• 간호행정학회지
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• 제19권1호
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• pp.7-16
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• 2013

Purpose: The purpose of this study was to analysis the financial statements of university hospitals and to apply the results to build nursing management strategies. Methods: Data on the financial statements of university hospitals were collected each hospital's homepage or internet search from February to June, 2010. Financial statements of 11 hospitals were analyzed using the 4 categories of financial ratio analysis method: liquidity, performant, growth and turnover. Results: Overall results showed that the financial status the university hospitals were unstable, and many financial indicators did not meet financial standard ratios. Only 8 financial indicators of total 19 indicators satisfied financial standard ratios. Conclusion: The results of financial statements analysis suggest that nurse managers should develop the blue ocean strategy for diversification of nursing services to improve financial ratios of liquidity, performance, and growth. Using a unit-based just-in-time system for effective supply management would help to increase profits and to decrease costs of hospital by improving financial ratios of turnover.

• 대한가정학회지
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• 제50권4호
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• pp.37-50
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• 2012

This research was conducted for the analysis the middle-old aged empty nest households' debt holdings and their financial status(emergency fund index, liquidity index, debt burden index) considering the level of income and assets. In order to accomplish this study, we made use of the KReIS third beta-version data. The results of the analysis were as follows. First, in all income asset groups there were more non-debts holding houses compared to debt holding houses. Moreover in debts holding houses, compared to other groups high income high assets groups were more. Second, the households that possessed more assets, had more debts. Third, the financial status of the households holding debts were more vulnerable compared to households that had no debts. Moreover, all income asset groups' emergency fund index were low. Households having no debts possessed low real assets and so the liquidity index was higher in holding debts households. In holding debts households, debt burden index was high. And especially these houses suffered from high debt burden when their income and asset were low.

• 유통과학연구
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• 제12권5호
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.179-189
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• 2020

The paper empirically examines the bank-specific determinants of loan growth in the Vietnamese banking system for the period from 2007 to 2019. We approach the CAMELS framework and employ the dynamic panel regression to determine the effects of each CAMELS factor on bank lending. To ensure the robustness of results, we also use alternative definitions of the variables and different specifications with and without full sets of CAMELS components. With these settings, we display multiple important results. (i) We find that a large capital buffer tends to boost bank lending expansion faster. (ii) High asset quality might positively contribute to high loan growth; in other words, banks subject to high credit risk are discouraged from making loans. (iii) Less efficiently managed banks are more likely to adopt an aggressive lending strategy, highlighting the moral hazard incentives of Vietnamese banks. (iv) More profitable banks with excellent competitive advantages could expand their lending activities to a larger extent. (v) Liquidity is positively related to the loan growth of banks. (vi) Perceived interest rate risk tends to suppress loan growth since interest-rate-sensitive banks might be concerned about the adverse effects of unpredictable adverse changes in interest rates in the future.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2016년도 추계 학술논문 발표대회
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• pp.56-57
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• 2016

Recently amongst Korea's construction companies there has been heightened interest in environment load reduction and resource recycling. As a result, the construction industry is examining recycled materials alternative to cement and blast-furnace slag (BS henceforth) cement, such as waste refractories and desulfurized plaster. This study analyzes the liquidity and intensity characteristics of mortar according to changes in replacement ratios of waste refractories and desulfurized plaster, used as industry by-products in mortar environments that use BS 3-type cements and circulated fine aggregate. As a result, the greater the increase in replacement ratios of desulfurized plaster, the greater the increase in liquidity and air quantity, as well as compression strength.

• KIEAE Journal
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• 제12권1호
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• pp.99-104
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• 2012

In event of selecting construction materials, taking ones found easily around make embodied energy saved. The earth construction could be an eco-friendly engineering from a views of keeping the embodied energy. The pour earth method construction, as one of earth constructions, improves liquidity of earth-mixed properties to build walls or foundations. This study is aimed at evaluating possibilities as to machinery constructions using pumping cars or excavators to be applied on natural non-dried earth which are purchased from sites neighboring to subject building. The study showed that the pumping car used construction was smoothly carried out without any remarkable difficulties and further, a compressed strength was found to keep a certain degree to possibly construct low-story buildings. However, it showed some different levels as to a compressed strength by locations of buildings. In the construction course, we couldn't use remicon plants or a remicon due to field conditions and we are forced to take excavators in compounding or mixing works. But, it is evaluated that actually liquidity or compressed strength will be better than in case of using machineries like remicon plants. These results make us determine that the wall construction using machineries is possible.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.35-47
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• 2020

