• 보건행정학회지
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• 제29권1호
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• pp.27-39
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• 2019

Background: This study is designed to estimate the factors that affect the level of three different performance (publicity, efficiency, profitability) among regional public hospitals. Methods: The units of analysis are the regional 30 hospitals, which have the operating data during 22 years (from 1933 to 2014). The research method is used by fixed panel analysis. The publicity is measured by medicaid outpatient proportion and medicaid inpatient proportion. The efficiency is measured by two types of efficient score by DEA (data envelopment analysis). The profitability is measured by medical income to medical revenue and ROA (return on total asset). Results: At first, the increase of bed gives negative affect to the publicity but give positive effect to the efficiency and profitability. Because it means the increase of the region population, it gives more profitability compare to hospital with small number of beds. The more the operating period is the higher effect to the publicity and efficiency because of it's refutation. The debt ratio gives negative effect to publicity, but positive effect to profitability. It is the normal belief that there is inverse relationship between publicity and profitability. The turnover rate of bed gives the negative affect to the publicity, but positive affect to the efficiency and profitability. That give us the implication that type of the inpatient make different effect the hospital performance. The ratio of labor cost give negative effect to all kind of performance. That means that the higher labor cost don't mean the higher publicity and labor cost control is very important factors to hospital performance. So the region hospital have to focus the labor factors more to make higher performance. Conclusion: As the conclusion, the independent variables give similar effect to the efficiency and the profitability, but give inverse effect to the publicity. That means that if an region hospital want to make the more publicity, it loss the higher efficiency and profitability. Specially publicity is higher negative relation with the profitability.

• 보건의료산업학회지
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• 제11권1호
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• pp.11-25
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• 2017

Objectives : The purpose of this study is to analyze the differences in financial performance, productivity, and patient care performance between metropolitan and non - metropolitan hospitals and examine the factors affecting profitability of both groups. Methods : The survey period consisted of three years of data that can identify the financial performance of the hospital. The survey subjects were selected from 58 metropolitan hospitals, 87 non - metropolitan hospitals and 147 hospitals. Results : There was a significant difference in stability, activity, cost index, productivity, and patient care performance between the metropolitan and non - metropolitan hospitals, and metropolitan hospitals showed a relatively higher ratio. Conclusions : In the metropolitan and non-metropolitan hospitals, the variables of productivity and cost index increase the profitability. However, if the factors with less influence on the results of the study are applied to the variables of various situations, it may have a great influence on the profitability increase.

• 한국병원경영학회지
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• 제22권3호
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• pp.46-60
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• 2017

The purpose of this study is to analyze the difference of productivity according to environmental factors among 25 Regional base public hospitals. Also this study is to propose a method to improve the productivity of Regional base public hospitals in the future by improving the public performance and stable management performance by studying the productivity variables affecting profitability. The survey period was based on the last three years, and 25 Regional base public hospitals were selected for the survey. The dependent variable is the total capital medical marginal profitability and the medical profit marginal profitability which are the indicators of profitability. The independent variable, productivity, is classified into three indicators: capital productivity, labor productivity, and value added productivity. The ANOVA analysis method was used to analyze the productivity difference according to the frequency factor and the environmental factors of the Regional base public hospitals. Finally, we conducted a hierarchical regression analysis to examine the productivity variables affecting profitability. The results of this study showed that there were differences in productivity due to environmental factors such as hospital size, competition in the local medical market, and differences in management performance. The difference in productivity and profitability depending on the environmental factors suggests that it is difficult for Regional base public hospitals in each regional base to perform a balanced public service. In order to overcome this, it is necessary to provide balanced medical services such as government financial support expansion, regional medical demand forecasting and facility infrastructure construction.

• 한국병원경영학회지
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• 제4권2호
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• pp.85-105
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• 1999

The main purpose of this article is to analyze the managerial performance of small and medium-size hospitals that are specialized in certain areas of medical services. Data of 189 hospitals were obtained from the data file of Korea Institute of Health Services Management The items include general characteristics of the hospitals, fianancial reports, and utilization records. Degree of specialization is measured by concentration(Herfindahl) index, and the sample hospitals are accordingly classified into specialized and unspecialized groups, by means of cluster analysis. These groups are compared in terms of various measures of managerial performance, which include several profitability indices such as operating margin, return on assets(ROA), and return on equity(ROE). To examine the relationship between specialization and managerial performance, we estimate the regression model, where the profitability indices are used as the dependent variables and the concentration index as the independent variable, controlling for the hospital characteristics such as size, type and location. Also, we perform 'Du Pont' analysis, to investigate the basic elements that can explain the differences in profitability between specialized and unspecialized hospitals. Major findings are as follows: 1. Managerial performance is better for the specilized hospitals than the unspecilized, in all aspects of profitability(operating margin, ROA, ROE). 2. Regression analysis suggests that there is a positive, statistically significant relationship beween the degree of specialization(i.e. concentration) and hospital profitability. 3. Main reason for the higher profitability of specialized hospitals lies in lower expenses rather than higher revenue. 4. In particular, personnel and material expenses are significantly smaller for the specialized hospitals, and this result seems to stem from the efficiency of operating fewer lines of business.(some kind of 'economies of scale') 5. Specialized hospitals also have fewer employees compared with the unspecialized, especially in administrative departments, which implies their efficient personnel management.

