• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• 벤처창업연구
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• 제8권3호
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• pp.1-16
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• 2013

본 연구는 우리나라 중견기업 혹은 곧 중견기업으로 성장 할 것으로 전망되는 기업들을 대상으로 기술혁신전략이 경영성과 및 기술성과에 미치는 영향을 분석하였다. 자료는'산 학 연 공동연구법인 설립지원을 위한 기획연구(KISTEP, 2006)'의 일환으로 2006년에 실시된 설문조사 자료를 활용하였고 본 연구에 적합한 물음에 충실히 답변한 160개 기업을 분석에 사용하였다. 실증분석 결과, 경영 성과 면에서 자체 R&D투자, 산학연 R&D지원, 외국기술도입 모두는 유의한 영향을 미치지 못한 반면 기술성과 면에서는 자체 R&D투자와 외국기술 도입, 그리고 자체R&D투자와 외국기술 도입의 상호작용이 정(+)의 영향을 미쳤다. 또한 산학연 지원 및 자체 R&D투자와 산학연 지원 간의 상호작용은 기술성과에 부(-)적 영향을 미치는 것으로 나타났다. 이러한 연구결과는 한국의 중견기업들에서 기술혁신에 대한 투자가 매출성장률이나 영업이익률과 같은 재무적 경영성과에 직접적인 영향을 미치지 않음을 의미한다. 다만, 자체 R&D 투자와 외국기술의 도입 그리고 두 변수의 상호작용은 특허로 측정된 기술혁신 성과를 높이는 것으로 나타났다. 반면, 산학연 지원은 기술혁신 성과에 부정적인 영향을 미치는 것으로 나탔으며, 부정적인 효과는 R&D투자가 많은 기업에서 더욱 크게 나타났다. 이는 중견기업들의 기술혁신 활동에 대한 정부의 지원이 효과적이지 않음을 의미한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• 한국조리학회지
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• 제13권1호
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• pp.152-165
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• 2007

The purpose of this study is to prove that the appropriate fit between service failure and recovery strategy can efficiently maximize customer satisfaction and behavioral intention, by using the prepared scenario through comprehensive approach concerning how the expectation level of service recovery has influence on perceived fairness, satisfaction and behavioral intention of service recovery based upon size in case of service failure. This study has been conducted by way of selection of filling-up type questionnaires for customers themselves who have experience in service failure out of customers who can easily visit family and hotel restaurants, that is, domestic restaurants in Seoul area, $June{\sim}August$ 2004, by setting factorial design of 2(control, severeness)$\times$3(distributive fairness, procedural fairness, mutual relational fairness)$\times$2(customer satisfaction, customer behavior). The survey was performed on the customers who visited common restaurants, family restaurants, hotel restaurants, etc. mainly in Seoul, and total 600 sheets of questionnaires were distributed and 496 sheets of them were returned(82.67% of return ratio). Research findings are as follows; First, perceived recovery justice has an effect on customer satisfaction and behavioral intention. Second, customer satisfaction and restaurant satisfaction have positive influence on behavioral intention. The results will be helpful for them to develop a further service failure and recovery framework. For service marketing managers, the results will suggest specific guidelines for establishing service recovery strategies.

• 대순사상논총
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• 제34집
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• pp.171-202
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• 2020

本研究以韓華日的三個最大的末世論教派為討論對象, 並以千禧年的藍圖想像, 藍圖的再詮釋, 藍圖的轉化, 藍圖的制度化四個向度, 做為比較重點。韓國的大巡真裡會, 華人世界的一貫道, 日本的天理教等, 歷史起源的時空相當類似, 經百年後如今各自在全球都擁有超過百萬以上的信徒, 相當值得作比較性的研究。「本土性的千禧年運動」這個概念, 是我們對焦進行比較的概念工具 : 在外來侵略中, 失去祖先的土地和傳統生活方式, 產生了本土運動。透過奇蹟性的手段──外力勢力可以驟然消失, 神話人物或彌賽亞的來臨, 地景的改變──其終極目標是要去修復這些元素。遠處的終極目標激發了本土者以拋棄現有生活方式和物質擁有做為奉獻。而以千禧年藍圖的轉化與制度化為焦點, 就各團體的發展結果來看, 以兩個向度來做區別 : A千禧年的時間向度 : 由現實世界中去達成, 或是必須還要出現一個截然有別的想像性的永恆國度 ; B千禧年的集體性的視野 : 需要在神聖超越性的基礎上去建立烏托邦, 或是可能由人心的改造中創造集體性的幸福。由此交叉對應中, 我們可能得到各種團體的相對位置。分析性的來看, 三個團體轉化的模式與方向有著很大的差異。一貫道是將天國的藍圖, 轉為設定在另一個永恆的國度裡, 而將此世的世俗人生場域, 視為是修練本心的場所, 是做為進道之階所必須。天理教設定了教祖的永生, 這創造出天堂在人間的落實, 也激發成員與超越性之間的相容相洽不相分離。大巡真理會把教祖直接視為拯救全人類的開放性的上帝, 他不只是拯救信徒, 也要拯救全世界, 尤其是要創造以韓國為中心的美好世界的來臨。教祖開啟了後天世界, 它其實就在這個世間, 但這個後天世界尚未完成, 尚需要所有人員的努力, 這個努力有個人性的超自然的意義 (個人要解冤, 報恩和神人調化), 也有現實性的意義 (布德天下, 改造人間), 這些努力乃是建設人間成為理想天國的前提。本文的比較性探討, 還僅只是一個極為初步的探索, 未來有待收集更多資料, 以能進行更為細部與深刻的討論。

