• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.271-283
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• 2021

This article provides empirical evidence on factors of internal audit (IA) characteristics affecting the internal audit effectiveness in steel enterprises in Vietnam. The study uses data from survey obtained from 114 responses representing owners, managers, and internal auditors from 38 steel enterprises in Vietnam for period from 2018 to 2019. Data collected is firstly checked with Cronbach's Alpha, then the EFA test, and the model linear regression is used to test the relationship between internal audit characteristics and internal audit effectiveness. Results reveal that internal audit effectiveness in steel enterprises in Vietnam is influenced by various internal factors, including the size of internal audit, the scope of internal audit, the capacity of internal auditors, the independence of internal auditor, and the operational bases and methods of internal audit. Based on the research results, the paper makes six recommendations: strengthening operational basis of IA; increasing the independence of IA; increasing the size and capacity of IA staff; expanding and not underestimate the scope of IA; and reforming the internal governance structure. These proposed recommendations could be applied, not only for steel companies in Vietnam, but also for other companies in Vietnam or other companies in jurisdictions that have similar conditions.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.11-22
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• 2022

The iron and steel sector is caught between two worlds: "carbon reduction" and "development." The goal of this study is to show that optimizing asset structure to boost intangible assets, particularly brand assets, is a viable strategy to achieve low-carbon development. This study uses panel data from 38 A-share companies in China's iron and steel industry from 2010 to 2020, as well as World Brand Lab data, to create a comprehensive impact index of enterprise value from the standpoint of an asset structure optimization, and to test the impact of intangible assets and brand equity on enterprise value. The findings show that: the asset structure of iron and steel enterprises is closely related to enterprise value, implying that iron and steel industry development necessitates a transformation of quantity control and quality improvement; the proportion of intangible assets in the asset structure of iron and steel enterprises plays a positive and critical role in enterprise value under surplus conditions. The iron and steel industry begins to shift from tangible to intangible assets; there is heterogeneity in the iron and steel industry transformation. Given certain technological levels, the share of brand assets contributes significantly to the increase in enterprise value.

• 유통과학연구
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• 제11권12호
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• pp.13-23
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• 2013

Purpose - There is a dominant opinion that medium and small enterprises in the Korean economy have not developed qualitatively but only towards quantitative growth and, therefore, the unbalanced structure between large enterprises and those that are medium and small has worsened. In particular, this rapid industrialization causes after-effects such as polarization as well as anti-business sentiment, the collapse of the middle class, and hostility against the establishment. The consensus contends that it is difficult for Korea to be an advanced nation without resolving these problems. This paper attempts to suggest a co-prosperity model by limiting the focus to business relations with medium and small manufacturers (with regard to investment among the various co-prosperity institutions of POSCO). These co-prosperity institutions have been established in POSCO; however, it is thought that the development of a co-prosperity model regarding investment in medium and small manufacturers will help many needy investment manufacturers. Research design, data, and methodology - This study analyzes research on the co-prosperity model, using it to examine Korean cases and foreign cases. The co-prosperity model has been continuously extended but is determined to be seriously insufficient. The purpose of this study is to develop the Korean co-prosperity model by reinterpreting it in various aspects. In order to develop the Korean co-prosperity model, this study suggests the case of the establishment of the co-prosperity model by POSCO with medium and small manufacturers with regard to investment. This model is expected to be presented to many enterprises as the future co-prosperity model. Results - To date, analysis of the co-prosperity model itself and the co-prosperity model through the case of POSCO have been suggested. As empirical studies on co-prosperity in Korea are not sufficient, successful models of co-prosperity should be developed in various aspects in future. It is expected that through this study, medium and small manufacturers would have an opportunity to find various growth engines by actively using the cooperation platform and establishing optimized competitiveness of steel material through a steel business model. The ecosystem of enterprises may evolve and be healthier by making more joint products through productive business relationships between large enterprises and those that are medium and small. From the enterprises' ecosystem viewpoint, cooperation between such businesses rather than one-way support is identified as an essential element for the security of inter-competitiveness. Conclusions - Infrastructure should be established to form a dynamic industry ecosystem not by transient efforts in co-prosperity, but by an entire culture of co-prosperity across industries. In this respect, the leading role of public institutions needs to be intensified initially. In addition, the effects of co-prosperity should be extended to blind spots of policies such as third party companies and regions. A precise co-prosperity monitoring system should be established to continuously conduct and extend these efforts.

