• 유통과학연구
• /
• 제13권9호
• /
• pp.47-57
• /
• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• KDI Journal of Economic Policy
• /
• 제36권4호
• /
• pp.33-69
• /
• 2014

본 논문은 펀드투자의 유입자금흐름과 유출자금흐름을 별도로 구분하여 결정요인을 실증분석하였다. 과거 성과, 펀드연령, 펀드규모, 판매보수 등 주요 요인의 자금흐름에 대한 효과는 유입자금과 유출자금 사이에 큰 차이가 있었다. 과거 성과와의 양(+)의 관계, 펀드연령과의 음(-)의 관계 등 순유입자금을 기반으로 한 기존 연구에서 확립된 실증 결과는 유출자금에 대해서는 반대로 나타났다. 특히 과거 성과의 유출자금과의 관계는 '처분효과(disposition effect)'의 존재를 시사하였다. 한편, '계열 펀드'와 '비계열 펀드'를 구분할 경우 판매보수의 유입자금과 유출자금에 대한 효과가 두 펀드그룹 사이에 상이하여, 판매사 간의 유인체계 차이가 펀드선택시장에서 중요한 요인인 것으로 나타났다. '처분효과'의 존재 등 본 논문에서 미국의 기존 연구와 다른 분석 결과가 얻어진 이유는 표본의 차이에 기인하였을 가능성이 있다.

• 산학경영연구
• /
• 제21권2호
• /
• pp.1-16
• /
• 2008

본 논문에서는 우리나라 국채선물의 상장 시점부터 2005년 말까지 일별자료를 이용하여 개인투자자, 기관투자자 및 외국인투자자로 구별한 각 투자자 유형별로 거래량과 수익률, 그리고 거래량과 가격변동성 간의 관계를 분석하였다. 수익률에 대한 거래량 변수들의 영향은 투자자유형에 따라 차이를 보이지 않았지만, 주가지수선물시장의 결과와 달리 거래량이 수익률과 강한 음의 관계를 보여주어 시장의 주요 참여자인 기관투자가들의 이자율위험회피를 위한 헤져역할을 짐작케 하였다. 거래량 변수와 변동성 간의 관계는 투자자 유형에 따라 다르게 나타났다. 특히 순매수량 변수는 개인의 경우에는 변동성에 유의한 음의 영향을, 기관투자가의 경우 유의한 양의 영향을 미치고, 외국인의 경우에는 유의적이지 않는 등 투자자 유형에 따라 각각 상이하였다. 기관투자자의 결과는 주가지수선물시장에 관한 기존의 연구결과와 대체로 일치하였다. 매수에 의한 변동성 증가가 매도에 의한 변동성의 증가보다 더 큰 영향을 미친다는 거래량-변동성간에 비대칭성이 존재한다는 증거는 찾을 수 없었다. 이 결과는 주가지수선물 시장을 대상으로 한 국내외의 타 연구 결과와 차이점으로 보인다. 거래량과 수익률간의 음의 상관관계나 거래량과 변동성의 비대칭적 관계의 유무 등 기존 연구와 차이점에 대한 원인을 분석하기 위해서는 향후 기관투자가들의 투자행태에 관한 분석 특히 헤져로서의 역할에 관한 분석이 필요한 것으로 여겨진다.