• 대순사상논총
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• 제35집
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• pp.331-358
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• 2020

이 논문은 매월당(梅月堂) 김시습(金時習)의 광자 성향에 관해 연구한 것이다. 광기의 속성에 대해 구분할 때 크게 마음에 품고 있는 광기를 드러내는 경우인 심광(心狂)과 행동거지의 광방함으로 표현되는 광기 차원의 형광(形狂)이 있다. 본고는 조선조 역사에서 보기 드문 형광과 심광의 모습을 동시에 드러낸 김시습의 광기를 '장왕불반(長往不返)'과 '색은행괴(索隱行怪)'라는 두 가지 관점에서 분석한 것이다. 김시습은 어렸을 때는 신동이라고 일컬어질 정도로 촉망받는 인재였다. 하지만 세조가 단종의 왕위를 빼앗자 '책을 모두 불태우고' 그 길로 집을 떠나 승려가 되어 속세에서 자취를 감추었다. 과거는 더 이상 미련을 두지 않고, '미친 척[양광(佯狂)]'하고 숨어 살면서 괴팍하고 기이한 행적으로 괴상하다는 소리를 들어도 후회하지 않았다. 결연히 오랫동안 속세를 벗어나 돌아오지 않는 장왕불반의 삶을 지향하면서 유명한 산천을 두루 다니고, 아무런 욕심이 없이 '세상 밖[방외(方外)]'을 노닐었다. 때론 「대언(大言)」과 「방언(放言)」 같은 시를 통해 자신의 자유로운 영혼과 광기를 진솔하게 표출하였다. 이런 삶은 유가의 온유돈후(溫柔敦厚)함을 추구하는 중화미학에서 멀리 벗어나 있는 삶이다. 때론 '청광(淸狂)'이라고도 일컬어진 김시습은 '양광', 괴이한 행동, 방외적 삶, 속세와 관계를 끊어버리는 장왕불반의 삶 등을 통해 자신의 광기를 표출하였다. 김시습의 이 같은 광기어린 삶은 단순히 미친 것이 아니라 당시 조선조 사회의 부조리한 현실을 비판하고자 한 깊은 뜻이 있었는데, 이런 김시습에 대해 이황은 색은행괴한 인물이라고 비판한다. 이황과 달리 선조의 명으로 「김시습전」을 쓴 이이는 김시습을 '심유적불(心儒迹佛)'이라 보면서 제한적으로는 긍정적으로 평가한다. 그런데 이 두사람이 김시습을 평가하는 내용은 달랐지만 김시습이 광자 성향을 가진 인물로 본 것은 동일하다. 이처럼 심광이면서 형광의 삶을 살았던 김시습은 주자학이 강력한 영향력을 발휘한 조선조 유학사에서 볼 때 특이한 경우에 속한다고 할 수 있다.

• 한국사회복지학
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• 제58권1호
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• pp.425-456
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• 2006

본 연구는 불가피하게 친 가정으로부터 분리되어 위탁가정에서 보호될 수밖에 없는 피학대아동에 관한 연구로서, 피학대아동이 위탁가정 내에서 겪는 적응과정과 적응과정의 단계, 위탁가정 배치 후 적응에 영양을 미치는 요인들, 적응과정과 학대 후유증 회복과의 관련성을 조사하였다. 한편, 위탁가정 배치 후 친 가정 복귀 가능성에 영향을 미치는 요인들이 무엇인지 알아보았다. 3명의 위탁아동을 중심으로 3명의 위탁부모, 3명의 사회복지사를 통하여 연구 자료를 얻었으며, 자료에 대한 분석방법은 근거이론적인 접근 방법(Strauss and Corbin, 1990)에 의하여 개방코딩, 축코딩, 선택코딩을 중심으로 분석하였다. 또한 위탁가정 적응과정에 영향을 미치는 범주들을 살펴보기 위하여 마일즈와 휴버만(Miles and Huberman, 1994)의 시간에 따른 매트릭스와 시간에 따른 네트워크를 활용하여 분석하였다.

