• 한국콘텐츠학회논문지
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• 제22권6호
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• pp.692-700
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• 2022

외국인 투자기업의 사멸 연구를 위해 2013년부터 2017년까지 국내 시장 외국인 투자기업을 연구의 대상으로 선정했다. NICE 평가정보(주) 외국인 투자법인 자료를 표본으로 수집하고, 정제를 거쳐 분석에 사용했다. 종속변수인 외국인 투자기업 사멸에 대한 실증비교 검증은 기업 특성 지표인 외국인 투자 지분율과 근로자 수, 재무 유동성 지표는 자본, 자산, 부채, 매출, 수익성 지표로는 영업이익과 매출이익을 분석에 재무비율 지표로 ROA와 ROE를 사용했다. 이후 외국인 투자기업의 소유 지분을 100% 소유한 단독 투자기업과 합작회사, 기업분류에 따른 대기업과 중소기업의 사멸률을 실증했다. 외국인 투자기업 사멸률 영향요인 분석에서는 기업의 종업원 수, 부채, 영업이익과 매출이익 모두 기업의 경영위험도를 낮춰 지속 가능한 경영을 유지하는 효과가 있은 것으로 조사되었다. 그러나 지분 투자율, 자본, 자산, 매출 지표는 유의하지 않은 것으로 조사되었다. 외국인 투자기업 사멸률 실증 비교분석 결과에서도 100% 지분을 소유한 단독 투자기업과 대기업이 합작기업과 중소기업보다 상대적으로 사멸의 위험이 낮고, 지속 가능한 경영 가능성이 큰 것으로 분석되었다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.409-422
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• 2020

In the global trend toward economic integration, Vietnamese enterprises desire to attract investment and increase competitiveness in the global market, so they have been required to provide transparent, high-quality financial reports following the International Financial Reports Standards (IFRS). Based on the roadmap drawn by the Vietnam Ministry of Finance, the foreign-invested enterprises, listed enterprises and state-owned enterprises will be applying IFRS in 2030. However, some enterprises in Vietnam have applied IFRS in the presentation of financial statements at the request of related parties for a while. The main research objective of this paper focused on examining the factors affecting the implementation of IFRS in Vietnamese enterprises through descriptive statistics tools, Cronbach's Alpha testing, EFA and logistics regression analysis with the sample collected from 254 Vietnamese enterprises. The methodology in this research was the mixed qualitative and quantitative method. The results show that the higher the profitability, debt ratio and firm size of the enterprise, the more likely it is to apply IFRS. From the results of this study, the appropriate recommendations have been made to promote the implementation of IFRS by Vietnamese enterprises effectively and following the IFRS application roadmap of the Ministry of Finance of Vietnam.

• 한국항해항만학회지
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• 제44권5호
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• pp.400-406
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• 2020

In this study, we first measured the malmquist productivity index by DEA among the Korean public firms. Second, there are 12 public corporations whose productivity (MPI) has decreased compared to 2014. This is mainly because of a decrease in productivity, as well as a decrease in the technical efficiency change index (TECI), impacted by the internal environment, and the increase in productivity because of an increase in the technology change index (TCI) impacted by the external environment. Finally, the analysis of the impact on the management assessment scores showed that the productivity (MPI), scale efficiency (CRS), size of sales, operating profitability, and total capital investment efficiency are significantly related (+), except for the asset turnover, which is a static financial ratio. Meanwhile, the management evaluation scores between the high-productivity public corporations and low-performing public corporations were significantly discriminating. Thus, it is confirmed that the nation's state-run companies must manage their MPIs in a time series to score high in management evaluation.

• 한국경영과학회지
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• 제40권1호
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• pp.57-73
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• 2015

While many previous studies investigated the effect of operations performance on financial performance, most studies considered only a few performance indicators and ignored the characteristics of industries. Therefore, this study intends to analyze the effect of operations performance on financial performance, by selecting a rather comprehensive operations performance indicators from firms' financial data. In doing so, we used operating efficiency and supply chain performance indicators for operations performance and a firm's profitability and future value indicators for financial performance. For the analysis, we collected 544 firms' operations and financial performance data belonging to eight key industries from the 'Forbes Global 2000'. We first analysed the differences in operations and financial performance among high, medium and low supply chain performance groups based on the quantitative criteria of Gartner's 'Supply Chain Top 25' ranking procedure. Then we analysed the effect of operations performance indicators on financial performance for both entire industry and individual industries, using multiple regression. Based on the results, we provided practical insights into key operations performance indicators to focus on and manage in order to improve financial performance.

