• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.297-302
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• 2022

The current study examines the relationship between inventory management efficiency and financial performance in Saudi Arabian companies. The study collected data from the companies listed on Tadawul (a Saudi Arabian stock exchange) during the period starting from 2016 and ending in 2020. The study uses pooled regression model by incorporating Return on Assets (ROA) and Inventory Turnover Ratio (ITR) as a performance measurement variable and inventory conversion period as an inventory management variable to report the results. The results show a positive and significant association between inventory management and firms' financial growth measured in terms of Return on Assets (ROA). Further, the study reports a positive and significant association between the inventory conversion period and inventory turnover (ITR). This shows that managing inventory efficiently shall positively impact the firm's performance. The other variables, such as debt ratio and gross profit, are positively related to ROA and negatively correlated with ITR. The firm growth is positively associated with both the dependent variables. The results suggest that the management of inventory in Saudi Arabian firms is efficient. Further, the firm size is positively associated with ROA and ITR. This shows a nexus between inventory management efficiency and firms' financial growth in Saudi Arabian companies.

• The Journal of Economics, Marketing and Management
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• v.3 no.4
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• pp.13-20
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• 2015

This study examined the relationship between working capital management and performance of listed companies Stock Exchange in Tehran. A total of 40 companies from the cement industry for the period 2007 to 2010 of which only 25 were selected for this study had the condition. In order to achieve the objectives, this study surveys the exploration of correlation regression analysis and used the curve obtained, the regression equation. To test the hypothesis, quantitative analysis was used as a method. The results showed a negative relationship between the variables of working capital management and the company's performance and the only variable cash conversion cycle did not show a significant relationship. There is often a negative correlation between the variables studied. This study is based on five assumptions impact of working capital management on corporate profitability is examined. Therefore, the results suggest that the variables in working capital (average collection of receivables, average inventory turnover period, the average net debt and average transaction cycle) and net operating profit is significant negative correlation Net cash conversion cycle and only illustrates the relationship is not significant. Thus, it showed that in debt collection and debt payment period, the turnover of inventory and net trade cycle to reduce the profitability of companies will increase.

• Journal of Oriental Neuropsychiatry
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• v.23 no.4
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• pp.229-242
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• 2012

Objectives : This case report presents a 68-year-old female patient. Her chief complaint was fatigue and depressed mood. During the therapeutic period, she experienced a sudden onset of unconsciousness. After two days, she became alert. We diagnosed her with conversion disorder. Methods : We treated her with Korean traditional herbal medicine (Chungsimyeonja-eum, Soum-In Bojungyikgi-tang, Hyeongbangjiwhang-tang) and oriental psychotherapy for 21 days. The effects of treatment were measured by Beck Depression Inventory (BDI), Zung Depression Rating Scale (SDS), and State-Trait Anxiety Inventory (STAI-X-1). Results : After treatment, the chief complaint and accompanying symptoms have been subsided and improved. Further, BDI, SDS, STAI-X-1 score were decreased. Conclusions : In this case, we recognized that Korean traditional herbal medicine and oriental psychotherapy could be effective for clinical symptoms of conversion disorder.

• Journal of Navigation and Port Research
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• v.39 no.3
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• pp.261-266
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• 2015

Many of previous studies suggested that working capital management is an important component of firm's financial decision and efficient working capital management affects firms' profitability and it's value. Recently, Korean shipping firms have been suffering from financial distress by recession of shipping economy. In this point of view, this study tries to investigate the relationship between working capital management and shipping firm's profitability, using panel data on 46 Korean shipping firms for the period of 2004-2013. As result of panel regression, it proved that average payment period, inventory turnover, cash conversion cycle and operating cycle are significantly associated with firms profitabilities such as profit margin ratio and operating profit ratio, and the manager of shipping firm can increase firms profitability by more efficient working capital management. There are strong positive relationships between average payment period and operating cycle and firm's profitability. These results suggest that managers can create firm's value by increasing average payment period and operating cycle. Otherwise inventory turnover and cash conversion cycle have negative relationships with firm's profitability. It means that managers can increase firm's profitability by reducing these variables.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.115-125
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• 2020

