• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.247-255
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• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• Geomechanics and Engineering
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• v.37 no.6
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• pp.565-576
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• 2024

In this study, the earthquake risk assessment of single-story RC precast buildings in Turkey was carried out using loss curves. In this regard, Kocaeli, a seismically active city in the Marmara region, and this building class, which is preferred intensively, were considered. Quality and period parameters were defined based on structural and geometric properties. Depending on these parameters, nine main sub-classes were defined to represent the building stock in the region. First, considering the mean fragility curves and four different central damage ratio models, vulnerability curves for each sub-class were computed as a function of spectral acceleration. Then, probabilistic seismic hazard analyses were performed for stiff and soft soil conditions for different earthquake probabilities of exceedance in 50 years. In the last step, 90 loss curves were derived based on vulnerability and hazard results. Within the scope of the study, the comparative parametric evaluations for three different earthquake intensity levels showed that the structural damage ratio values for nine sub-classes changed significantly. In addition, the quality parameter was found to be more effective on a structure's damage state than the period parameter. It is evident that since loss curves allow direct loss ratio calculation for any hazard level without needing seismic hazard and damage analysis, they are considered essential tools in rapid earthquake risk estimation and mitigation initiatives.

• Science of Emotion and Sensibility
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• v.11 no.4
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• pp.599-612
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• 2008

Today, communication trend of financial brand has changed fast with more foreign financial brand's introduction, emerging financial brands through the openness. With the trend of changing, companies are introducing various marketing methods to differentiate its brand image. And color marketing becomes an important tool for the differentiation. However, except a few brands, brand color which expresses management character of a company is different from the customer's preferred color which is based on investors' investment tendency. This may be related to the brand Image which is final goal of communication. Therefore, this study suggests effective communication method between company and customers by analyzing preferred color of customers by their investment tendency and comparison analysis security firms' color marketing strategy. As a result, it was found that Roland Barthes symbolic meaning of colors is different from the symbolic meaning of the groups of investor tendency. For example, I assumed that aggressive investors preferred strong color like red or orange, but the survey result was far from my assumption. I hope this study can be a good foundation for logical and scientific marketing in communication between security companies and customers in more open market with introduction to the Capital Market Consolidation Act.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.109-121
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• 2023

This paper examines whether angel investors affect startup's financial performance (profitability and growth ratios) in the Korean startup market over 10 years period from 2009 to 2018. In particular, we consider not only the behavior of angel investor such as the investment amount or the type of investments (stocks, bonds) but also the type of angle investor (individual or corporation). Our empirical results are as follows. First, we find that the startup's profitability ratios are higher after the investment of angel investors. However, the growth ratios show different results in assets and sales. Second, we identify that the investment amount of angel investors negatively affects on the startup's growth ratios. Lastly, we find that equity investment such as common stock or preferred stock and the individual angel investors such as personal investment association or professional angels show higher financial performance than bond investment or corporate angel investors. Overall, our findings imply that angel investors positively affect startup's financial performance. In particular, we infer that the superior financial performance is largely attributed to monitor startups by participating as shareholders or to select more carefully by the individual angel investors who may be exposed to more investment risk. In conclusion, our findings support that angel investors play a positive role in the Korean venture investment market.

• Culinary science and hospitality research
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• v.11 no.2
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• pp.67-90
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• 2005

