, 1996년부터 1999년까지의 전기간 분석에서 우리나라 기업은 소유구조와 자본구조 정책을 서로 연계하여 결정하는 것으로 나타났다. 그러나 IMF 경제위기 전후기간으로 구분하여 상호영향관계를 분석한 결과에 의하면 IMF 이전기간에는 소유구조와 자본구조가 상호의존적인 영향관계가 있는 것으로 나타났지만, IMF 이후기간에는 소유구조와 자본구조의 상호영향관계를 발견할 수 없었다. 둘째, 내부자는 부채사용에 따른 재무위험의 부담을 줄이기 위해 레버리지 비율이 높으면 내부지분율을 감소시키는 것으로 나타났다. 넷째, 내부지분율이 높으면 내부자는 자신이 부담해야 하는 재무위험을 줄이기 위해 레버리지 비율을 낮추는 것으로 분석되었다. 한편, 소유구조와 자본구조의 상호관계가 기업다각화에 미치는 영향을 분석한 결과에 의하면, 소유구조와 자본구조의 상호관계가 기업다각화 수준에 영향을 미치지 않는 것으로 나타났다.