• 경영과정보연구
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• 제26권
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• pp.27-60
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• 2008

Researches on the introduction of ERP system kept on examining the critical successful factors (CSFs) that focus on factors to achieve effectively successful projects, and trying to measuring the actual effectiveness of the introduction of ERP system. However, most of the preceding researches on the effectiveness of the introduction of ERP system that was searching devoted effects has been ceased, and actually even researches on the economical results have just done the basic cognitive evaluation of result indicators by many questionnaires instead of objective measuring values, because of the difficulty of measuring the evaluation of the result. Moreover, researches on positive effects of the introduction of ERP on enterprise results and researches that failed to give advantageous effects showed different results each other. And a part of researches reported that only a part of result indicators were partially affected. In this research, we investigated Korean large enterprises or middle-sized enterprises in manufacture industry that introduces SAP R/3 and Oracle package to compare their quantitative financial results after the introduction of ERP system, in order to measure the effects of the ERP system. First, we evaluated the difference of the quantitative financial results before and after the introduction of the ERP system. Second, we evaluated the opportunities shown by the effects after the introduction of the ERP system. Third, we removed the sample of the exchange crisis (IMF) and executed the additional analysis to reflect the average increasing and decreasing rate in the industry, so that pure evaluation can be achieved. Inherent limits of precedent researches are removed and practical effects of the pure introduction of the ERP system are evaluated, so the research of this research is significant. The result of this research is as follows. Because of the introduction of ERP, the rate of turnover of inventory property has increased and sales of preparation inventory property have decreased so that more effective inventory property management has been achieved. Moreover, preparation sales of labor costs and preparation sales of the number of employees have decreased to show the effect of the reduction of labor costs. However, it could no be concluded that we could increase the profit due to the introduction of ERP system. Due to the introduction of ERP, although we concluded that the return on assets (ROA) and the additional value of one-person employee statistically showed obvious differences and increased, the return on equity failed to show obvious differences after the process of introduction of ERP.

• 경영과정보연구
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• 제12권
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• pp.137-160
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• 2003

The association between accounting earnings and the stock price of an entity is the subject that has been most heavily researched during the past 25 years in accounting literature. Researcher's common finding is that there are positive relationships between accounting earnings and stock prices. However, the explanatory power of accounting earnings which was measured by $R^2$ of regression functions used was rather low. To be connected with these low results, The prior studies propose that there will be additional information, errors in variables. This study investigates empirically determinants of earnings response coefficients(ERCs), which measure the correlation between earnings and stock prices, using earnings level / change, as the dependent variable in the return/earnings regression. Specifically, the thesis tests whether the factors such as earnings persistence, growth, systematic risk, image, information asymmetry and firm size. specially, the determinable variables of ERC are explained in detail. The image / information asymmetry variables are selected to be connected with additional information stand point, The debt / growth variables are selected to be connected with errors in variables. In this study, The sample of firms, listed in Korean Stock Exchange was drawn from the KIS-DATA and was required to meet the following criteria: (1) Annual accounting earnings were available over the 1986-1999 period on the KIS-FAS to allow computation of variables parameter; (2) sufficient return data for estimation of market model parameters were available on the KIS-SMAT month returns: (3) each firm had a fiscal year ending in December throughout the study period. Implementation of these criteria yielded a sample of 1,141 firm-year observation over the 10-year(1990-1999) period. A conventional regression specification would use stock returns(abnormal returns) as a dependent variable and accounting earnings(unexpected earnings) changes interacted with other factors as independent variables. In this study, I examined the relation between other factors and the RRC by using reverse regression. For an empirical test, eight hypotheses(including six lower-hypotheses) were tested. The results of the performed empirical analysis can be summarized as follows; The first, The relationship between persistence of earnings and ERC have significance of each by itself, this result accord with one of the prior studies. The second, The relationship between growth and ERC have not significance. The third, The relationship between image and ERC have significance of each by itself, but a forecast code doesn't present. This fact shows that image cost does not effect on market management share, is used to prevent market occupancy decrease. The fourth, The relationship between information asymmetry variable and ERC have significance of each by. The fifth, The relationship between systematic risk$(\beta)$ and ERC have not significance. The sixth, The relationship between debt ratio and ERC have significance of each by itself, but a forecast code doesn't present. This fact is judged that it is due to the effect of financial leverage effect and a tendency of interest.

• 농촌계획
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• 제23권1호
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• pp.85-96
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• 2017

Existing agricultural reservoirs are considered as alternative source for the water welfare of rural area. In this study, domestic water supply potential of 476 reservoirs, which has storage capacity more than one million cubic meter, out of 3,377 agricultural reservoirs managed by Korean Rural Community Corporation (KRC) were investigated. Among them water quality of 136 reservoirs met the criteria of domestic water source which show less than COD 3 ppm. Available amount for domestic water of reservoirs, which meet the water quality, for ten year return period of drought was analyzed with reservoir water balance model. The results showed that 116 reservoirs has potential for supplementary domestic water supply while satisfying irrigation water supply. Finally, economic analysis using Net Present Value (NPV), Benefit-Cost (B/C) ratio, Internal Rate of Return (IRR), and Profitability Index (PI) methods was also conducted. The analysis showed that 19 reservoirs satisfied economic feasibility when water is provided from reservoir outlet but only 9 reservoirs meet the economic feasibility if water delivered from a reservoir to treatment plant by newly built conveyance canal. In order to supply the domestic water through the agricultural reservoirs managed by KRC, it is necessary to flexibly interpret and operate the 'Rearrangement of Agricultural and Fishing village Act'. Also, it is reasonable to participate in the water service business when there is a supply request from other Ministries. In addition, the KRC requires further effort to change the crop system for saving water and improve efficiency of irrigation systems.