• 아태비즈니스연구
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• 제11권2호
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• pp.27-43
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• 2020

Purpose - This study explores the impact of the real estate industry on related industries for the perspective of Chinese steel companies. Design/methodology/approach - The impact of housing prices on the 41 listed steel companies' performance was analyzed by using the panel data model. We used two kinds of housing price indexes that are set in the panel data models to estimate the range of the real estate market, driving the performance growth of steel listed companies. Moreover, the net profit of steel companies is used as the dependent variable. To test the stability of the model, ROA used as a dependent variable for the robustness test. Also, to avoid the time trend of housing prices, this paper selects the growth rate of housing prices as the primary research variable. After Fisher-type testings, there is no unit root problem in both independent and dependent variables. Findings - The results indicated that the rise in the housing price has a positive influence on the steel company performance. When the housing price increases by 1%, the net profit of steel enterprises will increase by 5 to 20 million yuan. Research implications or Originality - In this paper, empirical data at the micro-level and panel model are used to quantify China's real estate industry's driving effect on the iron and steel industry, providing evidence from the microdata level. It helps us to understand further the status and role of China's real estate industry in the economic structure.

• 환경정책연구
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• 제9권4호
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• pp.29-52
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• 2010

최근 환경문제는 사회적 이슈가 되고 있을 뿐만 아니라 기업경영에서 차지하는 비중이 증가하는 추세이다. 본 연구는 환경경영체제의 하나인 ISO 14001 인증을 받은 철강기업을 대상으로 인증 전후, 인증 기업의 규모 및 인증 유지기간 등이 경영성과와 어떤 관계에 있는지를 분석하였다. 분석결과를 요약하면 다음과 같다. 첫째, 인증 전 후의 경영성과 분석결과 인증 이후 부채비율이 유의하게 낮아졌으며, 매출액증가율은 유의하게 높아졌다. 둘째, 인증 유지기간에 대한 분석결과 기업의 위험성을 나타내는 유동비율, 부채비율 및 고정장기적합률이 인증기간이 길수록 개선되는 것으로 나타났다. 셋째, 인증기업의 기업규모변수로 상시근로자 수를 이용한 분석결과 매출액총이익률과 총자산회전율이 유의한 차이를 나타냈다. 넷째, 인증 전후에 대한 로지스틱 회귀분석 결과 부채비율과 매출액증가율이 유의한 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.295-304
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• 2021

This study aims to identify and analyze the impact of internal factors on business efficiency of steel firms in Vietnam. The article uses data collected from the financial statements of 26 steel firms operating in Vietnam between 2012 and 2019. With the application of E-view software in quantitative analysis to build regression models on the table data (panel data), and the study has built a regression model identifying the relationship and impact level of internal factors affecting business efficiency of steel firms in Vietnam. In the study, the dependent variable is business efficiency, determined by the profit after tax on the firm's assets. The independent variables are firm size, growth rate, capital structure, ratio of long-term assets, receivables management, and solvency. The research results show that the four factors of firm size, growth rate of assets, receivables management, and solvency have a positive impact on business efficiency, while two factors including capital structure and ratio of long-term assets do not affect business efficiency of enterprises. The results of this article are very useful for corporate executives in general and for financial managers in particular, helping managers make the right financial decisions for the company to promote business efficiency of the company.

