• Journal of Technology Innovation
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• v.5 no.1
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• pp.15-43
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• 1997

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol's performance using data on the 50largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index, we calculated inter-industry technological similarity using R'||'&'||'D expenditure data by industry and 1990 Input-output Table in korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols' business profile, inter-inustry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions. diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols' financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS(Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness in not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI(Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and VI are significant and positively related to the dependent variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or VI will increase TFP growth rate, but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.t.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.135-145
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• 2020

This paper provides the practical application of a linear shrinkage framework on Vietnam stock market. The cumulative data points observed in this analysis are 468 weeks from January 2011 to December 2019. All the companies listed on Ho Chi Minh City Stock Exchange (HOSE), except the companies under two years period from Initial Public Offering (IPO), are considered. The cumulative number of stocks picked is therefore 350 companies. The VNINDEX, which is the Vietnam Stock Index, is used as a reference index for shrinking to a single-index model. The empirical results show that the shrinkage of covariance matrix for portfolio optimization gives the promising results for the investors on Vietnam stock market. The shrinkage method helps the investors to produce the optimal portfolio in the sense of having higher profit with lower levels of risk compared to the portfolio of the traditional SCM method. Moreover, the portfolio turnover of shrinkage method is always kept at low magnitudes, and this makes the shrinkage portfolios save much transaction costs and reduce the liquidity risks in the trading process. In addition, the ability of shrinkage method in making profit is once again confirmed by the Alpha coefficient that achieves a high positive value.

• Journal of the East Asian Society of Dietary Life
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• v.17 no.5
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• pp.727-737
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• 2007

The aims of this study was to suggest a new efficiency measurement indicator for evaluating the management efficiency of decision making units(DMUs) in the contract foodservice industry. The data envelopment analysis(DEA) model which considers multiple inputs and outputs and looking for benchmarks, was used to compare the productivity of DMUs. We considered sales, profits, and customer satisfaction as output variables and it adopted food cost, labor cost and administrative expense as input variables. The results of applying DEA revealed relatively efficient types of business and service types. The efficiency of school units was highest and the mired service type was the most efficient one. In this study the CCR model efficiency was analysed with profit and the customer satisfaction index by the matrix method. DEA efficiency was correlated with profit but there was no correlation between DEA efficiency and the customer satisfaction index.

• The Journal of Fisheries Business Administration
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• v.46 no.2
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• pp.13-29
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• 2015

The abalone aquaculture has been very rapidly developed in Korea. Annual production quantity was less 200 tons before 2000th, it have been increased to over 9,000 tons in 2014. Also Abalone export amounts have been over 20 million dollars. The reason of rapid growth of Abalone aquaculture in Korea is due to high level profit ratio. Then now many fishing officers and other aquaculture fishers want to participate with abalone aquaculture newly. However Recent Abalone aquaculture in Korea is faced some problems. Aspects of production environmental status of fishing grounds are more aggravate, and then abalone aquaculture is exposed to various disease, and death rate of young abalone is higher. And aspect of management, the aquaculture cost is more increase. The demand of abalone also is depressing recently, this cause to come down the production price. In this viewpoint, Management analysis of abalone aquaculture in Korea is helpful for decision making of general aquaculture fisher want to participate newly. The analysis is practiced two aspects. One is index analysis, and the other is Break-even-point(BEP) analysis. The result of index analysis, average net profit rate has shown 28.0%, however the Regional difference has excessive. That is, Wando(major) has shown 39.4%, and Haenam province has shown 14.2%. On the other hand, the more scale has shown higher profit rate by aquaculture scale. And the result of BEP analysis, average has shown 93 cage number per abalone aquaculture household, and Wando(major) has shown 56 cage number, Haenam province has shown 131 cage number. The lower production abalone price of recent means higher BEP level.

