• Asian Journal of Innovation and Policy
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• v.7 no.3
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• pp.581-605
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• 2018

In the soft drink industry, especially small and medium enterprises in Japan, there is a possibility of conversion from a labor-intensive industry to a capital-intensive. The demand for soft drinks may not be satisfied in the summer because the supply is too low to meet the demand. To address this situation, this paper proposes optimal investment that integrates demand uncertainty, based on real options approach (ROA) and seasonal autoregressive integrated moving average. Two alternative options are compared and evaluated. One is the Bermudan option: to employ additional workers to elevate efficiency in summer and laying off in winter, this attitude is repeated each year. The other is the American option: to replace equipment to increase machine ability throughout the year. Results in ROA show that the highest improvement is gained if the two options are in a symbiotic relationship. Soft drink producers should search for replacing equipment, using the employees repeatedly. A temporary decision is not equal to an infinite decision.

• Journal of Digital Convergence
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• v.10 no.2
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• pp.133-140
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• 2012

This research has logically investigated and practically analyzed whether a firm's management ethics affect the firm's performance. The proxy measure of management of ethics is the KEJI Index score, the companies assessed with the KEJI, which is published over 6 years from 2004 to 2009 by the Economic Justice Institutein Korea. According to the analysis results, firstly, management of ethics has a positive effect on the ROA firm performance, which supports the existing research results on that the firms that better manage ethics have a better economic performance. Secondly, we found interaction effects of corporate governance on the relationship between management of ethics and firm's performance. One can say that these results bring a new theoretic perspective academically on the reputation effect through management of ethics, and how it affects the firm's performance. Also in practice, the results show not only how the management of ethics is done just for a social flow in enforcing the management of ethics, but also that it is important to make amendments according to the management of ethics by recognizing it's importance and influence on increasing the firm's performance.

• Journal of the Korea Society of Computer and Information
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• v.17 no.4
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• pp.147-153
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• 2012

This paper has investigated the impact of corporate donation expenditure which has recently drawn great attention in Korean society on businessl performance and conducted an empirical analysis on the causal relations. In addition, concurrent effect has been analyzed using cross-sectional data between two variables (corporate donation expenditure and business performance) while sequential effect has been examined using panel data. The result of this study can be summarized as follows: First, corporate donation expenditure had a positive impact on ROA and ROS. However, PER and ROE had no impact on corporate donation expenditure Second, cumulative effcet of corporate cash donation would have a bigger impact on short-term business performance than long-term performance. In the future, The results of this study is expect through cash donations in the social contribution to be more aggressive in carrying out social responsibilities.

• Journal of Digital Convergence
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• v.16 no.7
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• pp.71-78
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• 2018

The purpose of this study is to investigate the impact of win-win growth activity of domestic large firms on their management performance. we classified the management performance into four factors such as ROE(Return On Equity), ROA(Return On Assets), net income to net sales and operating income to sales. The finding of this study is outlined as follows. This paper show that the win-win growth activity has a negative impact on the firms' management performance. This study shows that win-win growth activity could generate additional costs of business activity. So, we think that industrial policy is needed for expansion of win-win growth activity.

• Journal of Digital Convergence
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• v.16 no.12
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• pp.137-145
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• 2018

The purpose of this study is to identify the CSR activities and to investigate the relationship between CSR activities and business performance. Specifically, we analyzed the companies that were included in the SRI index as CSR activity companies, and analyzed how they affect the business performance of the companies according to SRI index incorporation disclosure. As a result of the analysis, the SRI index incorporation announcement has a significant positive effect on the corporate value(Tobin's Q) but it has not significant effect on the financial performance(ROA). This suggests that CSR activities are offered to companies' managers and stakeholders as a basis for investment rather than expense. In the future research, it will be more meaningful if the study on the intention to participate in CSR activities is conducted based on this study and previous studies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.15-30
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• 2019

This study investigates the effects of venture capital investment and corporate venture capital investment on the performance of IPOs listed on KOSDAQ between 2000 and 2014. We classified venture firms with venture capital-backed companies and non-venture capital-backed companies, having the former of which further divided into corporate venture capital-backed companies and independent venture capital-backed companies. The time window of the analysis was set to between 2 years before and 3 years after IPO. Main results of this study reveal that there is little difference between venture capital-backed companies and non-venture capital-backed companies in terms of profitability before and after going public. However, we found out that after IPO venture capital-backed companies display higher ROA than independent venture capital-backed companies or non-venture capital-backed companies, suggesting that corporate venture capital-backed companies might be more advantageous in growing a venture capital ecosystem in Korea.

