• 아태비즈니스연구
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• 제14권1호
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• pp.1-19
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• 2023

Purpose - The purpose of this study was to examine the internal relevance between digital transformation, manipulation of asset evaluation and corporate M&A performance and further explores the impact path of manipulation of asset valuation on corporate M&A performance. Design/methodology/approach - This study based on the financial data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2021. Findings - First, manipulation of asset evaluation is negatively correlated with M&A performance. Second, Digital transformation significantly weakens the negative correlation between manipulation of asset evaluation and corporate M&A performance. Third, The effectiveness of internal control plays a partially intermediary role in the process of manipulation of asset evaluation affecting M&A performance. Research implications or Originality - Enriching the existing literature on the subject, the study can also provide useful reference for improving the performance of corporate mergers and acquisitions, regulating asset valuation, promoting the digital transformation of enterprises and improving internal control mechanisms, with both theoretical and practical implications.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2023년도 봄 학술논문 발표대회
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• pp.81-82
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• 2023

Since the COVID-19 pandemic, the importance of remote work has been emphasized, and new digital technologies are rapidly being developed. One such digital technology is the metaverse, which combines reality and virtual space to create an expanded digital world. The metaverse can provide online collaborative spaces that visualize and transmit information and data in real-time. When applied to construction sites, this technology is expected to enable more efficient and stable project management. However, research on construction metaverses, both domestically and internationally, is still inadequate. In this study, 16 influential factors for promoting the application of metaverses to the construction industry were identified through the initial stages of the system dynamics technique. These performance factors were classified into four categories: systemrelated factors for metaverse site construction, device-related factors, user-related factors, and construction site-related factors. It is expected that this study will promote research on the activation of Con-Metaverse by developing casual loop diagrams(CLD) to identify the relationship between each performance factor and constructing stock & flow diagrams(SFD) for simulations in future studies.

• 아태비즈니스연구
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• 제14권3호
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• pp.205-219
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• 2023

Purpose - This study examines the effect of corporate debt characteristics on the relationship between anti-takeover provision and the cost of debt. Design/methodology/approach - The study analyzes a sample of non-financial firms listed on the stock market with December fiscal year-end from 2011 to 2018. Debt default risk (debt size, liquidity ratio, interest coverage ratio, loss occurrence) and the issuance of bonds are utilized as measures of corporate debt characteristics. Findings - First, it is observed that creditors of firms with anti-takeover provision demand higher returns as the debt default risk of these firms increases. Second, for firms issuing bonds, it is found that bondholders in companies with anti-takeover provision also seek higher returns. Research implications or Originality - This study contributes by demonstrating that the effect of anti-takeover provision on creditors can vary depending on corporate debt characteristics. Particularly, the study highlights the importance of a firm's debt default risk and creditor distinction (bondholders vs. regular creditors) as significant factors that may influence perceptions of anti-takeover provision.

• Structural Engineering and Mechanics
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• 제88권1호
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• pp.13-23
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• 2023

Seismic risk assessment studies are one of the most crucial instruments for mitigating casualties and economic losses. This work utilizes fragility curves to evaluate the seismic risk of single-story precast buildings, which are generally favored in Marmara's organized industrial zones. First, the precast building stock in the region has been categorized into nine sub-classes. Then, seven locations in the Marmara region with a high concentration of industrial activities are considered. Probabilistic seismic hazard assessments were conducted for both the soil-dependent and soil-independent scenarios. Subsequently, damage analysis was performed based on the structural capacity and mean fragility curves. Considering four different consequence models, 630 sub-class-specific loss curves for buildings were obtained. In the current study, it has been determined that the consequence model has a significant impact on the loss curves, hence, average loss curves were computed for each case investigated. In light of the acquired results, it was found that the loss ratio values obtained at different locations within the same region show significant variation. In addition, it was observed that the structural damage states change from serviceable to repairable or repairable to unrepairable. Within the scope of the study, 126 average loss functions were presented that could be easily used by non-experts in earthquake engineering, regardless of structural analysis. These functions, which offer loss ratios for varying hazard levels, are valuable outputs that allow preliminary risk assessment in the region and yield sensible outcomes for insurance activities.

