• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.4
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• pp.563-569
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• 2021

This is a study on the relationships between foreign ownership and the firm value of Korean-listed ICT companies in the KOSDAQ market. The data based on 752 firm-year observations during the sample period from 2001 to 2018 was utilized to analyze the impact of foreign ownership in terms of the firm value. As a result of this analysis, more foreign ownership has positive effects on the firm value. An analysis of the effects of the interaction between foreign ownership and the debt ratio on the firm's value found that the interaction between foreign ownership and debt ratio had a positive effect on the firm's value. On the other hand, this interaction effect was less significant than the relationship between foreign ownership and the firm value. This is because foreign investors are already performing the role of monitoring and disciplining the use of debt to some extent. Therefore, the interaction effect was relatively small.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.615-635
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• 2018

Using data from 2008 to 2017, this study analyzed the financial characteristics of offshore freight shipping companies in Korea, categorized by vessel type, and their impact on business performance. The analysis showed an upward trend in the overall debt ratio of offshore freight transport companies and differences in the financial characteristics of each vessel type as well as the major factors affecting business performance. In particular, the significant factors affecting the ROA performance of the business are the size of business and debt ratio in the LPG line; the growth rate in the bulk line; the size of business, debt ratio, and year in the general freight line; and the size of business, growth rate, entertainment expense rate, debt ratio, and year in the full container line. Therefore, each shipping company needs to recognize differences in key financial factors affecting its performance based on vessel type, implement proactive measures, and diversify its vessel portfolio.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.873-882
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• 2021

The study investigates the key factors that affect the adoption of the International Financial Reporting Standards (IFRS) by companies listed on Ho Chi Minh Stock Exchange (HOSE) in Vietnam. The factors that are studied in this research include total debt-to-equity ratio, firm size, return-on-equity ratio, audit quality, foreign investment, and financial institution category. The authors have utilized quantitative and qualitative analyses in combination with a logistics regression model and other available analytical tools for conducting the research. All statistics processed in the paper were based on 379 audited financial statements issued in 2018. The results reveal that factors like firm size, return on equity (ROE), audit quality, foreign investment, and financial institution category positively affect the IFRS adoption of HOSE-listed companies, while total debt-to-equity ratio negatively impacts the adoption. The findings suggest Vietnamese law and policy-makers, when promoting the adoption of IFRS by listed companies, should focus more on five variables with positive influence and they can disregard the total debt-to-equity ratio that is insignificant as a factor affecting the adoption of IFRS. This implication could be applied for other firms in Vietnam and for enterprises in other countries, which are in the same stage of IFRS application.

• The Korean Journal of Physiology
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• v.3 no.2
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• pp.1-7
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• 1969

Physiological analysis of swimming in 13 (age:16.3 years, freestyle swimming) and 15 (age:17.2 years, breast stroke swimming) high school boys through oxygen uptake and oxygen debt measurements were performed. The following results were obtained. 1. In freestyle swimming oxygen debt was greater and mechanical efficiency was lower in subjects with less speed. In beginner efficiency was only 1.35%, whereas, in a more skilled subject it ranged to 4.28%. The mean efficiency was 2.59%. 2. In freestyle swimming the speed-oxygen debt curve was convex to the speed axis and the curve shifted to the right the more the speed was greater. 3. Maximal oxygen uptake in breast stroke swimming was 2.51 l/min or 41.8 ml/kin/kg and was 79.3% of treadmill running. Maximal pulmonary ventilation in breast stroke swimming was 73.1 l/min and was 87% of treadmill running. Maximal ventilation equivalent was 2.89 liters. 4. In subjects with greater speed of breast stroke swimming maximal oxygen uptake and mechanical efficiency of swimming were greater. The mechanical efficiency of breast stroke swimming averaged 1.08% $(range:0.51{\sim}1.70%)$. The coefficient of correlation between speed and efficiency was r=.87.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.133-144
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• 2017

This study investigates firm-specific financial variables that determine investment or speculative grades from the viewpoint of firms, which are one of the major stakeholders related to the credit rating. We employ an ordered probit model for our analysis with the sample data from 1999 to 2015 for listed firms in the Korean stock markets. For investment grades, operating margin, sales, market-to-book, dividend payment, capital expenditure ratio, and tangible asset ratio have a significantly positive impact on credit ratings. In the subsample for speculative grades, the coefficients of the dividend payment, retained earnings ratio, and capital expenditure ratio are significantly positive while short-term debt ratio and R&D expenditures have a significantly negative impact on credit ratings. For the analysis before and after 2009, when the Credit Information Use and Protection Act was strengthened after the global financial crisis, the coefficients of the capital expenditure ratio, cash ratio, and tangible asset ratio are significantly positive in the subsample for investment grades before 2009, but not significant after 2010. The coefficient of the long-term debt ratio is more significantly negative than that of the short-term debt ratio before 2009, for speculative grades, but short-term debt ratio has a more negative effect on ratings than long-term debt ratio after 2010. Surprisingly, the coefficient of the R&D expenditures is significantly negative in both investment and speculative grades since 2010. Our findings are inconsistent with the conjecture that the increase in R&D expenditures enhances the possibility of creating cash-flow by raising the investment growth opportunity, and thus affects positively the credit rating.