• Information Systems Review
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• v.19 no.4
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• pp.171-182
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• 2017

Although economic growth has been retarded since the global economic crisis over recent decades, a large number of firms consider mergers and acquisitions (M and A) as a strategy to survive in a highly competitive market. In particular, an increasing number of firms pursue M and A with IT firms in recent years. In this study, we analyze the post-merger risks measured as ROA volatility for acquiring firms when they seek to acquire an IT firm. Our analysis suggests that a firm with prior experience in M and A acquires IT firms aggressively. Moreover, a substantial number of IT firms are relatively small and unlisted when they are acquired. We also show that an acquiring firm's post-merger risk (i.e., ROA volatility) increases after its acquisition of IT firms. However, an increase in post-merger risk is alleviated when relatedness exists between an acquiring firm and target.

• The Journal of the Korea Contents Association
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• v.13 no.3
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• pp.352-361
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• 2013

The purpose of this study is to analyse the impact of macroeconomic and non-macroeconomic forces on the management performance of the air transport firms and offer the useful information to the managers. To conduct the regression analysis, eight macroeconomic and non-macroeconomic variables were selected individually as an independent variable. Macroeconomic variables were the return of corporate bond, West Texas Intermediate, the unemployment rate, the money supply, the trade balance, the won to USD exchange rate, the consumer price index and the index of industrial production. And non-macroeconomic variables were Taiwan earthquake, the Asian economic crisis, the 911 terrorist attacks in the US, the Iraq war, Beijing Olympic, the outbreak of a swine flu epidemic, the 1st presidential election and the 2nd presidential election. And ROA was selected as a dependent variable. As the result of analysis, it was found that the changing rates of won to USD exchange rate and consumer price index affected the changing rate of ROA significantly. And also as the result of analysing the impact of two significant macroeconomic variables and eight non-macroeconomic variables on the changing rate of ROA, it was found that the Asian economic crisis and the outbreak of a swine flu epidemic had a negative impact on it. Therefore managers should take note of a change in macroeconomic and non-macroeconomic variables carefully to improve the management performance.

• The Journal of the Korea Contents Association
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• v.21 no.10
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• pp.368-377
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• 2021

This study analyzed the determinants of capital structure based on the financial statements of agricultural corporations disclosed on the DART(data analysis, retrieval and transfer system) of the Financial Supervisory Service since 2011, when the Korea international financial reporting standards (K-IFRS) was introduced. There have been many empirical studies on the capital structure so far, but there are no studies targeting agricultural corporations. The sample period of agricultural corporations was from 2015 to 2019, with the debt ratio as the dependent variable, and among the variables suggested as meaningful in existing empirical studies, ROA(profitability), SIZE(corporate size), LIQ(liquidity), TA(tangible asset ratio), FA(fixed long-term suitability ratio), and GROWTH(growth potential) were selected as independent variables and panel data analysis was performed. As a result of the analysis, it was found that the debt ratio decreased as the ROA and SIZE of agricultural corporations increased. This can be interpreted as supporting the pecking order theory rather than the static trade-off theory in the relationship between the ROA and SIZE of Korean agricultural corporations with the capital structure. In addition, it was found that the debt ratio increased as the FA increased. These results suggest that Korean agricultural corporations need to establish a financing policy in consideration of ROA, SIZE, and FA.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.293-308
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• 2020

This study aims to investigate the direct relationship between ownership structure, earnings manipulation, and organizational performance, and then examine the mediating effect of earnings manipulation in the relationship between ownership structure and organizational performance. This study collected and analyzed secondary data published in financial reports related to all insurance organizations listed in the Jordanian market during the study period (from 2009 until 2018). A panel data analysis was conducted, giving a total of 200 observations. The findings of this study concluded that ownership concentration, foreign ownership, and organization size affect organizational performance proxied by ROA, ROE, and EPS, more specifically, ownership concentration and organization size have a positive effect, whereas foreign ownership has a negative effect. At the same time, board of director ownership, organizational ownership, and CEO compensation did not affect organizational performance. Next, the board of director ownership, ownership concentration, foreign ownership, and CEO compensation affect earnings manipulation separately. In addition, earnings manipulation positively affects organizational performance proxied by ROA, ROE and EPS. This means that the higher the earnings manipulation is, the higher the organizational performance is. Finally, earnings manipulation mediates the relationship between ownership concentration and foreign ownership of ownership structure, and organizational performance.