• Journal of Korean Library and Information Science Society
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• v.49 no.4
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• pp.93-117
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• 2018

KORMARC format for holdings data is a standard for expressing and exchanging holdings information-who they have, what copies are owned, where they are held, etc. As the need of resource sharing grows, such holdings information that informs the user to the availability and the location of a bibliographic item is becoming increasingly important. However the KORMARC format for holdings data has been used much less than KORMARC for bibliographic and authority data, and has attracted little attention from Korean libraries. Under these circumstances, this study intends (1) to analyze various standards for holdings information including MARC21 format for Holdings data (update No.26) and its applications, (2) to investigate the types of holdings data and description regulations used in Korean libraries and bibliographic utilities, and (3) to suggest the revision of existing KORMARC format for holdings data.

• Journal of the Korean Society for Library and Information Science
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• v.33 no.3
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• pp.63-86
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• 1999

This article investigates the general characteristics and developments of the MARC format for holdings data. It also analyzes the record structure, content designation, and the content of it, mainly based on USMARC and KORMARC formats. Structure and content designation of them are almost same with those of the bibliographic and authority formats. The data fields divided into functional blocks based on their functions, but only 0XX, 5XX, 8XX fields are used in the holdings formats. Record contents of the data in the 008 fields include more elements related to the holdings and acquisition information. Variable fields can be grouped into several blocks, including those for numbers and codes; for notes fields, for location , and for holdings data. Holdings data fields include caption and pattern fields, enumeration and chronology fields, textual holdings fields, and item information fields. This article analyzes the content in each data fields in detail.

• Journal of Distribution Science
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• v.14 no.12
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• pp.129-139
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• 2016

Purpose - This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO's own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology - We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to 2013. Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results - We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms' cash holdings. Conclusions - This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period.

• Journal of Distribution Science
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• v.20 no.3
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• pp.53-58
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• 2022

Purpose: Controlling and minority shareholders sometimes have conflicting interests. Controlling shareholders who do not have adequate monitoring can exhibit a strong tendency to maximize their personal wealth. In this case, cash holdings can be the easiest means for them to pursue their personal interests. This study examined whether the largest shareholder's ownership proportion affected the speed at which firms adjust their cash holdings to target levels in Korean distribution and service companies. Research design, data, and methodology: The study uses regression analysis to examine 834 firm-year samples listed on the KOSPI between 2013 and 2018 in the distribution and service sectors. Results: The largest shareholder's ownership is positively related to a firm's cash holdings adjustment speed. That is, the larger the largest shareholder's ownership, the faster the firm adjusts its cash holdings to achieve the target level. Conclusions: This study contributes to the literature by providing evidence that the cash holdings adjustment speed in Korean service and distribution companies is affected by the largest shareholder's ownership. As the agency problem between controlling and minority shareholders in Korea is a major issue, minority owners' sensitivity to agency costs may help restrict controlling owners' ability to maximize their personal wealth.

• Management & Information Systems Review
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• v.34 no.3
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• pp.61-78
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• 2015

The purpose of this study is to analyze the impact of cash holdings on internationalization of listed manufacturing firms. We explore moderating effect of managerial ownership between cash holdings and internationalization of firms. We analysed cross-sectional data of 645 listed companies from 2000 to 2013 using the fixed effects estimation. Empirical results showed that the there was a positive significant relation between cash holdings and internationalization of firms This study also found that managerial ownership have a significant negative moderating effects in the pathway between cash holdings and internationalization Cash liquidities can be rapidly induced internationalization. Managerial ownership increase agency cost, therefore, it might have a negative effects on internationalization These results suggest that agency cost with cash holdings is very important for cash management.

• The Journal of Industrial Distribution & Business
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• v.11 no.5
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• pp.7-16
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• 2020

Purpose: Prior studies empirically examine how financial flexibility is related to required returns by using realized returns and considering cash holdings as net debts, but they fail to find consistent results. Conjecturing that inappropriate proxy of required returns and aggregation of cash and debts caused the inconsistent results, this study revisits this topic by using a refined proxy of required returns and separating cash holdings from debts. Research design, data and methodology: This study uses a multivariate regression model to investigate the relationship between required returns on cash holdings and financial leverage. The required returns are estimated using the return decomposition method by vector autoregression model. Empirical tests use US stock market data from1968 to 2011. Results: Empirical results reveal that both cash holdings and leverage are positively related to required returns. The positive relation is stronger in economic downturns than in economic upturns. Conclusions: Three major findings are drawn. First, risky firms prefer large cash balance. Second, information shocks in the realized returns caused failure of prior studies to find consistent positive relationship between leverage and realized returns. Third, cash and leverage are related to required returns in the same direction; therefore, cash cannot be considered as negative debts.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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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.

• Food Science and Biotechnology
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• v.18 no.3
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• pp.745-748
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• 2009

Sensory quality variations of jajang sauce were monitored by the $\bar{X}-chart$ and capability analysis based on specifications of each sensory attributes. For sensory quality control (QC) of the sauce which has a strong sweetness and sourness, the ratio of sourness/sweetness was examined as a necessary QC factor to maintain the balance of sweetness and sourness. For the sensory QC factors, all the sensory data were divided into individual sensory score of reference which was a pack of sauce manufactured a week ago. The ratio form of sensory data was useful for decreasing individual variations and for increasing normality of data measured by category scale. The overall proportion of out-spec products under normal manufacturing conditions was obtained by capability analysis of sensory data with normal distribution. Out-spec samples were monitored by the $\bar{X}-chart$ of each sensory attributes.

• Journal of the Korean Data and Information Science Society
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• v.28 no.5
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• pp.1109-1123
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• 2017

This paper examines there is any differences among determinants of cash holdings and marginal value of cash depending on the life-cycle of firm. To accomplish these objective, we collect financial and market data of KRX listing firms for a period of 2001-2013. We present evidence of significant effect of life-cycle on the cash holdings determinants and marginal value of cash. Specially, the effect of investment opportunity related variable are varies through life-cycle. The results also suggest that marginal values of cash in the introduction stage and exit stage is higher than those in other stages. Overall, this means that the motive of cash holdings in Korean firms is weak. and shareholders place different value on a firm's cash holdings depending on the life-cycle.

• Journal of Korea Port Economic Association
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• v.30 no.4
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• pp.131-149
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• 2014

The objective of this study is to describe and determine how and to what extent size of firm, operating vessels and interest cost, leverage, debit maturity, growth opportunity and cash flow affect the cash holdings of Korean shipping companies. A sample of 38 Korean shipping firms for a period of 9 years(from 2005 to 2013) was selected. In panel data regression, this study finds that cash holdings are negatively affected by firm size, operating vessel size and debit maturity, and positively affected by volume of interest costs. In firm's group of relatively large volume of operating vessel, it's cash holdings are affected by debit maturity, cash flows and growth opportunity but in firm's group of small volume of it, interest cost, debit maturity and operating vessel's size are related with cash holdings. It proved that determinants of cash holdings in a high interest costing group are size of operating vessel, interest cost and debt maturity. On the other hand, debit maturity, growth opportunity, firm size and extent volume of vessels are associated with cash holdings in relatively row interest costing group.