• Journal of Information Technology Applications and Management
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• 제30권5호
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• pp.1-19
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• 2023

This study examines Korean users' attitudes and emotions toward Melon and Spotify, which lead the music streaming market. We used Text Mining, Semantic Network Analysis, TF-IDF, Centrality, CONCOR, and Word2Vec analysis. As a result of the study, MelOn was used in a user's daily life. Based on Melon's advantages of providing various contents, the advantage is judged to have considerable competitiveness beyond the limits of the streaming app. However, the MelOn users had negative emotions such as anger, repulsion, and pressure. On the contrary, in the case of Spotify, users were highly interested in the music content. In particular, interest in foreign music was high, and users were also interested in stock investment. In addition, positive emotions such as interest and pleasure were higher than MelOn users, which could be interpreted as providing attractive services to Korean users. While previous studies have mainly focused on technical or personal factors, this study focuses on consumer reactions (online reviews) according to corporate strategies, and this point is the differentiation from others.

• Asia pacific journal of information systems
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• 제32권4호
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• pp.707-727
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• 2022

Industrial revolution 4.0 makes business competition more challenging and will impact the instability of the company's financial performance. Dynamic environmental conditions make it difficult for companies to make predictions in making decisions. Investing in information technology (IT) is one way for companies to maintain financial stability and competitive advantage in dynamic competition. Resource-Based Theory (RBT) explains that information technology (IT) is a resource that can create a competitive advantage for the company. This study aims to examine the moderating role of dynamic industrial environments and IT strategic emphasis on the relationship between a lag effect of IT investment and firm's financial performance volatility. Using the data of companies listed on the Indonesia Stock Exchange (IDX) for five years starting from 2013-2017, the method used to estimate the research model's parameters is the generalized method of moments (GMM) approach. The results show that the industrial environment and the emphasis on IT strategy have a role in moderating and strengthening the relationship between the time lag in IT investment in reducing the firm's financial performance volatility.

• 재무관리연구
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• 제18권1호
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• pp.43-66
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• 2001

본 연구는 투자자 집단에 따라 그 매매에 있어서 주가와의 관련성을 분석하고자 하였다. 투자자 집단의 매매 성향은 월별 순매매율로 측정하였으며 주가의 대용변수는 한국종합주가지수(KOSPI)의 월별 수익률로서 분석에 사용된 기간은 1992년 1월부터 1999년 12월까지이다. 분석을 위한 방법론으로 상관분석과 회귀분석을 이용하였다. 상관분석은 스피어만 순위상관분석을 이용하여 KOSPI와 각 투자자 집단의 순매매 비중의 상관계수를 도출하였으며 그 결과 KOSPI와 개인투자자의 순매매와는 음의 유의적 상관관계를, KOSPI와 외국인 투자자의 순매매율과는 양(+)의 유의적 상관관계를 알 수 있었다. 그러나 기관투자자의 경우 기관투자자 전체 범주로 볼 때 유의적 상관관계가 없었으나 세분화된 기관투자자 일부는 유의적 상관관계를 보였다. 또한 본 연구는 KOSPI와 각 투자자 집단의 매매에 대한 인과관계를 추론한 바 외국인 투자자의 매매는 KOSPI에 영향을 주며 개인투자자의 매매는 오히려 KOSPI에 영향을 받는 것으로 보였다. 그러나 기관투자자의 경우 세부기관마다 그 매매의 성격을 달리하는 것으로 보였다. 이러한 분석결과를 바탕으로 회귀분석을 실시하였으며 그 분석결과 외국인 투자자와 기관투자가 가운데 증권사와 투신사의 경우, 순매수가 늘어날수록 주가는 상승하고 순매도가 늘어날수록 주가는 하락하는 것을 확인할 수 있었으며 반면 개인투자자의 매매는 KOSPI 주가에 따라 영향을 받는 것으로 나타났다. 즉 주가가 상승할수록 매도에 치중하고 주가가 하락할수록 매수에 치중하는 것으로 분석되었다. 기관투자자 가운데 보험사의 매매 역시 주가에 영향을 받는 것으로 나타났다. 본 연구의 성과로는 특정 투자자 집단이 주가의 움직임에 따라 매매를 하는 수동적 전략의 의미보다는 적극적으로 주가를 움직이는 주체로서 외국인투자자와 일부 기관투자자의 존재를 확인할 수 있었다는 점이며, 주가 움직임에 따른 개인투자자와 일부 기관 투자자의 수동적 매매 스타일과 기관투자자 사이의 투자스타일의 이질성을 통계적으로 확인할 수 있었다는 데에 있다.

