• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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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.

• 한국산업정보학회논문지
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• 제24권3호
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• pp.1-21
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• 2019

본 연구는 다음의 세 가지 목적을 갖는다. 첫째, 98개 미국기업의 11년(1999년에서 2009년)치 자료를 통하여 정보기술(IT) 관련 투자가 기업의 재고회전율에 미치는 영향을 분석한다. 둘째, 기업 및 산업의 특성이 재고회전율에 미치는 영향을 살펴본다. 구체적으로, 기업의 특성을 반영하기 위하여 수직결합도(vertical integration)와 성장옵션(growth option)을 고려하였고 기업이 속한 산업의 특성을 반영하기 위해 산업역동성(industry dynamism)과 산업집중도(industry concentration)를 선택하였다. 셋째, 분석 대상기업의 재고회전율에 대한 시계열적 추세를 검토한다. 본 연구의 주요 결과는 다음과 같다. 첫째, 정보기술 투자와 성장옵션은 재고회전율에 양의 영향을 주었다. 둘째, 수직결합도와 산업집중도는 재고회전율은 음의 영향을 주었다. 셋째, 재고회전율에 대한 산업역동성의 효과는 양의 값을 보였다. 마지막으로 분석기간 동안 재고회전율과 '조정된 재고회전율'로 표현된 재고생산성(inventory productivity)의 상승추세를 확인하였다.

• 경영과학
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• 제34권3호
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• pp.1-14
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• 2017

This study empirically analyzes the impact of inventory management performance on the energy efficiency in Korean petrochemical companies. The concept of the distance function is used to define the energy efficiency and the estimation of the distance function is performed using the stochastic frontier analysis. The inventory turnover is selected as the variable indicating the inventory management performance of the company. The main results of this study are as follows. First, the inventory turnover has a positive impact on energy efficiency. Second, during the period over 2011~2015, while the gap in energy efficiency among the companies expanded, the average energy efficiency decreased. Third, the average energy efficiency in upstream process companies was greater than downstream process companies and the gap in energy efficiency among downstream process companies was greater than upstream process companies. Fourth, the average marginal effect of inventory turnover on energy efficiency increased gradually from 2011 to 2015. Finally, the average marginal effect of inventory turnover in downstream process companies was greater than upstream process companies, and the gap in the marginal effect of inventory turnover among downstream process companies was greater than upstream process companies. These results together imply the importance of inventory management in terms of energy efficiency.

• 융합경영연구
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• 제3권4호
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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.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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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.

• 한국항해항만학회지
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• 제39권3호
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• pp.261-266
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• 2015

기업의 운전자본관리는 단기재무전략관리 차원에서 접근이 가능하며, 이는 기업의 유동성 및 수익성 등에 영향관계가 있음이 실증되고 있다. 따라서 효율적인 운전자본관리는 기업의 수익성을 증대시킬 수 있을 뿐만 아니라, 유동성 또한 개선시킬 수 있게 된다. 해운기업의 경우 글로벌금융위기와 맞물려 수익성과 유동성에 많은 어려움을 겪었음에도 불구, 운전자본관리와 수익성에 대한 연구는 전무한 상태이다. 이에 본 연구에서는 2004년 이후 46개 해운기업을 대상으로 운전자본관리와 수익성과의 관계를 규명함으로써 단기재무전략 수립에 유용한 정보를 제공하고자 하였다. 연구의 결과 기존연구들과 같이 매입채무기간, 재고기간, 현금주기, 영업주기가 해운기업의 수익성 즉, 매출액 총이익률과 매출액영업이익률을 개선할 수 있는 중요한 요인인 것으로 실증되었다. 특히 매입채무신용기간과 영업주기의 증가는 수익성의 증가를 가져오는 것으로 분석된 반면, 재고기간과 현금주기는 부(-)의 관계를 보여 이들이 줄어들 경우 수익성이 증가하는 것으로 나타났다. 매출채권기간은 일부 모형에서 유의하였으나, 기존 연구들과는 달리 해운기업의 경우 수익성과의 관계를 설명하기에는 한계가 있는 것으로 나타났다.

• 유통과학연구
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• 제11권6호
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• pp.13-19
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• 2013

Purpose - This study aims to predict the audit reports of listed companies on the Tehran Stock Exchange by using meta-heuristic algorithms. Research design, data, methodology - This applied research aims to predict auditors reports' using meta-heuristic methods (i.e., neural networks, the ANFIS, and a genetic algorithm). The sample includes all firms listed on the Tehran Stock Exchange. The research covers the seven years between 2005 and 2011. Results - The results show that the ANFIS model using fuzzy clustering and a least-squares back propagation algorithm has the best performance among the tested models, with an error rate of 4% for incorrect predictions and 96% for correct predictions. Conclusion - A decision tree was used with ten independent variables and one dependent variable the less important variables were removed, leaving only those variables with the greatest effect on auditor opinion (i.e., net-profit-to-sales ratio, current ratio, quick ratio, inventory turnover, collection period, and debt coverage ratio).

