• Health Policy and Management
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• v.16 no.4
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• pp.24-47
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• 2006

Based on the findings of a study focused on medical institutions(Fama & French, 2002), this study determined possible causality between determinants of capital structure and liability level, while estimating targeted debt ratio. Moreover, it also examined hypotheses about the adjustment of targeted debt ratio and the of fundraising patterns, so that it verified the relative priority of trade-off theory and pecking order theory. First, profitability had positive(+) relationships with liability level, while investment opportunities had negative(-) relationships with liability level. This finding supported pecking order theory, and non-liability tax shield effects had negative(-) relationships with liability level as estimated in both trade-off theory and pecking order theory. Next, this study verified trade-off and pecking order theory at once by means of regression analysis about the variation of liability level in associations with disparity from targeted debt ratio and short-term fluctuation of profit and investment. As a result, it was noted that liability level became mean-reversed to targeted liability ratio but slowly, SO it was difficult to assert that such mean reverse may support trade-off theory. However, the finding that most of short-term fluctuations of profit and investment are absorbed into liabilities supported pecking order theory. On the other hand, it was found that the larger scale of medical institutions is more supportive of pecking order theory in the associations between liability level and profitability and the fundraising patterns than trade-off theory.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.359-364
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• 2003

The loss of potential opportunity profit which is consisting in the partial markups of the corporation would taking placed in related with the time-delay deeply, has customarily disregarded in contract adjustment under the principles of denial of cost accounting method, declined conjecture in the point of benefits and protection of the law in scope of compensation and the restricted conditions of constant contract. It is being resulted from that the policies of the general principles of accounting standards which is subjected to ask an objective data and evidence, and the denial system as a debt derived from imperfect legal theory applied by current law. Therefore, it is necessitated to find if any irrationality in the positive system is and further to draw an improved reasonable measures to adopt by review of constant system preparing tile reasonableness with the method of suitable quantification devices provided that any time-delay is induced by the party.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.373-378
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• 2003

Korea's overseas construction industry has been rather depressed by the weakened profitability as well as the sharp decrease of the market shares due to the lack of international competitiveness and the declined international market following the outbreak of Iraq war. There exist a lot of various risks in performing the overseas construction, and especially EPC projects, which entail complicated process from different parts, also require a sophisticated procurement and management skill. Subsequently, to survive in the competitive international market, we need to establish strategies to select potentially profitable projects at the initial stage of bidding process and to mitigate the high degree of risk exposures through contract negotiation and its adjustment. This research provides the profitability evaluation bases, with which overseas construction participants can forecast and analyze the risk more systematically, by eliciting profit-influencing factors from real overseas construction projects and structuring their cause-and-effect relationships. The profitability causal hierarchy structure describes the profitability factors' hierarchy in details and their interrelationships. It also enables us to find out critical factors directly related to profitability aggravation through a qualitative analysis. Ultimately, with this hierarchy structure as the base, the research will suggest how to develop the quantitative profitability forecasting model.

• Journal of the Korea Safety Management & Science
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• v.21 no.4
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• pp.75-80
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• 2019

Sales of the Korean clothing industry grew to 16.9 percent on-year in 2010, but the growth rate dropped to 3 percent from 2011 to 2016 and the overall market began to slump to 1.1.6 percent in 2017. The competitiveness of clothing companies is also a major sector in logistics capability, and the average logistics cost of domestic clothing companies is 8.3 percent of sales in 2011, higher than the average 8 percent of domestic industries, and 36.4 percent of the total storage cost in 2011, higher than the 28.8 percent share of the total storage cost of domestic companies. As domestic production conditions such as wage hikes and labor disputes worsened in the 1990s, production facilities were rapidly moved overseas, which led many clothing companies to have no production facilities or a minimal production base in Korea and focus on marketing and design capabilities. The total storage capacity and storage efficiency of the logistics center became very important as the products were changed to the form of mass warehousing and small-volume forwarding. Research shows that building column spacing, a model of this research, can affect the amount of hanger rack storage empirically, so for sustainable growth of clothing companies, it is necessary to improve competitiveness in the logistics market by reducing costs and improving efficiency to overcome difficulties in corporate management. Because logistics costs are 8.3 percent and operating profit to sales ratio is 2 percent, it is expected that operating profit will increase by 41.5 percent if logistics costs are reduced by 10 percent. If 10% of storage cost is saved based on storage cost, operating profit is expected to increase by 15% To strengthen the competitiveness of the clothing industry, a reduction in logistics costs is essential. Therefore, the purpose of this study is to provide hints that logistics experts can have empirically small amounts in reducing storage costs through column spacing adjustment of logistics centers that have not been dealt with statistically until now, and to contribute to the continued growth of clothing companies and the development of the domestic logistics industry.

• Korean Journal of Construction Engineering and Management
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• v.7 no.5
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• pp.64-76
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• 2006

Korea's overseas construction industry has been rather depressed by the weakened profitability as well as the sharp decrease of the market shares due to the lack of international competitiveness and the declined international market. There exist a lot of various risks in performing the overseas construction, and especially EPC projects, which entail complicated process from different parts, also require a sophisticated procurement and management skill. Subsequently, to survive in the competitive international market, we need to establish strategies to select potentially profitable projects at the initial stage of bidding process and to mitigate the high degree of risk exposure through contract negotiation and its adjustment. This research discusses the trend of environment in international construction markets. Then, it identifies the key factors that affect the profitability significantly through the structured surveys from 59 actual overseas projects, and it analyzes the key factors by using statistical methods. This research provides the profitability evaluation bases, with which overseas construction participants can forecast and analyze the risk more systematically, by eliciting profit-influencing factors using the result of statistical analysis, literature review and structuring their cause-and-effect relationships. The profitability casual hierarchy structure describes the profitability factors' hierarchy in details and their interrelationships. It also enables us to find out critical factors directly related to profitability aggravation through a qualitative and quantitative analysis. Ultimately, with this hierarchy structure as the base, the research will suggest how to develop the quantitative profitability forecasting model.

