• Journal of Digital Convergence
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• v.10 no.9
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• pp.159-164
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• 2012

Although the display industry plays an important role in the entire Korean economy, few empirical research has analyzed the efficiency of display companies. The purpose of this paper is to measure and analyze efficiency of korean listed display firms using DEA(Data Envelopment Analysis) models. We evaluate the CCR and BCC efficiency in DEA models and the return to scale of the Korean listed display companies. The benchmarking companies and efficiency value for the display companies with inefficiency are also provided to improve their efficiency. We analyzed the 44 listed companies consisted of 7 listed on KOSPI and 37 listed on KOSDAQ at the end of 2010. The analysis results show six companies whose values of CCR are 1, and fourteen firms whose values of BCC efficiency are 1. In additions, the six companies have the scalability efficiency. Eventually the efficiency analysis can provide the valuable information for inefficient companies to find benchmarking companies and to improve their efficiency.

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

• International conference on construction engineering and project management
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• 2011.02a
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• pp.413-419
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• 2011

Corporate governance is a system articulating the division of responsibilities among different company members, and defining the running rules and procedures for making decisions on corporate affairs. The separation of ownership and management in modern enterprises brings agency problems to the company shareholders, and it is wildly believed that good practice on corporate governance is essential to prevent managers from taking actions by which profiteering their own benefits but compromising the interests of shareholders. This research investigates the level of companies' compliance with the corporate governance codes to find whether significant differences in corporate governance practice exist between the listed construction companies and the national leading companies in Taiwan. Further exploration focuses on the correlation between the compliance level and the industrial features. The investigation finds that: (1)Construction companies display lower levels of corporate governance compliance; (2)Construction companies display lower levels of structural board independence and respect for stakeholders; (3)Compliance levels of construction companies are correlated with the number of employees and the ownership concentration; (4)Compliance levels of the whole sample companies are correlated with the factors representing firm size, such as turnover, capital and number of employees, but are independent of profitability as well as stock price volatility. The above empirical evidence characterizes the features of corporate governance in Taiwan listed construction companies, including: (1)Large companies lurking high risk of agency problems have more willingness to conduct corporate governance and meanwhile can afford higher costs for the conduction, so that their compliance level would be higher than smaller companies; (2)Construction companies in Taiwan have higher ownership concentration, on account of the industrial tradition of family business, and therefore pay less attention to the compliance with structural board independence and respect for stakeholders. However, the conclusions indicate that further studies are essential to clarify whether the above disparities would lead to a negative cycle of corporate governance practice in construction industry. The benefits of corporate governance should unfold more evidently to convince construction companies for improving their investment environment and stimulating their healthy growth.

• Journal of Distribution Science
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• v.13 no.3
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Journal of Distribution Science
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• v.13 no.7
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• pp.41-51
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• 2015

Purpose - This study analyzes loading efficiency by loading pattern for package standardization and reduction of logistics costs, along with the creation of revenue for the revenue review panel (RRP) of Membership Wholesale Clubs (MWC). The study aims to identify standard dimensions that can help improve the compatibility of the pallets related to display patterns preferred by the MWC and thereby explore ways to enhance logistics efficiency between manufacturers and retailers through standardization. Research design, data, and methodology - The study investigates and analyzes the current status based on actual case examples, i.e., manufacturer A and Korea's MWC (A company, B company, and C company), and thus devises improvement measures. To achieve this, the case of manufacturer A delivering to MWC was examined, and the actual pallet display patterns for each MWC were investigated by visiting each distribution site. In this study, TOPS (Total Optimization Packaging Software, USA) was used as the tool for pallet loading efficiency simulations the maximum allowable dimension was set to 0.0mm to prevent the pallet from falling outside the parameters, and the loading efficiency was analyzed with the pallet area. In other words, the study focused on dimensions (length x width x height) according to the research purpose and thereby deduced results. Results - The analysis of pallet loading patterns showed that the most preferred loading patterns for loading efficiency according to product specification, such as pinwheel, brick, and block patterns, were used in the case of the general distribution products, but the products were configured with block patterns in most cases when delivered to MWCs. The loading efficiency by loading pattern was analyzed with respect to 104 nationally listed standard dimensions. Meanwhile, No.51 (330 × 220mm) of KS T 1002 (1,100 × 1,100mm) was found to be the dimension that could bring about an improved loading efficiency, over 90.0% simultaneously in both the T-11 and T-12 pallet systems in a loading pattern configuration with the block pattern only, and the loading efficiency simulation results also confirmed this as the standard dimension that can be commonly applied to both the T-11 pallet (90.0%) and the T-12 pallet (90.7%) systems. Conclusions - The loading efficiency simulation results by loading pattern were analyzed: For the T-11 pallet system, 17 standard dimension sizes displayed the loading efficiency of 90.0% or more as block patterns, and the loading capacity was an average of 99.0%. For the T-12 pallet system, 35 standard dimension sizes displayed the loading efficiency of more than 90% as block patterns (the average loading efficiency of 98.6%). Accordingly, this study proposes that the standard dimensions of 17 sizes with the average loading efficiency of 99.0% should be applied in the use of the T-11 pallet system, and those of 35 sizes with the average loading efficiency of 98.6% should be reviewed and applied in the use of the T-12 pallet system.