• Journal of the Korea Convergence Society
• /
• v.9 no.11
• /
• pp.353-361
• /
• 2018

The purpose of this study is to analyze how Corporate Real Estate Ratio affects Firm's Value for KOSPI Companies and KOSDAQ Companies. The period of analysis is the period of the Financial Crisis (2007-2008), the period immediately after the Financial Crisis (2009-2011), and the period following the introduction of IFRS (2012-2016). The samples of 2761 KOSPI Companies years and 3719 KOSDAQ Companies years are used in this study. The result of Regression Analysis shows that the higher Corporate Real Estate Ratio is, the more negative Firm's Value is. In the comparison of markets, both KOSPI Companies and KOSDAQ Companies had no statistically significant effects during the Financial Crisis. Although KOSDAQ Companies had a greater negative effect on the Firm's Value than KOSPI Companies right after the Financial Crisis, KOSPI Companies have had a greater negative influence on the Firm's Value than KOSDAQ Companies since the introduction of IFRS. Therefore, each corporation should pay more attention to identifying the appropriate amount of their Corporate Real Estate Ratio and should continue to analyze and make decisions on the most efficient use of real estate which is owned by each company. This study shows speciality in dividing into three period, such as the period of the Financial Crisis, the period immediately after the Financial Crisis, and the period following the introduction of IFRS and comparing the degree of influence on the KOSPI Companies and KOSDAQ Companies for the each period. I hope to study the factors that affect the company's real estate policy.

• Environmental and Resource Economics Review
• /
• v.17 no.1
• /
• pp.51-81
• /
• 2008

In this paper, economic performance was measured through portfolio analysis for environmentally friendly companies from September 2004 to September 2005. By using portfolio analysis, rate of revenue for environmentally friendly company is twelve to seven teen percent higher than the KOSPI, and KOSPI200 based companies. Except medical and pharmatical industry, environmentally friendly companies had shown low risk and high returns of revenue for banking and financing, chemical and electronic industry. As SRI fund is emerging as a important guideline in recent years, valuation of a cooperate will be very important tool for the financing business area in the future.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.14 no.2
• /
• pp.899-904
• /
• 2013

This paper proposes an efficient portfolio selection methodology for the listed construction corporations in KOSPI and KOSDAQ. For the construction industrial sector classified by KRX(Korea Exchange), the proposed method carries out an efficiency analysis using DEA (Data envelopment analysis) approach and for the efficient corporations filtered by DEA, construct portfolio using Markowitz's Model. In order to show the effectiveness of the proposed method, we constructed annually portfolios for 5 years (2007-2011) out of 53 listed corporations in KOSPI and KOSDAQ, and proved that our portfolios are superior to benchmark portfolios in terms of rate of returns.

• Journal of Digital Convergence
• /
• v.15 no.11
• /
• pp.113-120
• /
• 2017

The purpose of this study is to analyze how the relative proportion of retention between real estate for business and investment real estate among the real estate held by corporations has been changed after and before the Financial Crisis as well as whether there has been any difference between KOSPI and KOSDAQ listed companies in terms of their share of the real estate. The increasing pattern of real estate owned by KOSDAQ were similar to the KOSPI companies except for investment properties during the Financial Crisis. The proportion of real estate owned by KOSPI had been lower than that of KOSDAQ companies in both investment and business real estate before the Financial Crisis. However, during the period of the Financial Crisis, the proportion of real estate for business held by KOSPI firms was higher than that of KOSDAQ firms. Furthermore, the portion of investment of real estate owned by KOSPI has remained higher than that of KOSDAQ after the Financial Crisis period and the recent period. Based on the results of this analysis, how the relevance of the change of portion between real estate for business and investment real estate affects management performance will be figured out in the future studies.

• Journal of the Korean Society of Industry Convergence
• /
• v.8 no.2
• /
• pp.85-95
• /
• 2005

The margin level in the futures market platys an important role in balancing the default probability with the investor's opportunity cost. In this paper, we investigate whether the movement of KOSPI200 futures daily prices can be modeled with the extreme value theory. Based on this investigation, we examine the validity of the margin level set by the extreme value theory. Moreover, we propose an expected profit-maximization model for securities companies. In this model, the extreme value theory is used for cost estimation, and a regression analysis is used for revenue calculation. Computational results are presented to compare the extreme value distribution with the empirical distribution of margin violation in KOSPI200 and to examine the suitability of the expected profit-maximization model.

• Journal of the Korea Society of Computer and Information
• /
• v.21 no.4
• /
• pp.63-71
• /
• 2016

This paper is about applying efficient data mining method which improves the score calculation and proper building performance of credit ranking score system. The main idea of this data mining technique is accomplishing such objectives by applying Correlation based Feature Selection which could also be used to verify the properness of existing rank scores quickly. This study selected 2047 manufacturing companies on KOSPI market during the period of 2009 to 2013, which have their own credit rank scores given by NICE information service agency. Regarding the relevant financial variables, total 80 variables were collected from KIS-Value and DART (Data Analysis, Retrieval and Transfer System). If correlation based feature selection could select more important variables, then required information and cost would be reduced significantly. Through analysis, this study show that the proposed correlation based feature selection method improves selection and classification process of credit rank system so that the accuracy and credibility would be increased while the cost for building system would be decreased.