• 한국산학기술학회논문지
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• 제19권7호
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• pp.42-49
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• 2018

철강산업에서, 냉연강판제조는 국가의 산업 경쟁력과 높은 부가가치를 창조하기 위한 전 후방 산업의 핵심 중의 하나이다. 특히 중소기업에서, 주요 문제 중의 하나는 소둔공정에서 일어나는 냉연강판의 탄화 현상이다. 이러한 냉간압연 강판 코일의 표면에서 발생하는 탄화는 생산을 감소시키는데 영향을 미친다. 냉간압연 강판 코일 표면의 탄화 현상의 원인을 규명하기 위해 여러 가지 실험을 실시한 결과, 다음과 같은 결과가 얻어졌다. (1) 현장에서 사용되는 압연유의 분석으로부터, 약 40 ppm 정도의 탄화 물질이 포함되어 있음을 발견하였다. (2) FT-IR 분석에 의한 신 압연유와 사용 압연유의 열 변성 특성 비교에서, 2900 및 $1750cm^{-1}$ 피크의 상대 높이 강도가 현저히 감소한 것으로부터 열 변성이 일어났음을 나타내었다. (3) 압연유의 열분해는 $220^{\circ}C$ 부근에서 일어나는 것으로 나타났다. 또한, $200^{\circ}C$에서의 소둔 실험은 시료의 탄화 현상이 실질적으로 관찰되지 않음을 보여 주었다. 그러나 $240^{\circ}C$ 이상의 온도에서는 탄화가 관찰되었다.

• KDI Journal of Economic Policy
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• 제14권2호
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• pp.3-27
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• 1992

우량공기업(優良公企業)의 경영성과(經營成果)를 국민(國民)에게 환원하여 중(中) 하위소득층(下位所得層)의 재산형성(財産形成)을 지원하고, 주식(株式)의 광범위한 분산보유(分散保有)로 자본시장(資本市場) 저변(底邊)을 확충(擴充)시켜 나가기 위하여 정부(政府)는 1988년에 처음으로 포항제철주식(浦項製鐵株式)을 국민주(國民株)로 보급하였고, 1989년에는 한국전력(韓國電力)의 주식(株式)도 국민주(國民株)로 보급하였다. 그리고 단계적으로 국민은행(國民銀行), 한국통신(韓國通信) 등 여러 공기업(公企業)의 정부보유(政府保有) 주식(株式)을 국민주방식(國民株方式)으로 중(中) 하위(下位) 저소득계층(低所得階層)에게 매각하는 계획을 구체적으로 세워 놓고 있으나, 1989년도 초반 이후 전반적으로 주가(株價)가 하락함에 따라 국민주(國民株) 보유자(保有者)들의 자산가치(資産價値)가 급격히 하락하자, 국민주방식(國民株方式)에 의한 저소득계층(低所得階層)의 재산형성정책(財産形成政策)은 더 이상 추진되지 못하고 있다. 그러므로 본고에서는 기왕에 이루어진 포항제철(浦項製鐵)과 한국전력(韓國電力)의 국민주(國民株) 현황(現況)을 살펴보고, 국민주방식(國民株方式) 민영화정책(民營化政策)의 경제적(經濟的) 효과(效果)와 문제점(問題點)을 분석(分析)하여 향후에 단계적으로 지속될 국민주방식(國民株方式)의 공기업민영화(公企業民營化) 정책집행(政策執行)에 도움이 되는 시사점을 찾고자 한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.741-750
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• 2020

This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm's profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2003년도 추계학술대회
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• pp.143-150
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• 2003

The environment of management is changed by the improving Information Technology, the changing market that is overflowed by product, the competing between enterprises, and the segmenting the whole market. As a result, the concept of the 1:1 marketing is appeared on the environment of management by high quality that customer needs. In this paradigm, the CRM(Customer Relationship Management) is able to be executed by the advancing of the Information Technology (IT), the constituting, Data Base, the analyzing data in Data Base. The CRM(Customer Relationship Management) offers integrated multiple view poingts and methods of the corresponding to customers. The CRM(Customer Relationship Management) is a crirical element in the business. This study considers the effective implementing CRM(Customer Relationship Management) in the steel industry which has unique characteristics