• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• Journal of The Korean Association For Science Education
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• v.39 no.3
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• pp.363-377
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• 2019

This study reveals the aspects of subjectivity in the test results in a science-specific aspect when assessing science-related affective characteristic through self-report items. The science-specific response was defined as the response that appear due to student's recognition of nature or characteristics of science when his or her concepts or perceptions about science were attempted to measure. We have searched for cases where science-specific responses especially interfere with the measurement objective or accurate self-reports. The results of the error due to the science-specific factors were derived from the quantitative data of 649 students in the 1st and 2nd grade of high school and the qualitative data of 44 students interviewed. The perspective of science and the characteristics of science that students internalize from everyday life and science learning experiences interact with the items that form the test tool. As a result, it was found that there were obstacles to accurate self-report in three aspects: characteristics of science, personal science experience, and science in tool. In terms of the characteristic of science in relation to the essential aspect of science, students respond to items regardless of the measuring constructs, because of their views and perceived characteristics of science based on subjective recognition. The personal science experience factor representing the learner side consists of student's science motivation, interaction with science experience, and perception of science and life. Finally, from the instrumental point of view, science in tool leads to terminological confusion due to the uncertainty of science concepts and results in a distance from accurate self-report eventually. Implications from the results of the study are as follows: review of inclusion of science-specific factors, precaution to clarify the concept of measurement, check of science specificity factors at the development stage, and efforts to cross the boundaries between everyday science and school science.

• (The)Study of the Eastern Classic
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• no.33
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• pp.31-56
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• 2008

Jang Hyeon-gwang(張顯光, 1554-1637), whose pseudonym or courtesy name is 'Yeoheon(旅軒)', had made a thorough study on the intrinsic nature of Neo-Confucianism in a more sincere fashion, when comparing him with other Neo-Confucianists in Joseon period. Also he was a renowned scholar who expanded its philosophical system in-depth. Yeoheon thereby had strengthened his philosophical system accordant with the Great Learning(大學) and Doctrine of the Mean(中庸), which are the fundamental systems of Neo-Confucianistic education. Based on such considerations, Yeoheon's thought on education can be illuminated from three different perspectives. First, Yeoheon deepened his a theory of good governance by a virtuous ruler(聖人君主論, pronounced, 'Seongingunjuron') as the standard of education. Essentially, his theory pursues Refraining from desire, and preserving the laws of nature(存天理?人欲, pronounced, 'Joncheolliarinnyok'), and put emphasis on ethical awakening, and the governance through a virtue of moral excellence. Second, Yeoheon stressed the learning theories related to 'sincerity' or true heart(誠) and 'piety' or 'respect'(敬)) as the form of education(誠敬, pronounced, 'Seonggyeong'). Also he expounded that people needs "to establish a ground of Respect and Sincerity in their mind." He recognized the differences between the two virtues, meanwhile, however, he understood it as in an identical context. Third, Yeoheon advocated harmony between separation and integration(分合, pronounced, 'Bunhap') as a method for education. Through his unique 'Discourse on Longitude and Latitude', dubbed, 'Li-Gi Gyeongwiseol (理氣經緯說) in which the principle(Li, 理) is equal to the intrinsic energy or material force(Gi, 氣), he maintained his view on the Doctrine of the Mean, in that he was not inclined to either sides according to the logic of Change(易, pronounced 'Yeok'). When reviewing Yeoheon's contemplation in education in the meaning of modern education, he laid the standards for education on the establishment of morality, and he also provides us with an idea which induces us to look through the form and method for education from the perspective of Doctrine of the Mean. In short, Yeoheon's view on education embodies wisdom of traditional Neo-Confucianistic Education having consistency, and it provides for an implication of the review of the importance of the balance in relation to methodological bias toward confusion in the standards for modern education, and unsystematic contents therein.

• Korean small business review
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• v.31 no.2
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• pp.19-37
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• 2009