• Journal of the Korean Society of Clothing and Textiles
• /
• v.47 no.5
• /
• pp.779-803
• /
• 2023

The growth of digital news media and the stock price index has resulted in economic fluctuations in the fashion industry. This study examines the impact of fashion industry news and macroeconomic changes on the Textile & Wearing Apparel KOSPI over the past five years. An auto-regressive integrated moving average exogenous time series model was conducted using the fashion industry stock market index, the news topic index, and macro-economic indicators. The results indicated the topics of "Cosmetic business expansion" and "Digital innovation" impacted the Textile & Wearing Apparel KOSPI after one week, and the topics of "Pop-up store," "Entry into the Chinese fashion market," and "Fashion week and trade show" affected it after two weeks. Moreover, the topics of "Cosmetic business expansion" and "Entry into the Chinese fashion market" were statistically significant in the macroeconomic environment. Regarding the effect relation of Textile & Wearing Apparel KOSPI, "Cosmetic business expansion," "Entry into the Chinese fashion market," and consumer price fluctuation showed negative effects, while the private consumption change rate, producer price fluctuation, and unemployment change rate had positive effects. This study analyzes the impact of media framing on fashion industry business cycles and provides practical insights into managing stock market risk for fashion companies.

• Korean Management Science Review
• /
• v.34 no.3
• /
• pp.15-41
• /
• 2017

The purpose of this study is to analyze the effects of the BSCs of 642 firms excluding the financial and insurance companies listed on KOSPI. The analysis of financial performance through analysis of major financial ratios between BSC and non-BSC firms is compared with the input of human and material resources for business growth. We will promote the spread of BSC and examine the areas differentiated performance improvement. The analytical categories are manufacturing, service, wholesale and retail, and information and communications, which are 2,136 business years out of 2,378 final analytical samples. The results of the analysis are as follows. As a result of the analysis, among the four industries analyzed, the industries that showed the best performance were manufacturing. In the case of service industry, growth and activity were lower than those of non-adoption (NA) companies, but the operating margin was significantly different from manufacturing. However, market value was higher than that of NA companies, and R&D expenditures and advertising expenses were significantly higher than NA firms. On the other hand, there was no significant difference in profitability between the BSC and NA firms, but the market value was very significant. EPS is 5.22 times, BPS is 5.64 times, PBR is 1.3 times, and EVA is 35 times higher. In addition, R&D expenditure and advertising expenditure are more than twice as high as those of NA. In the case of the service industry, there is no significant difference in the growth performance from the NA firms. Activity indicators, BSC introduced companies are three times lower than both the total assets turnover and the capital turnover rate. The operating profit margin was high at 45.8% for introduced companies and 37.2% for non-introduced companies. In market value analysis, only BPS was 1.68 times higher. On the other hand, investment in welfare expenses is 0.2% of total assets, which is relatively low compared to NA firms. However, research and development expenses and advertising expenses are 2.1% and 1.02% of total assets, respectively, but they are relatively lower than those of NA firms. Unlike the manufacturing and service industries, wholesale and retail trade was significantly higher than the NA firms in terms of sales growth and total assets growth rate. In terms of market value, EPS and BPS were significantly higher, but the benefits, R&D expenditures, and advertising expenses were lower than those of NA firms. The information and communication industry showed lower level of performance than the NA firms in all indicators except cash liquidity, BPS, and EVA.

• Journal of the Korea Convergence Society
• /
• v.13 no.5
• /
• pp.219-228
• /
• 2022

In order to improve audit quality, it is essential to understand the occurrence of disagreement between auditors and managers, and this study aims to analyze the impact of Business Strategies on audit risk and accounting audit delay. To this end, we conducted an empirical analysis using sample 2,910 firm-year data from 2018 to 2020 of KOSPI-listed and KOSDAQ-listed companies. The results of the empirical analysis of this study are as follows. First, compared to the companies of defender type, prospectors can expand audit procedures for new products, R&D costs, and intangible assets, and increase audit delays due to disagreement between managers and auditors. Second, compared to KOSPI-listed companies, the prospectors in KOSDAQ are more likely to have lower financial reporting quality, which further increases audit delays. The results of this study analyzed whether a company's Business Strategy affects the possibility of disagreement between an auditor and a company, and verified whether there is a difference in the audit report lag by stock market. The results of this study show that auditors' strong duty of care is needed for the companies of prospector type with high audit risk, and it is meaningful to present reinforced audit systems and specific guidelines for the companies of prospector type through the definition of prospector type. It also enables the expansion of research to identify the relationship between non-financial factors and audit risks that make up the companies of prospector type.

• The Journal of the Korea Contents Association
• /
• v.12 no.11
• /
• pp.295-302
• /
• 2012

The display industry plays an important role in the entire Korean economy. Few empirical research has analyzed the efficiency of display companies although it is necessary to measure the management efficiency for more efficient operation and more strengthening competitiveness of them. The purpose of this paper is to measure and analyze their efficiency of the Korean listed display companies using a hybrid ANP and DEA model. In this paper, we analyzed the 44 listed companies consisted of 7 listed on KOSPI and 37 listed on KOSDAQ at the end of 2010. In order to determine the input and output variables of DEA, the ANP model was applied to evaluate the importance of input and output variables. The benchmarking companies and efficiency value for the display firms with inefficiency were also provided to improve the their efficiency.