• The Journal of Industrial Distribution & Business
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• v.9 no.1
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• pp.25-38
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• 2018

Purpose - The purpose of this study is to empirically investigate the impact of donor's fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country's fiscal status and the period of financial crisis. Research design, data, and methodology - A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results - We can confirm the relationship between donor country's fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries' factors such as GNI, population, and governance indicator. Conclusions - Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources.

• Journal of the Korean Regional Science Association
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• v.15 no.1
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• pp.75-92
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• 1999

In this study, the present state of fiscal crisis for local governments after IMF is analyzed, firstly. its implications Characteristics of structural reform of finance after IMF bailout in Korea are examined, secondly. Since Korea was shocked by the currency crisis at the end of 1997, its local governments have also faced fiscal difficulties. The Depression of national and local economies led to decreases in tax revenues of local governments. And these shrunken revenues led to their expenditure cuts. Many investment plans were curtailed, and ordinary expenditures were also reduced sharply. The negative influences of the currency crisis on local government's finances can be examined in terms of fiscal revenue, fiscal spending, and debt burden. As a result many local governments are now experiencing fiscal stress, and some of them are even faced with fiscal crisis although the possibility of extreme measures, such as moratoriums or bankruptcies, is very slim. This is due in part to the weight of debt in local governments' budgets having remained small since the debt of local governments has been controlled by the central government. Another reason is that, central government, which functions as a lender of last resort for the local governments, will pay the debt for them. Also, without a legal system which stipulates the adjudication of bankruptcy for municipalities in Korea, local Korean governments have no legal right to declare bankruptcy. Although not a single municipality has fallen into insolvency, yet, this trend will continue to deepen as the recession continues and may lead to a situation where manu local governments fall into virtual bankruptcy in the near future, and its effects on society, as a whole, will be serious. Therefore, measures to prevent and overcome such an extreme situation are necessary, but both short-and long-term policies should be to cope with the current fiscal crisis and to prevent the deepening of the current situation.

• Asia-Pacific Journal of Business
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• v.14 no.2
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• pp.51-61
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• 2023

Purpose - Since COVID-19, the government's expansion of liquidity to stimulate the economy has resulted in an increase in private debt and an increase in asset prices of such as real estate and stocks. The recent sharp rise of the US Federal fund rate and tapering by the Fed have led to a fast rise in domestic interest rates, putting a heavy burden on the Korean economy, where the level of household debt is very high. Excessive household debt might have negative effects on the economy, such as shrinking consumption, economic recession, and deepening economic inequality. Therefore, now more than ever, it is necessary to identify the causes of the increase in household debt. Design/methodology/approach - Main methodology is regression analysis. Dependent variable is household loans from depository institutions. Independent variables are consumer price index, unemployment rate, household loan interest rate, housing sales price index, and composite stock price index. The sample periods are from 2017 to May 2022, comprising 72 months of data. The comparative analysis period before and after COVID-19 is from January 2017 to December 2019 for the pre-COVID-19 period, and from Jan 2020 to December 2022 for the post-COVID-19 period. Findings - Looking at the results of the regression analysis for the entire period, it was found that increases in the consumer price index, unemployment rate, and household loan interest rates decrease household loans, while increases in the housing sales price index increase household loans. Research implications or Originality - Household loans of depository institutions are mainly made up of high-credit and high-income borrowers with good repayment ability, so the risk of the financial system is low. As household loans are closely linked to the real estate market, the risk of household loan defaults may increase if real estate prices fall sharply.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.79-92
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• 2019

This study analyzes the effects of freight transportation income, capital, asset, non-operating expenses, and debt ratio on the debts of inner port freight transportation businesses through the GLS of panel regression analysis and the estimation of fixed effects model. The factors and hypotheses were established through a theoretical background review, and the financial statement and profit and loss data of inner port freight transportation businesses for 10 years from 2006 to 2015 were analyzed. The results showed that assets had positive effects on debts, and negative effects on capital, non-operating expenses, and debt ratio, but no effect on freight transportation income. This result empirically demonstrates the tendency of inner port freight transportation businesses to secure assets by increasing debts, creation of debt reduction leverage effect using non-operating expenses such as interest expenses through bank borrowing, and the adoption of management characteristics and financial operation method to lower the debt ratio by reducing capital more than debts. In future studies, it is necessary to analyze coastal port freight transportation business by industry (oil tankers, cargo ships, and barge ships), and regions such as East, West and South sea.

• Journal of the Korean Society for information Management
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• v.41 no.1
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• pp.509-536
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• 2024

The purpose of this study is to develop a metadata AP for managing the person and organization name authority data in the National Debt Redemption Movement Digital Archive, a small-scale digital archive. The design principles and core metadata elements were derived by analyzing person/organization(group or corporateBody) metadata standards, implementation practices, and guidelines of libraries and archives, and mapped to the National Debt Redemption Movement person/organization name thesaurus data and the Wikidata Linked Metadata Model, resulting in 10 elements in the identification area, 14 elements in the content area, 8 elements in the relationship area, and 4 elements in the control area. A simple structure schema was applied so that it can be applied even in small organizations, and for interoperability, the schema was proposed with reference to DublinCore and SKOS schemes, and the applicability was confirmed based on actual data. The results of this study can be utilized as a basis for institutions that recognize the importance of data management but have difficulty in applying it in practice, when they want to prepare a system for managing their own authority data.