• Journal of Distribution Science
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• v.14 no.4
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• pp.13-20
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• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.

• Korean Journal of Environmental Agriculture
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• v.38 no.3
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• pp.145-153
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• 2019

BACKGROUND: The 'Gamhong' cultivar, middle season apple with big fruit size and high soluble solid content, has been bred in Korea. However, it was hard to cultivate the cultivar in Korea by serious bitter pit. The relationships between shoot growth, fruit size, and bitter pit may be affected by crop load. This study was conducted for 2 years (7~8 years after planting) to investigate vegetative growth, fruit quality, bitter pit incidence, return bloom, and gross income for optimum crop load of 'Gamhong'/M.9 adult apple tree. METHODS AND RESULTS: The crop load was assigned to 4 different object ranges as follow: 45~64, 65~84, 85~104, and 105~124 fruits per tree. The vegetative growth, average fruit weight, percentage of fruits heavier than 375 g, soluble solid content, and return bloom increased significantly at the crop load range of 45~64 fruits. However, the lowest total gross income per tree may have been caused by the highest bitter pit incidence and the lowest yield per tree in any other crop load range. The total gross income and yield per tree increased significantly at the crop load range of 105~124 fruits and return bloom dropped to 40%, and hence it was possible to occur biennial bearing. It was 85~104 fruits that biennial bearing did not occur and total gross income was as high as the crop load range of 105~124 fruits. Also, the yield of high grade fruits per tree, with fruit weight of 400~499 g and none bitter pit on fruit surface, was highest at the crop load range of 85~104 fruits, compared to other crop load range. CONCLUSION: In considering fruit size, bitter pit incidence, return bloom, and gross income, the optimum crop load range of 'Gamhong'/M.9 adult apple tree in high density orchard was 85~104 fruits per tree.

• Asian-Australasian Journal of Animal Sciences
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• v.9 no.4
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• pp.411-420
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• 1996

Asia Triple HIn this study an attempt was made to determine the cost of producing fodders at Savar Dairy Farm (SDF). For this purpose, all seasonal fodders, such as Maize, Jowar, Cowpea and Oat and all perennial fodders, such as Para and Napier were studied. The highest acreage of land was allocated to high-land Para (33.8%) and the lowest acreage (2.7%) was devoted to Cowpea. Jowar attained the highest yield (74.2 tons) per hectare and Maize attained the lowest yield (25.8 tons/h). The highest cost per hectare was attributed to Jowar (TK. 20944.18) while the lowest cost was attributed to low-land para (TK. 10349.86). The cost of production of fodder per kilogram was the highest (TK. 0.66) for Maize and the lowest for Oat (TK. 0.24). The cost of production of low-land Para was much lower than that of high land Para. The per kilogram cost of silage production was the highest (TK. 0.71) for Maize and the lowest (TK. 0.31) was for Napier. The gross return analysis further showed that the highest net margin and B:C ratio were observed for Napier followed by Low-land Para, Jowar, Oat, Cowpea, High-land Para and Maize. Therefore, those fodders whose B:C ratios and yield/ha were higher should be allocated more area of land to stimulate increased returns to SDF in the future is suggested.

• Proceedings of the Korean Society of Agricultural Engineers Conference
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• 2002.10a
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• pp.41-44
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• 2002

It is unreasonable to calculate the amount of agricultural water use by applying unit demand method, because it is different from other water use due to the return flow and reuse in the recycle of watershed. Data from irrigation pumping station and reservoir were analysed. Factors for water balance are precipitation, evapotranspiration, percolation, runoff, and management loss, etc. Here in the study, the amount of agricultural water was defined in the way of three different categories. First one is "Gross water" including evapotranspiration, percolation, and management loss. Second one is "Agricultural water" including Gross water and effective rainfall. Third one is "Broad water" which is abstracting the return flow from Agricultural water.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.105-115
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• 2020

The study empirically examines the effects of loan portfolio diversification on bank risk and return in the nascent banking market of Vietnam. Loan portfolio diversification is captured through the Hirschman-Herfindahl index and the Shannon Entropy with sectoral exposures. We access each bank's financial reports to collect the required data, especially the breakdown of sectoral loan portfolios, thus constituting a unique dataset. To compute bank return, we use the traditional accounting indicators, including return-on-assets, return-on-equity, and net-interest margin. For bank risk, we utilize the loan-loss provisions and non-performing loans relative to gross customer loans. Using a sample of 30 commercial banks over the period from 2008 to 2019 and the system generalized method of moments estimator for the dynamic panel, we indicate the downsides of portfolio diversification. Concretely, we observe that all diversification measures exhibit significantly negative signs in all regressions across different bank return proxies. At the same time, the estimates display the significant and positive impact of diversification on the non-performing loan ratio. Hence, sectoral loan portfolio diversification significantly hampers bank performance in both aspects of lower return and higher credit risk. The results are robust across a rich set of bank performance and portfolio diversification measures.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.135-164
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• 2005