The purpose of this research is to explore differences between small and medium-sized companies and large-sized companies in the impact of human resource innovativeness(HRI), learning orientation(LO), and HRI-LO interaction on innovation effect and business performance. Although learning orientation has long been considered as a key factor influencing good performance of a business, little research was devoted to exploring the effect of HRI-LO interaction on innovation effect and business performance. In this study, it is investigated whether there is a synergy effect between innovative human workforce and learning orientation corporate culture, in addition to each by itself, to generate good business performance as well as a success of new innovations in the market. Research hypotheses were as follows, including H1) human resource innovativeness(HRI), learning orientation(LO), and interactions of HRI and LO(HRI-LO interaction) positively affect innovation effect, H2) there is a difference of the effect of HRI, LO, and HRI-LO interaction on innovation effect between large-sized and small-sized companies, H3) HRI, LO, HRI-LO interaction, innovation effect positively affect business performance, and H4) there is a difference of the effect of HRI, LO, HRI-LO interaction, and innovation effect on business performance between large-sized and small-sized companies. Data were obtained from 479 practitioners through a web survey since the web survey is an efficient method to collect a national data at a variety of fields. A single respondent from a company was allowed to participate in the study after checking whether they have more than 5-year work experiences in the company. To check whether a common source bias is existed in the sample, additional data from a convenient sample of 97 companies were gathered through the traditional survey method, and were used to confirm correlations between research variables of the original sample and the additional sample. Data were divided into two groups according to company size, such as 352 small and medium-sized companies with less than 300 employees and 127 large-sized companies with 300 or more employees. Data were analyzed through t-test and regression analyses. HRI which is the innovativeness of human resources in the company was measured with 9 items assessing the innovativenss of practitioners in staff, manager, and executive-level positions. LO is the company's effort to encourage employees' development, sharing, and utilizing of knowledge through consistent learning. LO was measured by 18 items assessing commitment to learning, vision sharing, and open-mindedness. Innovation effect which assesses a success of new products/services in the market, was measured with 3 items. Business performance was measured by respondents' evaluations on profitability, sales increase, market share, and general business performance, compared to other companies in the same field. All items were measured by using 6-point Likert scales. Means of multiple items measuring a construct were used as variables based on acceptable reliability and validity. To reduce multi-collinearity problems generated on the regression analysis of interaction terms, centered data were used for HRI, LO, and Innovation effect on regression analyses. In group comparison, large-sized companies were superior on annual sales, annual net profit, the number of new products/services in the last 3 years, the number of new processes advanced in the last 3 years, and the number of R&D personnel, compared to small and medium-sized companies. Also, large-sized companies indicated a higher level of HRI, LO, HRI-LO interaction, innovation effect and business performance than did small and medium-sized companies. The results indicate that large-sized companies tend to have more innovative human resources and invest more on learning orientation than did small-sized companies, therefore, large-sized companies tend to have more success of a new product/service in the market, generating better business performance. In order to test research hypotheses, a series of multiple-regression analysis was conducted. In the regression analysis examining the impact on innovation effect, important results were generated as : 1) HRI, LO, and HRI-LO affected innovation effect, and 2) company size indicated a moderating effect. Based on the result, the impact of HRI on innovation effect would be greater in small and medium-sized companies than in large-sized companies whereas the impact of LO on innovation effect would be greater in large-sized companies than in small and medium-sized companies. In other words, innovative workforce would be more important in making new products/services that would be successful in the market for small and medium-sized companies than for large-sized companies. Otherwise, learning orientation culture would be more effective in making successful products/services for large-sized companies than for small and medium-sized companies. Based on these results, research hypotheses 1 and 2 were supported. In the analysis of a regression examining the impact on business performance, important results were generated as : 1) innovation effect, LO, and HRI-LO affected business performance, 2) HRI by itself did not have a direct effect on business performance regardless of company size, and 3) company size indicated a moderating effect. Specifically, an effect of the HRI-LO interaction on business performance was stronger in large-sized companies than in small and medium-sized companies. It means that the synergy effect of innovative human resources and learning orientation culture tends to be stronger as company is larger. Referring to these result, research hypothesis 3 was partially supported whereas hypothesis 4 was supported. Based on research results, implications for companies were generated. Regardless of company size, companies need to develop the learning orientation corporate culture as well as human resources' innovativeness together in order to achieve successful development of innovative products and services as well as to improve sales and profits. However, the effectiveness of the HRI-LO interaction would be varied by company size. Specifically, the synergy effect of HRI-LO was stronger to make a success of new products/services in small and medium-sized companies than in large-sized companies. However, the synergy effect of HRI-LO was more effective to increase business performance of large-sized companies than that of small and medium-sized companies. In the case of small and medium-sized companies, business performance was achieved more through the success of new products/services than much directly affected by HRI-LO. The most meaningful result of this study is that the effect of HRI-LO interaction on innovation effect and business performance was confirmed. It was often ignored in the previous research. Also, it was found that the innovativeness of human workforce would not directly influence in generating good business performance, however, innovative human resources would indirectly affect making good business performance by contributing to achieving the development of new products/services that would be successful in the market. These findings would provide valuable managerial implications specifically in regard to the development of corporate culture and education program of small and medium-sized as well as large-sized companies in a variety of fields.