• 경영과정보연구
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• 제34권4호
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• pp.67-81
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• 2015

본 연구의 목적은 보건의료산업 주식 시장에 대해 거시경제변수에 대한 요인이 미치는 영향을 알아보고자 한다. 첫째, 의약품지수는 국공채금리와 환율을 원인변수로 하며 콜금리변수와는 상호영향 관계를 가진다. 즉 금리와 환율의 변화는 의약품산업에 영향을 미치는 변수로서 주의해야 한다는 것이다. 둘째, 의료기기지수는 콜금리, 국공채금리, 환율에 대해 상호 원인변수로 작용하며 경상수지변수를 원인변수로 한다. 즉 의료기기산업에 대해 금리와 환율 그리고 경상수지의 변화가 영향을 미칠 수 있다는 것이다. 셋째, 의약품 지수에 영향을 미치는 변수의 관계를 추가적으로 분석하면 콜금리와 환율은 음(-)의 관계이며 국공채금리와는 양(+)의 관계를 가진다. 의료기기 지수에 영향을 미치는 변수의 관계를 분석하면 환율과는 음(-)의 관계이며 국공채금리와는 양(+)의 관계를 가진다.

• 재무관리연구
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• 제24권1호
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• pp.85-107
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• 2007

본 연구는 펀드의 수익률과 현금흐름 간에 관계를 분석함으로써, 펀드의 현금흐름에 의한 주식시장 교란이 있는지를 분석하였고, 주식형 펀드의 수익률에 영향을 줄 것으로 예상되는 결정요인들을 통계적으로 분석해 보았다. 본 연구의 표본기간은 2005년 4월부터 2006년 3월까지로 주가상승기라 펀드의 현금흐름이 뚜렷할 것으로 예상되어 설정하였다. 연구대상은 월별로 116개 펀드이며, 연구기간이 12개월이므로 최종 표본펀드는 1,392개가 된다. 먼저, 수익률과 결정요인 등과의 분석에서는 모든 펀드 유형에서 펀드의 성장성(GRW)이 증가할수록 펀드의 수익률과 초과수익률이 증가하는 것으로 나타났다. 그러나 수익률과 현금흐름과의 관계에서는 성장추구형 펀드만 현금흐름이 수익률에 대해 영향을 주었다. 이는 안정주식형 펀드는 주식편입비가 낮기 때문에 수익률이 현금흐름에 영향을 크게 안 받는 것으로 보이며, 고성장 추구형 펀드는 수익률에 미치는 현금흐름의 영향이 기대와 비기대의 혼재나 기간시차의 혼재로 인해 영향을 받지 않는 것으로 추론된다. 추가로 펀드수익률(FR)에 현금흐름 시차가 미치는 영향을 분석한 결과, 펀드의 전기 현금흐름이 펀드의 당기 수익률에는 영향을 미치지 않았다. 이는 아직까지 국내 펀드시장에서 펀드의 현금흐름에 의해 주식시장이 왜곡되어 펀드수익률의 상승으로 이어지지는 않는 것으로 보인다. 국내 펀드시장이 일천하여 향후 더 많은 표본으로 진보된 연구들이 수행됨으로써 펀드산업이 발전되어야 할 것이다.

• Asian-Australasian Journal of Animal Sciences
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• 제31권7호
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• pp.1007-1016
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• 2018

USA beef production is characterized by a diversity of climates, environmental conditions, animal phenotypes, management systems, and a multiplicity of nutritional inputs. The USA beef herd consists of more than 80 breeds of cattle and crosses thereof, and the industry is divided into distinct, but ofttimes overlapping sectors, including seedstock production, cow-calf production, stocker/backgrounding, and feedlot. Exception for male dairy calves, production is predominantly pastoral-based, with young stock spending relatively brief portions of their life in feedlots. The beef industry is very technology driven, utilizing reproductive management strategies, genetic improvement technologies, exogenous growth promoting compounds, vaccines, antibiotics, and feed processing strategies, focusing on improvements in efficiency and cost of production. Young steers and heifers are grain-based diets fed for an average of 5 months, mostly in feedlots of 1,000 head capacity or more, and typically are slaughtered at 15 to 28 months of age to produce tender, well-marbled beef. Per capita beef consumption is nearly 26 kg annually, over half of which is consumed in the form of ground products. Beef exports, which are increasingly important, consist primarily of high value cuts and variety meats, depending on destination. In recent years, adverse climatic conditions (i.e., draught), a shrinking agricultural workforce, emergence of food-borne pathogens, concerns over development of antimicrobial resistance, animal welfare/well-being, environmental impact, consumer perceptions of healthfulness of beef, consumer perceptions of food animal production practices, and alternative uses of traditional feed grains have become increasingly important with respect to their impact on both beef production and demand for beef products. Similarly, changing consumer demographics and globalization of beef markets have dictated changes in the types of products demanded by consumers of USA beef, both domestically and abroad. The industry is highly adaptive, however, and responds quickly to evolving economic signals.