• The Korean Journal of Health Service Management
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• v.8 no.2
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• pp.1-10
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• 2014

This study examined nonpatient revenues of university hospitals in korea. The data source for this study was 22 university hospitals over the period 2010-2012. In this study, patient revenues, patient expenses, operating profit, nonpatient revenues, total revenues, operating margin, normal profit to gross revenues, ratio of the nonpatient revenues in the total revenues were analysed by the annual and three-year average. The analysis of nonpatient revenue differences by hospital type, bed size, location, management performance was performed by T-test and oneway ANOVA. The results were as follows. First, nonpatient revenues of university hospitals were increased during the period 2010-2012. Second, nonpatient revenues according to hospital type, bed size, location in the university hospitals had significant difference. Third, hospital type was significantly associated with normal profit to gross revenues which was profitability index about nonpatient revenues. Based on these results, this study suggests implications to diversify for management performance in hospitals.

• Journal of Information Technology Applications and Management
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• v.23 no.4
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• pp.25-39
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• 2016

Asset prices decline sharply and stock markets collapse when financial crisis happens. Recently we have encountered more frequent financial crises than ever. 1998 currency crisis and 2008 global financial crisis triggered academic researches on early warning systems that aim to detect the symptom of financial crisis in advance. This study proposes a risk recovery index for detection of good opportunities from financial market instability. We use SVM classifier algorithms to separate recovery period from unstable financial market data. Input variables are KOSPI index and V-KOSPI200 index. Our SVM algorithms show highly accurate forecasting results on testing data as well as training data. Risk recovery index is derived from our SVM-trained outputs. We develop a trading system that utilizes the suggested risk recovery index. The trading result records very high profit, that is, its annual return runs to 121%.

• Journal of the Korean Institute of Landscape Architecture
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• v.44 no.5
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• pp.81-91
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• 2016

The study shows solutions of long-term unexecuted urban park and activation plans to facilitate the business promotion of Private Park Developers. This study conducted a feasibility analysis to determine if the business of a special case is applicable. The result of this study is as follows about three long-term unexecuted urban parks in Gwangju Metropolitan City's City Park. First, the three long-term unexecuted urban parks in Gwangju Metropolitan City's City Park are the forest type Neighborhood Parks. Businesses of a special case's park developing cost(average 0.4%) have a relatively low percentage. It is most affected by Land Compensation(average 33.8%) and building construction expenses(average 59.1%). Second, long-term unexecuted urban parks' Land Compensation and building construction expenses seed capital are excessive. The Bongsan Park balance floor space index is 179 percent; a reasonable profit floor space index is 220 percent. The Mareuk Park balance floor space index is 351 percent; a reasonable profit floor space index is 420 percent. The Jungoe Park balance floor space index is 327 percent; a reasonable profit floor space index is 400 percent. Third, to facilitate the business of special cases in deliberating, Bongsan Park should change its second class general residential area. Jungoe Park must change the quasi-residential area and semi-residential area. Mareuk Park must change the general commercial area. In this way, the feasibility of promoting private park projects will be improved.

• Journal of Intelligence and Information Systems
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• v.17 no.3
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• pp.187-201
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• 2011