• 동아시아식생활학회지
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• 제20권5호
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• pp.823-835
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• 2010

The research aimed to measure the efficiency of using multi stores in a foodservice company using by DEA (data envelopment analysis) which is a new management science technique. The study also attempted to identify relevant variables affecting DEA efficiency in order to suggest methods for improving efficiency. The data were collected from 148 contract foodservice operations, which were operated in similar fashion in October 2009. The DEA efficiency was calculated as an output-oriented BCC Model. Sales, and CSI (customer satisfaction index) were used as output variables whereas food cost, labor cost, and management expense were used as input variables to calculate the DEA efficiency. Operation process variables of the unit consisted of the were consist of ratio of regular employee, ratio of housekeeper, meal counts, meal price, food cost per meal, contract period, number of menu items, forecasting accuracy, order accuracy, inventory turnover, use of processed food, deviation of food cost, number of new menus, and number of events. According to the BCC score and profitability, units were classified into four groups: High efficiency-high profitability (HEHP), High efficiency-low profitability (HELP), Low efficiency-high profitability (LEHP), and Low efficiency-low profitability (LELP). The HEHP group contained 54 units, which mostly contracted management fee type and had a high meal price. The units were also very large and, served three meals. Twenty of the units were operated with high labor cost: most of these were factories and hospitals. The LEHP group contained 20 units, that were mainly office stores of large scale and medium price. Fifty-four LELP group had a low meal price. A high performance group must have high efficiency, profitability, and satisfaction. The BCC score was over 0.969, the meal price was over 4,116 won, the food cost was over 2,077 won, and meal counts per month were over 10,212 meals.

• 한국항만경제학회지
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• 제35권1호
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• pp.39-56
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• 2019

본 연구에서는 우리나라 소매업태의 경영성과에 대한 문제를 다룬다. TV홈쇼핑과 온라인쇼핑을 대표적 사업으로 구성된 무점포통신판매 업태는 2000년대 10년 동안 매우 빠르게 성장하였다. 2010년대의 대략 6년 동안은 온라인쇼핑 사업 모델의 다양화와 경쟁심화 그리고 오프라인쇼핑 소매업의 진입에 의한 경쟁의 확산이 가속화 되었다. 이 같은 2001~2016년의 분석기간 동안에 무점포통신판매업은 오프라인쇼핑 소매업의 비교 업태(백화점, 종합소매업, 일반소매업)보다도 높은 경영성과를 보여주었음을 통계적으로 검정하였다. 성장성과 활동성의 일부 경영성과 지표의 유의미한 차이는 소매업태의 자본구조와 운영구조에 의해 예상되는 점이라고 볼 수 있었다. 특히 무점포통신판매업의 업태를 구성하는 사업체는 다양한 판매 매체와 이질적 사업 모델을 가진다는 점에서 영업이익률과 재고회전율의 지표에 대한 연구 결과의 의미와 향후 경영성과 관리에 대한 추가적 논의 점을 제시하였다.

• 산업경영시스템학회지
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• 제43권4호
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• pp.133-141
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• 2020

Up to date cosmetic OEM/ODM (original equipment manufacturing/original development manufacturing) industry receives attention as a future growth engine due to steady growth. However, because of limited research and development capability, many companies have employed commercial management platforms specialized for large-sized companies; thus, overall system effectiveness and efficiency is low. Especially, MRP (material requirement planning) system introduced originally in 1970s is employed to calculate the requirement of the parts. However, dynamic nature of production lead time usually results in incorrect requirements. In addition, its algorithm does not consider the capability of the production resources. Also, because the commercial MRP system calculates all subcomponent for fixed period, the more goods have subcomponent, the slower calculation is. Therefore, conventional MRP system cannot respond complicated situation in time. In this study, we will suggest a new method that can respond to complicated situations resulting from short lead time and urgent production order in Korean cosmetic market. In particular, a distributed MRP system is proposed, that consists of multi-functional and operational modules, based on the characteristic of the BOM (bill of material). The distributed MRP system divides components (i.e. products and parts) into several fields and decrease the problem size; thus, we can respond to dynamically changed data any time. Through this solution, we can order components quickly, adjust schedules and planned quantity, and manage stocks reasonably. In addition, a prototype of the distributed MRP system is presented in this paper, in which ERP (enterprise resource planning) sever data is associated with an excel spreadsheet via MSsql. System user interface is implemented by a VBA (visual basic for applications) tool. According to a case study, response rate for delivery and planning achievement rate were enhanced about 20%, and inventory turnover was also decreased. Consequently, the proposed system improves overall profit.