• Korean System Dynamics Review
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• v.12 no.1
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• pp.5-37
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• 2011

This article aims to clarify what is the best investment behavior in Capital Intensive Industries(hereinafter CIIs) which show repeated business cycles. In CIIs, investments is centered in the period of upturns and goes beyond the adequate level because of the time that takes to completion of facilities. This over-investment causes oversupply and downturn, and in period of downturn, investments shrinks under the adequate level. The repeated change of over-investment and under-investment is the reason for the business cycles. In this article, a simulation model replicating the business cycles in CIIs was constructed and the effects of various investment strategies was tested. The results are as follows. First, the investment behavior following market condition causes the ongoing fluctuation of profits. Second, strategic increase in flexibility such as adjustment of facility utilization and shortening of facility construction time contributes to the increase in profit and stabilization of income. Third, in relation to market condition, the constant investment is more profitable in stagnated market and the counter-market investment is more profitable in growing market. In sum, it is desirable not to synchronize their investment with those of competitors.

• Journal of Institute of Control, Robotics and Systems
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• v.12 no.12
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• pp.1215-1219
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• 2006

Scheduling plays an important role in the process management in terms of providing profit-maximizing operation sequence of multiple orders and estimating completion times of them. In order to takes its full potential, varying conditions should be properly reflected in computing the schedule. The adjustment of scheduling decisions has to be made frequently in response to the occurrence of variations. It is often challenging because their model has to be adjusted and their solutions have to be computed within short time period. This paper employs Model Predictive Control(MPC) principles for updating the process condition in the scheduling model. The solutions of the resulting problems considering variations are computed using parametric programming techniques. The key advantage of the proposed framework is that repetition of solving similar programming problems with decreasing dimensionis avoided and all potential schedules are obtained before the execution of the actual processes. Therefore, the proposed framework contributes to constructing a robust decision-support tool in the face of varying environment. An example is solved to illustrate the potential of the proposed framework with remarks on potential wide applications.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.109-147
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• 2007

According to the perspective of capital structure theory, we analyzed the dynamism of the capital structure determinants by using panel data of 244 KOSDAQ firms based on two-step GMM system methodology suggested by Blundell Bond(1998). This dynamic methodology had not been used to analyse capital structure determinants in Korea. In the dynamic model of capital structure, profit had negative effect on the book leverage and market leverage, which meant supporting pecking order theory. Growth opportunity (MBR) affected negatively to the market leverage. For the determinants of leverage, earnings volatility had significantly positive effect on KOSDAQ 50 firms. KOSDAQ and KOSDAQ 50 firms had the target leverage. The adjustment speed in KOSDAQ firms was 0.4958 on the book leverage, it was faster than in KOSDAQ 50 firm's 0.2863 on the book leverage and the adjustment speeds for the market leverage were 0.7651 for KOSDAQ firms and 0.5643 for KOSDAQ 50 firms. There was difference in adjustment cost between KOSDAQ firms and KOSDAQ 50 firms.

• Journal of Digital Convergence
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• v.16 no.5
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• pp.85-95
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• 2018

With the scientists and the technicians of the small- and medium-sized enterprises who have been subscribing to the pension service as the subjects, this research took a look at the influences on the intention to continuously subscribe to the pension service and, finally, took a look at the differences between the subscribers of the safety type and the profit type which have been provided by the pension service. Through the questionnaire survey, which collected the data, an actual proof analysis was carried out. Through the statistical program, the degree of the reliability analysis and the feasibility analysis were carried out. And the degree of the suitability of the structural equation model was tested. And, finally, through the research model, the hypothesis was verified and the differences between the groups were analyzed. It appeared that the factors of the reliability and the responsiveness of the service quality factor have the positive influence on the perceived value, which is a parameter. And it appeared that the materiality and the perceptual openness factors cannot have any influence. And the stability and the usefulness, which are the attributed factors of the pension service, had the positive influences on the perceived value. Finally, it appeared that the perceived value of the pension service has a positive influence on the intention to subscribe continuously. Through the results of this research, it can contribute to the invigoration of the pension service. And it is thought that a pension service which is better than the preexistent pension service can be provided.

• Land and Housing Review
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• v.5 no.4
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• pp.225-234
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• 2014

Because of their nature as public facilities, demands that former military facilities be utilized for the public welfare are increasing, thereby leading to an increase in cases in which these military facilities are reestablished as parks. Cases in which former military bases were reestablished as public parks were analyzed; as a result, several implications were derived. First, the objectives of public park projects should be examined from the perspective of the concept of urban regeneration and regional revitalization. Moreover, it is necessary that profits are yielded and that regional identity and history are reproduced through reusing existing facilities as much as possible rather than entirely remodeling former military sites. As parks become larger in size, bases should be reorganized into complexes rather than single facilities or programs. It is also necessary that parks be established in stages considering the enormous expenses required for building public parks. Consequently, because the special characteristics of military facilities can lead to insufficient on-site investigation in the process of establishing parks, thereby incurring a vast amount of costs for design adjustment and contamination disposal, this should be considered in advance. A method of delegating the development rights to partial sites to private businesses and supplementing the costs of park establishment and maintenance with development benefits should be examined. In addition, given that there are various interests and stakes in former military bases, a method of operating a public-private cooperative decision-making organization during project execution should be considered. Finally, policies related to urban parks need to be improved in order to raise funds, expand profitable businesses, facilitate social services and sponsorship, and encourage the participation of trusts and non-profit organizations in park operation and management.