• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.37-43
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• 2021

The main objective of this study is to discuss the effect of free cash flow as a moderating variable on managers' decisions as regard earnings management. Companies with free cash flow are expected to refrain from taking opportunistic actions such as earnings management. The research used quantitative methods with sub-group moderating analysis. It is found that there is a significant relationship between past performance and earnings management, where the free cash flow is the moderating variable. The effect of past performance on earnings management is shown to slightly increase as free cash flow is considered. The findings of this study prove that earnings management is a practice that is often done by utilizing the flexibility of accounting recording and recognition mechanisms. Past performance becomes the main variable in encouraging managers to manage earnings by reducing revenue in the current period. This research can also be a reference in explaining managerial behavior and can be a reference to improving ethical human resource capabilities. This research focuses on companies in Indonesia that conduct earnings management by lowering profits as a result of declining past performance and examines aspects of free cash flow that reinforces the conduct of earnings management.

• 한국지진공학회논문집
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• 제17권1호
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• pp.11-19
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• 2013

This research presents that seismic performance of steel moment resisting frame building designed by past provision(UBC, Uniform Building Code) before and after retrofitted with BRB (Buckling-Restrained Brace) was evaluated using response modification factor (R-factor). In addition, the seismic performance of the retrofitted past building was compared with that specified in current provision. The past building considered two different connections: bilinear connection, which was used by structural engineer for building design, and brittle connection observed in past earthquakes. The nonlinear pushover analysis and time history analysis were performed for the analytical models considered in this study. The R-factor was calculated based on the analytical results. When comparing the R-factor of the current provision with the calculated R-factor, the results were different due to the hysteresis characteristics of the connection types. After retrofitted with BRBs, the past buildings with the bilinear connection were satisfied with the seismic performance of the current provision. However, the past buildings with the brittle connection was significantly different with the R-factor of the current provision.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.85-93
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• 2020

In peer-to-peer (P2P) loan markets, as most lenders are unskilled and inexperienced ordinary individuals, it is important to know the characteristics of borrowers that significantly impact their repayment performance. This study investigates the effects and importance of borrowers' past repayment performance track record within the platform to identify its predictive power. To this end, I analyze the detailed loan repayment data from two leading P2P lending platforms in Korea using a Cox proportional hazard, multiple linear regression, and logit models. Furthermore, the predictive power of the factors proxied by borrowers' track records are evaluated through the receiver operating characteristic (ROC) curves. As a result, it is found that the borrowers' past track record within the platform have the most important impact on the repayment performance of their current loans. In addition, this study also reveals that the borrowers' track record is much more predictive of their repayment performance than any other factor. The findings of this study emphasize that individual lenders must take into account the quality of borrowers' past transaction history when making a funding decision, and that platform operators should actively share the borrowers' past records within the markets with lenders.

• 한국건축시공학회지
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• 제9권1호
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• pp.111-121
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• 2009

Because of its unique characteristics, the construction industry tends to be affected by economic environment more than any other industries. The domestic construction industry was forced to change its management pattern and system when it went through the foreign currency crisis, and since then, the construction industry has been growing in terms of quality over last 10 years, breaking from the quantitative performance-oriented growth in the past. The study was intended to integrate the financial data of the companies during the period before and after the foreign currency crisis so as to analyze the effect of environmental changes on management performance of the companies. It was aimed at evaluating the changes to the stability, profitability and the growth potential, and collecting the data on variation of the market scale, price of resources such as material and labor and the financial environment, thereby analyzing the correlation with the management performance. The study, to deal with the difficulties which are anticipated, like the foreign currency crisis experienced in the past, was also intended to identify the correlation between the economic conditions and the performance of the construction companies, using the experimental data in the past.