In this study, to improve the quality of school lunch in local colleges, we conducted a survey on students who attend 2 year colleges in Jeju region. With its own unique regional characteristics and the change of its school lunch program from direct management to consignment, there were some questions about how each factor in school lunch program affects on students' satisfaction with it and we tried to present helpful data to improve school lunch programs in each region. The survey took place from May 5 to May 10, 2005 covering the colleges only in Jeju region. There were 200 sets of questionnaires issued and distributed to the students who are currently using school lunch programs. Only 168 sets were retrieved and processed statistically. 2 sets out of 168 questionnaires had to be thrown away because there were wrong entries of some questions, which made overall retrieving rate 83%. In this study, SPSS 10.0 , one of the statistical package programs, was used as an analyzing tool to make Frequency Analysis. To verify credibility, Cronbach's Alpha Element Analysis was done and T-test and ANOVA was also made. After Recurrence Analysis for elements of satisfaction regarding main factors that is considered to be important to customers, we found that importance of following factors: appearance of food, incongruity between main and side dishes, availability of seasonal food, availability of preferred menu, absence of food stock, waiting time, accessibility of food counters, space between chairs, presentation of a menu, food tray's shape, and color of food trays. The importance of those showed high but satisfaction with the same factors was low. So the primary improvement on these factors should be made to increase satisfaction. Finally we concluded that in large extent, importance of each factor definitely affects on students' satisfaction.

• Journal of Korean Society of Forest Science
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• v.110 no.4
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• pp.504-515
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• 2021

To examine the relationship between environmental factors influencing the habitat of Aconitum austrokoreense Koidz., this study employed the MexEnt model to evaluate 21 environmental factors. Fourteen environmental factors having an AUC of at least 0.6 were found to be the age of stand, growing stock, altitude, topography, topographic wetness index, solar radiation, soil texture, mean temperature in January, mean temperature in April, mean annual temperature, mean rainfall in January, mean rainfall in August, and mean annual rainfall. Based on the response curves of the 14 descriptive factors, Aconitum austrokoreense Koidz. on the Baekun Mountain were deemed more suitable for sites at an altitude of 600 m or lower, and habitats were not significantly affected by the inclination angle. The preferred conditions were high stand density, sites close to valleys, and distribution in the northwestern direction. Under the five-age class system, the species were more likely to be observed for lower classes. The preferred solar radiation in this study was 1.2 MJ/m². The species were less likely to be observed when the topographic wetness index fell below the reference value of 4.5, and were more likely observed above 7.5 (reference of threshold). Soil analysis showed that Aconitum austrokoreense Koidz. was more likely to thrive in sandy loam than clay. Suitable conditions were a mean January temperature of - 4.4℃ to -2.5℃, mean April temperature of 8.8℃-10.0℃, and mean annual temperature of 9.6℃-11.0℃. Aconitum austrokoreense Koidz. was first observed in sites with a mean annual rainfall of 1,670- 1,720 mm, and a mean August rainfall of at least 350 mm. Therefore, sites with increasing rainfall of up to 390 mm were preferred. The area of potential habitats having distributive significance of 75% or higher was 202 ha, or 1.8% of the area covered in this study.

• Pediatric Infection and Vaccine
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• v.7 no.1
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• pp.113-119
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• 2000

Purpose : Rotavirus is a most common etiologic agent of pediatric gastroenteritis. The standard method to diagnose rotavirus infection was the detection of viral particles in specimens through electron microscopy. But it was complex. Enzyme immunoassay and latex agglutinin are preferred because they are relatively handy, inexpensive and take a short time, in comparison with electron microscopy. However, several reports have shown that the use of ELISA to diagnose rotavirus infection in neonates can result in false positive reactions. The main purpose of this study is to compare ELISA and RT-PCR in the diagnosis of neonatal rotavirus infection. Methods : Data presented in this study were obtained form 123 newborn babies in the nursery of the Fatima Hospital, Masan, Korea, form Jury to December, 1997. We obtained two samples of stool from each of the newborn babies and then performed the Rotazyme test and the RT-PCR. In the Rotazyme test, the results were interpreted according to visual findings. The samples were used for the RT-PCR test after at stock $-30^{\circ}C$ to identify rotavirus group A. The result of the two tests were compared. Results : The informations are divided into 73 males and females. Out of the total informations 15 were transferred from other hospitals. Their average gestational age was $38.5{\pm}1.6$ weeks. The average birth weight was $3134.8{\pm}539gm$. In the Rotazyme test, 75 samples turned out to be positive. Out of them, 55 samples(75.3%) were positive and 18 samples(24.7%) were negative in the RT-PCR. On the other hand, in the Rotazyme test, 50 samples turned out be negative. Out of them, 27 samples(54%) were positive and 23 samples(46%) were negative in the RT-PCR. Conclusion : Rotavirus infection in uncommon in neonates. The diagnosis based on visual findings using Rotazyme test has a disadvantage in the sense that it can result in false positive reactions and false negative reactions in the diagnosis of neonatal rotavirus infection.

