• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.89-120
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• 2010

In this paper, we analyse empirically the relations between ownership structure and cash holdings of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Cash holdings increase as large shareholder's equity holdings increase. Cash holdings increase as the difference between first largest shareholder's and second largest shareholder's equity holdings increase, and cash holdings increase as the ownership concentration increase. Managerial ownership exert a non-linear effects on cash holdings. So to speak, at lower level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders, but at higher level of managerial ownership, the interests of managers and shareholders are aligned, and also at highest level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders. Cash holdings increase larger in owner-controlled firm than in management-controlled firm. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on cash holdings for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.

• Korean Journal of Construction Engineering and Management
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• v.15 no.4
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• pp.86-94
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• 2014

Since the late 1990s, mixed-use apartment, armed with high qualities and large scales with a high ratio of TFA(Total Floor Area) have been continuously provided accommodating exclusive community facilities along with high-tech securities, not to mention excellent skyline view. However, especially in mid-small cities, there have been only a few supplies. As a result, none of the mixed-use housing provided by high-end brands has ever been built in non-metropolitan area. But constructors couldn't plan the projects which aims to build the mixed-use apartment in local city, because they couldn't get the basic data or advanced research for feasibility analysis. Therefore, to suggest the useful price for mixed-use apartment supply project of local city, the PSM(Price Sensitivity Method) widely used for determining the price preferences as a market research tools has been applied. As analysis results, the estimated price of mixed-use apartment is 10.8% higher than general apartment, and mixed-use apartment has lower price sensitivity than general apartment. As price determinants, the age, education level and family size influence on UTP in significant level. It is expected that these research findings can be applied for establishing the solid marketing strategy of mixed-use apartment development project in local city.

• Korean Security Journal
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• no.29
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• pp.35-57
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• 2011

While demands on private securities have been increase, expectations on the service quality as compensation for the investment expensive is also rising. However, private security services are in situations of not satisfying various customer's needs owing to insufficient special manpower, capital, and skills in spite of expected high-quality services toward customers. Therefore, this study aims to find out the causality between private security enterprises and relationship characteristics, purchasing behaviors of customers, and then searching for a marketing strategy that can provide best services to the enterprises that are confronting to limitless competitive systems by grasping customer's needs and necessities. For achieving this goal, the study objected to shop employees using private security enterprises after diving Cheonan City of South Chungcheong Province into South, East and East, West, and then collected 236 persons by using the convenience sampling. Regarding to research tools, this study used questionnaire having been recomposed based on previous researches home and abroad, and frequency analysis, reliability analysis, factor analysis, correlation analysis, and regression analysis were carried out data was treated by treatments by using SPSS version 18.0 statistic package for treating the data. Through above research methods and procedures, results could be gotten same as followings. First, correlations between private security enterprise's relationship characteristics and purchasing behaviors showed positive (+) relations, and the latter was increased as much as relationship characteristics were high. Second, as the result of analyzing correlations between private security enterprise's relationship characteristics and purchasing behaviors, reputation, physical features, and communication affected influences to word of mouth activities. Third, reputation and communication affected to repeated purchasing behaviors as the result of analyzing private security's relationship characteristics and repeat purchasing behaviors.

• Information Systems Review
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• v.17 no.3
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• pp.39-64
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• 2015

As information and information technology become more important in competitive corporate environments, the risk of information security breaches has increased accordingly. Although organizations establish security measures to manage information security risks, members of organizations do not comply with them well, and their information security behavior intention is unclear. Therefore, to understand the information security risk management intention of the members of organizations, the present study developed a research model using Protection Motivation Theory, Supervisory Authority Pressure, and Background factors. This study presents empirical research findings based on the analysis of survey data from 201 members of financial institutions. Perceived Severity, Self-efficacy, and Supervisory Authority Pressure had a positive effect on intention; however, Perceived Vulnerability and Response Efficacy did not affect intention. Security Avoidance Habit, which was considered a background factor, had a negative effect on all parameters, and did not have an effect on intention. Security Awareness Training, another background factor, had a positive effect on information security risk management intention and perceived vulnerability, self-efficacy, response efficacy, and supervisory authority pressure, and had no effect on perceived severity. This study used supervisory authority pressure and background factors in the field of information security, and provided a basis to use supervisory authority pressure in future studies on behavior of organizations and members of an organization. In addition, the use of various background factors presented the groundwork for the expansion of protection motivation theory. Furthermore, practitioners can use the study findings as a foundation for organization's security activities, and to improve regulations.