An economic downturn can occurred through unexpected events in various fields, such as the subprime mortgage crisis and the outbreak of Coronavirus Disease-2019 (COVID-19). Trade credit is important for small- and medium-sized enterprises (SMEs), especially during a monetary contraction, as it is the last option for firms that lack bank credit. This study aims to determine whether trade credit is profitable for the buyer and supplier firms during and after a financial crisis. We use panel data consisting of all trade credit transactions and financial statements of 5,751 Korean firms during the period 2008-2012. It shows that trade credit is more profitable for both buyers and suppliers in the post-crisis period than during the crisis. Moreover, trade payable is more effective for unconstrained buyers than for constrained buyers. Finally, a mixed strategy is superior to an aggressive or passive strategy of SMEs. The results suggest less profitability of trade credit during a period of contraction and greater sensitivity of the buyer SMEs, emphasizing the idiosyncratic liquidity strategy of each firm. This study can be helpful to develop a strategy of profitable trade credit for SMEs and to establish a policy of managing liquidity for the authority.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.9-20
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• 2020

The study investigates a recent surge of cash literature by using a sample of hospitality firms to gain a new understanding of corporate cash holdings. Past literature states that there is a substantial variation of liquidity across industry groups. Existing literature predominantly refers to US-listed firms and focus on either hotels or restaurants and not the hospitality industry as a whole. Therefore, we provide a comparative study of cash holdings behaviour between hospitality and non-hospitality firms from an emerging market context. Using a sample of public listed hospitality firms from 2002 to 2013, dynamic panel regression techniques are used to study the relationships between firm characteristics and cash levels. Also, the non-parametric Wilcoxon-Mann-Whitney test was carried out to examine the time and sectoral differences in cash holdings. In addition, the panel regression techniques are used to investigate the relationships between firm characteristics and level of corporate cash holdings. The results reveal that firm characteristics do matter in hospitality firms. We find that firm size, capital expenditures, and liquid assets substitutes are negatively related to cash level. The results support trade-off theory and the pecking order theory. This study incrementally explains the cash holdings behaviour of hospitality firms in emerging market.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.259-268
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• 2020

The study investigates the association between CEO education and firm performance with a sample of 85 nonfinancial firms listed on the Saudi stock exchange during 2018 applying ordinary least squares method. CEO education is defined by three variables, the level of education, if the degree-granting institution is domestic or foreign, and if the highest degree is in management or other fields of study. Financial performance is measured by return on assets and return on equity. Firm size, age, liquidity and growth are introduced as control variables. The study shows that 58 CEOs of the firms studied are graduates, 38 have obtained their degree from a domestic institution and 44 have a management degree. Graduate CEOs are found to enhance performance. Graduating from a domestic institution influences performance positively. Management degree of CEO does not seem to impact performance. Firm size, liquidity and growth are positively associated with performance. Firm age does not explain performance differences of firms. Results are robust to performance measures. The findings of the study suggest that firms can benefit from a CEO hiring policy that emphasizes on the minimum qualification set as graduation or higher, education from a domestic institution and no undue weight on management qualification.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.43-50
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• 2020

Disclosure level in interim financial reporting is important for information users to make business decisions. This has received much attention from the information users. The article is aimed at determining the factors of financial ratios, which impact on the disclosure level in interim financial reporting. The authors use the ordinary least squares to test. The sample consists of 418 VN100 over a 6-year period from 2014 to 2019. The results show that there are four factors that positively impact on the disclosure level in interim financial reporting: Enterprise size (SIZE); Liquidity (LIQI); Sales growth (GROW) and Profitability (ROE). The article proposes some policy recommendations to contribute to improving disclosure level in interim financial reporting. Accordingly, State Securities Commission of Vietnam should strengthen the regular inspection of VN100's disclosure level in interim financial reporting and also should enforce strict sanctions or may consider delisting in cases of listed enterprises with incomplete disclosure. The managers of VN100 need to raise the sense of responsibility of information providers to ensure adequate information in interim financial reporting. Investors should also pay attention to the financial ratios of VN100 such as firm size, return-on-equity, liquidity, and sales growth to get useful information and ensure sound business decisions.