• 산업경영시스템학회지
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• 제46권2호
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• pp.109-115
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• 2023

This paper studied the problem of determining the optimal inventory level to meet the customer service target level in a situation where the customer demand for each branch of a nationwide retailer is uncertain. To this end, ISR (In-Stock Ratio) was defined as a key management indicator (KPI) that can be used from the perspective of a nationwide retailer such as Samsung, LG, or Apple that sells goods at branches nationwide. An optimization model was established to allow the retailer to minimize the total amount of inventory held at each branch while meeting the customer service target level defined as the average ISR. This paper proves that there is always an optimal solution in the model and expresses the optimal solution in a generalized form using the Karush-Kuhn-Tucker condition regardless of the shape of the probability distribution of customer demand. In addition, this paper studied the case where customer demand follows a specific probability distribution such as a normal distribution, and an expression representing the optimal inventory level for this case was derived.

• 응용통계연구
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• 제31권3호
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• pp.409-416
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• 2018

재무 분야에서는 주식 시장에서 투자자들의 행동형태에 대해 많은 연구가 있었다. 본 연구에서는 주식 투자자들의 주식에 대한 관심 정도가 주식의 수익률에 영향을 미치는 효과를 나타내는 관심효과(attention effect)를 실제 자료분석을 통해 검증하고자 한다. 이러한 효과를 실증적인 자료분석으로부터 검증하기는 쉽지 않았는데, 그 이유는 관심정도를 객관화하여 측정하는 것이 어려운 문제였기 때문이다. 그런데, Da 등 (2011)는 구글 검색창에서의 검색빈도로 관심정도를 측정하고, 이를 바탕으로 미국 주식시장에서의 관심효과를 검증하였다. 본 논문에서는 다음커뮤니케이션이 운영하는 주식 채틱방에서 주식종목에 대한 언급횟수에 대한 순위를 통해 관심정도를 측정하고, 언급횟수에 대한 순위가 높을수록 주식의 수익률이 높아졌다고 할 수 있는지 한국 주식시장에서의 관심효과를 검증하고자 하였다. 이를 위해, 관심효과를 순서제약이 있는 가설로 표현하고, 이에 대한 가능도비 검정절차를 제안하였으며 실제 데이터에 적용해 보았다.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• 수산해양교육연구
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• 제27권2호
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• pp.363-370
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• 2015

넙치종묘 방류가 자연집단의 성비에 어떠한 영향을 미치는지 5 개 지역에서 어획된 넙치집단에 대한 성비를 조사하였다. 조사된 지역에서 방류넙치와 자연넙치가 혼획 되어 어획된 집단의 암컷 비율의 범위는 7.9~64.6%로 나타났으며, 고흥집단에서의 수컷의 비율이 92.1%로 가장 높게 나타났다. 방류어의 암수비율을 보면 완도집단에서 56.3%와 43.7%로 암컷의 비율이 다소 높게 나타났으나 고흥집단은 8.3%와 91.7%였고, 추자집단에서 26.4%와 73.6%로 수컷의 비율이 높게 나타났다. 방류넙치의 혼획률이 높은 고흥집단과 완도집단에서는 방류 넙치의 암수비율이 자연 집단의 성비에 영향을 미치는 것으로 나타났다.

• 산업경영시스템학회지
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• 제35권3호
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• pp.204-209
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• 2012

본 논문은 전국적인 소매업체의 각 지점별 고객 수요가 불확실한 상황에서 고객 서비스 목표 수준을 충족하는 최적재고 수준을 결정하는 문제에 대해 연구하였다. 이를 위해 전국에 분포한 지점에서 물품을 판매하는 베스트바이, 월마트, 혹은 시어스와 같은 전국적인 소매업체 관점에서 사용할 수 있는 핵심 관리 지표(KPI)로서 ISR(In-Stock Ratio)를 정의하였으며, 전국적인 소매업체가 평균 ISR로 정의되는 고객 서비스 목표 수준을 충족하면서 각 지점 보유 재고의 총합을 최소화할 수 있는 최적화 모델을 수립하였다. 본 논문은 해당 모델에 항상 최적해가 존재함을 증명하고 해당 최적해를 Karush-Kuhn-Tucker 조건을 사용하여 고객 수요의 확률분포의 형태에 상관없이 일반화된 형태로 표현하였다. 또한 본 논문은 고객 수요가 정규분포와 같은 특정 확률분포를 따르는 경우에 대해 연구하였으며, 이 경우에 대한 최적 재고수준을 나타내는 식을 도출하였다. 마지막으로 본 논문에서는 상기 기술된 상황에 대한 수리적인 예제를 통하여 최적재고 수준과 확률분포 파라미터들간의 관계를 분석하였다.