• Journal of Convergence for Information Technology
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• v.11 no.9
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• pp.94-108
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• 2021

This study is to identify the internal and external factors of a company that can affect the rate of change in the inventory turnover ratio. In addition, by appropriately managing or responding to these factors, changes in the inventory turnover ratio do not occur abruptly, so that the company's business and financial performance can be improved. To confirm this, factors such as gross profit margin, cash flow volatility, advertising expenses, inflation, exchange rate rise, and leading economic index were selected, and these factors were predicted to affect the change rate of inventory turnover. Data of 85,878 companies were obtained from domestic securities listings, KOSDAQ listings, and externally audited companies, and multiple regression analysis was performed using the data. Gross profit margin and cash flow volatility have a significant positive (+) effect, advertising expenses have a negative (-) significant effect, and inflation and exchange rate rises have a negative (-) significant effect. As an influence, the leading economic index was tested to have a significant positive (+) effect. Through this, it is suggested that manufacturing companies can improve their business performance and achieve operational efficiency by well understanding and appropriately managing factors that can affect the change rate of inventory turnover.

• Journal of Digital Convergence
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• v.19 no.8
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• pp.141-149
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• 2021

This study investigated the effect of accounting information on dividend policy as a measure of corporate conservatism from the perspective of the internal accounting management system. The verification is based on a sample of 543 companies listed on securities (excluding KOSDAQ and financial industry) among the Bank of Korea (2019) 「2018 Corporate Management Analysis」 and company analysis of the Korea Productivity Center (financial data disclosed as listed companies as a December settlement company) was composed. Using SPSS 22, empirical analysis was conducted using exploratory factor analysis and regression analysis. The first is the verification related to corporate conservatism and the role of dividend policy, and it is verification of whether internal accounting management influences financial decision-making. Second, if internal accounting management exists, it is a verification of how conservatism and investment policies (in-house reserve, debt borrowing, capital increase, dividends, etc.) affect the corporate value according to accounting information. As a result, from the perspective of the internal accounting management system, it was found that among the variables of accounting information, profitability can have a positive effect on corporate conservatism and dividend policy as a corporate valuation method of reinvestment. In addition, it has been proven that corporate conservatism has an effect on profitability-to-value through capital accumulation and reinvestment such as surplus and internal reserves. In the future, we will study and discuss the complementarity of corporate conservatism and dividend policy in relation to governance structure and improvement of the internal accounting management system.

• 한국노년학
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• v.38 no.1
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• pp.27-45
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• 2018

The purpose of this study was to identify between the successful aging-related predictive factors and the successful aging in the middle aged office. The predictive factors of successful aging such as subjective health condition, cognitive functions, self-esteem, and social support were confirmed by the existing literature. The population of the study was the middle aged office employees, who are generally defined an age group from 40 to 60. The sample of this study was targeted to employees working at companies registered to securities, KSDAQ, and KONEX in Korea. SPSS WIN 23.0 and AMOS 21.0, and M-plus 6.12 were used for the data analysis. The findings of this study were presented below. First, the result of the structural relationship between the predictive factors of successful aging (subjective health condition, cognitive function, self-esteem, and social support) and successful aging was appropriate as RMSEA=.059, TLI=.932, CFI=.944. Second, subjective health condition and social support were significant variables for successful aging but cognitive function and self-esteem were not significant. Third, social support, which is a social factor, was the most influential among other variables. Based on the results, theoretical and practical implications were presented.