• 마케팅과학연구
• /
• 제9권
• /
• pp.47-75
• /
• 2002

본 연구의 목적은 준거가격, 가격할인취지 및 가격-품질 연상 심리 수준이 가격할인 광고 의류제품의 속성 평가에 미치는 영향을 규명하는데 있다. 연구설계는 준거가격(제시, 미제시)$\times$가격할인취지(미제시, 재고처분, 판매촉진)$\times$가격-품질 연상 심리 수준(높은 집단, 낮은 집단)에 의한 피험자간 3원 요인설계에 의하였다. 조사대상자는 여자 대학생들로, 준거가격과 가격할인취지가 다르게 조작된 6개 자극물들 중의 1개 자극물에 노출 되어 광고된 의류제품의 속성들을 평가하였다. 본 연구의 결과 첫째, 의류제품의 봉제 및 직물과 라벨 속성 평가에는 준거가격 제시 유무, 가격할인취지, 가격-품질연상 심리 수준이 상호작용 하여 영향을 미쳤다. 둘째, 봉제 및 직물 속성과 라벨 속성 평가에 대한 준거가격 제시효과는 가격-품질연상이 낮은 집단에서는 가격할인취지가 제시되지 않았을 때 나타났으며, 가격-품질연상이 높은 집단 에서는 가격할인취지가 재고처분으로 제시되었을 때 나타났다. 셋째, 자켓 의류제품의 제작 속성 평가에 대한 준거가격 제시 유무, 가격할인취지, 가격-품질 연상 심리 수준의 상호작용 효과는 비유의적이었으며, 가격-품질 연상 심리 특성의 주효과만 발견되었다.

• 한국환경과학회지
• /
• 제14권9호
• /
• pp.817-825
• /
• 2005

The purpose of this study was to research about salt marsh flora and vegetation in the Dongjin-river estuary area where has a project for Sea Man Geum Reclaimed Land so that we can foster foundation on restoration of an ecological habitat, development of applicable plant and establishment of a conservation policy after deceloping the reclaimed land for salt marsh vegetation which has great value ecologically. In conclusion, we was distributed that there are 7 families 21 genera, 25 species, 2 varieties of vascular plant at the Dongjin-river estuary area which have 27 taxa in total and are $0.64\%$ among 4,191 of korean vascular plant. There are also 2 family, 2 genus, 2 species of a naturalized plant which are $1.1\%$ of indicator of a naturalized plant salt marsh vegetation of the downstream are very much affected by the time of inundation, tidal water so that a low degree of salt marsh has frequent flooding by sea water and has a pure group of Suaeda japonica. A Phragmites communis, Carex scabrifolia are distributed mainly around a waterway of salt marsh and Zoysia sinica, Atriplex subcordata, Phragmites communis are living in stock as forming into patch around medium salt marsh. Suaeda asparagoides, Phacelurus latifolius are living around a little high ground and a Phragmites communis is a behind vegetation of Phacelurus latifolius and a part of the Phragmites communis are living along with waterway in a salt marsh as a community. By the 2-M method twelve plant communities were recognized ; Suaeda japonica. Carex scabrifolia, Zoysia sinica, Artemisia scoparia, Phacelurus latifolius, Phragmites communis, Suaeda maritima, Suaeda japonica-Atriplex gmelini, Phragmites communis-Suaeda japonica, Suaeda japonica-Salicornia herbacea, Salicornia herbacea-Suaeda aspar-agoides and Scirpus planiculmis community. The actual vegetation map was constructed on the grounds of the communities classified and other data.

• Asian-Australasian Journal of Animal Sciences
• /
• 제22권6호
• /
• pp.765-773
• /
• 2009

Sterol regulatory element binding factor 1 (SREBF1) and fatty acid synthase (FASN) genes play an important role in the biosynthesis of fatty acids and cholesterol, and in lipid metabolism. This study used polymorphisms in the intron 5 of bovine SREBF1 and in the thioesterase (TE) domain of FASN genes to evaluate their associations with beef fatty acid composition. A previously identified 84-bp indel (L: insertion/long type and S: deletion/short type) of the SREBF1 gene in Korean cattle had significant associations with the concentration of stearic (C18:0), linoleic (C18:2) and polyunsaturated fatty acids (PUFA). The stearic acid concentration was 6.30% lower in the SS than the LL genotype (p<0.05), but the linoleic and PUFA contents were 11.06% and 12.20% higher in SS compared to LL (p<0.05). Based on the sequence analysis, five single nucleotide polymorphisms (SNPs) g.17924G>A, g.18043C>T, g.18440G>A, g.18529G>A and g.18663C>T in the TE domain of the FASN gene were identified among the different cattle breeds studied. Among these, only g.17924 G>A and g.18663C>T SNPs were segregating in the Hanwoo population. The g.17924G>A SNP is a non-synonymous mutation (thr2264ala) and was significantly associated with the contents of palmitic (C16:0) and oleic acid (C18:1). The oleic acid concentration was 3.18% and 2.79% higher in Hanwoo with the GG genotype than the AA and AG genotypes, respectively (p<0.05), whereas the GG genotype had 3.8% and 4.01% lower palmitic acid than in those cattle with genotype AA and AG, respectively (p<0.05). Tissue expression data showed that SREBFI and FASN genes were expressed in a variety of tissues though they were expressed preferentially in different muscle tissues. In conclusion, the 84-bp indel of SREBF1 and g.17924G>A SNP of the FASN gene can be used as DNA markers to select Hanwoo breeding stock for fatty acid composition.