• Asian-Australasian Journal of Animal Sciences
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• 제22권12호
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• pp.1709-1717
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• 2009

This review presents a series of Key Performance Indicators (KPI) to assist Asian smallholder dairy farmers in identifying the possible causes for their poor farm performance and profitability. When assessing farm profitability, these indicators can be split into two types, those diagnosing problems with feeding management and those indicating poor herd management. As home grown forage is generally cheaper to source than purchased forage, the more produced on farm, the better. Too many stock on limited land is a common feature on Asian dairy small holdings. Unlike other classes of livestock, milking cows have very high nutrient requirements, therefore high quality forages and concentrates are essential for profitable dairying. Milk income less feed cost is one of the simplest and easy to measure indicators of farm profitability and is also quick to respond to small changes in farm practices. Problems with herd management can be diagnosed using measures such as the proportion of cows actually milking in the herd or their peak yield and persistency of production. There are also simple indicators of herd reproductive performance and of health and growth of young stock that assist in searching for the underlying causes of poor farm profitability.

• 유통과학연구
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• 제13권9호
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.465-474
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• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• 디지털융복합연구
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• 제13권11호
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• pp.267-276
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• 2015

본 연구는 우리나라 종합병원의 경영실적을 흑자와 적자로 구분하여 안정성, 성장성, 활동성, 생산성, 원가지표, 진료실적과 수익성 간의 인과관계를 규명하고자 하였다. 또한 연구결과를 바탕으로 병원의 수익성 제고와 효율적인 경영방안을 모색하는데 유용한 기초자료를 제공하는데 그 목적이 있다. 조사기간은 종합병원 경영실적을 파악할 수 있는 2013년을 평가기준으로 하였으며, 총 147개의 종합병원을 조사대상으로 선정하였다. 결과을 보면, 흑자병원과 적자병원간의 재무실적과 진료실적에서는 유의한 차이 나타났으며, 흑자병원일수록 재무실적과 진료실적이 더 높은 비율을 나타냈다. 또한 병원의 수익성에 영향을 미치는 요인으로는 인건비율, 관리비율, 재료비율이 중요요인으로 나타났다. 앞으로 병원 수익성을 높이기 위해서는 진료수익을 증대하는 것도 중요하지만 인건비, 관리비를 줄이기 위한 효율적인 비용절감전략이 요구된다 할 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.885-894
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• 2021

This study aims to analyze the effect of the ratio of profitability and solvability (leverage) on the variable stock price, which is mediated (intervening) by the variable dividend policy. Using the financial reports of manufacturing companies in the consumer goods sector, we take profitability data (ROA, ROE, GPM, and NPM), solvability data (DAR, LTDER, and DER), dividend policy (DPR), and stock price (closing price) from 24 companies, which were selected as samples, from 2011 to 2018. Data was analyzed using the Structural Equation Modeling (SEM) method. The results show that profitability, solvability, and dividend policy affect changes in stock prices, respectively. On the other hand, profitability and solvability do not affect dividend policy. The indirect relationship (intervening) is assessed using a single test, resulting in a dividend policy that can intervene in the relationship between profitability and stock prices but cannot mediate the relationship between solvability and stock prices. The implication of this research is to provide knowledge to investors about the importance of knowing the company's financial performance. Companies with good financial performance will easily develop because there are sufficient funds for company operations. By analyzing financial ratios, investors can get signals to decide whether to invest in the company they want.

• 보건의료산업학회지
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• 제10권1호
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• pp.13-26
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• 2016

Objectives : The aim of this study was to investigate whether there is a difference in the factors affecting the financial performance and profitability before and after the specialty hospital designation and thereby identifying the differentiated significance of the financial performance of specialty hospitals. Methods : Based on the year 2011, the analysis period was divided into the pre-specialty hospital designation (2007-2010) and post-specialty hospital designation (2011-2014), and the data were pooled according to the respective analysis period and analyzed by descriptive statistics and regression analysis. Results : The difference in the financial factors that affected the financial performance and profitability before and after the specialty hospital designation was discovered, and a financial performance factor different from prior studies was found. Conclusions : This study identified improved outcomes in financial performance due to the specialty hospital designation and the factors that affect profitability in terms of the finance of specialty hospitals.