• Journal of Digital Convergence
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• v.17 no.5
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• pp.117-125
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• 2019

This study measured inefficiencies of Korean banks with weighted Russell directional distance function, WRDDM, for the years of 2004-2013. Checking contributions of inputs and outputs to these inefficiencies, we found that non-performing loan as undesirable output was the most influential factor. The annual average of inefficiencies of Korean banks was 0.3912, and it consisted of non-performing loan 0.1883, output factors 0.098 except non-performing loan, input factors 0.098. The annual average inefficiency went sharply up from 0.2995 to 0.4829 mainly due to the sharp increase of inefficiency of non-performing loan from 0.1088 to 0.2678 before and after 2007-2008 Global financial crisis. We empirically showed the non-performing loan needed to be considered since it was the most important factor among the influential factors of technical inefficiency such as manpower, total deposit, securities, and non-performing loan. This study had some limitation since we did not control financial environment factor in WRDDM.

• Journal of the Korea Convergence Society
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• v.12 no.6
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• pp.9-16
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• 2021

In the past, there have been various studies on predicting the stock market by machine learning techniques using stock price data and financial big data. As stock index ETFs that can be traded through HTS and MTS are created, research on predicting stock indices has recently attracted attention. In this paper, machine learning models for KOSPI's up and down predictions are implemented separately. These models are optimized through a grid search of their control parameters. In addition, a hybrid machine learning model that combines individual models is proposed to improve the precision and increase the ETF trading return. The performance of the predictiion models is evaluated by the accuracy and the precision that determines the ETF trading return. The accuracy and precision of the hybrid up prediction model are 72.1 % and 63.8 %, and those of the down prediction model are 79.8% and 64.3%. The precision of the hybrid down prediction model is improved by at least 14.3 % and at most 20.5 %. The hybrid up and down prediction models show an ETF trading return of 10.49%, and 25.91%, respectively. Trading inverse×2 and leverage ETF can increase the return by 1.5 to 2 times. Further research on a down prediction machine learning model is expected to increase the rate of return.

• Journal of Korean Society for Quality Management
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• v.50 no.4
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• pp.647-664
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• 2022

Purpose: The purpose of this study is to derive major policies that domestic small and medium-sized manufacturing companies should consider to maximize productivity and quality improvement by utilizing manufacturing data and AI, and to find priorities and implications. Methods: In this study, domestic and international issues and literature review by country were conducted to derive major considerations such as manufacturing AI technology, manufacturing AI talent, manufacturing AI data and manufacturing AI ecosystem. Additionally, the questionnaire survey targeting 46 experts of manufacturing data and AI industry were conducted. Finally, the major considerations and detailed factors importance were derived by applying the Analytic Hierarchy Process (AHP). Results: As a result of the study, it was found that 'manufacturing AI technology', 'manufacturing AI talent', 'manufacturing AI data', and 'manufacturing AI ecosystem' exist as key considerations for domestic manufacturing AI. After empirical analysis, the importance of the four key considerations was found to be 'manufacturing AI ecosystem (0.272)', 'manufacturing AI data (0.265)', 'manufacturing AI technology (0.233)', and 'manufacturing AI talent (0.230)'. The importance of the derived four viewpoints is maintained at a similar level. In addition, looking at the detailed variables with the highest importance for each of the four perspectives, 'Best Practice', 'manufacturing data quality management regime, 'manufacturing data collection infrastructure', and 'manufacturing AI manpower level of solution providers' were found. Conclusion: For the sustainable growth of the domestic manufacturing AI ecosystem, it should be possible to develop and promote manufacturing AI policies in a balanced way by considering all four derived viewpoints. This paper is expected to be used as an effective guideline when developing policies for upgrading manufacturing through domestic manufacturing data and AI in the future.