• 한국수산과학회지
• /
• 제44권4호
• /
• pp.359-365
• /
• 2011

This study was conducted to investigate the production, elver stocking, rearing facilities and rearing method of eel culture to determine aquaculture management conditions for optimal rearing of eel Anguilla japonica. The production of eel culture was evaluated by the proportion of eels from the main inland fin fish species production in Korea. Elver stocking was assessed by the elver stocking densities of pond and recirculation culture. Rearing facilities were investigated according to the rearing tank size proportion of the pond and recirculation culture. We selected sample farms by region and by size. We visited sample farms and recorded the number of elvers stock for pond area, size of tanks, feed and feed quantity, and the size and number of harvest eels. The production capacity of Jeollanam-do and Jeollabuk-do were 71.9% and 21.3% respectively. This production quantity represented 93.2% of the total Korean eel production quantity. In Jeollanam-do, there are 236 eel farms, 202 pond farms, and 34 recirculation aquaculture facilities. The elvers' first density data by each aquaculture method revealed that elvers' first density varied more in recirculation system farms, as compared to pond aquaculture. In intensive pond farms, the elvers' first density decreased as the size of farm increased. There was a correlation between the size of tank(x) and the facility of a water wheel for dissolved oxygen in pond culture systems(y=0.022x-0.494; $R^2$=0.860). Another strong correlation was found between the weight of eel(x) and eel density(y) in pond culture systems(y=283.5x-0.27; $R^2$=0.992). Finally, there was a strong correlation between the length of eel(x) and the weight of eel(y) in intensive pond culture(y=0.0005x-3.2783; $R^2$=0.9775). The final survival rate did not differ significantly among pond sizes and culture types.

• 한국수산과학회지
• /
• 제25권1호
• /
• pp.37-44
• /
• 1992

한국근해 참조기 자원의 연도별 연령별 어획량 자료를 사용하여 생체량을 기초로한 코호트 분석법(Zhang, 1987)에 의하여 참조기의 1970-1988년 자원량을 추정하였다. 연도별 자원량은 1974년 약 10만톤으로 가장 높은 수준을 보였으며, 1981년부터는 2-3만톤의 수준으로 떨어졌다. 성어자원량에 있어서는 1974년 약 5만톤의 최대수준을 보인 이후, 계속 감소되어 낮은 수준에 머물러 있다. 연령별 자원량의 경년변동에 의하면 1970년대와 80년의 연령조성은 큰 차이를 나타내었다. 1980년대의 연령조성에서는 5세 이상의 대형어는 거의 나타나지 않고 있으며, 1세-4세까지의 소형어 수준도 70년대 수준에 크게 못미치고 있다. 1968, 1972 및1978 연급군이 비교적 탁월연급군으로 나타났다. 코호트 분석에 의해 추정된 연도별 순간어획사망 계수에 있어서도 1980년대는 70년대 수준의 2배가 되는 것으로 나타났다. 성어자원 량-가입 량 관계는 직선식으로 적합되었다.