• 유통과학연구
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• 제14권9호
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• pp.47-64
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• 2016

Purpose - This study reviews the past studies that have researched Vendor Managed Inventory (VMI) as a well-known supply chain collaboration program. The main goals of this study are to figure out how VMI brings significant benefits to the supply chain system and suggest additional areas that future studies would address to discover the true nature of VMI. Research design, data, methodology - This study conducts literature reviews on numerous studies that have researched VMI. The past studies are classified in terms of several main issues that have been commonly addressed by many researchers. This study also identifies three key collaborative features of VMI, which possibly explain why VMI improves the supply chain performance. Results - This study finds out that most past studies focused on a limited research issues about VMI. Many researchers have considered integrated decision making and information sharing to be key features that enables VMI to improve the supply chain performance. Conclusions - Based on the findings from the literature review, this study suggests that future studies on VMI take account of new research issues and pay attention to cost payment that researchers have rarely addressed.

• Earthquakes and Structures
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• 제11권3호
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• pp.483-503
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• 2016

This study aims to evaluate seismic performance of existing low and mid-rise reinforced concrete buildings by comparing their displacement capacities and displacement demands under selected ground motions experienced in Turkey as well as demand spectrum provided in 2007 Turkish Earthquake Code for design earthquake with 10% probability of exceedance in 50 years for soil class Z3. It should be noted that typical residential buildings are designed according to demand spectrum of 10% probability of exceedance in 50 years. Three RC building sets as 2-, 4- and 7-story, are selected to represent reference low-and mid-rise buildings located in the high seismicity region of Turkey. The selected buildings are typical beam-column RC frame buildings with no shear walls. The outcomes of detailed field and archive investigation including approximately 500 real residential RC buildings established building models to reflect existing building stock. Total of 72 3-D building models are constructed from the reference buildings to include the effects of some properties such as structural irregularities, concrete strength, seismic codes, structural deficiencies, transverse reinforcement detailing, and number of story on seismic performance of low and mid-rise RC buildings. Capacity curves of building sets are obtained by nonlinear static analyses conducted in two principal directions, resulting in 144 models. The inelastic dynamic characteristics are represented by "equivalent" Single-Degree-of- Freedom (ESDOF) systems using obtained capacity curves of buildings. Nonlinear time history analysis is used to estimate displacement demands of representative building models idealized with (ESDOF) systems subjected to the selected ground motion records from past earthquakes in Turkey. The results show that the significant number of pre-modern code 4- and 7-story buildings exceeds LS performance level while the modern code 4- and 7-story buildings have better performances. The findings obviously indicate the existence of destructive earthquakes especially for 4- and 7-story buildings. Significant improvements in the performance of the buildings per modern code are also obvious in the study. Almost one third of pre-modern code buildings is exceeding LS level during records in the past earthquakes. This observation also supports the building damages experienced in the past earthquake events in Turkey.

• 정보학연구
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• 제7권2호
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• pp.7-17
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• 2004

학업 성취는 긍정적인 측면에서 설명하면 학습 목표달성과 연관되어 이루어지는 교육적 기대치를 향상시킬 수 있다. 본 연구의 목적은 학업 성취에 관련된 여러 가지의 변수 관계와 관련된 요인을 분석하고 탐색하는 데 있다. 즉 과거의 성취도, 정보기술 활용 능력, 학업 수행자의 성과 기대치, 학업성취 목표 달성에 관한 발전단계를 연구한다. 본 연구는 정보기술에 기반하여 학업 성취도를 확인하는 발전단계에 있어서의 효과분석에 초점을 두고 있으며 본 연구에 참가한 참가자들에게 본인들의 기대치 척도, 정보기술 활용능력, 정보기술 능력시험, 기초지식 설문지를 작성케 하여 그 결과를 분석하였다. 경로 모형 결과를 기반으로 하여 학생들의 학업 성취도가 지난 과거의 성취도와 관련이 있다는 것에 연구의 초점을 두었다. 학업성취를 위한 발전단계에 관한 연구결과는 학업성취가 학업의 달성 수준을 등급화 하여 목표 달성의 정도를 파악하고 정보기술 능력이 학업성취도에 영향이 있다는 것을 제시한다. 현재의 연구 결과에 의하면, 과거 성취도에 대한 변수가 성과 기대치에 영향을 미친다는 것에 초점을 맞추어 조사하였으나 학업성취도를 예측하는 데에는 성공하지 못하였다.