• 한국건축시공학회지
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• 제9권1호
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• pp.111-121
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• 2009

Because of its unique characteristics, the construction industry tends to be affected by economic environment more than any other industries. The domestic construction industry was forced to change its management pattern and system when it went through the foreign currency crisis, and since then, the construction industry has been growing in terms of quality over last 10 years, breaking from the quantitative performance-oriented growth in the past. The study was intended to integrate the financial data of the companies during the period before and after the foreign currency crisis so as to analyze the effect of environmental changes on management performance of the companies. It was aimed at evaluating the changes to the stability, profitability and the growth potential, and collecting the data on variation of the market scale, price of resources such as material and labor and the financial environment, thereby analyzing the correlation with the management performance. The study, to deal with the difficulties which are anticipated, like the foreign currency crisis experienced in the past, was also intended to identify the correlation between the economic conditions and the performance of the construction companies, using the experimental data in the past.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.43-50
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• 2020

Disclosure level in interim financial reporting is important for information users to make business decisions. This has received much attention from the information users. The article is aimed at determining the factors of financial ratios, which impact on the disclosure level in interim financial reporting. The authors use the ordinary least squares to test. The sample consists of 418 VN100 over a 6-year period from 2014 to 2019. The results show that there are four factors that positively impact on the disclosure level in interim financial reporting: Enterprise size (SIZE); Liquidity (LIQI); Sales growth (GROW) and Profitability (ROE). The article proposes some policy recommendations to contribute to improving disclosure level in interim financial reporting. Accordingly, State Securities Commission of Vietnam should strengthen the regular inspection of VN100's disclosure level in interim financial reporting and also should enforce strict sanctions or may consider delisting in cases of listed enterprises with incomplete disclosure. The managers of VN100 need to raise the sense of responsibility of information providers to ensure adequate information in interim financial reporting. Investors should also pay attention to the financial ratios of VN100 such as firm size, return-on-equity, liquidity, and sales growth to get useful information and ensure sound business decisions.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• 경영과정보연구
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• 제3권
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• pp.257-285
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• 1999

Korea Postal Service(KPS) nowadays lies in competitive environment with alternative business such as door-to-door delivery service. Customers began to complain about postal service quality and ask the government to reform a public firm through management innovation. But, Korea Postal Service has not met the break-even point between it's revenue and expenditure because the service is under the government system and cannot independently make major decisions on products, pricing, services, personnel management, financial policies and etc. The objective of this study is to provide marketing planners and practitioners with some guidelines when they establish marketing strategies and to help marketers on theories and practical instructions about postal service marketing when they interact with customers. I. A field survey on both customer satisfaction and internal staff satisfaction was conducted to get some ideas for the marketing strategy planning. II. Practical guidelines and instructions were made for marketers to communicate with customers in various areas such as pricing, product, service demand, marketing channel, promotion, and etc. III. Some suggestions on marketing policies for planners and mangers in the marketing strategy were described including personnel resource as well as physical resource. IV. Special issues on small packet market and direct mail market were discussed and some alternative solutions were proposed. V. Database marketing strategy was emphasized to get new business opportunities such as direct mail, and to provide differential services to customers as much as their contribution into the profitability for KPS. VI. Cyber Post Office should be constructed on Internet to provide new services which are combined with physical material flow and information technologies.

• International Journal of Contents
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• 제9권2호
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• pp.27-37
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• 2013

From the perspective of the domestic capital markets, there have been few researches on the financial characteristics of the firms belonging to the KOSDAQ(Korea Securities Dealers Automated Quotation) market, in comparison with those of the firms in the KOSPI. This study has performed three hypothesis tests to obtain the following results: By employing the 'panel data' analysis, it was found that, for the book-value based leverage, all of the six proposed IDVs were statistically significant as the financial determinants of leverage, across the two proxies measuring profitability (i.e., PFT and ROE), while all of the IDVs except VOLATILITY, also seemed to be the attributes to explain the market based dependent variable in the model with the PFT. Moreover, there may be statistically significant (structural) changes (or quasi-experiment) ) between the pre- and post-U.S. financial crisis in the year of 2008, when measured the leverage with the market-value basis with utilizing the Chow F-test. Finally, based upon the logistic regression results, the probability for a firm to be classified into the Prime section in the KOSDAQ market, may be higher, as its profit margin and asset turnover increase.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.313-322
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• 2021

Horizontal cooperation is seen as an effective way to raise a competitive advantage in logistics and transportation. However, there are many logistics enterprises still operating individually instead of cooperating. This research aims to investigate the factors influencing the decision of horizontal cooperation by surveying a large sample of Vietnamese logistics companies. This study employs 161 logistics companies to examine correlations between potential factors and horizontal collaboration. The structural equation model (SEM) was used to test the conceptual model and the relationships among variables. The findings revealed that information sharing was the most important predictor of 161 supply chain providers' horizontal collaboration decisions, which resulted in increased profitability or service quality. Besides, trust in partners was found to be positively related to the degree of horizontal cooperation among logistics companies. Finally, the finding of this research is that reputation had a positive effect on the strategy of horizontal cooperation. Our findings suggest that SME managers should be concerened about their information sharing, their reputation as well as their trust in partners if they would be invited in cooperation with another firm to increase service quality, performance, and competitive advantage.