• 벤처창업연구
• /
• 제12권1호
• /
• pp.133-144
• /
• 2017

본 연구는 1999년부터 2015년까지 상장기업을 대상으로, 순위프로빗 모형을 이용하여 신용등급 관련 이해관계자 중 하나인 기업의 관점에서 신용등급에 영향을 미치는 요인을 투자등급과 투기등급으로 구분하여 분석하였다. 투자등급의 경우 영업이익률, 매출액, 시장가/장부가, 배당지급, 자본적 지출 비율, 유형자산 비율이 양(+)의 계수를, 장 단기 부채비율, 베타, 고유위험이 음(-)의 계수를 보였다. 투기등급의 경우 배당지급, 유보이익률, 자본적 지출 비율이 양(+)의 계수를, 장 단기 부채비율과 연구개발비가 음(-)의 계수를 가졌다. 글로벌금융위기 이후 "신용정보의 이용 및 보호에 관한 법률"이 강화된 2009년 전 후를 기준으로 분석한 결과, 투자등급에서 자본적 지출 비율, 현금비율, 유형자산 비율이 2009년 이전에는 양(+)의 계수를 보였으나 2010년 이후에는 유의하지 않았다. 투기등급의 경우 2009년 이전에 단기부채보다 장기부채가 더 유의한 음(-)의 계수를 보였으나 2010년 이후에는 장기부채보다 단기부채가 더 유의한 음(-)의 계수를 보였다. 흥미롭게도 연구개발비가 2010년 이후 투자등급과 투기등급 모두 유의한 음(-)의 계수를 보였다. 이는 연구개발에 대한 투자가 기업의 성장기회를 높여 더 많은 현금흐름을 창출하며 이것이 신용등급을 상승시킬 것이라는 선행연구와 일치하지 않는다.

• 한국치위생학회지
• /
• 제3권1호
• /
• pp.59-72
• /
• 2003

The purpose of this study was to examine what the role of denial hygienist was. The subjects were 751 dental hygienists from dental clinics, dental hospitals, general hospitals, public dental clinics and their branches throughout the nation. After a survey was conducted, the collected data were analyzed with SPSS WIN 10.0, and variance analysis and post-analysis were implemented. And Forgarty's 8th integrated model, out of 10 ones, was selected to delve into the practical role of dental hygienist in detail. The findings of this study were as follows: 1. The three age groups had a significantly different opinion on the significance of individual subjects. The dental hygienists of thirty six and over found the basic and preventive public dental care courses most important, and the 31~35 age group placed most stock in education and research. Overall, the post-analysis results showed that prevention and clinical courses were considered most vital, followed by education and fundamental courses. 2. There was a significant gap between four groups from the different work places in their view of the weight of the individual subjects. According to the post-analysis, the dental hygienists from the general hospitals, public dental clinics and their branches gave more weight to fundamental, education and research areas. Those who were with the dental clinics, dental hospitals and general hospitals put higher value on clinical course than the dental hygienists from the public dental clinics and their branches. 3. Two groups with a different career also had a different outlook on the importance of the individual subjects. The post-analysis results illustrated that the dental hygienists who had worked for three years or more put higher stress on the fundamental course than those with a less career, and the dental hygienists with a five-year or higher career attached more importance to the education and research field than those with a smaller career. 4. There was a significant difference between the three age groups in their clinical role. The post-analysis results indicated thai the younger dental hygienists were more of assistants than of professionals, as they chiefly took X-ray photograph, handled treatment materials or performed treatment-related works. Overall, handling treatment materials was most common. 5. The three groups from the different work places significantly varied in their clinical role. According to the post-analysis, those from the dental clinics and dental hospitals took more x-ray photographs, handled more treatment materials and performed more relevant works, compared to those from the general hospitals, public dental clinics and their branches. 6. The two groups with a different career differed significantly in their clinical role. The post-analysis results suggested that the dental hygienists with a less career played an assistant role more, which handled treatment materials or carried out other relevant works. 7. The fundamental courses (I) and (II), preventive class (I) and (II) and its practice course were regarded as integrated subjects that they should take 10 offer preventive treatment, which was one of the dental hygienist missions. What's needed to act as dental-care educators was the basic courses (I) and (II), dental hygiene education and its practice. Finally, integrated clinical courses (I) and (II) and clinical practice were viewed as necessary for their role performance as dental treatment collaborators.