This paper investigates the impact of working capital management on the firm's profitability. The research sample includes 119 non-financial listed companies on Vietnam stock market over a period of 9 years from 2010 to 2018. Two statistical approaches include Ordinary least squares (OLS) and fixed effects model (FEM) are employed to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show the negative and significant impacts of the working capital management, which measured by cash conversion cycle (CCC) and three components of the CCC including accounts receivable turnover in days (ARD), inventory turnover in days (INVD), and accounts payable turnover in days (APD) on the firm's profitability measured by return on assets (ROA) and Tobin's Q. It implies that firms can increase profitability by keeping the optimization of the working capital management measured by the CCC, which includes shortening the time to collect money from clients, accelerating inventory flow and hold the low payment time to creditors. Besides, the profitability of firms was impacted by the sale growth rate, firm size, leverage, and age. Therefore, this paper provides a new insight to managers on how to improve the firm's profitability with working capital management.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.465-474
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• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• Journal of Korean Society for Atmospheric Environment
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• v.33 no.2
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• pp.139-158
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• 2017

CMAQ (Community Multiscale Air Quality Model) simulations were carried out to estimate the potential range of contributions on surface $PM_{2.5}$ concentrations over the Seoul Metropolitan Area (SMA) with the gaseous precursors and Primary Particulate Matters(PPM) available from a recent national emissions inventory. In detail, on top of a base simulation utilizing the 2013 Clean Air Policy Supporting System (CAPSS) emission inventory, a set of Brute Force Method (BFM) simulations after reducing anthropogenic $NO_x$, $SO_2$, $NH_3$, VOCs, and PPM emissions released from area, mobile, and point sources in SMA by 50% were performed in turn. Modeling results show that zero-out contributions(ZOC) of $NH_3$ and PPM emissions from SMA are as high as $4{\sim}5{\mu}g/m^3$ over the region during the modeling period. On the contrary, ZOC of local $NO_x$ and $SO_2$ emissions to SMA $PM_{2.5}$ are less than $1{\mu}g/m^3$. Moreover, model analyses indicate that a wintertime $NO_x$ reduction at least up to 50% increases SMA $PM_{2.5}$ concentrations, probably due to increased HNO3 formation and conversion to aerosols under more abundant ozone and radical conditions after the $NO_x$ reduction. However, a nation-wide $NO_x$ reduction decreased SMA $PM_{2.5}$ concentrations even during winter, which implies that nation-wide reductions would be more effective to curtail SMA $PM_{2.5}$ concentrations than localized efforts.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.741-750
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• 2020

This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm's profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

• The Korean Journal of Pain
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• v.21 no.3
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• pp.206-210
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• 2008

Background: Although the cause of hyperhidrosis has not been the subject of close investigation, there are cases for which excessive sweating happens at the hands, feet and armpits due to hyperactivity of the sympathetic nervous system. This usually occurs in people less than 25 years old and it often causes difficulties for their social and occupational life and there is a decrease in the quality of life. Therefore, this should also be examined according to the mental state of the patient who suffers from hyperhidrosis. Methods: The Minnesota Multiple Personality Inventory was administered to 59 patients in the Hyperhidrosis Center from March, 2006 to March, 2007. The MMPI's validity and 10 clinic standards were analyzed. The results were compared according to gender and age. Results: Of the standard clinical items, psychopathy and conversion hysteria were 21.1% and 17.5%, respectively. On comparison between males (47.5%) and females (52.5%), the females had a higher score for the hypochondriasis item. The patients above 18 years old had a significantly higher level of hypochondriasis and hypomania compared to the patients below 18 years old. Conclusions: When analyzing the personality of the patients with essential hyperhidrosis with using the MMPI, it was difficult to look for relations with the mental factor. Therefore, it is necessary to develop diagnostic tests for younger people with considering the relations with the period of morbidity.

• Journal of Korean Society of Forest Science
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• v.104 no.3
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• pp.427-433
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• 2015

This study was conducted to provide a method of establishing two-storied forests by the adjustment of stand structures in natural deciduous forests of Pyeongchang area. Three permanent sampling plots of 0.09 ha were established in study site and some tree variables were measured in each sampling plot before the treatment of two-storied system. Stand attributes and stand structures before treatment were estimated based on the data measured in sampling plots. The results indicate that the current stand status is different from typical stand structures of two-storied forests. A simulation technique was applied to predict stand attributes and stand structures after the treatment of two-storied system. Results suggest that significant time is required to accomplish target stand structures even after applying the treatment of two-storied system. Number of trees in the upper canopy class after treatment was predicted to be 170 trees/ha, which adequately meets the target of two-storied forests. It was predicted, however, that the lower canopy class trees has much less trees compared with the typical stand structures of two-storied forests. This problem could be solved with ingrowth of infant trees over time or by under-planting of tolerant species. It is confirmed that the target growing stock volumes of the upper canopy class should be approximately $150m^3/ha$ considering stand status after treatment. It is predicted that twenty years of conversion period is required to accomplish this goal. The changes in stand structures over time should be assessed based on stand inventory carried out every five years, and additional treatments for inducing two-storied forests should be applied if necessary.