• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.201-232
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• 2007

In this study, we investigated public announcements of stock splits using the Korean Stock Market data from 2000 through 2007. The purposes of this study are to examine whether stock splits have the information contents in the Korean capital markets, and to investigate the possible cause of the market reactions. We measured the market reactions with abnormal returns, cumulative abnormal returns and cumulative average abnormal returns. For the purpose, two specific hypotheses were tested. One is 'Signalling Effects' where stock splits function as a signal through which managers transmit a favorable information for investors. The other is 'Liquidity Effects' where stock splits increase the trading convenience. We have th following results. Firstly, positive market effects were found when stock splits were announced. Secondly, there was difference in trading convenience between the high and the low split ratios. Finally, the long term performance through stock splits in the Korean capital markets was not significant.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.329-340
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• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.19 no.38
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• pp.97-104
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• 1996

This study is to empirically analyze the relevance between ownership structure and corporate value. This Study took 285 corporations listed in Korea Stock Exchange from 1990 to 1994 as samples. The result of this analysis is summerized as follows: Insider-inquiry ratio of corporation in Korea has been positively corelated with corporate value while it has been negatively corelated if the ratio is over 25%. This study intended to present desirable implications for seperating the management from ownership in Korea.

• Journal of the Korea Society of Computer and Information
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• v.4 no.4
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• pp.244-250
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• 1999

This study aimed to analyze the effect of the change in CP class of a firm on the abnormal yield of its stock price. As a result, it was found that the change in CP class of a firm had an effect on the abnormal yield. That is. the abnormal yield rose when the class of CP rose while it dropped when the class of CP dropped. And it was analyzed that the class of CP in the firm in which its current net gain was great while it dropped in the firm in which the current net gain was small. And it was found that the CP class of the firm with the high debt to equity ratio rose when the CP class of the firm changed, whereas it rose in the firm with the low debt to equity ratio. But it was found that the size of majority shareholders equity rate in a firm, the size of corporate value of the firm, the size of cash flow of the firm and the size of the burden of financial costs of the firm were not related to the abnormal yield of its stock price. This study has its significance in analyzing the effect of the information on the change in CP class of the firm on the capital market. But it has its limitations in the sample firm and the selection of the point in time of disclosure.

• Proceedings of the KSR Conference
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• 2011.05a
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• pp.43-48
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• 2011

Cooling system's operation ratio shall be controlled automatically by the internal external temperature sensors in rolling stock. The Cooling System shall be the automatic operation ratio control system which automatically controlling the rotation speed of condenser, evaporator etc. using temperature detection from outside and inside of cabin. This paper will examine the cooling system that can be provide comfortable cooling service for passenger in summer.

• Journal of Distribution Science
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• v.20 no.9
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• pp.23-28
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• 2022

Purpose: Research on banking sustainability plays an important role in helping banks understand the level of risk in different types of companies. Therefore, this study was conducted to determine the factors affecting the sustainability of Joint Stock Commercia l Banks in Vietnam. Research design, data and methodology: The following theories, the factors affecting the bank's sustainability include: Business model diversification (income diversification), bank size, loan ratio, and net interest margin. Data was collected from Joint Stock Commercial banks in Vietnam from 2015 to 2019. With GLS model on panel data with banks listed on Vietnam stock exchange. Results: The analysis results show that net interest income has a positive impact on the sustainable business results of banks through the rate of return on total assets (ROA). The non-interest income hasn't impact on bank stability. From this result, there aren't positive signs of income diversification in banks. At the same time, with the obtained results, the study also provides a policy implication for banks. Conclusions: The study also provides some policy implications to improve the bank stability. Diversifying income in banks is necessary, but how to make it influential banks has not yet been done. Therefore, the adjustments in non-interest business activities need to be carefully considered by banks.