• New & Renewable Energy
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• v.8 no.2
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• pp.33-43
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• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• Journal of Fashion Business
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• v.1 no.3
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• pp.60-70
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• 1997

The purpose of this study is to survey the sales of brassieres positively those of elderly women's (aged 50 or older) ones in particular through 72 sales outlets and thereby, in order to present the more comfortable brassiere models which can serve to reinstate elderly women's constitution and provide the useful basic data to brassiere makers and distributors for their business. The results of this survey and the suggestions therefrom can be summarized as follows; 1) Brassieres usually sell at 10,000-20,000 wons, which allows for 15% or more margin rate. Brassieres are disposed through bargain sales once or twice every year where their price are discount 10% or higher. Meanwhile, the majority of the brassieres distributors maintain more than 15% stock rate. The accumulated stocks are primarily disposed through return to makers or bargain sales. About 15% of the brassieres sold are returned by consumers to distributors to be replaced. 2) About a half of distributors operate some or other types of sales education programs. Most of these distributors feel that their educational program have been effective which suggests the effectiveness of sales educational program. On the other hand, 83.3% of the distributors operate in-house repair shops, while the absolute majority of them brief their customers on how to wear brassieres or clean them. 3) Because elderly women's understanding of brassieres sizes is very poor, they tend to ask help of the 'sales people about their sizes before purchasing and proper one personally. In other words, it has been disclosed that old women respond positively to seller's recommendation for their brassiere sizes. 4) It has been found that the brasseries sizes purchased by old women most are. 85A, 90A and 85B in their order, which suggests that the most popular size for under bust circumference is 85~90cm, while their primary cup size is "A". 5) The type of brasseries favored most by elderly women is the "full-cup" type, while their most favorite brassiere design is a soft and simple one. The colors preferred most by them are white, beige and pink in their order. 6) When being consulted by elderly women, sales people experience various difficulties due to their poor understanding of sizes and complaint about prices. Lastly, it has been found through this survey that elderly women want to see some sales promotion material featuring their brassiere sizes and their production arid ask the brasseries makers to produce more diverse brasseries sizes.

• Korean Journal of Poultry Science
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• v.48 no.2
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• pp.69-80
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• 2021

We conducted a 4 × 4 diallel cross-mating test using 934 chickens from four grandparent stock lines to develop a new synthetic breed of Korean native chicken. The mean values, combining ability, and reciprocal effects on survival rate, body weight, and hen-day egg production were analyzed. In phenotypes, most chickens have yellowish-brown, reddish-brown and mixed color feathers. The average survival rate was 86.8±12.3%, with the highest in YH combination. Specific combining ability (SCA) had a greater effect on survival rate than general combining ability (GCA), and the SCA of HY combination was the highest. The 16 cross-combinations were distinctly divided into three weight groups according to their genetic characteristics. At 12 weeks of age, GCA showed a greater effect on weight than SCA, and the SCA of FH combination was the highest. The age at first egg laying was 157 days, and the crosses reached sexual maturity faster than the pure lines. The egg production rate was highest in SY at 79.5±2.1%. The GCA and SCA for hen-day egg production were similar, and the SCA was highest in the HS and FY combinations. The reciprocal effect showed that the offspring's egg production rate was high when S and Y were maternal parents in almost all combinations. In conclusion, FH and HF combinations, which have excellent growth performance, are the most desirable paternal parent stock strains, and FY, FS, HY, and SY combinations, which have excellent laying performance with moderate weight, are the preferred maternal strains.