• 응용통계연구
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• 제34권5호
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• pp.745-760
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• 2021

금융시장에서 주식 가격 자체 또는 가격의 방향성에 대한 예측은 오래 전부터 관심의 대상이 되어 왔기에 여러 방면에서 다양한 연구가 이어져 왔다. 특히 1960년대에 들어서며 많은 연구가 진행되었고 예측가능성에 대해 찬반의 의견들이 있었는데, 1970년대에 나타난 효율적 시장 가설이 지지를 받으면서 주식 가격의 예측은 불가능하다는 의견이 주를 이루었다. 그러나 최근 기계학습 등 예측기술의 발달로 인해 주식 시장에서 미래를 예측해 보려는 새로운 시도가 이어져, 주식시장의 효율성을 부정하고 높은 예측력을 주장하는 연구들이 등장하고 있다. 이 논문에서는 과거 연구들을 평가방법 별로 정리하고, 새로운 주장의 신빙성을 확인하기 위해 이차판별분석, support vector machine, random forest, extreme gradient boost, 심층신경망 등 다양한 기계학습 모형을 적용하여 한국유가증권시장에 상장된 종목 중 삼성전자, LG화학, Naver 주식 가격의 방향성을 예측해보았다. 이때, 널리 사용되는 기술적 지표 변수들과 더불어 price earning ratio, price book-value ratio 등 회계지표를 활용한 변수와, 은닉마르코프모형의 출력값 변수를 사용하였다. 분석결과, 이번 연구의 조건 하에서는 통계적으로 유의미한 예측력을 제시하는 모형이 존재하지 않았고, 현 시점에서 단기 주가 방향성의 예측은 어렵다고 판단되었다. 비교적 단순한 이차판별분석 모형과 회계지표를 활용한 변수를 추가한 모형이 상대적으로 높은 예측력을 보였다는 점에서, 복잡한 모형을 시도하기 보다는 주식 가격에 대한 투자자들의 의견 및 심리가 반영될 수 있는 다양한 변수를 개발하여 활용한다면 향후 유의미한 예측이 가능할 수도 있을 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.699-705
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• 2020

This study aims to examine the antecedent factors of debt policy on the influence of firm growth on firm value. There was a total of 19 companies involved accounting for 95 observational data from a population of 169 companies listed on the Kompas 100 Index of the Indonesia Stock Exchange from 2014 to 2018. The data were analyzed through descriptive statistics, classic assumption tests, multiple regression, and hypothesis testing. The results prove that the firm growth, proxied by asset growth or sales growth, did not have a significant influence on the debt policy. Further, there was no significant influence of debt policy on firm value when using debt ratio and also dividend policy as a control variable. In contrast, there was a positive and significant influence on the firm value when using debt to equity ratio proxy, both with or without using the control variable. Therefore, the debt policy was not proven as an antecedent on the influence of firm growth on firm value. This finding implies that there was a tendency for the company management to adopt the policy, which would increase the debt ratio to increase the investors' confidence in the stock market and investors neglect the company's dividend policy.

• 아태비즈니스연구
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• 제14권3호
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• pp.187-204
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• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• 한국경영과학회지
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• 제39권4호
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• pp.33-49
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• 2014

This study empirically examines the impact of firms' environmental (E), social (S), and governancial (G) factors on their short-term and long-term values. To measure firms' non-financial performance, we use ESG performance grades published by KCGS (Korea Corporate Governance Service). We employ stock log return as the proxy of each firm's short-term value, and Tobin's Q ratio as that of its long-term value. From a series of regression analyses, we find each of the ESG factors generally has a negative impact on stock return while it has a positive impact on the Tobin's Q ratio. These results imply that firms' effort for enhancing their non-financial performance may adversely affect their financial performance in a short term; but in the long-term point of view, firms' values increase through their good images engraved by their respective social, environmental and governancial efforts. In addition, we compare the relative strength of impact among E, S, G, the three non-financial factors on the firms' value measured in Tobin's Q ratio, and find that S (social factor) and G (governancial factor) give statistically significant impact on the firms' value respectively. This result tells us it would be advised to strategically embed CSV (creating shared value) pursuing both of profits and social responsibility in the firms' future agenda. While E (environmental factor) is shown to be an insignificant factor for the firms' value, it should be emphasized as a major concern by all the stakeholders in order to form a sound business ecosystem.