We analyze trade and balance records of 10,000 stock investment accounts of individual investors for the period of 1998 to 2003. Individual investors em an annual gross return of 12.3% while the KOSPI and the value weighted composite including KOSDAQ stocks yield 13.6% and 9.7% respectively during the same period. Net return performance is 8.3%, a drop of 5.3% mainly due to heavy trading. Individual investors' annual turnover amounts to over 270 percent. In an analysis of groups formed on the month's end position value, the performance of the top quintile is found comparable to the market while the rest yield significantly lower risk-adjusted returns than the market. We also find evidence rejecting the rational expectation model while supporting the overconfidence hypothesis which states overconfidence leads to a higher level of trading, resulting in poor performance. Individuals tilt their stock investment toward high-beta, small, and value stocks.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Journal of Korean Port Research
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• v.14 no.1
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• pp.13-26
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• 2000

In this paper, we compare and analyze the current state of the productivity of the stevedoring work among several container terminals in 1999. Based on these results of analysis, we firstly classify several factors which impede the efficient operations of container terminal as follows ; late arrival of container beyond cargo closing time(CCT), change of port of destination, change of vessel, and return cargo. Such factors are major cause for the cargo rehandling on terminals, thus deteriorate the overall performance of transfer crane during the stevedoring work. In order to improve the productivity of container terminal, we suggest that it is necessary for establishing and operating the efficient logistics management system. Especially, we emphasize the importance of information exchange on the scheduled cargoes among the relevant parties such as shippers, shipping companies, and terminal operators, which is the most effective way to alleviate the cargo rehandling.

• Korean Journal of Community Nutrition
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• v.12 no.3
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• pp.344-351
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• 2007

The purposes of this study were to analyze the consumer inclination to convenience towards HMR in order to verify the structural correlation of the actual state of consumption, and to analyze consequently, the direct or indirect effects among 'frequency of using,' 'preference', 'satisfaction', and 'intention to repurchase'. The subjects were adults in their twenties or older who had used HMRs and lived in Seoul and Gyeonggi Province in Korea. Random sampling of 550 subjects, who were distributed a questionnaire from March 12 to 30, 2005. A total of 451 questionnaires were returned (the return rates were 82%). The main results of this study were as follows : Regarding the types of HMR, 'Ready to eat' had higher preference (3.31), satisfaction (3.33) and 'intention to purchase it again' (3.38) than those of 'Ready to heat' and 'Ready to end-cook.' Consumer inclination to convenience towards HMR was analyzed in order to verify the structural correlation of the actual state of consumption, and consequently, the direct or indirect effects among 'frequency of using,' 'preference', 'satisfaction', and 'intention to repurchase' were analyzed. The gross effect of 'frequency of using' on 'intention to repurchase' was 0.435, the gross effect of preference on 'intention to purchase it again' was 0.659, and the gross effect of satisfaction on 'intention to purchase it again' was 0.772 for 'Ready to eat.' The gross effect of 'frequency of using' on 'intention to repurchase' was 0.448, the gross effect of preference on 'intention to repurchase' was 0.556, and the gross effect of satisfaction on 'intention to repurchase' was 0.654 for 'Ready to heat.' The gross effect of 'frequency of using' on 'intention to repurchase' was 0.432, the gross effect of preference on 'intention to repurchase' was 0.494, and the gross effect of satisfaction on 'intention to repurchase' was 0.608 for 'Ready to end-cook.' To summerize the above results, there was a difference of the structural correlation among component concepts of the actual state of consuming according to the criteria of HMR. Thus, it implied that differentiated sales strategies were needed according to the criteria of HMR.

• Journal of Families and Better Life
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• v.7 no.1
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• pp.43-57
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• 1989

In the materialistic societies, individuals get money return according to the importance of their roles. But unlike wage workers who are engaged in market production , housewives engaged in home production do not get that return. It is because the result of home production is not transacted in the market and the price is not given to it, so the value of home production is not estimated. Hence this study trcognizes again the value of home production, suggests the estimation methods of it in input and output based on home production systems and attempts to actualize those methods socially. This home production develops the human attributes of family members to act as a member of a society and potentially contributes to home income and Gross National Products, so it has social and economic value. In spite of that significance, the value of home production is not estimated, so its nor recognized and housewives engaged in home production are not acknowledged their ability. Hence based on home production systems form input to output, this study suggested opportunity cost method and market cost method in input, method by saving money expenditure, hybrid method and method by comparing with market in output.