• 보건의료산업학회지
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• 제10권3호
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• pp.13-25
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• 2016

Objectives : The purposes of this study was to analyze business performance of university hospitals for the past 10 years. Methods : Management and finance data from 2005 to 2014 were collected from balance sheets, income statements and annual reports from 27 university hospitals. The dependant variable used was profitability which included return on assets, operating margin and net profit to gross revenues 1. The independent variables were general characteristics, liquidity, stability, activity and financial ratios. Results : University hospitals over the last 10 years had achieved good management performance. Using financial leverage, patient revenues, operating profit, nonpatient revenues, total assets and total debt, the total amount had increased by more than double. The ratio of fixed liability and fixed assets turnover was found to have a significant positive (+) effect on management performance in the years 2012-2014. Conclusions : Based on these results, this study suggests a more in-depth analysis using fixed liabilities and fixed assets.

• 재무관리연구
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• 제27권2호
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• pp.35-62
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• 2010

본 연구는 2002년 1월부터 2008년 6월까지의 국내 뮤추얼펀드 월별 자료를 이용하여 펀드의 성과지속성과 스마트머니 현상이 존재하는지를 검증하고, 이들 현상이 펀드의 자금유출입에 따른 주식거래에 의해 초래되는 가격압박효과에 기인하는지를 실증분석하였다. 먼저, 과거 성과가 가장 높았던 펀드그룹이 과거 성과가 가장 낮았던 펀드그룹에 비해 향후 3년까지 월평균 0.11%~1.05%의 유의한 초과수익률을 보임으로써 성과지속성은 존재하는 것으로 분석되었으나, 과거 순자금유입액이 가장 많았던 펀드그룹은 가장 적었던 펀드그룹에 비해 향후 투자성과가 오히려 낮게 나타남에 따라 스마트머니 효과는 약한 것으로 분석되었다. 또한 펀드의 과거 자금유출입에 따른 주식거래량으로 측정한 가격압박측정치가 가장 높았던 주식그룹은 가장 낮았던 주식그룹에 비해 당월에 1.01%의 높은 초과수익률을 얻음으로써 가격압박효과가 존재하는 것으로 분석되었다. 그러나 가격압박측정치가 동일한 펀드그룹 내에서도 과거 성과가 높았던 펀드들은 성과가 낮았던 펀드들에 비해 여전히 향후 2년까지 월평균 0.08%~0.77%의 높은 초과수익률을 보임으로써, 펀드 성과지속성의 주요 발생원인이 가격압박효과보다는 펀드매니저의 능력차이에 기인하는 것임을 시사하고 있다. 이러한 결과는 회귀분석을 통해서도 미래 펀드수익률에 대하여 가격압박측 정치는 비유의적인 계수값을 갖는 반면, 과거 펀드수익률은 유의한 양의 설명력을 갖는 것으로 나타남으로써 지지되고 있다.

• 대기
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• 제21권2호
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• pp.209-220
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• 2011

A new consensus algorithm for the prediction of tropical cyclone track has been developed. Conventional consensus is a simple average of a few fixed models that showed the good performance in track prediction for the past few years. Meanwhile, the consensus in this study is a weighted average of a few models that may change for every individual forecast time. The models are selected as follows. The first step is to find the analogous past tropical cyclone tracks to the current track. The next step is to evaluate the model performances for those past tracks. Finally, we take the weighted average of the selected models. More weight is given to the higher performance model. This new algorithm has been named as DYTRAP (DYnamic data-base Typhoon tRAck Prediction) in the sense that the data base is used to find the analogous past tracks and the effective models for every individual track prediction case. DYTRAP has been applied to all 2009 tropical cyclone track prediction. The results outperforms those of all models as well as all the official forecasts of the typhoon centers. In order to prove the real usefulness of DYTRAP, it is necessary to apply the DYTRAP system to the real time prediction because the forecast in typhoon centers usually uses 6-hour or 12-hour-old model guidances.