KOSPI200 index is the Korean stock price index consisting of actively traded 200 stocks in the Korean stock market. Its base value of 100 was set on January 3, 1990. The Korea Exchange (KRX) developed derivatives markets on the KOSPI200 index. KOSPI200 index futures market, introduced in 1996, has become one of the most actively traded indexes markets in the world. Traders can make profit by entering a long position on the KOSPI200 index futures contract if the KOSPI200 index will rise in the future. Likewise, they can make profit by entering a short position if the KOSPI200 index will decline in the future. Basically, KOSPI200 index futures trading is a short-term zero-sum game and therefore most futures traders are using technical indicators. Advanced traders make stable profits by using system trading technique, also known as algorithm trading. Algorithm trading uses computer programs for receiving real-time stock market data, analyzing stock price movements with various technical indicators and automatically entering trading orders such as timing, price or quantity of the order without any human intervention. Recent studies have shown the usefulness of artificial intelligent systems in forecasting stock prices or investment risk. KOSPI200 index data is numerical time-series data which is a sequence of data points measured at successive uniform time intervals such as minute, day, week or month. KOSPI200 index futures traders use technical analysis to find out some patterns on the time-series chart. Although there are many technical indicators, their results indicate the market states among bull, bear and flat. Most strategies based on technical analysis are divided into trend following strategy and non-trend following strategy. Both strategies decide the market states based on the patterns of the KOSPI200 index time-series data. This goes well with Markov model (MM). Everybody knows that the next price is upper or lower than the last price or similar to the last price, and knows that the next price is influenced by the last price. However, nobody knows the exact status of the next price whether it goes up or down or flat. So, hidden Markov model (HMM) is better fitted than MM. HMM is divided into discrete HMM (DHMM) and continuous HMM (CHMM). The only difference between DHMM and CHMM is in their representation of state probabilities. DHMM uses discrete probability density function and CHMM uses continuous probability density function such as Gaussian Mixture Model. KOSPI200 index values are real number and these follow a continuous probability density function, so CHMM is proper than DHMM for the KOSPI200 index. In this paper, we present an artificial intelligent trading system based on CHMM for the KOSPI200 index futures system traders. Traders have experienced on technical trading for the KOSPI200 index futures market ever since the introduction of the KOSPI200 index futures market. They have applied many strategies to make profit in trading the KOSPI200 index futures. Some strategies are based on technical indicators such as moving averages or stochastics, and others are based on candlestick patterns such as three outside up, three outside down, harami or doji star. We show a trading system of moving average cross strategy based on CHMM, and we compare it to a traditional algorithmic trading system. We set the parameter values of moving averages at common values used by market practitioners. Empirical results are presented to compare the simulation performance with the traditional algorithmic trading system using long-term daily KOSPI200 index data of more than 20 years. Our suggested trading system shows higher trading performance than naive system trading.

• Journal of Korean Society of Water and Wastewater
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• v.35 no.3
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• pp.237-246
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• 2021

The ILI, developed by the IWA (International Water Association), has been used in many countries as an indicator of water leakage. In Korea, the revenue water has been used as a performance indicator for waterworks although there is an opinion to replace it with the ILI. Hence, it has been necessary to investigate whether the ILI can replace the revenue water in Korea. The four main operating indicators (i.e., water service population, profit-loss ratio, fiscal self-reliance, and aged pipe rate) of 162 Korean waterworks were compared with the ILI with the linear regression method. Local water authorities with more than 1 million water service population, with more than 60% profit-loss ratio, more than 40% and less than 60% fiscal self-reliance, and more than 20% aged pipe rate showed meaningful correlation between the four parameters and the ILI. In the remaining cases, their correlations were little or weak. This means that using the ILI may not be an efficient method to represent the performance of the water supply system in Korea because of the lack of UARL (Unavoidable Annual Real Losses) data accuracy. To use the ILI in Korea, it will be required to carry out an additional research to accumulate reliable CARL (Current Annual Real Losses) and UARL data in the future.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.11 no.18
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• pp.71-80
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• 1988

Process capability implies the qualitative capability of a process, and it is necessary to specify the process capability by quantification and to evaluate the level with the specified standardizaion. But the process capability index is currently used to evaluate the performance of quality control activity. without considering the characteristics of process structure or the economy of management. Here the researcher would like to redefine process capability and emphasize its index may be used as the measure of managerial assessment and the objective of process quality control in full consideration of the economic aspects of process characteristics. Too little or too much process capability causes a loss of or excess. The proper economic level of process capability varies to each process. The procedure of taking the optimum process capability index is derived from the expected profit function, whereas each method is studied in cases of normal process with one-sided specification and two-sided specification. In addition, the process capability index is presented as a method of quality assurance. And an example is exhibited on wrapping process of 'A' company. The results of this study are summarized at follows. First, though the norminalization of the process capability index is possible by the existing methods, the optimum process capability index can vary to the situation of each process. So, the optimum process capability index which is suggested in this dissertation should be used as the standard to assess process capability. Second, the process capability index can take its effect not just in indicating quality control or managerial records but also in the management of high qualify assurance.