• The Journal of Economics, Marketing and Management
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• v.4 no.4
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• pp.17-24
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• 2016

The purpose of the present study is to investigate the relationship between Management bonuses and earnings stability of the listed companies on the Tehran Stock Exchange (TSE). The population includes 94 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE's website from 2009 to 2016. The results of multiple linear regression analysis show that there is a significant relationship between Management bonuses and earnings stability. The aim of this study primarily investigating the relationship between earnings stability and management bonus. In the case of this target, the next goal of this research is to develop a proposal for legislation in the domain of capital market, students and faculty as well as accounting information users provide research interests. Observations show many companies despite the decline in profitability, bonus managers to continually pay. Increase in listed companies Stock Exchange as well as the importance of communication between earnings quality and bonus managers in Financial Accounting the authors created an incentive to research about this relationship do. The results of this research could be the development of literature done in the past. Thus, more knowledge about the issue of sustainability and its relation to bonus managers the users of accounting information, accounting courses provide students and faculty.

• Journal of Technology Innovation
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• v.25 no.3
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• pp.51-82
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• 2017

In terms of both economic growth and social welfare, this paper discusses the optimal proportion and size of basic research budget by adding knowledge stock to an endogenous growth model. On the basis of the modified endogenous growth model, this paper derived an equation that consists of kinds of parameters and suggested this equation as a criterion for determining whether allocated basic research budget has been appropriate. This paper also found that the theoretical optimal ratio between government investment spending and investment in basic research is equal to the ratio between the partial elasticity of output with respect of public capital stock and the partial elasticity of output with respect of knowledge stock. In addition, after the required parameters were specified based on precedent literatures, this paper estimated an optimum size of the basic research budget using the theoretical optimal ratio with official statistical records and compared the estimated size to its actual size. This paper therefore is expected to contribute to budget planning and allocation regarding establishing basic research policy, because the results of this paper presents a useful criterion for optimum level and an approximate size of investment in basic research. However, it should be noted that although the optimal solution is optimal in a economic sense, it may not be the best solution from a practical perspective.

• Communications for Statistical Applications and Methods
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• v.27 no.6
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• pp.649-673
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• 2020

This paper makes a theoretical contribution by providing clear and detailed derivation of economic agents' decision problems including elastic labor supply in Gertler's overlapping generation (OLG) model. We apply the model to the Korean economy by calibration based on Korean economic data. It also analyzes the impact of current social issues such as aging and extension of retirement age, on the Korean economy in a long-run equilibrium. Subsequently, we also discuss the implications of the analysis. Aging has prolonged the period of retirement; therefore, population structure changes by the increase in the proportion of retirees, the total consumption-to-GDP ratio decreases, and capital stock increases due to reduced propensity to consume out of wealth in preparation for an individual's retirement life. The implementation of retirement age extension increases the proportion of retirees relatively less and alleviates fluctuations in labor supply and the share of financial assets for both economic agents. However, the decrements in consumption-to-GDP ratio is larger than before, and this leads to a larger rise in the capital stock compared to when there is only an aging effect.

• Journal of Internet of Things and Convergence
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• v.8 no.1
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• pp.1-10
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• 2022

The purpose of this study is to establish a foundation for IoT-related industries to secure financial soundness and to dominate the global market after COVID-19. Through this study, the quantitative management status of IoT-related companies was checked. It also was attempted to preemptively prepare for corporate insolvency by examining the relationship between financial ratios in accordance with stock price fluctuations and designation of management items. This study selected 502 companies that were listed on the KOSPI and KOSDAQ in the stock market from 2019 to 2020. For statistical analysis, multiple regression analysis, difference analysis and logistic regression analysis were performed. The research results are as follows. First, it was found that the impact of IoT company accounting information on stock prices differs depending on before and after COVID-19. Second, it was found that there is a difference in the closing stock prices of IoT companies before and after COVID-19. Third, it was found that financial ratios according to stock price fluctuations exist differently after COVID-19. Fourth, it was found that the financial ratios according to the designation of management items after COVID-19 exist differently. Through these studies, some suggestions were made to secure the financial soundness of IoT companies and to lay the groundwork for leaping into the global market after COVID-19. Through the results of this study, it is expected that it will lead the growth of IoT companies and contribute to growth as a decacorn company of the future that can guarantee financial soundness in the changing financial market.